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

Friday

September 11, 1998

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Second Quarter 1998

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

Second Quarter 1998

Debt of domestic nonfinancial sectors increased reflecting a slowing in refundings of higher-cost debt

at a seasonally adjusted annual rate of 6 percent in in advance of retirement dates that had increased

the second quarter of 1998, about the same pace as borrowing at the end of 1997 and early in 1998.

in the first quarter. Federal government debt

continued to contract, while borrowing by the The level of domestic nonfinancial debt

nonfederal sectors remained brisk. outstanding was $15.7 trillion at the end of the

second quarter of 1998. Debt of the nonfederal

Household debt growth picked up to an 8-1/2 sectors was $11.9 trillion, and federal debt was $3.8

percent annual rate in the second quarter, led by trillion.

strong mortgage borrowing. Growth of consumer

credit was up a bit from the first quarter, but Figures on the growth and level of debt are

remained in the relatively moderate range recorded found on tables D.1 through D.3. Tables that show

over the past year. The growth of nonfinancial financial flows, amounts outstanding, and selected

business debt was at a 9-1/2 percent rate in the sector balance sheets are included in the remaining

second quarter, boosted by a large shortfall of pages of this release.

internal funds relative to capital outlays and outsized 

share retirements. State and local government debt

growth moderated to a 5-3/4 percent rate, in part

Growth of Domestic Nonfinancial Debt1

Percent changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1989 7.3 7.0 7.3 8.6 6.7 5.6 

1990 6.4 11.0 5.2 7.5 3.1 5.0 

1991 4.3 11.1 2.3 4.7 -1.7 8.6 

1992 4.6 10.9 2.6 4.3 .8 2.2 

1993 5.0 8.3 3.8 5.3 1.6 6.0 

1994 4.6 4.7 4.6 7.5 4.0 -4.0 

1995 5.4 4.1 5.9 7.8 6.6 -4.6 

1996 5.3 4.0 5.8 7.8 5.1 -.6 

1997 5.3 .6 7.0 6.8 7.6 5.3 

 1997:Q1 4.7 1.7 5.7 6.3 6.0 1.6 

 :Q2 4.2 -1.1 6.1 6.1 6.6 4.0 

 :Q3 5.6 .8 7.3 6.9 7.8 6.7 

 :Q4 6.4 1.1 8.2 7.3 9.1 8.4 

1998:Q1 6.0 -.8 8.3 7.9 8.8 8.4 

 :Q2 6.1 -1.8 8.6 8.5 9.5 5.7 

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

Title Table Page

Flow of Funds Accounts, Second Quarter 1998 1

Availability of Data for Latest Quarter 5

Debt Growth by Sector D.1 8 

Borrowing by Sector D.2 9

Debt Outstanding by Sector D.3 10

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 14

Distribution of National Income F.7 15

Gross Saving and Investment F.8 16 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 19 L.101 65

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

Nonfarm Noncorporate Business F.103 21 L.103 67

Farm Business F.104 21 L.104 67

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

Federal Government F.106 23 L.106 68

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

Monetary Authority F.108 25 L.108 70

Commercial Banking F.109 26 L.109 71

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

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

Bank Holding Companies F.112 29 L.112 74

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

Savings Institutions F.114 30 L.114 75

Credit Unions F.115 31 L.115 76

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

Life Insurance Companies F.117 32 L.117 77

Other Insurance Companies F.118 32 L.118 77

Private Pension Funds F.119 33 L.119 78

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

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

Title Table Page Table Page

Mutual Funds F.122 34 L.122 79

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

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

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

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

Finance Companies F.127 36 L.127 81

Mortgage Companies F.128 37 L.128 82

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

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

Funding Corporations F.131 38 L.131 83

Instruments

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

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

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

Net Interbank Transactions F.203 40 L.203 85

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

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

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

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

Open Market Paper F.208 43 L.208 88

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

Title Table Page Table Page

Agency Securities F.210 45 L.210 90

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

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

Corporate Equities F.213 47 L.213 92

Mutual Fund Shares F.214 47 L.214 92

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

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

Total Mortgages F.217 50 L.217 95

Home Mortgages F.218 51 L.218 96

Multifamily Residential Mortgages F.219 51 L.219 96

Commercial Mortgages F.220 52 L.220 97

Farm Mortgages F.221 52 L.221 97

Consumer Credit F.222 53 L.222 98

Trade Credit F.223 53 L.223 98

Security Credit F.224 53 L.224 98

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

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

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

Proprietors' Equity in Noncorporate Business F.228 54

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

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

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

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

Sector Discrepancies F.10 59

Instrument Discrepancies F.11 59
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

Flow of Funds Matrix for 1997 114 115

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 116
1

Flow of Funds Accounts, Second Quarter 1998

 This publication presents the flow of funds

accounts for 1998:Q2. 

Data revisions and other changes. The statistics

shown in these tables reflect use of new or revised

source data. Most significant revisions appear in

recent quarters; however, new source information

resulted in changes to data for earlier periods. The

revisions include the following:

1. Seasonal factors for quarterly financial

flows have been recalculated for the period 1988:Q1

onward. The factors were generated using the

Statistics Canada X-11-ARIMA/88 seasonal

adjustment program. Seasonal factors for total

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

recalculated for the period 1993:Q1 onward. The

seasonal factors for this particular instrument are

derived from seasonally adjusted figures published in

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

2. In the rest of the world sector (tables

F.107 and L.107), data were revised to reflect new

estimates in the balance of payments statistics of the

Department of Commerce for the period from 1986

onward. The changes incorporate information from

the Treasury Department’s benchmark surveys of

portfolio investment. Also, data for direct investment

(tables F.230 and L.230) were revised to reflect the

1994 benchmark survey of U.S. direct investment

abroad and reclassification of direct investment

positions of certain types of financial affiliates.

Articles in the Department of Commerce’s July 1998

issue of the Survey of Current Business describe the

revisions in more detail. 

3. Newly available estimates of foreign

holdings of U.S. currency for 1964:Q4 through

1973:Q3 were incorporated into the flow of funds

accounts (tables F.204 and L.204). The figures,

which are not reflected in the Department of

Commerce’s balance of payments accounts, affect

total assets of the rest of the world sector and that

sector’s discrepancy (tables F.107 and L.107). In

addition, the estimates for currency held by foreigners

were revised down from 1973:Q4 onward.

4. For the life insurance companies sector

(tables F.117 and L.117), estimates for 1997:Q4

onward are based on data compiled by A.M. Best

Company from annual and quarterly statements filed

with state insurance commissioners. The use of the

new source data results in discontinuities in series for

asset and liability categories. Equity holdings of life

insurance companies from 1988:Q4 through 1997:Q3

have been revised to reflect changes reported by the

American Council of Life Insurance.

 5. For the other insurance companies sector

(tables F.118 and L.118), data for 1997:Q1 forward

reflect improvements to data from newly available

detail on the distribution of types of fixed income

securities. The introduction of these new source data

results in discontinuities in the time series for amounts

outstanding between 1996:Q4 and 1997:Q1. 

6. Newly available detail for redemptions of

specific types of municipal securities resulted in

upward revisions for the period from 1992:Q1 onward

to net issuance of industrial revenue bonds by

nonfinancial corporations (tables F.211 and L.211) and

a reduction in net issuance of bonds by state and local

governments. Borrowing by nonprofit organizations

in the municipal bond market was also revised, based

on new information on redemptions of health care

bonds and securities issued to finance student loans. 

7. The statistics in this publication reflect the

annual revisions to the national income and product

accounts released by the Department of Commerce on

July 31, 1998, and subsequent information for

1998:Q2 released on August 27, 1998. The August

1998 issue of the Survey of Current Business details

the major features of the annual revision of the

national income and product accounts.
2

Explanatory notes for tables D.1, D.2, and D.3. Preliminary Estimates. Figures shown for the most

Domestic debt comprises credit market funds recent quarter in these tables are based on preliminary

borrowed by U.S. entities from both domestic and and incomplete information. A summary list of the

foreign sources, while foreign debt represents principal sources of information available when the

amounts borrowed by foreign financial and latest quarter's data were compiled is provided in a

nonfinancial entities in U.S. markets only. Financial table following this introduction. The distinction

sectors consist of government-sponsored enterprises, between "available" data and "missing" data is not

federally related mortgage pools, and private financial between final and preliminary versions of data, but

institutions. Credit market debt consists of debt rather between those source estimates that are fully

securities, mortgages, bank loans, commercial paper, ready when the latest quarterly publication is compiled

consumer credit, U.S. government loans, and other and those that are not yet completed. However, the

loans and advances; it excludes trade debt, loans for items that are shown as available are, in general, also

the purpose of carrying securities, and funds raised preliminary in the sense that they are subject to

from equity sources. revision by source agencies.

Growth rates in table D.1 are calculated by Margins of Uncertainty. Flow of funds statistics are

dividing seasonally adjusted flows from table D.2 by subject to uncertainties resulting from measurement

seasonally adjusted levels at the end of the previous errors in source data, incompatibilities among data

period from table D.3. Seasonally adjusted levels in from different sources, potential revisions in both

flow of funds statistics are derived by carrying financial and nonfinancial series, and incomplete data

forward year-end levels by seasonally adjusted flows. in parts of the accounts. The size of these uncertainGrowth rates calculated from changes in unadjusted ties cannot be quantified in precise statistical terms,

levels printed in table L.2 can differ from those in but allowance for them is explicitly made throughout

table D.1. the accounts by the inclusion of "discrepancies" for

Relation of Flows to Outstandings. Estimates of for a sector is the difference between its measured

financial assets and liabilities outstanding are linked sources of funds and its measured uses of funds. For

to data on flows. However, figures on outstandings an instrument category, a discrepancy is the difference

contain discontinuities or breaks in series that could between measured funds borrowed through the

affect analysis of particular relationships over time. financial instrument and measured funds lent through

Specifically, outstandings in the flow of funds that instrument. The size of such discrepancies

accounts are related to the flows in the following relative to the main asset or liability components is

way: one indication of the quality of source data, especially

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

where "t" is the time period.

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

For most series, the value of the discontinuity is zero

for nearly all time periods. However, in a few

instances, the discontinuity is nonzero for almost all

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

such as a period when there is a sharp increase or

decrease in equity prices or a major break in source

data.

The discontinuities in a series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

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

various sectors and instrument types. A discrepancy

on an annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about nine weeks following the end of a

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

from the Board's Publications Services. Flow of

funds data are also available electronically through the

Internet at the following location:

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

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are

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

contain quarterly data beginning in 1952, organized in
3

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted

flows, a second diskette contains unadjusted flows,

and a third diskette contains quarterly outstandings,

which are not seasonally adjusted. In addition, the

third diskette contains quarterly data for the debt

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

balance sheet tables and supplemental tables, as well

as monthly data from January 1955 onward for the

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

statistical release, "Money Stock, Liquid Assets, and

Debt Measures." 

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

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

financial accounts are prepared and the principles

underlying the accounts. 
4
5

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and Preliminary estimates, seasonally Unadjusted flows since 1996.

 product accounts (NIPA) adjusted, for 1998:Q2; unadjusted

flows through 1996.

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

 (tables F.100 and L.100) other sectors. Availability of data depends on schedules for other

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

available through 1998:Q2.

 3. Nonfarm nonfinancial 

 corporate business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR) Statistics of Income data since

of the Census Bureau through 1995; QFR data for 1998:Q2.

1998:Q1; Internal Revenue Service

Statistics of Income data through

1995; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1998:Q2.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics Statistics of Income data since

of Income data through 1995; bank

and finance company loans and

mortgage borrowing for 1998:Q2.

1995.

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

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

U.S. government loans to farms, since 1996.

and equity in government-sponsored

enterprises through 1998:Q2;

checkable deposits and currency

and trade payables through 1997.

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

 governments municipal securities, deposits at since 1997:Q2.

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

nonmarketable U.S. government

securities issues through 1998:Q2;

selected financial assets through

1997:Q2 from the Comprehensive

Annual Financial Reports of state

and local governments that account

for most of the holdings of the

sector, and data from Standard &

Poor's on local government

investment pools.
6

 7. Federal government None.

 (tables F.106 and L.106)

Data from the Monthly Treasury

Statement of Receipts and Outlays

through 1998:Q2; data from the

Federal Financing Bank through

1998:Q2; Treasury data for loan

programs through 1998:Q2.

 8. Rest of the world Balance of payments data through Detail for Treasury International

 (U.S. international 1998:Q2; NIPA estimates, data Capital System data since

 transactions) from bank Reports of Condition and 1997:Q4.

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

Capital System data through

1998:Q2.

 9. Monetary authority All data through 1998:Q2. None.

 (tables F.108 and L.108)

10. Commercial banking All data through 1998:Q2 for Data since 1996 for branches of

 (tables F.109 and L.109) U.S.-chartered banks, foreign domestic commercial banks

banking offices in the U.S., bank located in U.S.-affiliated areas.

holding companies, and commercial

banks in U.S.-affiliated areas.

11. Savings institutions All data through 1998:Q2. None.

 (tables F.114 and L.114)

12. Credit unions All data through 1998:Q2. None.

 (tables F.115 and L.115)

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

 estates

 (tables F.116 and L.116)

14. Life insurance companies Asset data through 1998:Q1 and Asset data for 1998:Q2 and

 (tables F.117 and L.117) liability data through 1997. liability data since 1997:Q4.

15. Other insurance companies All data through 1998:Q1. Data for 1998:Q2.

 (tables F.118 and L.118)

16. Private pension funds Quarterly data through 1998:Q2; Form 5500 data since 1994.

 (including FERS Internal Revenue Service/

 Thrift Savings Plan) Department of Labor/Pension

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

Form 5500 data through 1994.

17. State and local government All data through 1998:Q1. Data for 1998:Q2.

 employee retirement funds

 (tables F.120 and L.120)

18. Money market mutual All data through 1998:Q2. None.

 funds

 (tables F.121 and L.121)

19. Mutual funds All data through 1998:Q2. None.

 (tables F.122 and L.122)
7

20. Closed-end funds All data through 1996. Data since 1996.

 (tables F.123 and L.123)

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

 enterprises Fannie Mae, Freddie Mac, Sallie

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

through 1998:Q2.

22. Federally related mortgage All data through 1998:Q2. None.

 pools

 (tables F.125 and L.125)

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

 securities (ABSs) Information Services of the

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

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1998:Q2.

24. Finance companies All data through 1998:Q2. None.

 (tables F.127 and L.127)

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

 (tables F.128 and L.128)

26. Real estate investment Data through 1997:Q3; equity and Data since 1997:Q3.

 trusts (REITs) unsecured debt issuance through

 (tables F.129 and L.129) 1998:Q2.

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

 dealers reports through 1998:Q2 data for reports for 1998:Q2.

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

1998:Q1.

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

 (tables F.131 and L.131) other sectors.
8 Z.1, September 11, 1998

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 4.6 10.9 2.6 4.3 5.2 0.5 0.8 1.9 2.2 8.8 8.0

1993 5.0 8.3 3.8 5.3 4.3 7.6 1.6 2.1 6.0 9.7 22.1

1994 4.6 4.7 4.6 7.5 5.8 14.5 4.0 5.7 -4.0 14.0 -3.6

1995 5.4 4.1 5.9 7.8 5.5 14.1 6.6 8.7 -4.6 11.9 19.2

1996 5.3 4.0 5.8 7.8 8.0 7.9 5.1 5.7 -0.6 13.0 17.4

1997 5.3 0.6 7.0 6.8 7.5 4.3 7.6 8.6 5.3 13.3 11.0

1993 -- Q1 3.5 7.3 2.2 2.8 1.9 4.5 0.4 0.6 6.6 5.4 18.0

 Q2 5.8 10.4 4.2 5.3 5.4 4.8 1.7 2.5 8.6 6.3 20.8

 Q3 4.9 6.1 4.4 6.3 5.2 8.3 1.9 2.6 6.0 13.6 32.7

 Q4 5.3 8.5 4.1 6.4 4.5 12.0 2.2 2.7 2.3 12.0 10.7

1994 -- Q1 4.6 5.0 4.5 6.9 5.9 11.4 3.6 5.5 -1.5 15.0 -22.2

 Q2 3.9 3.9 3.8 6.9 5.1 14.8 3.5 5.0 -6.3 11.6 -7.4

 Q3 4.7 4.8 4.6 7.3 5.3 14.7 4.0 5.5 -3.1 11.3 3.9

 Q4 4.9 4.7 5.1 8.1 6.5 14.3 4.6 6.2 -5.2 15.3 11.9

1995 -- Q1 5.7 5.5 5.8 7.3 5.1 14.2 7.4 9.9 -5.5 7.7 18.6

 Q2 6.5 6.8 6.3 8.1 6.0 14.2 7.4 9.9 -4.5 11.3 12.1

 Q3 4.5 2.6 5.2 8.1 5.8 14.1 5.0 6.1 -6.3 11.9 22.1

 Q4 4.5 1.5 5.6 7.0 4.7 11.3 5.9 7.8 -2.4 14.8 19.0

1996 -- Q1 6.0 5.9 6.0 9.0 9.4 10.0 4.5 4.9 -1.9 8.5 12.0

 Q2 5.1 2.7 6.0 8.2 7.8 9.9 5.3 6.0 -1.4 16.8 9.9

 Q3 5.2 4.2 5.6 7.0 6.7 6.9 6.1 7.7 -3.5 9.9 24.8

 Q4 4.5 3.0 5.0 6.0 7.0 3.9 4.0 3.5 4.3 14.4 18.9

1997 -- Q1 4.7 1.7 5.7 6.3 6.0 5.2 6.0 6.9 1.6 7.0 6.0

 Q2 4.2 -1.1 6.1 6.1 5.7 4.8 6.6 7.1 4.0 13.4 11.7

 Q3 5.6 0.8 7.3 6.9 9.1 4.1 7.8 8.9 6.7 11.7 17.1

 Q4 6.4 1.1 8.2 7.3 8.2 3.0 9.1 10.5 8.4 19.0 7.6

1998 -- Q1 6.0 -0.8 8.3 7.9 8.6 4.1 8.8 9.9 8.4 15.4 12.1

 Q2 6.1 -1.8 8.6 8.5 9.3 4.6 9.5 10.5 5.7 18.0 11.7

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

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 522.5 304.0 218.5 163.3 138.3 3.9 31.1 47.1 24.1 244.0 24.1

1993 588.0 256.1 331.9 207.8 121.2 60.7 57.9 52.1 66.2 294.4 69.8

1994 572.2 155.9 416.4 311.4 169.7 124.9 151.3 143.6 -46.2 468.4 -14.0

1995 701.6 144.4 557.1 349.0 171.1 138.9 259.6 232.7 -51.5 456.4 71.1

1996 725.8 145.0 580.8 372.8 260.5 88.8 214.8 165.5 -6.8 556.2 76.9

1997 768.4 23.1 745.3 351.6 261.3 52.5 337.6 267.8 56.1 644.4 56.9

1993 -- Q1 419.8 226.1 193.7 108.1 52.9 35.9 13.3 15.6 72.3 164.8 56.9

 Q2 695.8 325.7 370.1 209.5 152.1 38.7 63.8 62.3 96.8 194.1 68.6

 Q3 591.0 195.8 395.3 254.4 148.5 68.1 72.5 63.9 68.4 428.7 113.4

 Q4 645.3 277.0 368.3 259.2 131.3 100.0 81.9 66.6 27.2 390.0 40.2

1994 -- Q1 572.4 167.1 405.3 285.5 171.7 98.3 137.1 138.5 -17.3 501.9 -85.8

 Q2 485.5 131.3 354.1 292.6 151.4 130.5 134.7 128.3 -73.2 403.0 -27.0

 Q3 594.9 164.1 430.8 312.4 159.1 135.0 154.3 144.0 -35.9 405.7 13.9

 Q4 636.0 160.8 475.2 354.9 196.6 135.9 178.9 163.7 -58.6 563.2 42.8

1995 -- Q1 745.5 190.4 555.1 325.1 159.0 139.8 291.5 264.6 -61.5 295.7 68.9

 Q2 851.9 239.4 612.6 365.2 189.0 144.2 297.4 271.7 -50.0 442.3 47.0

 Q3 601.8 93.1 508.7 373.7 185.4 148.5 204.0 172.6 -69.0 476.5 88.5

 Q4 607.0 54.9 552.1 332.2 150.9 123.1 245.4 221.9 -25.5 610.9 80.1

1996 -- Q1 816.8 214.6 602.2 431.9 308.5 112.6 190.8 143.4 -20.5 364.1 53.2

 Q2 711.0 97.8 613.2 403.8 262.8 113.9 224.4 177.1 -15.1 736.0 45.2

 Q3 733.2 155.3 577.9 348.8 228.3 81.8 266.3 233.0 -37.2 450.4 115.7

 Q4 642.2 112.3 530.0 306.6 242.6 46.8 177.7 108.6 45.7 674.1 93.6

1997 -- Q1 674.5 64.9 609.6 324.7 212.0 62.5 268.0 215.2 16.9 336.5 31.2

 Q2 614.4 -43.5 658.0 317.3 204.4 59.5 298.2 223.6 42.5 659.0 61.7

 Q3 829.6 30.3 799.3 368.3 326.9 50.3 358.4 287.1 72.6 594.0 92.5

 Q4 954.9 40.8 914.2 396.2 302.0 37.8 425.7 345.1 92.3 987.9 42.3

1998 -- Q1 919.1 -31.3 950.4 435.9 322.2 51.7 420.2 334.9 94.3 840.3 68.8

 Q2 935.0 -69.6 1004.5 476.7 359.1 58.6 463.0 363.4 64.9 1016.2 68.5
10 Z.1, September 11, 1998

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 11833.2 3080.3 8752.9 3925.7 2796.9 798.3 3725.4 2474.8 1101.8 3046.3 315.8

1993 12436.0 3336.5 9099.6 4138.8 2923.3 859.0 3792.8 2536.5 1167.9 3346.1 385.8

1994 13014.5 3492.3 9522.2 4452.8 3096.1 983.9 3947.6 2683.6 1121.7 3822.2 370.8

1995 13716.0 3636.7 10079.3 4806.8 3272.1 1122.8 4202.3 2911.4 1070.2 4281.2 441.9

1996 14441.8 3781.8 10660.1 5150.9 3503.9 1211.6 4445.8 3105.7 1063.4 4837.3 518.8

1997 15208.7 3804.9 11403.8 5505.2 3767.6 1264.1 4779.2 3369.2 1119.5 5448.7 569.6

1993 -- Q1 11938.9 3136.9 8802.0 3953.4 2810.7 807.3 3728.8 2478.8 1119.8 3092.8 330.0

 Q2 12112.8 3218.3 8894.5 4006.3 2849.3 817.0 3744.2 2493.8 1144.0 3141.4 347.2

 Q3 12260.6 3267.2 8993.4 4070.7 2887.2 834.0 3761.5 2509.0 1161.1 3248.5 375.5

 Q4 12436.0 3336.5 9099.6 4138.8 2923.3 859.0 3792.8 2536.5 1167.9 3346.1 385.8

1994 -- Q1 12585.4 3378.3 9207.1 4210.6 2967.0 883.6 3833.0 2576.9 1163.6 3479.2 364.4

 Q2 12706.7 3411.1 9295.7 4284.5 3005.7 916.2 3865.8 2608.2 1145.3 3580.0 357.7

 Q3 12855.5 3452.1 9403.4 4363.5 3046.3 950.0 3903.6 2643.3 1136.3 3681.4 361.2

 Q4 13014.5 3492.3 9522.2 4452.8 3096.1 983.9 3947.6 2683.6 1121.7 3822.2 370.8

1995 -- Q1 13200.9 3539.9 9660.9 4535.3 3137.1 1018.9 4019.3 2748.6 1106.3 3898.8 388.0

 Q2 13413.9 3599.8 9814.1 4627.8 3185.5 1054.9 4092.5 2815.3 1093.8 4009.3 399.8

 Q3 13564.3 3623.0 9941.3 4722.4 3233.0 1092.1 4142.3 2857.3 1076.6 4128.5 421.9

 Q4 13716.0 3636.7 10079.3 4806.8 3272.1 1122.8 4202.3 2911.4 1070.2 4281.2 441.9

1996 -- Q1 13920.2 3690.4 10229.8 4916.0 3350.4 1151.0 4248.8 2946.1 1065.1 4372.2 455.2

 Q2 14098.0 3714.9 10383.1 4984.5 3383.6 1179.4 4337.4 3022.8 1061.3 4556.2 466.5

 Q3 14281.3 3753.7 10527.6 5072.9 3441.9 1199.9 4402.7 3079.8 1052.0 4668.8 495.4

 Q4 14441.8 3781.8 10660.1 5150.9 3503.9 1211.6 4445.8 3105.7 1063.4 4837.3 518.8

1997 -- Q1 14610.5 3798.0 10812.5 5233.7 3558.3 1227.2 4511.1 3157.8 1067.6 4921.5 526.6

 Q2 14764.1 3787.1 10977.0 5314.1 3610.4 1242.1 4584.6 3212.7 1078.3 5086.2 542.1

 Q3 14969.9 3794.7 11175.3 5406.1 3692.1 1254.7 4672.7 3282.9 1096.4 5201.7 559.1

 Q4 15208.7 3804.9 11403.8 5505.2 3767.6 1264.1 4779.2 3369.2 1119.5 5448.7 569.6

1998 -- Q1 15438.4 3797.0 11641.4 5614.2 3848.2 1277.0 4884.2 3452.9 1143.0 5658.7 586.8

 Q2 15672.2 3779.6 11892.6 5733.3 3937.9 1291.7 5000.0 3543.8 1159.3 5912.8 604.0

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net borrowing 952.2 1026.6 1229.0 1358.9 1469.7 1042.2 1335.1 1516.2 1985.1 1828.2 2019.6 1

 2 Domestic nonfinancial sectors 588.0 572.2 701.6 725.8 768.4 674.5 614.4 829.6 954.9 919.1 935.0 2

 3 Federal government 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -31.3 -69.6 3

 4 Nonfederal sectors 331.9 416.4 557.1 580.8 745.3 609.6 658.0 799.3 914.2 950.4 1004.5 4

 5 Household sector 207.8 311.4 349.0 372.8 351.6 324.7 317.3 368.3 396.2 435.9 476.7 5

 6 Nonfinancial corporate business 52.1 143.6 232.7 165.5 267.8 215.2 223.6 287.1 345.1 334.9 363.4 6

 7 Nonfarm noncorporate business 3.2 3.3 23.9 44.5 63.5 47.8 68.6 65.8 71.6 77.4 92.2 7

 8 Farm business 2.6 4.4 2.9 4.8 6.4 4.9 6.0 5.5 9.0 7.9 7.4 8

 9 State and local governments 66.2 -46.2 -51.5 -6.8 56.1 16.9 42.5 72.6 92.3 94.3 64.9 9

10 Rest of the world 69.8 -14.0 71.1 76.9 56.9 31.2 61.7 92.5 42.3 68.8 68.5 10

11 Financial sectors 294.4 468.4 456.4 556.2 644.4 336.5 659.0 594.0 987.9 840.3 1016.2 11

12 Commercial banking 13.4 20.1 22.5 13.0 46.1 14.4 76.4 32.5 61.0 83.5 95.9 12

13 U.S.-chartered commercial banks 9.7 12.5 11.2 11.7 29.5 6.8 39.1 21.7 50.4 39.3 49.7 13

14 Foreign banking offices in U.S. -5.1 -2.6 -3.1 -0.7 -2.4 1.3 1.7 -4.7 -8.0 -6.2 -6.9 14

15 Bank holding companies 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.4 53.1 15

16 Savings institutions 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 10.6 31.2 16

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

18 Life insurance companies 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 -0.6 18

19 Government-sponsored enterprises 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 19

20 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 20

21 ABS issuers 83.6 72.9 141.1 153.6 204.6 85.8 122.7 224.7 385.0 255.0 363.5 21

22 Finance companies -1.4 48.7 50.2 45.9 48.7 5.6 120.5 8.9 59.6 80.1 101.8 22

23 Mortgage companies 0.0 -11.5 0.4 12.4 -1.3 -0.7 -12.2 3.6 4.2 5.2 -5.5 23

24 REITs 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 33.9 24

25 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.0 20.0 25

26 Funding corporations 6.3 23.1 34.9 64.1 80.7 129.7 -21.5 115.4 99.2 142.8 -37.6 26

27 Total net lending 952.2 1026.6 1229.0 1358.9 1469.7 1042.2 1335.1 1516.2 1985.1 1828.2 2019.6 27

28 Domestic nonfederal nonfinancial sectors 41.6 238.7 -93.8 9.5 -88.8 -221.7 -50.5 -138.0 55.0 -206.4 378.9 28

29 Household sector 1.0 275.5 1.6 13.8 -106.1 -273.5 -48.3 -131.5 28.6 -196.5 297.4 29

30 Nonfinancial corporate business 9.1 17.7 -8.8 15.0 14.9 78.7 -46.7 31.7 -4.1 -5.5 19.8 30

31 Nonfarm noncorporate business -1.1 0.6 4.7 4.4 2.7 2.5 2.7 2.8 2.9 3.0 3.2 31

32 State and local governments 32.6 -55.0 -91.4 -23.7 -0.3 -29.5 41.8 -41.0 27.5 -7.4 58.5 32

33 Federal government -18.4 -27.5 -0.2 -7.7 4.9 1.7 5.7 3.3 9.0 15.5 12.8 33

34 Rest of the world 129.3 132.3 273.9 414.7 312.1 330.6 307.0 404.1 206.5 234.9 309.2 34

35 Financial sectors 799.7 683.0 1049.1 942.4 1241.5 931.7 1072.9 1246.8 1714.7 1784.2 1318.8 35

36 Monetary authority 36.2 31.5 12.7 12.3 38.3 34.4 42.9 22.9 52.9 27.4 7.7 36

37 Commercial banking 142.2 163.4 265.9 187.5 324.8 316.0 290.0 226.2 467.1 293.7 147.8 37

38 U.S.-chartered commercial banks 149.6 148.1 186.5 119.6 274.9 206.1 286.7 220.7 386.2 260.8 143.1 38

39 Foreign banking offices in U.S. -9.8 11.2 75.4 63.3 40.2 101.7 -3.6 4.6 58.2 12.0 17.2 39

40 Bank holding companies -0.0 0.9 -0.3 3.9 5.4 2.2 5.1 -5.0 19.4 15.3 -17.6 40

41 Banks in U.S.-affiliated areas 2.4 3.3 4.2 0.7 4.2 6.1 1.8 5.8 3.2 5.6 5.1 41

42 Savings institutions -23.3 6.7 -7.6 19.9 -4.7 -5.3 23.8 -35.3 -2.0 10.1 -11.9 42

43 Credit unions 21.7 28.1 16.2 25.5 16.8 20.5 25.2 13.6 7.7 19.6 24.9 43

44 Bank personal trusts and estates 9.5 7.1 -8.3 -7.7 7.6 3.4 10.7 7.3 8.8 2.4 3.1 44

45 Life insurance companies 100.9 66.7 99.2 72.5 101.0 88.3 174.4 106.0 35.3 108.9 116.2 45

46 Other insurance companies 27.7 24.9 21.5 22.5 25.2 6.0 28.0 32.0 34.7 23.4 28.1 46

47 Private pension funds 49.5 45.5 61.3 48.3 67.6 55.0 58.5 66.2 90.7 72.6 105.5 47

48 State and local govt. retirement funds 22.7 22.3 27.5 45.9 36.6 23.2 34.6 79.1 9.5 81.7 72.7 48

49 Money market mutual funds 20.4 30.0 86.5 88.8 87.5 58.2 26.1 121.5 144.2 172.0 200.1 49

50 Mutual funds 159.5 -7.1 52.5 48.9 80.9 63.9 90.0 108.0 61.8 143.6 115.9 50

51 Closed-end funds 20.0 -3.7 10.5 2.2 1.2 2.7 1.3 0.3 0.4 0.6 0.2 51

52 Government-sponsored enterprises 87.8 117.8 84.7 92.0 95.0 44.9 119.9 55.8 159.2 166.0 143.4 52

53 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 53

54 ABS issuers 81.0 65.8 119.3 123.4 166.1 62.3 107.8 162.2 332.2 195.8 332.4 54

55 Finance companies -20.9 48.3 49.9 18.4 21.9 39.8 0.9 68.3 -21.4 28.6 27.1 55

56 Mortgage companies -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 -11.0 56

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

58 Brokers and dealers 14.8 -44.2 90.1 -15.7 13.7 -14.5 -11.7 15.8 65.3 250.4 -188.6 58

59 Funding corporations -35.3 -16.2 -29.7 6.5 33.4 21.5 -10.9 1.7 121.2 94.1 -40.1 59

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

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 588.0 572.2 701.6 725.8 768.4 674.5 614.4 829.6 954.9 919.1 935.0 1

 2 Federal government 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -31.3 -69.6 2

 3 Treasury securities 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -28.9 -68.1 3

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

 5 Nonfederal, by instrument 331.9 416.4 557.1 580.8 745.3 609.6 658.0 799.3 914.2 950.4 1004.5 5

 6 Commercial paper 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 6.6 6

 7 Municipal securities and loans 74.8 -35.9 -48.2 2.6 71.4 34.1 59.6 88.9 103.2 116.7 86.1 7

 8 Corporate bonds 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 160.8 8

 9 Bank loans n.e.c. 6.4 75.2 102.3 66.2 107.6 140.7 118.1 31.6 140.0 56.0 170.1 9

10 Other loans and advances -18.9 34.0 67.2 33.8 68.2 34.2 19.3 79.2 140.1 80.7 34.5 10

11 Mortgages 123.7 173.4 205.5 318.0 341.1 251.5 295.1 411.9 405.8 434.3 487.8 11

12 Home 156.2 178.5 174.5 264.9 267.7 217.5 210.5 333.6 309.3 330.3 367.9 12

13 Multifamily residential -6.8 -1.2 8.1 12.6 11.4 3.9 12.7 6.5 22.3 19.9 22.5 13

14 Commercial -26.7 -6.1 21.2 37.9 58.7 28.0 67.7 67.5 71.6 80.1 91.1 14

15 Farm 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 15

16 Consumer credit 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 16

17 Nonfederal, by sector 331.9 416.4 557.1 580.8 745.3 609.6 658.0 799.3 914.2 950.4 1004.5 17

18 Household sector 207.8 311.4 349.0 372.8 351.6 324.7 317.3 368.3 396.2 435.9 476.7 18

19 Nonfinancial business 57.9 151.3 259.6 214.8 337.6 268.0 298.2 358.4 425.7 420.2 463.0 19

20 Corporate 52.1 143.6 232.7 165.5 267.8 215.2 223.6 287.1 345.1 334.9 363.4 20

21 Nonfarm noncorporate 3.2 3.3 23.9 44.5 63.5 47.8 68.6 65.8 71.6 77.4 92.2 21

22 Farm 2.6 4.4 2.9 4.8 6.4 4.9 6.0 5.5 9.0 7.9 7.4 22

23 State and local governments 66.2 -46.2 -51.5 -6.8 56.1 16.9 42.5 72.6 92.3 94.3 64.9 23

24 Foreign borrowing in U.S. 69.8 -14.0 71.1 76.9 56.9 31.2 61.7 92.5 42.3 68.8 68.5 24

25 Commercial paper -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 -24.8 25

26 Bonds 82.9 12.2 49.7 55.8 46.7 15.5 38.7 100.3 32.4 14.3 89.8 26

27 Bank loans n.e.c. 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 7.9 27

28 Other loans and advances -4.2 -1.5 -0.5 0.8 -2.0 0.9 1.2 -3.5 -6.5 -7.0 -4.4 28

29 Domestic and foreign 657.8 558.2 772.7 802.7 825.3 705.7 676.1 922.2 997.2 987.9 1003.5 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 294.4 468.4 456.4 556.2 644.4 336.5 659.0 594.0 987.9 840.3 1016.2 1

 2 Federal government-related 165.3 287.5 204.1 231.5 212.8 105.7 286.2 161.0 298.1 227.3 413.4 2

 3 Govt.-sponsored enterprise securities 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 3

 4 Mortgage pool securities 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 4

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

 6 Private financial sectors 129.1 180.9 252.3 324.7 431.6 230.9 372.9 433.0 689.8 613.0 602.8 6

 7 Open market paper -5.5 40.5 42.7 92.2 166.7 176.6 77.0 168.8 244.2 237.4 134.8 7

 8 Corporate bonds 123.1 121.8 196.7 179.7 208.1 61.7 231.4 193.4 345.8 316.0 376.8 8

 9 Bank loans n.e.c. -14.4 -13.7 3.9 16.9 13.6 6.5 -6.0 23.2 30.7 18.9 7.2 9

10 Other loans and advances 22.4 22.6 3.4 27.9 35.6 -20.1 63.0 37.5 61.7 32.7 76.0 10

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

12 By sector 294.4 468.4 456.4 556.2 644.4 336.5 659.0 594.0 987.9 840.3 1016.2 12

13 Commercial banking 13.4 20.1 22.5 13.0 46.1 14.4 76.4 32.5 61.0 83.5 95.9 13

14 U.S.-chartered commercial banks 9.7 12.5 11.2 11.7 29.5 6.8 39.1 21.7 50.4 39.3 49.7 14

15 Foreign banking offices in U.S. -5.1 -2.6 -3.1 -0.7 -2.4 1.3 1.7 -4.7 -8.0 -6.2 -6.9 15

16 Bank holding companies 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.4 53.1 16

17 Savings institutions 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 10.6 31.2 17

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

19 Life insurance companies 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 -0.6 19

20 Government-sponsored enterprises 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 20

21 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 21

22 ABS issuers 83.6 72.9 141.1 153.6 204.6 85.8 122.7 224.7 385.0 255.0 363.5 22

23 Finance companies -1.4 48.7 50.2 45.9 48.7 5.6 120.5 8.9 59.6 80.1 101.8 23

24 Mortgage companies 0.0 -11.5 0.4 12.4 -1.3 -0.7 -12.2 3.6 4.2 5.2 -5.5 24

25 REITs 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 33.9 25

26 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.0 20.0 26

27 Funding corporations 6.3 23.1 34.9 64.1 80.7 129.7 -21.5 115.4 99.2 142.8 -37.6 27
Z.1, September 11, 1998 13

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 952.2 1026.6 1229.0 1358.9 1469.7 1042.2 1335.1 1516.2 1985.1 1828.2 2019.6 1

 2 Open market paper -5.1 35.7 74.3 102.6 184.1 199.3 107.7 171.7 257.7 347.3 116.6 2

 3 U.S. government securities 421.4 448.1 348.5 376.5 235.9 170.6 242.6 191.3 338.9 196.0 343.8 3

 4 Municipal securities 74.8 -35.9 -48.2 2.6 71.4 34.1 59.6 88.9 103.2 116.7 86.1 4

 5 Corporate and foreign bonds 281.2 157.3 319.6 308.0 345.5 156.6 356.1 416.6 452.6 487.5 627.4 5

 6 Bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 146.5 123.6 62.2 186.4 80.4 185.3 6

 7 Other loans and advances -0.8 50.3 70.2 62.5 101.8 15.0 83.4 113.3 195.3 106.4 106.1 7

 8 Mortgages 127.3 183.2 211.1 325.9 348.8 257.7 302.6 422.0 413.1 442.3 495.8 8

 9 Consumer credit 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 429.7 125.2 143.9 231.8 191.9 181.9 183.9 248.6 153.0 218.0 194.2 10

11 Corporate equities 137.7 24.6 -3.5 -5.8 -73.3 -67.7 -66.2 -51.3 -108.0 -103.4 -118.2 11

12 Nonfinancial 21.3 -44.9 -58.3 -64.2 -114.6 -90.4 -100.0 -124.0 -144.1 -138.0 -129.2 12

 Foreign shares purchased by

13 U.S. residents 63.4 48.1 50.4 60.0 41.3 46.6 54.4 64.3 -0.3 13.6 4.0 13

14 Financial 53.0 21.4 4.4 -1.6 0.1 -23.9 -20.6 8.4 36.5 21.0 7.1 14

15 Mutual fund shares 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 952.2 1026.6 1229.0 1358.9 1469.7 1042.2 1335.1 1516.2 1985.1 1828.2 2019.6 1

 2 Official foreign exchange 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 1.0 8.1 2

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

 4 Treasury currency 0.4 0.7 0.6 0.1 -0.0 0.4 0.2 1.3 -1.9 0.3 0.2 4

 5 Foreign deposits -18.5 52.9 35.3 85.9 107.4 186.7 23.9 116.1 103.0 -45.3 44.2 5

 6 Net interbank transactions 50.5 89.8 9.9 -51.6 -45.8 -78.4 -57.0 -31.5 -16.2 21.2 -22.7 6

 7 Checkable deposits and currency 117.3 -9.7 -12.7 15.8 41.5 81.8 50.6 -38.4 71.9 65.9 110.6 7

 8 Small time and savings deposits -70.3 -39.9 96.6 97.2 97.1 151.5 34.0 47.0 156.0 152.0 46.6 8

 9 Large time deposits -23.5 19.6 65.6 114.0 122.5 56.3 174.7 188.4 70.8 118.5 -30.9 9

10 Money market fund shares 20.2 43.3 142.3 145.8 157.6 157.6 98.9 226.2 147.8 248.0 186.4 10

11 Security RPs 71.3 78.2 110.4 40.0 115.2 32.7 218.9 111.2 98.1 250.5 -59.6 11

12 Corporate equities 137.7 24.6 -3.5 -5.8 -73.3 -67.7 -66.2 -51.3 -108.0 -103.4 -118.2 12

13 Mutual fund shares 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 13

14 Trade payables 52.2 94.0 100.7 72.3 94.5 63.4 56.0 121.0 137.7 79.6 63.0 14

15 Security credit 61.4 -0.1 26.7 52.4 110.1 110.4 127.5 90.6 111.9 168.8 -110.3 15

16 Life insurance reserves 36.0 34.5 44.9 43.6 52.9 49.8 62.5 62.8 36.6 47.8 38.5 16

17 Pension fund reserves 255.6 246.2 233.2 230.8 296.8 256.6 318.9 326.9 284.8 259.9 265.4 17

18 Taxes payable 11.4 2.6 6.2 16.2 15.1 21.7 12.4 29.6 -3.4 44.1 -7.7 18

19 Investment in bank personal trusts 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 19

20 Noncorporate proprietors’ equity 25.5 55.6 71.5 47.1 41.1 50.1 48.0 49.7 16.8 41.0 12.5 20

21 Miscellaneous 340.0 252.0 449.4 415.8 586.7 668.2 527.8 621.6 529.4 868.6 399.6 21

22 Total financial sources 2312.9 2083.6 2768.5 2900.8 3529.6 3082.2 3288.5 3770.5 3977.4 4418.4 3215.3 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.2 -0.5 -0.9 -0.6 -0.3 -0.5 0.7 -2.4 -0.2 -0.3 23

24 Foreign deposits -5.7 43.0 25.1 59.4 107.4 176.9 10.6 93.9 148.3 -94.6 60.3 24

25 Net interbank liabilities 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 25

26 Security RPs 46.4 69.4 22.9 -0.7 72.6 -107.3 185.3 23.4 188.9 187.6 -56.3 26

27 Taxes payable 15.8 16.6 21.1 20.4 17.7 19.3 27.6 14.7 9.4 41.2 1.5 27

28 Miscellaneous -170.8 -150.4 -221.3 -122.6 -303.3 25.1 -485.0 -137.8 -615.5 -207.6 -256.6 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -1.5 -4.8 -6.0 0.5 -2.7 -4.6 -8.3 10.0 -7.9 7.5 -41.8 29

30 Other -1.3 -2.8 -3.8 -4.0 -3.9 -3.3 -4.3 -3.0 -5.0 -4.0 -3.0 30

31 Trade credit -4.0 1.5 -12.5 -31.5 9.7 -5.2 -53.8 39.4 58.5 5.9 -3.4 31

 Totals identified to sectors

32 as assets 2429.9 2114.0 2946.7 2983.7 3652.5 2951.3 3643.7 3779.1 4235.7 4375.5 3493.0 32
14 Z.1, September 11, 1998

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 6558.1 6947.0 7269.7 7661.7 8110.8 7954.8 8063.2 8170.8 8254.4 8384.2 8435.1 1

 2 Personal consumption expenditures (2) 4459.3 4717.0 4953.9 5215.7 5493.7 5402.4 5438.8 5540.3 5593.2 5676.5 5770.6 2

 3 Durable goods (3) 530.2 579.6 611.0 643.3 673.1 668.9 659.9 681.2 682.2 705.1 719.9 3

 4 Nondurable goods and services 3929.0 4137.4 4342.9 4572.4 4820.6 4733.5 4778.9 4859.1 4911.0 4971.4 5050.7 4

 5 Gross private domestic investment 876.2 1007.8 1043.2 1131.9 1255.9 1206.3 1259.8 1265.7 1292.0 1366.6 1344.5 5

 6 Fixed investment 855.7 946.6 1012.5 1099.8 1188.6 1146.6 1176.4 1211.1 1220.2 1271.1 1304.4 6

 7 Nonresidential plant and equipment 604.1 660.6 727.7 787.9 860.7 827.1 850.5 882.3 882.8 921.3 941.4 7

 8 Household sector (nonprofit organizations) 35.6 31.9 33.8 37.4 43.6 42.3 42.9 44.5 44.7 45.7 46.4 8

 9 Nonfinancial corporate business 418.1 463.5 519.2 571.1 612.8 588.5 605.7 628.3 628.5 656.8 671.5 9

10 Nonfarm noncorporate business 67.2 64.3 78.3 69.0 74.7 81.2 77.6 74.2 65.9 68.9 77.3 10

11 Farm business 18.7 20.8 22.0 23.8 25.5 23.8 25.4 27.2 25.5 27.6 28.0 11

12 Financial corporations 64.5 80.1 74.4 86.5 104.1 91.3 98.9 108.1 118.2 122.3 118.2 12

13 Residential construction 251.6 286.0 284.8 311.9 327.9 319.5 325.9 328.8 337.4 349.8 363.0 13

14 Household sector 218.4 249.1 244.7 268.5 282.4 276.6 281.0 281.9 290.1 301.1 313.8 14

15 Nonfinancial corporate business 1.7 1.9 2.1 2.3 2.5 2.4 2.4 2.5 2.5 2.6 2.6 15

16 Nonfarm noncorporate business 26.3 27.8 35.0 36.1 36.2 35.2 35.9 36.3 37.2 38.6 40.0 16

17 REITs 5.2 7.3 2.9 4.9 6.9 5.3 6.6 8.2 7.6 7.6 6.5 17

18 Change in business inventories 20.5 61.2 30.7 32.1 67.4 59.7 83.4 54.6 71.8 95.5 40.1 18

19 Nonfinancial corporate business 25.4 48.0 38.1 23.3 59.9 57.8 73.3 44.9 63.6 86.0 30.7 19

20 Nonfarm noncorporate business 1.3 2.5 2.0 1.2 3.2 3.0 3.9 2.4 3.3 4.5 1.6 20

21 Farm business -6.2 10.8 -9.4 7.6 4.3 -1.1 6.2 7.3 4.9 5.0 7.8 21

22 Net U.S. exports of goods and services -60.7 -90.8 -83.9 -91.2 -93.4 -93.3 -86.8 -94.7 -98.8 -123.8 -160.3 22

23 Exports 658.6 721.2 819.4 873.8 965.4 930.2 961.1 981.7 988.6 973.3 950.2 23

24 - Imports 719.3 812.0 903.3 965.0 1058.8 1023.5 1047.9 1076.4 1087.4 1097.1 1110.5 24

 Government consumption expenditures and

25 gross investment 1283.4 1313.0 1356.4 1405.3 1454.6 1439.4 1451.4 1459.5 1468.0 1464.9 1480.3 25

26 Consumption expenditures (4) 1078.9 1107.1 1138.1 1175.6 1219.2 1204.0 1218.8 1222.3 1231.6 1227.6 1248.1 26

27 Federal 447.3 443.2 442.8 450.9 460.4 456.8 464.8 460.0 460.1 450.9 463.8 27

28 State and local 631.6 663.9 695.2 724.7 758.8 747.2 754.0 762.3 771.5 776.7 784.3 28

29 Gross investment (4) 204.5 205.9 218.4 229.7 235.4 235.4 232.6 237.2 236.4 237.3 232.2 29

30 Federal 71.1 67.0 66.3 67.6 59.8 60.2 58.0 60.9 60.0 60.7 56.1 30

31 State and local 133.4 138.9 152.1 162.1 175.6 175.2 174.6 176.3 176.4 176.6 176.1 31

 Memo:

32 Net U.S. factor income from rest of the world 18.7 8.2 17.5 12.4 -8.0 -2.5 -1.1 -8.7 -19.6 -14.8 -16.6 32

33 U.S. receipts 150.8 176.5 225.1 235.5 265.5 253.1 268.3 274.3 266.3 270.3 272.5 33

34 - U.S. payments 132.1 168.3 207.6 223.1 273.5 255.6 269.4 283.0 285.9 285.1 289.1 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6576.8 6955.2 7287.2 7674.1 8102.8 7952.3 8062.1 8162.1 8234.8 8369.4 8418.5 35

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

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

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

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

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 5266.7 5590.6 5923.7 6256.0 6646.4 6508.7 6604.2 6704.7 6768.0 6875.1 6942.7 1

 2 Compensation of employees 3814.8 4011.9 4208.9 4409.1 4687.1 4586.0 4648.9 4715.5 4798.1 4882.9 4945.4 2

 3 Wages and other labor income 3474.7 3645.5 3830.2 4018.1 4282.7 4187.8 4246.8 4309.2 4387.1 4464.8 4523.6 3

 4 Employer social insurance contributions 335.7 353.0 365.3 381.7 400.7 394.5 398.4 402.6 407.3 414.1 417.8 4

 5 Wage accruals less disbursements 4.4 13.3 13.4 9.3 3.7 3.7 3.7 3.7 3.7 4.0 4.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 450.8 471.6 488.1 527.7 551.2 540.5 549.9 556.5 558.0 564.2 569.5 6

 7 Nonfarm 418.4 434.7 465.6 488.8 515.8 504.1 512.1 520.2 526.6 536.8 543.8 7

 8 Farm 32.4 36.9 22.4 38.9 35.5 36.4 37.8 36.3 31.4 27.4 25.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 105.7 124.4 133.8 150.2 158.2 157.5 158.0 158.6 158.8 158.3 161.8 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 492.8 570.5 672.4 750.4 817.8 794.3 815.6 840.8 820.7 829.2 819.7 10

 Corporate profits with inventory

11 valuation adjustment 456.9 519.1 613.0 679.0 741.2 720.5 740.1 763.6 740.6 744.3 730.3 11

12 Profits before tax 465.4 535.1 635.6 680.2 734.3 712.4 729.8 758.8 736.3 719.0 720.5 12

13 Domestic nonfinancial 307.4 391.9 440.9 472.4 504.6 487.3 494.8 527.2 509.0 483.4 483.6 13

14 Farm 1.2 0.4 0.5 0.7 0.8 0.9 0.8 0.8 0.8 0.8 0.8 14

15 Foreign subsidiaries 73.9 73.3 89.5 96.4 99.0 96.5 105.5 102.2 91.8 98.5 98.7 15

16 Financial 82.9 69.5 104.6 110.8 129.9 127.7 128.7 128.6 134.7 136.3 137.4 16

 Less:

17 Profits tax liability 165.2 186.6 211.0 226.1 246.0 238.8 241.9 254.2 249.3 239.9 240.0 17

18 Domestic nonfinancial 104.5 128.3 136.3 151.0 169.2 163.9 165.9 177.5 169.6 159.1 158.6 18

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

20 Financial 60.2 57.8 74.2 74.6 76.3 74.4 75.5 76.1 79.2 80.2 80.8 20

 Equals:

21 Profits after tax 300.2 348.5 424.6 454.1 488.3 473.6 487.9 504.6 487.0 479.1 480.5 21

22 Dividends 157.6 182.4 205.3 261.9 275.1 274.1 274.7 275.1 276.4 277.3 278.1 22

23 Domestic nonfinancial 147.0 157.6 178.3 215.9 228.0 225.7 223.3 224.8 238.3 236.0 253.7 23

24 Farm 0.8 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 24

25 Foreign subsidiaries 20.8 31.8 30.9 37.1 40.4 38.9 44.7 45.4 32.4 36.7 17.4 25

26 Financial -11.0 -8.0 -5.0 7.7 5.4 8.2 5.4 3.6 4.4 3.3 5.7 26

27 Undistributed profits 142.6 166.1 219.3 192.3 213.2 199.5 213.2 229.5 210.6 201.8 202.4 27

28 Domestic nonfinancial 55.9 106.0 126.4 105.5 107.3 97.7 105.6 124.9 101.1 88.3 71.2 28

29 Farm -0.1 -1.1 -1.0 -1.0 -1.0 -0.9 -1.0 -1.1 -1.0 -1.1 -1.0 29

30 Foreign subsidiaries 53.1 41.6 58.6 59.3 58.7 57.6 60.8 56.8 59.4 61.8 81.3 30

31 Financial 33.7 19.6 35.4 28.5 48.2 45.1 47.8 48.9 51.1 52.8 50.9 31

32 Inventory valuation adjustment -8.6 -16.0 -22.6 -1.2 6.9 8.1 10.3 4.8 4.3 25.3 9.8 32

33 Capital consumption adjustment 36.0 51.4 59.4 71.4 76.7 73.8 75.5 77.2 80.1 84.9 89.4 33

34 Domestic nonfinancial 46.2 60.3 68.3 76.4 81.6 78.8 80.4 82.2 85.0 89.5 93.4 34

35 Farm 0.1 0.5 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 35

36 Financial -10.4 -9.5 -9.2 -5.2 -5.3 -5.3 -5.2 -5.3 -5.2 -4.9 -4.3 36

37 Net interest 402.5 412.3 420.6 418.6 432.0 430.4 431.8 433.3 432.4 440.5 446.3 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5266.7 5590.6 5923.7 6256.0 6646.4 6508.7 6604.2 6704.7 6768.0 6875.1 6942.7 38

 Plus:

39 Business transfer payments to persons 22.1 23.8 25.8 26.4 27.2 26.9 27.1 27.3 27.5 27.8 28.1 39

40 Business transfer payments to rest of the world 6.0 6.8 7.1 7.4 8.0 7.6 8.0 8.1 8.1 7.9 8.6 40

41 Indirect business taxes and nontaxes 532.6 568.4 581.2 606.5 627.2 617.2 625.0 632.0 634.5 641.9 647.4 41

42 Private consumption of fixed capital 594.5 638.7 657.0 684.3 720.2 705.8 714.9 725.2 734.7 741.1 748.2 42

43 Government consumption of fixed capital 133.4 138.8 143.8 147.7 151.6 150.3 151.5 151.7 152.9 153.4 153.6 43

44 Statistical discrepancy 52.6 14.8 -26.5 -32.1 -55.7 -42.9 -47.6 -64.9 -67.5 -54.3 -86.3 44

 Less:

 Subsidies less current surplus of

45 government enterprises 31.1 26.6 25.0 22.0 21.9 21.3 21.0 22.0 23.4 23.5 23.8 45

46 Net U.S. factor income from rest of the world 18.7 8.2 17.5 12.4 -8.0 -2.5 -1.1 -8.7 -19.6 -14.8 -16.6 46

 Equals:

47 Gross Domestic Product 6558.1 6947.0 7269.7 7661.7 8110.8 7954.8 8063.2 8170.8 8254.4 8384.2 8435.1 47

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

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

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 949.5 1079.0 1187.4 1274.5 1406.2 1353.7 1416.1 1426.8 1428.1 1482.6 1448.0 1

 2 Gross private saving 979.3 1030.1 1106.2 1114.5 1141.6 1126.2 1169.4 1139.0 1131.6 1130.1 1086.9 2

 3 Personal saving 210.3 176.8 179.7 158.4 121.0 135.3 151.8 98.6 98.2 73.0 33.1 3

 4 Undistributed corporate profits 142.6 166.1 219.3 192.3 213.2 199.5 213.2 229.5 210.6 201.8 202.4 4

 5 Nonfinancial corp. inventory valuation adjustment -8.6 -16.0 -22.6 -1.2 6.9 8.1 10.3 4.8 4.3 25.3 9.8 5

 6 Corporate capital consumption adjustment 36.0 51.4 59.4 71.4 76.7 73.8 75.5 77.2 80.1 84.9 89.4 6

 7 Private consumption of fixed capital 594.5 638.7 657.0 684.3 720.2 705.8 714.9 725.2 734.7 741.1 748.2 7

 8 Wage accruals less disbursements 4.4 13.3 13.4 9.3 3.7 3.7 3.7 3.7 3.7 4.0 4.0 8

 9 Gross government saving -29.8 48.9 81.2 160.0 264.6 227.5 246.7 287.8 296.5 352.5 361.1 9

10 Federal -182.7 -117.2 -103.7 -39.6 49.5 19.6 36.1 69.8 72.4 128.7 142.1 10

11 Consumption of fixed capital 67.9 69.5 70.7 70.7 70.6 70.8 70.9 70.3 70.2 69.9 69.4 11

12 Current surplus -250.7 -186.7 -174.4 -110.3 -21.1 -51.2 -34.8 -0.5 2.2 58.8 72.7 12

13 State and local 153.0 166.1 185.0 199.6 215.1 207.9 210.6 218.0 224.1 223.8 219.0 13

14 Consumption of fixed capital 65.5 69.4 73.2 77.1 81.1 79.5 80.6 81.4 82.7 83.5 84.2 14

15 Current surplus 87.5 96.7 111.8 122.6 134.1 128.4 130.0 136.6 141.4 140.3 134.8 15

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

17 Gross investment 1002.1 1093.8 1161.0 1242.4 1350.4 1310.8 1368.5 1361.9 1360.6 1428.3 1361.7 17

18 Gross private domestic investment 876.2 1007.8 1043.2 1131.9 1255.9 1206.3 1259.8 1265.7 1292.0 1366.6 1344.5 18

19 Fixed investment 855.7 946.6 1012.5 1099.8 1188.6 1146.6 1176.4 1211.1 1220.2 1271.1 1304.4 19

20 Nonresidential 604.1 660.6 727.7 787.9 860.7 827.1 850.5 882.3 882.8 921.3 941.4 20

21 Residential 251.6 286.0 284.8 311.9 327.9 319.5 325.9 328.8 337.4 349.8 363.0 21

22 Change in business inventories 20.5 61.2 30.7 32.1 67.4 59.7 83.4 54.6 71.8 95.5 40.1 22

23 Gross government investment 204.5 205.9 218.4 229.7 235.4 235.4 232.6 237.2 236.4 237.3 232.2 23

24 Net foreign investment in U.S. -78.6 -119.9 -100.6 -119.2 -140.9 -130.9 -123.9 -141.0 -167.8 -175.6 -215.0 24

25 Statistical discrepancy (line 17 less line 1) 52.6 14.8 -26.5 -32.1 -55.7 -42.9 -47.6 -64.9 -67.5 -54.3 -86.3 25

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 446.2 504.0 501.6 468.9 451.1 261.5 518.4 513.3 511.1 404.4 500.8 1

 2 Foreign deposits -1.1 3.1 4.6 12.4 6.3 17.1 -0.8 12.0 -3.0 18.0 1.2 2

 3 Checkable deposits and currency 56.5 -24.3 -53.1 -61.3 -10.3 -5.2 -18.7 -63.1 45.7 -3.2 30.0 3

 4 Time and savings deposits -106.6 -3.7 178.7 174.7 175.9 154.9 153.5 212.8 182.3 243.2 13.3 4

 5 Money market fund shares -0.3 13.5 98.8 80.4 109.4 118.9 50.1 194.3 74.4 161.1 63.7 5

 6 Securities 158.8 196.4 -94.2 -85.6 -363.7 -495.2 -267.9 -377.5 -314.1 -529.7 92.9 6

 7 Open market paper 15.6 1.2 13.3 22.7 32.5 47.4 19.6 35.1 27.9 41.1 16.2 7

 8 U.S. savings bonds 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -2.7 -0.5 8

 9 Other Treasury securities 8.6 148.9 -52.8 -73.8 -208.7 -238.5 -101.8 -208.3 -286.3 -246.9 123.8 9

10 Agency securities -35.3 138.7 19.0 81.2 28.2 36.9 23.0 -34.1 86.9 -132.4 73.5 10

11 Municipal securities -31.3 -50.2 -42.9 -18.0 23.2 -9.1 3.3 25.8 72.8 57.3 -5.0 11

12 Corporate and foreign bonds 37.1 39.9 67.1 6.0 24.6 -110.6 -0.4 90.7 118.8 85.8 73.4 12

13 Corporate equities (2) -55.6 -157.5 -197.5 -280.4 -485.8 -423.5 -423.0 -535.2 -561.8 -583.0 -453.2 13

14 Mutual fund shares 205.1 67.4 94.5 174.8 222.9 205.6 211.6 248.0 226.5 251.0 264.7 14

15 Private life insurance reserves 35.7 34.3 44.8 43.8 52.6 50.7 60.2 64.0 35.4 49.0 37.4 15

16 Private insured pension reserves 73.9 81.0 65.1 44.4 99.5 80.3 106.6 107.7 103.6 112.9 90.4 16

17 Private noninsured pension reserves 98.4 78.8 96.0 84.6 86.4 86.9 85.9 79.5 93.3 85.1 95.2 17

18 Govt. insurance and pension reserves 83.6 86.6 72.2 101.5 111.2 88.5 128.8 138.6 89.1 60.6 80.9 18

19 Investment in bank personal trusts 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 19

20 Miscellaneous assets 46.4 20.6 84.7 82.5 108.8 95.8 149.0 64.2 126.1 157.1 -61.6 20

21 Gross investment in tangible assets 891.6 986.7 1017.5 1087.1 1142.9 1129.9 1132.7 1154.9 1153.9 1196.5 1234.9 21

22 Residential structures 218.4 249.1 244.7 268.5 282.4 276.6 281.0 281.9 290.1 301.1 313.8 22

23 Other fixed assets (3) 147.8 144.8 169.1 166.4 179.9 182.5 181.8 182.2 173.4 180.8 191.8 23

24 Consumer durables 530.2 579.6 611.0 643.3 673.1 668.9 659.9 681.2 682.2 705.1 719.9 24

25 Inventories (3) -4.9 13.3 -7.3 8.8 7.5 1.9 10.1 9.7 8.2 9.5 9.4 25

26 Consumption of fixed capital 635.8 650.6 666.3 683.2 707.1 693.6 702.1 712.0 720.8 726.7 733.2 26

27 Residential structures 79.7 87.3 90.4 93.2 98.7 96.7 98.0 99.4 100.7 101.6 102.5 27

28 Other fixed assets (3) 125.8 107.0 101.2 102.0 104.6 103.1 104.0 105.2 106.1 106.6 107.3 28

29 Consumer durables 430.3 456.3 474.7 487.9 503.8 493.8 500.1 507.3 514.0 518.5 523.4 29

30 Net investment in tangible assets (4) 255.7 336.1 351.2 403.9 435.7 436.3 430.6 442.9 433.1 469.8 501.7 30

31 Residential structures 138.7 161.8 154.3 175.3 183.7 179.9 183.0 182.5 189.4 199.5 211.3 31

32 Other fixed assets (3) 22.0 37.8 67.9 64.4 75.3 79.3 77.8 76.9 67.2 74.1 84.5 32

33 Consumer durables 99.9 123.3 136.3 155.4 169.2 175.1 159.8 173.9 168.2 186.6 196.5 33

34 Inventories (3) -4.9 13.3 -7.3 8.8 7.5 1.9 10.1 9.7 8.2 9.5 9.4 34

35 Net increase in liabilities 246.9 334.6 412.5 461.0 473.6 419.2 459.8 527.3 487.9 564.9 585.7 35

36 Mortgage debt on nonfarm homes 155.5 177.8 173.7 263.9 266.7 216.5 209.5 332.6 308.2 329.2 366.8 36

37 Other mortgage debt (3) -27.2 -27.0 -7.3 27.7 36.3 7.3 39.8 45.5 52.5 55.5 66.0 37

38 Consumer credit 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 38

39 Policy loans 5.6 7.8 10.5 4.5 3.2 5.9 6.9 3.0 -3.0 0.8 -0.2 39

40 Security credit 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 36.3 -3.4 40

41 Other liabilities (3) 29.6 52.2 93.2 60.3 78.0 100.2 106.5 28.1 77.2 91.3 97.9 41

42 Personal saving (FOF measure) (5) 455.1 505.5 440.3 411.8 413.2 278.5 489.2 428.9 456.3 309.3 416.9 42

43 - Govt. insurance and pension reserves 83.6 86.6 72.2 101.5 111.2 88.5 128.8 138.6 89.1 60.6 80.9 43

44 - Net investment in consumer durables 99.9 123.3 136.3 155.4 169.2 175.1 159.8 173.9 168.2 186.6 196.5 44

45 - Net saving by farm corporations 0.1 -0.6 -0.7 -0.8 -0.7 -0.7 -0.7 -0.8 -0.7 -0.8 -0.7 45

46 = Personal saving 271.5 296.2 232.6 155.7 133.5 15.5 201.4 117.3 199.7 62.9 140.2 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 210.3 176.8 179.7 158.4 121.0 135.3 151.8 98.6 98.2 73.0 33.1 47

48 Difference (6) 61.2 119.4 52.8 -2.7 12.5 -119.8 49.6 18.7 101.5 -10.1 107.1 48

 Memo:

49 Disposable personal income 4791.1 5018.9 5277.0 5534.7 5795.1 5711.1 5767.8 5821.9 5879.4 5937.0 5993.4 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 9.5 10.1 8.3 7.4 7.1 4.9 8.5 7.4 7.8 5.2 7.0 50

51 NIPA concept, FOF data (line 46) 5.7 5.9 4.4 2.8 2.3 0.3 3.5 2.0 3.4 1.1 2.3 51

52 NIPA measure (line 47) 4.4 3.5 3.4 2.9 2.1 2.4 2.6 1.7 1.7 1.2 0.6 52

53 Difference (line 48) 1.3 2.4 1.0 -0.0 0.2 -2.1 0.9 0.3 1.7 -0.2 1.8 53

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

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

(3) Includes corporate farms.

(4) Line 21 less line 26.

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

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

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 5481.1 5757.9 6072.1 6425.2 6784.0 6666.7 6743.6 6820.9 6904.9 7003.9 7080.8 1

 2 - Personal taxes and nontaxes 690.0 739.1 795.0 890.5 989.0 955.6 975.8 999.0 1025.5 1066.9 1087.4 2

 3 = Disposable personal income 4791.1 5018.9 5277.0 5534.7 5795.1 5711.1 5767.8 5821.9 5879.4 5937.0 5993.4 3

 4 - Personal outlays 4580.8 4842.1 5097.3 5376.3 5674.1 5575.8 5616.0 5723.3 5781.2 5864.0 5960.3 4

 5 = Personal saving, NIPA (2) 210.3 176.8 179.7 158.4 121.0 135.3 151.8 98.6 98.2 73.0 33.1 5

 6 + Government insurance and pension reserves 83.6 86.6 72.2 101.5 111.2 88.5 128.8 138.6 89.1 60.6 80.9 6

 7 + Net investment in consumer durables 99.9 123.3 136.3 155.4 169.2 175.1 159.8 173.9 168.2 186.6 196.5 7

 8 + Consumption of fixed capital 530.8 565.6 588.2 605.0 627.6 615.1 623.0 632.0 640.3 645.9 652.1 8

 9 = Gross saving 924.7 952.3 976.4 1020.3 1029.1 1014.0 1063.4 1043.0 995.8 966.1 962.5 9

10 Gross investment 985.8 1071.7 1029.3 1017.5 1041.6 894.3 1113.0 1061.7 1097.3 956.0 1069.7 10

11 Capital expenditures 784.2 860.5 889.6 949.2 999.1 987.8 983.7 1007.6 1017.0 1051.9 1080.1 11

12 Residential construction 218.4 249.1 244.7 268.5 282.4 276.6 281.0 281.9 290.1 301.1 313.8 12

13 Consumer durable goods 530.2 579.6 611.0 643.3 673.1 668.9 659.9 681.2 682.2 705.1 719.9 13

14 Nonprofit plant and equipment 35.6 31.9 33.8 37.4 43.6 42.3 42.9 44.5 44.7 45.7 46.4 14

15 Net financial investment 201.6 211.2 139.7 68.3 42.5 -93.5 129.2 54.1 80.3 -95.9 -10.5 15

16 Net acquisition of financial assets 439.9 526.2 501.5 458.7 429.1 258.3 495.2 492.3 470.6 372.8 462.3 16

17 Foreign deposits -1.1 3.1 4.6 12.4 6.3 17.1 -0.8 12.0 -3.0 18.0 1.2 17

18 Checkable deposits and currency 47.2 -29.9 -57.7 -66.4 -15.6 -10.0 -23.7 -68.3 39.6 -9.7 22.9 18

19 Time and savings deposits -113.1 -11.9 170.0 167.9 169.6 149.1 147.5 206.6 175.1 235.9 5.1 19

20 Money market fund shares -0.6 13.4 97.9 79.4 108.7 118.3 49.3 193.5 73.6 160.3 62.8 20

21 Credit market instruments 1.0 275.5 1.6 13.8 -106.1 -273.5 -48.3 -131.5 28.6 -196.5 297.4 21

22 Open market paper 15.6 1.2 13.3 22.7 32.5 47.4 19.6 35.1 27.9 41.1 16.2 22

23 U.S. government securities -12.4 295.0 -30.4 7.3 -182.6 -206.5 -80.4 -243.5 -200.0 -383.7 194.9 23

24 Treasury 22.9 156.2 -49.4 -73.9 -210.8 -243.4 -103.4 -209.4 -286.9 -251.4 121.4 24

25 Savings bonds 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -2.7 -0.5 25

26 Other 8.3 148.2 -54.4 -75.9 -210.3 -239.9 -103.3 -209.9 -288.0 -248.7 121.9 26

27 Agency -35.3 138.7 19.0 81.2 28.2 36.9 23.0 -34.1 86.9 -132.4 73.5 27

28 Municipal securities -31.3 -50.2 -42.9 -18.0 23.2 -9.1 3.3 25.8 72.8 57.3 -5.0 28

29 Corporate and foreign bonds 37.1 39.9 67.1 6.0 24.6 -110.6 -0.4 90.7 118.8 85.8 73.4 29

30 Mortgages -8.0 -10.4 -5.5 -4.1 -3.9 5.3 9.7 -39.6 9.2 3.1 17.8 30

31 Corporate equities (3) -55.6 -157.5 -197.5 -280.4 -485.8 -423.5 -423.0 -535.2 -561.8 -583.0 -453.2 31

32 Mutual fund shares 205.1 67.4 94.5 174.8 222.9 205.6 211.6 248.0 226.5 251.0 264.7 32

33 Security credit 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 75.5 -126.1 33

34 Life insurance reserves 36.0 34.5 44.9 43.6 52.9 49.8 62.5 62.8 36.6 47.8 38.5 34

35 Pension fund reserves 255.6 246.2 233.2 230.8 296.8 256.6 318.9 326.9 284.8 259.9 265.4 35

36 Investment in bank personal trusts 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 36

37 Equity in noncorporate business 25.5 55.6 71.5 47.1 41.1 50.1 48.0 49.7 16.8 41.0 12.5 37

38 Miscellaneous assets 13.1 5.4 15.8 9.0 11.7 13.7 13.0 30.3 -10.1 22.3 13.6 38

39 Net increase in liabilities 238.3 315.0 361.8 390.4 386.6 351.9 366.0 438.1 390.3 468.7 472.7 39

40 Credit market instruments 207.8 311.4 349.0 372.8 351.6 324.7 317.3 368.3 396.2 435.9 476.7 40

41 Home mortgages 121.2 169.7 171.1 260.5 261.3 212.0 204.4 326.9 302.0 322.2 359.1 41

42 Consumer credit 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 42

43 Municipal securities 1.4 3.6 0.7 6.6 10.0 6.1 13.6 8.4 11.8 17.2 15.0 43

44 Bank loans n.e.c. 9.8 13.4 15.9 -3.7 8.9 26.6 22.9 -46.4 32.3 28.0 23.5 44

45 Other loans and advances 7.1 7.1 26.6 12.4 18.1 27.2 17.6 19.7 7.8 11.9 11.5 45

46 Commercial mortgages 7.7 -7.4 -4.2 8.2 0.9 -9.7 -0.6 9.4 4.5 5.0 8.9 46

47 Security credit 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 36.3 -3.4 47

48 Trade payables 7.4 4.2 8.5 1.4 3.0 -1.8 8.8 -0.2 5.0 -3.2 -1.7 48

 Deferred and unpaid

49 life insurance premiums 0.5 0.5 0.7 0.3 -4.8 2.2 2.2 2.2 -26.0 -0.3 1.2 49

50 Discrepancy -61.2 -119.4 -52.8 2.7 -12.5 119.8 -49.6 -18.7 -101.5 10.1 -107.1 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 218.4 249.1 244.7 268.5 282.4 276.6 281.0 281.9 290.1 301.1 313.8 51

52 - Consumption of fixed capital 79.7 87.3 90.4 93.2 98.7 96.7 98.0 99.4 100.7 101.6 102.5 52

53 = Net investment 138.7 161.8 154.3 175.3 183.7 179.9 183.0 182.5 189.4 199.5 211.3 53

54 - Home mortgages 121.2 169.7 171.1 260.5 261.3 212.0 204.4 326.9 302.0 322.2 359.1 54

55 = Excess net investment 17.5 -7.9 -16.8 -85.2 -77.6 -32.1 -21.4 -144.4 -112.6 -122.7 -147.8 55

56 (B) Consumer durable goods expenditures 530.2 579.6 611.0 643.3 673.1 668.9 659.9 681.2 682.2 705.1 719.9 56

57 - Consumption of fixed capital 430.3 456.3 474.7 487.9 503.8 493.8 500.1 507.3 514.0 518.5 523.4 57

58 = Net investment 99.9 123.3 136.3 155.4 169.2 175.1 159.8 173.9 168.2 186.6 196.5 58

59 - Consumer credit 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 59

60 = Excess net investment 39.2 -1.6 -2.6 66.6 116.7 112.7 100.3 123.5 130.4 135.0 137.8 60

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

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

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

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 813.8 924.1 997.8 1075.0 1133.8 1105.5 1122.6 1162.0 1145.3 1125.1 1133.9 1

 2 Gross saving 589.9 634.4 681.2 708.3 745.9 723.9 744.9 763.5 751.2 770.5 766.3 2

 3 Gross investment 674.4 639.5 687.0 729.6 735.7 714.8 768.4 712.1 747.7 728.9 746.5 3

 4 Capital expenditures 552.6 639.6 694.9 738.0 826.1 790.4 856.6 825.6 831.7 891.8 859.5 4

 5 Fixed investment 532.0 578.4 656.6 702.4 751.6 731.1 747.1 768.4 759.6 794.4 819.5 5

 6 Residential construction 28.0 29.7 37.1 38.4 38.6 37.6 38.4 38.7 39.7 41.1 42.6 6

 7 Plant and equipment 504.0 548.7 619.5 663.9 712.9 693.4 708.7 729.7 719.9 753.3 776.8 7

 8 Change in inventories 20.5 61.2 30.7 32.1 67.4 59.7 83.4 54.6 71.8 95.5 40.1 8

 9 Access rights from federal government 0.0 0 7.6 3.5 7.1 -0.4 26.1 2.6 0.2 1.9 -0.1 9

10 Net financial investment 121.8 -0.1 -7.9 -8.3 -90.3 -75.6 -88.2 -113.5 -84.0 -162.9 -113.0 10

11 Net acquisition of financial assets 366.7 329.4 490.6 443.6 378.9 426.7 284.1 429.6 375.1 522.0 437.7 11

12 Foreign deposits -1.4 1.1 1.6 10.8 -6.4 2.6 15.7 -0.8 -42.9 10.9 8.4 12

13 Checkable deposits and currency 23.0 24.1 36.0 54.8 14.7 78.3 36.0 16.3 -71.8 70.0 27.5 13

14 Time and savings deposits 28.8 1.6 -15.8 8.6 12.6 -12.9 25.8 -5.2 42.6 15.2 6.3 14

15 Money market fund shares -2.3 7.5 25.7 8.2 14.8 13.3 7.5 20.6 18.0 17.0 29.5 15

16 Security RPs -2.6 -0.3 0.3 1.4 0.6 -0.8 -2.0 2.8 2.1 -4.0 -7.1 16

17 Credit market instruments 8.0 18.3 -4.1 19.4 17.6 81.3 -44.0 34.5 -1.1 -2.5 23.0 17

18 Commercial paper 2.4 -0.6 1.3 10.9 2.9 -7.4 -5.2 7.4 17.0 -9.5 18.1 18

19 U.S. government securities -1.0 3.5 11.4 12.5 -4.3 20.3 -55.3 16.3 1.4 -48.6 15.6 19

20 Municipal securities 8.9 2.0 -19.9 -10.1 8.7 26.9 21.5 1.1 -14.9 5.9 17.4 20

21 Mortgages -9.2 4.0 4.7 13.4 9.2 9.1 9.2 9.2 9.2 9.2 9.3 21

22 Consumer credit 6.9 9.4 -1.6 -7.3 1.2 32.4 -14.2 0.5 -13.9 40.6 -37.3 22

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

24 Trade receivables 49.9 85.9 90.3 71.8 43.7 24.8 92.6 23.0 34.3 6.5 42.6 24

25 Miscellaneous assets 256.4 189.2 352.1 265.3 278.3 237.1 149.5 335.4 391.0 405.9 304.5 25

26 Net increase in liabilities 244.9 329.6 498.5 452.0 469.2 502.3 372.4 543.1 459.1 684.9 550.7 26

27 Credit market instruments 57.9 151.3 259.6 214.8 337.6 268.0 298.2 358.4 425.7 420.2 463.0 27

28 Commercial paper 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 6.6 28

29 Municipal securities 6.6 6.8 3.1 3.1 4.2 6.2 3.9 7.4 -1.0 10.4 6.0 29

30 Corporate bonds 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 160.8 30

31 Bank loans n.e.c. -3.3 61.8 86.3 69.9 98.7 114.1 95.2 78.0 107.7 28.0 146.6 31

32 Other loans and advances -25.4 26.8 40.2 21.0 51.4 11.8 1.3 59.9 132.5 63.7 23.3 32

33 Mortgages -5.2 11.1 38.6 49.2 78.9 49.2 91.4 75.6 99.3 107.1 119.8 33

34 Corporate equities 21.3 -44.9 -58.3 -64.2 -114.6 -90.4 -100.0 -124.0 -144.1 -138.0 -129.2 34

35 Trade payables 34.9 85.8 88.1 64.1 74.8 43.2 51.9 87.4 116.6 86.3 65.8 35

36 Taxes payable 6.1 0.4 1.3 11.4 9.6 17.9 7.6 22.7 -10.0 40.3 -13.2 36

37 Miscellaneous liabilities 106.3 68.8 150.8 190.8 138.8 223.5 94.5 174.2 63.0 257.3 148.4 37

38 Proprietors’ net investment 18.4 68.3 57.0 35.1 23.2 40.1 20.2 24.3 8.0 18.8 15.9 38

39 Discrepancy -84.4 -5.0 -5.8 -21.4 10.1 9.1 -23.5 51.4 3.5 41.6 19.8 39

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

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 307.4 391.9 440.9 472.4 504.6 487.3 494.8 527.2 509.0 483.4 483.6 1

 2 - Profit tax accruals 104.5 128.3 136.3 151.0 169.2 163.9 165.9 177.5 169.6 159.1 158.6 2

 3 - Dividends 147.0 157.6 178.3 215.9 228.0 225.7 223.3 224.8 238.3 236.0 253.7 3

 4 + Consumption of fixed capital 384.4 418.6 441.5 467.3 494.2 482.6 489.9 497.8 506.6 515.2 523.5 4

 5 = U.S. internal funds, book 440.3 524.5 567.9 572.8 601.6 580.4 595.5 622.7 607.7 603.4 594.8 5

 6 + Foreign earnings retained abroad 53.1 41.6 58.6 59.3 58.7 57.6 60.8 56.8 59.4 61.8 81.3 6

 7 + Inventory valuation adjustment (IVA) -8.6 -16.0 -22.6 -1.2 6.9 8.1 10.3 4.8 4.3 25.3 9.8 7

 8 = Total internal funds + IVA 484.8 550.0 603.9 630.9 667.1 646.1 666.6 684.3 671.4 690.5 685.9 8

 9 Gross investment 569.3 555.1 609.7 652.3 657.0 636.9 690.1 632.9 667.9 648.9 666.1 9

10 Capital expenditures 445.2 513.4 567.0 600.1 682.3 648.3 707.7 678.3 694.8 747.2 704.6 10

11 Fixed investment (1) 419.8 465.4 521.3 573.4 615.2 590.9 608.2 630.8 631.0 659.4 674.1 11

12 Inventory change + IVA 25.4 48.0 38.1 23.3 59.9 57.8 73.3 44.9 63.6 86.0 30.7 12

13 Access rights from federal government 0.0 0 7.6 3.5 7.1 -0.4 26.1 2.6 0.2 1.9 -0.1 13

14 Net financial investment 124.1 41.7 42.7 52.1 -25.3 -11.3 -17.6 -45.4 -26.9 -98.3 -38.6 14

15 Net acquisition of financial assets 342.0 283.3 433.5 398.3 333.7 383.4 240.7 384.3 326.6 471.7 383.3 15

16 Foreign deposits -1.4 1.1 1.6 10.8 -6.4 2.6 15.7 -0.8 -42.9 10.9 8.4 16

17 Checkable deposits and currency 13.6 18.5 31.3 49.8 9.4 73.5 31.0 11.0 -77.9 63.5 20.4 17

18 Time and savings deposits 22.3 -6.6 -24.5 1.8 6.3 -18.7 19.8 -11.4 35.4 7.9 -1.8 18

19 Money market fund shares -2.5 7.4 24.8 7.2 14.1 12.6 6.8 19.8 17.2 16.2 28.6 19

20 Security RPs -2.6 -0.3 0.3 1.4 0.6 -0.8 -2.0 2.8 2.1 -4.0 -7.1 20

21 Commercial paper 2.4 -0.6 1.3 10.9 2.9 -7.4 -5.2 7.4 17.0 -9.5 18.1 21

22 U.S. government securities -1.3 2.8 9.8 10.4 -5.9 18.9 -56.8 14.7 -0.3 -50.4 13.7 22

23 Municipal securities 8.9 2.0 -19.9 -10.1 8.7 26.9 21.5 1.1 -14.9 5.9 17.4 23

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

25 Consumer credit 6.9 9.4 -1.6 -7.3 1.2 32.4 -14.2 0.5 -13.9 40.6 -37.3 25

26 Trade receivables 50.7 71.9 78.0 62.5 33.9 15.4 83.0 13.2 23.9 -4.0 31.6 26

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

28 Miscellaneous assets 245.9 171.6 326.2 246.6 257.9 217.0 130.0 314.8 369.8 383.6 280.4 28

29 U.S. direct investment abroad (2) 51.9 73.6 88.2 71.5 101.1 106.5 92.0 97.7 107.9 122.1 141.0 29

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

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

32 Investment in finance co. subs. 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 -9.1 32

33 Other 186.7 87.0 230.3 172.7 162.9 114.7 48.2 223.5 265.3 271.7 155.5 33

34 Net increase in liabilities 217.9 241.6 390.8 346.2 359.1 394.8 258.3 429.6 353.5 570.0 421.9 34

35 Net funds raised in markets 73.4 98.7 174.4 101.3 153.1 124.8 123.6 163.1 201.0 196.9 234.2 35

36 Net new equity issues 21.3 -44.9 -58.3 -64.2 -114.6 -90.4 -100.0 -124.0 -144.1 -138.0 -129.2 36

37 Credit market instruments 52.1 143.6 232.7 165.5 267.8 215.2 223.6 287.1 345.1 334.9 363.4 37

38 Commercial paper 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 6.6 38

39 Municipal securities (3) 6.6 6.8 3.1 3.1 4.2 6.2 3.9 7.4 -1.0 10.4 6.0 39

40 Corporate bonds (2) 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 160.8 40

41 Bank loans n.e.c. -10.8 42.7 66.8 45.8 73.5 89.3 67.0 57.1 80.6 16.0 117.7 41

42 Other loans and advances -24.2 26.7 32.3 18.7 47.6 5.3 0.5 51.4 133.1 48.0 17.4 42

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

44 Finance companies -14.3 23.3 24.0 7.1 8.1 19.4 -11.4 50.6 -26.1 24.0 34.9 44

45 U.S. government 0.2 -0.1 1.9 -1.3 -0.3 -0.6 -0.1 -0.2 -0.1 0.3 -0.4 45

46 Acceptance liabilities to banks -3.3 -2.1 -0.8 -0.7 -2.6 0.5 1.5 -4.5 -7.8 -8.4 -7.0 46

47 Rest of the world -15.8 1.6 0.0 4.1 16.4 2.0 5.9 12.2 45.5 7.8 -9.0 47

48 ABS issuers 9.7 4.3 5.9 8.1 24.4 -17.9 3.8 -9.3 120.9 22.3 -1.9 48

49 Mortgages -4.7 22.7 39.2 26.3 38.1 27.7 45.8 33.8 45.1 49.5 55.0 49

50 Trade payables 36.4 77.3 81.0 55.0 65.7 38.4 40.8 78.0 105.6 80.2 55.9 50

51 Taxes payable 5.4 -0.4 -0.0 9.6 8.2 16.5 6.3 21.4 -11.2 39.1 -14.4 51

52 Miscellaneous liabilities 102.7 66.0 135.5 180.3 132.0 215.1 87.7 167.0 58.1 253.8 146.1 52

53 Foreign direct investment in U.S. 17.9 43.7 53.5 64.1 98.8 96.5 49.5 94.2 155.0 119.2 17.7 53

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

55 Other 81.9 22.2 78.2 112.4 29.4 114.8 34.4 69.0 -100.7 130.8 124.7 55

56 Discrepancy -84.4 -5.0 -5.8 -21.4 10.1 9.1 -23.5 51.4 3.5 41.6 19.8 56

 Memo:

57 Trade receivables net of trade payables 14.2 -5.3 -3.0 7.4 -31.8 -23.0 42.3 -64.8 -81.7 -84.2 -24.3 57

58 Financing gap (4) 13.4 4.9 21.7 28.6 73.8 59.8 101.9 50.8 82.8 118.5 100.1 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 103.0 100.9 103.8 105.0 112.3 110.3 117.1 108.2 113.6 119.6 116.8 59

60 Credit market borrowing/capital outlays (5) 11.5 27.1 39.5 27.5 39.6 33.6 32.1 42.6 50.0 46.4 52.3 60

61 Net funds raised/credit market borrowing 140.9 68.7 74.9 61.2 57.2 58.0 55.3 56.8 58.2 58.8 64.4 61

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

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

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

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

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

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net income with IVA and CCAdj 473.9 495.3 534.5 563.7 593.8 581.8 590.0 598.4 604.9 614.3 624.6 1

 2 Gross saving = capital consumption 84.4 64.1 56.4 55.6 56.2 55.7 56.0 56.5 56.7 56.8 57.0 2

 3 Gross investment 84.4 64.1 56.4 55.6 56.2 55.7 56.0 56.5 56.7 56.8 57.0 3

 4 Capital expenditures 94.8 94.6 115.3 106.4 114.0 119.4 117.4 112.8 106.4 112.0 119.0 4

 5 Fixed investment (1) 93.5 92.1 113.3 105.2 110.8 116.4 113.5 110.4 103.1 107.5 117.4 5

 6 Change in inventories 1.3 2.5 2.0 1.2 3.2 3.0 3.9 2.4 3.3 4.5 1.6 6

 7 Net financial investment -10.5 -30.5 -58.9 -50.8 -57.8 -63.7 -61.4 -56.3 -49.7 -55.2 -62.0 7

 8 Net acquisition of financial assets 21.5 43.7 54.0 42.4 40.7 39.3 39.0 40.6 44.1 44.8 48.4 8

 9 Checkable deposits and currency 7.6 5.1 4.3 5.1 5.2 4.8 5.0 5.2 5.9 6.1 6.7 9

10 Time and savings deposits 6.5 8.2 8.7 6.8 6.3 5.8 6.0 6.2 7.2 7.3 8.1 10

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

12 Treasury securities 0.3 0.7 1.6 2.1 1.5 1.4 1.5 1.6 1.7 1.8 1.9 12

13 Mortgages -1.5 -0.1 3.1 2.3 1.2 1.1 1.2 1.2 1.2 1.2 1.3 13

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

15 Trade receivables -0.8 14.0 12.3 9.4 9.8 9.4 9.6 9.8 10.4 10.5 11.0 15

16 Miscellaneous assets 9.0 15.7 23.1 15.8 16.0 16.0 15.0 15.9 16.9 17.0 18.6 16

17 Insurance receivables 0.8 6.0 5.0 3.0 4.1 4.0 4.0 4.0 4.4 4.3 4.6 17

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

19 Other 8.0 9.5 18.1 12.1 11.9 12.0 11.2 12.0 12.3 12.9 13.3 19

20 Net increase in liabilities 31.9 74.2 113.0 93.3 98.5 103.0 100.4 96.9 93.8 100.0 110.4 20

21 Credit market instruments 3.2 3.3 23.9 44.5 63.5 47.8 68.6 65.8 71.6 77.4 92.2 21

22 Bank loans n.e.c. 5.3 17.2 18.5 23.4 21.7 24.2 23.2 18.2 21.2 9.7 25.8 22

23 Other loans and advances -0.6 -0.1 7.6 0.7 4.2 4.1 3.9 10.1 -1.1 14.1 7.7 23

24 Mortgages -1.5 -13.8 -2.2 20.4 37.5 19.5 41.5 37.5 51.6 53.5 58.6 24

25 Trade payables -2.5 7.5 6.2 7.8 7.7 7.3 7.9 7.9 7.7 7.5 7.3 25

26 Taxes payable 0.7 0.8 1.3 1.8 1.3 1.4 1.3 1.3 1.3 1.2 1.2 26

27 Miscellaneous liabilities 3.6 2.8 15.4 10.5 6.8 8.4 6.8 7.1 4.8 3.5 2.3 27

28 Proprietors’ net investment 26.9 59.9 66.1 28.7 19.3 38.1 15.8 14.8 8.4 10.4 7.4 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 32.4 36.9 22.4 38.9 35.5 36.4 37.8 36.3 31.4 27.4 25.7 1

 2 Net saving (corporate) 0.1 -0.6 -0.7 -0.8 -0.7 -0.7 -0.7 -0.8 -0.7 -0.8 -0.7 2

 3 Consumption of fixed capital 20.6 20.8 21.7 22.6 23.3 22.8 23.1 23.5 23.8 24.0 24.2 3

 4 Corporate 2.0 2.4 2.3 2.5 2.8 2.7 2.8 2.8 2.8 2.9 2.9 4

 5 Noncorporate 18.6 18.4 19.4 20.1 20.5 20.1 20.4 20.7 20.9 21.1 21.3 5

 6 Gross saving 20.7 20.3 21.0 21.8 22.6 22.2 22.4 22.7 23.1 23.2 23.5 6

 7 Gross investment 20.7 20.3 21.0 21.8 22.6 22.2 22.4 22.7 23.1 23.2 23.5 7

 8 Capital expenditures 12.5 31.6 12.7 31.4 29.8 22.7 31.6 34.5 30.4 32.6 35.8 8

 9 Fixed investment (2) 18.7 20.8 22.0 23.8 25.5 23.8 25.4 27.2 25.5 27.6 28.0 9

10 Change in inventories -6.2 10.8 -9.4 7.6 4.3 -1.1 6.2 7.3 4.9 5.0 7.8 10

11 Net financial investment 8.2 -11.3 8.3 -9.6 -7.2 -0.5 -9.2 -11.9 -7.4 -9.4 -12.4 11

12 Net acquisition of financial assets 3.2 2.5 3.1 2.9 4.4 4.0 4.4 4.7 4.5 5.6 6.0 12

13 Checkable deposits and currency 1.7 0.5 0.4 -0.0 0.0 -0.0 -0.0 0.0 0.2 0.4 0.5 13

14 Miscellaneous assets 1.5 2.0 2.7 2.9 4.4 4.0 4.5 4.7 4.3 5.2 5.6 14

15 Insurance receivables 1.4 2.0 2.8 3.6 4.4 4.1 4.3 4.5 4.7 4.9 5.1 15

16 Equity investment in GSEs (3) 0.1 0.0 -0.1 -0.6 0 -0.0 0.2 0.2 -0.4 0.3 0.5 16

17 Net increase in liabilities -5.0 13.7 -5.3 12.5 11.6 4.5 13.6 16.5 11.8 15.0 18.4 17

18 Credit market instruments 2.6 4.4 2.9 4.8 6.4 4.9 6.0 5.5 9.0 7.9 7.4 18

19 Bank loans n.e.c. 2.1 1.9 1.1 0.6 3.5 0.5 5.0 2.7 5.9 2.3 3.0 19

20 Other loans and advances -0.6 0.2 0.3 1.6 -0.5 2.3 -3.1 -1.5 0.5 1.6 -1.8 20

21 Mortgages 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 21

22 Trade payables 1.0 1.0 1.0 1.3 1.4 -2.5 3.2 1.5 3.2 -1.4 2.5 22

23 Proprietors’ net investment -8.5 8.4 -9.1 6.4 3.9 2.1 4.4 9.5 -0.4 8.4 8.4 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment, shown on table F.6, line 11.

(3) Equity in the Farm Credit System.
22 Z.1, September 11, 1998

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 894.5 949.1 997.8 1045.2 1094.3 1075.2 1084.5 1100.9 1116.5 1123.3 1127.7 1

 2 Tax receipts 639.9 676.5 709.3 748.6 789.3 775.3 781.6 796.3 804.1 813.5 819.1 2

 3 Social insurance receipts 68.8 73.4 76.5 77.8 79.9 79.2 79.7 80.2 80.6 81.1 81.7 3

 4 Grants-in-aid received 185.8 199.2 212.0 218.9 225.0 220.7 223.2 224.4 231.8 228.7 226.9 4

 5 Expenditures, NIPA basis 807.0 852.4 886.0 922.6 960.2 946.8 954.5 964.3 975.1 983.0 992.9 5

 6 Consumption expenditures 631.6 663.9 695.2 724.7 758.8 747.2 754.0 762.3 771.5 776.7 784.3 6

 7 Net interest and transfers 175.4 188.5 190.7 197.9 201.4 199.6 200.5 202.0 203.6 206.3 208.6 7

 8 Surplus, NIPA basis 87.5 96.7 111.8 122.6 134.1 128.4 130.0 136.6 141.4 140.3 134.8 8

 9 + Consumption of fixed capital 65.5 69.4 73.2 77.1 81.1 79.5 80.6 81.4 82.7 83.5 84.2 9

10 - Pension fund reserves 55.7 58.6 56.1 57.4 79.5 66.6 98.5 100.4 52.6 44.7 44.6 10

11 = Gross saving 97.3 107.5 128.8 142.3 135.6 141.3 112.1 117.6 171.5 179.1 174.4 11

12 Gross investment 115.8 125.8 169.9 180.5 153.2 151.5 217.4 74.6 169.4 168.5 153.7 12

13 Fixed investment 133.4 138.9 152.1 162.1 175.6 175.2 174.6 176.3 176.4 176.6 176.1 13

14 Net financial investment -17.6 -13.1 17.8 18.4 -22.4 -23.7 42.8 -101.7 -7.0 -8.1 -22.4 14

15 Net acq. of financial assets 49.4 -57.6 -31.7 13.8 35.4 -2.6 85.3 -27.8 86.8 86.1 42.7 15

16 Checkable deposits and currency 1.6 3.2 2.8 -2.7 1.5 3.3 0.4 4.3 -1.9 -4.4 4.6 16

17 Time and savings deposits -4.9 6.3 9.5 8.3 6.1 -8.6 18.3 13.6 1.3 19.3 12.6 17

18 Security RPs 10.7 -15.1 -3.0 32.1 3.6 0.5 6.0 2.8 5.0 34.5 -4.0 18

19 Credit market instruments 32.6 -55.0 -91.4 -23.7 -0.3 -29.5 41.8 -41.0 27.5 -7.4 58.5 19

20 Open market paper 3.7 4.4 17.1 20.3 11.3 14.8 6.7 16.7 7.1 17.1 12.3 20

21 U.S. government securities 29.7 -66.2 -115.3 -58.1 -8.5 -36.4 39.3 -59.9 23.3 -22.8 43.7 21

22 Treasury 29.6 -77.8 -80.2 -32.8 -17.7 -17.3 -41.4 -14.5 2.4 -2.0 46.9 22

23 Agency 0.1 11.6 -35.1 -25.3 9.2 -19.2 80.6 -45.4 20.8 -20.8 -3.3 23

24 Municipal securities -1.0 -0.9 -3.5 -0.5 0.2 -0.8 0.4 0.5 0.5 0.4 -0.4 24

25 Corporate and foreign bonds 5.6 5.4 7.1 10.7 -6.9 -9.6 -9.0 -2.1 -7.0 -6.1 -0.9 25

26 Mortgages -5.4 2.2 3.3 3.8 3.6 2.6 4.3 3.7 3.6 4.0 3.9 26

27 Corporate equities 1.5 1.3 12.1 14.5 1.3 14.2 -14.8 0.2 5.6 -4.2 6.7 27

28 Mutual fund shares 6.5 7.8 5.9 6.0 3.6 6.1 1.0 4.2 3.0 3.5 3.7 28

29 Taxes receivable -3.2 -6.0 -8.4 -5.1 -0.8 -2.2 -1.8 0.6 0.3 -0.7 0 29

30 Miscellaneous assets 4.6 -0.1 40.6 -15.5 20.4 13.6 34.4 -12.4 46.1 45.6 -39.4 30

31 Net increase in liabilities 67.0 -44.5 -49.5 -4.6 57.8 21.1 42.5 74.0 93.8 94.2 65.1 31

32 Credit market instruments 66.2 -46.2 -51.5 -6.8 56.1 16.9 42.5 72.6 92.3 94.3 64.9 32

33 Municipal securities 66.8 -46.3 -51.9 -7.2 57.3 21.8 42.0 73.0 92.4 89.1 65.1 33

34 Short-term 1.8 -2.2 1.2 6.3 8.3 -1.7 6.9 14.3 13.8 -2.9 -4.4 34

35 Other 65.0 -44.1 -53.2 -13.4 49.0 23.5 35.2 58.7 78.6 92.1 69.5 35

36 U.S. government loans -0.6 0.1 0.5 0.4 -1.2 -4.8 0.4 -0.4 -0.1 5.1 -0.3 36

37 Trade payables 0.9 1.8 2.0 2.2 1.8 4.2 0 1.4 1.5 -0.1 0.2 37

38 Discrepancy -18.5 -18.3 -41.1 -38.2 -17.6 -10.2 -105.3 43.1 2.1 10.6 20.7 38

(1) Data for retirement funds are shown in table F.120.
Z.1, September 11, 1998 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 1275.1 1374.7 1460.3 1584.7 1719.9 1671.1 1703.5 1739.5 1765.5 1809.1 1836.9 1

 2 Personal taxes 522.6 562.3 606.1 686.9 769.1 741.7 759.1 776.9 798.6 836.5 855.7 2

 3 Corporate profits tax accruals 138.3 156.7 179.4 193.1 210.0 203.9 206.5 216.9 212.8 204.8 204.8 3

 4 Indirect taxes 87.0 98.6 92.5 94.5 93.8 90.7 95.5 95.1 93.8 93.9 95.2 4

 5 Social insurance receipts 527.3 557.1 582.4 610.2 647.0 634.8 642.4 650.6 660.3 673.9 681.2 5

 6 Expenditures, NIPA basis 1525.8 1561.4 1634.7 1695.0 1741.0 1722.3 1738.3 1740.0 1763.3 1750.3 1764.2 6

 7 Consumption expenditures 447.3 443.2 442.8 450.9 460.4 456.8 464.8 460.0 460.1 450.9 463.8 7

 8 Transfers, grants, etc. 885.8 918.1 967.1 1015.8 1049.4 1036.1 1041.9 1048.1 1071.4 1070.6 1071.7 8

 9 Net interest 192.7 200.0 224.8 228.4 231.2 229.4 231.6 231.9 231.8 228.8 228.7 9

10 Surplus, NIPA basis -250.7 -186.7 -174.4 -110.3 -21.1 -51.2 -34.8 -0.5 2.2 58.8 72.7 10

11 + Consumption of fixed capital 67.9 69.5 70.7 70.7 70.6 70.8 70.9 70.3 70.2 69.9 69.4 11

12 - Insurance and pension reserves 27.9 28.0 16.0 44.1 31.7 21.9 30.3 38.2 36.5 15.9 36.4 12

13 = Gross saving -210.7 -145.2 -119.7 -83.7 17.8 -2.3 5.8 31.6 35.9 112.8 105.7 13

14 Gross investment -221.3 -181.4 -108.4 -126.1 -2.8 -16.2 11.1 16.3 -22.5 94.1 173.8 14

15 Fixed investment 71.1 67.0 66.3 67.6 59.8 60.2 58.0 60.9 60.0 60.7 56.1 15

16 Access rights sales -0.0 0 -7.6 -3.5 -7.1 0.4 -26.1 -2.6 -0.2 -1.9 0.1 16

17 Net financial investment -292.4 -248.4 -167.0 -190.2 -55.5 -76.8 -20.7 -42.0 -82.3 35.3 117.5 17

18 Net acq. of financial assets -4.2 -60.5 -4.1 -2.5 -1.6 -10.0 -11.2 -9.0 23.7 12.6 106.5 18

19 Gold, SDRs, and official foreign exchange 1.0 -2.7 6.4 -2.9 2.5 -11.2 0.6 2.7 17.8 1.4 5.8 19

20 Checkable deposits and currency 20.7 -21.7 -0.0 11.0 -0.5 6.8 -5.1 -16.3 12.5 -7.0 101.2 20

21 Time and savings deposits -0.1 -0.1 0.3 1.4 1.0 0.2 3.4 -2.1 2.6 -1.6 1.0 21

22 Credit market instruments -18.4 -27.5 -0.2 -7.7 4.9 1.7 5.7 3.3 9.0 15.5 12.8 22

23 Agency securities 0 0 0 0 0 0 0 0 0 0 0 23

24 Mortgages -15.4 -14.0 -13.2 -7.5 -4.5 -8.9 -2.4 -4.6 -2.2 -1.1 -1.2 24

25 Other loans and advances -2.9 -13.4 13.0 -0.2 9.5 10.6 8.1 7.9 11.2 16.6 14.0 25

26 Trade receivables -2.4 -3.8 -1.6 1.2 -0.7 -0.3 4.5 -1.8 -5.3 2.0 -4.7 26

27 Taxes receivable -1.3 -8.0 -6.5 0.9 -1.8 4.7 -13.3 14.3 -13.0 3.6 -9.2 27

28 Miscellaneous assets -3.8 3.3 -2.5 -6.4 -6.9 -11.8 -7.0 -9.1 0.3 -1.3 -0.4 28

29 Net increase in liabilities 288.2 188.0 162.9 187.7 53.9 66.8 9.5 33.0 106.0 -22.7 -11.0 29

30 SDR certificates 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 0 30

31 Treasury currency 0.4 0.7 0.6 0.1 -0.0 0.4 0.2 1.3 -1.9 0.3 0.2 31

32 Credit market instruments 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -31.3 -69.6 32

33 Savings bonds 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -2.7 -0.5 33

34 Other Treasury securities 233.7 147.7 137.9 144.6 23.7 69.9 -43.7 30.7 38.0 -26.2 -67.6 34

35 Budget agency securities 7.8 0.2 1.5 -1.6 -0.1 -1.4 0.2 -0.9 1.7 -2.4 -1.4 35

36 Multifamily residential mortgages -0.0 0 0 -0.0 -0.0 -0.0 0 0 0 0 0 36

37 Trade payables 3.0 -0.4 -4.7 2.2 -0.9 -1.0 0.2 -3.9 1.3 -3.5 7.5 37

38 Insurance and pension reserves 27.9 28.0 16.0 44.1 31.7 21.9 30.3 38.2 36.5 15.9 36.4 38

39 Miscellaneous liabilities 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 14.4 39

40 Discrepancy 10.7 36.3 -11.4 42.3 20.6 13.9 -5.3 15.3 58.4 18.7 -68.0 40

 Memo:

41 Change in cash balance (1) 19.2 -26.7 -5.7 12.9 -2.2 2.4 -10.1 -8.3 7.1 -1.1 60.4 41

(1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
24 Z.1, September 11, 1998

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 888.0 1017.6 1145.2 1228.5 1371.8 1314.2 1353.3 1397.0 1422.7 1419.2 1437.7 1

 2 U.S. imports from abroad 719.3 812.0 903.3 965.0 1058.8 1023.5 1047.9 1076.4 1087.4 1097.1 1110.5 2

 3 U.S. factor payments to foreign 132.1 168.3 207.6 223.1 273.5 255.6 269.4 283.0 285.9 285.1 289.1 3

 4 Net transfers to foreign 36.6 37.3 34.2 40.4 39.5 35.1 36.0 37.6 49.4 37.0 38.1 4

 5 Foreign outlays to U.S. 809.4 897.7 1044.6 1109.3 1230.9 1183.3 1229.4 1256.0 1254.9 1243.6 1222.7 5

 6 U.S. exports to foreign 658.6 721.2 819.4 873.8 965.4 930.2 961.1 981.7 988.6 973.3 950.2 6

 7 U.S. factor receipts from foreign 150.8 176.5 225.1 235.5 265.5 253.1 268.3 274.3 266.3 270.3 272.5 7

 8 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 8

 9 Gross saving (1) 78.6 119.9 100.6 119.2 140.9 130.9 123.9 141.0 167.8 175.6 215.0 9

10 Net financial investment 85.1 133.4 138.0 194.6 254.9 146.4 252.7 232.5 388.2 199.5 263.7 10

11 Net acquisition of financial assets 317.8 298.2 446.1 534.1 623.9 592.0 576.1 728.8 598.8 290.6 509.7 11

12 Gold and SDRs (2) -0.5 -0.4 -0.8 0.4 -0.4 0.3 -0.5 -0.6 -0.6 -0.7 0.3 12

13 Net interbank assets 45.6 92.8 11.1 -52.0 -30.5 -93.8 -38.1 20.8 -10.9 -62.1 -46.6 13

14 U.S. checkable deposits and currency 18.7 25.3 13.4 19.9 29.9 16.5 26.8 21.5 54.7 4.9 26.3 14

15 U.S. time deposits 6.8 1.5 -6.6 10.9 13.0 9.7 11.7 10.2 20.3 18.4 -1.5 15

16 Security RPs 16.9 -12.0 21.0 3.2 6.9 53.4 1.8 20.7 -48.5 5.0 -46.4 16

17 Credit market instruments 129.3 132.3 273.9 414.7 312.1 330.6 307.0 404.1 206.5 234.9 309.2 17

18 Open market paper 5.9 6.0 18.6 14.4 19.9 -33.2 41.3 61.7 9.8 -13.1 69.5 18

19 U.S. government securities 108.7 86.7 197.2 312.4 189.0 275.9 167.8 229.0 83.3 132.0 90.6 19

20 Official 53.0 36.8 72.7 120.7 -2.9 92.3 -43.4 37.4 -98.0 55.8 -80.3 20

21 Treasury 49.0 30.8 69.0 115.7 -7.3 89.2 -46.8 26.7 -98.3 45.3 -81.3 21

22 Agency 4.1 6.1 3.7 5.0 4.3 3.0 3.3 10.7 0.3 10.4 1.0 22

23 Private 55.7 49.9 124.5 191.7 191.9 183.7 211.2 191.6 181.3 76.2 170.8 23

24 Treasury 24.4 34.3 99.5 155.0 146.7 133.5 170.5 141.7 141.2 -6.8 102.9 24

25 Agency 31.3 15.6 25.0 36.7 45.2 50.2 40.8 49.9 40.0 83.0 68.0 25

26 U.S. corporate bonds (3) 30.4 38.0 58.1 83.7 86.8 85.9 92.0 101.2 68.0 108.2 158.1 26

27 Loans to U.S. corporate business -15.8 1.6 0.0 4.1 16.4 2.0 5.9 12.2 45.5 7.8 -9.0 27

28 U.S. corporate equities 20.9 0.9 16.6 11.0 64.2 32.9 88.0 92.8 43.1 113.0 55.4 28

29 Trade receivables 4.5 1.3 -0.3 5.9 2.8 2.8 -1.1 0.8 8.5 -5.9 -1.7 29

30 Security credit 0 0 0 0 0 0 0 0 0 0 0 30

31 Miscellaneous assets 75.6 56.5 117.9 120.0 226.1 239.6 180.6 158.6 325.6 -16.9 214.8 31

32 Foreign direct investment in U.S. (4) 49.0 44.6 57.7 77.6 93.4 103.5 80.6 75.9 113.8 103.7 88.1 32

33 Other 26.6 11.9 60.2 42.4 132.7 136.1 100.0 82.8 211.8 -120.6 126.7 33

34 Net increase in liabilities 232.7 164.8 308.1 339.5 369.0 445.7 323.4 496.3 210.6 91.1 246.0 34

 U.S. official foreign exchange

35 and net IMF position 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 1.0 8.1 35

36 U.S. private deposits -18.5 52.9 35.3 85.9 107.4 186.7 23.9 116.1 103.0 -45.3 44.2 36

37 Credit market instruments 69.8 -14.0 71.1 76.9 56.9 31.2 61.7 92.5 42.3 68.8 68.5 37

38 Commercial paper -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 -24.8 38

39 Bonds 82.9 12.2 49.7 55.8 46.7 15.5 38.7 100.3 32.4 14.3 89.8 39

40 Bank loans n.e.c. 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 7.9 40

41 Official -1.0 -0.2 0.4 0.3 -0.8 -3.5 0.2 0.8 -0.7 0.9 -0.5 41

42 Banks 1.2 0.0 2.1 3.4 -0.5 -2.2 -1.2 -1.2 2.5 -2.4 6.5 42

43 Other 0.5 1.6 5.9 5.4 9.8 5.1 12.4 7.7 13.9 7.1 1.9 43

44 U.S. government loans -1.1 -1.2 -0.8 -1.0 -1.8 -1.7 -0.6 -3.5 -1.3 -1.5 -0.0 44

45 Acceptance liabilities to banks -3.1 -0.3 0.3 1.8 -0.2 2.6 1.8 -0.0 -5.2 -5.5 -4.4 45

46 Foreign corporate equities (5) 63.4 48.1 50.4 60.0 41.3 46.6 54.4 64.3 -0.3 13.6 4.0 46

47 Trade payables 3.4 3.6 5.8 -1.7 10.2 5.4 0.2 7.2 28.1 1.8 -12.7 47

48 Security debt 0 0 0 0 0 0 0 0 0 0 0 48

49 Miscellaneous liabilities 113.8 80.0 136.7 124.6 152.5 193.3 182.9 213.7 20.1 51.1 134.0 49

50 U.S. equity in IBRD, etc. 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 1.8 50

51 U.S. government deposits 0.3 0.2 -0.1 -0.1 0.0 0.1 0.0 0.1 -0.1 1.5 0.2 51

52 U.S. direct investment abroad (3,4) 77.9 75.2 96.7 81.1 121.8 130.0 105.6 110.0 141.9 137.3 161.0 52

53 Other 34.4 3.2 38.7 41.8 29.0 61.5 75.7 102.0 -123.1 -89.2 -29.1 53

54 Discrepancy (FOF basis) (6) -6.6 -13.4 -37.4 -75.4 -114.0 -15.5 -128.8 -91.5 -220.4 -23.9 -48.7 54

 Memo:

55 Net U.S. exports, NIPA basis -60.7 -90.8 -83.9 -91.2 -93.4 -93.3 -86.8 -94.7 -98.8 -123.8 -160.3 55

56 + Net U.S. factor income (7) 18.7 8.2 17.5 12.4 -8.0 -2.5 -1.1 -8.7 -19.6 -14.8 -16.6 56

57 - Net transfer payments to foreign 36.6 37.3 34.2 40.4 39.5 35.1 36.0 37.6 49.4 37.0 38.1 57

58 + Net capital grants received 0 0 0 0 0 0 0 0 0 0 0 58

 = Net foreign investment in U.S.

59 (NIPA basis) -78.6 -119.9 -100.6 -119.2 -140.9 -130.9 -123.9 -141.0 -167.8 -175.6 -215.0 59

(1) Line 1 minus line 5; also equal to line 59 with the sign reversed.

(2) U.S. net sales, sign reversed.

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

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, September 11, 1998 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.1 -2.6 -1.2 1.7 2.8 2.7 2.8 2.8 2.9 2.8 2.8 1

 2 Fixed nonresidential investment 0.2 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 42.1 28.2 19.8 23.3 38.8 13.4 49.0 23.8 69.0 -7.0 49.4 3

 4 Gold and foreign exchange 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 0.4 2.0 4

 5 SDR certificates 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 0 5

 6 Treasury currency 0.6 0.9 1.0 1.0 0.6 0.8 0.6 0.5 0.6 0.5 0.5 6

 7 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 -0.2 7

 8 Fed. Res. loans to domestic banks -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 3.7 8

 9 Security RPs 5.1 -2.6 3.3 7.7 2.3 -8.3 1.0 13.1 3.3 -29.5 30.2 9

10 Credit market instruments 36.2 31.5 12.7 12.3 38.3 34.4 42.9 22.9 52.9 27.4 7.7 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 36.2 31.5 12.7 12.3 38.3 34.4 42.9 22.9 52.9 27.4 7.7 12

13 Treasury 37.0 32.5 13.7 12.7 39.8 35.4 44.9 25.2 53.9 27.6 8.1 13

14 Agency -0.8 -1.0 -1.0 -0.4 -1.5 -0.9 -2.0 -2.3 -1.0 -0.2 -0.4 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 -0.9 5.4 16

17 Net increase in liabilities 41.8 28.0 19.5 22.8 38.1 9.8 48.9 20.1 73.6 -8.6 46.2 17

18 Depository institution reserves 2.9 -4.2 -1.2 -5.1 6.3 -6.0 11.2 3.9 16.2 -19.7 0.0 18

19 Vault cash of commercial banks 0.8 5.5 2.4 4.6 -0.2 -5.2 1.1 3.1 0.3 0.7 -1.5 19

20 Checkable deposits and currency 37.1 25.3 17.0 23.5 30.1 34.8 16.2 23.2 46.3 27.8 26.3 20

21 Due to federal government 7.2 -7.7 -1.2 1.7 -2.3 6.4 -4.6 -8.7 -2.4 13.1 1.0 21

22 Due to rest of the world 0.1 -0.1 0.2 -0.1 0.5 3.2 -2.7 0.3 1.3 -0.9 0.4 22

23 Currency outside banks 29.8 33.1 18.0 21.8 31.9 25.2 23.5 31.6 47.3 15.6 24.9 23

24 Miscellaneous liabilities 1.0 1.3 1.3 -0.2 1.8 -13.8 20.4 -10.1 10.8 -17.5 21.3 24

25 Federal Reserve Bank stock 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 1.3 25

26 Other 0.6 1.1 1.0 -0.9 1.0 -14.5 19.3 -10.8 10.0 -17.6 20.1 26

27 Discrepancy -0.5 -3.1 -1.7 1.0 1.8 -1.1 2.3 -1.1 7.2 0.9 -0.6 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
26 Z.1, September 11, 1998

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 36.6 32.5 38.6 37.5 48.4 48.7 48.4 45.8 51.0 53.4 51.9 1

 2 Fixed nonresidential investment 16.4 13.2 13.3 12.3 12.8 12.2 12.6 13.1 13.1 13.8 14.1 2

 3 Net acquisition of financial assets 236.9 231.3 335.7 216.6 456.9 385.4 512.9 319.8 609.3 499.1 451.2 3

 4 Vault cash 0.8 5.5 2.4 4.6 -0.2 -5.2 1.1 3.1 0.3 0.7 -1.5 4

 5 Reserves at Federal Reserve 2.5 -3.5 -1.1 -4.6 6.9 -5.2 12.0 4.0 16.7 -19.7 0.0 5

 6 Checkable deposits and currency -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 0.8 6

 7 Total bank credit 162.6 156.8 273.4 189.9 350.6 360.2 311.6 235.4 495.1 366.8 173.3 7

 8 U.S. government securities 72.5 -26.2 27.0 11.3 83.9 98.2 4.7 40.5 192.4 77.9 -59.6 8

 9 Treasury 27.8 -31.8 -11.7 -16.9 8.4 39.0 -45.6 -19.1 59.4 -10.2 -40.1 9

10 Agency 44.7 5.5 38.7 28.2 75.5 59.1 50.3 59.6 133.0 88.1 -19.5 10

11 Municipal securities 1.7 -1.6 -4.2 0.9 2.4 1.1 1.9 6.6 0.1 -1.6 10.9 11

12 Corporate and foreign bonds 3.5 4.3 8.4 1.4 27.9 14.1 15.3 39.1 43.0 41.8 12.9 12

13 Total loans 83.6 183.7 239.8 174.2 235.0 247.0 286.5 150.7 255.8 246.4 214.5 13

14 Open market paper -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.7 0.2 14

15 Bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 146.5 123.6 62.2 186.4 80.4 185.3 15

16 Mortgages 47.3 64.9 77.5 55.2 98.7 87.8 123.4 108.8 74.9 132.3 20.8 16

17 Consumer credit 32.8 63.1 43.2 24.8 -14.2 -33.5 18.3 -26.6 -15.0 -22.5 -11.1 17

18 Security credit 12.7 -5.7 4.6 1.3 21.7 47.4 21.6 6.2 11.3 57.0 19.3 18

19 Corporate equities 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 1.8 3.9 19

20 Mutual fund shares 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 0.4 -9.2 20

21 Customers’ liab. on acceptances (2) -6.4 -2.4 -0.6 1.0 -2.8 3.1 3.2 -4.5 -13.0 -13.9 -11.5 21

22 Miscellaneous assets 77.6 74.5 61.4 25.9 102.3 32.6 184.7 81.9 110.1 165.4 290.1 22

23 Net increase in liabilities 241.1 255.2 300.5 203.7 483.5 401.5 518.7 345.3 668.6 464.4 435.2 23

24 Net interbank liabilities 46.9 88.5 8.7 -51.2 -51.9 -67.2 -69.3 -38.5 -32.7 40.1 -21.2 24

25 To monetary authority -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 3.5 25

26 To domestic banks (3) 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 26

27 To foreign banks 45.6 92.8 11.1 -52.0 -30.5 -93.8 -38.1 20.8 -10.9 -62.1 -46.6 27

28 Checkable deposits 74.1 -31.7 -45.9 -34.6 -19.8 14.0 0.2 -91.2 -2.4 -12.4 57.8 28

29 Federal government 12.1 -18.9 -4.7 9.7 -0.9 -4.1 -8.9 2.4 7.0 -12.6 58.4 29

30 Rest of the world -0.4 1.9 0.8 2.6 4.6 -0.6 10.2 -5.1 13.8 2.8 16.5 30

31 Private domestic 62.4 -14.7 -42.0 -46.9 -23.5 18.8 -1.2 -88.4 -23.1 -2.6 -17.1 31

32 Small time and savings deposits -12.0 -1.0 113.9 123.1 148.3 184.2 86.3 131.3 191.3 174.1 91.1 32

33 Large time deposits -21.0 21.3 54.8 105.3 107.9 43.9 166.0 176.3 45.5 105.6 -46.5 33

34 Federal funds and security RPs (net) 41.6 78.1 30.4 41.0 89.0 55.0 81.4 88.4 131.1 118.0 22.1 34

35 Credit market instruments 13.4 20.1 22.5 13.0 46.1 14.4 76.4 32.5 61.0 83.5 95.9 35

36 Open market paper -2.5 3.1 -2.2 2.9 3.3 2.7 14.0 -3.5 -0.1 2.2 27.8 36

37 Corporate bonds 7.2 7.7 18.5 7.8 23.7 11.8 32.9 16.4 33.9 49.3 17.9 37

38 Other loans and advances 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 50.2 38

39 Corporate equity issues 7.3 -3.3 -8.7 -14.3 -27.7 -52.8 -30.8 -20.6 -6.8 -10.6 -11.8 39

40 Taxes payable 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 1.6 40

41 Miscellaneous liabilities 90.4 82.4 124.0 20.1 190.3 208.6 207.1 65.5 280.1 -35.5 246.2 41

42 Discrepancy 24.3 43.2 -9.9 12.3 62.4 52.5 41.5 58.2 97.2 5.0 21.8 42

 Memo:

43 Credit market funds advanced (4) 142.2 163.4 265.9 187.5 324.8 316.0 290.0 226.2 467.1 293.7 147.8 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, September 11, 1998 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 19.6 6.7 9.6 -0.7 7.7 11.8 10.7 13.3 -5.0 7.5 22.1 1

 2 Fixed nonresidential investment 14.2 10.5 10.6 9.2 9.3 8.8 9.2 9.5 9.5 10.1 10.3 2

 3 Net acquisition of financial assets 157.1 153.9 200.5 122.8 290.9 275.4 305.9 243.2 339.1 282.8 187.3 3

 4 Vault cash and reserves at Federal Reserve 3.0 2.0 1.5 -0.3 4.9 -8.5 11.6 8.8 7.7 -10.9 -4.8 4

 5 Total bank credit 157.5 140.5 194.8 115.2 280.7 226.1 276.5 229.9 390.2 300.0 145.3 5

 6 U.S. government securities 56.8 -25.2 -17.1 -19.4 54.3 22.2 26.7 10.8 157.3 29.3 -74.6 6

 7 Treasury 20.6 -27.0 -40.4 -34.7 -6.1 -14.7 -10.4 -39.2 39.7 -23.2 -52.7 7

 8 Agency 36.2 1.8 23.4 15.3 60.4 36.9 37.2 50.0 117.5 52.5 -21.8 8

 9 Mortgage pool securities 17.6 9.1 12.9 21.4 31.1 29.4 17.9 30.0 47.3 39.3 -62.5 9

10 Agency-issued CMOs 11.1 -14.4 -18.4 -11.5 17.5 11.6 3.1 14.8 40.5 4.6 7.4 10

11 Other agency securities 7.5 7.1 28.8 5.4 11.8 -4.1 16.1 5.2 29.7 8.6 33.3 11

12 Municipal securities 1.9 -2.0 -4.3 1.0 2.4 1.3 1.9 6.8 -0.2 -1.9 11.4 12

13 Corporate and foreign bonds 0.1 -0.6 3.3 -4.5 19.6 4.9 10.5 34.5 28.7 24.6 28.2 13

14 Private mortgage pool securities 0.9 -1.1 0.9 -0.4 -1.2 -2.7 -0.5 -0.5 -1.1 0.6 11.5 14

15 Privately issued CMOs -1.8 1.7 3.5 -3.1 0.7 -1.8 -3.0 4.5 3.0 24.9 14.8 15

16 Other bonds 1.0 -1.2 -1.1 -1.0 20.2 9.4 14.0 30.5 26.8 -0.9 1.9 16

17 Total loans 97.3 171.5 210.5 136.0 203.0 197.9 234.1 179.4 200.7 245.8 185.5 17

18 Open market paper -1.0 -1.3 0.3 0.3 -0.6 -0.9 -0.2 0.3 -1.6 -0.4 -0.2 18

19 Bank loans n.e.c. 8.8 46.2 77.0 58.2 109.3 116.2 94.1 85.4 141.5 99.7 171.2 19

20 Mortgages 52.6 68.1 81.7 57.5 104.3 93.6 133.4 110.6 79.8 140.2 23.1 20

21 Consumer credit 32.8 63.1 43.2 24.8 -14.2 -33.5 18.3 -26.6 -15.0 -22.5 -11.1 21

22 Security credit 4.1 -4.6 8.3 -4.8 4.2 22.5 -11.5 9.6 -4.0 28.7 2.5 22

23 Corporate equities 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 1.8 3.9 23

24 Mutual fund shares 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 0.4 -9.2 24

25 Customers’ liab. on acceptances (1) -2.4 -0.2 2.4 1.6 -0.2 2.3 2.1 -1.0 -4.3 -8.3 -5.0 25

26 Miscellaneous assets -0.9 11.7 1.8 6.2 5.5 55.5 15.7 5.5 -54.5 2.0 51.7 26

27 Net increase in liabilities 175.7 199.4 189.7 142.6 352.6 322.6 333.4 305.6 448.6 287.6 195.6 27

28 Net interbank liabilities 29.1 79.0 -6.8 -55.7 -2.2 6.7 15.2 -23.3 -7.4 -16.0 -44.8 28

29 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 -0.2 29

30 Borrowing from Federal Reserve banks -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 3.7 30

31 To domestic banking 13.3 5.6 -7.3 -23.5 -6.6 27.3 -14.5 -31.7 -7.5 20.9 -15.2 31

32 To foreign banks 18.7 74.8 -0.2 -36.3 6.0 -17.0 34.3 17.6 -10.7 -32.0 -33.0 32

33 Checkable deposits 73.8 -32.2 -46.0 -34.4 -21.1 14.4 -3.9 -87.6 -7.1 -10.8 54.7 33

34 Federal government 12.1 -18.9 -4.7 9.7 -0.9 -4.1 -8.9 2.4 7.0 -12.6 58.4 34

35 Rest of the world -0.3 1.5 0.9 3.3 4.2 -0.3 7.6 -3.7 13.1 2.6 16.5 35

36 Private domestic 61.9 -14.9 -42.1 -47.4 -24.3 18.8 -2.7 -86.3 -27.1 -0.7 -20.3 36

37 Small time and savings deposits -10.9 -0.6 113.4 122.8 143.9 142.3 97.9 144.8 190.5 184.3 72.6 37

38 Large time deposits -20.0 17.9 42.6 49.5 63.2 28.7 71.1 118.2 34.9 79.6 -18.1 38

39 Federal funds and security RPs (net) 45.5 71.6 28.2 28.7 63.4 21.9 83.1 73.3 75.5 52.5 5.5 39

40 Acceptance liabilities -2.5 -0.3 2.3 1.7 -0.3 2.2 2.2 -1.2 -4.3 -8.5 -4.9 40

41 Corporate bonds 3.6 3.4 2.7 7.7 10.7 4.7 7.3 3.2 27.6 15.8 4.4 41

42 Other loans and advances 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 50.2 42

43 Corporate equity issues 1.9 1.8 2.6 3.2 3.2 0.6 3.5 1.8 6.7 1.2 4.8 43

44 Taxes payable 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 1.6 44

45 Miscellaneous liabilities 46.2 48.8 43.6 15.6 71.2 100.0 26.0 55.4 103.6 -44.1 69.6 45

46 Investment by bank holding companies 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 56.3 46

47 Other 14.6 31.3 3.5 -13.0 30.5 43.3 -22.9 12.6 89.1 -110.7 13.4 47

48 Discrepancy 23.9 41.7 -11.8 9.9 60.1 50.1 29.0 66.2 94.9 2.2 20.1 48

 Memo:

49 Credit market funds advanced (2) 149.6 148.1 186.5 119.6 274.9 206.1 286.7 220.7 386.2 260.8 143.1 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
28 Z.1, September 11, 1998

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.3 2.3 2.6 2.8 3.2 3.1 3.2 3.2 3.3 3.3 3.3 1

 2 Fixed nonresidential investment 1.8 2.2 2.3 2.6 3.0 2.9 3.0 3.1 3.1 3.2 3.3 2

 3 Net acquisition of financial assets 32.9 47.5 76.6 48.5 96.7 53.8 124.4 8.6 200.0 86.2 141.1 3

 4 Reserves at Federal Reserve 0.3 -0.0 -0.1 0.3 1.8 -1.9 1.5 -1.7 9.3 -8.1 3.3 4

 5 Total bank credit 2.8 12.1 74.7 70.0 60.2 125.8 28.3 4.6 82.2 45.9 40.5 5

 6 U.S. government securities 13.9 -1.9 43.9 30.9 26.8 73.3 -22.1 30.4 25.8 38.9 27.2 6

 7 Treasury 6.5 -3.5 29.6 18.4 14.4 53.1 -32.9 19.0 18.3 18.4 15.9 7

 8 Agency 7.4 1.5 14.3 12.4 12.5 20.2 10.8 11.4 7.5 20.5 11.3 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 1.4 5.1 4.6 3.2 3.1 2.1 -0.7 3.9 6.9 8.3 -12.8 10

11 Total loans -12.5 9.0 26.2 36.0 30.3 50.4 51.0 -29.7 49.6 -1.3 26.2 11

12 Open market paper -0.9 -0.2 -0.4 0.5 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 0.3 12

13 Bank loans n.e.c. -13.7 15.1 35.4 32.2 19.2 31.6 28.1 -23.4 40.5 -19.9 13.0 13

14 Mortgages -6.5 -4.8 -5.1 -2.9 -6.1 -5.8 -10.0 -2.7 -6.1 -9.3 -3.9 14

15 Security credit 8.6 -1.2 -3.7 6.2 17.5 24.9 33.1 -3.4 15.3 28.3 16.8 15

16 Corporate equities 0 -0.0 0.0 -0.0 -0.0 0 0 -0.0 0 0 0 16

17 Customers’ liab. on acceptances (2) -4.0 -2.1 -2.9 -0.6 -2.5 0.8 1.2 -3.5 -8.6 -5.6 -6.5 17

18 Miscellaneous assets 33.8 37.6 5.0 -21.2 37.2 -70.9 93.5 9.2 117.1 54.0 103.7 18

19 Net increase in liabilities 34.3 49.2 78.4 50.6 99.1 56.1 137.1 0.8 202.5 88.8 143.8 19

20 Net interbank liabilities 16.9 11.2 18.7 -2.5 -50.0 -79.7 -70.4 -20.6 -29.4 64.5 14.0 20

21 To foreign banks 29.2 25.8 15.1 -11.5 -37.3 -98.3 -57.5 7.2 -0.6 -24.4 -15.9 21

22 To domestic banks -12.3 -14.6 3.6 9.0 -12.7 18.6 -12.9 -27.8 -28.8 88.9 29.9 22

23 Checkable deposits 0.0 0.4 -0.1 -0.7 0.8 0.0 3.4 -2.4 2.2 -2.1 2.3 23

24 Small time and savings deposits -0.8 -1.1 -0.7 0.1 4.4 43.1 -10.7 -14.7 -0.1 -11.3 17.4 24

25 Large time deposits -0.8 2.6 11.0 55.6 44.7 16.3 95.9 57.0 9.7 24.9 -29.4 25

26 Federal funds and security RPs (net) -4.3 6.7 1.8 12.0 25.6 32.3 -1.1 15.0 55.9 61.1 16.4 26

27 Acceptance liabilities -5.1 -2.6 -3.1 -0.7 -2.4 1.3 1.7 -4.7 -8.0 -6.2 -6.9 27

28 Miscellaneous liabilities 28.5 32.0 50.9 -13.3 76.1 42.9 118.2 -28.9 172.1 -42.1 129.9 28

29 Foreign direct investment in U.S. 2.2 3.4 6.6 0.3 5.7 3.8 13.0 3.9 2.3 1.2 -0.0 29

30 Due to affiliates -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 -32.9 30

31 Other 32.9 29.0 37.6 -27.3 56.0 -20.5 125.5 -67.2 186.1 -78.3 162.9 31

32 Discrepancy 1.0 1.7 2.2 2.3 2.6 2.5 12.9 -7.7 2.7 2.7 2.8 32

 Memo:

33 Credit market funds advanced (3) -9.8 11.2 75.4 63.3 40.2 101.7 -3.6 4.6 58.2 12.0 17.2 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, September 11, 1998 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 15.6 23.4 26.2 35.3 37.4 33.6 34.4 29.1 52.6 42.5 26.4 1

 2 Fixed nonresidential investment 0.3 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 45.1 26.2 52.6 44.0 64.5 49.7 79.2 62.4 66.7 124.5 115.9 3

 4 Credit market instruments -0.0 0.9 -0.3 3.9 5.4 2.2 5.1 -5.0 19.4 15.3 -17.6 4

 5 U.S. government securities 0.1 1.0 -1.3 0.9 0.5 -3.3 -0.0 -4.3 9.7 5.5 -13.5 5

 6 Treasury -0.8 -0.7 -1.2 0.6 -0.1 -1.8 -2.7 -0.9 5.1 -6.9 -2.3 6

 7 Agency 0.9 1.7 -0.2 0.3 0.6 -1.5 2.7 -3.5 4.6 12.4 -11.2 7

 8 Corporate and foreign bonds 1.7 -0.1 0.6 2.8 5.0 7.1 5.3 0.4 7.0 9.0 -3.0 8

 9 Bank loans n.e.c. -1.8 -0.1 0.4 0.2 -0.0 -1.6 -0.2 -1.1 2.7 0.7 -1.1 9

10 Miscellaneous assets 45.2 25.3 53.0 40.1 59.0 47.5 74.1 67.3 47.3 109.2 133.5 10

11 Investment in bank subsidiaries 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 56.3 11

12 Investment in nonbank subsidiaries 13.0 0.2 8.2 0.3 25.0 31.8 10.0 23.3 34.9 26.2 67.0 12

13 Other 0.5 7.7 4.6 11.3 -6.7 -41.0 15.1 1.2 -2.0 16.5 10.2 13

14 Net increase in liabilities 29.8 3.2 26.8 9.2 27.4 16.4 45.2 33.6 14.5 82.4 89.8 14

15 Net interbank liabilities 0.9 -1.7 -3.2 7.0 0.3 5.9 -14.1 5.5 4.0 -8.4 9.6 15

16 To domestic banks 3.2 6.2 0.6 11.2 -0.4 -15.6 0.7 9.5 3.7 -2.7 7.2 16

17 To foreign banks -2.3 -7.8 -3.8 -4.1 0.8 21.5 -14.8 -4.0 0.3 -5.7 2.3 17

18 Federal funds and security RPs (net) 0.4 -0.2 0.4 0.4 0.0 0.8 -0.6 0.1 -0.3 4.4 0.2 18

19 Credit market instruments 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.4 53.1 19

20 Commercial paper 5.2 5.9 -1.4 1.9 6.0 -0.8 10.0 2.4 12.3 16.9 39.6 20

21 Corporate bonds 3.6 4.3 15.8 0.1 13.0 7.1 25.6 13.2 6.3 33.5 13.5 21

22 Corporate equity issues 5.4 -5.1 -11.3 -17.5 -30.9 -53.4 -34.3 -22.3 -13.6 -11.9 -16.6 22

23 Miscellaneous liabilities 14.2 -0.2 26.6 17.3 39.0 56.8 58.6 34.8 5.8 47.9 43.6 23

24 Equity, etc. 22.0 -7.6 12.7 -11.9 -13.1 -31.2 8.2 3.2 -32.5 5.4 22.8 24

25 Other -7.8 7.5 13.9 29.2 52.1 88.1 50.3 31.6 38.3 42.5 20.8 25

26 Discrepancy -0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 1.7 3.7 5.9 1.3 4.8 6.5 3.5 5.6 3.5 5.5 7.0 3

 4 Checkable deposits and currency -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 0.8 4

 5 Credit market instruments 2.4 3.3 4.2 0.7 4.2 6.1 1.8 5.8 3.2 5.6 5.1 5

 6 U.S. government securities 1.7 -0.2 1.5 -1.0 2.3 5.9 0.1 3.6 -0.4 4.2 1.3 6

 7 Treasury 1.5 -0.6 0.2 -1.3 0.3 2.4 0.4 2.0 -3.7 1.5 -0.9 7

 8 Agency 0.2 0.5 1.3 0.2 2.0 3.5 -0.3 1.6 3.4 2.7 2.2 8

 9 Municipal securities -0.2 0.4 0.1 -0.1 -0.0 -0.2 0.0 -0.2 0.3 0.3 -0.5 9

10 Corporate and foreign bonds 0.2 -0.1 -0.1 -0.1 0.2 0 0.2 0.4 0.4 -0.1 0.5 10

11 Bank loans n.e.c. -0.5 1.7 1.8 1.4 1.2 0.3 1.5 1.2 1.7 -0.2 2.2 11

12 Home mortgages 1.2 0.6 1.0 0.6 0.0 -0.6 -0.2 0.4 0.6 1.1 1.5 12

13 Commercial mortgages 0.1 0.9 -0.0 -0.1 0.5 0.7 0.2 0.5 0.5 0.3 0.2 13

14 Miscellaneous assets -0.4 -0.1 1.6 0.8 0.5 0.6 1.5 -0.1 0.2 0.0 1.1 14

15 Net increase in liabilities 1.3 3.5 5.5 1.4 4.4 6.3 3.1 5.3 3.0 5.6 6.0 15

16 Checkable deposits 0.3 0.1 0.2 0.5 0.4 -0.3 0.7 -1.2 2.5 0.5 0.9 16

17 Small time and savings deposits -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 1.0 17

18 Large time deposits -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 1.0 18

19 Miscellaneous liabilities 1.4 1.8 2.9 0.6 4.0 8.8 4.3 4.1 -1.3 2.9 3.1 19

20 Discrepancy -0.4 -0.2 -0.4 0.1 -0.4 -0.2 -0.4 -0.4 -0.5 0.1 -1.1 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, September 11, 1998

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.8 5.1 4.6 -1.4 2.0 1.3 1.9 2.1 2.6 2.1 2.1 1

 2 Fixed nonresidential investment 4.1 3.4 2.7 2.7 2.5 2.4 2.5 2.6 2.6 2.7 2.8 2

 3 Net acquisition of financial assets -39.9 -11.1 0.9 16.1 -8.4 -50.1 29.4 -42.4 29.4 55.2 9.9 3

 4 Reserves at Federal Reserve 0.4 -0.6 -0.1 -0.5 -0.6 -0.8 -0.9 -0.1 -0.5 0.1 0.0 4

 5 Checkable deposits and currency 3.1 -1.5 1.6 -1.3 1.1 -4.3 2.0 2.4 4.1 2.6 -0.3 5

 6 Time and savings deposits -0.7 -1.8 -0.2 0.3 -0.4 -0.1 -0.1 -0.5 -1.0 0.7 1.1 6

 7 Federal funds and security RPs -3.9 -4.1 4.8 -1.2 -0.8 -2.6 1.8 -5.3 2.9 10.8 9.6 7

 8 Credit market instruments -23.3 6.7 -7.6 19.9 -4.7 -5.3 23.8 -35.3 -2.0 10.1 -11.9 8

 9 Open market paper -0.3 -0.2 0.0 0.1 -0.3 -1.2 -0.1 0 0 0 0.0 9

10 U.S. government securities -1.5 11.5 -4.1 -9.5 -3.6 -1.4 11.4 -23.5 -0.9 -9.7 -20.2 10

11 Treasury -5.7 -1.1 -8.7 -1.0 -2.8 -1.5 -2.6 -4.3 -2.8 1.1 -8.9 11

12 Agency 4.2 12.6 4.7 -8.5 -0.8 0.1 14.1 -19.2 1.9 -10.8 -11.3 12

13 Municipal securities 0.1 -0.1 -0.0 0.1 0.0 -0.6 0.4 0.2 0.2 -1.6 1.0 13

14 Corporate and foreign bonds 9.1 -2.4 -8.2 -9.9 -9.9 -2.9 -2.8 -34.8 1.0 -2.8 29.2 14

15 Other loans and advances -1.6 -0.5 2.5 3.0 3.1 4.0 1.7 5.2 1.5 3.8 1.7 15

16 Mortgages -29.5 -2.2 0.6 31.6 3.5 -7.8 10.7 9.5 1.5 20.8 -28.5 16

17 Consumer credit 0.5 0.6 1.6 4.6 2.5 4.6 2.5 8.0 -5.3 -0.3 5.0 17

18 Corporate equities 1.7 -1.8 0.7 0.6 0.2 -0.4 1.4 -0.6 0.3 1.6 0.6 18

19 Miscellaneous assets -17.2 -8.1 1.7 -1.8 -3.2 -36.6 1.2 -2.9 25.5 29.4 10.8 19

20 Net increase in liabilities -51.8 -17.8 -3.2 15.4 -9.5 -48.9 23.1 -45.0 32.8 49.9 8.6 20

21 Deposits -67.4 -51.8 -5.7 -6.5 -25.7 -11.4 -27.3 -58.3 -5.6 3.6 -25.5 21

22 Checkable 4.4 -5.4 14.1 25.4 27.1 26.1 29.8 23.8 28.6 34.5 33.9 22

23 Small time and savings -68.2 -44.4 -29.0 -38.1 -64.4 -46.0 -64.2 -94.1 -53.2 -43.4 -67.1 23

24 Large time -3.6 -2.1 9.2 6.3 11.7 8.6 7.2 12.0 19.0 12.6 7.8 24

25 Security RPs 7.5 18.4 -0.0 -0.9 -1.9 7.8 1.0 3.5 -19.8 14.3 10.6 25

26 Credit market instruments 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 10.6 31.2 26

27 Corporate bonds -1.5 -0.8 -0.0 -0.4 0.1 -0.3 -0.2 0.9 0 -1.0 0.7 27

28 Bank loans n.e.c. -0.5 0.9 5.2 1.4 3.5 4.1 -1.1 3.7 7.1 11.4 4.3 28

29 Other loans and advances 13.3 12.7 -2.6 24.5 16.2 -20.6 33.1 17.6 34.6 0.2 26.2 29

30 Taxes payable 0.6 -0.9 0.5 -0.1 0.4 -0.2 0.5 0.9 0.4 -0.4 0.3 30

31 Miscellaneous liabilities -3.8 3.7 -0.6 -2.5 -2.1 -28.3 17.1 -13.3 16.2 21.7 -8.0 31

32 Investment by parent 0.4 -0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 32

33 Other -4.2 3.7 -0.7 -2.7 -2.4 -28.6 16.8 -13.6 15.8 21.3 -8.4 33

34 Discrepancy -11.2 -5.0 -2.2 -4.7 -1.6 0.0 -6.9 -3.1 3.5 -6.0 -2.0 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, September 11, 1998 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.7 3.8 4.2 4.7 3.7 4.3 3.8 3.5 3.3 3.8 3.8 1

 2 Fixed nonresidential investment 1.0 1.2 1.1 1.2 1.3 1.3 1.3 1.4 1.4 1.4 1.4 2

 3 Net acquisition of financial assets 17.0 11.9 17.1 19.5 23.7 29.3 22.4 18.7 24.5 42.0 28.2 3

 4 Checkable deposits and currency -0.1 0 0.9 0.1 0.6 -0.3 -0.1 0.3 2.6 -0.0 1.6 4

 5 Time and savings deposits -1.3 -8.9 0.4 -0.7 0.6 3.5 -1.6 -9.0 9.7 -1.3 4.6 5

 6 Federal funds and security RPs -5.1 -2.3 0.2 -4.9 2.0 8.5 -9.7 5.0 4.3 4.3 9.1 6

 7 Credit market instruments 21.7 28.1 16.2 25.5 16.8 20.5 25.2 13.6 7.7 19.6 24.9 7

 8 Open market paper -0.7 -0.1 -1.6 -0.3 -0.1 -0.4 0.9 -1.0 0.1 -0.2 1.3 8

 9 U.S. government securities 10.3 4.0 1.1 4.1 -1.4 2.9 4.3 -5.3 -7.7 4.7 8.5 9

10 Treasury 2.6 -0.5 -3.8 -0.9 -1.8 1.6 0.5 -8.8 -0.5 -4.4 -2.8 10

11 Agency 7.7 4.5 4.9 4.9 0.4 1.3 3.8 3.5 -7.1 9.1 11.4 11

12 Home mortgages -0.1 6.1 4.4 9.5 10.1 6.6 12.1 14.5 7.2 14.3 22.3 12

13 Consumer credit 12.2 18.0 12.3 12.2 8.2 11.5 7.9 5.4 8.1 0.8 -7.2 13

14 Mutual fund shares 0.1 -1.6 0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.4 1.4 1.4 14

15 Miscellaneous assets 1.7 -3.4 -0.8 -0.2 3.8 -2.9 8.8 8.9 0.6 18.0 -13.4 15

16 Net increase in liabilities 13.3 9.5 13.4 16.4 20.5 26.9 18.5 14.7 22.0 39.8 25.6 16

17 Shares/deposits 12.6 7.9 15.4 16.3 20.3 24.0 17.9 15.7 23.6 37.6 23.1 17

18 Checkable 1.7 2.0 2.1 1.6 4.1 6.9 4.5 5.7 -0.6 16.0 -7.4 18

19 Small time and savings 9.8 5.5 11.6 12.3 13.2 13.2 12.0 9.8 17.9 21.3 22.7 19

20 Large time 1.1 0.4 1.7 2.4 2.9 3.9 1.5 0.1 6.3 0.3 7.9 20

21 Other loans and advances 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 0.2 21

22 Miscellaneous liabilities 0.5 1.4 -1.9 0.0 0.1 3.0 0.3 -1.1 -1.9 1.6 2.2 22

23 Discrepancy -1.0 0.3 -0.6 0.4 -0.8 0.6 -1.5 -1.9 -0.6 0.1 -0.3 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 1.6 18.8 5.3 -10.7 76.9 70.7 73.8 82.8 80.4 50.0 57.6 1

 2 Deposits -1.1 1.8 3.3 6.4 4.2 4.2 1.8 6.5 4.2 4.4 4.4 2

 3 Checkable deposits and currency -0.1 -0.3 0.1 0.3 0.2 0.2 0.2 0.2 0.2 0.0 0.1 3

 4 Time and savings deposits -1.1 1.6 -0.5 -1.6 2.3 2.3 1.1 3.6 2.3 2.3 2.3 4

 5 Money market fund shares 0.1 0.6 3.7 7.8 1.6 1.6 0.5 2.8 1.6 2.0 2.0 5

 6 Credit market instruments 9.5 7.1 -8.3 -7.7 7.6 3.4 10.7 7.3 8.8 2.4 3.1 6

 7 Open market paper -3.2 3.5 0.7 -2.6 2.8 2.8 1.5 2.8 4.0 -0.4 1.6 7

 8 U.S. government securities 1.2 -1.1 -1.2 0.5 -0.1 -0.3 -0.1 0.1 -0.1 -0.7 -0.7 8

 9 Treasury 0.3 -0.6 -1.1 0.8 -0.3 -0.3 -0.5 -0.1 -0.3 -0.4 -0.4 9

10 Agency 0.9 -0.5 -0.1 -0.3 0.2 0.0 0.3 0.2 0.2 -0.3 -0.3 10

11 Municipal securities 12.9 5.3 -5.9 -4.3 0.8 0.8 1.3 0.3 0.8 0.9 0.9 11

12 Corporate and foreign bonds -1.1 -0.4 -1.7 -1.7 4.3 0.2 8.4 4.3 4.3 2.5 1.2 12

13 Mortgages -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 0.2 13

14 Corporate equities -55.2 -8.8 1.6 -17.3 72.3 70.4 70.0 73.6 75.1 40.0 49.0 14

15 Mutual fund shares 44.9 21.7 9.5 3.9 -7.8 -8.0 -9.6 -5.2 -8.4 3.0 0.8 15

16 Miscellaneous assets 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 0.3 16

17 Net increase in liabilities (2) 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 17

18 Discrepancy -0.7 -1.0 -1.3 2.1 -2.0 -2.0 -2.0 -2.0 -2.0 0.2 -0.0 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
32 Z.1, September 11, 1998

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.0 23.2 15.1 15.1 17.6 19.6 16.9 17.1 16.6 18.3 18.6 1

 2 Fixed nonresidential investment 22.1 19.3 23.1 21.4 25.9 24.8 25.7 26.6 26.6 28.0 28.7 2

 3 Net acquisition of financial assets 143.0 120.9 144.7 128.3 219.9 145.3 265.9 232.2 236.2 198.7 214.6 3

 4 Checkable deposits and currency 0.4 0.4 -0.5 -0.9 3.8 -3.4 2.3 -1.4 17.8 -18.3 0.3 4

 5 Money market fund shares 6.4 -15.3 6.6 17.9 17.4 16.0 24.7 12.2 16.8 22.6 20.6 5

 6 Credit market instruments 100.9 66.7 99.2 72.5 101.0 88.3 174.4 106.0 35.3 108.9 116.2 6

 7 Open market paper 3.6 5.9 -7.3 2.9 17.5 12.3 9.7 27.1 20.8 -6.2 5.0 7

 8 U.S. government securities 47.7 8.4 9.8 -13.6 -1.0 -4.4 13.3 25.8 -38.8 52.0 28.7 8

 9 Treasury 20.1 -2.9 1.0 -14.9 1.1 -0.0 2.5 11.6 -9.6 18.2 7.8 9

10 Agency 27.6 11.3 8.7 1.3 -2.1 -4.3 10.8 14.2 -29.2 33.8 20.8 10

11 Municipal securities 3.2 -1.9 -0.9 1.5 -1.0 0.6 0.9 1.5 -7.1 6.7 3.4 11

12 Corporate and foreign bonds 58.3 59.9 90.7 79.2 77.0 69.3 137.4 43.3 57.9 49.7 73.7 12

13 Policy loans 5.7 7.8 10.4 4.5 3.2 5.9 6.9 3.0 -2.9 0.8 -0.2 13

14 Mortgages -17.6 -13.5 -3.4 -2.1 5.4 4.6 6.2 5.4 5.5 5.8 5.6 14

15 Corporate equities 36.3 61.8 18.6 42.1 73.7 35.1 54.6 84.9 120.4 56.6 81.4 15

16 Mutual fund shares 6.3 -14.9 13.5 7.0 5.4 3.5 5.4 8.4 4.3 4.6 2.6 16

17 Miscellaneous assets -7.3 22.2 7.2 -10.2 18.6 5.8 4.7 22.1 41.7 24.4 -6.4 17

18 Net increase in liabilities 125.2 120.2 122.4 101.0 185.0 141.3 218.7 193.8 186.1 200.0 166.4 18

19 Other loans and advances 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 -0.6 19

20 Life insurance reserves 35.7 34.3 44.8 43.8 52.6 50.7 60.2 64.0 35.4 49.0 37.4 20

21 Pension fund reserves (1) 73.9 81.0 65.1 44.4 99.5 80.3 106.6 107.7 103.6 112.9 90.4 21

22 Taxes payable 1.6 1.0 1.6 1.6 1.7 1.7 1.7 1.7 1.7 1.6 1.6 22

23 Miscellaneous liabilities 13.7 3.6 11.0 9.9 31.0 7.9 50.1 20.3 45.8 36.4 37.7 23

24 Discrepancy -35.9 3.2 -30.2 -33.7 -43.3 -9.1 -56.1 -47.9 -60.0 -8.4 -58.4 24

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -1.1 -3.3 2.0 0.6 1.6 1.5 2.5 1.7 0.9 1.8 2.0 1

 2 Fixed nonresidential investment 2.4 2.7 2.5 2.6 2.7 2.6 2.6 2.7 2.7 2.9 2.9 2

 3 Net acquisition of financial assets 31.7 27.5 37.0 16.2 35.9 45.2 27.3 44.5 26.8 34.8 36.2 3

 4 Checkable deposits and currency -0.4 -0.2 -0.2 -0.9 0.3 1.2 -0.7 0.4 0.3 -2.1 0.4 4

 5 Security RPs -0.9 -2.3 8.1 -2.1 -0.2 10.6 -6.2 3.8 -9.1 3.9 0.9 5

 6 Credit market instruments 27.7 24.9 21.5 22.5 25.2 6.0 28.0 32.0 34.7 23.4 28.1 6

 7 U.S. government securities 15.4 11.0 2.8 -9.7 3.8 -1.3 5.2 6.0 5.3 7.4 5.8 7

 8 Treasury 14.2 9.4 0.5 -12.6 2.1 -0.3 3.2 3.4 2.2 4.2 3.3 8

 9 Agency 1.3 1.6 2.3 2.8 1.7 -1.0 2.0 2.5 3.2 3.2 2.5 9

10 Municipal securities 10.4 7.4 7.0 14.4 5.1 -1.5 9.0 8.4 4.5 8.9 7.0 10

11 Corporate and foreign bonds 3.3 7.2 12.7 18.3 16.4 8.4 14.2 17.6 25.4 7.2 15.7 11

12 Commercial mortgages -1.4 -0.7 -1.0 -0.4 -0.2 0.3 -0.4 -0.0 -0.5 -0.1 -0.3 12

13 Corporate equities 0.8 1.1 -0.6 -6.8 3.0 3.2 1.1 3.2 4.7 -4.4 2.0 13

14 Trade receivables 1.7 2.2 4.4 -0.1 2.7 16.3 2.2 0.2 -7.7 10.7 0.6 14

15 Miscellaneous assets 2.8 1.7 3.8 3.6 4.9 7.9 2.9 4.9 4.1 3.3 4.2 15

16 Net increase in liabilities 24.6 23.7 31.0 19.3 19.0 16.7 12.2 37.7 9.3 23.4 16.1 16

17 Corporate equity issues 7.4 6.5 7.1 6.2 5.1 2.8 2.2 4.0 11.5 1.6 0.8 17

18 Taxes payable 1.4 0.9 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.2 18

19 Miscellaneous liabilities 15.8 16.4 22.8 11.9 12.7 12.7 8.9 32.4 -3.4 20.6 14.1 19

20 Discrepancy -10.6 -9.8 -6.5 1.1 -18.0 -29.5 -15.2 -7.8 -19.4 -12.5 -21.0 20
Z.1, September 11, 1998 33

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.5 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 1

 2 Fixed nonresidential investment 1.1 1.6 0.8 0.8 0.9 0.8 0.8 0.9 0.9 0.9 0.9 2

 3 Net acquisition of financial assets 97.8 78.1 96.1 84.6 86.3 86.8 85.7 79.3 93.2 84.9 95.1 3

 4 Checkable deposits and currency 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits -8.4 -4.5 -14.9 -14.4 -13.6 -12.6 -14.7 -12.6 -14.3 -4.5 -9.3 5

 6 Money market fund shares 6.5 5.3 6.0 5.2 4.6 1.5 5.5 0.7 10.9 3.0 13.2 6

 7 Security RPs 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 -1.6 7

 8 Credit market instruments 49.5 45.5 61.3 48.3 67.6 55.0 58.5 66.2 90.7 72.6 105.5 8

 9 Open market paper 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 -1.6 9

10 U.S. government securities 23.7 49.9 33.0 20.9 31.1 23.7 27.3 28.7 44.5 30.3 53.2 10

11 Treasury 15.7 31.6 21.0 13.4 19.3 14.9 17.1 17.6 27.5 18.7 32.3 11

12 Agency 8.0 18.3 12.0 7.5 11.8 8.8 10.1 11.1 17.0 11.6 20.9 12

13 Municipal securities 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 13

14 Corporate and foreign bonds 22.2 -7.7 27.0 23.3 32.1 25.9 29.0 31.6 41.8 35.1 50.1 14

15 Mortgages -0.1 3.6 1.3 1.7 2.4 2.1 2.1 2.4 2.9 2.3 3.6 15

16 Corporate equities 14.9 -4.0 11.0 -13.1 -23.7 -18.2 -7.8 -22.6 -46.1 -34.3 -70.6 16

17 Mutual fund shares 21.7 20.1 18.9 42.5 37.4 40.6 33.9 43.1 32.2 54.5 45.3 17

18 Miscellaneous assets 9.8 16.0 13.9 13.9 11.9 17.4 10.4 1.4 18.6 -11.1 12.7 18

19 Unallocated insurance contracts (2) 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 -2.1 19

20 Contributions receivable 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 6.2 20.8 15.0 13.1 13.7 12.4 22.3 10.5 9.7 -0.5 11.0 21

22 Pension fund reserves (liabilities) (3) 98.4 78.8 96.0 84.6 86.4 86.9 85.9 79.5 93.3 85.1 95.2 22

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.7 1.2 1.2 1.3 1.4 1.3 1.3 1.4 1.4 1.4 1.4 1

 2 Fixed nonresidential investment 1.5 2.2 1.2 1.4 1.6 1.6 1.6 1.7 1.7 1.7 1.7 2

 3 Net acquisition of financial assets 54.9 57.6 56.2 57.3 79.2 66.3 98.2 100.1 52.3 44.4 44.3 3

 4 Checkable deposits and currency 0.5 -1.3 -2.0 0.4 0.7 -1.0 2.2 0.6 1.0 3.0 -2.0 4

 5 Time and savings deposits 2.7 -3.6 -0.9 0.1 -0.2 10.5 -10.8 -3.2 2.6 -7.1 3.9 5

 6 Security RPs -0.1 5.8 6.3 0.7 -2.6 5.5 12.2 -10.9 -17.3 19.7 -16.8 6

 7 Credit market instruments 22.7 22.3 27.5 45.9 36.6 23.2 34.6 79.1 9.5 81.7 72.7 7

 8 Open market paper -0.1 5.8 6.3 0.7 -2.6 5.5 12.2 -10.9 -17.3 19.7 -16.8 8

 9 U.S. government securities 10.8 15.1 24.6 27.7 18.3 13.9 4.6 52.0 2.7 2.5 43.2 9

10 Treasury 15.2 8.0 4.8 14.7 14.3 7.9 21.7 44.7 -17.0 13.6 19.7 10

11 Agency -4.4 7.1 19.8 13.0 4.0 6.0 -17.1 7.3 19.7 -11.0 23.5 11

12 Municipal securities 0.2 -0.3 0.1 0.0 0.7 -0.2 -0.0 1.9 1.4 -0.3 1.9 12

13 Corporate and foreign bonds 13.7 1.2 -4.2 16.7 19.3 3.2 16.9 35.2 21.8 58.8 43.5 13

14 Mortgages -1.9 0.7 0.7 0.8 0.9 0.8 0.9 0.9 0.9 0.9 1.0 14

15 Corporate equities 44.3 29.3 41.3 52.2 53.5 57.3 41.8 55.1 59.9 73.6 33.3 15

16 Miscellaneous assets -15.2 5.2 -16.0 -42.1 -8.8 -29.1 18.2 -20.6 -3.5 -126.4 -46.9 16

17 Pension fund reserves (liabilities) (1) 55.7 58.6 56.1 57.4 79.5 66.6 98.5 100.4 52.6 44.7 44.6 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
34 Z.1, September 11, 1998

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 20.2 43.3 142.3 145.8 157.6 157.6 98.9 226.2 147.8 248.0 186.4 1

 2 Foreign deposits -10.3 5.7 4.0 3.4 0.1 -9.8 -1.6 11.1 0.6 20.5 -25.7 2

 3 Checkable deposits and currency 1.4 -1.3 -1.0 2.4 2.6 2.8 -0.1 -6.9 14.7 8.1 -14.5 3

 4 Time and savings deposits -2.8 -0.5 20.9 30.4 28.6 66.8 28.0 34.1 -14.6 -6.9 -10.4 4

 5 Security RPs 0.4 2.4 19.0 16.0 22.8 40.3 -17.5 48.1 20.3 20.7 33.0 5

 6 Credit market instruments 20.4 30.0 86.5 88.8 87.5 58.2 26.1 121.5 144.2 172.0 200.1 6

 7 Open market paper -9.1 22.7 48.4 38.4 62.1 96.6 2.2 94.6 55.0 122.3 72.3 7

 8 U.S. government securities 14.5 -3.9 17.5 31.3 -9.5 -62.6 5.0 -25.3 44.7 -4.3 13.6 8

 9 Treasury 1.0 -13.3 3.8 20.3 -4.0 -23.6 0.1 -6.2 13.6 -2.3 23.0 9

10 Agency 13.5 9.4 13.7 11.0 -5.5 -39.0 4.9 -19.1 31.2 -2.0 -9.4 10

11 Municipal securities 9.6 7.8 14.3 16.8 22.5 14.4 13.4 32.5 29.6 20.1 20.6 11

12 Corporate and foreign bonds 5.4 3.4 6.4 2.4 12.5 9.8 5.5 19.7 14.9 33.9 93.6 12

13 Miscellaneous assets 11.0 6.9 12.8 4.8 16.0 -0.7 63.9 18.3 -17.4 33.6 4.0 13

14 Net share issues (liabilities) 20.2 43.3 142.3 145.8 157.6 157.6 98.9 226.2 147.8 248.0 186.4 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 4.3 -11.5 9.0 5.7 4.9 1.6 4.1 6.5 7.5 5.0 5.0 1

 2 Net acquisition of financial assets 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 2

 3 Security RPs 16.8 4.4 7.1 -2.7 10.3 23.1 21.6 2.9 -6.4 -26.3 6.7 3

 4 Credit market instruments 159.5 -7.1 52.5 48.9 80.9 63.9 90.0 108.0 61.8 143.6 115.9 4

 5 Open market paper 16.8 4.4 7.1 -3.1 10.6 15.0 20.7 -5.8 12.7 -35.2 5.6 5

 6 U.S. government securities 49.2 -10.4 18.9 15.1 19.5 21.4 18.6 43.5 -5.6 69.6 18.8 6

 7 Treasury 31.4 -6.8 11.2 8.9 11.0 12.3 10.5 24.4 -3.1 38.6 10.4 7

 8 Agency 17.9 -3.6 7.7 6.2 8.4 9.1 8.1 19.0 -2.5 31.0 8.4 8

 9 Municipal securities 42.9 -4.3 3.2 3.1 6.5 3.7 3.5 11.6 7.1 19.3 19.1 9

10 Corporate and foreign bonds 50.6 3.2 23.3 33.8 44.4 23.9 47.2 58.8 47.6 89.9 72.4 10

11 Corporate equities 115.3 100.8 87.4 193.0 166.8 159.9 131.9 185.3 190.2 220.2 187.6 11

12 Miscellaneous assets 0.3 2.5 0.5 -1.7 7.1 2.7 6.6 3.7 15.5 -16.1 2.1 12

13 Net share issues (liabilities) 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 13

14 Discrepancy 4.3 -11.5 9.0 5.7 4.9 1.6 4.1 6.5 7.5 5.0 5.0 14

 Memo:

15 Capital gains dividends 36.1 30.0 54.6 101.1 183.2 86.1 78.3 93.2 475.4 119.5 93.7 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 -1.7 1

 2 Credit market instruments 20.0 -3.7 10.5 2.2 1.2 2.7 1.3 0.3 0.4 0.6 0.2 2

 3 U.S. government securities 2.1 -1.0 -1.5 0.1 -0.6 0.1 -0.6 -1.0 -1.0 -1.0 -1.2 3

 4 Municipal securities 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 1.1 1.1 4

 5 Corporate and foreign bonds 5.8 -4.4 5.8 1.3 1.0 1.8 1.0 0.5 0.6 0.4 0.4 5

 6 Corporate equities 3.7 6.1 -4.6 -1.5 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 6

 7 Net share issues (liabilities) 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 -1.7 7
Z.1, September 11, 1998 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.7 1.7 2.0 2.0 2.0 2.1 1.9 2.1 2.0 2.0 2.0 1

 2 Fixed nonresidential investment 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 2

 3 Net acquisition of financial assets 78.8 150.7 115.1 91.7 110.8 21.1 178.3 66.4 177.4 203.0 158.4 3

 4 Checkable deposits and currency 0.9 -0.9 0.2 -0.8 1.2 0.8 8.0 -3.9 -0.1 -1.4 1.2 4

 5 Federal funds and security RPs -16.2 35.4 20.5 -11.8 -4.1 6.4 24.5 1.6 -48.8 19.1 -16.9 5

 6 Credit market instruments 87.8 117.8 84.7 92.0 95.0 44.9 119.9 55.8 159.2 166.0 143.4 6

 7 Open market paper -1.7 14.4 -0.8 9.6 -1.1 29.5 10.6 -57.1 12.8 108.2 -33.4 7

 8 U.S. government securities 11.2 63.4 63.4 46.7 69.1 52.4 59.6 103.1 61.4 41.4 111.0 8

 9 Treasury -7.1 0.4 6.1 -12.9 7.1 -6.5 -26.5 38.7 22.8 -55.5 6.3 9

10 Agency 18.4 63.1 57.4 59.6 62.0 58.9 86.1 64.4 38.6 97.0 104.7 10

11 Municipal securities -0.6 0.8 1.0 -0.3 -0.8 1.2 -2.2 -1.1 -1.1 2.6 -2.2 11

12 Corporate and foreign bonds 11.1 8.5 5.5 5.6 0.3 -3.2 0.2 -21.7 26.1 -23.2 -2.0 12

13 Other loans and advances 26.5 27.2 11.2 28.8 31.2 -21.1 58.2 34.3 53.2 32.2 64.5 13

14 Sallie Mae 1.8 3.6 0.9 -1.7 -5.3 -4.9 -5.6 -4.4 -6.1 -7.0 -9.5 14

15 Farm Credit System 1.4 0.8 3.9 1.4 0 2.8 0.9 0.9 -4.6 6.8 -2.8 15

16 FHLB loans 23.3 22.8 6.4 29.1 36.4 -18.9 62.9 37.8 63.9 32.4 76.8 16

17 Mortgages 41.3 3.6 4.4 1.7 -3.8 -14.0 -6.5 -1.6 6.8 4.8 5.5 17

18 Home 39.8 2.6 3.9 1.0 -3.6 -12.9 -5.7 -1.9 6.3 5.8 4.3 18

19 Multifamily residential 1.7 0.9 0.6 -0.5 -1.2 -1.3 -1.9 -1.2 -0.7 -2.3 -0.1 19

20 Farm -0.2 0.1 -0.1 1.1 1.0 0.2 1.1 1.4 1.2 1.3 1.3 20

21 Miscellaneous assets 6.3 -1.7 9.7 12.3 18.8 -31.0 25.9 12.9 67.2 19.2 30.6 21

22 Net increase in liabilities 75.7 147.3 111.8 90.7 106.2 18.3 172.1 65.9 168.4 203.0 156.4 22

23 Credit market instruments 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 23

24 GSE issues (2) 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 24

25 U.S. government loans 0 -4.8 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities -4.9 -24.9 5.8 0.3 7.8 27.2 -26.0 19.5 10.5 60.5 -9.9 26

27 Discrepancy -1.9 -2.2 -1.7 0.6 -3.1 -1.2 -4.7 1.1 -7.5 1.6 -0.4 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 1

 2 Home mortgages 86.1 115.4 93.7 135.5 109.1 109.6 82.4 109.4 135.0 80.0 241.4 2

 3 Multifamily residential mortgages -1.4 -0.0 4.5 5.6 5.3 5.0 5.7 5.2 5.3 4.8 5.6 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 0 0 4

 5 Net increase in pool securities (liabilities)(2) 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
36 Z.1, September 11, 1998

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.2 0.3 0.4 1.1 1.5 1.3 1.4 1.6 1.7 1.7 1.8 1

 2 Fixed nonresidential investment 0.2 0.6 1.7 6.4 3.6 -0.1 4.8 4.8 5.0 0.4 3.2 2

 3 Net acquisition of financial assets 83.6 72.7 139.8 148.3 202.5 87.2 119.3 221.5 381.7 256.2 362.0 3

 4 Agency securities (1) 15.6 7.1 11.7 -4.8 -7.0 -14.0 -7.9 -5.9 -0.4 -20.3 2.0 4

 5 Other loans and advances 9.7 4.3 6.9 13.3 32.2 -11.1 12.1 -1.1 128.9 32.3 7.7 5

 6 Student loans 0 0 1.0 5.3 7.8 6.8 8.3 8.2 8.0 10.0 9.6 6

 7 Loans to business 9.7 4.3 5.9 8.1 24.4 -17.9 3.8 -9.3 120.9 22.3 -1.9 7

 8 Mortgages (2) 45.5 38.9 35.0 60.6 93.7 55.2 66.5 111.6 141.5 145.9 200.7 8

 9 Home 32.9 23.7 19.3 34.1 56.1 36.8 33.4 79.8 74.4 75.3 110.0 9

10 Multifamily residential 2.4 3.0 3.8 6.4 7.3 2.1 7.5 5.2 14.4 16.9 18.7 10

11 Commercial 10.3 12.1 11.9 20.1 30.3 16.3 25.7 26.6 52.7 53.7 72.1 11

12 Consumer credit 10.2 15.6 65.6 54.2 47.2 32.1 37.1 57.5 62.2 37.9 122.0 12

13 Trade credit 2.6 6.8 20.5 25.0 36.3 25.0 11.5 59.3 49.5 60.4 29.6 13

14 Net increase in liabilities 83.6 72.9 141.1 153.6 204.6 85.8 122.7 224.7 385.0 255.0 363.5 14

15 Commercial paper 4.7 12.4 37.3 45.4 89.4 50.7 44.6 112.9 149.2 120.6 120.7 15

16 Corporate bonds 78.9 60.5 103.8 108.2 115.2 35.2 78.1 111.8 235.8 134.3 242.8 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized consumer leases

18 not included above (3) 0.0 0.3 1.3 5.3 2.1 -1.4 3.3 3.2 3.3 -1.3 1.4 18

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 14.9 25.1 27.7 30.8 32.1 30.9 32.5 32.5 32.3 32.8 33.1 1

 2 Fixed nonresidential investment 13.0 19.7 18.7 16.7 20.2 22.9 18.9 19.8 19.4 25.5 23.5 2

 3 Net acquisition of financial assets 6.3 42.3 72.7 42.2 52.8 44.4 60.2 57.3 49.5 108.9 58.7 3

 4 Checkable deposits and currency 1.4 1.6 1.7 1.9 2.1 2.0 2.0 2.1 2.1 2.2 2.2 4

 5 Credit market instruments -20.9 48.3 49.9 18.4 21.9 39.8 0.9 68.3 -21.4 28.6 27.1 5

 6 Other loans and advances -15.9 25.9 26.7 7.9 9.0 21.5 -12.7 56.2 -29.0 26.7 38.8 6

 7 Mortgages -3.1 4.2 5.6 10.2 5.3 2.9 5.6 6.6 6.0 6.7 1.1 7

 8 Consumer credit -1.9 18.3 17.7 0.3 7.6 15.4 8.0 5.4 1.7 -4.8 -12.7 8

 9 Miscellaneous assets 25.7 -7.6 21.0 22.0 28.9 2.5 57.3 -13.1 68.7 78.1 29.3 9

10 Net increase in liabilities 10.9 64.2 72.7 49.8 46.6 45.3 50.6 56.7 33.8 111.8 54.0 10

11 Credit market instruments -1.4 48.7 50.2 45.9 48.7 5.6 120.5 8.9 59.6 80.1 101.8 11

12 Open market paper -0.1 22.5 -2.9 9.0 23.9 39.3 37.0 -4.6 23.9 48.3 59.4 12

13 Corporate bonds 12.5 31.7 52.6 32.5 20.3 -31.5 82.5 6.1 24.2 37.5 42.1 13

14 Bank loans n.e.c. -13.7 -5.6 0.5 4.4 4.4 -2.2 1.0 7.5 11.5 -5.8 0.4 14

15 Taxes payable 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 15

16 Miscellaneous liabilities 11.5 14.8 21.8 3.2 -2.8 38.9 -70.7 47.0 -26.5 31.0 -48.6 16

17 Foreign direct investment in U.S. 23.6 1.3 2.8 3.9 4.9 9.2 0.1 -6.9 17.3 6.9 12.5 17

18 Investment by parent 1.2 6.2 9.3 9.3 4.3 2.7 -3.9 6.3 12.2 -0.2 -18.2 18

19 Other -13.4 7.3 9.8 -10.0 -12.1 27.0 -66.9 47.6 -56.0 24.3 -42.9 19

20 Discrepancy 6.5 27.4 9.0 21.7 5.6 8.9 3.9 12.2 -2.8 10.1 4.9 20

 Memo:

21 Consumer leases not included above (2) 10.2 18.2 13.4 11.7 4.3 12.2 11.5 -9.4 2.9 -6.6 7.4 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, September 11, 1998 37

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 -11.0 1

 2 Home mortgages -0.5 -24.0 -4.5 8.2 15.3 -4.3 -24.4 82.9 7.1 10.0 -10.6 2

 3 Multifamily residential mortgages 0.1 0 1.1 -0.1 1.0 3.0 0 0 1.2 0.4 -0.4 3

 4 Commercial mortgages 0.3 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 -11.0 5

 6 Bank loans n.e.c. 0.0 -11.5 0.4 12.4 -1.3 -0.7 -12.2 3.6 4.2 5.2 -5.5 6

 7 Investment by parent -0.1 -12.5 -3.8 -4.3 17.6 -0.6 -12.2 79.3 4.2 5.2 -5.5 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 4.2 13.3 16.2 22.2 28.2 26.3 27.8 29.1 29.5 29.0 29.2 1

 2 Fixed nonresidential investment 1.1 14.6 7.8 19.6 30.8 21.1 26.2 32.7 42.9 43.1 36.9 2

 3 Multifamily residential investment 5.2 7.3 2.9 4.9 6.9 5.3 6.6 8.2 7.6 7.6 6.5 3

 4 Net acquisition of financial assets 3.6 4.6 3.0 1.9 19.5 16.2 18.3 28.8 14.8 15.0 14.0 4

 5 Mortgages 0.6 4.7 2.2 2.0 -2.0 -2.1 -2.1 -2.1 -1.7 -2.0 -2.0 5

 6 Home 0.1 0.5 0.2 0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 6

 7 Multifamily residential 0.4 3.1 1.4 1.3 -1.3 -1.4 -1.4 -1.4 -1.1 -1.3 -1.3 7

 8 Commercial 0.1 1.1 0.5 0.5 -0.5 -0.5 -0.5 -0.5 -0.4 -0.5 -0.5 8

 9 Miscellaneous assets 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 16.0 9

10 Net increase in liabilities 18.7 32.5 16.4 26.8 65.0 48.2 58.1 78.4 75.4 75.8 66.2 10

11 Security RPs 2.1 4.7 1.0 1.4 5.4 4.0 4.8 6.5 6.0 4.0 4.0 11

12 Credit market instruments 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 33.9 12

13 Open market paper -0.3 -0.6 -0.0 0 0 0 0 0 0 0 0 13

14 Corporate bonds 0.3 2.0 2.3 4.4 10.0 3.7 6.1 13.5 16.8 20.3 17.9 14

15 Bank loans n.e.c. -0.2 2.5 -2.1 -1.4 7.0 5.2 6.3 8.5 7.9 8.0 8.0 15

16 Mortgages 3.6 9.8 5.6 7.9 7.8 6.2 7.5 10.1 7.3 8.0 8.0 16

17 Corporate equity issues 13.2 11.1 8.3 12.3 29.4 21.7 26.1 35.2 34.7 31.5 24.8 17

18 Miscellaneous liabilities -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 3.5 18

19 Discrepancy 13.0 19.3 18.9 22.6 36.0 31.9 34.8 37.8 39.6 39.1 37.9 19
38 Z.1, September 11, 1998

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -0.3 6.6 -2.3 -0.5 0.3 -0.3 0.0 1.8 -0.1 0.5 0.5 1

 2 Fixed nonresidential investment 0.8 0.9 0.9 0.9 1.1 1.1 1.1 1.2 1.2 1.2 1.3 2

 3 Net acquisition of financial assets 97.0 -24.1 113.4 68.2 142.1 59.8 274.2 125.9 108.4 590.7 -408.8 3

 4 Checkable deposits and currency 1.9 -0.3 1.7 1.9 5.6 -3.1 12.9 3.6 9.0 14.8 -16.7 4

 5 Credit market instruments 14.8 -44.2 90.1 -15.7 13.7 -14.5 -11.7 15.8 65.3 250.4 -188.6 5

 6 Open market paper -0.3 -3.7 10.9 1.6 0.6 6.1 3.0 -5.7 -1.1 3.3 24.2 6

 7 U.S. government securities -12.8 -30.2 70.0 -29.9 1.6 -45.8 -17.2 -12.1 81.6 241.9 -211.7 7

 8 Treasury -20.7 -14.4 61.0 -31.1 6.4 -40.2 -16.9 -62.7 145.4 172.1 -287.9 8

 9 Agency 7.8 -15.8 9.0 1.2 -4.8 -5.6 -0.3 50.6 -63.8 69.8 76.2 9

10 Municipal securities 5.8 -1.7 -2.7 -1.9 2.3 -3.2 5.3 -1.3 8.4 -3.1 10.5 10

11 Corporate and foreign bonds 22.2 -8.7 12.0 14.5 9.2 28.4 -2.9 34.9 -23.6 8.3 -11.6 11

12 Corporate equities 8.1 -3.4 7.7 -1.9 2.7 2.5 -5.8 14.1 -0.2 17.5 -12.3 12

13 Security credit 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 36.3 -3.4 13

14 Miscellaneous assets 49.6 24.8 10.3 68.2 83.3 48.2 241.2 24.6 19.2 271.7 -187.8 14

15 Net increase in liabilities 98.0 -29.1 117.2 70.5 143.6 61.4 276.2 126.2 110.5 592.5 -406.8 15

16 Security RPs (net) 20.0 -23.0 79.0 -1.5 22.8 -34.1 131.7 12.7 -19.2 114.2 -96.2 16

17 Corporate bonds 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.0 20.0 17

18 Corporate equity issues 1.3 4.7 -8.1 -6.5 -5.9 3.8 -17.4 -8.6 -1.3 -0.1 -4.9 18

19 Trade payables 2.7 -0.9 1.1 4.0 5.7 13.4 -5.1 29.1 -14.7 -1.6 3.8 19

20 Security credit 38.7 1.0 23.1 36.6 73.3 83.7 89.9 22.8 96.8 132.5 -106.8 20

21 Customer credit balances (HH) 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 75.5 -126.1 21

22 From banks 12.7 -5.7 4.6 1.3 21.7 47.4 21.6 6.2 11.3 57.0 19.3 22

23 Taxes payable 0.5 -0.2 -0.1 0.1 0.1 -0.9 -0.6 0.9 0.9 -1.0 -0.0 23

24 Miscellaneous liabilities 15.6 1.6 12.6 27.8 21.6 -11.5 14.9 50.7 32.3 327.3 -219.2 24

25 Foreign direct investment in U.S. 0.1 0.8 1.5 0.8 0.3 0.5 -0.1 0.1 0.5 0.4 0.4 25

26 Due to affiliates 29.2 25.7 25.1 51.2 43.8 87.5 30.7 -7.2 64.1 100.6 126.1 26

27 Other -13.7 -24.8 -14.0 -24.2 -22.5 -99.5 -15.7 57.8 -32.4 226.4 -345.6 27

28 Proprietors’ net investment 7.1 -12.7 14.5 12.0 18.0 10.0 27.8 25.4 8.7 22.2 -3.4 28

29 Discrepancy -0.2 0.7 0.7 0.8 0.7 0.2 0.8 0.9 0.8 1.0 1.2 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -14.6 31.1 -2.8 99.0 97.1 144.7 -13.0 84.9 171.7 252.0 30.1 1

 2 Money market fund shares 10.1 31.8 2.4 27.3 10.4 7.0 11.3 -3.5 26.9 43.1 58.3 2

 3 Credit market instruments -35.3 -16.2 -29.7 6.5 33.4 21.5 -10.9 1.7 121.2 94.1 -40.1 3

 4 Open market paper -39.3 -26.2 -39.5 -16.3 26.8 9.4 -15.0 3.4 109.3 96.2 -57.8 4

 5 Corporate and foreign bonds 4.0 10.0 9.8 22.8 6.6 12.0 4.1 -1.7 11.9 -2.1 17.7 5

 6 Miscellaneous assets (2) 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 114.8 11.9 6

 7 Investment in foreign banking offices -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 -32.9 7

 8 Investment in brokers and dealers 17.2 16.1 17.8 51.5 38.9 56.7 6.9 52.3 39.9 79.9 44.8 8

 9 Net increase in liabilities -14.6 31.1 -2.8 99.0 97.1 144.7 -13.0 84.9 171.7 252.0 30.1 9

10 Credit market instruments 6.3 23.1 34.9 64.1 80.7 129.7 -21.5 115.4 99.2 142.8 -37.6 10

11 Open market paper -7.3 3.0 10.5 34.9 50.1 84.0 -18.6 63.9 71.2 66.3 -73.0 11

12 Corporate bonds 13.6 20.0 24.4 29.2 30.6 45.7 -2.9 51.5 28.0 76.5 35.5 12

13 Miscellaneous liabilities -21.0 8.1 -37.7 34.9 16.4 15.0 8.5 -30.5 72.5 109.2 67.7 13

14 Foreign direct investment in U.S. 4.3 -7.5 -10.4 1.1 -27.4 -13.4 8.1 -28.7 -75.7 -28.1 49.4 14

15 Securities loaned (net) 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 93.5 -112.2 15

16 Other -68.8 -9.0 -21.8 -26.1 -13.4 -21.4 -202.4 10.4 159.9 43.7 130.5 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, September 11, 1998 39

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves 1.4 -5.3 9.6 -6.7 1.0 -17.9 0.9 2.9 18.1 1.8 7.8 1

 2 U.S. gold stock and SDRs 0.5 0.4 0.8 -0.4 0.4 -0.3 0.5 0.6 0.6 0.7 -0.3 2

 3 Federal govt.: Exchange Stab. Fund 0.5 0.4 0.8 -0.4 0.4 -0.3 0.5 0.6 0.6 0.7 -0.3 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0 0 -0.0 0.0 -0.0 4

 5 U.S. foreign exchange position 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 1.0 8.1 5

 6 Official foreign currency holdings 0.8 -5.3 6.3 -7.6 -2.9 -13.4 0.6 0.5 0.6 0.7 3.9 6

 7 Treasury 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 0.4 2.0 7

 8 Monetary authority 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 0.4 2.0 8

 9 Net IMF position 0.0 -0.5 2.5 1.3 3.6 -4.2 -0.2 1.9 16.9 0.3 4.1 9

10 Federal government 0.1 -0.5 2.5 1.3 3.6 -4.2 -0.2 1.9 16.9 0.3 4.1 10

11 Monetary authority -0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 0 1

 2 Asset: Monetary authority 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 0 2

 Treasury currency:

 3 Liab: Federal government 0.4 0.7 0.6 0.1 -0.0 0.4 0.2 1.3 -1.9 0.3 0.2 3

 4 Asset: Monetary authority 0.6 0.9 1.0 1.0 0.6 0.8 0.6 0.5 0.6 0.5 0.5 4

 5 Discrepancy (seigniorage) -0.2 -0.2 -0.5 -0.9 -0.6 -0.3 -0.5 0.7 -2.4 -0.2 -0.3 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 -18.5 52.9 35.3 85.9 107.4 186.7 23.9 116.1 103.0 -45.3 44.2 1

 Held by:

 2 Household sector -1.1 3.1 4.6 12.4 6.3 17.1 -0.8 12.0 -3.0 18.0 1.2 2

 3 Nonfinancial corporate business -1.4 1.1 1.6 10.8 -6.4 2.6 15.7 -0.8 -42.9 10.9 8.4 3

 4 Money market mutual funds -10.3 5.7 4.0 3.4 0.1 -9.8 -1.6 11.1 0.6 20.5 -25.7 4

 5 Discrepancy--unallocated assets -5.7 43.0 25.1 59.4 107.4 176.9 10.6 93.9 148.3 -94.6 60.3 5
40 Z.1, September 11, 1998

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 50.5 89.8 9.9 -51.6 -45.8 -78.4 -57.0 -31.5 -16.2 21.2 -22.7 1

 2 Monetary authority 3.7 1.3 1.3 -0.5 6.1 -11.2 12.2 7.0 16.5 -19.0 -1.5 2

 3 Depository institution reserves 2.9 -4.2 -1.2 -5.1 6.3 -6.0 11.2 3.9 16.2 -19.7 0.0 3

 4 Vault cash 0.8 5.5 2.4 4.6 -0.2 -5.2 1.1 3.1 0.3 0.7 -1.5 4

 5 Commercial banking 46.9 88.5 8.7 -51.2 -51.9 -67.2 -69.3 -38.5 -32.7 40.1 -21.2 5

 6 To monetary authority -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 3.5 6

 7 To banks in foreign countries 45.6 92.8 11.1 -52.0 -30.5 -93.8 -38.1 20.8 -10.9 -62.1 -46.6 7

 8 Liabilities, net 46.3 93.6 10.7 -46.8 -30.4 -58.8 -49.1 11.8 -25.3 -73.1 -53.6 8

 9 U.S.-chartered commercial banks 19.3 74.4 -2.7 -31.1 7.1 14.9 27.3 13.2 -27.2 -27.5 -40.5 9

10 Due to foreign affiliates 6.6 52.6 -14.7 -1.9 56.0 27.0 22.6 -3.1 177.3 133.8 164.9 10

11 - Due from foreign affiliates -12.8 -21.7 -12.0 29.2 48.9 12.2 -4.7 -16.4 204.5 161.3 205.5 11

12 Foreign banking offices in U.S. 29.2 27.1 17.2 -11.5 -38.2 -95.1 -61.6 2.5 1.5 -39.9 -15.5 12

13 Due to foreign affiliates -1.7 1.4 15.5 10.6 -30.5 -0.2 -2.2 -44.7 -75.0 -103.8 -108.9 13

14 - Due from foreign affiliates -30.9 -25.7 -1.7 22.1 7.6 94.9 59.3 -47.2 -76.5 -63.9 -93.4 14

15 Bank holding companies -2.3 -7.8 -3.8 -4.1 0.8 21.5 -14.8 -4.0 0.3 -5.7 2.3 15

16 Due to foreign affiliates -2.3 -2.5 -1.1 -0.2 0.3 -1.3 -0.3 3.4 -0.5 3.1 1.1 16

17 - Due from foreign affiliates -0.0 5.3 2.7 3.9 -0.4 -22.8 14.5 7.4 -0.8 8.8 -1.2 17

18 Less: Deposits at foreign banks 0.7 0.8 -0.4 5.2 0.2 35.1 -11.0 -9.0 -14.4 -11.0 -7.1 18

19 U.S.-chartered commercial banks 0.7 -0.4 -2.5 5.2 1.0 31.9 -6.9 -4.3 -16.5 4.5 -7.5 19

20 Foreign banking offices in U.S. 0.0 1.3 2.1 -0.0 -0.9 3.2 -4.1 -4.7 2.1 -15.5 0.4 20

21 To U.S. banking, net 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 21

22 U.S.-chartered commercial banks 13.3 5.6 -7.3 -23.5 -6.6 27.3 -14.5 -31.7 -7.5 20.9 -15.2 22

23 Liabilities 6.0 4.9 -8.1 -6.6 -14.6 40.8 -18.6 -44.7 -35.8 97.5 33.7 23

24 To foreign offices in U.S. 1.9 8.1 -4.9 -3.0 5.4 7.4 8.6 5.1 0.3 -11.4 10.6 24

25 To bank holding companies -0.1 -0.4 -0.1 -0.3 -0.2 3.1 -0.5 0.2 -3.5 1.8 1.2 25

26 Unallocated 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 26

 Less, due from:

27 Foreign offices in U.S. -10.5 -6.5 -1.3 6.0 -7.4 26.0 -4.2 -22.7 -28.5 77.5 40.5 27

28 Bank holding companies 3.2 5.8 0.5 10.9 -0.6 -12.5 0.2 9.7 0.2 -0.9 8.4 28

29 Foreign banking offices in U.S. -12.3 -14.6 3.6 9.0 -12.7 18.6 -12.9 -27.8 -28.8 88.9 29.9 29

30 Due to U.S. banks -10.5 -6.5 -1.3 6.0 -7.4 26.0 -4.2 -22.7 -28.5 77.5 40.5 30

31 - Due from U.S. banks 1.9 8.1 -4.9 -3.0 5.4 7.4 8.6 5.1 0.3 -11.4 10.6 31

32 Bank holding companies 3.2 6.2 0.6 11.2 -0.4 -15.6 0.7 9.5 3.7 -2.7 7.2 32

33 Due to U.S. banks 3.2 5.8 0.5 10.9 -0.6 -12.5 0.2 9.7 0.2 -0.9 8.4 33

34 - Due from U.S. banks -0.1 -0.4 -0.1 -0.3 -0.2 3.1 -0.5 0.2 -3.5 1.8 1.2 34

35 Net change in assets 46.3 92.6 13.1 -48.3 -26.0 -108.6 -30.3 18.5 16.4 -86.0 -44.6 35

36 Rest of the world 45.6 92.8 11.1 -52.0 -30.5 -93.8 -38.1 20.8 -10.9 -62.1 -46.6 36

37 Domestic 0.7 -0.2 2.0 3.7 4.5 -14.8 7.8 -2.2 27.3 -23.9 2.0 37

38 Monetary authority -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 3.5 38

39 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 -0.2 39

40 Loans to member banks -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 3.7 40

41 Commercial banking 3.3 1.9 1.4 -0.0 6.7 -10.4 13.1 7.1 17.0 -19.1 -1.5 41

42 Reserves at Federal Reserve 2.5 -3.5 -1.1 -4.6 6.9 -5.2 12.0 4.0 16.7 -19.7 0.0 42

43 Vault cash 0.8 5.5 2.4 4.6 -0.2 -5.2 1.1 3.1 0.3 0.7 -1.5 43

44 Savings insts.: Reserves at Fed. Res. 0.4 -0.6 -0.1 -0.5 -0.6 -0.8 -0.9 -0.1 -0.5 0.1 0.0 44

45 Discrepancy--floats, etc. 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 45
Z.1, September 11, 1998 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 117.3 -9.7 -12.7 15.8 41.5 81.8 50.6 -38.4 71.9 65.9 110.6 1

 2 Monetary authority 37.1 25.3 17.0 23.5 30.1 34.8 16.2 23.2 46.3 27.8 26.3 2

 3 Federal government cash and deposits 7.2 -7.7 -1.2 1.7 -2.3 6.4 -4.6 -8.7 -2.4 13.1 1.0 3

 4 Deposits due to foreign 0.1 -0.1 0.2 -0.1 0.5 3.2 -2.7 0.3 1.3 -0.9 0.4 4

 5 Currency outside banks 29.8 33.1 18.0 21.8 31.9 25.2 23.5 31.6 47.3 15.6 24.9 5

 6 Commercial banking 74.1 -31.7 -45.9 -34.6 -19.8 14.0 0.2 -91.2 -2.4 -12.4 57.8 6

 7 Federal government deposits 12.1 -18.9 -4.7 9.7 -0.9 -4.1 -8.9 2.4 7.0 -12.6 58.4 7

 8 Deposits due to foreign -0.4 1.9 0.8 2.6 4.6 -0.6 10.2 -5.1 13.8 2.8 16.5 8

 9 Private domestic deposits 62.4 -14.7 -42.0 -46.9 -23.5 18.8 -1.2 -88.4 -23.1 -2.6 -17.1 9

10 Savings institutions 4.4 -5.4 14.1 25.4 27.1 26.1 29.8 23.8 28.6 34.5 33.9 10

11 Credit unions 1.7 2.0 2.1 1.6 4.1 6.9 4.5 5.7 -0.6 16.0 -7.4 11

12 Net change in assets 117.3 -9.7 -12.7 15.8 41.5 81.8 50.6 -38.4 71.9 65.9 110.6 12

13 Household sector 47.2 -29.9 -57.7 -66.4 -15.6 -10.0 -23.7 -68.3 39.6 -9.7 22.9 13

14 Nonfinancial business 23.0 24.1 36.0 54.8 14.7 78.3 36.0 16.3 -71.8 70.0 27.5 14

15 Corporate 13.6 18.5 31.3 49.8 9.4 73.5 31.0 11.0 -77.9 63.5 20.4 15

16 Nonfarm noncorporate 7.6 5.1 4.3 5.1 5.2 4.8 5.0 5.2 5.9 6.1 6.7 16

17 Farm 1.7 0.5 0.4 -0.0 0.0 -0.0 -0.0 0.0 0.2 0.4 0.5 17

18 State and local governments 1.6 3.2 2.8 -2.7 1.5 3.3 0.4 4.3 -1.9 -4.4 4.6 18

19 Federal government 20.7 -21.7 -0.0 11.0 -0.5 6.8 -5.1 -16.3 12.5 -7.0 101.2 19

20 Rest of the world 18.7 25.3 13.4 19.9 29.9 16.5 26.8 21.5 54.7 4.9 26.3 20

21 Checkable deposits -0.3 1.8 1.1 2.6 5.1 2.6 7.5 -4.9 15.1 1.9 16.9 21

22 Currency 18.9 23.5 12.3 17.4 24.8 13.9 19.3 26.3 39.6 3.0 9.4 22

23 Financial sectors 8.9 -3.1 2.7 2.8 18.1 -5.3 28.9 -2.9 51.7 8.7 -27.0 23

24 Commercial banking -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 0.8 24

25 Savings institutions 3.1 -1.5 1.6 -1.3 1.1 -4.3 2.0 2.4 4.1 2.6 -0.3 25

26 Credit unions -0.1 0 0.9 0.1 0.6 -0.3 -0.1 0.3 2.6 -0.0 1.6 26

27 Bank personal trusts and estates -0.1 -0.3 0.1 0.3 0.2 0.2 0.2 0.2 0.2 0.0 0.1 27

28 Life insurance companies 0.4 0.4 -0.5 -0.9 3.8 -3.4 2.3 -1.4 17.8 -18.3 0.3 28

29 Other insurance companies -0.4 -0.2 -0.2 -0.9 0.3 1.2 -0.7 0.4 0.3 -2.1 0.4 29

30 Private pension funds 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 30

31 State and local govt. retirement funds 0.5 -1.3 -2.0 0.4 0.7 -1.0 2.2 0.6 1.0 3.0 -2.0 31

32 Money market mutual funds 1.4 -1.3 -1.0 2.4 2.6 2.8 -0.1 -6.9 14.7 8.1 -14.5 32

33 Government-sponsored enterprises 0.9 -0.9 0.2 -0.8 1.2 0.8 8.0 -3.9 -0.1 -1.4 1.2 33

34 Finance companies 1.4 1.6 1.7 1.9 2.1 2.0 2.0 2.1 2.1 2.2 2.2 34

35 Brokers and dealers 1.9 -0.3 1.7 1.9 5.6 -3.1 12.9 3.6 9.0 14.8 -16.7 35

36 Mail float -2.8 -7.6 -9.8 -3.6 -6.6 -7.8 -12.7 7.0 -12.9 3.5 -44.8 36
42 Z.1, September 11, 1998

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -93.9 -20.3 162.2 211.3 219.7 207.8 208.7 235.4 226.8 270.5 15.7 1

 2 Small time and savings deposits -70.3 -39.9 96.6 97.2 97.1 151.5 34.0 47.0 156.0 152.0 46.6 2

 3 Commercial banking -12.0 -1.0 113.9 123.1 148.3 184.2 86.3 131.3 191.3 174.1 91.1 3

 4 U.S.-chartered commercial banks -10.9 -0.6 113.4 122.8 143.9 142.3 97.9 144.8 190.5 184.3 72.6 4

 5 Foreign banking offices in U.S. -0.8 -1.1 -0.7 0.1 4.4 43.1 -10.7 -14.7 -0.1 -11.3 17.4 5

 6 Banks in U.S.-affiliated areas -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 1.0 6

 7 Savings institutions -68.2 -44.4 -29.0 -38.1 -64.4 -46.0 -64.2 -94.1 -53.2 -43.4 -67.1 7

 8 Credit unions 9.8 5.5 11.6 12.3 13.2 13.2 12.0 9.8 17.9 21.3 22.7 8

 9 Large time deposits (1) -23.5 19.6 65.6 114.0 122.5 56.3 174.7 188.4 70.8 118.5 -30.9 9

10 Commercial banking -21.0 21.3 54.8 105.3 107.9 43.9 166.0 176.3 45.5 105.6 -46.5 10

11 U.S.-chartered commercial banks -20.0 17.9 42.6 49.5 63.2 28.7 71.1 118.2 34.9 79.6 -18.1 11

12 Foreign banking offices in U.S. -0.8 2.6 11.0 55.6 44.7 16.3 95.9 57.0 9.7 24.9 -29.4 12

13 Banks in U.S.-affiliated areas -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 1.0 13

14 Savings institutions -3.6 -2.1 9.2 6.3 11.7 8.6 7.2 12.0 19.0 12.6 7.8 14

15 Credit unions 1.1 0.4 1.7 2.4 2.9 3.9 1.5 0.1 6.3 0.3 7.9 15

16 Net change in assets -93.9 -20.3 162.2 211.3 219.7 207.8 208.7 235.4 226.8 270.5 15.7 16

17 Household sector -113.1 -11.9 170.0 167.9 169.6 149.1 147.5 206.6 175.1 235.9 5.1 17

18 Nonfinancial business 28.8 1.6 -15.8 8.6 12.6 -12.9 25.8 -5.2 42.6 15.2 6.3 18

19 Corporate 22.3 -6.6 -24.5 1.8 6.3 -18.7 19.8 -11.4 35.4 7.9 -1.8 19

20 Nonfarm noncorporate 6.5 8.2 8.7 6.8 6.3 5.8 6.0 6.2 7.2 7.3 8.1 20

21 State and local governments -4.9 6.3 9.5 8.3 6.1 -8.6 18.3 13.6 1.3 19.3 12.6 21

22 Federal government -0.1 -0.1 0.3 1.4 1.0 0.2 3.4 -2.1 2.6 -1.6 1.0 22

23 Rest of the world 6.8 1.5 -6.6 10.9 13.0 9.7 11.7 10.2 20.3 18.4 -1.5 23

24 Financial sectors -11.5 -17.7 4.9 14.1 17.4 70.4 2.0 12.3 -15.1 -16.7 -7.7 24

25 Savings institutions -0.7 -1.8 -0.2 0.3 -0.4 -0.1 -0.1 -0.5 -1.0 0.7 1.1 25

26 Credit unions -1.3 -8.9 0.4 -0.7 0.6 3.5 -1.6 -9.0 9.7 -1.3 4.6 26

27 Bank personal trusts and estates -1.1 1.6 -0.5 -1.6 2.3 2.3 1.1 3.6 2.3 2.3 2.3 27

28 Private pension funds -8.4 -4.5 -14.9 -14.4 -13.6 -12.6 -14.7 -12.6 -14.3 -4.5 -9.3 28

29 State and local govt. retirement funds 2.7 -3.6 -0.9 0.1 -0.2 10.5 -10.8 -3.2 2.6 -7.1 3.9 29

30 Money market mutual funds -2.8 -0.5 20.9 30.4 28.6 66.8 28.0 34.1 -14.6 -6.9 -10.4 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 20.2 43.3 142.3 145.8 157.6 157.6 98.9 226.2 147.8 248.0 186.4 1

 2 Net purchases 20.2 43.3 142.3 145.8 157.6 157.6 98.9 226.2 147.8 248.0 186.4 2

 3 Household sector -0.6 13.4 97.9 79.4 108.7 118.3 49.3 193.5 73.6 160.3 62.8 3

 4 Nonfinancial corporate business -2.5 7.4 24.8 7.2 14.1 12.6 6.8 19.8 17.2 16.2 28.6 4

 5 Nonfarm noncorporate business 0.3 0.1 0.9 1.0 0.7 0.7 0.7 0.8 0.8 0.8 0.9 5

 6 Bank personal trusts and estates 0.1 0.6 3.7 7.8 1.6 1.6 0.5 2.8 1.6 2.0 2.0 6

 7 Life insurance companies 6.4 -15.3 6.6 17.9 17.4 16.0 24.7 12.2 16.8 22.6 20.6 7

 8 Private pension funds 6.5 5.3 6.0 5.2 4.6 1.5 5.5 0.7 10.9 3.0 13.2 8

 9 Funding corporations 10.1 31.8 2.4 27.3 10.4 7.0 11.3 -3.5 26.9 43.1 58.3 9
Z.1, September 11, 1998 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 71.3 78.2 110.4 40.0 115.2 32.7 218.9 111.2 98.1 250.5 -59.6 1

 2 Commercial banking (net) 41.6 78.1 30.4 41.0 89.0 55.0 81.4 88.4 131.1 118.0 22.1 2

 3 U.S.-chartered commercial banks 45.5 71.6 28.2 28.7 63.4 21.9 83.1 73.3 75.5 52.5 5.5 3

 4 Foreign banking offices in U.S. -4.3 6.7 1.8 12.0 25.6 32.3 -1.1 15.0 55.9 61.1 16.4 4

 5 Bank holding companies 0.4 -0.2 0.4 0.4 0.0 0.8 -0.6 0.1 -0.3 4.4 0.2 5

 6 Savings institutions 7.5 18.4 -0.0 -0.9 -1.9 7.8 1.0 3.5 -19.8 14.3 10.6 6

 7 REITs 2.1 4.7 1.0 1.4 5.4 4.0 4.8 6.5 6.0 4.0 4.0 7

 8 Brokers and dealers (net) 20.0 -23.0 79.0 -1.5 22.8 -34.1 131.7 12.7 -19.2 114.2 -96.2 8

 9 Net change in assets 24.8 8.9 87.5 40.7 42.6 140.0 33.6 87.8 -90.9 62.9 -3.3 9

10 Nonfinancial corporate business -2.6 -0.3 0.3 1.4 0.6 -0.8 -2.0 2.8 2.1 -4.0 -7.1 10

11 State and local governments 10.7 -15.1 -3.0 32.1 3.6 0.5 6.0 2.8 5.0 34.5 -4.0 11

12 Rest of the world 16.9 -12.0 21.0 3.2 6.9 53.4 1.8 20.7 -48.5 5.0 -46.4 12

13 Financial sectors -0.2 36.3 69.2 4.0 31.7 86.8 27.8 61.5 -49.5 27.4 54.2 13

14 Monetary authority 5.1 -2.6 3.3 7.7 2.3 -8.3 1.0 13.1 3.3 -29.5 30.2 14

15 Savings institutions -3.9 -4.1 4.8 -1.2 -0.8 -2.6 1.8 -5.3 2.9 10.8 9.6 15

16 Credit unions -5.1 -2.3 0.2 -4.9 2.0 8.5 -9.7 5.0 4.3 4.3 9.1 16

17 Other insurance companies -0.9 -2.3 8.1 -2.1 -0.2 10.6 -6.2 3.8 -9.1 3.9 0.9 17

18 Private pension funds 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 -1.6 18

19 State and local govt. retirement funds -0.1 5.8 6.3 0.7 -2.6 5.5 12.2 -10.9 -17.3 19.7 -16.8 19

20 Money market mutual funds 0.4 2.4 19.0 16.0 22.8 40.3 -17.5 48.1 20.3 20.7 33.0 20

21 Mutual funds 16.8 4.4 7.1 -2.7 10.3 23.1 21.6 2.9 -6.4 -26.3 6.7 21

22 Government-sponsored enterprises -16.2 35.4 20.5 -11.8 -4.1 6.4 24.5 1.6 -48.8 19.1 -16.9 22

23 Discrepancy--unallocated assets 46.4 69.4 22.9 -0.7 72.6 -107.3 185.3 23.4 188.9 187.6 -56.3 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -5.1 35.7 74.3 102.6 184.1 199.3 107.7 171.7 257.7 347.3 116.6 1

 2 Commercial paper 2.5 38.6 75.1 101.6 186.8 195.8 103.8 177.6 270.1 361.9 128.3 2

 3 Nonfinancial corporate business 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 6.6 3

 4 Foreign issues in U.S. -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 -24.8 4

 5 Nonfinancial -3.1 -12.3 5.4 -1.9 -2.3 -3.1 1.7 -6.3 -1.3 8.6 -0.9 5

 6 Financial -6.5 -13.9 8.1 13.2 6.0 18.6 8.7 -5.2 1.9 47.4 -23.9 6

 7 Financial sectors 2.1 43.3 43.4 91.3 169.4 173.2 73.1 174.6 256.6 252.1 146.6 7

 8 Commercial banking 5.2 5.9 -1.4 1.9 6.0 -0.8 10.0 2.4 12.3 16.9 39.6 8

 9 ABS issuers 4.7 12.4 37.3 45.4 89.4 50.7 44.6 112.9 149.2 120.6 120.7 9

10 Finance companies -0.1 22.5 -2.9 9.0 23.9 39.3 37.0 -4.6 23.9 48.3 59.4 10

11 REITs -0.3 -0.6 -0.0 0 0 0 0 0 0 0 0 11

12 Funding corporations -7.3 3.0 10.5 34.9 50.1 84.0 -18.6 63.9 71.2 66.3 -73.0 12

13 Bankers acceptances (1) -7.7 -2.9 -0.8 1.0 -2.7 3.5 3.9 -5.9 -12.4 -14.6 -11.8 13

14 Net purchases, by sector -5.1 35.7 74.3 102.6 184.1 199.3 107.7 171.7 257.7 347.3 116.6 14

15 Household sector 15.6 1.2 13.3 22.7 32.5 47.4 19.6 35.1 27.9 41.1 16.2 15

16 Nonfinancial corporate business 2.4 -0.6 1.3 10.9 2.9 -7.4 -5.2 7.4 17.0 -9.5 18.1 16

17 State and local governments 3.7 4.4 17.1 20.3 11.3 14.8 6.7 16.7 7.1 17.1 12.3 17

18 Rest of the world 5.9 6.0 18.6 14.4 19.9 -33.2 41.3 61.7 9.8 -13.1 69.5 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.7 0.2 20

21 Savings institutions -0.3 -0.2 0.0 0.1 -0.3 -1.2 -0.1 0 0 0 0.0 21

22 Credit unions -0.7 -0.1 -1.6 -0.3 -0.1 -0.4 0.9 -1.0 0.1 -0.2 1.3 22

23 Bank personal trusts and estates -3.2 3.5 0.7 -2.6 2.8 2.8 1.5 2.8 4.0 -0.4 1.6 23

24 Life insurance companies 3.6 5.9 -7.3 2.9 17.5 12.3 9.7 27.1 20.8 -6.2 5.0 24

25 Private pension funds 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 -1.6 25

26 State and local govt. retirement funds -0.1 5.8 6.3 0.7 -2.6 5.5 12.2 -10.9 -17.3 19.7 -16.8 26

27 Money market mutual funds -9.1 22.7 48.4 38.4 62.1 96.6 2.2 94.6 55.0 122.3 72.3 27

28 Mutual funds 16.8 4.4 7.1 -3.1 10.6 15.0 20.7 -5.8 12.7 -35.2 5.6 28

29 Government-sponsored enterprises -1.7 14.4 -0.8 9.6 -1.1 29.5 10.6 -57.1 12.8 108.2 -33.4 29

30 Brokers and dealers -0.3 -3.7 10.9 1.6 0.6 6.1 3.0 -5.7 -1.1 3.3 24.2 30

31 Funding corporations -39.3 -26.2 -39.5 -16.3 26.8 9.4 -15.0 3.4 109.3 96.2 -57.8 31

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, September 11, 1998

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -28.9 -68.1 1

 2 Savings bonds 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -2.7 -0.5 2

 3 Other Treasury issues 233.7 147.7 137.9 144.6 23.7 69.9 -43.7 30.7 38.0 -26.2 -67.6 3

 4 Net purchases 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -28.9 -68.1 4

 5 Household sector 22.9 156.2 -49.4 -73.9 -210.8 -243.4 -103.4 -209.4 -286.9 -251.4 121.4 5

 6 Savings bonds 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -2.7 -0.5 6

 7 Other Treasury issues 8.3 148.2 -54.4 -75.9 -210.3 -239.9 -103.3 -209.9 -288.0 -248.7 121.9 7

 8 Nonfinancial corporate business -11.8 2.0 6.3 -0.0 10.6 64.1 -32.0 21.6 -11.4 -36.1 -29.6 8

 9 Nonfarm noncorporate business 0.3 0.7 1.6 2.1 1.5 1.4 1.5 1.6 1.7 1.8 1.9 9

10 State and local governments 29.6 -77.8 -80.2 -32.8 -17.7 -17.3 -41.4 -14.5 2.4 -2.0 46.9 10

11 Rest of the world 73.3 65.0 168.5 270.7 139.4 222.7 123.7 168.5 42.9 38.5 21.6 11

12 Monetary authority 37.0 32.5 13.7 12.7 39.8 35.4 44.9 25.2 53.9 27.6 8.1 12

13 Commercial banking 27.8 -31.8 -11.7 -16.9 8.4 39.0 -45.6 -19.1 59.4 -10.2 -40.1 13

14 U.S.-chartered commercial banks 20.6 -27.0 -40.4 -34.7 -6.1 -14.7 -10.4 -39.2 39.7 -23.2 -52.7 14

15 Foreign banking offices in U.S. 6.5 -3.5 29.6 18.4 14.4 53.1 -32.9 19.0 18.3 18.4 15.9 15

16 Bank holding companies -0.8 -0.7 -1.2 0.6 -0.1 -1.8 -2.7 -0.9 5.1 -6.9 -2.3 16

17 Banks in U.S.-affiliated areas 1.5 -0.6 0.2 -1.3 0.3 2.4 0.4 2.0 -3.7 1.5 -0.9 17

18 Savings institutions -5.7 -1.1 -8.7 -1.0 -2.8 -1.5 -2.6 -4.3 -2.8 1.1 -8.9 18

19 Credit unions 2.6 -0.5 -3.8 -0.9 -1.8 1.6 0.5 -8.8 -0.5 -4.4 -2.8 19

20 Bank personal trusts and estates 0.3 -0.6 -1.1 0.8 -0.3 -0.3 -0.5 -0.1 -0.3 -0.4 -0.4 20

21 Life insurance companies 20.1 -2.9 1.0 -14.9 1.1 -0.0 2.5 11.6 -9.6 18.2 7.8 21

22 Other insurance companies 14.2 9.4 0.5 -12.6 2.1 -0.3 3.2 3.4 2.2 4.2 3.3 22

23 Private pension funds 15.7 31.6 21.0 13.4 19.3 14.9 17.1 17.6 27.5 18.7 32.3 23

24 State and local govt. retirement funds 15.2 8.0 4.8 14.7 14.3 7.9 21.7 44.7 -17.0 13.6 19.7 24

25 Money market mutual funds 1.0 -13.3 3.8 20.3 -4.0 -23.6 0.1 -6.2 13.6 -2.3 23.0 25

26 Mutual funds 31.4 -6.8 11.2 8.9 11.0 12.3 10.5 24.4 -3.1 38.6 10.4 26

27 Closed-end funds 2.1 -1.0 -1.5 0.1 -0.6 0.1 -0.6 -1.0 -1.0 -1.0 -1.2 27

28 Government-sponsored enterprises -7.1 0.4 6.1 -12.9 7.1 -6.5 -26.5 38.7 22.8 -55.5 6.3 28

29 Brokers and dealers -20.7 -14.4 61.0 -31.1 6.4 -40.2 -16.9 -62.7 145.4 172.1 -287.9 29

 Memo:

30 Federal government borrowing (1) 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -31.3 -69.6 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, September 11, 1998 45

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 173.1 292.5 205.6 229.9 212.7 104.3 286.4 160.1 299.9 224.9 411.9 1

 2 Budget agencies 7.8 0.2 1.5 -1.6 -0.1 -1.4 0.2 -0.9 1.7 -2.4 -1.4 2

 3 Government-sponsored enterprises 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.5 166.4 3

 4 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 4

 5 Net purchases 173.1 292.5 205.6 229.9 212.7 104.3 286.4 160.1 299.9 224.9 411.9 5

 6 Household sector -35.3 138.7 19.0 81.2 28.2 36.9 23.0 -34.1 86.9 -132.4 73.5 6

 7 Nonfinancial corporate business 10.5 0.8 3.5 10.5 -16.4 -45.3 -24.7 -6.9 11.1 -14.3 43.2 7

 8 State and local governments 0.1 11.6 -35.1 -25.3 9.2 -19.2 80.6 -45.4 20.8 -20.8 -3.3 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 35.4 21.7 28.7 41.7 49.6 53.2 44.1 60.6 40.4 93.4 69.0 10

11 Monetary authority -0.8 -1.0 -1.0 -0.4 -1.5 -0.9 -2.0 -2.3 -1.0 -0.2 -0.4 11

12 Commercial banking 44.7 5.5 38.7 28.2 75.5 59.1 50.3 59.6 133.0 88.1 -19.5 12

13 U.S.-chartered commercial banks 36.2 1.8 23.4 15.3 60.4 36.9 37.2 50.0 117.5 52.5 -21.8 13

14 Foreign banking offices in U.S. 7.4 1.5 14.3 12.4 12.5 20.2 10.8 11.4 7.5 20.5 11.3 14

15 Bank holding companies 0.9 1.7 -0.2 0.3 0.6 -1.5 2.7 -3.5 4.6 12.4 -11.2 15

16 Banks in U.S.-affiliated areas 0.2 0.5 1.3 0.2 2.0 3.5 -0.3 1.6 3.4 2.7 2.2 16

17 Savings institutions 4.2 12.6 4.7 -8.5 -0.8 0.1 14.1 -19.2 1.9 -10.8 -11.3 17

18 Credit unions 7.7 4.5 4.9 4.9 0.4 1.3 3.8 3.5 -7.1 9.1 11.4 18

19 Bank personal trusts and estates 0.9 -0.5 -0.1 -0.3 0.2 0.0 0.3 0.2 0.2 -0.3 -0.3 19

20 Life insurance companies 27.6 11.3 8.7 1.3 -2.1 -4.3 10.8 14.2 -29.2 33.8 20.8 20

21 Other insurance companies 1.3 1.6 2.3 2.8 1.7 -1.0 2.0 2.5 3.2 3.2 2.5 21

22 Private pension funds 8.0 18.3 12.0 7.5 11.8 8.8 10.1 11.1 17.0 11.6 20.9 22

23 State and local govt. retirement funds -4.4 7.1 19.8 13.0 4.0 6.0 -17.1 7.3 19.7 -11.0 23.5 23

24 Money market mutual funds 13.5 9.4 13.7 11.0 -5.5 -39.0 4.9 -19.1 31.2 -2.0 -9.4 24

25 Mutual funds 17.9 -3.6 7.7 6.2 8.4 9.1 8.1 19.0 -2.5 31.0 8.4 25

26 Government-sponsored enterprises 18.4 63.1 57.4 59.6 62.0 58.9 86.1 64.4 38.6 97.0 104.7 26

27 ABS issuers 15.6 7.1 11.7 -4.8 -7.0 -14.0 -7.9 -5.9 -0.4 -20.3 2.0 27

28 Brokers and dealers 7.8 -15.8 9.0 1.2 -4.8 -5.6 -0.3 50.6 -63.8 69.8 76.2 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
46 Z.1, September 11, 1998

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 74.8 -35.9 -48.2 2.6 71.4 34.1 59.6 88.9 103.2 116.7 86.1 1

 2 State and local governments 66.8 -46.3 -51.9 -7.2 57.3 21.8 42.0 73.0 92.4 89.1 65.1 2

 3 Short-term (1) 1.8 -2.2 1.2 6.3 8.3 -1.7 6.9 14.3 13.8 -2.9 -4.4 3

 4 Long-term 65.0 -44.1 -53.2 -13.4 49.0 23.5 35.2 58.7 78.6 92.1 69.5 4

 5 Nonprofit organizations (2) 1.4 3.6 0.7 6.6 10.0 6.1 13.6 8.4 11.8 17.2 15.0 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 6.6 6.8 3.1 3.1 4.2 6.2 3.9 7.4 -1.0 10.4 6.0 6

 7 Net change in assets 74.8 -35.9 -48.2 2.6 71.4 34.1 59.6 88.9 103.2 116.7 86.1 7

 8 Household sector -31.3 -50.2 -42.9 -18.0 23.2 -9.1 3.3 25.8 72.8 57.3 -5.0 8

 9 Nonfinancial corporate business 8.9 2.0 -19.9 -10.1 8.7 26.9 21.5 1.1 -14.9 5.9 17.4 9

10 State and local governments -1.0 -0.9 -3.5 -0.5 0.2 -0.8 0.4 0.5 0.5 0.4 -0.4 10

11 Commercial banking 1.7 -1.6 -4.2 0.9 2.4 1.1 1.9 6.6 0.1 -1.6 10.9 11

12 Savings institutions 0.1 -0.1 -0.0 0.1 0.0 -0.6 0.4 0.2 0.2 -1.6 1.0 12

13 Bank personal trusts and estates 12.9 5.3 -5.9 -4.3 0.8 0.8 1.3 0.3 0.8 0.9 0.9 13

14 Life insurance companies 3.2 -1.9 -0.9 1.5 -1.0 0.6 0.9 1.5 -7.1 6.7 3.4 14

15 Other insurance companies 10.4 7.4 7.0 14.4 5.1 -1.5 9.0 8.4 4.5 8.9 7.0 15

16 Private pension funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 16

17 State and local govt. retirement funds 0.2 -0.3 0.1 0.0 0.7 -0.2 -0.0 1.9 1.4 -0.3 1.9 17

18 Money market mutual funds 9.6 7.8 14.3 16.8 22.5 14.4 13.4 32.5 29.6 20.1 20.6 18

19 Mutual funds 42.9 -4.3 3.2 3.1 6.5 3.7 3.5 11.6 7.1 19.3 19.1 19

20 Closed-end funds 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 1.1 1.1 20

21 Government-sponsored enterprises -0.6 0.8 1.0 -0.3 -0.8 1.2 -2.2 -1.1 -1.1 2.6 -2.2 21

22 Brokers and dealers 5.8 -1.7 -2.7 -1.9 2.3 -3.2 5.3 -1.3 8.4 -3.1 10.5 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 281.2 157.3 319.6 308.0 345.5 156.6 356.1 416.6 452.6 487.5 627.4 1

 2 Nonfinancial corporate business 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 160.8 2

 3 Rest of the world (1) 82.9 12.2 49.7 55.8 46.7 15.5 38.7 100.3 32.4 14.3 89.8 3

 4 Financial sectors 123.1 121.8 196.7 179.7 208.1 61.7 231.4 193.4 345.8 316.0 376.8 4

 5 Commercial banking 7.2 7.7 18.5 7.8 23.7 11.8 32.9 16.4 33.9 49.3 17.9 5

 6 Savings institutions -1.5 -0.8 -0.0 -0.4 0.1 -0.3 -0.2 0.9 0 -1.0 0.7 6

 7 ABS issuers 78.9 60.5 103.8 108.2 115.2 35.2 78.1 111.8 235.8 134.3 242.8 7

 8 Finance companies 12.5 31.7 52.6 32.5 20.3 -31.5 82.5 6.1 24.2 37.5 42.1 8

 9 REITs 0.3 2.0 2.3 4.4 10.0 3.7 6.1 13.5 16.8 20.3 17.9 9

10 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.0 20.0 10

11 Funding corporations 13.6 20.0 24.4 29.2 30.6 45.7 -2.9 51.5 28.0 76.5 35.5 11

12 Net purchases 281.2 157.3 319.6 308.0 345.5 156.6 356.1 416.6 452.6 487.5 627.4 12

13 Household sector 37.1 39.9 67.1 6.0 24.6 -110.6 -0.4 90.7 118.8 85.8 73.4 13

14 State and local governments 5.6 5.4 7.1 10.7 -6.9 -9.6 -9.0 -2.1 -7.0 -6.1 -0.9 14

15 Rest of the world (2) 30.4 38.0 58.1 83.7 86.8 85.9 92.0 101.2 68.0 108.2 158.1 15

16 Commercial banking 3.5 4.3 8.4 1.4 27.9 14.1 15.3 39.1 43.0 41.8 12.9 16

17 Savings institutions 9.1 -2.4 -8.2 -9.9 -9.9 -2.9 -2.8 -34.8 1.0 -2.8 29.2 17

18 Bank personal trusts and estates -1.1 -0.4 -1.7 -1.7 4.3 0.2 8.4 4.3 4.3 2.5 1.2 18

19 Life insurance companies 58.3 59.9 90.7 79.2 77.0 69.3 137.4 43.3 57.9 49.7 73.7 19

20 Other insurance companies 3.3 7.2 12.7 18.3 16.4 8.4 14.2 17.6 25.4 7.2 15.7 20

21 Private pension funds 22.2 -7.7 27.0 23.3 32.1 25.9 29.0 31.6 41.8 35.1 50.1 21

22 State and local govt. retirement funds 13.7 1.2 -4.2 16.7 19.3 3.2 16.9 35.2 21.8 58.8 43.5 22

23 Money market mutual funds 5.4 3.4 6.4 2.4 12.5 9.8 5.5 19.7 14.9 33.9 93.6 23

24 Mutual funds 50.6 3.2 23.3 33.8 44.4 23.9 47.2 58.8 47.6 89.9 72.4 24

25 Closed-end funds 5.8 -4.4 5.8 1.3 1.0 1.8 1.0 0.5 0.6 0.4 0.4 25

26 Government-sponsored enterprises 11.1 8.5 5.5 5.6 0.3 -3.2 0.2 -21.7 26.1 -23.2 -2.0 26

27 Brokers and dealers 22.2 -8.7 12.0 14.5 9.2 28.4 -2.9 34.9 -23.6 8.3 -11.6 27

28 Funding corporations 4.0 10.0 9.8 22.8 6.6 12.0 4.1 -1.7 11.9 -2.1 17.7 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, September 11, 1998 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 137.7 24.6 -3.5 -5.8 -73.3 -67.7 -66.2 -51.3 -108.0 -103.4 -118.2 1

 2 Nonfinancial corporate business 21.3 -44.9 -58.3 -64.2 -114.6 -90.4 -100.0 -124.0 -144.1 -138.0 -129.2 2

 3 Rest of the world (2) 63.4 48.1 50.4 60.0 41.3 46.6 54.4 64.3 -0.3 13.6 4.0 3

 4 Financial sectors 53.0 21.4 4.4 -1.6 0.1 -23.9 -20.6 8.4 36.5 21.0 7.1 4

 5 Commercial banking 7.3 -3.3 -8.7 -14.3 -27.7 -52.8 -30.8 -20.6 -6.8 -10.6 -11.8 5

 6 Other insurance companies 7.4 6.5 7.1 6.2 5.1 2.8 2.2 4.0 11.5 1.6 0.8 6

 7 Closed-end funds 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 -1.7 7

 8 REITs 13.2 11.1 8.3 12.3 29.4 21.7 26.1 35.2 34.7 31.5 24.8 8

 9 Brokers and dealers 1.3 4.7 -8.1 -6.5 -5.9 3.8 -17.4 -8.6 -1.3 -0.1 -4.9 9

10 Net purchases 137.7 24.6 -3.5 -5.8 -73.3 -67.7 -66.2 -51.3 -108.0 -103.4 -118.2 10

11 Household sector -55.6 -157.5 -197.5 -280.4 -485.8 -423.5 -423.0 -535.2 -561.8 -583.0 -453.2 11

12 State and local governments 1.5 1.3 12.1 14.5 1.3 14.2 -14.8 0.2 5.6 -4.2 6.7 12

13 Rest of the world (3) 20.9 0.9 16.6 11.0 64.2 32.9 88.0 92.8 43.1 113.0 55.4 13

14 Commercial banking 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 1.8 3.9 14

15 Savings institutions 1.7 -1.8 0.7 0.6 0.2 -0.4 1.4 -0.6 0.3 1.6 0.6 15

16 Bank personal trusts and estates -55.2 -8.8 1.6 -17.3 72.3 70.4 70.0 73.6 75.1 40.0 49.0 16

17 Life insurance companies 36.3 61.8 18.6 42.1 73.7 35.1 54.6 84.9 120.4 56.6 81.4 17

18 Other insurance companies 0.8 1.1 -0.6 -6.8 3.0 3.2 1.1 3.2 4.7 -4.4 2.0 18

19 Private pension funds 14.9 -4.0 11.0 -13.1 -23.7 -18.2 -7.8 -22.6 -46.1 -34.3 -70.6 19

20 State and local govt. retirement funds 44.3 29.3 41.3 52.2 53.5 57.3 41.8 55.1 59.9 73.6 33.3 20

21 Mutual funds 115.3 100.8 87.4 193.0 166.8 159.9 131.9 185.3 190.2 220.2 187.6 21

22 Closed-end funds 3.7 6.1 -4.6 -1.5 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 22

23 Brokers and dealers 8.1 -3.4 7.7 -1.9 2.7 2.5 -5.8 14.1 -0.2 17.5 -12.3 23

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 1

 2 Net purchases 292.0 100.6 147.4 237.6 265.1 249.6 250.1 299.9 261.0 321.4 312.4 2

 3 Household sector 205.1 67.4 94.5 174.8 222.9 205.6 211.6 248.0 226.5 251.0 264.7 3

 4 Nonfinancial corporate business 6.8 2.1 4.6 3.3 3.0 3.0 3.0 3.0 3.0 3.0 3.0 4

 5 State and local governments 6.5 7.8 5.9 6.0 3.6 6.1 1.0 4.2 3.0 3.5 3.7 5

 6 Commercial banking 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 0.4 -9.2 6

 7 Credit unions 0.1 -1.6 0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.4 1.4 1.4 7

 8 Bank personal trusts and estates 44.9 21.7 9.5 3.9 -7.8 -8.0 -9.6 -5.2 -8.4 3.0 0.8 8

 9 Life insurance companies 6.3 -14.9 13.5 7.0 5.4 3.5 5.4 8.4 4.3 4.6 2.6 9

10 Private pension funds 21.7 20.1 18.9 42.5 37.4 40.6 33.9 43.1 32.2 54.5 45.3 10
48 Z.1, September 11, 1998

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 83.6 183.7 239.8 174.2 235.0 247.0 286.5 150.7 255.8 246.4 214.5 1

 - Loans elsewhere classified:

 2 Open market paper -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.7 0.2 2

 3 Mortgages 47.3 64.9 77.5 55.2 98.7 87.8 123.4 108.8 74.9 132.3 20.8 3

 4 Consumer credit 32.8 63.1 43.2 24.8 -14.2 -33.5 18.3 -26.6 -15.0 -22.5 -11.1 4

 5 Security credit 12.7 -5.7 4.6 1.3 21.7 47.4 21.6 6.2 11.3 57.0 19.3 5

 6 = Banking sector total bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 146.5 123.6 62.2 186.4 80.4 185.3 6

 7 U.S.-chartered commercial banks 8.8 46.2 77.0 58.2 109.3 116.2 94.1 85.4 141.5 99.7 171.2 7

 8 Foreign banking offices in U.S. -13.7 15.1 35.4 32.2 19.2 31.6 28.1 -23.4 40.5 -19.9 13.0 8

 9 Bank holding companies -1.8 -0.1 0.4 0.2 -0.0 -1.6 -0.2 -1.1 2.7 0.7 -1.1 9

10 Banks in U.S.-affiliated areas -0.5 1.7 1.8 1.4 1.2 0.3 1.5 1.2 1.7 -0.2 2.2 10

11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11

12 = Total bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 146.5 123.6 62.2 186.4 80.4 185.3 12

13 Net change in liabilities -7.2 62.9 114.7 92.1 129.7 146.5 123.6 62.2 186.4 80.4 185.3 13

14 Nonfinancial sectors 7.1 76.6 110.7 75.2 116.1 140.0 129.6 38.9 155.7 61.5 178.1 14

15 Household sector 9.8 13.4 15.9 -3.7 8.9 26.6 22.9 -46.4 32.3 28.0 23.5 15

16 Corporate business -10.8 42.7 66.8 45.8 73.5 89.3 67.0 57.1 80.6 16.0 117.7 16

17 Nonfarm noncorporate business 5.3 17.2 18.5 23.4 21.7 24.2 23.2 18.2 21.2 9.7 25.8 17

18 Farm business 2.1 1.9 1.1 0.6 3.5 0.5 5.0 2.7 5.9 2.3 3.0 18

19 Rest of the world 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 7.9 19

20 Foreign official institutions -1.0 -0.2 0.4 0.3 -0.8 -3.5 0.2 0.8 -0.7 0.9 -0.5 20

21 Foreign banks 1.2 0.0 2.1 3.4 -0.5 -2.2 -1.2 -1.2 2.5 -2.4 6.5 21

22 Other foreign 0.5 1.6 5.9 5.4 9.8 5.1 12.4 7.7 13.9 7.1 1.9 22

23 Financial sectors -14.4 -13.7 3.9 16.9 13.6 6.5 -6.0 23.2 30.7 18.9 7.2 23

24 Savings institutions -0.5 0.9 5.2 1.4 3.5 4.1 -1.1 3.7 7.1 11.4 4.3 24

25 Finance companies -13.7 -5.6 0.5 4.4 4.4 -2.2 1.0 7.5 11.5 -5.8 0.4 25

26 Mortgage companies 0.0 -11.5 0.4 12.4 -1.3 -0.7 -12.2 3.6 4.2 5.2 -5.5 26

27 REITs -0.2 2.5 -2.1 -1.4 7.0 5.2 6.3 8.5 7.9 8.0 8.0 27
Z.1, September 11, 1998 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances -0.8 50.3 70.2 62.5 101.8 15.0 83.4 113.3 195.3 106.4 106.1 1

 2 U.S. government loans -2.9 -13.4 13.0 -0.2 9.5 10.6 8.1 7.9 11.2 16.6 14.0 2

 3 Liab.: Household sector -1.2 -4.4 11.3 3.1 11.4 18.2 8.1 12.7 6.6 8.3 10.7 3

 4 Nonfinancial corporate business 0.2 -0.1 1.9 -1.3 -0.3 -0.6 -0.1 -0.2 -0.1 0.3 -0.4 4

 5 Nonfarm noncorporate business 0.6 -2.5 1.2 -0.3 1.8 0.0 0.8 -0.1 6.5 4.7 4.3 5

 6 Farm business -0.7 -0.6 -1.2 -1.1 -0.5 -0.5 -0.5 -0.5 -0.4 -0.4 -0.3 6

 7 State and local governments -0.6 0.1 0.5 0.4 -1.2 -4.8 0.4 -0.4 -0.1 5.1 -0.3 7

 8 Rest of the world -1.1 -1.2 -0.8 -1.0 -1.8 -1.7 -0.6 -3.5 -1.3 -1.5 -0.0 8

 9 Government-sponsored enterprises 0 -4.8 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business -15.8 1.6 0.0 4.1 16.4 2.0 5.9 12.2 45.5 7.8 -9.0 10

11 Liab.: Nonfinancial corporate business -15.8 1.6 0.0 4.1 16.4 2.0 5.9 12.2 45.5 7.8 -9.0 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -6.4 -2.4 -0.6 1.0 -2.8 3.1 3.2 -4.5 -13.0 -13.9 -11.5 12

13 Liab.: Nonfinancial corporate business -3.3 -2.1 -0.8 -0.7 -2.6 0.5 1.5 -4.5 -7.8 -8.4 -7.0 13

14 Rest of the world -3.1 -0.3 0.3 1.8 -0.2 2.6 1.8 -0.0 -5.2 -5.5 -4.4 14

15 Savings institution loans to business -1.6 -0.5 2.5 3.0 3.1 4.0 1.7 5.2 1.5 3.8 1.7 15

16 Liab.: Nonfinancial corporate business -0.8 -0.3 1.2 1.5 1.6 2.0 0.9 2.6 0.8 1.9 0.8 16

17 Nonfarm noncorporate business -0.8 -0.3 1.2 1.5 1.6 2.0 0.9 2.6 0.8 1.9 0.8 17

18 Policy loans (Household liability) 5.6 7.8 10.5 4.5 3.2 5.9 6.9 3.0 -3.0 0.8 -0.2 18

19 Asset: Federal government -0.0 -0.0 0.1 0.0 -0.0 0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 5.7 7.8 10.4 4.5 3.2 5.9 6.9 3.0 -2.9 0.8 -0.2 20

21 Govt.-sponsored enterprises loans 26.5 27.2 11.2 28.8 31.2 -21.1 58.2 34.3 53.2 32.2 64.5 21

22 Liab.: Household sector (SLMA) 2.7 3.7 3.9 -0.6 -4.4 -3.8 -5.8 -4.2 -3.9 -7.2 -8.7 22

23 Noncorporate business (FCS) 1.2 0.0 2.5 -1.2 0 -0.0 3.5 2.0 -5.5 4.8 -1.3 23

24 Farm business (FCS) 0.2 0.8 1.4 2.7 0 2.8 -2.6 -1.0 0.8 1.9 -1.5 24

25 Commercial banks (FHLB and SLMA) 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 50.2 25

26 Savings institutions (FHLB and SLMA) 13.3 12.7 -2.6 24.5 16.2 -20.6 33.1 17.6 34.6 0.2 26.2 26

27 Credit unions (FHLB) 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 0.2 27

28 Life insurance companies (FHLB) 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 -0.6 28

29 Securitized loans held by ABS issuers 9.7 4.3 6.9 13.3 32.2 -11.1 12.1 -1.1 128.9 32.3 7.7 29

30 Liab.: Households (1) 0 0 1.0 5.3 7.8 6.8 8.3 8.2 8.0 10.0 9.6 30

31 Nonfinancial corporate business 9.7 4.3 5.9 8.1 24.4 -17.9 3.8 -9.3 120.9 22.3 -1.9 31

32 Finance company loans to business -15.9 25.9 26.7 7.9 9.0 21.5 -12.7 56.2 -29.0 26.7 38.8 32

33 Liab.: Nonfinancial corporate business -14.3 23.3 24.0 7.1 8.1 19.4 -11.4 50.6 -26.1 24.0 34.9 33

34 Nonfarm noncorporate business -1.6 2.6 2.7 0.8 0.9 2.2 -1.3 5.6 -2.9 2.7 3.9 34

(1) Student loans.
50 Z.1, September 11, 1998

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 127.3 183.2 211.1 325.9 348.8 257.7 302.6 422.0 413.1 442.3 495.8 1

 2 Home 156.2 178.5 174.5 264.9 267.7 217.5 210.5 333.6 309.3 330.3 367.9 2

 3 Multifamily residential -5.6 2.0 10.0 15.2 13.9 6.0 15.2 9.8 24.7 22.6 25.2 3

 4 Commercial -24.3 0.5 25.0 43.3 63.9 32.2 72.7 74.2 76.5 85.4 96.5 4

 5 Farm 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 5

 6 Net borrowing 127.3 183.2 211.1 325.9 348.8 257.7 302.6 422.0 413.1 442.3 495.8 6

 7 Household sector 128.9 162.3 166.9 268.7 262.2 202.3 203.7 336.3 306.5 327.2 368.0 7

 8 Nonfinancial business -5.2 11.1 38.6 49.2 78.9 49.2 91.4 75.6 99.3 107.1 119.8 8

 9 Corporate -4.7 22.7 39.2 26.3 38.1 27.7 45.8 33.8 45.1 49.5 55.0 9

10 Nonfarm noncorporate -1.5 -13.8 -2.2 20.4 37.5 19.5 41.5 37.5 51.6 53.5 58.6 10

11 Farm 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 11

12 Federal government -0.0 0 0 -0.0 -0.0 -0.0 0 0 0 0 0 12

13 REITs 3.6 9.8 5.6 7.9 7.8 6.2 7.5 10.1 7.3 8.0 8.0 13

14 Net change in assets 127.3 183.2 211.1 325.9 348.8 257.7 302.6 422.0 413.1 442.3 495.8 14

15 Household sector -8.0 -10.4 -5.5 -4.1 -3.9 5.3 9.7 -39.6 9.2 3.1 17.8 15

16 Nonfinancial corporate business -7.8 4.1 1.6 11.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -1.5 -0.1 3.1 2.3 1.2 1.1 1.2 1.2 1.2 1.2 1.3 17

18 State and local governments -5.4 2.2 3.3 3.8 3.6 2.6 4.3 3.7 3.6 4.0 3.9 18

19 Federal government -15.4 -14.0 -13.2 -7.5 -4.5 -8.9 -2.4 -4.6 -2.2 -1.1 -1.2 19

20 Commercial banking 47.3 64.9 77.5 55.2 98.7 87.8 123.4 108.8 74.9 132.3 20.8 20

21 Savings institutions (1) -29.5 -2.2 0.6 31.6 3.5 -7.8 10.7 9.5 1.5 20.8 -28.5 21

22 Credit unions -0.1 6.1 4.4 9.5 10.1 6.6 12.1 14.5 7.2 14.3 22.3 22

23 Bank personal trusts and estates -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 0.2 23

24 Life insurance companies -17.6 -13.5 -3.4 -2.1 5.4 4.6 6.2 5.4 5.5 5.8 5.6 24

25 Other insurance companies -1.4 -0.7 -1.0 -0.4 -0.2 0.3 -0.4 -0.0 -0.5 -0.1 -0.3 25

26 Private pension funds -0.1 3.6 1.3 1.7 2.4 2.1 2.1 2.4 2.9 2.3 3.6 26

27 State and local govt. retirement funds -1.9 0.7 0.7 0.8 0.9 0.8 0.9 0.9 0.9 0.9 1.0 27

28 Government-sponsored enterprises (1) 41.3 3.6 4.4 1.7 -3.8 -14.0 -6.5 -1.6 6.8 4.8 5.5 28

29 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 247.0 29

30 ABS issuers 45.5 38.9 35.0 60.6 93.7 55.2 66.5 111.6 141.5 145.9 200.7 30

31 Finance companies -3.1 4.2 5.6 10.2 5.3 2.9 5.6 6.6 6.0 6.7 1.1 31

32 Mortgage companies -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 -11.0 32

33 REITs 0.6 4.7 2.2 2.0 -2.0 -2.1 -2.1 -2.1 -1.7 -2.0 -2.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, September 11, 1998 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 156.2 178.5 174.5 264.9 267.7 217.5 210.5 333.6 309.3 330.3 367.9 1

 2 Household sector 121.2 169.7 171.1 260.5 261.3 212.0 204.4 326.9 302.0 322.2 359.1 2

 3 Nonfinancial corporate business 0.7 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 3

 4 Nonfarm noncorporate business 34.3 8.1 2.6 3.4 5.4 4.6 5.2 5.7 6.2 7.0 7.8 4

 5 Net change in assets 156.2 178.5 174.5 264.9 267.7 217.5 210.5 333.6 309.3 330.3 367.9 5

 6 Household sector -10.0 -11.0 -8.4 -3.4 -3.2 6.8 9.6 -39.0 9.7 2.6 15.5 6

 7 Nonfinancial corporate business -4.8 1.8 1.7 4.9 3.5 3.5 3.1 3.5 3.9 4.0 3.9 7

 8 Nonfarm noncorporate business 0.2 -0.0 1.2 1.0 0.5 0.5 0.5 0.5 0.5 0.5 0.5 8

 9 State and local governments -6.0 1.0 3.2 2.3 3.0 2.3 2.9 3.7 3.0 3.3 3.4 9

10 Federal government -6.0 -3.9 -5.0 -2.9 -2.1 -5.4 -0.1 -2.8 0.1 -0.8 -0.7 10

11 Commercial banking 50.0 55.1 53.6 29.1 64.0 69.8 79.0 60.6 46.7 98.0 -0.6 11

12 Savings institutions -19.6 7.6 4.7 31.4 7.0 -1.3 12.5 12.2 4.4 25.5 -27.0 12

13 Credit unions -0.1 6.1 4.4 9.5 10.1 6.6 12.1 14.5 7.2 14.3 22.3 13

14 Bank personal trusts and estates -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 0.2 14

15 Life insurance companies -2.6 -1.6 0.3 -0.5 0.4 0.1 0.2 1.0 0.4 0.5 0.7 15

16 Private pension funds -0.0 0.8 0.3 0.4 0.5 0.5 0.5 0.5 0.6 0.5 0.8 16

17 State and local govt. retirement funds 0.1 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 17

18 Government-sponsored enterprises 39.8 2.6 3.9 1.0 -3.6 -12.9 -5.7 -1.9 6.3 5.8 4.3 18

19 Federally related mortgage pools 86.1 115.4 93.7 135.5 109.1 109.6 82.4 109.4 135.0 80.0 241.4 19

20 ABS issuers 32.9 23.7 19.3 34.1 56.1 36.8 33.4 79.8 74.4 75.3 110.0 20

21 Finance companies -3.1 4.2 5.6 13.4 6.9 4.7 4.7 8.6 9.5 10.1 3.4 21

22 Mortgage companies -0.5 -24.0 -4.5 8.2 15.3 -4.3 -24.4 82.9 7.1 10.0 -10.6 22

23 REITs 0.1 0.5 0.2 0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -5.6 2.0 10.0 15.2 13.9 6.0 15.2 9.8 24.7 22.6 25.2 1

 2 Nonfinancial corporate business 0.7 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 2

 3 Nonfarm noncorporate business -7.5 -2.0 7.3 11.7 10.4 3.0 11.8 5.5 21.3 18.9 21.5 3

 4 Federal government -0.0 0 0 -0.0 -0.0 -0.0 0 0 0 0 0 4

 5 REITs 1.2 3.2 1.8 2.6 2.6 2.0 2.5 3.3 2.4 2.6 2.6 5

 6 Net change in assets -5.6 2.0 10.0 15.2 13.9 6.0 15.2 9.8 24.7 22.6 25.2 6

 7 Household sector 0.8 0.2 0.6 -0.3 -0.2 -0.5 -0.6 0.4 0 0 0 7

 8 Nonfinancial corporate business -0.4 0.2 -1.0 0.9 0.6 1.0 0.9 0.1 0.5 0.6 0.6 8

 9 Nonfarm noncorporate business -1.3 -0.0 1.0 0.7 0.3 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments 0.4 0.7 0.6 1.8 0.3 -0.2 0.8 0.4 0.3 0.5 0.4 10

11 Federal government -4.5 -2.6 -4.7 -2.5 -0.9 -3.0 -0.6 0.3 -0.4 0.0 -0.2 11

12 Commercial banking 0.6 0.7 4.5 2.8 4.0 3.8 6.0 0.2 5.9 4.6 1.5 12

13 Savings institutions -2.4 -3.0 -2.4 -0.4 -2.0 -3.7 -2.3 1.1 -3.2 -1.9 -1.5 13

14 Life insurance companies -1.8 -1.5 -0.5 -0.2 0.6 0.5 0.7 0.5 0.6 0.6 0.5 14

15 Private pension funds -0.0 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 15

16 State and local govt. retirement funds -0.1 0.2 0.2 0.2 0.3 0.2 0.2 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 1.7 0.9 0.6 -0.5 -1.2 -1.3 -1.9 -1.2 -0.7 -2.3 -0.1 17

18 Federally related mortgage pools -1.4 -0.0 4.5 5.6 5.3 5.0 5.7 5.2 5.3 4.8 5.6 18

19 ABS issuers 2.4 3.0 3.8 6.4 7.3 2.1 7.5 5.2 14.4 16.9 18.7 19

20 Finance companies 0 0 0 -0.6 -0.2 0.1 -0.3 -1.7 1.1 -1.0 0.5 20

21 Mortgage companies 0.1 0 1.1 -0.1 1.0 3.0 0 0 1.2 0.4 -0.4 21

22 REITs 0.4 3.1 1.4 1.3 -1.3 -1.4 -1.4 -1.4 -1.1 -1.3 -1.3 22
52 Z.1, September 11, 1998

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing -24.3 0.5 25.0 43.3 63.9 32.2 72.7 74.2 76.5 85.4 96.5 1

 2 Household sector 7.7 -7.4 -4.2 8.2 0.9 -9.7 -0.6 9.4 4.5 5.0 8.9 2

 3 Nonfinancial corporate business -6.0 21.2 37.4 24.5 36.1 25.8 43.8 31.8 43.1 47.5 52.9 3

 4 Nonfarm noncorporate business -28.4 -19.9 -12.0 5.3 21.7 11.9 24.6 26.3 24.1 27.6 29.3 4

 5 REITs 2.4 6.6 3.7 5.3 5.2 4.2 5.0 6.8 4.9 5.4 5.4 5

 6 Net change in assets -24.3 0.5 25.0 43.3 63.9 32.2 72.7 74.2 76.5 85.4 96.5 6

 7 Household sector 0.8 -0.3 1.5 -0.8 -1.0 -1.1 -1.3 -1.7 0 0 0 7

 8 Nonfinancial corporate business -2.5 2.1 0.9 5.4 3.9 3.5 4.0 4.4 3.5 3.4 3.5 8

 9 Nonfarm noncorporate business -0.5 -0.0 0.9 0.6 0.3 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments 0.2 0.5 -0.5 -0.2 0.3 0.5 0.7 -0.4 0.3 0.2 0.0 10

11 Federal government -4.5 -7.3 -3.1 -1.7 -0.6 -0.1 -0.4 -0.5 -1.5 0.2 -0.1 11

12 Commercial banking -4.3 7.4 18.1 22.2 28.6 12.6 36.5 45.0 20.5 27.6 17.8 12

13 Savings institutions -7.5 -6.8 -1.8 0.6 -1.5 -2.9 0.5 -3.8 0.3 -2.9 -0.1 13

14 Life insurance companies -13.4 -10.5 -3.3 -1.7 4.0 3.5 5.1 3.3 4.0 4.2 3.9 14

15 Other insurance companies -1.4 -0.7 -1.0 -0.4 -0.2 0.3 -0.4 -0.0 -0.5 -0.1 -0.3 15

16 Private pension funds -0.0 2.6 0.9 1.2 1.7 1.5 1.5 1.8 2.1 1.7 2.7 16

17 State and local govt. retirement funds -1.9 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 10.3 12.1 11.9 20.1 30.3 16.3 25.7 26.6 52.7 53.7 72.1 18

19 Finance companies 0 0 0 -2.6 -1.4 -1.9 1.2 -0.2 -4.6 -2.4 -2.9 19

20 Mortgage companies 0.3 0 0 0 0 0 0 0 0 0 0 20

21 REITs 0.1 1.1 0.5 0.5 -0.5 -0.5 -0.5 -0.5 -0.4 -0.5 -0.5 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 1

 2 Net change in assets 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 6.2 2

 3 Household sector 0.4 0.7 0.8 0.4 0.5 0.1 1.9 0.8 -0.6 0.4 2.3 3

 4 Nonfarm noncorporate business 0.1 -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.0 -0.0 -0.0 -0.1 0 0 0 0 0 0 0 5

 6 Federal government -0.5 -0.3 -0.5 -0.5 -0.9 -0.4 -1.2 -1.6 -0.4 -0.5 -0.2 6

 7 Commercial banking 1.0 1.7 1.3 1.1 2.1 1.6 2.0 2.9 1.8 2.1 2.1 7

 8 Savings institutions -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 8

 9 Life insurance companies 0.3 0.1 0.1 0.4 0.5 0.4 0.2 0.7 0.5 0.5 0.5 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises -0.2 0.1 -0.1 1.1 1.0 0.2 1.1 1.4 1.2 1.3 1.3 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 0 0 12
Z.1, September 11, 1998 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 1

 2 Net change in assets 60.7 124.9 138.9 88.8 52.5 62.5 59.5 50.3 37.8 51.7 58.6 2

 3 Nonfinancial corporate business 6.9 9.4 -1.6 -7.3 1.2 32.4 -14.2 0.5 -13.9 40.6 -37.3 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 32.8 63.1 43.2 24.8 -14.2 -33.5 18.3 -26.6 -15.0 -22.5 -11.1 5

 6 Savings institutions 0.5 0.6 1.6 4.6 2.5 4.6 2.5 8.0 -5.3 -0.3 5.0 6

 7 Credit unions 12.2 18.0 12.3 12.2 8.2 11.5 7.9 5.4 8.1 0.8 -7.2 7

 8 ABS issuers 10.2 15.6 65.6 54.2 47.2 32.1 37.1 57.5 62.2 37.9 122.0 8

 9 Finance companies -1.9 18.3 17.7 0.3 7.6 15.4 8.0 5.4 1.7 -4.8 -12.7 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 52.2 94.0 100.7 72.3 94.5 63.4 56.0 121.0 137.7 79.6 63.0 1

 2 Household sector 7.4 4.2 8.5 1.4 3.0 -1.8 8.8 -0.2 5.0 -3.2 -1.7 2

 3 Nonfinancial corporate business 36.4 77.3 81.0 55.0 65.7 38.4 40.8 78.0 105.6 80.2 55.9 3

 4 Nonfarm noncorporate business -2.5 7.5 6.2 7.8 7.7 7.3 7.9 7.9 7.7 7.5 7.3 4

 5 Farm business 1.0 1.0 1.0 1.3 1.4 -2.5 3.2 1.5 3.2 -1.4 2.5 5

 6 State and local governments 0.9 1.8 2.0 2.2 1.8 4.2 0 1.4 1.5 -0.1 0.2 6

 7 Federal government 3.0 -0.4 -4.7 2.2 -0.9 -1.0 0.2 -3.9 1.3 -3.5 7.5 7

 8 Rest of the world 3.4 3.6 5.8 -1.7 10.2 5.4 0.2 7.2 28.1 1.8 -12.7 8

 9 Brokers and dealers 2.7 -0.9 1.1 4.0 5.7 13.4 -5.1 29.1 -14.7 -1.6 3.8 9

10 Net change in trade receivables 56.2 92.5 113.2 103.8 84.8 68.6 109.8 81.5 79.3 73.7 66.4 10

11 Nonfinancial corporate business 50.7 71.9 78.0 62.5 33.9 15.4 83.0 13.2 23.9 -4.0 31.6 11

12 Nonfarm noncorporate business -0.8 14.0 12.3 9.4 9.8 9.4 9.6 9.8 10.4 10.5 11.0 12

13 Federal government -2.4 -3.8 -1.6 1.2 -0.7 -0.3 4.5 -1.8 -5.3 2.0 -4.7 13

14 Rest of the world 4.5 1.3 -0.3 5.9 2.8 2.8 -1.1 0.8 8.5 -5.9 -1.7 14

15 Other insurance companies 1.7 2.2 4.4 -0.1 2.7 16.3 2.2 0.2 -7.7 10.7 0.6 15

16 ABS issuers 2.6 6.8 20.5 25.0 36.3 25.0 11.5 59.3 49.5 60.4 29.6 16

17 Discrepancy -4.0 1.5 -12.5 -31.5 9.7 -5.2 -53.8 39.4 58.5 5.9 -3.4 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 61.4 -0.1 26.7 52.4 110.1 110.4 127.5 90.6 111.9 168.8 -110.3 1

 2 Household sector 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 36.3 -3.4 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 38.7 1.0 23.1 36.6 73.3 83.7 89.9 22.8 96.8 132.5 -106.8 4

 5 Customer credit balances (HH) 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 75.5 -126.1 5

 6 From U.S.-chartered commercial banks 4.1 -4.6 8.3 -4.8 4.2 22.5 -11.5 9.6 -4.0 28.7 2.5 6

 7 From foreign banking offices in U.S. 8.6 -1.2 -3.7 6.2 17.5 24.9 33.1 -3.4 15.3 28.3 16.8 7

 8 Net change in assets 61.4 -0.1 26.7 52.4 110.1 110.4 127.5 90.6 111.9 168.8 -110.3 8

 9 Household sector 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 75.5 -126.1 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking 12.7 -5.7 4.6 1.3 21.7 47.4 21.6 6.2 11.3 57.0 19.3 11

12 Brokers and dealers 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 36.3 -3.4 12
54 Z.1, September 11, 1998

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 36.0 34.5 44.9 43.6 52.9 49.8 62.5 62.8 36.6 47.8 38.5 1

 2 Federal government 0.3 0.2 0.1 -0.3 0.4 -0.9 2.3 -1.2 1.2 -1.2 1.1 2

 3 Life insurance companies 35.7 34.3 44.8 43.8 52.6 50.7 60.2 64.0 35.4 49.0 37.4 3

 4 Net change in assets (Households) 36.0 34.5 44.9 43.6 52.9 49.8 62.5 62.8 36.6 47.8 38.5 4

 Pension fund reserves:

 5 Net change in liabilities 255.6 246.2 233.2 230.8 296.8 256.6 318.9 326.9 284.8 259.9 265.4 5

 6 Federal government 27.6 27.8 15.9 44.4 31.3 22.8 28.0 39.3 35.2 17.2 35.2 6

 7 Life insurance companies 73.9 81.0 65.1 44.4 99.5 80.3 106.6 107.7 103.6 112.9 90.4 7

 8 Private pension funds (1) 98.4 78.8 96.0 84.6 86.4 86.9 85.9 79.5 93.3 85.1 95.2 8

 9 State and local govt. retirement funds 55.7 58.6 56.1 57.4 79.5 66.6 98.5 100.4 52.6 44.7 44.6 9

10 Net change in assets (Households) 255.6 246.2 233.2 230.8 296.8 256.6 318.9 326.9 284.8 259.9 265.4 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 11.4 2.6 6.2 16.2 15.1 21.7 12.4 29.6 -3.4 44.1 -7.7 1

 businesses

 2 Nonfinancial corporate business 5.4 -0.4 -0.0 9.6 8.2 16.5 6.3 21.4 -11.2 39.1 -14.4 2

 3 Nonfarm noncorporate business 0.7 0.8 1.3 1.8 1.3 1.4 1.3 1.3 1.3 1.2 1.2 3

 4 U.S.-chartered commercial banks 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 1.6 4

 5 Savings institutions 0.6 -0.9 0.5 -0.1 0.4 -0.2 0.5 0.9 0.4 -0.4 0.3 5

 6 Life insurance companies 1.6 1.0 1.6 1.6 1.7 1.7 1.7 1.7 1.7 1.6 1.6 6

 7 Other insurance companies 1.4 0.9 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.2 7

 8 Finance companies 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 8

 9 Brokers and dealers 0.5 -0.2 -0.1 0.1 0.1 -0.9 -0.6 0.9 0.9 -1.0 -0.0 9

10 Net change in business taxes receivable -4.5 -14.0 -14.9 -4.2 -2.6 2.4 -15.1 14.9 -12.8 2.9 -9.2 10

11 State and local governments -3.2 -6.0 -8.4 -5.1 -0.8 -2.2 -1.8 0.6 0.3 -0.7 0 11

12 Federal government -1.3 -8.0 -6.5 0.9 -1.8 4.7 -13.3 14.3 -13.0 3.6 -9.2 12

13 Discrepancy 15.8 16.6 21.1 20.4 17.7 19.3 27.6 14.7 9.4 41.2 1.5 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 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 1

 2 Asset: Household sector 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 50.3 57.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 25.5 55.6 71.5 47.1 41.1 50.1 48.0 49.7 16.8 41.0 12.5 1

 2 Nonfarm noncorporate business 26.9 59.9 66.1 28.7 19.3 38.1 15.8 14.8 8.4 10.4 7.4 2

 3 Farm business -8.5 8.4 -9.1 6.4 3.9 2.1 4.4 9.5 -0.4 8.4 8.4 3

 4 Brokers and dealers 7.1 -12.7 14.5 12.0 18.0 10.0 27.8 25.4 8.7 22.2 -3.4 4
Z.1, September 11, 1998 55

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 340.0 252.0 449.4 415.8 586.7 668.2 527.8 621.6 529.4 868.6 399.6 1

 2 Household sector 0.5 0.5 0.7 0.3 -4.8 2.2 2.2 2.2 -26.0 -0.3 1.2 2

 3 Nonfinancial corporate business 102.7 66.0 135.5 180.3 132.0 215.1 87.7 167.0 58.1 253.8 146.1 3

 4 Nonfarm noncorporate business 3.6 2.8 15.4 10.5 6.8 8.4 6.8 7.1 4.8 3.5 2.3 4

 5 Federal government 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 14.4 5

 6 Rest of the world 113.8 80.0 136.7 124.6 152.5 193.3 182.9 213.7 20.1 51.1 134.0 6

 7 Monetary authority 1.0 1.3 1.3 -0.2 1.8 -13.8 20.4 -10.1 10.8 -17.5 21.3 7

 8 Commercial banking 90.4 82.4 124.0 20.1 190.3 208.6 207.1 65.5 280.1 -35.5 246.2 8

 9 Savings institutions -3.8 3.7 -0.6 -2.5 -2.1 -28.3 17.1 -13.3 16.2 21.7 -8.0 9

10 Credit unions 0.5 1.4 -1.9 0.0 0.1 3.0 0.3 -1.1 -1.9 1.6 2.2 10

11 Life insurance companies 13.7 3.6 11.0 9.9 31.0 7.9 50.1 20.3 45.8 36.4 37.7 11

12 Other insurance companies 15.8 16.4 22.8 11.9 12.7 12.7 8.9 32.4 -3.4 20.6 14.1 12

13 Government-sponsored enterprises -4.9 -24.9 5.8 0.3 7.8 27.2 -26.0 19.5 10.5 60.5 -9.9 13

14 Finance companies 11.5 14.8 21.8 3.2 -2.8 38.9 -70.7 47.0 -26.5 31.0 -48.6 14

15 Mortgage companies -0.1 -12.5 -3.8 -4.3 17.6 -0.6 -12.2 79.3 4.2 5.2 -5.5 15

16 REITs -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 3.5 16

17 Brokers and dealers 15.6 1.6 12.6 27.8 21.6 -11.5 14.9 50.7 32.3 327.3 -219.2 17

18 Funding corporations -21.0 8.1 -37.7 34.9 16.4 15.0 8.5 -30.5 72.5 109.2 67.7 18

19 Net change in assets 510.8 402.4 670.7 538.4 890.0 643.1 1012.8 759.3 1144.9 1076.2 656.2 19

20 Household sector 13.1 5.4 15.8 9.0 11.7 13.7 13.0 30.3 -10.1 22.3 13.6 20

21 Nonfinancial corporate business 245.9 171.6 326.2 246.6 257.9 217.0 130.0 314.8 369.8 383.6 280.4 21

22 Nonfarm noncorporate business 9.0 15.7 23.1 15.8 16.0 16.0 15.0 15.9 16.9 17.0 18.6 22

23 Farm business 1.5 2.0 2.7 2.9 4.4 4.0 4.5 4.7 4.3 5.2 5.6 23

24 State and local governments 4.6 -0.1 40.6 -15.5 20.4 13.6 34.4 -12.4 46.1 45.6 -39.4 24

25 Federal government -3.8 3.3 -2.5 -6.4 -6.9 -11.8 -7.0 -9.1 0.3 -1.3 -0.4 25

26 Rest of the world 75.6 56.5 117.9 120.0 226.1 239.6 180.6 158.6 325.6 -16.9 214.8 26

27 Monetary authority 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 -0.9 5.4 27

28 Commercial banking 77.6 74.5 61.4 25.9 102.3 32.6 184.7 81.9 110.1 165.4 290.1 28

29 Savings institutions -17.2 -8.1 1.7 -1.8 -3.2 -36.6 1.2 -2.9 25.5 29.4 10.8 29

30 Credit unions 1.7 -3.4 -0.8 -0.2 3.8 -2.9 8.8 8.9 0.6 18.0 -13.4 30

31 Bank personal trusts and estates 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 0.3 31

32 Life insurance companies -7.3 22.2 7.2 -10.2 18.6 5.8 4.7 22.1 41.7 24.4 -6.4 32

33 Other insurance companies 2.8 1.7 3.8 3.6 4.9 7.9 2.9 4.9 4.1 3.3 4.2 33

34 Private pension funds 9.8 16.0 13.9 13.9 11.9 17.4 10.4 1.4 18.6 -11.1 12.7 34

35 State and local govt. retirement funds -15.2 5.2 -16.0 -42.1 -8.8 -29.1 18.2 -20.6 -3.5 -126.4 -46.9 35

36 Money market mutual funds 11.0 6.9 12.8 4.8 16.0 -0.7 63.9 18.3 -17.4 33.6 4.0 36

37 Mutual funds 0.3 2.5 0.5 -1.7 7.1 2.7 6.6 3.7 15.5 -16.1 2.1 37

38 Government-sponsored enterprises 6.3 -1.7 9.7 12.3 18.8 -31.0 25.9 12.9 67.2 19.2 30.6 38

39 Finance companies 25.7 -7.6 21.0 22.0 28.9 2.5 57.3 -13.1 68.7 78.1 29.3 39

40 REITs 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 16.0 40

41 Brokers and dealers 49.6 24.8 10.3 68.2 83.3 48.2 241.2 24.6 19.2 271.7 -187.8 41

42 Funding corporations 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 114.8 11.9 42

43 Discrepancy -170.8 -150.4 -221.3 -122.6 -303.3 25.1 -485.0 -137.8 -615.5 -207.6 -256.6 43
56 Z.1, September 11, 1998

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 77.9 75.2 96.7 81.1 121.8 130.0 105.6 110.0 141.9 137.3 161.0 1

 2 Equity 24.6 33.7 40.5 25.0 45.7 48.2 33.0 33.0 68.6 52.5 77.6 2

 3 Reinvested earnings 30.7 26.1 51.8 54.6 64.3 66.6 62.5 66.7 61.5 60.9 73.4 3

 4 Intercompany accounts 22.7 15.5 4.4 1.4 11.8 15.3 10.0 10.2 11.8 23.8 10.0 4

 5 Asset: Nonfinancial corporate business 51.9 73.6 88.2 71.5 101.1 106.5 92.0 97.7 107.9 122.1 141.0 5

 6 Commercial banking 2.0 2.6 1.6 3.5 3.3 4.6 4.1 2.5 1.8 4.7 2.6 6

 7 Life insurance companies -0.1 0.6 0.4 1.1 0.4 1.0 0.4 -0.1 0.1 0.3 1.5 7

 8 Other insurance companies 2.8 1.7 3.8 3.6 4.9 7.9 2.9 4.9 4.1 3.3 4.2 8

 9 Finance companies 20.4 0.7 2.5 0.7 10.2 8.1 4.8 3.4 24.5 5.0 8.2 9

10 Brokers and dealers 1.0 -3.9 0.1 0.7 2.0 1.9 1.3 1.5 3.3 1.9 3.5 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 17.9 43.7 53.5 64.1 98.8 96.5 49.5 94.2 155.0 119.2 17.7 11

12 Nonfarm noncorporate business 0.0 0.0 -0.1 0.1 0.1 0.4 -0.2 0.1 -0.1 0.0 0.1 12

13 Commercial banking 2.2 3.4 6.6 0.3 5.7 3.8 13.0 3.9 2.3 1.2 -0.0 13

14 Life insurance companies 0.2 1.0 1.8 2.1 3.2 3.5 6.8 2.7 -0.0 -0.6 4.1 14

15 Other insurance companies 0.7 1.8 2.0 5.3 7.9 3.1 3.4 10.4 14.5 4.7 3.9 15

16 Finance companies 23.6 1.3 2.8 3.9 4.9 9.2 0.1 -6.9 17.3 6.9 12.5 16

17 Brokers and dealers 0.1 0.8 1.5 0.8 0.3 0.5 -0.1 0.1 0.5 0.4 0.4 17

18 Funding corporations 4.3 -7.5 -10.4 1.1 -27.4 -13.4 8.1 -28.7 -75.7 -28.1 49.4 18

19 Asset: Rest of the world 49.0 44.6 57.7 77.6 93.4 103.5 80.6 75.9 113.8 103.7 88.1 19

20 Equity 29.7 37.2 47.9 55.4 46.5 41.2 39.3 42.0 63.5 50.0 43.2 20

21 Reinvested earnings -9.4 3.4 8.3 11.2 22.5 25.4 18.5 26.9 19.3 19.6 15.1 21

22 Intercompany accounts 28.8 4.0 1.5 11.0 24.4 36.9 22.9 7.0 31.0 34.1 29.8 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 1.8 23

24 Asset: Federal government 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 1.8 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 1.3 25

26 Asset: Commercial banking 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 1.3 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.7 1.9 1.8 1.2 0.7 2.2 0.2 -0.1 0.4 5.6 1.8 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.1 -0.2 -0.2 -1.1 -0.3 -1.7 -1.8 -0.5 0.3 -0.5 28

29 Nonfarm noncorporate (BC) 0.2 0.2 0.0 0.7 0 0.0 -0.2 -0.1 0.3 -0.2 0.7 29

30 Farm business (FICB and FLB) 0.1 0.0 -0.1 -0.6 0 -0.0 0.2 0.2 -0.4 0.3 0.5 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.3 1.6 1.6 0.8 1.3 1.8 2.1 1.5 -0.1 2.0 0.7 32

33 Savings institutions (FHLB) 0.0 -0.0 0.4 0.5 0.4 0.8 -0.2 -1.6 2.7 3.2 0.3 33

34 Credit unions (FHLB) 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.8 -0.7 0.0 0.1 34

35 Life insurance companies (FHLB) 0.0 0.0 -0.0 0.1 0.0 0.0 0.0 0.9 -0.9 -0.0 -0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 56.3 36

37 Savings institutions 0.4 -0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 37

38 Finance companies 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 -9.1 38

39 Mortgage companies -0.1 -12.5 -3.8 -4.3 17.6 -0.6 -12.2 79.3 4.2 5.2 -5.5 39

40 Brokers and dealers 12.0 9.6 7.3 -0.3 4.8 30.8 23.9 -59.5 24.2 20.7 81.2 40

41 Asset: Bank holding companies 44.7 17.7 48.3 28.9 65.7 88.5 58.9 66.1 49.3 92.8 123.3 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 -9.1 42

43 Asset: Nonfinancial corporate business 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 -9.1 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 -32.9 44

45 Brokers and dealers 17.2 16.1 17.8 51.5 38.9 56.7 6.9 52.3 39.9 79.9 44.8 45

46 Asset: Funding corporations 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 114.8 11.9 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, September 11, 1998 57

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.3 0.2 -0.1 -0.1 0.0 0.1 0.0 0.1 -0.1 1.5 0.2 1

 2 Asset: Federal government 0.3 0.2 -0.1 -0.1 0.0 0.1 0.0 0.1 -0.1 1.5 0.2 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0 0 0 0 0 0 0 0 0 0 0 3

 4 Asset: Household sector 0 0 0 0 0 0 0 0 0 0 0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -7.0 -7.8 3.3 -1.2 0 -11.1 -8.8 9.1 10.8 17.2 -2.9 5

 6 Asset: Savings institutions -7.0 -7.8 3.3 -1.2 0 -11.1 -8.8 9.1 10.8 17.2 -2.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.5 0.5 0.7 0.3 -4.8 2.2 2.2 2.2 -26.0 -0.3 1.2 7

 8 Asset: Life insurance companies 0.5 0.5 0.7 0.3 -4.8 2.2 2.2 2.2 -26.0 -0.3 1.2 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.7 6.7 6.1 7.0 8.3 6.9 9.4 8.9 7.8 5.2 6.5 9

10 Health 6.2 6.6 5.2 6.2 6.3 6.3 6.3 6.3 6.3 4.0 5.1 10

11 Policy dividend accumulation 0.5 0.1 0.8 0.8 2.0 0.6 3.1 2.6 1.5 1.2 1.4 11

12 Asset: Household sector 6.7 6.7 6.1 7.0 8.3 6.9 9.4 8.9 7.8 5.2 6.5 12

 Policy payables:

13 Liab.: Other insurance companies 15.2 14.5 20.8 6.6 4.8 9.7 5.4 22.0 -17.9 15.9 10.2 13

14 Asset: Household sector 6.3 -1.3 9.8 2.0 3.5 6.8 3.6 21.3 -17.9 17.0 7.1 14

15 Nonfinancial corporate business 6.6 7.8 3.2 -2.0 -7.1 -5.2 -6.5 -7.8 -9.0 -10.3 -6.6 15

16 Nonfarm noncorporate business 0.8 6.0 5.0 3.0 4.1 4.0 4.0 4.0 4.4 4.3 4.6 16

17 Farm business 1.4 2.0 2.8 3.6 4.4 4.1 4.3 4.5 4.7 4.9 5.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 -2.1 18

19 Asset: Private pension funds 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 -2.1 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 93.5 -112.2 22

23 Asset: Brokers and dealers 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 93.5 -112.2 23
58 Z.1, September 11, 1998

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 91.2 58.3 189.9 81.5 183.6 161.4 95.9 256.5 220.5 290.3 114.8 1

 2 Nonfinancial corporate business 81.9 22.2 78.2 112.4 29.4 114.8 34.4 69.0 -100.7 130.8 124.7 2

 3 Nonfarm noncorporate business 3.6 2.7 15.4 10.4 6.7 8.0 7.0 7.0 4.9 3.5 2.1 3

 4 Federal government 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 14.4 4

 5 Rest of the world 34.4 3.2 38.7 41.8 29.0 61.5 75.7 102.0 -123.1 -89.2 -29.1 5

 6 Monetary authority 0.6 1.1 1.0 -0.9 1.0 -14.5 19.3 -10.8 10.0 -17.6 20.1 6

 7 Commercial banking 63.2 61.9 70.6 -22.5 129.5 88.5 165.4 -15.7 279.7 -138.3 222.9 7

 8 U.S.-chartered commercial banks 14.6 31.3 3.5 -13.0 30.5 43.3 -22.9 12.6 89.1 -110.7 13.4 8

 9 Foreign banking offices in U.S. 32.9 29.0 37.6 -27.3 56.0 -20.5 125.5 -67.2 186.1 -78.3 162.9 9

10 Bank holding companies 14.2 -0.2 26.6 17.3 39.0 56.8 58.6 34.8 5.8 47.9 43.6 10

11 Banks in U.S.-affiliated areas 1.4 1.8 2.9 0.6 4.0 8.8 4.3 4.1 -1.3 2.9 3.1 11

12 Savings institutions -4.2 3.7 -0.7 -2.7 -2.4 -28.6 16.8 -13.6 15.8 21.3 -8.4 12

13 Credit unions 0.5 1.4 -1.9 0.0 0.1 3.0 0.3 -1.1 -1.9 1.6 2.2 13

14 Life insurance companies 6.2 0.9 7.9 3.9 25.1 -3.7 49.6 21.7 32.9 46.2 29.2 14

15 Government-sponsored enterprises 0.5 -19.0 0.8 0.3 7.1 36.1 -17.3 10.5 -0.7 37.7 -8.9 15

16 Finance companies -13.4 7.3 9.8 -10.0 -12.1 27.0 -66.9 47.6 -56.0 24.3 -42.9 16

17 REITs -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 3.5 17

18 Brokers and dealers -13.7 -24.8 -14.0 -24.2 -22.5 -99.5 -15.7 57.8 -32.4 226.4 -345.6 18

19 Funding corporations -68.8 -9.0 -21.8 -26.1 -13.4 -21.4 -202.4 10.4 159.9 43.7 130.5 19

20 Net change in assets 262.0 208.7 411.2 204.1 486.9 136.3 581.0 394.2 836.0 497.8 371.3 20

21 Nonfinancial corporate business 186.7 87.0 230.3 172.7 162.9 114.7 48.2 223.5 265.3 271.7 155.5 21

22 Nonfarm noncorporate business 8.0 9.5 18.1 12.1 11.9 12.0 11.2 12.0 12.3 12.9 13.3 22

23 State and local governments 4.6 -0.1 40.6 -15.5 20.4 13.6 34.4 -12.4 46.1 45.6 -39.4 23

24 Federal government -5.3 1.7 -3.8 -8.1 -8.5 -13.6 -8.7 -10.9 -0.9 -4.3 -2.4 24

25 Rest of the world 26.6 11.9 60.2 42.4 132.7 136.1 100.0 82.8 211.8 -120.6 126.7 25

26 Monetary authority 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 -0.9 5.4 26

27 Commercial banking 29.3 52.3 9.5 -8.0 31.2 -62.9 118.5 11.1 58.2 65.7 162.2 27

28 U.S.-chartered commercial banks -4.5 7.2 -1.6 1.2 0.1 48.4 8.4 0.8 -57.1 -4.9 47.1 28

29 Foreign banking offices in U.S. 33.8 37.6 5.0 -21.2 37.2 -70.9 93.5 9.2 117.1 54.0 103.7 29

30 Bank holding companies 0.5 7.7 4.6 11.3 -6.7 -41.0 15.1 1.2 -2.0 16.5 10.2 30

31 Banks in U.S.-affiliated areas -0.4 -0.1 1.6 0.8 0.5 0.6 1.5 -0.1 0.2 0.0 1.1 31

32 Savings institutions -10.2 -0.3 -2.0 -1.1 -3.6 -26.3 10.2 -10.4 12.0 9.0 13.3 32

33 Credit unions 1.7 -3.4 -0.9 -0.2 3.8 -2.9 8.7 8.1 1.3 18.0 -13.6 33

34 Bank personal trusts and estates 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 0.3 34

35 Life insurance companies -7.7 21.0 6.1 -11.8 23.0 2.6 2.0 19.1 68.4 24.4 -9.0 35

36 Private pension funds 6.2 20.8 15.0 13.1 13.7 12.4 22.3 10.5 9.7 -0.5 11.0 36

37 State and local govt. retirement funds -15.2 5.2 -16.0 -42.1 -8.8 -29.1 18.2 -20.6 -3.5 -126.4 -46.9 37

38 Money market mutual funds 11.0 6.9 12.8 4.8 16.0 -0.7 63.9 18.3 -17.4 33.6 4.0 38

39 Mutual funds 0.3 2.5 0.5 -1.7 7.1 2.7 6.6 3.7 15.5 -16.1 2.1 39

40 Government-sponsored enterprises 6.3 -1.7 9.7 12.3 18.8 -31.0 25.9 12.9 67.2 19.2 30.6 40

41 Finance companies 5.3 -8.3 18.6 21.3 18.7 -5.5 52.5 -16.5 44.2 73.1 21.1 41

42 REITs 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 16.0 42

43 Brokers and dealers 5.0 4.2 15.7 7.6 24.1 -3.5 37.1 35.2 27.6 176.3 -79.1 43

44 Discrepancy -170.8 -150.4 -221.3 -122.6 -303.3 25.1 -485.0 -137.8 -615.5 -207.6 -256.6 44
Z.1, September 11, 1998 59

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors -174.1 -58.6 -165.1 -60.1 -70.8 170.0 -311.2 52.5 -194.5 93.2 -195.4 1

 2 Household sector -61.2 -119.4 -52.8 2.7 -12.5 119.8 -49.6 -18.7 -101.5 10.1 -107.1 2

 3 Nonfinancial corporate business -84.4 -5.0 -5.8 -21.4 10.1 9.1 -23.5 51.4 3.5 41.6 19.8 3

 4 State and local governments -18.5 -18.3 -41.1 -38.2 -17.6 -10.2 -105.3 43.1 2.1 10.6 20.7 4

 5 Federal government 10.7 36.3 -11.4 42.3 20.6 13.9 -5.3 15.3 58.4 18.7 -68.0 5

 6 Rest of the world -6.6 -13.4 -37.4 -75.4 -114.0 -15.5 -128.8 -91.5 -220.4 -23.9 -48.7 6

 7 Financial sectors -14.0 61.3 -16.6 29.8 42.6 52.9 1.2 53.0 63.4 36.1 -12.0 7

 8 Monetary authority -0.5 -3.1 -1.7 1.0 1.8 -1.1 2.3 -1.1 7.2 0.9 -0.6 8

 9 Commercial banking 24.3 43.2 -9.9 12.3 62.4 52.5 41.5 58.2 97.2 5.0 21.8 9

10 Savings institutions -11.2 -5.0 -2.2 -4.7 -1.6 0.0 -6.9 -3.1 3.5 -6.0 -2.0 10

11 Credit unions -1.0 0.3 -0.6 0.4 -0.8 0.6 -1.5 -1.9 -0.6 0.1 -0.3 11

12 Bank personal trusts and estates -0.7 -1.0 -1.3 2.1 -2.0 -2.0 -2.0 -2.0 -2.0 0.2 -0.0 12

13 Life insurance companies -35.9 3.2 -30.2 -33.7 -43.3 -9.1 -56.1 -47.9 -60.0 -8.4 -58.4 13

14 Other insurance companies -10.6 -9.8 -6.5 1.1 -18.0 -29.5 -15.2 -7.8 -19.4 -12.5 -21.0 14

15 Mutual funds 4.3 -11.5 9.0 5.7 4.9 1.6 4.1 6.5 7.5 5.0 5.0 15

16 Government-sponsored enterprises -1.9 -2.2 -1.7 0.6 -3.1 -1.2 -4.7 1.1 -7.5 1.6 -0.4 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies 6.5 27.4 9.0 21.7 5.6 8.9 3.9 12.2 -2.8 10.1 4.9 18

19 REITs 13.0 19.3 18.9 22.6 36.0 31.9 34.8 37.8 39.6 39.1 37.9 19

20 Brokers and dealers -0.2 0.7 0.7 0.8 0.7 0.2 0.8 0.9 0.8 1.0 1.2 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -174.1 -58.6 -165.1 -60.1 -70.8 170.0 -311.2 52.5 -194.5 93.2 -195.4 1

 2 Treasury currency -0.2 -0.2 -0.5 -0.9 -0.6 -0.3 -0.5 0.7 -2.4 -0.2 -0.3 2

 3 Foreign deposits -5.7 43.0 25.1 59.4 107.4 176.9 10.6 93.9 148.3 -94.6 60.3 3

 4 Net interbank transactions 4.2 -2.7 -3.1 -3.3 -19.8 30.3 -26.7 -50.0 -32.6 107.2 21.9 4

 5 Security RPs 46.4 69.4 22.9 -0.7 72.6 -107.3 185.3 23.4 188.9 187.6 -56.3 5

 Mail floats:

 6 Federal government -1.5 -4.8 -6.0 0.5 -2.7 -4.6 -8.3 10.0 -7.9 7.5 -41.8 6

 7 Other -1.3 -2.8 -3.8 -4.0 -3.9 -3.3 -4.3 -3.0 -5.0 -4.0 -3.0 7

 8 Trade credit -4.0 1.5 -12.5 -31.5 9.7 -5.2 -53.8 39.4 58.5 5.9 -3.4 8

 9 Taxes payable 15.8 16.6 21.1 20.4 17.7 19.3 27.6 14.7 9.4 41.2 1.5 9

10 Miscellaneous -170.8 -150.4 -221.3 -122.6 -303.3 25.1 -485.0 -137.8 -615.5 -207.6 -256.6 10

11 Nonfinancial -57.1 -28.1 13.1 22.8 52.0 39.2 43.9 61.2 63.8 50.3 82.3 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 52.6 14.8 -26.5 -32.1 -55.7 -42.9 -47.6 -64.9 -67.5 -54.3 -86.3 12

13 Private wage accruals less disbursements 4.4 13.3 13.4 9.3 3.7 3.7 3.7 3.7 3.7 4.0 4.0 13

14 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 14
60 Z.1, September 11, 1998

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total credit market debt owed by: 15195.3 16167.9 17207.5 18439.2 19798.0 20049.7 20351.9 20694.5 21227.0 21677.4 22149.1 1

 2 Domestic nonfinancial sectors 11833.2 12436.0 13014.5 13716.0 14441.8 14608.9 14727.4 14931.4 15208.7 15439.6 15634.4 2

 3 Federal government 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.4 3749.0 3

 4 Nonfederal sectors 8752.9 9099.6 9522.2 10079.3 10660.1 10779.1 10966.8 11160.2 11403.8 11609.2 11885.5 4

 5 Household sector 3925.7 4138.8 4452.8 4806.8 5150.9 5182.8 5271.2 5383.0 5505.2 5562.4 5689.3 5

 6 Nonfinancial corporate business 2474.8 2536.5 2683.6 2911.4 3105.7 3176.8 3236.8 3291.1 3369.2 3473.9 3571.8 6

 7 Nonfarm noncorporate business 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1273.1 1296.1 7

 8 Farm business 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.4 160.9 8

 9 State and local governments 1101.8 1167.9 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1167.3 9

10 Rest of the world 315.8 385.8 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 602.1 10

11 Financial sectors 3046.3 3346.1 3822.2 4281.2 4837.3 4916.5 5085.3 5205.4 5448.7 5653.7 5912.5 11

12 Commercial banking 194.6 208.0 228.1 250.6 263.6 266.9 286.2 294.0 309.2 329.9 354.1 12

13 U.S.-chartered commercial banks 58.8 68.6 81.0 92.2 103.9 105.6 115.4 120.8 133.4 143.2 155.7 13

14 Foreign banking offices in U.S. 21.2 16.0 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 4.0 14

15 Bank holding companies 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 194.5 15

16 Savings institutions 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 16

17 Credit unions 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 17

18 Life insurance companies 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 18

19 Government-sponsored enterprises 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 19

20 Federally related mortgage pools 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 20

21 ABS issuers 422.5 506.1 579.0 720.1 873.8 889.9 918.4 989.2 1089.4 1147.4 1236.1 21

22 Finance companies 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 22

23 Mortgage companies 30.2 30.2 18.7 19.1 31.5 31.4 28.3 29.2 30.3 31.6 30.2 23

24 REITs 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 90.1 24

25 Brokers and dealers 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 25

26 Funding corporations 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 410.7 26

27 Total credit market assets held by: 15195.3 16167.9 17207.5 18439.2 19798.0 20049.7 20351.9 20694.5 21227.0 21677.4 22149.1 27

28 Domestic nonfederal nonfinancial sectors 2727.8 2767.6 3038.9 2903.8 2953.4 2891.2 2842.4 2789.4 2814.6 2759.7 2812.8 28

29 Household sector 1679.6 1674.1 1982.2 1942.6 2005.9 1951.7 1898.6 1848.1 1849.7 1819.1 1846.8 29

30 Nonfinancial corporate business 257.8 271.5 289.2 280.4 286.0 286.8 276.9 285.9 300.9 280.0 286.9 30

31 Nonfarm noncorporate business 38.1 37.0 37.6 42.3 46.7 47.4 48.0 48.7 49.4 50.2 51.0 31

32 State and local governments 752.3 784.9 729.9 638.6 614.8 605.4 618.9 606.6 614.5 610.5 628.2 32

33 Federal government 236.0 231.9 203.4 203.2 195.5 195.9 197.3 198.2 200.4 204.3 207.5 33

34 Rest of the world 989.3 1108.7 1216.0 1530.3 1931.2 2019.4 2094.6 2196.3 2258.4 2322.5 2398.5 34

35 Financial sectors 11242.2 12059.6 12749.2 13801.8 14717.9 14943.2 15217.6 15510.7 15953.6 16391.0 16730.3 35

36 Monetary authority 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 36

37 Commercial banking 2948.6 3090.8 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4032.5 4094.1 4140.1 37

38 U.S.-chartered commercial banks 2571.9 2721.5 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3505.1 3546.8 38

39 Foreign banking offices in U.S. 335.8 326.0 337.1 412.6 475.8 499.5 501.8 501.0 516.1 518.0 525.5 39

40 Bank holding companies 17.5 17.5 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 26.8 40

41 Banks in U.S.-affiliated areas 23.4 25.8 29.2 33.4 34.1 35.6 36.1 37.5 38.3 39.7 41.0 41

42 Savings institutions 937.4 914.1 920.8 913.3 933.2 931.9 937.8 929.0 928.5 931.0 928.1 42

43 Credit unions 197.1 218.7 246.8 263.0 288.5 291.2 299.9 303.9 305.3 307.5 316.4 43

44 Bank personal trusts and estates 231.5 240.9 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 240.9 44

45 Life insurance companies 1304.4 1416.0 1482.6 1581.8 1654.3 1680.2 1724.1 1750.4 1755.2 1786.3 1815.6 45

46 Other insurance companies 389.4 422.7 446.4 468.7 491.2 491.6 498.6 506.6 515.3 521.1 528.2 46

47 Private pension funds 561.9 611.4 656.9 718.2 766.5 780.3 794.9 811.5 834.2 852.3 878.7 47

48 State and local govt. retirement funds 410.8 433.5 455.8 483.3 529.2 531.6 542.7 562.0 565.8 582.5 603.2 48

49 Money market mutual funds 408.6 429.0 459.0 545.5 634.3 659.0 656.5 678.7 721.9 775.0 815.9 49

50 Mutual funds 566.4 725.9 718.8 771.3 820.2 838.5 861.3 890.4 901.1 939.3 968.5 50

51 Closed-end funds 69.7 89.7 86.0 96.4 98.7 99.3 99.7 99.7 99.8 100.0 100.0 51

52 Government-sponsored enterprises 457.6 545.5 663.3 748.0 813.6 824.3 854.8 868.7 908.6 949.5 985.9 52

53 Federally related mortgage pools 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 53

54 ABS issuers 394.8 475.9 541.7 661.0 784.4 794.6 819.4 863.4 950.5 993.7 1074.6 54

55 Finance companies 453.3 427.9 476.2 526.2 544.5 552.4 553.1 564.4 566.4 572.0 579.0 55

56 Mortgage companies 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 57.4 56

57 REITs 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 14.5 57

58 Brokers and dealers 122.7 137.5 93.3 183.4 167.7 164.1 161.2 165.1 181.4 244.0 196.9 58

59 Funding corporations 147.0 117.8 109.3 82.2 88.7 100.6 95.6 91.8 117.4 146.5 137.4 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 11, 1998 61

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 11833.2 12436.0 13014.5 13716.0 14441.8 14608.9 14727.4 14931.4 15208.7 15439.6 15634.4 1

 2 Federal government 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.4 3749.0 2

 3 Treasury securities 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.5 3723.4 3

 4 Budget agency secur. and mortgages 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 4

 5 Nonfederal, by instrument 8752.9 9099.6 9522.2 10079.3 10660.1 10779.1 10966.8 11160.2 11403.8 11609.2 11885.5 5

 6 Commercial paper 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 6

 7 Municipal securities and loans 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1425.8 7

 8 Corporate bonds 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 8

 9 Bank loans n.e.c. 678.4 684.8 759.9 862.1 928.3 964.5 1000.2 1000.1 1035.9 1052.0 1100.6 9

10 Other loans and advances 648.3 629.3 669.6 736.9 770.6 784.4 788.2 802.8 838.8 864.6 871.9 10

11 Mortgages 4063.5 4201.4 4374.8 4580.3 4898.3 4951.3 5027.1 5142.7 5239.3 5338.9 5461.8 11

12 Home 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3956.8 4029.3 4102.8 4195.7 12

13 Multifamily residential 272.2 266.9 265.6 273.8 290.0 291.0 294.2 295.8 301.4 306.4 312.0 13

14 Commercial 692.8 676.4 670.3 691.6 759.5 766.5 783.5 800.4 818.3 838.3 861.1 14

15 Farm 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 15

16 Consumer credit 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 16

17 Nonfederal, by sector 8752.9 9099.6 9522.2 10079.3 10660.1 10779.1 10966.8 11160.2 11403.8 11609.2 11885.5 17

18 Household sector 3925.7 4138.8 4452.8 4806.8 5150.9 5182.8 5271.2 5383.0 5505.2 5562.4 5689.3 18

19 Nonfinancial business 3725.4 3792.8 3947.6 4202.3 4445.8 4527.4 4609.6 4681.7 4779.2 4902.4 5028.8 19

20 Corporate 2474.8 2536.5 2683.6 2911.4 3105.7 3176.8 3236.8 3291.1 3369.2 3473.9 3571.8 20

21 Nonfarm noncorporate 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1273.1 1296.1 21

22 Farm 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.4 160.9 22

23 State and local governments 1101.8 1167.9 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1167.3 23

 Foreign credit market debt

24 held in U.S. 315.8 385.8 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 602.1 24

25 Commercial paper 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 25

26 Bonds 147.2 230.1 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 420.5 26

27 Bank loans n.e.c. 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 55.5 27

28 Other loans and advances 66.3 62.3 59.8 59.3 60.0 59.9 60.3 58.9 58.0 55.9 54.8 28

29 Domestic and foreign 12149.0 12821.8 13385.3 14158.0 14960.7 15133.2 15266.6 15489.1 15778.3 16023.7 16236.5 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 3046.3 3346.1 3822.2 4281.2 4837.3 4916.5 5085.3 5205.4 5448.7 5653.7 5912.5 1

 2 Federal government-related 1720.0 1885.2 2172.7 2376.8 2608.3 2634.7 2706.2 2746.5 2821.0 2877.9 2981.2 2

 3 Govt.-sponsored enterprise securities 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 3

 4 Mortgage pool securities 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 4

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

 6 Private financial sectors 1326.3 1460.8 1649.5 1904.4 2229.1 2281.8 2379.1 2458.9 2627.6 2775.8 2931.3 6

 7 Open market paper 393.5 393.4 441.6 486.9 579.1 623.0 642.5 684.7 745.7 804.9 838.9 7

 8 Corporate bonds 763.9 887.0 1008.8 1205.4 1385.1 1396.5 1458.1 1478.2 1560.1 1634.9 1733.5 8

 9 Bank loans n.e.c. 77.0 62.6 48.9 52.8 69.7 70.6 69.2 74.8 83.3 87.3 89.3 9

10 Other loans and advances 86.6 108.9 131.6 135.0 162.9 157.9 173.7 183.0 198.5 206.6 225.6 10

11 Mortgages 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 44.0 11

12 By sector 3046.3 3346.1 3822.2 4281.2 4837.3 4916.5 5085.3 5205.4 5448.7 5653.7 5912.5 12

13 Commercial banks 80.0 84.6 94.5 102.6 113.6 115.3 125.7 130.0 140.6 148.7 159.7 13

14 Bank holding companies 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 194.5 14

15 Savings institutions 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 15

16 Credit unions 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 16

17 Life insurance companies 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 17

18 Government-sponsored enterprises 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 18

19 Federally related mortgage pools 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 19

20 ABS issuers 422.5 506.1 579.0 720.1 873.8 889.9 918.4 989.2 1089.4 1147.4 1236.1 20

21 Brokers and dealers 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 21

22 Finance companies 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 22

23 Mortgage companies 30.2 30.2 18.7 19.1 31.5 31.4 28.3 29.2 30.3 31.6 30.2 23

24 REITs 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 90.1 24

25 Funding corporations 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 410.7 25
62 Z.1, September 11, 1998

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 15195.3 16167.9 17207.5 18439.2 19798.0 20049.7 20351.9 20694.5 21227.0 21677.4 22149.1 1

 2 Open market paper 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 2

 3 U.S. government securities 4795.5 5216.9 5665.0 6013.6 6390.0 6464.5 6466.8 6517.7 6625.9 6708.3 6730.2 3

 4 Municipal securities 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1425.8 4

 5 Corporate and foreign bonds 2065.6 2346.8 2504.0 2823.6 3131.7 3166.8 3259.5 3335.4 3444.1 3561.8 3723.0 5

 6 Bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1171.3 1192.8 1245.4 6

 7 Other loans and advances 805.9 805.3 860.9 931.1 993.6 1002.3 1022.1 1044.8 1095.3 1127.1 1152.4 7

 8 Mortgages 4068.9 4210.3 4393.5 4604.6 4930.5 4985.0 5062.8 5180.9 5279.3 5380.9 5505.8 8

 9 Consumer credit 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 9

 Memo:

 Selected claims not included above:

10 Corporate equities 5458.3 6257.6 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 10

11 Mutual fund shares 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 11

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 15195.3 16167.9 17207.5 18439.2 19798.0 20049.7 20351.9 20694.5 21227.0 21677.4 22149.1 1

 2 Official foreign exchange 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 2

 3 SDR certificates 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 16.5 17.0 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 4

 5 Foreign deposits 267.7 271.8 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 619.2 5

 6 Net interbank liabilities 138.5 189.3 280.1 290.7 240.8 210.9 197.1 186.9 193.3 188.4 186.4 6

 7 Checkable deposits and currency 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.5 1321.4 7

 8 Small time and savings deposits 2293.4 2223.1 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2524.5 2532.7 8

 9 Large time deposits 415.2 391.7 411.2 476.9 590.9 606.0 646.7 696.1 713.4 744.0 733.5 9

10 Money market fund shares 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 10

11 Security RPs 400.0 471.3 549.5 659.9 699.9 713.8 766.7 795.4 815.1 881.4 865.4 11

12 Mutual fund shares 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 12

13 Security credit 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 505.3 481.0 13

14 Life insurance reserves 434.8 470.8 505.3 550.2 593.8 606.2 621.9 637.6 646.7 658.7 668.3 14

15 Pension fund reserves 4209.1 4652.5 4870.5 5588.7 6314.7 6401.5 6906.7 7289.8 7398.2 7955.8 8093.9 15

16 Trade payables 993.6 1046.6 1140.6 1241.4 1313.6 1297.3 1317.1 1347.0 1408.2 1395.4 1416.9 16

17 Taxes payable 87.4 98.8 101.4 107.6 123.8 137.3 133.5 142.6 138.8 158.6 149.2 17

18 Investment in bank personal trusts 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 18

19 Miscellaneous 4744.7 5127.6 5331.3 5697.7 5982.5 6227.1 6199.9 6409.2 6452.7 6650.9 6720.1 19

20 Total liabilities 32800.7 35346.7 37334.1 40778.7 44341.1 45163.9 46549.8 48013.6 49039.1 50934.0 51831.5 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 19.6 20.1 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 21.0 21

22 Corporate equities 5458.3 6257.6 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 22

23 Household equity in noncorp. bus. 3156.7 3222.6 3422.4 3649.7 3868.8 3963.3 4053.9 4119.5 4188.6 4188.6 4165.5 23

 - Liabilities not identified as assets:

24 Treasury currency -4.9 -5.1 -5.4 -5.8 -6.7 -6.8 -6.9 -6.7 -7.3 -7.4 -7.4 24

25 Foreign deposits 217.6 233.2 325.4 360.2 431.2 475.4 478.0 501.5 534.5 510.8 525.9 25

26 Net interbank transactions -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.0 4.7 26

27 Security RPs -48.0 -1.5 67.8 90.7 90.0 68.1 108.6 124.9 162.6 213.0 193.7 27

28 Taxes payable 33.0 40.8 48.8 62.4 76.9 74.8 77.1 87.4 92.0 96.5 100.5 28

29 Miscellaneous -695.7 -862.1 -1039.5 -1332.5 -1749.4 -1628.4 -1743.9 -1735.8 -2204.8 -2190.0 -2189.2 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 6.8 5.6 3.4 3.1 -1.6 -9.7 -6.8 -7.8 -8.1 -10.4 -16.1 30

31 Other 42.0 40.7 38.0 34.2 30.1 25.6 27.9 19.5 26.2 21.4 24.2 31

32 Trade credit -249.5 -246.4 -245.9 -258.4 -289.9 -344.0 -369.8 -377.8 -291.2 -342.4 -354.9 32

33 Totals identified to sectors as assets 42143.3 45646.5 47829.3 53836.9 59723.7 60558.2 63695.6 66220.5 67753.1 71251.9 72292.8 33
Z.1, September 11, 1998 63

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 14786.8 15852.3 16312.0 18655.3 20700.8 20785.5 22255.9 23291.4 23552.4 25159.4 25319.4 1

 2 Foreign deposits 15.6 15.8 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 46.6 2

 3 Checkable deposits and currency 639.9 696.4 672.1 619.1 557.7 541.7 540.0 514.2 547.4 533.9 545.2 3

 4 Time and savings deposits 2397.6 2291.1 2287.3 2466.0 2640.7 2688.8 2724.6 2774.3 2816.6 2887.0 2887.6 4

 5 Money market fund shares 342.2 341.8 355.3 454.1 534.6 584.6 574.0 618.7 645.7 706.0 698.2 5

 6 Securities 5226.2 5794.9 5975.9 7155.1 8084.0 7945.9 8750.0 9218.6 9209.6 9995.8 9995.6 6

 7 Open market paper 29.9 45.5 46.7 59.9 82.6 94.5 99.4 108.1 115.1 125.4 129.4 7

 8 U.S. savings bonds 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 8

 9 Other Treasury securities 341.9 346.9 523.8 431.6 406.9 406.7 326.9 284.6 224.3 191.9 162.6 9

10 Agency securities 143.8 107.9 251.4 269.3 350.7 340.9 346.1 338.3 375.6 341.7 359.5 10

11 Municipal securities 585.5 552.6 502.2 459.1 441.1 418.7 433.7 432.2 426.5 433.9 447.7 11

12 Corporate and foreign bonds 297.3 333.7 373.7 440.3 446.3 414.8 418.0 412.0 435.9 455.5 477.9 12

13 Corporate equities (2) 2942.6 3245.5 3046.1 4052.7 4597.9 4465.0 5117.9 5459.7 5448.9 6028.1 5916.8 13

14 Mutual fund shares 727.9 990.9 1052.1 1257.2 1571.3 1618.9 1821.7 1997.6 1996.7 2233.1 2315.7 14

15 Private life insurance reserves 421.5 457.2 491.5 536.3 580.1 592.8 607.9 623.9 632.7 645.0 654.3 15

16 Private insured pension reserves 743.0 836.4 884.5 997.3 1088.9 1111.9 1170.3 1214.2 1226.7 1294.5 1324.1 16

17 Private noninsured pension reserves 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3936.0 4006.4 17

18 Govt. insurance and pension reserves 1496.4 1613.5 1682.6 1923.9 2166.8 2200.2 2392.6 2523.5 2581.4 2739.0 2777.4 18

19 Investment in bank personal trusts 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 19

20 Miscellaneous assets 860.8 897.7 927.3 995.7 1068.2 1088.2 1116.3 1136.8 1163.5 1196.6 1176.9 20

21 Total liabilities 5549.1 5802.1 6138.9 6554.4 6987.6 7039.9 7168.5 7320.2 7463.8 7548.6 7707.5 21

22 Mortgage debt on nonfarm homes 3001.2 3159.2 3337.2 3511.1 3741.6 3786.0 3840.5 3936.3 4008.5 4081.8 4174.5 22

23 Other mortgage debt (3) 868.4 844.1 820.3 817.6 850.0 853.7 863.1 874.8 888.3 902.6 917.6 23

24 Consumer credit 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 24

25 Policy loans 73.0 78.6 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.8 104.8 25

26 Security credit 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 140.3 139.5 26

27 Other liabilities (3) 754.6 785.0 836.1 927.3 988.5 1009.8 1044.8 1049.6 1067.0 1084.4 1117.3 27

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

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

(3) Includes corporate farms.
64 Z.1, September 11, 1998

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 17388.4 18497.5 19114.7 21629.8 23847.2 24014.6 25563.3 26651.2 26968.8 28562.4 28686.0 1

 2 Deposits 3249.9 3183.5 3158.1 3372.8 3565.9 3649.5 3669.8 3738.4 3836.6 3954.7 3955.0 2

 3 Foreign deposits 15.6 15.8 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 46.6 3

 4 Checkable deposits and currency 546.7 593.9 564.0 506.3 439.9 422.8 419.8 392.7 424.3 409.3 418.8 4

 5 Time and savings deposits 2349.0 2235.9 2223.9 2393.9 2561.9 2608.5 2642.8 2691.0 2731.4 2800.0 2798.5 5

 6 Money market fund shares 338.6 337.9 351.3 449.2 528.7 578.5 567.7 612.2 639.0 699.1 691.1 6

 7 Credit market instruments 1679.6 1674.1 1982.2 1942.6 2005.9 1951.7 1898.6 1848.1 1849.7 1819.1 1846.8 7

 8 Open market paper 29.9 45.5 46.7 59.9 82.6 94.5 99.4 108.1 115.1 125.4 129.4 8

 9 U.S. government securities 630.0 613.5 941.1 870.3 927.0 916.0 840.9 790.2 767.2 700.1 687.9 9

10 Treasury 486.2 505.6 689.7 601.0 576.2 575.1 494.8 451.9 391.5 358.4 328.4 10

11 Savings bonds 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 11

12 Other Treasury 328.9 333.6 509.8 416.0 389.2 388.6 308.5 265.7 205.0 172.2 142.5 12

13 Agency 143.8 107.9 251.4 269.3 350.7 340.9 346.1 338.3 375.6 341.7 359.5 13

14 Municipal securities 585.5 552.6 502.2 459.1 441.1 418.7 433.7 432.2 426.5 433.9 447.7 14

15 Corporate and foreign bonds 297.3 333.7 373.7 440.3 446.3 414.8 418.0 412.0 435.9 455.5 477.9 15

16 Mortgages 136.8 128.9 118.5 112.9 108.8 107.7 106.6 105.7 105.0 104.1 103.9 16

17 Corporate equities (2) 2942.6 3245.5 3046.1 4052.7 4597.9 4465.0 5117.9 5459.7 5448.9 6028.1 5916.8 17

18 Mutual fund shares 727.9 990.9 1052.1 1257.2 1571.3 1618.9 1821.7 1997.6 1996.7 2233.1 2315.7 18

19 Security credit 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 233.4 201.9 19

20 Life insurance reserves 434.8 470.8 505.3 550.2 593.8 606.2 621.9 637.6 646.7 658.7 668.3 20

21 Pension fund reserves 4209.1 4652.5 4870.5 5588.7 6314.7 6401.5 6906.7 7289.8 7398.2 7955.8 8093.9 21

22 Investment in bank personal trusts 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 22

23 Equity in noncorporate business 3156.7 3222.6 3422.4 3649.7 3868.8 3963.3 4053.9 4119.5 4188.6 4188.6 4165.5 23

24 Miscellaneous assets 251.0 264.1 269.5 285.4 294.3 297.8 301.0 308.6 306.1 311.6 315.0 24

25 Total liabilities 4077.4 4321.0 4638.7 5005.4 5367.0 5405.7 5506.3 5635.5 5756.2 5821.7 5947.6 25

26 Credit market instruments 3925.7 4138.8 4452.8 4806.8 5150.9 5182.8 5271.2 5383.0 5505.2 5562.4 5689.3 26

27 Home mortgages 2796.9 2923.3 3096.1 3272.1 3503.9 3548.4 3602.6 3697.0 3767.6 3839.2 3929.8 27

28 Consumer credit 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 28

29 Municipal securities 92.6 94.0 97.6 98.3 104.9 106.4 110.0 112.0 114.9 119.1 123.1 29

30 Bank loans n.e.c. 17.6 27.4 40.0 56.0 52.3 58.5 67.8 53.9 61.7 67.9 77.4 30

31 Other loans and advances 119.5 126.6 133.7 160.3 172.7 179.5 183.8 188.8 190.7 193.7 196.6 31

32 Commercial mortgages 100.9 108.5 101.5 97.3 105.5 103.6 101.9 104.6 106.2 107.8 108.6 32

33 Security credit 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 140.3 139.5 33

34 Trade payables 82.5 89.8 94.0 102.4 103.9 103.4 105.6 105.6 106.8 106.0 105.6 34

 Deferred and unpaid

35 life insurance premiums 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 13.0 12.9 13.2 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, September 11, 1998 65

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 4477.6 4859.6 5184.0 5732.6 6278.7 6386.6 6575.3 6758.1 6875.7 7011.9 7131.1 1

 2 Foreign deposits 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 24.8 2

 3 Checkable deposits and currency 282.6 305.6 329.7 365.7 420.5 422.6 432.2 442.0 435.2 434.3 442.0 3

 4 Time and savings deposits 100.5 129.3 130.9 115.0 123.6 120.4 126.8 125.5 136.2 140.0 141.6 4

 5 Money market fund shares 51.0 48.7 56.2 81.9 90.1 93.4 95.3 100.5 105.0 109.2 116.6 5

 6 Security RPs 5.1 2.5 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 1.6 6

 7 Credit market instruments 296.0 308.5 326.8 322.7 332.7 334.1 324.9 334.6 350.4 330.2 337.9 7

 8 Commercial paper 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.4 34.0 28.3 32.9 8

 9 U.S. government securities 82.2 81.2 84.7 96.1 99.2 104.3 90.5 94.6 94.9 82.8 86.7 9

10 Municipal securities 45.8 54.7 56.7 36.8 26.7 33.4 38.8 39.1 35.4 36.8 41.2 10

11 Mortgages 85.2 76.0 80.0 84.6 98.0 100.3 102.6 104.9 107.2 109.5 111.8 11

12 Consumer credit 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.8 65.3 12

13 Mutual fund shares 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 94.0 13

14 Trade receivables 1092.8 1138.0 1224.0 1314.2 1386.1 1412.4 1454.2 1466.6 1429.8 1451.0 1479.4 14

15 Miscellaneous assets 2614.3 2884.2 3069.2 3469.3 3836.9 3910.9 4034.6 4174.3 4313.0 4428.7 4493.3 15

16 Total liabilities 6581.4 6869.7 7127.6 7558.5 7944.6 8068.8 8142.9 8271.5 8390.8 8584.3 8719.9 16

17 Credit market instruments 3725.4 3792.8 3947.6 4202.3 4445.8 4527.4 4609.6 4681.7 4779.2 4902.4 5028.8 17

18 Commercial paper 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 18

19 Municipal securities 118.3 124.9 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 19

20 Corporate bonds 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 20

21 Bank loans n.e.c. 660.8 657.4 719.8 806.2 876.0 906.0 932.4 946.2 974.3 984.0 1023.2 21

22 Other loans and advances 518.9 493.5 526.7 566.8 587.8 596.1 595.3 605.1 639.2 660.7 665.2 22

23 Mortgages 1165.8 1169.5 1177.2 1210.9 1288.8 1299.2 1322.6 1341.1 1365.6 1391.9 1423.3 23

24 Trade payables 762.6 797.6 883.3 971.5 1035.6 1013.9 1031.5 1052.7 1110.4 1098.9 1120.0 24

25 Taxes payable 68.5 74.5 74.9 76.2 87.6 100.2 95.1 102.5 97.1 115.9 105.2 25

26 Miscellaneous liabilities 2024.9 2204.7 2221.8 2308.6 2375.7 2427.4 2406.7 2434.6 2404.1 2467.0 2465.9 26

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

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3931.7 4289.0 4567.3 5058.8 5559.6 5656.7 5834.5 6006.0 6111.4 6235.0 6340.7 1

 2 Foreign deposits 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 24.8 2

 3 Checkable deposits and currency 189.4 203.1 221.6 252.9 302.7 303.6 312.0 320.5 312.1 309.6 315.5 3

 4 Time and savings deposits 51.8 74.1 67.5 42.9 44.7 40.0 45.0 42.2 51.0 53.0 52.6 4

 5 Money market fund shares 47.3 44.8 52.2 77.0 84.2 87.4 89.1 94.0 98.3 102.4 109.5 5

 6 Security RPs 5.1 2.5 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 1.6 6

 7 Commercial paper 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.4 34.0 28.3 32.9 7

 8 U.S. government securities 69.2 67.9 70.7 80.5 81.5 86.3 72.1 75.7 75.7 63.1 66.5 8

 9 Municipal securities 45.8 54.7 56.7 36.8 26.7 33.4 38.8 39.1 35.4 36.8 41.2 9

10 Mortgages 60.0 52.3 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 81.0 10

11 Consumer credit 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.8 65.3 11

12 Trade receivables 988.9 1035.0 1107.0 1184.9 1247.4 1271.4 1310.8 1320.7 1281.3 1299.9 1325.5 12

13 Mutual fund shares 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 94.0 13

14 Miscellaneous assets 2355.8 2615.3 2782.6 3156.9 3505.7 3574.8 3693.6 3828.1 3961.6 4071.7 4130.2 14

15 U.S. direct investment abroad (1) 580.0 598.4 651.2 742.8 816.3 845.7 869.9 895.1 886.0 919.6 955.9 15

16 Insurance receivables 163.0 169.7 177.5 180.7 178.8 177.5 175.8 173.9 171.6 169.0 167.4 16

17 Equity in GSEs 1.9 1.9 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.5 0.4 17

18 Investment in finance company subs. 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 18

19 Other 1593.8 1827.6 1931.1 2206.0 2479.0 2519.7 2616.8 2727.8 2871.1 2950.1 2976.5 19

20 Total liabilities 5109.7 5388.6 5627.4 6009.5 6324.1 6434.6 6480.6 6586.8 6683.2 6857.3 6960.0 20

21 Credit market instruments 2474.8 2536.5 2683.6 2911.4 3105.7 3176.8 3236.8 3291.1 3369.2 3473.9 3571.8 21

22 Commercial paper 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 22

23 Municipal securities (2) 118.3 124.9 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 23

24 Corporate bonds (1) 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 24

25 Bank loans n.e.c. 488.4 477.6 521.0 587.7 633.5 659.6 675.8 683.8 706.5 715.6 744.3 25

26 Other loans and advances 412.6 388.4 421.4 453.7 472.4 479.6 478.1 486.5 520.0 538.0 540.7 26

27 Savings institutions 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 27

28 Finance companies 238.4 224.1 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 301.4 28

29 Federal government 7.9 8.1 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 8.4 29

30 Acceptance liabilities to banks 20.4 17.1 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 7.3 30

31 Rest of the world 129.9 114.2 122.1 122.1 126.2 132.2 132.2 135.9 142.6 149.9 146.3 31

32 ABS issuers 9.7 19.5 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.2 32

33 Mortgages 193.9 198.1 217.3 251.6 306.6 311.6 323.5 331.6 342.5 354.5 369.7 33

34 Trade payables 682.8 719.3 796.5 877.5 932.5 910.0 923.8 942.5 998.2 985.7 1003.2 34

35 Taxes payable 35.3 40.7 40.3 40.3 49.9 62.1 56.8 63.8 58.1 76.6 65.6 35

36 Miscellaneous liabilities 1916.8 2092.2 2106.9 2180.3 2236.0 2285.7 2263.3 2289.4 2257.7 2321.1 2319.4 36

37 Foreign direct investment in U.S. 478.6 497.8 535.4 575.3 620.7 647.9 667.4 676.6 689.1 723.4 735.6 37

38 Pension fund contributions payable 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 35.3 38

39 Other 1419.3 1572.5 1549.5 1579.2 1585.7 1607.3 1564.4 1580.3 1535.2 1563.4 1548.6 39

 Memo:

40 Trade receivables net of payables 306.1 315.8 310.4 307.4 314.9 361.4 387.0 378.2 283.1 314.2 322.3 40

41 Market value of equities 3827.9 4126.0 4141.8 5481.1 6367.4 6283.4 7286.7 7881.2 7793.8 8858.9 8933.7 41

42 Securities and mortgages 1466.7 1552.6 1602.0 1712.6 1843.3 1868.9 1903.5 1944.3 1974.1 2027.2 2084.2 42

43 Loans and short-term paper 1008.2 983.8 1081.6 1198.8 1262.4 1307.9 1333.2 1346.9 1395.2 1446.8 1487.5 43

44 Total short-term liabilities (3) 1726.3 1743.8 1918.4 2116.6 2244.8 2280.0 2313.8 2353.2 2451.5 2509.0 2556.4 44

45 Total liquid assets (4) 461.1 509.2 534.7 574.0 659.7 669.6 689.1 713.5 712.6 711.7 738.7 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.3 61.2 59.7 58.8 59.4 58.8 58.8 59.1 58.6 58.4 58.4 46

47 Short-term debt/credit market debt 40.7 38.8 40.3 41.2 40.6 41.2 41.2 40.9 41.4 41.6 41.6 47

48 Liquid assets/short-term liabilities 26.7 29.2 27.9 27.1 29.4 29.4 29.8 30.3 29.1 28.4 28.9 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, September 11, 1998 67

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 492.4 513.9 557.6 611.7 654.1 663.9 673.7 683.8 694.8 706.0 718.1 1

 2 Checkable deposits and currency 79.6 87.2 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 110.1 2

 3 Time and savings deposits 48.7 55.2 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 89.0 3

 4 Money market fund shares 3.6 3.9 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 7.1 4

 5 Treasury securities 13.0 13.3 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 20.2 5

 6 Mortgages 25.2 23.7 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 30.8 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 103.8 103.0 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.1 153.9 8

 9 Miscellaneous assets 218.7 227.6 243.3 266.5 282.3 286.3 290.0 294.0 298.2 302.5 307.1 9

10 Insurance receivables 39.9 40.8 46.8 51.8 54.8 55.8 56.8 57.8 58.9 60.0 61.1 10

11 Equity investment in GSEs (1) 0.6 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 1.8 11

12 Other 178.1 186.1 195.6 213.7 225.8 228.8 231.6 234.6 237.7 240.9 244.2 12

13 Total liabilities 1323.2 1329.0 1342.9 1387.7 1453.2 1469.4 1490.6 1510.5 1532.5 1553.5 1579.2 13

14 Credit market instruments 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1273.1 1296.1 14

15 Bank loans n.e.c. 137.7 143.0 160.2 178.7 202.1 208.2 214.0 218.5 223.8 226.3 232.7 15

16 Other loans and advances 85.4 84.8 84.7 92.3 93.0 94.1 95.0 96.9 97.3 100.9 102.7 16

17 Mortgages 892.2 890.7 876.9 874.8 895.1 900.0 910.4 919.7 932.6 946.0 960.6 17

18 Trade payables 66.6 64.1 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 97.0 18

19 Taxes payable 33.1 33.8 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 39.6 19

20 Miscellaneous liabilities 108.1 112.5 114.9 128.3 139.7 141.7 143.4 145.2 146.4 145.9 146.5 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 53.4 56.6 59.1 62.2 65.0 66.0 67.2 68.3 69.4 70.8 72.3 1

 2 Checkable deposits and currency 13.6 15.3 15.8 16.2 16.1 16.1 16.1 16.1 16.2 16.3 16.4 2

 3 Miscellaneous assets 39.8 41.3 43.3 46.0 48.9 49.9 51.0 52.2 53.3 54.6 56.0 3

 4 Insurance receivables 37.7 39.1 41.1 43.8 47.4 48.4 49.5 50.6 51.7 53.0 54.2 4

 5 Equity investment in GSEs (2) 2.1 2.2 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 1.7 5

 6 Total liabilities 148.5 152.1 157.4 161.3 167.4 164.7 171.7 174.2 175.1 173.4 180.7 6

 7 Credit market instruments 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.4 160.9 7

 8 Bank loans n.e.c. 34.7 36.8 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.2 46.2 8

 9 Other loans and advances 20.9 20.3 20.6 20.8 22.4 22.4 22.2 21.8 21.9 21.8 21.8 9

10 Mortgages 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 10

11 Trade payables 13.2 14.2 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 19.8 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
68 Z.1, September 11, 1998

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1034.0 1083.4 1025.8 994.1 1007.9 1005.2 1029.6 1020.6 1043.3 1062.7 1076.5 1

 2 Checkable deposits and currency 26.8 28.3 31.6 34.4 31.7 30.0 31.3 31.8 33.2 29.5 32.0 2

 3 Time and savings deposits 51.5 46.5 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.6 84.4 3

 4 Security RPs 123.1 133.7 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 159.0 4

 5 Credit market instruments 752.3 784.9 729.9 638.6 614.8 605.4 618.9 606.6 614.5 610.5 628.2 5

 6 Open market paper 14.1 17.9 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 78.3 6

 7 U.S. government securities 593.1 622.8 556.6 441.3 383.2 372.0 384.9 367.9 374.8 366.9 380.9 7

 8 Treasury 418.2 447.8 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 251.5 8

 9 Agency 174.9 175.0 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 129.4 9

10 Municipal securities 10.5 9.5 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 4.8 10

11 Corporate and foreign bonds 20.9 26.5 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 41.0 11

12 Mortgages 113.7 108.3 110.5 113.8 117.6 118.3 119.4 120.3 121.2 122.2 123.2 12

13 Corporate equities 7.8 9.3 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 71.9 13

14 Mutual fund shares 14.9 21.3 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 46.4 14

15 Taxes receivable 38.9 39.1 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 28.6 15

16 Miscellaneous assets 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.5 26.1 16

17 Total liabilities 1128.1 1195.1 1150.7 1101.2 1096.6 1103.2 1120.3 1130.1 1154.4 1179.3 1202.3 17

18 Credit market instruments 1101.8 1167.9 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1167.3 18

19 Municipal securities 1091.9 1158.7 1112.4 1060.4 1053.3 1060.1 1077.1 1086.6 1110.6 1134.1 1157.2 19

20 Short-term 32.0 33.8 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 42.9 20

21 Other 1059.8 1124.9 1080.7 1027.5 1014.1 1019.9 1039.3 1043.5 1063.1 1085.8 1114.3 21

22 U.S. government loans 9.9 9.2 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 10.1 22

23 Trade payables 26.3 27.2 29.0 31.0 33.2 34.2 34.2 34.6 35.0 34.9 35.0 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 474.1 488.7 436.2 437.6 436.8 445.7 458.5 445.4 434.7 449.3 482.9 1

 2 Gold, SDRs, and official foreign exchange 38.8 40.2 41.4 53.8 44.9 38.3 38.9 38.6 42.0 41.7 42.8 2

 3 Checkable deposits and currency 31.7 52.2 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 82.9 3

 4 Time and savings deposits 0.9 0.8 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 3.2 4

 5 Credit market instruments 236.0 231.9 203.4 203.2 195.5 195.9 197.3 198.2 200.4 204.3 207.5 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 86.4 85.0 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 45.1 7

 8 Other loans and advances 149.7 146.9 132.4 145.4 145.2 147.9 149.9 151.9 154.7 158.8 162.3 8

 9 Trade receivables 30.8 28.4 24.7 23.1 24.3 24.7 25.4 24.7 23.6 24.5 22.9 9

10 Taxes receivable 15.5 18.9 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 20.2 10

11 Miscellaneous assets 120.3 116.2 119.6 117.1 110.7 107.8 106.0 103.7 103.8 103.5 103.4 11

12 Total liabilities 3511.7 3799.1 3983.2 4141.5 4333.0 4373.8 4315.4 4342.0 4385.8 4403.3 4335.7 12

13 SDR certificates 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 13

14 Treasury currency 16.5 17.0 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 14

15 Credit market instruments 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.4 3749.0 15

16 Savings bonds 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 16

17 Other Treasury securities 2904.3 3138.0 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.3 3537.4 17

18 Budget agency securities 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 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 83.1 86.1 85.7 81.0 83.1 83.3 84.4 83.7 82.3 81.8 84.7 20

21 Insurance and pension reserves 316.8 344.7 372.7 388.7 432.8 426.6 436.1 455.0 464.6 456.9 467.9 21

22 Miscellaneous liabilities 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 22
Z.1, September 11, 1998 69

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2247.0 2605.3 2852.5 3423.1 4133.2 4224.8 4275.4 4478.8 4845.7 4919.8 5065.4 1

 2 Net interbank assets 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.8 126.6 117.2 2

 3 U.S. checkable deposits and currency 136.5 155.1 180.4 193.8 213.7 217.8 224.5 229.9 243.6 244.8 251.4 3

 4 U.S. time deposits 47.9 54.7 56.3 49.6 60.6 63.0 65.9 68.4 73.5 78.1 77.7 4

 5 Security RPs 41.7 58.6 46.6 67.6 70.9 84.2 84.7 89.8 77.7 79.0 67.3 5

 6 Credit market instruments 989.3 1108.7 1216.0 1530.3 1931.2 2019.4 2094.6 2196.3 2258.4 2322.5 2398.5 6

 7 Open market paper 12.9 18.8 24.9 43.4 57.9 49.6 59.9 75.3 77.8 74.5 91.8 7

 8 U.S. government securities 595.0 702.4 757.7 995.3 1293.9 1362.9 1404.9 1462.1 1498.1 1531.1 1553.7 8

 9 Official holdings 329.3 381.7 407.2 497.8 612.7 635.7 624.9 634.2 614.4 628.3 608.3 9

10 Treasury 322.6 373.1 396.9 482.8 592.9 615.2 603.5 610.2 589.9 601.2 580.9 10

11 Agency 6.7 8.6 10.3 15.0 19.8 20.5 21.3 24.0 24.5 27.2 27.4 11

12 Private holdings 265.6 320.7 350.5 497.5 681.3 727.2 780.0 827.9 883.7 902.7 945.4 12

13 Treasury 197.7 221.5 235.7 357.7 504.8 538.2 580.8 616.2 662.0 660.3 686.0 13

14 Agency 67.9 99.2 114.8 139.8 176.5 189.0 199.2 211.7 221.7 242.5 259.5 14

15 U.S. corporate bonds (1) 251.5 273.3 311.4 369.5 453.2 474.7 497.7 523.0 540.0 567.0 606.6 15

16 Loans to U.S. corporate business 129.9 114.2 122.1 122.1 126.2 132.2 132.2 135.9 142.6 149.9 146.3 16

17 U.S. corporate equities 329.0 373.5 397.7 527.6 656.8 676.2 801.9 883.9 915.9 1054.5 1079.3 17

18 Trade receivables 44.7 47.5 49.8 49.4 55.3 56.0 55.7 55.9 58.1 56.6 56.2 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 578.1 681.6 687.6 775.5 967.5 958.2 806.9 805.9 1071.8 957.8 1017.9 20

21 Foreign direct investment in U.S. (2) 500.5 550.9 561.2 614.3 667.0 692.4 712.9 733.0 751.8 777.4 800.0 21

22 Other 77.6 130.8 126.4 161.2 300.5 265.7 93.9 72.9 319.9 180.4 217.9 22

23 Total liabilities 1398.0 1574.2 1705.1 1964.4 2240.2 2402.1 2394.1 2520.9 2503.0 2476.1 2574.3 23

 U.S. official foreign exchange

24 and net IMF position 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 24

25 U.S. private deposits 267.7 271.8 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 619.2 25

26 Credit market instruments 315.8 385.8 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 602.1 26

27 Commercial paper 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 27

28 Bonds 147.2 230.1 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 420.5 28

29 Bank loans n.e.c. 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 55.5 29

30 Official 3.3 2.4 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 2.2 30

31 Banks 7.6 8.8 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.2 14.8 31

32 Other 13.0 13.5 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 38.5 32

33 U.S. government loans 55.1 54.1 51.9 51.1 50.1 49.7 49.5 48.6 48.3 47.9 47.9 33

34 Acceptance liabilities to banks 11.3 8.2 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 6.9 34

35 Trade payables 31.8 35.9 39.5 45.3 43.6 44.9 45.0 46.8 53.8 54.2 51.1 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 731.0 827.4 867.6 994.6 1108.0 1223.8 1194.4 1272.5 1211.2 1181.4 1251.9 37

38 U.S. equity in IBRD, etc. 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 38

39 U.S. government deposits 1.8 1.9 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 39

40 U.S. direct investment abroad (1,2) 668.0 714.8 752.1 849.7 937.0 972.1 999.9 1028.3 1023.9 1061.1 1102.6 40

41 Other 37.4 85.7 86.8 115.0 139.4 219.7 162.1 211.2 154.2 86.3 114.8 41

 Memo:

42 Market value of foreign equities 314.3 543.9 586.6 699.1 876.8 892.4 966.1 998.9 1001.3 1136.9 1112.6 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
70 Z.1, September 11, 1998

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 381.7 423.8 452.1 471.9 495.2 486.0 507.6 502.2 534.0 519.6 541.2 1

 2 Gold and foreign exchange 32.5 33.3 33.0 32.1 30.2 28.9 28.9 28.5 28.0 27.7 28.3 2

 3 SDR certificates 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 21.5 22.1 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.7 25.9 4

 5 Federal Reserve float 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 5

 6 Fed. Res. loans to domestic banks 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 6

 7 Security RPs 8.1 13.2 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 20.5 7

 8 Credit market instruments 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 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 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 10

11 Treasury 295.0 332.0 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 439.8 11

12 Agency 5.4 4.6 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 0.5 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 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 14

15 Total liabilities 378.7 420.4 448.4 467.9 490.7 480.6 502.1 495.9 528.8 514.0 534.8 15

16 Depository institution reserves 32.1 35.0 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 23.7 16

17 Vault cash of commercial banks 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 17

18 Checkable deposits and currency 311.1 348.2 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 464.7 18

19 Due to federal government 8.0 15.2 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 18.3 19

20 Due to rest of the world 0.2 0.4 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 0.9 20

21 Currency outside banks 302.8 332.6 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.2 445.5 21

22 Miscellaneous liabilities 3.7 4.6 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 8.1 22

23 Federal Reserve Bank stock 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 23

24 Other 0.6 1.2 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 2.3 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, September 11, 1998 71

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3654.9 3891.8 4159.8 4493.8 4710.4 4791.7 4912.5 4995.0 5174.1 5284.5 5405.1 1

 2 Vault cash 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 2

 3 Reserves at Federal Reserve 29.0 31.5 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.7 21.9 3

 4 Checkable deposits and currency 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 1.6 4

 5 Total bank credit 3011.8 3174.4 3331.2 3604.6 3794.5 3868.2 3957.4 4010.5 4145.1 4223.0 4278.7 5

 6 U.S. government securities 672.9 745.4 719.1 746.1 757.5 792.9 788.9 799.7 841.4 871.7 852.0 6

 7 Treasury 294.4 322.2 290.4 278.7 261.8 282.5 265.9 261.8 270.3 278.6 263.7 7

 8 Agency 378.5 423.2 428.7 467.5 495.7 510.4 523.0 537.9 571.2 593.2 588.3 8

 9 Municipal securities 97.5 99.2 97.6 93.4 94.2 94.0 94.3 96.2 96.7 95.8 98.3 9

10 Corporate and foreign bonds 94.7 98.2 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.6 156.8 10

11 Total loans 2139.8 2223.5 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3053.2 3087.7 3158.4 11

12 Open market paper 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 12

13 Bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1171.3 1192.8 1245.4 13

14 Mortgages 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1244.1 1270.0 1280.7 14

15 Consumer credit 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 491.5 15

16 Security credit 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 16

17 Corporate equities 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 6.2 17

18 Mutual fund shares 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 7.0 18

19 Customers’ liab. on acceptances (2) 31.7 25.3 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 14.2 19

20 Miscellaneous assets 549.3 627.0 738.1 797.8 823.7 841.3 869.0 900.8 932.9 982.7 1050.2 20

21 Total liabilities 3532.8 3750.3 4049.0 4333.2 4547.4 4634.2 4755.0 4842.9 5046.0 5142.6 5254.4 21

22 Net interbank liabilities 74.5 121.7 211.2 220.5 171.1 151.9 135.4 126.6 117.5 126.1 124.4 22

23 To monetary authority 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 23

24 To domestic banks (3) -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.0 4.7 24

25 To foreign banks 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.8 126.6 117.2 25

26 Checkable deposits 714.3 788.4 756.7 710.8 676.3 642.0 661.1 626.8 656.4 617.0 651.4 26

27 Federal government 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 27

28 Rest of the world 21.7 21.3 23.2 24.0 26.6 26.5 29.0 27.8 31.2 31.9 36.0 28

29 Private domestic 662.1 724.5 709.8 667.8 620.9 591.5 597.8 565.5 597.5 563.4 566.8 29

30 Small time and savings deposits 1389.2 1377.2 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1812.4 1831.1 30

31 Large time deposits 332.8 311.7 333.0 387.8 493.1 505.0 543.6 590.0 601.0 628.3 613.9 31

32 Federal funds and security RPs (net) 272.2 313.7 391.8 422.2 463.2 477.0 498.4 516.2 552.2 580.2 588.0 32

33 Credit market instruments 194.6 208.0 228.1 250.6 263.6 266.9 286.2 294.0 309.2 329.9 354.1 33

34 Open market paper 54.4 51.9 55.0 52.8 55.7 56.1 59.8 58.5 58.5 58.9 66.1 34

35 Corporate bonds 127.6 134.9 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.0 209.5 35

36 Other loans and advances 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 36

37 Taxes payable 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 37

38 Miscellaneous liabilities 554.6 628.4 750.1 848.4 863.0 920.3 941.1 968.3 1042.8 1042.8 1085.3 38

 Memo:

39 Credit market funds advanced (4) 2948.6 3090.8 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4032.5 4094.1 4140.1 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
72 Z.1, September 11, 1998

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2775.2 2932.4 3122.9 3321.7 3444.5 3495.3 3567.8 3625.8 3742.3 3795.5 3852.4 1

 2 Vault cash and reserves at Federal Reserve 60.2 63.2 65.2 66.6 66.3 56.3 58.8 57.9 71.2 59.6 58.7 2

 3 Total bank credit 2623.5 2780.9 2921.4 3116.3 3231.5 3278.9 3353.4 3412.3 3512.2 3579.3 3621.8 3

 4 U.S. government securities 614.5 671.3 646.1 629.1 609.7 626.1 627.7 631.0 664.0 682.1 658.7 4

 5 Treasury 254.3 275.0 248.0 207.6 173.0 180.1 172.4 163.2 166.8 171.9 153.9 5

 6 Agency 360.1 396.3 398.1 421.5 436.7 446.0 455.3 467.8 497.2 510.3 504.8 6

 7 Mortgage pool securities 155.5 173.2 182.2 195.1 216.6 223.9 228.4 235.9 247.7 257.5 241.9 7

 8 Agency-issued CMOs 122.7 133.8 119.4 101.0 89.5 92.4 93.2 96.9 107.0 108.1 110.0 8

 9 Other agency securities 81.9 89.3 96.5 125.3 130.7 129.7 133.7 135.0 142.4 144.6 152.9 9

10 Municipal securities 97.0 98.9 97.0 92.7 93.7 93.5 93.8 95.7 96.1 95.2 97.8 10

11 Corporate and foreign bonds 66.6 66.6 66.0 69.3 64.8 67.4 70.0 78.6 85.8 91.9 99.0 11

12 Private mortgage pool securities 3.8 4.7 3.6 4.5 4.2 3.5 3.4 3.2 3.0 3.1 6.0 12

13 Privately issued CMOs 21.6 19.8 21.5 24.9 21.8 21.3 20.6 21.7 22.5 28.7 32.4 13

14 Other bonds 41.1 42.1 40.9 39.8 38.9 42.5 46.0 53.7 60.4 60.1 60.6 14

15 Total loans 1838.6 1935.9 2107.4 2317.9 2453.9 2482.5 2551.7 2597.2 2655.6 2695.9 2753.1 15

16 Open market paper 5.9 4.9 3.6 3.9 4.2 2.7 2.6 2.7 2.3 0.8 0.8 16

17 Bank loans n.e.c. 569.6 578.4 624.6 701.6 759.8 790.6 817.5 832.5 869.1 896.1 942.3 17

18 Mortgages 842.9 895.5 963.7 1045.4 1102.9 1119.1 1157.9 1189.0 1207.2 1235.1 1246.4 18

19 Consumer credit 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 491.5 19

20 Security credit 57.3 61.4 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 72.2 20

21 Corporate equities 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 6.2 21

22 Mutual fund shares 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 7.0 22

23 Customers’ liab. on acceptances (1) 12.6 10.1 9.9 12.3 13.9 14.5 15.0 14.7 13.7 11.6 10.4 23

24 Miscellaneous assets 79.0 78.1 126.4 126.6 132.8 145.7 140.7 140.8 145.2 145.0 161.6 24

25 Total liabilities 2862.2 3036.3 3271.5 3457.6 3598.7 3655.0 3735.0 3808.5 3953.3 4003.9 4063.8 25

26 Net interbank liabilities -48.8 -19.4 60.5 54.4 0.4 -6.9 1.0 -7.4 -3.5 -15.8 -20.9 26

27 Federal Reserve float 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 27

28 Borrowing from Federal Reserve banks 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 28

29 To domestic banks -33.6 -19.9 -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.1 -52.4 -51.8 29

30 To foreign banks -19.2 -0.5 74.3 74.1 37.8 33.3 43.2 44.9 43.9 35.1 28.6 30

31 Checkable deposits 700.2 773.9 741.7 695.8 661.4 627.2 645.3 611.8 640.3 601.2 634.9 31

32 Federal government 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 32

33 Rest of the world 15.8 15.6 17.1 18.0 21.3 21.2 23.1 22.2 25.5 26.1 30.3 33

34 Private domestic 653.8 715.7 700.9 658.7 611.4 581.9 587.9 556.1 587.0 553.4 556.1 34

35 Small time and savings deposits 1369.5 1358.6 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1791.4 1805.6 35

36 Large time deposits 216.1 196.1 214.0 256.5 306.1 314.2 329.1 360.9 369.3 390.1 382.8 36

37 Federal funds and security RPs (net) 234.3 279.8 351.4 379.6 408.2 418.0 433.3 455.2 471.7 487.7 484.3 37

38 Acceptance liabilities 12.8 10.2 10.0 12.3 14.0 14.5 15.1 14.8 13.7 11.6 10.3 38

39 Corporate bonds 33.5 37.1 40.6 43.3 50.9 52.1 53.9 54.7 61.6 65.6 66.7 39

40 Other loans and advances 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 40

41 Taxes payable 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 41

42 Miscellaneous liabilities 331.3 377.6 463.0 505.0 520.6 555.4 548.6 569.2 598.7 600.2 615.3 42

43 Investment by bank holding companies 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 444.3 43

44 Other 76.3 91.0 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.9 170.9 44

 Memo:

45 Credit market funds advanced (2) 2571.9 2721.5 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3505.1 3546.8 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, September 11, 1998 73

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 509.3 542.2 589.7 666.3 714.8 731.2 758.8 766.3 811.5 836.1 869.0 1

 2 Reserves at Federal Reserve 0.7 1.0 1.0 0.8 1.1 0.7 1.0 0.6 2.9 0.9 1.7 2

 3 Total bank credit 347.4 350.2 362.3 436.9 507.0 531.3 544.2 538.1 567.2 572.7 589.1 3

 4 U.S. government securities 43.7 57.6 55.7 99.6 130.4 148.8 143.2 150.8 157.3 167.0 173.8 4

 5 Treasury 29.6 36.1 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.7 103.6 5

 6 Agency 14.1 21.5 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.3 70.1 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 22.4 23.8 28.9 33.5 36.6 38.8 38.6 39.6 41.3 43.4 40.2 8

 9 Total loans 281.3 268.8 277.7 303.9 339.9 343.7 362.3 347.6 368.6 362.3 375.1 9

10 Open market paper 3.3 2.4 2.2 1.7 2.3 0.5 0.5 0.4 0.4 0.3 0.4 10

11 Bank loans n.e.c. 195.7 182.0 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.3 284.5 11

12 Mortgages 51.6 45.1 40.3 35.1 32.2 30.8 28.3 27.6 26.1 23.8 22.8 12

13 Security credit 30.7 39.3 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 67.5 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 19.1 15.1 13.0 10.1 9.4 9.3 9.9 9.0 6.9 5.2 3.9 15

16 Miscellaneous assets 142.1 175.9 213.5 218.5 197.2 190.0 203.8 218.6 234.4 257.2 274.4 16

17 Total liabilities 519.3 553.7 602.8 681.3 731.9 748.9 779.7 785.2 831.0 856.2 889.9 17

18 Net interbank liabilities 134.3 151.2 162.4 181.0 178.6 165.3 144.4 142.6 128.5 151.6 152.5 18

19 To foreign banks 103.5 132.7 158.5 173.6 162.1 133.9 118.9 125.7 124.8 114.8 111.4 19

20 To domestic banks 30.8 18.5 3.9 7.5 16.5 31.3 25.5 16.9 3.8 36.8 41.2 20

21 Checkable deposits 8.3 8.3 8.8 8.7 8.0 8.0 8.9 8.3 8.8 8.3 8.9 21

22 Small time and savings deposits 11.2 10.4 9.3 8.5 8.7 19.4 16.8 13.1 13.1 10.3 14.6 22

23 Large time deposits 108.2 107.4 110.0 121.0 176.6 180.7 204.6 218.9 221.3 227.5 220.2 23

24 Federal funds and security RPs (net) 39.0 34.7 41.4 43.2 55.1 59.0 65.3 61.0 80.7 91.6 102.7 24

25 Acceptance liabilities 21.2 16.0 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 4.0 25

26 Miscellaneous liabilities 197.1 225.7 257.6 308.5 295.2 306.8 329.3 332.2 371.3 361.4 387.0 26

27 Foreign direct investment in U.S. 21.2 24.0 26.3 32.7 31.2 32.2 35.4 36.4 36.4 36.7 36.7 27

28 Due to affiliates 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 28

29 Other 124.8 157.1 187.3 225.1 199.6 195.3 219.6 212.9 256.2 237.2 271.1 29

 Memo:

30 Credit market funds advanced (3) 335.8 326.0 337.1 412.6 475.8 499.5 501.8 501.0 516.1 518.0 525.5 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
74 Z.1, September 11, 1998

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 342.8 387.9 414.1 466.8 510.8 523.2 543.0 558.6 575.3 606.4 635.4 1

 2 Credit market instruments 17.5 17.5 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 26.8 2

 3 U.S. government securities 8.3 8.4 9.4 8.1 9.0 8.1 8.1 7.0 9.5 10.9 7.5 3

 4 Treasury issues 6.1 5.3 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.3 1.7 4

 5 Agency 2.2 3.1 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 5.8 5

 6 Corporate and foreign bonds 5.4 7.2 7.1 7.7 10.5 12.3 13.6 13.7 15.5 17.7 17.0 6

 7 Bank loans n.e.c. 3.7 1.9 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 2.3 7

 8 Miscellaneous assets 325.2 370.4 395.8 448.7 488.9 500.7 519.2 536.1 547.9 575.2 608.6 8

 9 Investment in bank subsidiaries 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 444.3 9

10 Investment in nonbank subsidiaries 43.2 56.3 56.4 64.7 64.9 72.9 75.4 81.2 89.9 96.4 113.2 10

11 Other 27.0 27.5 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.5 51.1 11

12 Total liabilities 124.4 132.2 143.0 157.1 178.3 190.2 199.4 207.0 218.8 238.0 254.8 12

13 Net interbank liabilities -11.0 -10.0 -11.7 -14.9 -7.9 -6.4 -10.0 -8.6 -7.6 -9.7 -7.3 13

14 To domestic banks -6.5 -3.3 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.6 15.4 14

15 To foreign banks -4.5 -6.8 -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -23.3 -22.7 15

16 Federal funds and security RPs (net) -1.2 -0.8 -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 1.0 16

17 Credit market instruments 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 194.5 17

18 Commercial paper 20.4 25.6 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 51.7 18

19 Corporate bonds 94.1 97.7 102.0 117.9 118.0 119.7 126.1 129.4 131.0 139.4 142.8 19

20 Miscellaneous liabilities 22.0 19.6 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.6 66.6 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 27.7 29.4 33.1 39.0 40.3 41.9 42.8 44.2 45.1 46.5 48.2 1

 2 Checkable deposits and currency 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 1.6 2

 3 Credit market instruments 23.4 25.8 29.2 33.4 34.1 35.6 36.1 37.5 38.3 39.7 41.0 3

 4 U.S. government securities 6.4 8.1 7.9 9.4 8.4 9.9 9.9 10.8 10.7 11.8 12.1 4

 5 Treasury 4.3 5.8 5.1 5.4 4.1 4.7 4.8 5.3 4.4 4.8 4.5 5

 6 Agency 2.1 2.3 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 7.5 6

 7 Municipal securities 0.5 0.2 0.6 0.7 0.5 0.5 0.5 0.4 0.5 0.6 0.5 7

 8 Corporate and foreign bonds 0.4 0.6 0.5 0.4 0.3 0.3 0.3 0.4 0.5 0.5 0.6 8

 9 Bank loans n.e.c. 10.2 9.7 11.3 13.1 14.6 14.7 15.1 15.4 15.8 15.7 16.3 9

10 Home mortgages 3.0 4.1 4.8 5.7 6.3 6.2 6.1 6.2 6.4 6.7 7.0 10

11 Commercial mortgages 3.0 3.1 4.0 4.0 3.9 4.1 4.2 4.3 4.4 4.5 4.5 11

12 Miscellaneous assets 3.0 2.6 2.4 4.0 4.8 4.9 5.3 5.3 5.3 5.3 5.6 12

13 Total liabilities 26.9 28.2 31.7 37.2 38.6 40.2 40.9 42.2 43.0 44.4 45.9 13

14 Checkable deposits 5.8 6.1 6.2 6.4 6.9 6.8 7.0 6.7 7.3 7.4 7.7 14

15 Small time and savings deposits 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 15

16 Large time deposits 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 16

17 Miscellaneous liabilities 4.2 5.6 7.4 10.3 10.9 13.1 14.2 15.2 14.9 15.6 16.4 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, September 11, 1998 75

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1060.4 1020.2 1008.6 1012.8 1031.7 1019.4 1029.7 1020.7 1028.6 1044.6 1047.3 1

 2 Reserves at Federal Reserve 3.1 3.4 2.8 2.7 2.3 2.1 1.8 1.8 1.7 1.7 1.7 2

 3 Checkable deposits and currency 12.4 15.4 13.9 15.5 14.2 13.1 13.6 14.2 15.3 15.9 15.9 3

 4 Time and savings deposits 3.7 3.0 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 1.4 4

 5 Federal funds and security RPs 14.4 10.6 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 14.3 5

 6 Credit market instruments 937.4 914.1 920.8 913.3 933.2 931.9 937.8 929.0 928.5 931.0 928.1 6

 7 Open market paper 0.6 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 177.0 175.5 187.0 183.0 173.4 173.1 175.9 170.1 169.8 167.4 162.4 8

 9 Treasury 34.0 28.2 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.8 12.6 9

10 Agency 143.0 147.3 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.6 149.7 10

11 Municipal securities 2.1 2.1 2.0 2.0 2.1 1.9 2.0 2.1 2.1 1.7 2.0 11

12 Corporate and foreign bonds 80.0 89.1 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.0 65.3 12

13 Other loans and advances 12.4 10.8 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 20.2 13

14 Mortgages 628.0 598.4 596.2 596.8 628.3 626.4 629.1 631.4 631.8 637.0 629.9 14

15 Consumer credit 37.4 37.9 38.5 40.1 44.7 45.9 46.5 48.5 47.2 47.1 48.3 15

16 Corporate equities 11.2 12.5 10.4 14.3 17.8 17.9 21.2 22.6 23.3 26.5 26.9 16

17 Miscellaneous assets 78.2 61.0 53.0 54.7 52.9 43.7 44.0 43.3 49.7 56.4 59.1 17

18 Total liabilities 1067.9 1016.1 998.3 995.1 1010.5 998.3 1004.1 992.8 1001.0 1013.5 1015.6 18

19 Deposits 852.8 785.4 733.6 727.9 721.4 718.5 711.7 697.1 695.7 696.6 690.3 19

20 Checkable 84.0 88.3 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.1 166.6 20

21 Small time and savings 692.2 624.1 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.3 420.5 21

22 Large time 76.7 73.0 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 103.2 22

23 Security RPs 18.6 26.1 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.4 48.0 23

24 Credit market instruments 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 24

25 Corporate bonds 5.5 3.9 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 2.7 25

26 Bank loans n.e.c. 8.9 8.4 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.3 23.4 26

27 Other loans and advances 74.0 87.3 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 144.6 27

28 Taxes payable 1.4 1.9 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 1.8 28

29 Miscellaneous liabilities 106.8 103.0 106.7 106.1 103.5 96.4 100.7 97.4 101.4 106.9 104.9 29

30 Investment by parent 4.0 4.4 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 5.2 30

31 Other 102.8 98.5 102.3 101.6 98.8 91.7 95.9 92.5 96.4 101.8 99.7 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
76 Z.1, September 11, 1998

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 264.7 281.7 293.6 310.7 330.1 341.7 348.0 348.8 353.8 368.8 376.6 1

 2 Checkable deposits and currency 6.6 6.5 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.6 8.7 2

 3 Time and savings deposits 27.0 25.6 16.7 17.1 16.4 18.4 17.5 15.5 17.0 17.9 18.6 3

 4 Federal funds and security RPs 13.5 8.5 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 10.1 4

 5 Credit market instruments 197.1 218.7 246.8 263.0 288.5 291.2 299.9 303.9 305.3 307.5 316.4 5

 6 Open market paper 3.0 2.2 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 0.5 6

 7 U.S. government securities 48.6 58.9 62.9 64.1 68.1 69.7 71.3 69.3 66.7 68.6 71.4 7

 8 Treasury 19.9 22.6 22.1 18.3 17.4 17.8 17.9 15.7 15.6 14.5 13.8 8

 9 Agency 28.7 36.3 40.9 45.7 50.7 51.9 53.4 53.6 51.0 54.1 57.6 9

10 Home mortgages 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 95.1 10

11 Consumer credit 89.4 101.6 119.6 131.9 144.1 143.9 147.6 150.0 152.4 149.3 149.4 11

12 Mutual fund shares 4.1 4.2 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.8 3.1 12

13 Miscellaneous assets 16.5 18.2 14.8 13.9 13.7 13.3 16.2 15.9 17.6 22.2 19.6 13

14 Total liabilities 247.5 260.8 270.3 283.7 300.1 311.1 316.4 316.2 320.6 335.0 342.1 14

15 Shares/deposits 242.9 255.5 263.4 278.8 295.1 306.0 311.0 310.9 315.4 329.9 336.2 15

16 Checkable 25.1 26.8 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 38.7 16

17 Small time and savings 212.0 221.8 227.3 238.9 251.2 259.4 262.9 261.4 264.4 274.9 281.0 17

18 Large time 5.8 6.9 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 16.4 18

19 Other loans and advances 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 19

20 Miscellaneous liabilities 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 5.1 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 629.6 660.9 670.0 774.9 841.6 859.1 953.8 1030.2 1054.7 1151.1 1179.0 1

 2 Deposits 40.6 39.5 41.4 44.7 51.1 52.2 52.6 54.2 55.3 56.4 57.5 2

 3 Checkable deposits and currency 0.9 0.8 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 1.0 3

 4 Time and savings deposits 10.5 9.4 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 12.5 4

 5 Money market fund shares 29.2 29.3 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 44.0 5

 6 Credit market instruments 231.5 240.9 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 240.9 6

 7 Open market paper 22.8 19.5 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 24.2 7

 8 U.S. government securities 72.0 73.1 72.0 70.8 71.3 71.2 71.2 71.2 71.2 71.0 70.8 8

 9 Treasury 40.1 40.4 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 39.0 9

10 Agency 31.8 32.7 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 31.8 10

11 Municipal securities 96.0 108.9 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 105.2 11

12 Corporate and foreign bonds 36.8 35.8 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 37.2 12

13 Mortgages 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 13

14 Corporate equities 216.9 181.0 167.3 224.9 248.9 267.0 328.3 377.4 401.0 462.6 482.3 14

15 Mutual fund shares 128.1 183.5 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 381.4 15

16 Miscellaneous assets 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 16

17 Total liabilities (2) 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, September 11, 1998 77

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1587.0 1755.4 1858.0 2057.9 2243.5 2289.2 2401.3 2492.7 2518.9 2630.8 2693.3 1

 2 Checkable deposits and currency 4.8 5.2 5.6 5.2 4.3 3.5 4.0 3.7 8.1 3.5 3.6 2

 3 Money market fund shares 25.0 31.5 16.2 22.8 40.7 44.7 50.9 54.0 56.5 62.1 67.2 3

 4 Credit market instruments 1304.4 1416.0 1482.6 1581.8 1654.3 1680.2 1724.1 1750.4 1755.2 1786.3 1815.6 4

 5 Open market paper 43.2 46.9 52.8 45.5 48.4 55.3 58.1 64.6 65.9 68.3 69.8 5

 6 U.S. government securities 281.8 332.8 341.2 351.0 337.4 336.3 339.6 346.0 312.1 325.1 332.3 6

 7 Treasury 88.8 110.0 107.1 108.1 93.2 93.2 93.8 96.7 85.5 90.0 92.0 7

 8 Agency 193.0 222.8 234.1 242.9 244.1 243.1 245.8 249.3 226.7 235.1 240.3 8

 9 Municipal securities 11.4 14.7 12.8 11.9 13.4 13.5 13.7 14.1 36.5 38.2 39.0 9

10 Corporate and foreign bonds 653.9 719.5 779.4 870.1 949.3 966.6 1000.9 1011.8 1026.2 1038.7 1057.1 10

11 Policy loans 72.1 77.7 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.9 103.8 11

12 Mortgages 242.0 224.4 210.9 207.5 205.4 206.5 208.1 209.4 210.8 212.2 213.6 12

13 Corporate equities 151.6 201.2 246.1 315.4 409.3 423.5 475.8 526.0 539.5 606.2 634.5 13

14 Mutual fund shares 18.2 25.9 9.6 27.7 40.0 41.0 49.0 55.7 57.5 64.4 65.7 14

15 Miscellaneous assets 83.0 75.7 97.9 105.1 94.8 96.3 97.5 103.0 102.1 108.2 106.6 15

16 Total liabilities 1525.1 1677.8 1773.5 1953.9 2115.6 2156.2 2249.9 2323.0 2359.7 2462.9 2513.5 16

17 Other loans and advances 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 17

18 Life insurance reserves 421.5 457.2 491.5 536.3 580.1 592.8 607.9 623.9 632.7 645.0 654.3 18

19 Pension fund reserves (1) 743.0 836.4 884.5 997.3 1088.9 1111.9 1170.3 1214.2 1226.7 1294.5 1324.1 19

20 Taxes payable 7.8 9.4 10.4 12.0 13.6 14.0 14.4 14.9 15.3 15.7 16.1 20

21 Miscellaneous liabilities 352.9 374.6 386.6 407.8 431.4 435.7 455.5 468.3 483.3 506.0 517.4 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 597.9 642.5 678.1 740.3 778.1 790.3 812.2 829.9 852.4 876.2 888.6 1

 2 Checkable deposits and currency 5.6 5.2 5.0 4.9 3.9 4.2 4.1 4.2 4.2 3.7 3.8 2

 3 Security RPs 32.6 31.7 29.4 37.5 35.4 38.1 36.6 37.5 35.2 36.2 36.4 3

 4 Credit market instruments 389.4 422.7 446.4 468.7 491.2 491.6 498.6 506.6 515.3 521.1 528.2 4

 5 U.S. government securities 151.4 169.0 178.7 181.6 171.8 157.8 159.1 160.6 162.0 163.8 165.3 5

 6 Treasury 108.7 124.5 133.0 133.4 120.9 88.9 89.7 90.6 91.1 92.2 93.0 6

 7 Agency 42.6 44.5 45.8 48.2 51.0 68.9 69.4 70.0 70.8 71.6 72.3 7

 8 Municipal securities 134.3 146.1 153.8 161.0 175.4 188.6 190.9 193.0 194.1 196.3 198.1 8

 9 Corporate and foreign bonds 97.8 103.1 110.1 123.3 141.6 142.7 146.3 150.7 157.0 158.8 162.7 9

10 Commercial mortgages 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.1 10

11 Corporate equities 97.3 103.4 112.1 134.2 148.6 151.3 166.6 174.0 186.0 199.9 203.8 11

12 Trade receivables 49.0 50.7 52.9 57.3 57.2 61.3 61.8 61.9 59.9 62.6 62.8 12

13 Miscellaneous assets 24.0 28.8 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.6 13

14 Total liabilities 445.5 463.1 479.7 510.7 519.3 522.7 525.3 533.7 538.5 544.0 547.8 14

15 Taxes payable 5.6 7.0 7.9 9.0 10.2 10.6 10.9 11.2 11.5 11.8 12.1 15

16 Miscellaneous liabilities 439.9 456.1 471.9 501.6 509.0 512.2 514.4 522.5 527.1 532.2 535.8 16
78 Z.1, September 11, 1998

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1958.7 2193.4 2291.8 2656.7 3047.5 3077.6 3332.8 3540.7 3579.1 3910.2 3981.5 1

 2 Checkable deposits and currency 2.9 3.0 3.2 3.1 3.0 3.0 3.0 3.0 2.9 2.9 2.9 2

 3 Time and savings deposits 77.4 69.0 64.5 49.6 35.2 32.0 28.3 25.2 21.6 20.5 18.2 3

 4 Money market fund shares 19.8 26.3 31.6 37.5 42.7 43.1 44.4 44.6 47.3 48.1 51.4 4

 5 Security RPs 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 42.8 5

 6 Credit market instruments 561.9 611.4 656.9 718.2 766.5 780.3 794.9 811.5 834.2 852.3 878.7 6

 7 Open market paper 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 42.8 7

 8 U.S. government securities 326.8 350.5 400.4 433.4 454.4 460.3 467.1 474.3 485.4 493.0 506.3 8

 9 Treasury 223.9 239.6 271.2 292.2 305.6 309.3 313.6 318.0 324.9 329.6 337.6 9

10 Agency 102.9 110.9 129.2 141.2 148.8 151.0 153.5 156.3 160.5 163.4 168.6 10

11 Municipal securities 0.5 0.6 0.7 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 11

12 Corporate and foreign bonds 185.6 207.8 200.0 227.0 250.3 256.8 264.0 271.9 282.4 291.2 303.7 12

13 Mortgages 14.5 14.5 18.0 19.3 21.0 21.6 22.1 22.7 23.4 24.0 24.9 13

14 Corporate equities 807.8 937.7 940.5 1180.5 1422.3 1428.1 1619.7 1769.2 1765.1 2005.3 2089.3 14

15 Mutual fund shares 74.9 116.0 150.4 228.5 332.6 345.6 399.1 441.3 456.0 517.6 542.5 15

16 Miscellaneous assets 379.5 391.9 407.0 401.6 405.2 404.8 402.5 404.4 410.0 420.3 355.8 16

17 Unallocated insurance contracts (2) 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 252.9 17

18 Contributions receivable 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 35.3 18

19 Other 162.6 163.4 175.0 160.3 149.5 145.5 138.9 135.4 135.2 134.6 67.6 19

20 Pension fund reserves (liabilities) (3) 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3936.0 4006.4 20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1167.6 1255.9 1294.3 1517.9 1714.9 1753.6 1935.5 2046.6 2094.1 2258.3 2284.8 1

 2 Checkable deposits and currency 6.0 6.5 5.1 3.1 3.6 2.7 3.9 3.5 4.3 4.4 4.6 2

 3 Time and savings deposits 5.8 8.5 4.9 4.0 4.2 7.4 4.0 3.8 3.9 2.8 3.0 3

 4 Security RPs 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.1 4

 5 Credit market instruments 410.8 433.5 455.8 483.3 529.2 531.6 542.7 562.0 565.8 582.5 603.2 5

 6 Open market paper 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.1 6

 7 U.S. government securities 220.4 231.2 246.3 270.8 298.5 302.0 303.1 316.1 316.8 317.4 328.2 7

 8 Treasury 147.8 163.0 171.0 175.8 190.5 192.5 197.9 209.1 204.8 208.2 213.2 8

 9 Agency 72.5 68.2 75.2 95.0 108.0 109.5 105.2 107.0 112.0 109.2 115.1 9

10 Municipal securities 0.5 0.7 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.2 1.7 10

11 Corporate and foreign bonds 152.8 166.5 167.7 163.5 180.2 178.9 183.5 192.8 199.5 211.9 223.1 11

12 Mortgages 16.5 14.5 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 18.1 12

13 Corporate equities 450.9 531.0 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1481.5 1505.2 13

14 Miscellaneous assets 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 136.6 14

15 Pension fund reserves (liabilities) (1) 1179.5 1268.7 1309.9 1535.2 1734.0 1773.5 1956.5 2068.5 2116.8 2282.1 2309.4 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, September 11, 1998 79

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1

 2 Foreign deposits 20.3 10.0 15.7 19.7 23.1 20.6 20.2 23.0 23.2 28.3 21.9 2

 3 Checkable deposits and currency -2.7 -1.2 -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 -0.1 3

 4 Time and savings deposits 34.6 31.9 31.4 52.3 82.7 99.4 106.4 115.0 111.3 109.6 107.0 4

 5 Security RPs 65.9 66.4 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 143.7 5

 6 Credit market instruments 408.6 429.0 459.0 545.5 634.3 659.0 656.5 678.7 721.9 775.0 815.9 6

 7 Open market paper 173.6 164.4 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 395.5 7

 8 U.S. government securities 132.7 147.2 143.3 160.8 192.0 174.2 168.1 163.5 182.5 179.1 174.8 8

 9 Treasury 78.4 79.4 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 81.3 9

10 Agency 54.3 67.8 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 93.5 10

11 Municipal securities 96.0 105.6 113.4 127.7 144.5 155.7 151.8 158.9 167.0 179.9 177.4 11

12 Corporate and foreign bonds 6.3 11.7 15.2 21.5 23.9 26.4 27.7 32.7 36.4 44.9 68.3 12

13 Miscellaneous assets 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 13

14 Total shares outstanding (liabilities) 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 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 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 1

 2 Security RPs 21.9 38.7 43.1 50.2 47.5 53.3 58.7 59.4 57.8 51.2 52.9 2

 3 Credit market instruments 566.4 725.9 718.8 771.3 820.2 838.5 861.3 890.4 901.1 939.3 968.5 3

 4 Open market paper 21.9 38.7 43.1 50.2 47.2 53.3 58.7 59.4 57.8 51.3 52.9 4

 5 U.S. government securities 257.4 306.6 296.2 315.1 330.2 335.6 340.2 351.1 349.7 367.1 371.8 5

 6 Treasury 169.5 200.9 194.1 205.3 214.2 217.3 219.9 226.0 225.2 234.9 237.5 6

 7 Agency 87.9 105.7 102.1 109.9 116.1 118.3 120.3 125.1 124.5 132.2 134.3 7

 8 Municipal securities 168.4 211.3 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.6 229.4 8

 9 Corporate and foreign bonds 118.7 169.3 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.3 314.4 9

10 Corporate equities 401.3 607.4 709.6 1024.9 1470.0 1513.4 1790.6 2015.8 2018.7 2341.9 2426.3 10

11 Miscellaneous assets 3.0 3.3 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 8.3 11

12 Total shares outstanding (liabilities) 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 93.5 116.1 117.8 134.4 142.3 142.6 149.5 153.7 154.0 153.6 153.2 1

 2 Credit market instruments 69.7 89.7 86.0 96.4 98.7 99.3 99.7 99.7 99.8 100.0 100.0 2

 3 U.S. government securities 11.6 13.7 12.8 11.2 11.4 11.4 11.2 11.0 10.7 10.5 10.2 3

 4 Municipal securities 39.7 51.8 53.4 59.6 60.4 60.6 60.8 61.0 61.2 61.5 61.7 4

 5 Corporate and foreign bonds 18.3 24.2 19.8 25.6 26.9 27.4 27.6 27.8 27.9 28.0 28.1 5

 6 Corporate equities 23.8 26.5 31.9 38.0 43.6 43.2 49.8 54.0 54.2 53.7 53.2 6

 Memo:

 7 Market value of equities 93.5 116.1 117.8 134.4 142.3 142.6 149.5 153.7 154.0 153.6 153.2 7
80 Z.1, September 11, 1998

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 552.3 631.1 781.8 896.9 988.6 993.9 1038.5 1055.1 1099.4 1150.2 1189.7 1

 2 Checkable deposits and currency 1.2 2.1 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 1.9 2

 3 Federal funds and security RPs 66.6 50.3 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 90.9 3

 4 Credit market instruments 457.6 545.5 663.3 748.0 813.6 824.3 854.8 868.7 908.6 949.5 985.9 4

 5 Open market paper 13.5 11.9 26.3 25.5 35.1 40.6 42.2 29.3 34.0 59.3 49.9 5

 6 U.S. government securities 105.7 116.9 180.3 243.8 264.2 279.2 295.1 319.4 333.3 345.4 374.2 6

 7 Treasury 58.7 51.6 51.9 58.0 18.8 19.1 13.5 21.7 25.9 13.7 16.4 7

 8 Agency 47.0 65.3 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 357.8 8

 9 Municipal securities 3.2 2.6 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 3.4 9

10 Corporate and foreign bonds 0.0 11.1 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 24.6 10

11 Other loans and advances 135.5 162.0 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 284.4 11

12 Sallie Mae 31.6 33.4 37.0 37.9 36.2 34.9 33.5 32.4 30.9 29.1 26.8 12

13 Farm Credit System 24.0 25.4 26.3 30.2 31.6 31.7 32.4 32.7 31.6 32.7 32.5 13

14 FHLB 79.9 103.1 125.9 132.3 161.4 156.6 172.4 181.8 197.8 205.9 225.1 14

15 Mortgages 199.7 241.0 244.6 249.0 250.7 247.2 245.5 245.1 246.8 248.0 249.4 15

16 Home 156.9 196.7 199.3 203.2 204.3 201.0 199.6 199.1 200.7 202.1 203.2 16

17 Multifamily residential 15.8 17.5 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 16.7 17

18 Farm 27.0 26.8 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 29.5 18

19 Miscellaneous assets 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 103.9 111.0 19

20 Total liabilities 538.7 614.4 761.7 873.4 964.1 968.7 1011.7 1028.2 1070.3 1121.1 1160.2 20

21 Credit market instruments 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 21

22 GSE issues (2) 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 22

23 U.S. government loans 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 90.8 85.9 61.1 66.9 67.2 74.1 67.6 72.4 75.1 90.2 87.7 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1

 2 Home mortgages 1248.2 1334.3 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 1868.3 2

 3 Multifamily residential mortgages 23.8 22.5 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 40.4 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, September 11, 1998 81

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 420.6 504.2 576.9 716.7 865.0 881.5 909.2 979.1 1078.5 1136.9 1225.2 1

 2 Agency securities (1) 91.4 107.0 114.1 125.8 121.1 117.6 115.6 114.1 114.0 109.0 109.4 2

 3 Other loans and advances 9.7 19.5 23.7 30.6 44.0 41.2 44.2 44.0 76.2 84.3 86.2 3

 4 Student loans 0.0 0.0 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 19.0 4

 5 Loans to business 9.7 19.5 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.2 5

 6 Mortgages (2) 173.4 219.0 257.9 292.9 353.5 367.3 383.9 411.8 447.2 483.7 533.9 6

 7 Home 151.9 184.8 208.5 227.8 261.9 271.1 279.5 299.4 318.0 336.8 364.3 7

 8 Multifamily residential 6.3 8.7 11.7 15.6 22.0 22.5 24.4 25.7 29.3 33.5 38.1 8

 9 Commercial 15.2 25.5 37.6 49.5 69.6 73.7 80.1 86.8 100.0 113.4 131.4 9

10 Consumer credit 120.3 130.5 146.1 211.6 265.8 268.5 275.6 293.5 313.1 316.8 345.1 10

11 Trade receivables 25.8 28.4 35.2 55.7 80.7 86.9 89.8 115.7 128.1 143.2 150.6 11

12 Total liabilities 422.5 506.1 579.0 720.1 873.8 889.9 918.4 989.2 1089.4 1147.4 1236.1 12

13 Commercial paper 46.9 51.6 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 308.3 13

14 Corporate bonds 375.6 454.6 515.1 618.9 727.1 731.8 755.1 778.8 833.3 862.6 927.7 14

 Memo:

 Securitized consumer leases

15 not included above (3) 1.9 1.9 2.2 3.5 8.7 8.4 9.2 10.0 10.8 10.5 10.9 15

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 555.6 557.4 599.7 672.3 714.6 720.5 736.9 731.5 757.4 778.7 795.5 1

 2 Checkable deposits and currency 11.9 13.3 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 21.7 2

 3 Credit market instruments 453.3 427.9 476.2 526.2 544.5 552.4 553.1 564.4 566.4 572.0 579.0 3

 4 Other loans and advances 264.9 249.0 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 334.9 4

 5 Mortgages 65.8 62.7 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 89.9 5

 6 Consumer credit 122.6 116.1 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.5 154.3 6

 7 Miscellaneous assets 90.4 116.1 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.6 194.8 7

 8 Total liabilities 547.9 554.2 618.5 691.2 741.0 747.1 761.1 755.6 777.6 799.6 815.2 8

 9 Credit market instruments 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 9

10 Open market paper 149.2 149.1 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 225.9 10

11 Corporate bonds 203.1 215.6 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.2 348.7 11

12 Bank loans n.e.c. 34.1 20.4 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 22.3 12

13 Taxes payable 2.6 3.3 4.1 4.9 5.6 5.8 6.0 6.2 6.4 6.6 6.8 13

14 Miscellaneous liabilities 158.9 165.8 180.6 202.4 205.6 212.9 197.3 216.7 216.7 221.2 211.5 14

15 Foreign direct investment in U.S. 9.5 33.8 20.0 24.8 30.2 32.5 32.5 30.8 35.1 36.8 40.0 15

16 Investment by parent 34.3 35.6 41.8 51.1 60.3 61.0 60.0 61.6 64.7 64.6 60.0 16

17 Other 115.1 96.4 118.8 126.5 115.1 119.5 104.8 124.3 117.0 119.7 111.5 17

 Memo:

18 Consumer leases not included above (2) 39.0 49.3 67.5 80.8 92.5 95.6 98.5 96.1 96.8 95.2 97.0 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
82 Z.1, September 11, 1998

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 57.4 1

 2 Home mortgages 52.7 52.2 28.3 23.8 32.0 30.9 24.8 45.5 47.3 49.8 47.2 2

 3 Multifamily residential mortgages 3.0 3.1 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 5.2 3

 4 Commercial mortgages 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 57.4 5

 6 Bank loans n.e.c. 30.2 30.2 18.7 19.1 31.5 31.4 28.3 29.2 30.3 31.6 30.2 6

 7 Investment by parent 30.3 30.2 17.7 13.9 9.7 9.5 6.4 26.3 27.3 28.6 27.2 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 13.8 17.4 22.1 25.1 27.0 31.1 35.7 42.8 46.5 50.3 53.8 1

 2 Mortgages 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 14.5 2

 3 Home 0.9 0.9 1.5 1.7 1.9 1.9 1.8 1.7 1.7 1.6 1.6 3

 4 Multifamily residential 5.3 5.6 8.7 10.1 11.4 11.1 10.7 10.4 10.1 9.8 9.5 4

 5 Commercial 1.9 2.1 3.2 3.7 4.2 4.0 3.9 3.8 3.7 3.6 3.5 5

 6 Miscellaneous assets 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 39.3 6

 7 Total liabilities 19.3 24.7 46.1 54.2 68.8 75.4 83.4 94.2 104.4 115.4 125.8 7

 8 Security RPs 2.9 5.0 9.7 10.8 12.1 13.2 14.4 16.0 17.5 18.5 19.5 8

 9 Credit market instruments 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 90.1 9

10 Open market paper 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 4.0 4.3 6.3 8.6 13.1 14.0 15.5 18.9 23.1 28.2 32.6 11

12 Bank loans n.e.c. 3.7 3.6 6.0 3.9 2.5 3.8 5.4 7.5 9.5 11.5 13.5 12

13 Mortgages 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 44.0 13

14 Miscellaneous liabilities 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 16.1 14
Z.1, September 11, 1998 83

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 381.7 478.8 454.7 568.1 636.4 651.3 719.9 751.3 778.4 926.1 823.9 1

 2 Checkable deposits and currency 10.4 12.3 12.0 13.7 15.7 14.9 18.1 19.0 21.3 25.0 20.8 2

 3 Credit market instruments 122.7 137.5 93.3 183.4 167.7 164.1 161.2 165.1 181.4 244.0 196.9 3

 4 Open market paper 15.2 14.9 11.2 22.1 23.7 25.2 26.0 24.5 24.3 25.1 31.1 4

 5 U.S. government securities 45.3 32.5 2.3 72.3 42.4 30.9 26.6 23.6 44.0 104.4 51.5 5

 6 Treasury -7.7 -28.3 -42.7 18.3 -12.8 -22.9 -27.1 -42.8 -6.5 36.6 -35.4 6

 7 Agency 53.0 60.8 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 86.9 7

 8 Municipal securities 11.3 17.1 15.5 12.7 10.8 10.0 11.4 11.0 13.2 12.4 15.0 8

 9 Corporate and foreign bonds 50.9 73.0 64.4 76.4 90.9 97.9 97.2 105.9 100.0 102.1 99.2 9

10 Corporate equities 14.8 24.2 20.1 34.2 37.9 39.1 44.0 50.8 52.2 62.8 60.4 10

11 Security credit 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 140.3 139.5 11

12 Miscellaneous assets 180.4 228.6 254.2 258.2 320.7 332.1 386.1 389.0 392.3 454.0 406.4 12

13 Total liabilities 352.8 441.9 420.9 535.5 597.1 609.0 675.4 702.7 728.0 870.6 770.9 13

14 Security RPs (net) 106.4 126.4 103.4 182.4 180.9 178.0 208.1 216.5 203.6 237.3 209.9 14

15 Corporate bonds 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 15

16 Trade payables 7.4 10.1 9.1 10.3 14.3 17.6 16.4 23.6 19.9 19.6 20.5 16

17 Security credit 164.2 202.9 203.9 227.1 263.7 278.9 304.3 304.7 337.0 364.9 341.5 17

18 Customer credit balances (HH) 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 233.4 201.9 18

19 From banks 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 19

20 Taxes payable 0.9 1.4 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 1.1 20

21 Miscellaneous liabilities 52.2 67.4 69.0 85.4 109.7 106.8 110.5 123.2 130.7 212.6 157.8 21

22 Foreign direct investment in U.S. 5.3 5.0 5.8 11.1 8.4 8.5 8.5 8.5 8.1 8.2 8.3 22

23 Due to affiliates 55.5 84.7 110.3 135.4 186.7 208.5 216.2 214.4 230.4 255.6 287.1 23

24 Other -8.6 -22.3 -47.2 -61.2 -85.3 -110.2 -114.2 -99.7 -107.8 -51.2 -137.6 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 337.7 329.2 368.0 367.9 466.9 509.6 504.1 521.1 559.3 627.9 636.4 1

 2 Money market fund shares 75.9 86.0 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 183.3 2

 3 Credit market instruments 147.0 117.8 109.3 82.2 88.7 100.6 95.6 91.8 117.4 146.5 137.4 3

 4 Open market paper 147.0 113.8 95.3 58.4 42.1 51.1 45.0 41.6 64.2 93.9 80.4 4

 5 Corporate and foreign bonds 0.0 4.0 14.0 23.8 46.5 49.6 50.6 50.1 53.1 52.6 57.0 5

 6 Miscellaneous assets (2) 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.7 315.7 6

 7 Investment in foreign banking offices 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 7

 8 Investment in brokers and dealers 63.7 80.8 96.9 114.8 166.3 180.4 182.1 195.2 205.2 225.2 236.4 8

 9 Total liabilities 337.7 329.2 368.0 367.9 466.9 509.6 504.1 521.1 559.3 627.9 636.4 9

10 Credit market instruments 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 410.7 10

11 Open market paper 142.2 140.3 151.1 164.2 199.1 223.6 225.7 226.3 229.6 249.6 238.6 11

12 Corporate bonds 26.4 40.0 60.0 84.4 113.6 125.0 124.3 137.2 144.2 163.3 172.2 12

13 Miscellaneous liabilities 169.1 148.9 157.0 119.3 154.2 161.0 154.1 157.7 185.5 215.0 225.6 13

14 Foreign direct investment in U.S. -53.8 -54.9 -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.8 -100.2 -95.1 14

15 Securities loaned (net) 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 356.6 328.5 15

16 Other 69.4 6.7 5.4 -13.8 -39.9 -38.7 -91.6 -93.2 -57.9 -41.4 -7.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
84 Z.1, September 11, 1998

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves 71.3 73.4 74.3 85.8 75.1 67.2 67.8 67.1 70.0 69.4 71.2 1

 2 U.S. gold stock and SDRs 19.6 20.1 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 21.0 2

 3 Federal govt.: Exchange Stab. Fund 8.5 9.0 10.0 11.0 10.3 9.9 10.0 10.0 10.0 10.1 10.0 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.0 11.1 11.1 11.1 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 5

 6 Official foreign currency holdings 40.0 41.5 41.2 49.1 38.3 32.4 32.9 32.1 30.8 30.2 31.2 6

 7 Treasury 18.5 19.2 19.2 28.0 19.0 14.5 15.0 14.5 13.8 13.5 13.8 7

 8 Monetary authority 21.5 22.3 22.0 21.1 19.3 18.0 18.0 17.6 17.0 16.7 17.4 8

 9 Net IMF position 11.8 11.8 12.0 14.6 15.4 13.8 13.8 14.0 18.1 18.0 18.9 9

10 Federal government 11.9 11.9 12.1 14.7 15.5 13.9 13.9 14.1 18.2 18.1 19.0 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 1

 2 Asset: Monetary authority 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 2

 Treasury currency:

 3 Liab: Federal government 16.5 17.0 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 3

 4 Asset: Monetary authority 21.5 22.1 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.7 25.9 4

 5 Discrepancy (seigniorage) -4.9 -5.1 -5.4 -5.8 -6.7 -6.8 -6.9 -6.7 -7.3 -7.4 -7.4 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 267.7 271.8 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 619.2 1

 Held by:

 2 Household sector 15.6 15.8 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 46.6 2

 3 Nonfinancial corporate business 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 24.8 3

 4 Money market mutual funds 20.3 10.0 15.7 19.7 23.1 20.6 20.2 23.0 23.2 28.3 21.9 4

 5 Discrepancy--unallocated assets 217.6 233.2 325.4 360.2 431.2 475.4 478.0 501.5 534.5 510.8 525.9 5
Z.1, September 11, 1998 85

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 138.5 189.3 280.1 290.7 240.8 210.9 197.1 186.9 193.3 188.4 186.4 1

 2 Monetary authority 63.9 67.6 68.9 70.2 69.7 59.0 61.6 60.3 75.8 62.2 62.1 2

 3 Depository institution reserves 32.1 35.0 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 23.7 3

 4 Vault cash 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 4

 5 Commercial banking 74.5 121.7 211.2 220.5 171.1 151.9 135.4 126.6 117.5 126.1 124.4 5

 6 To monetary authority 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 6

 7 To banks in foreign countries, net 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.8 126.6 117.2 7

 8 Liabilities, net 89.2 135.4 229.0 239.7 192.9 174.5 162.8 168.0 162.6 139.7 128.5 8

 9 U.S.-chartered commercial banks -11.5 7.9 82.3 79.6 48.5 51.9 60.0 60.7 55.5 47.9 39.5 9

10 Due to foreign affiliates 84.2 90.8 143.4 128.7 126.8 133.6 139.2 138.4 182.8 216.2 257.5 10

11 - Due from foreign affiliates 95.6 82.9 61.1 49.1 78.4 81.6 79.2 77.8 127.3 168.3 218.0 11

12 Foreign banking offices in U.S. 105.1 134.3 161.4 178.6 167.1 139.7 123.7 129.3 128.9 115.1 111.7 12

13 Due to foreign affiliates 84.6 83.0 84.3 99.9 110.4 110.4 109.8 98.7 79.9 54.0 26.7 13

14 - Due from foreign affiliates -20.5 -51.3 -77.0 -78.7 -56.6 -29.3 -13.8 -30.6 -49.0 -61.1 -85.0 14

15 Bank holding companies -4.5 -6.8 -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -23.3 -22.7 15

16 Due to foreign affiliates 8.9 6.6 4.1 3.0 2.7 2.4 2.3 3.2 3.0 3.8 4.1 16

17 - Due from foreign affiliates 13.4 13.3 18.7 21.4 25.3 19.6 23.3 25.1 24.9 27.1 26.8 17

18 Less: Deposits at foreign banks 9.3 10.0 10.8 10.4 15.6 24.4 21.6 19.4 15.8 13.0 11.3 18

19 U.S. chartered commercial banks 7.7 8.4 8.0 5.4 10.6 18.6 16.9 15.8 11.7 12.8 10.9 19

20 Foreign banking offices in U.S. 1.6 1.6 2.9 5.0 5.0 5.8 4.8 3.6 4.1 0.3 0.4 20

21 To U.S. banking, net -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.0 4.7 21

22 U.S.-chartered commercial banks -33.6 -19.9 -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.1 -52.4 -51.8 22

23 Liabilities 38.5 44.8 50.7 43.3 38.3 43.4 41.8 28.7 22.0 42.8 55.3 23

24 To foreign offices in U.S. 46.4 48.2 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.0 49.5 24

25 To bank holding companies 1.4 1.3 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 1.1 25

26 Unallocated -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.0 4.7 26

 Less, due from:

27 Foreign offices in U.S. 77.2 66.7 60.2 58.9 64.9 75.1 74.3 66.5 57.6 80.8 90.6 27

28 Bank holding companies -5.1 -1.9 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.4 16.5 28

29 Foreign banking offices in U.S. 30.8 18.5 3.9 7.5 16.5 31.3 25.5 16.9 3.8 36.8 41.2 29

30 Due to U.S. banks 77.2 66.7 60.2 58.9 64.9 75.1 74.3 66.5 57.6 80.8 90.6 30

31 - Due from U.S. banks 46.4 48.2 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.0 49.5 31

32 Bank holding companies -6.5 -3.3 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.6 15.4 32

33 Due to U.S. banks -5.1 -1.9 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.4 16.5 33

34 - Due from U.S. banks 1.4 1.3 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 1.1 34

35 Total assets 147.7 194.1 286.6 299.7 251.4 212.5 205.1 209.0 225.4 190.4 181.7 35

36 Rest of the world 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.8 126.6 117.2 36

37 Domestic 67.9 68.6 68.4 70.4 74.1 62.5 64.0 60.4 78.6 63.8 64.5 37

38 Monetary authority 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 38

39 Federal Reserve float 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 39

40 Loans to member banks 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 40

41 Commercial banking 60.9 64.2 66.1 67.5 67.5 56.9 59.8 58.5 74.2 60.5 60.4 41

42 Reserves at Federal Reserve 29.0 31.5 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.7 21.9 42

43 Vault cash 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 43

44 Savings insts.: Reserves at Fed. Res. 3.1 3.4 2.8 2.7 2.3 2.1 1.8 1.8 1.7 1.7 1.7 44

45 Discrepancy--floats, etc. -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.0 4.7 45
86 Z.1, September 11, 1998

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.5 1321.4 1

 2 Monetary authority 311.1 348.2 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 464.7 2

 3 Federal government cash and deposits 8.0 15.2 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 18.3 3

 4 Deposits due to foreign 0.2 0.4 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 0.9 4

 5 Currency outside banks 302.8 332.6 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.2 445.5 5

 6 Commercial banking 714.3 788.4 756.7 710.8 676.3 642.0 661.1 626.8 656.4 617.0 651.4 6

 7 Federal government deposits 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 7

 8 Deposits due to foreign 21.7 21.3 23.2 24.0 26.6 26.5 29.0 27.8 31.2 31.9 36.0 8

 9 Private domestic deposits 662.1 724.5 709.8 667.8 620.9 591.5 597.8 565.5 597.5 563.4 566.8 9

10 Savings institutions 84.0 88.3 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.1 166.6 10

11 Credit unions 25.1 26.8 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 38.7 11

12 Total assets 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.5 1321.4 12

13 Household sector 546.7 593.9 564.0 506.3 439.9 422.8 419.8 392.7 424.3 409.3 418.8 13

14 Nonfinancial business 282.6 305.6 329.7 365.7 420.5 422.6 432.2 442.0 435.2 434.3 442.0 14

15 Corporate 189.4 203.1 221.6 252.9 302.7 303.6 312.0 320.5 312.1 309.6 315.5 15

16 Nonfarm noncorporate 79.6 87.2 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 110.1 16

17 Farm 13.6 15.3 15.8 16.2 16.1 16.1 16.1 16.1 16.2 16.3 16.4 17

18 State and local governments 26.8 28.3 31.6 34.4 31.7 30.0 31.3 31.8 33.2 29.5 32.0 18

19 Federal government 31.7 52.2 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 82.9 19

20 Rest of the world 136.5 155.1 180.4 193.8 213.7 217.8 224.5 229.9 243.6 244.8 251.4 20

21 Checkable deposits 21.9 21.6 23.5 24.5 27.1 27.8 29.6 28.4 32.2 32.7 36.9 21

22 Currency 114.6 133.5 156.9 169.2 186.6 190.1 194.9 201.5 211.4 212.1 214.5 22

23 Financial sectors 61.2 70.1 67.0 69.7 72.5 71.0 78.6 76.9 90.6 92.7 86.3 23

24 Commercial banking 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 1.6 24

25 Savings institutions 12.4 15.4 13.9 15.5 14.2 13.1 13.6 14.2 15.3 15.9 15.9 25

26 Credit unions 6.6 6.5 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.6 8.7 26

27 Bank personal trusts and estates 0.9 0.8 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 1.0 27

28 Life insurance companies 4.8 5.2 5.6 5.2 4.3 3.5 4.0 3.7 8.1 3.5 3.6 28

29 Other insurance companies 5.6 5.2 5.0 4.9 3.9 4.2 4.1 4.2 4.2 3.7 3.8 29

30 Private pension funds 2.9 3.0 3.2 3.1 3.0 3.0 3.0 3.0 2.9 2.9 2.9 30

31 State and local govt. retirement funds 6.0 6.5 5.1 3.1 3.6 2.7 3.9 3.5 4.3 4.4 4.6 31

32 Money market mutual funds -2.7 -1.2 -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 -0.1 32

33 Government-sponsored enterprises 1.2 2.1 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 1.9 33

34 Finance companies 11.9 13.3 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 21.7 34

35 Brokers and dealers 10.4 12.3 12.0 13.7 15.7 14.9 18.1 19.0 21.3 25.0 20.8 35

36 Mail float 48.8 46.4 41.4 37.2 28.5 15.9 21.1 11.7 18.1 11.0 8.1 36
Z.1, September 11, 1998 87

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2708.6 2614.8 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3268.5 3266.2 1

 2 Small time and savings deposits 2293.4 2223.1 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2524.5 2532.7 2

 3 Commercial banking 1389.2 1377.2 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1812.4 1831.1 3

 4 U.S.-chartered commercial banks 1369.5 1358.6 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1791.4 1805.6 4

 5 Foreign banking offices in U.S. 11.2 10.4 9.3 8.5 8.7 19.4 16.8 13.1 13.1 10.3 14.6 5

 6 Banks in U.S.-affiliated areas 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 6

 7 Savings institutions 692.2 624.1 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.3 420.5 7

 8 Credit unions 212.0 221.8 227.3 238.9 251.2 259.4 262.9 261.4 264.4 274.9 281.0 8

 9 Large time deposits (1) 415.2 391.7 411.2 476.9 590.9 606.0 646.7 696.1 713.4 744.0 733.5 9

10 Commercial banking 332.8 311.7 333.0 387.8 493.1 505.0 543.6 590.0 601.0 628.3 613.9 10

11 U.S.-chartered commercial banks 216.1 196.1 214.0 256.5 306.1 314.2 329.1 360.9 369.3 390.1 382.8 11

12 Foreign banking offices in U.S. 108.2 107.4 110.0 121.0 176.6 180.7 204.6 218.9 221.3 227.5 220.2 12

13 Banks in U.S.-affiliated areas 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 13

14 Savings institutions 76.7 73.0 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 103.2 14

15 Credit unions 5.8 6.9 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 16.4 15

16 Total assets 2708.6 2614.8 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3268.5 3266.2 16

17 Household sector 2349.0 2235.9 2223.9 2393.9 2561.9 2608.5 2642.8 2691.0 2731.4 2800.0 2798.5 17

18 Nonfinancial business 100.5 129.3 130.9 115.0 123.6 120.4 126.8 125.5 136.2 140.0 141.6 18

19 Corporate 51.8 74.1 67.5 42.9 44.7 40.0 45.0 42.2 51.0 53.0 52.6 19

20 Nonfarm noncorporate 48.7 55.2 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 89.0 20

21 State and local governments 51.5 46.5 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.6 84.4 21

22 Federal government 0.9 0.8 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 3.2 22

23 Rest of the world 47.9 54.7 56.3 49.6 60.6 63.0 65.9 68.4 73.5 78.1 77.7 23

24 Financial sectors 158.9 147.5 129.8 134.7 148.8 168.1 167.5 171.3 166.2 163.8 160.7 24

25 Savings institutions 3.7 3.0 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 1.4 25

26 Credit unions 27.0 25.6 16.7 17.1 16.4 18.4 17.5 15.5 17.0 17.9 18.6 26

27 Bank personal trusts and estates 10.5 9.4 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 12.5 27

28 Private pension funds 77.4 69.0 64.5 49.6 35.2 32.0 28.3 25.2 21.6 20.5 18.2 28

29 State and local govt. retirement funds 5.8 8.5 4.9 4.0 4.2 7.4 4.0 3.8 3.9 2.8 3.0 29

30 Money market mutual funds 34.6 31.9 31.4 52.3 82.7 99.4 106.4 115.0 111.3 109.6 107.0 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 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1

 2 Household sector 338.6 337.9 351.3 449.2 528.7 578.5 567.7 612.2 639.0 699.1 691.1 2

 3 Nonfinancial corporate business 47.3 44.8 52.2 77.0 84.2 87.4 89.1 94.0 98.3 102.4 109.5 3

 4 Nonfarm noncorporate business 3.6 3.9 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 7.1 4

 5 Bank personal trusts and estates 29.2 29.3 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 44.0 5

 6 Life insurance companies 25.0 31.5 16.2 22.8 40.7 44.7 50.9 54.0 56.5 62.1 67.2 6

 7 Private pension funds 19.8 26.3 31.6 37.5 42.7 43.1 44.4 44.6 47.3 48.1 51.4 7

 8 Funding corporations 75.9 86.0 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 183.3 8
88 Z.1, September 11, 1998

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 400.0 471.3 549.5 659.9 699.9 713.8 766.7 795.4 815.1 881.4 865.4 1

 2 Commercial banking (net) 272.2 313.7 391.8 422.2 463.2 477.0 498.4 516.2 552.2 580.2 588.0 2

 3 U.S.-chartered commercial banks 234.3 279.8 351.4 379.6 408.2 418.0 433.3 455.2 471.7 487.7 484.3 3

 4 Foreign banking offices in U.S. 39.0 34.7 41.4 43.2 55.1 59.0 65.3 61.0 80.7 91.6 102.7 4

 5 Bank holding companies -1.2 -0.8 -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 1.0 5

 6 Savings institutions 18.6 26.1 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.4 48.0 6

 7 REITs 2.9 5.0 9.7 10.8 12.1 13.2 14.4 16.0 17.5 18.5 19.5 7

 8 Brokers and dealers (net) 106.4 126.4 103.4 182.4 180.9 178.0 208.1 216.5 203.6 237.3 209.9 8

 9 Total assets 448.0 472.8 481.7 569.2 609.9 645.7 658.1 670.5 652.5 668.5 671.7 9

10 Nonfinancial corporate business 5.1 2.5 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 1.6 10

11 State and local governments 123.1 133.7 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 159.0 11

12 Rest of the world 41.7 58.6 46.6 67.6 70.9 84.2 84.7 89.8 77.7 79.0 67.3 12

13 Financial sectors 278.2 277.9 314.2 383.4 387.4 409.9 420.9 426.7 419.1 426.1 443.8 13

14 Monetary authority 8.1 13.2 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 20.5 14

15 Savings institutions 14.4 10.6 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 14.3 15

16 Credit unions 13.5 8.5 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 10.1 16

17 Other insurance companies 32.6 31.7 29.4 37.5 35.4 38.1 36.6 37.5 35.2 36.2 36.4 17

18 Private pension funds 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 42.8 18

19 State and local govt. retirement funds 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.1 19

20 Money market mutual funds 65.9 66.4 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 143.7 20

21 Mutual funds 21.9 38.7 43.1 50.2 47.5 53.3 58.7 59.4 57.8 51.2 52.9 21

22 Government-sponsored enterprises 66.6 50.3 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 90.9 22

23 Discrepancy--unallocated assets -48.0 -1.5 67.8 90.7 90.0 68.1 108.6 124.9 162.6 213.0 193.7 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 1

 2 Commercial paper 545.1 553.8 600.1 677.7 779.4 836.8 867.7 901.7 958.5 1057.7 1098.4 2

 3 Nonfinancial corporate business 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 3

 4 Foreign issues in U.S. 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 4

 5 Nonfinancial 30.6 27.5 15.2 20.6 18.7 15.9 15.7 19.8 20.0 19.8 20.5 5

 6 Financial 47.8 41.3 27.5 35.6 48.8 53.4 55.6 44.6 45.0 56.9 50.9 6

 7 Financial business 359.6 367.1 418.2 464.2 555.5 598.8 617.0 660.7 724.8 787.9 824.5 7

 8 Commercial banking 20.4 25.6 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 51.7 8

 9 ABS issuers 46.9 51.6 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 308.3 9

10 Finance companies 149.2 149.1 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 225.9 10

11 REITs 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations 142.2 140.3 151.1 164.2 199.1 223.6 225.7 226.3 229.6 249.6 238.6 12

13 Bankers acceptances (1) 33.9 26.3 23.4 22.6 23.6 24.2 25.4 24.0 20.9 17.1 14.3 13

14 Holdings, by sector 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 14

15 Household sector 29.9 45.5 46.7 59.9 82.6 94.5 99.4 108.1 115.1 125.4 129.4 15

16 Nonfinancial corporate business 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.4 34.0 28.3 32.9 16

17 State and local governments 14.1 17.9 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 78.3 17

18 Rest of the world 12.9 18.8 24.9 43.4 57.9 49.6 59.9 75.3 77.8 74.5 91.8 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) 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 20

21 Savings institutions 0.6 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 3.0 2.2 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 0.5 22

23 Bank personal trusts and estates 22.8 19.5 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 24.2 23

24 Life insurance companies 43.2 46.9 52.8 45.5 48.4 55.3 58.1 64.6 65.9 68.3 69.8 24

25 Private pension funds 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 42.8 25

26 State and local govt. retirement funds 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.1 26

27 Money market mutual funds 173.6 164.4 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 395.5 27

28 Mutual funds 21.9 38.7 43.1 50.2 47.2 53.3 58.7 59.4 57.8 51.3 52.9 28

29 Government-sponsored enterprises 13.5 11.9 26.3 25.5 35.1 40.6 42.2 29.3 34.0 59.3 49.9 29

30 Brokers and dealers 15.2 14.9 11.2 22.1 23.7 25.2 26.0 24.5 24.3 25.1 31.1 30

31 Funding corporations 147.0 113.8 95.3 58.4 42.1 51.1 45.0 41.6 64.2 93.9 80.4 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, September 11, 1998 89

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.5 3723.4 1

 2 Savings bonds 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 2

 3 Other Treasury issues 2904.3 3138.0 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.3 3537.4 3

 4 Total assets 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.5 3723.4 4

 5 Household sector 486.2 505.6 689.7 601.0 576.2 575.1 494.8 451.9 391.5 358.4 328.4 5

 6 Savings bonds 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 6

 7 Other Treasury issues 328.9 333.6 509.8 416.0 389.2 388.6 308.5 265.7 205.0 172.2 142.5 7

 8 Nonfinancial corporate business 60.6 48.8 50.8 57.1 47.7 63.7 55.7 61.1 58.2 49.2 41.8 8

 9 Nonfarm noncorporate business 13.0 13.3 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 20.2 9

10 State and local governments 418.2 447.8 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 251.5 10

11 Rest of the world 520.3 594.6 632.6 840.5 1097.7 1153.4 1184.3 1226.4 1251.8 1261.4 1266.8 11

12 Monetary authority 295.0 332.0 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 439.8 12

13 Commercial banking 294.4 322.2 290.4 278.7 261.8 282.5 265.9 261.8 270.3 278.6 263.7 13

14 U.S.-chartered commercial banks 254.3 275.0 248.0 207.6 173.0 180.1 172.4 163.2 166.8 171.9 153.9 14

15 Foreign banking offices in U.S. 29.6 36.1 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.7 103.6 15

16 Bank holding companies 6.1 5.3 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.3 1.7 16

17 Banks in U.S.-affiliated areas 4.3 5.8 5.1 5.4 4.1 4.7 4.8 5.3 4.4 4.8 4.5 17

18 Savings institutions 34.0 28.2 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.8 12.6 18

19 Credit unions 19.9 22.6 22.1 18.3 17.4 17.8 17.9 15.7 15.6 14.5 13.8 19

20 Bank personal trusts and estates 40.1 40.4 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 39.0 20

21 Life insurance companies 88.8 110.0 107.1 108.1 93.2 93.2 93.8 96.7 85.5 90.0 92.0 21

22 Other insurance companies 108.7 124.5 133.0 133.4 120.9 88.9 89.7 90.6 91.1 92.2 93.0 22

23 Private pension funds 223.9 239.6 271.2 292.2 305.6 309.3 313.6 318.0 324.9 329.6 337.6 23

24 State and local govt. retirement funds 147.8 163.0 171.0 175.8 190.5 192.5 197.9 209.1 204.8 208.2 213.2 24

25 Money market mutual funds 78.4 79.4 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 81.3 25

26 Mutual funds 169.5 200.9 194.1 205.3 214.2 217.3 219.9 226.0 225.2 234.9 237.5 26

27 Closed-end funds 11.6 13.7 12.8 11.2 11.4 11.4 11.2 11.0 10.7 10.5 10.2 27

28 Government-sponsored enterprises 58.7 51.6 51.9 58.0 18.8 19.1 13.5 21.7 25.9 13.7 16.4 28

29 Brokers and dealers -7.7 -28.3 -42.7 18.3 -12.8 -22.9 -27.1 -42.8 -6.5 36.6 -35.4 29

 Memo:

30 Federal government debt (1) 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.4 3749.0 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
90 Z.1, September 11, 1998

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1734.0 1907.0 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 3006.8 1

 2 Budget agencies 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 2

 3 Government-sponsored enterprises 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 3

 4 Federally related mortgage pools 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 4

 5 Total assets 1734.0 1907.0 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 3006.8 5

 6 Household sector 143.8 107.9 251.4 269.3 350.7 340.9 346.1 338.3 375.6 341.7 359.5 6

 7 Nonfinancial corporate business 8.6 19.1 19.9 23.4 33.9 22.6 16.4 14.7 17.4 13.9 24.7 7

 8 State and local governments 174.9 175.0 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 129.4 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 74.6 107.9 125.1 154.8 196.2 209.6 220.6 235.7 246.3 269.6 286.9 10

11 Monetary authority 5.4 4.6 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 0.5 11

12 Commercial banking 378.5 423.2 428.7 467.5 495.7 510.4 523.0 537.9 571.2 593.2 588.3 12

13 U.S.-chartered commercial banks 360.1 396.3 398.1 421.5 436.7 446.0 455.3 467.8 497.2 510.3 504.8 13

14 Foreign banking offices in U.S. 14.1 21.5 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.3 70.1 14

15 Bank holding companies 2.2 3.1 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 5.8 15

16 Banks in U.S.-affiliated areas 2.1 2.3 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 7.5 16

17 Savings institutions 143.0 147.3 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.6 149.7 17

18 Credit unions 28.7 36.3 40.9 45.7 50.7 51.9 53.4 53.6 51.0 54.1 57.6 18

19 Bank personal trusts and estates 31.8 32.7 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 31.8 19

20 Life insurance companies 193.0 222.8 234.1 242.9 244.1 243.1 245.8 249.3 226.7 235.1 240.3 20

21 Other insurance companies 42.6 44.5 45.8 48.2 51.0 68.9 69.4 70.0 70.8 71.6 72.3 21

22 Private pension funds 102.9 110.9 129.2 141.2 148.8 151.0 153.5 156.3 160.5 163.4 168.6 22

23 State and local govt. retirement funds 72.5 68.2 75.2 95.0 108.0 109.5 105.2 107.0 112.0 109.2 115.1 23

24 Money market mutual funds 54.3 67.8 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 93.5 24

25 Mutual funds 87.9 105.7 102.1 109.9 116.1 118.3 120.3 125.1 124.5 132.2 134.3 25

26 Government-sponsored enterprises 47.0 65.3 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 357.8 26

27 ABS issuers 91.4 107.0 114.1 125.8 121.1 117.6 115.6 114.1 114.0 109.0 109.4 27

28 Brokers and dealers 53.0 60.8 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 86.9 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, September 11, 1998 91

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1425.8 1

 2 State and local governments 1091.9 1158.7 1112.4 1060.4 1053.3 1060.1 1077.1 1086.6 1110.6 1134.1 1157.2 2

 3 Short-term (1) 32.0 33.8 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 42.9 3

 4 Long-term 1059.8 1124.9 1080.7 1027.5 1014.1 1019.9 1039.3 1043.5 1063.1 1085.8 1114.3 4

 5 Nonprofit organizations (2) 92.6 94.0 97.6 98.3 104.9 106.4 110.0 112.0 114.9 119.1 123.1 5

 6 Nonfinancial corporate business 118.3 124.9 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 6

 (industrial revenue bonds)

 7 Total assets 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1425.8 7

 8 Household sector 585.5 552.6 502.2 459.1 441.1 418.7 433.7 432.2 426.5 433.9 447.7 8

 9 Nonfinancial corporate business 45.8 54.7 56.7 36.8 26.7 33.4 38.8 39.1 35.4 36.8 41.2 9

10 State and local governments 10.5 9.5 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 4.8 10

11 Commercial banking 97.5 99.2 97.6 93.4 94.2 94.0 94.3 96.2 96.7 95.8 98.3 11

12 Savings institutions 2.1 2.1 2.0 2.0 2.1 1.9 2.0 2.1 2.1 1.7 2.0 12

13 Bank personal trusts and estates 96.0 108.9 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 105.2 13

14 Life insurance companies 11.4 14.7 12.8 11.9 13.4 13.5 13.7 14.1 36.5 38.2 39.0 14

15 Other insurance companies 134.3 146.1 153.8 161.0 175.4 188.6 190.9 193.0 194.1 196.3 198.1 15

16 Private pension funds 0.5 0.6 0.7 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 16

17 State and local govt. retirement funds 0.5 0.7 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.2 1.7 17

18 Money market mutual funds 96.0 105.6 113.4 127.7 144.5 155.7 151.8 158.9 167.0 179.9 177.4 18

19 Mutual funds 168.4 211.3 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.6 229.4 19

20 Closed-end funds 39.7 51.8 53.4 59.6 60.4 60.6 60.8 61.0 61.2 61.5 61.7 20

21 Government-sponsored enterprises 3.2 2.6 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 3.4 21

22 Brokers and dealers 11.3 17.1 15.5 12.7 10.8 10.0 11.4 11.0 13.2 12.4 15.0 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 2065.6 2346.8 2504.0 2823.6 3131.7 3166.8 3259.5 3335.4 3444.1 3561.8 3723.0 1

 2 Nonfinancial corporate business 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 2

 3 Rest of the world (1) 147.2 230.1 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 420.5 3

 4 Financial sectors 763.9 887.0 1008.8 1205.4 1385.1 1396.5 1458.1 1478.2 1560.1 1634.9 1733.5 4

 5 Commercial banking 127.6 134.9 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.0 209.5 5

 6 Savings institutions 5.5 3.9 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 2.7 6

 7 ABS issuers 375.6 454.6 515.1 618.9 727.1 731.8 755.1 778.8 833.3 862.6 927.7 7

 8 Finance companies 203.1 215.6 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.2 348.7 8

 9 REITs 4.0 4.3 6.3 8.6 13.1 14.0 15.5 18.9 23.1 28.2 32.6 9

10 Brokers and dealers 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 10

11 Funding corporations 26.4 40.0 60.0 84.4 113.6 125.0 124.3 137.2 144.2 163.3 172.2 11

12 Total assets 2065.6 2346.8 2504.0 2823.6 3131.7 3166.8 3259.5 3335.4 3444.1 3561.8 3723.0 12

13 Household sector 297.3 333.7 373.7 440.3 446.3 414.8 418.0 412.0 435.9 455.5 477.9 13

14 State and local governments 20.9 26.5 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 41.0 14

15 Rest of the world (2) 251.5 273.3 311.4 369.5 453.2 474.7 497.7 523.0 540.0 567.0 606.6 15

16 Commercial banking 94.7 98.2 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.6 156.8 16

17 Savings institutions 80.0 89.1 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.0 65.3 17

18 Bank personal trusts and estates 36.8 35.8 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 37.2 18

19 Life insurance companies 653.9 719.5 779.4 870.1 949.3 966.6 1000.9 1011.8 1026.2 1038.7 1057.1 19

20 Other insurance companies 97.8 103.1 110.1 123.3 141.6 142.7 146.3 150.7 157.0 158.8 162.7 20

21 Private pension funds 185.6 207.8 200.0 227.0 250.3 256.8 264.0 271.9 282.4 291.2 303.7 21

22 State and local govt. retirement funds 152.8 166.5 167.7 163.5 180.2 178.9 183.5 192.8 199.5 211.9 223.1 22

23 Money market mutual funds 6.3 11.7 15.2 21.5 23.9 26.4 27.7 32.7 36.4 44.9 68.3 23

24 Mutual funds 118.7 169.3 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.3 314.4 24

25 Closed-end funds 18.3 24.2 19.8 25.6 26.9 27.4 27.6 27.8 27.9 28.0 28.1 25

26 Government-sponsored enterprises 0.0 11.1 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 24.6 26

27 Brokers and dealers 50.9 73.0 64.4 76.4 90.9 97.9 97.2 105.9 100.0 102.1 99.2 27

28 Funding corporations 0.0 4.0 14.0 23.8 46.5 49.6 50.6 50.1 53.1 52.6 57.0 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
92 Z.1, September 11, 1998

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Issues at market value 5458.3 6257.6 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 1

 2 Nonfinancial corporate business 3827.9 4126.0 4141.8 5481.1 6367.4 6283.4 7286.7 7881.2 7793.8 8858.9 8933.7 2

 3 Rest of the world (2) 314.3 543.9 586.6 699.1 876.8 892.4 966.1 998.9 1001.3 1136.9 1112.6 3

 4 Financial corporations 1316.1 1587.7 1509.4 2151.2 2818.3 2887.7 3374.2 3769.3 3981.0 4401.8 4509.8 4

 5 Holdings at market value 5458.3 6257.6 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 5

 6 Household sector 2942.6 3245.5 3046.1 4052.7 4597.9 4465.0 5117.9 5459.7 5448.9 6028.1 5916.8 6

 7 State and local governments 7.8 9.3 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 71.9 7

 8 Rest of the world (3) 329.0 373.5 397.7 527.6 656.8 676.2 801.9 883.9 915.9 1054.5 1079.3 8

 9 Commercial banking 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 6.2 9

10 Savings institutions 11.2 12.5 10.4 14.3 17.8 17.9 21.2 22.6 23.3 26.5 26.9 10

11 Bank personal trusts and estates 216.9 181.0 167.3 224.9 248.9 267.0 328.3 377.4 401.0 462.6 482.3 11

12 Life insurance companies 151.6 201.2 246.1 315.4 409.3 423.5 475.8 526.0 539.5 606.2 634.5 12

13 Other insurance companies 97.3 103.4 112.1 134.2 148.6 151.3 166.6 174.0 186.0 199.9 203.8 13

14 Private pension funds 807.8 937.7 940.5 1180.5 1422.3 1428.1 1619.7 1769.2 1765.1 2005.3 2089.3 14

15 State and local govt. retirement funds 450.9 531.0 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1481.5 1505.2 15

16 Mutual funds 401.3 607.4 709.6 1024.9 1470.0 1513.4 1790.6 2015.8 2018.7 2341.9 2426.3 16

17 Closed-end funds 23.8 26.5 31.9 38.0 43.6 43.2 49.8 54.0 54.2 53.7 53.2 17

18 Brokers and dealers 14.8 24.2 20.1 34.2 37.9 39.1 44.0 50.8 52.2 62.8 60.4 18

 Memo:

19 Market value of domestic corporations (4) 5004.7 5555.3 5484.3 7421.0 8948.8 8935.2 10398.6 11369.9 11479.8 12939.2 13119.9 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 1

 2 Holdings at market value 992.5 1375.4 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3456.0 2

 3 Household sector 727.9 990.9 1052.1 1257.2 1571.3 1618.9 1821.7 1997.6 1996.7 2233.1 2315.7 3

 4 Nonfinancial corporate business 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 94.0 4

 5 State and local governments 14.9 21.3 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 46.4 5

 6 Commercial banking 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 7.0 6

 7 Credit unions 4.1 4.2 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.8 3.1 7

 8 Bank personal trusts and estates 128.1 183.5 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 381.4 8

 9 Life insurance companies 18.2 25.9 9.6 27.7 40.0 41.0 49.0 55.7 57.5 64.4 65.7 9

10 Private pension funds 74.9 116.0 150.4 228.5 332.6 345.6 399.1 441.3 456.0 517.6 542.5 10
Z.1, September 11, 1998 93

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 2139.8 2223.5 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3053.2 3087.7 3158.4 1

 - Loans elsewhere classified:

 2 Open market paper 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 2

 3 Mortgages 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1244.1 1270.0 1280.7 3

 4 Consumer credit 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 491.5 4

 5 Security credit 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 5

 6 = Banking sector total bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1171.3 1192.8 1245.4 6

 7 U.S.-chartered commercial banks 569.6 578.4 624.6 701.6 759.8 790.6 817.5 832.5 869.1 896.1 942.3 7

 8 Foreign banking offices in U.S. 195.7 182.0 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.3 284.5 8

 9 Bank holding companies 3.7 1.9 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 2.3 9

10 Banks in U.S.-affiliated areas 10.2 9.7 11.3 13.1 14.6 14.7 15.1 15.4 15.8 15.7 16.3 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1171.3 1192.8 1245.4 12

13 Total liabilities 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1171.3 1192.8 1245.4 13

14 Nonfinancial sectors 702.3 709.4 786.0 896.7 972.0 1008.0 1046.6 1048.3 1088.1 1105.5 1156.0 14

15 Households 17.6 27.4 40.0 56.0 52.3 58.5 67.8 53.9 61.7 67.9 77.4 15

16 Corporate business 488.4 477.6 521.0 587.7 633.5 659.6 675.8 683.8 706.5 715.6 744.3 16

17 Nonfarm noncorporate business 137.7 143.0 160.2 178.7 202.1 208.2 214.0 218.5 223.8 226.3 232.7 17

18 Farm business 34.7 36.8 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.2 46.2 18

19 Rest of the world 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 55.5 19

20 Foreign official institutions 3.3 2.4 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 2.2 20

21 Foreign banks 7.6 8.8 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.2 14.8 21

22 Other foreign 13.0 13.5 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 38.5 22

23 Financial sectors 77.0 62.6 48.9 52.8 69.7 70.6 69.2 74.8 83.3 87.3 89.3 23

24 Savings institutions 8.9 8.4 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.3 23.4 24

25 Finance companies 34.1 20.4 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 22.3 25

26 Mortgage companies 30.2 30.2 18.7 19.1 31.5 31.4 28.3 29.2 30.3 31.6 30.2 26

27 REITs 3.7 3.6 6.0 3.9 2.5 3.8 5.4 7.5 9.5 11.5 13.5 27
94 Z.1, September 11, 1998

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 805.9 805.3 860.9 931.1 993.6 1002.3 1022.1 1044.8 1095.3 1127.1 1152.4 1

 2 U.S. government loans 148.8 146.0 131.5 144.5 144.3 146.9 149.0 150.9 153.7 157.9 161.4 2

 3 Liab.: Household sector 21.6 20.3 16.0 27.3 30.4 34.9 37.0 40.1 41.8 43.9 46.6 3

 4 Nonfinancial corporate business 7.9 8.1 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 8.4 4

 5 Nonfarm noncorporate business 40.1 40.7 38.2 39.4 39.1 39.1 39.3 39.3 40.9 42.1 43.1 5

 6 Farm business 9.5 8.7 8.2 7.0 5.9 5.8 5.7 5.6 5.5 5.4 5.3 6

 7 State and local governments 9.9 9.2 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 10.1 7

 8 Rest of the world 55.1 54.1 51.9 51.1 50.1 49.7 49.5 48.6 48.3 47.9 47.9 8

 9 Government-sponsored enterprises 4.8 4.8 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 129.9 114.2 122.1 122.1 126.2 132.2 132.2 135.9 142.6 149.9 146.3 10

11 Liab.: Nonfinancial corporate business 129.9 114.2 122.1 122.1 126.2 132.2 132.2 135.9 142.6 149.9 146.3 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 31.7 25.3 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 14.2 12

13 Liab.: Nonfinancial corporate business 20.4 17.1 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 7.3 13

14 Rest of the world 11.3 8.2 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 6.9 14

15 Savings institution loans to business 12.4 10.8 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 20.2 15

16 Liab.: Nonfinancial corporate business 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 16

17 Nonfarm noncorporate business 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 17

18 Policy loans (Household liability) 73.0 78.6 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.8 104.8 18

19 Asset: Federal government 0.9 0.9 0.9 0.9 1.0 1.0 1.0 0.9 0.9 0.9 0.9 19

20 Life insurance companies 72.1 77.7 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.9 103.8 20

21 Government-sponsored enterprise loans 135.5 162.0 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 284.4 21

22 Liab.: Household sector (SLMA) 24.9 27.6 31.3 35.2 34.6 33.7 32.2 31.2 30.2 28.4 26.2 22

23 Noncorporate business (FCS) 12.6 13.9 13.9 16.4 15.1 15.1 16.0 16.5 15.1 16.3 16.0 23

24 Farm business (FCS) 11.4 11.6 12.4 13.8 16.5 16.6 16.5 16.2 16.5 16.4 16.5 24

25 Commercial banks (FHLB and SLMA) 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 25

26 Savings institutions (FHLB and SLMA) 74.0 87.3 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 144.6 26

27 Credit unions (FHLB) 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 27

28 Life insurance companies (FHLB) 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 28

29 Securitized loans held by ABS issuers 9.7 19.5 23.7 30.6 44.0 41.2 44.2 44.0 76.2 84.3 86.2 29

30 Liab.: Households (1) 0.0 0.0 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 19.0 30

31 Nonfinancial corporate business 9.7 19.5 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.2 31

32 Finance company loans to business 264.9 249.0 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 334.9 32

33 Liab.: Nonfinancial corporate business 238.4 224.1 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 301.4 33

34 Nonfarm noncorporate business 26.5 24.9 27.5 30.2 30.9 31.5 31.2 32.0 31.9 32.6 33.5 34

(1) Student loans.
Z.1, September 11, 1998 95

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total mortgages 4068.9 4210.3 4393.5 4604.6 4930.5 4985.0 5062.8 5180.9 5279.3 5380.9 5505.8 1

 2 Home 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3956.8 4029.3 4102.8 4195.7 2

 3 Multifamily residential 274.0 269.8 271.8 281.8 300.7 302.2 306.0 308.4 314.6 320.2 326.5 3

 4 Commercial 696.4 682.4 682.9 707.9 781.1 789.2 807.4 825.9 845.1 866.4 890.5 4

 5 Farm 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 5

 6 Total liabilities 4068.9 4210.3 4393.5 4604.6 4930.5 4985.0 5062.8 5180.9 5279.3 5380.9 5505.8 6

 7 Household sector 2897.7 3031.9 3197.6 3369.4 3609.4 3652.0 3704.6 3801.6 3873.8 3947.0 4038.4 7

 8 Nonfinancial business 1165.8 1169.5 1177.2 1210.9 1288.8 1299.2 1322.6 1341.1 1365.6 1391.9 1423.3 8

 9 Corporate 193.9 198.1 217.3 251.6 306.6 311.6 323.5 331.6 342.5 354.5 369.7 9

10 Nonfarm noncorporate 892.2 890.7 876.9 874.8 895.1 900.0 910.4 919.7 932.6 946.0 960.6 10

11 Farm 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 44.0 13

14 Total assets 4068.9 4210.3 4393.5 4604.6 4930.5 4985.0 5062.8 5180.9 5279.3 5380.9 5505.8 14

15 Household sector 136.8 128.9 118.5 112.9 108.8 107.7 106.6 105.7 105.0 104.1 103.9 15

16 Nonfinancial corporate business 60.0 52.3 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 81.0 16

17 Nonfarm noncorporate business 25.2 23.7 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 30.8 17

18 State and local governments 113.7 108.3 110.5 113.8 117.6 118.3 119.4 120.3 121.2 122.2 123.2 18

19 Federal government 86.4 85.0 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 45.1 19

20 Commercial banking 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1244.1 1270.0 1280.7 20

21 Savings institutions (1) 628.0 598.4 596.2 596.8 628.3 626.4 629.1 631.4 631.8 637.0 629.9 21

22 Credit unions 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 95.1 22

23 Bank personal trusts and estates 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 23

24 Life insurance companies 242.0 224.4 210.9 207.5 205.4 206.5 208.1 209.4 210.8 212.2 213.6 24

25 Other insurance companies 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.1 25

26 Private pension funds 14.5 14.5 18.0 19.3 21.0 21.6 22.1 22.7 23.4 24.0 24.9 26

27 State and local govt. retirement funds 16.5 14.5 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 18.1 27

28 Government-sponsored enterprises (1) 199.7 241.0 244.6 249.0 250.7 247.2 245.5 245.1 246.8 248.0 249.4 28

29 Federally related mortgage pools 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 29

30 ABS issuers 173.4 219.0 257.9 292.9 353.5 367.3 383.9 411.8 447.2 483.7 533.9 30

31 Finance companies 65.8 62.7 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 89.9 31

32 Mortgage companies 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 57.4 32

33 REITs 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 14.5 33

(1) FHLB loans to savings institutions are included in other loans and advances.
96 Z.1, September 11, 1998

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3956.8 4029.3 4102.8 4195.7 1

 2 Household sector 2796.9 2923.3 3096.1 3272.1 3503.9 3548.4 3602.6 3697.0 3767.6 3839.2 3929.8 2

 3 Nonfinancial corporate business 17.5 18.1 18.7 19.3 19.9 20.1 20.3 20.5 20.7 21.0 21.2 3

 4 Nonfarm noncorporate business 204.4 235.9 241.1 239.0 237.7 237.5 237.9 239.3 240.9 242.7 244.7 4

 5 Total assets 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3956.8 4029.3 4102.8 4195.7 5

 6 Household sector 119.6 109.7 98.7 90.3 86.9 86.1 85.2 84.5 83.6 82.7 82.1 6

 7 Nonfinancial corporate business 36.1 31.3 33.1 34.8 39.7 40.5 41.3 42.2 43.2 44.2 45.2 7

 8 Nonfarm noncorporate business 9.5 9.7 9.7 10.8 11.8 11.9 12.0 12.2 12.3 12.4 12.5 8

 9 State and local governments 62.3 56.3 57.3 60.5 62.8 63.4 64.1 65.0 65.8 66.6 67.4 9

10 Federal government 36.6 33.0 29.1 24.1 21.2 19.8 19.8 19.1 19.1 18.9 18.8 10

11 Commercial banking 510.8 560.8 615.9 669.4 698.5 708.8 733.7 752.3 762.5 779.9 784.9 11

12 Savings institutions 489.6 470.0 477.6 482.4 513.7 513.4 516.5 519.6 520.7 527.0 520.3 12

13 Credit unions 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 95.1 13

14 Bank personal trusts and estates 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 14

15 Life insurance companies 11.2 8.6 7.0 7.3 6.8 6.8 6.8 7.1 7.2 7.3 7.5 15

16 Private pension funds 3.2 3.2 4.0 4.3 4.6 4.7 4.9 5.0 5.2 5.3 5.5 16

17 State and local govt. retirement funds 3.4 3.5 3.9 4.4 5.0 5.1 5.3 5.5 5.6 5.8 6.0 17

18 Government-sponsored enterprises 156.9 196.7 199.3 203.2 204.3 201.0 199.6 199.1 200.7 202.1 203.2 18

19 Federally related mortgage pools 1248.2 1334.3 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 1868.3 19

20 ABS issuers 151.9 184.8 208.5 227.8 261.9 271.1 279.5 299.4 318.0 336.8 364.3 20

21 Finance companies 65.8 62.7 66.9 72.4 52.1 53.3 54.5 56.6 59.0 61.5 62.4 21

22 Mortgage companies 52.7 52.2 28.3 23.8 32.0 30.9 24.8 45.5 47.3 49.8 47.2 22

23 REITs 0.9 0.9 1.5 1.7 1.9 1.9 1.8 1.7 1.7 1.6 1.6 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 274.0 269.8 271.8 281.8 300.7 302.2 306.0 308.4 314.6 320.2 326.5 1

 2 Nonfinancial corporate business 19.3 19.9 20.5 21.1 21.7 21.9 22.1 22.3 22.5 22.8 23.0 2

 3 Nonfarm noncorporate business 252.9 247.0 245.2 252.7 268.3 269.1 272.1 273.5 278.9 283.6 289.0 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.8 3.0 6.2 8.0 10.6 11.1 11.8 12.6 13.2 13.9 14.5 5

 6 Total assets 274.0 269.8 271.8 281.8 300.7 302.2 306.0 308.4 314.6 320.2 326.5 6

 7 Household sector 0.6 1.4 1.6 2.2 1.9 1.7 1.6 1.7 1.7 1.7 1.7 7

 8 Nonfinancial corporate business 0.9 0.6 0.7 -0.3 0.6 0.8 1.0 1.0 1.2 1.3 1.5 8

 9 Nonfarm noncorporate business 8.3 7.0 7.0 7.9 8.6 8.7 8.8 8.8 8.9 9.0 9.1 9

10 State and local governments 42.4 42.8 43.5 44.1 45.9 45.9 46.1 46.2 46.2 46.4 46.5 10

11 Federal government 27.6 24.6 22.0 17.3 14.8 14.1 13.9 14.0 13.9 13.9 13.8 11

12 Commercial banking 38.1 38.7 39.3 43.8 46.7 47.6 49.1 49.2 50.6 51.8 52.2 12

13 Savings institutions 69.8 67.4 64.3 62.0 61.6 60.6 60.1 60.3 59.5 59.1 58.7 13

14 Life insurance companies 27.2 25.4 23.9 23.4 23.2 23.3 23.5 23.6 23.8 23.9 24.0 14

15 Private pension funds 0.7 0.7 0.9 1.0 1.1 1.1 1.1 1.1 1.2 1.2 1.2 15

16 State and local govt. retirement funds 4.2 4.1 4.3 4.5 4.7 4.8 4.9 4.9 5.0 5.1 5.1 16

17 Government-sponsored enterprises 15.8 17.5 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 16.7 17

18 Federally related mortgage pools 23.8 22.5 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 40.4 18

19 ABS issuers 6.3 8.7 11.7 15.6 22.0 22.5 24.4 25.7 29.3 33.5 38.1 19

20 Finance companies 0.0 0.0 0.0 0.0 3.1 3.1 3.1 2.7 2.9 2.7 2.8 20

21 Mortgage companies 3.0 3.1 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 5.2 21

22 REITs 5.3 5.6 8.7 10.1 11.4 11.1 10.7 10.4 10.1 9.8 9.5 22
Z.1, September 11, 1998 97

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 696.4 682.4 682.9 707.9 781.1 789.2 807.4 825.9 845.1 866.4 890.5 1

 2 Household sector 100.9 108.5 101.5 97.3 105.5 103.6 101.9 104.6 106.2 107.8 108.6 2

 3 Nonfinancial corporate business 157.1 160.1 178.2 211.2 264.9 269.6 281.2 288.8 299.3 310.8 325.5 3

 4 Nonfarm noncorporate business 434.9 407.8 390.6 383.0 389.1 393.3 400.3 406.9 412.8 419.7 427.0 4

 5 REITs 3.6 6.0 12.5 16.3 21.6 22.6 23.9 25.6 26.8 28.1 29.5 5

 6 Total assets 696.4 682.4 682.9 707.9 781.1 789.2 807.4 825.9 845.1 866.4 890.5 6

 7 Household sector 3.1 3.9 3.6 5.1 4.3 4.1 3.7 3.3 3.3 3.3 3.3 7

 8 Nonfinancial corporate business 23.0 20.4 22.6 23.4 28.8 29.7 30.6 31.8 32.6 33.5 34.4 8

 9 Nonfarm noncorporate business 6.5 6.1 6.0 6.9 7.5 7.6 7.6 7.7 7.8 7.9 7.9 9

10 State and local governments 7.5 7.7 8.3 7.7 7.5 7.7 7.9 7.7 7.8 7.9 7.9 10

11 Federal government 14.6 20.5 13.2 10.2 8.5 8.5 8.4 8.2 7.9 7.9 7.9 11

12 Commercial banking 331.8 327.5 335.0 353.1 375.3 378.5 387.6 398.8 404.0 410.9 415.3 12

13 Savings institutions 68.2 60.8 53.9 52.1 52.7 52.0 52.1 51.2 51.3 50.5 50.5 13

14 Life insurance companies 194.4 180.9 170.4 167.1 165.4 166.3 167.5 168.4 169.4 170.4 171.4 14

15 Other insurance companies 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.1 15

16 Private pension funds 10.6 10.6 13.2 14.1 15.4 15.7 16.1 16.6 17.1 17.5 18.2 16

17 State and local govt. retirement funds 8.9 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 15.2 25.5 37.6 49.5 69.6 73.7 80.1 86.8 100.0 113.4 131.4 18

19 Finance companies 0.0 0.0 0.0 0.0 27.4 26.9 27.2 27.2 26.0 25.4 24.7 19

20 Mortgage companies 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 1.9 2.1 3.2 3.7 4.2 4.0 3.9 3.8 3.7 3.6 3.5 21

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 1

 2 Total assets 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 93.0 2

 3 Household sector 13.5 13.9 14.6 15.4 15.8 15.9 16.0 16.2 16.3 16.5 16.8 3

 4 Nonfarm noncorporate business 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.3 4

 5 State and local governments 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 7.5 7.0 6.7 6.2 5.8 5.6 5.3 4.9 4.9 4.7 4.6 6

 7 Commercial banking 19.9 20.9 22.6 23.8 24.9 25.2 26.1 26.8 27.0 27.5 28.3 7

 8 Savings institutions 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 8

 9 Life insurance companies 9.2 9.5 9.6 9.6 10.0 10.1 10.2 10.4 10.5 10.6 10.7 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.0 26.8 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 29.5 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
98 Z.1, September 11, 1998

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities (Households) 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 1

 2 Total assets 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1234.7 1253.9 2

 3 Nonfinancial corporate business 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.8 65.3 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 491.5 5

 6 Savings institutions 37.4 37.9 38.5 40.1 44.7 45.9 46.5 48.5 47.2 47.1 48.3 6

 7 Credit unions 89.4 101.6 119.6 131.9 144.1 143.9 147.6 150.0 152.4 149.3 149.4 7

 8 ABS issuers 120.3 130.5 146.1 211.6 265.8 268.5 275.6 293.5 313.1 316.8 345.1 8

 9 Finance companies 122.6 116.1 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.5 154.3 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 993.6 1046.6 1140.6 1241.4 1313.6 1297.3 1317.1 1347.0 1408.2 1395.4 1416.9 1

 2 Household sector 82.5 89.8 94.0 102.4 103.9 103.4 105.6 105.6 106.8 106.0 105.6 2

 3 Nonfinancial corporate business 682.8 719.3 796.5 877.5 932.5 910.0 923.8 942.5 998.2 985.7 1003.2 3

 4 Nonfarm noncorporate business 66.6 64.1 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 97.0 4

 5 Farm business 13.2 14.2 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 19.8 5

 6 State and local governments 26.3 27.2 29.0 31.0 33.2 34.2 34.2 34.6 35.0 34.9 35.0 6

 7 Federal government 83.1 86.1 85.7 81.0 83.1 83.3 84.4 83.7 82.3 81.8 84.7 7

 8 Rest of the world 31.8 35.9 39.5 45.3 43.6 44.9 45.0 46.8 53.8 54.2 51.1 8

 9 Brokers and dealers 7.4 10.1 9.1 10.3 14.3 17.6 16.4 23.6 19.9 19.6 20.5 9

10 Total trade receivables 1243.1 1293.1 1386.5 1499.7 1603.5 1641.3 1687.0 1724.8 1699.4 1737.8 1771.8 10

11 Nonfinancial corporate business 988.9 1035.0 1107.0 1184.9 1247.4 1271.4 1310.8 1320.7 1281.3 1299.9 1325.5 11

12 Nonfarm noncorporate business 103.8 103.0 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.1 153.9 12

13 Federal government 30.8 28.4 24.7 23.1 24.3 24.7 25.4 24.7 23.6 24.5 22.9 13

14 Rest of the world 44.7 47.5 49.8 49.4 55.3 56.0 55.7 55.9 58.1 56.6 56.2 14

15 Other insurance companies 49.0 50.7 52.9 57.3 57.2 61.3 61.8 61.9 59.9 62.6 62.8 15

16 ABS issuers 25.8 28.4 35.2 55.7 80.7 86.9 89.8 115.7 128.1 143.2 150.6 16

17 Discrepancy -249.5 -246.4 -245.9 -258.4 -289.9 -344.0 -369.8 -377.8 -291.2 -342.4 -354.9 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 505.3 481.0 1

 2 Household sector 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 140.3 139.5 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 164.2 202.9 203.9 227.1 263.7 278.9 304.3 304.7 337.0 364.9 341.5 4

 5 Customer credit balances (HH) 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 233.4 201.9 5

 6 From U.S.-chartered commercial banks 57.3 61.4 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 72.2 6

 7 From foreign banking offices in U.S. 30.7 39.3 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 67.5 7

 8 Total assets 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 505.3 481.0 8

 9 Household sector 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 233.4 201.9 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 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 11

12 Brokers and dealers 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 140.3 139.5 12
Z.1, September 11, 1998 99

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Total liabilities 434.8 470.8 505.3 550.2 593.8 606.2 621.9 637.6 646.7 658.7 668.3 1

 2 Federal government 13.3 13.6 13.8 13.9 13.7 13.4 14.0 13.7 14.0 13.7 14.0 2

 3 Life insurance companies 421.5 457.2 491.5 536.3 580.1 592.8 607.9 623.9 632.7 645.0 654.3 3

 4 Total assets (Households) 434.8 470.8 505.3 550.2 593.8 606.2 621.9 637.6 646.7 658.7 668.3 4

 Pension fund reserves:

 5 Total liabilities 4209.1 4652.5 4870.5 5588.7 6314.7 6401.5 6906.7 7289.8 7398.2 7955.8 8093.9 5

 6 Federal government 303.5 331.1 358.9 374.8 419.2 413.2 422.1 441.2 450.5 443.2 453.9 6

 7 Life insurance companies 743.0 836.4 884.5 997.3 1088.9 1111.9 1170.3 1214.2 1226.7 1294.5 1324.1 7

 8 Private pension funds (1) 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3936.0 4006.4 8

 9 State and local govt. retirement funds 1179.5 1268.7 1309.9 1535.2 1734.0 1773.5 1956.5 2068.5 2116.8 2282.1 2309.4 9

10 Total assets (Households) 4209.1 4652.5 4870.5 5588.7 6314.7 6401.5 6906.7 7289.8 7398.2 7955.8 8093.9 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 87.4 98.8 101.4 107.6 123.8 137.3 133.5 142.6 138.8 158.6 149.2 1

 2 Nonfinancial corporate business 35.3 40.7 40.3 40.3 49.9 62.1 56.8 63.8 58.1 76.6 65.6 2

 3 Nonfarm noncorporate business 33.1 33.8 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 39.6 3

 4 U.S.-chartered commercial banks 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 4

 5 Savings institutions 1.4 1.9 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 1.8 5

 6 Life insurance companies 7.8 9.4 10.4 12.0 13.6 14.0 14.4 14.9 15.3 15.7 16.1 6

 7 Other insurance companies 5.6 7.0 7.9 9.0 10.2 10.6 10.9 11.2 11.5 11.8 12.1 7

 8 Finance companies 2.6 3.3 4.1 4.9 5.6 5.8 6.0 6.2 6.4 6.6 6.8 8

 9 Brokers and dealers 0.9 1.4 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 1.1 9

10 Total business taxes receivable 54.4 58.0 52.6 45.2 46.8 62.5 56.4 55.2 46.9 62.1 48.8 10

11 State and local governments 38.9 39.1 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 28.6 11

12 Federal government 15.5 18.9 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 20.2 12

13 Discrepancy 33.0 40.8 48.8 62.4 76.9 74.8 77.1 87.4 92.0 96.5 100.5 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 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1

 2 Asset: Household sector 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 2
100 Z.1, September 11, 1998

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 4744.7 5127.6 5331.3 5697.7 5982.5 6227.1 6199.9 6409.2 6452.7 6650.9 6720.1 1

 2 Household sector 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 13.0 12.9 13.2 2

 3 Nonfinancial corporate business 1916.8 2092.2 2106.9 2180.3 2236.0 2285.7 2263.3 2289.4 2257.7 2321.1 2319.4 3

 4 Nonfarm noncorporate business 108.1 112.5 114.9 128.3 139.7 141.7 143.4 145.2 146.4 145.9 146.5 4

 5 Federal government 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 5

 6 Rest of the world 731.0 827.4 867.6 994.6 1108.0 1223.8 1194.4 1272.5 1211.2 1181.4 1251.9 6

 7 Monetary authority 3.7 4.6 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 8.1 7

 8 Commercial banking 554.6 628.4 750.1 848.4 863.0 920.3 941.1 968.3 1042.8 1042.8 1085.3 8

 9 Savings institutions 106.8 103.0 106.7 106.1 103.5 96.4 100.7 97.4 101.4 106.9 104.9 9

10 Credit unions 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 5.1 10

11 Life insurance companies 352.9 374.6 386.6 407.8 431.4 435.7 455.5 468.3 483.3 506.0 517.4 11

12 Other insurance companies 439.9 456.1 471.9 501.6 509.0 512.2 514.4 522.5 527.1 532.2 535.8 12

13 Government-sponsored enterprises 90.8 85.9 61.1 66.9 67.2 74.1 67.6 72.4 75.1 90.2 87.7 13

14 Finance companies 158.9 165.8 180.6 202.4 205.6 212.9 197.3 216.7 216.7 221.2 211.5 14

15 Mortgage companies 30.3 30.2 17.7 13.9 9.7 9.5 6.4 26.3 27.3 28.6 27.2 15

16 REITs 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 16.1 16

17 Brokers and dealers 52.2 67.4 69.0 85.4 109.7 106.8 110.5 123.2 130.7 212.6 157.8 17

18 Funding corporations 169.1 148.9 157.0 119.3 154.2 161.0 154.1 157.7 185.5 215.0 225.6 18

19 Total assets 5440.4 5989.6 6370.8 7030.2 7731.9 7855.5 7943.8 8145.0 8657.6 8841.0 8909.3 19

20 Household sector 251.0 264.1 269.5 285.4 294.3 297.8 301.0 308.6 306.1 311.6 315.0 20

21 Nonfinancial corporate business 2355.8 2615.3 2782.6 3156.9 3505.7 3574.8 3693.6 3828.1 3961.6 4071.7 4130.2 21

22 Nonfarm noncorporate business 218.7 227.6 243.3 266.5 282.3 286.3 290.0 294.0 298.2 302.5 307.1 22

23 Farm business 39.8 41.3 43.3 46.0 48.9 49.9 51.0 52.2 53.3 54.6 56.0 23

24 State and local governments 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.5 26.1 24

25 Federal government 120.3 116.2 119.6 117.1 110.7 107.8 106.0 103.7 103.8 103.5 103.4 25

26 Rest of the world 578.1 681.6 687.6 775.5 967.5 958.2 806.9 805.9 1071.8 957.8 1017.9 26

27 Monetary authority 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 27

28 Commercial banking 549.3 627.0 738.1 797.8 823.7 841.3 869.0 900.8 932.9 982.7 1050.2 28

29 Savings institutions 78.2 61.0 53.0 54.7 52.9 43.7 44.0 43.3 49.7 56.4 59.1 29

30 Credit unions 16.5 18.2 14.8 13.9 13.7 13.3 16.2 15.9 17.6 22.2 19.6 30

31 Bank personal trusts and estates 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 31

32 Life insurance companies 83.0 75.7 97.9 105.1 94.8 96.3 97.5 103.0 102.1 108.2 106.6 32

33 Other insurance companies 24.0 28.8 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.6 33

34 Private pension funds 379.5 391.9 407.0 401.6 405.2 404.8 402.5 404.4 410.0 420.3 355.8 34

35 State and local govt. retirement funds 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 136.6 35

36 Money market mutual funds 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 36

37 Mutual funds 3.0 3.3 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 8.3 37

38 Government-sponsored enterprises 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 103.9 111.0 38

39 Finance companies 90.4 116.1 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.6 194.8 39

40 REITs 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 39.3 40

41 Brokers and dealers 180.4 228.6 254.2 258.2 320.7 332.1 386.1 389.0 392.3 454.0 406.4 41

42 Funding corporations 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.7 315.7 42

43 Discrepancy -695.7 -862.1 -1039.5 -1332.5 -1749.4 -1628.4 -1743.9 -1735.8 -2204.8 -2190.0 -2189.2 43
Z.1, September 11, 1998 101

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 668.0 714.8 752.1 849.7 937.0 972.1 999.9 1028.3 1023.9 1061.1 1102.6 1

 2 Asset: Nonfinancial corporate business 580.0 598.4 651.2 742.8 816.3 845.7 869.9 895.1 886.0 919.6 955.9 2

 3 Commercial banking 29.9 33.8 35.6 37.9 44.6 45.7 46.9 47.7 44.9 46.0 46.9 3

 4 Life insurance companies 4.0 4.9 4.8 5.6 6.6 6.8 6.9 6.9 7.2 7.2 7.6 4

 5 Other insurance companies 24.0 28.8 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.6 5

 6 Finance companies 24.6 44.6 25.9 22.8 24.2 26.2 27.4 28.3 29.2 30.4 32.5 6

 7 Brokers and dealers 5.4 4.3 2.6 2.8 3.4 3.9 4.2 4.6 4.8 5.3 6.2 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 478.6 497.8 535.4 575.3 620.7 647.9 667.4 676.6 689.1 723.4 735.6 8

 9 Nonfarm noncorporate business 4.4 5.2 4.8 2.8 3.8 3.8 3.8 3.8 3.8 2.4 2.4 9

10 Commercial banking 21.2 24.0 26.3 32.7 31.2 32.2 35.4 36.4 36.4 36.7 36.7 10

11 Life insurance companies 9.7 13.1 10.9 13.8 17.1 17.9 19.6 20.3 18.2 18.0 19.0 11

12 Other insurance companies 25.7 26.7 27.9 36.8 37.7 38.4 39.3 41.9 50.9 52.1 53.1 12

13 Finance companies 9.5 33.8 20.0 24.8 30.2 32.5 32.5 30.8 35.1 36.8 40.0 13

14 Brokers and dealers 5.3 5.0 5.8 11.1 8.4 8.5 8.5 8.5 8.1 8.2 8.3 14

15 Funding corporations -53.8 -54.9 -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.8 -100.2 -95.1 15

16 Asset: Rest of the world 500.5 550.9 561.2 614.3 667.0 692.4 712.9 733.0 751.8 777.4 800.0 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 17

18 Asset: Federal government 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 19

20 Asset: Commercial banking 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 14.7 16.3 18.2 20.1 21.3 21.8 21.9 21.8 21.9 23.3 23.8 21

22 Asset: Nonfin. corporate business (FNMA) 1.9 1.9 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.5 0.4 22

23 Nonfarm noncorporate (BC) 0.6 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 1.8 23

24 Farm business (FICB and FLB) 2.1 2.2 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 1.7 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 1.4 2.7 4.3 5.8 6.7 7.1 7.6 8.0 8.0 8.5 8.7 26

27 Savings institutions (FHLB) 8.6 8.7 8.6 9.1 9.5 9.7 9.7 9.3 9.9 10.7 10.8 27

28 Credit unions (FHLB) 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.4 0.2 0.2 0.3 28

29 Life insurance companies (FHLB) 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.4 0.2 0.2 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 444.3 30

31 Savings institutions 4.0 4.4 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 5.2 31

32 Finance companies 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 32

33 Mortgage companies 30.3 30.2 17.7 13.9 9.7 9.5 6.4 26.3 27.3 28.6 27.2 33

34 Brokers and dealers -8.2 3.8 13.4 20.7 20.4 28.1 34.1 19.2 25.3 30.4 50.7 34

35 Asset: Bank holding companies 298.2 342.9 360.6 408.9 437.8 459.9 474.6 491.2 503.5 526.7 557.5 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 36

37 Asset: Nonfinancial corporate business 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 38

39 Brokers and dealers 63.7 80.8 96.9 114.8 166.3 180.4 182.1 195.2 205.2 225.2 236.4 39

40 Asset: Funding corporations 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.7 315.7 40
102 Z.1, September 11, 1998

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.8 1.9 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 1

 2 Asset: Federal government 1.8 1.9 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 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 30.8 23.7 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 21.6 5

 6 Asset: Savings institutions 30.8 23.7 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 21.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 13.0 12.9 13.2 7

 8 Asset: Life insurance companies 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 13.0 12.9 13.2 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 77.5 84.2 90.9 96.9 103.9 105.6 108.0 110.2 112.2 113.5 115.1 9

10 Health 45.2 51.4 58.0 63.2 69.4 71.0 72.6 74.2 75.7 76.7 78.0 10

11 Policy dividend accumulation 32.3 32.8 32.9 33.7 34.5 34.6 35.4 36.1 36.4 36.8 37.1 11

12 Asset: Household sector 77.5 84.2 90.9 96.9 103.9 105.6 108.0 110.2 112.2 113.5 115.1 12

 Policy payables:

13 Liab.: Other insurance companies 414.3 429.4 444.0 464.8 471.4 473.8 475.1 480.6 476.2 480.1 482.7 13

14 Asset: Household sector 173.6 179.9 178.7 188.5 190.4 192.1 193.0 198.4 193.9 198.2 199.9 14

15 Nonfinancial corporate business 163.0 169.7 177.5 180.7 178.8 177.5 175.8 173.9 171.6 169.0 167.4 15

16 Nonfarm noncorporate business 39.9 40.8 46.8 51.8 54.8 55.8 56.8 57.8 58.9 60.0 61.1 16

17 Farm business 37.7 39.1 41.1 43.8 47.4 48.4 49.5 50.6 51.7 53.0 54.2 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 252.9 18

19 Asset: Private pension funds 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 252.9 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 35.3 20

21 Asset: Private pension funds 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 35.3 21

 Securities borrowed (net):

22 Liab.: Funding corporations 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 356.6 328.5 22

23 Asset: Brokers and dealers 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 356.6 328.5 23
Z.1, September 11, 1998 103

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2194.0 2350.0 2423.7 2523.9 2479.5 2592.9 2448.7 2557.0 2569.3 2606.7 2600.9 1

 2 Nonfinancial corporate business 1419.3 1572.5 1549.5 1579.2 1585.7 1607.3 1564.4 1580.3 1535.2 1563.4 1548.6 2

 3 Nonfarm noncorporate business 103.8 107.3 110.0 125.5 135.9 137.9 139.6 141.4 142.6 143.5 144.0 3

 4 Federal government 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 4

 5 Rest of the world 37.4 85.7 86.8 115.0 139.4 219.7 162.1 211.2 154.2 86.3 114.8 5

 6 Monetary authority 0.6 1.2 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 2.3 6

 7 Commercial banking 227.3 273.2 375.6 420.7 394.4 421.7 432.1 439.1 514.0 488.3 525.0 7

 8 U.S.-chartered commercial banks 76.3 91.0 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.9 170.9 8

 9 Foreign banking offices in U.S. 124.8 157.1 187.3 225.1 199.6 195.3 219.6 212.9 256.2 237.2 271.1 9

10 Bank holding companies 22.0 19.6 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.6 66.6 10

11 Banks in U.S.-affiliated areas 4.2 5.6 7.4 10.3 10.9 13.1 14.2 15.2 14.9 15.6 16.4 11

12 Savings institutions 102.8 98.5 102.3 101.6 98.8 91.7 95.9 92.5 96.4 101.8 99.7 12

13 Credit unions 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 5.1 13

14 Life insurance companies 67.8 70.7 74.7 81.6 84.3 83.4 95.8 101.2 111.6 123.1 130.4 14

15 Government-sponsored enterprises 45.4 45.8 26.8 27.6 28.0 37.0 32.7 35.3 35.1 44.5 42.3 15

16 Finance companies 115.1 96.4 118.8 126.5 115.1 119.5 104.8 124.3 117.0 119.7 111.5 16

17 REITs 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 16.1 17

18 Brokers and dealers -8.6 -22.3 -47.2 -61.2 -85.3 -110.2 -114.2 -99.7 -107.8 -51.2 -137.6 18

19 Funding corporations 69.4 6.7 5.4 -13.8 -39.9 -38.7 -91.6 -93.2 -57.9 -41.4 -7.8 19

20 Total assets 2889.7 3212.1 3463.2 3856.4 4228.9 4221.3 4192.6 4292.8 4774.1 4796.8 4790.1 20

21 Nonfinancial corporate business 1593.8 1827.6 1931.1 2206.0 2479.0 2519.7 2616.8 2727.8 2871.1 2950.1 2976.5 21

22 Nonfarm noncorporate business 178.1 186.1 195.6 213.7 225.8 228.8 231.6 234.6 237.7 240.9 244.2 22

23 State and local governments 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.5 26.1 23

24 Federal government 94.6 89.3 91.1 87.2 79.1 75.7 73.5 70.8 70.6 69.5 68.9 24

25 Rest of the world 77.6 130.8 126.4 161.2 300.5 265.7 93.9 72.9 319.9 180.4 217.9 25

26 Monetary authority 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 26

27 Commercial banking 216.7 244.1 333.9 341.2 330.0 323.9 334.7 348.7 371.0 396.1 431.4 27

28 U.S.-chartered commercial banks 44.6 38.1 82.8 78.9 76.9 88.1 81.1 79.8 86.8 85.0 100.3 28

29 Foreign banking offices in U.S. 142.1 175.9 213.5 218.5 197.2 190.0 203.8 218.6 234.4 257.2 274.4 29

30 Bank holding companies 27.0 27.5 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.5 51.1 30

31 Banks in U.S.-affiliated areas 3.0 2.6 2.4 4.0 4.8 4.9 5.3 5.3 5.3 5.3 5.6 31

32 Savings institutions 38.8 28.6 28.4 26.4 25.3 18.8 21.3 18.7 21.7 23.3 26.6 32

33 Credit unions 16.5 18.1 14.7 13.8 13.6 13.1 16.0 15.5 17.3 22.0 19.3 33

34 Bank personal trusts and estates 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 34

35 Life insurance companies 63.2 54.5 76.2 81.9 70.2 70.9 71.4 76.2 81.8 87.8 85.6 35

36 Private pension funds 162.6 163.4 175.0 160.3 149.5 145.5 138.9 135.4 135.2 134.6 67.6 36

37 State and local govt. retirement funds 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 136.6 37

38 Mutual funds 3.0 3.3 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 8.3 38

39 Money market mutual funds 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 39

40 Government-sponsored enterprises 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 103.9 111.0 40

41 Finance companies 65.8 71.5 82.7 106.8 127.3 122.8 136.8 118.9 141.2 155.2 162.3 41

42 REITs 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 39.3 42

43 Brokers and dealers 21.5 27.2 30.0 39.2 41.1 39.7 42.7 48.2 54.3 92.1 71.6 43

44 Discrepancy -695.7 -862.1 -1039.5 -1332.5 -1749.4 -1628.4 -1743.9 -1735.8 -2204.8 -2190.0 -2189.2 44
104 Z.1, September 11, 1998

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Assets 19607.8 21445.1 23506.1 24227.7 25970.5 27121.2 28479.3 29433.9 32422.4 35228.2 39136.7 1

 2 Tangible assets 7724.4 8398.6 9107.9 9324.7 9470.0 9732.9 9981.8 10319.2 10792.6 11381.0 12167.8 2

 3 Real estate 6176.7 6712.6 7296.0 7405.8 7478.4 7665.8 7807.0 8020.6 8401.7 8897.4 9594.0 3

 4 Households (2,3) 5465.2 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.1 8091.1 8694.8 4

 5 Nonprofit organizations 711.5 758.2 801.1 797.3 762.3 717.0 702.0 738.8 770.6 806.4 899.3 5

 Equipment owned by nonprofit

 6 organizations (4) 40.8 44.6 48.5 52.6 56.6 62.0 67.0 72.2 74.0 77.6 81.5 6

 7 Consumer durable goods (4) 1506.9 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2317.0 2406.0 2492.3 7

 8 Financial assets 11883.4 13046.4 14398.2 14903.0 16500.5 17388.4 18497.5 19114.7 21629.8 23847.2 26968.8 8

 9 Deposits 2863.7 3052.4 3206.0 3264.7 3267.6 3249.9 3183.5 3158.1 3372.8 3565.9 3836.6 9

10 Foreign deposits 9.8 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 41.8 10

11 Checkable deposits and currency 459.6 437.8 427.3 408.8 449.8 546.7 593.9 564.0 506.3 439.9 424.3 11

12 Time and savings deposits 2147.4 2342.1 2428.8 2477.5 2423.7 2349.0 2235.9 2223.9 2393.9 2561.9 2731.4 12

13 Money market fund shares 246.9 261.8 338.0 364.9 379.5 338.6 337.9 351.3 449.2 528.7 639.0 13

14 Credit market instruments 1030.1 1232.3 1296.6 1513.5 1616.5 1679.6 1674.1 1982.2 1942.6 2005.9 1849.7 14

15 Open market paper 32.9 67.3 56.9 63.2 33.3 29.9 45.5 46.7 59.9 82.6 115.1 15

16 U.S. government securities 294.5 394.1 402.7 530.9 516.8 630.0 613.5 941.1 870.3 927.0 767.2 16

17 Treasury 259.5 342.2 322.6 405.5 401.3 486.2 505.6 689.7 601.0 576.2 391.5 17

18 Savings bonds 101.1 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 18

19 Other Treasury 158.4 232.6 204.9 279.3 263.2 328.9 333.6 509.8 416.0 389.2 205.0 19

20 Agency 35.0 52.0 80.1 125.4 115.6 143.8 107.9 251.4 269.3 350.7 375.6 20

21 Municipal securities 452.6 523.8 547.2 574.5 614.1 585.5 552.6 502.2 459.1 441.1 426.5 21

22 Corporate and foreign bonds 125.9 121.2 155.3 200.8 304.7 297.3 333.7 373.7 440.3 446.3 435.9 22

23 Mortgages 124.2 125.9 134.5 144.2 147.6 136.8 128.9 118.5 112.9 108.8 105.0 23

24 Corporate equities (2) 1384.2 1647.8 1978.3 1811.3 2598.0 2942.6 3245.5 3046.1 4052.7 4597.9 5448.9 24

25 Mutual fund shares (5) 381.7 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1257.2 1571.3 1996.7 25

26 Security credit 39.1 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 214.5 26

27 Life insurance reserves 301.0 326.6 355.3 380.9 406.8 434.8 470.8 505.3 550.2 593.8 646.7 27

28 Pension fund reserves 2426.8 2663.4 3130.7 3378.6 3867.3 4209.1 4652.5 4870.5 5588.7 6314.7 7398.2 28

29 Investment in bank personal trusts 442.1 470.3 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 1082.8 29

30 Equity in noncorporate business (6) 2839.8 3020.1 3161.3 3247.5 3197.5 3156.7 3222.6 3422.4 3649.7 3868.8 4188.6 30

31 Miscellaneous assets 174.9 191.3 206.2 224.4 234.1 251.0 264.1 269.5 285.4 294.3 306.1 31

32 Liabilities 2839.8 3124.9 3415.4 3706.1 3907.1 4077.4 4321.0 4638.7 5005.4 5367.0 5756.2 32

33 Credit market instruments 2751.5 3024.3 3298.9 3582.0 3758.6 3925.7 4138.8 4452.8 4806.8 5150.9 5505.2 33

34 Home mortgages 1824.2 2034.6 2238.7 2488.9 2654.8 2796.9 2923.3 3096.1 3272.1 3503.9 3767.6 34

35 Consumer credit 688.6 732.0 793.3 805.1 794.5 798.3 859.0 983.9 1122.8 1211.6 1264.1 35

36 Municipal securities (7) 78.1 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 36

37 Bank loans n.e.c. 31.9 30.0 20.4 17.9 13.1 17.6 27.4 40.0 56.0 52.3 61.7 37

38 Other loans and advances 84.4 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 38

39 Commercial mortgages (7) 44.4 59.0 72.8 82.5 95.5 100.9 108.5 101.5 97.3 105.5 106.2 39

40 Security credit 41.8 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 40

41 Trade payables (7) 31.4 41.5 57.6 68.9 77.7 82.5 89.8 94.0 102.4 103.9 106.8 41

 Deferred and unpaid

42 life insurance premiums 15.1 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 17.9 13.0 42

43 Net worth 16768.1 18320.2 20090.8 20521.5 22063.4 23043.8 24158.3 24795.2 27417.0 29861.2 33380.4 43

 Memo:

 Replacement-cost value of structures:

44 Residential 3876.6 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6021.2 6365.2 6714.4 44

45 Households 3636.3 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.7 6061.1 6403.1 45

46 Farm households 138.4 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.1 180.0 184.7 46

47 Nonprofit organizations 102.0 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.1 126.6 47

48 Nonresidential (nonprofits) 398.1 420.7 444.3 465.0 474.9 493.3 521.6 551.5 572.4 598.1 633.5 48

49 Disposable personal income 3363.6 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5277.0 5534.7 5795.1 49

 Household net worth as percentage of

50 disposable personal income 498.5 502.4 514.9 492.0 508.3 500.4 504.2 494.0 519.6 539.5 576.0 50

 Owners’ equity in household real

51 estate (8) 3641.0 3919.9 4256.2 4119.6 4061.3 4151.9 4181.6 4185.8 4359.0 4587.2 4927.2 51

 Owners’ equity as percentage of

52 household real estate (9) 66.6 65.8 65.5 62.3 60.5 59.8 58.9 57.5 57.1 56.7 56.7 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, September 11, 1998 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 8342.9 9074.0 9620.8 9828.1 9806.9 9791.7 10146.0 10774.7 11582.1 12364.4 13483.2 1

 2 Tangible assets 5440.1 5788.3 6101.7 6193.7 6042.7 5860.0 5857.0 6207.4 6523.3 6804.9 7371.8 2

 3 Real estate (1) 3083.4 3288.5 3471.9 3440.1 3253.9 3010.5 2900.1 3073.4 3204.1 3352.7 3768.1 3

 4 Equipment (2) 1567.7 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2213.8 2316.7 2426.4 4

 5 Inventories (2) 789.0 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1105.4 1135.4 1177.3 5

 6 Financial assets 2902.7 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 5058.8 5559.6 6111.4 6

 7 Foreign deposits 14.4 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.4 20.0 7

 8 Checkable deposits and currency 104.8 134.9 151.1 166.8 182.5 189.4 203.1 221.6 252.9 302.7 312.1 8

 9 Time and savings deposits 116.6 98.8 89.7 73.4 66.8 51.8 74.1 67.5 42.9 44.7 51.0 9

10 Money market fund shares 18.9 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 84.2 98.3 10

11 Security RPs 3.4 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.8 4.4 11

12 Commercial paper 15.0 13.6 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.0 34.0 12

13 U.S. government securities 34.4 34.0 60.6 40.9 48.5 69.2 67.9 70.7 80.5 81.5 75.7 13

14 Municipal securities 19.4 16.8 32.4 24.7 44.8 45.8 54.7 56.7 36.8 26.7 35.4 14

15 Mortgages 51.5 68.1 54.4 52.8 59.0 60.0 52.3 56.4 57.9 69.0 77.0 15

16 Consumer credit 54.0 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 16

17 Trade receivables 805.3 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1247.4 1281.3 17

18 Mutual fund shares (1) 12.8 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 58.6 81.8 18

19 Miscellaneous assets 1652.1 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3156.9 3505.7 3961.6 19

20 Liabilities 3774.0 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6324.1 6683.2 20

21 Credit market instruments 1996.3 2201.2 2378.9 2487.7 2430.0 2474.8 2536.5 2683.6 2911.4 3105.7 3369.2 21

22 Commercial paper 73.8 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 22

23 Municipal securities (3) 116.2 116.4 115.5 115.2 114.0 118.3 124.9 131.7 134.8 137.9 142.0 23

24 Corporate bonds (4) 784.1 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1489.5 24

25 Bank loans n.e.c. 485.1 517.9 542.8 545.5 507.7 488.4 477.6 521.0 587.7 633.5 706.5 25

26 Other loans and advances 322.6 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.4 520.0 26

27 Mortgages 214.5 221.1 233.5 228.9 212.7 193.9 198.1 217.3 251.6 306.6 342.5 27

28 Trade payables 522.4 576.1 597.9 626.3 649.4 682.8 719.3 796.5 877.5 932.5 998.2 28

29 Taxes payable 47.9 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 58.1 29

30 Miscellaneous liabilities 1207.4 1370.0 1517.6 1577.1 1721.5 1916.8 2092.2 2106.9 2180.3 2236.0 2257.7 30

31 Net worth (market value) 4568.9 4882.3 5088.1 5098.6 4977.1 4682.0 4757.4 5147.3 5572.6 6040.4 6800.0 31

 Memo:

 Replacement-cost value of structures:

32 Residential 62.6 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.3 81.5 84.3 32

33 Nonresidential 2207.1 2348.2 2464.2 2563.5 2592.8 2666.1 2805.0 2963.9 3093.5 3239.7 3414.6 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2014.6 2216.7 2673.1 2529.7 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 7793.8 34

35 Debt/net worth (percent) (5) 43.7 45.1 46.8 48.8 48.8 52.9 53.3 52.1 52.2 51.4 49.5 35

36 Debt/equities (percent) (6) 99.1 99.3 89.0 98.3 69.5 64.7 61.5 64.8 53.1 48.8 43.2 36

37 Equities/net worth (percent) (7) 44.1 45.4 52.5 49.6 70.3 81.8 86.7 80.5 98.4 105.4 114.6 37

 With tangible assets stated at historical cost:

38 Assets (8) 6210.9 6790.4 7199.3 7483.9 7732.4 8059.9 8610.4 9141.1 9882.1 10655.4 11517.4 38

39 Tangible assets 3308.2 3504.7 3680.1 3849.5 3968.2 4128.2 4321.4 4573.8 4823.3 5095.9 5406.0 39

40 Real estate 1321.0 1400.3 1474.5 1561.7 1629.8 1688.8 1759.2 1837.1 1920.9 2021.3 2126.1 40

41 Equipment 1204.7 1269.4 1341.8 1412.4 1471.7 1536.9 1621.5 1740.7 1871.0 2016.7 2177.0 41

42 Inventories 782.6 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1057.9 1102.9 42

43 Net worth (historical cost) (9) 2437.0 2598.7 2666.5 2754.5 2902.6 2950.2 3221.7 3513.7 3872.6 4331.4 4834.2 43

 Memo:

 Historical-cost value of structures:

44 Residential 23.8 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.5 34.0 35.6 44

45 Nonresidential 1164.8 1225.5 1286.2 1356.9 1420.1 1474.6 1538.6 1609.4 1693.4 1792.5 1892.9 45

46 Debt/net worth (percent) (10) 81.9 84.7 89.2 90.3 83.7 83.9 78.7 76.4 75.2 71.7 69.7 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
106 Z.1, September 11, 1998

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Change in net worth (1) 1007.1 1552.1 1770.6 430.8 1541.8 980.5 1114.5 636.9 2621.8 2444.2 3519.3 1

 2 Net investment 415.4 532.3 400.3 584.3 380.6 528.0 455.0 506.1 441.0 412.6 414.0 2

 3 Net physical investment 247.8 265.8 251.1 218.6 156.9 198.0 253.4 294.8 301.3 344.3 371.4 3

 4 Capital expenditures 625.1 670.7 692.9 683.6 646.3 714.8 784.2 860.5 889.6 949.2 999.1 4

 5 - Consumption of fixed capital 377.3 404.8 441.8 465.0 489.4 516.8 530.8 565.6 588.2 605.0 627.6 5

 6 Net financial investment 167.6 266.5 149.2 365.7 223.7 330.0 201.6 211.2 139.7 68.3 42.5 6

 7 Net acquisition of financial assets 455.0 522.2 424.2 622.3 417.1 496.5 439.9 526.2 501.5 458.7 429.1 7

 8 - Net increase in liabilities 287.4 255.7 274.9 256.6 193.4 166.5 238.3 315.0 361.8 390.4 386.6 8

 Holding gains on assets stated

 9 at market value (2) 576.3 1023.8 1392.7 -118.3 1103.4 471.0 676.2 116.6 2275.6 2026.5 3246.2 9

10 Real estate 331.6 414.3 465.8 13.6 -15.5 81.4 1.8 58.2 220.7 317.0 505.3 10

11 Corporate equities 98.5 374.8 414.8 -141.0 819.9 321.0 358.5 -41.9 1204.0 825.7 1336.8 11

12 Mutual fund shares -12.8 9.9 36.5 -28.8 15.4 7.5 57.8 -6.1 110.6 139.4 202.5 12

13 Equity in noncorporate business 154.0 176.1 151.5 49.7 -73.8 -79.1 40.4 144.2 155.7 172.0 278.7 13

 Life insurance and

14 pension fund reserves 8.4 21.5 272.2 10.8 287.2 111.8 187.8 -28.1 485.0 495.1 786.8 14

 Investment in bank personal

15 trusts and estates -3.3 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 136.2 15

 Holding gains on assets stated

16 at current cost (2) 7.9 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -46.8 -66.3 -84.4 16

17 Consumer durable goods 7.0 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -45.7 -66.4 -82.9 17

18 Equipment 0.9 1.3 0.9 1.4 0.6 0.6 0.7 1.2 -1.1 0.1 -1.5 18

19 Other factors (3) 7.5 -17.6 -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.0 71.4 -56.5 19

 Memo:

20 Net worth outstanding (4) 16768.1 18320.2 20090.8 20521.5 22063.4 23043.8 24158.3 24795.2 27417.0 29861.2 33380.4 20

21 Disposable personal income 3363.6 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5277.0 5534.7 5795.1 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, September 11, 1998 107

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 229.3 313.4 205.7 10.6 -121.5 -295.2 75.4 389.9 425.2 467.8 759.6 1

 2 Net investment flow -4.2 -107.3 -172.5 -26.0 86.4 79.1 260.9 168.0 193.2 194.9 115.7 2

 3 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 171.2 208.8 207.0 255.6 3

 4 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 513.4 567.0 600.1 682.3 4

 5 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 5

 6 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 6

 7 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 7

 8 Net financial investment -41.6 -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 52.1 -25.3 8

 9 Net acquisition of financial assets 232.4 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 333.7 9

10 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 346.2 359.1 10

11 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.6 11

 Holding gains on assets stated

12 at market value (2) 101.2 155.7 143.7 -87.1 -218.7 -269.9 -146.4 135.0 95.5 97.5 372.6 12

13 Real estate 101.3 155.1 141.2 -86.1 -221.4 -271.2 -148.3 135.8 85.6 87.9 352.4 13

14 Mutual fund shares -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 77.9 62.5 43.4 105.5 13.6 -13.1 -10.9 23.0 40.8 7.9 -44.8 15

16 Equipment 40.2 57.2 49.9 60.8 27.8 22.1 19.6 22.7 20.8 -18.4 -32.7 16

17 Inventories (3) 8.0 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 3.1 5.5 -11.1 17

18 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 -20.7 3.4 2.0 -31.3 18

19 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 -6.2 -13.5 -18.7 -30.4 19

20 Other factors (4) 54.5 202.6 191.1 18.2 -2.8 -91.2 -28.1 63.9 95.8 167.5 316.1 20

 Memo:

21 Net worth outstanding (market value) 4568.9 4882.3 5088.1 5098.6 4977.1 4682.0 4757.4 5147.3 5572.6 6040.4 6800.0 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 153.1 161.8 67.8 88.0 148.1 47.5 271.6 291.9 358.9 458.8 502.8 22

23 Net investment flow -4.2 -107.3 -172.5 -26.0 86.4 79.1 260.9 168.0 193.2 194.9 115.7 23

24 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 171.2 208.8 207.0 255.6 24

25 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 513.4 567.0 600.1 682.3 25

26 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 26

27 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 27

28 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 28

29 Net financial investment -41.6 -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 52.1 -25.3 29

30 Net acquisition of financial assets 232.4 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 333.7 30

31 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 346.2 359.1 31

32 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.6 32

 Valuation adjustment on

33 reproducible assets (6) 11.3 1.4 -18.7 -7.1 -3.4 26.3 3.6 8.2 -24.6 2.1 -8.1 33

34 Holding gains on mutual fund shares (2) -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 29.7 -2.0 -5.5 31.9 -6.9 -37.2 -34.9 -14.6 16.9 20.7 -0.9 35

36 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 -20.7 3.4 2.0 -31.3 36

37 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 -6.2 -13.5 -18.7 -30.4 37

38 Other factors (4) 116.4 269.2 261.9 90.2 69.3 -21.9 40.1 131.1 163.4 231.4 375.9 38

 Memo:

39 Net worth outstanding (historical cost) 2437.0 2598.7 2666.5 2754.5 2902.6 2950.2 3221.7 3513.7 3872.6 4331.4 4834.2 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
108 Z.1, September 11, 1998

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.7 38.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 55.6 69.9 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 23.4 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 -0.1 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 3.1 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 1.0 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 21

22 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 22

23 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 27

28 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, September 11, 1998 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 942.0 1004.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 344.3 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 5.2 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 38.1 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 37.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 20

21 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 21

22 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 26

27 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, September 11, 1998

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Net acquisition of financial assets -6.0 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 16.6 4.2 -2.3 1

 2 Checkable deposits and currency -0.2 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 -0.0 -0.0 -0.0 2

 3 Time and savings deposits 1.1 -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -7.2 -3.8 -4.6 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs -0.1 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 -1.2 1.9 1.3 5

 6 Credit market instruments 2.4 28.3 43.3 33.6 14.5 18.8 25.6 11.6 33.3 20.8 33.9 6

 7 Open market paper 5.1 -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 -1.2 1.9 1.3 7

 8 U.S. government securities 1.9 16.4 34.7 26.1 8.9 5.4 15.4 13.8 16.6 5.2 12.4 8

 9 Treasury 1.2 10.6 21.8 16.1 5.5 3.4 9.6 8.3 9.9 3.1 7.4 9

10 Agency 0.7 5.8 12.9 10.0 3.4 2.0 5.8 5.4 6.7 2.1 5.0 10

11 Municipal securities -0.0 -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 11

12 Corporate and foreign bonds -1.3 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 17.4 13.1 19.3 12

13 Mortgages -3.3 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.4 0.5 0.8 13

14 Corporate equities -7.7 -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -4.6 -18.8 -33.0 14

15 Mutual fund shares 0.9 -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.2 7.5 7.0 15

16 Miscellaneous assets -2.4 -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -6.8 -3.4 -6.9 16

17 Unallocated insurance contracts (1) 4.9 -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -3.3 -1.0 -2.4 17

18 Contributions receivable -1.5 -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 2.4 2.4 2.4 18

19 Other -5.8 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -5.9 -4.8 -6.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, September 11, 1998 111

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Net acquisition of financial assets 40.1 43.6 39.7 54.7 65.3 72.1 79.3 79.2 79.5 80.4 88.5 1

 2 Checkable deposits and currency -0.1 1.0 0.6 -0.3 -0.3 -0.1 0.1 -0.1 -0.1 -0.1 -0.1 2

 3 Time and savings deposits -11.9 14.3 17.9 1.4 0.0 -8.0 -9.8 -7.2 -7.7 -10.6 -9.0 3

 4 Money market fund shares 1.8 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 4.6 4

 5 Security RPs -0.3 0.5 2.0 0.4 1.9 1.3 1.4 0.3 1.2 0.4 0.7 5

 6 Credit market instruments 10.5 -3.4 17.9 19.3 22.5 18.8 23.9 33.9 28.1 27.5 33.7 6

 7 Open market paper 2.1 -2.6 0.8 0.4 1.9 1.3 1.4 0.3 1.2 0.4 0.7 7

 8 U.S. government securities 12.5 2.2 12.6 10.1 13.0 10.9 8.4 36.2 16.4 15.7 18.6 8

 9 Treasury 8.7 2.0 8.7 7.2 9.0 7.8 6.2 23.3 11.0 10.3 11.8 9

10 Agency 3.8 0.2 3.9 2.9 4.0 3.1 2.2 12.9 5.3 5.4 6.8 10

11 Municipal securities -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 11

12 Corporate and foreign bonds -2.6 -5.6 3.4 8.6 7.5 7.2 13.2 -6.2 9.6 10.2 12.8 12

13 Mortgages 0.3 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.9 1.2 1.5 13

14 Corporate equities 7.5 8.5 -6.5 5.4 14.9 32.1 18.1 7.2 15.6 5.6 9.3 14

15 Mutual fund shares 1.3 -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.6 35.1 30.4 15

16 Miscellaneous assets 31.3 21.9 4.9 27.3 20.4 19.1 21.6 23.3 20.8 17.2 18.8 16

17 Unallocated insurance contracts (2) 28.6 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 -1.5 -2.0 -3.2 17

18 Contributions receivable 3.0 -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 1.4 1.4 1.4 18

19 Other -0.4 9.5 2.8 23.2 8.6 19.2 19.4 22.5 20.9 17.9 20.6 19

(1) Includes assets of the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
112 Z.1, September 11, 1998

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Total financial assets 803.9 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1339.6 1530.4 1785.6 1

 2 Checkable deposits and currency 0.6 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.1 2

 3 Time and savings deposits 50.7 46.0 50.6 40.1 40.5 26.4 27.8 30.6 23.3 19.5 15.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 14.9 16.9 18.8 18.8 22.3 22.9 25.0 24.2 23.0 25.0 26.3 5

 6 Credit market instruments 248.6 276.9 320.2 353.8 368.3 387.0 412.7 424.2 457.5 478.3 512.2 6

 7 Open market paper 23.1 19.7 18.8 18.8 22.3 22.9 25.0 24.2 23.0 25.0 26.3 7

 8 U.S. government securities 139.1 155.6 190.2 216.3 225.3 230.7 246.1 259.8 276.4 281.7 294.1 8

 9 Treasury 98.3 108.9 130.7 146.8 152.3 155.7 165.3 173.6 183.6 186.7 194.2 9

10 Agency 40.9 46.7 59.6 69.6 72.9 75.0 80.7 86.2 92.9 95.0 99.9 10

11 Municipal securities 0.6 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 11

12 Corporate and foreign bonds 79.0 88.9 92.7 98.9 107.6 123.5 132.5 130.9 148.3 161.4 180.7 12

13 Mortgages 6.8 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.5 10.0 10.8 13

14 Corporate equities 322.3 298.1 346.4 318.9 426.1 442.0 503.1 499.5 640.4 779.4 965.1 14

15 Mutual fund shares 7.9 6.5 6.8 6.8 11.4 15.6 22.3 26.0 38.5 60.1 88.6 15

16 Miscellaneous assets 158.8 163.4 164.8 139.1 149.7 142.5 150.8 153.5 155.6 166.9 177.3 16

17 Unallocated insurance contracts (1) 91.8 78.2 80.1 73.6 77.3 69.6 69.7 66.1 69.4 78.3 90.9 17

18 Contributions receivable 10.0 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.1 15.5 17.9 18

19 Other 57.1 76.9 76.8 59.8 63.6 63.6 69.8 76.8 73.1 73.2 68.5 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, September 11, 1998 113

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Total financial assets 523.7 564.9 674.9 693.3 841.1 921.2 1050.6 1132.5 1317.1 1517.1 1793.5 1

 2 Checkable deposits and currency 1.0 2.0 2.6 2.3 2.0 1.9 2.0 2.0 1.9 1.9 1.8 2

 3 Time and savings deposits 25.4 39.7 57.5 58.9 58.9 51.0 41.2 33.9 26.2 15.6 6.6 3

 4 Money market fund shares 12.8 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.3 4

 5 Security RPs 5.6 6.1 8.1 8.5 10.4 11.6 13.1 13.4 14.6 15.0 15.7 5

 6 Credit market instruments 99.8 96.4 114.3 133.6 156.1 174.9 198.8 232.7 260.7 288.3 322.0 6

 7 Open market paper 9.9 7.2 8.1 8.5 10.4 11.6 13.1 13.4 14.6 15.0 15.7 7

 8 U.S. government securities 47.2 49.4 62.0 72.1 85.2 96.1 104.4 140.6 157.0 172.7 191.3 8

 9 Treasury 33.4 35.4 44.1 51.3 60.3 68.1 74.3 97.6 108.6 118.9 130.7 9

10 Agency 13.8 14.0 17.9 20.9 24.9 27.9 30.2 43.1 48.4 53.8 60.6 10

11 Municipal securities 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.6 0.7 11

12 Corporate and foreign bonds 41.0 35.4 38.8 47.4 54.9 62.1 75.3 69.1 78.7 88.9 101.7 12

13 Mortgages 1.4 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.8 11.1 12.6 13

14 Corporate equities 185.1 187.1 247.0 243.0 321.3 365.7 434.6 441.0 540.1 642.9 800.0 14

15 Mutual fund shares 11.9 15.6 19.9 22.5 38.7 59.3 93.6 124.4 190.0 272.5 367.4 15

16 Miscellaneous assets 182.0 203.1 207.7 206.8 234.9 236.9 241.1 253.5 246.0 238.2 232.7 16

17 Unallocated insurance contracts (2) 94.5 105.8 110.0 115.0 129.3 128.4 136.9 143.9 146.1 147.8 150.4 17

18 Contributions receivable 10.2 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.7 14.1 15.5 18

19 Other 77.2 88.8 89.7 83.9 97.1 99.0 93.6 98.2 87.2 76.3 66.8 19

(1) Includes assets of the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
114

Z.1, September 11, 1998 Flow of Funds Matrix for 1997

(Billions of dollars; All Sectors -- Flows)

Memo: Households State Domestic Instrument National

and Nonprofit Nonfinancial 

Organizations Business 

 U S U S 

 (1) (2) (3) (4) 

 1 Gross saving -- 1029.1 -- 745.9 -- 135.6 -- 17.8 -- 1928.3 -- 140.9 -- 147.2 -- 2216.4 -- 2075.5

 2 Capital consumption -- 627.6 -- 492.1 -- 81.1 -- 70.6 -- 1271.3 -- -- -- 104.2 -- 1375.6 -- 1375.6

 3 Net saving (1 less 2) -- 401.5 -- 253.8 -- 54.6 -- -52.8 -- 657.0 -- 140.9 -- 43.0 -- 840.9 -- 700.0

 4 Gross investment (5 plus 11) 1041.6 -- 735.7 -- 153.2 -- -2.8 -- 1927.7 -- 254.9 -- 104.6 -- 2287.2 -- -70.8 1909.5

 5 Capital expenditures 999.1 -- 826.1 -- 175.6 -- 52.6 -- 2053.4 -- -- -- 111.0 -- 2164.4 -- 52.0 2164.4

 6 Consumer durables 673.1 -- -- -- -- -- -- -- 673.1 -- -- -- -- -- 673.1 -- -- 673.1

 7 Residential construction 282.4 -- 38.6 -- -- -- -- -- 321.0 -- -- -- 6.9 -- 327.9 -- -- 327.9

 8 Plant and equipment 43.6 -- 712.9 -- 175.6 -- 59.8 -- 992.0 -- -- -- 104.1 -- 1096.1 -- -- 1096.1

 9 Inventory change -- -- 67.4 -- -- -- -- -- 67.4 -- -- -- -- -- 67.4 -- -- 67.4

10 Access rights from fed. govt. -- -- 7.1 -- -- -- -7.1 -- 0.0 -- -- -- -- -- -- -- -- -- 

11 Net financial investment 42.5 -- -90.3 -- -22.4 -- -55.5 -- -125.7 -- 254.9 -- -6.4 -- 122.8 -- -122.8 -254.9

12 Financial uses 429.1 -- 378.9 -- 35.4 -- -1.6 -- 841.8 -- 623.9 -- 2186.7 -- 3652.5 -- -122.8 369.0

13 Financial sources -- 386.6 -- 469.2 -- 57.8 -- 53.9 -- 967.5 -- 369.0 -- 2193.2 -- 3529.6 -- 623.9

14 Gold and off. fgn. exchange -- -- -- -- -- -- 2.5 -- 2.5 -- -0.4 0.7 -1.5 -- 0.7 0.7 -- -- 

15 SDR certificates -- -- -- -- -- -- -- -0.5 -- -0.5 -- -- -0.5 -- -0.5 -0.5 -- -- 

16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 0.6 -- 0.6 -0.0 -0.6 -- 

17 Foreign deposits 6.3 -- -6.4 -- -- -- -- -- -0.1 -- -- 107.4 0.1 -- 0.0 107.4 107.4 -- 

18 Interbank claims -- -- -- -- -- -- -- -- -- -- -30.5 -- 4.5 -45.8 -26.0 -45.8 -19.8 -- 

19 Checkable dep. and currency -15.6 -- 14.7 -- 1.5 -- -0.5 -- 0.1 -- 29.9 -- 18.1 41.5 48.0 41.5 -6.6 -- 

20 Time and savings deposits 169.6 -- 12.6 -- 6.1 -- 1.0 -- 189.3 -- 13.0 -- 17.4 219.7 219.7 219.7 -- -- 

21 Money market fund shares 108.7 -- 14.8 -- -- -- -- -- 123.5 -- -- -- 34.1 157.6 157.6 157.6 -- -- 

22 Fed. funds and security RPs -- -- 0.6 -- 3.6 -- -- -- 4.1 -- 6.9 -- 31.7 115.2 42.6 115.2 72.6 -- 

23 Credit market instruments -106.1 351.6 17.6 337.6 -0.3 56.1 4.9 23.1 -83.9 768.4 312.1 56.9 1241.5 644.4 1469.7 1469.7 -- -- 

24 Open market paper 32.5 -- 2.9 13.7 11.3 -- -- -- 46.7 13.7 19.9 3.7 117.5 166.7 184.1 184.1 -- -- 

25 Treasury securities -210.8 -- 12.1 -- -17.7 -- -- 23.2 -216.3 23.2 139.4 -- 100.1 -- 23.2 23.2 -- -- 

26 Federal agency securities 28.2 -- -16.4 -- 9.2 -- 0.0 -0.1 21.0 -0.1 49.6 -- 142.1 212.8 212.7 212.7 -- -- 

27 Municipal securities 23.2 10.0 8.7 4.2 0.2 57.3 -- -- 32.0 71.4 -- -- 39.4 -- 71.4 71.4 -- -- 

28 Corporate and fgn. bonds 24.6 -- -- 90.7 -6.9 -- -- -- 17.7 90.7 86.8 46.7 241.0 208.1 345.5 345.5 -- -- 

29 Bank loans n.e.c. -- 8.9 -- 98.7 -- -- -- -- -- 107.6 -- 8.5 129.7 13.6 129.7 129.7 -- -- 

30 Other loans and advances -- 18.1 -- 51.4 -- -1.2 9.5 -- 9.5 68.2 16.4 -2.0 75.9 35.6 101.8 101.8 -- -- 

31 Mortgages -3.9 262.2 9.2 78.9 3.6 -- -4.5 -0.0 4.4 341.1 -- -- 344.5 7.8 348.8 348.8 -- -- 

32 Consumer credit -- 52.5 1.2 -- -- -- -- -- 1.2 52.5 -- -- 51.3 -- 52.5 52.5 -- -- 

33 Corporate equities -485.8 -- -- -114.6 1.3 -- -- -- -484.5 -114.6 64.2 41.3 347.1 0.1 -73.3 -73.3 -- -- 

34 Mutual fund shares 222.9 -- 3.0 -- 3.6 -- -- -- 229.5 -- -- -- 35.6 265.1 265.1 265.1 -- -- 

35 Trade credit -- 3.0 43.7 74.8 -- 1.8 -0.7 -0.9 43.0 78.6 2.8 10.2 39.1 5.7 84.8 94.5 9.7 -- 

36 Security credit 51.6 36.8 -- -- -- -- -- -- 51.6 36.8 0.0 0.0 58.5 73.3 110.1 110.1 -- -- 

37 Life insurance reserves 52.9 -- -- -- -- -- -- 0.4 52.9 0.4 -- -- -- 52.6 52.9 52.9 -- -- 

38 Pension fund reserves 296.8 -- -- -- -- -- -- 31.3 296.8 31.3 -- -- -- 265.5 296.8 296.8 -- -- 

39 Taxes payable -- -- -- 9.6 -0.8 -- -1.8 -- -2.6 9.6 -- -- -- 5.5 -2.6 15.1 17.7 -- 

40 Inv. in bank personal trusts 75.0 -- -- -- -- -- -- -- 75.0 -- -- -- -- 75.0 75.0 75.0 -- -- 

41 Equity in noncorp. business 41.1 -- -- 23.2 -- -- -- -- 41.1 23.2 -- -- -- 18.0 41.1 41.1 -- -- 

42 Miscellaneous 11.7 -4.8 278.3 138.8 20.4 -- -6.9 0.4 303.5 134.4 226.1 152.5 360.5 299.9 890.0 586.7 -303.3 -- 

43 Sector discrepancies (1 less 4) -12.5 -- 10.1 -- -17.6 -- 20.6 -- 0.6 -- -114.0 -- 42.6 -- -70.8 -- -70.8 166.1

General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, September 11, 1998 Flow of Funds Matrix for 1997

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 26968.8 -- 6875.7 -- 1043.3 -- 434.7 -- 35322.6 -- 4845.7 -- 27584.8  2 Total liabilities and equity -- 5756.2 -- 20365.2 -- 1154.4 -- 4385.8 -- 31661.7 -- 3504.2 --  3 Total liabilities -- 5756.2 -- 8390.8 -- 1154.4 -- 4385.8 -- 19687.3 -- 2503.0 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.0 -- 10.0 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 18.2 -- 18.2 -- -- 18.1 -0.1  6 Official foreign exchange -- -- -- -- -- -- 13.8 -- 13.8 -- -- 30.8 17.0  7 SDR certificates -- -- -- -- -- -- -- 9.2 -- 9.2 -- -- 9.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 25.6  9 Foreign deposits 41.8 -- 20.0 -- -- -- -- -- 61.8 -- -- 619.4 23.2 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 146.8 -- 78.6 11 Checkable dep. and currency 424.3 -- 435.2 -- 33.2 -- 41.6 -- 934.3 -- 243.6 -- 90.6 12 Time and savings deposits 2731.4 -- 136.2 -- 76.8 -- 3.4 -- 2947.8 -- 73.5 -- 166.2 13 Money market fund shares 639.0 -- 105.0 -- -- -- -- -- 744.0 -- -- -- 304.7 14 Fed. funds and security RPs -- -- 4.4 -- 151.4 -- -- -- 155.8 -- 77.7 -- 419.1 15 Credit market instruments 1849.7 5505.2 350.4 4779.2 614.5 1119.5 200.4 3804.9 3015.0 15208.7 2258.4 569.6 15953.6 16 Open market paper 115.1 -- 34.0 168.6 71.0 -- -- -- 220.1 168.6 77.8 65.1 681.6 17 Treasury securities 391.5 -- 77.5 -- 239.3 -- -- 3778.3 708.3 3778.3 1251.8 -- 1818.2 18 Federal agency securities 375.6 -- 17.4 -- 135.4 -- 0.0 26.5 528.5 26.5 246.3 -- 2072.8 19 Municipal securities 426.5 114.9 35.4 142.0 4.8 1110.6 -- -- 466.7 1367.5 -- -- 900.7 20 Corporate and fgn. bonds 435.9 -- -- 1489.5 42.8 -- -- -- 478.7 1489.5 540.0 394.4 2425.5 21 Bank loans n.e.c. -- 61.7 -- 974.3 -- -- -- -- -- 1035.9 -- 52.1 1171.3 22 Other loans and advances -- 190.7 -- 639.2 -- 8.9 154.7 -- 154.7 838.8 142.6 58.0 798.0 23 Mortgages 105.0 3873.8 107.2 1365.6 121.2 -- 45.7 0.0 379.1 5239.3 -- -- 4900.2 24 Consumer credit -- 1264.1 78.9 -- -- -- -- -- 78.9 1264.1 -- -- 1185.2 25 Corporate equities 5448.9 -- -- 7793.8 63.0 -- -- -- 5511.8 7793.8 915.9 1001.3 6348.2 26 Mutual fund shares 1996.7 -- 81.8 -- 44.6 -- -- -- 2123.2 -- -- -- 866.2 27 Trade credit -- 106.8 1429.8 1110.4 -- 35.0 23.6 82.3 1453.3 1334.4 58.1 53.8 188.0 28 Security credit 214.5 131.2 -- -- -- -- -- -- 214.5 131.2 0.0 0.0 253.7 29 Life insurance reserves 646.7 -- -- -- -- -- -- 14.0 646.7 14.0 -- -- -- 30 Pension fund reserves 7398.2 -- -- -- -- -- -- 450.5 7398.2 450.5 -- -- -- 31 Taxes payable -- -- -- 97.1 26.9 -- 20.0 -- 46.9 97.1 -- -- -- 32 Inv. in bank personal trusts 1082.8 -- -- -- -- -- -- -- 1082.8 -- -- -- -- 33 Equity in noncorp. business 4188.6 -- -- 4180.7 -- -- -- -- 4188.6 4180.7 -- -- -- 34 Miscellaneous 306.1 13.0 4313.0 2404.1 33.0 -- 103.8 6.6 4755.8 2423.8 1071.8 1211.2 2829.9 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, September 11, 1998

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Assets 19607.8 21445.1 23506.1 24227.7 25970.5 27121.2 28479.3 29433.9 32422.4 35228.2 39136.7 1

 2 Tangible assets 7724.4 8398.6 9107.9 9324.7 9470.0 9732.9 9981.8 10319.2 10792.6 11381.0 12167.8 2

 3 Financial assets 11883.4 13046.4 14398.2 14903.0 16500.5 17388.4 18497.5 19114.7 21629.8 23847.2 26968.8 3

 4 Deposits 2863.7 3052.4 3206.0 3264.7 3267.6 3249.9 3183.5 3158.1 3372.8 3565.9 3836.6 4

 5 Credit market instruments 1030.1 1232.3 1296.6 1513.5 1616.5 1679.6 1674.1 1982.2 1942.6 2005.9 1849.7 5

 6 Equity shares at market value 1948.3 2239.4 2733.4 2523.3 3541.2 4011.9 4577.8 4501.5 6005.0 7154.4 8904.2 6

 7 Directly held 1384.2 1647.8 1978.3 1811.3 2598.0 2942.6 3245.5 3046.1 4052.7 4597.9 5448.9 7

 8 Indirectly held 564.1 591.6 755.1 711.9 943.2 1069.3 1332.3 1455.4 1952.3 2556.4 3455.3 8

 9 Bank personal trusts and estates 176.1 189.1 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 632.0 9

10 Life insurance companies 54.0 59.1 68.4 66.8 99.1 116.6 156.7 185.7 246.4 323.2 426.9 10

11 Private pension funds 189.6 193.0 255.5 251.6 336.9 389.7 476.0 500.8 645.2 813.9 1048.1 11

12 Mutual funds 144.4 150.4 199.3 179.4 235.5 294.3 437.6 505.3 695.5 986.1 1348.4 12

13 Other 6041.3 6522.3 7162.2 7601.5 8075.3 8447.0 9062.2 9472.9 10309.4 11121.1 12378.3 13

14 Liabilities 2839.8 3124.9 3415.4 3706.1 3907.1 4077.4 4321.0 4638.7 5005.4 5367.0 5756.2 14

15 Net worth 16768.1 18320.2 20090.8 20521.5 22063.4 23043.8 24158.3 24795.2 27417.0 29861.2 33380.4 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 9.9 10.4 11.6 10.4 13.6 14.8 16.1 15.3 18.5 20.3 22.8 16

17 Financial assets (line 3) 16.4 17.2 19.0 16.9 21.5 23.1 24.7 23.6 27.8 30.0 33.0 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).

Prior to 1985, all pension assets are assumed to have been in defined benefit plans.