For use at 4:00 p.m., eastern time

 Wednesday 

December 15, 1999 

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Third Quarter 1999

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

Third Quarter 1999

Debt of domestic nonfinancial sectors expanded market in volume. Debt of state and local

at a 6-3/4 percent seasonally adjusted annual rate in governments increased at a 4-1/4 percent annual

the third quarter of 1999, about the same pace as in rate, a bit under the pace of the first half of the year.

the first half of the year. Rapid growth of debt in the

business and household sectors was again The level of domestic nonfinancial debt

accompanied by paydown of federal government outstanding was $17.1 trillion at the end of the third

debt. quarter of 1999. Debt of nonfederal sectors was

Federal debt ran off at a 2-1/4 percent annual

rate in the third quarter. On a not-seasonally-adjusted Figures for the growth and level of debt are

basis, the amount of Treasury debt held by the public found in tables D.1 through D.3. Tables that show

has fallen more than 5 percent, or nearly $200 billion, financial flows, amounts outstanding, and selected

since its peak in early 1998. sector balance sheets are included in the remaining

Debt of the nonfederal sectors rose at a 9-1/4

percent annual rate in the third quarter. Debt of

households expanded at a 9-1/4 percent rate,

reflecting continued strength of home mortgage

borrowing. Business debt accelerated to a 10-1/2

percent rate, as firms tapped banks and the bond

$13.4 trillion, and federal debt was $3.7 trillion.

pages of this release.

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1992 4.6 10.9 2.6 4.5 .8 2.2 

1993 4.9 8.3 3.8 5.4 1.4 6.0 

1994 4.6 4.7 4.6 7.7 3.9 -4.0 

1995 5.5 4.1 6.1 7.9 7.0 -4.6 

1996 5.4 4.0 5.9 7.4 6.0 -.6 

1997 5.4 .6 7.1 6.4 8.4 5.3 

1998 6.7 -1.4 9.4 8.7 10.7 7.2 

 1998:Q1 7.1 -.4 9.5 8.6 10.9 8.4 

:Q2 6.7 -.7 9.1 7.6 11.3 7.2 

:Q3 5.7 -3.0 8.4 8.4 9.1 6.0 

:Q4 6.7 -1.4 9.2 9.1 9.9 6.4 

1999:Q1 7.9 -2.0 10.9 9.4 13.3 7.3 

:Q2 5.3 -3.0 7.8 8.5 7.9 2.9 

:Q3 6.7 -2.2 9.2 9.2 10.4 4.3

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, Third Quarter 1999 1

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6

Borrowing by Sector D.2 7

Debt Outstanding by Sector D.3 8

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 17 L.101 63

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

Nonfarm Noncorporate Business F.103 19 L.103 65

Farm Business F.104 19 L.104 65

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

Federal Government F.106 21 L.106 66

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

Monetary Authority F.108 23 L.108 68

Commercial Banking F.109 24 L.109 69

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

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

Bank Holding Companies F.112 27 L.112 72

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

Savings Institutions F.114 28 L.114 73

Credit Unions F.115 29 L.115 74

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

Life Insurance Companies F.117 30 L.117 75

Other Insurance Companies F.118 30 L.118 75

Private Pension Funds F.119 31 L.119 76

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77

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

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

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

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

Finance Companies F.127 34 L.127 79

Mortgage Companies F.128 35 L.128 80

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

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

Funding Corporations F.131 36 L.131 81

Instruments

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

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

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

Net Interbank Transactions F.203 38 L.203 83

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

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

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

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

Open Market Paper F.208 41 L.208 86

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88

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

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

Corporate Equities F.213 45 L.213 90

Mutual Fund Shares F.214 45 L.214 90

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

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

Total Mortgages F.217 48 L.217 93

Home Mortgages F.218 49 L.218 94

Multifamily Residential Mortgages F.219 49 L.219 94

Commercial Mortgages F.220 50 L.220 95

Farm Mortgages F.221 50 L.221 95

Consumer Credit F.222 51 L.222 96

Trade Credit F.223 51 L.223 96

Security Credit F.224 51 L.224 96

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52

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

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

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

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

Sector Discrepancies F.10 57

Instrument Discrepancies F.11 57
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

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

Flow of Funds Matrix for 1998 112 113

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 114

1

Flow of Funds Accounts, Third Quarter 1999

 This publication presents the flow of funds

accounts for 1999:Q3. 

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. The accounts reflect the 1999 comprehensive

revision of the national income and product accounts

released by the Department of Commerce on October

28, 1999, and preliminary information for 1999:Q3,

released on November 24, 1999. The major features

of the latest comprehensive revision of the national

income and product accounts are discussed in the

October 1999 issue of the Survey of Current Business.

Revisions to all data prior to 1959 and to some data

after 1958 have not been made available. Some of the

statistics used in the flow of funds accounts (for

example, data on the value of tangible assets) reflect

estimates made by flow of funds staff. These

estimates will be revised as additional data are

released by the Department of Commerce.

2. The market value of total corporate equities

outstanding (table L.213, line 1) has been revised from

1980:Q1 forward to reflect new estimates of closely

held shares (equity issued by private corporations that

is not publicly traded) and revisions to foreign equity

held by United States residents (table L.213, line 3)

from the balance of payments accounts.

3. Net issuance of corporate equities by life

insurance companies has been added to the accounts

(table F.117, line 19), and net issuance of corporate

equities by other insurance companies (table F.118,

line 17) has been revised from 1985:Q1 forward. Net

equity issuance for both sectors is calculated as the

difference between gross issuance and retirements.

The source data for gross issuance through initial

public and seasoned offerings and for retirements due

to mergers are from Securities Data Company. The

source data for equity share repurchases are from

Standard & Poor’s Compustat. The source data for

issuance and retirements are occasioonally

supplemented with information from public

announcements.

4. Trade payables of state and local

governments (tables F.105 and L.105) have been

revised up for the period since 1959:Q1. As part of

the revision to the national income and product

accounts, certain federal grants to state and local

governments were reclassified as capital transfers

instead of receipts. Such grants, which remain a

source of funds to state and local governments, are

now a component of trade payables in the flow of

funds accounts.

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

Domestic debt comprises credit market funds

borrowed by U.S. entities from both domestic and

foreign sources, while foreign debt represents amounts

borrowed by foreign financial and nonfinancial

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

of government-sponsored enterprises, federally related

mortgage pools, and private financial institutions.

Credit market debt consists of debt securities,

mortgages, bank loans, commercial paper, consumer

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

advances; it excludes trade debt, loans for the purpose

of carrying securities, and funds raised from equity

sources.

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying forward

year-end levels by seasonally adjusted flows. Growth

rates calculated from changes in unadjusted levels

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

Relation of Flows to Outstandings. Estimates of

financial assets and liabilities outstanding are linked to

data on flows. However, figures on outstandings

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time.

Specifically, outstandings in the flow of funds

accounts are related to the flows in the following way:
2

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

where At@ is the time period.

Discontinuities result from changes in

valuation, breaks in source data, and changes in

definitions. For most series, the value of the

discontinuity is zero for nearly all time periods.

However, in a few instances, the discontinuity is

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

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

sharp increase or decrease in equity prices or a major

break in source data.

The discontinuities in a series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter’s data were compiled is provided in a

table following this introduction. The distinction

between Aavailable@ data and Amissing@ data is not

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is

compiled and those that are not yet completed.

However, the items that are shown as available are, in

general, also preliminary in the sense that they are

subject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data

in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms,

but allowance for them is explicitly made throughout

the accounts by the inclusion of Adiscrepancies@ for

various sectors and instrument types. A discrepancy

for a sector is the difference between its measured

sources of funds and its measured uses of funds. For

an instrument category, a discrepancy is the difference

between measured funds borrowed through the

financial instrument and measured funds lent through

that instrument. The size of such discrepancies relative

to the main asset or liability components is one

indication of the quality of source data, especially on an

annual basis. For quarterly data, differences in seasonal

adjustment procedures for financial and nonfinancial

components of the accounts sometimes result in

discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about ten weeks following the end of a quarter.

This publicationCthe Z.1 releaseCis available from the

Board’s Publications Services. Flow of funds data are

also available electronically through the Internet at the

following location:

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

Data from the flow of funds accounts are also

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

quarterly data beginning in 1952, organized in files that

correspond to the tables published in this release. One

diskette contains the seasonally adjusted flows, a

second diskette contains unadjusted flows, and a third

diskette contains quarterly outstandings, which are not

seasonally adjusted. In addition, the third diskette

contains quarterly data for the debt tables (tables D.1,

D.2, and D.3) and available balance sheet tables and

supplemental tables, as well as monthly data from

January 1955 onward for the monthly debt aggregate

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

Stock and Debt Measures.@

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and Preliminary estimates, seasonally Revised unadjusted flows.

 product accounts (NIPA) adjusted, for 1999:Q3; unadjusted

flows based on former seasonal

factors.

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

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

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

available through 1999:Q3. The source for nonprofit organizations data

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

Income. Data for nonprofit organizations are available for 1987 through

1996.

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

 corporate business

 (tables F.102 and L.102)

of the Census Bureau through 1996; QFR data for 1999:Q3.

1999:Q2; Internal Revenue Service

Statistics of Income data through

1996; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1999:Q3.

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

 business

 (tables F.103 and L.103)

of Income data through 1996; bank 1996.

and finance company loans and

mortgage borrowing through

1999:Q3.

 5. Farm business Mortgages, bank loans, loans from Revised data for consumption of

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

U.S. government loans to farms, profits.

and equity in government-sponsored

enterprises through 1999:Q3;

preliminary data for checkable

deposits and currency and trade

payables through 1998.
4

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

 governments municipal securities, deposits at since 1998:Q2.

 (tables F.105 and L.105) banks, and nonmarketable U.S.

government securities issues

through 1999:Q3; selected financial

assets through 1998:Q2 from the

Comprehensive Annual Financial

Reports of state and local

governments that account for most

of the holdings of the sector, and

data from Standard & Poor’s on

local government investment pools.

 7. Federal government Data from the Monthly Treasury Treasury data for loan programs

 (tables F.106 and L.106) Statement of Receipts and Outlays for 1999:Q3.

through 1999:Q3; data from the

Federal Financing Bank through

1999:Q3; Treasury data for loan

programs through 1999:Q2.

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

 (U.S. international 1999:Q3; NIPA estimates, data

 transactions) from bank Reports of Condition,

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

System data through 1999:Q3.

 9. Monetary authority All data through 1999:Q3. None.

 (tables F.108 and L.108)

10. Commercial banking All data through 1999:Q3 for Data since 1998 for branches of

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

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

 L.113) bank holding companies, and

commercial banks in U.S.-affiliated

areas.

11. Savings institutions All data through 1999:Q3. None.

 (tables F.114 and L.114)

12. Credit unions All data through 1999:Q3. None.

 (tables F.115 and L.115)

13. Bank personal trusts and All data through 1998. Data since 1998:Q4.

 estates

 (tables F.116 and L.116)

14. Life insurance companies All data through 1999:Q2; Final data for 1999:Q3.

 (tables F.117 and L.117) preliminary data for 1999:Q3. 

15. Other insurance companies All data through 1999:Q2; Final data for 1999:Q3.

 (tables F.118 and L.118) preliminary data for 1999:Q3. 
5

16. Private pension funds Quarterly data through 1999:Q3; Form 5500 data since 1995.

 (including FERS Internal Revenue Service/

 Thrift Savings Plan) Department of Labor/Pension

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

Form 5500 data through 1995.

17. State and local government All data through 1999:Q2. Data for 1999:Q3.

 employee retirement funds

 (tables F.120 and L.120)

18. Money market mutual All data through 1999:Q3. None.

 funds

 (tables F.121 and L.121)

19. Mutual funds All data through 1999:Q3. None.

 (tables F.122 and L.122)

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

 (tables F.123 and L.123)

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

 enterprises Fannie Mae, Freddie Mac, FCS,

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

through 1999:Q3.

22. Federally related mortgage All data through 1999:Q3. None.

 pools

 (tables F.125 and L.125)

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

 securities (ABSs) Information Services of the

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

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1999:Q3.

24. Finance companies All data through 1999:Q3. None.

 (tables F.127 and L.127)

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

 (tables F.128 and L.128)

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

 trusts (REITs) DataSource through 1999:Q3.

 (tables F.129 and L.129)

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

 dealers through 1999:Q3; data for firms reports since 1999:Q1.

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

1999:Q1.

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

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

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1975 9.3 23.9 6.3 8.0 8.9 3.8 5.2 3.7 5.4 0.8 17.4

1976 10.8 15.6 9.6 11.6 13.1 10.6 8.3 7.7 8.4 9.0 21.5

1977 12.8 11.0 13.3 16.1 17.4 15.5 12.1 12.2 8.4 18.9 11.6

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

1979 12.2 5.8 13.7 14.6 15.3 13.8 14.1 11.6 9.0 22.1 9.5

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

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

1982 10.1 19.7 7.9 5.4 4.4 4.6 9.3 9.2 11.2 13.6 7.2

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

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

1985 15.7 16.5 15.4 15.2 13.1 15.9 12.0 12.9 31.8 19.5 0.5

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

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

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

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

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

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

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

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

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

1995 5.5 4.1 6.1 7.9 5.8 14.1 7.0 9.0 -4.6 11.9 19.2

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

1997 5.4 0.6 7.1 6.4 6.7 4.3 8.4 9.5 5.3 13.5 11.1

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

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

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

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

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

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

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

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

 Q4 4.6 1.4 5.7 7.0 4.7 11.5 6.4 7.6 -3.1 14.6 19.1

1996 -- Q1 6.0 5.9 6.0 8.0 8.1 10.1 5.6 4.9 -1.6 9.0 11.9

 Q2 5.4 3.0 6.3 7.8 7.0 9.7 6.4 6.1 -1.3 15.8 10.1

 Q3 5.3 4.4 5.7 7.3 7.3 6.8 6.0 6.1 -3.2 9.9 24.9

 Q4 4.6 2.5 5.4 5.8 6.6 4.2 5.3 4.7 3.5 14.3 19.1

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

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

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

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

1998 -- Q1 7.1 -0.4 9.5 8.6 10.0 4.7 10.9 12.4 8.4 17.1 16.7

 Q2 6.7 -0.7 9.1 7.6 7.4 4.9 11.3 13.2 7.2 17.4 16.5

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

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

1999 -- Q1 7.9 -2.0 10.9 9.4 10.0 9.7 13.3 15.9 7.3 18.6 2.9

 Q2 5.3 -3.0 7.8 8.5 9.9 4.4 7.9 8.3 2.9 15.3 -6.0

 Q3 6.7 -2.2 9.2 9.2 10.0 5.5 10.4 11.5 4.3 14.8 10.4

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, December 15, 1999 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

1964 64.1 6.1 58.1 26.4 14.5 9.5 25.3 16.8 6.4 6.3 4.0

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

1966 67.3 3.6 63.7 19.8 10.6 5.9 37.0 27.1 6.9 11.0 1.9

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

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

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

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

1971 135.3 24.9 110.5 39.7 22.0 15.6 54.4 29.8 16.4 11.1 5.1

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

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

1974 175.0 11.9 163.1 47.3 29.0 8.9 102.3 60.3 13.4 48.5 13.8

1975 193.5 85.6 107.8 52.9 35.7 7.8 43.8 20.5 11.1 2.1 14.1

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

1977 321.2 56.3 264.8 129.2 87.3 35.4 115.8 74.8 19.9 53.6 13.5

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

1979 391.9 35.8 356.1 159.7 106.3 42.7 169.8 88.4 26.6 91.1 15.0

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 721.0 144.4 576.6 350.9 176.9 138.9 277.2 243.7 -51.5 453.9 71.1

1996 745.4 145.0 600.3 354.0 241.0 88.8 253.2 164.6 -6.8 548.9 77.2

1997 787.1 23.1 764.0 327.3 231.3 52.5 380.6 297.0 56.1 652.2 57.6

1998 1024.1 -52.6 1076.7 471.9 359.8 67.6 524.5 418.5 80.3 1068.8 33.6

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

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

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

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

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

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

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

 Q4 618.1 51.3 566.8 330.7 151.4 125.2 269.0 220.7 -33.0 601.4 80.5

1996 -- Q1 817.6 213.6 604.0 384.5 262.6 113.2 236.9 145.1 -17.4 385.7 52.5

 Q2 751.4 109.6 641.8 379.0 233.3 111.7 276.4 180.6 -13.6 690.5 46.0

 Q3 752.3 162.3 590.0 359.9 244.6 79.8 263.7 186.9 -33.6 452.1 116.1

 Q4 660.1 94.5 565.6 292.5 223.4 50.4 235.7 145.8 37.4 667.5 94.3

1997 -- Q1 693.3 68.1 625.2 340.3 211.6 63.0 266.2 209.7 18.7 363.7 29.7

 Q2 671.2 -15.8 687.0 291.5 183.3 55.9 351.8 263.6 43.7 649.6 64.1

 Q3 870.1 45.6 824.5 364.5 346.5 48.1 384.3 289.6 75.7 634.0 91.8

 Q4 913.7 -5.5 919.3 312.8 183.6 43.1 520.3 425.0 86.2 961.6 44.8

1998 -- Q1 1077.3 -14.5 1091.8 465.1 370.9 58.9 532.5 426.9 94.2 931.3 95.0

 Q2 1044.2 -28.4 1072.6 420.3 281.2 62.1 570.3 467.4 82.0 988.9 97.9

 Q3 900.6 -113.5 1014.1 473.4 366.8 79.6 470.7 365.8 70.0 1056.3 -19.6

 Q4 1074.2 -54.1 1128.3 528.6 420.3 69.9 524.6 413.7 75.1 1298.7 -38.9

1999 -- Q1 1288.1 -75.2 1363.3 556.4 405.7 129.2 719.5 611.2 87.4 1214.2 17.3

 Q2 886.6 -112.2 998.7 517.1 413.1 60.1 445.9 332.6 35.7 1042.9 -36.4

 Q3 1130.9 -83.1 1214.1 566.0 425.7 75.4 595.3 469.3 52.8 1046.5 62.6
8 Z.1, December 15, 1999

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

1963 876.0 253.8 622.1 270.9 174.8 77.9 262.0 183.0 89.2 46.6 30.8

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

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

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

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

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

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

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

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

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

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

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

1975 2264.7 443.9 1820.8 715.3 439.9 207.0 886.2 575.2 219.4 260.4 95.6

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1995 13734.9 3636.7 10098.2 4782.8 3252.0 1122.8 4245.2 2947.7 1070.2 4278.8 441.4

1996 14480.3 3781.8 10698.5 5108.0 3464.3 1211.6 4527.1 3141.0 1063.4 4827.7 518.7

1997 15265.8 3804.9 11461.0 5438.0 3697.9 1264.1 4903.5 3433.8 1119.5 5446.8 570.1

1998 16289.9 3752.2 12537.7 5909.9 4057.8 1331.7 5428.0 3852.2 1199.8 6515.6 603.7

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

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

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

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

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

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

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

 Q4 13734.9 3636.7 10098.2 4782.8 3252.0 1122.8 4245.2 2947.7 1070.2 4278.8 441.4

1996 -- Q1 13939.3 3690.2 10249.2 4880.1 3318.9 1151.1 4303.2 2982.8 1065.8 4375.2 454.5

 Q2 14127.2 3717.6 10409.6 4942.4 3344.7 1179.0 4404.8 3060.4 1062.5 4547.8 466.0

 Q3 14315.3 3758.1 10557.1 5033.6 3407.1 1199.0 4469.5 3105.9 1054.1 4660.8 495.1

 Q4 14480.3 3781.8 10698.5 5108.0 3464.3 1211.6 4527.1 3141.0 1063.4 4827.7 518.7

1997 -- Q1 14653.6 3798.8 10854.8 5194.8 3518.6 1227.3 4591.9 3191.8 1068.1 4918.6 526.0

 Q2 14821.4 3794.9 11026.6 5268.7 3565.5 1241.3 4678.9 3256.7 1079.0 5081.0 542.1

 Q3 15037.4 3806.2 11231.2 5359.8 3652.1 1253.3 4773.4 3327.6 1097.9 5206.4 558.9

 Q4 15265.8 3804.9 11461.0 5438.0 3697.9 1264.1 4903.5 3433.8 1119.5 5446.8 570.1

1998 -- Q1 15535.2 3801.2 11733.9 5554.3 3790.7 1278.8 5036.6 3540.5 1143.0 5679.6 593.9

 Q2 15796.2 3794.2 12002.1 5659.4 3861.0 1294.4 5179.2 3657.4 1163.5 5926.9 618.3

 Q3 16021.4 3765.8 12255.6 5777.8 3952.7 1314.3 5296.8 3748.8 1181.0 6191.0 613.4

 Q4 16289.9 3752.2 12537.7 5909.9 4057.8 1331.7 5428.0 3852.2 1199.8 6515.6 603.7

1999 -- Q1 16613.7 3733.4 12880.3 6049.4 4159.3 1364.0 5609.2 4006.4 1221.6 6819.2 608.0

 Q2 16835.3 3705.4 13129.9 6178.7 4262.6 1379.1 5720.7 4089.6 1230.6 7079.9 598.9

 Q3 17118.1 3684.6 13433.5 6320.2 4369.0 1397.9 5869.5 4206.9 1243.7 7341.5 614.5

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, December 15, 1999 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 1246.0 1371.5 1496.9 2126.5 2103.6 2131.0 1937.3 2334.0 2519.6 1893.0 2240.0 1

 2 Domestic nonfinancial sectors 721.0 745.4 787.1 1024.1 1077.3 1044.2 900.6 1074.2 1288.1 886.6 1130.9 2

 3 Federal government 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 -83.1 3

 4 Nonfederal sectors 576.6 600.3 764.0 1076.7 1091.8 1072.6 1014.1 1128.3 1363.3 998.7 1214.1 4

 5 Household sector 350.9 354.0 327.3 471.9 465.1 420.3 473.4 528.6 556.4 517.1 566.0 5

 6 Nonfinancial corporate business 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 611.2 332.6 469.3 6

 7 Nonfarm noncorporate business 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 114.2 115.5 7

 8 Farm business 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.9 10.5 8

 9 State and local governments -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 52.8 9

10 Rest of the world 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -36.4 62.6 10

11 Financial sectors 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1214.2 1042.9 1046.5 11

12 Commercial banking 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 72.7 111.4 12

13 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 39.3 49.7 41.5 80.8 -3.5 61.0 87.2 13

14 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 -1.5 14

15 Bank holding companies 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 11.7 25.8 15

16 Savings institutions 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 55.2 16

17 Credit unions -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 2.8 17

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

19 Government-sponsored enterprises 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 19

20 Federally related mortgage pools 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 20

21 ABS issuers 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 300.5 335.8 190.5 21

22 Finance companies 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 -22.7 22

23 Mortgage companies -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 23

24 REITs 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 7.9 24

25 Brokers and dealers -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -17.4 16.9 25

26 Funding corporations 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.8 31.2 26

27 Total net lending 1246.0 1371.5 1496.9 2126.5 2103.6 2131.0 1937.3 2334.0 2519.6 1893.0 2240.0 27

28 Domestic nonfederal nonfinancial sectors -89.4 24.8 -67.9 73.3 -39.5 521.8 111.1 -300.4 310.0 346.5 106.1 28

29 Household sector 6.1 63.7 -65.2 -28.1 -54.0 395.4 -28.3 -425.5 261.1 288.9 140.4 29

30 Nonfinancial corporate business -8.8 -0.8 -2.3 1.9 8.4 -47.9 13.7 33.3 -3.6 4.5 -19.8 30

31 Nonfarm noncorporate business 4.7 -4.3 -0.6 0 0 0 0 0 0.4 -0.2 -0.6 31

32 State and local governments -91.4 -33.7 0.1 99.5 6.1 174.3 125.7 91.7 52.2 53.3 -13.9 32

33 Federal government -0.2 -7.4 5.1 13.5 15.7 12.9 13.8 11.7 17.1 6.7 16.6 33

34 Rest of the world 273.9 414.4 310.7 249.3 223.8 321.8 60.8 390.7 250.2 35.1 372.1 34

35 Financial sectors 1061.7 939.7 1249.0 1790.4 1903.6 1274.6 1751.5 2232.1 1942.2 1504.8 1745.1 35

36 Monetary authority 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 34.1 36

37 Commercial banking 265.9 187.5 324.3 305.2 306.7 132.7 250.1 531.5 68.9 135.4 435.1 37

38 U.S.-chartered commercial banks 186.5 119.6 274.9 312.0 268.4 130.0 309.2 540.2 134.1 231.5 410.1 38

39 Foreign banking offices in U.S. 75.4 63.3 40.2 -11.9 17.5 15.2 -68.1 -12.1 -54.9 -105.7 30.7 39

40 Bank holding companies -0.3 3.9 5.4 -0.9 15.3 -17.6 6.0 -7.4 -6.0 0.4 -12.4 40

41 Banks in U.S.-affiliated areas 4.2 0.7 3.7 6.0 5.5 5.1 2.9 10.7 -4.4 9.2 6.6 41

42 Savings institutions -7.6 19.9 -4.7 36.3 11.8 2.1 17.9 113.3 102.7 88.8 61.0 42

43 Credit unions 16.2 25.5 16.8 19.0 16.1 22.7 21.0 16.0 34.7 32.1 38.8 43

44 Bank personal trusts and estates -8.3 -7.7 -25.0 -12.8 -10.5 -11.3 -16.0 -13.5 -7.6 -8.4 -8.6 44

45 Life insurance companies 100.0 69.6 104.8 76.9 92.5 63.4 65.6 86.0 82.2 84.0 68.9 45

46 Other insurance companies 21.5 22.5 25.2 20.4 23.4 -1.5 -7.7 67.6 -19.7 26.7 -8.6 46

47 Private pension funds 56.0 52.3 65.5 118.7 74.5 130.1 95.6 174.4 60.5 150.0 45.4 47

48 State and local govt. retirement funds 33.6 37.3 63.8 65.0 67.4 78.4 65.6 48.5 77.2 40.7 24.1 48

49 Money market mutual funds 86.5 88.8 87.5 244.0 159.3 208.1 255.5 353.1 227.6 -92.6 232.1 49

50 Mutual funds 52.5 48.9 80.9 124.8 156.4 146.4 92.9 103.5 103.0 121.0 -32.8 50

51 Closed-end funds 10.5 4.7 -2.9 4.5 4.5 4.5 4.5 4.5 4.4 4.4 4.3 51

52 Government-sponsored enterprises 86.7 84.2 94.3 260.8 198.3 150.6 264.7 429.5 157.2 259.2 287.5 52

53 Federally related mortgage pools 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 53

54 ABS issuers 120.6 123.6 162.3 276.7 223.9 321.4 248.7 312.7 282.9 319.0 181.9 54

55 Finance companies 49.9 18.4 21.9 51.9 28.7 24.0 79.5 75.3 92.2 79.6 94.5 55

56 Mortgage companies -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 -2.1 56

57 REITs 1.4 4.4 20.2 -5.1 25.6 6.1 -11.3 -40.8 1.7 -2.2 -2.7 57

58 Brokers and dealers 90.1 -15.7 14.9 -17.4 245.8 -183.1 77.0 -209.1 184.5 -191.0 15.7 58

59 Funding corporations -21.2 14.0 55.6 4.7 86.0 -14.3 -60.1 7.2 27.9 111.0 30.4 59

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

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 721.0 745.4 787.1 1024.1 1077.3 1044.2 900.6 1074.2 1288.1 886.6 1130.9 1

 2 Federal government 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 -83.1 2

 3 Treasury securities 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 -83.2 3

 4 Budget agency securities and mortgages 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 0.0 4

 5 Nonfederal, by instrument 576.6 600.3 764.0 1076.7 1091.8 1072.6 1014.1 1128.3 1363.3 998.7 1214.1 5

 6 Commercial paper 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 55.8 6

 7 Municipal securities and loans -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 74.8 7

 8 Corporate bonds 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 287.6 202.8 8

 9 Bank loans n.e.c. 103.7 70.5 106.5 108.2 35.0 169.2 107.8 120.9 70.0 22.2 107.4 9

10 Other loans and advances 67.2 33.5 69.1 74.3 76.3 40.8 77.7 102.5 151.0 -16.7 85.9 10

11 Mortgages 205.7 289.7 300.2 486.6 478.2 400.7 472.6 595.1 573.9 594.1 611.9 11

12 Home 180.4 245.3 237.6 367.9 378.3 289.1 375.2 429.1 415.1 422.9 436.0 12

13 Multifamily residential 7.6 11.5 10.8 22.4 21.6 21.1 16.1 30.6 35.9 34.7 49.6 13

14 Commercial 16.2 30.4 48.7 90.2 74.1 83.8 75.9 126.8 119.3 127.5 117.9 14

15 Farm 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 15

16 Consumer credit 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 16

17 Nonfederal, by sector 576.6 600.3 764.0 1076.7 1091.8 1072.6 1014.1 1128.3 1363.3 998.7 1214.1 17

18 Household sector 350.9 354.0 327.3 471.9 465.1 420.3 473.4 528.6 556.4 517.1 566.0 18

19 Nonfinancial business 277.2 253.2 380.6 524.5 532.5 570.3 470.7 524.6 719.5 445.9 595.3 19

20 Corporate 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 611.2 332.6 469.3 20

21 Nonfarm noncorporate 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 114.2 115.5 21

22 Farm 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.9 10.5 22

23 State and local governments -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 52.8 23

24 Foreign borrowing in U.S. 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -36.4 62.6 24

25 Commercial paper 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 41.4 25

26 Bonds 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -12.6 29.4 26

27 Bank loans n.e.c. 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.6 -6.6 27

28 Other loans and advances -0.5 1.0 -1.8 -6.0 -8.0 -4.2 -2.2 -9.7 -2.8 -2.3 -1.6 28

29 Domestic and foreign 792.1 822.6 844.7 1057.7 1172.3 1142.1 881.0 1035.3 1305.4 850.1 1193.5 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1214.2 1042.9 1046.5 1

 2 Federal government-related 204.1 231.5 212.8 470.9 249.2 405.4 555.8 673.3 592.2 579.1 653.2 2

 3 Govt.-sponsored enterprise securities 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 3

 4 Mortgage pool securities 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 4

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

 6 Private financial sectors 249.8 317.5 439.4 597.9 682.1 583.5 500.5 625.4 622.0 463.8 393.2 6

 7 Open market paper 42.7 92.2 166.7 161.0 236.7 135.6 141.0 130.7 78.3 57.8 89.8 7

 8 Corporate bonds 195.9 176.9 209.0 291.8 346.3 361.8 177.4 281.9 490.8 289.8 148.1 8

 9 Bank loans n.e.c. 2.5 12.6 13.2 30.1 57.3 -9.7 60.2 12.4 -8.8 10.5 -1.2 9

10 Other loans and advances 3.4 27.9 35.6 90.2 32.7 76.0 82.3 169.9 41.6 117.9 147.2 10

11 Mortgages 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 9.4 11

12 By sector 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1214.2 1042.9 1046.5 12

13 Commercial banking 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 72.7 111.4 13

14 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 39.3 49.7 41.5 80.8 -3.5 61.0 87.2 14

15 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 -1.5 15

16 Bank holding companies 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 11.7 25.8 16

17 Savings institutions 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 55.2 17

18 Credit unions -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 2.8 18

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

20 Government-sponsored enterprises 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 20

21 Federally related mortgage pools 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 21

22 ABS issuers 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 300.5 335.8 190.5 22

23 Finance companies 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 -22.7 23

24 Mortgage companies -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 24

25 REITs 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 7.9 25

26 Brokers and dealers -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -17.4 16.9 26

27 Funding corporations 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.8 31.2 27
Z.1, December 15, 1999 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 1246.0 1371.5 1496.9 2126.5 2103.6 2131.0 1937.3 2334.0 2519.6 1893.0 2240.0 1

 2 Open market paper 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 187.0 2

 3 U.S. government securities 348.5 376.5 235.9 418.3 234.7 377.1 442.3 619.1 517.0 467.0 570.1 3

 4 Municipal securities -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 74.8 4

 5 Corporate and foreign bonds 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 765.7 564.8 380.2 5

 6 Bank loans n.e.c. 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.3 99.6 6

 7 Other loans and advances 70.1 62.5 102.8 158.5 101.0 112.5 157.8 262.7 189.8 98.9 231.5 7

 8 Mortgages 211.0 297.6 315.1 511.4 487.3 420.5 512.2 625.7 594.0 581.8 621.3 8

 9 Consumer credit 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 131.5 209.1 165.6 75.2 215.2 262.0 -166.7 -9.8 121.3 113.2 57.0 10

11 Corporate equities -16.0 -28.5 -99.6 -199.4 -107.1 -115.8 -340.1 -234.6 -132.0 -94.9 -69.6 11

12 Nonfinancial -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -374.0 -153.0 12

 Foreign shares purchased by

13 U.S. residents 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 270.9 76.7 13

14 Financial -8.1 -19.0 -27.1 -10.2 18.1 1.0 1.0 -60.8 -32.9 8.2 6.7 14

15 Mutual fund shares 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 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) 1246.0 1371.5 1496.9 2126.5 2103.6 2131.0 1937.3 2334.0 2519.6 1893.0 2240.0 1

 2 Official foreign exchange 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 -8.5 2

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

 4 Treasury currency 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 2.1 2.0 4

 5 Foreign deposits 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 99.3 63.6 5

 6 Net interbank transactions 10.0 -51.6 -19.7 -33.5 -95.2 40.1 43.9 -122.8 48.5 90.2 -52.0 6

 7 Checkable deposits and currency -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.1 10.1 141.4 7

 8 Small time and savings deposits 96.6 97.2 97.1 152.4 99.0 84.9 144.7 281.2 -68.0 100.0 145.5 8

 9 Large time deposits 65.6 114.0 122.5 92.1 187.8 -5.6 81.8 104.4 -5.9 42.6 102.4 9

10 Money market fund shares 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 180.3 10

11 Security RPs 110.5 41.4 120.9 52.6 250.3 -100.8 231.1 -170.3 408.2 -14.5 128.5 11

12 Corporate equities -16.0 -28.5 -99.6 -199.4 -107.1 -115.8 -340.1 -234.6 -132.0 -94.9 -69.6 12

13 Mutual fund shares 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 13

14 Trade payables 128.9 114.8 125.9 31.5 138.6 -27.9 63.8 -48.3 175.1 235.6 88.4 14

15 Security credit 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 134.1 -8.3 15

16 Life insurance reserves 45.8 44.5 59.3 53.3 49.3 53.3 51.7 59.0 40.8 59.6 43.4 16

17 Pension fund reserves 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 285.7 324.4 327.8 17

18 Taxes payable 6.2 16.0 16.8 12.6 12.2 1.8 27.5 8.8 -8.2 39.5 28.5 18

19 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 19

20 Noncorporate proprietors’ equity 65.2 3.4 11.1 -16.0 -8.6 -13.9 -60.9 19.4 14.1 22.1 -32.6 20

21 Miscellaneous 444.6 498.3 516.2 669.2 1069.4 295.6 731.2 580.7 216.5 1114.3 317.8 21

22 Total financial sources 2793.1 2990.3 3377.4 3906.0 4650.8 3519.8 3919.2 3534.2 4004.6 4334.9 3737.7 22

 - Liabilities not identified as assets:

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

24 Foreign deposits 25.1 59.6 106.8 -8.1 -95.7 149.9 69.9 -156.5 62.7 84.4 33.6 24

25 Net interbank liabilities -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 25

26 Security RPs 20.2 4.5 62.3 15.2 120.8 -170.0 110.2 0.0 364.1 80.0 43.5 26

27 Taxes payable 21.1 22.8 26.8 17.7 14.2 9.1 28.2 19.6 -15.6 2.5 33.0 27

28 Miscellaneous -188.5 -37.6 -225.9 -30.7 125.1 -245.6 -81.1 78.6 -489.5 -550.9 -599.5 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -6.0 0.5 -2.7 2.6 8.3 -44.4 32.4 14.0 -1.8 -41.4 27.9 29

30 Other -3.8 -4.0 -3.9 -3.1 -4.0 -2.9 -3.6 -1.8 -1.9 -1.0 -0.5 30

31 Trade credit 15.6 -21.2 33.2 -31.0 72.2 -110.5 -64.4 -21.1 67.1 -20.7 -19.9 31

 Totals identified to sectors

32 as assets 2913.1 2970.0 3401.3 3940.7 4375.1 3925.7 3804.2 3657.5 3962.4 4783.1 4219.7 32
12 Z.1, December 15, 1999

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 7400.5 7813.2 8300.7 8759.9 8610.6 8683.7 8797.9 8947.5 9072.6 9146.2 9295.2 1

 2 Personal consumption expenditures (2) 4969.0 5237.5 5524.4 5848.6 5714.7 5816.2 5889.6 5973.7 6090.8 6200.8 6299.6 2

 3 Durable goods (3) 589.7 616.5 642.9 698.2 679.2 693.9 696.9 722.8 739.0 751.6 761.8 3

 4 Nondurable goods 1497.3 1574.1 1641.7 1708.9 1674.6 1701.2 1716.6 1742.9 1787.8 1824.9 1853.5 4

 5 Services 2882.0 3047.0 3239.8 3441.5 3360.9 3421.1 3476.1 3508.0 3564.0 3624.3 3684.3 5

 6 Gross private domestic investment 1143.8 1242.7 1383.7 1531.2 1514.3 1495.0 1535.3 1580.3 1594.3 1585.4 1636.0 6

 7 Fixed investment 1110.7 1212.7 1315.4 1460.0 1415.4 1454.2 1461.7 1508.9 1543.3 1567.8 1599.1 7

 8 Nonresidential 825.1 899.5 986.1 1091.4 1065.9 1090.8 1087.2 1121.4 1139.9 1155.4 1187.9 8

 9 Household sector (nonprofit organizations) 33.8 37.4 43.6 46.4 45.7 46.4 46.1 47.3 48.0 48.7 49.6 9

10 Nonfinancial corporate business 585.4 649.8 685.3 757.4 737.5 752.8 746.4 792.7 805.8 857.9 855.8 10

11 Nonfarm noncorporate business 83.1 72.6 72.0 72.7 63.5 78.4 67.4 81.5 92.7 114.1 101.8 11

12 Farm business 22.5 23.8 25.4 26.7 27.5 27.9 26.7 24.4 26.6 25.4 26.2 12

13 Financial corporations 100.3 115.8 159.8 188.2 191.7 185.4 200.5 175.5 166.7 109.3 154.5 13

14 Residential 285.6 313.3 329.2 368.6 349.5 363.4 374.5 387.5 403.4 412.4 411.2 14

15 Household sector 245.8 270.4 279.3 313.7 295.5 309.5 316.7 333.5 349.4 367.4 358.0 15

16 Nonfinancial corporate business 2.1 2.3 2.5 2.8 2.6 2.7 2.8 2.9 3.0 3.1 3.2 16

17 Nonfarm noncorporate business 35.0 36.1 36.2 40.7 38.6 40.1 41.4 42.8 44.6 45.7 47.5 17

18 REITs 2.7 4.4 11.3 11.4 12.8 11.1 13.6 8.3 6.4 -3.8 2.5 18

19 Change in private inventories 33.1 30.0 68.3 71.2 98.9 40.8 73.6 71.4 51.0 17.6 36.9 19

20 Nonfinancial corporate business 40.1 21.0 62.3 67.3 95.9 49.0 71.0 53.4 38.9 12.2 34.3 20

21 Nonfarm noncorporate business 2.1 1.1 3.3 3.5 5.0 2.6 3.7 2.8 2.0 0.6 1.8 21

22 Farm business -9.2 7.9 2.8 0.3 -2.0 -10.8 -1.1 15.2 10.1 4.8 0.8 22

23 Net U.S. exports of goods and services -84.3 -89.0 -88.3 -149.5 -117.4 -153.9 -165.7 -161.3 -201.6 -245.8 -276.7 23

24 Exports 818.6 874.2 968.0 966.4 974.3 960.1 949.1 981.8 966.9 978.2 1008.7 24

25 - Imports 902.8 963.1 1056.3 1115.9 1091.7 1114.0 1114.8 1143.1 1168.5 1224.0 1285.4 25

 Government consumption expenditures and

26 gross investment 1372.1 1422.0 1481.0 1529.7 1499.0 1526.4 1538.7 1554.8 1589.1 1605.8 1636.3 26

27 Consumption expenditures (4) 1133.9 1171.8 1222.9 1261.0 1236.6 1260.1 1265.2 1282.2 1299.3 1313.6 1341.5 27

28 Federal 439.2 445.3 457.0 453.5 445.1 457.4 451.4 460.0 467.0 465.2 474.6 28

29 State and local 694.7 726.5 765.9 807.5 791.5 802.7 813.8 822.2 832.3 848.4 866.9 29

30 Gross investment (4) 238.2 250.2 258.1 268.7 262.4 266.3 273.5 272.6 289.8 292.2 294.8 30

31 Federal 82.3 86.3 80.8 85.2 81.0 84.8 88.3 86.7 90.4 96.4 94.8 31

32 State and local 155.8 163.8 177.3 183.5 181.4 181.5 185.2 185.9 199.4 195.8 200.0 32

 Memo:

33 Net U.S. income receipts from rest of the world 20.3 18.1 4.2 -10.0 3.1 0 -25.6 -17.1 -14.4 -14.3 -17.2 33

34 U.S. income receipts 232.3 245.6 282.6 285.2 291.1 292.9 276.4 280.8 283.8 296.1 309.9 34

35 - U.S. income payments 211.9 227.5 278.4 295.2 288.0 292.9 302.0 297.9 298.2 310.4 327.1 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 7420.9 7831.3 8305.0 8749.9 8613.7 8683.7 8772.3 8930.4 9058.2 9131.9 9278.0 36

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, December 15, 1999 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 5876.3 6210.0 6634.9 7036.6 6887.2 6977.8 7087.2 7193.9 7334.3 7423.0 7522.4 1

 2 Compensation of employees 4202.5 4395.4 4675.8 5011.4 4889.5 4967.1 5053.6 5134.7 5217.4 5287.1 5373.2 2

 3 Wages and other labor income 3921.6 4116.4 4389.8 4701.9 4585.7 4659.8 4742.0 4819.4 4899.1 4965.6 5047.6 3

 4 Employer social insurance contributions 264.5 275.4 290.2 306.0 300.3 303.8 308.1 311.8 318.3 321.5 325.6 4

 5 Wage accruals less disbursements 16.4 3.6 -4.1 3.5 3.5 3.5 3.5 3.5 0 0 0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 497.7 544.8 578.6 606.1 586.6 594.2 606.5 637.1 640.0 655.3 653.6 6

 7 Nonfarm 475.5 510.5 549.1 581.1 569.1 575.5 583.6 596.0 607.5 621.2 632.2 7

 8 Farm 22.2 34.3 29.5 25.1 17.5 18.7 22.9 41.1 32.5 34.1 21.4 8

 Rental income of persons (with capital

 9 consumption adjustment) 118.0 129.7 130.1 137.4 129.5 133.9 139.3 147.0 148.6 148.8 140.9 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 668.3 753.8 837.9 846.0 858.3 848.0 843.8 834.3 882.0 875.4 883.6 10

 Corporate profits with inventory

11 valuation adjustment 650.2 729.4 803.2 802.8 818.4 805.6 799.9 787.4 831.4 822.2 831.2 11

12 Profits before tax 668.5 726.4 795.9 781.9 788.9 792.0 780.1 766.6 818.1 835.8 857.7 12

13 Domestic nonfinancial 421.6 459.5 502.8 489.6 485.3 491.4 503.1 478.8 507.6 533.3 543.7 13

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

15 Foreign subsidiaries 92.0 100.9 108.1 100.1 107.9 107.4 86.6 98.3 104.3 103.3 113.0 15

16 Financial 154.3 165.3 184.2 191.3 194.8 192.3 189.5 188.6 205.3 198.3 200.1 16

 Less:

17 Profits tax liability 211.0 223.7 238.3 240.3 239.9 241.1 244.3 235.6 248.0 254.4 259.1 17

18 Domestic nonfinancial 136.3 149.6 158.3 152.0 150.4 152.6 156.6 148.3 157.4 166.3 169.8 18

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

20 Financial 74.2 73.6 79.4 87.8 89.0 88.0 87.2 86.8 90.1 87.5 88.7 20

 Equals:

21 Profits after tax 457.5 502.7 557.6 541.6 549.0 550.9 535.8 531.0 570.1 581.4 598.6 21

22 Dividends 254.2 297.7 333.7 348.6 346.5 347.3 348.4 352.2 356.4 361.5 367.3 22

23 Domestic nonfinancial 178.3 200.8 218.5 244.1 234.9 244.2 241.6 255.6 240.2 266.5 261.8 23

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

25 Foreign subsidiaries 32.6 40.4 49.0 34.0 42.1 32.0 37.6 24.1 48.0 19.3 31.1 25

26 Financial 42.3 55.4 64.9 69.3 68.2 69.8 67.9 71.2 66.9 74.3 73.0 26

27 Undistributed profits 203.3 205.0 223.9 193.0 202.5 203.6 187.4 178.8 213.7 219.9 231.3 27

28 Domestic nonfinancial 107.0 109.2 125.9 93.6 100.0 94.7 104.9 74.9 110.1 100.4 112.1 28

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

30 Foreign subsidiaries 59.5 60.5 59.1 66.1 65.8 75.4 49.0 74.2 56.3 84.0 81.9 30

31 Financial 37.8 36.4 39.9 34.3 37.6 34.5 34.4 30.6 48.3 36.5 38.4 31

32 Inventory valuation adjustment -18.3 3.1 7.4 20.9 29.5 13.6 19.8 20.8 13.3 -13.6 -26.5 32

33 Capital consumption adjustment 18.1 24.4 34.7 43.3 39.9 42.4 43.9 46.9 50.6 53.2 52.4 33

34 Domestic nonfinancial 38.2 45.6 51.6 63.3 59.1 62.3 64.5 67.1 70.3 73.8 74.1 34

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

36 Financial -20.3 -21.4 -17.2 -20.3 -19.5 -20.2 -20.9 -20.5 -20.0 -20.9 -22.0 36

37 Net interest 389.8 386.3 412.5 435.7 423.3 434.6 444.0 440.8 446.3 456.4 471.1 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5876.3 6210.0 6634.9 7036.6 6887.2 6977.8 7087.2 7193.9 7334.3 7423.0 7522.4 38

 Plus:

39 Business transfer payments to persons 25.8 26.4 27.9 28.8 28.5 28.7 28.8 29.0 29.3 29.5 29.7 39

40 Business transfer payments to rest of the world 7.7 8.1 9.0 9.3 9.1 9.3 9.3 9.6 9.5 9.8 9.3 40

41 Indirect business tax and nontax accruals 594.6 620.0 645.8 676.9 663.5 670.2 676.7 697.8 696.6 706.8 719.2 41

42 Private consumption of fixed capital 744.1 782.1 829.2 880.8 858.2 871.7 888.3 904.8 916.7 931.8 962.4 42

43 Government consumption of fixed capital 168.2 174.3 180.5 186.2 183.8 184.8 186.9 189.2 192.0 194.5 197.2 43

44 Statistical discrepancy 26.4 33.1 -3.2 -47.8 1.4 -41.7 -88.0 -62.6 -99.2 -135.6 -144.8 44

 Less:

 Subsidies less current surplus of

45 government enterprises 22.2 22.6 19.0 20.8 18.0 17.1 16.9 31.3 21.0 27.9 17.4 45

46 Net U.S. income receipts from rest of the world 20.3 18.1 4.2 -10.0 3.1 0 -25.6 -17.1 -14.4 -14.3 -17.2 46

 Equals:

47 Gross Domestic Product 7400.5 7813.2 8300.7 8759.9 8610.6 8683.7 8797.9 8947.5 9072.6 9146.2 9295.2 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 15, 1999

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1257.6 1349.1 1521.3 1646.2 1623.1 1611.7 1664.2 1685.5 1727.6 1709.5 1739.2 1

 2 Gross private saving 1266.0 1290.3 1362.1 1371.3 1382.6 1352.3 1367.8 1382.4 1389.3 1359.2 1359.0 2

 3 Personal saving 302.4 272.1 271.1 229.9 249.0 217.5 224.9 227.6 195.0 167.9 139.4 3

 4 Undistributed corporate profits 203.3 205.0 223.9 193.0 202.5 203.6 187.4 178.8 213.7 219.9 231.3 4

 5 Nonfinancial corp. inventory valuation adjustment -18.3 3.1 7.4 20.9 29.5 13.6 19.8 20.8 13.3 -13.6 -26.5 5

 6 Corporate capital consumption adjustment 18.1 24.4 34.7 43.3 39.9 42.4 43.9 46.9 50.6 53.2 52.4 6

 7 Private consumption of fixed capital 744.1 782.1 829.2 880.8 858.2 871.7 888.3 904.8 916.7 931.8 962.4 7

 8 Corporate 512.6 543.6 579.4 619.2 602.2 612.6 625.0 637.1 645.8 657.2 675.4 8

 9 Noncorporate 231.5 238.5 249.8 261.5 256.0 259.1 263.3 267.7 271.0 274.6 287.0 9

10 Wage accruals less disbursements 16.4 3.6 -4.1 3.5 3.5 3.5 3.5 3.5 0 0 0 10

11 Gross government saving -8.5 58.8 159.2 274.9 240.5 259.4 296.4 303.1 338.3 350.3 380.2 11

12 Federal -108.0 -51.6 37.9 134.4 111.8 130.7 147.1 147.9 187.2 208.3 226.0 12

13 Consumption of fixed capital 84.0 85.3 86.6 87.4 87.0 87.0 87.5 88.1 89.6 90.2 91.2 13

14 Current surplus or deficit (-), NIPA -192.0 -136.9 -48.7 47.0 24.8 43.7 59.6 59.8 97.6 118.1 134.8 14

15 State and local 99.5 110.4 121.4 140.6 128.7 128.7 149.3 155.2 151.1 142.0 154.2 15

16 Consumption of fixed capital 84.2 89.0 94.0 98.8 96.8 97.8 99.4 101.1 102.4 104.3 106.0 16

17 Current surplus or deficit (-), NIPA 15.4 21.4 27.4 41.8 31.9 30.9 49.9 54.1 48.7 37.7 48.2 17

18 Gross investment 1284.0 1382.2 1518.1 1598.4 1624.5 1570.0 1576.2 1622.9 1628.4 1573.9 1594.4 18

19 Gross private domestic investment 1143.8 1242.7 1383.7 1531.2 1514.3 1495.0 1535.3 1580.3 1594.3 1585.4 1636.0 19

20 Fixed investment 1110.7 1212.7 1315.4 1460.0 1415.4 1454.2 1461.7 1508.9 1543.3 1567.8 1599.1 20

21 Nonresidential 825.1 899.5 986.1 1091.4 1065.9 1090.8 1087.2 1121.4 1139.9 1155.4 1187.9 21

22 Residential 285.6 313.3 329.2 368.6 349.5 363.4 374.5 387.5 403.4 412.4 411.2 22

23 Change in private inventories 33.1 30.0 68.3 71.2 98.9 40.8 73.6 71.4 51.0 17.6 36.9 23

24 Gross government investment 238.2 250.2 258.1 268.7 262.4 266.3 273.5 272.6 289.8 292.2 294.8 24

25 Net foreign investment in U.S. -97.9 -110.7 -123.7 -201.4 -152.2 -191.3 -232.6 -230.0 -255.7 -303.7 -336.4 25

26 Statistical discrepancy (line 18 less line 1) 26.4 33.1 -3.2 -47.8 1.4 -41.7 -88.0 -62.6 -99.2 -135.6 -144.8 26

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 494.1 498.0 419.2 576.9 442.4 881.1 568.2 415.9 356.3 700.5 656.2 1

 2 Foreign deposits 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 6.4 4.1 2

 3 Checkable deposits and currency -53.9 -50.7 5.0 11.0 -29.9 -27.8 25.1 76.5 -21.6 -42.2 -1.8 3

 4 Time and savings deposits 173.2 175.7 176.8 194.7 252.5 66.4 71.7 388.4 -119.4 148.5 206.6 4

 5 Money market fund shares 98.8 56.6 89.7 144.3 86.6 146.5 204.0 140.1 76.0 33.5 84.1 5

 6 Securities -120.4 -103.8 -314.3 -224.7 -357.7 284.9 -187.7 -638.2 106.7 57.6 -97.3 6

 7 Open market paper 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 5.5 7

 8 U.S. government securities -39.0 28.0 -183.0 -103.2 -307.0 224.6 59.6 -390.2 -201.6 203.8 89.1 8

 9 Municipal securities -43.5 -22.2 44.9 10.0 40.7 6.0 9.6 -16.4 92.6 40.8 79.6 9

10 Corporate and foreign bonds 95.0 49.3 68.9 60.2 208.2 158.5 -101.9 -24.2 365.9 36.1 -35.4 10

11 Corporate equities (2) -228.8 -347.2 -507.1 -457.1 -600.1 -443.7 -365.5 -419.1 -370.2 -387.0 -319.8 11

12 Mutual fund shares 94.7 180.8 258.4 261.4 296.5 335.5 206.6 206.9 215.3 158.7 83.7 12

13 Life insurance reserves 45.8 44.5 59.3 53.3 49.3 53.3 51.7 59.0 40.8 59.6 43.4 13

14 Pension fund reserves 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 285.7 324.4 327.8 14

15 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 15

16 Miscellaneous assets 106.8 125.0 148.8 156.4 174.6 145.0 183.7 122.3 11.8 138.7 112.8 16

17 Gross investment in tangible assets 1002.8 1065.8 1105.4 1202.3 1153.1 1188.0 1197.9 1270.3 1312.5 1358.4 1347.5 17

18 Residential fixed investment 245.8 270.4 279.3 313.7 295.5 309.5 316.7 333.5 349.4 367.4 358.0 18

19 Other fixed assets (3) 174.4 170.0 177.2 186.5 175.3 192.8 181.7 196.0 212.0 234.0 225.1 19

20 Consumer durables 589.7 616.5 642.9 698.2 679.2 693.9 696.9 722.8 739.0 751.6 761.8 20

21 Inventories (3) -7.1 9.0 6.0 3.9 3.0 -8.2 2.6 18.0 12.1 5.4 2.6 21

22 Consumption of fixed capital 691.0 710.0 735.2 772.6 759.8 766.6 779.8 784.3 792.7 803.4 828.2 22

23 Residential fixed investment 90.4 93.2 98.7 103.2 101.6 102.6 103.8 105.0 106.2 107.5 108.7 23

24 Other fixed assets (3) 142.4 149.2 155.3 161.5 158.8 159.4 162.4 165.6 167.1 170.0 176.4 24

25 Consumer durables 458.2 467.6 481.2 507.8 499.4 504.6 513.6 513.6 519.5 525.8 543.1 25

26 Net investment in tangible assets (4) 311.7 355.8 370.2 429.7 393.3 421.4 418.1 486.1 519.8 555.0 519.3 26

27 Residential fixed investment 155.3 177.2 180.6 210.5 194.0 206.9 212.9 228.5 243.2 259.8 249.3 27

28 Other fixed assets (3) 31.9 20.8 21.9 24.9 16.5 33.4 19.3 30.4 44.9 63.9 48.7 28

29 Consumer durables 131.5 148.9 161.7 190.4 179.8 189.3 183.3 209.2 219.5 225.8 218.7 29

30 Inventories (3) -7.1 9.0 6.0 3.9 3.0 -8.2 2.6 18.0 12.1 5.4 2.6 30

31 Net increase in liabilities 409.8 491.3 468.9 616.8 613.1 600.0 589.6 664.5 702.1 737.6 702.6 31

32 Mortgage debt on nonfarm homes 179.5 244.4 236.6 366.8 377.3 288.0 374.0 427.9 413.9 421.7 434.7 32

33 Other mortgage debt (3) -6.1 57.1 52.2 79.7 74.2 87.8 78.8 78.1 91.4 108.5 112.3 33

34 Consumer credit 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 34

35 Policy loans 10.5 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -2.8 2.1 35

36 Security credit 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 89.0 -5.6 36

37 Other liabilities (3) 83.5 80.8 87.7 78.7 65.3 110.8 60.0 78.6 62.7 61.1 83.6 37

38 Personal saving, with consumer durables (FOF) 396.1 362.5 320.5 389.8 222.6 702.5 396.7 237.5 174.0 517.8 472.9 38

39 Less net investment in consumer durables 131.5 148.9 161.7 190.4 179.8 189.3 183.3 209.2 219.5 225.8 218.7 39

40 = Personal saving, without consumer durables (FOF) (5) 264.6 213.6 158.8 199.4 42.8 513.2 213.4 28.3 -45.6 292.1 254.2 40

41 Personal saving (NIPA, excludes consumer durables) 302.4 272.1 271.1 229.9 249.0 217.5 224.9 227.6 195.0 167.9 139.4 41

42 Difference (6) -37.8 -58.5 -112.3 -30.5 -206.2 295.7 -11.5 -199.3 -240.6 124.2 114.8 42

 Memo:

43 Disposable personal income 5422.6 5677.7 5982.8 6286.5 6163.6 6238.3 6325.3 6417.8 6505.4 6593.2 6667.3 43

 Personal saving as a percentage of disposable personal income:

44 With consumer durables (FOF) (line 38) 7.3 6.4 5.4 6.2 3.6 11.3 6.3 3.7 2.7 7.9 7.1 44

45 Without consumer durables (FOF) (line 40) 4.9 3.8 2.7 3.2 0.7 8.2 3.4 0.4 -0.7 4.4 3.8 45

46 Without consumer durables (NIPA) (line 41) 5.6 4.8 4.5 3.7 4.0 3.5 3.6 3.5 3.0 2.5 2.1 46

47 Difference (line 42) -0.7 -1.0 -1.9 -0.5 -3.3 4.7 -0.2 -3.1 -3.7 1.9 1.7 47

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

(5) Line 40 and 41 are conceptually equivalent but measure saving using different data. Line 40 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 26 less line 39) less net increase in liabilities (line 31). Line 41 is disposable personal income (line 43) less personal outlays (table F.100, line 4).

(6) Household sector discrepancy with sign reversed.
16 Z.1, December 15, 1999

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 6200.9 6547.4 6951.1 7359.0 7194.7 7296.3 7413.6 7530.8 7630.2 7732.6 7827.5 1

 2 - Personal taxes and nontax payments 778.4 869.7 968.3 1072.5 1031.1 1058.0 1088.3 1113.0 1124.8 1139.4 1160.2 2

 3 = Disposable personal income 5422.6 5677.7 5982.8 6286.5 6163.6 6238.3 6325.3 6417.8 6505.4 6593.2 6667.3 3

 4 - Personal outlays 5120.2 5405.6 5711.7 6056.7 5914.6 6020.8 6100.4 6190.2 6310.4 6425.3 6527.9 4

 5 = Personal saving, NIPA (2) 302.4 272.1 271.1 229.9 249.0 217.5 224.9 227.6 195.0 167.9 139.4 5

 6 + Government insurance and pension reserves (3) 3.6 3.4 3.4 4.4 2.2 8.4 1.9 5.1 3.2 4.5 2.7 6

 7 + Net investment in consumer durables 131.5 148.9 161.7 190.4 179.8 189.3 183.3 209.2 219.5 225.8 218.7 7

 8 + Consumption of fixed capital 571.7 584.6 605.1 637.3 626.8 633.3 643.8 645.4 652.7 660.7 679.4 8

 9 = Gross saving 1009.2 1009.1 1041.2 1062.0 1057.8 1048.5 1053.9 1087.3 1070.4 1058.9 1040.2 9

10 Gross investment 968.5 947.9 926.3 1027.7 850.1 1336.4 1041.2 883.5 827.4 1179.2 1153.1 10

11 Capital expenditures 869.3 924.3 965.8 1058.3 1020.5 1049.8 1059.7 1103.5 1136.4 1167.7 1169.4 11

12 Residential 245.8 270.4 279.3 313.7 295.5 309.5 316.7 333.5 349.4 367.4 358.0 12

13 Consumer durable goods 589.7 616.5 642.9 698.2 679.2 693.9 696.9 722.8 739.0 751.6 761.8 13

14 Nonprofit nonresidential 33.8 37.4 43.6 46.4 45.7 46.4 46.1 47.3 48.0 48.7 49.6 14

15 Net financial investment 99.3 23.6 -39.6 -30.6 -170.4 286.7 -18.6 -220.1 -309.0 11.6 -16.3 15

16 Net acquisition of financial assets 463.7 402.9 332.9 469.4 329.3 773.4 452.7 322.0 276.3 626.7 550.5 16

17 Foreign deposits 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 6.4 4.1 17

18 Checkable deposits and currency -58.7 -59.1 -0.4 2.2 -37.2 -37.2 15.7 67.6 -28.9 -50.3 -9.7 18

19 Time and savings deposits 164.5 165.0 171.5 189.6 247.7 60.4 65.7 384.8 -125.0 143.0 200.2 19

20 Money market fund shares 97.9 56.1 88.5 142.9 85.2 145.1 202.6 138.7 74.6 32.1 82.7 20

21 Credit market instruments 6.1 63.7 -65.2 -28.1 -54.0 395.4 -28.3 -425.5 261.1 288.9 140.4 21

22 Open market paper 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 5.5 22

23 U.S. government securities -40.6 29.2 -182.2 -102.6 -306.4 225.2 60.2 -389.6 -201.4 204.6 90.3 23

24 Treasury -41.9 -66.4 -198.5 -67.1 -100.5 236.3 -75.2 -329.1 -401.8 89.6 -72.3 24

25 Savings bonds 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 -0.4 25

26 Other -46.9 -68.4 -198.0 -67.2 -99.2 236.8 -75.7 -330.9 -401.8 89.5 -72.0 26

27 Agency 1.2 95.6 16.4 -35.5 -205.9 -11.1 135.4 -60.5 200.4 115.0 162.7 27

28 Municipal securities -43.5 -22.2 44.9 10.0 40.7 6.0 9.6 -16.4 92.6 40.8 79.6 28

29 Corporate and foreign bonds 95.0 49.3 68.9 60.2 208.2 158.5 -101.9 -24.2 365.9 36.1 -35.4 29

30 Mortgages -6.1 -0.0 -0.5 0.2 -0.5 1.6 -0.2 -0.0 -0.7 2.2 0.4 30

31 Corporate equities (4) -228.8 -347.2 -507.1 -457.1 -600.1 -443.7 -365.5 -419.1 -370.2 -387.0 -319.8 31

32 Mutual fund shares 94.7 180.8 258.4 261.4 296.5 335.5 206.6 206.9 215.3 158.7 83.7 32

33 Security credit 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 41.6 24.0 33

34 Life insurance reserves 45.8 44.5 59.3 53.3 49.3 53.3 51.7 59.0 40.8 59.6 43.4 34

35 Pension fund reserves 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 285.7 324.4 327.8 35

36 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 36

37 Equity in noncorporate business 65.2 3.4 11.1 -16.0 -8.6 -13.9 -60.9 19.4 14.1 22.1 -32.6 37

38 Miscellaneous assets 14.8 9.7 10.3 15.3 11.9 4.2 15.0 29.9 1.2 13.2 30.1 38

39 Net increase in liabilities 364.4 379.3 372.5 500.0 499.7 486.8 471.3 542.1 585.3 615.1 566.9 39

40 Credit market instruments 350.9 354.0 327.3 471.9 465.1 420.3 473.4 528.6 556.4 517.1 566.0 40

41 Home mortgages 176.9 241.0 231.3 359.8 370.9 281.2 366.8 420.3 405.7 413.1 425.7 41

42 Consumer credit 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 42

43 Municipal securities 0.7 6.6 10.0 12.0 15.9 13.6 7.4 10.9 7.0 9.0 15.6 43

44 Bank loans n.e.c. 17.4 0.6 8.1 6.3 -2.3 29.5 -16.5 14.3 -14.7 0.0 -11.1 44

45 Other loans and advances 26.6 12.4 18.1 13.3 11.9 15.5 15.1 10.7 10.8 14.6 39.3 45

46 Commercial mortgages -9.6 4.7 7.4 12.9 9.8 18.3 20.9 2.6 18.4 20.3 21.2 46

47 Security credit 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 89.0 -5.6 47

48 Trade payables 9.3 8.7 8.1 5.7 -1.9 17.9 4.7 1.9 1.4 8.6 6.3 48

 Deferred and unpaid

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

50 Discrepancy 40.7 61.1 115.0 34.2 207.7 -288.0 12.7 203.8 243.0 -120.3 -112.8 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 245.8 270.4 279.3 313.7 295.5 309.5 316.7 333.5 349.4 367.4 358.0 51

52 - Consumption of fixed capital 90.4 93.2 98.7 103.2 101.6 102.6 103.8 105.0 106.2 107.5 108.7 52

53 = Net investment 155.3 177.2 180.6 210.5 194.0 206.9 212.9 228.5 243.2 259.8 249.3 53

54 - Home mortgages 176.9 241.0 231.3 359.8 370.9 281.2 366.8 420.3 405.7 413.1 425.7 54

55 = Excess net investment -21.6 -63.8 -50.6 -149.3 -176.9 -74.3 -153.9 -191.9 -162.5 -153.3 -176.4 55

56 (B) Consumer durable goods expenditures 589.7 616.5 642.9 698.2 679.2 693.9 696.9 722.8 739.0 751.6 761.8 56

57 - Consumption of fixed capital 458.2 467.6 481.2 507.8 499.4 504.6 513.6 513.6 519.5 525.8 543.1 57

58 = Net investment 131.5 148.9 161.7 190.4 179.8 189.3 183.3 209.2 219.5 225.8 218.7 58

59 - Consumer credit 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 59

60 = Excess net investment -7.4 60.1 109.1 122.8 120.8 127.2 103.7 139.3 90.3 165.7 143.3 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) Railroad Retirement Board and federal government life insurance reserves.

(4) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, December 15, 1999 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 972.4 1058.8 1131.3 1150.8 1121.2 1137.9 1166.0 1178.0 1211.2 1251.0 1251.2 1

 2 Gross saving 740.4 803.0 862.0 897.8 892.3 892.2 897.4 909.5 930.2 935.9 953.9 2

 3 Gross investment 763.7 777.5 829.7 872.9 826.1 876.6 936.4 852.7 856.1 887.4 907.2 3

 4 Capital expenditures 768.7 819.5 898.6 975.5 972.4 944.6 967.4 1017.5 1025.5 1066.1 1076.0 4

 5 Fixed investment 728.1 784.7 821.3 900.2 869.7 901.9 884.8 944.4 972.8 1046.2 1034.5 5

 6 Residential 37.1 38.4 38.6 43.5 41.2 42.8 44.3 45.7 47.6 48.9 50.7 6

 7 Nonresidential 690.9 746.2 782.7 856.7 828.5 859.1 840.6 898.7 925.2 997.4 983.8 7

 8 Change in inventories 33.1 30.0 68.3 71.2 98.9 40.8 73.6 71.4 51.0 17.6 36.9 8

 9 Access rights from federal government 7.6 4.8 8.9 4.1 3.8 1.8 9.0 1.7 1.7 2.2 4.7 9

10 Net financial investment -5.1 -42.0 -68.9 -102.6 -146.3 -68.0 -31.0 -164.8 -169.4 -178.6 -168.8 10

11 Net acquisition of financial assets 482.0 461.3 365.7 356.8 434.3 369.2 442.2 181.6 651.8 468.9 496.5 11

12 Foreign deposits 1.6 10.5 -6.3 0.8 10.7 -17.7 -5.9 15.9 15.3 -9.0 -8.8 12

13 Checkable deposits and currency 36.1 45.3 -1.7 38.8 79.5 68.9 17.3 -10.4 106.9 -11.7 25.6 13

14 Time and savings deposits -15.8 11.4 11.4 8.1 18.7 10.9 50.1 -47.1 3.9 -0.4 25.0 14

15 Money market fund shares 25.7 10.4 25.1 46.5 47.9 21.8 44.2 72.2 26.8 24.7 15.1 15

16 Security RPs 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 3.0 2.5 -3.1 3.1 16

17 Credit market instruments -4.1 -5.1 -2.8 1.9 8.4 -47.9 13.7 33.3 -3.2 4.3 -20.4 17

18 Commercial paper 1.3 11.4 3.8 -7.9 -4.8 -13.2 -0.9 -12.5 15.2 27.2 4.2 18

19 U.S. government securities 11.4 3.3 -9.1 8.9 -37.8 -2.3 20.7 55.1 -34.3 19.3 -14.3 19

20 Municipal securities -19.9 -5.8 5.1 8.2 15.9 9.6 1.8 5.7 -17.0 -31.6 4.1 20

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

22 Consumer credit -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 -11.1 22

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

24 Trade receivables 90.3 104.3 53.3 28.8 -1.1 47.7 85.1 -16.7 95.8 228.7 88.5 24

25 Miscellaneous assets 343.3 279.8 294.4 225.7 267.1 283.2 228.3 124.2 395.9 227.5 360.4 25

26 Net increase in liabilities 487.0 503.3 434.6 459.4 580.6 437.1 473.2 346.4 821.2 647.5 665.4 26

27 Credit market instruments 277.2 253.2 380.6 524.5 532.5 570.3 470.7 524.6 719.5 445.9 595.3 27

28 Commercial paper 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 55.8 28

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

30 Corporate bonds 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 287.6 202.8 30

31 Bank loans n.e.c. 86.3 69.9 98.4 102.0 37.3 139.7 124.3 106.6 84.7 22.1 118.5 31

32 Other loans and advances 40.2 20.8 52.2 59.8 59.2 25.5 62.6 91.9 139.9 -31.4 46.3 32

33 Mortgages 38.4 44.1 61.6 113.9 97.5 101.1 84.8 172.3 149.8 160.7 165.1 33

34 Corporate equities -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -374.0 -153.0 34

35 Trade payables 88.1 71.5 75.7 1.4 113.9 -65.7 17.6 -60.2 148.7 159.6 46.1 35

36 Taxes payable 1.3 11.1 11.3 7.3 8.5 -3.6 23.0 1.5 -13.3 34.5 21.6 36

37 Miscellaneous liabilities 127.8 244.2 89.0 216.4 95.8 88.5 302.7 378.7 33.0 372.2 170.9 37

38 Proprietors’ net investment 50.9 -7.2 -7.5 -23.4 -30.8 -23.2 -32.5 -7.0 -1.0 9.3 -15.6 38

39 Discrepancy -23.3 25.4 32.3 24.8 66.2 15.6 -39.0 56.8 74.1 48.4 46.7 39

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

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 421.6 459.5 502.8 489.6 485.3 491.4 503.1 478.8 507.6 533.3 543.7 1

 2 - Profit tax accruals 136.3 149.6 158.3 152.0 150.4 152.6 156.6 148.3 157.4 166.3 169.8 2

 3 - Dividends 178.3 200.8 218.5 244.1 234.9 244.2 241.6 255.6 240.2 266.5 261.8 3

 4 + Consumption of fixed capital 473.6 505.8 540.1 582.6 564.7 575.9 588.3 601.4 611.1 623.1 638.4 4

 5 = U.S. internal funds, book 580.6 614.9 666.1 676.2 664.7 670.6 693.2 676.2 721.2 723.5 750.5 5

 6 + Foreign earnings retained abroad 59.5 60.5 59.1 66.1 65.8 75.4 49.0 74.2 56.3 84.0 81.9 6

 7 + Inventory valuation adjustment (IVA) -18.3 3.1 7.4 20.9 29.5 13.6 19.8 20.8 13.3 -13.6 -26.5 7

 8 = Total internal funds + IVA 621.8 678.4 732.5 763.1 760.0 759.6 762.0 771.2 790.8 793.9 805.9 8

 9 Gross investment 645.0 653.0 700.3 738.3 693.9 744.0 801.0 714.4 716.7 745.5 759.2 9

10 Capital expenditures 635.2 678.1 759.0 831.5 839.8 806.4 829.2 850.7 849.3 875.4 897.9 10

11 Fixed investment (1) 587.5 652.2 687.7 760.1 740.1 755.5 749.2 795.6 808.8 861.0 859.0 11

12 Inventory change + IVA 40.1 21.0 62.3 67.3 95.9 49.0 71.0 53.4 38.9 12.2 34.3 12

13 Access rights from federal government 7.6 4.8 8.9 4.1 3.8 1.8 9.0 1.7 1.7 2.2 4.7 13

14 Net financial investment 9.8 -25.1 -58.7 -93.2 -146.0 -62.4 -28.2 -136.3 -132.6 -129.9 -138.8 14

15 Net acquisition of financial assets 400.6 373.4 286.9 272.6 352.0 284.8 359.1 94.6 572.7 385.9 406.5 15

16 Foreign deposits 1.6 10.5 -6.3 0.8 10.7 -17.7 -5.9 15.9 15.3 -9.0 -8.8 16

17 Checkable deposits and currency 31.3 36.8 -7.0 30.1 72.1 59.6 8.0 -19.4 99.5 -19.7 17.7 17

18 Time and savings deposits -24.5 0.7 6.2 3.0 13.9 4.9 44.1 -50.7 -1.7 -6.0 18.5 18

19 Money market fund shares 24.8 9.9 23.9 45.1 46.5 20.4 42.8 70.8 25.4 23.3 13.7 19

20 Security RPs 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 3.0 2.5 -3.1 3.1 20

21 Commercial paper 1.3 11.4 3.8 -7.9 -4.8 -13.2 -0.9 -12.5 15.2 27.2 4.2 21

22 U.S. government securities 9.8 4.5 -8.3 9.5 -37.2 -1.7 21.3 55.7 -34.1 20.1 -13.1 22

23 Municipal securities -19.9 -5.8 5.1 8.2 15.9 9.6 1.8 5.7 -17.0 -31.6 4.1 23

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

25 Consumer credit -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 -11.1 25

26 Trade receivables 78.0 88.1 36.6 12.7 -16.9 30.9 70.1 -33.3 79.0 211.3 70.1 26

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

28 Miscellaneous assets 293.4 223.4 243.6 172.8 214.2 232.4 177.0 67.7 348.4 176.7 303.9 28

29 U.S. direct investment abroad (2) 91.1 77.6 90.2 113.9 136.3 145.2 70.8 103.5 149.8 111.7 157.7 29

30 Insurance receivables 8.2 2.6 1.9 6.9 6.3 1.8 5.3 14.2 -4.8 6.2 9.0 30

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

32 Investment in finance co. subs. 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 38.6 32

33 Other 189.6 138.9 150.5 54.1 71.5 94.9 107.0 -56.9 197.5 58.2 99.4 33

34 Net increase in liabilities 390.8 398.5 345.6 365.9 498.0 347.2 387.3 230.9 705.4 515.8 545.2 34

35 Net funds raised in markets 185.4 95.1 182.5 151.5 287.7 338.3 57.5 -77.6 545.5 -41.4 316.3 35

36 Net new equity issues -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -374.0 -153.0 36

37 Credit market instruments 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 611.2 332.6 469.3 37

38 Commercial paper 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 55.8 38

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

40 Corporate bonds (2) 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 287.6 202.8 40

41 Bank loans n.e.c. 66.8 39.4 68.7 82.3 17.4 118.9 104.5 88.2 64.0 11.1 99.1 41

42 Other loans and advances 32.3 18.5 48.5 47.3 44.3 19.7 42.6 82.6 133.5 -37.0 39.8 42

43 Savings institutions 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 2.6 43

44 Finance companies 24.0 7.1 8.1 26.1 23.1 30.9 26.5 24.1 50.9 37.7 59.5 44

45 U.S. government 1.9 -1.3 -0.3 -0.1 0.3 -0.4 -0.4 0.2 -0.5 -0.3 -0.6 45

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

47 Rest of the world 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 64.2 -97.3 -26.5 47

48 ABS issuers 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 23.4 7.4 48

49 Mortgages 32.4 -11.7 11.4 40.1 26.8 24.9 19.8 89.1 68.6 64.0 64.9 49

50 Trade payables 81.0 49.5 63.5 -8.9 104.1 -75.0 5.6 -70.3 143.3 153.2 40.3 50

51 Taxes payable -0.0 9.6 9.3 4.8 6.0 -6.1 20.5 -1.0 -15.8 32.0 19.1 51

52 Miscellaneous liabilities 124.5 244.3 90.3 218.4 100.2 90.0 303.7 379.8 32.4 372.0 169.5 52

53 Foreign direct investment in U.S. 55.4 74.5 110.1 163.1 117.1 38.2 23.4 473.6 106.6 369.6 105.0 53

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

55 Other 65.4 166.0 -23.6 51.6 -20.6 48.0 276.5 -97.6 -78.1 -1.4 60.6 55

56 Discrepancy -23.3 25.4 32.3 24.8 66.2 15.6 -39.0 56.8 74.1 48.4 46.7 56

 Memo:

57 Trade receivables net of trade payables -3.0 38.6 -26.8 21.6 -121.0 105.9 64.5 37.0 -64.3 58.1 29.8 57

58 Financing gap (4) 72.9 60.1 85.6 134.5 145.6 122.2 116.2 153.7 114.8 165.5 173.9 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 112.6 109.8 112.8 119.9 121.9 118.2 116.8 122.7 115.9 122.9 123.2 59

60 Credit market borrowing/capital outlays (5) 37.3 24.4 39.5 51.6 52.7 59.0 45.2 49.8 73.1 37.4 50.8 60

61 Net funds raised/credit market borrowing 76.1 57.8 61.5 36.2 67.4 72.4 15.7 -18.7 89.3 -12.4 67.4 61

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

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

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

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

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, December 15, 1999 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 528.6 565.0 599.1 636.1 618.4 627.8 640.0 658.1 671.1 683.6 686.1 1

 2 Gross saving = capital consumption 97.6 102.7 106.9 110.9 109.0 109.1 111.5 114.1 115.0 117.3 123.1 2

 3 Gross investment 97.6 102.7 106.9 110.9 109.0 109.1 111.5 114.1 115.0 117.3 123.1 3

 4 Capital expenditures 120.2 109.8 111.4 117.0 107.1 121.1 112.6 127.1 139.4 160.5 151.1 4

 5 Fixed investment (1) 118.1 108.7 108.1 113.4 102.0 118.5 108.8 124.3 137.3 159.8 149.3 5

 6 Change in inventories 2.1 1.1 3.3 3.5 5.0 2.6 3.7 2.8 2.0 0.6 1.8 6

 7 Net financial investment -22.6 -7.1 -4.6 -6.1 1.9 -12.0 -1.1 -13.1 -24.4 -43.2 -28.0 7

 8 Net acquisition of financial assets 79.0 88.0 78.2 80.5 78.5 81.5 79.6 82.3 80.0 80.9 87.5 8

 9 Checkable deposits and currency 4.3 8.5 5.1 6.8 5.4 7.4 7.4 7.0 7.0 7.7 7.6 9

10 Time and savings deposits 8.7 10.7 5.3 5.1 4.8 6.0 6.0 3.6 5.6 5.6 6.4 10

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

12 Treasury securities 1.6 -1.2 -0.8 -0.6 -0.6 -0.6 -0.6 -0.6 -0.2 -0.8 -1.2 12

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

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

15 Trade receivables 12.3 16.2 16.7 16.1 15.8 16.8 15.0 16.6 16.8 17.4 18.3 15

16 Miscellaneous assets 48.1 56.4 50.4 51.1 51.1 49.9 49.8 53.7 48.8 49.0 54.4 16

17 Insurance receivables 2.0 0.6 0.5 1.7 1.5 0.4 1.3 3.4 -1.2 1.5 2.2 17

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

19 Other 46.1 55.1 49.9 49.6 49.8 48.8 48.8 50.8 49.8 47.8 52.3 19

20 Net increase in liabilities 101.6 95.1 82.7 86.6 76.7 93.5 80.6 95.4 104.4 124.1 115.5 20

21 Credit market instruments 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 114.2 115.5 21

22 Bank loans n.e.c. 18.5 29.8 26.2 18.5 16.5 18.5 18.5 20.5 20.0 17.0 17.8 22

23 Other loans and advances 7.6 0.7 4.2 12.3 14.0 7.3 19.5 8.2 4.0 9.5 6.1 23

24 Mortgages 4.5 53.2 47.0 67.6 66.6 69.6 59.6 74.6 77.6 87.7 91.7 24

25 Trade payables 6.2 20.8 10.8 9.5 9.9 8.7 9.7 9.7 6.7 7.5 5.1 25

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

27 Miscellaneous liabilities 3.4 -0.1 -1.3 -2.0 -4.4 -1.5 -1.0 -1.1 0.6 0.3 1.4 27

28 Proprietors’ net investment 60.1 -10.9 -6.2 -21.8 -28.4 -11.6 -28.1 -19.1 -7.1 -0.4 -9.0 28

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 22.2 34.3 29.5 25.1 17.5 18.7 22.9 41.1 32.5 34.1 21.4 1

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

 3 Consumption of fixed capital 21.7 22.6 23.3 24.4 24.0 24.2 24.5 24.8 25.1 25.4 25.7 3

 4 Corporate 2.3 2.5 2.8 2.9 2.9 2.9 2.9 3.0 3.0 3.0 3.1 4

 5 Noncorporate 19.4 20.1 20.5 21.5 21.1 21.3 21.6 21.8 22.1 22.4 22.6 5

 6 Gross saving 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 24.7 24.9 6

 7 Gross investment 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 24.7 24.9 7

 8 Capital expenditures 13.3 31.6 28.2 27.0 25.5 17.1 25.6 39.6 36.7 30.2 27.0 8

 9 Fixed investment (2) 22.5 23.8 25.4 26.7 27.5 27.9 26.7 24.4 26.6 25.4 26.2 9

10 Change in inventories -9.2 7.9 2.8 0.3 -2.0 -10.8 -1.1 15.2 10.1 4.8 0.8 10

11 Net financial investment 7.7 -9.8 -5.6 -3.3 -2.2 6.4 -1.8 -15.4 -12.4 -5.5 -2.1 11

12 Net acquisition of financial assets 2.3 -0.1 0.6 3.7 3.7 2.9 3.5 4.6 -1.0 2.1 2.6 12

13 Checkable deposits and currency 0.5 0 0.2 1.9 1.9 1.9 1.9 1.9 0.4 0.4 0.4 13

14 Miscellaneous assets 1.8 -0.1 0.4 1.7 1.8 0.9 1.5 2.7 -1.3 1.7 2.2 14

15 Insurance receivables 1.9 0.6 0.4 1.6 1.4 0.4 1.2 3.3 -1.1 1.4 2.1 15

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

17 Net increase in liabilities -5.3 9.8 6.3 6.9 5.9 -3.6 5.2 20.0 11.4 7.7 4.6 17

18 Credit market instruments 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.9 10.5 18

19 Bank loans n.e.c. 1.1 0.6 3.5 1.2 3.4 2.3 1.3 -2.1 0.7 -6.0 1.6 19

20 Other loans and advances 0.3 1.6 -0.5 0.3 0.9 -1.4 0.6 1.1 2.3 -4.0 0.4 20

21 Mortgages 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 21

22 Trade payables 1.0 1.3 1.4 0.8 -0.1 0.6 2.3 0.4 -1.3 -1.1 0.7 22

23 Proprietors’ net investment -9.2 3.7 -1.4 -1.6 -2.4 -11.6 -4.3 12.1 6.1 9.7 -6.5 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, December 15, 1999

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 917.9 960.4 1009.0 1070.3 1042.1 1053.2 1085.3 1101.1 1110.0 1117.1 1148.5 1

 2 Personal tax and nontax receipts 186.6 199.6 217.4 236.9 227.8 234.0 241.0 244.9 246.9 247.3 252.5 2

 3 Corporate profits tax accruals 31.7 33.0 34.0 33.8 33.7 33.9 34.4 33.1 35.4 36.4 36.9 3

 4 Indirect business tax and nontax accruals 501.6 524.9 550.9 579.6 567.7 573.8 579.0 598.2 597.1 606.8 617.3 4

 5 Contributions for social insurance 13.6 12.4 11.0 10.7 10.8 10.7 10.7 10.7 10.7 10.9 11.2 5

 6 Federal grants-in-aid 184.5 190.4 195.7 209.3 202.1 200.8 220.2 214.2 219.9 215.7 230.6 6

 7 Current expenditures, NIPA basis 902.5 939.0 981.6 1028.5 1010.2 1022.3 1035.4 1047.0 1061.3 1079.4 1100.3 7

 8 Consumption expenditures 694.7 726.5 765.9 807.5 791.5 802.7 813.8 822.2 832.3 848.4 866.9 8

 9 Transfer payments to persons 217.8 224.4 228.0 234.8 231.4 233.4 235.7 238.5 241.9 243.6 245.9 9

10 Net interest paid 0.5 0.9 -0.6 -2.1 -1.8 -2.2 -2.2 -1.8 -1.0 -0.7 -0.5 10

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

12 Subsidies less current surplus of govt. enterprises -10.2 -12.5 -11.4 -11.3 -10.6 -11.3 -11.6 -11.6 -11.6 -11.6 -11.7 12

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

14 Current surplus or deficit (-), NIPA basis 15.4 21.4 27.4 41.8 31.9 30.9 49.9 54.1 48.7 37.7 48.2 14

15 + Consumption of fixed capital 84.2 89.0 94.0 98.8 96.8 97.8 99.4 101.1 102.4 104.3 106.0 15

16 = Gross saving 99.5 110.4 121.4 140.6 128.7 128.7 149.3 155.2 151.1 142.0 154.2 16

17 Gross investment 146.4 153.6 115.3 189.6 176.5 218.2 161.2 202.6 172.2 234.5 198.9 17

18 Fixed investment 155.8 163.8 177.3 183.5 181.4 181.5 185.2 185.9 199.4 195.8 200.0 18

19 Net financial investment -9.4 -10.3 -62.0 6.1 -4.9 36.7 -24.0 16.7 -27.2 38.7 -1.1 19

20 Net acq. of financial assets -31.7 13.8 25.4 116.9 119.4 148.9 77.7 121.7 90.3 100.5 79.6 20

21 Checkable deposits and currency 3.4 -5.5 4.4 -3.9 -6.7 -1.8 -2.9 -4.2 9.6 -10.0 -0.7 21

22 Time and savings deposits 6.6 10.6 5.8 12.8 15.7 15.3 9.4 10.6 -2.2 0.2 15.7 22

23 Security RPs -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 11.5 23

24 Credit market instruments -91.4 -33.7 0.1 99.5 6.1 174.3 125.7 91.7 52.2 53.3 -13.9 24

25 Open market paper 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 -2.9 25

26 U.S. government securities -115.3 -68.1 -18.5 73.5 -23.5 162.2 89.7 65.7 26.3 36.0 -19.6 26

27 Treasury -80.2 -32.8 -17.7 30.0 -2.7 73.1 39.7 9.7 14.3 18.7 -22.3 27

28 Agency -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 2.7 28

29 Municipal securities -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 -1.7 29

30 Corporate and foreign bonds 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 5.9 30

31 Mortgages 3.3 3.8 3.7 4.1 4.1 4.0 4.2 4.2 4.2 4.3 4.3 31

32 Corporate equities 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 12.7 32

33 Mutual fund shares 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 6.3 33

34 Taxes receivable -8.3 -5.3 -2.2 0.1 -0.9 -0.1 1.0 0.3 3.0 4.4 5.4 34

35 Miscellaneous assets 42.9 -4.8 4.3 -1.1 71.1 -54.3 -44.5 23.8 -14.2 42.5 42.6 35

36 Net increase in liabilities -22.3 24.1 87.5 110.8 124.3 112.2 101.7 105.0 117.5 61.8 80.6 36

37 Credit market instruments -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 52.8 37

38 Municipal securities -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 52.4 38

39 Short-term 1.2 6.3 8.3 -6.3 1.7 -6.4 -19.2 -1.2 2.9 6.8 3.3 39

40 Other -53.2 -13.4 49.0 85.4 87.3 88.6 89.3 76.4 84.3 28.8 49.1 40

41 U.S. government loans 0.5 0.4 -1.2 1.2 5.1 -0.3 -0.1 -0.1 0.3 0.1 0.4 41

42 Trade payables 29.2 30.9 31.4 30.5 30.2 30.2 31.6 29.9 30.1 26.1 27.9 42

43 Discrepancy -46.9 -43.2 6.1 -49.1 -47.8 -89.5 -11.9 -47.4 -21.1 -92.5 -44.7 43

(1) Data for retirement funds are shown in table F.120.
Z.1, December 15, 1999 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1383.7 1499.1 1627.2 1750.6 1704.8 1734.5 1770.3 1793.3 1826.5 1853.0 1882.9 1

 2 Personal tax and nontax receipts 591.8 670.0 750.9 835.6 803.3 824.0 847.3 868.1 877.9 892.1 907.7 2

 3 Corporate profits tax accruals 179.3 190.6 204.2 206.4 206.2 207.2 209.9 202.5 212.6 218.0 222.2 3

 4 Indirect business tax and nontax accruals 93.0 95.1 94.9 97.3 95.8 96.4 97.7 99.6 99.5 100.0 101.9 4

 5 Contributions for social insurance 519.6 543.4 577.2 611.2 599.5 606.9 615.4 623.1 636.5 642.9 651.1 5

 6 Current expenditures, NIPA basis 1575.7 1636.0 1675.9 1703.6 1680.0 1690.8 1710.7 1733.5 1728.9 1734.9 1748.1 6

 7 Consumption expenditures 439.2 445.3 457.0 453.5 445.1 457.4 451.4 460.0 467.0 465.2 474.6 7

 8 Transfers payments (net) 652.1 691.7 716.6 730.5 724.4 724.2 731.0 742.1 743.4 749.7 754.4 8

 9 Grants-in-aid to state and local governments 184.5 190.4 195.7 209.3 202.1 200.8 220.2 214.2 219.9 215.7 230.6 9

10 Net interest paid 267.5 273.6 276.3 278.3 279.8 280.0 279.6 274.3 266.0 264.8 259.4 10

11 Subsidies less current surplus of govt. enterprises 32.4 35.1 30.4 32.1 28.6 28.4 28.5 42.9 32.6 39.5 29.1 11

12 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 12

13 Current surplus or deficit (-), NIPA basis -192.0 -136.9 -48.7 47.0 24.8 43.7 59.6 59.8 97.6 118.1 134.8 13

14 + Consumption of fixed capital 84.0 85.3 86.6 87.4 87.0 87.0 87.5 88.1 89.6 90.2 91.2 14

15 - Insurance and pension reserves (1) 3.6 3.4 3.4 4.4 2.2 8.4 1.9 5.1 3.2 4.5 2.7 15

16 = Gross saving -111.6 -55.0 34.5 130.0 109.6 122.3 145.2 142.8 184.0 203.8 223.3 16

17 Gross investment -97.9 -121.9 -2.8 95.8 92.7 164.8 77.4 48.4 183.9 232.0 202.8 17

18 Fixed investment 82.3 86.3 80.8 85.2 81.0 84.8 88.3 86.7 90.4 96.4 94.8 18

19 Access rights sales -7.6 -4.8 -8.9 -4.1 -3.8 -1.8 -9.0 -1.7 -1.7 -2.2 -4.7 19

20 Net financial investment -172.6 -203.4 -74.7 14.7 15.5 81.8 -1.9 -36.5 95.2 137.8 112.7 20

21 Net acq. of financial assets -3.8 -4.9 -10.0 -3.1 5.2 109.0 -79.9 -46.8 41.8 80.6 56.1 21

22 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 1.4 5.8 7.8 9.0 -9.3 -4.8 -8.1 22

23 Checkable deposits and currency -0.0 11.0 -0.5 -16.7 -8.6 95.6 -107.7 -46.1 31.9 43.0 47.2 23

24 Time and savings deposits 0.3 1.4 1.0 1.3 -1.6 1.0 1.3 4.7 -3.4 0.8 2.1 24

25 Credit market instruments -0.2 -7.4 5.1 13.5 15.7 12.9 13.8 11.7 17.1 6.7 16.6 25

26 Agency securities 0 0 0 0 0 0 0 0 0 0 0 26

27 Mortgages -13.2 -7.5 -4.5 -0.9 -1.1 -1.3 -1.3 0.3 -1.2 -0.4 1.5 27

28 Other loans and advances 13.0 0.1 9.6 14.4 16.8 14.1 15.1 11.4 18.4 7.1 15.1 28

29 Trade receivables -1.6 0.9 -3.2 1.5 2.2 1.5 10.4 -8.0 1.4 4.2 10.6 29

30 Taxes receivable -6.6 -1.5 -7.8 -5.2 -1.1 -7.2 -1.6 -11.0 4.5 32.6 -9.9 30

31 Miscellaneous assets -2.1 -6.4 -7.0 -3.5 -2.7 -0.5 -3.9 -7.1 -0.4 -1.9 -2.5 31

32 Net increase in liabilities 168.9 198.4 64.7 -17.8 -10.3 27.3 -78.0 -10.3 -53.4 -57.2 -56.6 32

33 SDR certificates 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 -4.0 33

34 Treasury currency 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 2.1 2.0 34

35 Credit market instruments 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 -83.1 35

36 Savings bonds 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 -0.4 36

37 Other Treasury securities 137.9 144.6 23.7 -54.7 -10.8 -26.4 -113.6 -68.1 -73.7 -112.8 -82.8 37

38 Budget agency securities 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 0.0 38

39 Multifamily residential mortgages 0 -0.0 -0.0 0 0 0 0 0 0 0 0 39

40 Trade payables -4.6 1.3 -0.1 -2.6 -3.8 -3.8 2.1 -4.9 -2.2 5.7 -0.2 40

41 Insurance and pension reserves (2) 21.8 55.7 42.0 42.5 31.4 44.7 43.6 50.3 37.2 41.9 42.9 41

42 Miscellaneous liabilities 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 -14.1 42

43 Discrepancy -13.7 66.9 37.2 34.2 17.0 -42.4 67.9 94.3 0.1 -28.2 20.5 43

 Memo:

44 Change in cash balance (3) -5.7 12.9 -2.2 -12.8 -1.9 52.1 -73.9 -27.5 26.6 2.4 77.1 44

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

(2) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(3) Time and savings deposits (line 24) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 15, 1999

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1148.8 1230.4 1374.3 1453.0 1417.6 1444.3 1458.1 1492.6 1506.4 1578.0 1655.0 1

 2 U.S. imports 902.8 963.1 1056.3 1115.9 1091.7 1114.0 1114.8 1143.1 1168.5 1224.0 1285.4 2

 3 U.S. income payments to rest of world 211.9 227.5 278.4 295.2 288.0 292.9 302.0 297.9 298.2 310.4 327.1 3

 4 Net transfers to rest of world 34.0 39.8 39.6 41.9 37.9 37.4 41.3 51.6 39.7 43.6 42.5 4

 5 Foreign outlays to U.S. 1050.8 1119.7 1250.6 1251.6 1265.4 1253.0 1225.5 1262.6 1250.7 1274.3 1318.6 5

 6 U.S. exports 818.6 874.2 968.0 966.4 974.3 960.1 949.1 981.8 966.9 978.2 1008.7 6

 7 U.S. income receipts from rest of world 232.3 245.6 282.6 285.2 291.1 292.9 276.4 280.8 283.8 296.1 309.9 7

 8 Gross saving (1) 97.9 110.7 123.7 201.4 152.2 191.3 232.6 230.0 255.7 303.7 336.4 8

 9 Net financial investment 137.2 194.8 286.7 210.4 149.4 168.4 126.4 397.5 295.5 478.9 423.3 9

10 Net acquisition of financial assets 448.2 545.6 642.2 470.6 559.9 654.3 227.5 440.8 492.7 1107.9 847.5 10

11 Gold and SDRs (2) -0.8 0.4 -0.4 -0.1 -0.7 0.3 0.8 -0.9 2.3 -0.8 -0.7 11

12 Net interbank assets 11.1 -52.0 -4.3 -28.3 -115.6 29.8 17.7 -45.0 -21.6 84.4 -52.4 12

13 U.S. checkable deposits and currency 13.4 19.9 29.9 14.6 8.0 24.0 18.3 8.2 15.2 33.9 51.9 13

14 U.S. time deposits -6.6 10.9 13.1 12.5 18.3 -1.0 37.2 -4.6 -4.5 1.2 17.5 14

15 Security RPs 21.0 3.2 20.0 -18.8 85.5 -28.1 -56.6 -76.2 57.3 -12.3 -5.6 15

16 Credit market instruments 273.9 414.4 310.7 249.3 223.8 321.8 60.8 390.7 250.2 35.1 372.1 16

17 Open market paper 18.6 14.4 19.9 37.0 -13.1 69.9 93.3 -2.1 -15.6 -40.1 17.8 17

18 U.S. government securities 197.2 312.4 189.6 90.9 125.0 91.5 -124.0 270.9 64.1 42.9 182.4 18

19 Official 72.7 120.7 -2.2 -3.6 55.8 -80.3 -123.6 133.6 27.2 -3.7 59.2 19

20 Treasury 69.0 115.7 -6.7 -10.0 45.3 -81.3 -131.2 127.3 3.2 -26.8 51.5 20

21 Agency 3.7 5.0 4.5 6.3 10.4 1.0 7.6 6.2 24.0 23.2 7.7 21

22 Private 124.5 191.7 191.7 94.5 69.3 171.8 -0.4 137.3 37.0 46.5 123.1 22

23 Treasury 99.5 155.0 146.4 46.2 -10.2 103.0 -5.8 97.6 -35.1 -21.6 38.9 23

24 Agency 25.0 36.7 45.3 48.3 79.5 68.8 5.4 39.8 72.1 68.2 84.3 24

25 U.S. corporate bonds (3) 58.1 83.7 84.0 122.4 107.2 164.8 94.0 123.5 137.5 129.5 198.4 25

26 Loans to U.S. corporate business 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 64.2 -97.3 -26.5 26

27 U.S. corporate equities 16.6 11.1 66.8 43.8 116.7 56.9 -29.0 30.6 37.0 116.6 90.7 27

28 Trade receivables -0.2 5.9 3.5 -7.3 -5.8 0.7 -2.3 -21.8 -18.9 -3.2 -4.7 28

29 Security credit 0 0 0 0 0 0 0 0 0 0 0 29

30 Miscellaneous assets 119.8 131.6 203.0 205.0 229.8 249.8 180.6 159.8 175.7 853.1 378.7 30

31 Foreign direct investment in U.S. (4) 59.6 89.0 109.3 193.4 108.1 83.8 99.6 482.0 91.8 617.5 177.9 31

32 Other 60.2 42.6 93.7 11.6 121.7 166.0 81.0 -322.2 83.9 235.6 200.8 32

33 Net increase in liabilities 310.9 350.8 355.5 260.2 410.4 485.9 101.1 43.4 197.2 629.0 424.2 33

 U.S. official foreign exchange

34 and net IMF position 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 -8.5 34

35 U.S. private deposits 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 99.3 63.6 35

36 Credit market instruments 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -36.4 62.6 36

37 Commercial paper 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 41.4 37

38 Bonds 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -12.6 29.4 38

39 Bank loans n.e.c. 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.6 -6.6 39

40 Official 0.4 0.3 -0.8 0.8 0.9 -0.5 -0.5 3.1 0.3 -0.4 0.7 40

41 Banks 2.1 3.4 -0.5 -0.7 -2.8 6.9 -4.0 -2.9 -2.2 4.9 -10.4 41

42 Other 5.9 5.4 9.8 6.7 7.2 2.0 8.1 9.5 2.7 1.1 3.1 42

43 U.S. government loans -0.8 -0.7 -1.6 -1.0 -1.3 0.1 -1.8 -0.9 -2.5 -0.7 1.0 43

44 Acceptance liabilities to banks 0.3 1.8 -0.2 -5.0 -6.7 -4.2 -0.3 -8.8 -0.2 -1.6 -2.5 44

45 Foreign corporate equities (5) 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 270.9 76.7 45

46 Trade payables 5.8 -1.7 5.1 -2.4 1.8 -11.9 4.1 -3.6 -4.9 -4.7 15.1 46

47 Security debt 0 0 0 0 0 0 0 0 0 0 0 47

48 Miscellaneous liabilities 139.6 135.6 143.3 144.8 345.2 286.6 55.6 -108.2 104.5 305.4 214.7 48

49 U.S. equity in IBRD, etc. 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 1.3 49

50 U.S. government deposits 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.4 0.4 50

51 U.S. direct investment abroad (3,4) 99.5 92.7 110.0 132.8 149.2 172.7 86.3 123.1 165.5 126.3 178.1 51

52 Other 38.3 41.2 31.8 10.5 194.3 112.0 -31.9 -232.4 -63.1 176.9 34.9 52

53 Discrepancy (FOF basis) (6) -39.3 -84.1 -163.0 -9.0 2.8 22.9 106.2 -167.5 -39.8 -175.2 -86.9 53

 Memo:

54 Net U.S. exports, NIPA basis -84.3 -89.0 -88.3 -149.5 -117.4 -153.9 -165.7 -161.3 -201.6 -245.8 -276.7 54

55 + Net U.S. income receipts (7) 20.3 18.1 4.2 -10.0 3.1 0 -25.6 -17.1 -14.4 -14.3 -17.2 55

56 - Net transfer payments to foreign 34.0 39.8 39.6 41.9 37.9 37.4 41.3 51.6 39.7 43.6 42.5 56

 = Net foreign investment in U.S.

57 (NIPA basis) -97.9 -110.7 -123.7 -201.4 -152.2 -191.3 -232.6 -230.0 -255.7 -303.7 -336.4 57

(1) Line 1 minus line 5; also equal to line 57 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, December 15, 1999 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -1.3 1.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 1

 2 Fixed nonresidential investment 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 19.8 23.3 38.8 32.8 0.6 51.9 35.1 43.4 34.7 34.5 87.5 3

 4 Gold and foreign exchange 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 0.3 4

 5 SDR certificates 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 -4.0 5

 6 Treasury currency 1.0 1.0 0.6 0.7 0.5 0.5 0.6 1.1 1.5 1.5 1.5 6

 7 Federal Reserve float 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 -0.8 7

 8 Fed. Res. loans to domestic banks -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 1.0 8

 9 Security RPs 3.3 7.7 2.3 6.5 -22.1 29.2 -4.2 23.3 -5.1 -35.5 50.6 9

10 Credit market instruments 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 34.1 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 34.1 12

13 Treasury 13.7 12.7 39.8 21.4 27.8 11.9 42.1 3.8 71.9 62.7 34.2 13

14 Agency -1.0 -0.4 -1.5 -0.3 -0.2 -0.4 -0.5 -0.3 -0.1 -0.2 -0.1 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 4.8 16

17 Net increase in liabilities 19.5 22.8 38.1 32.0 -1.0 48.8 32.4 48.1 33.1 33.0 84.6 17

18 Depository institution reserves -1.2 -5.1 6.3 -4.5 -10.9 -1.3 13.9 -19.8 2.5 -2.0 3.9 18

19 Vault cash of commercial banks 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 -2.9 19

20 Checkable deposits and currency 17.0 23.5 30.1 38.5 22.9 29.8 39.3 62.2 34.6 2.7 101.2 20

21 Due to federal government -1.2 1.7 -2.3 0.5 4.8 0.9 -12.1 8.5 -0.2 -44.0 42.8 21

22 Due to rest of the world 0.2 -0.1 0.5 0.0 -0.9 0.4 0.9 -0.4 0.3 1.3 -0.3 22

23 Currency outside banks 18.0 21.8 31.9 38.0 19.0 28.5 50.5 54.1 34.5 45.3 58.6 23

24 Miscellaneous liabilities 1.3 -0.2 1.8 1.0 -14.1 20.9 -21.1 18.2 -22.1 27.4 -17.5 24

25 Federal Reserve Bank stock 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 0.2 25

26 Other 1.0 -0.9 1.0 0.5 -14.3 19.6 -21.6 18.1 -22.8 26.8 -17.7 26

27 Discrepancy -1.8 0.9 1.7 1.7 0.8 -0.8 -0.3 7.0 0.8 0.9 -0.5 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, December 15, 1999

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 33.6 32.6 42.5 43.9 44.3 43.4 45.0 42.7 56.8 52.3 60.0 1

 2 Fixed nonresidential investment 20.0 20.1 21.4 24.7 23.8 24.5 24.8 25.8 26.3 26.3 29.0 2

 3 Net acquisition of financial assets 335.7 216.6 457.3 443.6 343.4 366.8 572.0 492.4 99.7 348.5 363.8 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 -2.9 4

 5 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -11.2 -1.1 14.1 -20.3 3.0 -2.1 4.4 5

 6 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 1.6 6

 7 Total bank credit 273.4 189.9 350.0 335.8 365.6 170.5 298.3 508.9 33.0 141.6 417.2 7

 8 U.S. government securities 27.0 11.3 83.8 35.4 82.6 -59.5 -26.0 144.4 46.0 2.4 95.8 8

 9 Treasury -11.7 -16.9 8.3 -56.1 -5.6 -40.1 -159.4 -19.1 2.0 -8.3 24.1 9

10 Agency 38.7 28.2 75.5 91.4 88.2 -19.4 133.4 163.5 44.0 10.7 71.7 10

11 Municipal securities -4.2 0.9 2.4 8.2 -0.1 9.9 11.8 11.2 10.1 4.1 6.4 11

12 Corporate and foreign bonds 8.4 1.4 27.8 38.0 41.4 12.9 30.8 66.8 -66.4 94.1 45.4 12

13 Total loans 239.8 174.2 234.7 253.4 248.4 205.6 275.9 283.6 42.4 43.9 265.9 13

14 Open market paper -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 1.1 14

15 Bank loans n.e.c. 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.3 99.6 15

16 Mortgages 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 228.4 16

17 Consumer credit 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 -36.5 17

18 Security credit 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 -26.7 18

19 Corporate equities 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 4.4 19

20 Mutual fund shares 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 0.8 -0.7 20

21 Customers’ liab. on acceptances (2) -0.6 1.0 -2.8 -9.3 -14.6 -11.0 -1.0 -10.5 -4.0 -5.6 -5.1 21

22 Miscellaneous assets 61.4 25.9 103.5 124.0 2.6 208.3 260.8 24.3 51.2 210.9 -51.3 22

23 Net increase in liabilities 300.6 203.7 490.5 467.5 388.5 399.5 685.3 396.8 59.1 361.5 218.4 23

24 Net interbank liabilities 8.7 -51.2 -25.8 -26.0 -85.5 42.1 29.7 -90.4 27.9 87.2 -52.9 24

25 To monetary authority 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 0.2 25

26 To domestic banks (3) -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 26

27 To foreign banks 11.1 -52.0 -4.3 -28.3 -115.6 29.8 17.7 -45.0 -21.6 84.4 -52.4 27

28 Checkable deposits -45.9 -34.6 -19.8 -33.4 -20.8 33.8 -91.4 -55.4 -2.7 -36.5 4.9 28

29 Federal government -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 32.2 29

30 Rest of the world 0.8 2.6 4.6 -2.0 5.9 14.2 -11.7 -16.4 5.1 20.3 33.4 30

31 Private domestic -42.0 -46.9 -23.5 -16.8 -21.5 -30.7 -16.6 1.6 -38.1 -102.4 -60.7 31

32 Small time and savings deposits 113.9 123.1 148.3 183.7 158.6 123.1 160.8 292.3 -6.4 120.4 141.6 32

33 Large time deposits 54.8 105.3 107.9 72.3 174.9 -21.3 61.4 74.2 -10.0 29.0 94.4 33

34 Federal funds and security RPs (net) 30.4 41.0 89.0 87.0 95.1 55.0 164.1 33.9 112.1 27.4 132.8 34

35 Credit market instruments 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 72.7 111.4 35

36 Open market paper -2.2 2.9 3.3 -1.5 1.5 13.7 7.1 -28.4 -1.1 6.3 -18.4 36

37 Corporate bonds 18.5 7.8 23.7 27.6 49.3 16.9 20.8 23.2 35.2 6.2 43.5 37

38 Other loans and advances 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 86.3 38

39 Corporate equity issues -8.7 -14.3 -27.7 -12.7 -10.6 -11.9 -9.1 -19.2 -14.7 3.2 -16.2 39

40 Taxes payable 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 1.9 40

41 Miscellaneous liabilities 124.0 20.1 171.2 122.1 -7.6 96.3 306.2 93.4 -80.0 56.2 -199.5 41

42 Discrepancy -21.5 -0.4 54.4 43.0 65.6 51.7 133.5 -78.7 -10.2 39.0 -114.4 42

 Memo:

43 Credit market funds advanced (4) 265.9 187.5 324.3 305.2 306.7 132.7 250.1 531.5 68.9 135.4 435.1 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, December 15, 1999 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.8 -4.4 3.1 7.3 1.8 11.2 11.6 4.5 19.3 -7.0 29.6 1

 2 Fixed nonresidential investment 17.3 17.0 17.9 20.9 20.1 20.7 21.1 21.9 22.4 22.3 24.9 2

 3 Net acquisition of financial assets 200.5 122.8 290.8 328.1 276.6 203.9 343.1 489.0 127.5 324.9 382.7 3

 4 Vault cash and reserves at Federal Reserve 1.5 -0.3 4.8 -5.7 -1.9 -5.0 18.1 -33.7 23.0 0.3 4.3 4

 5 Total bank credit 194.8 115.2 280.7 329.3 298.7 139.0 315.1 564.5 115.2 248.6 379.9 5

 6 U.S. government securities -17.1 -19.4 54.3 39.6 34.0 -75.0 61.4 137.8 38.6 31.8 42.9 6

 7 Treasury -40.4 -34.7 -6.1 -42.1 -18.6 -53.2 -84.7 -11.8 2.4 -1.0 -5.3 7

 8 Agency 23.4 15.3 60.4 81.6 52.6 -21.8 146.1 149.6 36.2 32.8 48.2 8

 9 Mortgage pool securities 12.9 21.4 31.1 53.7 39.4 -62.6 106.5 131.3 -55.3 -17.2 6.4 9

10 Agency-issued CMOs -18.4 -11.5 17.5 8.9 4.6 7.4 45.5 -22.0 31.1 -9.4 11.9 10

11 Other agency securities 28.8 5.4 11.8 19.1 8.6 33.3 -5.9 40.3 60.4 59.4 29.9 11

12 Municipal securities -4.3 1.0 2.4 8.2 -0.4 10.4 11.8 11.2 9.6 4.0 6.6 12

13 Corporate and foreign bonds 3.3 -4.5 19.6 32.4 24.3 28.4 14.9 62.1 -43.8 94.5 54.4 13

14 Private mortgage pool securities 0.9 -0.4 -1.2 0.9 0.6 11.5 -1.2 -7.2 5.0 -4.3 -1.8 14

15 Privately issued CMOs 3.5 -3.1 0.7 20.3 24.9 14.8 10.7 30.8 6.1 2.0 7.6 15

16 Other bonds -1.1 -1.0 20.2 11.1 -1.3 2.1 5.3 38.4 -54.9 96.8 48.6 16

17 Total loans 210.5 136.0 203.0 248.2 247.5 173.6 221.3 350.5 110.0 121.2 272.2 17

18 Open market paper 0.3 0.3 -0.6 -0.1 -0.4 -0.2 -0.2 0.5 -0.5 -0.6 0.4 18

19 Bank loans n.e.c. 77.0 58.2 108.1 144.3 110.7 156.9 157.1 152.5 101.5 101.5 119.3 19

20 Mortgages 81.7 57.5 105.5 95.8 127.1 26.9 52.1 176.9 26.0 79.5 226.3 20

21 Consumer credit 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 -36.5 21

22 Security credit 8.3 -4.8 4.2 11.9 28.7 2.4 1.7 14.6 -23.0 16.5 -37.4 22

23 Corporate equities 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 4.4 23

24 Mutual fund shares 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 0.8 -0.7 24

25 Customers’ liab. on acceptances (1) 2.4 1.6 -0.2 -4.6 -8.3 -5.0 1.6 -6.7 -3.3 -3.4 -3.5 25

26 Miscellaneous assets 1.8 6.2 5.5 9.1 -11.9 74.9 8.3 -35.0 -7.4 79.4 1.9 26

27 Net increase in liabilities 189.7 142.6 359.0 383.7 359.0 264.7 484.6 426.4 117.6 391.6 262.2 27

28 Net interbank liabilities -6.8 -55.7 4.2 20.4 56.1 -6.2 129.9 -98.3 67.8 95.0 -30.2 28

29 Federal Reserve float 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 -0.8 29

30 Borrowing from Federal Reserve banks -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 1.0 30

31 To domestic banking -7.3 -23.5 -6.7 -2.6 16.2 -8.1 18.1 -36.6 52.4 0.7 -35.9 31

32 To foreign banks -0.2 -36.3 12.6 24.1 44.7 -1.5 121.9 -69.0 24.5 89.7 5.5 32

33 Checkable deposits -46.0 -34.4 -21.1 -34.4 -19.1 30.8 -89.6 -59.7 -1.2 -34.3 5.0 33

34 Federal government -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 32.2 34

35 Rest of the world 0.9 3.3 4.2 -1.7 5.7 14.3 -11.4 -15.3 3.2 22.8 33.5 35

36 Private domestic -42.1 -47.4 -24.3 -18.1 -19.7 -33.8 -15.1 -3.9 -34.6 -102.6 -60.8 36

37 Small time and savings deposits 113.4 122.8 143.9 186.3 160.6 112.8 179.0 292.9 -2.4 126.9 138.1 37

38 Large time deposits 42.6 49.5 63.2 34.8 81.1 -7.8 2.2 63.7 5.2 39.9 69.5 38

39 Federal funds and security RPs (net) 28.2 28.7 63.4 66.8 46.6 8.7 87.6 124.5 114.1 33.9 158.9 39

40 Acceptance liabilities 2.3 1.7 -0.3 -4.6 -8.5 -4.9 1.5 -6.3 -3.5 -3.5 -3.7 40

41 Corporate bonds 2.7 7.7 10.7 10.5 15.8 4.4 6.2 15.7 2.9 4.3 4.6 41

42 Other loans and advances 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 86.3 42

43 Corporate equity issues 2.6 3.2 3.2 2.3 1.2 4.7 2.6 0.8 1.7 2.6 -4.4 43

44 Taxes payable 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 1.9 44

45 Miscellaneous liabilities 43.6 15.6 71.2 53.0 -8.3 70.4 129.8 19.9 -65.9 64.9 -163.6 45

46 Investment by bank holding companies 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 7.0 46

47 Other 3.5 -13.0 30.5 -2.4 -74.9 8.0 76.3 -19.0 -95.7 75.1 -170.7 47

48 Discrepancy -22.2 -1.6 53.4 41.9 64.2 51.3 132.0 -80.0 -13.0 37.4 -115.8 48

 Memo:

49 Credit market funds advanced (2) 186.5 119.6 274.9 312.0 268.4 130.0 309.2 540.2 134.1 231.5 410.1 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).
26 Z.1, December 15, 1999

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.7 1.8 2.0 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 1

 2 Fixed nonresidential investment 2.3 2.6 3.0 3.3 3.2 3.3 3.2 3.3 3.4 3.4 3.5 2

 3 Net acquisition of financial assets 76.6 48.5 96.5 -4.9 -74.4 29.9 153.9 -129.1 -121.1 -50.8 -52.8 3

 4 Reserves at Federal Reserve -0.1 0.3 1.8 -1.9 -8.1 3.3 -3.7 0.9 -1.8 2.6 -2.8 4

 5 Total bank credit 74.7 70.0 60.2 1.4 46.1 44.1 -25.7 -58.9 -71.9 -116.7 43.1 5

 6 U.S. government securities 43.9 30.9 26.8 -5.5 38.9 27.7 -86.6 -2.0 9.4 -26.0 50.1 6

 7 Treasury 29.6 18.4 14.4 -10.3 18.4 16.3 -69.5 -6.3 1.0 -7.4 31.9 7

 8 Agency 14.3 12.4 12.5 4.8 20.5 11.4 -17.1 4.3 8.4 -18.6 18.2 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 4.6 3.2 3.1 5.8 8.3 -12.8 8.9 18.8 -18.5 -5.4 -9.0 10

11 Total loans 26.2 36.0 30.3 1.1 -1.1 29.2 51.9 -75.7 -62.9 -85.2 2.0 11

12 Open market paper -0.4 0.5 -0.2 -0.1 -0.4 0.3 -0.5 0.1 -0.2 0.0 0.7 12

13 Bank loans n.e.c. 35.4 32.2 19.2 -1.9 -13.7 9.9 13.5 -17.1 -35.3 -67.3 -9.3 13

14 Mortgages -5.1 -2.9 -6.1 -5.5 -9.4 -3.9 -0.7 -8.2 -9.7 -4.9 -0.1 14

15 Security credit -3.7 6.2 17.5 8.6 22.3 22.8 39.7 -50.5 -17.8 -13.1 10.7 15

16 Corporate equities 0.0 -0.0 -0.0 0 0 0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -2.9 -0.6 -2.5 -4.7 -6.3 -6.0 -2.6 -3.7 -0.7 -2.1 -1.7 17

18 Miscellaneous assets 5.0 -21.2 37.0 0.3 -106.0 -11.4 185.9 -67.4 -46.7 65.4 -91.4 18

19 Net increase in liabilities 78.5 50.6 98.9 -2.1 -71.7 32.6 156.6 -126.1 -118.1 -47.7 -49.6 19

20 Net interbank liabilities 18.7 -2.5 -30.4 -56.6 -144.2 35.9 -121.2 3.0 -57.8 -39.6 -24.7 20

21 To foreign banks 15.1 -11.5 -17.6 -52.9 -164.7 28.2 -114.0 38.8 -58.7 -32.8 -53.2 21

22 To domestic banks 3.6 9.0 -12.7 -3.7 20.5 7.7 -7.1 -35.7 0.9 -6.9 28.5 22

23 Checkable deposits -0.1 -0.7 0.8 -0.2 -2.1 2.2 -2.1 1.2 1.1 -4.3 1.2 23

24 Small time and savings deposits -0.7 0.1 4.4 -3.6 -3.1 9.3 -19.4 -1.2 -1.6 -7.6 2.2 24

25 Large time deposits 11.0 55.6 44.7 36.5 92.7 -14.5 58.0 9.9 -12.8 -12.0 23.6 25

26 Federal funds and security RPs (net) 1.8 12.0 25.6 19.7 44.2 31.2 75.8 -72.4 -1.7 -5.8 -25.0 26

27 Acceptance liabilities -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 -1.5 27

28 Miscellaneous liabilities 50.9 -13.3 56.2 6.9 -52.2 -25.3 167.7 -62.8 -43.7 21.7 -25.3 28

29 Foreign direct investment in U.S. 6.6 -0.1 6.7 5.7 1.4 -0.7 20.1 2.1 2.8 55.5 4.7 29

30 Due to affiliates 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 56.0 30

31 Other 37.6 -26.9 35.2 -10.6 -88.6 8.3 106.9 -69.2 -43.4 -28.6 -86.0 31

32 Discrepancy 1.2 1.3 1.4 1.7 1.5 1.5 1.7 1.9 1.8 1.9 1.9 32

 Memo:

33 Credit market funds advanced (3) 75.4 63.3 40.2 -11.9 17.5 15.2 -68.1 -12.1 -54.9 -105.7 30.7 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, December 15, 1999 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 26.1 35.1 37.3 34.3 40.3 30.0 31.2 35.9 35.2 57.0 28.0 1

 2 Fixed nonresidential investment 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 52.6 44.0 64.5 110.6 135.6 125.8 70.4 110.8 99.3 64.8 25.1 3

 4 Credit market instruments -0.3 3.9 5.4 -0.9 15.3 -17.6 6.0 -7.4 -6.0 0.4 -12.4 4

 5 U.S. government securities -1.3 0.9 0.5 -1.9 5.5 -13.5 -0.4 0.6 -1.2 -7.8 -1.8 5

 6 Treasury -1.2 0.6 -0.1 -3.1 -6.9 -2.3 -2.8 -0.2 0.9 0.0 -1.1 6

 7 Agency -0.2 0.3 0.6 1.1 12.4 -11.2 2.5 0.9 -2.1 -7.8 -0.7 7

 8 Corporate and foreign bonds 0.6 2.8 5.0 -0.7 9.0 -3.0 6.3 -15.2 -2.6 5.7 0.2 8

 9 Bank loans n.e.c. 0.4 0.2 -0.0 1.7 0.7 -1.1 0.0 7.2 -2.1 2.5 -10.8 9

10 Miscellaneous assets 53.0 40.1 59.0 111.6 120.3 143.5 64.4 118.1 105.3 64.4 37.4 10

11 Investment in bank subsidiaries 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 7.0 11

12 Investment in nonbank subsidiaries 8.2 0.3 25.0 44.1 37.3 70.8 19.8 48.5 74.1 57.1 -25.4 12

13 Other 4.6 11.3 -6.7 12.1 16.5 10.3 -9.0 30.7 1.4 17.6 55.8 13

14 Net increase in liabilities 26.8 9.2 27.4 76.6 95.6 96.1 39.4 75.1 64.3 8.1 -2.7 14

15 Net interbank liabilities -3.2 7.0 0.3 10.2 2.7 12.5 21.0 4.8 17.9 31.8 2.0 15

16 To domestic banks 0.6 11.2 -0.4 9.6 -1.6 9.4 11.2 19.6 5.4 4.5 6.7 16

17 To foreign banks -3.8 -4.1 0.8 0.6 4.3 3.1 9.8 -14.8 12.5 27.4 -4.7 17

18 Federal funds and security RPs (net) 0.4 0.4 0.0 0.5 4.4 15.1 0.8 -18.2 -0.3 -0.7 -1.1 18

19 Credit market instruments 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 11.7 25.8 19

20 Commercial paper -1.4 1.9 6.0 7.8 16.9 24.7 7.9 -18.2 4.0 9.8 -13.2 20

21 Corporate bonds 15.8 0.1 13.0 17.1 33.5 12.5 14.6 7.6 32.2 2.0 38.9 21

22 Corporate equity issues -11.3 -17.5 -30.9 -15.0 -11.9 -16.6 -11.7 -20.0 -16.4 0.6 -11.8 22

23 Miscellaneous liabilities 26.6 17.3 39.0 56.0 50.0 48.0 6.8 119.1 26.8 -35.4 -17.6 23

24 Equity, etc. 12.7 -11.9 -13.1 24.7 7.5 22.9 -4.1 72.6 9.2 -40.9 -27.0 24

25 Other 13.9 29.2 52.1 31.2 42.5 25.1 10.9 46.5 17.6 5.4 9.4 25

26 Discrepancy -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 2

 3 Net acquisition of financial assets 5.9 1.3 5.5 9.8 5.6 7.1 4.6 21.7 -5.9 9.5 8.9 3

 4 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 1.6 4

 5 Credit market instruments 4.2 0.7 3.7 6.0 5.5 5.1 2.9 10.7 -4.4 9.2 6.6 5

 6 U.S. government securities 1.5 -1.0 2.1 3.2 4.1 1.3 -0.4 7.9 -0.7 4.4 4.6 6

 7 Treasury 0.2 -1.3 0.1 -0.7 1.4 -0.9 -2.4 -0.8 -2.3 0.1 -1.5 7

 8 Agency 1.3 0.2 2.0 3.9 2.7 2.2 2.0 8.7 1.6 4.3 6.0 8

 9 Municipal securities 0.1 -0.1 -0.0 -0.1 0.3 -0.5 0.0 0.0 0.4 0.1 -0.2 9

10 Corporate and foreign bonds -0.1 -0.1 0.1 0.5 -0.2 0.4 0.7 1.2 -1.5 -0.7 -0.2 10

11 Bank loans n.e.c. 1.8 1.4 0.9 0.9 -0.2 2.2 1.0 0.5 -2.0 1.6 0.3 11

12 Home mortgages 1.0 0.6 0.1 1.1 1.1 1.5 0.9 0.6 -2.1 2.4 1.1 12

13 Commercial mortgages -0.0 -0.1 0.5 0.4 0.3 0.2 0.7 0.5 1.5 1.5 1.0 13

14 Miscellaneous assets 1.6 0.8 1.8 3.1 0.2 1.3 2.3 8.5 -0.0 1.6 0.7 14

15 Net increase in liabilities 5.5 1.4 5.1 9.4 5.7 6.1 4.6 21.4 -4.7 9.4 8.5 15

16 Checkable deposits 0.2 0.5 0.4 1.2 0.5 0.9 0.3 3.1 -2.6 2.1 -1.2 16

17 Small time and savings deposits 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 1.4 17

18 Large time deposits 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 1.4 18

19 Miscellaneous liabilities 2.9 0.6 4.7 6.3 3.0 3.2 1.8 17.1 2.8 5.1 6.9 19

20 Discrepancy -0.4 0.0 -0.4 -0.4 0.0 -1.1 -0.1 -0.4 1.2 -0.1 -0.4 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, December 15, 1999

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 7.5 2.8 4.4 4.7 4.3 5.0 4.9 4.7 6.2 5.5 5.5 1

 2 Fixed nonresidential investment 6.8 7.4 7.7 9.2 8.7 9.0 9.3 9.7 9.9 9.7 9.7 2

 3 Net acquisition of financial assets 0.9 16.1 -8.4 60.8 45.9 -1.0 65.8 132.4 86.5 54.8 83.6 3

 4 Reserves at Federal Reserve -0.1 -0.5 -0.5 0.1 0.3 -0.2 -0.2 0.4 -0.6 0.0 -0.6 4

 5 Checkable deposits and currency 1.6 -1.3 1.0 3.2 2.4 -0.1 -0.2 10.8 -13.5 4.8 2.6 5

 6 Time and savings deposits -0.2 0.3 -0.4 0.5 0.7 1.1 -0.1 0.4 -0.3 -0.3 -0.0 6

 7 Federal funds and security RPs 4.8 -1.2 -0.8 5.5 10.8 9.6 5.5 -3.7 4.5 -13.6 -1.0 7

 8 Credit market instruments -7.6 19.9 -4.7 36.3 11.8 2.1 17.9 113.3 102.7 88.8 61.0 8

 9 Open market paper 0.0 0.1 -0.3 0 0 0.0 -0.0 0 0 0 0 9

10 U.S. government securities -4.1 -9.5 -3.6 -16.1 -9.4 -20.3 -23.3 -11.4 18.5 -2.3 -4.0 10

11 Treasury -8.7 -1.0 -2.8 -4.4 1.1 -8.9 -6.0 -3.8 1.7 0.1 -0.7 11

12 Agency 4.7 -8.5 -0.8 -11.7 -10.5 -11.4 -17.3 -7.6 16.7 -2.4 -3.3 12

13 Municipal securities -0.0 0.1 0.0 0.4 -1.6 1.1 1.1 1.0 1.0 0.7 0.1 13

14 Corporate and foreign bonds -8.2 -9.9 -9.9 29.9 -2.9 29.3 33.0 60.3 62.9 22.0 -14.6 14

15 Other loans and advances 2.5 3.0 3.1 5.3 3.8 1.7 7.5 8.3 4.8 6.7 5.2 15

16 Mortgages 0.6 31.6 3.5 12.3 22.3 -14.6 -8.3 49.9 7.5 47.4 62.8 16

17 Consumer credit 1.6 4.6 2.5 4.4 -0.3 5.0 7.9 5.2 8.0 14.2 11.6 17

18 Corporate equities 0.7 0.6 0.2 1.5 1.6 0.6 2.5 1.4 -1.2 -0.2 -1.4 18

19 Miscellaneous assets 1.7 -1.8 -3.2 13.6 18.4 -14.1 40.4 9.8 -5.1 -24.6 23.0 19

20 Net increase in liabilities -3.2 15.4 -9.5 57.6 40.6 -2.3 62.3 129.8 83.9 54.0 83.1 20

21 Deposits -5.7 -6.5 -25.7 -2.6 -23.1 -17.8 1.7 28.8 -44.1 8.7 21.9 21

22 Checkable 14.1 25.4 27.1 36.1 34.5 33.9 31.4 44.6 29.8 43.3 35.9 22

23 Small time and savings -29.0 -38.1 -64.4 -54.3 -70.2 -59.5 -47.7 -40.0 -73.9 -44.1 -17.9 23

24 Large time 9.2 6.3 11.7 15.7 12.6 7.8 18.0 24.2 -0.1 9.5 3.8 24

25 Security RPs -0.0 -0.9 -1.9 9.5 14.3 10.6 -1.4 14.6 50.6 7.2 24.5 25

26 Credit market instruments 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 55.2 26

27 Corporate bonds -0.0 -0.4 0.1 -0.2 -1.0 0.7 -0.5 -0.1 0.9 -0.5 1.4 27

28 Bank loans n.e.c. 5.2 1.4 3.5 10.3 11.4 4.3 18.4 7.0 17.3 5.6 -3.2 28

29 Other loans and advances -2.6 24.5 16.2 42.1 0.2 26.2 45.8 96.3 39.8 53.5 57.0 29

30 Taxes payable 0.5 -0.1 0.4 0.2 -0.4 0.3 0.5 0.3 -0.1 -0.5 1.3 30

31 Miscellaneous liabilities -0.6 -2.5 -2.1 -1.6 39.2 -26.5 -2.1 -17.1 19.5 -20.0 -19.9 31

32 Investment by parent 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 32

33 Other -0.7 -2.7 -2.4 -2.1 38.8 -26.9 -2.6 -17.6 19.0 -20.5 -20.4 33

34 Discrepancy -3.4 -5.2 -4.3 -7.6 -9.7 -5.3 -7.8 -7.6 -6.2 -5.1 -4.8 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 15, 1999 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.3 7.7 5.5 5.1 4.8 5.3 5.3 5.3 6.4 5.9 6.2 1

 2 Fixed nonresidential investment 3.8 4.3 4.8 5.7 5.4 5.6 5.8 6.0 6.2 6.1 7.0 2

 3 Net acquisition of financial assets 17.1 19.5 23.7 37.7 32.7 26.2 33.6 58.1 20.6 29.5 31.3 3

 4 Checkable deposits and currency 0.9 0.1 0.6 1.0 -0.3 0.3 0.5 3.5 -1.1 0.9 13.9 4

 5 Time and savings deposits 0.4 -0.7 0.6 6.4 1.2 7.2 3.3 13.7 4.3 2.7 -16.5 5

 6 Federal funds and security RPs 0.2 -4.9 2.0 3.4 4.9 7.1 -5.5 6.9 -19.0 4.8 1.2 6

 7 Credit market instruments 16.2 25.5 16.8 19.0 16.1 22.7 21.0 16.0 34.7 32.1 38.8 7

 8 Open market paper -1.6 -0.3 -0.1 0.2 -0.2 1.3 2.6 -2.8 -0.2 2.0 0 8

 9 U.S. government securities 1.1 4.1 -1.4 4.9 2.0 6.6 5.2 5.6 11.3 9.2 0.4 9

10 Treasury -3.8 -0.9 -1.8 -2.5 -2.5 -2.0 -3.7 -1.6 -4.1 1.5 -4.4 10

11 Agency 4.9 4.9 0.4 7.3 4.5 8.6 8.9 7.2 15.3 7.7 4.8 11

12 Home mortgages 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.5 16.6 19.5 12

13 Consumer credit 12.3 12.2 8.2 3.0 5.1 1.1 3.3 2.6 13.2 4.3 18.8 13

14 Mutual fund shares 0.2 -0.3 -0.2 1.2 1.4 1.4 -0.2 2.1 0.5 0.5 0.5 14

15 Miscellaneous assets -0.8 -0.2 3.8 6.8 9.3 -12.6 14.5 15.9 1.3 -11.5 -6.6 15

16 Net increase in liabilities 13.4 16.4 20.5 34.7 30.8 22.4 29.6 56.1 18.5 27.8 28.3 16

17 Shares/deposits 15.4 16.3 20.3 33.6 26.9 21.7 29.6 56.2 15.9 28.5 25.3 17

18 Checkable 2.1 1.6 4.1 6.4 16.0 -7.4 -4.2 21.4 -0.5 0.6 -0.6 18

19 Small time and savings 11.6 12.3 13.2 23.1 10.5 21.3 31.5 28.9 12.2 23.6 21.7 19

20 Large time 1.7 2.4 2.9 4.1 0.3 7.9 2.3 5.9 4.2 4.2 4.2 20

21 Other loans and advances -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 2.8 21

22 Miscellaneous liabilities -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 1.1 -2.0 0.2 22

23 Discrepancy -1.1 0.3 -2.5 -3.5 -2.5 -4.2 -4.5 -2.8 -1.9 -1.9 -3.7 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 5.3 -10.7 -51.1 -47.8 -45.5 -46.3 -50.9 -48.6 -31.9 -25.5 -23.1 1

 2 Deposits 3.3 6.4 -2.9 6.2 6.2 6.2 6.2 6.2 -0.1 2.9 4.9 2

 3 Checkable deposits and currency 0.1 0.3 0.0 -0.5 -0.5 -0.5 -0.5 -0.5 0.0 0.1 0.1 3

 4 Time and savings deposits -0.5 -1.6 1.0 -2.1 -2.1 -2.1 -2.1 -2.1 0.7 0.8 0.8 4

 5 Money market fund shares 3.7 7.8 -4.0 8.8 8.8 8.8 8.8 8.8 -0.8 2.0 4.0 5

 6 Credit market instruments -8.3 -7.7 -25.0 -12.8 -10.5 -11.3 -16.0 -13.5 -7.6 -8.4 -8.6 6

 7 Open market paper 0.7 -2.6 -0.2 -4.5 -4.5 -4.5 -4.5 -4.5 -0.4 -0.4 -0.2 7

 8 U.S. government securities -1.2 0.5 -10.1 -4.4 -2.1 -2.9 -7.6 -5.1 -4.0 -5.2 -6.4 8

 9 Treasury -1.1 0.8 -5.8 -2.9 -0.6 -1.4 -6.1 -3.6 -3.2 -4.0 -5.6 9

10 Agency -0.1 -0.3 -4.3 -1.5 -1.5 -1.5 -1.5 -1.5 -0.8 -1.2 -0.8 10

11 Municipal securities -5.9 -4.3 -13.3 -1.1 -1.1 -1.1 -1.1 -1.1 -1.6 -1.2 -0.8 11

12 Corporate and foreign bonds -1.7 -1.7 -0.8 -2.6 -2.6 -2.6 -2.6 -2.6 -1.6 -1.6 -1.2 12

13 Mortgages -0.1 0.3 -0.6 -0.2 -0.2 -0.2 -0.2 -0.2 -0.0 -0.0 -0.0 13

14 Corporate equities 1.6 -17.3 -14.5 -59.0 -59.0 -59.0 -59.0 -59.0 -32.0 -30.4 -31.2 14

15 Mutual fund shares 9.5 3.9 -7.2 9.4 9.4 9.4 9.4 9.2 8.0 8.4 9.2 15

16 Miscellaneous assets -0.9 3.9 -1.4 8.4 8.4 8.4 8.4 8.4 -0.2 2.0 2.6 16

17 Net increase in liabilities (2) 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 17

18 Discrepancy -1.3 2.1 -5.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.4 -0.4 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, December 15, 1999

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 10.5 12.0 11.6 12.5 11.6 12.2 12.9 13.3 14.5 13.1 13.7 1

 2 Fixed nonresidential investment 27.1 26.0 31.1 35.0 34.0 35.0 34.9 36.1 36.5 36.8 38.7 2

 3 Net acquisition of financial assets 145.5 125.4 213.7 189.3 202.2 178.2 189.8 187.0 169.9 193.9 211.4 3

 4 Checkable deposits and currency -0.5 -0.9 3.8 -2.7 -18.3 5.1 -1.6 4.0 -10.9 5.2 -0.7 4

 5 Money market fund shares 6.6 39.1 32.6 18.7 24.8 9.9 19.8 20.3 42.1 15.6 10.3 5

 6 Credit market instruments 100.0 69.6 104.8 76.9 92.5 63.4 65.6 86.0 82.2 84.0 68.9 6

 7 Open market paper -7.3 2.9 17.5 7.5 -2.5 1.0 17.7 13.8 -24.2 -8.9 8.4 7

 8 U.S. government securities 9.8 -13.6 -1.4 -23.7 -15.7 -25.2 -27.1 -27.0 -0.2 -7.9 -14.0 8

 9 Treasury 1.0 -14.9 1.6 -14.1 -11.6 -14.2 -15.0 -15.5 -1.9 -8.8 -13.8 9

10 Agency 8.7 1.3 -3.0 -9.6 -4.0 -11.0 -12.1 -11.4 1.7 0.9 -0.2 10

11 Municipal securities -0.9 1.5 0.1 1.7 2.1 1.6 1.5 1.6 1.8 -3.1 0.4 11

12 Corporate and foreign bonds 90.7 79.2 86.8 84.5 109.2 77.2 73.0 78.6 106.5 84.3 61.7 12

13 Policy loans 10.4 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -2.8 2.1 13

14 Mortgages -2.6 -5.0 -1.3 6.8 -1.4 5.0 -1.5 25.1 15.9 22.3 10.3 14

15 Corporate equities 18.6 46.7 86.3 107.4 103.4 124.2 93.2 109.0 89.9 95.6 103.0 15

16 Mutual fund shares 13.5 2.4 -7.2 -28.2 -28.2 -28.2 -28.2 -28.2 -8.0 -8.0 -8.0 16

17 Miscellaneous assets 7.2 -31.4 -6.7 17.1 28.0 3.8 41.0 -4.2 -25.4 1.5 37.9 17

18 Net increase in liabilities 118.9 92.1 186.0 175.3 200.8 169.0 156.2 175.1 160.9 179.2 199.4 18

19 Corporate equity issues -3.6 -8.8 -4.0 -4.7 -3.6 2.3 -4.4 -13.2 -4.5 -2.9 -2.8 19

20 Other loans and advances -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 1.1 20

21 Life insurance reserves 44.8 43.8 57.6 52.0 48.5 50.7 51.7 57.1 40.2 56.9 43.1 21

22 Pension fund reserves (1) 61.0 43.9 98.3 91.3 106.0 76.0 89.5 93.5 101.6 114.8 116.9 22

23 Taxes payable 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.4 23

24 Miscellaneous liabilities 15.1 10.5 32.3 34.5 48.3 39.0 16.3 34.3 18.9 6.0 39.7 24

25 Discrepancy -43.2 -47.3 -47.1 -36.5 -23.8 -32.0 -55.5 -34.6 -30.9 -38.5 -36.9 25

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.1 0.8 1.0 -2.9 -0.0 -2.8 -4.0 -4.7 -2.9 -4.7 -4.9 1

 2 Fixed nonresidential investment 6.5 7.2 7.8 9.3 8.9 9.1 9.4 9.8 10.1 9.9 11.3 2

 3 Net acquisition of financial assets 37.0 16.2 36.4 29.9 32.8 -0.8 28.2 59.5 -2.3 -9.5 -1.3 3

 4 Checkable deposits and currency -0.2 -0.9 0.3 0.2 -2.1 -0.5 0.8 2.3 -3.2 0.8 0.6 4

 5 Security RPs 8.1 -2.1 -0.2 7.6 3.9 3.7 20.1 2.7 1.7 -41.5 7.4 5

 6 Credit market instruments 21.5 22.5 25.2 20.4 23.4 -1.5 -7.7 67.6 -19.7 26.7 -8.6 6

 7 U.S. government securities 2.8 -9.7 3.8 -15.3 -13.8 -21.6 -23.1 -2.9 -2.3 7.2 -2.4 7

 8 Treasury 0.5 -12.6 2.1 -18.0 -16.8 -21.2 -22.0 -11.9 -1.1 3.7 -3.2 8

 9 Agency 2.3 2.8 1.7 2.6 3.0 -0.4 -1.1 9.0 -1.2 3.5 0.8 9

10 Municipal securities 7.0 14.4 2.6 19.2 20.0 10.7 8.6 37.7 -11.7 10.5 -3.5 10

11 Corporate and foreign bonds 12.7 18.3 18.9 16.7 17.3 9.6 7.8 32.2 -5.5 8.9 -2.9 11

12 Commercial mortgages -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 0.2 12

13 Corporate equities -0.6 -6.8 3.0 -5.2 -4.4 -11.2 7.2 -12.6 2.8 -5.4 -6.5 13

14 Trade receivables 4.4 -0.1 2.7 1.6 10.7 3.1 2.6 -9.9 9.7 7.0 2.2 14

15 Miscellaneous assets 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 3.0 3.6 15

16 Net increase in liabilities 21.8 8.7 -2.1 18.8 31.0 2.7 7.0 34.5 -14.6 31.4 46.0 16

17 Corporate equity issues -2.2 -4.8 -13.7 -4.7 6.9 -6.6 -9.0 -10.2 -7.6 -4.4 -1.0 17

18 Taxes payable 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 18

19 Miscellaneous liabilities 22.8 12.3 10.5 22.3 22.8 8.1 14.8 43.6 -8.1 34.7 45.9 19

20 Discrepancy -19.6 -13.9 -45.2 -23.3 -10.7 -8.5 -34.6 -39.6 -25.2 26.3 31.0 20
Z.1, December 15, 1999 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2

 3 Net acquisition of financial assets 90.6 87.2 88.6 96.2 87.5 93.2 89.9 114.2 88.4 108.6 95.0 3

 4 Checkable deposits and currency 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 0.1 -0.2 -0.2 -0.2 4

 5 Time and savings deposits -9.4 -14.3 -13.2 0.1 -1.8 -3.0 12.1 -6.6 2.0 4.6 0.9 5

 6 Money market fund shares 6.0 5.2 5.0 10.7 3.8 3.3 30.9 4.7 26.8 -2.6 49.2 6

 7 Security RPs 5.5 2.5 1.9 8.2 5.7 6.9 19.3 0.9 11.4 -1.1 0.2 7

 8 Credit market instruments 56.0 52.3 65.5 118.7 74.5 130.1 95.6 174.4 60.5 150.0 45.4 8

 9 Open market paper 6.1 3.5 2.2 10.3 5.8 7.7 21.8 5.8 11.7 10.5 11.5 9

10 U.S. government securities 42.9 25.7 33.1 59.2 34.3 67.1 36.7 98.8 20.1 78.0 12.4 10

11 Treasury 18.7 12.6 15.0 13.9 -21.7 24.2 13.5 39.6 7.6 26.7 6.5 11

12 Agency 24.2 13.1 18.1 45.3 56.0 42.9 23.2 59.2 12.4 51.4 5.9 12

13 Municipal securities 0.1 0.1 0.1 0.2 0.1 0.2 0.0 0.3 0.1 0.2 0.0 13

14 Corporate and foreign bonds 5.6 21.2 27.7 45.4 31.8 50.8 34.9 63.9 27.2 56.5 20.5 14

15 Mortgages 1.4 1.8 2.4 3.7 2.5 4.3 2.2 5.7 1.5 4.8 1.0 15

16 Corporate equities 5.9 -9.6 -16.1 -52.7 -28.4 -60.2 -74.3 -48.0 -56.2 -77.3 -46.4 16

17 Mutual fund shares 18.6 41.1 36.2 31.2 52.4 43.4 0.7 28.4 34.4 31.3 27.6 17

18 Miscellaneous assets 7.2 10.1 9.4 -19.8 -18.4 -27.1 5.9 -39.5 9.5 4.0 18.2 18

19 Unallocated insurance contracts (2) -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 8.8 19

20 Contributions receivable 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 4.3 8.8 10.0 -22.3 -8.6 -36.5 -13.4 -30.5 12.1 6.4 5.5 21

22 Pension fund reserves (liabilities) (3) 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.8 109.0 95.5 22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 1.2 1.4 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.8 2

 3 Net acquisition of financial assets 62.1 59.9 75.6 60.3 69.2 60.4 55.3 56.3 58.0 60.6 72.0 3

 4 Checkable deposits and currency -2.5 3.3 -2.2 4.7 5.4 3.8 0.6 8.9 -9.5 7.4 2.0 4

 5 Time and savings deposits 2.0 -2.2 0.1 -0.4 -3.1 -0.1 0.4 1.1 -0.5 -0.9 1.6 5

 6 Security RPs 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.1 -0.5 10.7 6

 7 Credit market instruments 33.6 37.3 63.8 65.0 67.4 78.4 65.6 48.5 77.2 40.7 24.1 7

 8 Open market paper 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.1 -0.5 0.7 8

 9 U.S. government securities 22.9 17.3 31.8 19.5 -7.8 43.2 12.8 29.9 31.7 23.7 1.1 9

10 Treasury -0.4 11.8 13.4 -0.4 -20.2 11.5 -14.3 21.6 7.1 16.4 -23.6 10

11 Agency 23.2 5.5 18.4 19.9 12.4 31.7 27.1 8.3 24.6 7.3 24.7 11

12 Municipal securities 0.7 -1.4 0.6 0.6 0.4 0.5 0.3 1.1 1.0 0.4 1.3 12

13 Corporate and foreign bonds 5.6 23.8 30.1 35.0 40.5 38.2 41.6 19.8 29.4 16.1 20.0 13

14 Mortgages 0.7 0.8 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.1 1.1 14

15 Corporate equities 65.3 88.1 100.7 91.2 143.1 78.9 79.7 63.0 47.7 67.0 28.5 15

16 Miscellaneous assets -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -71.1 -53.1 5.2 16

17 Pension fund reserves (liabilities) (1) 62.5 60.5 76.4 61.1 70.0 61.2 56.1 57.1 58.8 61.4 72.9 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, December 15, 1999

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 180.3 1

 2 Foreign deposits 4.0 3.4 0.1 7.4 20.5 -25.7 29.4 5.7 41.6 17.6 34.7 2

 3 Checkable deposits and currency -1.0 2.4 2.6 -2.6 8.1 -14.5 -7.4 3.7 -20.1 17.2 -22.2 3

 4 Time and savings deposits 20.9 30.4 28.6 15.7 -6.9 -10.4 49.3 30.9 51.1 -9.1 0.8 4

 5 Security RPs 19.0 16.0 22.8 12.9 18.1 38.4 64.8 -69.5 -34.8 24.1 -8.2 5

 6 Credit market instruments 86.5 88.8 87.5 244.0 159.3 208.1 255.5 353.1 227.6 -92.6 232.1 6

 7 Open market paper 48.4 38.4 62.1 78.2 103.8 81.6 55.5 72.1 202.1 -38.1 124.1 7

 8 U.S. government securities 17.5 31.3 -9.5 95.0 0.1 9.1 116.4 254.3 -15.4 -90.4 34.4 8

 9 Treasury 3.8 20.3 -4.0 17.5 2.1 18.6 3.8 45.4 32.3 -69.9 22.2 9

10 Agency 13.7 11.0 -5.5 77.5 -2.0 -9.4 112.6 208.9 -47.7 -20.4 12.1 10

11 Municipal securities 14.3 16.8 22.5 26.0 21.5 23.8 33.0 25.7 14.0 3.8 7.8 11

12 Corporate and foreign bonds 6.4 2.4 12.5 44.8 33.9 93.6 50.7 1.0 26.8 32.0 65.9 12

13 Miscellaneous assets 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 -56.9 13

14 Net share issues (liabilities) 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 180.3 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 5.0 1

 2 Net acquisition of financial assets 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 2

 3 Security RPs 7.1 -2.7 10.3 10.4 -26.1 62.6 53.4 -48.3 5.8 3.9 9.1 3

 4 Credit market instruments 52.5 48.9 80.9 124.8 156.4 146.4 92.9 103.5 103.0 121.0 -32.8 4

 5 Open market paper 7.1 -3.1 10.6 10.4 -22.6 49.9 39.1 -24.8 9.0 -8.0 -7.0 5

 6 U.S. government securities 18.9 15.1 19.5 26.1 69.7 -2.6 17.6 19.9 33.4 65.5 -36.7 6

 7 Treasury 11.2 8.9 11.0 5.2 26.6 -13.4 -2.7 10.2 17.1 31.9 -33.0 7

 8 Agency 7.7 6.2 8.4 21.0 43.0 10.8 20.3 9.7 16.3 33.5 -3.7 8

 9 Municipal securities 3.2 3.1 6.5 22.8 19.3 26.5 11.5 33.9 20.4 12.9 -13.3 9

10 Corporate and foreign bonds 23.3 33.8 44.4 65.5 90.1 72.6 24.7 74.5 40.2 50.6 24.2 10

11 Corporate equities 87.4 193.0 166.8 143.3 207.1 181.2 20.5 164.3 115.5 114.6 144.6 11

12 Miscellaneous assets 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 29.0 -31.3 5.8 12

13 Net share issues (liabilities) 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 13

14 Discrepancy 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 5.0 14

 Memo:

15 Capital gains dividends 54.6 101.1 183.2 165.0 102.5 113.3 155.2 289.0 111.0 146.7 172.1 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 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 -8.9 1

 2 Credit market instruments 10.5 4.7 -2.9 4.5 4.5 4.5 4.5 4.5 4.4 4.4 4.3 2

 3 U.S. government securities -1.5 0.2 -1.3 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 -0.7 3

 4 Municipal securities 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 4

 5 Corporate and foreign bonds 5.8 2.4 -0.7 4.6 4.6 4.6 4.6 4.6 4.4 4.4 4.2 5

 6 Corporate equities -4.6 -1.5 -5.4 -15.1 -15.1 -15.1 -15.1 -15.1 -14.0 -14.0 -13.2 6

 7 Net share issues (liabilities) 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 -8.9 7
Z.1, December 15, 1999 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.8 1.8 1.9 1.8 1.8 1.9 1.8 1.8 1.8 1.8 1.8 1

 2 Fixed nonresidential investment 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 115.1 91.7 110.8 304.9 203.0 158.4 307.7 550.7 169.8 290.1 399.0 3

 4 Checkable deposits and currency 0.2 -0.8 1.2 2.5 -1.4 1.2 0.7 9.4 -6.5 -2.4 2.0 4

 5 Federal funds and security RPs 20.5 -11.8 -4.1 -13.4 -14.7 -26.7 -3.7 -8.4 -26.3 -8.7 5.9 5

 6 Credit market instruments 86.7 84.2 94.3 260.8 198.3 150.6 264.7 429.5 157.2 259.2 287.5 6

 7 Open market paper -0.8 9.6 -1.1 26.9 120.1 -44.9 6.5 25.8 -103.0 -11.0 6.0 7

 8 U.S. government securities 63.4 46.7 69.1 132.5 60.0 115.7 146.5 207.7 228.4 158.8 119.4 8

 9 Treasury 6.1 -12.9 7.1 -0.7 -55.7 12.5 15.7 24.5 18.7 -10.0 3.4 9

10 Agency 57.4 59.6 62.0 133.2 115.7 103.2 130.7 183.1 209.6 168.8 116.0 10

11 Municipal securities 1.0 -0.3 -0.8 1.3 0.4 1.7 7.8 -4.7 -6.0 3.0 -0.5 11

12 Corporate and foreign bonds 5.5 5.6 0.3 0.5 -17.8 10.6 9.1 -0.0 4.6 -15.6 -6.5 12

13 Other loans and advances 11.2 28.8 31.2 92.3 31.6 64.9 93.7 179.1 49.6 124.1 166.1 13

14 Sallie Mae 0.9 -1.7 -5.3 -1.4 -7.0 -9.5 4.6 6.2 7.2 5.0 15.9 14

15 Farm Credit System 3.9 1.4 0 3.3 6.1 -2.4 6.9 2.8 0.2 -0.0 3.0 15

16 FHLB loans 6.4 29.1 36.4 90.4 32.4 76.8 82.3 170.1 42.2 119.1 147.1 16

17 Mortgages 6.4 -6.1 -4.5 7.3 4.0 2.5 1.1 21.7 -16.5 -0.2 3.0 17

18 Home 5.9 -6.7 -4.2 4.4 5.0 1.2 -2.5 13.7 -22.0 -10.3 -6.3 18

19 Multifamily residential 0.6 -0.5 -1.2 0.8 -2.3 -0.1 1.1 4.3 4.9 8.1 7.2 19

20 Farm -0.1 1.1 1.0 2.2 1.3 1.3 2.5 3.7 0.5 2.0 2.1 20

21 Miscellaneous assets 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 42.0 103.6 21

22 Net increase in liabilities 111.8 90.7 106.2 298.6 203.0 156.4 301.0 534.1 167.0 291.4 392.7 22

23 Credit market instruments 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 23

24 GSE issues (2) 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 24

25 U.S. government loans 0 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities 5.8 0.3 7.8 20.3 60.5 -9.9 6.9 23.7 -25.9 -13.3 -14.4 26

27 Discrepancy -1.9 0.4 -3.2 -4.9 1.4 -0.6 -5.4 -15.2 -1.4 2.6 -5.0 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 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 1

 2 Home mortgages 93.7 135.5 109.2 182.1 101.9 233.5 245.0 148.1 389.7 266.1 237.8 2

 3 Multifamily residential mortgages 4.5 5.6 5.3 10.5 4.8 5.6 16.7 14.7 9.5 8.3 8.4 3

 4 Farm mortgages -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) 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, December 15, 1999

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.3 0.7 0.9 1.2 1.1 1.1 1.4 1.3 1.2 1.3 1.2 1

 2 Fixed nonresidential investment 1.6 6.0 3.1 3.0 -0.2 2.5 14.6 -4.8 -1.2 -1.6 -1.9 2

 3 Net acquisition of financial assets 141.1 148.6 198.6 314.5 284.3 351.0 281.1 341.8 302.9 338.7 193.6 3

 4 Agency securities (1) 14.0 -5.1 -7.5 25.2 5.3 7.3 35.4 52.9 61.9 81.6 60.6 4

 5 Other loans and advances 6.9 13.3 32.2 27.6 32.3 9.1 13.6 55.5 17.9 24.6 8.6 5

 6 Student loans 1.0 5.3 7.8 3.8 10.0 9.6 -2.4 -2.0 -2.4 1.2 1.2 6

 7 Loans to business 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 23.4 7.4 7

 8 Mortgages (2) 34.1 61.2 90.4 164.5 147.0 189.0 155.0 166.8 143.9 111.9 15.5 8

 9 Home 18.4 34.9 53.0 91.1 76.5 101.3 111.8 74.8 79.6 69.2 -37.5 9

10 Multifamily residential 3.8 6.1 7.1 15.1 16.7 17.6 10.7 15.3 14.5 9.3 8.9 10

11 Commercial 11.9 20.1 30.3 58.3 53.8 70.2 32.5 76.7 49.7 33.4 44.1 11

12 Consumer credit 65.6 54.2 47.2 59.4 39.2 115.9 44.8 37.6 59.2 100.9 97.2 12

13 Trade credit 20.5 25.0 36.3 37.9 60.4 29.6 32.4 29.0 20.0 19.7 11.7 13

14 Net increase in liabilities 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 300.5 335.8 190.5 14

15 Commercial paper 37.3 45.4 89.4 125.7 125.8 126.4 129.0 121.4 91.8 136.9 155.1 15

16 Corporate bonds 105.1 108.5 111.4 190.7 157.2 226.0 165.2 214.3 208.7 198.9 35.4 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 1.3 5.3 2.1 1.8 -1.3 1.4 13.1 -6.1 -2.4 -2.9 -3.1 18

19 REIT assets (4) -1.3 -0.3 3.7 2.9 0.8 9.6 2.2 -1.2 -1.9 -1.8 -0.8 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 19.1 21.5 22.6 22.5 22.3 22.7 22.4 22.7 24.2 23.7 24.4 1

 2 Fixed nonresidential investment 21.5 20.2 24.2 27.7 30.2 28.3 16.1 36.4 33.4 34.5 36.2 2

 3 Net acquisition of financial assets 72.7 42.2 52.8 70.2 96.0 54.4 -14.4 144.9 184.4 92.6 83.2 3

 4 Checkable deposits and currency 1.7 1.9 2.1 2.3 2.2 2.2 2.3 2.3 2.4 2.4 2.5 4

 5 Credit market instruments 49.9 18.4 21.9 51.9 28.7 24.0 79.5 75.3 92.2 79.6 94.5 5

 6 Other loans and advances 26.7 7.9 9.0 29.0 25.6 34.4 29.4 26.7 56.5 41.9 66.1 6

 7 Mortgages 5.6 10.2 5.3 14.4 8.0 -1.6 32.7 18.5 29.2 14.0 33.1 7

 8 Consumer credit 17.7 0.3 7.6 8.5 -4.9 -8.7 17.4 30.1 6.5 23.7 -4.7 8

 9 Miscellaneous assets 21.0 22.0 28.9 16.1 65.1 28.1 -96.2 67.3 89.8 10.5 -13.7 9

10 Net increase in liabilities 72.7 49.8 46.6 61.6 98.9 49.8 -3.0 100.8 140.4 105.6 38.2 10

11 Credit market instruments 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 -22.7 11

12 Open market paper -2.9 9.0 23.9 30.0 41.8 48.9 22.0 7.3 -34.7 21.9 -82.7 12

13 Corporate bonds 52.6 32.5 20.3 10.9 37.5 42.0 -44.6 8.6 107.9 65.4 52.4 13

14 Bank loans n.e.c. 0.5 4.4 4.4 2.1 -4.7 0.9 10.6 1.8 -2.0 1.0 7.6 14

15 Taxes payable 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 15

16 Miscellaneous liabilities 21.8 3.2 -2.8 17.8 23.6 -42.8 8.2 82.3 68.5 16.5 60.1 16

17 Foreign direct investment in U.S. 2.8 5.1 6.8 5.0 8.7 8.7 -11.2 13.9 -5.6 20.5 12.6 17

18 Investment by parent 9.3 9.3 4.3 -2.9 -0.2 -18.2 -7.1 14.1 11.4 3.2 77.2 18

19 Other 9.8 -11.2 -14.0 15.7 15.1 -33.3 26.6 54.3 62.7 -7.1 -29.7 19

20 Discrepancy -2.4 8.9 -7.9 -13.8 -5.0 -10.2 17.7 -57.8 -53.2 2.2 -56.8 20

 Memo:

21 Consumer leases not included above (2) 13.4 11.7 4.3 -3.5 -6.6 7.4 -8.6 -6.2 2.5 6.8 9.8 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, December 15, 1999 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 -2.1 1

 2 Home mortgages -4.5 8.2 -10.2 3.1 58.4 -56.0 4.0 6.0 -9.2 10.0 -2.0 2

 3 Multifamily residential mortgages 1.1 -0.1 1.0 0.1 0.4 -0.4 0.5 0 0.0 0.2 -0.1 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 -2.1 5

 6 Bank loans n.e.c. -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 6

 7 Investment by parent -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 3.2 3.6 7.8 10.0 8.7 9.5 10.3 11.6 10.5 10.5 10.2 1

 2 Fixed nonresidential investment 7.0 17.8 52.0 64.7 72.3 62.7 76.9 47.1 36.2 -21.6 14.2 2

 3 Multifamily residential investment 2.7 4.4 11.3 11.4 12.8 11.1 13.6 8.3 6.4 -3.8 2.5 3

 4 Net acquisition of financial assets 2.3 4.9 26.1 6.4 57.3 17.6 -9.4 -39.8 1.8 -7.0 -1.8 4

 5 Checkable deposits and currency 0 2.2 1.1 0.8 5.1 1.1 -4.0 0.9 -1.3 -0.2 2.6 5

 6 Credit market instruments 1.4 4.4 20.2 -5.1 25.6 6.1 -11.3 -40.8 1.7 -2.2 -2.7 6

 7 Agency securities -0.2 3.2 9.0 -8.1 8.0 -8.5 -11.0 -20.7 7.2 -0.2 -1.1 7

 8 Corporate and foreign bonds 0.8 1.4 2.1 -0.4 6.3 1.5 -3.0 -6.4 -1.9 -0.2 -1.2 8

 9 Mortgages 0.8 -0.3 9.1 3.4 11.3 13.1 2.8 -13.7 -3.6 -1.9 -0.4 9

10 Home 1.9 1.1 6.0 0.8 6.5 10.7 -1.1 -12.9 -5.9 -1.3 0.5 10

11 Multifamily residential -0.6 -0.4 0.9 0.1 0.3 0.3 0.6 -1.0 -0.4 -0.4 -0.4 11

12 Commercial -0.5 -1.0 2.2 2.5 4.5 2.1 3.2 0.2 2.7 -0.2 -0.5 12

13 Miscellaneous assets 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 -1.7 13

14 Net increase in liabilities 15.8 29.5 92.2 86.4 137.4 99.3 85.3 23.4 42.7 -18.0 31.2 14

15 Security RPs 1.2 2.8 11.2 -9.8 20.3 -7.5 -13.0 -38.9 4.0 0.7 -2.2 15

16 Credit market instruments 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 7.9 16

17 Open market paper -0.0 0.0 0.0 0.2 0.1 -0.2 0.7 0.0 0.0 -0.0 -0.1 17

18 Corporate bonds 0.2 1.3 14.8 21.7 32.6 31.5 9.9 12.9 25.0 -6.2 3.2 18

19 Bank loans n.e.c. -1.0 2.7 9.9 16.0 21.2 13.3 29.0 0.5 -19.5 -1.3 -4.5 19

20 Mortgages 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 9.4 20

21 Corporate equity issues 8.7 12.3 32.5 19.8 35.9 27.4 7.0 9.0 5.8 6.2 12.6 21

22 Miscellaneous liabilities 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 12.9 22

23 Discrepancy 6.9 6.0 10.5 13.8 3.8 17.4 14.6 19.4 8.8 24.9 26.4 23

 Memo:

24 Securitized assets included above -1.3 -0.3 3.7 2.9 0.8 9.6 2.2 -1.2 -1.9 -1.8 -0.8 24

25 Agency securities -2.3 0.3 0.4 0.1 1.3 -1.3 2.2 -1.8 -2.2 -1.5 -1.0 25

26 Home mortgages 0.9 -0.8 3.1 1.8 -1.2 8.7 -2.1 1.9 -0.6 -0.1 0.5 26

27 Multifamily residential mortgages 0 0.3 0.2 0.4 0.1 1.1 0.5 -0.3 0.5 -0.2 -0.2 27

28 Commercial mortgages 0 0 0.0 0.6 0.6 1.2 1.6 -1.0 0.5 -0.1 -0.1 28
36 Z.1, December 15, 1999

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -0.1 2.5 2.1 2.0 1.9 2.2 2.1 1.8 2.7 2.1 2.2 1

 2 Fixed nonresidential investment 3.5 4.1 4.6 5.5 5.3 5.4 5.6 5.9 6.0 5.9 6.8 2

 3 Net acquisition of financial assets 113.4 68.2 142.8 70.7 587.7 -281.6 225.6 -249.0 176.0 119.1 -56.0 3

 4 Checkable deposits and currency 1.7 1.9 6.0 3.8 13.1 -10.8 15.2 -2.2 -4.3 13.1 -4.9 4

 5 Credit market instruments 90.1 -15.7 14.9 -17.4 245.8 -183.1 77.0 -209.1 184.5 -191.0 15.7 5

 6 Open market paper 10.9 1.6 0.6 3.8 3.3 12.9 17.8 -18.8 3.0 0.4 2.1 6

 7 U.S. government securities 70.0 -29.9 2.7 -2.7 237.4 -218.7 102.5 -132.1 154.7 -218.0 38.3 7

 8 Treasury 61.0 -31.1 7.5 -3.2 167.6 -294.9 204.2 -89.7 226.9 -225.4 -52.0 8

 9 Agency 9.0 1.2 -4.8 0.5 69.8 76.2 -101.7 -42.4 -72.2 7.4 90.3 9

10 Municipal securities -2.7 -1.9 2.4 -0.0 -3.3 12.0 -2.7 -6.2 -3.2 7.9 -6.0 10

11 Corporate and foreign bonds 12.0 14.5 9.2 -18.4 8.3 10.7 -40.7 -52.1 30.0 18.7 -18.7 11

12 Corporate equities 7.7 -1.9 2.4 -8.5 18.6 -0.5 -1.6 -50.6 32.9 16.9 -35.1 12

13 Security credit 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 89.0 -5.6 13

14 Miscellaneous assets 10.3 68.2 82.8 68.8 273.6 -134.7 139.8 -3.3 -59.6 191.0 -26.2 14

15 Net increase in liabilities 117.0 69.7 145.2 74.5 590.9 -278.0 229.8 -244.6 178.7 123.0 -51.2 15

16 Security RPs (net) 79.0 -1.5 22.7 -34.2 120.5 -158.8 81.4 -179.9 241.4 -49.8 -26.6 16

17 Corporate bonds -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -17.4 16.9 17

18 Corporate equity issues -8.1 -6.5 -5.9 2.7 0.1 0.4 27.0 -16.6 -2.4 15.7 23.0 18

19 Trade payables 1.1 4.0 5.7 -1.0 -1.5 5.4 3.7 -11.5 1.9 40.3 -6.9 19

20 Security credit 23.1 36.6 74.2 84.5 122.8 86.8 171.8 -43.4 -109.5 45.1 -2.7 20

21 Customer credit balances (HH) 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 41.6 24.0 21

22 From banks 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 -26.7 22

23 Taxes payable -0.1 0.1 0.1 -0.1 -1.0 0.0 -1.2 1.9 0.1 0.4 0.4 23

24 Miscellaneous liabilities 12.6 28.4 21.8 8.0 328.9 -241.1 -22.0 -33.8 63.2 75.9 -38.3 24

25 Foreign direct investment in U.S. 1.5 1.3 0.4 0.7 2.0 0.2 0.6 0.1 -0.0 0.9 0.7 25

26 Due to affiliates 22.5 42.9 66.0 84.3 82.6 141.8 56.0 56.6 224.5 101.3 -59.8 26

27 Other -11.4 -15.8 -44.7 -77.0 244.3 -383.1 -78.6 -90.4 -161.3 -26.3 20.8 27

28 Proprietors’ net investment 14.3 10.6 18.6 7.4 22.2 9.3 -28.4 26.4 15.1 12.8 -17.1 28

29 Discrepancy -0.1 -0.1 -0.2 0.3 -0.1 0.4 0.6 0.4 -0.6 0.1 0.2 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 5.7 106.5 119.3 115.1 239.1 45.2 77.6 98.6 212.2 185.9 109.1 1

 2 Money market fund shares 2.4 27.3 10.4 57.9 43.1 58.3 61.6 68.4 35.4 28.7 18.9 2

 3 Credit market instruments -21.2 14.0 55.6 4.7 86.0 -14.3 -60.1 7.2 27.9 111.0 30.4 3

 4 Open market paper -30.9 1.2 51.6 0.3 100.1 -42.0 -69.9 12.8 29.3 91.2 15.8 4

 5 Corporate and foreign bonds 9.8 12.8 4.1 4.5 -14.1 27.7 9.8 -5.6 -1.4 19.8 14.6 5

 6 Miscellaneous assets (2) 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.1 59.8 6

 7 Investment in foreign banking offices 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 56.0 7

 8 Investment in brokers and dealers 17.8 51.5 38.9 40.7 75.0 34.0 35.3 18.6 152.0 51.4 3.8 8

 9 Net increase in liabilities 5.7 106.5 119.3 115.1 239.1 45.2 77.6 98.6 212.2 185.9 109.1 9

10 Credit market instruments 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.8 31.2 10

11 Open market paper 10.5 34.9 50.1 6.7 67.5 -53.3 -17.8 30.4 22.4 -107.3 35.9 11

12 Corporate bonds 24.4 29.2 30.6 34.0 71.7 24.7 29.0 10.5 144.2 43.4 -4.6 12

13 Miscellaneous liabilities -29.2 42.4 38.7 74.4 99.9 73.8 66.4 57.6 45.7 249.7 77.9 13

14 Foreign direct investment in U.S. -10.4 1.1 -27.4 11.8 -29.3 29.7 64.9 -18.0 -17.6 110.0 28.6 14

15 Securities loaned (net) -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 103.4 3.8 15

16 Other -13.3 -18.6 8.8 0.9 35.8 -2.0 -146.2 116.2 203.3 36.3 45.6 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, December 15, 1999 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 9.6 -6.7 1.0 6.8 1.8 7.8 8.1 9.5 -16.3 -4.6 -7.8 1

 2 U.S. gold stock and SDRs 0.8 -0.4 0.4 0.1 0.7 -0.3 -0.8 0.9 -2.3 0.8 0.7 2

 3 Federal govt.: Exchange Stab. Fund 0.8 -0.4 0.4 0.1 0.7 -0.3 -0.7 0.9 -2.3 0.8 0.7 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 4

 5 U.S. foreign exchange position 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 -8.5 5

 6 Official foreign currency holdings 6.3 -7.6 -2.9 1.5 0.7 3.9 0.5 0.9 -14.0 0.3 0.5 6

 7 Treasury 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 0.3 7

 8 Monetary authority 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 0.3 8

 9 Net IMF position 2.5 1.3 3.6 5.1 0.3 4.1 8.3 7.7 -0.0 -5.7 -9.1 9

10 Federal government 2.5 1.3 3.6 5.1 0.3 4.1 8.3 7.7 -0.0 -5.7 -9.1 10

11 Monetary authority 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 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 -4.0 1

 2 Asset: Monetary authority 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 -4.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 2.1 2.0 3

 4 Asset: Monetary authority 1.0 1.0 0.6 0.7 0.5 0.5 0.6 1.1 1.5 1.5 1.5 4

 5 Discrepancy (seigniorage) -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.5 0.6 0.5 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 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 99.3 63.6 1

 Held by:

 2 Household sector 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 6.4 4.1 2

 3 Nonfinancial corporate business 1.6 10.5 -6.3 0.8 10.7 -17.7 -5.9 15.9 15.3 -9.0 -8.8 3

 4 Money market mutual funds 4.0 3.4 0.1 7.4 20.5 -25.7 29.4 5.7 41.6 17.6 34.7 4

 5 Discrepancy--unallocated assets 25.1 59.6 106.8 -8.1 -95.7 149.9 69.9 -156.5 62.7 84.4 33.6 5
38 Z.1, December 15, 1999

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 10.0 -51.6 -19.7 -33.5 -95.2 40.1 43.9 -122.8 48.5 90.2 -52.0 1

 2 Monetary authority 1.3 -0.5 6.1 -7.5 -9.8 -2.0 14.2 -32.4 20.6 3.0 0.9 2

 3 Depository institution reserves -1.2 -5.1 6.3 -4.5 -10.9 -1.3 13.9 -19.8 2.5 -2.0 3.9 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 -2.9 4

 5 Commercial banking 8.7 -51.2 -25.8 -26.0 -85.5 42.1 29.7 -90.4 27.9 87.2 -52.9 5

 6 To monetary authority 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 0.2 6

 7 To banks in foreign countries 11.1 -52.0 -4.3 -28.3 -115.6 29.8 17.7 -45.0 -21.6 84.4 -52.4 7

 8 Liabilities, net 10.7 -46.8 -4.2 -33.3 -133.3 29.4 7.9 -37.0 -24.5 85.6 -52.2 8

 9 U.S.-chartered commercial banks -2.7 -31.1 13.6 23.0 42.5 -2.2 112.6 -60.7 21.8 90.7 5.9 9

10 Due to foreign affiliates -14.7 -1.9 46.3 23.6 -24.5 35.2 34.1 49.4 -15.4 57.7 7.7 10

11 - Due from foreign affiliates -12.0 29.2 32.7 0.5 -67.0 37.5 -78.5 110.2 -37.2 -33.0 1.8 11

12 Foreign banking offices in U.S. 17.3 -11.5 -18.5 -56.9 -180.1 28.6 -114.5 38.5 -58.9 -32.4 -53.3 12

13 Due to foreign affiliates 15.5 10.6 -10.7 32.1 -78.9 167.3 12.1 28.2 -17.2 60.0 -45.7 13

14 - Due from foreign affiliates -1.7 22.1 7.8 89.0 101.2 138.7 126.6 -10.3 41.7 92.4 7.6 14

15 Bank holding companies -3.8 -4.1 0.8 0.6 4.3 3.1 9.8 -14.8 12.5 27.4 -4.7 15

16 Due to foreign affiliates -1.1 -0.2 0.3 -0.1 2.0 -1.1 1.5 -3.0 -0.4 18.5 1.8 16

17 - Due from foreign affiliates 2.7 3.9 -0.4 -0.7 -2.2 -4.1 -8.3 11.7 -13.0 -8.9 6.5 17

18 Less: Deposits at foreign banks -0.4 5.2 0.2 -5.0 -17.7 -0.4 -9.8 8.0 -3.0 1.3 0.3 18

19 U.S.-chartered commercial banks -2.5 5.2 1.0 -1.0 -2.2 -0.8 -9.3 8.2 -2.7 0.9 0.4 19

20 Foreign banking offices in U.S. 2.1 -0.0 -0.9 -4.0 -15.5 0.4 -0.5 -0.3 -0.3 0.4 -0.1 20

21 To U.S. banking, net -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 21

22 U.S.-chartered commercial banks -7.3 -23.5 -6.7 -2.6 16.2 -8.1 18.1 -36.6 52.4 0.7 -35.9 22

23 Liabilities -8.1 -6.6 -14.7 6.0 23.9 23.3 67.5 -90.7 77.5 -5.0 -4.5 23

24 To foreign offices in U.S. -4.9 -3.0 5.4 2.1 -13.0 13.3 45.5 -37.5 19.3 -11.1 4.9 24

25 To bank holding companies -0.1 -0.3 -0.2 0.6 1.8 1.2 -0.3 -0.4 -0.4 7.7 -8.7 25

26 Unallocated -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 26

 Less, due from:

27 Foreign offices in U.S. -1.3 6.0 -7.4 -1.6 7.5 20.9 38.4 -73.2 20.2 -17.9 33.4 27

28 Bank holding companies 0.5 10.9 -0.6 10.2 0.2 10.6 11.0 19.1 4.9 12.2 -2.0 28

29 Foreign banking offices in U.S. 3.6 9.0 -12.7 -3.7 20.5 7.7 -7.1 -35.7 0.9 -6.9 28.5 29

30 Due to U.S. banks -1.3 6.0 -7.4 -1.6 7.5 20.9 38.4 -73.2 20.2 -17.9 33.4 30

31 - Due from U.S. banks -4.9 -3.0 5.4 2.1 -13.0 13.3 45.5 -37.5 19.3 -11.1 4.9 31

32 Bank holding companies 0.6 11.2 -0.4 9.6 -1.6 9.4 11.2 19.6 5.4 4.5 6.7 32

33 Due to U.S. banks 0.5 10.9 -0.6 10.2 0.2 10.6 11.0 19.1 4.9 12.2 -2.0 33

34 - Due from U.S. banks -0.1 -0.3 -0.2 0.6 1.8 1.2 -0.3 -0.4 -0.4 7.7 -8.7 34

35 Net change in assets 13.1 -48.3 0.2 -36.9 -130.3 31.2 21.7 -70.1 -10.2 91.9 -51.3 35

36 Rest of the world 11.1 -52.0 -4.3 -28.3 -115.6 29.8 17.7 -45.0 -21.6 84.4 -52.4 36

37 Domestic 2.0 3.7 4.5 -8.6 -14.7 1.4 4.0 -25.1 11.4 7.5 1.2 37

38 Monetary authority 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 0.2 38

39 Federal Reserve float 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 -0.8 39

40 Loans to member banks -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 1.0 40

41 Commercial banking 1.4 -0.0 6.6 -7.6 -10.1 -1.8 14.4 -32.8 21.1 2.9 1.5 41

42 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -11.2 -1.1 14.1 -20.3 3.0 -2.1 4.4 42

43 Vault cash 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 -2.9 43

44 Savings insts.: Reserves at Fed. Res. -0.1 -0.5 -0.5 0.1 0.3 -0.2 -0.2 0.4 -0.6 0.0 -0.6 44

45 Discrepancy--floats, etc. -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 45
Z.1, December 15, 1999 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.1 10.1 141.4 1

 2 Monetary authority 17.0 23.5 30.1 38.5 22.9 29.8 39.3 62.2 34.6 2.7 101.2 2

 3 Federal government cash and deposits -1.2 1.7 -2.3 0.5 4.8 0.9 -12.1 8.5 -0.2 -44.0 42.8 3

 4 Deposits due to foreign 0.2 -0.1 0.5 0.0 -0.9 0.4 0.9 -0.4 0.3 1.3 -0.3 4

 5 Currency outside banks 18.0 21.8 31.9 38.0 19.0 28.5 50.5 54.1 34.5 45.3 58.6 5

 6 Commercial banking -45.9 -34.6 -19.8 -33.4 -20.8 33.8 -91.4 -55.4 -2.7 -36.5 4.9 6

 7 Federal government deposits -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 32.2 7

 8 Deposits due to foreign 0.8 2.6 4.6 -2.0 5.9 14.2 -11.7 -16.4 5.1 20.3 33.4 8

 9 Private domestic deposits -42.0 -46.9 -23.5 -16.8 -21.5 -30.7 -16.6 1.6 -38.1 -102.4 -60.7 9

10 Savings institutions 14.1 25.4 27.1 36.1 34.5 33.9 31.4 44.6 29.8 43.3 35.9 10

11 Credit unions 2.1 1.6 4.1 6.4 16.0 -7.4 -4.2 21.4 -0.5 0.6 -0.6 11

12 Net change in assets -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.1 10.1 141.4 12

13 Household sector -58.7 -59.1 -0.4 2.2 -37.2 -37.2 15.7 67.6 -28.9 -50.3 -9.7 13

14 Nonfinancial business 36.1 45.3 -1.7 38.8 79.5 68.9 17.3 -10.4 106.9 -11.7 25.6 14

15 Corporate 31.3 36.8 -7.0 30.1 72.1 59.6 8.0 -19.4 99.5 -19.7 17.7 15

16 Nonfarm noncorporate 4.3 8.5 5.1 6.8 5.4 7.4 7.4 7.0 7.0 7.7 7.6 16

17 Farm 0.5 0 0.2 1.9 1.9 1.9 1.9 1.9 0.4 0.4 0.4 17

18 State and local governments 3.4 -5.5 4.4 -3.9 -6.7 -1.8 -2.9 -4.2 9.6 -10.0 -0.7 18

19 Federal government -0.0 11.0 -0.5 -16.7 -8.6 95.6 -107.7 -46.1 31.9 43.0 47.2 19

20 Rest of the world 13.4 19.9 29.9 14.6 8.0 24.0 18.3 8.2 15.2 33.9 51.9 20

21 Checkable deposits 1.1 2.6 5.1 -2.0 5.0 14.6 -10.8 -16.8 5.4 21.6 33.1 21

22 Currency 12.3 17.4 24.8 16.6 3.0 9.4 29.1 25.0 9.8 12.2 18.8 22

23 Financial sectors 3.0 7.9 16.4 13.1 13.4 -12.1 5.6 45.6 -69.8 47.6 -0.3 23

24 Commercial banking 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 1.6 24

25 Savings institutions 1.6 -1.3 1.0 3.2 2.4 -0.1 -0.2 10.8 -13.5 4.8 2.6 25

26 Credit unions 0.9 0.1 0.6 1.0 -0.3 0.3 0.5 3.5 -1.1 0.9 13.9 26

27 Bank personal trusts and estates 0.1 0.3 0.0 -0.5 -0.5 -0.5 -0.5 -0.5 0.0 0.1 0.1 27

28 Life insurance companies -0.5 -0.9 3.8 -2.7 -18.3 5.1 -1.6 4.0 -10.9 5.2 -0.7 28

29 Other insurance companies -0.2 -0.9 0.3 0.2 -2.1 -0.5 0.8 2.3 -3.2 0.8 0.6 29

30 Private pension funds 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 0.1 -0.2 -0.2 -0.2 30

31 State and local govt. retirement funds -2.5 3.3 -2.2 4.7 5.4 3.8 0.6 8.9 -9.5 7.4 2.0 31

32 Money market mutual funds -1.0 2.4 2.6 -2.6 8.1 -14.5 -7.4 3.7 -20.1 17.2 -22.2 32

33 Government-sponsored enterprises 0.2 -0.8 1.2 2.5 -1.4 1.2 0.7 9.4 -6.5 -2.4 2.0 33

34 Finance companies 1.7 1.9 2.1 2.3 2.2 2.2 2.3 2.3 2.4 2.4 2.5 34

35 REITs 0 2.2 1.1 0.8 5.1 1.1 -4.0 0.9 -1.3 -0.2 2.6 35

36 Brokers and dealers 1.7 1.9 6.0 3.8 13.1 -10.8 15.2 -2.2 -4.3 13.1 -4.9 36

37 Mail float -9.8 -3.6 -6.6 -0.5 4.2 -47.3 28.8 12.2 -3.7 -42.4 27.4 37
40 Z.1, December 15, 1999

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 162.2 211.3 219.6 244.5 286.8 79.3 226.4 385.6 -73.9 142.6 248.0 1

 2 Small time and savings deposits 96.6 97.2 97.1 152.4 99.0 84.9 144.7 281.2 -68.0 100.0 145.5 2

 3 Commercial banking 113.9 123.1 148.3 183.7 158.6 123.1 160.8 292.3 -6.4 120.4 141.6 3

 4 U.S.-chartered commercial banks 113.4 122.8 143.9 186.3 160.6 112.8 179.0 292.9 -2.4 126.9 138.1 4

 5 Foreign banking offices in U.S. -0.7 0.1 4.4 -3.6 -3.1 9.3 -19.4 -1.2 -1.6 -7.6 2.2 5

 6 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 1.4 6

 7 Savings institutions -29.0 -38.1 -64.4 -54.3 -70.2 -59.5 -47.7 -40.0 -73.9 -44.1 -17.9 7

 8 Credit unions 11.6 12.3 13.2 23.1 10.5 21.3 31.5 28.9 12.2 23.6 21.7 8

 9 Large time deposits (1) 65.6 114.0 122.5 92.1 187.8 -5.6 81.8 104.4 -5.9 42.6 102.4 9

10 Commercial banking 54.8 105.3 107.9 72.3 174.9 -21.3 61.4 74.2 -10.0 29.0 94.4 10

11 U.S.-chartered commercial banks 42.6 49.5 63.2 34.8 81.1 -7.8 2.2 63.7 5.2 39.9 69.5 11

12 Foreign banking offices in U.S. 11.0 55.6 44.7 36.5 92.7 -14.5 58.0 9.9 -12.8 -12.0 23.6 12

13 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 1.4 13

14 Savings institutions 9.2 6.3 11.7 15.7 12.6 7.8 18.0 24.2 -0.1 9.5 3.8 14

15 Credit unions 1.7 2.4 2.9 4.1 0.3 7.9 2.3 5.9 4.2 4.2 4.2 15

16 Net change in assets 162.2 211.3 219.6 244.5 286.8 79.3 226.4 385.6 -73.9 142.6 248.0 16

17 Household sector 164.5 165.0 171.5 189.6 247.7 60.4 65.7 384.8 -125.0 143.0 200.2 17

18 Nonfinancial business -15.8 11.4 11.4 8.1 18.7 10.9 50.1 -47.1 3.9 -0.4 25.0 18

19 Corporate -24.5 0.7 6.2 3.0 13.9 4.9 44.1 -50.7 -1.7 -6.0 18.5 19

20 Nonfarm noncorporate 8.7 10.7 5.3 5.1 4.8 6.0 6.0 3.6 5.6 5.6 6.4 20

21 State and local governments 6.6 10.6 5.8 12.8 15.7 15.3 9.4 10.6 -2.2 0.2 15.7 21

22 Federal government 0.3 1.4 1.0 1.3 -1.6 1.0 1.3 4.7 -3.4 0.8 2.1 22

23 Rest of the world -6.6 10.9 13.1 12.5 18.3 -1.0 37.2 -4.6 -4.5 1.2 17.5 23

24 Financial sectors 13.3 11.9 16.8 20.2 -12.0 -7.3 62.8 37.2 57.3 -2.2 -12.4 24

25 Savings institutions -0.2 0.3 -0.4 0.5 0.7 1.1 -0.1 0.4 -0.3 -0.3 -0.0 25

26 Credit unions 0.4 -0.7 0.6 6.4 1.2 7.2 3.3 13.7 4.3 2.7 -16.5 26

27 Bank personal trusts and estates -0.5 -1.6 1.0 -2.1 -2.1 -2.1 -2.1 -2.1 0.7 0.8 0.8 27

28 Private pension funds -9.4 -14.3 -13.2 0.1 -1.8 -3.0 12.1 -6.6 2.0 4.6 0.9 28

29 State and local govt. retirement funds 2.0 -2.2 0.1 -0.4 -3.1 -0.1 0.4 1.1 -0.5 -0.9 1.6 29

30 Money market mutual funds 20.9 30.4 28.6 15.7 -6.9 -10.4 49.3 30.9 51.1 -9.1 0.8 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 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 180.3 1

 2 Net purchases 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 180.3 2

 3 Household sector 97.9 56.1 88.5 142.9 85.2 145.1 202.6 138.7 74.6 32.1 82.7 3

 4 Nonfinancial corporate business 24.8 9.9 23.9 45.1 46.5 20.4 42.8 70.8 25.4 23.3 13.7 4

 5 Nonfarm noncorporate business 0.9 0.6 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Bank personal trusts and estates 3.7 7.8 -4.0 8.8 8.8 8.8 8.8 8.8 -0.8 2.0 4.0 6

 7 Life insurance companies 6.6 39.1 32.6 18.7 24.8 9.9 19.8 20.3 42.1 15.6 10.3 7

 8 Private pension funds 6.0 5.2 5.0 10.7 3.8 3.3 30.9 4.7 26.8 -2.6 49.2 8

 9 Funding corporations 2.4 27.3 10.4 57.9 43.1 58.3 61.6 68.4 35.4 28.7 18.9 9
Z.1, December 15, 1999 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 110.5 41.4 120.9 52.6 250.3 -100.8 231.1 -170.3 408.2 -14.5 128.5 1

 2 Commercial banking (net) 30.4 41.0 89.0 87.0 95.1 55.0 164.1 33.9 112.1 27.4 132.8 2

 3 U.S.-chartered commercial banks 28.2 28.7 63.4 66.8 46.6 8.7 87.6 124.5 114.1 33.9 158.9 3

 4 Foreign banking offices in U.S. 1.8 12.0 25.6 19.7 44.2 31.2 75.8 -72.4 -1.7 -5.8 -25.0 4

 5 Bank holding companies 0.4 0.4 0.0 0.5 4.4 15.1 0.8 -18.2 -0.3 -0.7 -1.1 5

 6 Savings institutions -0.0 -0.9 -1.9 9.5 14.3 10.6 -1.4 14.6 50.6 7.2 24.5 6

 7 REITs 1.2 2.8 11.2 -9.8 20.3 -7.5 -13.0 -38.9 4.0 0.7 -2.2 7

 8 Brokers and dealers (net) 79.0 -1.5 22.7 -34.2 120.5 -158.8 81.4 -179.9 241.4 -49.8 -26.6 8

 9 Net change in assets 90.4 37.0 58.7 37.4 129.5 69.3 121.0 -170.3 44.1 -94.6 85.0 9

10 Nonfinancial corporate business 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 3.0 2.5 -3.1 3.1 10

11 State and local governments -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 11.5 11

12 Rest of the world 21.0 3.2 20.0 -18.8 85.5 -28.1 -56.6 -76.2 57.3 -12.3 -5.6 12

13 Financial sectors 72.1 0.2 34.6 50.1 13.7 126.4 159.6 -99.3 -47.7 -68.1 76.0 13

14 Monetary authority 3.3 7.7 2.3 6.5 -22.1 29.2 -4.2 23.3 -5.1 -35.5 50.6 14

15 Savings institutions 4.8 -1.2 -0.8 5.5 10.8 9.6 5.5 -3.7 4.5 -13.6 -1.0 15

16 Credit unions 0.2 -4.9 2.0 3.4 4.9 7.1 -5.5 6.9 -19.0 4.8 1.2 16

17 Other insurance companies 8.1 -2.1 -0.2 7.6 3.9 3.7 20.1 2.7 1.7 -41.5 7.4 17

18 Private pension funds 5.5 2.5 1.9 8.2 5.7 6.9 19.3 0.9 11.4 -1.1 0.2 18

19 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.1 -0.5 10.7 19

20 Money market mutual funds 19.0 16.0 22.8 12.9 18.1 38.4 64.8 -69.5 -34.8 24.1 -8.2 20

21 Mutual funds 7.1 -2.7 10.3 10.4 -26.1 62.6 53.4 -48.3 5.8 3.9 9.1 21

22 Government-sponsored enterprises 20.5 -11.8 -4.1 -13.4 -14.7 -26.7 -3.7 -8.4 -26.3 -8.7 5.9 22

23 Discrepancy--unallocated assets 20.2 4.5 62.3 15.2 120.8 -170.0 110.2 0.0 364.1 80.0 43.5 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 187.0 1

 2 Commercial paper 75.1 101.6 186.8 202.5 358.4 124.8 233.5 93.3 166.2 37.6 192.3 2

 3 Nonfinancial corporate business 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 55.8 3

 4 Foreign issues in U.S. 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 41.4 4

 5 Nonfinancial 5.4 -1.9 -2.3 -1.6 7.9 -1.6 4.3 -17.0 1.4 -4.2 22.4 5

 6 Financial 8.1 13.2 6.0 9.4 47.4 -23.9 1.8 12.2 16.9 -23.0 19.0 6

 7 Financial sectors 43.4 91.3 169.4 170.3 252.1 146.6 141.7 141.0 83.4 61.3 95.0 7

 8 Commercial banking -1.4 1.9 6.0 7.8 16.9 24.7 7.9 -18.2 4.0 9.8 -13.2 8

 9 ABS issuers 37.3 45.4 89.4 125.7 125.8 126.4 129.0 121.4 91.8 136.9 155.1 9

10 Finance companies -2.9 9.0 23.9 30.0 41.8 48.9 22.0 7.3 -34.7 21.9 -82.7 10

11 REITs -0.0 0.0 0.0 0.2 0.1 -0.2 0.7 0.0 0.0 -0.0 -0.1 11

12 Funding corporations 10.5 34.9 50.1 6.7 67.5 -53.3 -17.8 30.4 22.4 -107.3 35.9 12

13 Bankers acceptances (1) -0.8 1.0 -2.7 -9.4 -15.4 -11.0 -0.7 -10.3 -5.1 -3.5 -5.2 13

14 Net purchases, by sector 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 187.0 14

15 Household sector 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 5.5 15

16 Nonfinancial corporate business 1.3 11.4 3.8 -7.9 -4.8 -13.2 -0.9 -12.5 15.2 27.2 4.2 16

17 State and local governments 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 -2.9 17

18 Rest of the world 18.6 14.4 19.9 37.0 -13.1 69.9 93.3 -2.1 -15.6 -40.1 17.8 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 1.1 20

21 Savings institutions 0.0 0.1 -0.3 0 0 0.0 -0.0 0 0 0 0 21

22 Credit unions -1.6 -0.3 -0.1 0.2 -0.2 1.3 2.6 -2.8 -0.2 2.0 0 22

23 Bank personal trusts and estates 0.7 -2.6 -0.2 -4.5 -4.5 -4.5 -4.5 -4.5 -0.4 -0.4 -0.2 23

24 Life insurance companies -7.3 2.9 17.5 7.5 -2.5 1.0 17.7 13.8 -24.2 -8.9 8.4 24

25 Private pension funds 6.1 3.5 2.2 10.3 5.8 7.7 21.8 5.8 11.7 10.5 11.5 25

26 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.1 -0.5 0.7 26

27 Money market mutual funds 48.4 38.4 62.1 78.2 103.8 81.6 55.5 72.1 202.1 -38.1 124.1 27

28 Mutual funds 7.1 -3.1 10.6 10.4 -22.6 49.9 39.1 -24.8 9.0 -8.0 -7.0 28

29 Government-sponsored enterprises -0.8 9.6 -1.1 26.9 120.1 -44.9 6.5 25.8 -103.0 -11.0 6.0 29

30 Brokers and dealers 10.9 1.6 0.6 3.8 3.3 12.9 17.8 -18.8 3.0 0.4 2.1 30

31 Funding corporations -30.9 1.2 51.6 0.3 100.1 -42.0 -69.9 12.8 29.3 91.2 15.8 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 15, 1999

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 -83.2 1

 2 Savings bonds 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 -0.4 2

 3 Other Treasury issues 137.9 144.6 23.7 -54.7 -10.8 -26.4 -113.6 -68.1 -73.7 -112.8 -82.8 3

 4 Net purchases 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 -83.2 4

 5 Household sector -41.9 -66.4 -198.5 -67.1 -100.5 236.3 -75.2 -329.1 -401.8 89.6 -72.3 5

 6 Savings bonds 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 -0.4 6

 7 Other Treasury issues -46.9 -68.4 -198.0 -67.2 -99.2 236.8 -75.7 -330.9 -401.8 89.5 -72.0 7

 8 Nonfinancial corporate business 6.3 -0.6 10.4 -7.9 -33.0 -39.1 10.8 29.7 -28.5 12.4 -31.1 8

 9 Nonfarm noncorporate business 1.6 -1.2 -0.8 -0.6 -0.6 -0.6 -0.6 -0.6 -0.2 -0.8 -1.2 9

10 State and local governments -80.2 -32.8 -17.7 30.0 -2.7 73.1 39.7 9.7 14.3 18.7 -22.3 10

11 Rest of the world 168.5 270.7 139.7 36.2 35.1 21.8 -137.0 224.9 -31.9 -48.5 90.4 11

12 Monetary authority 13.7 12.7 39.8 21.4 27.8 11.9 42.1 3.8 71.9 62.7 34.2 12

13 Commercial banking -11.7 -16.9 8.3 -56.1 -5.6 -40.1 -159.4 -19.1 2.0 -8.3 24.1 13

14 U.S.-chartered commercial banks -40.4 -34.7 -6.1 -42.1 -18.6 -53.2 -84.7 -11.8 2.4 -1.0 -5.3 14

15 Foreign banking offices in U.S. 29.6 18.4 14.4 -10.3 18.4 16.3 -69.5 -6.3 1.0 -7.4 31.9 15

16 Bank holding companies -1.2 0.6 -0.1 -3.1 -6.9 -2.3 -2.8 -0.2 0.9 0.0 -1.1 16

17 Banks in U.S.-affiliated areas 0.2 -1.3 0.1 -0.7 1.4 -0.9 -2.4 -0.8 -2.3 0.1 -1.5 17

18 Savings institutions -8.7 -1.0 -2.8 -4.4 1.1 -8.9 -6.0 -3.8 1.7 0.1 -0.7 18

19 Credit unions -3.8 -0.9 -1.8 -2.5 -2.5 -2.0 -3.7 -1.6 -4.1 1.5 -4.4 19

20 Bank personal trusts and estates -1.1 0.8 -5.8 -2.9 -0.6 -1.4 -6.1 -3.6 -3.2 -4.0 -5.6 20

21 Life insurance companies 1.0 -14.9 1.6 -14.1 -11.6 -14.2 -15.0 -15.5 -1.9 -8.8 -13.8 21

22 Other insurance companies 0.5 -12.6 2.1 -18.0 -16.8 -21.2 -22.0 -11.9 -1.1 3.7 -3.2 22

23 Private pension funds 18.7 12.6 15.0 13.9 -21.7 24.2 13.5 39.6 7.6 26.7 6.5 23

24 State and local govt. retirement funds -0.4 11.8 13.4 -0.4 -20.2 11.5 -14.3 21.6 7.1 16.4 -23.6 24

25 Money market mutual funds 3.8 20.3 -4.0 17.5 2.1 18.6 3.8 45.4 32.3 -69.9 22.2 25

26 Mutual funds 11.2 8.9 11.0 5.2 26.6 -13.4 -2.7 10.2 17.1 31.9 -33.0 26

27 Closed-end funds -1.5 0.2 -1.3 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 -0.7 27

28 Government-sponsored enterprises 6.1 -12.9 7.1 -0.7 -55.7 12.5 15.7 24.5 18.7 -10.0 3.4 28

29 Brokers and dealers 61.0 -31.1 7.5 -3.2 167.6 -294.9 204.2 -89.7 226.9 -225.4 -52.0 29

 Memo:

30 Federal government borrowing (1) 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 -83.1 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, December 15, 1999 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 205.6 229.9 212.7 472.9 246.7 404.0 555.4 685.5 590.7 579.7 653.3 1

 2 Budget agencies 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 0.0 2

 3 Government-sponsored enterprises 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 407.1 3

 4 Federally related mortgage pools 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 4

 5 Net purchases 205.6 229.9 212.7 472.9 246.7 404.0 555.4 685.5 590.7 579.7 653.3 5

 6 Household sector 1.2 95.6 16.4 -35.5 -205.9 -11.1 135.4 -60.5 200.4 115.0 162.7 6

 7 Nonfinancial corporate business 3.5 5.1 -18.7 17.4 -4.2 37.4 10.5 26.0 -5.6 7.7 18.1 7

 8 State and local governments -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 2.7 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 28.7 41.7 49.8 54.7 89.9 69.8 13.0 46.0 96.1 91.3 92.0 10

11 Monetary authority -1.0 -0.4 -1.5 -0.3 -0.2 -0.4 -0.5 -0.3 -0.1 -0.2 -0.1 11

12 Commercial banking 38.7 28.2 75.5 91.4 88.2 -19.4 133.4 163.5 44.0 10.7 71.7 12

13 U.S.-chartered commercial banks 23.4 15.3 60.4 81.6 52.6 -21.8 146.1 149.6 36.2 32.8 48.2 13

14 Foreign banking offices in U.S. 14.3 12.4 12.5 4.8 20.5 11.4 -17.1 4.3 8.4 -18.6 18.2 14

15 Bank holding companies -0.2 0.3 0.6 1.1 12.4 -11.2 2.5 0.9 -2.1 -7.8 -0.7 15

16 Banks in U.S.-affiliated areas 1.3 0.2 2.0 3.9 2.7 2.2 2.0 8.7 1.6 4.3 6.0 16

17 Savings institutions 4.7 -8.5 -0.8 -11.7 -10.5 -11.4 -17.3 -7.6 16.7 -2.4 -3.3 17

18 Credit unions 4.9 4.9 0.4 7.3 4.5 8.6 8.9 7.2 15.3 7.7 4.8 18

19 Bank personal trusts and estates -0.1 -0.3 -4.3 -1.5 -1.5 -1.5 -1.5 -1.5 -0.8 -1.2 -0.8 19

20 Life insurance companies 8.7 1.3 -3.0 -9.6 -4.0 -11.0 -12.1 -11.4 1.7 0.9 -0.2 20

21 Other insurance companies 2.3 2.8 1.7 2.6 3.0 -0.4 -1.1 9.0 -1.2 3.5 0.8 21

22 Private pension funds 24.2 13.1 18.1 45.3 56.0 42.9 23.2 59.2 12.4 51.4 5.9 22

23 State and local govt. retirement funds 23.2 5.5 18.4 19.9 12.4 31.7 27.1 8.3 24.6 7.3 24.7 23

24 Money market mutual funds 13.7 11.0 -5.5 77.5 -2.0 -9.4 112.6 208.9 -47.7 -20.4 12.1 24

25 Mutual funds 7.7 6.2 8.4 21.0 43.0 10.8 20.3 9.7 16.3 33.5 -3.7 25

26 Government-sponsored enterprises 57.4 59.6 62.0 133.2 115.7 103.2 130.7 183.1 209.6 168.8 116.0 26

27 ABS issuers 14.0 -5.1 -7.5 25.2 5.3 7.3 35.4 52.9 61.9 81.6 60.6 27

28 REITs -0.2 3.2 9.0 -8.1 8.0 -8.5 -11.0 -20.7 7.2 -0.2 -1.1 28

29 Brokers and dealers 9.0 1.2 -4.8 0.5 69.8 76.2 -101.7 -42.4 -72.2 7.4 90.3 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, December 15, 1999

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 74.8 1

 2 State and local governments -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 52.4 2

 3 Short-term (1) 1.2 6.3 8.3 -6.3 1.7 -6.4 -19.2 -1.2 2.9 6.8 3.3 3

 4 Long-term -53.2 -13.4 49.0 85.4 87.3 88.6 89.3 76.4 84.3 28.8 49.1 4

 5 Nonprofit organizations (2) 0.7 6.6 10.0 12.0 15.9 13.6 7.4 10.9 7.0 9.0 15.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.1 3.1 4.2 5.8 8.6 5.4 5.4 3.6 6.6 3.5 6.8 6

 7 Net change in assets -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 74.8 7

 8 Household sector -43.5 -22.2 44.9 10.0 40.7 6.0 9.6 -16.4 92.6 40.8 79.6 8

 9 Nonfinancial corporate business -19.9 -5.8 5.1 8.2 15.9 9.6 1.8 5.7 -17.0 -31.6 4.1 9

10 State and local governments -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 -1.7 10

11 Commercial banking -4.2 0.9 2.4 8.2 -0.1 9.9 11.8 11.2 10.1 4.1 6.4 11

12 Savings institutions -0.0 0.1 0.0 0.4 -1.6 1.1 1.1 1.0 1.0 0.7 0.1 12

13 Bank personal trusts and estates -5.9 -4.3 -13.3 -1.1 -1.1 -1.1 -1.1 -1.1 -1.6 -1.2 -0.8 13

14 Life insurance companies -0.9 1.5 0.1 1.7 2.1 1.6 1.5 1.6 1.8 -3.1 0.4 14

15 Other insurance companies 7.0 14.4 2.6 19.2 20.0 10.7 8.6 37.7 -11.7 10.5 -3.5 15

16 Private pension funds 0.1 0.1 0.1 0.2 0.1 0.2 0.0 0.3 0.1 0.2 0.0 16

17 State and local govt. retirement funds 0.7 -1.4 0.6 0.6 0.4 0.5 0.3 1.1 1.0 0.4 1.3 17

18 Money market mutual funds 14.3 16.8 22.5 26.0 21.5 23.8 33.0 25.7 14.0 3.8 7.8 18

19 Mutual funds 3.2 3.1 6.5 22.8 19.3 26.5 11.5 33.9 20.4 12.9 -13.3 19

20 Closed-end funds 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 20

21 Government-sponsored enterprises 1.0 -0.3 -0.8 1.3 0.4 1.7 7.8 -4.7 -6.0 3.0 -0.5 21

22 Brokers and dealers -2.7 -1.9 2.4 -0.0 -3.3 12.0 -2.7 -6.2 -3.2 7.9 -6.0 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 765.7 564.8 380.2 1

 2 Nonfinancial corporate business 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 287.6 202.8 2

 3 Rest of the world (1) 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -12.6 29.4 3

 4 Financial sectors 195.9 176.9 209.0 291.8 346.3 361.8 177.4 281.9 490.8 289.8 148.1 4

 5 Commercial banking 18.5 7.8 23.7 27.6 49.3 16.9 20.8 23.2 35.2 6.2 43.5 5

 6 Savings institutions -0.0 -0.4 0.1 -0.2 -1.0 0.7 -0.5 -0.1 0.9 -0.5 1.4 6

 7 ABS issuers 105.1 108.5 111.4 190.7 157.2 226.0 165.2 214.3 208.7 198.9 35.4 7

 8 Finance companies 52.6 32.5 20.3 10.9 37.5 42.0 -44.6 8.6 107.9 65.4 52.4 8

 9 REITs 0.2 1.3 14.8 21.7 32.6 31.5 9.9 12.9 25.0 -6.2 3.2 9

10 Brokers and dealers -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -17.4 16.9 10

11 Funding corporations 24.4 29.2 30.6 34.0 71.7 24.7 29.0 10.5 144.2 43.4 -4.6 11

12 Net purchases 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 765.7 564.8 380.2 12

13 Household sector 95.0 49.3 68.9 60.2 208.2 158.5 -101.9 -24.2 365.9 36.1 -35.4 13

14 State and local governments 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 5.9 14

15 Rest of the world (2) 58.1 83.7 84.0 122.4 107.2 164.8 94.0 123.5 137.5 129.5 198.4 15

16 Commercial banking 8.4 1.4 27.8 38.0 41.4 12.9 30.8 66.8 -66.4 94.1 45.4 16

17 Savings institutions -8.2 -9.9 -9.9 29.9 -2.9 29.3 33.0 60.3 62.9 22.0 -14.6 17

18 Bank personal trusts and estates -1.7 -1.7 -0.8 -2.6 -2.6 -2.6 -2.6 -2.6 -1.6 -1.6 -1.2 18

19 Life insurance companies 90.7 79.2 86.8 84.5 109.2 77.2 73.0 78.6 106.5 84.3 61.7 19

20 Other insurance companies 12.7 18.3 18.9 16.7 17.3 9.6 7.8 32.2 -5.5 8.9 -2.9 20

21 Private pension funds 5.6 21.2 27.7 45.4 31.8 50.8 34.9 63.9 27.2 56.5 20.5 21

22 State and local govt. retirement funds 5.6 23.8 30.1 35.0 40.5 38.2 41.6 19.8 29.4 16.1 20.0 22

23 Money market mutual funds 6.4 2.4 12.5 44.8 33.9 93.6 50.7 1.0 26.8 32.0 65.9 23

24 Mutual funds 23.3 33.8 44.4 65.5 90.1 72.6 24.7 74.5 40.2 50.6 24.2 24

25 Closed-end funds 5.8 2.4 -0.7 4.6 4.6 4.6 4.6 4.6 4.4 4.4 4.2 25

26 Government-sponsored enterprises 5.5 5.6 0.3 0.5 -17.8 10.6 9.1 -0.0 4.6 -15.6 -6.5 26

27 REITs 0.8 1.4 2.1 -0.4 6.3 1.5 -3.0 -6.4 -1.9 -0.2 -1.2 27

28 Brokers and dealers 12.0 14.5 9.2 -18.4 8.3 10.7 -40.7 -52.1 30.0 18.7 -18.7 28

29 Funding corporations 9.8 12.8 4.1 4.5 -14.1 27.7 9.8 -5.6 -1.4 19.8 14.6 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 15, 1999 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -16.0 -28.5 -99.6 -199.4 -107.1 -115.8 -340.1 -234.6 -132.0 -94.9 -69.6 1

 2 Nonfinancial corporate business -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -374.0 -153.0 2

 3 Rest of the world (2) 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 270.9 76.7 3

 4 Financial sectors -8.1 -19.0 -27.1 -10.2 18.1 1.0 1.0 -60.8 -32.9 8.2 6.7 4

 5 Commercial banking -8.7 -14.3 -27.7 -12.7 -10.6 -11.9 -9.1 -19.2 -14.7 3.2 -16.2 5

 6 Life insurance companies -3.6 -8.8 -4.0 -4.7 -3.6 2.3 -4.4 -13.2 -4.5 -2.9 -2.8 6

 7 Other insurance companies -2.2 -4.8 -13.7 -4.7 6.9 -6.6 -9.0 -10.2 -7.6 -4.4 -1.0 7

 8 Closed-end funds 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 -8.9 8

 9 REITs 8.7 12.3 32.5 19.8 35.9 27.4 7.0 9.0 5.8 6.2 12.6 9

10 Brokers and dealers -8.1 -6.5 -5.9 2.7 0.1 0.4 27.0 -16.6 -2.4 15.7 23.0 10

11 Net purchases -16.0 -28.5 -99.6 -199.4 -107.1 -115.8 -340.1 -234.6 -132.0 -94.9 -69.6 11

12 Household sector -228.8 -347.2 -507.1 -457.1 -600.1 -443.7 -365.5 -419.1 -370.2 -387.0 -319.8 12

13 State and local governments 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 12.7 13

14 Rest of the world (3) 16.6 11.1 66.8 43.8 116.7 56.9 -29.0 30.6 37.0 116.6 90.7 14

15 Commercial banking 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 4.4 15

16 Savings institutions 0.7 0.6 0.2 1.5 1.6 0.6 2.5 1.4 -1.2 -0.2 -1.4 16

17 Bank personal trusts and estates 1.6 -17.3 -14.5 -59.0 -59.0 -59.0 -59.0 -59.0 -32.0 -30.4 -31.2 17

18 Life insurance companies 18.6 46.7 86.3 107.4 103.4 124.2 93.2 109.0 89.9 95.6 103.0 18

19 Other insurance companies -0.6 -6.8 3.0 -5.2 -4.4 -11.2 7.2 -12.6 2.8 -5.4 -6.5 19

20 Private pension funds 5.9 -9.6 -16.1 -52.7 -28.4 -60.2 -74.3 -48.0 -56.2 -77.3 -46.4 20

21 State and local govt. retirement funds 65.3 88.1 100.7 91.2 143.1 78.9 79.7 63.0 47.7 67.0 28.5 21

22 Mutual funds 87.4 193.0 166.8 143.3 207.1 181.2 20.5 164.3 115.5 114.6 144.6 22

23 Closed-end funds -4.6 -1.5 -5.4 -15.1 -15.1 -15.1 -15.1 -15.1 -14.0 -14.0 -13.2 23

24 Brokers and dealers 7.7 -1.9 2.4 -8.5 18.6 -0.5 -1.6 -50.6 32.9 16.9 -35.1 24

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 1

 2 Net purchases 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 253.3 208.2 126.7 2

 3 Household sector 94.7 180.8 258.4 261.4 296.5 335.5 206.6 206.9 215.3 158.7 83.7 3

 4 Nonfinancial corporate business 4.6 3.3 -8.2 7.3 7.3 7.3 7.3 7.3 8.0 7.9 8.0 4

 5 State and local governments 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 6.3 5

 6 Commercial banking 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 0.8 -0.7 6

 7 Credit unions 0.2 -0.3 -0.2 1.2 1.4 1.4 -0.2 2.1 0.5 0.5 0.5 7

 8 Bank personal trusts and estates 9.5 3.9 -7.2 9.4 9.4 9.4 9.4 9.2 8.0 8.4 9.2 8

 9 Life insurance companies 13.5 2.4 -7.2 -28.2 -28.2 -28.2 -28.2 -28.2 -8.0 -8.0 -8.0 9

10 Private pension funds 18.6 41.1 36.2 31.2 52.4 43.4 0.7 28.4 34.4 31.3 27.6 10
46 Z.1, December 15, 1999

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 239.8 174.2 234.7 253.4 248.4 205.6 275.9 283.6 42.4 43.9 265.9 1

 - Loans elsewhere classified:

 2 Open market paper -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 1.1 2

 3 Mortgages 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 228.4 3

 4 Consumer credit 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 -36.5 4

 5 Security credit 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 -26.7 5

 6 = Banking sector total bank loans n.e.c. 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.3 99.6 6

 7 U.S.-chartered commercial banks 77.0 58.2 108.1 144.3 110.7 156.9 157.1 152.5 101.5 101.5 119.3 7

 8 Foreign banking offices in U.S. 35.4 32.2 19.2 -1.9 -13.7 9.9 13.5 -17.1 -35.3 -67.3 -9.3 8

 9 Bank holding companies 0.4 0.2 -0.0 1.7 0.7 -1.1 0.0 7.2 -2.1 2.5 -10.8 9

10 Banks in U.S.-affiliated areas 1.8 1.4 0.9 0.9 -0.2 2.2 1.0 0.5 -2.0 1.6 0.3 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. 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.3 99.6 12

13 Net change in liabilities 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.3 99.6 13

14 Nonfinancial sectors 112.2 79.5 115.0 115.0 40.2 177.6 111.4 130.7 70.9 27.8 100.8 14

15 Household sector 17.4 0.6 8.1 6.3 -2.3 29.5 -16.5 14.3 -14.7 0.0 -11.1 15

16 Corporate business 66.8 39.4 68.7 82.3 17.4 118.9 104.5 88.2 64.0 11.1 99.1 16

17 Nonfarm noncorporate business 18.5 29.8 26.2 18.5 16.5 18.5 18.5 20.5 20.0 17.0 17.8 17

18 Farm business 1.1 0.6 3.5 1.2 3.4 2.3 1.3 -2.1 0.7 -6.0 1.6 18

19 Rest of the world 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.6 -6.6 19

20 Foreign official institutions 0.4 0.3 -0.8 0.8 0.9 -0.5 -0.5 3.1 0.3 -0.4 0.7 20

21 Foreign banks 2.1 3.4 -0.5 -0.7 -2.8 6.9 -4.0 -2.9 -2.2 4.9 -10.4 21

22 Other foreign 5.9 5.4 9.8 6.7 7.2 2.0 8.1 9.5 2.7 1.1 3.1 22

23 Financial sectors 2.5 12.6 13.2 30.1 57.3 -9.7 60.2 12.4 -8.8 10.5 -1.2 23

24 Savings institutions 5.2 1.4 3.5 10.3 11.4 4.3 18.4 7.0 17.3 5.6 -3.2 24

25 Finance companies 0.5 4.4 4.4 2.1 -4.7 0.9 10.6 1.8 -2.0 1.0 7.6 25

26 Mortgage companies -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 26

27 REITs -1.0 2.7 9.9 16.0 21.2 13.3 29.0 0.5 -19.5 -1.3 -4.5 27
Z.1, December 15, 1999 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 70.1 62.5 102.8 158.5 101.0 112.5 157.8 262.7 189.8 98.9 231.5 1

 2 U.S. government loans 13.0 0.0 9.6 14.4 16.8 14.1 15.1 11.4 18.4 7.1 15.1 2

 3 Liab.: Household sector 11.3 3.1 11.4 10.6 8.3 10.7 10.9 12.5 23.0 10.0 20.1 3

 4 Nonfinancial corporate business 1.9 -1.3 -0.3 -0.1 0.3 -0.4 -0.4 0.2 -0.5 -0.3 -0.6 4

 5 Nonfarm noncorporate business 1.2 -0.3 1.8 4.0 4.7 4.3 6.8 0.1 -1.2 -1.8 -5.3 5

 6 Farm business -1.2 -1.1 -0.5 -0.3 -0.4 -0.3 -0.3 -0.4 -0.7 -0.2 -0.5 6

 7 State and local governments 0.5 0.4 -1.2 1.2 5.1 -0.3 -0.1 -0.1 0.3 0.1 0.4 7

 8 Rest of the world -0.8 -0.7 -1.6 -1.0 -1.3 0.1 -1.8 -0.9 -2.5 -0.7 1.0 8

 9 Government-sponsored enterprises 0 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 64.2 -97.3 -26.5 10

11 Liab.: Nonfinancial corporate business 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 64.2 -97.3 -26.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.6 1.0 -2.8 -9.3 -14.6 -11.0 -1.0 -10.5 -4.0 -5.6 -5.1 12

13 Liab.: Nonfinancial corporate business -0.8 -0.7 -2.6 -4.3 -7.9 -6.8 -0.7 -1.7 -3.8 -3.9 -2.6 13

14 Rest of the world 0.3 1.8 -0.2 -5.0 -6.7 -4.2 -0.3 -8.8 -0.2 -1.6 -2.5 14

15 Savings institution loans to business 2.5 3.0 3.1 5.3 3.8 1.7 7.5 8.3 4.8 6.7 5.2 15

16 Liab.: Nonfinancial corporate business 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 2.6 16

17 Nonfarm noncorporate business 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 2.6 17

18 Policy loans (Household liability) 10.5 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -2.8 2.1 18

19 Asset: Federal government 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 19

20 Life insurance companies 10.4 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -2.8 2.1 20

21 Govt.-sponsored enterprises loans 11.2 28.8 31.2 92.3 31.6 64.9 93.7 179.1 49.6 124.1 166.1 21

22 Liab.: Household sector (SLMA) 3.9 -0.6 -4.4 -1.2 -7.2 -8.7 4.6 6.3 7.8 6.2 15.9 22

23 Noncorporate business (FCS) 2.5 -1.2 0 2.7 4.8 -1.3 6.0 1.4 -2.8 3.8 2.1 23

24 Farm business (FCS) 1.4 2.7 0 0.6 1.3 -1.1 0.9 1.4 3.0 -3.8 0.9 24

25 Commercial banks (FHLB and SLMA) 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 86.3 25

26 Savings institutions (FHLB and SLMA) -2.6 24.5 16.2 42.1 0.2 26.2 45.8 96.3 39.8 53.5 57.0 26

27 Credit unions (FHLB) -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 2.8 27

28 Life insurance companies (FHLB) -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 1.1 28

29 Securitized loans held by ABS issuers 6.9 13.3 32.2 27.6 32.3 9.1 13.6 55.5 17.9 24.6 8.6 29

30 Liab.: Households (1) 1.0 5.3 7.8 3.8 10.0 9.6 -2.4 -2.0 -2.4 1.2 1.2 30

31 Nonfinancial corporate business 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 23.4 7.4 31

32 Finance company loans to business 26.7 7.9 9.0 29.0 25.6 34.4 29.4 26.7 56.5 41.9 66.1 32

33 Liab.: Nonfinancial corporate business 24.0 7.1 8.1 26.1 23.1 30.9 26.5 24.1 50.9 37.7 59.5 33

34 Nonfarm noncorporate business 2.7 0.8 0.9 2.9 2.6 3.4 2.9 2.7 5.7 4.2 6.6 34

(1) Student loans.
48 Z.1, December 15, 1999

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 211.0 297.6 315.1 511.4 487.3 420.5 512.2 625.7 594.0 581.8 621.3 1

 2 Home 180.4 245.3 237.6 367.9 378.3 289.1 375.2 429.1 415.1 422.9 436.0 2

 3 Multifamily residential 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 30.6 52.7 3

 4 Commercial 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 119.3 124.2 4

 5 Farm 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 5

 6 Net borrowing 211.0 297.6 315.1 511.4 487.3 420.5 512.2 625.7 594.0 581.8 621.3 6

 7 Household sector 167.3 245.6 238.7 372.7 380.7 299.5 387.8 422.9 424.1 433.4 446.9 7

 8 Nonfinancial business 38.4 44.1 61.6 113.9 97.5 101.1 84.8 172.3 149.8 160.7 165.1 8

 9 Corporate 32.4 -11.7 11.4 40.1 26.8 24.9 19.8 89.1 68.6 64.0 64.9 9

10 Nonfarm noncorporate 4.5 53.2 47.0 67.6 66.6 69.6 59.6 74.6 77.6 87.7 91.7 10

11 Farm 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 11

12 Federal government 0 -0.0 -0.0 0 0 0 0 0 0 0 0 12

13 REITs 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 9.4 13

14 Net change in assets 211.0 297.6 315.1 511.4 487.3 420.5 512.2 625.7 594.0 581.8 621.3 14

15 Household sector -6.1 -0.0 -0.5 0.2 -0.5 1.6 -0.2 -0.0 -0.7 2.2 0.4 15

16 Nonfinancial corporate business 1.6 -3.6 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 16

17 Nonfarm noncorporate business 3.1 -3.2 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 17

18 State and local governments 3.3 3.8 3.7 4.1 4.1 4.0 4.2 4.2 4.2 4.3 4.3 18

19 Federal government -13.2 -7.5 -4.5 -0.9 -1.1 -1.3 -1.3 0.3 -1.2 -0.4 1.5 19

20 Commercial banking 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 228.4 20

21 Savings institutions (1) 0.6 31.6 3.5 12.3 22.3 -14.6 -8.3 49.9 7.5 47.4 62.8 21

22 Credit unions 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.5 16.6 19.5 22

23 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.2 -0.2 -0.2 -0.2 -0.0 -0.0 -0.0 23

24 Life insurance companies -2.6 -5.0 -1.3 6.8 -1.4 5.0 -1.5 25.1 15.9 22.3 10.3 24

25 Other insurance companies -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 0.2 25

26 Private pension funds 1.4 1.8 2.4 3.7 2.5 4.3 2.2 5.7 1.5 4.8 1.0 26

27 State and local govt. retirement funds 0.7 0.8 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.1 1.1 27

28 Government-sponsored enterprises (1) 6.4 -6.1 -4.5 7.3 4.0 2.5 1.1 21.7 -16.5 -0.2 3.0 28

29 Federally related mortgage pools 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.2 274.4 246.2 29

30 ABS issuers 34.1 61.2 90.4 164.5 147.0 189.0 155.0 166.8 143.9 111.9 15.5 30

31 Finance companies 5.6 10.2 5.3 14.4 8.0 -1.6 32.7 18.5 29.2 14.0 33.1 31

32 Mortgage companies -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 -2.1 32

33 REITs 0.8 -0.3 9.1 3.4 11.3 13.1 2.8 -13.7 -3.6 -1.9 -0.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 15, 1999 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 180.4 245.3 237.6 367.9 378.3 289.1 375.2 429.1 415.1 422.9 436.0 1

 2 Household sector 176.9 241.0 231.3 359.8 370.9 281.2 366.8 420.3 405.7 413.1 425.7 2

 3 Nonfinancial corporate business 0.9 0.9 1.0 1.1 1.0 1.1 1.1 1.2 1.2 1.2 1.3 3

 4 Nonfarm noncorporate business 2.6 3.4 5.3 7.0 6.4 6.8 7.2 7.6 8.2 8.5 9.0 4

 5 Net change in assets 180.4 245.3 237.6 367.9 378.3 289.1 375.2 429.1 415.1 422.9 436.0 5

 6 Household sector -7.7 -1.2 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 6

 7 Nonfinancial corporate business 1.1 -9.3 -8.0 -7.2 -8.1 -8.1 -12.5 -0.3 -0.8 -0.2 6.9 7

 8 Nonfarm noncorporate business 1.2 -1.3 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 8

 9 State and local governments 3.2 2.3 3.0 3.3 3.3 3.4 3.3 3.4 3.4 3.5 3.5 9

10 Federal government -5.0 -2.9 -2.1 -0.3 -0.8 -0.7 -0.4 0.6 -0.9 -1.1 1.5 10

11 Commercial banking 56.6 31.1 67.9 51.1 91.5 5.8 -2.1 109.3 -41.0 12.7 138.5 11

12 Savings institutions 4.7 31.4 7.0 12.7 24.8 -15.8 -1.0 42.9 1.2 47.6 46.3 12

13 Credit unions 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.5 16.6 19.5 13

14 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.2 -0.2 -0.2 -0.2 -0.0 -0.0 -0.0 14

15 Life insurance companies 0.4 -1.9 0.2 -0.6 -0.8 -0.7 -0.9 -0.0 1.5 1.4 1.0 15

16 Private pension funds 0.3 0.4 0.5 0.8 0.5 0.9 0.5 1.2 0.3 1.1 0.2 16

17 State and local govt. retirement funds 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 17

18 Government-sponsored enterprises 5.9 -6.7 -4.2 4.4 5.0 1.2 -2.5 13.7 -22.0 -10.3 -6.3 18

19 Federally related mortgage pools 93.7 135.5 109.2 182.1 101.9 233.5 245.0 148.1 389.7 266.1 237.8 19

20 ABS issuers 18.4 34.9 53.0 91.1 76.5 101.3 111.8 74.8 79.6 69.2 -37.5 20

21 Finance companies 5.6 13.4 6.9 16.8 11.4 0.7 22.3 32.6 9.3 8.4 26.9 21

22 Mortgage companies -4.5 8.2 -10.2 3.1 58.4 -56.0 4.0 6.0 -9.2 10.0 -2.0 22

23 REITs 1.9 1.1 6.0 0.8 6.5 10.7 -1.1 -12.9 -5.9 -1.3 0.5 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 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 30.6 52.7 1

 2 Nonfinancial corporate business 0.9 0.9 1.0 1.1 1.0 1.1 1.1 1.2 1.2 1.2 1.3 2

 3 Nonfarm noncorporate business 6.7 10.6 9.8 21.2 20.6 20.0 15.0 29.5 34.7 33.4 48.3 3

 4 Federal government 0 -0.0 -0.0 0 0 0 0 0 0 0 0 4

 5 REITs 1.8 2.6 4.9 8.2 3.0 6.6 13.1 10.1 6.6 -4.0 3.1 5

 6 Net change in assets 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 30.6 52.7 6

 7 Household sector 0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business -0.8 0.7 0.6 0.9 0.6 0.6 2.7 -0.2 -0.2 -0.8 -1.8 8

 9 Nonfarm noncorporate business 1.0 -0.9 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 9

10 State and local governments 0.6 1.8 0.6 0.9 0.8 0.9 1.0 0.9 0.9 1.0 0.9 10

11 Federal government -4.7 -2.5 -0.9 -0.3 0.0 -0.2 -0.7 -0.2 -0.1 0.1 0.0 11

12 Commercial banking 4.6 2.9 4.2 3.2 4.5 1.7 3.9 2.7 13.2 9.6 18.3 12

13 Savings institutions -2.4 -0.4 -2.0 -2.5 -1.1 -0.7 -8.8 0.5 -0.2 -6.8 8.9 13

14 Life insurance companies 0.9 2.0 -0.3 1.1 -0.0 0.9 -0.2 3.8 -0.9 1.1 1.2 14

15 Private pension funds 0.1 0.1 0.1 0.2 0.1 0.2 0.1 0.3 0.1 0.2 0.1 15

16 State and local govt. retirement funds 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 0.6 -0.5 -1.2 0.8 -2.3 -0.1 1.1 4.3 4.9 8.1 7.2 17

18 Federally related mortgage pools 4.5 5.6 5.3 10.5 4.8 5.6 16.7 14.7 9.5 8.3 8.4 18

19 ABS issuers 3.8 6.1 7.1 15.1 16.7 17.6 10.7 15.3 14.5 9.3 8.9 19

20 Finance companies 0 -0.6 -0.2 -0.2 -1.0 0.5 0.7 -1.1 0.4 -0.0 0.3 20

21 Mortgage companies 1.1 -0.1 1.0 0.1 0.4 -0.4 0.5 0 0.0 0.2 -0.1 21

22 REITs -0.6 -0.4 0.9 0.1 0.3 0.3 0.6 -1.0 -0.4 -0.4 -0.4 22
50 Z.1, December 15, 1999

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 119.3 124.2 1

 2 Household sector -9.6 4.7 7.4 12.9 9.8 18.3 20.9 2.6 18.4 20.3 21.2 2

 3 Nonfinancial corporate business 30.6 -13.6 9.5 37.9 24.7 22.7 17.5 86.8 66.2 61.5 62.3 3

 4 Nonfarm noncorporate business -4.9 39.3 31.9 39.3 39.6 42.8 37.4 37.5 34.7 45.8 34.4 4

 5 REITs 3.6 5.3 10.0 16.6 6.1 13.3 26.5 20.5 13.5 -8.2 6.3 5

 6 Net change in assets 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 119.3 124.2 6

 7 Household sector 0.6 0.6 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 7

 8 Nonfinancial corporate business 1.2 5.1 3.4 2.3 3.4 3.5 5.9 -3.5 -3.0 -3.0 -9.1 8

 9 Nonfarm noncorporate business 0.9 -0.8 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 9

10 State and local governments -0.5 -0.2 0.2 -0.1 0.0 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -3.1 -1.7 -0.6 0.1 0.2 -0.1 0.1 0.2 0.1 0.4 -0.1 11

12 Commercial banking 15.0 20.2 25.7 35.3 21.0 15.2 49.6 55.7 41.3 53.5 68.0 12

13 Savings institutions -1.8 0.6 -1.5 2.1 -1.4 1.8 1.4 6.5 6.4 6.6 7.5 13

14 Life insurance companies -4.0 -5.6 -1.5 5.2 -1.1 3.9 -1.1 19.3 14.5 18.8 6.7 14

15 Other insurance companies -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 0.2 15

16 Private pension funds 1.0 1.3 1.7 2.7 1.8 3.1 1.6 4.1 1.1 3.5 0.7 16

17 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 17

18 ABS issuers 11.9 20.1 30.3 58.3 53.8 70.2 32.5 76.7 49.7 33.4 44.1 18

19 Finance companies 0 -2.6 -1.4 -2.1 -2.4 -2.9 9.8 -13.0 19.5 5.7 6.0 19

20 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 20

21 REITs -0.5 -1.0 2.2 2.5 4.5 2.1 3.2 0.2 2.7 -0.2 -0.5 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 1

 2 Net change in assets 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.0 8.4 2

 3 Household sector 0.8 0.6 0.5 1.1 0.4 2.5 0.7 0.8 0.2 3.1 1.2 3

 4 Nonfarm noncorporate business 0.1 -0.2 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 -0.1 -0.0 -0.0 0 -0.0 0 -0.0 0 -0.0 0 5

 6 Federal government -0.5 -0.5 -0.9 -0.3 -0.5 -0.2 -0.3 -0.4 -0.4 0.2 0.0 6

 7 Commercial banking 1.3 1.1 2.1 2.0 2.2 2.0 1.7 2.3 2.3 2.6 3.6 7

 8 Savings institutions -0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.1 8

 9 Life insurance companies 0.1 0.5 0.4 1.1 0.6 0.9 0.7 2.1 0.9 1.0 1.3 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises -0.1 1.1 1.0 2.2 1.3 1.3 2.5 3.7 0.5 2.0 2.1 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 0 0 0 -0.0 0 0 0 12
Z.1, December 15, 1999 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 1

 2 Net change in assets 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 129.2 60.1 75.4 2

 3 Nonfinancial corporate business -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 -11.1 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 -36.5 5

 6 Savings institutions 1.6 4.6 2.5 4.4 -0.3 5.0 7.9 5.2 8.0 14.2 11.6 6

 7 Credit unions 12.3 12.2 8.2 3.0 5.1 1.1 3.3 2.6 13.2 4.3 18.8 7

 8 ABS issuers 65.6 54.2 47.2 59.4 39.2 115.9 44.8 37.6 59.2 100.9 97.2 8

 9 Finance companies 17.7 0.3 7.6 8.5 -4.9 -8.7 17.4 30.1 6.5 23.7 -4.7 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 128.9 114.8 125.9 31.5 138.6 -27.9 63.8 -48.3 175.1 235.6 88.4 1

 2 Household sector 9.3 8.7 8.1 5.7 -1.9 17.9 4.7 1.9 1.4 8.6 6.3 2

 3 Nonfinancial corporate business 81.0 49.5 63.5 -8.9 104.1 -75.0 5.6 -70.3 143.3 153.2 40.3 3

 4 Nonfarm noncorporate business 6.2 20.8 10.8 9.5 9.9 8.7 9.7 9.7 6.7 7.5 5.1 4

 5 Farm business 1.0 1.3 1.4 0.8 -0.1 0.6 2.3 0.4 -1.3 -1.1 0.7 5

 6 State and local governments 29.2 30.9 31.4 30.5 30.2 30.2 31.6 29.9 30.1 26.1 27.9 6

 7 Federal government -4.6 1.3 -0.1 -2.6 -3.8 -3.8 2.1 -4.9 -2.2 5.7 -0.2 7

 8 Rest of the world 5.8 -1.7 5.1 -2.4 1.8 -11.9 4.1 -3.6 -4.9 -4.7 15.1 8

 9 Brokers and dealers 1.1 4.0 5.7 -1.0 -1.5 5.4 3.7 -11.5 1.9 40.3 -6.9 9

10 Net change in trade receivables 113.3 136.0 92.6 62.5 66.4 82.6 128.2 -27.3 108.0 256.3 108.3 10

11 Nonfinancial corporate business 78.0 88.1 36.6 12.7 -16.9 30.9 70.1 -33.3 79.0 211.3 70.1 11

12 Nonfarm noncorporate business 12.3 16.2 16.7 16.1 15.8 16.8 15.0 16.6 16.8 17.4 18.3 12

13 Federal government -1.6 0.9 -3.2 1.5 2.2 1.5 10.4 -8.0 1.4 4.2 10.6 13

14 Rest of the world -0.2 5.9 3.5 -7.3 -5.8 0.7 -2.3 -21.8 -18.9 -3.2 -4.7 14

15 Other insurance companies 4.4 -0.1 2.7 1.6 10.7 3.1 2.6 -9.9 9.7 7.0 2.2 15

16 ABS issuers 20.5 25.0 36.3 37.9 60.4 29.6 32.4 29.0 20.0 19.7 11.7 16

17 Discrepancy 15.6 -21.2 33.2 -31.0 72.2 -110.5 -64.4 -21.1 67.1 -20.7 -19.9 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 134.1 -8.3 1

 2 Household sector 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 89.0 -5.6 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 23.1 36.6 74.2 84.5 122.8 86.8 171.8 -43.4 -109.5 45.1 -2.7 4

 5 Customer credit balances (HH) 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 41.6 24.0 5

 6 From U.S.-chartered commercial banks 8.3 -4.8 4.2 11.9 28.7 2.4 1.7 14.6 -23.0 16.5 -37.4 6

 7 From foreign banking offices in U.S. -3.7 6.2 17.5 8.6 22.3 22.8 39.7 -50.5 -17.8 -13.1 10.7 7

 8 Net change in assets 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 134.1 -8.3 8

 9 Household sector 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 41.6 24.0 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 -26.7 11

12 Brokers and dealers 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 89.0 -5.6 12
52 Z.1, December 15, 1999

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 45.8 44.5 59.3 53.3 49.3 53.3 51.7 59.0 40.8 59.6 43.4 1

 2 Federal government 1.0 0.6 1.7 1.3 0.7 2.6 0.0 1.8 0.7 2.7 0.2 2

 3 Life insurance companies 44.8 43.8 57.6 52.0 48.5 50.7 51.7 57.1 40.2 56.9 43.1 3

 4 Net change in assets (Households) 45.8 44.5 59.3 53.3 49.3 53.3 51.7 59.0 40.8 59.6 43.4 4

 Pension fund reserves:

 5 Net change in liabilities 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 285.7 324.4 327.8 5

 6 Federal government (1) 20.8 55.1 40.3 41.2 30.7 42.1 43.6 48.5 36.6 39.2 42.7 6

 7 Life insurance companies 61.0 43.9 98.3 91.3 106.0 76.0 89.5 93.5 101.6 114.8 116.9 7

 8 Private pension funds (2) 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.8 109.0 95.5 8

 9 State and local govt. retirement funds 62.5 60.5 76.4 61.1 70.0 61.2 56.1 57.1 58.8 61.4 72.9 9

10 Net change in assets (Households) 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 285.7 324.4 327.8 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 6.2 16.0 16.8 12.6 12.2 1.8 27.5 8.8 -8.2 39.5 28.5 1

 businesses

 2 Nonfinancial corporate business -0.0 9.6 9.3 4.8 6.0 -6.1 20.5 -1.0 -15.8 32.0 19.1 2

 3 Nonfarm noncorporate business 1.3 1.6 1.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 3

 4 U.S.-chartered commercial banks 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 1.9 4

 5 Savings institutions 0.5 -0.1 0.4 0.2 -0.4 0.3 0.5 0.3 -0.1 -0.5 1.3 5

 6 Life insurance companies 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.4 6

 7 Other insurance companies 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 7

 8 Finance companies 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 8

 9 Brokers and dealers -0.1 0.1 0.1 -0.1 -1.0 0.0 -1.2 1.9 0.1 0.4 0.4 9

10 Net change in business taxes receivable -14.9 -6.9 -10.0 -5.1 -2.0 -7.3 -0.7 -10.8 7.4 37.0 -4.5 10

11 State and local governments -8.3 -5.3 -2.2 0.1 -0.9 -0.1 1.0 0.3 3.0 4.4 5.4 11

12 Federal government -6.6 -1.5 -7.8 -5.2 -1.1 -7.2 -1.6 -11.0 4.5 32.6 -9.9 12

13 Discrepancy 21.1 22.8 26.8 17.7 14.2 9.1 28.2 19.6 -15.6 2.5 33.0 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 1

 2 Asset: Household sector 4.0 -8.6 -56.3 -48.0 -45.7 -46.5 -51.2 -48.8 -32.0 -25.9 -23.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 65.2 3.4 11.1 -16.0 -8.6 -13.9 -60.9 19.4 14.1 22.1 -32.6 1

 2 Nonfarm noncorporate business 60.1 -10.9 -6.2 -21.8 -28.4 -11.6 -28.1 -19.1 -7.1 -0.4 -9.0 2

 3 Farm business -9.2 3.7 -1.4 -1.6 -2.4 -11.6 -4.3 12.1 6.1 9.7 -6.5 3

 4 Brokers and dealers 14.3 10.6 18.6 7.4 22.2 9.3 -28.4 26.4 15.1 12.8 -17.1 4
Z.1, December 15, 1999 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 444.6 498.3 516.2 669.2 1069.4 295.6 731.2 580.7 216.5 1114.3 317.8 1

 2 Household sector 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.3 0.1 2

 3 Nonfinancial corporate business 124.5 244.3 90.3 218.4 100.2 90.0 303.7 379.8 32.4 372.0 169.5 3

 4 Nonfarm noncorporate business 3.4 -0.1 -1.3 -2.0 -4.4 -1.5 -1.0 -1.1 0.6 0.3 1.4 4

 5 Federal government 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 -14.1 5

 6 Rest of the world 139.6 135.6 143.3 144.8 345.2 286.6 55.6 -108.2 104.5 305.4 214.7 6

 7 Monetary authority 1.3 -0.2 1.8 1.0 -14.1 20.9 -21.1 18.2 -22.1 27.4 -17.5 7

 8 Commercial banking 124.0 20.1 171.2 122.1 -7.6 96.3 306.2 93.4 -80.0 56.2 -199.5 8

 9 Savings institutions -0.6 -2.5 -2.1 -1.6 39.2 -26.5 -2.1 -17.1 19.5 -20.0 -19.9 9

10 Credit unions -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 1.1 -2.0 0.2 10

11 Life insurance companies 15.1 10.5 32.3 34.5 48.3 39.0 16.3 34.3 18.9 6.0 39.7 11

12 Other insurance companies 22.8 12.3 10.5 22.3 22.8 8.1 14.8 43.6 -8.1 34.7 45.9 12

13 Government-sponsored enterprises 5.8 0.3 7.8 20.3 60.5 -9.9 6.9 23.7 -25.9 -13.3 -14.4 13

14 Finance companies 21.8 3.2 -2.8 17.8 23.6 -42.8 8.2 82.3 68.5 16.5 60.1 14

15 Mortgage companies -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 15

16 REITs 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 12.9 16

17 Brokers and dealers 12.6 28.4 21.8 8.0 328.9 -241.1 -22.0 -33.8 63.2 75.9 -38.3 17

18 Funding corporations -29.2 42.4 38.7 74.4 99.9 73.8 66.4 57.6 45.7 249.7 77.9 18

19 Net change in assets 633.0 536.0 742.2 699.9 944.3 541.2 812.3 502.1 706.0 1665.3 917.2 19

20 Household sector 14.8 9.7 10.3 15.3 11.9 4.2 15.0 29.9 1.2 13.2 30.1 20

21 Nonfinancial corporate business 293.4 223.4 243.6 172.8 214.2 232.4 177.0 67.7 348.4 176.7 303.9 21

22 Nonfarm noncorporate business 48.1 56.4 50.4 51.1 51.1 49.9 49.8 53.7 48.8 49.0 54.4 22

23 Farm business 1.8 -0.1 0.4 1.7 1.8 0.9 1.5 2.7 -1.3 1.7 2.2 23

24 State and local governments 42.9 -4.8 4.3 -1.1 71.1 -54.3 -44.5 23.8 -14.2 42.5 42.6 24

25 Federal government -2.1 -6.4 -7.0 -3.5 -2.7 -0.5 -3.9 -7.1 -0.4 -1.9 -2.5 25

26 Rest of the world 119.8 131.6 203.0 205.0 229.8 249.8 180.6 159.8 175.7 853.1 378.7 26

27 Monetary authority -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 4.8 27

28 Commercial banking 61.4 25.9 103.5 124.0 2.6 208.3 260.8 24.3 51.2 210.9 -51.3 28

29 Savings institutions 1.7 -1.8 -3.2 13.6 18.4 -14.1 40.4 9.8 -5.1 -24.6 23.0 29

30 Credit unions -0.8 -0.2 3.8 6.8 9.3 -12.6 14.5 15.9 1.3 -11.5 -6.6 30

31 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 8.4 8.4 8.4 8.4 -0.2 2.0 2.6 31

32 Life insurance companies 7.2 -31.4 -6.7 17.1 28.0 3.8 41.0 -4.2 -25.4 1.5 37.9 32

33 Other insurance companies 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 3.0 3.6 33

34 Private pension funds 7.2 10.1 9.4 -19.8 -18.4 -27.1 5.9 -39.5 9.5 4.0 18.2 34

35 State and local govt. retirement funds -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -71.1 -53.1 5.2 35

36 Money market mutual funds 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 -56.9 36

37 Mutual funds 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 29.0 -31.3 5.8 37

38 Government-sponsored enterprises 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 42.0 103.6 38

39 Finance companies 21.0 22.0 28.9 16.1 65.1 28.1 -96.2 67.3 89.8 10.5 -13.7 39

40 REITs 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 -1.7 40

41 Brokers and dealers 10.3 68.2 82.8 68.8 273.6 -134.7 139.8 -3.3 -59.6 191.0 -26.2 41

42 Funding corporations 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.1 59.8 42

43 Discrepancy -188.5 -37.6 -225.9 -30.7 125.1 -245.6 -81.1 78.6 -489.5 -550.9 -599.5 43
54 Z.1, December 15, 1999

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 99.5 92.7 110.0 132.8 149.2 172.7 86.3 123.1 165.5 126.3 178.1 1

 2 Equity 40.5 27.5 43.9 60.3 52.5 81.1 55.1 52.5 79.2 31.7 95.0 2

 3 Reinvested earnings 54.6 55.5 61.6 61.5 72.9 69.3 46.2 57.7 55.4 78.3 83.8 3

 4 Intercompany accounts 4.4 9.7 4.4 11.0 23.8 22.2 -14.9 12.9 30.9 16.2 -0.6 4

 5 Asset: Nonfinancial corporate business 91.1 77.6 90.2 113.9 136.3 145.2 70.8 103.5 149.8 111.7 157.7 5

 6 Commercial banking 1.6 3.5 2.9 0.9 4.4 2.5 -5.4 2.1 3.2 6.4 4.0 6

 7 Life insurance companies 0.4 0.8 1.8 2.1 2.0 4.0 -1.4 3.7 0.9 0.1 1.1 7

 8 Other insurance companies 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 3.0 3.6 8

 9 Finance companies 2.5 7.3 9.1 7.8 2.9 13.7 12.9 1.7 1.6 4.6 7.5 9

10 Brokers and dealers 0.1 -0.1 0.5 2.8 2.4 1.7 4.4 2.8 3.7 0.6 4.1 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 55.4 74.5 110.1 163.1 117.1 38.2 23.4 473.6 106.6 369.6 105.0 11

12 Nonfarm noncorporate business -0.1 0.3 0.5 0.2 0.5 0.2 -0.1 0.3 0.4 0.2 0.3 12

13 Commercial banking 6.6 -0.1 6.7 5.7 1.4 -0.7 20.1 2.1 2.8 55.5 4.7 13

14 Life insurance companies 1.8 1.0 6.4 2.0 0.7 3.9 0.7 2.5 1.2 41.7 2.9 14

15 Other insurance companies 2.0 5.7 5.7 4.8 6.9 3.5 1.3 7.6 4.0 19.0 23.1 15

16 Finance companies 2.8 5.1 6.8 5.0 8.7 8.7 -11.2 13.9 -5.6 20.5 12.6 16

17 Brokers and dealers 1.5 1.3 0.4 0.7 2.0 0.2 0.6 0.1 -0.0 0.9 0.7 17

18 Funding corporations -10.4 1.1 -27.4 11.8 -29.3 29.7 64.9 -18.0 -17.6 110.0 28.6 18

19 Asset: Rest of the world 59.6 89.0 109.3 193.4 108.1 83.8 99.6 482.0 91.8 617.5 177.9 19

20 Equity 47.9 63.7 64.7 154.2 47.5 45.0 90.9 433.3 31.6 565.5 107.6 20

21 Reinvested earnings 10.3 11.0 20.3 12.8 15.0 14.0 17.6 4.5 20.6 16.9 28.2 21

22 Intercompany accounts 1.5 14.3 24.3 26.4 45.5 24.8 -9.0 44.2 39.6 35.1 42.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 1.3 23

24 Asset: Federal government 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 1.3 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 0.2 25

26 Asset: Commercial banking 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 0.2 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.8 1.2 0.7 3.3 5.6 1.8 0.7 5.2 6.0 2.6 6.1 27

28 Asset: Nonfin. corporate business (FNMA) -0.2 -0.2 -1.1 -0.7 0.3 -0.5 -2.6 -0.0 0.2 -0.9 -0.9 28

29 Nonfarm noncorporate (BC) 0.0 0.7 0 -0.1 -0.2 0.7 -0.3 -0.5 0.2 -0.3 -0.1 29

30 Farm business (FICB and FLB) -0.1 -0.6 0 0.1 0.3 0.5 0.3 -0.6 -0.2 0.3 0.1 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.6 0.8 1.3 2.0 2.0 0.7 2.0 3.4 2.4 1.9 4.4 32

33 Savings institutions (FHLB) 0.4 0.5 0.4 1.8 3.2 0.3 1.0 2.8 2.9 1.1 2.2 33

34 Credit unions (FHLB) 0.1 0.0 0.0 0.1 0.0 0.1 0.2 0.1 0.4 0.2 0.1 34

35 Life insurance companies (FHLB) -0.0 0.1 0.0 0.0 -0.0 -0.1 0.1 0.1 0.2 0.1 0.2 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 7.0 36

37 Savings institutions 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 37

38 Finance companies 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 38.6 38

39 Mortgage companies -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 -1.1 39

40 Brokers and dealers 4.7 -8.6 27.0 43.5 7.6 107.7 20.7 38.0 72.5 49.9 -63.5 40

41 Asset: Bank holding companies 48.3 28.9 65.7 99.4 103.9 133.2 73.4 87.4 103.9 46.9 -18.4 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 38.6 42

43 Asset: Nonfinancial corporate business 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 38.6 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 56.0 44

45 Brokers and dealers 17.8 51.5 38.9 40.7 75.0 34.0 35.3 18.6 152.0 51.4 3.8 45

46 Asset: Funding corporations 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.1 59.8 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, December 15, 1999 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.4 0.4 1

 2 Asset: Federal government 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.4 0.4 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 3.3 -1.2 0 6.8 17.2 -2.9 4.7 8.3 -13.5 -16.7 -5.8 5

 6 Asset: Savings institutions 3.3 -1.2 0 6.8 17.2 -2.9 4.7 8.3 -13.5 -16.7 -5.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.3 0.1 7

 8 Asset: Life insurance companies 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.3 0.1 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.1 7.0 8.3 7.9 5.2 2.3 9.4 14.8 6.3 6.7 20.5 9

10 Health 5.2 6.2 6.3 7.3 4.0 1.6 8.3 15.1 5.2 5.6 19.0 10

11 Policy dividend accumulation 0.8 0.8 2.0 0.7 1.2 0.7 1.1 -0.3 1.1 1.0 1.5 11

12 Asset: Household sector 6.1 7.0 8.3 7.9 5.2 2.3 9.4 14.8 6.3 6.7 20.5 12

 Policy payables:

13 Liab.: Other insurance companies 20.8 6.6 4.8 17.5 15.9 4.6 13.5 36.0 -12.1 15.7 22.8 13

14 Asset: Household sector 8.7 2.7 2.0 7.3 6.7 1.9 5.7 15.1 -5.1 6.6 9.6 14

15 Nonfinancial corporate business 8.2 2.6 1.9 6.9 6.3 1.8 5.3 14.2 -4.8 6.2 9.0 15

16 Nonfarm noncorporate business 2.0 0.6 0.5 1.7 1.5 0.4 1.3 3.4 -1.2 1.5 2.2 16

17 Farm business 1.9 0.6 0.4 1.6 1.4 0.4 1.2 3.3 -1.1 1.4 2.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 8.8 18

19 Asset: Private pension funds -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 8.8 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 3.7 3.8 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 -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 103.4 3.8 22

23 Asset: Brokers and dealers -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 103.4 3.8 23
56 Z.1, December 15, 1999

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 175.8 140.1 102.8 92.2 469.3 -151.6 204.5 -153.2 -150.9 163.6 -180.4 1

 2 Nonfinancial corporate business 65.4 166.0 -23.6 51.6 -20.6 48.0 276.5 -97.6 -78.1 -1.4 60.6 2

 3 Nonfarm noncorporate business 3.4 -0.4 -1.8 -2.2 -4.9 -1.7 -0.9 -1.3 0.3 0.1 1.1 3

 4 Federal government 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 -14.1 4

 5 Rest of the world 38.3 41.2 31.8 10.5 194.3 112.0 -31.9 -232.4 -63.1 176.9 34.9 5

 6 Monetary authority 1.0 -0.9 1.0 0.5 -14.3 19.6 -21.6 18.1 -22.8 26.8 -17.7 6

 7 Commercial banking 70.6 -22.1 109.4 49.2 -110.5 67.6 191.9 48.0 -109.5 16.2 -267.3 7

 8 U.S.-chartered commercial banks 3.5 -13.0 30.5 -2.4 -74.9 8.0 76.3 -19.0 -95.7 75.1 -170.7 8

 9 Foreign banking offices in U.S. 37.6 -26.9 35.2 -10.6 -88.6 8.3 106.9 -69.2 -43.4 -28.6 -86.0 9

10 Bank holding companies 26.6 17.3 39.0 56.0 50.0 48.0 6.8 119.1 26.8 -35.4 -17.6 10

11 Banks in U.S.-affiliated areas 2.9 0.6 4.7 6.3 3.0 3.2 1.8 17.1 2.8 5.1 6.9 11

12 Savings institutions -0.7 -2.7 -2.4 -2.1 38.8 -26.9 -2.6 -17.6 19.0 -20.5 -20.4 12

13 Credit unions -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 1.1 -2.0 0.2 13

14 Life insurance companies 7.9 4.9 21.9 25.9 55.9 27.2 -9.4 29.9 17.8 -36.1 7.5 14

15 Government-sponsored enterprises 0.8 0.3 7.1 10.1 37.7 -8.9 1.5 10.1 -18.4 0.8 -14.7 15

16 Finance companies 9.8 -11.2 -14.0 15.7 15.1 -33.3 26.6 54.3 62.7 -7.1 -29.7 16

17 REITs 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 12.9 17

18 Brokers and dealers -11.4 -15.8 -44.7 -77.0 244.3 -383.1 -78.6 -90.4 -161.3 -26.3 20.8 18

19 Funding corporations -13.3 -18.6 8.8 0.9 35.8 -2.0 -146.2 116.2 203.3 36.3 45.6 19

20 Net change in assets 364.3 177.7 328.7 122.9 344.2 94.0 285.5 -231.8 338.5 714.5 419.1 20

21 Nonfinancial corporate business 189.6 138.9 150.5 54.1 71.5 94.9 107.0 -56.9 197.5 58.2 99.4 21

22 Nonfarm noncorporate business 46.1 55.1 49.9 49.6 49.8 48.8 48.8 50.8 49.8 47.8 52.3 22

23 State and local governments 42.9 -4.8 4.3 -1.1 71.1 -54.3 -44.5 23.8 -14.2 42.5 42.6 23

24 Federal government -3.8 -8.1 -8.5 -5.0 -4.3 -2.4 -5.0 -8.2 -2.4 -4.1 -4.2 24

25 Rest of the world 60.2 42.6 93.7 11.6 121.7 166.0 81.0 -322.2 83.9 235.6 200.8 25

26 Monetary authority -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 4.8 26

27 Commercial banking 9.6 -7.9 32.7 21.1 -107.8 70.6 190.4 -68.8 -59.0 155.1 -41.5 27

28 U.S.-chartered commercial banks -1.6 1.3 0.5 5.6 -18.5 70.3 11.3 -40.7 -13.7 70.5 -6.7 28

29 Foreign banking offices in U.S. 5.0 -21.2 37.0 0.3 -106.0 -11.4 185.9 -67.4 -46.7 65.4 -91.4 29

30 Bank holding companies 4.6 11.3 -6.7 12.1 16.5 10.3 -9.0 30.7 1.4 17.6 55.8 30

31 Banks in U.S.-affiliated areas 1.6 0.8 1.8 3.1 0.2 1.3 2.3 8.5 -0.0 1.6 0.7 31

32 Savings institutions -2.0 -1.1 -3.6 4.9 -2.0 -11.6 34.6 -1.3 5.6 -9.0 26.6 32

33 Credit unions -0.9 -0.2 3.8 6.7 9.3 -12.7 14.3 15.8 1.0 -11.7 -6.7 33

34 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 8.4 8.4 8.4 8.4 -0.2 2.0 2.6 34

35 Life insurance companies 6.1 -33.1 -8.8 16.4 26.2 -1.3 44.3 -3.4 -31.5 1.0 36.5 35

36 Private pension funds 4.3 8.8 10.0 -22.3 -8.6 -36.5 -13.4 -30.5 12.1 6.4 5.5 36

37 State and local govt. retirement funds -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -71.1 -53.1 5.2 37

38 Money market mutual funds 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 -56.9 38

39 Mutual funds 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 29.0 -31.3 5.8 39

40 Government-sponsored enterprises 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 42.0 103.6 40

41 Finance companies 18.6 14.6 19.8 8.3 62.2 14.4 -109.0 65.6 88.3 5.9 -21.3 41

42 REITs 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 -1.7 42

43 Brokers and dealers 15.7 8.4 25.1 4.4 177.9 -182.5 -12.3 34.4 76.7 87.1 -34.1 43

44 Discrepancy -188.5 -37.6 -225.9 -30.7 125.1 -245.6 -81.1 78.6 -489.5 -550.9 -599.5 44
Z.1, December 15, 1999 57

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -162.8 -16.4 -16.6 9.7 270.8 -367.6 199.5 -64.1 141.4 -312.6 -337.3 1

 2 Household sector 40.7 61.1 115.0 34.2 207.7 -288.0 12.7 203.8 243.0 -120.3 -112.8 2

 3 Nonfinancial corporate business -23.3 25.4 32.3 24.8 66.2 15.6 -39.0 56.8 74.1 48.4 46.7 3

 4 State and local governments -46.9 -43.2 6.1 -49.1 -47.8 -89.5 -11.9 -47.4 -21.1 -92.5 -44.7 4

 5 Federal government -13.7 66.9 37.2 34.2 17.0 -42.4 67.9 94.3 0.1 -28.2 20.5 5

 6 Rest of the world -39.3 -84.1 -163.0 -9.0 2.8 22.9 106.2 -167.5 -39.8 -175.2 -86.9 6

 7 Financial sectors -80.3 -42.6 -44.3 -25.4 25.0 13.8 63.6 -204.2 -114.9 55.3 -160.0 7

 8 Monetary authority -1.8 0.9 1.7 1.7 0.8 -0.8 -0.3 7.0 0.8 0.9 -0.5 8

 9 Commercial banking -21.5 -0.4 54.4 43.0 65.6 51.7 133.5 -78.7 -10.2 39.0 -114.4 9

10 Savings institutions -3.4 -5.2 -4.3 -7.6 -9.7 -5.3 -7.8 -7.6 -6.2 -5.1 -4.8 10

11 Credit unions -1.1 0.3 -2.5 -3.5 -2.5 -4.2 -4.5 -2.8 -1.9 -1.9 -3.7 11

12 Bank personal trusts and estates -1.3 2.1 -5.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.4 -0.4 12

13 Life insurance companies -43.2 -47.3 -47.1 -36.5 -23.8 -32.0 -55.5 -34.6 -30.9 -38.5 -36.9 13

14 Other insurance companies -19.6 -13.9 -45.2 -23.3 -10.7 -8.5 -34.6 -39.6 -25.2 26.3 31.0 14

15 Mutual funds 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 5.0 15

16 Government-sponsored enterprises -1.9 0.4 -3.2 -4.9 1.4 -0.6 -5.4 -15.2 -1.4 2.6 -5.0 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies -2.4 8.9 -7.9 -13.8 -5.0 -10.2 17.7 -57.8 -53.2 2.2 -56.8 18

19 REITs 6.9 6.0 10.5 13.8 3.8 17.4 14.6 19.4 8.8 24.9 26.4 19

20 Brokers and dealers -0.1 -0.1 -0.2 0.3 -0.1 0.4 0.6 0.4 -0.6 0.1 0.2 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -162.8 -16.4 -16.6 9.7 270.8 -367.6 199.5 -64.1 141.4 -312.6 -337.3 1

 2 Treasury currency -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.5 0.6 0.5 2

 3 Foreign deposits 25.1 59.6 106.8 -8.1 -95.7 149.9 69.9 -156.5 62.7 84.4 33.6 3

 4 Net interbank transactions -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 -0.7 4

 5 Security RPs 20.2 4.5 62.3 15.2 120.8 -170.0 110.2 0.0 364.1 80.0 43.5 5

 Mail floats:

 6 Federal government -6.0 0.5 -2.7 2.6 8.3 -44.4 32.4 14.0 -1.8 -41.4 27.9 6

 7 Other -3.8 -4.0 -3.9 -3.1 -4.0 -2.9 -3.6 -1.8 -1.9 -1.0 -0.5 7

 8 Trade credit 15.6 -21.2 33.2 -31.0 72.2 -110.5 -64.4 -21.1 67.1 -20.7 -19.9 8

 9 Taxes payable 21.1 22.8 26.8 17.7 14.2 9.1 28.2 19.6 -15.6 2.5 33.0 9

10 Miscellaneous -188.5 -37.6 -225.9 -30.7 125.1 -245.6 -81.1 78.6 -489.5 -550.9 -599.5 10

11 Nonfinancial -42.8 -36.7 7.3 44.3 -4.9 38.2 84.5 59.1 99.2 135.6 144.8 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 26.4 33.1 -3.2 -47.8 1.4 -41.7 -88.0 -62.6 -99.2 -135.6 -144.8 12

13 Private wage accruals less disbursements 16.4 3.6 -4.1 3.5 3.5 3.5 3.5 3.5 0 0 0 13
58 Z.1, December 15, 1999

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total credit market debt owed by: 17206.4 18455.1 19826.6 21282.8 21789.0 22291.6 22770.5 23409.3 24021.3 24458.8 25016.7 1

 2 Domestic nonfinancial sectors 13013.9 13734.9 14480.3 15265.8 15527.4 15747.8 15962.2 16289.9 16604.3 16780.3 17055.3 2

 3 Federal government 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 3

 4 Nonfederal sectors 9521.6 10098.2 10698.5 11461.0 11696.6 11998.8 12242.0 12537.7 12844.6 13128.6 13422.6 4

 5 Household sector 4427.0 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6294.5 5

 6 Nonfinancial corporate business 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4028.6 4121.5 4223.6 6

 7 Nonfarm noncorporate business 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1494.2 7

 8 Farm business 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.9 8

 9 State and local governments 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1241.4 9

10 Rest of the world 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 10

11 Financial sectors 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.2 7080.3 7346.7 11

12 Commercial banking 228.1 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 408.2 436.1 12

13 U.S.-chartered commercial banks 81.0 92.2 103.9 133.4 143.2 155.6 166.0 186.2 185.3 200.6 222.4 13

14 Foreign banking offices in U.S. 13.4 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 1.8 14

15 Bank holding companies 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 15

16 Savings institutions 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 16

17 Credit unions 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 17

18 Life insurance companies 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 18

19 Government-sponsored enterprises 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 19

20 Federally related mortgage pools 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 20

21 ABS issuers 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.3 1546.8 1597.5 21

22 Finance companies 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 22

23 Mortgage companies 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 23

24 REITs 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 24

25 Brokers and dealers 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 25

26 Funding corporations 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 26

27 Total credit market assets held by: 17206.4 18455.1 19826.6 21282.8 21789.0 22291.6 22770.5 23409.3 24021.3 24458.8 25016.7 27

28 Domestic nonfederal nonfinancial sectors 2988.8 2857.4 2927.5 2815.9 2798.2 2886.3 2919.9 2860.8 2926.3 2966.3 3003.0 28

29 Household sector 1932.1 1896.1 2014.5 1905.6 1905.2 1958.8 1957.1 1849.2 1924.7 1947.1 1990.2 29

30 Nonfinancial corporate business 289.2 280.4 270.2 268.0 249.6 238.5 244.4 269.8 247.0 249.2 248.0 30

31 Nonfarm noncorporate business 37.6 42.3 38.0 37.4 37.4 37.4 37.4 37.4 37.5 37.7 38.0 31

32 State and local governments 729.9 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 726.9 32

33 Federal government 202.9 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.2 219.8 224.0 33

34 Rest of the world 1216.0 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2601.0 2608.4 2702.3 34

35 Financial sectors 12798.8 13863.9 14777.2 16009.8 16469.4 16801.8 17227.5 17800.2 18275.9 18664.2 19087.5 35

36 Monetary authority 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 36

37 Commercial banking 3254.3 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.4 4488.2 37

38 U.S.-chartered commercial banks 2869.6 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 3944.1 38

39 Foreign banking offices in U.S. 337.1 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 475.4 39

40 Bank holding companies 18.4 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.1 22.0 40

41 Banks in U.S.-affiliated areas 29.2 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 46.7 41

42 Savings institutions 920.8 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 1030.8 42

43 Credit unions 246.8 263.0 288.5 305.3 306.7 315.1 320.5 324.2 330.2 341.0 350.8 43

44 Bank personal trusts and estates 248.0 239.7 232.0 207.0 204.3 201.5 197.5 194.1 192.2 190.1 188.0 44

45 Life insurance companies 1487.5 1587.5 1657.0 1751.1 1777.3 1793.2 1810.6 1828.0 1853.7 1874.7 1893.1 45

46 Other insurance companies 446.4 468.7 491.2 515.3 521.1 520.8 518.8 535.7 530.8 537.5 535.4 46

47 Private pension funds 660.9 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 1017.4 47

48 State and local govt. retirement funds 497.4 531.0 568.2 632.0 648.9 668.5 684.9 697.0 716.3 726.5 732.5 48

49 Money market mutual funds 459.0 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 1049.7 49

50 Mutual funds 718.8 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.8 1084.0 1079.8 50

51 Closed-end funds 86.0 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 106.1 51

52 Government-sponsored enterprises 663.3 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.0 1338.6 52

53 Federally related mortgage pools 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 53

54 ABS issuers 532.8 653.4 777.0 939.3 989.2 1068.9 1134.2 1216.0 1280.4 1359.7 1408.2 54

55 Finance companies 476.2 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 678.1 55

56 Mortgage companies 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 35.0 56

57 REITs 24.6 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 44.7 57

58 Brokers and dealers 93.3 183.4 167.7 182.6 244.0 198.3 217.5 165.2 211.4 163.6 167.5 58

59 Funding corporations 106.0 87.4 101.4 152.3 177.5 178.3 161.6 158.5 173.3 202.7 208.0 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, December 15, 1999 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 13013.9 13734.9 14480.3 15265.8 15527.4 15747.8 15962.2 16289.9 16604.3 16780.3 17055.3 1

 2 Federal government 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 2

 3 Treasury securities 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 3

 4 Budget agency secur. and mortgages 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 4

 5 Nonfederal, by instrument 9521.6 10098.2 10698.5 11461.0 11696.6 11998.8 12242.0 12537.7 12844.6 13128.6 13422.6 5

 6 Commercial paper 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 6

 7 Municipal securities and loans 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.1 7

 8 Corporate bonds 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 8

 9 Bank loans n.e.c. 759.9 863.6 934.1 1040.5 1047.9 1097.6 1120.6 1148.8 1165.2 1178.5 1201.6 9

10 Other loans and advances 669.6 736.9 770.4 839.5 863.5 873.1 886.8 913.8 956.7 952.1 967.5 10

11 Mortgages 4374.2 4580.0 4869.7 5169.9 5278.5 5385.3 5510.0 5656.6 5790.5 5945.2 6105.3 11

12 Home 3330.0 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.3 4532.1 4648.2 12

13 Multifamily residential 261.5 269.1 284.3 295.0 300.4 305.7 309.7 317.4 326.6 335.3 347.7 13

14 Commercial 699.8 716.0 776.4 825.1 843.6 864.6 883.6 915.3 946.3 978.2 1007.6 14

15 Farm 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 15

16 Consumer credit 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 16

17 Nonfederal, by sector 9521.6 10098.2 10698.5 11461.0 11696.6 11998.8 12242.0 12537.7 12844.6 13128.6 13422.6 17

18 Household sector 4427.0 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6294.5 18

19 Nonfinancial business 3972.9 4245.2 4527.1 4903.5 5052.6 5209.2 5311.1 5428.0 5628.4 5753.6 5886.7 19

20 Corporate 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4028.6 4121.5 4223.6 20

21 Nonfarm noncorporate 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1494.2 21

22 Farm 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.9 22

23 State and local governments 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1241.4 23

 Foreign credit market debt

24 held in U.S. 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 24

25 Commercial paper 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 25

26 Bonds 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 26

27 Bank loans n.e.c. 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 27

28 Other loans and advances 59.3 58.8 59.8 58.0 55.9 54.8 53.8 52.0 51.3 50.5 49.7 28

29 Domestic and foreign 13384.2 14176.4 14998.9 15836.0 16119.0 16364.8 16574.9 16893.6 17212.1 17378.4 17670.0 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.2 7080.3 7346.7 1

 2 Federal government-related 2172.7 2376.8 2608.3 2821.1 2878.0 2981.4 3121.7 3292.0 3434.1 3580.8 3746.0 2

 3 Govt.-sponsored enterprise securities 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 3

 4 Mortgage pool securities 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 4

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

 6 Private financial sectors 1649.5 1901.9 2219.4 2625.7 2792.1 2945.4 3073.8 3223.6 3375.1 3499.6 3600.7 6

 7 Open market paper 441.6 486.9 579.1 745.7 804.9 838.9 874.2 906.7 926.4 940.9 963.4 7

 8 Corporate bonds 1008.8 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1968.9 2049.8 2089.6 8

 9 Bank loans n.e.c. 48.9 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 106.4 9

10 Other loans and advances 131.6 135.0 162.9 198.5 206.6 225.6 246.2 288.7 299.1 328.6 365.4 10

11 Mortgages 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 11

12 By sector 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.2 7080.3 7346.7 12

13 Commercial banks 94.5 102.6 113.6 140.6 148.7 159.6 169.6 188.6 187.5 202.7 224.2 13

14 Bank holding companies 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 14

15 Savings institutions 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 15

16 Credit unions 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 16

17 Life insurance companies 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 17

18 Government-sponsored enterprises 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 18

19 Federally related mortgage pools 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 19

20 ABS issuers 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.3 1546.8 1597.5 20

21 Brokers and dealers 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 21

22 Finance companies 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 22

23 Mortgage companies 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 23

24 REITs 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 24

25 Funding corporations 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 25
60 Z.1, December 15, 1999

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 17206.4 18455.1 19826.6 21282.8 21789.0 22291.6 22770.5 23409.3 24021.3 24458.8 25016.7 1

 2 Open market paper 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 2

 3 U.S. government securities 5665.0 6013.6 6390.0 6626.0 6708.7 6730.3 6841.9 7044.3 7193.8 7232.5 7378.7 3

 4 Municipal securities 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.1 4

 5 Corporate and foreign bonds 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.2 4436.8 4534.6 5

 6 Bank loans n.e.c. 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.8 6

 7 Other loans and advances 860.5 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1307.0 1331.2 1382.6 7

 8 Mortgages 4393.0 4604.0 4901.6 5216.7 5327.5 5439.4 5574.0 5728.2 5867.2 6018.8 6181.2 8

 9 Consumer credit 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 9

 Memo:

 Selected claims not included above:

10 Corporate equities 6333.3 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 10

11 Mutual fund shares 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 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) 17206.4 18455.1 19826.6 21282.8 21789.0 22291.6 22770.5 23409.3 24021.3 24458.8 25016.7 1

 2 Official foreign exchange 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 2

 3 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 3

 4 Treasury currency 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 4

 5 Foreign deposits 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 5

 6 Net interbank liabilities 280.1 290.7 240.8 219.4 179.6 189.2 198.7 187.7 180.4 201.7 190.3 6

 7 Checkable deposits and currency 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 7

 8 Small time and savings deposits 2183.2 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2637.6 2644.6 2666.8 8

 9 Large time deposits 411.2 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 836.8 9

10 Money market fund shares 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 10

11 Security RPs 549.5 660.0 701.5 822.4 889.3 861.5 918.9 875.0 980.3 974.2 1006.1 11

12 Mutual fund shares 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 12

13 Security credit 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 587.9 582.3 13

14 Life insurance reserves 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.7 14

15 Pension fund reserves 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9258.8 9711.7 9464.8 15

16 Trade payables 1569.1 1698.0 1812.8 1938.6 1940.8 1933.9 1954.5 1970.2 1981.2 2039.6 2067.3 16

17 Taxes payable 101.4 107.6 123.6 140.4 151.7 144.6 155.0 152.9 159.7 161.5 172.5 17

18 Investment in bank personal trusts 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 18

19 Miscellaneous 5287.2 5634.7 6098.8 6666.5 6741.0 6791.2 7013.1 7053.7 7074.2 7158.2 7157.4 19

20 Total liabilities 37810.1 41383.6 45331.1 50248.3 52158.3 53079.8 53130.2 55544.5 56631.7 58128.9 58377.3 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.1 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 21.3 21

22 Corporate equities 6333.3 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 22

23 Household equity in noncorp. bus. 3404.9 3640.4 3833.3 4171.8 4213.6 4284.7 4331.3 4395.3 4405.1 4489.9 4568.0 23

 - Liabilities not identified as assets:

24 Treasury currency -5.4 -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.2 -8.1 24

25 Foreign deposits 325.4 360.2 431.4 534.0 510.1 547.6 565.1 547.2 562.8 583.9 592.3 25

26 Net interbank transactions -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -12.9 26

27 Security RPs 66.2 86.4 90.9 153.1 187.4 140.9 175.2 168.4 263.5 279.8 297.1 27

28 Taxes payable 48.8 62.4 76.7 93.5 89.6 95.8 102.2 103.5 90.7 111.3 101.4 28

29 Miscellaneous -641.6 -1011.4 -1339.6 -1668.9 -1868.2 -1929.2 -2015.4 -2319.9 -2436.0 -2588.2 -2996.5 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.4 3.1 -1.6 -8.1 -10.4 -16.1 -12.0 -3.9 -7.2 -12.4 -9.0 30

31 Other 38.0 34.2 30.1 26.2 21.4 24.2 15.7 23.1 18.9 22.1 14.5 31

32 Trade credit 182.6 198.2 176.7 199.5 163.5 119.4 99.1 168.0 129.2 108.7 101.1 32

33 Totals identified to sectors as assets 47558.3 53823.6 59994.4 68332.7 72170.3 73414.4 71696.7 76723.3 78348.9 81171.0 80894.9 33
Z.1, December 15, 1999 61

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 16409.0 18926.9 21183.1 24383.6 26147.2 26439.8 25016.7 27293.8 27874.1 29001.7 28336.2 1

 2 Foreign deposits 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 2

 3 Checkable deposits and currency 672.1 618.2 567.5 572.5 554.8 551.9 541.9 583.4 569.7 563.8 544.6 3

 4 Time and savings deposits 2286.9 2460.1 2635.8 2812.6 2899.1 2897.8 2904.6 3007.4 3002.3 3018.4 3058.5 4

 5 Money market fund shares 355.3 454.1 510.8 602.2 652.4 650.2 705.2 746.5 796.1 761.5 788.9 5

 6 Securities 5953.5 7188.9 8147.6 9557.1 10397.4 10508.4 9597.2 10591.5 11017.9 11623.6 11172.8 6

 7 Open market paper 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 7

 8 U.S. savings bonds 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 8

 9 Other Treasury securities 616.0 530.5 515.3 338.6 341.9 331.9 322.6 242.6 167.7 115.3 110.2 9

10 Agency securities 133.3 133.4 229.3 241.6 183.6 182.3 218.7 205.8 249.0 279.0 322.8 10

11 Municipal securities 501.5 457.7 435.6 463.6 468.4 485.1 477.5 473.6 491.5 517.6 526.8 11

12 Corporate and foreign bonds 353.1 447.6 496.9 520.9 569.7 616.7 594.5 581.1 669.4 686.8 680.8 12

13 Corporate equities (2) 3070.9 4121.6 4642.1 5689.6 6279.4 6265.0 5540.7 6337.8 6583.4 6967.5 6599.2 13

14 Mutual fund shares 1052.1 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2679.8 14

15 Private life insurance reserves 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 722.2 15

16 Private insured pension reserves 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1434.2 16

17 Private noninsured pension reserves 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 17

18 Govt. insurance and pension reserves 1715.0 2018.8 2401.3 2965.1 3242.1 3316.1 3152.0 3483.4 3464.7 3643.3 3541.2 18

19 Investment in bank personal trusts 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 19

20 Miscellaneous assets 954.5 1045.3 1161.1 1295.5 1334.2 1367.4 1420.3 1443.6 1442.4 1472.1 1502.8 20

21 Total liabilities 6101.1 6513.8 6977.3 7448.9 7542.3 7711.3 7873.5 8064.1 8222.4 8427.1 8619.6 21

22 Mortgage debt on nonfarm homes 3311.3 3491.1 3702.0 3938.8 4022.1 4100.8 4200.9 4305.7 4398.2 4509.8 4625.6 22

23 Other mortgage debt (3) 820.3 818.8 880.6 934.8 953.2 973.5 994.1 1014.4 1036.9 1062.4 1091.5 23

24 Consumer credit 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 24

25 Policy loans 86.4 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.9 100.4 25

26 Security credit 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 182.9 181.5 26

27 Other liabilities (3) 824.1 905.6 987.3 1075.4 1085.8 1122.2 1134.7 1152.5 1206.8 1231.6 1250.4 27

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

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

(3) Includes corporate farms.
62 Z.1, December 15, 1999

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 19171.0 21844.8 24204.5 27660.4 29444.8 29787.8 28390.7 30710.9 31282.1 32475.0 31866.4 1

 2 Deposits 3157.3 3365.5 3539.6 3807.2 3927.3 3913.3 3958.9 4141.6 4170.8 4144.3 4189.7 2

 3 Foreign deposits 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 3

 4 Checkable deposits and currency 563.6 504.9 445.8 445.4 425.8 420.6 408.3 447.6 432.0 424.1 402.9 4

 5 Time and savings deposits 2223.5 2388.0 2553.0 2724.5 2809.8 2807.0 2812.3 2914.2 2907.7 2922.4 2960.9 5

 6 Money market fund shares 351.3 449.2 505.3 595.5 645.4 642.8 697.5 738.4 787.6 752.7 779.8 6

 7 Credit market instruments 1932.1 1896.1 2014.5 1905.6 1905.2 1958.8 1957.1 1849.2 1924.7 1947.1 1990.2 7

 8 Open market paper 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 8

 9 U.S. government securities 915.2 833.3 917.2 753.1 698.2 686.9 714.1 622.1 590.3 567.7 606.1 9

10 Treasury 782.0 699.9 687.9 511.5 514.6 504.6 495.4 416.3 341.3 288.8 283.3 10

11 Savings bonds 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 11

12 Other Treasury 602.0 514.9 500.9 325.0 328.4 318.6 309.5 229.6 154.8 102.3 97.1 12

13 Agency 133.3 133.4 229.3 241.6 183.6 182.3 218.7 205.8 249.0 279.0 322.8 13

14 Municipal securities 501.5 457.7 435.6 463.6 468.4 485.1 477.5 473.6 491.5 517.6 526.8 14

15 Corporate and foreign bonds 353.1 447.6 496.9 520.9 569.7 616.7 594.5 581.1 669.4 686.8 680.8 15

16 Mortgages 115.6 109.5 109.4 108.9 108.9 109.0 109.0 109.2 109.1 109.3 109.5 16

17 Corporate equities (2) 3070.9 4121.6 4642.1 5689.6 6279.4 6265.0 5540.7 6337.8 6583.4 6967.5 6599.2 17

18 Mutual fund shares 1052.1 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2679.8 18

19 Security credit 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 272.7 278.7 19

20 Life insurance reserves 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.7 20

21 Pension fund reserves 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9258.8 9711.7 9464.8 21

22 Investment in bank personal trusts 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 22

23 Equity in noncorporate business 3404.9 3640.4 3833.3 4171.8 4213.6 4284.7 4331.3 4395.3 4405.1 4489.9 4568.0 23

24 Miscellaneous assets 276.9 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 330.9 338.4 24

25 Total liabilities 4612.8 4982.2 5332.7 5707.8 5778.1 5913.9 6046.6 6207.8 6298.2 6466.4 6624.4 25

26 Credit market instruments 4427.0 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6294.5 26

27 Home mortgages 3070.2 3252.0 3464.3 3697.9 3779.6 3856.6 3954.9 4057.8 4148.3 4257.7 4371.3 27

28 Consumer credit 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 28

29 Municipal securities 97.6 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 134.8 29

30 Bank loans n.e.c. 40.0 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 67.2 30

31 Other loans and advances 133.7 160.3 172.7 190.7 193.7 197.6 201.3 204.0 207.0 210.6 220.5 31

32 Commercial mortgages 101.5 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 130.6 32

33 Security credit 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 182.9 181.5 33

34 Trade payables 94.0 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 129.8 34

 Deferred and unpaid

35 life insurance premiums 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, December 15, 1999 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4900.6 5440.5 5997.7 6559.7 6691.0 6803.1 6869.3 6986.1 7141.0 7301.6 7400.0 1

 2 Foreign deposits 14.0 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.2 20.0 2

 3 Checkable deposits and currency 330.1 366.2 411.5 409.8 412.0 432.3 443.2 448.6 457.2 458.0 472.0 3

 4 Time and savings deposits 130.9 115.0 126.4 137.9 142.5 145.2 157.8 146.0 147.0 146.9 153.1 4

 5 Money market fund shares 56.2 81.9 92.3 117.4 129.4 134.8 145.9 163.9 170.6 176.8 180.6 5

 6 Security RPs 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.4 4.0 3.2 4.0 6

 7 Credit market instruments 326.8 322.7 308.2 305.4 287.0 275.9 281.8 307.2 284.5 286.9 285.9 7

 8 Commercial paper 18.8 20.1 31.5 35.3 29.5 24.8 25.7 27.5 26.2 31.3 33.8 8

 9 U.S. government securities 84.7 96.1 90.0 80.9 71.4 70.9 76.0 89.8 81.2 86.3 83.2 9

10 Municipal securities 56.7 36.8 31.0 36.1 40.1 42.5 42.9 44.3 40.1 32.2 33.2 10

11 Mortgages 80.0 84.6 77.9 74.2 73.3 72.5 71.6 70.8 69.9 69.1 68.2 11

12 Consumer credit 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.6 12

13 Mutual fund shares 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 13

14 Trade receivables 1224.0 1314.2 1418.5 1471.8 1492.1 1521.0 1551.7 1500.6 1546.1 1618.6 1649.6 14

15 Miscellaneous assets 2785.5 3176.7 3550.9 4024.1 4122.6 4191.1 4195.5 4304.8 4411.1 4491.0 4541.6 15

16 Total liabilities 7115.6 7541.2 8125.7 8752.6 8874.5 8997.6 9119.7 9217.4 9452.2 9613.7 9780.0 16

17 Credit market instruments 3972.9 4245.2 4527.1 4903.5 5052.6 5209.2 5311.1 5428.0 5628.4 5753.6 5886.7 17

18 Commercial paper 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 18

19 Municipal securities 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.2 19

20 Corporate bonds 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 20

21 Bank loans n.e.c. 719.8 806.2 876.0 973.9 982.8 1021.9 1050.7 1075.9 1096.4 1106.6 1134.4 21

22 Other loans and advances 526.7 566.8 587.6 639.8 659.6 665.5 675.3 699.7 739.5 731.3 736.8 22

23 Mortgages 1202.5 1236.0 1308.8 1368.3 1392.7 1419.6 1440.0 1482.2 1521.4 1563.1 1603.4 23

24 Trade payables 883.3 971.5 1043.0 1118.7 1114.3 1097.1 1105.7 1120.1 1124.1 1162.7 1179.4 24

25 Taxes payable 74.9 76.2 87.3 98.6 109.1 100.6 109.8 106.0 111.4 112.0 121.3 25

26 Miscellaneous liabilities 2184.5 2248.3 2468.2 2631.8 2598.5 2590.8 2593.0 2563.4 2588.2 2585.4 2592.6 26

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

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4260.8 4719.4 5188.6 5671.9 5782.5 5873.5 5919.0 6014.1 6149.2 6288.8 6364.3 1

 2 Foreign deposits 14.0 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.2 20.0 2

 3 Checkable deposits and currency 221.6 252.9 289.8 282.7 283.1 301.0 309.6 312.8 319.6 318.3 330.3 3

 4 Time and savings deposits 67.5 42.9 43.6 49.8 53.2 54.4 65.5 52.8 52.4 50.9 55.5 4

 5 Money market fund shares 52.2 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 171.4 5

 6 Security RPs 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.4 4.0 3.2 4.0 6

 7 Commercial paper 18.8 20.1 31.5 35.3 29.5 24.8 25.7 27.5 26.2 31.3 33.8 7

 8 U.S. government securities 70.7 80.5 75.6 67.3 58.0 57.6 62.9 76.8 68.3 73.3 70.1 8

 9 Municipal securities 56.7 36.8 31.0 36.1 40.1 42.5 42.9 44.3 40.1 32.2 33.2 9

10 Mortgages 56.4 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 43.4 10

11 Consumer credit 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.6 11

12 Trade receivables 1107.0 1184.9 1273.1 1309.7 1326.0 1350.7 1377.7 1322.4 1363.7 1431.9 1458.2 12

13 Mutual fund shares 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 13

14 Miscellaneous assets 2476.1 2817.4 3135.2 3557.6 3643.0 3698.8 3690.3 3785.5 3880.0 3947.2 3983.6 14

15 U.S. direct investment abroad (1) 647.5 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1043.2 1083.6 15

16 Insurance receivables 175.4 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 195.3 197.6 16

17 Equity in GSEs 2.0 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 -0.6 17

18 Investment in finance company subs. 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.4 18

19 Other 1630.4 1870.1 2100.4 2469.5 2516.1 2536.2 2509.0 2586.7 2640.0 2676.3 2660.6 19

20 Total liabilities 5627.4 6009.5 6481.1 7011.5 7110.3 7200.2 7292.8 7361.1 7528.0 7653.0 7784.8 20

21 Credit market instruments 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4028.6 4121.5 4223.6 21

22 Commercial paper 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 22

23 Municipal securities (2) 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.2 23

24 Corporate bonds (1) 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 24

25 Bank loans n.e.c. 521.0 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.7 799.5 822.0 25

26 Other loans and advances 421.4 453.7 472.2 520.6 537.0 540.9 546.7 567.9 606.4 596.4 601.3 26

27 Savings institutions 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.2 27

28 Finance companies 247.4 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 344.6 28

29 Federal government 8.0 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 8.0 29

30 Acceptance liabilities to banks 15.0 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 4.8 30

31 Rest of the world 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 162.5 136.7 131.0 31

32 ABS issuers 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 32

33 Mortgages 242.6 270.1 287.1 296.4 303.1 311.0 315.0 336.5 355.4 372.9 388.2 33

34 Trade payables 796.5 877.5 927.0 990.5 984.4 963.7 969.1 981.6 985.1 1020.8 1035.9 34

35 Taxes payable 40.3 40.3 49.9 59.2 69.0 59.9 68.6 64.1 68.9 68.9 77.5 35

36 Miscellaneous liabilities 2081.6 2144.0 2363.1 2528.0 2497.5 2490.2 2492.6 2463.2 2445.4 2441.8 2447.8 36

37 Foreign direct investment in U.S. 539.0 580.5 627.4 697.2 731.1 747.5 759.2 778.2 765.3 864.2 895.2 37

38 Pension fund contributions payable 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 38

39 Other 1520.6 1537.9 1706.2 1797.5 1732.2 1707.5 1697.3 1648.0 1642.2 1538.6 1512.6 39

 Memo:

40 Trade receivables net of payables 310.4 307.4 346.1 319.2 341.6 387.0 408.6 340.8 378.6 411.0 422.3 40

41 Market value of equities 4811.9 6435.0 7618.6 9661.1 10925.6 11050.4 9810.6 11561.0 11935.0 12816.7 12095.0 41

42 Securities and mortgages 1627.3 1748.9 1885.3 2049.2 2127.5 2210.7 2243.3 2313.8 2402.6 2493.2 2561.0 42

43 Loans and short-term paper 1081.6 1198.8 1255.8 1384.6 1431.9 1475.7 1519.2 1538.4 1626.0 1628.3 1662.6 43

44 Total short-term liabilities (3) 1918.4 2116.6 2232.6 2434.3 2485.3 2499.2 2556.9 2584.1 2679.9 2718.0 2776.0 44

45 Total liquid assets (4) 534.7 574.0 648.3 675.3 691.5 710.5 738.1 785.0 793.1 797.4 811.6 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 60.1 59.3 60.0 59.7 59.8 60.0 59.6 60.1 59.6 60.5 60.6 46

47 Short-term debt/credit market debt 39.9 40.7 40.0 40.3 40.2 40.0 40.4 39.9 40.4 39.5 39.4 47

48 Liquid assets/short-term liabilities 27.9 27.1 29.0 27.7 27.8 28.4 28.9 30.4 29.6 29.3 29.2 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, December 15, 1999 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 581.0 660.0 748.0 826.1 845.8 866.1 886.0 906.6 926.6 947.1 969.4 1

 2 Checkable deposits and currency 92.3 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.7 122.6 2

 3 Time and savings deposits 63.4 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 96.0 97.6 3

 4 Money market fund shares 4.0 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 9.2 4

 5 Treasury securities 14.0 15.6 14.4 13.6 13.5 13.3 13.2 13.0 13.0 13.0 13.1 5

 6 Mortgages 23.6 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 24.9 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 117.0 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.4 186.8 191.3 8

 9 Miscellaneous assets 266.7 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.9 497.2 510.8 9

10 Insurance receivables 42.2 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 47.0 47.5 10

11 Equity investment in GSEs (1) 0.9 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 1.5 11

12 Other 223.6 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.7 448.7 461.7 12

13 Total liabilities 1330.9 1370.3 1477.3 1566.1 1590.8 1617.1 1643.6 1672.9 1743.3 1775.2 1806.5 13

14 Credit market instruments 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1494.2 14

15 Bank loans n.e.c. 160.2 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.2 262.5 266.9 15

16 Other loans and advances 84.7 92.3 93.0 97.3 100.9 102.7 106.9 109.5 110.6 113.1 113.8 16

17 Mortgages 876.9 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1090.5 1113.5 17

18 Trade payables 71.6 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 123.7 18

19 Taxes payable 34.6 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 43.8 19

20 Miscellaneous liabilities 102.9 104.3 105.1 103.8 101.0 100.6 100.3 100.2 142.8 143.6 144.8 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 58.8 61.2 61.1 61.7 62.7 63.4 64.3 65.4 65.2 65.7 66.3 1

 2 Checkable deposits and currency 16.2 16.7 16.7 16.9 17.4 17.9 18.4 18.8 18.9 19.0 19.1 2

 3 Miscellaneous assets 42.6 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.7 47.2 3

 4 Insurance receivables 40.4 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 45.0 45.5 4

 5 Equity investment in GSEs (2) 2.2 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 1.7 5

 6 Total liabilities 157.4 161.3 167.4 175.0 173.3 180.3 183.2 183.4 180.9 185.5 188.7 6

 7 Credit market instruments 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.9 7

 8 Bank loans n.e.c. 38.7 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 45.5 8

 9 Other loans and advances 20.6 20.8 22.4 21.9 21.8 21.8 21.7 22.2 22.5 21.8 21.7 9

10 Mortgages 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 10

11 Trade payables 15.2 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.5 19.4 19.8 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, December 15, 1999

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1025.8 994.1 1007.9 1033.3 1062.7 1102.0 1119.4 1150.3 1172.5 1199.5 1217.5 1

 2 Checkable deposits and currency 30.0 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.1 25.4 2

 3 Time and savings deposits 55.3 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.9 90.3 94.2 3

 4 Security RPs 118.6 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 166.6 4

 5 Credit market instruments 729.9 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 726.9 5

 6 Open market paper 22.3 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 96.5 6

 7 U.S. government securities 556.6 441.3 373.2 354.8 348.4 391.0 411.4 428.3 434.5 445.4 438.6 7

 8 Treasury 370.0 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 8

 9 Agency 186.6 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 167.0 9

10 Municipal securities 8.6 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 1.4 10

11 Corporate and foreign bonds 31.9 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 61.8 11

12 Mortgages 110.5 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 128.7 12

13 Corporate equities 10.6 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 111.0 13

14 Mutual fund shares 29.1 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 29.0 14

15 Taxes receivable 34.0 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 32.7 15

16 Miscellaneous assets 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 7.9 10.5 31.6 16

17 Total liabilities 1579.2 1556.9 1581.0 1668.5 1700.8 1734.9 1750.8 1779.3 1810.2 1831.7 1841.8 17

18 Credit market instruments 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1241.4 18

19 Municipal securities 1112.4 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 1231.1 19

20 Short-term 31.7 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 41.7 20

21 Other 1080.7 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 1189.4 21

22 U.S. government loans 9.3 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 10.3 22

23 Trade payables 457.5 486.7 517.6 549.0 556.5 564.1 572.0 579.5 587.0 593.5 600.5 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 435.8 437.7 436.9 432.4 447.4 482.5 458.7 437.2 464.4 475.5 502.1 1

 2 Gold, SDRs, and official foreign exchange 41.4 53.8 44.9 42.0 41.7 42.8 46.3 51.0 48.2 45.9 46.4 2

 3 Checkable deposits and currency 27.8 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 62.9 3

 4 Time and savings deposits 0.7 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 4.6 4

 5 Credit market instruments 202.9 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.2 219.8 224.0 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 71.0 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.6 44.5 44.8 7

 8 Other loans and advances 131.9 145.0 145.0 154.6 158.8 162.4 166.1 169.0 173.6 175.4 179.2 8

 9 Trade receivables 24.7 23.1 24.0 20.8 22.5 22.3 24.3 22.3 23.8 24.3 26.3 9

10 Taxes receivable 18.6 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 38.4 10

11 Miscellaneous assets 119.8 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.2 99.6 11

12 Total liabilities 4124.9 4289.1 4491.4 4555.3 4569.6 4499.5 4486.9 4542.6 4538.7 4444.3 4440.1 12

13 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 13

14 Treasury currency 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 14

15 Credit market instruments 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 15

16 Savings bonds 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 16

17 Other Treasury securities 3285.6 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 3418.2 17

18 Budget agency securities 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 85.7 81.1 82.4 82.4 81.8 81.7 82.6 79.8 79.6 81.9 82.2 20

21 Insurance and pension reserves 514.4 536.2 591.9 634.0 622.9 634.6 649.4 676.5 666.3 677.1 691.9 21

22 Miscellaneous liabilities 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 22
Z.1, December 15, 1999 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2856.3 3430.2 4132.1 4862.1 4997.9 5158.0 5186.0 5616.6 5713.4 5906.6 6164.8 1

 2 Net interbank assets 218.2 229.3 177.3 173.0 137.1 141.8 149.4 144.7 131.2 149.1 140.0 2

 3 U.S. checkable deposits and currency 180.4 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 270.4 283.4 3

 4 U.S. time deposits 56.3 49.6 60.6 73.6 78.2 78.0 87.3 86.1 85.0 85.3 89.7 4

 5 Security RPs 46.6 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 83.3 81.9 5

 6 Credit market instruments 1216.0 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2601.0 2608.4 2702.3 6

 7 Open market paper 24.9 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 100.8 105.3 7

 8 U.S. government securities 757.7 996.1 1289.5 1498.5 1529.8 1552.7 1521.7 1617.7 1633.7 1644.5 1690.1 8

 9 Official holdings 407.2 497.8 610.5 614.5 628.5 608.4 577.5 620.2 627.0 626.1 640.9 9

10 Treasury 396.9 482.8 590.7 589.8 601.1 580.8 548.0 589.0 589.8 583.1 596.0 10

11 Agency 10.3 15.0 19.8 24.7 27.3 27.6 29.5 31.3 37.3 43.0 45.0 11

12 Private holdings 350.5 498.3 679.0 884.0 901.3 944.3 944.2 997.5 1006.7 1018.3 1049.1 12

13 Treasury 235.7 358.5 502.6 662.2 659.7 685.4 684.0 727.3 718.6 713.2 722.9 13

14 Agency 114.8 139.8 176.5 221.8 241.6 258.8 260.2 270.1 288.1 305.2 326.3 14

15 U.S. corporate bonds (1) 311.4 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 726.4 775.9 15

16 Loans to U.S. corporate business 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 162.5 136.7 131.0 16

17 U.S. corporate equities 397.7 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.4 1168.1 17

18 Trade receivables 49.8 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 45.2 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 691.5 781.7 970.6 1046.3 991.6 1043.9 1195.3 1354.0 1361.5 1411.4 1654.3 20

21 Foreign direct investment in U.S. (2) 564.7 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1056.8 1102.3 21

22 Other 126.7 162.3 296.3 282.3 200.7 231.2 356.5 475.3 460.1 354.7 552.1 22

23 Total liabilities 1701.1 1958.1 2243.9 2481.7 2430.3 2572.7 2699.0 2667.7 2687.1 2688.6 2698.3 23

 U.S. official foreign exchange

24 and net IMF position 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 24

25 U.S. private deposits 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 25

26 Credit market instruments 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 26

27 Commercial paper 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 27

28 Bonds 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 28

29 Bank loans n.e.c. 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 29

30 Official 2.2 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 3.0 30

31 Banks 8.8 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 11.2 31

32 Other 15.2 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 44.7 32

33 U.S. government loans 51.4 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.4 46.7 33

34 Acceptance liabilities to banks 7.9 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 3.1 34

35 Trade payables 39.5 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 43.9 47.6 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 864.1 988.8 1111.8 1195.2 1134.2 1228.9 1332.8 1317.8 1308.9 1299.0 1271.4 37

38 U.S. equity in IBRD, etc. 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 38

39 U.S. government deposits 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 39

40 U.S. direct investment abroad (1,2) 748.5 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1201.3 1246.9 40

41 Other 86.8 115.0 139.4 157.3 55.2 105.0 185.6 159.2 104.8 61.4 -12.2 41

 Memo:

42 Market value of foreign equities 627.5 776.8 1002.9 1201.0 1350.2 1310.1 1210.1 1407.1 1429.3 1564.7 1667.2 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, December 15, 1999

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 452.1 471.9 495.2 534.0 519.6 541.2 540.5 566.8 560.3 577.2 589.9 1

 2 Gold and foreign exchange 33.0 32.1 30.2 28.0 27.7 28.3 29.4 30.7 26.1 25.8 27.1 2

 3 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 3

 4 Treasury currency 23.0 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 27.0 27.4 4

 5 Federal Reserve float -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 5

 6 Fed. Res. loans to domestic banks 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 6

 7 Security RPs 10.6 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 22.1 7

 8 Credit market instruments 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 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 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 10

11 Treasury 364.5 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 489.0 11

12 Agency 3.6 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 0.2 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 14

15 Total liabilities 448.4 467.9 490.7 528.8 514.0 534.8 533.4 560.8 553.9 570.5 582.4 15

16 Depository institution reserves 30.8 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 21.7 16

17 Vault cash of commercial banks 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 17

18 Checkable deposits and currency 373.5 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.7 511.1 18

19 Due to federal government 7.5 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 6.7 19

20 Due to rest of the world 0.3 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 1.3 20

21 Currency outside banks 365.7 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.5 503.0 21

22 Miscellaneous liabilities 6.0 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 8.6 22

23 Federal Reserve Bank stock 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 23

24 Other 2.3 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 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, December 15, 1999 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4159.7 4493.8 4710.4 5174.6 5245.6 5332.2 5492.2 5642.1 5637.8 5703.9 5816.9 1

 2 Vault cash 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 2

 3 Reserves at Federal Reserve 28.0 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 20.1 3

 4 Checkable deposits and currency 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 4

 5 Total bank credit 3331.2 3604.6 3794.5 4144.5 4220.0 4274.5 4338.8 4483.3 4474.5 4525.1 4618.6 5

 6 U.S. government securities 719.1 746.1 757.5 841.2 871.6 852.0 841.5 876.6 897.4 893.8 912.9 6

 7 Treasury 290.4 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 218.7 7

 8 Agency 428.7 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.3 694.2 8

 9 Municipal securities 97.6 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 109.4 9

10 Corporate and foreign bonds 102.5 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 188.0 199.3 10

11 Total loans 2407.1 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.4 3380.8 11

12 Open market paper 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 12

13 Bank loans n.e.c. 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.8 13

14 Mortgages 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 14

15 Consumer credit 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 15

16 Security credit 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 16

17 Corporate equities 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 17

18 Mutual fund shares 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 18

19 Customers’ liab. on acceptances (2) 22.9 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 7.9 19

20 Miscellaneous assets 738.0 797.8 823.7 934.0 947.0 981.8 1074.7 1079.0 1092.1 1107.7 1127.6 20

21 Total liabilities 4048.9 4333.2 4547.4 5053.0 5126.6 5215.1 5395.1 5519.2 5494.1 5572.5 5648.5 21

22 Net interbank liabilities 211.2 220.5 171.1 143.5 117.4 127.1 133.8 119.4 119.3 139.0 127.6 22

23 To monetary authority -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 23

24 To domestic banks (3) -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -12.9 24

25 To foreign banks 218.2 229.3 177.3 173.0 137.1 141.8 149.4 144.7 131.2 149.1 140.0 25

26 Checkable deposits 756.7 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.5 588.1 26

27 Federal government 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 47.2 27

28 Rest of the world 23.2 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 35.5 43.9 28

29 Private domestic 709.8 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 529.9 497.0 29

30 Small time and savings deposits 1376.2 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1973.0 2005.0 30

31 Large time deposits 333.0 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 698.1 31

32 Federal funds and security RPs (net) 391.8 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 703.0 32

33 Credit market instruments 228.1 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 408.2 436.1 33

34 Open market paper 55.0 52.8 55.7 58.5 58.9 62.3 64.2 56.9 56.8 58.4 53.9 34

35 Corporate bonds 142.6 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 230.6 241.5 35

36 Other loans and advances 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 36

37 Taxes payable 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 37

38 Miscellaneous liabilities 750.1 848.4 863.0 1023.7 1020.1 1025.0 1132.2 1129.8 1090.5 1091.0 1082.1 38

 Memo:

39 Credit market funds advanced (4) 3254.3 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.4 4488.2 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, December 15, 1999

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3122.9 3321.7 3444.5 3742.2 3795.4 3845.9 3939.3 4094.2 4095.7 4160.8 4268.0 1

 2 Vault cash and reserves at Federal Reserve 65.2 66.6 66.3 71.2 59.5 58.6 62.4 65.5 58.8 59.8 60.6 2

 3 Total bank credit 2921.4 3116.3 3231.5 3512.2 3577.0 3618.0 3688.6 3844.4 3861.8 3933.2 4019.1 3

 4 U.S. government securities 646.1 629.1 609.7 664.0 682.2 658.7 670.0 703.5 722.4 726.2 732.0 4

 5 Treasury 248.0 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 124.0 5

 6 Agency 398.1 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 608.1 6

 7 Mortgage pool securities 182.2 195.1 216.6 247.7 257.6 241.9 268.5 301.4 287.5 283.3 284.9 7

 8 Agency-issued CMOs 119.4 101.0 89.5 107.0 108.1 110.0 121.4 115.9 123.6 121.3 124.2 8

 9 Other agency securities 96.5 125.3 130.7 142.4 144.6 152.9 151.5 161.5 176.6 191.5 199.0 9

10 Municipal securities 97.0 92.7 93.7 96.1 95.2 97.8 101.0 104.4 105.9 107.0 108.8 10

11 Corporate and foreign bonds 66.0 69.3 64.8 85.8 91.8 98.9 102.6 118.2 107.2 130.8 144.4 11

12 Private mortgage pool securities 3.6 4.5 4.2 3.0 3.1 6.0 5.7 3.9 5.1 4.1 3.6 12

13 Privately issued CMOs 21.5 24.9 21.8 22.5 28.7 32.4 35.1 42.8 44.3 44.8 46.7 13

14 Other bonds 40.9 39.8 38.9 60.4 60.0 60.6 61.9 71.5 57.8 82.0 94.1 14

15 Total loans 2107.4 2317.9 2453.9 2655.6 2695.9 2749.9 2804.4 2902.4 2909.6 2950.9 3017.7 15

16 Open market paper 3.6 3.9 4.2 2.3 0.8 0.8 0.7 0.8 0.7 0.5 0.7 16

17 Bank loans n.e.c. 624.6 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 1091.4 17

18 Mortgages 963.7 1045.4 1102.9 1208.4 1235.7 1247.0 1260.6 1304.2 1306.3 1330.8 1387.8 18

19 Consumer credit 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 19

20 Security credit 56.8 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 65.3 20

21 Corporate equities 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 21

22 Mutual fund shares 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 22

23 Customers’ liab. on acceptances (1) 9.9 12.3 13.9 13.7 11.6 10.4 10.8 9.1 8.2 7.4 6.5 23

24 Miscellaneous assets 126.4 126.6 132.8 145.2 147.2 158.9 177.6 175.2 166.9 160.5 181.7 24

25 Total liabilities 3271.5 3457.6 3598.7 3959.7 4026.7 4091.8 4211.3 4366.8 4357.4 4438.1 4507.8 25

26 Net interbank liabilities 60.5 54.4 0.4 2.9 8.2 7.6 31.2 25.1 30.9 54.6 39.1 26

27 Federal Reserve float -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 27

28 Borrowing from Federal Reserve banks 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 28

29 To domestic banks -13.3 -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -45.7 -55.9 29

30 To foreign banks 74.3 74.1 37.8 50.4 59.9 59.0 83.2 74.4 77.9 99.8 94.4 30

31 Checkable deposits 741.7 695.8 661.4 640.3 601.0 634.2 592.9 605.9 572.9 591.3 571.9 31

32 Federal government 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 47.2 32

33 Rest of the world 17.1 18.0 21.3 25.5 26.9 30.5 27.6 23.8 24.6 30.3 38.7 33

34 Private domestic 700.9 658.7 611.4 587.0 552.4 555.2 535.3 568.9 531.9 518.9 486.0 34

35 Small time and savings deposits 1357.9 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.8 1985.9 35

36 Large time deposits 214.0 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 429.2 36

37 Federal funds and security RPs (net) 351.4 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 616.9 37

38 Acceptance liabilities 10.0 12.3 14.0 13.7 11.6 10.3 10.7 9.1 8.3 7.4 6.5 38

39 Corporate bonds 40.6 43.3 50.9 61.6 65.6 66.7 68.2 72.1 72.9 74.0 75.1 39

40 Other loans and advances 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 40

41 Taxes payable 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 41

42 Miscellaneous liabilities 463.0 505.0 520.6 598.7 600.3 616.9 671.9 675.5 647.1 647.9 634.0 42

43 Investment by bank holding companies 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 43

44 Other 158.9 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 158.4 44

 Memo:

45 Credit market funds advanced (2) 2869.6 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 3944.1 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, December 15, 1999 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 589.7 666.3 714.8 811.3 793.8 796.7 844.5 806.4 777.3 759.7 757.0 1

 2 Reserves at Federal Reserve 1.0 0.8 1.1 2.9 0.9 1.7 0.8 1.0 0.5 1.2 0.5 2

 3 Total bank credit 362.3 436.9 507.0 567.2 572.6 589.2 580.7 568.6 545.0 521.7 530.7 3

 4 U.S. government securities 55.7 99.6 130.4 157.3 167.0 173.9 152.3 151.8 154.1 147.6 160.1 4

 5 Treasury 32.7 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 91.2 5

 6 Agency 23.0 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 69.0 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 28.9 33.5 36.6 41.3 43.4 40.2 42.5 47.1 42.5 41.2 38.9 8

 9 Total loans 277.7 303.9 339.9 368.6 362.2 375.1 386.0 369.7 348.4 332.9 331.7 9

10 Open market paper 2.2 1.7 2.3 0.4 0.3 0.4 0.2 0.3 0.2 0.3 0.4 10

11 Bank loans n.e.c. 197.2 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 257.6 11

12 Mortgages 40.3 35.1 32.2 26.1 23.7 22.8 22.6 20.6 18.1 16.9 16.9 12

13 Security credit 38.1 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 56.8 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) 13.0 10.1 9.4 6.9 5.2 3.9 3.4 2.2 2.0 1.6 1.4 15

16 Miscellaneous assets 213.5 218.5 197.2 234.3 215.1 201.9 259.6 234.5 229.8 235.2 224.4 16

17 Total liabilities 602.8 681.3 731.9 830.8 814.0 817.6 866.0 828.6 800.4 783.5 781.6 17

18 Net interbank liabilities 162.3 181.0 178.6 148.2 116.1 123.3 101.2 91.6 81.3 69.3 72.9 18

19 To foreign banks 158.5 173.6 162.1 144.4 98.0 102.8 83.8 91.5 71.5 60.6 58.0 19

20 To domestic banks 3.9 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 15.0 20

21 Checkable deposits 8.8 8.7 8.0 8.8 8.3 8.8 8.3 8.6 8.9 7.8 8.1 21

22 Small time and savings deposits 9.3 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 7.7 22

23 Large time deposits 110.0 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.6 257.5 23

24 Federal funds and security RPs (net) 41.4 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 86.3 24

25 Acceptance liabilities 13.4 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 1.8 25

26 Miscellaneous liabilities 257.6 308.5 295.2 351.5 337.9 323.3 375.2 358.3 346.4 343.4 347.2 26

27 Foreign direct investment in U.S. 26.3 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.3 59.2 60.4 27

28 Due to affiliates 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 28

29 Other 187.3 225.1 200.5 235.4 212.7 206.5 243.2 223.2 211.3 195.7 184.3 29

 Memo:

30 Credit market funds advanced (3) 337.1 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 475.4 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, December 15, 1999

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 414.1 466.8 510.8 575.3 609.2 640.7 658.3 685.9 710.8 727.0 733.2 1

 2 Credit market instruments 18.4 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.1 22.0 2

 3 U.S. government securities 9.4 8.1 9.0 9.5 10.9 7.5 7.4 7.5 7.2 5.3 4.8 3

 4 Treasury issues 4.6 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 0.9 4

 5 Agency 4.8 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 4.0 5

 6 Corporate and foreign bonds 7.1 7.7 10.5 15.5 17.7 17.0 18.6 14.8 14.1 15.6 15.6 6

 7 Bank loans n.e.c. 1.8 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 1.5 7

 8 Miscellaneous assets 395.8 448.7 488.9 547.9 578.0 613.9 629.9 659.5 685.8 701.9 711.3 8

 9 Investment in bank subsidiaries 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 9

10 Investment in nonbank subsidiaries 56.4 64.7 64.9 89.9 99.2 116.9 121.9 134.0 152.5 166.8 160.4 10

11 Other 35.2 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 61.3 75.2 11

12 Total liabilities 143.0 157.1 178.3 218.8 240.8 259.1 270.0 270.6 284.4 296.6 302.7 12

13 Net interbank liabilities -11.7 -14.9 -7.9 -7.6 -6.9 -3.8 1.5 2.7 7.1 15.1 15.6 13

14 To domestic banks 2.9 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 26.4 28.1 14

15 To foreign banks -14.6 -18.5 -22.6 -21.9 -20.8 -20.0 -17.6 -21.3 -18.1 -11.3 -12.5 15

16 Federal funds and security RPs (net) -0.9 -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 -0.1 16

17 Credit market instruments 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 17

18 Commercial paper 31.6 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 45.6 18

19 Corporate bonds 102.0 117.9 118.0 131.0 139.4 142.5 146.2 148.1 156.1 156.6 166.4 19

20 Miscellaneous liabilities 22.0 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.9 75.4 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 33.1 39.0 40.3 45.8 47.2 49.0 50.1 55.5 54.1 56.4 58.7 1

 2 Checkable deposits and currency 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 2

 3 Credit market instruments 29.2 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 46.7 3

 4 U.S. government securities 7.9 9.4 8.4 10.5 11.6 11.9 11.8 13.8 13.6 14.7 15.8 4

 5 Treasury 5.1 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 2.6 5

 6 Agency 2.8 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 13.2 6

 7 Municipal securities 0.6 0.7 0.5 0.5 0.6 0.5 0.5 0.5 0.6 0.6 0.6 7

 8 Corporate and foreign bonds 0.5 0.4 0.3 0.4 0.4 0.5 0.7 1.0 0.6 0.4 0.3 8

 9 Bank loans n.e.c. 11.3 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 16.3 9

10 Home mortgages 4.8 5.7 6.3 6.4 6.7 7.1 7.3 7.5 6.9 7.5 7.8 10

11 Commercial mortgages 4.0 4.0 3.9 4.4 4.5 4.5 4.7 4.8 5.2 5.6 5.8 11

12 Miscellaneous assets 2.4 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 10.3 12

13 Total liabilities 31.7 37.2 38.6 43.7 45.1 46.6 47.8 53.1 51.9 54.3 56.4 13

14 Checkable deposits 6.2 6.4 6.9 7.3 7.5 7.7 7.8 8.5 7.9 8.4 8.1 14

15 Small time and savings deposits 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 15

16 Large time deposits 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 16

17 Miscellaneous liabilities 7.4 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 25.6 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, December 15, 1999 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1008.6 1012.8 1031.7 1028.6 1043.2 1046.1 1056.7 1088.4 1111.0 1127.8 1145.9 1

 2 Reserves at Federal Reserve 2.8 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 1.6 2

 3 Checkable deposits and currency 13.9 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 16.9 3

 4 Time and savings deposits 1.3 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 1.3 4

 5 Federal funds and security RPs 6.5 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 12.3 5

 6 Credit market instruments 920.8 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 1030.8 6

 7 Open market paper 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 187.0 183.0 173.4 169.8 167.5 162.4 156.6 153.7 158.3 157.8 156.8 8

 9 Treasury 27.1 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 10.5 9

10 Agency 159.9 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 146.3 10

11 Municipal securities 2.0 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 2.9 11

12 Corporate and foreign bonds 86.7 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 106.2 12

13 Other loans and advances 10.3 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 28.3 13

14 Mortgages 596.2 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 676.5 14

15 Consumer credit 38.5 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 60.1 15

16 Corporate equities 10.4 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 24.2 16

17 Miscellaneous assets 53.0 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 58.9 17

18 Total liabilities 998.3 995.1 1010.5 1001.0 1012.1 1014.4 1027.7 1058.6 1079.6 1096.4 1114.7 18

19 Deposits 733.6 727.9 721.4 695.7 696.6 690.3 685.8 693.1 688.7 688.9 689.3 19

20 Checkable 83.0 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 212.8 20

21 Small time and savings 579.7 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 359.4 21

22 Large time 71.0 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 117.0 22

23 Security RPs 44.5 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 71.9 23

24 Credit market instruments 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 24

25 Corporate bonds 3.1 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 3.0 25

26 Bank loans n.e.c. 9.3 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 34.6 26

27 Other loans and advances 100.0 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 217.7 27

28 Taxes payable 1.0 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 2.1 28

29 Miscellaneous liabilities 106.7 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 96.0 29

30 Investment by parent 4.4 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 30

31 Other 102.3 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 90.2 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, December 15, 1999

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 293.6 310.7 330.1 353.8 367.8 374.6 377.9 391.5 402.8 410.3 412.5 1

 2 Checkable deposits and currency 6.5 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 9.0 11.8 2

 3 Time and savings deposits 16.7 17.1 16.4 17.0 18.6 20.1 20.6 23.4 25.8 26.2 21.7 3

 4 Federal funds and security RPs 6.2 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 4.6 4

 5 Credit market instruments 246.8 263.0 288.5 305.3 306.7 315.1 320.5 324.2 330.2 341.0 350.8 5

 6 Open market paper 2.1 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 0.8 6

 7 U.S. government securities 62.9 64.1 68.1 66.7 68.2 70.4 70.6 71.5 75.4 78.3 77.1 7

 8 Treasury 22.1 18.3 17.4 15.6 15.0 14.5 13.5 13.1 12.1 12.5 11.4 8

 9 Agency 40.9 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.2 65.8 65.7 9

10 Home mortgages 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 10

11 Consumer credit 119.6 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.8 158.2 164.1 11

12 Mutual fund shares 2.6 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 4.0 12

13 Miscellaneous assets 14.8 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.5 23.0 19.6 13

14 Total liabilities 270.3 283.7 300.1 320.6 334.1 339.9 342.2 355.3 366.1 373.1 374.6 14

15 Shares/deposits 263.4 278.8 295.1 315.4 328.4 333.6 335.8 349.0 359.6 366.3 367.0 15

16 Checkable 28.8 30.9 32.5 36.6 40.6 38.7 37.7 43.0 42.9 43.1 42.9 16

17 Small time and savings 227.3 238.9 251.2 264.4 273.4 278.4 281.1 287.5 297.2 302.7 302.5 17

18 Large time 7.3 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 21.6 18

19 Other loans and advances 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 19

20 Miscellaneous liabilities 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 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 670.0 774.9 841.6 917.7 977.9 975.1 883.9 976.3 987.9 1035.3 976.5 1

 2 Deposits 41.4 44.7 51.1 48.2 49.7 51.3 52.8 54.4 54.4 55.1 56.3 2

 3 Checkable deposits and currency 0.5 0.5 0.8 0.8 0.7 0.6 0.5 0.3 0.4 0.4 0.4 3

 4 Time and savings deposits 11.0 10.5 9.0 10.0 9.4 8.9 8.4 7.8 8.0 8.2 8.4 4

 5 Money market fund shares 29.9 33.6 41.4 37.4 39.6 41.8 44.0 46.2 46.0 46.5 47.5 5

 6 Credit market instruments 248.0 239.7 232.0 207.0 204.3 201.5 197.5 194.1 192.2 190.1 188.0 6

 7 Open market paper 23.0 23.7 21.1 21.0 19.9 18.7 17.6 16.5 16.4 16.3 16.3 7

 8 U.S. government securities 72.0 70.8 71.3 61.2 60.7 59.9 58.0 56.8 55.8 54.5 52.9 8

 9 Treasury 39.8 38.7 39.5 33.7 33.5 33.2 31.7 30.8 30.0 29.0 27.6 9

10 Agency 32.2 32.1 31.8 27.5 27.1 26.7 26.4 26.0 25.8 25.5 25.3 10

11 Municipal securities 114.2 108.3 104.0 90.7 90.4 90.1 89.8 89.5 89.1 88.8 88.6 11

12 Corporate and foreign bonds 35.3 33.6 31.9 31.1 30.5 29.8 29.2 28.5 28.1 27.7 27.4 12

13 Mortgages 3.4 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 13

14 Corporate equities 167.3 224.9 248.9 305.5 330.0 320.6 266.3 307.7 310.3 325.9 295.6 14

15 Mutual fund shares 200.4 253.5 293.6 342.4 377.1 382.9 346.4 397.1 408.0 440.7 412.5 15

16 Miscellaneous assets 12.9 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 16

17 Total liabilities (2) 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 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, December 15, 1999 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1862.9 2063.6 2246.3 2514.8 2629.8 2678.5 2640.6 2769.5 2839.2 2923.1 2921.0 1

 2 Checkable deposits and currency 5.6 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 3.8 2

 3 Money market fund shares 16.2 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 128.5 3

 4 Credit market instruments 1487.5 1587.5 1657.0 1751.1 1777.3 1793.2 1810.6 1828.0 1853.7 1874.7 1893.1 4

 5 Open market paper 52.8 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 68.6 71.9 5

 6 U.S. government securities 341.2 351.0 337.4 312.1 308.2 301.9 295.1 288.4 288.3 286.3 282.8 6

 7 Treasury 107.1 108.1 93.2 85.5 82.5 79.0 75.2 71.3 70.9 68.7 65.2 7

 8 Agency 234.1 242.9 244.1 226.7 225.7 222.9 219.9 217.0 217.5 217.7 217.6 8

 9 Municipal securities 12.8 11.9 13.4 16.7 17.2 17.6 18.0 18.4 18.8 18.0 18.1 9

10 Corporate and foreign bonds 779.4 870.1 949.3 1046.0 1073.3 1092.6 1110.8 1130.4 1157.1 1178.2 1193.6 10

11 Policy loans 85.5 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 99.0 99.5 11

12 Mortgages 215.8 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.6 227.2 12

13 Corporate equities 246.1 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 824.8 795.5 13

14 Mutual fund shares 9.6 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 13.4 14

15 Miscellaneous assets 97.9 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 77.2 86.6 15

16 Total liabilities 1773.5 1953.9 2115.6 2359.7 2466.5 2511.6 2475.7 2599.7 2665.4 2743.8 2742.6 16

17 Other loans and advances 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 17

18 Life insurance reserves 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 722.2 18

19 Pension fund reserves (1) 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1434.2 19

20 Taxes payable 10.4 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 17.9 20

21 Miscellaneous liabilities 386.6 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.9 563.9 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 678.1 740.3 770.0 840.6 863.9 869.1 851.9 890.4 889.3 894.9 886.2 1

 2 Checkable deposits and currency 5.0 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 3.9 2

 3 Security RPs 29.4 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 32.9 34.7 3

 4 Credit market instruments 446.4 468.7 491.2 515.3 521.1 520.8 518.8 535.7 530.8 537.5 535.4 4

 5 U.S. government securities 178.7 181.6 171.8 161.9 158.5 153.1 147.3 146.6 146.0 147.8 147.2 5

 6 Treasury 133.0 133.4 120.9 91.1 86.9 81.6 76.1 73.2 72.9 73.8 73.0 6

 7 Agency 45.8 48.2 51.0 70.8 71.6 71.5 71.2 73.5 73.2 74.0 74.2 7

 8 Municipal securities 153.8 161.0 175.4 191.6 196.6 199.3 201.4 210.9 207.9 210.6 209.7 8

 9 Corporate and foreign bonds 110.1 123.3 141.6 159.5 163.8 166.2 168.2 176.2 174.8 177.1 176.3 9

10 Commercial mortgages 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 10

11 Corporate equities 112.1 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 208.1 198.1 11

12 Trade receivables 52.9 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.7 66.3 12

13 Miscellaneous assets 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 13

14 Total liabilities 479.7 510.7 520.1 532.7 538.7 541.0 545.0 561.8 560.1 569.0 580.8 14

15 Taxes payable 7.9 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 13.5 15

16 Miscellaneous liabilities 471.9 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 555.8 567.3 16
76 Z.1, December 15, 1999

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2352.1 2755.1 3154.6 3705.6 4046.7 4104.6 3781.0 4331.2 4404.6 4624.1 4500.8 1

 2 Checkable deposits and currency 3.3 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 3.5 2

 3 Time and savings deposits 64.9 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 30.0 3

 4 Money market fund shares 31.6 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 76.7 4

 5 Security RPs 37.6 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 58.3 5

 6 Credit market instruments 660.9 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 1017.4 6

 7 Open market paper 39.4 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 69.9 7

 8 U.S. government securities 401.6 444.4 470.1 503.2 511.8 528.6 537.8 562.5 567.5 587.0 590.1 8

 9 Treasury 157.9 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 228.3 9

10 Agency 243.7 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 361.8 10

11 Municipal securities 0.7 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 11

12 Corporate and foreign bonds 201.2 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 327.0 12

13 Mortgages 18.0 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 29.1 13

14 Corporate equities 996.3 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 2211.9 14

15 Mutual fund shares 150.4 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 622.1 15

16 Miscellaneous assets 407.2 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 480.8 16

17 Unallocated insurance contracts (2) 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 17

18 Contributions receivable 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 18

19 Other 175.1 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 173.6 19

20 Pension fund reserves (liabilities) (3) 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1184.9 1464.6 1789.6 2307.6 2594.7 2655.7 2476.1 2779.3 2770.2 2936.9 2819.4 1

 2 Checkable deposits and currency 6.7 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.5 10.0 2

 3 Time and savings deposits 2.5 4.5 2.3 2.4 1.7 1.6 1.7 2.0 1.9 1.7 2.1 3

 4 Security RPs 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 43.6 4

 5 Credit market instruments 497.4 531.0 568.2 632.0 648.9 668.5 684.9 697.0 716.3 726.5 732.5 5

 6 Open market paper 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 41.1 6

 7 U.S. government securities 268.3 291.1 308.4 340.2 338.3 349.1 352.2 359.7 367.7 373.6 373.9 7

 8 Treasury 192.1 191.7 203.5 216.9 211.9 214.8 211.2 216.6 218.3 222.5 216.6 8

 9 Agency 76.1 99.4 104.9 123.3 126.4 134.3 141.1 143.2 149.3 151.1 157.3 9

10 Municipal securities 1.1 1.8 0.5 1.1 1.2 1.3 1.4 1.6 1.9 2.0 2.3 10

11 Corporate and foreign bonds 185.0 190.6 214.4 244.5 254.7 264.2 274.6 279.6 286.9 290.9 295.9 11

12 Mortgages 15.2 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 19.4 12

13 Corporate equities 557.4 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1761.5 1797.4 1943.8 1801.4 13

14 Miscellaneous assets 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 206.0 214.6 229.9 14

15 Pension fund reserves (liabilities) (1) 1200.6 1482.5 1809.4 2331.1 2619.1 2681.5 2502.6 2806.9 2798.4 2966.1 2849.2 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, December 15, 1999 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1

 2 Foreign deposits 15.7 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 54.1 2

 3 Checkable deposits and currency -2.5 -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 -7.3 3

 4 Time and savings deposits 31.4 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 137.7 4

 5 Security RPs 68.8 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 138.3 5

 6 Credit market instruments 459.0 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 1049.7 6

 7 Open market paper 187.2 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 490.0 7

 8 U.S. government securities 143.3 160.8 192.0 182.5 179.1 174.8 204.1 277.5 270.0 240.8 249.4 8

 9 Treasury 66.1 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 89.6 9

10 Agency 77.2 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 159.8 10

11 Municipal securities 113.4 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 198.0 11

12 Corporate and foreign bonds 15.2 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 112.4 12

13 Miscellaneous assets 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 13

14 Total shares outstanding (liabilities) 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 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 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 1

 2 Security RPs 43.1 50.2 47.5 57.8 51.3 66.9 80.3 68.2 69.6 70.6 72.9 2

 3 Credit market instruments 718.8 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.8 1084.0 1079.8 3

 4 Open market paper 43.1 50.2 47.2 57.8 51.9 66.9 80.3 68.2 69.6 70.6 72.9 4

 5 U.S. government securities 296.2 315.1 330.2 349.7 367.1 366.5 370.9 375.8 384.2 400.6 391.4 5

 6 Treasury 194.1 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.7 242.6 234.4 6

 7 Agency 102.1 109.9 116.1 124.5 135.2 137.9 143.0 145.5 149.5 157.9 157.0 7

 8 Municipal securities 207.0 210.2 213.3 219.8 224.6 231.2 234.1 242.6 247.7 250.9 247.6 8

 9 Corporate and foreign bonds 172.4 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 362.0 368.0 9

10 Corporate equities 709.6 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2622.8 2887.4 2701.5 10

11 Miscellaneous assets 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 8.8 11

12 Total shares outstanding (liabilities) 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 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 117.8 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 145.5 1

 2 Credit market instruments 86.0 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 106.1 2

 3 U.S. government securities 12.8 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 8.6 3

 4 Municipal securities 53.4 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 62.3 4

 5 Corporate and foreign bonds 19.8 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 35.2 5

 6 Corporate equities 31.9 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 39.4 6

 Memo:

 7 Market value of equities 117.8 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 145.5 7
78 Z.1, December 15, 1999

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 781.8 896.9 988.6 1099.4 1150.2 1189.7 1266.7 1404.4 1446.8 1519.3 1619.1 1

 2 Checkable deposits and currency 1.3 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 2.7 2

 3 Federal funds and security RPs 85.8 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 69.7 3

 4 Credit market instruments 663.3 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.0 1338.6 4

 5 Open market paper 26.3 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 33.9 5

 6 U.S. government securities 180.3 243.8 264.2 333.3 348.3 377.2 413.8 465.8 522.9 562.5 592.4 6

 7 Treasury 51.9 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 28.2 7

 8 Agency 128.4 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 564.2 8

 9 Municipal securities 3.4 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 3.7 9

10 Corporate and foreign bonds 19.5 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 27.0 10

11 Other loans and advances 189.1 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 437.2 11

12 Sallie Mae 37.0 37.9 36.2 30.9 29.1 26.8 27.9 29.5 31.3 32.5 36.5 12

13 Farm Credit System 26.3 30.2 31.6 31.6 32.7 32.5 34.0 34.9 34.6 34.9 35.4 13

14 FHLB 125.9 132.3 161.4 197.8 205.9 225.1 245.7 288.2 298.8 328.5 365.3 14

15 Mortgages 244.6 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.6 244.3 15

16 Home 199.3 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 189.0 16

17 Multifamily residential 18.4 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 23.1 17

18 Farm 26.9 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.7 32.2 18

19 Miscellaneous assets 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 19

20 Total liabilities 761.7 873.4 964.1 1070.3 1121.1 1160.2 1235.4 1368.9 1410.7 1483.5 1581.7 20

21 Credit market instruments 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 21

22 GSE issues (2) 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 61.1 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 81.9 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 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 1

 2 Home mortgages 1449.7 1543.4 1678.9 1788.1 1808.1 1868.5 1931.1 1970.2 2061.6 2130.0 2191.4 2

 3 Multifamily residential mortgages 22.4 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 54.8 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) 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, December 15, 1999 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 567.9 709.1 857.7 1067.4 1132.4 1219.5 1292.8 1381.9 1451.3 1535.5 1587.0 1

 2 Agency securities (1) 107.7 121.7 116.6 109.1 110.4 112.2 121.1 134.3 149.8 170.2 185.3 2

 3 Other loans and advances 23.7 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 114.4 116.6 3

 4 Student loans 0.0 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 17.9 4

 5 Loans to business 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 5

 6 Mortgages (2) 255.3 289.4 350.6 441.0 477.8 525.0 563.8 605.5 641.4 669.4 673.3 6

 7 Home 206.0 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 431.2 7

 8 Multifamily residential 11.7 15.6 21.7 28.8 33.0 37.4 40.0 43.9 47.5 49.8 52.1 8

 9 Commercial 37.6 49.5 69.6 100.0 113.4 130.9 139.1 158.2 170.7 179.0 190.0 9

10 Consumer credit 146.1 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 405.6 433.0 10

11 Trade receivables 35.2 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 178.8 11

12 Total liabilities 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.3 1546.8 1597.5 12

13 Commercial paper 63.9 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 466.0 13

14 Corporate bonds 506.1 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1061.8 1119.9 1131.5 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 2.2 3.5 8.7 10.8 10.5 10.9 14.2 12.7 12.0 11.3 10.6 15

16 REIT assets (4) 9.0 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 12.8 16

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

(4) Included in table L.129.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 599.7 672.3 714.6 757.4 778.7 795.4 780.3 827.6 871.1 898.0 906.2 1

 2 Checkable deposits and currency 14.9 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 24.6 2

 3 Credit market instruments 476.2 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 678.1 3

 4 Other loans and advances 274.9 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 382.9 4

 5 Mortgages 66.9 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 122.3 5

 6 Consumer credit 134.4 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 173.0 6

 7 Miscellaneous assets 108.5 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 203.5 7

 8 Total liabilities 618.5 691.2 741.0 777.6 799.6 815.2 802.9 839.2 871.6 901.9 898.8 8

 9 Credit market instruments 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 9

10 Open market paper 171.6 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 205.3 10

11 Corporate bonds 247.4 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 396.2 11

12 Bank loans n.e.c. 14.8 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 27.0 12

13 Taxes payable 4.1 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 7.7 13

14 Miscellaneous liabilities 180.6 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 262.6 14

15 Foreign direct investment in U.S. 20.0 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 44.3 47.4 15

16 Investment by parent 41.8 51.1 60.3 64.7 64.6 60.0 58.3 61.8 64.6 65.4 84.7 16

17 Other 118.8 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 145.5 130.5 17

 Memo:

18 Consumer leases not included above (2) 67.5 80.8 92.5 96.8 95.2 97.0 94.9 93.3 93.9 95.6 98.1 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, December 15, 1999

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 35.0 1

 2 Home mortgages 28.3 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 24.6 2

 3 Multifamily residential mortgages 3.1 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 5.3 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 35.0 5

 6 Bank loans n.e.c. 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 6

 7 Investment by parent 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 31.0 33.3 38.2 64.3 78.6 83.0 80.7 70.7 71.2 69.4 69.0 1

 2 Checkable deposits and currency 0.0 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 4.4 2

 3 Credit market instruments 24.6 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 44.7 3

 4 Agency securities 9.2 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 14.6 4

 5 Corporate and foreign bonds 2.1 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 5.2 5

 6 Mortgages 13.3 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 24.8 6

 7 Home 5.1 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 13.1 7

 8 Multifamily residential 2.1 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 1.8 8

 9 Commercial 6.1 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 9.9 9

10 Miscellaneous assets 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 10

11 Total liabilities 55.1 62.2 79.4 139.0 164.4 182.4 202.0 205.6 214.8 208.7 213.3 11

12 Security RPs 9.7 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 15.8 12

13 Credit market instruments 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 13

14 Open market paper 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 0.2 14

15 Corporate bonds 15.3 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 58.9 15

16 Bank loans n.e.c. 6.0 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 27.3 16

17 Mortgages 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 17

18 Miscellaneous liabilities 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 18

 Memo:

19 Securitized assets included above 9.0 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 12.8 19

20 Agency securities 6.4 4.2 4.5 4.9 5.2 4.9 5.4 5.0 4.4 4.0 3.8 20

21 Home mortgages 2.5 3.5 2.6 5.7 5.4 7.6 7.1 7.5 7.4 7.4 7.5 21

22 Multifamily residential mortgages 0.0 0.0 0.3 0.4 0.5 0.7 0.9 0.8 0.9 0.9 0.8 22

23 Commercial mortgages 0.0 0.0 0.0 0.0 0.2 0.5 0.9 0.6 0.7 0.7 0.7 23
Z.1, December 15, 1999 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 454.7 568.1 636.4 779.2 926.1 855.7 912.1 849.9 893.9 923.6 909.6 1

 2 Checkable deposits and currency 12.0 13.7 15.7 21.7 25.0 22.3 26.1 25.5 24.5 27.7 26.5 2

 3 Credit market instruments 93.3 183.4 167.7 182.6 244.0 198.3 217.5 165.2 211.4 163.6 167.5 3

 4 Open market paper 11.2 22.1 23.7 24.3 25.1 28.3 32.8 28.1 28.8 28.9 29.4 4

 5 U.S. government securities 2.3 72.3 42.4 45.1 104.4 49.8 75.4 42.4 81.1 26.6 36.1 5

 6 Treasury -42.7 18.3 -12.8 -5.3 36.6 -37.2 13.9 -8.5 48.2 -8.2 -21.2 6

 7 Agency 45.0 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 57.3 7

 8 Municipal securities 15.5 12.7 10.8 13.2 12.4 15.4 14.7 13.2 12.4 14.3 12.8 8

 9 Corporate and foreign bonds 64.4 76.4 90.9 100.0 102.1 104.8 94.6 81.6 89.1 93.8 89.1 9

10 Corporate equities 20.1 34.2 37.9 51.9 62.8 63.4 54.8 52.1 61.0 69.8 55.0 10

11 Security credit 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 182.9 181.5 11

12 Miscellaneous assets 254.2 258.2 320.7 391.8 454.0 419.6 462.7 452.0 436.4 479.6 479.0 12

13 Total liabilities 420.9 535.5 597.5 729.6 871.7 799.8 857.6 794.2 835.7 859.3 845.0 13

14 Security RPs (net) 103.4 182.4 180.9 203.5 237.3 195.8 219.5 169.3 232.7 218.6 215.4 14

15 Corporate bonds 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 15

16 Trade payables 9.1 10.3 14.3 19.9 19.6 20.9 21.8 19.0 19.4 29.5 27.8 16

17 Security credit 203.9 227.1 263.7 337.9 364.9 388.5 428.1 422.4 392.0 405.0 400.8 17

18 Customer credit balances (HH) 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 272.7 278.7 18

19 From banks 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 19

20 Taxes payable 1.2 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 1.5 20

21 Miscellaneous liabilities 69.0 85.4 110.1 131.5 213.7 153.5 148.0 139.7 155.5 174.5 164.9 21

22 Foreign direct investment in U.S. 5.8 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.0 10.2 22

23 Due to affiliates 110.3 132.9 175.7 241.7 262.4 297.8 311.8 326.0 382.1 407.4 392.5 23

24 Other -47.2 -58.6 -74.4 -119.1 -58.0 -153.8 -173.4 -196.0 -236.3 -242.9 -237.7 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 364.7 373.1 479.6 594.2 657.7 673.4 691.0 710.8 771.7 819.8 844.8 1

 2 Money market fund shares 117.8 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 236.6 2

 3 Credit market instruments 106.0 87.4 101.4 152.3 177.5 178.3 161.6 158.5 173.3 202.7 208.0 3

 4 Open market paper 92.0 63.6 64.8 111.7 140.4 134.3 115.1 113.4 128.5 153.0 154.6 4

 5 Corporate and foreign bonds 14.0 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 53.3 5

 6 Miscellaneous assets (2) 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 6

 7 Investment in foreign banking offices 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 7

 8 Investment in brokers and dealers 96.9 114.8 166.3 205.2 224.0 232.5 241.3 245.9 283.9 296.8 297.7 8

 9 Total liabilities 364.7 373.1 479.6 594.2 657.7 673.4 691.0 710.8 771.7 819.8 844.8 9

10 Credit market instruments 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 10

11 Open market paper 151.1 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 238.1 11

12 Corporate bonds 60.0 84.4 113.6 144.2 162.1 168.3 175.5 178.1 214.2 225.1 223.9 12

13 Miscellaneous liabilities 153.7 124.5 166.8 220.5 246.1 262.8 273.1 296.3 312.5 370.3 382.8 13

14 Foreign direct investment in U.S. -70.1 -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 -61.8 14

15 Securities loaned (net) 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 385.8 386.7 15

16 Other 2.1 -8.6 -27.2 -23.1 -10.4 -6.5 -44.8 -20.7 38.0 48.7 57.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, December 15, 1999

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 74.3 85.8 75.1 70.0 69.4 71.2 75.7 81.8 74.4 71.7 73.4 1

 2 U.S. gold stock and SDRs 21.1 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 21.3 2

 3 Federal govt.: Exchange Stab. Fund 10.0 11.0 10.3 10.0 10.1 10.0 10.1 10.6 9.7 9.7 10.3 3

 4 Monetary authority (2) 11.1 11.1 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 5

 6 Official foreign currency holdings 41.2 49.1 38.3 30.8 30.2 31.2 32.9 36.0 30.4 29.5 32.1 6

 7 Treasury 19.2 28.0 19.0 13.8 13.5 13.8 14.4 16.2 15.2 14.7 16.0 7

 8 Monetary authority 22.0 21.1 19.3 17.0 16.7 17.4 18.4 19.8 15.2 14.8 16.1 8

 9 Net IMF position 12.0 14.6 15.4 18.1 18.0 18.9 21.6 24.1 23.2 21.5 20.0 9

10 Federal government 12.1 14.7 15.5 18.2 18.1 19.0 21.7 24.2 23.3 21.6 20.1 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 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 1

 2 Asset: Monetary authority 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 2

 Treasury currency:

 3 Liab: Federal government 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 3

 4 Asset: Monetary authority 23.0 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 27.0 27.4 4

 5 Discrepancy (seigniorage) -5.4 -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.2 -8.1 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 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 1

 Held by:

 2 Household sector 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 2

 3 Nonfinancial corporate business 14.0 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.2 20.0 3

 4 Money market mutual funds 15.7 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 54.1 4

 5 Discrepancy--unallocated assets 325.4 360.2 431.4 534.0 510.1 547.6 565.1 547.2 562.8 583.9 592.3 5
Z.1, December 15, 1999 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 280.1 290.7 240.8 219.4 179.6 189.2 198.7 187.7 180.4 201.7 190.3 1

 2 Monetary authority 68.9 70.2 69.7 75.8 62.2 62.1 64.9 68.4 61.1 62.7 62.7 2

 3 Depository institution reserves 30.8 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 21.7 3

 4 Vault cash 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 4

 5 Commercial banking 211.2 220.5 171.1 143.5 117.4 127.1 133.8 119.4 119.3 139.0 127.6 5

 6 To monetary authority -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 6

 7 To banks in foreign countries, net 218.2 229.3 177.3 173.0 137.1 141.8 149.4 144.7 131.2 149.1 140.0 7

 8 Liabilities, net 229.0 239.7 192.9 188.8 148.5 153.1 158.3 155.5 141.3 159.5 150.4 8

 9 U.S.-chartered commercial banks 82.3 79.6 48.5 62.0 71.0 69.9 91.8 85.1 87.8 110.0 104.7 9

10 Due to foreign affiliates 143.4 128.7 126.8 173.1 167.0 175.8 184.3 196.7 192.8 207.3 209.2 10

11 - Due from foreign affiliates 61.1 49.1 78.4 111.1 96.0 105.9 92.6 111.6 105.0 97.3 104.5 11

12 Foreign banking offices in U.S. 161.3 178.6 167.1 148.6 98.3 103.2 84.1 91.7 71.6 60.8 58.1 12

13 Due to foreign affiliates 84.3 99.9 110.4 99.7 80.0 121.8 124.8 131.9 127.6 142.6 131.1 13

14 - Due from foreign affiliates -77.0 -78.7 -56.6 -48.8 -18.3 18.6 40.8 40.2 56.0 81.8 73.0 14

15 Bank holding companies -14.6 -18.5 -22.6 -21.9 -20.8 -20.0 -17.6 -21.3 -18.1 -11.3 -12.5 15

16 Due to foreign affiliates 4.1 3.0 2.7 3.0 3.5 3.3 3.7 2.9 2.8 7.4 7.9 16

17 - Due from foreign affiliates 18.7 21.4 25.3 24.9 24.3 23.3 21.2 24.2 20.9 18.7 20.3 17

18 Less: Deposits at foreign banks 10.8 10.4 15.6 15.8 11.4 11.3 8.8 10.8 10.1 10.4 10.5 18

19 U.S. chartered commercial banks 8.0 5.4 10.6 11.7 11.1 10.9 8.6 10.6 10.0 10.2 10.3 19

20 Foreign banking offices in U.S. 2.9 5.0 5.0 4.1 0.3 0.4 0.2 0.2 0.1 0.2 0.2 20

21 To U.S. banking, net -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -12.9 21

22 U.S.-chartered commercial banks -13.3 -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -45.7 -55.9 22

23 Liabilities 50.7 43.3 38.3 22.0 23.7 33.8 47.0 29.8 43.6 45.8 42.6 23

24 To foreign offices in U.S. 56.3 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 55.0 24

25 To bank holding companies 0.9 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 0.5 25

26 Unallocated -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -12.9 26

 Less, due from:

27 Foreign offices in U.S. 60.2 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 69.9 27

28 Bank holding companies 3.8 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 29.1 28.6 28

29 Foreign banking offices in U.S. 3.9 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 15.0 29

30 Due to U.S. banks 60.2 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 69.9 30

31 - Due from U.S. banks 56.3 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 55.0 31

32 Bank holding companies 2.9 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 26.4 28.1 32

33 Due to U.S. banks 3.8 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 29.1 28.6 33

34 - Due from U.S. banks 0.9 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 0.5 34

35 Total assets 286.6 299.7 251.4 251.6 200.9 206.3 214.2 214.7 191.7 212.3 203.2 35

36 Rest of the world 218.2 229.3 177.3 173.0 137.1 141.8 149.4 144.7 131.2 149.1 140.0 36

37 Domestic 68.4 70.4 74.1 78.6 63.8 64.4 64.7 70.0 60.5 63.2 63.2 37

38 Monetary authority -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 38

39 Federal Reserve float -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 39

40 Loans to member banks 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 40

41 Commercial banking 66.1 67.5 67.5 74.1 60.4 60.3 63.1 66.5 59.3 61.0 61.1 41

42 Reserves at Federal Reserve 28.0 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 20.1 42

43 Vault cash 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 43

44 Savings insts.: Reserves at Fed. Res. 2.8 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 1.6 44

45 Discrepancy--floats, etc. -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -12.9 45
84 Z.1, December 15, 1999

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 1

 2 Monetary authority 373.5 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.7 511.1 2

 3 Federal government cash and deposits 7.5 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 6.7 3

 4 Deposits due to foreign 0.3 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 1.3 4

 5 Currency outside banks 365.7 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.5 503.0 5

 6 Commercial banking 756.7 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.5 588.1 6

 7 Federal government deposits 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 47.2 7

 8 Deposits due to foreign 23.2 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 35.5 43.9 8

 9 Private domestic deposits 709.8 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 529.9 497.0 9

10 Savings institutions 83.0 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 212.8 10

11 Credit unions 28.8 30.9 32.5 36.6 40.6 38.7 37.7 43.0 42.9 43.1 42.9 11

12 Total assets 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 12

13 Household sector 563.6 504.9 445.8 445.4 425.8 420.6 408.3 447.6 432.0 424.1 402.9 13

14 Nonfinancial business 330.1 366.2 411.5 409.8 412.0 432.3 443.2 448.6 457.2 458.0 472.0 14

15 Corporate 221.6 252.9 289.8 282.7 283.1 301.0 309.6 312.8 319.6 318.3 330.3 15

16 Nonfarm noncorporate 92.3 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.7 122.6 16

17 Farm 16.2 16.7 16.7 16.9 17.4 17.9 18.4 18.8 18.9 19.0 19.1 17

18 State and local governments 30.0 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.1 25.4 18

19 Federal government 27.8 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 62.9 19

20 Rest of the world 180.4 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 270.4 283.4 20

21 Checkable deposits 23.5 24.5 27.1 32.2 33.4 37.1 34.4 30.2 31.5 36.9 45.2 21

22 Currency 156.9 169.2 186.6 211.4 212.1 214.5 221.8 228.0 230.4 233.5 238.2 22

23 Financial sectors 68.7 71.7 79.5 96.0 99.7 96.3 97.0 109.1 92.0 103.5 102.8 23

24 Commercial banking 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 24

25 Savings institutions 13.9 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 16.9 25

26 Credit unions 6.5 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 9.0 11.8 26

27 Bank personal trusts and estates 0.5 0.5 0.8 0.8 0.7 0.6 0.5 0.3 0.4 0.4 0.4 27

28 Life insurance companies 5.6 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 3.8 28

29 Other insurance companies 5.0 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 3.9 29

30 Private pension funds 3.3 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 3.5 30

31 State and local govt. retirement funds 6.7 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.5 10.0 31

32 Money market mutual funds -2.5 -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 -7.3 32

33 Government-sponsored enterprises 1.3 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 2.7 33

34 Finance companies 14.9 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 24.6 34

35 REITs 0.0 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 4.4 35

36 Brokers and dealers 12.0 13.7 15.7 21.7 25.0 22.3 26.1 25.5 24.5 27.7 26.5 36

37 Mail float 41.4 37.2 28.5 18.1 11.0 8.1 3.7 19.3 11.7 9.7 5.5 37
Z.1, December 15, 1999 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2594.4 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3441.9 3453.5 3503.6 1

 2 Small time and savings deposits 2183.2 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2637.6 2644.6 2666.8 2

 3 Commercial banking 1376.2 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1973.0 2005.0 3

 4 U.S.-chartered commercial banks 1357.9 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.8 1985.9 4

 5 Foreign banking offices in U.S. 9.3 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 7.7 5

 6 Banks in U.S.-affiliated areas 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 6

 7 Savings institutions 579.7 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 359.4 7

 8 Credit unions 227.3 238.9 251.2 264.4 273.4 278.4 281.1 287.5 297.2 302.7 302.5 8

 9 Large time deposits (1) 411.2 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 836.8 9

10 Commercial banking 333.0 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 698.1 10

11 U.S.-chartered commercial banks 214.0 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 429.2 11

12 Foreign banking offices in U.S. 110.0 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.6 257.5 12

13 Banks in U.S.-affiliated areas 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 13

14 Savings institutions 71.0 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 117.0 14

15 Credit unions 7.3 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 21.6 15

16 Total assets 2594.4 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3441.9 3453.5 3503.6 16

17 Household sector 2223.5 2388.0 2553.0 2724.5 2809.8 2807.0 2812.3 2914.2 2907.7 2922.4 2960.9 17

18 Nonfinancial business 130.9 115.0 126.4 137.9 142.5 145.2 157.8 146.0 147.0 146.9 153.1 18

19 Corporate 67.5 42.9 43.6 49.8 53.2 54.4 65.5 52.8 52.4 50.9 55.5 19

20 Nonfarm noncorporate 63.4 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 96.0 97.6 20

21 State and local governments 55.3 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.9 90.3 94.2 21

22 Federal government 0.7 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 4.6 22

23 Rest of the world 56.3 49.6 60.6 73.6 78.2 78.0 87.3 86.1 85.0 85.3 89.7 23

24 Financial sectors 127.8 141.0 152.9 169.7 168.0 165.8 181.3 189.9 205.6 204.7 201.2 24

25 Savings institutions 1.3 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 1.3 25

26 Credit unions 16.7 17.1 16.4 17.0 18.6 20.1 20.6 23.4 25.8 26.2 21.7 26

27 Bank personal trusts and estates 11.0 10.5 9.0 10.0 9.4 8.9 8.4 7.8 8.0 8.2 8.4 27

28 Private pension funds 64.9 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 30.0 28

29 State and local govt. retirement funds 2.5 4.5 2.3 2.4 1.7 1.6 1.7 2.0 1.9 1.7 2.1 29

30 Money market mutual funds 31.4 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 137.7 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 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1

 2 Household sector 351.3 449.2 505.3 595.5 645.4 642.8 697.5 738.4 787.6 752.7 779.8 2

 3 Nonfinancial corporate business 52.2 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 171.4 3

 4 Nonfarm noncorporate business 4.0 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 9.2 4

 5 Bank personal trusts and estates 29.9 33.6 41.4 37.4 39.6 41.8 44.0 46.2 46.0 46.5 47.5 5

 6 Life insurance companies 16.2 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 128.5 6

 7 Private pension funds 31.6 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 76.7 7

 8 Funding corporations 117.8 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 236.6 8
86 Z.1, December 15, 1999

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 549.5 660.0 701.5 822.4 889.3 861.5 918.9 875.0 980.3 974.2 1006.1 1

 2 Commercial banking (net) 391.8 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 703.0 2

 3 U.S.-chartered commercial banks 351.4 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 616.9 3

 4 Foreign banking offices in U.S. 41.4 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 86.3 4

 5 Bank holding companies -0.9 -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 -0.1 5

 6 Savings institutions 44.5 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 71.9 6

 7 REITs 9.7 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 15.8 7

 8 Brokers and dealers (net) 103.4 182.4 180.9 203.5 237.3 195.8 219.5 169.3 232.7 218.6 215.4 8

 9 Total assets 483.3 573.7 610.6 669.3 701.9 720.6 743.7 706.6 716.9 694.4 709.0 9

10 Nonfinancial corporate business 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.4 4.0 3.2 4.0 10

11 State and local governments 118.6 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 166.6 11

12 Rest of the world 46.6 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 83.3 81.9 12

13 Financial sectors 315.8 387.9 388.1 422.6 426.3 459.2 492.1 472.7 460.0 444.1 456.5 13

14 Monetary authority 10.6 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 22.1 14

15 Savings institutions 6.5 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 12.3 15

16 Credit unions 6.2 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 4.6 16

17 Other insurance companies 29.4 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 32.9 34.7 17

18 Private pension funds 37.6 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 58.3 18

19 State and local govt. retirement funds 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 43.6 19

20 Money market mutual funds 68.8 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 138.3 20

21 Mutual funds 43.1 50.2 47.5 57.8 51.3 66.9 80.3 68.2 69.6 70.6 72.9 21

22 Government-sponsored enterprises 85.8 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 69.7 22

23 Discrepancy--unallocated assets 66.2 86.4 90.9 153.1 187.4 140.9 175.2 168.4 263.5 279.8 297.1 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 1

 2 Commercial paper 600.1 677.7 779.4 958.5 1057.7 1098.4 1150.8 1161.0 1217.2 1233.8 1276.2 2

 3 Nonfinancial corporate business 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 3

 4 Foreign issues in U.S. 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 4

 5 Nonfinancial 15.2 20.6 18.7 20.0 19.8 20.5 22.6 18.5 18.6 17.2 24.1 5

 6 Financial 27.5 35.6 48.8 45.0 56.9 50.9 51.4 54.4 58.7 52.9 57.7 6

 7 Financial business 418.2 464.2 555.5 724.8 787.9 824.5 859.9 895.2 916.0 931.4 955.1 7

 8 Commercial banking 31.6 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 45.6 8

 9 ABS issuers 63.9 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 466.0 9

10 Finance companies 171.6 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 205.3 10

11 REITs 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 0.2 11

12 Funding corporations 151.1 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 238.1 12

13 Bankers acceptances (1) 23.4 22.6 23.6 20.9 17.1 14.3 14.3 11.5 10.4 9.5 8.3 13

14 Holdings, by sector 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 14

15 Household sector 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 15

16 Nonfinancial corporate business 18.8 20.1 31.5 35.3 29.5 24.8 25.7 27.5 26.2 31.3 33.8 16

17 State and local governments 22.3 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 96.5 17

18 Rest of the world 24.9 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 100.8 105.3 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) 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 20

21 Savings institutions 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 2.1 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 0.8 22

23 Bank personal trusts and estates 23.0 23.7 21.1 21.0 19.9 18.7 17.6 16.5 16.4 16.3 16.3 23

24 Life insurance companies 52.8 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 68.6 71.9 24

25 Private pension funds 39.4 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 69.9 25

26 State and local govt. retirement funds 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 41.1 26

27 Money market mutual funds 187.2 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 490.0 27

28 Mutual funds 43.1 50.2 47.2 57.8 51.9 66.9 80.3 68.2 69.6 70.6 72.9 28

29 Government-sponsored enterprises 26.3 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 33.9 29

30 Brokers and dealers 11.2 22.1 23.7 24.3 25.1 28.3 32.8 28.1 28.8 28.9 29.4 30

31 Funding corporations 92.0 63.6 64.8 111.7 140.4 134.3 115.1 113.4 128.5 153.0 154.6 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 15, 1999 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 1

 2 Savings bonds 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 2

 3 Other Treasury issues 3285.6 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 3418.2 3

 4 Total assets 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 4

 5 Household sector 782.0 699.9 687.9 511.5 514.6 504.6 495.4 416.3 341.3 288.8 283.3 5

 6 Savings bonds 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 6

 7 Other Treasury issues 602.0 514.9 500.9 325.0 328.4 318.6 309.5 229.6 154.8 102.3 97.1 7

 8 Nonfinancial corporate business 50.8 57.1 47.1 57.5 49.3 39.5 42.2 49.7 42.5 45.6 37.9 8

 9 Nonfarm noncorporate business 14.0 15.6 14.4 13.6 13.5 13.3 13.2 13.0 13.0 13.0 13.1 9

10 State and local governments 370.0 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 10

11 Rest of the world 632.6 841.3 1093.3 1252.0 1260.8 1266.2 1232.0 1316.3 1308.4 1296.2 1318.8 11

12 Monetary authority 364.5 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 489.0 12

13 Commercial banking 290.4 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 218.7 13

14 U.S.-chartered commercial banks 248.0 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 124.0 14

15 Foreign banking offices in U.S. 32.7 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 91.2 15

16 Bank holding companies 4.6 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 0.9 16

17 Banks in U.S.-affiliated areas 5.1 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 2.6 17

18 Savings institutions 27.1 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 10.5 18

19 Credit unions 22.1 18.3 17.4 15.6 15.0 14.5 13.5 13.1 12.1 12.5 11.4 19

20 Bank personal trusts and estates 39.8 38.7 39.5 33.7 33.5 33.2 31.7 30.8 30.0 29.0 27.6 20

21 Life insurance companies 107.1 108.1 93.2 85.5 82.5 79.0 75.2 71.3 70.9 68.7 65.2 21

22 Other insurance companies 133.0 133.4 120.9 91.1 86.9 81.6 76.1 73.2 72.9 73.8 73.0 22

23 Private pension funds 157.9 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 228.3 23

24 State and local govt. retirement funds 192.1 191.7 203.5 216.9 211.9 214.8 211.2 216.6 218.3 222.5 216.6 24

25 Money market mutual funds 66.1 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 89.6 25

26 Mutual funds 194.1 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.7 242.6 234.4 26

27 Closed-end funds 12.8 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 8.6 27

28 Government-sponsored enterprises 51.9 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 28.2 28

29 Brokers and dealers -42.7 18.3 -12.8 -5.3 36.6 -37.2 13.9 -8.5 48.2 -8.2 -21.2 29

 Memo:

30 Federal government debt (1) 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, December 15, 1999

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2199.5 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.0 3774.3 1

 2 Budget agencies 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 2

 3 Government-sponsored enterprises 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 3

 4 Federally related mortgage pools 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 4

 5 Total assets 2199.5 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.0 3774.3 5

 6 Household sector 133.3 133.4 229.3 241.6 183.6 182.3 218.7 205.8 249.0 279.0 322.8 6

 7 Nonfinancial corporate business 19.9 23.4 28.5 9.7 8.7 18.0 20.7 27.2 25.8 27.7 32.2 7

 8 State and local governments 186.6 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 167.0 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 125.1 154.8 196.3 246.5 269.0 286.4 289.7 301.4 325.4 348.2 371.2 10

11 Monetary authority 3.6 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 0.2 11

12 Commercial banking 428.7 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.3 694.2 12

13 U.S.-chartered commercial banks 398.1 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 608.1 13

14 Foreign banking offices in U.S. 23.0 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 69.0 14

15 Bank holding companies 4.8 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 4.0 15

16 Banks in U.S.-affiliated areas 2.8 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 13.2 16

17 Savings institutions 159.9 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 146.3 17

18 Credit unions 40.9 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.2 65.8 65.7 18

19 Bank personal trusts and estates 32.2 32.1 31.8 27.5 27.1 26.7 26.4 26.0 25.8 25.5 25.3 19

20 Life insurance companies 234.1 242.9 244.1 226.7 225.7 222.9 219.9 217.0 217.5 217.7 217.6 20

21 Other insurance companies 45.8 48.2 51.0 70.8 71.6 71.5 71.2 73.5 73.2 74.0 74.2 21

22 Private pension funds 243.7 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 361.8 22

23 State and local govt. retirement funds 76.1 99.4 104.9 123.3 126.4 134.3 141.1 143.2 149.3 151.1 157.3 23

24 Money market mutual funds 77.2 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 159.8 24

25 Mutual funds 102.1 109.9 116.1 124.5 135.2 137.9 143.0 145.5 149.5 157.9 157.0 25

26 Government-sponsored enterprises 128.4 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 564.2 26

27 ABS issuers 107.7 121.7 116.6 109.1 110.4 112.2 121.1 134.3 149.8 170.2 185.3 27

28 REITs 9.2 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 14.6 28

29 Brokers and dealers 45.0 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 57.3 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, December 15, 1999 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.1 1

 2 State and local governments 1112.4 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 1231.1 2

 3 Short-term (1) 31.7 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 41.7 3

 4 Long-term 1080.7 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 1189.4 4

 5 Nonprofit organizations (2) 97.6 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 134.8 5

 6 Nonfinancial corporate business 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.2 6

 (industrial revenue bonds)

 7 Total assets 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.1 7

 8 Household sector 501.5 457.7 435.6 463.6 468.4 485.1 477.5 473.6 491.5 517.6 526.8 8

 9 Nonfinancial corporate business 56.7 36.8 31.0 36.1 40.1 42.5 42.9 44.3 40.1 32.2 33.2 9

10 State and local governments 8.6 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 1.4 10

11 Commercial banking 97.6 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 109.4 11

12 Savings institutions 2.0 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 2.9 12

13 Bank personal trusts and estates 114.2 108.3 104.0 90.7 90.4 90.1 89.8 89.5 89.1 88.8 88.6 13

14 Life insurance companies 12.8 11.9 13.4 16.7 17.2 17.6 18.0 18.4 18.8 18.0 18.1 14

15 Other insurance companies 153.8 161.0 175.4 191.6 196.6 199.3 201.4 210.9 207.9 210.6 209.7 15

16 Private pension funds 0.7 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 16

17 State and local govt. retirement funds 1.1 1.8 0.5 1.1 1.2 1.3 1.4 1.6 1.9 2.0 2.3 17

18 Money market mutual funds 113.4 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 198.0 18

19 Mutual funds 207.0 210.2 213.3 219.8 224.6 231.2 234.1 242.6 247.7 250.9 247.6 19

20 Closed-end funds 53.4 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 62.3 20

21 Government-sponsored enterprises 3.4 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 3.7 21

22 Brokers and dealers 15.5 12.7 10.8 13.2 12.4 15.4 14.7 13.2 12.4 14.3 12.8 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.2 4436.8 4534.6 1

 2 Nonfinancial corporate business 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 2

 3 Rest of the world (1) 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 3

 4 Financial sectors 1008.8 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1968.9 2049.8 2089.6 4

 5 Commercial banking 142.6 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 230.6 241.5 5

 6 Savings institutions 3.1 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 3.0 6

 7 ABS issuers 506.1 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1061.8 1119.9 1131.5 7

 8 Finance companies 247.4 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 396.2 8

 9 REITs 15.3 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 58.9 9

10 Brokers and dealers 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 10

11 Funding corporations 60.0 84.4 113.6 144.2 162.1 168.3 175.5 178.1 214.2 225.1 223.9 11

12 Total assets 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.2 4436.8 4534.6 12

13 Household sector 353.1 447.6 496.9 520.9 569.7 616.7 594.5 581.1 669.4 686.8 680.8 13

14 State and local governments 31.9 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 61.8 14

15 Rest of the world (2) 311.4 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 726.4 775.9 15

16 Commercial banking 102.5 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 188.0 199.3 16

17 Savings institutions 86.7 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 106.2 17

18 Bank personal trusts and estates 35.3 33.6 31.9 31.1 30.5 29.8 29.2 28.5 28.1 27.7 27.4 18

19 Life insurance companies 779.4 870.1 949.3 1046.0 1073.3 1092.6 1110.8 1130.4 1157.1 1178.2 1193.6 19

20 Other insurance companies 110.1 123.3 141.6 159.5 163.8 166.2 168.2 176.2 174.8 177.1 176.3 20

21 Private pension funds 201.2 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 327.0 21

22 State and local govt. retirement funds 185.0 190.6 214.4 244.5 254.7 264.2 274.6 279.6 286.9 290.9 295.9 22

23 Money market mutual funds 15.2 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 112.4 23

24 Mutual funds 172.4 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 362.0 368.0 24

25 Closed-end funds 19.8 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 35.2 25

26 Government-sponsored enterprises 19.5 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 27.0 26

27 REITs 2.1 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 5.2 27

28 Brokers and dealers 64.4 76.4 90.9 100.0 102.1 104.8 94.6 81.6 89.1 93.8 89.1 28

29 Funding corporations 14.0 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 53.3 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, December 15, 1999

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Issues at market value 6333.3 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 1

 2 Nonfinancial corporate business 4811.9 6435.0 7618.6 9661.1 10925.6 11050.4 9810.6 11561.0 11935.0 12816.7 12095.0 2

 3 Rest of the world (2) 627.5 776.8 1002.9 1201.0 1350.2 1310.1 1210.1 1407.1 1429.3 1564.7 1667.2 3

 4 Financial corporations 893.9 1284.0 1634.3 2319.3 2566.2 2626.5 2100.6 2445.2 2529.3 2636.5 2246.1 4

 5 Holdings at market value 6333.3 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 5

 6 Household sector 3070.9 4121.6 4642.1 5689.6 6279.4 6265.0 5540.7 6337.8 6583.4 6967.5 6599.2 6

 7 State and local governments 10.6 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 111.0 7

 8 Rest of the world (3) 397.7 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.4 1168.1 8

 9 Commercial banking 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 9

10 Savings institutions 10.4 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 24.2 10

11 Bank personal trusts and estates 167.3 224.9 248.9 305.5 330.0 320.6 266.3 307.7 310.3 325.9 295.6 11

12 Life insurance companies 246.1 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 824.8 795.5 12

13 Other insurance companies 112.1 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 208.1 198.1 13

14 Private pension funds 996.3 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 2211.9 14

15 State and local govt. retirement funds 557.4 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1761.5 1797.4 1943.8 1801.4 15

16 Mutual funds 709.6 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2622.8 2887.4 2701.5 16

17 Closed-end funds 31.9 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 39.4 17

18 Brokers and dealers 20.1 34.2 37.9 51.9 62.8 63.4 54.8 52.1 61.0 69.8 55.0 18

 Memo:

19 Market value of domestic corporations (4) 5538.8 7507.6 9016.0 11688.8 13173.8 13352.2 11622.4 13705.7 14151.3 15124.3 14041.3 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 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 1

 2 Holdings at market value 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3863.0 2

 3 Household sector 1052.1 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2679.8 3

 4 Nonfinancial corporate business 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 4

 5 State and local governments 29.1 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 29.0 5

 6 Commercial banking 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 6

 7 Credit unions 2.6 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 4.0 7

 8 Bank personal trusts and estates 200.4 253.5 293.6 342.4 377.1 382.9 346.4 397.1 408.0 440.7 412.5 8

 9 Life insurance companies 9.6 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 13.4 9

10 Private pension funds 150.4 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 622.1 10
Z.1, December 15, 1999 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 2407.1 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.4 3380.8 1

 - Loans elsewhere classified:

 2 Open market paper 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 2

 3 Mortgages 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 3

 4 Consumer credit 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 4

 5 Security credit 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 5

 6 = Banking sector total bank loans n.e.c. 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.8 6

 7 U.S.-chartered commercial banks 624.6 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 1091.4 7

 8 Foreign banking offices in U.S. 197.2 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 257.6 8

 9 Bank holding companies 1.8 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 1.5 9

10 Banks in U.S.-affiliated areas 11.3 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 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. 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.8 12

13 Total liabilities 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.8 13

14 Nonfinancial sectors 786.0 898.2 977.7 1092.7 1101.3 1153.1 1177.0 1207.6 1224.2 1239.0 1260.4 14

15 Households 40.0 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 67.2 15

16 Corporate business 521.0 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.7 799.5 822.0 16

17 Nonfarm noncorporate business 160.2 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.2 262.5 266.9 17

18 Farm business 38.7 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 45.5 18

19 Rest of the world 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 19

20 Foreign official institutions 2.2 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 3.0 20

21 Foreign banks 8.8 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 11.2 21

22 Other foreign 15.2 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 44.7 22

23 Financial sectors 48.9 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 106.4 23

24 Savings institutions 9.3 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 34.6 24

25 Finance companies 14.8 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 27.0 25

26 Mortgage companies 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 26

27 REITs 6.0 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 27.3 27
92 Z.1, December 15, 1999

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 860.5 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1307.0 1331.2 1382.6 1

 2 U.S. government loans 131.1 144.0 144.1 153.7 157.9 161.4 165.2 168.0 172.6 174.4 178.2 2

 3 Liab.: Household sector 16.0 27.3 30.4 41.8 43.9 46.6 49.3 52.4 58.2 60.7 65.7 3

 4 Nonfinancial corporate business 8.0 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 8.0 4

 5 Nonfarm noncorporate business 38.2 39.4 39.1 40.9 42.1 43.1 44.8 44.8 44.5 44.1 42.8 5

 6 Farm business 8.2 7.0 5.9 5.5 5.4 5.3 5.2 5.1 5.0 4.9 4.8 6

 7 State and local governments 9.3 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 10.3 7

 8 Rest of the world 51.4 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.4 46.7 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 162.5 136.7 131.0 10

11 Liab.: Nonfinancial corporate business 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 162.5 136.7 131.0 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 22.9 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 7.9 12

13 Liab.: Nonfinancial corporate business 15.0 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 4.8 13

14 Rest of the world 7.9 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 3.1 14

15 Savings institution loans to business 10.3 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 28.3 15

16 Liab.: Nonfinancial corporate business 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.2 16

17 Nonfarm noncorporate business 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.2 17

18 Policy loans (Household liability) 86.4 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.9 100.4 18

19 Asset: Federal government 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 85.5 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 99.0 99.5 20

21 Government-sponsored enterprise loans 189.1 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 437.2 21

22 Liab.: Household sector (SLMA) 31.3 35.2 34.6 30.2 28.4 26.2 27.4 29.0 30.9 32.5 36.4 22

23 Noncorporate business (FCS) 13.9 16.4 15.1 15.1 16.3 16.0 17.5 17.8 17.1 18.1 18.6 23

24 Farm business (FCS) 12.4 13.8 16.5 16.5 16.4 16.5 16.5 17.1 17.5 16.9 16.8 24

25 Commercial banks (FHLB and SLMA) 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 25

26 Savings institutions (FHLB and SLMA) 100.0 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 217.7 26

27 Credit unions (FHLB) 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 27

28 Life insurance companies (FHLB) 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 28

29 Securitized loans held by ABS issuers 23.7 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 114.4 116.6 29

30 Liab.: Households (1) 0.0 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 17.9 30

31 Nonfinancial corporate business 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 31

32 Finance company loans to business 274.9 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 382.9 32

33 Liab.: Nonfinancial corporate business 247.4 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 344.6 33

34 Nonfarm noncorporate business 27.5 30.2 30.9 31.9 32.6 33.5 33.5 34.8 36.3 37.4 38.3 34

(1) Student loans.
Z.1, December 15, 1999 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total mortgages 4393.0 4604.0 4901.6 5216.7 5327.5 5439.4 5574.0 5728.2 5867.2 6018.8 6181.2 1

 2 Home 3330.0 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.3 4532.1 4648.2 2

 3 Multifamily residential 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 359.5 372.7 3

 4 Commercial 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1027.5 1058.5 4

 5 Farm 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 5

 6 Total liabilities 4393.0 4604.0 4901.6 5216.7 5327.5 5439.4 5574.0 5728.2 5867.2 6018.8 6181.2 6

 7 Household sector 3171.7 3344.0 3560.9 3801.7 3885.7 3965.7 4070.0 4174.4 4269.1 4382.1 4501.9 7

 8 Nonfinancial business 1202.5 1236.0 1308.8 1368.3 1392.7 1419.6 1440.0 1482.2 1521.4 1563.1 1603.4 8

 9 Corporate 242.6 270.1 287.1 296.4 303.1 311.0 315.0 336.5 355.4 372.9 388.2 9

10 Nonfarm noncorporate 876.9 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1090.5 1113.5 10

11 Farm 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 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 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 13

14 Total assets 4393.0 4604.0 4901.6 5216.7 5327.5 5439.4 5574.0 5728.2 5867.2 6018.8 6181.2 14

15 Household sector 115.6 109.5 109.4 108.9 108.9 109.0 109.0 109.2 109.1 109.3 109.5 15

16 Nonfinancial corporate business 56.4 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 43.4 16

17 Nonfarm noncorporate business 23.6 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 24.9 17

18 State and local governments 110.5 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 128.7 18

19 Federal government 71.0 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.6 44.5 44.8 19

20 Commercial banking 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 20

21 Savings institutions (1) 596.2 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 676.5 21

22 Credit unions 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 22

23 Bank personal trusts and estates 3.4 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 23

24 Life insurance companies 215.8 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.6 227.2 24

25 Other insurance companies 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 25

26 Private pension funds 18.0 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 29.1 26

27 State and local govt. retirement funds 15.2 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 19.4 27

28 Government-sponsored enterprises (1) 244.6 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.6 244.3 28

29 Federally related mortgage pools 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 2246.2 29

30 ABS issuers 255.3 289.4 350.6 441.0 477.8 525.0 563.8 605.5 641.4 669.4 673.3 30

31 Finance companies 66.9 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 122.3 31

32 Mortgage companies 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 35.0 32

33 REITs 13.3 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 24.8 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, December 15, 1999

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3330.0 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.3 4532.1 4648.2 1

 2 Household sector 3070.2 3252.0 3464.3 3697.9 3779.6 3856.6 3954.9 4057.8 4148.3 4257.7 4371.3 2

 3 Nonfinancial corporate business 18.7 19.3 19.9 20.7 21.0 21.2 21.5 21.8 22.0 22.3 22.6 3

 4 Nonfarm noncorporate business 241.1 239.0 237.7 240.9 242.5 244.2 246.0 247.9 249.9 252.1 254.3 4

 5 Total assets 3330.0 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.3 4532.1 4648.2 5

 6 Household sector 96.5 88.8 87.6 86.5 86.2 85.9 85.6 85.3 85.1 84.8 84.5 6

 7 Nonfinancial corporate business 32.7 33.8 24.5 16.5 14.5 12.5 9.3 9.3 9.1 9.0 10.8 7

 8 Nonfarm noncorporate business 9.7 10.8 9.6 9.1 9.0 8.9 8.8 8.7 8.6 8.5 8.5 8

 9 State and local governments 57.3 60.5 62.8 65.8 66.6 67.4 68.2 69.1 70.0 70.8 71.7 9

10 Federal government 29.1 24.1 21.2 19.1 18.9 18.8 18.7 18.8 18.6 18.3 18.7 10

11 Commercial banking 590.0 646.5 677.6 745.5 764.0 769.7 769.7 796.6 782.1 789.5 824.6 11

12 Savings institutions 477.6 482.4 513.7 520.7 526.7 521.7 525.4 533.4 534.1 544.4 560.0 12

13 Credit unions 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 13

14 Bank personal trusts and estates 3.4 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 14

15 Life insurance companies 8.5 8.9 7.0 7.2 7.0 6.8 6.6 6.6 7.0 7.3 7.5 15

16 Private pension funds 4.0 4.3 4.7 5.2 5.3 5.6 5.7 6.0 6.1 6.3 6.4 16

17 State and local govt. retirement funds 3.9 4.4 5.0 5.6 5.8 6.0 6.1 6.3 6.5 6.7 6.9 17

18 Government-sponsored enterprises 199.3 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 189.0 18

19 Federally related mortgage pools 1449.7 1543.4 1678.9 1788.1 1808.1 1868.5 1931.1 1970.2 2061.6 2130.0 2191.4 19

20 ABS issuers 206.0 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 431.2 20

21 Finance companies 66.9 72.4 52.1 59.0 61.5 62.3 68.4 75.7 77.7 80.5 87.7 21

22 Mortgage companies 28.3 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 24.6 22

23 REITs 5.1 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 13.1 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 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 359.5 372.7 1

 2 Nonfinancial corporate business 20.5 21.1 21.7 22.5 22.8 23.0 23.3 23.5 23.8 24.1 24.4 2

 3 Nonfarm noncorporate business 241.0 248.0 262.5 272.5 277.6 282.7 286.4 293.8 302.8 311.2 323.2 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 6.2 7.9 10.5 15.4 16.2 17.8 21.1 23.6 25.3 24.3 25.1 5

 6 Total assets 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 359.5 372.7 6

 7 Household sector 1.3 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 0.9 0.1 0.8 1.4 1.5 1.7 2.4 2.3 2.3 2.1 1.6 8

 9 Nonfarm noncorporate business 7.0 7.9 7.0 7.4 7.5 7.6 7.7 7.8 8.0 8.1 8.2 9

10 State and local governments 43.5 44.1 45.9 46.5 46.7 46.9 47.2 47.4 47.6 47.9 48.1 10

11 Federal government 22.0 17.3 14.8 13.9 13.9 13.8 13.7 13.6 13.6 13.6 13.6 11

12 Commercial banking 37.9 42.5 45.5 49.7 50.8 51.2 52.2 52.9 56.2 58.6 63.1 12

13 Savings institutions 64.3 62.0 61.6 59.5 59.3 59.1 56.9 57.0 57.0 55.3 57.5 13

14 Life insurance companies 27.8 28.7 30.8 30.4 30.4 30.6 30.6 31.5 31.5 31.8 32.1 14

15 Private pension funds 0.9 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.4 1.5 15

16 State and local govt. retirement funds 4.3 4.5 4.7 5.0 5.0 5.1 5.2 5.2 5.3 5.4 5.4 16

17 Government-sponsored enterprises 18.4 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 23.1 17

18 Federally related mortgage pools 22.4 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 54.8 18

19 ABS issuers 11.7 15.6 21.7 28.8 33.0 37.4 40.0 43.9 47.5 49.8 52.1 19

20 Finance companies 0.0 0.0 3.1 2.9 2.7 2.8 3.0 2.7 2.8 2.8 2.9 20

21 Mortgage companies 3.1 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 5.3 21

22 REITs 2.1 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 1.8 22
Z.1, December 15, 1999 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1027.5 1058.5 1

 2 Household sector 101.5 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 130.6 2

 3 Nonfinancial corporate business 203.5 229.7 245.4 253.1 259.4 266.7 270.3 291.1 309.6 326.5 341.1 3

 4 Nonfarm noncorporate business 394.8 394.4 434.3 468.3 478.1 488.8 498.1 507.5 515.9 527.3 535.9 4

 5 REITs 12.5 16.1 21.4 31.4 32.9 36.2 42.9 48.0 51.3 49.3 50.9 5

 6 Total assets 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1027.5 1058.5 6

 7 Household sector 3.1 3.7 4.3 4.5 4.6 4.6 4.7 4.8 4.8 4.9 5.0 7

 8 Nonfinancial corporate business 22.8 24.0 29.1 32.5 33.3 34.2 35.6 34.8 34.0 33.3 31.0 8

 9 Nonfarm noncorporate business 6.0 6.9 6.1 6.4 6.5 6.6 6.7 6.8 6.9 7.0 7.1 9

10 State and local governments 8.3 7.7 7.5 7.7 7.7 7.7 7.6 7.6 7.6 7.5 7.5 10

11 Federal government 13.2 10.2 8.5 7.9 7.9 7.9 7.9 8.0 8.0 8.1 8.1 11

12 Commercial banking 362.3 377.3 397.5 423.1 428.4 432.2 444.6 458.5 468.8 482.2 499.2 12

13 Savings institutions 53.9 52.1 52.7 51.3 50.9 51.4 51.7 53.3 54.9 56.6 58.5 13

14 Life insurance companies 169.8 165.9 160.3 158.8 158.5 159.5 159.2 164.0 168.9 173.6 175.2 14

15 Other insurance companies 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 15

16 Private pension funds 13.2 14.2 15.5 17.2 17.7 18.4 18.8 19.9 20.2 21.0 21.2 16

17 State and local govt. retirement funds 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 37.6 49.5 69.6 100.0 113.4 130.9 139.1 158.2 170.7 179.0 190.0 18

19 Finance companies 0.0 0.0 27.4 26.0 25.4 24.7 27.1 23.9 28.8 30.2 31.7 19

20 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 6.1 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 9.9 21

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 1

 2 Total assets 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 101.8 2

 3 Household sector 14.6 15.3 15.9 16.5 16.7 17.0 17.2 17.6 17.8 18.2 18.5 3

 4 Nonfarm noncorporate business 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.1 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 6.7 6.2 5.8 4.9 4.7 4.6 4.6 4.5 4.4 4.4 4.4 6

 7 Commercial banking 22.6 23.8 24.9 27.0 27.5 28.3 28.7 29.0 29.5 30.5 31.4 7

 8 Savings institutions 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 8

 9 Life insurance companies 9.6 9.7 10.1 10.5 10.6 10.8 11.0 11.5 11.7 12.0 12.3 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.9 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.7 32.2 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, December 15, 1999

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities (Households) 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 1

 2 Total assets 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.2 2

 3 Nonfinancial corporate business 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.6 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 5

 6 Savings institutions 38.5 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 60.1 6

 7 Credit unions 119.6 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.8 158.2 164.1 7

 8 ABS issuers 146.1 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 405.6 433.0 8

 9 Finance companies 134.4 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 173.0 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1569.1 1698.0 1812.8 1938.6 1940.8 1933.9 1954.5 1970.2 1981.2 2039.6 2067.3 1

 2 Household sector 94.0 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 129.8 2

 3 Nonfinancial corporate business 796.5 877.5 927.0 990.5 984.4 963.7 969.1 981.6 985.1 1020.8 1035.9 3

 4 Nonfarm noncorporate business 71.6 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 123.7 4

 5 Farm business 15.2 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.5 19.4 19.8 5

 6 State and local governments 457.5 486.7 517.6 549.0 556.5 564.1 572.0 579.5 587.0 593.5 600.5 6

 7 Federal government 85.7 81.1 82.4 82.4 81.8 81.7 82.6 79.8 79.6 81.9 82.2 7

 8 Rest of the world 39.5 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 43.9 47.6 8

 9 Brokers and dealers 9.1 10.3 14.3 19.9 19.6 20.9 21.8 19.0 19.4 29.5 27.8 9

10 Total trade receivables 1386.5 1499.8 1636.1 1739.1 1777.4 1814.5 1855.4 1802.2 1852.0 1930.9 1966.1 10

11 Nonfinancial corporate business 1107.0 1184.9 1273.1 1309.7 1326.0 1350.7 1377.7 1322.4 1363.7 1431.9 1458.2 11

12 Nonfarm noncorporate business 117.0 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.4 186.8 191.3 12

13 Federal government 24.7 23.1 24.0 20.8 22.5 22.3 24.3 22.3 23.8 24.3 26.3 13

14 Rest of the world 49.8 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 45.2 14

15 Other insurance companies 52.9 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.7 66.3 15

16 ABS issuers 35.2 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 178.8 16

17 Discrepancy 182.6 198.2 176.7 199.5 163.5 119.4 99.1 168.0 129.2 108.7 101.1 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 587.9 582.3 1

 2 Household sector 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 182.9 181.5 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 203.9 227.1 263.7 337.9 364.9 388.5 428.1 422.4 392.0 405.0 400.8 4

 5 Customer credit balances (HH) 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 272.7 278.7 5

 6 From U.S.-chartered commercial banks 56.8 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 65.3 6

 7 From foreign banking offices in U.S. 38.1 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 56.8 7

 8 Total assets 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 587.9 582.3 8

 9 Household sector 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 272.7 278.7 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 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 11

12 Brokers and dealers 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 182.9 181.5 12
Z.1, December 15, 1999 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Total liabilities 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.7 1

 2 Federal government 28.9 29.9 30.5 32.3 32.4 33.1 33.1 33.6 33.7 34.4 34.5 2

 3 Life insurance companies 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 722.2 3

 4 Total assets (Households) 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.7 4

 Pension fund reserves:

 5 Total liabilities 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9258.8 9711.7 9464.8 5

 6 Federal government (1) 485.5 506.3 561.4 601.7 590.5 601.5 616.3 642.9 632.6 642.7 657.5 6

 7 Life insurance companies 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1434.2 7

 8 Private pension funds (2) 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 8

 9 State and local govt. retirement funds 1200.6 1482.5 1809.4 2331.1 2619.1 2681.5 2502.6 2806.9 2798.4 2966.1 2849.2 9

10 Total assets (Households) 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9258.8 9711.7 9464.8 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 101.4 107.6 123.6 140.4 151.7 144.6 155.0 152.9 159.7 161.5 172.5 1

 2 Nonfinancial corporate business 40.3 40.3 49.9 59.2 69.0 59.9 68.6 64.1 68.9 68.9 77.5 2

 3 Nonfarm noncorporate business 34.6 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 43.8 3

 4 U.S.-chartered commercial banks 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 4

 5 Savings institutions 1.0 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 2.1 5

 6 Life insurance companies 10.4 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 17.9 6

 7 Other insurance companies 7.9 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 13.5 7

 8 Finance companies 4.1 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 7.7 8

 9 Brokers and dealers 1.2 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 1.5 9

10 Total business taxes receivable 52.6 45.2 46.8 46.9 62.1 48.8 52.8 49.5 69.0 50.2 71.1 10

11 State and local governments 34.0 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 32.7 11

12 Federal government 18.6 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 38.4 12

13 Discrepancy 48.8 62.4 76.7 93.5 89.6 95.8 102.2 103.5 90.7 111.3 101.4 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 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 1

 2 Asset: Household sector 699.4 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 1000.9 2
98 Z.1, December 15, 1999

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 5287.2 5634.7 6098.8 6666.5 6741.0 6791.2 7013.1 7053.7 7074.2 7158.2 7157.4 1

 2 Household sector 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 2

 3 Nonfinancial corporate business 2081.6 2144.0 2363.1 2528.0 2497.5 2490.2 2492.6 2463.2 2445.4 2441.8 2447.8 3

 4 Nonfarm noncorporate business 102.9 104.3 105.1 103.8 101.0 100.6 100.3 100.2 142.8 143.6 144.8 4

 5 Federal government 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 5

 6 Rest of the world 864.1 988.8 1111.8 1195.2 1134.2 1228.9 1332.8 1317.8 1308.9 1299.0 1271.4 6

 7 Monetary authority 6.0 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 8.6 7

 8 Commercial banking 750.1 848.4 863.0 1023.7 1020.1 1025.0 1132.2 1129.8 1090.5 1091.0 1082.1 8

 9 Savings institutions 106.7 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 96.0 9

10 Credit unions 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 5.1 10

11 Life insurance companies 386.6 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.9 563.9 11

12 Other insurance companies 471.9 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 555.8 567.3 12

13 Government-sponsored enterprises 61.1 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 81.9 13

14 Finance companies 180.6 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 262.6 14

15 Mortgage companies 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 15

16 REITs 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 16

17 Brokers and dealers 69.0 85.4 110.1 131.5 213.7 153.5 148.0 139.7 155.5 174.5 164.9 17

18 Funding corporations 153.7 124.5 166.8 220.5 246.1 262.8 273.1 296.3 312.5 370.3 382.8 18

19 Total assets 5928.7 6646.1 7438.4 8335.3 8609.1 8720.4 9028.5 9373.5 9510.2 9746.4 10153.9 19

20 Household sector 276.9 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 330.9 338.4 20

21 Nonfinancial corporate business 2476.1 2817.4 3135.2 3557.6 3643.0 3698.8 3690.3 3785.5 3880.0 3947.2 3983.6 21

22 Nonfarm noncorporate business 266.7 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.9 497.2 510.8 22

23 Farm business 42.6 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.7 47.2 23

24 State and local governments 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 7.9 10.5 31.6 24

25 Federal government 119.8 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.2 99.6 25

26 Rest of the world 691.5 781.7 970.6 1046.3 991.6 1043.9 1195.3 1354.0 1361.5 1411.4 1654.3 26

27 Monetary authority 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 27

28 Commercial banking 738.0 797.8 823.7 934.0 947.0 981.8 1074.7 1079.0 1092.1 1107.7 1127.6 28

29 Savings institutions 53.0 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 58.9 29

30 Credit unions 14.8 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.5 23.0 19.6 30

31 Bank personal trusts and estates 12.9 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 31

32 Life insurance companies 97.9 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 77.2 86.6 32

33 Other insurance companies 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 33

34 Private pension funds 407.2 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 480.8 34

35 State and local govt. retirement funds 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 206.0 214.6 229.9 35

36 Money market mutual funds 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 36

37 Mutual funds 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 8.8 37

38 Government-sponsored enterprises 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 38

39 Finance companies 108.5 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 203.5 39

40 REITs 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 40

41 Brokers and dealers 254.2 258.2 320.7 391.8 454.0 419.6 462.7 452.0 436.4 479.6 479.0 41

42 Funding corporations 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 42

43 Discrepancy -641.6 -1011.4 -1339.6 -1668.9 -1868.2 -1929.2 -2015.4 -2319.9 -2436.0 -2588.2 -2996.5 43
Z.1, December 15, 1999 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 748.5 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1201.3 1246.9 1

 2 Asset: Nonfinancial corporate business 647.5 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1043.2 1083.6 2

 3 Commercial banking 35.6 37.9 42.8 43.7 45.0 45.7 44.4 45.1 46.1 47.8 48.8 3

 4 Life insurance companies 4.8 5.6 6.6 8.7 9.2 10.2 9.8 10.8 11.1 11.1 11.4 4

 5 Other insurance companies 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 5

 6 Finance companies 25.9 22.8 27.9 35.3 36.0 39.4 42.6 43.2 43.6 44.8 46.7 6

 7 Brokers and dealers 2.6 2.8 12.4 9.4 10.0 10.4 11.5 6.5 7.5 7.6 8.6 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 539.0 580.5 627.4 697.2 731.1 747.5 759.2 778.2 765.3 864.2 895.2 8

 9 Nonfarm noncorporate business 4.8 2.8 4.0 4.5 2.9 3.0 3.0 3.1 45.7 46.4 47.4 9

10 Commercial banking 26.3 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.3 59.2 60.4 10

11 Life insurance companies 10.9 13.8 17.6 25.5 25.7 26.7 26.8 24.8 25.2 35.6 36.3 11

12 Other insurance companies 27.9 36.8 38.5 45.1 46.8 47.7 48.0 55.5 56.5 61.3 67.1 12

13 Finance companies 20.0 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 44.3 47.4 13

14 Brokers and dealers 5.8 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.0 10.2 14

15 Funding corporations -70.1 -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 -61.8 15

16 Asset: Rest of the world 564.7 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1056.8 1102.3 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 17

18 Asset: Federal government 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 19

20 Asset: Commercial banking 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 18.2 20.1 21.3 21.9 23.3 23.8 24.0 25.3 26.8 27.4 28.9 21

22 Asset: Nonfin. corporate business (FNMA) 2.0 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 -0.6 22

23 Nonfarm noncorporate (BC) 0.9 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 1.5 23

24 Farm business (FICB and FLB) 2.2 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 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) 4.3 5.8 6.7 8.0 8.5 8.7 9.2 10.0 10.6 11.1 12.2 26

27 Savings institutions (FHLB) 8.6 9.1 9.5 9.9 10.7 10.8 11.1 11.8 12.5 12.8 13.3 27

28 Credit unions (FHLB) 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 28

29 Life insurance companies (FHLB) 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 30

31 Savings institutions 4.4 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 31

32 Finance companies 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.4 32

33 Mortgage companies 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 17.5 33

34 Brokers and dealers 13.4 18.1 9.5 36.5 38.4 65.3 70.5 80.0 98.1 110.6 94.7 34

35 Asset: Bank holding companies 360.6 408.9 437.8 503.5 529.5 562.8 581.1 603.0 628.9 640.6 636.0 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.4 36

37 Asset: Nonfinancial corporate business 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.4 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 38

39 Brokers and dealers 96.9 114.8 166.3 205.2 224.0 232.5 241.3 245.9 283.9 296.8 297.7 39

40 Asset: Funding corporations 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 40
100 Z.1, December 15, 1999

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 1

 2 Asset: Federal government 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 16.0 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 15.9 5

 6 Asset: Savings institutions 16.0 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 15.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 7

 8 Asset: Life insurance companies 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 90.9 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.7 128.8 9

10 Health 58.0 63.2 69.4 75.7 76.7 77.1 79.2 83.0 84.6 86.0 90.7 10

11 Policy dividend accumulation 32.9 33.7 34.5 36.4 36.8 36.9 37.2 37.1 37.5 37.7 38.1 11

12 Asset: Household sector 90.9 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.7 128.8 12

 Policy payables:

13 Liab.: Other insurance companies 444.0 464.8 471.4 476.2 480.1 481.3 484.7 493.6 490.6 494.5 500.2 13

14 Asset: Household sector 186.0 194.7 197.5 199.5 201.2 201.7 203.1 206.8 205.6 207.2 209.6 14

15 Nonfinancial corporate business 175.4 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 195.3 197.6 15

16 Nonfarm noncorporate business 42.2 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 47.0 47.5 16

17 Farm business 40.4 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 45.0 45.5 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 18

19 Asset: Private pension funds 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 20

21 Asset: Private pension funds 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 21

 Securities borrowed (net):

22 Liab.: Funding corporations 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 385.8 386.7 22

23 Asset: Brokers and dealers 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 385.8 386.7 23
Z.1, December 15, 1999 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2379.5 2466.5 2590.1 2791.2 2700.5 2630.3 2722.9 2665.2 2588.6 2426.6 2300.2 1

 2 Nonfinancial corporate business 1520.6 1537.9 1706.2 1797.5 1732.2 1707.5 1697.3 1648.0 1642.2 1538.6 1512.6 2

 3 Nonfarm noncorporate business 98.0 101.5 101.1 99.3 98.0 97.6 97.4 97.0 97.1 97.1 97.4 3

 4 Federal government 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 4

 5 Rest of the world 86.8 115.0 139.4 157.3 55.2 105.0 185.6 159.2 104.8 61.4 -12.2 5

 6 Monetary authority 2.3 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 2.3 6

 7 Commercial banking 375.6 420.7 395.4 493.9 464.6 462.3 541.0 525.7 479.0 469.5 443.6 7

 8 U.S.-chartered commercial banks 158.9 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 158.4 8

 9 Foreign banking offices in U.S. 187.3 225.1 200.5 235.4 212.7 206.5 243.2 223.2 211.3 195.7 184.3 9

10 Bank holding companies 22.0 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.9 75.4 10

11 Banks in U.S.-affiliated areas 7.4 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 25.6 11

12 Savings institutions 102.3 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 90.2 12

13 Credit unions 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 5.1 13

14 Life insurance companies 74.7 81.6 83.8 104.3 118.2 125.0 122.7 132.8 138.6 129.6 131.5 14

15 Government-sponsored enterprises 26.8 27.6 28.0 35.1 44.5 42.3 42.7 45.2 40.6 40.8 37.1 15

16 Finance companies 118.8 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 145.5 130.5 16

17 REITs 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 17

18 Brokers and dealers -47.2 -58.6 -74.4 -119.1 -58.0 -153.8 -173.4 -196.0 -236.3 -242.9 -237.7 18

19 Funding corporations 2.1 -8.6 -27.2 -23.1 -10.4 -6.5 -44.8 -20.7 38.0 48.7 57.8 19

20 Total assets 3021.0 3477.9 3929.7 4460.1 4568.7 4559.5 4738.4 4985.0 5024.5 5014.8 5296.7 20

21 Nonfinancial corporate business 1630.4 1870.1 2100.4 2469.5 2516.1 2536.2 2509.0 2586.7 2640.0 2676.3 2660.6 21

22 Nonfarm noncorporate business 223.6 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.7 448.7 461.7 22

23 State and local governments 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 7.9 10.5 31.6 23

24 Federal government 91.1 87.2 79.1 70.6 69.5 68.9 67.6 65.6 65.0 64.0 62.9 24

25 Rest of the world 126.7 162.3 296.3 282.3 200.7 231.2 356.5 475.3 460.1 354.7 552.1 25

26 Monetary authority 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 26

27 Commercial banking 333.8 341.2 331.8 373.4 358.6 358.8 434.0 415.0 400.4 401.9 424.2 27

28 U.S.-chartered commercial banks 82.8 78.9 78.7 88.1 88.3 98.7 118.0 114.2 104.0 95.3 114.4 28

29 Foreign banking offices in U.S. 213.5 218.5 197.2 234.3 215.1 201.9 259.6 234.5 229.8 235.2 224.4 29

30 Bank holding companies 35.2 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 61.3 75.2 30

31 Banks in U.S.-affiliated areas 2.4 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 10.3 31

32 Savings institutions 28.4 26.4 25.3 21.7 21.6 22.6 25.0 26.0 27.0 29.6 29.7 32

33 Credit unions 14.7 13.8 13.6 17.3 21.3 17.8 19.5 24.0 26.1 22.6 19.1 33

34 Bank personal trusts and estates 12.9 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 34

35 Life insurance companies 76.2 81.9 48.7 38.2 44.8 44.5 55.5 54.6 46.9 47.2 56.3 35

36 Private pension funds 175.1 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 173.6 36

37 State and local govt. retirement funds 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 206.0 214.6 229.9 37

38 Mutual funds 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 8.8 38

39 Money market mutual funds 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 39

40 Government-sponsored enterprises 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 40

41 Finance companies 82.7 106.8 123.7 135.1 149.6 155.3 122.7 143.2 164.1 168.3 156.8 41

42 REITs 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 42

43 Brokers and dealers 30.0 39.2 32.2 49.2 87.4 41.1 46.2 50.5 69.0 86.2 83.6 43

44 Discrepancy -641.6 -1011.4 -1339.6 -1668.9 -1868.2 -1929.2 -2015.4 -2319.9 -2436.0 -2588.2 -2996.5 44
102 Z.1, December 15, 1999

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21457.1 23555.5 24282.9 25913.0 26993.1 28423.2 29478.7 32621.5 35504.0 39729.1 43636.7 1

 2 Tangible assets 8404.5 9112.6 9326.7 9469.9 9729.7 9975.0 10307.7 10776.7 11299.5 12068.6 12925.8 2

 3 Real estate 6712.6 7296.0 7405.1 7477.0 7664.2 7804.8 8017.7 8398.0 8832.9 9516.9 10237.7 3

 4 Households (2,3) 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.1 8031.2 8620.4 9242.8 4

 5 Nonprofit organizations 758.2 801.1 796.6 761.0 715.4 699.9 735.8 766.9 801.7 896.5 994.9 5

 Equipment and software owned by

 6 nonprofit organizations (4) 44.6 48.5 52.6 56.6 62.0 67.0 72.2 74.0 77.6 81.5 84.2 6

 7 Consumer durable goods (4) 1647.3 1768.0 1869.1 1936.3 2003.5 2103.2 2217.8 2304.8 2389.1 2470.2 2603.8 7

 8 Financial assets 13052.6 14442.9 14956.2 16443.1 17263.4 18448.2 19171.0 21844.8 24204.5 27660.4 30710.9 8

 9 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3807.2 4141.6 9

10 Foreign deposits 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 41.8 41.5 10

11 Checkable deposits and currency 437.8 427.3 408.8 449.8 546.7 593.4 563.6 504.9 445.8 445.4 447.6 11

12 Time and savings deposits 2341.9 2428.6 2477.3 2423.5 2348.8 2235.8 2223.5 2388.0 2553.0 2724.5 2914.2 12

13 Money market fund shares 261.8 338.0 364.9 379.5 338.6 337.9 351.3 449.2 505.3 595.5 738.4 13

14 Credit market instruments 1222.3 1283.1 1495.6 1604.8 1648.6 1631.5 1932.1 1896.1 2014.5 1905.6 1849.2 14

15 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 59.0 63.2 15

16 U.S. government securities 387.4 394.3 521.6 523.5 604.5 585.3 915.2 833.3 917.2 753.1 622.1 16

17 Treasury 367.1 362.0 461.6 481.9 550.3 585.0 782.0 699.9 687.9 511.5 416.3 17

18 Savings bonds 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.6 18

19 Other Treasury 257.5 244.3 335.4 343.8 393.0 413.1 602.0 514.9 500.9 325.0 229.6 19

20 Agency 20.3 32.2 59.9 41.5 54.2 0.3 133.3 133.4 229.3 241.6 205.8 20

21 Municipal securities 523.8 547.2 574.5 613.9 585.6 551.9 501.5 457.7 435.6 463.6 473.6 21

22 Corporate and foreign bonds 117.9 150.2 192.3 289.0 291.9 322.5 353.1 447.6 496.9 520.9 581.1 22

23 Mortgages 125.9 134.5 144.2 145.2 136.8 126.3 115.6 109.5 109.4 108.9 109.2 23

24 Corporate equities (2) 1587.0 1963.6 1806.5 2570.9 2873.2 3242.1 3070.9 4121.6 4642.1 5689.6 6337.8 24

25 Mutual fund shares (5) 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1265.0 1586.0 2057.3 2500.7 25

26 Security credit 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 215.5 279.5 26

27 Life insurance reserves 335.7 365.3 391.7 418.6 447.7 484.8 520.3 566.2 610.6 665.0 718.3 27

28 Pension fund reserves 2738.6 3200.5 3461.8 3864.4 4203.4 4674.8 4948.1 5767.8 6642.5 7894.4 9160.7 28

29 Investment in bank personal trusts 470.3 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 942.5 1001.0 29

30 Equity in noncorporate business (6) 3013.0 3154.8 3229.6 3170.2 3125.0 3183.6 3404.9 3640.4 3833.3 4171.8 4395.3 30

31 Miscellaneous assets 191.3 206.2 224.4 234.1 251.0 264.1 276.9 291.7 301.4 311.7 326.9 31

32 Liabilities 3111.8 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4982.2 5332.7 5707.8 6207.8 32

33 Credit market instruments 3011.3 3280.8 3554.3 3723.0 3893.3 4108.0 4427.0 4782.8 5108.0 5438.0 5909.9 33

34 Home mortgages 2021.5 2220.7 2461.2 2619.2 2762.2 2892.6 3070.2 3252.0 3464.3 3697.9 4057.8 34

35 Consumer credit 732.0 793.3 805.1 794.5 800.6 859.0 983.9 1122.8 1211.6 1264.1 1331.7 35

36 Municipal securities (7) 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 36

37 Bank loans n.e.c. 30.0 20.4 17.9 13.1 17.6 27.4 40.0 57.4 58.0 66.6 72.9 37

38 Other loans and advances 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 204.0 38

39 Commercial mortgages (7) 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 103.7 116.6 39

40 Security credit 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 155.0 40

41 Trade payables (7) 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 120.0 125.7 41

 Deferred and unpaid

42 life insurance premiums 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 18.3 18.6 17.2 42

43 Net worth 18345.3 20158.2 20604.4 22041.5 22948.1 24133.0 24865.9 27639.4 30171.3 34021.3 37428.9 43

 Memo:

 Replacement-cost value of structures:

44 Residential 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6021.2 6365.2 6714.4 7095.9 44

45 Households 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.7 6061.1 6403.1 6779.3 45

46 Farm households 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.1 180.0 184.7 187.6 46

47 Nonprofit organizations 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.1 126.6 129.0 47

48 Nonresidential (nonprofits) 420.7 444.3 465.0 474.9 493.3 521.6 551.5 572.4 598.1 633.5 660.7 48

49 Disposable personal income 3752.4 4016.3 4293.5 4474.8 4754.6 4935.3 5165.5 5422.6 5677.7 5982.8 6286.5 49

 Household net worth as percentage of

50 disposable personal income 488.9 501.9 479.9 492.6 482.7 489.0 481.4 509.7 531.4 568.7 595.4 50

 Owners’ equity in household real

51 estate (8) 3932.9 4274.2 4147.3 4096.9 4186.6 4212.4 4211.7 4379.0 4566.9 4922.5 5185.0 51

 Owners’ equity as percentage of

52 household real estate (9) 66.1 65.8 62.8 61.0 60.2 59.3 57.8 57.4 56.9 57.1 56.1 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, December 15, 1999 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 9003.4 9547.0 9758.2 9735.9 9723.0 10070.0 10690.8 11493.8 12266.3 13338.8 14262.1 1

 2 Tangible assets 5866.0 6194.5 6313.9 6189.4 6037.0 6055.4 6430.1 6774.5 7077.7 7666.9 8248.0 2

 3 Real estate (1) 3288.5 3471.9 3440.5 3254.5 3011.8 2900.7 3073.8 3203.2 3353.9 3756.2 4202.8 3

 4 Equipment and software (2) 1750.9 1853.6 1972.0 2047.6 2123.2 2220.2 2349.3 2501.5 2633.1 2770.4 2865.2 4

 5 Inventories (2) 826.7 869.0 901.5 887.3 902.0 934.5 1007.0 1069.8 1090.7 1140.3 1180.0 5

 6 Financial assets 3137.3 3352.6 3444.3 3546.5 3685.9 4014.6 4260.8 4719.4 5188.6 5671.9 6014.1 6

 7 Foreign deposits 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.1 19.8 20.6 7

 8 Checkable deposits and currency 134.9 151.1 166.8 182.5 189.4 203.1 221.6 252.9 289.8 282.7 312.8 8

 9 Time and savings deposits 98.8 89.7 73.4 66.8 51.8 74.1 67.5 42.9 43.6 49.8 52.8 9

10 Money market fund shares 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 86.9 110.7 155.8 10

11 Security RPs 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.9 4.5 3.4 11

12 Commercial paper 13.6 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.5 35.3 27.5 12

13 U.S. government securities 34.0 60.6 40.9 48.5 69.2 67.9 70.7 80.5 75.6 67.3 76.8 13

14 Municipal securities 16.8 32.4 24.7 44.8 45.8 54.7 56.7 36.8 31.0 36.1 44.3 14

15 Mortgages 68.1 54.4 52.8 59.0 60.0 52.3 56.4 57.9 54.4 50.4 46.4 15

16 Consumer credit 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 74.9 16

17 Trade receivables 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1273.1 1309.7 1322.4 17

18 Mutual fund shares (1) 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 59.9 69.1 91.0 18

19 Miscellaneous assets 1762.9 1904.4 1986.2 2042.8 2110.1 2340.8 2476.1 2817.4 3135.2 3557.6 3785.5 19

20 Liabilities 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6481.1 7011.5 7361.1 20

21 Credit market instruments 2214.2 2397.0 2515.3 2463.2 2506.6 2563.0 2708.9 2947.7 3141.0 3433.8 3852.2 21

22 Commercial paper 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 193.0 22

23 Municipal securities (3) 116.4 115.5 115.2 114.0 118.3 124.9 131.7 134.8 137.9 142.0 147.8 23

24 Corporate bonds (4) 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 24

25 Bank loans n.e.c. 517.9 542.8 545.5 507.7 488.4 477.6 521.0 587.7 627.2 695.4 777.6 25

26 Other loans and advances 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.2 520.6 567.9 26

27 Mortgages 234.2 251.6 256.5 245.9 225.6 224.7 242.6 270.1 287.1 296.4 336.5 27

28 Trade payables 576.1 597.9 626.3 649.4 682.8 719.3 796.5 877.5 927.0 990.5 981.6 28

29 Taxes payable 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 59.2 64.1 29

30 Miscellaneous liabilities 1356.9 1499.6 1549.5 1688.3 1885.0 2065.6 2081.6 2144.0 2363.1 2528.0 2463.2 30

31 Net worth (market value) 4811.7 5014.3 5028.8 4906.1 4613.2 4681.4 5063.5 5484.3 5785.3 6327.2 6901.1 31

 Memo:

 Replacement-cost value of structures:

32 Residential 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.3 81.5 84.3 87.3 32

33 Nonresidential 2351.8 2468.4 2568.6 2598.6 2672.8 2812.5 2963.9 3093.5 3239.7 3414.6 3547.8 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2558.8 3145.3 2967.1 4014.0 4370.1 4851.6 4811.9 6435.0 7618.6 9661.1 11561.0 34

35 Debt/net worth (percent) (5) 46.0 47.8 50.0 50.2 54.3 54.7 53.5 53.7 54.3 54.3 55.8 35

36 Debt/equities (percent) (6) 86.5 76.2 84.8 61.4 57.4 52.8 56.3 45.8 41.2 35.5 33.3 36

37 Equities/net worth (percent) (7) 53.2 62.7 59.0 81.8 94.7 103.6 95.0 117.3 131.7 152.7 167.5 37

 With tangible assets stated at historical cost:

38 Assets (8) 6747.4 7155.7 7441.3 7687.8 8015.7 8563.4 9077.2 9818.2 10609.6 11421.1 12124.1 38

39 Tangible assets 3610.1 3803.2 3997.1 4141.4 4329.7 4548.8 4816.4 5098.9 5420.9 5749.3 6110.0 39

40 Real estate 1404.4 1478.7 1566.2 1634.5 1694.2 1763.8 1837.1 1920.9 2025.1 2106.7 2207.6 40

41 Equipment and software 1370.7 1460.6 1555.5 1640.1 1733.0 1844.4 1983.4 2146.5 2328.2 2526.2 2772.9 41

42 Inventories 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1067.7 1116.4 1129.5 42

43 Net worth (historical cost) (9) 2555.8 2623.0 2711.9 2858.1 2905.9 3174.8 3449.8 3808.7 4128.5 4409.6 4763.0 43

 Memo:

 Historical-cost value of structures:

44 Residential 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.5 34.0 35.6 37.3 44

45 Nonresidential 1229.5 1290.5 1361.4 1424.9 1480.0 1543.2 1609.4 1693.4 1792.5 1892.9 1993.5 45

46 Debt/net worth (percent) (10) 86.6 91.4 92.8 86.2 86.3 80.7 78.5 77.4 76.1 77.9 80.9 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
104 Z.1, December 15, 1999

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Change in net worth (1) 1573.8 1812.9 446.3 1437.0 906.6 1184.8 732.9 2773.5 2532.0 3850.0 3407.6 1

 2 Net investment 539.4 407.3 586.0 388.6 488.8 447.6 478.8 396.8 363.3 321.2 390.4 2

 3 Net physical investment 267.4 250.4 217.9 155.7 195.2 250.4 290.7 297.6 339.6 360.8 421.0 3

 4 Capital expenditures 671.6 688.3 675.8 634.4 697.0 767.6 841.6 869.3 924.3 965.8 1058.3 4

 5 - Consumption of fixed capital 404.2 437.9 457.9 478.7 501.8 517.2 550.9 571.7 584.6 605.1 637.3 5

 6 Net financial investment 272.0 156.8 368.1 232.9 293.7 197.1 188.1 99.3 23.6 -39.6 -30.6 6

 7 Net acquisition of financial assets 522.8 426.8 615.1 418.3 463.3 437.1 507.9 463.7 402.9 332.9 469.4 7

 8 - Net increase in liabilities 250.8 269.9 247.1 185.5 169.7 240.0 319.9 364.4 379.3 372.5 500.0 8

 Holding gains on assets stated

 9 at market value (2) 1038.4 1428.1 -104.5 990.8 436.2 754.0 239.7 2471.1 2160.4 3634.4 3109.1 9

10 Real estate 412.6 465.2 11.8 -16.4 81.1 1.1 57.4 218.9 258.1 469.3 499.8 10

11 Corporate equities 397.8 466.6 -117.4 818.2 307.9 431.7 16.3 1279.6 867.6 1554.7 1105.3 11

12 Mutual fund shares 9.9 36.5 -28.8 15.4 7.5 57.8 -6.1 118.2 140.1 212.9 182.0 12

13 Equity in noncorporate business 175.5 156.1 41.8 -83.5 -82.4 30.3 163.1 170.3 189.5 327.4 239.5 13

 Life insurance and

14 pension fund reserves 15.4 251.8 10.8 187.0 93.8 203.3 18.7 584.5 627.8 943.0 976.1 14

 Investment in bank personal

15 trusts and estates 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 127.1 106.5 15

 Holding gains on assets stated

16 at current cost (2) 13.6 6.6 7.0 12.8 -6.5 3.6 -3.5 -45.6 -64.5 -82.0 -60.9 16

17 Consumer durable goods 12.3 5.7 5.6 12.2 -7.1 2.9 -4.7 -44.5 -64.6 -80.5 -56.8 17

18 Equipment and software 1.3 0.9 1.4 0.6 0.6 0.7 1.2 -1.1 0.1 -1.5 -4.1 18

19 Other factors (3) -17.6 -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.9 72.8 -23.6 -31.1 19

 Memo:

20 Net worth outstanding (4) 18345.3 20158.2 20604.4 22041.5 22948.1 24133.0 24865.9 27639.4 30171.3 34021.3 37428.9 20

21 Disposable personal income 3752.4 4016.3 4293.5 4474.8 4754.6 4935.3 5165.5 5422.6 5677.7 5982.8 6286.5 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, December 15, 1999 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 318.6 202.5 14.5 -122.6 -292.9 68.2 382.1 420.9 300.9 542.0 573.8 1

 2 Net investment flow -113.5 -186.2 -32.9 67.1 62.9 233.0 137.9 162.0 115.5 81.0 -72.9 2

 3 Net physical investment 117.8 116.0 105.7 54.4 72.9 116.4 173.1 210.5 210.0 254.2 287.3 3

 4 Capital expenditures 397.1 421.9 430.5 413.2 438.6 497.3 573.3 635.2 678.1 759.0 831.5 4

 5 - Consumption of fixed capital 301.2 322.0 337.5 354.0 368.5 385.0 412.6 435.4 460.1 488.5 519.3 5

 6 - Inventory valuation adjustment -22.2 -16.3 -12.9 4.9 -2.9 -4.0 -12.4 -18.3 3.1 7.4 20.9 6

 7 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 4.8 8.9 4.1 7

 8 Net financial investment -101.8 -178.0 -75.6 -5.5 -37.0 95.3 9.6 9.8 -25.1 -58.7 -93.2 8

 9 Net acquisition of financial assets 341.9 169.4 107.9 61.5 124.4 313.3 251.2 400.6 373.4 286.9 272.6 9

10 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 365.9 10

11 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 11

 Holding gains on assets stated

12 at market value (2) 155.4 143.4 -87.1 -218.7 -270.0 -146.5 135.1 94.6 97.3 380.5 402.9 12

13 Real estate 154.8 140.9 -86.1 -221.4 -271.3 -148.3 135.9 84.6 86.4 363.0 388.4 13

14 Mutual fund shares 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 53.4 23.9 77.2 -7.0 -28.2 -36.6 0.7 1.2 -35.4 -82.8 -106.4 15

16 Equipment and software 42.2 33.5 45.6 13.3 0.3 -4.9 -5.3 -15.0 -68.7 -77.9 -173.8 16

17 Inventories (3) 10.6 -0.4 8.0 -10.1 2.3 2.8 10.9 4.4 2.9 -5.4 -6.7 17

18 Direct investment abroad 4.7 -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 18

19 - Foreign direct investment in U.S. 4.1 -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 19

20 Other factors (4) 223.3 221.4 57.3 36.0 -57.7 18.3 108.5 163.1 123.6 163.3 350.3 20

 Memo:

21 Net worth outstanding (market value) 4811.7 5014.3 5028.8 4906.1 4613.2 4681.4 5063.5 5484.3 5785.3 6327.2 6901.1 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 160.6 67.3 88.9 146.1 47.9 268.8 275.1 358.9 319.8 281.1 353.4 22

23 Net investment flow -113.5 -186.2 -32.9 67.1 62.9 233.0 137.9 162.0 115.5 81.0 -72.9 23

24 Net physical investment 117.8 116.0 105.7 54.4 72.9 116.4 173.1 210.5 210.0 254.2 287.3 24

25 Capital expenditures 397.1 421.9 430.5 413.2 438.6 497.3 573.3 635.2 678.1 759.0 831.5 25

26 - Consumption of fixed capital 301.2 322.0 337.5 354.0 368.5 385.0 412.6 435.4 460.1 488.5 519.3 26

27 - Inventory valuation adjustment -22.2 -16.3 -12.9 4.9 -2.9 -4.0 -12.4 -18.3 3.1 7.4 20.9 27

28 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 4.8 8.9 4.1 28

29 Net financial investment -101.8 -178.0 -75.6 -5.5 -37.0 95.3 9.6 9.8 -25.1 -58.7 -93.2 29

30 Net acquisition of financial assets 341.9 169.4 107.9 61.5 124.4 313.3 251.2 400.6 373.4 286.9 272.6 30

31 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 365.9 31

32 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 32

 Valuation adjustment on

33 reproducible assets (6) -11.3 -26.9 -25.7 -18.0 5.9 -15.5 -32.9 -55.6 -24.5 -41.0 -75.2 33

34 Holding gains on mutual fund shares (2) 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 0.6 -9.2 23.6 -10.2 -30.8 -34.5 -4.8 11.8 30.4 0.5 74.1 35

36 Direct investment abroad 4.7 -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 36

37 - Foreign direct investment in U.S. 4.1 -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 37

38 Other factors (4) 284.3 287.0 125.0 104.6 8.6 84.0 175.7 230.7 187.5 223.1 412.9 38

 Memo:

39 Net worth outstanding (historical cost) 2555.8 2623.0 2711.9 2858.1 2905.9 3174.8 3449.8 3808.7 4128.5 4409.6 4763.0 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
106 Z.1, December 15, 1999

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 74.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 138.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 10.9 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 11.3 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 2.1 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 85.1 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 7.4 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 43.0 45.2 9

10 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 0.8 0.7 10

11 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 24.5 31.3 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.5 12

13 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 -22.5 -12.0 13

14 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 -1.6 -0.0 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 18

19 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 63.6 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 24

25 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 9.3 8.7 25

26 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 51.8 43.4 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, December 15, 1999 107

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1387.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 34.8 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 56.3 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 10.3 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 499.2 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 237.6 282.8 8

 9 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 3.4 4.1 9

10 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 119.7 151.0 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 5.9 11

12 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 295.0 338.3 12

13 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 33.9 40.3 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 17

18 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 700.4 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 23

24 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 24

25 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 313.7 357.1 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
108 Z.1, December 15, 1999

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2117.1 2269.1 2440.5 2611.6 2544.8 2586.9 2635.4 2680.2 2716.6 2754.4 2800.8 1

 2 Personal tax and nontax receipts 778.4 869.7 968.3 1072.5 1031.1 1058.0 1088.3 1113.0 1124.8 1139.4 1160.2 2

 3 Corporate profit tax accruals 211.0 223.7 238.3 240.3 239.9 241.1 244.3 235.6 248.0 254.4 259.1 3

 4 Indirect business tax and nontax accruals 594.6 620.0 645.8 676.9 663.5 670.2 676.7 697.8 696.6 706.8 719.2 4

 5 Contributions for social insurance 533.2 555.8 588.2 622.0 610.3 617.6 626.1 633.8 647.2 653.8 662.3 5

 6 Current expenditures, NIPA basis 2293.8 2384.6 2461.8 2522.9 2488.1 2512.3 2525.9 2566.3 2570.3 2598.6 2617.8 6

 7 Consumption expenditures 1133.9 1171.8 1222.9 1261.0 1236.6 1260.1 1265.2 1282.2 1299.3 1313.6 1341.5 7

 8 Transfer payments (net) 869.9 916.0 944.5 965.2 955.8 957.6 966.7 980.6 985.3 993.3 1000.3 8

 9 Net interest paid 268.0 274.5 275.7 276.3 278.0 277.8 277.4 272.5 265.0 264.1 258.9 9

10 - Dividends received by government 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 10

11 Subsidies less current surplus of govt. enterprises 22.2 22.6 19.0 20.8 18.0 17.1 16.9 31.3 21.0 27.9 17.4 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -176.6 -115.5 -21.3 88.8 56.7 74.6 109.5 113.9 146.3 155.8 183.0 13

14 + Consumption of fixed capital 168.2 174.3 180.5 186.2 183.8 184.8 186.9 189.2 192.0 194.5 197.2 14

15 - Insurance and pension fund reserves (2) 3.6 3.4 3.4 4.4 2.2 8.4 1.9 5.1 3.2 4.5 2.7 15

16 = Gross saving -12.1 55.4 155.8 270.6 238.3 251.0 294.5 298.0 335.1 345.8 377.5 16

17 Gross investment 48.5 31.7 112.5 285.5 269.1 383.0 238.6 251.1 356.2 466.5 401.8 17

18 Fixed investment 238.2 250.2 258.1 268.7 262.4 266.3 273.5 272.6 289.8 292.2 294.8 18

19 Access rights sales -7.6 -4.8 -8.9 -4.1 -3.8 -1.8 -9.0 -1.7 -1.7 -2.2 -4.7 19

20 Net financial investment -182.0 -213.6 -136.7 20.9 10.5 118.5 -25.9 -19.8 68.0 176.5 111.6 20

21 Net acquisition of financial assets 44.3 41.3 34.4 82.7 122.2 185.1 -41.8 65.3 117.5 162.3 157.6 21

22 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 1.4 5.8 7.8 9.0 -9.3 -4.8 -8.1 22

23 Checkable deposits and currency 3.4 5.4 3.8 -20.6 -15.2 93.7 -110.6 -50.3 41.4 33.0 46.5 23

24 Time and savings deposits 6.9 12.0 6.8 14.1 14.1 16.3 10.6 15.3 -5.6 1.0 17.8 24

25 Security RPs -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 11.5 25

26 Credit market instruments -11.8 -8.7 24.1 81.8 19.3 114.3 99.9 93.8 54.7 41.2 24.6 26

27 Open market paper 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 -2.9 27

28 U.S. government agency securities (3) -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 2.7 28

29 Municipal securities -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 -1.7 29

30 Corporate and foreign bonds 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 5.9 30

31 Mortgages -9.9 -3.7 -0.8 3.3 3.0 2.8 2.9 4.5 3.0 3.8 5.8 31

32 Other loans and advances (4) 12.6 -0.3 10.9 13.2 11.7 14.4 15.2 11.5 18.1 7.0 14.8 32

33 Corporate equities 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 12.7 33

34 Mutual fund shares 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 6.3 34

35 Trade receivables -1.6 0.9 -3.2 1.5 2.2 1.5 10.4 -8.0 1.4 4.2 10.6 35

36 Taxes receivable -14.9 -6.9 -10.0 -5.1 -2.0 -7.3 -0.7 -10.8 7.4 37.0 -4.5 36

37 Miscellaneous assets 40.8 -11.2 -2.7 -4.6 68.4 -54.8 -48.5 16.7 -14.6 40.7 40.1 37

38 Net increase in liabilities 226.3 255.0 171.1 61.8 111.6 66.6 -15.9 85.1 49.5 -14.2 45.9 38

39 SDR certificates 2.2 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 -4.0 0.0 -4.0 39

40 Treasury currency 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0.0 2.1 2.0 40

41 Credit market instruments 172.7 170.6 98.1 -3.5 77.2 -19.3 -83.1 11.3 -2.4 -95.3 -8.5 41

42 Savings bonds 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 -0.4 42

43 Other Treasury securities (5) 218.1 177.4 41.4 -84.7 -8.1 -99.6 -153.3 -77.8 -88.0 -131.4 -60.5 43

44 Budget agency securities 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 0.0 44

45 Municipal securities -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 52.4 45

46 Multifamily residential mortgages 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 Trade payables 24.6 32.2 31.3 27.9 26.4 26.5 33.7 25.1 27.9 31.8 27.7 47

48 Insurance and pension reserves (6) 21.8 55.7 42.0 42.5 31.4 44.7 43.6 50.3 37.2 41.9 42.9 48

49 Miscellaneous liabilities 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 -14.1 49

50 Discrepancy -60.6 23.7 43.4 -14.9 -30.8 -132.0 55.9 46.9 -21.0 -120.7 -24.2 50

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(4) Excludes loans to state and local governments.

(5) Excludes Treasury securities owed to state and local governments.

(6) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
Z.1, December 15, 1999 109

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1132.2 1177.7 1217.5 1308.1 1261.8 1315.9 1301.6 1308.1 1354.2 1385.8 1437.8 1

 2 Gold, SDRs, and official foreign exchange 53.8 44.9 42.0 51.0 41.7 42.8 46.3 51.0 48.2 45.9 46.4 2

 3 Checkable deposits and currency 55.5 66.1 73.8 51.5 65.1 111.9 73.9 51.5 56.5 88.3 88.3 3

 4 Time and savings deposits 62.9 74.9 81.8 95.8 87.7 89.0 91.8 95.8 96.7 94.3 98.8 4

 5 Security RPs 115.7 147.8 151.4 158.5 160.0 154.0 158.0 158.5 166.5 163.8 166.6 5

 6 Credit market instruments 541.7 533.0 557.1 638.9 561.9 590.5 615.5 638.9 652.6 662.9 669.0 6

 7 Open market paper 39.4 59.7 74.0 92.0 79.3 77.8 88.0 92.0 96.0 97.2 96.5 7

 8 Agency securities (1) 151.5 116.2 115.4 159.0 110.2 132.5 145.0 159.0 162.0 166.3 167.0 8

 9 Municipal securities 5.1 4.6 3.9 2.5 3.5 3.0 2.8 2.5 2.1 1.8 1.4 9

10 Corporate and foreign bonds 39.0 49.7 51.0 56.2 52.5 56.4 54.5 56.2 58.0 60.3 61.8 10

11 Mortgages 171.6 167.9 167.1 170.3 167.8 168.5 169.2 170.3 171.1 172.0 173.5 11

12 Other loans and advances (2) 135.2 134.9 145.7 158.9 148.6 152.2 156.0 158.9 163.4 165.2 168.9 12

13 Corporate equities 26.2 46.8 79.0 102.0 90.5 98.9 86.0 102.0 106.9 117.9 111.0 13

14 Mutual fund shares 35.0 41.0 33.6 26.3 31.5 33.9 27.4 26.3 25.3 27.4 29.0 14

15 Trade receivables 23.1 24.0 20.8 22.3 22.5 22.3 24.3 22.3 23.8 24.3 26.3 15

16 Taxes receivable 45.2 46.8 46.9 49.5 62.1 48.8 52.8 49.5 69.0 50.2 71.1 16

17 Miscellaneous assets 173.1 152.3 131.3 112.2 138.8 123.7 125.7 112.2 108.6 110.7 131.2 17

18 Total liabilities 5546.4 5805.2 5975.5 6042.5 6022.1 5965.8 5961.1 6042.5 6066.3 5986.8 6000.0 18

19 SDR certificates 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 19

20 Treasury currency 18.2 18.3 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 20

21 Credit market instruments 4407.4 4578.0 4676.1 4672.6 4726.8 4651.2 4622.4 4672.6 4700.2 4600.6 4592.2 21

22 Savings bonds 185.0 187.0 186.5 186.6 186.2 186.0 185.9 186.6 186.5 186.5 186.2 22

23 Other Treasury securities (3) 3133.7 3311.1 3352.5 3267.8 3380.5 3279.0 3242.4 3267.8 3272.6 3157.9 3146.6 23

24 Budget agency securities 28.2 26.6 26.5 28.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 24

25 Municipal securities 1060.4 1053.3 1110.6 1189.7 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 1231.1 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 567.8 600.0 631.3 659.2 638.3 645.8 654.6 659.2 666.6 675.4 682.7 27

28 Insurance and pension reserves 536.2 591.9 634.0 676.5 622.9 634.6 649.4 676.5 666.3 677.1 691.9 28

29 Miscellaneous liabilities 6.7 7.3 6.6 6.7 6.6 6.6 6.7 6.7 6.7 6.7 6.7 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
110 Z.1, December 15, 1999

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 0.7 -0.0 -0.0 -0.0 2

 3 Time and savings deposits -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -0.2 -4.5 -5.4 5.5 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 5

 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 6

 7 Open market paper -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 7

 8 U.S. government securities 16.4 34.7 26.1 8.9 5.4 15.4 13.8 22.7 5.8 12.2 33.0 8

 9 Treasury 2.1 9.6 2.2 -7.2 -9.4 -3.9 1.1 6.8 1.7 3.7 9.9 9

10 Agency 14.3 25.1 23.9 16.2 14.8 19.3 12.6 15.9 4.0 8.5 23.1 10

11 Municipal securities -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 11

12 Corporate and foreign bonds 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 1.5 10.6 15.5 29.8 12

13 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.6 0.5 0.8 1.7 13

14 Corporate equities -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -10.9 -16.3 -28.4 -58.2 14

15 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.1 6.7 6.3 5.9 15

16 Miscellaneous assets -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -13.8 -3.1 -6.5 -41.3 16

17 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -1.1 -0.7 -1.8 -2.8 17

18 Contributions receivable -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 3.0 2.4 2.4 2.4 18

19 Other 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -15.7 -4.8 -7.1 -40.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.9 102.7 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 -0.1 0.1 -0.0 -0.1 -0.1 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -7.0 -9.2 -9.7 -7.7 -5.4 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 5.0 10.7 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 1.4 0.3 2.1 0.2 0.2 -0.3 5

 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 1.2 0.3 2.7 1.2 0.5 1.7 7

 8 U.S. government securities 2.2 12.6 10.6 12.8 11.0 8.7 36.6 20.2 19.9 20.9 26.2 8

 9 Treasury 0.1 5.6 3.5 7.8 6.9 5.4 19.9 11.9 10.9 11.3 4.0 9

10 Agency 2.1 7.0 7.1 5.0 4.1 3.2 16.6 8.4 9.0 9.6 22.2 10

11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 11

12 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -5.9 4.1 10.5 12.3 15.6 12

13 Mortgages 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.7 1.4 1.6 1.9 13

14 Corporate equities 8.4 -6.5 5.7 16.3 33.8 20.1 9.6 16.7 6.8 12.3 5.5 14

15 Mutual fund shares -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.5 34.4 29.9 25.3 15

16 Miscellaneous assets 22.0 5.0 27.2 21.0 19.3 21.3 23.0 21.0 13.2 15.9 21.5 16

17 Unallocated insurance contracts (2) 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 0.4 -1.8 -2.5 1.5 17

18 Contributions receivable -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 0.6 1.4 1.4 1.4 18

19 Other 9.6 3.0 23.1 9.1 19.4 19.0 22.2 20.0 13.5 17.0 18.6 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, December 15, 1999 111

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Total financial assets 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.9 1.9 1.8 1.8 2

 3 Time and savings deposits 46.0 50.6 40.1 40.5 26.4 27.8 30.6 30.3 25.8 20.4 25.9 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.9 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 5

 6 Credit market instruments 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 6

 7 Open market paper 19.7 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 7

 8 U.S. government securities 155.6 190.2 216.3 225.3 230.7 246.1 259.8 282.5 288.3 300.4 333.5 8

 9 Treasury 85.6 95.1 97.3 90.1 80.7 76.8 77.9 84.8 86.5 90.1 100.0 9

10 Agency 70.0 95.1 119.0 135.2 150.0 169.2 181.9 197.8 201.8 210.3 233.4 10

11 Municipal securities 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.4 11

12 Corporate and foreign bonds 88.9 92.7 98.9 107.6 123.5 132.5 130.9 132.4 143.1 158.5 188.3 12

13 Mortgages 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.7 10.2 10.9 12.7 13

14 Corporate equities 298.1 346.4 318.9 426.1 442.0 503.1 499.5 625.8 761.7 947.8 1177.1 14

15 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 26.0 34.4 53.7 79.5 110.3 15

16 Miscellaneous assets 163.4 164.8 139.1 149.7 142.5 150.8 153.5 169.7 180.5 189.7 202.3 16

17 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 66.1 67.3 75.2 86.7 106.4 17

18 Contributions receivable 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.7 16.1 18.5 20.9 18

19 Other 76.9 76.8 59.8 63.6 63.6 69.8 76.8 88.7 89.2 84.6 75.1 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.4 1933.0 2198.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.0 2.1 2.1 2.0 1.9 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 34.3 25.1 15.4 7.6 2.3 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.7 58.4 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 13.1 13.4 15.5 15.7 15.9 15.5 5

 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.8 15.1 17.8 19.0 19.5 21.3 7

 8 U.S. government securities 49.5 62.1 72.7 85.5 96.5 105.2 141.7 161.9 181.9 202.8 229.0 8

 9 Treasury 30.7 36.3 39.8 47.6 54.5 60.0 79.9 91.8 102.7 114.0 118.0 9

10 Agency 18.7 25.8 32.9 37.9 42.0 45.2 61.8 70.2 79.2 88.8 111.0 10

11 Municipal securities 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.9 11

12 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 70.3 74.3 84.9 97.1 112.7 12

13 Mortgages 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.7 11.0 12.6 14.6 13

14 Corporate equities 215.9 282.9 276.1 364.8 412.8 489.3 496.8 612.6 729.2 916.1 1055.2 14

15 Mutual fund shares 15.6 19.9 22.5 38.7 59.3 93.6 124.4 186.3 267.7 358.5 453.8 15

16 Miscellaneous assets 203.1 207.8 206.8 235.5 237.8 241.5 253.6 269.2 259.1 252.2 233.3 16

17 Unallocated insurance contracts (2) 105.8 110.0 115.0 129.3 128.4 136.9 143.9 143.5 145.1 147.9 155.4 17

18 Contributions receivable 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.0 13.4 14.8 16.2 18

19 Other 88.8 89.8 83.9 97.7 99.9 94.0 98.4 113.7 100.7 89.6 61.7 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, December 15, 1999 Flow of Funds Matrix for 1998

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving -- 1062.0 -- 897.8 -- 140.6 -- 130.0 -- 2230.3 -- 201.4 -- 110.7  2 Capital consumption -- 637.3 -- 654.6 -- 98.8 -- 87.4 -- 1478.1 -- -- -- 96.7  3 Net saving (1 less 2) -- 424.6 -- 243.2 -- 41.8 -- 42.6 -- 752.2 -- 201.4 -- 14.0  4 Gross investment (5 plus 11) 1027.7 -- 872.9 -- 189.6 -- 95.8 -- 2186.2 -- 210.4 -- 136.1 --  5 Capital expenditures 1058.3 -- 975.5 -- 183.5 -- 81.1 -- 2298.4 -- -- -- 199.7 --  6 Consumer durables 698.2 -- -- -- -- -- -- -- 698.2 -- -- -- -- --  7 Residential 313.7 -- 43.5 -- -- -- -- -- 357.2 -- -- -- 11.4 --  8 Nonresidential 46.4 -- 856.7 -- 183.5 -- 85.2 -- 1171.8 -- -- -- 188.2 --  9 Inventory change -- -- 71.2 -- -- -- -- -- 71.2 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 4.1 -- -- -- -4.1 -- 0.0 -- -- -- -- -- 11 Net financial investment -30.6 -- -102.6 -- 6.1 -- 14.7 -- -112.3 -- 210.4 -- -63.6 -- 12 Financial uses 469.4 -- 356.8 -- 116.9 -- -3.1 -- 940.0 -- 470.6 -- 2530.0 -- 13 Financial sources -- 500.0 -- 459.4 -- 110.8 -- -17.8 -- 1052.3 -- 260.2 -- 2593.5 14 Gold and off. fgn. exchange -- -- -- -- -- -- 6.0 -- 6.0 -- -0.1 6.6 0.8 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 0.7 -- 17 Foreign deposits -0.3 -- 0.8 -- -- -- -- -- 0.5 -- -- -0.2 7.4 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -28.3 -- -8.6 -33.5 19 Checkable dep. and currency 2.2 -- 38.8 -- -3.9 -- -16.7 -- 20.4 -- 14.6 -- 13.1 47.6 20 Time and savings deposits 189.6 -- 8.1 -- 12.8 -- 1.3 -- 211.9 -- 12.5 -- 20.2 244.5 21 Money market fund shares 142.9 -- 46.5 -- -- -- -- -- 189.4 -- -- -- 96.1 285.5 22 Fed. funds and security RPs -- -- -1.1 -- 7.2 -- -- -- 6.1 -- -18.8 -- 50.1 52.6 23 Credit market instruments -28.1 471.9 1.9 524.5 99.5 80.3 13.5 -52.6 86.8 1024.1 249.3 33.6 1790.4 1068.8 24 Open market paper 4.2 -- -7.9 24.4 18.0 -- -- -- 14.3 24.4 37.0 7.8 141.8 161.0 25 Treasury securities -67.1 -- -8.5 -- 30.0 -- -- -54.6 -45.6 -54.6 36.2 -- -45.2 -- 26 Federal agency securities -35.5 -- 17.4 -- 43.6 -- 0.0 2.0 25.5 2.0 54.7 -- 392.7 470.9 27 Municipal securities 10.0 12.0 8.2 5.8 -1.4 79.1 -- -- 16.8 96.8 -- -- 80.0 -- 28 Corporate and fgn. bonds 60.2 -- -- 218.7 5.2 -- -- -- 65.4 218.7 122.4 25.1 347.9 291.8 29 Bank loans n.e.c. -- 6.3 -- 102.0 -- -- -- -- -- 108.2 -- 6.7 145.0 30.1 30 Other loans and advances -- 13.3 -- 59.8 -- 1.2 14.4 -- 14.4 74.3 -1.0 -6.0 145.1 90.2 31 Mortgages 0.2 372.7 -3.4 113.9 4.1 -- -0.9 0.0 0.1 486.6 -- -- 511.3 24.8 32 Consumer credit -- 67.6 -4.1 -- -- -- -- -- -4.1 67.6 -- -- 71.7 -- 33 Corporate equities -457.1 -- -- -267.0 9.7 -- -- -- -447.4 -267.0 43.8 77.8 204.2 -10.2 34 Mutual fund shares 261.4 -- 7.3 -- -7.3 -- -- -- 261.4 -- -- -- 13.2 274.6 35 Trade credit -- 5.7 28.8 1.4 -- 30.5 1.5 -2.6 30.3 35.0 -7.3 -2.4 39.5 -1.0 36 Security credit 64.1 23.8 -- -- -- -- -- -- 64.1 23.8 0.0 0.0 44.3 84.5 37 Life insurance reserves 53.3 -- -- -- -- -- -- 1.3 53.3 1.3 -- -- -- 52.0 38 Pension fund reserves 290.2 -- -- -- -- -- -- 41.2 290.2 41.2 -- -- -- 249.0 39 Taxes payable -- -- -- 7.3 0.1 -- -5.2 -- -5.1 7.3 -- -- -- 5.2 40 Inv. in bank personal trusts -48.0 -- -- -- -- -- -- -- -48.0 -- -- -- -- -48.0 41 Equity in noncorp. business -16.0 -- -- -23.4 -- -- -- -- -16.0 -23.4 -- -- -- 7.4 42 Miscellaneous 15.3 -1.4 225.7 216.4 -1.1 -- -3.5 -5.1 236.3 209.9 205.0 144.8 258.6 314.5 43 Sector discrepancies (1 less 4) 34.2 -- 24.8 -- -49.1 -- 34.2 -- 44.1 -- -9.0 -- -25.4 -- 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, December 15, 1999 Flow of Funds Matrix for 1998

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 30710.9 -- 6986.1 -- 1150.3 -- 437.2 -- 39284.5 -- 5616.6 -- 31822.2  2 Total liabilities and equity -- 6207.8 -- 25167.5 -- 1779.3 -- 4542.6 -- 37697.3 -- 4074.8 --  3 Total liabilities -- 6207.8 -- 9217.4 -- 1779.3 -- 4542.6 -- 21747.1 -- 2667.7 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.6 -- 10.6 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 24.2 -- 24.2 -- -- 24.1 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.2 -- 16.2 -- -- 36.0 19.8  7 SDR certificates -- -- -- -- -- -- -- 9.2 -- 9.2 -- -- 9.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 26.3  9 Foreign deposits 41.5 -- 20.6 -- -- -- -- -- 62.1 -- -- 639.9 30.6 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 144.7 -- 70.0 11 Checkable dep. and currency 447.6 -- 448.6 -- 28.3 -- 23.2 -- 947.7 -- 258.2 -- 109.1 12 Time and savings deposits 2914.2 -- 146.0 -- 91.1 -- 4.7 -- 3156.0 -- 86.1 -- 189.9 13 Money market fund shares 738.4 -- 163.9 -- -- -- -- -- 902.3 -- -- -- 431.9 14 Fed. funds and security RPs -- -- 3.4 -- 158.5 -- -- -- 161.9 -- 72.0 -- 472.7 15 Credit market instruments 1849.2 5909.9 307.2 5428.0 704.4 1199.8 213.9 3752.2 3074.7 16289.9 2534.3 603.7 17800.2 16 Open market paper 63.2 -- 27.5 193.0 92.0 -- -- -- 182.7 193.0 114.8 72.9 875.1 17 Treasury securities 416.3 -- 62.7 -- 269.3 -- -- 3723.7 748.2 3723.7 1316.3 -- 1659.2 18 Federal agency securities 205.8 -- 27.2 -- 159.0 -- 0.0 28.5 392.0 28.5 301.4 -- 2627.1 19 Municipal securities 473.6 126.9 44.3 147.8 2.5 1189.7 -- -- 520.4 1464.3 -- -- 943.9 20 Corporate and fgn. bonds 581.1 -- -- 1829.6 56.2 -- -- -- 637.3 1829.6 659.6 420.0 2802.0 21 Bank loans n.e.c. -- 72.9 -- 1075.9 -- -- -- -- -- 1148.8 -- 58.9 1314.9 22 Other loans and advances -- 204.0 -- 699.7 -- 10.1 169.0 -- 169.0 913.8 142.3 52.0 943.2 23 Mortgages 109.2 4174.4 70.8 1482.2 125.4 -- 44.9 0.0 350.3 5656.6 -- -- 5377.9 24 Consumer credit -- 1331.7 74.9 -- -- -- -- -- 74.9 1331.7 -- -- 1256.9 25 Corporate equities 6337.8 -- -- 11561.0 102.0 -- -- -- 6439.8 11561.0 1115.4 1407.1 7858.2 26 Mutual fund shares 2500.7 -- 91.0 -- 26.3 -- -- -- 2618.0 -- -- -- 992.5 27 Trade credit -- 125.7 1500.6 1120.1 -- 579.5 22.3 79.8 1522.9 1905.0 51.9 46.3 227.5 28 Security credit 279.5 155.0 -- -- -- -- -- -- 279.5 155.0 0.0 0.0 297.9 29 Life insurance reserves 718.3 -- -- -- -- -- -- 33.6 718.3 33.6 -- -- -- 30 Pension fund reserves 9160.7 -- -- -- -- -- -- 642.9 9160.7 642.9 -- -- -- 31 Taxes payable -- -- -- 106.0 28.1 -- 21.4 -- 49.5 106.0 -- -- -- 32 Inv. in bank personal trusts 1001.0 -- -- -- -- -- -- -- 1001.0 -- -- -- -- 33 Equity in noncorp. business 4395.3 -- -- 4389.1 -- -- -- -- 4395.3 4389.1 -- -- -- 34 Miscellaneous 326.9 17.2 4304.8 2563.4 11.5 -- 100.8 6.7 4744.0 2587.3 1354.0 1317.8 3275.5 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
114 Z.1, December 15, 1999

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21457.1 23555.5 24282.9 25913.0 26993.1 28423.2 29478.7 32621.5 35504.0 39729.1 43636.7 1

 2 Tangible assets 8404.5 9112.6 9326.7 9469.9 9729.7 9975.0 10307.7 10776.7 11299.5 12068.6 12925.8 2

 3 Financial assets 13052.6 14442.9 14956.2 16443.1 17263.4 18448.2 19171.0 21844.8 24204.5 27660.4 30710.9 3

 4 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3807.2 4141.6 4

 5 Credit market instruments 1222.3 1283.1 1495.6 1604.8 1648.6 1631.5 1932.1 1896.1 2014.5 1905.6 1849.2 5

 6 Equity shares at market value 2207.4 2754.5 2551.5 3557.6 3989.6 4629.1 4581.5 6148.7 7293.0 9207.6 10571.6 6

 7 Directly held 1587.0 1963.6 1806.5 2570.9 2873.2 3242.1 3070.9 4121.6 4642.1 5689.6 6337.8 7

 8 Indirectly held 620.4 791.0 745.0 986.7 1116.4 1387.0 1510.7 2027.1 2650.9 3518.0 4233.9 8

 9 Bank personal trusts and estates 189.1 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 536.7 583.6 9

10 Life insurance companies 59.1 68.4 66.8 99.1 116.6 156.7 185.2 246.5 325.2 433.8 542.4 10

11 Private pension funds 221.7 291.4 284.7 380.4 436.8 530.6 556.6 715.6 897.2 1158.2 1370.5 11

12 Mutual funds 150.4 199.3 179.4 235.5 294.3 437.6 505.3 699.8 995.3 1389.3 1737.4 12

13 Other 6570.7 7199.5 7644.5 8013.4 8375.5 9004.7 9500.1 10434.5 11357.4 12740.1 14148.5 13

14 Liabilities 3111.8 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4982.2 5332.7 5707.8 6207.8 14

15 Net worth 18345.3 20158.2 20604.4 22041.5 22948.1 24133.0 24865.9 27639.4 30171.3 34021.3 37428.9 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 10.3 11.7 10.5 13.7 14.8 16.3 15.5 18.8 20.5 23.2 24.2 16

17 Financial assets (line 3) 16.9 19.1 17.1 21.6 23.1 25.1 23.9 28.1 30.1 33.3 34.4 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.