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

Friday 

December 7, 2001 

FEDERAL RESERVE statistical release

Z.1 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Third Quarter 2001

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

Third Quarter 2001

 

Domestic nonfinancial debt grew at a 

seasonally adjusted annual rate of 6-3/4 percent in the 

third quarter of 2001, faster than in the first half of the 

year. Increased borrowing by the federal government 

more than offset a reduction in borrowing by the 

nonfederal sectors. 

 Federal government debt rose at a 7-3/4 

percent annual rate in the third quarter, the first 

quarter that federal debt has grown since 1997. 

However, even with the expansion in the third quarter, 

federal debt was $65 billion less than at the beginning 

of this year and about $510 billion below the peak in 

early 1998. 

 Household debt increased at about an 8-1/4 

percent annual rate in the third quarter. Growth of 

home mortgage debt slowed but still grew at a robust 

9-3/4 percent pace. Consumer credit decelerated 

further to a 1-1/4 percent rate, the slowest rate since 

1992. In the nonfinancial business sector, debt growth 

declined to about a 5-1/4 percent rate. Net borrowing 

in the bond market decreased markedly and 

commercial paper outstanding and bank loans to 

businesses continued to contract. State and local 

government debt slowed to a 3-1/4 percent rate, as the 

issuance of advance-refunding bonds and borrowing 

for new capital projects were reduced. 

 The level of domestic nonfinancial debt 

outstanding was $19.1 trillion at the end of the third 

quarter. Debt of nonfederal sectors was $15.8 trillion, 

and federal debt was $3.4 trillion. 

 

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates 

Nonfederal 

 Total Federal Total Households Business State and 

local govts. 

1994 4.5 4.7 4.5 7.4 3.7 -4.0 

1995 5.4 4.1 5.9 7.4 7.2 -4.6 

1996 5.4 4.0 5.8 7.0 6.2 -0.6 

1997 5.6 0.6 7.3 6.4 9.0 5.3 

1998 6.9 -1.4 9.6 8.4 11.6 7.2 

1999 6.8 -1.9 9.3 8.6 11.3 4.4 

2000 5.0 -8.0 8.5 8.5 9.9 2.2 

2000:Q1 5.5 -5.9 8.5 8.1 10.6 1.0 

 :Q2 5.5 -11.3 9.9 9.4 12.2 1.5 

 :Q3 4.4 -6.4 7.1 8.1 7.0 1.9 

 :Q4 4.3 -9.6 7.5 7.4 8.4 4.2 

2001:Q1 5.5 -0.1 6.8 7.8 5.4 8.1 

 :Q2 5.5 -7.6 8.4 9.3 7.5 8.3 

 :Q3 6.8 7.7 6.6 8.3 5.3 3.2 

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 2001 1 

Availability of Data for Latest Quarter 3 

Debt Growth by Sector D.1 6 

Borrowing by Sector D.2 7 

Debt Outstanding by Sector D.3 8 

Flows Levels

Title Table Page Table Page 

Summaries 

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12 

Distribution of National Income F.7 13 

Gross Saving and Investment F.8 14 

Net Capital Transfers F.9 14 

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

Title Table Page Table Page

Sectors 

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

Nonfinancial Business F.101 17 L.101 63 

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

Nonfarm Noncorporate Business F.103 19 L.103 65 

Farm Business F.104 19 L.104 65 

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

Federal Government F.106 21 L.106 66 

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

Monetary Authority F.108 23 L.108 68 

Commercial Banking F.109 24 L.109 69 

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

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

Bank Holding Companies F.112 27 L.112 72 

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

Savings Institutions F.114 28 L.114 73 

Credit Unions F.115 29 L.115 74 

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

Life Insurance Companies F.117 30 L.117 75 

Other Insurance Companies F.118 30 L.118 75 

Private Pension Funds F.119 31 L.119 76 

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77 

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

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

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

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

Finance Companies F.127 34 L.127 79 

Mortgage Companies F.128 35 L.128 80 

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

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

Funding Corporations F.131 36 L.131 81 

Instruments 

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

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

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

Net Interbank Transactions F.203 38 L.203 83 

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

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

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

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

Open Market Paper F.208 41 L.208 86 

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88 

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

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

Corporate Equities F.213 45 L.213 90 

Mutual Fund Shares F.214 45 L.214 90 

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

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

Total Mortgages F.217 48 L.217 93 

Home Mortgages F.218 49 L.218 94 

Multifamily Residential Mortgages F.219 49 L.219 94 

Commercial Mortgages F.220 50 L.220 95 

Farm Mortgages F.221 50 L.221 95 

Consumer Credit F.222 51 L.222 96 

Trade Credit F.223 51 L.223 96 

Security Credit F.224 51 L.224 96 

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52 

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

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

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

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

Sector Discrepancies F.11 57 

Instrument Discrepancies F.12 57 
Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

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

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

Nonfarm Noncorporate Business B.103 104 R.103 107 

Flows Levels

Title Table Page Table Page

Supplementary Tables 

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

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

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

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

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

Flow of Funds Matrix for 2000 114 115 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 116 

 

1

Flow of Funds Accounts, Third Quarter 2001 

 This publication presents the flow of funds 

accounts for 2001:Q3. 

Data revisions and other changes. The statistics 

shown in these tables reflect the use of new or revised 

source data. Most significant revisions appear in recent 

quarters; however, new source information resulted in 

changes to data for earlier periods. The revisions 

include the following: 

1. Balance sheet and reconciliation tables for 

the nonfarm noncorporate business sector (tables 

B.103 and R.103) have been added. Published data 

are available beginning in 1945. 

2. Exchange-traded funds (ETFs) are now shown 

on tables F.123 and L.123. An ETF is an investment 

company registered with the Securities and Exchange 

Commission whose shares are listed on the stock 

exchanges. Source data for ETFs are from the 

Investment Company Institute and are available 

beginning in January 1993.

3. Data for investment and depreciation flows 

of all sectors have been revised beginning in 1998 

to reflect updated annual estimates of reproducible 

tangible wealth published by the Bureau of 

Economic Analysis of the Department of Commerce.

4. Data for the finance company sector (tables 

F.127 and L.127) have been revised beginning in 

1996:Q3 as the result of benchmarking to the 2000 

quinquennial finance company survey. The 2000 

survey covered asset and liability information as of June 

30, 2000. 

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

Domestic debt comprises credit market funds borrowed 

by U.S. entities from both domestic and foreign 

sources, while foreign debt represents amounts 

borrowed by foreign financial and nonfinancial entities 

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

government-sponsored enterprises, federally related 

mortgage pools, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

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

advances; it excludes trade debt, loans for the purpose 

of carrying securities, and funds raised from equity 

sources. 

Growth rates in table D.1 are calculated by 

dividing seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying forward 

year-end levels by seasonally adjusted flows. Growth 

rates calculated from changes in unadjusted levels 

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

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked to 

data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the flow of funds accounts 

are related to the flows in the following way: 

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

where “t” is the time period. 

Discontinuities result from changes in 

valuation, breaks in source data, and changes in 

definitions. For most series, the value of the 

discontinuity is zero for nearly all time periods. 

However, in a few instances, the discontinuity is 

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

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

increase or decrease in equity prices or a major break in 

source data. 

The discontinuities in a series can distort 

estimated rates of growth in assets and liabilities 

between periods. In order to minimize these distortions, 

percentage changes in assets and liabilities in flow of 

funds releases should be calculated as: 

Percentage change t

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

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on preliminary 

and incomplete information. A summary list of the 

principal sources of information available when the 
2 

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

following this introduction. The distinction between 

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

and preliminary versions of data, but rather between 

those source estimates that are fully ready when the 

latest quarterly publication is compiled and those that 

are not yet completed. However, the items that are 

shown as available are, in general, also preliminary in 

the sense that they are subject to revision by source 

agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data from 

different sources, potential revisions in both financial 

and nonfinancial series, and incomplete data in parts of 

the accounts. The size of these uncertainties cannot be 

quantified in precise statistical terms, but allowance for 

them is explicitly made throughout the accounts by the 

inclusion of “discrepancies” for various sectors and 

instrument types. A discrepancy for a sector is the 

difference between its measured sources of funds and 

its measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured funds 

borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality of 

source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a quarter. 

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

the Board's Publications Services. Flow of funds data 

are also available electronically through the Internet at 

the following location: 

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

The Internet site also provides quarterly data beginning 

in 1952, organized in compressed files that correspond 

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

quarterly data for seasonally adjusted flows, unadjusted 

flows, outstandings, balance sheets, and debt (tables 

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

data from January 1955 onward for the debt aggregate 

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

Stock and Debt Measures.” 

A Guide to the Flow of Funds Accounts is available. 

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

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

the principles underlying the accounts. The Guide can 

be purchased for $20.00 from the Board’s Publications 

Services. Publications Services accepts orders 

accompanied by checks as well as credit card orders. 

The Internet site for this release at the location shown 

above contains a link to an order form for the Guide 

that can be mailed or faxed to Publications Services. 

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

 of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244
3

Availability of Data for Latest Quarter 

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA) 

Preliminary estimates, seasonally 

adjusted, for 2001:Q3. 

Unadjusted flows since 2000. 

 2. Households and nonprofit 

 organizations sector 

 (tables F.100 and L.100) 

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

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

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

2001: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 1998. 

 3. Nonfarm nonfinancial 

 corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2001:Q2; 

Internal Revenue Service Statistics of 

Income data through 1998; securities 

offerings, mortgages, bank loans, 

commercial paper, and other loans 

through 2001:Q3. 

Statistics of Income data since 

1998; QFR data for 2001:Q3. 

 4. Nonfarm noncorporate 

 business 

 (tables F.103 and L.103) 

Internal Revenue Service Statistics of 

Income data through 1998; bank and 

finance company loans and mortgage 

borrowing through 2001:Q3. 

Statistics of Income data since 

1998. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from 

government-sponsored enterprises, 

U.S. government loans to farms, and 

equity in government-sponsored 

enterprises through 2001:Q3; 

preliminary data for checkable 

deposits and currency and trade 

payables through 2000. 

Consumption of fixed capital and 

undistributed profits since 2000. 
4 

6. State and local 

 governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at 

banks, and nonmarketable U.S. 

government security issues through 

2001:Q3; selected financial assets 

through 1999:Q2 from the 

comprehensive annual financial 

reports of state and local governments 

that account for most of the holdings 

of the sector, and data from Standard 

& Poor’s on local government 

investment pools. 

Selected financial asset items since 

1999:Q2. 

 7. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays

through 2001:Q3; Treasury data for 

loan programs through 2001:Q3. 

None. 

 8. Rest of the world 

 (U.S. international 

 transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2001:Q2; NIPA estimates; data from 

bank Reports of Condition and 

Treasury International Capital System 

through 2001:Q3. 

Balance of payments data for 

2001:Q3. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2001:Q3. None. 

10. Commercial banking 

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113) 

All data through 2001:Q3 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., 

bank holding companies, and 

commercial banks in U.S.-affiliated 

areas. 

Data since 2000 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2001:Q3. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2001:Q3. None. 

13. Bank personal trusts and 

 estates 

 (tables F.116 and L.116) 

All data through 1999. Data since 1999. 

 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2001:Q2. Data for 2001:Q3. 

 

15. Other insurance companies 

 (tables F.118 and L.118) 

All data through 2001:Q2. 

 

Data for 2001:Q3. 
5

16. Private pension funds 

 (including FERS 

 Thrift Savings Plan) 

 (tables F.119 and L.119) 

Quarterly data through 2001:Q3; 

Internal Revenue Service/Department 

of Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

1997. 

Form 5500 data since 1997. 

17. State and local government 

 employee retirement funds 

 (tables F.120 and L.120) 

All data through 2001:Q2. Data for 2001:Q3. 

18. Money market mutual 

 funds 

 (tables F.121 and L.121) 

All data through 2001:Q3. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2001:Q3. None. 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2000. Data since 2000. 

21. Exchange-traded funds 

 (tables F.122 and L.122) 

All data through 2001:Q3. None. 

22. Government-sponsored 

 enterprises 

 (tables F.124 and L.124) 

Data for FHLBs, Fannie Mae, Freddie 

Mac, FCS, FICO, REFCORP, and 

Sallie Mae through 2001:Q3. 

None. 

23. Federally related mortgage 

 pools 

 (tables F.125 and L.125) 

All data through 2001:Q3. None. 

24. Issuers of asset-backed 

 securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, 

student loans, consumer leases, and 

trade credit securitization through 

2001:Q3. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2001:Q3. None. 

26. Mortgage companies 

 (tables F.128 and L.128) 

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

27. Real estate investment 

 trusts (REITs) 

 (tables F.129 and L.129) 

Data from SNL REIT DataSource 

through 2001:Q3. 

None 

28. Security brokers and 

 dealers 

 (tables F.130 and L.130) 

Data for firms filing FOCUS and 

FOGS reports through 2001:Q3. 

None. 

29. Funding corporations 

 (tables F.131 and L.131) 

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

other sectors. 
6 Z.1, December 7, 2001

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1997 5.6 0.6 7.3 6.4 6.7 4.7 9.0 9.5 5.3 13.7 13.2

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

1999 6.8 -1.9 9.3 8.6 9.3 7.4 11.3 11.6 4.4 16.6 4.3

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

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

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

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

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

1997 -- Q1 5.0 1.8 6.1 6.8 6.7 5.4 6.3 6.1 1.6 8.2 6.2

 Q2 4.9 -0.4 6.8 6.0 5.8 5.2 8.2 8.3 4.3 14.0 13.8

 Q3 6.1 1.3 7.8 7.2 9.1 4.3 8.8 9.6 7.1 12.8 21.4

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

1998 -- Q1 7.2 -0.5 9.7 8.8 10.0 4.7 11.1 12.0 8.4 17.4 17.7

 Q2 7.2 -0.5 9.7 7.9 7.4 7.5 12.3 13.4 7.5 18.4 16.2

 Q3 5.8 -2.9 8.5 7.9 8.6 6.4 9.8 9.3 6.0 18.5 -1.7

 Q4 6.7 -1.6 9.3 8.0 9.6 4.5 11.4 11.4 6.0 20.0 -4.0

1999 -- Q1 7.7 -2.3 10.7 9.1 9.3 9.7 13.3 15.0 7.3 18.5 4.8

 Q2 5.6 -2.6 8.0 8.2 9.4 5.3 8.7 8.5 3.5 15.4 -3.6

 Q3 7.1 -2.0 9.7 9.0 10.0 5.5 11.7 11.7 4.3 15.6 12.4

 Q4 5.9 -0.8 7.7 7.0 7.5 8.3 9.7 9.4 2.2 13.0 3.4

2000 -- Q1 5.5 -5.9 8.5 8.1 7.2 10.4 10.6 11.2 1.0 8.0 17.7

 Q2 5.5 -11.3 9.9 9.4 9.6 9.6 12.2 12.5 1.5 11.5 -1.1

 Q3 4.4 -6.4 7.1 8.1 8.4 8.4 7.0 6.7 1.9 9.9 12.5

 Q4 4.3 -9.6 7.5 7.4 7.4 8.7 8.4 8.5 4.2 11.7 9.2

2001 -- Q1 5.5 -0.1 6.8 7.8 7.8 10.0 5.4 4.8 8.1 10.2 -0.9

 Q2 5.5 -7.6 8.4 9.3 11.5 4.5 7.5 7.5 8.3 9.2 -7.7

 Q3 6.8 7.7 6.6 8.3 9.7 1.3 5.3 5.1 3.2 12.2 -17.4

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 7, 2001 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1996 733.6 145.0 588.6 343.8 228.4 91.3 251.6 179.4 -6.8 550.1 88.4

1997 805.5 23.1 782.4 332.7 240.4 57.5 393.6 292.7 56.1 662.2 71.8

1998 1048.8 -52.6 1101.5 467.2 351.4 75.0 554.0 406.3 80.3 1087.2 43.4

1999 1099.8 -71.2 1171.1 517.1 389.5 99.5 601.6 440.8 52.3 1084.4 27.9

2000 873.4 -295.9 1169.2 554.9 382.6 139.0 587.2 430.6 27.2 815.6 67.0

1996 -- Q1 807.7 213.7 594.0 369.1 249.7 114.4 244.7 182.5 -19.8 406.8 61.7

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

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

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

1997 -- Q1 717.8 67.1 650.7 356.5 241.5 65.1 277.2 190.2 17.0 397.1 33.6

 Q2 716.7 -15.0 731.7 320.8 209.6 64.2 364.9 260.4 46.1 690.1 76.1

 Q3 909.1 48.4 860.7 387.4 336.8 53.1 397.1 307.1 76.2 655.1 121.7

 Q4 878.4 -8.1 886.5 266.3 173.6 47.6 535.2 413.1 84.9 906.7 55.7

1998 -- Q1 1092.3 -19.8 1112.1 488.6 381.2 59.2 528.9 406.4 94.6 952.0 107.9

 Q2 1113.2 -20.2 1133.4 446.1 289.8 96.8 602.0 465.4 85.4 1046.0 103.1

 Q3 915.4 -109.6 1025.0 459.6 343.4 83.4 495.3 333.8 70.0 1102.7 -11.2

 Q4 1074.5 -61.0 1135.4 474.4 391.1 60.4 589.8 419.5 71.3 1248.0 -26.3

1999 -- Q1 1257.7 -85.1 1342.8 547.9 386.6 130.1 707.4 568.0 87.6 1208.5 31.5

 Q2 928.7 -95.4 1024.1 505.3 399.0 73.6 476.6 333.4 42.2 1053.5 -23.6

 Q3 1202.7 -74.3 1277.0 568.3 437.6 76.9 656.3 471.6 52.4 1112.0 81.1

 Q4 1010.3 -30.0 1040.3 446.9 334.6 117.5 566.2 390.0 27.2 963.7 22.8

2000 -- Q1 951.1 -217.2 1168.4 526.9 327.5 149.9 628.5 479.7 12.9 608.0 120.3

 Q2 978.2 -408.7 1386.9 624.3 444.6 142.1 744.4 550.2 18.2 897.1 -7.9

 Q3 792.0 -226.2 1018.2 554.5 397.9 128.2 440.0 303.7 23.8 794.0 88.6

 Q4 772.1 -331.3 1103.5 514.0 360.3 135.6 535.8 388.8 53.7 963.1 66.8

2001 -- Q1 1006.5 -4.3 1010.9 554.4 387.8 159.9 352.6 225.2 103.9 864.2 -6.9

 Q2 1018.6 -256.0 1274.6 671.2 581.0 73.6 494.7 354.3 108.7 795.7 -57.2

 Q3 1275.5 255.7 1019.8 616.2 502.3 21.3 360.6 248.9 43.0 1086.3 -126.8
8 Z.1, December 7, 2001

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1997 15245.1 3804.9 11440.2 5556.9 3818.1 1271.6 4763.8 3383.9 1119.5 5458.0 608.0

1998 16293.9 3752.2 12541.7 6024.1 4169.5 1346.6 5317.8 3790.2 1199.8 6545.2 651.5

1999 17428.5 3681.0 13747.4 6541.5 4558.9 1446.1 5953.8 4265.3 1252.1 7629.6 679.6

2000 18320.9 3385.2 14935.7 7115.5 4941.5 1593.1 6540.9 4695.9 1279.3 8457.1 746.7

1996 -- Q1 13909.4 3690.2 10219.2 5006.1 3445.5 1151.4 4147.9 2925.5 1065.3 4380.5 469.1

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

 Q3 14286.4 3758.0 10528.4 5152.0 3524.8 1200.7 4323.1 3058.8 1053.3 4676.5 514.1

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

1997 -- Q1 14620.6 3798.5 10822.0 5313.3 3638.1 1230.4 4441.0 3140.3 1067.7 4928.1 550.6

 Q2 14799.7 3794.8 11005.0 5393.5 3690.5 1246.4 4532.3 3205.4 1079.2 5100.6 569.6

 Q3 15025.5 3806.9 11218.6 5490.4 3774.7 1259.7 4630.0 3280.6 1098.2 5231.3 593.9

 Q4 15245.1 3804.9 11440.2 5556.9 3818.1 1271.6 4763.8 3383.9 1119.5 5458.0 608.0

1998 -- Q1 15518.2 3799.9 11718.2 5679.1 3913.4 1286.4 4896.0 3485.5 1143.1 5696.0 635.0

 Q2 15796.5 3794.9 12001.6 5790.6 3985.8 1310.6 5046.5 3601.8 1164.5 5957.5 660.7

 Q3 16025.3 3767.5 12257.8 5905.5 4071.7 1331.5 5170.3 3685.3 1182.0 6233.2 657.9

 Q4 16293.9 3752.2 12541.7 6024.1 4169.5 1346.6 5317.8 3790.2 1199.8 6545.2 651.5

1999 -- Q1 16610.1 3731.0 12879.1 6161.4 4266.1 1379.1 5496.1 3933.6 1221.7 6847.3 659.4

 Q2 16842.3 3707.1 13135.2 6287.7 4365.9 1397.5 5615.2 4017.0 1232.2 7110.7 653.5

 Q3 17175.9 3688.5 13487.3 6429.8 4475.3 1416.8 5812.2 4167.8 1245.3 7388.7 673.8

 Q4 17428.5 3681.0 13747.4 6541.5 4558.9 1446.1 5953.8 4265.3 1252.1 7629.6 679.6

2000 -- Q1 17666.2 3626.7 14039.5 6673.2 4640.8 1483.6 6110.9 4385.3 1255.4 7781.6 709.7

 Q2 17910.8 3524.6 14386.2 6829.3 4751.9 1519.1 6297.0 4522.8 1259.9 8005.9 707.7

 Q3 18119.9 3468.0 14651.9 6979.0 4851.4 1551.2 6407.0 4598.7 1265.9 8208.4 729.9

 Q4 18320.9 3385.2 14935.7 7115.5 4941.5 1593.1 6540.9 4695.9 1279.3 8457.1 746.7

2001 -- Q1 18572.5 3384.1 15188.4 7254.1 5038.4 1633.0 6629.1 4752.2 1305.3 8670.5 745.0

 Q2 18827.7 3320.1 15507.7 7421.9 5183.7 1651.4 6753.4 4841.4 1332.4 8869.4 730.7

 Q3 19146.6 3384.0 15762.6 7575.9 5309.2 1656.7 6843.5 4903.6 1343.2 9141.0 699.0

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, December 7, 2001 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 1539.5 2179.4 2212.2 1755.9 1679.4 1867.4 1674.6 1802.0 1863.8 1757.2 2235.0 1

 2 Domestic nonfinancial sectors 805.5 1048.8 1099.8 873.4 951.1 978.2 792.0 772.1 1006.5 1018.6 1275.5 2

 3 Federal government 23.1 -52.6 -71.2 -295.9 -217.2 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 3

 4 Nonfederal sectors 782.4 1101.5 1171.1 1169.2 1168.4 1386.9 1018.2 1103.5 1010.9 1274.6 1019.8 4

 5 Household sector 332.7 467.2 517.1 554.9 526.9 624.3 554.5 514.0 554.4 671.2 616.2 5

 6 Nonfinancial corporate business 292.7 406.3 440.8 430.6 479.7 550.2 303.7 388.8 225.2 354.3 248.9 6

 7 Nonfarm noncorporate business 94.7 139.7 155.4 145.7 135.0 184.5 129.1 134.2 121.3 130.6 108.6 7

 8 Farm business 6.2 8.0 5.5 10.9 13.8 9.7 7.2 12.8 6.0 9.8 3.1 8

 9 State and local governments 56.1 80.3 52.3 27.2 12.9 18.2 23.8 53.7 103.9 108.7 43.0 9

10 Rest of the world 71.8 43.4 27.9 67.0 120.3 -7.9 88.6 66.8 -6.9 -57.2 -126.8 10

11 Financial sectors 662.2 1087.2 1084.4 815.6 608.0 897.1 794.0 963.1 864.2 795.7 1086.3 11

12 Commercial banking 46.1 72.9 67.2 60.0 78.3 99.3 43.4 18.8 148.3 -15.8 69.8 12

13 U.S.-chartered commercial banks 29.5 52.8 41.8 36.8 70.2 67.9 13.6 -4.5 52.9 -23.3 52.0 13

14 Foreign banking offices in U.S. -2.4 -4.8 -0.4 -0.0 -0.2 -0.3 -0.4 0.7 -0.8 -2.4 -1.3 14

15 Bank holding companies 19.0 24.9 25.8 23.2 8.3 31.7 30.3 22.7 96.1 9.9 19.1 15

16 Savings institutions 19.7 52.2 48.0 27.3 57.5 69.0 -37.9 20.4 62.5 16.1 12.6 16

17 Credit unions 0.1 0.6 2.2 0.0 -2.9 0.9 1.1 1.0 -0.6 0.8 1.5 17

18 Life insurance companies 0.2 0.7 0.7 -0.7 -0.7 -1.1 -0.3 -0.7 -2.4 0.1 3.5 18

19 Government-sponsored enterprises 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 19

20 Federally related mortgage pools 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 20

21 ABS issuers 202.2 321.4 223.4 196.3 175.0 146.0 156.2 307.9 295.8 172.3 303.2 21

22 Finance companies 57.8 57.1 70.3 81.2 61.1 139.4 98.1 26.1 -72.8 64.1 22.1 22

23 Mortgage companies -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.8 23

24 REITs 39.6 62.7 6.3 2.7 11.5 9.8 -2.4 -8.1 -6.1 10.5 -10.2 24

25 Brokers and dealers 8.1 7.2 -17.2 15.6 44.4 -0.7 25.4 -6.6 -23.9 35.7 12.3 25

26 Funding corporations 79.9 40.0 91.5 -0.4 -37.5 50.6 -4.2 -10.4 30.1 -163.6 -150.0 26

27 Total net lending 1539.5 2179.4 2212.2 1755.9 1679.4 1867.4 1674.6 1802.0 1863.8 1757.2 2235.0 27

28 Domestic nonfederal nonfinancial sectors -21.3 99.5 196.3 -152.6 -218.5 90.3 -255.1 -227.2 -171.6 -153.8 -178.8 28

29 Household sector -11.8 -37.1 148.6 -170.0 -274.4 -10.4 -183.3 -212.1 -172.5 -140.5 -118.5 29

30 Nonfinancial corporate business -12.7 -16.0 -2.8 10.3 56.8 60.4 -51.4 -24.5 4.1 16.6 -23.7 30

31 Nonfarm noncorporate business 3.0 18.1 7.1 -2.1 -2.1 0.4 -4.0 -2.7 -4.8 -5.2 -6.2 31

32 State and local governments 0.1 134.5 43.4 9.2 1.2 39.9 -16.4 12.1 1.5 -24.8 -30.4 32

33 Federal government 5.1 13.5 5.8 7.3 6.5 7.7 4.5 10.6 4.6 4.0 1.0 33

34 Rest of the world 311.3 254.2 208.8 279.3 315.2 197.9 216.2 387.8 411.2 349.6 381.9 34

35 Financial sectors 1244.5 1812.1 1801.3 1621.8 1576.1 1571.4 1709.0 1630.7 1619.7 1557.4 2030.9 35

36 Monetary authority 38.3 21.1 25.7 33.7 102.0 -5.4 39.1 -0.9 53.7 26.4 8.7 36

37 Commercial banking 324.3 305.2 308.2 358.4 415.8 497.4 363.2 157.0 152.8 133.9 234.8 37

38 U.S.-chartered commercial banks 274.9 312.0 317.6 339.8 448.2 510.9 324.8 75.3 107.9 179.7 215.4 38

39 Foreign banking offices in U.S. 40.2 -11.9 -20.1 24.0 4.5 -22.3 32.8 81.1 41.3 -48.6 16.5 39

40 Bank holding companies 5.4 -0.9 6.2 -12.2 -42.2 3.5 -6.7 -3.2 7.3 -2.8 -1.4 40

41 Banks in U.S.-affiliated areas 3.7 6.0 4.4 6.7 5.4 5.4 12.3 3.8 -3.6 5.6 4.2 41

42 Savings institutions -4.7 36.1 68.6 56.5 55.6 65.0 62.7 42.5 52.5 57.3 -6.0 42

43 Credit unions 16.8 19.0 27.5 30.5 35.7 31.6 21.2 33.6 23.2 7.6 61.7 43

44 Bank personal trusts and estates -25.0 -12.8 27.8 17.1 18.9 13.8 17.6 18.1 10.7 13.4 8.8 44

45 Life insurance companies 104.8 76.9 53.5 57.9 65.0 52.9 74.8 38.8 95.3 124.9 162.4 45

46 Other insurance companies 25.2 5.8 -3.0 -8.7 -11.2 -18.1 6.2 -11.7 2.1 0.1 9.0 46

47 Private pension funds 47.6 56.4 45.0 41.3 46.8 24.7 64.9 28.7 26.1 -7.1 -0.9 47

48 State and local govt. retirement funds 67.1 72.1 46.9 54.6 63.3 31.5 37.6 86.1 -70.7 53.4 18.5 48

49 Money market mutual funds 87.5 244.0 182.0 148.9 161.5 -118.2 256.1 296.0 303.4 166.2 379.1 49

50 Mutual funds 80.9 124.8 47.2 26.8 -66.9 63.1 50.1 60.8 69.4 165.1 123.9 50

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

52 Government-sponsored enterprises 106.6 314.6 291.7 240.9 205.4 250.9 188.6 318.8 347.8 296.2 267.7 52

53 Federally related mortgage pools 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 53

54 ABS issuers 163.8 281.7 205.2 166.4 154.2 111.4 120.9 278.9 269.8 150.0 276.4 54

55 Finance companies 23.1 77.3 97.0 108.0 145.4 147.6 102.8 36.2 -0.9 126.7 -42.1 55

56 Mortgage companies -9.1 3.2 0.3 0.2 -6.0 5.5 -0.5 2.0 1.4 1.1 1.7 56

57 REITs 20.2 -5.1 -2.6 -6.3 -16.3 -2.5 -3.6 -2.8 4.0 1.1 7.7 57

58 Brokers and dealers 14.9 6.8 -34.7 68.9 102.9 89.8 152.1 -69.0 289.5 35.4 250.1 58

59 Funding corporations 50.4 -12.9 133.8 35.9 -7.2 206.8 -73.0 17.0 -172.5 -192.4 -214.6 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 7, 2001

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 805.5 1048.8 1099.8 873.4 951.1 978.2 792.0 772.1 1006.5 1018.6 1275.5 1

 2 Federal government 23.1 -52.6 -71.2 -295.9 -217.2 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 2

 3 Treasury securities 23.2 -54.6 -71.0 -294.9 -215.2 -410.5 -223.8 -330.2 -2.1 -257.1 256.0 3

 4 Budget agency securities and mortgages -0.1 2.0 -0.2 -1.0 -2.1 1.8 -2.4 -1.2 -2.2 1.1 -0.4 4

 5 Nonfederal, by instrument 782.4 1101.5 1171.1 1169.2 1168.4 1386.9 1018.2 1103.5 1010.9 1274.6 1019.8 5

 6 Commercial paper 13.7 24.4 37.4 48.1 29.8 110.4 56.1 -4.0 -207.2 -141.5 -74.1 6

 7 Municipal securities and loans 71.4 96.8 68.2 35.3 20.0 30.1 31.0 60.1 110.7 112.4 56.0 7

 8 Corporate bonds 150.5 218.7 229.9 171.1 186.2 153.8 168.8 175.6 400.9 428.0 187.7 8

 9 Bank loans n.e.c. 106.4 108.1 82.6 103.1 139.5 166.5 47.0 59.3 -5.9 -153.2 -9.9 9

10 Other loans and advances 59.5 82.1 57.1 101.5 140.1 124.2 16.5 125.2 -12.0 117.7 78.4 10

11 Mortgages 323.3 496.4 596.3 571.2 502.9 659.6 570.7 551.6 564.6 837.7 760.6 11

12 Home 258.3 389.9 435.2 422.5 361.9 490.3 441.9 395.9 434.3 622.9 544.7 12

13 Multifamily residential 7.5 23.8 40.5 37.0 29.2 48.0 28.8 41.7 39.3 55.5 57.7 13

14 Commercial 54.4 76.1 114.8 105.2 104.4 111.2 93.4 112.0 86.8 146.8 151.6 14

15 Farm 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 15

16 Consumer credit 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 16

17 Nonfederal, by sector 782.4 1101.5 1171.1 1169.2 1168.4 1386.9 1018.2 1103.5 1010.9 1274.6 1019.8 17

18 Household sector 332.7 467.2 517.1 554.9 526.9 624.3 554.5 514.0 554.4 671.2 616.2 18

19 Nonfinancial business 393.6 554.0 601.6 587.2 628.5 744.4 440.0 535.8 352.6 494.7 360.6 19

20 Corporate 292.7 406.3 440.8 430.6 479.7 550.2 303.7 388.8 225.2 354.3 248.9 20

21 Nonfarm noncorporate 94.7 139.7 155.4 145.7 135.0 184.5 129.1 134.2 121.3 130.6 108.6 21

22 Farm 6.2 8.0 5.5 10.9 13.8 9.7 7.2 12.8 6.0 9.8 3.1 22

23 State and local governments 56.1 80.3 52.3 27.2 12.9 18.2 23.8 53.7 103.9 108.7 43.0 23

24 Foreign borrowing in U.S. 71.8 43.4 27.9 67.0 120.3 -7.9 88.6 66.8 -6.9 -57.2 -126.8 24

25 Commercial paper 3.7 7.8 16.3 31.7 57.8 12.0 7.0 50.1 -25.4 -5.6 -26.5 25

26 Bonds 61.4 34.9 16.8 25.2 47.6 -27.3 71.4 9.0 17.1 -15.9 -101.4 26

27 Bank loans n.e.c. 8.5 6.7 0.5 11.3 15.4 5.7 11.9 12.2 13.0 -31.0 4.4 27

28 Other loans and advances -1.8 -6.0 -5.7 -1.3 -0.5 1.7 -1.7 -4.6 -11.6 -4.7 -3.4 28

29 Domestic and foreign 877.3 1092.2 1127.8 940.3 1071.4 970.3 880.6 838.9 999.6 961.5 1148.7 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 662.2 1087.2 1084.4 815.6 608.0 897.1 794.0 963.1 864.2 795.7 1086.3 1

 2 Federal government-related 212.9 470.9 592.0 433.5 224.4 381.1 514.8 613.6 432.6 674.8 820.6 2

 3 Govt.-sponsored enterprise securities 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 3

 4 Mortgage pool securities 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 4

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

 6 Private financial sectors 449.3 616.3 492.5 382.1 383.6 516.1 279.2 349.5 431.7 120.9 265.7 6

 7 Open market paper 166.7 161.0 176.2 127.7 114.6 136.7 106.5 153.2 -134.6 -85.4 -85.6 7

 8 Corporate bonds 218.9 310.1 218.2 205.9 171.8 243.3 205.0 203.7 438.9 186.8 309.6 8

 9 Bank loans n.e.c. 13.3 30.1 -14.2 -0.3 3.2 6.9 -6.7 -4.4 27.1 14.3 -8.1 9

10 Other loans and advances 35.6 90.2 107.1 42.5 87.0 119.2 -31.6 -4.8 107.8 -11.0 58.0 10

11 Mortgages 14.9 24.8 5.1 6.2 7.0 10.0 6.0 1.8 -7.5 16.2 -8.2 11

12 By sector 662.2 1087.2 1084.4 815.6 608.0 897.1 794.0 963.1 864.2 795.7 1086.3 12

13 Commercial banking 46.1 72.9 67.2 60.0 78.3 99.3 43.4 18.8 148.3 -15.8 69.8 13

14 U.S.-chartered commercial banks 29.5 52.8 41.8 36.8 70.2 67.9 13.6 -4.5 52.9 -23.3 52.0 14

15 Foreign banking offices in U.S. -2.4 -4.8 -0.4 -0.0 -0.2 -0.3 -0.4 0.7 -0.8 -2.4 -1.3 15

16 Bank holding companies 19.0 24.9 25.8 23.2 8.3 31.7 30.3 22.7 96.1 9.9 19.1 16

17 Savings institutions 19.7 52.2 48.0 27.3 57.5 69.0 -37.9 20.4 62.5 16.1 12.6 17

18 Credit unions 0.1 0.6 2.2 0.0 -2.9 0.9 1.1 1.0 -0.6 0.8 1.5 18

19 Life insurance companies 0.2 0.7 0.7 -0.7 -0.7 -1.1 -0.3 -0.7 -2.4 0.1 3.5 19

20 Government-sponsored enterprises 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 20

21 Federally related mortgage pools 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 21

22 ABS issuers 202.2 321.4 223.4 196.3 175.0 146.0 156.2 307.9 295.8 172.3 303.2 22

23 Finance companies 57.8 57.1 70.3 81.2 61.1 139.4 98.1 26.1 -72.8 64.1 22.1 23

24 Mortgage companies -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.8 24

25 REITs 39.6 62.7 6.3 2.7 11.5 9.8 -2.4 -8.1 -6.1 10.5 -10.2 25

26 Brokers and dealers 8.1 7.2 -17.2 15.6 44.4 -0.7 25.4 -6.6 -23.9 35.7 12.3 26

27 Funding corporations 79.9 40.0 91.5 -0.4 -37.5 50.6 -4.2 -10.4 30.1 -163.6 -150.0 27
Z.1, December 7, 2001 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 1539.5 2179.4 2212.2 1755.9 1679.4 1867.4 1674.6 1802.0 1863.8 1757.2 2235.0 1

 2 Open market paper 184.1 193.1 229.9 207.6 202.1 259.1 169.7 199.3 -367.2 -232.5 -186.3 2

 3 U.S. government securities 236.0 418.3 520.7 137.6 7.2 -27.6 288.6 282.2 428.2 418.8 1076.3 3

 4 Municipal securities 71.4 96.8 68.2 35.3 20.0 30.1 31.0 60.1 110.7 112.4 56.0 4

 5 Corporate and foreign bonds 430.8 563.7 465.0 402.2 405.6 369.8 445.2 388.3 856.9 598.9 395.9 5

 6 Bank loans n.e.c. 128.2 145.0 68.9 114.1 158.0 179.2 52.2 67.1 34.1 -170.0 -13.6 6

 7 Other loans and advances 93.2 166.3 158.5 142.7 226.6 245.1 -16.8 115.8 84.2 102.0 133.0 7

 8 Mortgages 338.2 521.2 601.4 577.4 509.9 669.6 576.7 553.5 557.1 853.9 752.3 8

 9 Consumer credit 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 185.2 108.8 153.7 207.7 390.1 209.9 245.6 -14.8 233.7 387.5 88.9 10

11 Corporate equities -79.9 -165.8 -34.6 -36.2 82.8 -22.2 -33.8 -171.5 137.3 119.5 -80.9 11

12 Nonfinancial -114.4 -267.0 -143.5 -150.6 61.2 -245.2 -67.6 -350.8 -25.6 -72.6 -118.5 12

 Foreign shares purchased by

13 U.S. residents 57.6 101.3 114.4 99.7 62.6 185.9 61.1 89.4 109.2 208.8 10.9 13

14 Financial -23.1 -0.1 -5.6 14.7 -41.0 37.2 -27.3 89.8 53.7 -16.7 26.7 14

15 Mutual fund shares 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 1539.5 2179.4 2212.2 1755.9 1679.4 1867.4 1674.6 1802.0 1863.8 1757.2 2235.0 1

 2 Official foreign exchange 0.7 6.6 -8.7 -0.4 1.5 -8.8 0.7 4.9 -1.5 4.7 19.1 2

 3 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 3

 4 Treasury currency 0.5 0.6 1.0 2.4 2.2 3.2 4.2 -0.0 -1.1 1.1 -0.0 4

 5 Foreign deposits 107.7 6.5 61.0 120.8 313.3 3.4 -40.8 207.4 235.5 -146.5 15.4 5

 6 Net interbank transactions -19.7 -32.3 17.6 -20.3 -72.9 151.9 -170.6 10.6 -45.7 19.3 19.7 6

 7 Checkable deposits and currency 41.2 47.4 151.4 -71.5 -206.8 -33.8 5.0 -50.2 90.3 100.8 245.3 7

 8 Small time and savings deposits 97.1 152.4 44.7 190.7 104.6 123.0 224.5 310.8 288.3 194.2 229.2 8

 9 Large time deposits 122.5 92.1 130.6 118.4 154.1 101.2 152.9 65.2 130.6 51.9 14.9 9

10 Money market fund shares 155.9 287.2 249.1 233.3 239.7 71.5 250.9 371.1 621.4 322.5 367.7 10

11 Security RPs 120.9 91.3 169.7 110.7 275.8 155.1 277.1 -265.4 -12.8 177.7 262.2 11

12 Corporate equities -79.9 -165.8 -34.6 -36.2 82.8 -22.2 -33.8 -171.5 137.3 119.5 -80.9 12

13 Mutual fund shares 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 13

14 Trade payables 139.7 109.2 222.3 166.1 193.6 212.9 138.5 119.3 -16.2 -100.0 -81.4 14

15 Security credit 111.0 103.3 104.3 146.1 507.8 -95.3 97.5 74.4 -140.9 -28.5 485.8 15

16 Life insurance reserves 59.3 48.0 50.8 50.2 54.9 45.6 53.0 47.3 52.7 53.2 56.5 16

17 Pension fund reserves 201.4 202.1 184.4 215.9 206.9 260.7 227.0 168.8 255.5 168.7 192.9 17

18 Taxes payable 22.3 21.3 22.3 21.7 31.0 26.5 3.3 26.0 3.3 16.3 114.4 18

19 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 19

20 Noncorporate proprietors’ equity -70.9 -80.6 -64.8 -46.2 -63.4 -45.0 -26.7 -49.7 -48.5 -25.1 -60.2 20

21 Miscellaneous 492.8 986.8 749.8 1030.2 904.3 1084.0 1399.2 733.1 500.7 789.8 571.8 21

22 Total financial sources 3256.8 4288.2 4441.8 4197.9 4687.7 4092.3 4482.8 3528.8 3983.1 3722.3 4749.2 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.1 -0.7 -1.2 -1.8 -0.7 0.9 -3.3 -3.6 -0.5 -0.7 23

24 Foreign deposits 106.2 -8.5 45.8 70.2 263.1 -82.2 -100.2 200.3 181.5 -121.2 24.8 24

25 Net interbank liabilities -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 25

26 Security RPs 63.2 60.6 30.0 111.1 567.2 51.9 126.5 -301.4 -161.7 171.9 36.6 26

27 Taxes payable 28.0 19.7 6.5 14.1 9.5 4.8 -2.6 44.6 4.4 -9.7 12.9 27

28 Miscellaneous -245.5 -127.4 -418.9 -369.2 -501.0 -353.3 -232.2 -390.1 27.3 -477.6 -87.0 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -2.7 2.6 -7.4 9.0 18.7 16.3 3.0 -2.1 -29.8 10.1 18.5 29

30 Other -3.9 -3.1 -0.8 1.7 1.0 1.4 1.9 2.4 3.8 3.9 5.1 30

31 Trade credit -29.2 -51.3 42.9 -34.0 -71.8 -36.5 -51.9 24.3 2.0 32.3 -10.7 31

 Totals identified to sectors

32 as assets 3360.7 4392.3 4740.8 4378.9 4377.5 4485.3 4749.6 3903.1 3942.5 4099.7 4741.5 32
12 Z.1, December 7, 2001

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 8318.4 8781.6 9268.6 9872.9 9668.6 9857.6 9937.5 10028.0 10141.6 10202.6 10229.7 1

 2 Personal consumption expenditures (2) 5529.3 5856.0 6250.2 6728.4 6581.9 6674.9 6785.5 6871.4 6977.6 7044.6 7059.2 2

 3 Durable goods 642.5 693.2 760.9 819.6 820.7 813.8 825.4 818.7 838.1 844.7 840.3 3

 4 Nondurable goods 1641.6 1708.5 1831.3 1989.6 1942.5 1978.3 2012.4 2025.1 2047.1 2062.3 2057.3 4

 5 Services 3245.2 3454.3 3657.9 3919.2 3818.7 3882.8 3947.7 4027.5 4092.4 4137.6 4161.6 5

 6 Gross private domestic investment 1390.5 1538.8 1636.8 1767.5 1708.9 1792.3 1788.4 1780.3 1722.7 1669.9 1623.0 6

 7 Fixed investment 1327.7 1465.6 1578.2 1718.1 1678.0 1717.0 1735.9 1741.6 1748.2 1706.4 1679.2 7

 8 Nonresidential 999.4 1101.3 1174.6 1293.1 1250.9 1288.3 1314.9 1318.2 1311.2 1260.2 1228.5 8

 9 Household sector (nonprofit organizations) 55.6 62.1 64.7 71.4 68.4 70.6 72.8 73.7 74.0 72.1 68.0 9

10 Nonfinancial corporate business 710.2 774.2 854.4 929.8 906.6 917.4 953.9 941.5 948.4 903.2 884.3 10

11 Nonfarm noncorporate business 48.9 56.9 98.7 128.6 114.2 131.8 119.3 148.9 123.1 134.2 135.8 11

12 Farm business 27.5 29.4 25.8 28.1 27.1 27.7 29.1 28.6 28.5 28.4 31.2 12

13 Financial corporations 157.2 178.7 131.0 135.1 134.6 140.7 139.7 125.4 137.3 122.5 109.1 13

14 Residential 328.3 364.4 403.6 425.1 427.1 428.7 421.0 423.4 437.0 446.2 450.7 14

15 Household sector 275.0 310.5 354.9 375.4 376.6 377.5 371.3 376.3 385.4 394.1 399.6 15

16 Nonfinancial corporate business 2.7 2.7 3.0 3.2 3.2 3.2 3.2 3.2 3.3 3.8 3.8 16

17 Nonfarm noncorporate business 39.3 39.7 44.0 46.4 46.6 46.8 45.9 46.2 47.7 48.6 49.1 17

18 REITs 11.3 11.4 1.6 0.1 0.7 1.2 0.6 -2.3 0.6 -0.4 -1.8 18

19 Change in private inventories 62.9 73.1 58.6 49.4 30.9 75.3 52.5 38.7 -25.5 -36.5 -56.2 19

20 Nonfinancial corporate business 57.0 68.6 57.1 48.6 35.5 70.3 52.5 35.9 -24.9 -33.5 -51.5 20

21 Nonfarm noncorporate business 3.0 3.6 3.0 2.6 1.9 3.7 2.8 1.9 -1.3 -1.8 -2.7 21

22 Farm business 2.9 0.9 -1.5 -1.8 -6.5 1.3 -2.8 0.9 0.7 -1.2 -2.0 22

23 Net U.S. exports of goods and services -89.4 -151.7 -250.9 -364.0 -333.9 -350.7 -380.7 -390.6 -363.8 -347.4 -292.2 23

24 Exports 966.4 964.9 989.8 1102.9 1059.7 1099.7 1131.1 1121.0 1117.4 1079.6 1023.7 24

25 - Imports 1055.8 1116.7 1240.7 1466.9 1393.6 1450.4 1511.8 1511.6 1481.2 1427.0 1315.9 25

 Government consumption expenditures and

26 gross investment 1488.0 1538.5 1632.6 1741.0 1711.7 1741.1 1744.3 1766.9 1805.1 1835.5 1839.7 26

27 Consumption expenditures (3) 1223.3 1261.4 1327.9 1422.8 1390.6 1426.1 1430.2 1444.1 1474.2 1491.4 1504.2 27

28 Federal 456.9 453.1 469.6 493.7 483.4 503.8 493.6 494.1 507.5 510.1 512.7 28

29 State and local 766.5 808.3 858.3 929.0 907.2 922.3 936.6 950.0 966.7 981.3 991.5 29

30 Gross investment (3) 264.7 277.1 304.6 318.3 321.1 315.0 314.1 322.8 330.9 344.1 335.5 30

31 Federal 81.4 86.1 94.5 96.5 95.1 97.2 93.5 100.1 97.8 99.9 101.8 31

32 State and local 183.3 191.0 210.2 221.8 226.0 217.8 220.6 222.7 233.1 244.2 233.7 32

 Memo:

33 Net U.S. income receipts from rest of the world 7.1 -3.5 -6.8 -12.1 -18.0 -16.6 -18.1 4.2 -10.5 -11.7 -7.0 33

34 U.S. income receipts 281.3 286.1 313.8 384.2 360.1 387.9 386.6 402.1 378.9 346.9 322.2 34

35 - U.S. income payments 274.3 289.6 320.6 396.3 378.1 404.5 404.7 397.9 389.4 358.6 329.2 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 8325.5 8778.1 9261.9 9860.8 9650.6 9841.0 9919.4 10032.2 10131.1 10190.9 10222.7 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, December 7, 2001 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 6618.5 7041.5 7462.3 7980.8 7783.8 7959.3 8046.4 8133.9 8169.7 8208.0 8189.3 1

 2 Compensation of employees 4651.3 4989.8 5310.8 5715.2 5562.9 5669.8 5759.2 5869.0 5955.7 6010.9 6039.0 2

 3 Wages and other labor income 4364.3 4683.5 4981.9 5371.3 5225.6 5328.0 5413.6 5518.1 5598.7 5652.1 5680.0 3

 4 Employer social insurance contributions 290.0 307.0 323.7 343.9 337.3 341.8 345.6 350.9 357.0 358.8 359.0 4

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

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 581.2 623.8 672.0 715.0 697.5 717.9 719.2 725.2 735.2 745.3 753.0 6

 7 Nonfarm 551.5 598.2 645.4 684.4 671.0 685.4 687.6 693.5 705.4 716.6 720.8 7

 8 Farm 29.7 25.6 26.6 30.6 26.5 32.5 31.6 31.7 29.8 28.7 32.2 8

 Rental income of persons (with capital

 9 consumption adjustment) 128.4 138.6 147.7 141.6 144.9 141.4 138.3 141.7 139.6 139.0 143.6 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 833.8 777.4 825.3 876.4 857.6 896.0 894.4 857.4 789.8 759.8 696.7 10

 Corporate profits with inventory

11 valuation adjustment 800.9 739.4 773.6 833.0 808.4 850.5 854.0 819.0 753.8 729.5 683.4 11

12 Profits before tax 792.4 721.1 776.4 845.4 832.2 865.3 857.6 826.3 755.7 738.3 680.1 12

13 Domestic nonfinancial 494.5 457.5 467.8 500.9 498.6 532.8 510.3 461.9 410.0 407.4 379.2 13

14 Farm 1.6 2.8 3.0 3.3 3.1 3.2 3.3 3.4 3.5 3.6 3.6 14

15 Foreign subsidiaries 110.7 102.3 114.6 136.8 120.4 128.9 141.0 156.7 140.0 144.0 142.9 15

16 Financial 185.7 158.5 191.0 204.4 210.0 200.4 203.0 204.3 202.2 183.3 154.4 16

 Less:

17 Profits tax liability 237.2 238.9 253.0 271.5 277.0 280.4 274.9 253.5 236.8 228.0 206.0 17

18 Domestic nonfinancial 157.9 154.1 170.4 186.0 190.0 196.6 189.7 167.7 152.0 150.7 139.6 18

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

20 Financial 78.9 84.3 82.1 84.9 86.4 83.2 84.6 85.3 84.3 76.8 66.0 20

 Equals:

21 Profits after tax 555.2 482.2 523.4 573.9 555.2 584.9 582.7 572.8 518.9 510.3 474.1 21

22 Dividends 335.2 348.7 343.5 379.6 361.5 373.7 386.2 397.0 405.2 412.3 420.4 22

23 Domestic nonfinancial 216.4 239.7 237.3 266.1 258.4 253.6 273.0 279.1 297.8 291.1 310.5 23

24 Farm 1.7 2.5 2.6 2.9 2.8 2.9 3.0 3.1 3.1 3.2 3.2 24

25 Foreign subsidiaries 51.4 39.5 39.2 37.7 30.1 47.7 35.1 37.7 22.0 37.6 21.1 25

26 Financial 65.8 67.0 64.3 73.0 70.2 69.5 75.1 77.1 82.3 80.4 85.6 26

27 Undistributed profits 220.0 133.5 179.9 194.3 193.7 211.2 196.5 175.8 113.7 98.0 53.7 27

28 Domestic nonfinancial 120.2 63.7 60.1 48.8 50.2 82.5 47.5 15.1 -39.8 -34.4 -70.8 28

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

30 Foreign subsidiaries 59.3 62.8 75.4 99.1 90.3 81.2 105.9 119.0 118.0 106.4 121.8 30

31 Financial 41.0 7.3 44.6 46.6 53.4 47.7 43.3 41.9 35.6 26.1 2.8 31

32 Inventory valuation adjustment 8.5 18.4 -2.9 -12.4 -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 3.3 32

33 Capital consumption adjustment 32.9 38.0 51.7 43.4 49.2 45.5 40.4 38.4 36.0 30.3 13.3 33

34 Domestic nonfinancial 50.0 50.4 60.8 56.4 60.1 57.8 54.4 53.5 51.3 46.2 28.7 34

35 Farm 1.1 1.5 1.7 1.8 1.8 1.8 1.9 1.9 1.9 2.0 2.0 35

36 Financial -18.2 -13.9 -10.8 -14.9 -12.7 -14.1 -15.8 -17.0 -17.2 -17.9 -17.4 36

37 Net interest 423.9 511.9 506.5 532.7 520.9 534.1 535.3 540.6 549.4 553.0 557.0 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 6618.5 7041.5 7462.3 7980.8 7783.8 7959.3 8046.4 8133.9 8169.7 8208.0 8189.3 38

 Plus:

39 Business transfer payments to persons 27.9 28.7 31.2 33.1 32.4 32.8 33.3 33.8 34.3 34.8 35.3 39

40 Business transfer payments to rest of the world 8.9 9.3 10.2 10.9 10.9 11.2 10.7 10.6 10.0 9.7 9.3 40

41 Indirect business tax and nontax accruals 646.2 681.3 713.1 762.7 749.4 758.3 767.6 775.6 785.7 792.4 794.7 41

42 Private consumption of fixed capital 832.4 884.3 953.3 1029.9 998.6 1019.0 1041.2 1060.9 1081.3 1120.2 1177.0 42

43 Government consumption of fixed capital 181.0 187.7 198.1 211.4 206.5 209.9 213.1 215.9 218.6 221.3 229.4 43

44 Statistical discrepancy 29.7 -31.0 -72.9 -130.4 -93.5 -112.6 -155.6 -159.8 -120.7 -143.3 -140.5 44

 Less:

 Subsidies less current surplus of

45 government enterprises 19.1 23.6 33.3 37.6 37.5 36.9 37.3 38.7 47.8 52.2 71.8 45

46 Net U.S. income receipts from rest of the world 7.1 -3.5 -6.8 -12.1 -18.0 -16.6 -18.1 4.2 -10.5 -11.7 -7.0 46

 Equals:

47 Gross Domestic Product 8318.4 8781.6 9268.6 9872.9 9668.6 9857.6 9937.5 10028.0 10141.6 10202.6 10229.7 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 7, 2001

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1502.3 1647.2 1707.6 1785.6 1723.7 1802.5 1806.7 1809.5 1754.1 1750.6 1753.2 1

 2 Gross private saving 1343.8 1375.0 1348.1 1322.9 1271.1 1349.0 1328.9 1342.5 1307.9 1321.2 1531.7 2

 3 Personal saving 252.9 301.5 160.8 67.6 53.4 88.1 54.4 74.7 78.8 81.5 284.4 3

 4 Undistributed corporate profits 220.0 133.5 179.9 194.3 193.7 211.2 196.5 175.8 113.7 98.0 53.7 4

 5 Nonfinancial corp. inventory valuation adjustment 8.5 18.4 -2.9 -12.4 -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 3.3 5

 6 Corporate capital consumption adjustment 32.9 38.0 51.7 43.4 49.2 45.5 40.4 38.4 36.0 30.3 13.3 6

 7 Private consumption of fixed capital 832.4 884.3 953.3 1029.9 998.6 1019.0 1041.2 1060.9 1081.3 1120.2 1177.0 7

 8 Corporate 581.6 620.2 669.2 727.1 703.6 719.1 736.0 749.7 763.8 785.6 847.0 8

 9 Noncorporate 250.9 264.2 284.1 302.9 295.0 299.9 305.2 311.3 317.5 334.6 329.9 9

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

11 Gross government saving 158.6 272.3 359.5 462.7 452.6 453.5 477.8 467.0 446.2 429.4 221.5 11

12 Federal 33.4 132.0 210.9 314.9 307.7 304.8 326.9 320.3 303.7 286.2 89.7 12

13 Consumption of fixed capital 86.8 88.2 91.7 96.4 94.9 95.9 97.0 97.9 98.4 99.4 99.9 13

14 Current surplus or deficit (-), NIPA -53.4 43.8 119.2 218.5 212.8 208.9 229.9 222.4 205.3 186.8 -10.2 14

15 State and local 125.1 140.2 148.6 147.8 144.9 148.7 150.9 146.7 142.5 143.2 131.8 15

16 Consumption of fixed capital 94.2 99.5 106.4 114.9 111.6 114.0 116.1 118.0 120.2 121.9 129.5 16

17 Current surplus or deficit (-), NIPA 31.0 40.8 42.2 32.9 33.3 34.7 34.8 28.7 22.3 21.3 2.3 17

18 Gross investment 1532.1 1616.2 1634.7 1655.2 1630.2 1689.9 1651.1 1649.7 1633.4 1607.3 1612.7 18

19 Gross private domestic investment 1390.5 1538.8 1636.8 1767.5 1708.9 1792.3 1788.4 1780.3 1722.7 1669.9 1623.0 19

20 Fixed investment 1327.7 1465.6 1578.2 1718.1 1678.0 1717.0 1735.9 1741.6 1748.2 1706.4 1679.2 20

21 Nonresidential 999.4 1101.3 1174.6 1293.1 1250.9 1288.3 1314.9 1318.2 1311.2 1260.2 1228.5 21

22 Residential 328.3 364.4 403.6 425.1 427.1 428.7 421.0 423.4 437.0 446.2 450.7 22

23 Change in private inventories 62.9 73.1 58.6 49.4 30.9 75.3 52.5 38.7 -25.5 -36.5 -56.2 23

24 Gross government investment 264.7 277.1 304.6 318.3 321.1 315.0 314.1 322.8 330.9 344.1 335.5 24

25 Net foreign investment in U.S. -123.1 -199.7 -306.7 -430.5 -399.8 -417.4 -451.4 -453.4 -420.2 -406.7 -345.8 25

26 Statistical discrepancy (line 18 less line 1) 29.7 -31.0 -72.9 -130.4 -93.5 -112.6 -155.6 -159.8 -120.7 -143.3 -140.5 26

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 26.8 32.4 32.4 36.2 37.0 36.2 35.8 35.8 38.4 37.0 34.9 1

 2 Federal -8.4 -3.6 -7.3 -7.9 -6.3 -7.7 -8.1 -9.7 -8.9 -12.7 -14.8 2

 3 Estate and gift taxes paid by persons 20.6 25.2 28.8 28.1 29.1 28.2 27.7 27.6 30.1 28.7 26.5 3

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

 5 - Federal investment grants to state and local govts. 28.8 28.8 31.9 36.0 35.3 35.9 35.7 37.3 38.9 41.3 41.3 5

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

 7 State and local 35.3 36.0 39.7 44.1 43.2 43.9 43.9 45.5 47.3 49.7 49.7 7

 8 Estate and gift taxes paid by persons 6.5 7.2 7.8 8.1 7.9 8.0 8.1 8.2 8.3 8.3 8.4 8

 9 + Federal investment grants to state and local govts. 28.8 28.8 31.9 36.0 35.3 35.9 35.7 37.3 38.9 41.3 41.3 9

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

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

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

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.
Z.1, December 7, 2001 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 559.3 761.9 675.0 489.1 647.9 596.3 457.8 254.2 575.9 634.9 984.3 1

 2 Foreign deposits 6.5 0.1 5.2 7.7 20.0 0.2 -2.6 13.3 -6.0 -16.0 -10.0 2

 3 Checkable deposits and currency -11.3 5.5 -17.3 -17.9 71.0 -64.3 -61.1 -17.3 84.0 92.2 116.5 3

 4 Time and savings deposits 142.6 202.7 109.5 309.2 336.8 348.4 340.2 211.6 346.8 272.4 206.4 4

 5 Money market fund shares 83.5 174.5 134.5 141.3 211.1 80.8 73.5 200.0 281.0 -16.6 250.9 5

 6 Securities -41.0 -37.0 23.2 -410.8 -556.0 -179.5 -330.1 -577.7 -439.7 -78.1 -170.3 6

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

 8 U.S. government securities -147.3 -153.9 78.0 -175.3 -294.8 -161.2 -113.3 -132.0 -507.2 10.0 28.9 8

 9 Municipal securities 53.0 17.8 40.4 14.8 30.6 -4.4 32.6 0.1 92.7 0.4 -48.8 9

10 Corporate and foreign bonds 85.6 96.8 23.6 -25.6 -28.7 132.9 -114.9 -91.6 253.4 -147.0 -97.5 10

11 Corporate equities (2) -293.4 -248.7 -264.4 -459.5 -554.9 -367.5 -410.6 -504.9 -324.0 -185.4 -199.9 11

12 Mutual fund shares 259.6 243.4 141.7 229.8 286.8 215.6 271.1 145.6 67.4 261.9 162.0 12

13 Life insurance reserves 59.3 48.0 50.8 50.2 54.9 45.6 53.0 47.3 52.7 53.2 56.5 13

14 Pension fund reserves 201.4 202.1 184.4 215.9 206.9 260.7 227.0 168.8 255.5 168.7 192.9 14

15 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 15

16 Miscellaneous and other assets 168.1 207.9 191.2 223.1 331.6 137.4 187.0 236.3 27.7 181.8 369.4 16

17 Gross investment in tangible assets 1103.6 1212.3 1365.5 1486.3 1465.0 1489.2 1479.9 1511.2 1496.2 1519.2 1519.3 17

18 Residential fixed investment 314.2 350.2 398.9 421.8 423.2 424.3 417.2 422.5 433.1 442.8 448.7 18

19 Other fixed assets (3) 132.0 148.4 189.3 228.1 209.7 230.2 221.2 251.2 225.6 234.7 235.0 19

20 Consumer durables 651.5 709.2 775.8 835.7 836.7 829.7 841.5 834.7 838.1 844.7 840.3 20

21 Inventories (3) 5.9 4.5 1.5 0.8 -4.6 5.0 -0.0 2.8 -0.6 -3.0 -4.7 21

22 Consumption of fixed capital 756.9 791.1 856.0 922.6 895.5 913.1 932.3 949.7 967.6 1009.0 1030.9 22

23 Residential fixed investment 140.1 146.1 151.5 163.2 158.4 161.5 164.9 167.9 171.1 179.3 188.9 23

24 Other fixed assets (3) 129.8 138.6 157.4 168.3 163.9 166.6 169.7 172.8 175.8 182.1 178.6 24

25 Consumer durables 487.0 506.4 547.2 591.2 573.2 584.9 597.6 608.9 620.7 647.7 663.5 25

26 Net investment in tangible assets (4) 346.7 421.2 509.4 563.7 569.5 576.1 547.7 561.5 528.6 510.1 488.4 26

27 Residential fixed investment 174.1 204.1 247.4 258.6 264.8 262.8 252.3 254.5 262.1 263.5 259.8 27

28 Other fixed assets (3) 2.2 9.8 31.9 59.8 45.8 63.6 51.5 78.4 49.7 52.6 56.5 28

29 Consumer durables 164.5 202.8 228.6 244.5 263.5 244.8 243.9 225.8 217.4 197.0 176.8 29

30 Inventories (3) 5.9 4.5 1.5 0.8 -4.6 5.0 -0.0 2.8 -0.6 -3.0 -4.7 30

31 Net increase in liabilities 575.8 752.7 845.5 801.6 995.9 853.4 769.6 587.4 571.9 875.0 1001.3 31

32 Mortgage debt on nonfarm homes 258.1 388.5 433.1 420.5 359.9 488.1 439.3 394.7 430.8 620.3 543.2 32

33 Other mortgage debt (3) 31.8 86.5 102.3 88.3 76.2 113.3 80.6 83.3 81.5 130.1 111.2 33

34 Consumer credit 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 34

35 Policy loans 3.2 0.1 -5.1 2.8 -1.3 3.6 5.8 3.2 4.0 0.6 4.3 35

36 Security credit 36.8 21.6 75.2 7.2 234.2 -64.9 14.6 -155.0 -166.5 9.7 228.2 36

37 Other liabilities (3) 188.4 181.0 140.5 143.7 177.1 171.1 101.2 125.5 62.2 40.6 93.1 37

38 Net capital transfers (5) -26.4 -31.7 -35.9 -35.5 -36.3 -35.4 -35.1 -35.1 -37.6 -36.2 -34.1 38

39 Personal saving, with consumer durables (FOF) 356.6 462.1 374.8 286.6 257.8 354.5 270.9 263.4 570.3 306.3 505.5 39

40 Less net investment in consumer durables 164.5 202.8 228.6 244.5 263.5 244.8 243.9 225.8 217.4 197.0 176.8 40

41 = Personal saving, without consumer durables (FOF) (6) 192.1 259.3 146.2 42.1 -5.8 109.7 27.0 37.6 352.8 109.3 328.7 41

42 Personal saving (NIPA, excludes consumer durables) 252.9 301.5 160.8 67.6 53.4 88.1 54.4 74.7 78.8 81.5 284.4 42

43 Difference -60.8 -42.2 -14.7 -25.5 -59.2 21.6 -27.4 -37.1 274.0 27.8 44.3 43

 Memo:

44 Disposable personal income 5968.2 6355.6 6618.0 7031.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7577.0 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 6.0 7.3 5.7 4.1 3.8 5.1 3.8 3.7 7.8 4.2 6.7 45

46 Without consumer durables (FOF) (line 41) 3.2 4.1 2.2 0.6 -0.1 1.6 0.4 0.5 4.8 1.5 4.3 46

47 Without consumer durables (NIPA) (line 42) 4.2 4.7 2.4 1.0 0.8 1.3 0.8 1.0 1.1 1.1 3.8 47

48 Difference (line 43) -1.0 -0.7 -0.2 -0.4 -0.9 0.3 -0.4 -0.5 3.8 0.4 0.6 48

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

 (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).
16 Z.1, December 7, 2001

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 6937.0 7426.0 7777.3 8319.1 8104.4 8271.0 8381.5 8519.6 8640.2 8714.6 8772.5 1

 2 - Personal taxes and nontax payments 968.8 1070.5 1159.3 1288.2 1245.3 1277.3 1300.2 1329.8 1345.2 1351.4 1195.5 2

 3 = Disposable personal income 5968.2 6355.6 6618.0 7031.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7577.0 3

 4 - Personal outlays 5715.3 6054.1 6457.2 6963.3 6805.7 6905.6 7026.9 7115.1 7216.2 7281.7 7292.6 4

 5 = Personal saving, NIPA (2) 252.9 301.5 160.8 67.6 53.4 88.1 54.4 74.7 78.8 81.5 284.4 5

 6 + Government insurance and pension reserves (3) 3.4 4.4 3.8 1.8 0.3 2.7 0.8 3.3 2.8 6.9 0.1 6

 7 + Net investment in consumer durables 164.5 202.8 228.6 244.5 263.5 244.8 243.9 225.8 217.4 197.0 176.8 7

 8 + Consumption of fixed capital 615.4 642.8 694.7 750.5 727.7 742.6 758.7 773.1 787.9 822.1 843.2 8

 9 + Net capital transfers (4) -26.4 -31.7 -35.9 -35.5 -36.3 -35.4 -35.1 -35.1 -37.6 -36.2 -34.1 9

10 = Gross saving and net capital transfers 1009.8 1119.9 1052.1 1028.9 1008.6 1042.7 1022.7 1041.7 1049.4 1071.2 1270.3 10

11 Gross investment 945.0 1071.9 1032.1 1000.1 947.6 1060.1 992.9 999.7 1318.8 1090.3 1312.6 11

12 Capital expenditures 982.0 1081.7 1195.4 1282.5 1281.7 1277.9 1285.6 1284.7 1297.5 1310.9 1307.9 12

13 Residential 275.0 310.5 354.9 375.4 376.6 377.5 371.3 376.3 385.4 394.1 399.6 13

14 Consumer durable goods 651.5 709.2 775.8 835.7 836.7 829.7 841.5 834.7 838.1 844.7 840.3 14

15 Nonprofit nonresidential 55.6 62.1 64.7 71.4 68.4 70.6 72.8 73.7 74.0 72.1 68.0 15

16 Net financial investment -37.0 -9.8 -163.3 -282.4 -334.1 -217.8 -292.7 -285.0 21.3 -220.6 4.7 16

17 Net acquisition of financial assets 341.7 486.3 437.1 285.7 431.2 349.3 281.3 81.1 412.8 464.0 857.8 17

18 Foreign deposits 6.5 0.1 5.2 7.7 20.0 0.2 -2.6 13.3 -6.0 -16.0 -10.0 18

19 Checkable deposits and currency -33.7 -28.6 -41.5 -42.3 46.9 -106.9 -76.5 -32.5 64.5 71.8 98.1 19

20 Time and savings deposits 131.9 193.6 99.5 305.2 332.8 340.7 339.1 208.4 341.8 267.0 200.9 20

21 Money market fund shares 79.9 164.9 124.5 131.3 209.1 80.1 57.8 178.3 253.0 -44.6 242.2 21

22 Credit market instruments -11.8 -37.1 148.6 -170.0 -274.4 -10.4 -183.3 -212.1 -172.5 -140.5 -118.5 22

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

24 U.S. government securities -151.4 -160.1 81.1 -165.1 -284.6 -146.2 -106.8 -122.9 -496.2 21.0 42.3 24

25 Treasury -162.4 -85.2 -1.3 -153.7 -226.8 -221.5 -134.8 -31.5 -73.8 -109.9 81.3 25

26 Savings bonds -0.5 0.1 -0.2 -1.7 -3.5 -2.1 -0.9 -0.3 1.4 3.3 3.9 26

27 Other -161.9 -85.4 -1.2 -152.0 -223.3 -219.5 -133.9 -31.3 -75.2 -113.2 77.3 27

28 Agency 11.0 -74.8 82.4 -11.4 -57.8 75.3 28.1 -91.3 -422.5 131.0 -39.0 28

29 Municipal securities 52.5 17.8 40.2 14.6 30.4 -4.6 32.4 -0.1 92.5 0.2 -49.0 29

30 Corporate and foreign bonds 85.6 96.8 23.6 -25.6 -28.7 132.9 -114.9 -91.6 253.4 -147.0 -97.5 30

31 Mortgages 0.1 0.9 -0.3 1.1 3.5 2.4 1.0 -2.5 -0.1 3.3 0.7 31

32 Corporate equities (5) -293.4 -248.7 -264.4 -459.5 -554.9 -367.5 -410.6 -504.9 -324.0 -185.4 -199.9 32

33 Mutual fund shares 259.6 243.4 141.7 229.8 286.8 215.6 271.1 145.6 67.4 261.9 162.0 33

34 Security credit 52.6 61.2 47.2 88.6 189.4 -47.1 53.9 158.0 -48.2 49.9 285.6 34

35 Life insurance reserves 59.3 48.0 50.8 50.2 54.9 45.6 53.0 47.3 52.7 53.2 56.5 35

36 Pension fund reserves 201.4 202.1 184.4 215.9 206.9 260.7 227.0 168.8 255.5 168.7 192.9 36

37 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 37

38 Equity in noncorporate business -70.9 -80.6 -64.8 -46.2 -63.4 -45.0 -26.7 -49.7 -48.5 -25.1 -60.2 38

39 Miscellaneous assets 10.3 9.7 12.4 4.7 5.5 16.3 8.4 -11.5 3.2 25.8 36.3 39

40 Net increase in liabilities 378.7 496.1 600.4 568.1 765.3 567.1 574.0 366.1 391.5 684.7 853.1 40

41 Credit market instruments 332.7 467.2 517.1 554.9 526.9 624.3 554.5 514.0 554.4 671.2 616.2 41

42 Home mortgages (6) 240.4 351.4 389.5 382.6 327.5 444.6 397.9 360.3 387.8 581.0 502.3 42

43 Consumer credit 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 43

44 Municipal securities 10.0 12.0 10.4 5.8 3.3 10.2 4.9 4.6 4.9 0.9 12.0 44

45 Bank loans n.e.c. 8.0 6.2 -7.3 8.2 34.1 -2.6 4.1 -2.9 -17.3 -28.1 48.3 45

46 Other loans and advances 18.1 13.3 14.6 16.4 15.8 18.6 14.3 16.8 19.3 19.1 19.8 46

47 Commercial mortgages -1.2 9.4 10.5 3.1 -3.6 11.4 5.1 -0.5 -0.2 24.9 12.5 47

48 Security credit 36.8 21.6 75.2 7.2 234.2 -64.9 14.6 -155.0 -166.5 9.7 228.2 48

49 Trade payables 8.9 8.7 6.0 5.9 7.1 7.0 5.6 3.9 6.9 4.7 6.7 49

 Deferred and unpaid

50 life insurance premiums 0.3 -1.4 2.1 0.1 -2.9 0.8 -0.6 3.2 -3.3 -1.0 2.0 50

51 Discrepancy 64.8 48.0 20.0 28.9 61.0 -17.4 29.8 42.0 -269.4 -19.0 -42.2 51

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

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

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, December 7, 2001 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1134.1 1140.7 1200.7 1274.2 1255.9 1309.0 1286.5 1245.5 1202.8 1209.0 1193.3 1

 2 Gross saving and net capital transfers 869.6 864.0 912.8 968.1 929.8 974.8 988.8 979.0 941.5 950.1 969.9 2

 3 Gross investment 909.6 953.2 1010.6 1059.4 1014.7 1069.8 1082.3 1070.9 1018.8 988.4 1017.2 3

 4 Capital expenditures 900.2 980.2 1086.3 1186.1 1128.6 1203.4 1204.6 1207.6 1125.7 1082.0 1048.4 4

 5 Fixed investment 828.6 903.0 1026.0 1136.1 1097.7 1126.9 1151.5 1168.4 1150.9 1118.2 1104.3 5

 6 Residential 42.0 42.5 47.1 49.6 49.8 50.0 49.1 49.4 51.0 52.4 53.0 6

 7 Nonresidential 786.6 860.5 979.0 1086.6 1047.9 1076.9 1102.4 1119.0 1099.9 1065.8 1051.3 7

 8 Change in inventories 62.9 73.1 58.6 49.4 30.9 75.3 52.5 38.7 -25.5 -36.5 -56.2 8

 9 Access rights from federal government 8.8 4.1 1.7 0.6 0.0 1.2 0.7 0.5 0.3 0.3 0.3 9

10 Net financial investment 9.4 -27.1 -75.7 -126.6 -113.9 -133.6 -122.3 -136.7 -106.9 -93.6 -31.2 10

11 Net acquisition of financial assets 404.2 758.3 825.2 751.3 870.0 839.2 791.5 504.5 333.6 124.1 216.0 11

12 Foreign deposits -5.1 7.4 -2.3 -5.4 -24.0 17.2 54.0 -68.7 -27.1 0.9 -0.1 12

13 Checkable deposits and currency 30.0 69.2 59.0 49.1 23.4 93.4 106.4 -26.8 -58.3 -79.9 -35.9 13

14 Time and savings deposits 30.4 2.3 26.2 9.1 -43.8 -5.2 13.7 71.5 -32.0 -19.0 -0.0 14

15 Money market fund shares 23.9 36.1 33.1 50.4 9.9 3.6 79.0 109.1 158.2 140.6 40.1 15

16 Security RPs 0.7 -0.4 1.1 -0.5 3.1 -7.7 -0.9 3.3 -6.0 2.4 -5.6 16

17 Credit market instruments -9.7 2.2 4.3 8.2 54.7 60.8 -55.4 -27.2 -0.7 11.4 -29.9 17

18 Commercial paper 4.6 3.3 4.3 0.3 -6.1 0.8 7.6 -1.1 11.5 14.0 -13.5 18

19 U.S. government securities -36.6 5.5 -5.2 -8.3 8.1 4.7 -4.0 -41.9 -11.5 -8.7 12.5 19

20 Municipal securities -3.1 -1.5 -3.2 10.9 6.5 48.1 -32.9 22.0 -36.5 30.9 13.5 20

21 Mortgages 24.3 -1.1 3.0 2.9 2.9 10.2 -2.7 1.2 1.0 0.6 1.9 21

22 Consumer credit 1.2 -4.1 5.4 2.4 43.3 -3.1 -23.5 -7.3 34.8 -25.4 -44.3 22

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

24 Trade receivables 128.6 127.0 159.2 150.4 226.7 195.4 133.0 46.4 -74.3 -176.3 -109.7 24

25 Miscellaneous assets 213.6 507.1 546.5 491.9 621.8 483.5 463.5 398.7 375.6 245.8 359.1 25

26 Net increase in liabilities 394.8 785.4 901.0 877.9 984.0 972.8 913.8 641.2 440.4 217.7 247.2 26

27 Credit market instruments 393.6 554.0 601.6 587.2 628.5 744.4 440.0 535.8 352.6 494.7 360.6 27

28 Commercial paper 13.7 24.4 37.4 48.1 29.8 110.4 56.1 -4.0 -207.2 -141.5 -74.1 28

29 Municipal securities 4.2 5.8 5.1 1.4 2.2 0.1 1.0 2.1 2.3 3.3 1.1 29

30 Corporate bonds 150.5 218.7 229.9 171.1 186.2 153.8 168.8 175.6 400.9 428.0 187.7 30

31 Bank loans n.e.c. 98.4 102.0 90.0 94.9 105.4 169.2 42.9 62.2 11.4 -125.1 -58.2 31

32 Other loans and advances 42.6 67.6 42.9 86.2 125.9 107.2 3.6 108.0 -31.8 98.2 58.4 32

33 Mortgages 84.2 135.6 196.4 185.5 179.0 203.6 167.7 191.9 177.0 231.8 245.8 33

34 Corporate equities -114.4 -267.0 -143.5 -150.6 61.2 -245.2 -67.6 -350.8 -25.6 -72.6 -118.5 34

35 Trade payables 97.5 81.5 170.3 124.9 140.7 148.1 132.0 78.6 -28.5 -121.6 -116.8 35

36 Taxes payable 16.6 15.6 15.3 14.4 25.0 22.2 -5.6 16.0 -0.1 8.7 105.5 36

37 Miscellaneous liabilities 87.3 488.6 335.1 376.8 222.0 364.8 489.1 431.5 189.7 -33.9 55.6 37

38 Proprietors’ net investment -85.8 -87.2 -77.9 -74.7 -93.4 -61.5 -74.0 -69.8 -47.7 -57.6 -39.4 38

39 Discrepancy -40.0 -89.2 -97.8 -91.3 -84.9 -95.0 -93.6 -91.9 -77.3 -38.3 -47.3 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 7, 2001

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 494.5 457.5 467.8 500.9 498.6 532.8 510.3 461.9 410.0 407.4 379.2 1

 2 - Profit tax accruals 157.9 154.1 170.4 186.0 190.0 196.6 189.7 167.7 152.0 150.7 139.6 2

 3 - Dividends 216.4 239.7 237.3 266.1 258.4 253.6 273.0 279.1 297.8 291.1 310.5 3

 4 + Consumption of fixed capital 539.7 569.6 617.3 658.8 643.7 653.8 663.8 673.8 683.8 698.0 725.9 4

 5 = U.S. internal funds, book 659.9 633.3 677.4 707.6 693.9 736.3 711.3 689.0 644.0 663.6 655.1 5

 6 + Foreign earnings retained abroad 59.3 62.8 75.4 99.1 90.3 81.2 105.9 119.0 118.0 106.4 121.8 6

 7 + Inventory valuation adjustment (IVA) 8.5 18.4 -2.9 -12.4 -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 3.3 7

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

 9 = Total internal funds + IVA 727.6 714.4 750.0 794.4 760.4 802.7 813.6 800.7 760.1 761.2 780.2 9

10 Gross investment 767.6 803.6 847.8 885.7 845.3 897.7 907.2 892.6 837.4 799.5 827.5 10

11 Capital expenditures 778.6 849.6 916.2 982.2 945.3 992.1 1010.3 981.1 927.1 873.7 837.0 11

12 Fixed investment (2) 712.9 776.9 857.5 933.0 909.8 920.6 957.1 944.7 951.7 907.0 888.1 12

13 Inventory change + IVA 57.0 68.6 57.1 48.6 35.5 70.3 52.5 35.9 -24.9 -33.5 -51.5 13

14 Access rights from federal government 8.8 4.1 1.7 0.6 0.0 1.2 0.7 0.5 0.3 0.3 0.3 14

15 Net financial investment -11.1 -46.1 -68.5 -96.5 -100.0 -94.3 -103.1 -88.5 -89.6 -74.2 -9.5 15

16 Net acquisition of financial assets 272.4 569.9 665.2 622.7 746.7 653.7 689.1 401.2 218.1 10.8 128.8 16

17 Foreign deposits -5.1 7.4 -2.3 -5.4 -24.0 17.2 54.0 -68.7 -27.1 0.9 -0.1 17

18 Checkable deposits and currency 7.6 35.2 34.8 24.7 -0.8 50.8 90.9 -42.0 -77.8 -100.2 -54.3 18

19 Time and savings deposits 19.7 -6.8 16.2 5.1 -47.8 -12.9 12.6 68.4 -37.0 -24.4 -5.5 19

20 Money market fund shares 20.2 26.5 23.1 40.4 7.9 2.9 63.4 87.4 130.2 112.6 31.3 20

21 Security RPs 0.7 -0.4 1.1 -0.5 3.1 -7.7 -0.9 3.3 -6.0 2.4 -5.6 21

22 Commercial paper 4.6 3.3 4.3 0.3 -6.1 0.8 7.6 -1.1 11.5 14.0 -13.5 22

23 U.S. government securities -40.8 -0.6 -2.1 1.9 18.3 19.7 2.5 -32.9 -0.5 2.3 25.9 23

24 Municipal securities -3.6 -1.6 -3.4 10.7 6.3 47.9 -33.1 21.8 -36.7 30.7 13.3 24

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

26 Consumer credit 1.2 -4.1 5.4 2.4 43.3 -3.1 -23.5 -7.3 34.8 -25.4 -44.3 26

27 Trade receivables 93.5 86.3 113.4 109.6 185.9 117.1 116.0 19.3 -94.3 -190.3 -122.9 27

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

29 Miscellaneous assets 156.8 430.3 483.6 440.3 567.3 427.7 406.4 359.9 327.9 195.1 311.5 29

30 U.S. direct investment abroad (3) 84.3 129.1 136.2 122.0 128.5 95.2 117.9 146.2 138.5 121.9 83.3 30

31 Insurance receivables 1.9 1.7 1.0 -0.3 1.5 5.7 2.9 -11.4 3.3 10.6 36.4 31

32 Equity in GSEs -1.1 -0.7 -0.6 0.0 -0.1 -1.5 0.3 1.2 -1.3 1.7 -0.4 32

33 Investment in finance co. subs. -3.7 -6.4 26.8 7.4 38.7 -24.2 9.8 5.1 -10.8 -7.6 -5.2 33

34 Other 75.4 306.7 320.2 311.3 398.6 352.5 275.4 218.8 198.2 68.5 197.4 34

35 Net increase in liabilities 283.5 616.0 733.7 719.2 846.7 748.0 792.3 489.7 307.8 85.0 138.3 35

36 Net funds raised in markets 178.3 139.3 297.3 280.0 540.9 305.0 236.1 38.0 199.6 281.7 130.4 36

37 Net new equity issues -114.4 -267.0 -143.5 -150.6 61.2 -245.2 -67.6 -350.8 -25.6 -72.6 -118.5 37

38 Credit market instruments 292.7 406.3 440.8 430.6 479.7 550.2 303.7 388.8 225.2 354.3 248.9 38

39 Commercial paper 13.7 24.4 37.4 48.1 29.8 110.4 56.1 -4.0 -207.2 -141.5 -74.1 39

40 Municipal securities (4) 4.2 5.8 5.1 1.4 2.2 0.1 1.0 2.1 2.3 3.3 1.1 40

41 Corporate bonds (3) 150.5 218.7 229.9 171.1 186.2 153.8 168.8 175.6 400.9 428.0 187.7 41

42 Bank loans n.e.c. 51.1 81.8 73.0 74.3 84.9 134.5 36.3 41.5 8.5 -102.6 -39.6 42

43 Other loans and advances 39.8 54.3 34.5 73.4 109.8 93.2 -9.2 100.0 -31.5 79.9 67.7 43

44 Savings institutions 1.6 2.7 3.2 4.3 5.6 3.9 5.0 2.8 4.1 4.8 -0.3 44

45 Finance companies -0.5 33.1 48.8 57.0 88.3 75.6 43.4 20.7 -10.1 89.1 -68.8 45

46 U.S. government -0.3 -0.1 -0.3 -0.4 -0.6 -0.4 -0.7 -0.0 0.3 -1.2 1.4 46

47 Acceptance liabilities to banks -2.6 -4.3 -2.2 -0.0 2.8 -0.6 -3.2 0.8 9.9 -3.7 -8.3 47

48 Rest of the world 17.3 -1.0 -22.7 -2.2 -17.6 16.9 -40.6 32.4 -32.4 16.2 80.1 48

49 ABS issuers 24.4 23.8 7.7 14.7 31.3 -2.3 -13.2 43.2 -3.2 -25.3 63.6 49

50 Mortgages 33.4 21.4 61.0 62.3 66.9 58.1 50.8 73.6 52.3 87.2 106.2 50

51 Trade payables 65.1 57.6 144.4 101.6 113.7 113.3 118.5 60.8 -42.8 -132.7 -123.8 51

52 Taxes payable 9.3 4.8 7.0 6.9 16.3 11.1 -10.4 10.6 -4.1 5.5 103.0 52

53 Miscellaneous liabilities 30.8 414.2 285.1 330.7 175.9 318.7 448.0 380.4 155.0 -69.5 28.6 53

54 Foreign direct investment in U.S. 100.2 143.6 261.8 178.6 8.8 358.0 239.0 108.4 119.8 115.3 43.9 54

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

56 Other -76.5 268.7 22.2 151.1 166.0 -40.4 208.0 270.9 34.2 -185.8 -16.3 56

57 Discrepancy -40.0 -89.2 -97.8 -91.3 -84.9 -95.0 -93.6 -91.9 -77.3 -38.3 -47.3 57

 Memo:

58 Financing gap (5) 110.3 198.0 241.7 286.9 275.2 270.5 302.6 299.5 284.9 218.9 178.6 58

(1) Table F.9, line 6.

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

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

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

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

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 609.9 657.6 706.3 742.7 730.7 743.7 744.6 751.9 763.0 772.9 781.9 1

 2 Gross saving = capital consumption 118.5 124.4 136.0 144.7 141.2 143.4 145.8 148.4 150.8 157.4 157.7 2

 3 Gross investment 118.5 124.4 136.0 144.7 141.2 143.4 145.8 148.4 150.8 157.4 157.7 3

 4 Capital expenditures 91.1 100.3 145.8 177.5 162.7 182.3 168.0 197.0 169.5 181.1 182.2 4

 5 Fixed investment (1) 88.1 96.7 142.8 174.9 160.8 178.6 165.2 195.1 170.8 182.9 184.9 5

 6 Change in inventories 3.0 3.6 3.0 2.6 1.9 3.7 2.8 1.9 -1.3 -1.8 -2.7 6

 7 Net financial investment 27.4 24.1 -9.8 -32.8 -21.5 -38.9 -22.2 -48.6 -18.7 -23.7 -24.5 7

 8 Net acquisition of financial assets 131.1 186.0 160.6 129.3 124.1 184.8 102.0 106.5 115.3 110.9 84.9 8

 9 Checkable deposits and currency 22.2 32.1 25.0 25.0 25.0 43.4 15.9 15.7 20.0 20.8 18.9 9

10 Time and savings deposits 10.7 9.1 10.0 4.0 4.0 7.7 1.2 3.1 5.0 5.4 5.5 10

11 Money market mutual funds 3.7 9.7 10.0 10.0 2.0 0.7 15.7 21.6 28.0 28.0 8.8 11

12 Treasury securities 4.1 6.1 -3.1 -10.2 -10.2 -15.0 -6.5 -9.1 -11.0 -11.0 -13.4 12

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

14 Mortgages -1.6 11.9 10.0 7.9 7.9 15.2 2.3 6.2 6.0 5.6 6.9 14

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

16 Trade receivables 35.1 40.7 45.8 40.8 40.8 78.3 17.0 27.1 20.0 14.0 13.2 16

17 Miscellaneous assets 56.4 76.3 62.7 51.6 54.4 54.2 56.3 41.6 47.1 47.9 44.8 17

18 Insurance receivables 0.5 0.4 0.2 -0.1 0.4 1.4 0.7 -2.7 0.8 2.6 6.8 18

19 Equity investment in GSEs (2) 0.0 -0.1 0.0 -0.0 0.4 -0.3 -0.1 0.1 -0.1 -0.3 -0.1 19

20 Other 55.9 75.9 62.4 51.7 53.7 53.2 55.7 44.2 46.4 45.7 38.1 20

21 Net increase in liabilities 103.7 161.8 170.4 162.1 145.6 223.7 124.2 155.0 134.0 134.6 109.4 21

22 Credit market instruments 94.7 139.7 155.4 145.7 135.0 184.5 129.1 134.2 121.3 130.6 108.6 22

23 Bank loans n.e.c. 43.8 18.9 17.9 17.9 18.3 33.4 7.3 12.5 0.7 -20.2 -14.5 23

24 Other loans and advances 3.3 13.0 7.8 11.1 11.9 15.7 11.4 5.5 0.1 18.6 -10.0 24

25 Mortgages 47.7 107.7 129.7 116.7 104.8 135.4 110.4 116.2 120.5 132.2 133.1 25

26 Trade payables 31.0 23.1 25.5 22.4 26.0 33.2 14.3 16.1 12.8 11.2 9.6 26

27 Taxes payable 7.3 10.7 8.3 7.5 8.7 11.1 4.8 5.4 4.0 3.2 2.5 27

28 Miscellaneous liabilities 56.5 74.3 50.1 46.1 46.1 46.2 41.1 51.1 34.7 35.6 27.0 28

29 Proprietors’ net investment -85.8 -86.0 -68.8 -59.6 -70.2 -51.2 -65.1 -51.8 -38.9 -46.0 -38.3 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 29.7 25.6 26.6 30.6 26.5 32.5 31.6 31.7 29.8 28.7 32.2 1

 2 Net saving (corporate) 0.6 1.3 1.5 1.6 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2

 3 Consumption of fixed capital 23.0 23.9 25.4 27.4 26.6 27.1 27.7 28.2 28.8 29.6 30.1 3

 4 Corporate 3.3 3.9 4.2 4.5 4.4 4.5 4.6 4.7 4.8 4.9 5.0 4

 5 Noncorporate 19.7 19.9 21.2 22.9 22.2 22.6 23.1 23.6 24.0 24.7 25.1 5

 6 Gross saving 23.5 25.2 26.9 29.0 28.1 28.7 29.3 29.9 30.6 31.5 32.0 6

 7 Gross investment 23.5 25.2 26.9 29.0 28.1 28.7 29.3 29.9 30.6 31.5 32.0 7

 8 Capital expenditures 30.4 30.3 24.3 26.4 20.6 29.0 26.3 29.5 29.2 27.2 29.2 8

 9 Fixed investment (2) 27.5 29.4 25.8 28.1 27.1 27.7 29.1 28.6 28.5 28.4 31.2 9

10 Change in inventories 2.9 0.9 -1.5 -1.8 -6.5 1.3 -2.8 0.9 0.7 -1.2 -2.0 10

11 Net financial investment -6.9 -5.1 2.6 2.7 7.5 -0.3 3.0 0.4 1.4 4.3 2.8 11

12 Net acquisition of financial assets 0.7 2.5 -0.6 -0.7 -0.8 0.8 0.4 -3.2 0.1 2.4 2.3 12

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

14 Miscellaneous assets 0.4 0.5 0.2 -0.1 0.0 1.6 0.8 -2.7 0.6 2.8 2.7 14

15 Insurance receivables 0.4 0.4 0.2 -0.1 0.3 1.3 0.7 -2.6 0.8 2.4 2.5 15

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

17 Net increase in liabilities 7.6 7.6 -3.2 -3.4 -8.3 1.1 -2.6 -3.6 -1.3 -2.0 -0.6 17

18 Credit market instruments 6.2 8.0 5.5 10.9 13.8 9.7 7.2 12.8 6.0 9.8 3.1 18

19 Bank loans n.e.c. 3.5 1.2 -0.9 2.7 2.2 1.2 -0.8 8.2 2.2 -2.3 -4.2 19

20 Other loans and advances -0.5 0.3 0.6 1.7 4.2 -1.6 1.5 2.5 -0.4 -0.3 0.8 20

21 Mortgages 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 21

22 Trade payables 1.4 0.8 0.4 0.9 1.1 1.6 -0.9 1.7 1.5 -0.2 -2.5 22

23 Proprietors’ net investment 0.0 -1.2 -9.0 -15.1 -23.3 -10.3 -8.9 -18.1 -8.8 -11.6 -1.1 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, December 7, 2001

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1011.4 1074.4 1143.8 1222.7 1194.5 1215.4 1234.3 1246.5 1273.4 1294.3 1287.3 1

 2 Personal tax and nontax receipts 217.0 235.5 255.9 278.7 268.7 276.2 280.4 289.3 293.8 291.4 298.3 2

 3 Corporate profits tax accruals 34.2 34.6 34.8 36.8 37.7 38.2 37.3 34.1 31.8 30.7 27.7 3

 4 Indirect business tax and nontax accruals 552.6 583.9 612.5 651.6 640.8 646.8 655.7 662.9 673.5 680.4 684.1 4

 5 Contributions for social insurance 10.9 10.2 10.1 10.1 10.1 10.0 10.0 10.1 10.3 10.6 10.8 5

 6 Federal grants-in-aid 196.8 210.3 230.5 245.6 237.2 244.2 250.9 250.1 264.0 281.2 266.4 6

 7 Current expenditures, NIPA basis 980.4 1033.7 1101.6 1189.8 1161.2 1180.7 1199.5 1217.8 1251.1 1273.0 1285.0 7

 8 Consumption expenditures 766.5 808.3 858.3 929.0 907.2 922.3 936.6 950.0 966.7 981.3 991.5 8

 9 Transfer payments to persons 227.6 235.3 254.0 270.7 263.9 268.3 272.7 277.8 282.9 288.3 292.8 9

10 Net interest paid -0.9 0.4 -0.2 -0.3 -0.3 -0.4 -0.2 -0.2 -0.5 -0.8 -0.9 10

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

12 Subsidies less current surplus of govt. enterprises -12.4 -9.9 -10.1 -9.2 -9.2 -9.1 -9.2 -9.4 2.4 4.6 2.0 12

13 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Current surplus or deficit (-), NIPA basis 31.0 40.8 42.2 32.9 33.3 34.7 34.8 28.7 22.3 21.3 2.3 14

15 + Consumption of fixed capital 94.2 99.5 106.4 114.9 111.6 114.0 116.1 118.0 120.2 121.9 129.5 15

16 + Net capital transfers (2) 35.3 36.0 39.7 44.1 43.2 43.9 43.9 45.5 47.3 49.7 49.7 16

17 = Gross saving and net capital transfers 160.4 176.2 188.3 191.9 188.1 192.6 194.8 192.2 189.8 192.9 181.5 17

18 Gross investment 121.3 227.1 216.2 220.5 223.7 239.7 215.3 203.3 170.4 178.6 194.3 18

19 Fixed investment 183.3 191.0 210.2 221.8 226.0 217.8 220.6 222.7 233.1 244.2 233.7 19

20 Net financial investment -62.0 36.1 6.1 -1.3 -2.3 21.9 -5.3 -19.4 -62.7 -65.6 -39.4 20

21 Net acq. of financial assets 25.4 146.9 87.5 53.3 43.9 65.5 43.8 59.8 65.9 68.1 29.2 21

22 Checkable deposits and currency 4.4 -3.9 3.9 1.0 -5.9 -7.2 0.2 17.0 2.3 -6.5 -0.1 22

23 Time and savings deposits 5.8 12.8 10.9 9.4 -18.4 20.3 7.0 28.9 -11.5 1.7 -2.9 23

24 Security RPs 3.6 7.2 5.0 9.7 51.3 -9.4 12.0 -15.0 19.0 17.2 40.8 24

25 Credit market instruments 0.1 134.5 43.4 9.2 1.2 39.9 -16.4 12.1 1.5 -24.8 -30.4 25

26 Open market paper 14.3 28.0 1.9 7.6 6.9 17.5 -4.0 10.0 4.0 -17.2 20.0 26

27 U.S. government securities -18.5 93.5 26.0 -7.1 -14.4 11.7 -21.7 -4.1 -20.7 -18.9 -70.4 27

28 Treasury -17.7 30.0 -2.5 -30.6 -37.5 -15.2 -45.7 -24.1 -48.5 -41.5 -98.0 28

29 Agency -0.8 63.6 28.5 23.5 23.1 26.9 24.0 20.0 27.8 22.7 27.6 29

30 Municipal securities -0.7 -1.4 -1.5 0.6 -1.7 1.6 3.2 -0.8 2.1 -0.6 0.4 30

31 Corporate and foreign bonds 1.3 10.2 12.6 3.7 6.1 4.7 1.6 2.4 11.5 7.2 14.8 31

32 Mortgages 3.7 4.1 4.3 4.5 4.4 4.5 4.5 4.6 4.6 4.7 4.8 32

33 Corporate equities 16.8 9.4 3.5 -1.2 -5.6 10.7 -4.1 -5.6 16.9 21.0 20.3 33

34 Mutual fund shares -7.4 -12.3 4.3 0.8 -10.7 5.6 4.5 4.0 9.4 7.9 -0.8 34

35 Taxes receivable 3.3 9.1 8.8 11.9 13.3 16.6 9.9 7.7 4.6 3.0 -0.2 35

36 Miscellaneous assets -1.2 -9.7 7.7 12.3 18.7 -10.9 30.8 10.7 23.6 48.6 2.5 36

37 Net increase in liabilities 87.5 110.8 81.4 54.5 46.2 43.6 49.2 79.2 128.7 133.6 68.6 37

38 Credit market instruments 56.1 80.3 52.3 27.2 12.9 18.2 23.8 53.7 103.9 108.7 43.0 38

39 Municipal securities 57.3 79.1 52.7 28.2 14.5 19.8 25.1 53.4 103.4 108.3 42.9 39

40 Short-term 8.3 -6.3 3.6 3.2 4.4 8.4 -7.2 7.1 21.2 20.5 37.3 40

41 Other 49.0 85.4 49.1 25.0 10.1 11.5 32.3 46.3 82.3 87.7 5.6 41

42 U.S. government loans -1.2 1.2 -0.4 -1.0 -1.6 -1.6 -1.3 0.4 0.4 0.4 0.1 42

43 Trade payables 31.4 30.5 29.1 27.4 33.2 25.4 25.4 25.5 24.8 25.0 25.6 43

44 Discrepancy 39.1 -50.9 -27.9 -28.6 -35.6 -47.1 -20.5 -11.1 19.4 14.2 -12.8 44

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 7.
Z.1, December 7, 2001 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1625.5 1749.7 1872.8 2046.8 2003.0 2042.4 2064.3 2077.5 2087.4 2091.5 1908.6 1

 2 Personal tax and nontax receipts 751.8 834.9 903.3 1009.5 976.6 1001.1 1019.8 1040.5 1051.4 1060.0 897.2 2

 3 Corporate profits tax accruals 203.0 204.3 218.3 234.6 239.3 242.2 237.6 219.4 205.0 197.3 178.3 3

 4 Indirect business tax and nontax accruals 93.7 97.4 100.6 111.2 108.6 111.5 111.9 112.7 112.2 112.0 110.6 4

 5 Contributions for social insurance 577.0 613.1 650.7 691.5 678.5 687.6 695.0 704.9 718.8 722.2 722.5 5

 6 Current expenditures, NIPA basis 1678.8 1705.9 1753.6 1828.3 1790.2 1833.5 1834.4 1855.1 1882.1 1904.7 1918.8 6

 7 Consumption expenditures 456.9 453.1 469.6 493.7 483.4 503.8 493.6 494.1 507.5 510.1 512.7 7

 8 Transfers payments (net) 717.5 730.6 746.2 779.3 758.7 775.1 780.5 802.9 811.7 823.3 837.4 8

 9 Grants-in-aid to state and local governments 196.8 210.3 230.5 245.6 237.2 244.2 250.9 250.1 264.0 281.2 266.4 9

10 Net interest paid 276.2 278.5 263.9 262.9 264.2 264.4 262.9 259.9 253.5 242.5 232.5 10

11 Subsidies less current surplus of govt. enterprises 31.5 33.5 43.4 46.8 46.7 46.0 46.5 48.1 45.4 47.6 69.8 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -53.4 43.8 119.2 218.5 212.8 208.9 229.9 222.4 205.3 186.8 -10.2 13

14 + Consumption of fixed capital 86.8 88.2 91.7 96.4 94.9 95.9 97.0 97.9 98.4 99.4 99.9 14

15 - Insurance and pension reserves (1) 3.4 4.4 3.8 1.8 0.3 2.7 0.8 3.3 2.8 6.9 0.1 15

16 + Net capital transfers (2) -8.4 -3.6 -7.3 -7.9 -6.3 -7.7 -8.1 -9.7 -8.9 -12.7 -14.8 16

17 = Gross saving and net capital transfers 21.6 124.0 199.7 305.2 301.2 294.4 318.1 307.4 292.0 266.6 74.8 17

18 Gross investment 6.4 101.4 201.9 309.9 151.5 418.8 288.2 381.0 50.5 338.3 28.7 18

19 Fixed investment 81.4 86.1 94.5 96.5 95.1 97.2 93.5 100.1 97.8 99.9 101.8 19

20 Access rights sales -8.8 -4.1 -1.7 -0.6 0.0 -1.2 -0.7 -0.5 -0.3 -0.3 -0.3 20

21 Net financial investment -66.2 19.3 109.1 214.0 56.4 322.8 195.4 281.4 -47.0 238.7 -72.8 21

22 Net acq. of financial assets -9.6 -5.3 76.2 -57.8 -123.8 -45.6 15.8 -77.7 55.4 22.7 179.5 22

23 Gold, SDRs, and official foreign exchange 2.5 6.0 -7.1 -0.6 1.9 -8.3 -1.5 5.3 -1.2 5.0 19.2 23

24 Checkable deposits and currency -0.5 -16.7 66.2 -65.1 -140.3 -58.3 10.0 -71.7 40.1 -31.6 36.2 24

25 Time and savings deposits 1.0 1.3 0.7 1.0 0.4 1.0 2.1 0.4 8.2 5.9 7.2 25

26 Credit market instruments 5.1 13.5 5.8 7.3 6.5 7.7 4.5 10.6 4.6 4.0 1.0 26

27 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Mortgages -4.5 -0.8 -0.1 -0.9 -3.8 0.1 -1.3 1.6 -2.4 -0.6 -3.4 28

29 Other loans and advances 9.6 14.3 5.9 8.2 10.3 7.6 5.8 9.1 7.0 4.6 4.4 29

30 Trade receivables -3.2 1.5 4.6 5.3 6.0 7.2 4.3 3.7 9.9 10.0 7.4 30

31 Taxes receivable -9.0 -7.5 7.0 -4.3 8.2 5.1 -4.0 -26.4 -5.7 23.1 101.6 31

32 Miscellaneous assets -5.4 -3.5 -0.9 -1.4 -6.6 0.1 0.5 0.4 -0.5 6.3 6.9 32

33 Net increase in liabilities 56.5 -24.7 -32.9 -271.8 -180.2 -368.4 -179.6 -359.1 102.4 -216.0 252.2 33

34 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 34

35 Treasury currency 0.5 0.6 1.0 2.4 2.2 3.2 4.2 -0.0 -1.1 1.1 -0.0 35

36 Credit market instruments 23.1 -52.6 -71.2 -295.9 -217.2 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 36

37 Savings bonds -0.5 0.1 -0.2 -1.7 -3.5 -2.1 -0.9 -0.3 1.4 3.3 3.9 37

38 Other Treasury securities 23.7 -54.7 -70.8 -293.2 -211.7 -408.5 -222.9 -329.9 -3.5 -260.5 252.1 38

39 Budget agency securities -0.1 2.0 -0.2 -1.0 -2.1 1.8 -2.4 -1.2 -2.2 1.1 -0.4 39

40 Multifamily residential mortgages -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Trade payables -8.8 -8.0 0.7 1.3 3.2 -2.2 2.2 2.1 -11.0 -12.0 -13.8 41

42 Insurance and pension reserves (3) 42.0 42.5 42.5 22.3 39.3 41.9 36.3 -28.1 118.1 46.9 31.8 42

43 Miscellaneous liabilities 0.3 -7.1 -2.9 2.0 -7.6 5.4 7.9 2.3 0.6 4.1 -21.4 43

44 Discrepancy 15.2 22.6 -2.2 -4.6 149.7 -124.4 29.8 -73.6 241.5 -71.7 46.1 44

 Memo:

45 Change in cash balance (4) -2.2 -12.8 59.4 -55.1 -121.2 -41.1 15.1 -73.4 18.4 -15.6 61.9 45

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

(2) Table F.9, line 2.

(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 7, 2001

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1370.8 1450.7 1610.2 1917.6 1819.6 1905.0 1969.1 1976.5 1916.5 1833.2 1691.7 1

 2 U.S. imports 1055.8 1116.7 1240.7 1466.9 1393.6 1450.4 1511.8 1511.6 1481.2 1427.0 1315.9 2

 3 U.S. income payments to rest of world 274.3 289.6 320.6 396.3 378.1 404.5 404.7 397.9 389.4 358.6 329.2 3

 4 Net transfers to rest of world 40.8 44.5 49.0 54.4 47.9 50.1 52.6 67.0 45.9 47.6 46.6 4

 5 Foreign outlays to U.S. 1247.7 1251.1 1303.6 1487.1 1419.8 1487.6 1517.7 1523.1 1496.3 1426.5 1345.9 5

 6 U.S. exports 966.4 964.9 989.8 1102.9 1059.7 1099.7 1131.1 1121.0 1117.4 1079.6 1023.7 6

 7 U.S. income receipts from rest of world 281.3 286.1 313.8 384.2 360.1 387.9 386.6 402.1 378.9 346.9 322.2 7

 8 Net capital transfers (1) -0.4 -0.7 3.5 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 -0.8 8

 9 Gross saving and net capital transfers (2) 122.7 199.0 310.2 429.8 399.1 416.7 450.7 452.7 419.5 406.0 345.0 9

10 Net financial investment 272.0 145.5 373.2 444.0 235.4 626.4 458.2 455.8 323.0 499.4 376.8 10

11 Net acquisition of financial assets 649.8 474.3 783.2 940.5 980.0 940.9 886.2 954.7 837.5 678.6 435.4 11

12 Gold and SDRs (3) -0.4 -0.1 0.0 -0.7 -0.7 -0.7 -0.7 -0.7 -0.8 -0.6 -2.0 12

13 Net interbank assets -4.3 -27.1 -6.5 -11.5 5.9 138.4 -143.9 -46.6 -66.3 2.2 -7.4 13

14 U.S. checkable deposits and currency 29.9 14.8 39.9 -8.2 -81.9 9.8 8.0 31.3 11.3 7.1 38.5 14

15 U.S. time deposits 13.1 13.0 15.0 5.7 -9.5 1.4 -6.4 37.2 -40.3 2.6 -7.7 15

16 Security RPs 20.0 -18.8 14.8 5.1 -43.2 48.5 20.6 -5.6 97.1 13.5 -36.2 16

17 Credit market instruments 311.3 254.2 208.8 279.3 315.2 197.9 216.2 387.8 411.2 349.6 381.9 17

18 Open market paper 19.9 37.6 -13.0 8.7 -9.4 -7.2 -14.3 65.6 -4.1 12.8 -9.7 18

19 U.S. government securities 189.6 95.4 83.8 89.7 163.9 19.1 85.4 90.4 167.5 40.9 161.9 19

20 Official -2.2 -3.6 32.5 30.7 97.2 25.3 21.1 -21.0 10.2 -43.4 67.5 20

21 Treasury -6.7 -9.9 12.2 -10.2 64.8 -16.0 -36.0 -53.7 -4.1 -83.1 68.2 21

22 Agency 4.5 6.3 20.4 40.9 32.4 41.3 57.1 32.8 14.3 39.7 -0.7 22

23 Private 191.7 99.0 51.3 59.0 66.6 -6.2 64.3 111.4 157.3 84.3 94.4 23

24 Treasury 146.4 48.6 -20.5 -52.8 -37.4 -82.2 -50.0 -41.6 2.6 -33.1 -37.8 24

25 Agency 45.3 50.4 71.8 111.8 104.0 76.0 114.4 152.9 154.7 117.4 132.3 25

26 U.S. corporate bonds (4) 84.6 122.2 160.8 183.1 178.3 169.1 185.6 199.4 280.2 279.6 149.7 26

27 Loans to U.S. corporate business 17.3 -1.0 -22.7 -2.2 -17.6 16.9 -40.6 32.4 -32.4 16.2 80.1 27

28 U.S. corporate equities 67.8 42.0 112.3 193.8 266.2 136.1 214.9 158.2 164.4 137.8 37.2 28

29 Trade receivables 4.5 -7.5 -7.5 10.4 -1.6 3.9 9.1 30.2 6.4 -4.6 -6.8 29

30 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Miscellaneous assets 208.0 203.8 406.4 466.6 529.5 405.5 568.5 363.0 254.5 171.0 37.8 31

32 Foreign direct investment in U.S. (5) 105.6 178.2 301.0 287.7 146.0 361.6 304.2 338.8 209.9 268.7 95.9 32

33 Other 102.4 25.6 105.4 179.0 383.5 43.9 264.3 24.2 44.6 -97.7 -58.1 33

34 Net increase in liabilities 377.8 328.8 410.0 496.5 744.6 314.5 428.0 498.9 514.5 179.1 58.6 34

 U.S. official foreign exchange

35 and net IMF position 0.7 6.6 -8.7 -0.4 1.5 -8.8 0.7 4.9 -1.5 4.7 19.1 35

36 U.S. private deposits 107.7 6.5 61.0 120.8 313.3 3.4 -40.8 207.4 235.5 -146.5 15.4 36

37 Credit market instruments 71.8 43.4 27.9 67.0 120.3 -7.9 88.6 66.8 -6.9 -57.2 -126.8 37

38 Commercial paper 3.7 7.8 16.3 31.7 57.8 12.0 7.0 50.1 -25.4 -5.6 -26.5 38

39 Bonds 61.4 34.9 16.8 25.2 47.6 -27.3 71.4 9.0 17.1 -15.9 -101.4 39

40 Bank loans n.e.c. 8.5 6.7 0.5 11.3 15.4 5.7 11.9 12.2 13.0 -31.0 4.4 40

41 Official -0.8 0.8 0.2 0.5 -0.8 1.4 1.8 -0.3 0.4 -1.2 3.4 41

42 Banks -0.5 -0.7 -3.1 3.2 5.7 2.6 2.2 2.5 12.1 -28.3 1.1 42

43 Other 9.8 6.7 3.5 7.5 10.6 1.7 7.9 9.9 0.5 -1.5 -0.1 43

44 U.S. government loans -1.6 -1.0 -4.8 -0.6 0.3 0.4 -2.2 -0.8 -1.8 -4.3 -4.2 44

45 Acceptance liabilities to banks -0.2 -5.0 -0.9 -0.7 -0.8 1.2 0.5 -3.7 -9.9 -0.3 0.9 45

46 Foreign corporate equities (6) 57.6 101.3 114.4 99.7 62.6 185.9 61.1 89.4 109.2 208.8 10.9 46

47 Trade payables 5.1 -2.4 4.3 1.6 -2.4 12.1 -12.7 9.2 -5.8 11.5 6.3 47

48 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Miscellaneous liabilities 134.9 173.5 211.1 207.9 249.3 129.8 331.1 121.1 184.0 157.6 133.6 49

50 U.S. equity in IBRD, etc. 1.6 1.6 1.5 1.5 1.4 1.6 1.3 1.6 2.1 7.4 7.2 50

51 U.S. government deposits -0.0 -0.1 0.6 0.0 -1.2 0.2 0.4 0.6 -0.4 0.0 -0.7 51

52 U.S. direct investment abroad (4,5) 104.8 142.5 155.4 152.4 153.6 133.4 166.5 156.3 163.8 142.4 96.3 52

53 Other 28.6 29.5 53.6 53.9 95.6 -5.4 162.8 -37.4 18.5 7.8 30.9 53

54 Discrepancy (FOF basis) (7) -149.4 53.5 -63.0 -14.2 163.7 -209.7 -7.5 -3.2 96.5 -93.5 -31.8 54

 Memo:

55 Net U.S. exports, NIPA basis -89.4 -151.7 -250.9 -364.0 -333.9 -350.7 -380.7 -390.6 -363.8 -347.4 -292.2 55

56 + Net U.S. income receipts (8) 7.1 -3.5 -6.8 -12.1 -18.0 -16.6 -18.1 4.2 -10.5 -11.7 -7.0 56

57 - Net transfer payments to foreign 40.8 44.5 49.0 54.4 47.9 50.1 52.6 67.0 45.9 47.6 46.6 57

 = Net foreign investment in U.S.

58 (NIPA basis) -123.1 -199.7 -306.7 -430.5 -399.8 -417.4 -451.4 -453.4 -420.2 -406.7 -345.8 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

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

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, December 7, 2001 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.7 -2.1 0.2 4.5 4.4 4.5 4.6 4.7 4.4 4.4 4.2 1

 2 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 2

 3 Net acquisition of financial assets 38.8 32.8 130.0 -60.9 -299.3 18.5 19.2 17.9 33.3 53.7 120.6 3

 4 Gold and foreign exchange -1.5 0.8 -1.6 0.9 0.3 0.2 2.9 0.3 0.4 0.3 2.0 4

 5 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 5

 6 Treasury currency 0.6 0.7 1.7 3.6 4.0 3.9 3.3 3.3 2.5 1.6 0.7 6

 7 Federal Reserve float -3.6 0.9 -1.9 1.1 0.1 0.8 1.5 2.1 -2.9 -2.2 -0.2 7

 8 Fed. Res. loans to domestic banks 2.0 -2.0 0.2 -0.1 0.0 1.1 -0.6 -1.0 -0.4 0.5 -0.2 8

 9 Security RPs 2.3 6.5 110.3 -97.3 -402.8 26.9 -27.6 14.5 -15.1 24.2 106.7 9

10 Credit market instruments 38.3 21.1 25.7 33.7 102.0 -5.4 39.1 -0.9 53.7 26.4 8.7 10

11 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 U.S. government securities 38.3 21.1 25.7 33.7 102.0 -5.4 39.1 -0.9 53.7 26.4 8.7 12

13 Treasury 39.8 21.4 25.8 33.7 102.1 -5.4 39.2 -0.9 54.2 26.4 8.7 13

14 Agency -1.5 -0.3 -0.2 -0.1 -0.1 -0.0 -0.0 0.0 -0.5 0.0 0.0 14

15 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets 1.3 4.9 -1.3 1.1 -2.8 -1.0 4.5 3.6 -4.9 2.8 2.9 16

17 Net increase in liabilities 38.1 32.1 129.6 -61.3 -305.6 34.2 20.1 6.2 34.3 50.7 119.2 17

18 Depository institution reserves 6.3 -4.5 -2.3 -5.0 -5.1 0.4 -4.6 -10.7 14.7 1.5 22.5 18

19 Vault cash of commercial banks -0.2 -2.9 24.5 -22.2 -99.1 5.7 -10.9 15.7 -7.6 3.7 -3.3 19

20 Checkable deposits and currency 29.9 38.3 108.7 -35.3 -187.8 27.5 23.3 -4.1 48.8 50.2 84.2 20

21 Due to federal government -2.3 0.5 22.3 -22.9 -91.0 -19.5 30.4 -11.5 5.9 -17.7 30.1 21

22 Due to rest of the world 0.3 -0.3 -0.1 0.1 0.2 -0.1 0.1 0.3 -0.6 0.1 2.0 22

23 Currency outside banks 31.9 38.0 86.4 -12.5 -97.0 47.1 -7.2 7.1 43.5 67.8 52.1 23

24 Miscellaneous liabilities 2.1 1.3 -1.3 1.1 -13.5 0.5 12.3 5.3 -21.6 -4.7 15.8 24

25 Federal Reserve Bank stock 0.8 0.5 0.5 0.6 1.2 0.5 0.3 0.3 0.1 0.5 0.5 25

26 Other 1.3 0.8 -1.8 0.6 -14.8 -0.0 12.0 5.0 -21.8 -5.2 15.3 26

27 Discrepancy 1.7 -3.1 -0.6 3.8 -2.2 19.8 5.1 -7.4 5.0 1.0 2.4 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 7, 2001

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 35.5 29.9 47.9 51.2 53.1 51.9 48.5 51.2 49.0 50.6 56.6 1

 2 Fixed nonresidential investment 26.2 30.2 32.4 35.7 34.6 35.6 36.3 36.3 36.0 34.6 33.7 2

 3 Net acquisition of financial assets 457.3 443.7 352.5 487.8 356.1 707.5 566.3 321.2 115.1 305.0 456.9 3

 4 Vault cash -0.2 -2.9 24.5 -22.2 -99.1 5.7 -10.9 15.7 -7.6 3.7 -3.3 4

 5 Reserves at Federal Reserve 6.8 -4.6 -2.4 -4.0 -3.3 0.4 -2.8 -10.1 14.7 1.5 21.6 5

 6 Checkable deposits and currency -0.1 0.6 0.3 -0.5 -1.3 0.6 -2.6 1.2 0.6 -0.6 3.2 6

 7 Total bank credit 350.0 335.8 295.5 412.3 503.9 514.3 396.0 235.0 238.6 47.2 223.7 7

 8 U.S. government securities 83.8 35.4 48.4 -21.9 -15.7 -21.3 -7.2 -43.4 -103.5 -36.2 188.3 8

 9 Treasury 8.3 -56.1 12.7 -44.5 -86.3 -35.1 22.9 -79.6 -82.8 39.5 22.1 9

10 Agency 75.5 91.4 35.7 22.6 70.6 13.8 -30.1 36.2 -20.7 -75.6 166.2 10

11 Municipal securities 2.4 8.2 5.8 3.4 7.6 3.1 1.6 1.1 -2.6 15.5 3.8 11

12 Corporate and foreign bonds 27.8 38.0 38.8 57.6 -22.9 19.3 138.0 96.0 52.1 141.2 48.3 12

13 Total loans 234.7 253.4 200.1 370.4 529.0 512.4 262.6 177.6 280.5 -70.6 -26.0 13

14 Open market paper -0.8 -0.2 0.3 0.1 0.4 -0.4 -0.1 0.7 0.1 0.0 0.0 14

15 Bank loans n.e.c. 128.2 145.0 68.9 114.1 158.0 179.2 52.2 67.1 34.1 -170.0 -13.6 15

16 Mortgages 99.9 91.7 158.2 164.1 247.0 261.1 127.6 20.7 158.8 133.0 42.8 16

17 Consumer credit -14.2 -3.6 -9.2 41.7 39.5 55.7 53.9 17.8 13.7 54.4 -27.3 17

18 Security credit 21.7 20.5 -18.1 50.4 84.2 16.8 29.1 71.4 73.8 -88.1 -27.9 18

19 Corporate equities 0.6 1.3 1.2 0.3 0.8 0.9 1.3 -1.8 -1.5 -0.5 5.6 19

20 Mutual fund shares 0.8 -0.4 1.2 2.5 5.1 -0.1 -0.3 5.4 13.6 -2.1 3.8 20

21 Customers’ liab. on acceptances (2) -2.8 -9.3 -3.1 -0.7 2.0 0.7 -2.7 -2.9 0.0 -4.0 -7.4 21

22 Miscellaneous assets 103.5 124.1 37.8 102.9 -46.1 185.7 189.4 82.5 -131.2 257.1 219.0 22

23 Net increase in liabilities 490.5 469.1 289.7 527.7 461.3 860.8 515.1 273.6 344.8 279.9 678.3 23

24 Net interbank liabilities -25.8 -24.8 -4.6 6.9 31.3 145.7 -155.0 5.6 -52.8 14.1 0.4 24

25 To monetary authority -1.6 -1.1 -1.7 1.0 0.1 1.9 1.0 1.1 -3.2 -1.7 -0.5 25

26 To domestic banks (3) -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 26

27 To foreign banks -4.3 -27.1 -6.5 -11.5 5.9 138.4 -143.9 -46.6 -66.3 2.2 -7.4 27

28 Checkable deposits -19.8 -33.4 3.2 -85.2 -87.9 -100.7 -60.8 -91.4 -25.5 1.4 109.3 28

29 Federal government -0.9 -14.6 36.4 -33.2 -30.5 -22.6 -17.3 -62.3 4.3 -3.8 24.6 29

30 Rest of the world 4.8 -1.5 13.4 -9.5 -54.7 5.9 4.8 6.0 2.7 -4.1 3.7 30

31 Private domestic -23.7 -17.3 -46.6 -42.6 -2.7 -84.1 -48.3 -35.2 -32.4 9.4 81.0 31

32 Small time and savings deposits 148.3 183.7 71.3 213.3 145.6 159.7 213.0 334.8 222.2 197.7 198.0 32

33 Large time deposits 107.9 72.3 119.0 94.9 128.8 86.5 122.6 41.8 87.8 20.9 -40.8 33

34 Federal funds and security RPs (net) 89.0 87.0 110.6 63.6 133.1 198.9 59.2 -137.0 74.3 -62.1 23.7 34

35 Credit market instruments 46.1 72.9 67.2 60.0 78.3 99.3 43.4 18.8 148.3 -15.8 69.8 35

36 Open market paper 3.3 -1.5 6.1 0.6 -13.4 7.3 4.5 3.8 29.8 -7.4 -7.6 36

37 Corporate bonds 23.7 27.6 20.4 32.6 33.1 38.1 32.7 26.5 79.5 9.0 31.5 37

38 Other loans and advances 19.1 46.9 40.6 26.8 58.6 53.9 6.2 -11.4 39.0 -17.4 45.9 38

39 Corporate equity issues -27.7 -11.2 -10.6 -12.5 -26.1 -16.0 -2.8 -5.2 -8.1 -7.9 -20.6 39

40 Taxes payable 1.4 1.7 1.9 2.1 2.1 2.1 2.2 2.2 2.3 2.4 2.4 40

41 Miscellaneous liabilities 171.2 120.9 -68.3 184.7 56.0 285.3 293.3 104.1 -103.7 129.2 336.0 41

42 Discrepancy 42.4 25.1 -47.4 55.4 123.7 169.6 -39.0 -32.6 242.7 -9.1 244.3 42

 Memo:

43 Credit market funds advanced (4) 324.3 305.2 308.2 358.4 415.8 497.4 363.2 157.0 152.8 133.9 234.8 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, December 7, 2001 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -7.5 -11.1 -9.4 -3.3 -5.7 -3.1 -1.5 -2.7 -17.2 -7.5 3.4 1

 2 Fixed nonresidential investment 21.1 23.9 25.7 28.3 27.4 28.2 28.8 28.8 28.5 27.4 26.7 2

 3 Net acquisition of financial assets 290.8 328.1 344.1 329.2 355.5 520.1 344.0 97.4 112.7 177.9 390.6 3

 4 Vault cash and reserves at Federal Reserve 4.8 -5.7 21.6 -25.2 -98.5 5.5 -13.0 5.3 6.8 5.6 17.7 4

 5 Total bank credit 280.7 329.3 313.7 350.5 488.1 486.6 316.1 111.1 149.6 185.8 265.7 5

 6 U.S. government securities 54.3 39.6 27.4 -16.7 43.2 1.6 -46.5 -65.2 -135.3 26.3 145.6 6

 7 Treasury -6.1 -42.1 -1.9 -35.0 -32.2 -13.7 -6.5 -87.6 -104.4 13.8 4.0 7

 8 Agency 60.4 81.6 29.3 18.2 75.3 15.3 -40.0 22.4 -30.9 12.5 141.5 8

 9 Mortgage pool securities 31.1 53.7 -17.8 14.2 24.7 0.5 -25.8 57.3 41.5 61.4 89.9 9

10 Agency-issued CMOs 17.5 8.9 4.9 -9.8 -1.5 -4.6 -41.8 8.6 15.0 6.8 68.6 10

11 Other agency securities 11.8 19.1 42.2 13.8 52.2 19.3 27.5 -43.6 -87.4 -55.7 -17.0 11

12 Municipal securities 2.4 8.2 5.8 3.2 7.1 3.2 1.5 1.1 -1.2 15.5 3.9 12

13 Corporate and foreign bonds 19.6 32.4 43.3 52.4 -21.4 25.9 132.4 72.8 63.0 49.7 66.4 13

14 Private mortgage pool securities -1.2 0.9 0.9 -0.7 -5.3 -4.2 3.9 2.6 15.2 2.9 -2.5 14

15 Privately issued CMOs 0.7 20.3 5.7 8.0 -9.5 3.7 16.1 21.8 4.1 26.1 -40.6 15

16 Other bonds 20.2 11.1 36.7 45.2 -6.6 26.4 112.4 48.4 43.7 20.8 109.5 16

17 Total loans 203.0 248.2 234.9 308.7 453.2 455.2 227.6 98.8 211.0 96.9 40.5 17

18 Open market paper -0.6 -0.1 -0.1 0.2 -0.1 -0.4 0.3 1.2 0.0 0.0 0.0 18

19 Bank loans n.e.c. 108.1 144.3 92.2 98.2 135.5 168.8 59.3 29.2 11.1 -93.0 -5.1 19

20 Mortgages 105.5 95.8 160.6 161.5 242.6 255.3 125.8 22.2 156.2 129.3 37.6 20

21 Consumer credit -14.2 -3.6 -9.2 41.7 39.5 55.7 53.9 17.8 13.7 54.4 -27.3 21

22 Security credit 4.2 11.9 -8.7 7.1 35.8 -24.2 -11.6 28.5 30.0 6.2 35.3 22

23 Corporate equities 0.6 1.3 1.2 0.3 0.8 0.9 1.3 -1.8 -1.5 -0.5 5.6 23

24 Mutual fund shares 0.8 -0.4 1.2 2.5 5.1 -0.1 -0.3 5.4 13.6 -2.1 3.8 24

25 Customers’ liab. on acceptances (1) -0.2 -4.6 -2.5 -0.7 1.8 0.8 -1.9 -3.7 0.4 -2.5 -5.6 25

26 Miscellaneous assets 5.5 9.1 11.3 4.7 -35.9 27.1 42.8 -15.3 -44.1 -10.9 112.8 26

27 Net increase in liabilities 359.0 385.2 327.8 412.6 508.7 717.3 331.7 92.8 397.4 198.7 653.5 27

28 Net interbank liabilities 4.2 20.4 32.6 18.3 31.2 172.5 -32.7 -97.6 185.1 38.0 -50.0 28

29 Federal Reserve float -3.6 0.9 -1.9 1.1 0.1 0.8 1.5 2.1 -2.9 -2.2 -0.2 29

30 Borrowing from Federal Reserve banks 2.0 -2.0 0.2 -0.1 0.0 1.1 -0.6 -1.0 -0.4 0.5 -0.2 30

31 To domestic banking -6.7 -2.6 -12.1 -12.5 -11.6 1.9 18.8 -59.2 208.3 -4.6 42.0 31

32 To foreign banks 12.6 24.0 46.3 29.8 42.7 168.6 -52.5 -39.5 -20.0 44.3 -91.6 32

33 Checkable deposits -21.1 -34.4 2.8 -84.8 -83.3 -105.0 -55.5 -95.5 -23.3 -0.8 108.0 33

34 Federal government -0.9 -14.6 36.4 -33.2 -30.5 -22.6 -17.3 -62.3 4.3 -3.8 24.6 34

35 Rest of the world 4.4 -1.2 12.8 -9.2 -52.8 3.6 8.8 3.6 3.6 6.3 4.1 35

36 Private domestic -24.6 -18.6 -46.4 -42.4 -0.0 -86.0 -47.0 -36.8 -31.1 -3.3 79.3 36

37 Small time and savings deposits 143.9 186.3 72.4 210.4 146.6 155.3 215.5 324.3 228.0 169.0 213.1 37

38 Large time deposits 63.2 34.8 61.5 87.9 91.7 141.6 73.7 44.6 17.7 25.6 -7.3 38

39 Federal funds and security RPs (net) 63.4 66.8 128.7 12.8 124.6 137.8 -33.2 -178.1 45.1 58.1 41.0 39

40 Acceptance liabilities -0.3 -4.6 -2.5 -0.6 1.7 0.9 -1.8 -3.3 0.1 -2.2 -5.3 40

41 Corporate bonds 10.7 10.5 3.7 10.6 9.9 13.1 9.2 10.1 13.9 -3.7 11.4 41

42 Other loans and advances 19.1 46.9 40.6 26.8 58.6 53.9 6.2 -11.4 39.0 -17.4 45.9 42

43 Corporate equity issues 3.2 3.8 3.2 4.0 2.2 2.1 3.9 7.9 3.3 5.4 1.8 43

44 Taxes payable 1.4 1.7 1.9 2.1 2.1 2.1 2.2 2.2 2.3 2.4 2.4 44

45 Miscellaneous liabilities 71.2 53.0 -17.1 125.0 123.4 143.0 144.2 89.5 -113.9 -75.7 292.3 45

46 Investment by bank holding companies 40.7 55.3 2.9 53.6 80.8 35.9 54.9 42.7 65.5 41.5 102.4 46

47 Other 30.5 -2.4 -20.0 71.4 42.6 107.0 89.3 46.8 -179.5 -117.2 189.9 47

48 Discrepancy 39.6 22.0 -51.4 51.8 120.1 165.9 -42.7 -36.1 239.0 -14.1 239.6 48

 Memo:

49 Credit market funds advanced (2) 274.9 312.0 317.6 339.8 448.2 510.9 324.8 75.3 107.9 179.7 215.4 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 7, 2001

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.7 6.6 7.2 7.7 7.5 7.7 7.8 8.0 8.1 8.5 8.7 1

 2 Fixed nonresidential investment 4.6 5.7 6.1 6.8 6.6 6.8 6.9 6.9 6.8 6.6 6.4 2

 3 Net acquisition of financial assets 96.5 -4.8 -50.4 29.8 -150.3 109.3 60.2 100.1 -119.4 26.7 -67.6 3

 4 Reserves at Federal Reserve 1.8 -1.9 0.4 -1.0 -3.9 0.6 -0.7 0.2 0.3 -0.4 0.7 4

 5 Total bank credit 60.2 1.4 -28.9 67.3 52.7 18.9 74.3 123.3 85.4 -141.4 -44.8 5

 6 U.S. government securities 26.8 -5.5 11.8 0.0 -24.7 -25.4 32.1 18.2 37.9 -61.0 39.9 6

 7 Treasury 14.4 -10.3 7.5 -0.6 -21.5 -21.5 29.9 10.7 24.5 26.0 16.4 7

 8 Agency 12.5 4.8 4.3 0.6 -3.1 -4.0 2.2 7.5 13.4 -87.0 23.6 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 3.1 5.8 -5.2 7.6 4.4 -0.0 2.5 23.6 -14.7 94.2 -17.9 10

11 Total loans 30.3 1.1 -35.5 59.7 73.0 44.3 39.7 81.6 62.2 -174.5 -66.9 11

12 Open market paper -0.2 -0.1 0.4 -0.1 0.5 0.1 -0.4 -0.5 0.1 0.0 0.0 12

13 Bank loans n.e.c. 19.2 -1.9 -22.3 15.8 21.6 1.0 0.3 40.1 18.2 -78.8 -8.2 13

14 Mortgages -6.1 -5.5 -4.2 0.7 2.5 2.2 -0.9 -0.9 0.1 -1.5 4.6 14

15 Security credit 17.5 8.6 -9.4 43.2 48.4 41.0 40.7 42.9 43.8 -94.3 -63.2 15

16 Corporate equities -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Customers’ liab. on acceptances (2) -2.5 -4.7 -0.6 -0.0 0.2 -0.2 -0.8 0.7 -0.4 -1.5 -1.8 17

18 Miscellaneous assets 37.0 0.4 -21.3 -36.5 -199.2 90.0 -12.7 -24.1 -204.8 169.9 -21.6 18

19 Net increase in liabilities 98.9 -2.0 -47.2 33.4 -146.9 112.8 63.8 103.8 -115.6 30.6 -63.5 19

20 Net interbank liabilities -30.4 -55.4 -41.2 -41.6 -125.2 -23.9 -96.3 79.1 -122.5 26.7 22.8 20

21 To foreign banks -17.6 -51.7 -48.6 -58.5 -118.8 -22.3 -79.4 -13.7 -90.6 -54.4 48.1 21

22 To domestic banks -12.7 -3.7 7.4 17.0 -6.4 -1.6 -16.9 92.8 -31.9 81.0 -25.3 22

23 Checkable deposits 0.8 -0.2 0.4 -0.3 -3.2 4.2 -5.0 2.8 -2.1 0.0 2.1 23

24 Small time and savings deposits 4.4 -3.6 -1.9 1.4 -1.3 1.8 -4.7 10.0 -5.2 23.2 -16.6 24

25 Large time deposits 44.7 36.5 56.7 5.6 36.7 -57.6 46.6 -3.4 70.6 -10.2 -35.0 25

26 Federal funds and security RPs (net) 25.6 19.7 -18.3 52.4 7.6 59.3 92.8 49.8 22.1 -120.7 -18.1 26

27 Acceptance liabilities -2.4 -4.8 -0.4 -0.0 -0.2 -0.3 -0.4 0.7 -0.8 -2.4 -1.3 27

28 Miscellaneous liabilities 56.2 5.7 -42.5 15.9 -61.3 129.2 30.8 -35.3 -77.7 113.8 -17.6 28

29 Foreign direct investment in U.S. 7.7 5.5 19.1 9.6 20.4 1.9 3.3 12.7 1.2 15.6 8.7 29

30 Due to affiliates 14.3 11.8 2.5 45.6 86.1 -0.1 21.5 75.0 14.6 -20.2 -94.9 30

31 Other 34.2 -11.5 -64.1 -39.4 -167.8 127.3 6.0 -123.0 -93.5 118.5 68.7 31

32 Discrepancy 3.5 3.7 4.2 4.5 4.3 4.4 4.6 4.8 5.1 5.8 6.3 32

 Memo:

33 Credit market funds advanced (3) 40.2 -11.9 -20.1 24.0 4.5 -22.3 32.8 81.1 41.3 -48.6 16.5 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 7, 2001 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 37.2 34.2 49.9 46.5 51.0 47.1 42.0 45.7 57.8 49.5 44.3 1

 2 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 64.5 110.6 55.1 124.6 148.2 70.4 150.8 129.2 123.0 79.2 138.1 3

 4 Credit market instruments 5.4 -0.9 6.2 -12.2 -42.2 3.5 -6.7 -3.2 7.3 -2.8 -1.4 4

 5 U.S. government securities 0.5 -1.9 6.6 -8.5 -33.8 1.5 0.6 -2.1 2.1 -0.7 -0.6 5

 6 Treasury -0.1 -3.1 7.9 -7.9 -31.4 0.6 0.1 -1.1 -0.3 0.7 -0.3 6

 7 Agency 0.6 1.1 -1.3 -0.5 -2.4 0.9 0.4 -1.1 2.4 -1.4 -0.3 7

 8 Corporate and foreign bonds 5.0 -0.7 1.2 -2.8 -5.5 -6.6 1.7 -0.6 0.8 -1.8 -0.7 8

 9 Bank loans n.e.c. -0.0 1.7 -1.6 -0.9 -2.9 8.6 -9.0 -0.5 4.3 -0.2 -0.1 9

10 Miscellaneous assets 59.0 111.6 48.9 136.8 190.4 67.0 157.5 132.4 115.7 82.0 139.5 10

11 Investment in bank subsidiaries 40.7 55.3 2.9 53.6 80.8 35.9 54.9 42.7 65.5 41.5 102.4 11

12 Investment in nonbank subsidiaries 25.0 44.1 17.2 62.3 132.8 2.2 56.0 58.3 55.3 38.5 14.8 12

13 Other -6.7 12.1 28.9 20.9 -23.2 28.8 46.6 31.4 -5.2 2.0 22.3 13

14 Net increase in liabilities 27.4 76.6 5.3 78.3 97.3 23.4 108.9 83.6 65.3 29.9 93.9 14

15 Net interbank liabilities 0.3 10.2 4.0 30.1 125.3 -2.9 -26.0 24.1 -115.4 -50.6 27.6 15

16 To domestic banks -0.4 9.6 8.2 12.9 43.3 5.0 -14.1 17.5 -159.7 -62.8 -8.5 16

17 To foreign banks 0.8 0.6 -4.3 17.2 82.0 -7.9 -12.0 6.6 44.3 12.3 36.1 17

18 Federal funds and security RPs (net) 0.0 0.5 0.1 -1.6 0.8 1.8 -0.4 -8.7 7.0 0.5 0.7 18

19 Credit market instruments 19.0 24.9 25.8 23.2 8.3 31.7 30.3 22.7 96.1 9.9 19.1 19

20 Commercial paper 6.0 7.8 9.1 1.2 -14.9 6.7 6.8 6.3 30.5 -2.8 -0.9 20

21 Corporate bonds 13.0 17.1 16.7 22.0 23.2 25.0 23.5 16.3 65.6 12.7 20.1 21

22 Corporate equity issues -30.9 -15.0 -13.8 -16.5 -28.3 -18.1 -6.7 -13.1 -11.4 -13.3 -22.4 22

23 Miscellaneous liabilities 39.0 56.0 -10.8 43.1 -8.9 10.9 111.8 58.7 88.9 83.4 68.9 23

24 Equity, etc. -13.1 24.7 -38.6 10.3 -0.4 -19.9 27.7 33.7 35.1 -8.5 24.2 24

25 Other 52.1 31.2 27.8 32.8 -8.5 30.7 84.1 25.0 53.8 91.9 44.7 25

26 Discrepancy -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 5.5 9.8 3.7 4.0 2.7 7.6 11.4 -5.5 -1.1 21.2 -4.3 3

 4 Checkable deposits and currency -0.1 0.6 0.3 -0.5 -1.3 0.6 -2.6 1.2 0.6 -0.6 3.2 4

 5 Credit market instruments 3.7 6.0 4.4 6.7 5.4 5.4 12.3 3.8 -3.6 5.6 4.2 5

 6 U.S. government securities 2.1 3.2 2.6 3.3 -0.4 1.1 6.7 5.7 -8.3 -0.7 3.4 6

 7 Treasury 0.1 -0.7 -0.7 -1.0 -1.2 -0.5 -0.6 -1.7 -2.6 -1.0 2.0 7

 8 Agency 2.0 3.9 3.3 4.3 0.8 1.6 7.3 7.4 -5.7 0.3 1.3 8

 9 Municipal securities -0.0 -0.1 0.1 0.1 0.5 -0.0 0.0 0.1 -1.4 -0.0 -0.1 9

10 Corporate and foreign bonds 0.1 0.5 -0.5 0.3 -0.4 0.0 1.3 0.3 3.0 -0.9 0.5 10

11 Bank loans n.e.c. 0.9 0.9 0.5 1.1 3.8 0.8 1.6 -1.7 0.5 2.1 -0.2 11

12 Home mortgages 0.1 1.1 0.6 1.0 1.4 2.2 1.5 -1.0 -8.1 2.1 0.2 12

13 Commercial mortgages 0.5 0.4 1.2 0.8 0.4 1.3 1.1 0.4 10.6 3.0 0.4 13

14 Miscellaneous assets 1.8 3.1 -1.0 -2.1 -1.4 1.6 1.7 -10.5 1.9 16.2 -11.7 14

15 Net increase in liabilities 5.1 9.4 3.8 3.4 2.2 7.2 10.8 -6.6 -2.3 20.7 -5.6 15

16 Checkable deposits 0.4 1.2 0.0 -0.1 -1.4 0.0 -0.3 1.2 -0.1 2.2 -0.8 16

17 Small time and savings deposits -0.0 1.0 0.8 1.4 0.4 2.5 2.3 0.5 -0.6 5.4 1.4 17

18 Large time deposits -0.0 1.0 0.8 1.4 0.4 2.5 2.3 0.5 -0.6 5.4 1.4 18

19 Miscellaneous liabilities 4.7 6.3 2.2 0.7 2.8 2.3 6.5 -8.8 -1.0 7.6 -7.7 19

20 Discrepancy -0.4 -0.4 0.1 -0.7 -0.6 -0.5 -0.7 -1.1 -1.2 -0.6 -1.5 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 7, 2001

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.9 4.2 7.3 9.1 8.8 9.3 9.2 9.3 9.4 9.6 9.9 1

 2 Fixed nonresidential investment 3.8 4.1 4.4 4.8 4.7 4.8 4.9 4.9 4.9 4.2 4.1 2

 3 Net acquisition of financial assets -8.4 60.8 63.0 67.2 42.9 82.6 82.4 60.9 156.7 72.6 50.5 3

 4 Reserves at Federal Reserve -0.5 0.1 0.1 -1.0 -1.8 0.1 -1.9 -0.5 0.0 0.0 0.9 4

 5 Checkable deposits and currency 1.0 3.2 1.7 -0.4 -15.3 4.7 -0.1 9.0 -0.2 8.2 0.5 5

 6 Time and savings deposits -0.4 0.5 -0.1 0.1 2.4 -2.4 -0.8 1.2 1.2 2.7 -0.7 6

 7 Federal funds and security RPs -0.8 5.5 -4.2 4.3 3.7 2.0 10.7 0.7 27.1 1.3 15.2 7

 8 Credit market instruments -4.7 36.1 68.6 56.5 55.6 65.0 62.7 42.5 52.5 57.3 -6.0 8

 9 Open market paper -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities -3.6 -16.1 3.7 -8.1 -21.0 -12.4 -2.8 3.9 16.5 18.9 -11.0 10

11 Treasury -2.8 -4.4 -0.0 -1.4 -0.8 -3.3 -1.4 -0.2 -3.0 -2.1 -3.5 11

12 Agency -0.8 -11.7 3.7 -6.7 -20.2 -9.1 -1.5 4.1 19.4 21.0 -7.4 12

13 Municipal securities 0.0 0.4 0.5 0.2 0.3 -0.2 -0.0 0.6 2.9 0.3 0.3 13

14 Corporate and foreign bonds -9.9 29.9 23.3 -2.5 15.0 -20.5 -13.2 8.7 -54.0 -11.1 -20.2 14

15 Other loans and advances 3.1 5.3 6.5 8.7 11.2 7.8 10.1 5.7 8.2 9.6 -0.6 15

16 Mortgages 3.5 12.1 24.7 55.2 60.3 82.4 62.4 15.5 75.2 40.3 10.5 16

17 Consumer credit 2.5 4.4 9.9 3.0 -10.2 7.9 6.3 8.1 3.8 -0.7 14.9 17

18 Corporate equities 0.2 1.5 -0.7 0.4 1.5 -1.3 1.5 0.1 4.7 3.0 2.4 18

19 Miscellaneous assets -3.2 13.8 -2.5 7.4 -3.1 14.5 10.3 8.0 71.3 -0.0 38.2 19

20 Net increase in liabilities -9.5 57.6 61.8 66.3 41.0 82.4 79.0 62.7 152.7 71.6 48.3 20

21 Deposits -25.7 -2.6 6.8 27.5 25.1 16.8 54.0 14.3 98.7 31.8 60.6 21

22 Checkable 27.1 36.1 37.2 43.1 45.2 42.8 40.6 43.9 51.1 53.2 46.3 22

23 Small time and savings -64.4 -54.3 -38.9 -35.5 -47.4 -35.1 -19.0 -40.7 6.7 -37.6 -30.6 23

24 Large time 11.7 15.7 8.5 19.9 27.3 9.0 32.3 11.0 40.9 16.2 44.9 24

25 Security RPs -1.9 9.5 21.4 -6.1 3.2 6.0 24.6 -58.1 1.8 9.9 -59.8 25

26 Credit market instruments 19.7 52.2 48.0 27.3 57.5 69.0 -37.9 20.4 62.5 16.1 12.6 26

27 Corporate bonds 0.1 -0.2 0.2 3.5 -0.0 0.0 2.6 11.5 -14.0 14.5 -1.2 27

28 Bank loans n.e.c. 3.5 10.3 -15.7 7.4 25.4 3.5 -1.9 2.7 4.6 -3.8 6.7 28

29 Other loans and advances 16.2 42.1 63.5 16.3 32.1 65.5 -38.6 6.3 71.9 5.4 7.2 29

30 Taxes payable 0.4 0.2 0.0 0.4 -1.4 0.3 1.5 1.3 -0.7 -0.9 0.1 30

31 Miscellaneous liabilities -2.1 -1.6 -14.4 17.1 -43.5 -9.6 36.8 84.8 -9.5 14.7 34.8 31

32 Investment by parent 0.3 0.4 0.5 0.7 0.6 0.6 0.7 0.7 0.7 0.8 0.8 32

33 Other -2.4 -2.1 -15.0 16.5 -44.1 -10.2 36.1 84.1 -10.3 14.0 34.0 33

34 Discrepancy -1.9 -3.0 1.7 3.4 2.1 4.2 0.9 6.2 0.6 4.4 3.5 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 7, 2001 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.2 5.4 5.9 6.7 6.4 6.6 6.9 7.0 6.4 6.7 6.4 1

 2 Fixed nonresidential investment 2.2 2.6 2.8 3.1 3.0 3.1 3.1 3.1 3.1 2.9 2.8 2

 3 Net acquisition of financial assets 23.7 37.7 23.0 26.5 28.3 7.5 40.9 29.5 73.8 59.5 79.8 3

 4 Checkable deposits and currency 0.6 1.0 17.3 -14.2 1.1 0.9 -28.7 -30.2 12.7 25.5 22.4 4

 5 Time and savings deposits 0.6 6.4 -6.8 0.5 2.6 -8.7 -0.7 8.6 8.8 -7.8 5.0 5

 6 Federal funds and security RPs 2.0 3.4 2.4 -5.3 -11.4 -18.9 31.8 -22.7 16.0 -1.5 10.4 6

 7 Credit market instruments 16.8 19.0 27.5 30.5 35.7 31.6 21.2 33.6 23.2 7.6 61.7 7

 8 Open market paper -0.1 0.2 1.5 -0.6 -4.1 -2.0 3.6 -0.0 -0.4 1.8 -1.1 8

 9 U.S. government securities -1.4 4.9 -0.6 -1.8 6.7 -3.2 -15.8 5.3 19.1 -16.7 36.2 9

10 Treasury -1.8 -2.5 -3.5 -1.4 -1.0 -2.1 -1.0 -1.5 -1.0 -5.7 -0.5 10

11 Agency 0.4 7.3 2.9 -0.4 7.7 -1.1 -14.8 6.8 20.1 -11.0 36.6 11

12 Home mortgages 10.1 10.9 14.1 16.4 16.2 15.8 17.2 16.3 -0.5 14.4 34.1 12

13 Consumer credit 8.2 3.0 12.5 16.5 16.9 20.9 16.2 12.0 5.0 8.0 -7.5 13

14 Mutual fund shares -0.2 1.2 -1.1 -0.3 2.7 -3.8 -0.2 0.0 -0.9 6.4 -1.9 14

15 Miscellaneous assets 3.8 6.8 -16.3 15.4 -2.4 6.3 17.5 40.1 14.0 29.4 -17.8 15

16 Net increase in liabilities 20.5 34.7 20.8 22.0 23.6 4.9 35.7 23.8 69.1 56.6 76.1 16

17 Shares/deposits 20.3 33.6 17.7 22.4 28.1 0.7 30.3 30.6 77.1 44.9 78.1 17

18 Checkable 4.1 6.4 2.3 5.9 23.7 -3.5 1.9 1.4 15.8 -4.0 5.5 18

19 Small time and savings 13.2 23.1 12.3 13.0 6.4 -1.6 30.5 16.7 59.4 34.0 61.8 19

20 Large time 2.9 4.1 3.1 3.5 -2.0 5.7 -2.0 12.4 2.0 14.9 10.8 20

21 Other loans and advances 0.1 0.6 2.2 0.0 -2.9 0.9 1.1 1.0 -0.6 0.8 1.5 21

22 Miscellaneous liabilities 0.1 0.5 0.9 -0.4 -1.5 3.3 4.3 -7.8 -7.4 10.8 -3.5 22

23 Discrepancy -0.2 -0.2 0.8 -0.9 -1.3 1.0 -1.5 -1.8 -1.4 0.9 -0.2 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -44.7 -41.6 -8.2 -30.6 -29.5 -34.3 -30.0 -28.7 -26.6 -23.0 -28.3 1

 2 Deposits -2.9 6.2 8.4 4.3 4.2 5.2 3.2 4.6 3.8 4.2 4.1 2

 3 Checkable deposits and currency 0.0 -0.5 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 3

 4 Time and savings deposits 1.0 -2.1 0.9 0.6 1.0 0.8 0.4 0.3 0.5 0.3 0.4 4

 5 Money market fund shares -4.0 8.8 7.5 3.7 3.2 4.4 2.8 4.3 3.4 4.0 3.8 5

 6 Credit market instruments -25.0 -12.8 27.8 17.1 18.9 13.8 17.6 18.1 10.7 13.4 8.8 6

 7 Open market paper -0.2 -4.5 0.6 0.6 0.7 0.4 0.8 0.5 -4.2 -3.7 -3.4 7

 8 U.S. government securities -10.1 -4.4 5.7 3.8 3.2 3.4 4.2 4.5 1.9 2.7 0.8 8

 9 Treasury -5.4 -3.1 -0.0 -0.8 -0.9 -0.9 -0.7 -0.7 -1.4 -1.2 -1.8 9

10 Agency -4.7 -1.4 5.7 4.6 4.0 4.3 4.9 5.2 3.3 3.9 2.5 10

11 Municipal securities -13.3 -1.1 10.8 4.7 7.2 3.6 5.2 3.0 3.1 2.0 1.4 11

12 Corporate and foreign bonds -0.8 -2.6 11.3 8.1 8.0 6.6 7.6 10.2 10.1 12.4 10.0 12

13 Mortgages -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.2 -0.1 -0.1 -0.0 -0.1 13

14 Corporate equities -0.5 -70.4 -40.4 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 14

15 Mutual fund shares -14.9 27.0 -1.5 -30.5 -30.5 -30.5 -30.5 -30.5 -20.0 -20.0 -20.0 15

16 Miscellaneous assets -1.4 8.4 -2.5 -1.5 -2.1 -2.8 -0.2 -0.9 -1.1 -0.7 -1.2 16

17 Net increase in liabilities (2) -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 17

18 Discrepancy -5.3 -0.2 1.7 0.9 1.1 1.2 0.8 0.7 0.5 0.3 0.1 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, December 7, 2001

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -5.9 -7.5 0.2 1.3 0.8 1.5 1.4 1.3 1.3 1.2 0.5 1

 2 Fixed nonresidential investment 11.4 12.1 13.0 14.3 13.9 14.3 14.5 14.5 14.4 13.2 12.8 2

 3 Net acquisition of financial assets 213.7 187.0 169.3 203.5 218.3 210.6 230.3 154.8 259.7 227.0 282.3 3

 4 Checkable deposits and currency 3.8 -2.7 0.0 -0.5 -5.6 6.4 -7.9 5.2 51.5 22.5 4.4 4

 5 Money market fund shares 32.6 17.6 23.4 8.5 5.3 -5.7 11.8 22.6 89.5 88.2 24.5 5

 6 Credit market instruments 104.8 76.9 53.5 57.9 65.0 52.9 74.8 38.8 95.3 124.9 162.4 6

 7 Open market paper 17.5 7.5 2.0 -4.5 -15.1 12.2 -3.1 -12.2 -41.1 -0.2 18.6 7

 8 U.S. government securities -1.4 -23.7 -2.3 6.3 10.5 2.3 8.7 3.9 15.6 -0.5 16.1 8

 9 Treasury 1.6 -14.1 -9.3 -4.6 -4.0 -5.0 -4.1 -5.4 -17.3 -20.2 -18.0 9

10 Agency -3.0 -9.6 7.0 11.0 14.6 7.3 12.8 9.3 32.9 19.7 34.2 10

11 Municipal securities 0.1 1.7 1.7 -1.0 -0.5 -1.4 -0.9 -1.2 1.6 3.4 1.5 11

12 Corporate and foreign bonds 86.8 84.5 41.5 49.0 76.9 23.1 55.8 40.2 118.8 113.1 118.9 12

13 Policy loans 3.2 0.1 -5.0 2.9 -1.3 3.6 5.8 3.2 4.0 0.6 4.3 13

14 Mortgages -1.3 6.8 15.7 5.2 -5.7 13.0 8.5 4.8 -3.6 8.4 3.1 14

15 Corporate equities 86.3 115.3 111.9 105.9 126.4 127.1 97.7 72.5 93.6 64.0 74.7 15

16 Mutual fund shares -7.2 -23.4 15.0 11.0 12.0 12.4 10.1 9.6 2.0 2.0 2.0 16

17 Miscellaneous assets -6.7 3.5 -34.6 20.7 15.2 17.6 43.8 6.2 -72.2 -74.6 14.3 17

18 Net increase in liabilities 186.0 173.1 152.9 195.1 188.9 209.5 210.6 171.4 189.5 215.1 275.6 18

19 Corporate equity issues -4.0 -4.7 -6.0 -0.8 -6.2 12.9 -4.9 -4.8 -6.8 -5.0 -4.4 19

20 Other loans and advances 0.2 0.7 0.7 -0.7 -0.7 -1.1 -0.3 -0.7 -2.4 0.1 3.5 20

21 Life insurance reserves 57.6 46.7 49.4 48.7 53.7 43.0 52.7 45.5 52.0 50.8 56.5 21

22 Pension fund reserves (1) 95.0 86.4 70.7 121.8 104.2 132.3 132.1 118.6 94.3 77.0 119.0 22

23 Taxes payable 1.2 1.2 1.3 1.6 1.4 1.6 1.6 1.8 1.8 1.9 2.0 23

24 Miscellaneous liabilities 36.0 42.8 36.8 24.5 36.5 20.9 29.5 11.0 50.6 90.3 99.0 24

25 Discrepancy -45.0 -33.6 -29.2 -21.4 -42.4 -13.9 -32.8 3.4 -83.3 -23.9 -19.1 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.9 3.5 3.0 4.6 3.9 4.6 5.7 4.3 4.5 -8.1 -34.5 1

 2 Fixed nonresidential investment 9.3 10.8 11.8 12.9 12.6 13.0 13.1 13.1 12.8 11.2 10.8 2

 3 Net acquisition of financial assets 37.1 16.5 -12.6 10.0 16.2 -14.7 8.5 29.9 13.3 19.2 48.6 3

 4 Checkable deposits and currency 0.3 -0.2 0.2 -0.6 -4.5 -1.7 1.4 2.4 27.5 4.8 5.5 4

 5 Security RPs -0.2 7.4 -14.4 10.0 26.1 1.9 2.0 10.0 -42.0 -4.6 17.3 5

 6 Credit market instruments 25.2 5.8 -3.0 -8.7 -11.2 -18.1 6.2 -11.7 2.1 0.1 9.0 6

 7 U.S. government securities 3.8 -21.9 -3.9 0.0 -1.4 -1.8 4.1 -0.8 -11.5 -2.0 -1.7 7

 8 Treasury 2.1 -20.8 -9.7 -8.6 -9.2 -9.3 -6.9 -8.8 -15.8 -8.0 -7.2 8

 9 Agency 1.7 -1.2 5.9 8.6 7.9 7.5 10.9 7.9 4.3 6.0 5.5 9

10 Municipal securities 2.6 16.5 -9.1 -14.9 -17.0 -17.5 -9.1 -15.9 4.7 -2.0 1.3 10

11 Corporate and foreign bonds 18.9 11.6 10.0 6.4 4.7 4.0 11.9 5.2 8.8 4.0 9.4 11

12 Commercial mortgages -0.2 -0.3 -0.0 -0.3 2.5 -2.8 -0.7 -0.2 0.0 0.1 0.1 12

13 Corporate equities 3.0 -5.0 -1.7 0.7 -9.3 -11.8 -16.4 40.4 6.0 2.9 6.0 13

14 Trade receivables 2.7 1.6 2.0 1.0 10.0 4.5 6.1 -16.5 12.1 14.4 10.4 14

15 Miscellaneous assets 6.1 6.9 4.2 7.5 5.2 10.5 9.2 5.3 7.6 1.6 0.4 15

16 Net increase in liabilities -1.2 2.9 6.7 3.7 -3.7 20.8 19.3 -21.7 15.1 23.6 67.6 16

17 Corporate equity issues -13.7 -4.7 -7.8 -4.5 -13.1 -1.5 -1.0 -2.4 -1.8 -2.2 -2.4 17

18 Taxes payable 1.8 2.0 2.0 2.3 2.0 2.2 2.3 2.5 2.6 2.7 2.8 18

19 Miscellaneous liabilities 10.7 5.6 12.4 5.9 7.4 20.1 17.9 -21.8 14.4 23.1 67.3 19

20 Discrepancy -46.7 -21.0 10.5 -14.6 -28.5 27.2 3.3 -60.3 -6.5 -14.8 -26.3 20
Z.1, December 7, 2001 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1

 2 Fixed nonresidential investment 1.5 1.9 1.9 2.1 2.0 2.1 2.2 2.2 2.3 2.3 2.3 2

 3 Net acquisition of financial assets -11.4 11.8 11.6 17.6 1.7 21.3 13.5 34.1 21.6 19.4 9.1 3

 4 Checkable deposits and currency 1.3 0.2 1.2 0.7 0.5 0.5 1.3 0.4 1.0 1.9 0.9 4

 5 Time and savings deposits 7.5 1.5 -4.0 2.0 -0.7 5.4 -0.8 4.0 -3.9 -1.2 -4.4 5

 6 Money market fund shares 13.1 1.9 11.7 5.9 1.8 0.3 12.1 9.4 9.7 10.0 10.3 6

 7 Security RPs 0.9 1.0 0.4 0.9 0.5 0.5 1.3 1.3 -3.6 1.3 1.4 7

 8 Credit market instruments 47.6 56.4 45.0 41.3 46.8 24.7 64.9 28.7 26.1 -7.1 -0.9 8

 9 Open market paper 1.2 2.9 3.7 -1.8 -7.6 0.4 1.2 -1.2 -13.2 -5.5 3.4 9

10 U.S. government securities 11.8 34.6 30.0 26.9 39.2 12.7 36.8 18.8 3.1 -33.4 -16.5 10

11 Treasury 4.1 -4.4 -0.6 -0.8 -3.1 7.3 0.3 -7.7 -26.2 -14.7 -19.1 11

12 Agency 7.7 39.0 30.6 27.7 42.3 5.4 36.6 26.5 29.3 -18.7 2.6 12

13 Corporate and foreign bonds 33.8 17.1 9.3 14.5 13.2 10.2 25.1 9.6 34.7 30.7 11.7 13

14 Mortgages 0.7 1.9 1.9 1.7 2.1 1.4 1.7 1.4 1.5 1.0 0.5 14

15 Corporate equities -137.8 -113.0 -92.2 -81.8 -106.2 -62.4 -114.4 -44.2 -40.5 -23.8 -56.4 15

16 Mutual fund shares 42.7 31.7 30.7 32.4 43.7 34.8 26.6 24.5 26.8 13.8 26.6 16

17 Miscellaneous assets 13.5 32.0 18.9 16.3 15.3 17.5 22.5 10.0 6.0 24.4 31.6 17

18 Unallocated insurance contracts (2) -1.0 21.4 13.4 9.1 9.4 7.2 14.8 4.9 3.2 15.5 30.6 18

19 Contributions receivable 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19

20 Other 7.4 8.7 4.5 6.2 4.9 9.3 6.7 4.1 1.8 7.9 -0.0 20

21 Pension fund reserves (liabilities) (3) -10.4 13.0 12.7 18.9 2.9 22.6 14.8 35.4 23.1 20.8 10.5 21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 1.0 1.0 1

 2 Fixed nonresidential investment 1.5 1.8 1.8 2.0 1.9 1.9 2.0 2.1 2.2 2.5 2.4 2

 3 Net acquisition of financial assets 75.6 60.4 58.8 53.1 60.7 65.4 42.8 43.4 19.3 25.0 30.4 3

 4 Checkable deposits and currency -2.2 4.7 -0.7 -0.1 7.4 5.5 -1.7 -11.7 -7.6 18.7 2.4 4

 5 Time and savings deposits 0.1 -0.4 -0.3 -0.6 2.9 1.3 6.9 -13.5 -1.0 1.2 1.5 5

 6 Security RPs 0.4 8.9 2.8 4.3 20.1 5.8 -6.8 -1.8 -8.7 17.2 4.7 6

 7 Credit market instruments 67.1 72.1 46.9 54.6 63.3 31.5 37.6 86.1 -70.7 53.4 18.5 7

 8 Open market paper 0.4 8.9 2.8 4.3 20.1 5.8 -6.8 -1.8 -8.7 17.2 4.7 8

 9 U.S. government securities 31.8 19.9 16.4 22.1 -18.2 56.2 7.5 42.9 -29.0 27.4 -8.6 9

10 Treasury 13.4 0.8 -6.6 -15.5 -0.3 -2.5 -39.2 -19.8 -1.5 7.0 -20.3 10

11 Agency 18.4 19.1 22.9 37.6 -17.9 58.7 46.8 62.7 -27.5 20.4 11.7 11

12 Municipal securities 0.9 1.7 -0.2 -1.5 -0.5 -0.4 -2.5 -2.3 0.7 -0.7 0.0 12

13 Corporate and foreign bonds 33.1 35.1 30.4 29.7 61.1 -27.2 37.5 47.3 -36.2 6.9 18.6 13

14 Mortgages 0.9 6.5 -2.6 -0.0 0.9 -2.9 1.9 0.1 2.5 2.6 3.7 14

15 Corporate equities 9.4 -28.2 -6.2 -18.4 -27.9 8.0 -3.8 -49.9 55.8 -67.8 -6.0 15

16 Miscellaneous assets 0.7 3.3 16.3 13.3 -5.0 13.3 10.6 34.3 51.4 2.3 9.3 16

17 Pension fund reserves (liabilities) (1) 76.5 61.5 59.8 54.2 61.8 66.5 44.0 44.7 20.7 26.5 31.8 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 7, 2001

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 155.9 287.2 249.1 233.3 239.7 71.5 250.9 371.1 621.4 322.5 367.7 1

 2 Foreign deposits 0.1 7.4 12.2 48.2 54.1 68.3 8.0 62.5 87.1 -10.1 0.8 2

 3 Checkable deposits and currency 2.6 -2.6 -1.2 4.5 -3.2 -2.4 14.7 8.8 -24.4 4.2 -27.4 3

 4 Time and savings deposits 28.6 15.7 33.3 -23.8 -10.8 -130.3 16.9 29.0 147.1 -7.3 44.7 4

 5 Security RPs 22.8 12.9 0.1 43.4 55.1 31.9 16.6 69.9 71.5 -5.6 60.7 5

 6 Credit market instruments 87.5 244.0 182.0 148.9 161.5 -118.2 256.1 296.0 303.4 166.2 379.1 6

 7 Open market paper 62.1 78.2 104.7 95.5 131.5 -13.0 134.2 129.1 3.3 17.1 79.9 7

 8 U.S. government securities -9.5 95.0 17.3 -19.1 -80.4 -93.3 15.1 82.3 286.8 116.6 265.8 8

 9 Treasury -4.0 17.5 0.1 -13.3 -7.5 -34.8 -0.1 -10.9 35.5 37.0 68.9 9

10 Agency -5.5 77.5 17.1 -5.8 -72.9 -58.5 15.2 93.2 251.3 79.7 196.8 10

11 Municipal securities 22.5 26.0 17.5 34.3 30.8 24.2 29.8 52.6 14.3 39.2 54.4 11

12 Corporate and foreign bonds 12.5 44.8 42.5 38.2 79.7 -36.1 77.0 32.1 -1.1 -6.8 -20.9 12

13 Miscellaneous assets 14.3 9.6 22.6 12.2 -17.1 222.3 -61.4 -95.2 36.7 175.1 -90.1 13

14 Net share issues (liabilities) 155.9 287.2 249.1 233.3 239.7 71.5 250.9 371.1 621.4 322.5 367.7 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 8.0 -8.4 6.9 1.7 7.6 0.5 0.2 -1.6 -2.8 -2.2 -2.4 1

 2 Net acquisition of financial assets 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 2

 3 Security RPs 10.3 10.4 8.5 26.7 2.6 60.6 39.6 3.8 -67.0 -28.0 -41.0 3

 4 Credit market instruments 80.9 124.8 47.2 26.8 -66.9 63.1 50.1 60.8 69.4 165.1 123.9 4

 5 Open market paper 10.6 10.4 8.5 26.7 13.2 43.2 31.3 19.0 -53.5 -61.7 -34.9 5

 6 U.S. government securities 19.5 26.1 12.5 10.3 -32.8 29.1 7.7 37.3 43.1 148.2 101.8 6

 7 Treasury 11.0 5.2 -6.8 -9.2 -28.4 -5.6 -10.3 7.6 17.7 53.4 44.7 7

 8 Agency 8.4 21.0 19.3 19.5 -4.4 34.7 17.9 29.7 25.4 94.8 57.1 8

 9 Municipal securities 6.5 22.8 -3.2 -8.9 -28.3 -17.9 2.0 8.5 22.0 16.6 23.6 9

10 Corporate and foreign bonds 44.4 65.5 29.3 -1.3 -19.0 8.7 9.2 -4.0 57.8 62.1 33.4 10

11 Corporate equities 166.8 143.3 136.9 190.9 378.2 108.4 186.9 90.3 99.6 134.8 86.4 11

12 Miscellaneous assets 7.1 -3.9 -4.3 -0.5 -6.6 -0.0 2.9 1.8 -5.6 -3.8 0.5 12

13 Net share issues (liabilities) 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 13

14 Discrepancy 8.0 -8.4 6.9 1.7 7.6 0.5 0.2 -1.6 -2.8 -2.2 -2.4 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 1

 2 Credit market instruments -2.6 5.5 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 2

 3 U.S. government securities -1.2 -0.9 -1.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 3

 4 Municipal securities -0.8 1.9 8.7 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 4

 5 Corporate and foreign bonds -0.5 4.5 -0.0 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 5

 6 Corporate equities -5.1 -13.3 -14.9 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 6

 7 Net share issues (liabilities) -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets (1) 3.4 6.0 12.2 42.4 2.1 46.3 14.1 107.0 57.9 11.3 27.9 8

 9 Net share issues (liabilities) 3.4 6.0 12.2 42.4 2.1 46.3 14.1 107.0 57.9 11.3 27.9 9

(1) Corporate equities.
Z.1, December 7, 2001 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.9 2.1 2.0 1.7 1.7 1.7 1.9 1.7 1.8 1.8 1.8 1

 2 Fixed nonresidential investment 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 110.8 304.4 316.7 248.8 126.8 239.2 278.9 350.3 351.6 275.6 387.9 3

 4 Checkable deposits and currency 1.2 2.5 7.4 -9.7 -44.2 2.1 -0.7 4.3 -0.3 2.6 4.7 4

 5 Federal funds and security RPs -4.1 -13.4 12.7 -1.7 3.4 -39.0 51.4 -22.5 60.4 -31.7 51.3 5

 6 Credit market instruments 106.6 314.6 291.7 240.9 205.4 250.9 188.6 318.8 347.8 296.2 267.7 6

 7 Open market paper -1.1 26.9 -27.1 16.8 17.0 -13.1 29.7 33.4 -48.9 40.5 0.6 7

 8 U.S. government securities 76.1 162.3 184.5 136.2 97.3 56.4 148.0 242.8 239.3 163.4 177.7 8

 9 Treasury 7.1 -0.7 5.8 -8.9 -23.2 -18.0 -6.5 12.2 4.9 0.5 -17.5 9

10 Agency 69.0 163.1 178.7 145.0 120.5 74.4 154.6 230.6 234.4 162.9 195.2 10

11 Municipal securities -0.4 4.1 1.4 -1.8 -5.7 -0.1 3.0 -4.5 4.7 8.3 0.3 11

12 Corporate and foreign bonds 5.3 20.7 23.7 25.8 11.0 49.1 29.5 13.6 31.7 48.4 -1.3 12

13 Other loans and advances 31.2 92.3 113.6 41.3 79.0 119.9 -39.0 5.5 109.3 -0.6 64.4 13

14 Sallie Mae -5.3 -1.4 5.1 -3.9 -8.8 -1.8 -11.1 6.2 2.4 4.7 3.4 14

15 Farm Credit System 0.0 3.3 0.9 3.1 0.9 3.2 4.0 4.3 -0.8 5.6 3.0 15

16 FHLB loans 36.4 90.4 107.6 42.1 86.9 118.5 -31.9 -5.0 107.8 -10.9 58.0 16

17 Mortgages -4.5 8.3 -4.3 22.7 6.8 38.6 17.3 28.0 11.6 36.3 26.1 17

18 Home -4.2 5.3 -10.3 15.8 1.8 31.4 11.3 18.5 4.7 22.7 15.3 18

19 Multifamily residential -1.2 0.8 4.8 4.9 5.2 4.6 3.3 6.6 4.1 7.5 6.9 19

20 Farm 1.0 2.2 1.1 2.0 -0.2 2.6 2.7 2.9 2.8 6.1 3.9 20

21 Miscellaneous assets 7.1 0.7 5.0 19.2 -37.9 25.3 39.6 49.6 -56.3 8.5 64.3 21

22 Net increase in liabilities 106.2 298.6 312.1 241.5 122.9 233.0 270.5 339.5 344.4 270.8 386.1 22

23 Credit market instruments 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 23

24 GSE issues (2) 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 24

25 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 7.8 20.3 -6.0 7.4 18.0 -15.8 -7.6 35.0 82.1 2.5 58.1 26

27 Discrepancy -3.0 -4.1 -3.0 -6.0 -2.7 -5.0 -6.9 -9.5 -5.9 -3.5 -0.5 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 1

 2 Home mortgages 109.3 182.1 264.6 190.9 113.0 124.5 228.9 297.0 157.2 387.3 479.6 2

 3 Multifamily residential mortgages 5.3 10.5 9.2 8.5 6.5 7.7 7.8 12.0 13.1 19.2 13.0 3

 4 Commercial mortgages -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, December 7, 2001

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.9 1.2 1.2 1.1 1.1 1.1 1.0 1.0 1.0 0.9 0.9 1

 2 Fixed nonresidential investment 3.1 3.0 -1.7 -2.0 -2.4 -2.6 -1.7 -1.3 -0.8 -0.9 -0.4 2

 3 Net acquisition of financial assets 200.1 319.6 226.3 199.3 178.4 149.7 158.9 310.2 297.6 174.2 304.4 3

 4 Agency securities (1) 3.6 38.2 41.3 2.8 21.6 -0.7 -1.9 -7.6 39.5 -42.6 29.0 4

 5 Other loans and advances 32.2 27.6 9.2 21.2 44.9 4.6 -4.5 39.9 -0.7 -23.3 64.4 5

 6 Student loans 7.8 3.8 1.5 6.5 13.6 6.8 8.8 -3.3 2.5 2.0 0.8 6

 7 Loans to business 24.4 23.8 7.7 14.7 31.3 -2.3 -13.2 43.2 -3.2 -25.3 63.6 7

 8 Mortgages (2) 80.7 156.5 92.0 85.2 54.4 74.2 83.5 128.6 115.3 179.6 119.8 8

 9 Home 54.5 94.5 49.9 44.8 34.0 33.5 51.0 60.8 93.9 63.6 44.0 9

10 Multifamily residential 5.0 12.8 8.5 7.3 3.4 5.4 6.9 13.5 4.9 24.9 11.3 10

11 Commercial 21.3 49.2 33.6 33.1 17.1 35.3 25.7 54.3 16.5 91.1 64.5 11

12 Consumer credit 47.2 59.4 62.6 57.1 33.3 33.4 43.8 118.1 115.7 36.2 63.2 12

13 Trade credit 36.3 37.9 21.1 33.0 24.2 38.4 38.0 31.3 27.8 24.2 28.0 13

14 Net increase in liabilities 202.2 321.4 223.4 196.3 175.0 146.0 156.2 307.9 295.8 172.3 303.2 14

15 Commercial paper 89.4 125.7 139.0 121.0 136.5 125.5 102.3 119.9 84.6 96.8 86.0 15

16 Corporate bonds 112.9 195.7 84.4 75.2 38.4 20.6 53.9 188.0 211.2 75.5 217.2 16

17 Discrepancy 0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 2.1 1.8 -2.9 -3.1 -3.5 -3.7 -2.7 -2.3 -1.7 -1.8 -1.2 18

19 REIT assets (4) 3.7 2.9 -1.0 -2.2 0.6 -2.9 -3.0 -3.4 -2.4 -0.6 -1.9 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 26.3 30.6 37.6 39.8 37.4 39.3 39.7 42.6 42.2 45.8 46.9 1

 2 Fixed nonresidential investment 31.1 28.6 35.1 39.6 38.8 39.9 39.1 40.7 36.6 34.6 31.2 2

 3 Net acquisition of financial assets 47.1 88.8 150.3 134.9 125.8 153.7 226.6 33.6 -11.2 45.2 56.0 3

 4 Checkable deposits and currency 2.1 2.3 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.9 4

 5 Credit market instruments 23.1 77.3 97.0 108.0 145.4 147.6 102.8 36.2 -0.9 126.7 -42.1 5

 6 Other loans and advances -0.6 36.8 54.2 63.3 98.1 84.0 48.2 23.0 -11.2 99.0 -76.5 6

 7 Mortgages 11.0 24.7 24.6 26.4 20.0 36.4 23.1 26.2 23.4 26.8 12.1 7

 8 Consumer credit 12.6 15.8 18.2 18.2 27.2 27.2 31.5 -13.0 -13.0 0.9 22.2 8

 9 Miscellaneous assets 22.0 9.3 50.9 24.3 -22.1 3.5 121.2 -5.3 -13.1 -84.4 95.2 9

10 Net increase in liabilities 38.7 75.8 138.0 164.9 210.3 155.3 244.5 49.7 -20.9 56.6 66.8 10

11 Credit market instruments 57.8 57.1 70.3 81.2 61.1 139.4 98.1 26.1 -72.8 64.1 22.1 11

12 Open market paper 24.6 30.7 -2.9 8.4 11.4 -26.5 -2.3 51.0 -231.8 14.0 -23.1 12

13 Corporate bonds 28.7 24.2 64.3 72.2 66.8 148.3 94.4 -20.6 126.6 33.3 55.0 13

14 Bank loans n.e.c. 4.5 2.2 8.9 0.5 -17.1 17.6 6.1 -4.3 32.3 16.8 -9.9 14

15 Taxes payable 0.8 0.8 0.8 1.0 0.9 0.9 1.0 1.0 1.1 1.1 1.2 15

16 Miscellaneous liabilities -20.0 17.8 66.9 82.8 148.4 15.0 145.4 22.5 50.9 -8.7 43.5 16

17 Foreign direct investment in U.S. 6.6 2.6 11.4 17.6 -7.6 3.1 5.2 69.7 23.6 18.6 8.8 17

18 Investment by parent -7.5 -12.8 53.5 14.7 77.5 -48.4 19.6 10.2 -21.5 -15.1 -10.3 18

19 Other -19.1 28.0 1.9 50.5 78.5 60.3 120.6 -57.4 48.8 -12.1 45.0 19

20 Discrepancy -13.3 -11.1 -9.9 30.1 83.1 1.0 18.5 17.9 -4.1 22.7 26.5 20

 Memo:

21 Consumer leases not included above (2) 5.6 -2.2 6.3 5.3 15.0 10.0 3.1 -7.0 -6.9 15.2 -7.7 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, December 7, 2001 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets -9.1 3.2 0.3 0.2 -6.0 5.5 -0.5 2.0 1.4 1.1 1.7 1

 2 Home mortgages -10.2 3.1 0.3 0.2 -6.0 5.5 -0.6 1.9 1.4 1.0 1.6 2

 3 Multifamily residential mortgages 1.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities -9.1 3.2 0.3 0.2 -6.0 5.5 -0.5 2.0 1.4 1.1 1.7 5

 6 Bank loans n.e.c. -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.8 6

 7 Investment by parent -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.9 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 6.8 8.2 8.1 7.7 7.3 7.6 7.9 8.1 8.3 8.6 8.7 1

 2 Fixed nonresidential investment 52.0 64.7 9.2 0.4 4.1 6.6 3.6 -12.8 3.4 -2.1 -10.4 2

 3 Multifamily residential investment 11.3 11.4 1.6 0.1 0.7 1.2 0.6 -2.3 0.6 -0.4 -1.8 3

 4 Net acquisition of financial assets 26.1 6.4 -2.3 -6.3 -14.1 -6.9 0.1 -4.4 5.8 8.0 8.9 4

 5 Checkable deposits and currency 1.1 0.8 0.3 -0.0 0.4 -1.2 -1.4 2.0 -1.0 2.3 2.3 5

 6 Credit market instruments 20.2 -5.1 -2.6 -6.3 -16.3 -2.5 -3.6 -2.8 4.0 1.1 7.7 6

 7 Agency securities 9.0 -8.1 1.1 0.3 -0.4 -3.8 3.0 2.5 -2.6 14.3 3.4 7

 8 Corporate and foreign bonds 2.1 -0.4 -0.3 -0.4 -0.7 3.5 -3.1 -1.4 8.6 -9.0 3.0 8

 9 Mortgages 9.1 3.4 -3.3 -6.2 -15.2 -2.2 -3.5 -3.8 -1.9 -4.2 1.3 9

10 Home 6.0 0.8 -2.4 -4.6 -14.4 -1.9 -1.1 -0.8 -0.4 -0.8 1.7 10

11 Multifamily residential 0.9 0.1 -0.6 -0.2 -0.8 0.9 -0.3 -0.7 -0.7 0.2 0.2 11

12 Commercial 2.2 2.5 -0.4 -1.4 0.0 -1.2 -2.0 -2.4 -0.8 -3.6 -0.6 12

13 Miscellaneous assets 4.9 10.7 -0.1 0.0 1.7 -3.2 5.1 -3.6 2.8 4.7 -1.1 13

14 Net increase in liabilities 92.2 86.4 17.7 3.0 2.8 10.6 8.0 -9.6 19.2 2.7 3.4 14

15 Security RPs 11.2 -9.8 0.5 -3.8 -10.7 -7.2 4.5 -1.8 4.9 7.8 7.3 15

16 Credit market instruments 39.6 62.7 6.3 2.7 11.5 9.8 -2.4 -8.1 -6.1 10.5 -10.2 16

17 Open market paper 0.0 0.2 -0.1 0.0 0.0 3.5 -3.4 0.0 -0.2 -0.5 4.4 17

18 Corporate bonds 14.8 21.7 8.9 4.8 6.6 13.2 5.6 -6.3 12.2 -5.9 -0.5 18

19 Bank loans n.e.c. 9.9 16.0 -7.6 -8.3 -2.1 -16.9 -10.6 -3.7 -10.6 0.7 -5.8 19

20 Mortgages 14.9 24.8 5.1 6.2 7.0 10.0 6.0 1.8 -7.5 16.2 -8.2 20

21 Corporate equity issues 32.5 19.8 6.6 2.2 2.6 2.0 1.4 3.0 1.4 3.2 7.5 21

22 Miscellaneous liabilities 8.8 13.6 4.4 1.8 -0.6 6.0 4.5 -2.6 18.9 -18.9 -1.2 22

23 Discrepancy 9.5 11.9 17.4 16.6 19.4 17.3 11.6 18.0 17.7 5.7 15.5 23

 Memo:

24 Securitized assets included above 3.7 2.9 -1.0 -2.2 0.6 -2.9 -3.0 -3.4 -2.4 -0.6 -1.9 24

25 Agency securities 0.4 0.1 -1.3 -0.2 0.5 -0.4 -0.5 -0.4 -0.4 -0.9 -0.9 25

26 Home mortgages 3.1 1.8 0.0 -0.9 1.2 -2.3 -2.3 -0.2 -1.8 -1.0 -0.9 26

27 Multifamily residential mortgages 0.2 0.4 0.1 -0.5 -0.6 -0.1 -0.2 -1.0 -0.1 0.5 -0.1 27

28 Commercial mortgages 0.0 0.6 0.1 -0.6 -0.5 -0.0 -0.1 -1.7 -0.0 0.9 -0.0 28
36 Z.1, December 7, 2001

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 9.2 5.3 -0.0 -3.3 -0.7 -1.7 -3.9 -6.7 -6.9 -6.0 -3.3 1

 2 Fixed nonresidential investment 14.5 18.1 19.5 21.4 20.8 21.4 21.8 21.8 21.6 19.2 18.7 2

 3 Net acquisition of financial assets 142.8 142.0 79.8 220.4 627.7 28.5 287.6 -62.3 -17.7 603.4 448.0 3

 4 Checkable deposits and currency 6.0 3.7 3.3 1.6 -6.4 -0.6 -24.8 38.2 -6.3 33.1 63.3 4

 5 Credit market instruments 14.9 6.8 -34.7 68.9 102.9 89.8 152.1 -69.0 289.5 35.4 250.1 5

 6 Open market paper 0.6 3.8 -2.0 13.2 16.9 32.1 28.8 -24.9 21.3 1.2 22.4 6

 7 U.S. government securities 2.7 21.7 -43.4 37.1 24.1 65.2 89.4 -30.2 217.6 -1.9 140.2 7

 8 Treasury 7.5 21.2 -58.4 39.4 86.8 46.0 59.3 -34.5 171.1 -86.1 203.8 8

 9 Agency -4.8 0.5 15.0 -2.3 -62.7 19.2 30.1 4.3 46.4 84.2 -63.6 9

10 Municipal securities 2.4 -0.1 -1.2 -0.7 -4.4 -3.9 3.9 1.8 5.5 4.1 9.3 10

11 Corporate and foreign bonds 9.2 -18.6 12.0 19.3 66.3 -3.5 30.0 -15.7 45.3 32.0 78.1 11

12 Corporate equities 2.4 -6.0 7.7 9.6 31.1 2.8 18.6 -14.2 23.9 41.8 -59.8 12

13 Security credit 36.8 21.6 75.2 7.2 234.2 -64.9 14.6 -155.0 -166.5 9.7 228.2 13

14 Miscellaneous assets 82.8 115.9 28.3 133.0 266.0 1.4 127.1 137.6 -158.4 483.4 -33.7 14

15 Net increase in liabilities 141.3 146.2 89.9 235.4 638.9 41.8 304.1 -43.3 -1.0 621.2 462.5 15

16 Security RPs (net) 22.7 4.5 37.2 56.9 150.2 -42.7 188.8 -68.5 -93.8 222.0 291.1 16

17 Corporate bonds 8.1 7.2 -17.2 15.6 44.4 -0.7 25.4 -6.6 -23.9 35.7 12.3 17

18 Corporate equity issues -5.9 2.5 7.6 -4.2 7.6 1.4 -26.1 0.1 19.0 -8.2 26.6 18

19 Trade payables 5.7 -1.0 11.9 5.1 11.6 22.6 -14.0 0.0 -2.7 -7.7 10.6 19

20 Security credit 74.2 81.7 29.1 138.9 273.6 -30.3 83.0 229.4 25.6 -38.2 257.6 20

21 Customer credit balances (HH) 52.6 61.2 47.2 88.6 189.4 -47.1 53.9 158.0 -48.2 49.9 285.6 21

22 From banks 21.7 20.5 -18.1 50.4 84.2 16.8 29.1 71.4 73.8 -88.1 -27.9 22

23 Taxes payable 0.1 -0.1 0.9 -0.1 1.0 -2.8 0.2 1.3 -3.6 0.5 0.4 23

24 Miscellaneous liabilities 21.6 44.7 7.2 -5.3 120.4 77.9 -0.5 -219.1 79.3 384.4 -115.3 24

25 Foreign direct investment in U.S. 0.3 1.7 3.3 1.7 2.3 1.6 2.3 0.5 4.5 2.1 4.7 25

26 Due to affiliates 75.9 97.4 61.6 62.5 88.6 55.2 41.9 64.3 120.3 9.3 -2.3 26

27 Other -54.6 -54.3 -57.7 -69.5 29.4 21.0 -44.7 -283.9 -45.6 373.0 -117.7 27

28 Proprietors’ net investment 14.9 6.6 13.1 28.5 30.1 16.5 47.3 20.2 -0.8 32.6 -20.8 28

29 Discrepancy -6.8 -8.7 -9.5 -9.7 -10.3 -9.7 -9.2 -9.5 -11.7 -7.4 -7.6 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 118.2 105.6 257.1 123.3 81.6 227.6 32.0 152.2 5.3 -123.9 -283.4 1

 2 Money market fund shares 10.4 57.9 48.9 33.5 10.5 -11.2 87.4 47.3 107.6 124.2 46.8 2

 3 Credit market instruments 50.4 -12.9 133.8 35.9 -7.2 206.8 -73.0 17.0 -172.5 -192.4 -214.6 3

 4 Open market paper 53.8 -17.4 137.6 35.8 32.8 177.4 -44.2 -23.0 -211.2 -231.1 -258.1 4

 5 Corporate and foreign bonds -3.4 4.5 -3.8 0.1 -40.0 29.4 -28.8 40.0 38.7 38.7 43.6 5

 6 Miscellaneous assets (2) 57.3 60.7 74.4 54.0 78.3 32.1 17.6 87.8 70.2 -55.7 -115.6 6

 7 Investment in foreign banking offices 14.3 11.8 2.5 45.6 86.1 -0.1 21.5 75.0 14.6 -20.2 -94.9 7

 8 Investment in brokers and dealers 43.0 48.9 71.9 8.3 -7.8 32.2 -3.9 12.9 55.7 -35.5 -20.7 8

 9 Net increase in liabilities 118.2 105.6 257.1 123.3 81.6 227.6 32.0 152.2 5.3 -123.9 -283.4 9

10 Credit market instruments 79.9 40.0 91.5 -0.4 -37.5 50.6 -4.2 -10.4 30.1 -163.6 -150.0 10

11 Open market paper 49.4 6.0 34.1 -2.3 -19.9 26.9 5.4 -21.6 -17.1 -188.3 -145.3 11

12 Corporate bonds 30.6 34.0 57.4 1.9 -17.6 23.8 -9.6 11.2 47.2 24.7 -4.7 12

13 Miscellaneous liabilities 38.2 65.7 165.7 123.7 119.1 177.0 36.2 162.6 -24.8 39.7 -133.4 13

14 Foreign direct investment in U.S. -22.6 20.7 -17.0 54.3 115.8 -18.6 21.8 98.2 40.1 107.9 34.4 14

15 Securities loaned (net) 57.2 70.0 16.3 88.7 97.4 94.3 12.4 150.4 -102.1 233.6 68.5 15

16 Other 3.6 -25.0 166.4 -19.3 -94.1 101.2 2.0 -86.1 37.2 -301.8 -236.3 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 7, 2001 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 1.0 6.8 -8.7 0.3 2.2 -8.1 1.4 5.6 -0.8 5.4 21.2 1

 2 U.S. gold stock and SDRs 0.4 0.1 -0.0 0.7 0.7 0.7 0.7 0.7 0.8 0.6 2.0 2

 3 Federal govt.: Exchange Stab. Fund 0.4 0.1 -0.0 0.7 0.7 0.7 0.7 0.7 0.8 0.6 2.0 3

 4 Monetary authority (2) -0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 4

 5 U.S. foreign exchange position 0.7 6.6 -8.7 -0.4 1.5 -8.8 0.7 4.9 -1.5 4.7 19.1 5

 6 Official foreign currency holdings -2.9 1.5 -3.3 1.9 0.5 0.5 5.9 0.6 0.8 0.7 4.0 6

 7 Treasury -1.5 0.8 -1.6 0.9 0.3 0.3 2.9 0.3 0.4 0.3 2.0 7

 8 Monetary authority -1.5 0.8 -1.6 0.9 0.3 0.3 2.9 0.3 0.4 0.3 2.0 8

 9 Net IMF position 3.6 5.1 -5.5 -2.3 0.9 -9.3 -5.2 4.3 -2.3 4.1 15.1 9

10 Federal government 3.6 5.1 -5.5 -2.3 0.9 -9.3 -5.2 4.3 -2.3 4.1 15.1 10

11 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.5 0.6 1.0 2.4 2.2 3.2 4.2 -0.0 -1.1 1.1 -0.0 3

 4 Asset: Monetary authority 0.6 0.7 1.7 3.6 4.0 3.9 3.3 3.3 2.5 1.6 0.7 4

 5 Discrepancy (seigniorage) -0.2 -0.1 -0.7 -1.2 -1.8 -0.7 0.9 -3.3 -3.6 -0.5 -0.7 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 107.7 6.5 61.0 120.8 313.3 3.4 -40.8 207.4 235.5 -146.5 15.4 1

 Held by:

 2 Household sector 6.5 0.1 5.2 7.7 20.0 0.2 -2.6 13.3 -6.0 -16.0 -10.0 2

 3 Nonfinancial corporate business -5.1 7.4 -2.3 -5.4 -24.0 17.2 54.0 -68.7 -27.1 0.9 -0.1 3

 4 Money market mutual funds 0.1 7.4 12.2 48.2 54.1 68.3 8.0 62.5 87.1 -10.1 0.8 4

 5 Discrepancy--unallocated assets 106.2 -8.5 45.8 70.2 263.1 -82.2 -100.2 200.3 181.5 -121.2 24.8 5
38 Z.1, December 7, 2001

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -19.7 -32.3 17.6 -20.3 -72.9 151.9 -170.6 10.6 -45.7 19.3 19.7 1

 2 Monetary authority 6.1 -7.5 22.2 -27.1 -104.2 6.2 -15.5 5.0 7.1 5.2 19.2 2

 3 Depository institution reserves 6.3 -4.5 -2.3 -5.0 -5.1 0.4 -4.6 -10.7 14.7 1.5 22.5 3

 4 Vault cash -0.2 -2.9 24.5 -22.2 -99.1 5.7 -10.9 15.7 -7.6 3.7 -3.3 4

 5 Commercial banking -25.8 -24.8 -4.6 6.9 31.3 145.7 -155.0 5.6 -52.8 14.1 0.4 5

 6 To monetary authority -1.6 -1.1 -1.7 1.0 0.1 1.9 1.0 1.1 -3.2 -1.7 -0.5 6

 7 To banks in foreign countries -4.3 -27.1 -6.5 -11.5 5.9 138.4 -143.9 -46.6 -66.3 2.2 -7.4 7

 8 Liabilities, net -4.2 -32.0 -7.8 -12.0 5.2 140.6 -145.5 -48.4 -72.5 13.1 -7.7 8

 9 U.S.-chartered commercial banks 13.6 23.0 45.0 28.8 42.3 169.5 -54.7 -41.9 -24.3 53.2 -92.1 9

10 Due to foreign affiliates 46.3 23.6 34.5 76.2 67.8 232.3 -9.1 13.8 -159.1 49.1 -28.0 10

11 - Due from foreign affiliates 32.7 0.5 -10.5 47.4 25.5 62.8 45.6 55.8 -134.8 -4.0 64.1 11

12 Foreign banking offices in U.S. -18.5 -55.7 -48.6 -58.0 -119.1 -21.0 -78.8 -13.1 -92.6 -52.3 48.3 12

13 Due to foreign affiliates -10.7 33.3 8.4 -8.4 41.4 -100.9 -86.2 112.0 120.7 -120.4 42.6 13

14 - Due from foreign affiliates 7.8 88.9 57.0 49.6 160.5 -79.8 -7.4 125.1 213.2 -68.1 -5.7 14

15 Bank holding companies 0.8 0.6 -4.3 17.2 82.0 -7.9 -12.0 6.6 44.3 12.3 36.1 15

16 Due to foreign affiliates 0.3 -0.1 5.5 -8.3 -33.4 0.0 0.0 0.0 160.2 35.1 33.1 16

17 - Due from foreign affiliates -0.4 -0.7 9.7 -25.5 -115.4 7.9 12.0 -6.6 115.9 22.8 -3.0 17

18 Less: Deposits at foreign banks 0.2 -5.0 -1.3 -0.5 -0.7 2.2 -1.6 -1.8 -6.2 10.8 -0.4 18

19 U.S.-chartered commercial banks 1.0 -1.0 -1.3 -1.0 -0.4 0.9 -2.2 -2.4 -4.3 8.8 -0.5 19

20 Foreign banking offices in U.S. -0.9 -4.0 -0.0 0.6 -0.2 1.3 0.6 0.6 -1.9 2.0 0.2 20

21 To U.S. banking, net -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 21

22 U.S.-chartered commercial banks -6.7 -2.6 -12.1 -12.5 -11.6 1.9 18.8 -59.2 208.3 -4.6 42.0 22

23 Liabilities -14.7 6.0 19.6 8.4 -2.5 10.5 -20.1 45.8 27.0 -61.9 40.3 23

24 To foreign offices in U.S. 5.4 2.1 16.4 -8.9 -27.2 4.2 -6.9 -5.5 9.9 -78.3 33.8 24

25 To bank holding companies -0.2 0.6 -0.3 -0.1 -0.6 1.0 -1.0 0.3 0.4 2.9 -1.8 25

26 Unallocated -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 26

 Less, due from:

27 Foreign offices in U.S. -7.4 -1.6 23.7 8.1 -33.5 2.6 -23.8 87.2 -22.0 2.7 8.5 27

28 Bank holding companies -0.6 10.2 8.0 12.9 42.7 6.0 -15.0 17.7 -159.3 -60.0 -10.3 28

29 Foreign banking offices in U.S. -12.7 -3.7 7.4 17.0 -6.4 -1.6 -16.9 92.8 -31.9 81.0 -25.3 29

30 Due to U.S. banks -7.4 -1.6 23.7 8.1 -33.5 2.6 -23.8 87.2 -22.0 2.7 8.5 30

31 - Due from U.S. banks 5.4 2.1 16.4 -8.9 -27.2 4.2 -6.9 -5.5 9.9 -78.3 33.8 31

32 Bank holding companies -0.4 9.6 8.2 12.9 43.3 5.0 -14.1 17.5 -159.7 -62.8 -8.5 32

33 Due to U.S. banks -0.6 10.2 8.0 12.9 42.7 6.0 -15.0 17.7 -159.3 -60.0 -10.3 33

34 - Due from U.S. banks -0.2 0.6 -0.3 -0.1 -0.6 1.0 -1.0 0.3 0.4 2.9 -1.8 34

35 Net change in assets 0.2 -35.6 14.0 -37.7 -98.2 146.5 -158.4 -40.5 -62.4 5.8 11.4 35

36 Rest of the world -4.3 -27.1 -6.5 -11.5 5.9 138.4 -143.9 -46.6 -66.3 2.2 -7.4 36

37 Domestic 4.5 -8.6 20.5 -26.1 -104.1 8.1 -14.6 6.1 3.8 3.5 18.8 37

38 Monetary authority -1.6 -1.1 -1.7 1.0 0.1 1.9 1.0 1.1 -3.2 -1.7 -0.5 38

39 Federal Reserve float -3.6 0.9 -1.9 1.1 0.1 0.8 1.5 2.1 -2.9 -2.2 -0.2 39

40 Loans to member banks 2.0 -2.0 0.2 -0.1 0.0 1.1 -0.6 -1.0 -0.4 0.5 -0.2 40

41 Commercial banking 6.6 -7.6 22.1 -26.1 -102.4 6.1 -13.7 5.5 7.1 5.2 18.3 41

42 Reserves at Federal Reserve 6.8 -4.6 -2.4 -4.0 -3.3 0.4 -2.8 -10.1 14.7 1.5 21.6 42

43 Vault cash -0.2 -2.9 24.5 -22.2 -99.1 5.7 -10.9 15.7 -7.6 3.7 -3.3 43

44 Savings insts.: Reserves at Fed. Res. -0.5 0.1 0.1 -1.0 -1.8 0.1 -1.9 -0.5 0.0 0.0 0.9 44

45 Discrepancy--floats, etc. -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 45
Z.1, December 7, 2001 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 41.2 47.4 151.4 -71.5 -206.8 -33.8 5.0 -50.2 90.3 100.8 245.3 1

 2 Monetary authority 29.9 38.3 108.7 -35.3 -187.8 27.5 23.3 -4.1 48.8 50.2 84.2 2

 3 Federal government cash and deposits -2.3 0.5 22.3 -22.9 -91.0 -19.5 30.4 -11.5 5.9 -17.7 30.1 3

 4 Deposits due to foreign 0.3 -0.3 -0.1 0.1 0.2 -0.1 0.1 0.3 -0.6 0.1 2.0 4

 5 Currency outside banks 31.9 38.0 86.4 -12.5 -97.0 47.1 -7.2 7.1 43.5 67.8 52.1 5

 6 Commercial banking -19.8 -33.4 3.2 -85.2 -87.9 -100.7 -60.8 -91.4 -25.5 1.4 109.3 6

 7 Federal government deposits -0.9 -14.6 36.4 -33.2 -30.5 -22.6 -17.3 -62.3 4.3 -3.8 24.6 7

 8 Deposits due to foreign 4.8 -1.5 13.4 -9.5 -54.7 5.9 4.8 6.0 2.7 -4.1 3.7 8

 9 Private domestic deposits -23.7 -17.3 -46.6 -42.6 -2.7 -84.1 -48.3 -35.2 -32.4 9.4 81.0 9

10 Savings institutions 27.1 36.1 37.2 43.1 45.2 42.8 40.6 43.9 51.1 53.2 46.3 10

11 Credit unions 4.1 6.4 2.3 5.9 23.7 -3.5 1.9 1.4 15.8 -4.0 5.5 11

12 Net change in assets 41.2 47.4 151.4 -71.5 -206.8 -33.8 5.0 -50.2 90.3 100.8 245.3 12

13 Household sector -33.7 -28.6 -41.5 -42.3 46.9 -106.9 -76.5 -32.5 64.5 71.8 98.1 13

14 Nonfinancial business 30.0 69.2 59.0 49.1 23.4 93.4 106.4 -26.8 -58.3 -79.9 -35.9 14

15 Corporate 7.6 35.2 34.8 24.7 -0.8 50.8 90.9 -42.0 -77.8 -100.2 -54.3 15

16 Nonfarm noncorporate 22.2 32.1 25.0 25.0 25.0 43.4 15.9 15.7 20.0 20.8 18.9 16

17 Farm 0.2 1.9 -0.8 -0.6 -0.8 -0.8 -0.4 -0.5 -0.5 -0.4 -0.5 17

18 State and local governments 4.4 -3.9 3.9 1.0 -5.9 -7.2 0.2 17.0 2.3 -6.5 -0.1 18

19 Federal government -0.5 -16.7 66.2 -65.1 -140.3 -58.3 10.0 -71.7 40.1 -31.6 36.2 19

20 Rest of the world 29.9 14.8 39.9 -8.2 -81.9 9.8 8.0 31.3 11.3 7.1 38.5 20

21 Checkable deposits 5.1 -1.8 13.3 -9.3 -54.5 5.9 5.0 6.4 2.1 -4.0 5.7 21

22 Currency 24.8 16.6 26.6 1.1 -27.4 4.0 3.0 24.9 9.2 11.1 32.8 22

23 Financial sectors 17.8 13.0 32.2 -16.7 -68.6 17.7 -48.1 32.2 56.4 126.0 85.1 23

24 Commercial banking -0.1 0.6 0.3 -0.5 -1.3 0.6 -2.6 1.2 0.6 -0.6 3.2 24

25 Savings institutions 1.0 3.2 1.7 -0.4 -15.3 4.7 -0.1 9.0 -0.2 8.2 0.5 25

26 Credit unions 0.6 1.0 17.3 -14.2 1.1 0.9 -28.7 -30.2 12.7 25.5 22.4 26

27 Bank personal trusts and estates 0.0 -0.5 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 27

28 Life insurance companies 3.8 -2.7 0.0 -0.5 -5.6 6.4 -7.9 5.2 51.5 22.5 4.4 28

29 Other insurance companies 0.3 -0.2 0.2 -0.6 -4.5 -1.7 1.4 2.4 27.5 4.8 5.5 29

30 Private pension funds 1.3 0.2 1.2 0.7 0.5 0.5 1.3 0.4 1.0 1.9 0.9 30

31 State and local govt. retirement funds -2.2 4.7 -0.7 -0.1 7.4 5.5 -1.7 -11.7 -7.6 18.7 2.4 31

32 Money market mutual funds 2.6 -2.6 -1.2 4.5 -3.2 -2.4 14.7 8.8 -24.4 4.2 -27.4 32

33 Government-sponsored enterprises 1.2 2.5 7.4 -9.7 -44.2 2.1 -0.7 4.3 -0.3 2.6 4.7 33

34 Finance companies 2.1 2.3 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.9 34

35 REITs 1.1 0.8 0.3 -0.0 0.4 -1.2 -1.4 2.0 -1.0 2.3 2.3 35

36 Brokers and dealers 6.0 3.7 3.3 1.6 -6.4 -0.6 -24.8 38.2 -6.3 33.1 63.3 36

37 Mail float -6.6 -0.5 -8.2 10.7 19.7 17.7 5.0 0.3 -26.1 13.9 23.6 37
40 Z.1, December 7, 2001

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 219.6 244.5 175.3 309.1 258.7 224.2 377.4 376.0 418.9 246.1 244.1 1

 2 Small time and savings deposits 97.1 152.4 44.7 190.7 104.6 123.0 224.5 310.8 288.3 194.2 229.2 2

 3 Commercial banking 148.3 183.7 71.3 213.3 145.6 159.7 213.0 334.8 222.2 197.7 198.0 3

 4 U.S.-chartered commercial banks 143.9 186.3 72.4 210.4 146.6 155.3 215.5 324.3 228.0 169.0 213.1 4

 5 Foreign banking offices in U.S. 4.4 -3.6 -1.9 1.4 -1.3 1.8 -4.7 10.0 -5.2 23.2 -16.6 5

 6 Banks in U.S.-affiliated areas -0.0 1.0 0.8 1.4 0.4 2.5 2.3 0.5 -0.6 5.4 1.4 6

 7 Savings institutions -64.4 -54.3 -38.9 -35.5 -47.4 -35.1 -19.0 -40.7 6.7 -37.6 -30.6 7

 8 Credit unions 13.2 23.1 12.3 13.0 6.4 -1.6 30.5 16.7 59.4 34.0 61.8 8

 9 Large time deposits (1) 122.5 92.1 130.6 118.4 154.1 101.2 152.9 65.2 130.6 51.9 14.9 9

10 Commercial banking 107.9 72.3 119.0 94.9 128.8 86.5 122.6 41.8 87.8 20.9 -40.8 10

11 U.S.-chartered commercial banks 63.2 34.8 61.5 87.9 91.7 141.6 73.7 44.6 17.7 25.6 -7.3 11

12 Foreign banking offices in U.S. 44.7 36.5 56.7 5.6 36.7 -57.6 46.6 -3.4 70.6 -10.2 -35.0 12

13 Banks in U.S.-affiliated areas -0.0 1.0 0.8 1.4 0.4 2.5 2.3 0.5 -0.6 5.4 1.4 13

14 Savings institutions 11.7 15.7 8.5 19.9 27.3 9.0 32.3 11.0 40.9 16.2 44.9 14

15 Credit unions 2.9 4.1 3.1 3.5 -2.0 5.7 -2.0 12.4 2.0 14.9 10.8 15

16 Net change in assets 219.6 244.5 175.3 309.1 258.7 224.2 377.4 376.0 418.9 246.1 244.1 16

17 Household sector 131.9 193.6 99.5 305.2 332.8 340.7 339.1 208.4 341.8 267.0 200.9 17

18 Nonfinancial business 30.4 2.3 26.2 9.1 -43.8 -5.2 13.7 71.5 -32.0 -19.0 -0.0 18

19 Corporate 19.7 -6.8 16.2 5.1 -47.8 -12.9 12.6 68.4 -37.0 -24.4 -5.5 19

20 Nonfarm noncorporate 10.7 9.1 10.0 4.0 4.0 7.7 1.2 3.1 5.0 5.4 5.5 20

21 State and local governments 5.8 12.8 10.9 9.4 -18.4 20.3 7.0 28.9 -11.5 1.7 -2.9 21

22 Federal government 1.0 1.3 0.7 1.0 0.4 1.0 2.1 0.4 8.2 5.9 7.2 22

23 Rest of the world 13.1 13.0 15.0 5.7 -9.5 1.4 -6.4 37.2 -40.3 2.6 -7.7 23

24 Financial sectors 37.5 21.5 23.0 -21.3 -2.7 -134.0 21.9 29.7 152.7 -12.1 46.5 24

25 Savings institutions -0.4 0.5 -0.1 0.1 2.4 -2.4 -0.8 1.2 1.2 2.7 -0.7 25

26 Credit unions 0.6 6.4 -6.8 0.5 2.6 -8.7 -0.7 8.6 8.8 -7.8 5.0 26

27 Bank personal trusts and estates 1.0 -2.1 0.9 0.6 1.0 0.8 0.4 0.3 0.5 0.3 0.4 27

28 Private pension funds 7.5 1.5 -4.0 2.0 -0.7 5.4 -0.8 4.0 -3.9 -1.2 -4.4 28

29 State and local govt. retirement funds 0.1 -0.4 -0.3 -0.6 2.9 1.3 6.9 -13.5 -1.0 1.2 1.5 29

30 Money market mutual funds 28.6 15.7 33.3 -23.8 -10.8 -130.3 16.9 29.0 147.1 -7.3 44.7 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 155.9 287.2 249.1 233.3 239.7 71.5 250.9 371.1 621.4 322.5 367.7 1

 2 Net purchases 155.9 287.2 249.1 233.3 239.7 71.5 250.9 371.1 621.4 322.5 367.7 2

 3 Household sector 79.9 164.9 124.5 131.3 209.1 80.1 57.8 178.3 253.0 -44.6 242.2 3

 4 Nonfinancial corporate business 20.2 26.5 23.1 40.4 7.9 2.9 63.4 87.4 130.2 112.6 31.3 4

 5 Nonfarm noncorporate business 3.7 9.7 10.0 10.0 2.0 0.7 15.7 21.6 28.0 28.0 8.8 5

 6 Bank personal trusts and estates -4.0 8.8 7.5 3.7 3.2 4.4 2.8 4.3 3.4 4.0 3.8 6

 7 Life insurance companies 32.6 17.6 23.4 8.5 5.3 -5.7 11.8 22.6 89.5 88.2 24.5 7

 8 Private pension funds 13.1 1.9 11.7 5.9 1.8 0.3 12.1 9.4 9.7 10.0 10.3 8

 9 Funding corporations 10.4 57.9 48.9 33.5 10.5 -11.2 87.4 47.3 107.6 124.2 46.8 9
Z.1, December 7, 2001 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 120.9 91.3 169.7 110.7 275.8 155.1 277.1 -265.4 -12.8 177.7 262.2 1

 2 Commercial banking (net) 89.0 87.0 110.6 63.6 133.1 198.9 59.2 -137.0 74.3 -62.1 23.7 2

 3 U.S.-chartered commercial banks 63.4 66.8 128.7 12.8 124.6 137.8 -33.2 -178.1 45.1 58.1 41.0 3

 4 Foreign banking offices in U.S. 25.6 19.7 -18.3 52.4 7.6 59.3 92.8 49.8 22.1 -120.7 -18.1 4

 5 Bank holding companies 0.0 0.5 0.1 -1.6 0.8 1.8 -0.4 -8.7 7.0 0.5 0.7 5

 6 Savings institutions -1.9 9.5 21.4 -6.1 3.2 6.0 24.6 -58.1 1.8 9.9 -59.8 6

 7 REITs 11.2 -9.8 0.5 -3.8 -10.7 -7.2 4.5 -1.8 4.9 7.8 7.3 7

 8 Brokers and dealers (net) 22.7 4.5 37.2 56.9 150.2 -42.7 188.8 -68.5 -93.8 222.0 291.1 8

 9 Net change in assets 57.8 30.7 139.7 -0.4 -291.4 103.2 150.6 36.0 148.8 5.8 225.6 9

10 Nonfinancial corporate business 0.7 -0.4 1.1 -0.5 3.1 -7.7 -0.9 3.3 -6.0 2.4 -5.6 10

11 State and local governments 3.6 7.2 5.0 9.7 51.3 -9.4 12.0 -15.0 19.0 17.2 40.8 11

12 Rest of the world 20.0 -18.8 14.8 5.1 -43.2 48.5 20.6 -5.6 97.1 13.5 -36.2 12

13 Financial sectors 33.6 42.7 118.7 -14.6 -302.6 71.8 118.9 53.3 38.7 -27.3 226.6 13

14 Monetary authority 2.3 6.5 110.3 -97.3 -402.8 26.9 -27.6 14.5 -15.1 24.2 106.7 14

15 Savings institutions -0.8 5.5 -4.2 4.3 3.7 2.0 10.7 0.7 27.1 1.3 15.2 15

16 Credit unions 2.0 3.4 2.4 -5.3 -11.4 -18.9 31.8 -22.7 16.0 -1.5 10.4 16

17 Other insurance companies -0.2 7.4 -14.4 10.0 26.1 1.9 2.0 10.0 -42.0 -4.6 17.3 17

18 Private pension funds 0.9 1.0 0.4 0.9 0.5 0.5 1.3 1.3 -3.6 1.3 1.4 18

19 State and local govt. retirement funds 0.4 8.9 2.8 4.3 20.1 5.8 -6.8 -1.8 -8.7 17.2 4.7 19

20 Money market mutual funds 22.8 12.9 0.1 43.4 55.1 31.9 16.6 69.9 71.5 -5.6 60.7 20

21 Mutual funds 10.3 10.4 8.5 26.7 2.6 60.6 39.6 3.8 -67.0 -28.0 -41.0 21

22 Government-sponsored enterprises -4.1 -13.4 12.7 -1.7 3.4 -39.0 51.4 -22.5 60.4 -31.7 51.3 22

23 Discrepancy--unallocated assets 63.2 60.6 30.0 111.1 567.2 51.9 126.5 -301.4 -161.7 171.9 36.6 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 184.1 193.1 229.9 207.6 202.1 259.1 169.7 199.3 -367.2 -232.5 -186.3 1

 2 Commercial paper 186.8 202.5 232.8 208.2 200.6 258.5 171.9 201.8 -366.5 -227.9 -179.7 2

 3 Nonfinancial corporate business 13.7 24.4 37.4 48.1 29.8 110.4 56.1 -4.0 -207.2 -141.5 -74.1 3

 4 Foreign issues in U.S. 3.7 7.8 16.3 31.7 57.8 12.0 7.0 50.1 -25.4 -5.6 -26.5 4

 5 Nonfinancial -2.3 -1.6 8.2 10.9 36.6 19.7 -13.8 1.2 -31.7 -24.6 -24.5 5

 6 Financial 6.0 9.4 8.1 20.8 21.2 -7.6 20.9 48.9 6.3 19.0 -2.0 6

 7 Financial sectors 169.4 170.3 179.2 128.4 113.1 136.0 108.8 155.7 -133.9 -80.8 -79.0 7

 8 Commercial banking 6.0 7.8 9.1 1.2 -14.9 6.7 6.8 6.3 30.5 -2.8 -0.9 8

 9 ABS issuers 89.4 125.7 139.0 121.0 136.5 125.5 102.3 119.9 84.6 96.8 86.0 9

10 Finance companies 24.6 30.7 -2.9 8.4 11.4 -26.5 -2.3 51.0 -231.8 14.0 -23.1 10

11 REITs 0.0 0.2 -0.1 0.0 0.0 3.5 -3.4 0.0 -0.2 -0.5 4.4 11

12 Funding corporations 49.4 6.0 34.1 -2.3 -19.9 26.9 5.4 -21.6 -17.1 -188.3 -145.3 12

13 Bankers acceptances (1) -2.7 -9.4 -2.9 -0.7 1.5 0.6 -2.3 -2.5 -0.7 -4.6 -6.6 13

14 Net purchases, by sector 184.1 193.1 229.9 207.6 202.1 259.1 169.7 199.3 -367.2 -232.5 -186.3 14

15 Household sector 1.5 7.5 4.0 5.0 5.0 5.0 5.0 5.0 -22.0 -18.0 -15.0 15

16 Nonfinancial corporate business 4.6 3.3 4.3 0.3 -6.1 0.8 7.6 -1.1 11.5 14.0 -13.5 16

17 State and local governments 14.3 28.0 1.9 7.6 6.9 17.5 -4.0 10.0 4.0 -17.2 20.0 17

18 Rest of the world 19.9 37.6 -13.0 8.7 -9.4 -7.2 -14.3 65.6 -4.1 12.8 -9.7 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.8 -0.2 0.3 0.1 0.4 -0.4 -0.1 0.7 0.1 0.0 0.0 20

21 Savings institutions -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -0.1 0.2 1.5 -0.6 -4.1 -2.0 3.6 -0.0 -0.4 1.8 -1.1 22

23 Bank personal trusts and estates -0.2 -4.5 0.6 0.6 0.7 0.4 0.8 0.5 -4.2 -3.7 -3.4 23

24 Life insurance companies 17.5 7.5 2.0 -4.5 -15.1 12.2 -3.1 -12.2 -41.1 -0.2 18.6 24

25 Private pension funds 1.2 2.9 3.7 -1.8 -7.6 0.4 1.2 -1.2 -13.2 -5.5 3.4 25

26 State and local govt. retirement funds 0.4 8.9 2.8 4.3 20.1 5.8 -6.8 -1.8 -8.7 17.2 4.7 26

27 Money market mutual funds 62.1 78.2 104.7 95.5 131.5 -13.0 134.2 129.1 3.3 17.1 79.9 27

28 Mutual funds 10.6 10.4 8.5 26.7 13.2 43.2 31.3 19.0 -53.5 -61.7 -34.9 28

29 Government-sponsored enterprises -1.1 26.9 -27.1 16.8 17.0 -13.1 29.7 33.4 -48.9 40.5 0.6 29

30 Brokers and dealers 0.6 3.8 -2.0 13.2 16.9 32.1 28.8 -24.9 21.3 1.2 22.4 30

31 Funding corporations 53.8 -17.4 137.6 35.8 32.8 177.4 -44.2 -23.0 -211.2 -231.1 -258.1 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 7, 2001

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 23.2 -54.6 -71.0 -294.9 -215.2 -410.5 -223.8 -330.2 -2.1 -257.1 256.0 1

 2 Savings bonds -0.5 0.1 -0.2 -1.7 -3.5 -2.1 -0.9 -0.3 1.4 3.3 3.9 2

 3 Other Treasury issues 23.7 -54.7 -70.8 -293.2 -211.7 -408.5 -222.9 -329.9 -3.5 -260.5 252.1 3

 4 Net purchases 23.2 -54.6 -71.0 -294.9 -215.2 -410.5 -223.8 -330.2 -2.1 -257.1 256.0 4

 5 Household sector -162.4 -85.2 -1.3 -153.7 -226.8 -221.5 -134.8 -31.5 -73.8 -109.9 81.3 5

 6 Savings bonds -0.5 0.1 -0.2 -1.7 -3.5 -2.1 -0.9 -0.3 1.4 3.3 3.9 6

 7 Other Treasury issues -161.9 -85.4 -1.2 -152.0 -223.3 -219.5 -133.9 -31.3 -75.2 -113.2 77.3 7

 8 Nonfinancial corporate business -20.2 -3.2 -4.0 -1.2 8.2 8.3 -1.9 -19.4 -1.6 -3.8 -4.3 8

 9 Nonfarm noncorporate business 4.1 6.1 -3.1 -10.2 -10.2 -15.0 -6.5 -9.1 -11.0 -11.0 -13.4 9

10 State and local governments -17.7 30.0 -2.5 -30.6 -37.5 -15.2 -45.7 -24.1 -48.5 -41.5 -98.0 10

11 Rest of the world 139.7 38.7 -8.3 -63.0 27.4 -98.2 -86.0 -95.3 -1.5 -116.2 30.3 11

12 Monetary authority 39.8 21.4 25.8 33.7 102.1 -5.4 39.2 -0.9 54.2 26.4 8.7 12

13 Commercial banking 8.3 -56.1 12.7 -44.5 -86.3 -35.1 22.9 -79.6 -82.8 39.5 22.1 13

14 U.S.-chartered commercial banks -6.1 -42.1 -1.9 -35.0 -32.2 -13.7 -6.5 -87.6 -104.4 13.8 4.0 14

15 Foreign banking offices in U.S. 14.4 -10.3 7.5 -0.6 -21.5 -21.5 29.9 10.7 24.5 26.0 16.4 15

16 Bank holding companies -0.1 -3.1 7.9 -7.9 -31.4 0.6 0.1 -1.1 -0.3 0.7 -0.3 16

17 Banks in U.S.-affiliated areas 0.1 -0.7 -0.7 -1.0 -1.2 -0.5 -0.6 -1.7 -2.6 -1.0 2.0 17

18 Savings institutions -2.8 -4.4 -0.0 -1.4 -0.8 -3.3 -1.4 -0.2 -3.0 -2.1 -3.5 18

19 Credit unions -1.8 -2.5 -3.5 -1.4 -1.0 -2.1 -1.0 -1.5 -1.0 -5.7 -0.5 19

20 Bank personal trusts and estates -5.4 -3.1 -0.0 -0.8 -0.9 -0.9 -0.7 -0.7 -1.4 -1.2 -1.8 20

21 Life insurance companies 1.6 -14.1 -9.3 -4.6 -4.0 -5.0 -4.1 -5.4 -17.3 -20.2 -18.0 21

22 Other insurance companies 2.1 -20.8 -9.7 -8.6 -9.2 -9.3 -6.9 -8.8 -15.8 -8.0 -7.2 22

23 Private pension funds 4.1 -4.4 -0.6 -0.8 -3.1 7.3 0.3 -7.7 -26.2 -14.7 -19.1 23

24 State and local govt. retirement funds 13.4 0.8 -6.6 -15.5 -0.3 -2.5 -39.2 -19.8 -1.5 7.0 -20.3 24

25 Money market mutual funds -4.0 17.5 0.1 -13.3 -7.5 -34.8 -0.1 -10.9 35.5 37.0 68.9 25

26 Mutual funds 11.0 5.2 -6.8 -9.2 -28.4 -5.6 -10.3 7.6 17.7 53.4 44.7 26

27 Closed-end funds -1.2 -0.9 -1.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 27

28 Government-sponsored enterprises 7.1 -0.7 5.8 -8.9 -23.2 -18.0 -6.5 12.2 4.9 0.5 -17.5 28

29 Brokers and dealers 7.5 21.2 -58.4 39.4 86.8 46.0 59.3 -34.5 171.1 -86.1 203.8 29

 Memo:

30 Federal government borrowing (1) 23.1 -52.6 -71.2 -295.9 -217.2 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 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 7, 2001 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 212.8 472.9 591.7 432.5 222.4 382.9 512.4 612.4 430.3 675.9 820.3 1

 2 Budget agencies -0.1 2.0 -0.2 -1.0 -2.1 1.8 -2.4 -1.2 -2.2 1.1 -0.4 2

 3 Government-sponsored enterprises 98.4 278.3 318.2 234.1 104.9 248.9 278.1 304.5 262.3 268.3 328.0 3

 4 Federally related mortgage pools 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 4

 5 Net purchases 212.8 472.9 591.7 432.5 222.4 382.9 512.4 612.4 430.3 675.9 820.3 5

 6 Household sector 11.0 -74.8 82.4 -11.4 -57.8 75.3 28.1 -91.3 -422.5 131.0 -39.0 6

 7 Nonfinancial corporate business -20.5 2.6 1.9 3.1 10.1 11.4 4.5 -13.4 1.1 6.1 30.1 7

 8 State and local governments -0.8 63.6 28.5 23.5 23.1 26.9 24.0 20.0 27.8 22.7 27.6 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 49.8 56.7 92.1 152.7 136.5 117.3 171.4 185.7 168.9 157.2 131.6 10

11 Monetary authority -1.5 -0.3 -0.2 -0.1 -0.1 -0.0 -0.0 0.0 -0.5 0.0 0.0 11

12 Commercial banking 75.5 91.4 35.7 22.6 70.6 13.8 -30.1 36.2 -20.7 -75.6 166.2 12

13 U.S.-chartered commercial banks 60.4 81.6 29.3 18.2 75.3 15.3 -40.0 22.4 -30.9 12.5 141.5 13

14 Foreign banking offices in U.S. 12.5 4.8 4.3 0.6 -3.1 -4.0 2.2 7.5 13.4 -87.0 23.6 14

15 Bank holding companies 0.6 1.1 -1.3 -0.5 -2.4 0.9 0.4 -1.1 2.4 -1.4 -0.3 15

16 Banks in U.S.-affiliated areas 2.0 3.9 3.3 4.3 0.8 1.6 7.3 7.4 -5.7 0.3 1.3 16

17 Savings institutions -0.8 -11.7 3.7 -6.7 -20.2 -9.1 -1.5 4.1 19.4 21.0 -7.4 17

18 Credit unions 0.4 7.3 2.9 -0.4 7.7 -1.1 -14.8 6.8 20.1 -11.0 36.6 18

19 Bank personal trusts and estates -4.7 -1.4 5.7 4.6 4.0 4.3 4.9 5.2 3.3 3.9 2.5 19

20 Life insurance companies -3.0 -9.6 7.0 11.0 14.6 7.3 12.8 9.3 32.9 19.7 34.2 20

21 Other insurance companies 1.7 -1.2 5.9 8.6 7.9 7.5 10.9 7.9 4.3 6.0 5.5 21

22 Private pension funds 7.7 39.0 30.6 27.7 42.3 5.4 36.6 26.5 29.3 -18.7 2.6 22

23 State and local govt. retirement funds 18.4 19.1 22.9 37.6 -17.9 58.7 46.8 62.7 -27.5 20.4 11.7 23

24 Money market mutual funds -5.5 77.5 17.1 -5.8 -72.9 -58.5 15.2 93.2 251.3 79.7 196.8 24

25 Mutual funds 8.4 21.0 19.3 19.5 -4.4 34.7 17.9 29.7 25.4 94.8 57.1 25

26 Government-sponsored enterprises 69.0 163.1 178.7 145.0 120.5 74.4 154.6 230.6 234.4 162.9 195.2 26

27 ABS issuers 3.6 38.2 41.3 2.8 21.6 -0.7 -1.9 -7.6 39.5 -42.6 29.0 27

28 REITs 9.0 -8.1 1.1 0.3 -0.4 -3.8 3.0 2.5 -2.6 14.3 3.4 28

29 Brokers and dealers -4.8 0.5 15.0 -2.3 -62.7 19.2 30.1 4.3 46.4 84.2 -63.6 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 7, 2001

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 71.4 96.8 68.2 35.3 20.0 30.1 31.0 60.1 110.7 112.4 56.0 1

 2 State and local governments 57.3 79.1 52.7 28.2 14.5 19.8 25.1 53.4 103.4 108.3 42.9 2

 3 Short-term (1) 8.3 -6.3 3.6 3.2 4.4 8.4 -7.2 7.1 21.2 20.5 37.3 3

 4 Long-term 49.0 85.4 49.1 25.0 10.1 11.5 32.3 46.3 82.3 87.7 5.6 4

 5 Nonprofit organizations (2) 10.0 12.0 10.4 5.8 3.3 10.2 4.9 4.6 4.9 0.9 12.0 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 4.2 5.8 5.1 1.4 2.2 0.1 1.0 2.1 2.3 3.3 1.1 6

 7 Net change in assets 71.4 96.8 68.2 35.3 20.0 30.1 31.0 60.1 110.7 112.4 56.0 7

 8 Household sector 52.5 17.8 40.2 14.6 30.4 -4.6 32.4 -0.1 92.5 0.2 -49.0 8

 9 Nonfinancial corporate business -3.6 -1.6 -3.4 10.7 6.3 47.9 -33.1 21.8 -36.7 30.7 13.3 9

10 Nonfarm noncorporate business 0.5 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -0.7 -1.4 -1.5 0.6 -1.7 1.6 3.2 -0.8 2.1 -0.6 0.4 11

12 Commercial banking 2.4 8.2 5.8 3.4 7.6 3.1 1.6 1.1 -2.6 15.5 3.8 12

13 Savings institutions 0.0 0.4 0.5 0.2 0.3 -0.2 -0.0 0.6 2.9 0.3 0.3 13

14 Bank personal trusts and estates -13.3 -1.1 10.8 4.7 7.2 3.6 5.2 3.0 3.1 2.0 1.4 14

15 Life insurance companies 0.1 1.7 1.7 -1.0 -0.5 -1.4 -0.9 -1.2 1.6 3.4 1.5 15

16 Other insurance companies 2.6 16.5 -9.1 -14.9 -17.0 -17.5 -9.1 -15.9 4.7 -2.0 1.3 16

17 State and local govt. retirement funds 0.9 1.7 -0.2 -1.5 -0.5 -0.4 -2.5 -2.3 0.7 -0.7 0.0 17

18 Money market mutual funds 22.5 26.0 17.5 34.3 30.8 24.2 29.8 52.6 14.3 39.2 54.4 18

19 Mutual funds 6.5 22.8 -3.2 -8.9 -28.3 -17.9 2.0 8.5 22.0 16.6 23.6 19

20 Closed-end funds -0.8 1.9 8.7 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 20

21 Government-sponsored enterprises -0.4 4.1 1.4 -1.8 -5.7 -0.1 3.0 -4.5 4.7 8.3 0.3 21

22 Brokers and dealers 2.4 -0.1 -1.2 -0.7 -4.4 -3.9 3.9 1.8 5.5 4.1 9.3 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 430.8 563.7 465.0 402.2 405.6 369.8 445.2 388.3 856.9 598.9 395.9 1

 2 Nonfinancial corporate business 150.5 218.7 229.9 171.1 186.2 153.8 168.8 175.6 400.9 428.0 187.7 2

 3 Rest of the world (1) 61.4 34.9 16.8 25.2 47.6 -27.3 71.4 9.0 17.1 -15.9 -101.4 3

 4 Financial sectors 218.9 310.1 218.2 205.9 171.8 243.3 205.0 203.7 438.9 186.8 309.6 4

 5 Commercial banking 23.7 27.6 20.4 32.6 33.1 38.1 32.7 26.5 79.5 9.0 31.5 5

 6 Savings institutions 0.1 -0.2 0.2 3.5 -0.0 0.0 2.6 11.5 -14.0 14.5 -1.2 6

 7 ABS issuers 112.9 195.7 84.4 75.2 38.4 20.6 53.9 188.0 211.2 75.5 217.2 7

 8 Finance companies 28.7 24.2 64.3 72.2 66.8 148.3 94.4 -20.6 126.6 33.3 55.0 8

 9 REITs 14.8 21.7 8.9 4.8 6.6 13.2 5.6 -6.3 12.2 -5.9 -0.5 9

10 Brokers and dealers 8.1 7.2 -17.2 15.6 44.4 -0.7 25.4 -6.6 -23.9 35.7 12.3 10

11 Funding corporations 30.6 34.0 57.4 1.9 -17.6 23.8 -9.6 11.2 47.2 24.7 -4.7 11

12 Net purchases 430.8 563.7 465.0 402.2 405.6 369.8 445.2 388.3 856.9 598.9 395.9 12

13 Household sector 85.6 96.8 23.6 -25.6 -28.7 132.9 -114.9 -91.6 253.4 -147.0 -97.5 13

14 State and local governments 1.3 10.2 12.6 3.7 6.1 4.7 1.6 2.4 11.5 7.2 14.8 14

15 Rest of the world (2) 84.6 122.2 160.8 183.1 178.3 169.1 185.6 199.4 280.2 279.6 149.7 15

16 Commercial banking 27.8 38.0 38.8 57.6 -22.9 19.3 138.0 96.0 52.1 141.2 48.3 16

17 Savings institutions -9.9 29.9 23.3 -2.5 15.0 -20.5 -13.2 8.7 -54.0 -11.1 -20.2 17

18 Bank personal trusts and estates -0.8 -2.6 11.3 8.1 8.0 6.6 7.6 10.2 10.1 12.4 10.0 18

19 Life insurance companies 86.8 84.5 41.5 49.0 76.9 23.1 55.8 40.2 118.8 113.1 118.9 19

20 Other insurance companies 18.9 11.6 10.0 6.4 4.7 4.0 11.9 5.2 8.8 4.0 9.4 20

21 Private pension funds 33.8 17.1 9.3 14.5 13.2 10.2 25.1 9.6 34.7 30.7 11.7 21

22 State and local govt. retirement funds 33.1 35.1 30.4 29.7 61.1 -27.2 37.5 47.3 -36.2 6.9 18.6 22

23 Money market mutual funds 12.5 44.8 42.5 38.2 79.7 -36.1 77.0 32.1 -1.1 -6.8 -20.9 23

24 Mutual funds 44.4 65.5 29.3 -1.3 -19.0 8.7 9.2 -4.0 57.8 62.1 33.4 24

25 Closed-end funds -0.5 4.5 -0.0 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 25

26 Government-sponsored enterprises 5.3 20.7 23.7 25.8 11.0 49.1 29.5 13.6 31.7 48.4 -1.3 26

27 REITs 2.1 -0.4 -0.3 -0.4 -0.7 3.5 -3.1 -1.4 8.6 -9.0 3.0 27

28 Brokers and dealers 9.2 -18.6 12.0 19.3 66.3 -3.5 30.0 -15.7 45.3 32.0 78.1 28

29 Funding corporations -3.4 4.5 -3.8 0.1 -40.0 29.4 -28.8 40.0 38.7 38.7 43.6 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 7, 2001 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -79.9 -165.8 -34.6 -36.2 82.8 -22.2 -33.8 -171.5 137.3 119.5 -80.9 1

 2 Nonfinancial corporate business -114.4 -267.0 -143.5 -150.6 61.2 -245.2 -67.6 -350.8 -25.6 -72.6 -118.5 2

 3 Rest of the world (2) 57.6 101.3 114.4 99.7 62.6 185.9 61.1 89.4 109.2 208.8 10.9 3

 4 Financial sectors -23.1 -0.1 -5.6 14.7 -41.0 37.2 -27.3 89.8 53.7 -16.7 26.7 4

 5 Commercial banking -27.7 -11.2 -10.6 -12.5 -26.1 -16.0 -2.8 -5.2 -8.1 -7.9 -20.6 5

 6 Life insurance companies -4.0 -4.7 -6.0 -0.8 -6.2 12.9 -4.9 -4.8 -6.8 -5.0 -4.4 6

 7 Other insurance companies -13.7 -4.7 -7.8 -4.5 -13.1 -1.5 -1.0 -2.4 -1.8 -2.2 -2.4 7

 8 Closed-end funds -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 8

 9 Exchange-traded funds 3.4 6.0 12.2 42.4 2.1 46.3 14.1 107.0 57.9 11.3 27.9 9

10 REITs 32.5 19.8 6.6 2.2 2.6 2.0 1.4 3.0 1.4 3.2 7.5 10

11 Brokers and dealers -5.9 2.5 7.6 -4.2 7.6 1.4 -26.1 0.1 19.0 -8.2 26.6 11

12 Net purchases -79.9 -165.8 -34.6 -36.2 82.8 -22.2 -33.8 -171.5 137.3 119.5 -80.9 12

13 Household sector -293.4 -248.7 -264.4 -459.5 -554.9 -367.5 -410.6 -504.9 -324.0 -185.4 -199.9 13

14 State and local governments 16.8 9.4 3.5 -1.2 -5.6 10.7 -4.1 -5.6 16.9 21.0 20.3 14

15 Rest of the world (3) 67.8 42.0 112.3 193.8 266.2 136.1 214.9 158.2 164.4 137.8 37.2 15

16 Commercial banking 0.6 1.3 1.2 0.3 0.8 0.9 1.3 -1.8 -1.5 -0.5 5.6 16

17 Savings institutions 0.2 1.5 -0.7 0.4 1.5 -1.3 1.5 0.1 4.7 3.0 2.4 17

18 Bank personal trusts and estates -0.5 -70.4 -40.4 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 18

19 Life insurance companies 86.3 115.3 111.9 105.9 126.4 127.1 97.7 72.5 93.6 64.0 74.7 19

20 Other insurance companies 3.0 -5.0 -1.7 0.7 -9.3 -11.8 -16.4 40.4 6.0 2.9 6.0 20

21 Private pension funds -137.8 -113.0 -92.2 -81.8 -106.2 -62.4 -114.4 -44.2 -40.5 -23.8 -56.4 21

22 State and local govt. retirement funds 9.4 -28.2 -6.2 -18.4 -27.9 8.0 -3.8 -49.9 55.8 -67.8 -6.0 22

23 Mutual funds 166.8 143.3 136.9 190.9 378.2 108.4 186.9 90.3 99.6 134.8 86.4 23

24 Closed-end funds -5.1 -13.3 -14.9 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 24

25 Exchange-traded funds 3.4 6.0 12.2 42.4 2.1 46.3 14.1 107.0 57.9 11.3 27.9 25

26 Brokers and dealers 2.4 -6.0 7.7 9.6 31.1 2.8 18.6 -14.2 23.9 41.8 -59.8 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 1

 2 Net purchases 265.1 274.6 188.3 243.9 307.3 232.0 279.4 156.7 96.4 268.0 169.8 2

 3 Household sector 259.6 243.4 141.7 229.8 286.8 215.6 271.1 145.6 67.4 261.9 162.0 3

 4 Nonfinancial corporate business -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 4

 5 State and local governments -7.4 -12.3 4.3 0.8 -10.7 5.6 4.5 4.0 9.4 7.9 -0.8 5

 6 Commercial banking 0.8 -0.4 1.2 2.5 5.1 -0.1 -0.3 5.4 13.6 -2.1 3.8 6

 7 Credit unions -0.2 1.2 -1.1 -0.3 2.7 -3.8 -0.2 0.0 -0.9 6.4 -1.9 7

 8 Bank personal trusts and estates -14.9 27.0 -1.5 -30.5 -30.5 -30.5 -30.5 -30.5 -20.0 -20.0 -20.0 8

 9 Life insurance companies -7.2 -23.4 15.0 11.0 12.0 12.4 10.1 9.6 2.0 2.0 2.0 9

10 Private pension funds 42.7 31.7 30.7 32.4 43.7 34.8 26.6 24.5 26.8 13.8 26.6 10
46 Z.1, December 7, 2001

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 234.7 253.4 200.1 370.4 529.0 512.4 262.6 177.6 280.5 -70.6 -26.0 1

 - Loans elsewhere classified:

 2 Open market paper -0.8 -0.2 0.3 0.1 0.4 -0.4 -0.1 0.7 0.1 0.0 0.0 2

 3 Mortgages 99.9 91.7 158.2 164.1 247.0 261.1 127.6 20.7 158.8 133.0 42.8 3

 4 Consumer credit -14.2 -3.6 -9.2 41.7 39.5 55.7 53.9 17.8 13.7 54.4 -27.3 4

 5 Security credit 21.7 20.5 -18.1 50.4 84.2 16.8 29.1 71.4 73.8 -88.1 -27.9 5

 6 = Banking sector total bank loans n.e.c. 128.2 145.0 68.9 114.1 158.0 179.2 52.2 67.1 34.1 -170.0 -13.6 6

 7 U.S.-chartered commercial banks 108.1 144.3 92.2 98.2 135.5 168.8 59.3 29.2 11.1 -93.0 -5.1 7

 8 Foreign banking offices in U.S. 19.2 -1.9 -22.3 15.8 21.6 1.0 0.3 40.1 18.2 -78.8 -8.2 8

 9 Bank holding companies -0.0 1.7 -1.6 -0.9 -2.9 8.6 -9.0 -0.5 4.3 -0.2 -0.1 9

10 Banks in U.S.-affiliated areas 0.9 0.9 0.5 1.1 3.8 0.8 1.6 -1.7 0.5 2.1 -0.2 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 128.2 145.0 68.9 114.1 158.0 179.2 52.2 67.1 34.1 -170.0 -13.6 12

13 Net change in liabilities 128.2 145.0 68.9 114.1 158.0 179.2 52.2 67.1 34.1 -170.0 -13.6 13

14 Nonfinancial sectors 114.9 114.9 83.2 114.4 154.9 172.2 58.9 71.5 7.1 -184.2 -5.5 14

15 Household sector 8.0 6.2 -7.3 8.2 34.1 -2.6 4.1 -2.9 -17.3 -28.1 48.3 15

16 Corporate business 51.1 81.8 73.0 74.3 84.9 134.5 36.3 41.5 8.5 -102.6 -39.6 16

17 Nonfarm noncorporate business 43.8 18.9 17.9 17.9 18.3 33.4 7.3 12.5 0.7 -20.2 -14.5 17

18 Farm business 3.5 1.2 -0.9 2.7 2.2 1.2 -0.8 8.2 2.2 -2.3 -4.2 18

19 Rest of the world 8.5 6.7 0.5 11.3 15.4 5.7 11.9 12.2 13.0 -31.0 4.4 19

20 Foreign official institutions -0.8 0.8 0.2 0.5 -0.8 1.4 1.8 -0.3 0.4 -1.2 3.4 20

21 Foreign banks -0.5 -0.7 -3.1 3.2 5.7 2.6 2.2 2.5 12.1 -28.3 1.1 21

22 Other foreign 9.8 6.7 3.5 7.5 10.6 1.7 7.9 9.9 0.5 -1.5 -0.1 22

23 Financial sectors 13.3 30.1 -14.2 -0.3 3.2 6.9 -6.7 -4.4 27.1 14.3 -8.1 23

24 Savings institutions 3.5 10.3 -15.7 7.4 25.4 3.5 -1.9 2.7 4.6 -3.8 6.7 24

25 Finance companies 4.5 2.2 8.9 0.5 -17.1 17.6 6.1 -4.3 32.3 16.8 -9.9 25

26 Mortgage companies -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.8 26

27 REITs 9.9 16.0 -7.6 -8.3 -2.1 -16.9 -10.6 -3.7 -10.6 0.7 -5.8 27
Z.1, December 7, 2001 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 93.2 166.3 158.5 142.7 226.6 245.1 -16.8 115.8 84.2 102.0 133.0 1

 2 U.S. government loans 9.6 14.4 5.9 8.2 10.3 7.6 5.8 9.1 7.0 4.6 4.4 2

 3 Liab.: Household sector 11.4 10.6 12.6 11.2 12.4 10.7 11.1 10.9 10.5 11.7 11.4 3

 4 Nonfinancial corporate business -0.3 -0.1 -0.3 -0.4 -0.6 -0.4 -0.7 -0.0 0.3 -1.2 1.4 4

 5 Nonfarm noncorporate business 1.8 4.0 -0.9 -1.1 -0.3 -1.3 -1.2 -1.6 -2.6 -2.2 -4.1 5

 6 Farm business -0.5 -0.3 -0.3 0.1 0.2 -0.2 0.2 0.2 0.2 0.3 -0.2 6

 7 State and local governments -1.2 1.2 -0.4 -1.0 -1.6 -1.6 -1.3 0.4 0.4 0.4 0.1 7

 8 Rest of the world -1.6 -1.0 -4.8 -0.6 0.3 0.4 -2.2 -0.8 -1.8 -4.3 -4.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 17.3 -1.0 -22.7 -2.2 -17.6 16.9 -40.6 32.4 -32.4 16.2 80.1 10

11 Liab.: Nonfinancial corporate business 17.3 -1.0 -22.7 -2.2 -17.6 16.9 -40.6 32.4 -32.4 16.2 80.1 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.8 -9.3 -3.1 -0.7 2.0 0.7 -2.7 -2.9 0.0 -4.0 -7.4 12

13 Liab.: Nonfinancial corporate business -2.6 -4.3 -2.2 -0.0 2.8 -0.6 -3.2 0.8 9.9 -3.7 -8.3 13

14 Rest of the world -0.2 -5.0 -0.9 -0.7 -0.8 1.2 0.5 -3.7 -9.9 -0.3 0.9 14

15 Savings institution loans to business 3.1 5.3 6.5 8.7 11.2 7.8 10.1 5.7 8.2 9.6 -0.6 15

16 Liab.: Nonfinancial corporate business 1.6 2.7 3.2 4.3 5.6 3.9 5.0 2.8 4.1 4.8 -0.3 16

17 Nonfarm noncorporate business 1.6 2.7 3.2 4.3 5.6 3.9 5.0 2.8 4.1 4.8 -0.3 17

18 Policy loans (Household liability) 3.2 0.1 -5.1 2.8 -1.3 3.6 5.8 3.2 4.0 0.6 4.3 18

19 Asset: Federal government 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 19

20 Life insurance companies 3.2 0.1 -5.0 2.9 -1.3 3.6 5.8 3.2 4.0 0.6 4.3 20

21 Govt.-sponsored enterprises loans 31.2 92.3 113.6 41.3 79.0 119.9 -39.0 5.5 109.3 -0.6 64.4 21

22 Liab.: Household sector (SLMA) -4.4 -1.2 5.6 -4.2 -8.9 -2.5 -11.4 6.0 2.3 4.8 3.3 22

23 Noncorporate business (FCS) 0.0 2.7 0.0 1.5 -3.2 4.6 2.7 2.0 -0.2 6.2 2.0 23

24 Farm business (FCS) 0.0 0.6 0.9 1.5 4.1 -1.4 1.3 2.3 -0.6 -0.5 1.0 24

25 Commercial banks (FHLB and SLMA) 19.1 46.9 40.6 26.8 58.6 53.9 6.2 -11.4 39.0 -17.4 45.9 25

26 Savings institutions (FHLB and SLMA) 16.2 42.1 63.5 16.3 32.1 65.5 -38.6 6.3 71.9 5.4 7.2 26

27 Credit unions (FHLB) 0.1 0.6 2.2 0.0 -2.9 0.9 1.1 1.0 -0.6 0.8 1.5 27

28 Life insurance companies (FHLB) 0.2 0.7 0.7 -0.7 -0.7 -1.1 -0.3 -0.7 -2.4 0.1 3.5 28

29 Securitized loans held by ABS issuers 32.2 27.6 9.2 21.2 44.9 4.6 -4.5 39.9 -0.7 -23.3 64.4 29

30 Liab.: Households (1) 7.8 3.8 1.5 6.5 13.6 6.8 8.8 -3.3 2.5 2.0 0.8 30

31 Nonfinancial corporate business 24.4 23.8 7.7 14.7 31.3 -2.3 -13.2 43.2 -3.2 -25.3 63.6 31

32 Finance company loans to business -0.6 36.8 54.2 63.3 98.1 84.0 48.2 23.0 -11.2 99.0 -76.5 32

33 Liab.: Nonfinancial corporate business -0.5 33.1 48.8 57.0 88.3 75.6 43.4 20.7 -10.1 89.1 -68.8 33

34 Nonfarm noncorporate business -0.1 3.7 5.4 6.3 9.8 8.4 4.8 2.3 -1.1 9.9 -7.6 34

(1) Student loans.
48 Z.1, December 7, 2001

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 338.2 521.2 601.4 577.4 509.9 669.6 576.7 553.5 557.1 853.9 752.3 1

 2 Home 258.3 389.9 435.2 422.5 361.9 490.3 441.9 395.9 434.3 622.9 544.7 2

 3 Multifamily residential 12.4 31.9 42.2 39.0 31.6 51.3 30.8 42.3 36.9 60.9 55.0 3

 4 Commercial 64.4 92.8 118.2 109.4 109.1 117.8 97.5 113.2 81.8 157.7 146.1 4

 5 Farm 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 5

 6 Net borrowing 338.2 521.2 601.4 577.4 509.9 669.6 576.7 553.5 557.1 853.9 752.3 6

 7 Household sector 239.2 360.8 399.9 385.7 323.9 456.0 403.0 359.8 387.6 605.8 514.8 7

 8 Nonfinancial business 84.2 135.6 196.4 185.5 179.0 203.6 167.7 191.9 177.0 231.8 245.8 8

 9 Corporate 33.4 21.4 61.0 62.3 66.9 58.1 50.8 73.6 52.3 87.2 106.2 9

10 Nonfarm noncorporate 47.7 107.7 129.7 116.7 104.8 135.4 110.4 116.2 120.5 132.2 133.1 10

11 Farm 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 11

12 Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 14.9 24.8 5.1 6.2 7.0 10.0 6.0 1.8 -7.5 16.2 -8.2 13

14 Net change in assets 338.2 521.2 601.4 577.4 509.9 669.6 576.7 553.5 557.1 853.9 752.3 14

15 Household sector 0.1 0.9 -0.3 1.1 3.5 2.4 1.0 -2.5 -0.1 3.3 0.7 15

16 Nonfinancial corporate business 25.9 -13.0 -7.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 16

17 Nonfarm noncorporate business -1.6 11.9 10.0 7.9 7.9 15.2 2.3 6.2 6.0 5.6 6.9 17

18 State and local governments 3.7 4.1 4.3 4.5 4.4 4.5 4.5 4.6 4.6 4.7 4.8 18

19 Federal government -4.5 -0.8 -0.1 -0.9 -3.8 0.1 -1.3 1.6 -2.4 -0.6 -3.4 19

20 Commercial banking 99.9 91.7 158.2 164.1 247.0 261.1 127.6 20.7 158.8 133.0 42.8 20

21 Savings institutions (1) 3.5 12.1 24.7 55.2 60.3 82.4 62.4 15.5 75.2 40.3 10.5 21

22 Credit unions 10.1 10.9 14.1 16.4 16.2 15.8 17.2 16.3 -0.5 14.4 34.1 22

23 Bank personal trusts and estates -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.2 -0.1 -0.1 -0.0 -0.1 23

24 Life insurance companies -1.3 6.8 15.7 5.2 -5.7 13.0 8.5 4.8 -3.6 8.4 3.1 24

25 Other insurance companies -0.2 -0.3 -0.0 -0.3 2.5 -2.8 -0.7 -0.2 0.0 0.1 0.1 25

26 Private pension funds 0.7 1.9 1.9 1.7 2.1 1.4 1.7 1.4 1.5 1.0 0.5 26

27 State and local govt. retirement funds 0.9 6.5 -2.6 -0.0 0.9 -2.9 1.9 0.1 2.5 2.6 3.7 27

28 Government-sponsored enterprises (1) -4.5 8.3 -4.3 22.7 6.8 38.6 17.3 28.0 11.6 36.3 26.1 28

29 Federally related mortgage pools 114.6 192.6 273.8 199.4 119.5 132.2 236.7 309.1 170.3 406.5 492.6 29

30 ABS issuers 80.7 156.5 92.0 85.2 54.4 74.2 83.5 128.6 115.3 179.6 119.8 30

31 Finance companies 11.0 24.7 24.6 26.4 20.0 36.4 23.1 26.2 23.4 26.8 12.1 31

32 Mortgage companies -9.1 3.2 0.3 0.2 -6.0 5.5 -0.5 2.0 1.4 1.1 1.7 32

33 REITs 9.1 3.4 -3.3 -6.2 -15.2 -2.2 -3.5 -3.8 -1.9 -4.2 1.3 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 7, 2001 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 258.3 389.9 435.2 422.5 361.9 490.3 441.9 395.9 434.3 622.9 544.7 1

 2 Household sector 240.4 351.4 389.5 382.6 327.5 444.6 397.9 360.3 387.8 581.0 502.3 2

 3 Nonfinancial corporate business 0.2 1.4 2.2 2.0 2.0 2.2 2.6 1.1 3.5 2.6 1.5 3

 4 Nonfarm noncorporate business 17.8 37.2 43.6 38.0 32.4 43.6 41.4 34.4 42.9 39.4 40.9 4

 5 Net change in assets 258.3 389.9 435.2 422.5 361.9 490.3 441.9 395.9 434.3 622.9 544.7 5

 6 Household sector -1.1 -1.1 -1.1 -1.0 -1.1 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 6

 7 Nonfinancial corporate business 5.3 -2.7 -1.4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 7

 8 Nonfarm noncorporate business -0.6 4.5 3.8 3.0 3.0 5.7 0.9 2.3 2.2 2.1 2.6 8

 9 State and local governments 3.0 3.3 3.5 3.7 3.6 3.6 3.7 3.7 3.8 3.8 3.9 9

10 Federal government -2.0 -0.3 -0.4 -0.7 -0.3 -0.2 -2.0 -0.4 -0.4 -0.6 -1.0 10

11 Commercial banking 67.9 51.1 82.1 86.4 142.1 169.8 68.1 -34.2 93.8 70.6 -49.8 11

12 Savings institutions 7.0 12.7 15.1 46.1 49.4 73.7 50.2 11.0 57.5 31.2 1.4 12

13 Credit unions 10.1 10.9 14.1 16.4 16.2 15.8 17.2 16.3 -0.5 14.4 34.1 13

14 Bank personal trusts and estates -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.2 -0.1 -0.1 -0.0 -0.1 14

15 Life insurance companies 0.2 -0.6 -0.7 -1.0 -1.5 -1.3 -1.3 -0.0 -0.1 0.5 0.1 15

16 Private pension funds 0.8 1.3 1.4 1.5 1.6 1.3 1.5 1.4 1.5 1.3 1.1 16

17 State and local govt. retirement funds 0.6 2.8 -0.9 -0.0 0.3 -1.0 0.7 0.0 0.9 0.9 1.3 17

18 Government-sponsored enterprises -4.2 5.3 -10.3 15.8 1.8 31.4 11.3 18.5 4.7 22.7 15.3 18

19 Federally related mortgage pools 109.3 182.1 264.6 190.9 113.0 124.5 228.9 297.0 157.2 387.3 479.6 19

20 ABS issuers 54.5 94.5 49.9 44.8 34.0 33.5 51.0 60.8 93.9 63.6 44.0 20

21 Finance companies 12.6 22.5 18.2 22.4 21.2 32.2 15.8 20.3 21.0 27.0 10.7 21

22 Mortgage companies -10.2 3.1 0.3 0.2 -6.0 5.5 -0.6 1.9 1.4 1.0 1.6 22

23 REITs 6.0 0.8 -2.4 -4.6 -14.4 -1.9 -1.1 -0.8 -0.4 -0.8 1.7 23

 Memo:

24 Home equity loans included above (2) 78.0 60.6 56.1 97.7 81.2 117.2 95.6 96.6 62.2 95.5 79.5 24

25 Commercial banking 20.1 2.9 12.6 45.3 41.1 52.2 42.9 45.1 3.2 39.5 25.8 25

26 Savings institutions 3.2 0.5 3.8 13.1 10.3 10.5 13.7 18.0 1.7 14.2 4.8 26

27 Credit unions 3.5 0.7 3.7 7.3 9.3 7.7 9.3 2.9 2.7 3.2 12.4 27

28 ABS issuers 38.6 34.0 17.7 9.6 6.4 16.4 6.4 9.2 41.6 13.6 17.6 28

29 Finance companies 12.6 22.5 18.2 22.4 14.2 30.4 23.4 21.5 12.9 25.1 18.9 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 12.4 31.9 42.2 39.0 31.6 51.3 30.8 42.3 36.9 60.9 55.0 1

 2 Nonfinancial corporate business 1.1 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.5 1.5 2

 3 Nonfarm noncorporate business 6.4 22.7 39.3 35.7 27.9 46.7 27.6 40.5 38.0 54.0 56.2 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 4.9 8.2 1.7 2.1 2.3 3.3 2.0 0.6 -2.5 5.4 -2.7 5

 6 Net change in assets 12.4 31.9 42.2 39.0 31.6 51.3 30.8 42.3 36.9 60.9 55.0 6

 7 Household sector -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business 0.6 -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business -0.5 4.0 3.3 2.6 2.6 5.0 0.8 2.1 2.0 1.9 2.3 9

10 State and local governments 0.6 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10

11 Federal government -0.9 -0.3 -0.0 0.3 0.3 0.2 0.2 0.5 -2.4 0.2 1.0 11

12 Commercial banking 4.2 3.2 13.1 11.7 19.1 19.7 4.9 3.2 8.3 2.4 14.0 12

13 Savings institutions -2.0 -2.5 2.3 1.9 -5.4 5.3 3.7 4.1 6.4 2.0 3.8 13

14 Life insurance companies -0.3 1.1 1.1 0.9 -0.7 2.0 1.3 0.8 -0.5 1.1 0.4 14

15 Private pension funds -0.0 0.1 0.1 0.0 0.1 0.0 0.1 0.0 -0.0 -0.1 -0.2 15

16 State and local govt. retirement funds 0.2 1.8 -0.7 -0.0 0.2 -0.8 0.5 0.0 0.7 0.7 1.0 16

17 Government-sponsored enterprises -1.2 0.8 4.8 4.9 5.2 4.6 3.3 6.6 4.1 7.5 6.9 17

18 Federally related mortgage pools 5.3 10.5 9.2 8.5 6.5 7.7 7.8 12.0 13.1 19.2 13.0 18

19 ABS issuers 5.0 12.8 8.5 7.3 3.4 5.4 6.9 13.5 4.9 24.9 11.3 19

20 Finance companies -0.3 -0.3 0.2 0.1 0.2 0.3 0.6 -0.6 0.0 -0.1 0.2 20

21 Mortgage companies 1.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 21

22 REITs 0.9 0.1 -0.6 -0.2 -0.8 0.9 -0.3 -0.7 -0.7 0.2 0.2 22
50 Z.1, December 7, 2001

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 64.4 92.8 118.2 109.4 109.1 117.8 97.5 113.2 81.8 157.7 146.1 1

 2 Household sector -1.2 9.4 10.5 3.1 -3.6 11.4 5.1 -0.5 -0.2 24.9 12.5 2

 3 Nonfinancial corporate business 32.2 18.9 57.6 59.1 63.6 54.7 46.9 71.2 47.5 83.1 103.1 3

 4 Nonfarm noncorporate business 23.4 47.9 46.8 43.1 44.4 45.1 41.4 41.4 39.5 38.8 36.0 4

 5 REITs 10.0 16.6 3.4 4.2 4.7 6.7 4.1 1.2 -5.0 10.9 -5.5 5

 6 Net change in assets 64.4 92.8 118.2 109.4 109.1 117.8 97.5 113.2 81.8 157.7 146.1 6

 7 Household sector 0.7 0.9 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business 20.0 -10.0 -5.4 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 8

 9 Nonfarm noncorporate business -0.4 3.1 2.6 2.1 2.1 4.0 0.6 1.6 1.6 1.5 1.8 9

10 State and local governments 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -0.7 0.1 0.6 -0.4 -3.5 0.1 0.5 1.5 0.7 -0.0 -3.2 11

12 Commercial banking 25.7 35.3 60.1 63.8 82.4 68.9 53.6 50.2 55.4 58.0 77.2 12

13 Savings institutions -1.5 1.9 7.2 7.1 16.2 3.3 8.5 0.4 11.1 7.1 5.2 13

14 Life insurance companies -1.5 5.2 13.8 4.7 -3.6 10.8 7.2 4.4 -2.7 6.2 2.3 14

15 Other insurance companies -0.2 -0.3 -0.0 -0.3 2.5 -2.8 -0.7 -0.2 0.0 0.1 0.1 15

16 Private pension funds -0.1 0.4 0.4 0.1 0.4 0.0 0.2 0.0 -0.0 -0.2 -0.5 16

17 State and local govt. retirement funds -0.0 1.9 -1.0 -0.0 0.3 -1.1 0.7 0.0 0.9 1.0 1.4 17

18 Federally related mortgage pools -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 21.3 49.2 33.6 33.1 17.1 35.3 25.7 54.3 16.5 91.1 64.5 19

20 Finance companies -1.3 2.5 6.1 3.9 -1.4 3.9 6.7 6.5 2.4 -0.1 1.3 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 2.2 2.5 -0.4 -1.4 0.0 -1.2 -2.0 -2.4 -0.8 -3.6 -0.6 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 1

 2 Net change in assets 3.1 6.5 5.8 6.5 7.4 10.1 6.5 2.0 4.2 12.4 6.5 2

 3 Household sector 0.6 1.1 0.2 1.5 4.0 2.8 1.3 -2.1 0.3 3.7 1.1 3

 4 Nonfarm noncorporate business -0.1 0.4 0.3 0.3 0.3 0.5 0.1 0.2 0.2 0.2 0.2 4

 5 State and local governments -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.9 -0.3 -0.2 -0.1 -0.3 -0.1 -0.0 -0.1 -0.2 -0.1 -0.2 6

 7 Commercial banking 2.1 2.0 2.8 2.2 3.5 2.7 1.0 1.5 1.3 2.0 1.3 7

 8 Savings institutions 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1 -0.0 8

 9 Life insurance companies 0.4 1.1 1.5 0.6 0.0 1.5 1.3 -0.4 -0.2 0.5 0.2 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 1.0 2.2 1.1 2.0 -0.2 2.6 2.7 2.9 2.8 6.1 3.9 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
Z.1, December 7, 2001 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 1

 2 Net change in assets 57.5 75.0 99.5 139.0 149.9 142.1 128.2 135.6 159.9 73.6 21.3 2

 3 Nonfinancial corporate business 1.2 -4.1 5.4 2.4 43.3 -3.1 -23.5 -7.3 34.8 -25.4 -44.3 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking -14.2 -3.6 -9.2 41.7 39.5 55.7 53.9 17.8 13.7 54.4 -27.3 5

 6 Savings institutions 2.5 4.4 9.9 3.0 -10.2 7.9 6.3 8.1 3.8 -0.7 14.9 6

 7 Credit unions 8.2 3.0 12.5 16.5 16.9 20.9 16.2 12.0 5.0 8.0 -7.5 7

 8 ABS issuers 47.2 59.4 62.6 57.1 33.3 33.4 43.8 118.1 115.7 36.2 63.2 8

 9 Finance companies 12.6 15.8 18.2 18.2 27.2 27.2 31.5 -13.0 -13.0 0.9 22.2 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 139.7 109.2 222.3 166.1 193.6 212.9 138.5 119.3 -16.2 -100.0 -81.4 1

 2 Household sector 8.9 8.7 6.0 5.9 7.1 7.0 5.6 3.9 6.9 4.7 6.7 2

 3 Nonfinancial corporate business 65.1 57.6 144.4 101.6 113.7 113.3 118.5 60.8 -42.8 -132.7 -123.8 3

 4 Nonfarm noncorporate business 31.0 23.1 25.5 22.4 26.0 33.2 14.3 16.1 12.8 11.2 9.6 4

 5 Farm business 1.4 0.8 0.4 0.9 1.1 1.6 -0.9 1.7 1.5 -0.2 -2.5 5

 6 State and local governments 31.4 30.5 29.1 27.4 33.2 25.4 25.4 25.5 24.8 25.0 25.6 6

 7 Federal government -8.8 -8.0 0.7 1.3 3.2 -2.2 2.2 2.1 -11.0 -12.0 -13.8 7

 8 Rest of the world 5.1 -2.4 4.3 1.6 -2.4 12.1 -12.7 9.2 -5.8 11.5 6.3 8

 9 Brokers and dealers 5.7 -1.0 11.9 5.1 11.6 22.6 -14.0 0.0 -2.7 -7.7 10.6 9

10 Net change in trade receivables 168.9 160.5 179.3 200.1 265.4 249.4 190.5 95.0 -18.1 -132.3 -70.7 10

11 Nonfinancial corporate business 93.5 86.3 113.4 109.6 185.9 117.1 116.0 19.3 -94.3 -190.3 -122.9 11

12 Nonfarm noncorporate business 35.1 40.7 45.8 40.8 40.8 78.3 17.0 27.1 20.0 14.0 13.2 12

13 Federal government -3.2 1.5 4.6 5.3 6.0 7.2 4.3 3.7 9.9 10.0 7.4 13

14 Rest of the world 4.5 -7.5 -7.5 10.4 -1.6 3.9 9.1 30.2 6.4 -4.6 -6.8 14

15 Other insurance companies 2.7 1.6 2.0 1.0 10.0 4.5 6.1 -16.5 12.1 14.4 10.4 15

16 ABS issuers 36.3 37.9 21.1 33.0 24.2 38.4 38.0 31.3 27.8 24.2 28.0 16

17 Discrepancy -29.2 -51.3 42.9 -34.0 -71.8 -36.5 -51.9 24.3 2.0 32.3 -10.7 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 111.0 103.3 104.3 146.1 507.8 -95.3 97.5 74.4 -140.9 -28.5 485.8 1

 2 Household sector 36.8 21.6 75.2 7.2 234.2 -64.9 14.6 -155.0 -166.5 9.7 228.2 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 74.2 81.7 29.1 138.9 273.6 -30.3 83.0 229.4 25.6 -38.2 257.6 4

 5 Customer credit balances (HH) 52.6 61.2 47.2 88.6 189.4 -47.1 53.9 158.0 -48.2 49.9 285.6 5

 6 From U.S.-chartered commercial banks 4.2 11.9 -8.7 7.1 35.8 -24.2 -11.6 28.5 30.0 6.2 35.3 6

 7 From foreign banking offices in U.S. 17.5 8.6 -9.4 43.2 48.4 41.0 40.7 42.9 43.8 -94.3 -63.2 7

 8 Net change in assets 111.0 103.3 104.3 146.1 507.8 -95.3 97.5 74.4 -140.9 -28.5 485.8 8

 9 Household sector 52.6 61.2 47.2 88.6 189.4 -47.1 53.9 158.0 -48.2 49.9 285.6 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 21.7 20.5 -18.1 50.4 84.2 16.8 29.1 71.4 73.8 -88.1 -27.9 11

12 Brokers and dealers 36.8 21.6 75.2 7.2 234.2 -64.9 14.6 -155.0 -166.5 9.7 228.2 12
52 Z.1, December 7, 2001

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 59.3 48.0 50.8 50.2 54.9 45.6 53.0 47.3 52.7 53.2 56.5 1

 2 Federal government 1.7 1.3 1.4 1.4 1.2 2.6 0.2 1.8 0.6 2.4 0.0 2

 3 Life insurance companies 57.6 46.7 49.4 48.7 53.7 43.0 52.7 45.5 52.0 50.8 56.5 3

 4 Net change in assets (Households) 59.3 48.0 50.8 50.2 54.9 45.6 53.0 47.3 52.7 53.2 56.5 4

 Pension fund reserves:

 5 Net change in liabilities 201.4 202.1 184.4 215.9 206.9 260.7 227.0 168.8 255.5 168.7 192.9 5

 6 Federal government (1) 40.3 41.2 41.1 20.9 38.1 39.3 36.1 -29.9 117.5 44.5 31.7 6

 7 Life insurance companies 95.0 86.4 70.7 121.8 104.2 132.3 132.1 118.6 94.3 77.0 119.0 7

 8 Private pension funds (2) -10.4 13.0 12.7 18.9 2.9 22.6 14.8 35.4 23.1 20.8 10.5 8

 9 State and local govt. retirement funds 76.5 61.5 59.8 54.2 61.8 66.5 44.0 44.7 20.7 26.5 31.8 9

10 Net change in assets (Households) (3) 201.4 202.1 184.4 215.9 206.9 260.7 227.0 168.8 255.5 168.7 192.9 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 22.3 21.3 22.3 21.7 31.0 26.5 3.3 26.0 3.3 16.3 114.4 1

 businesses

 2 Nonfinancial corporate business 9.3 4.8 7.0 6.9 16.3 11.1 -10.4 10.6 -4.1 5.5 103.0 2

 3 Nonfarm noncorporate business 7.3 10.7 8.3 7.5 8.7 11.1 4.8 5.4 4.0 3.2 2.5 3

 4 U.S.-chartered commercial banks 1.4 1.7 1.9 2.1 2.1 2.1 2.2 2.2 2.3 2.4 2.4 4

 5 Savings institutions 0.4 0.2 0.0 0.4 -1.4 0.3 1.5 1.3 -0.7 -0.9 0.1 5

 6 Life insurance companies 1.2 1.2 1.3 1.6 1.4 1.6 1.6 1.8 1.8 1.9 2.0 6

 7 Other insurance companies 1.8 2.0 2.0 2.3 2.0 2.2 2.3 2.5 2.6 2.7 2.8 7

 8 Finance companies 0.8 0.8 0.8 1.0 0.9 0.9 1.0 1.0 1.1 1.1 1.2 8

 9 Brokers and dealers 0.1 -0.1 0.9 -0.1 1.0 -2.8 0.2 1.3 -3.6 0.5 0.4 9

10 Net change in business taxes receivable -5.7 1.6 15.8 7.6 21.5 21.7 5.9 -18.6 -1.1 26.1 101.5 10

11 State and local governments 3.3 9.1 8.8 11.9 13.3 16.6 9.9 7.7 4.6 3.0 -0.2 11

12 Federal government -9.0 -7.5 7.0 -4.3 8.2 5.1 -4.0 -26.4 -5.7 23.1 101.6 12

13 Discrepancy 28.0 19.7 6.5 14.1 9.5 4.8 -2.6 44.6 4.4 -9.7 12.9 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 1

 2 Asset: Household sector -49.9 -41.8 -6.5 -29.7 -28.4 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -70.9 -80.6 -64.8 -46.2 -63.4 -45.0 -26.7 -49.7 -48.5 -25.1 -60.2 1

 2 Nonfarm noncorporate business -85.8 -86.0 -68.8 -59.6 -70.2 -51.2 -65.1 -51.8 -38.9 -46.0 -38.3 2

 3 Farm business 0.0 -1.2 -9.0 -15.1 -23.3 -10.3 -8.9 -18.1 -8.8 -11.6 -1.1 3

 4 Brokers and dealers 14.9 6.6 13.1 28.5 30.1 16.5 47.3 20.2 -0.8 32.6 -20.8 4
Z.1, December 7, 2001 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 492.8 986.8 749.8 1030.2 904.3 1084.0 1399.2 733.1 500.7 789.8 571.8 1

 2 Household sector 0.3 -1.4 2.1 0.1 -2.9 0.8 -0.6 3.2 -3.3 -1.0 2.0 2

 3 Nonfinancial corporate business 30.8 414.2 285.1 330.7 175.9 318.7 448.0 380.4 155.0 -69.5 28.6 3

 4 Nonfarm noncorporate business 56.5 74.3 50.1 46.1 46.1 46.2 41.1 51.1 34.7 35.6 27.0 4

 5 Federal government 0.3 -7.1 -2.9 2.0 -7.6 5.4 7.9 2.3 0.6 4.1 -21.4 5

 6 Rest of the world 134.9 173.5 211.1 207.9 249.3 129.8 331.1 121.1 184.0 157.6 133.6 6

 7 Monetary authority 2.1 1.3 -1.3 1.1 -13.5 0.5 12.3 5.3 -21.6 -4.7 15.8 7

 8 Commercial banking 171.2 120.9 -68.3 184.7 56.0 285.3 293.3 104.1 -103.7 129.2 336.0 8

 9 Savings institutions -2.1 -1.6 -14.4 17.1 -43.5 -9.6 36.8 84.8 -9.5 14.7 34.8 9

10 Credit unions 0.1 0.5 0.9 -0.4 -1.5 3.3 4.3 -7.8 -7.4 10.8 -3.5 10

11 Life insurance companies 36.0 42.8 36.8 24.5 36.5 20.9 29.5 11.0 50.6 90.3 99.0 11

12 Other insurance companies 10.7 5.6 12.4 5.9 7.4 20.1 17.9 -21.8 14.4 23.1 67.3 12

13 Government-sponsored enterprises 7.8 20.3 -6.0 7.4 18.0 -15.8 -7.6 35.0 82.1 2.5 58.1 13

14 Finance companies -20.0 17.8 66.9 82.8 148.4 15.0 145.4 22.5 50.9 -8.7 43.5 14

15 Mortgage companies -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.9 15

16 REITs 8.8 13.6 4.4 1.8 -0.6 6.0 4.5 -2.6 18.9 -18.9 -1.2 16

17 Brokers and dealers 21.6 44.7 7.2 -5.3 120.4 77.9 -0.5 -219.1 79.3 384.4 -115.3 17

18 Funding corporations 38.2 65.7 165.7 123.7 119.1 177.0 36.2 162.6 -24.8 39.7 -133.4 18

19 Net change in assets 738.3 1114.2 1168.7 1399.3 1405.4 1437.3 1631.4 1123.2 473.5 1267.4 658.8 19

20 Household sector 10.3 9.7 12.4 4.7 5.5 16.3 8.4 -11.5 3.2 25.8 36.3 20

21 Nonfinancial corporate business 156.8 430.3 483.6 440.3 567.3 427.7 406.4 359.9 327.9 195.1 311.5 21

22 Nonfarm noncorporate business 56.4 76.3 62.7 51.6 54.4 54.2 56.3 41.6 47.1 47.9 44.8 22

23 Farm business 0.4 0.5 0.2 -0.1 0.0 1.6 0.8 -2.7 0.6 2.8 2.7 23

24 State and local governments -1.2 -9.7 7.7 12.3 18.7 -10.9 30.8 10.7 23.6 48.6 2.5 24

25 Federal government -5.4 -3.5 -0.9 -1.4 -6.6 0.1 0.5 0.4 -0.5 6.3 6.9 25

26 Rest of the world 208.0 203.8 406.4 466.6 529.5 405.5 568.5 363.0 254.5 171.0 37.8 26

27 Monetary authority 1.3 4.9 -1.3 1.1 -2.8 -1.0 4.5 3.6 -4.9 2.8 2.9 27

28 Commercial banking 103.5 124.1 37.8 102.9 -46.1 185.7 189.4 82.5 -131.2 257.1 219.0 28

29 Savings institutions -3.2 13.8 -2.5 7.4 -3.1 14.5 10.3 8.0 71.3 -0.0 38.2 29

30 Credit unions 3.8 6.8 -16.3 15.4 -2.4 6.3 17.5 40.1 14.0 29.4 -17.8 30

31 Bank personal trusts and estates -1.4 8.4 -2.5 -1.5 -2.1 -2.8 -0.2 -0.9 -1.1 -0.7 -1.2 31

32 Life insurance companies -6.7 3.5 -34.6 20.7 15.2 17.6 43.8 6.2 -72.2 -74.6 14.3 32

33 Other insurance companies 6.1 6.9 4.2 7.5 5.2 10.5 9.2 5.3 7.6 1.6 0.4 33

34 Private pension funds 13.5 32.0 18.9 16.3 15.3 17.5 22.5 10.0 6.0 24.4 31.6 34

35 State and local govt. retirement funds 0.7 3.3 16.3 13.3 -5.0 13.3 10.6 34.3 51.4 2.3 9.3 35

36 Money market mutual funds 14.3 9.6 22.6 12.2 -17.1 222.3 -61.4 -95.2 36.7 175.1 -90.1 36

37 Mutual funds 7.1 -3.9 -4.3 -0.5 -6.6 -0.0 2.9 1.8 -5.6 -3.8 0.5 37

38 Government-sponsored enterprises 7.1 0.7 5.0 19.2 -37.9 25.3 39.6 49.6 -56.3 8.5 64.3 38

39 Finance companies 22.0 9.3 50.9 24.3 -22.1 3.5 121.2 -5.3 -13.1 -84.4 95.2 39

40 REITs 4.9 10.7 -0.1 0.0 1.7 -3.2 5.1 -3.6 2.8 4.7 -1.1 40

41 Brokers and dealers 82.8 115.9 28.3 133.0 266.0 1.4 127.1 137.6 -158.4 483.4 -33.7 41

42 Funding corporations 57.3 60.7 74.4 54.0 78.3 32.1 17.6 87.8 70.2 -55.7 -115.6 42

43 Discrepancy -245.5 -127.4 -418.9 -369.2 -501.0 -353.3 -232.2 -390.1 27.3 -477.6 -87.0 43
54 Z.1, December 7, 2001

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 104.8 142.5 155.4 152.4 153.6 133.4 166.5 156.3 163.8 142.4 96.3 1

 2 Equity 40.8 72.4 58.8 49.9 62.1 57.3 31.5 48.7 34.2 54.5 54.4 2

 3 Reinvested earnings 58.0 44.0 73.3 99.7 96.3 98.5 99.7 104.3 96.1 89.7 28.6 3

 4 Intercompany accounts 6.0 26.0 23.3 2.8 -4.9 -22.4 35.3 3.3 33.5 -1.8 13.3 4

 5 Asset: Nonfinancial corporate business 84.3 129.1 136.2 122.0 128.5 95.2 117.9 146.2 138.5 121.9 83.3 5

 6 Commercial banking 3.0 2.0 3.3 7.3 5.2 2.9 17.5 3.7 2.2 5.5 8.6 6

 7 Life insurance companies 1.8 0.7 2.6 1.9 3.7 1.9 3.3 -1.4 3.6 2.2 2.0 7

 8 Other insurance companies 6.1 6.9 4.2 7.5 5.2 10.5 9.2 5.3 7.6 1.6 0.4 8

 9 Finance companies 9.0 0.5 5.5 10.8 9.0 19.5 15.7 -1.1 8.2 8.2 1.6 9

10 Brokers and dealers 0.7 3.4 3.7 3.0 1.9 3.5 2.8 3.6 3.8 3.0 0.4 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 100.2 143.6 261.8 178.6 8.8 358.0 239.0 108.4 119.8 115.3 43.9 11

12 Nonfarm noncorporate business 0.5 0.2 0.2 0.1 0.1 0.2 0.1 0.1 -0.3 0.1 -0.2 12

13 Commercial banking 7.7 5.5 19.1 9.6 20.4 1.9 3.3 12.7 1.2 15.6 8.7 13

14 Life insurance companies 7.0 2.7 12.3 19.1 2.6 9.5 21.9 42.2 14.9 12.9 0.2 14

15 Other insurance companies 5.9 1.3 9.9 6.7 3.6 5.8 10.5 7.0 6.0 -3.8 -4.6 15

16 Finance companies 6.6 2.6 11.4 17.6 -7.6 3.1 5.2 69.7 23.6 18.6 8.8 16

17 Brokers and dealers 0.3 1.7 3.3 1.7 2.3 1.6 2.3 0.5 4.5 2.1 4.7 17

18 Funding corporations -22.6 20.7 -17.0 54.3 115.8 -18.6 21.8 98.2 40.1 107.9 34.4 18

19 Asset: Rest of the world 105.6 178.2 301.0 287.7 146.0 361.6 304.2 338.8 209.9 268.7 95.9 19

20 Equity 59.5 147.1 225.6 216.7 100.0 292.2 149.0 325.7 87.4 225.4 51.6 20

21 Reinvested earnings 15.0 2.0 20.0 23.7 28.6 40.2 17.0 8.8 9.5 15.3 20.3 21

22 Intercompany accounts 31.1 29.1 55.4 47.3 17.4 29.2 138.2 4.3 113.0 28.0 24.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.6 1.6 1.5 1.5 1.4 1.6 1.3 1.6 2.1 7.4 7.2 23

24 Asset: Federal government 1.6 1.6 1.5 1.5 1.4 1.6 1.3 1.6 2.1 7.4 7.2 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.8 0.5 0.5 0.6 1.2 0.5 0.3 0.3 0.1 0.5 0.5 25

26 Asset: Commercial banking 0.8 0.5 0.5 0.6 1.2 0.5 0.3 0.3 0.1 0.5 0.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 0.7 3.3 5.5 2.2 4.0 -0.9 1.8 3.8 1.9 3.2 2.6 27

28 Asset: Nonfin. corporate business (FNMA) -1.1 -0.7 -0.6 0.0 -0.1 -1.5 0.3 1.2 -1.3 1.7 -0.4 28

29 Nonfarm noncorporate (BC) 0.0 -0.1 0.0 -0.0 0.4 -0.3 -0.1 0.1 -0.1 -0.3 -0.1 29

30 Farm business (FICB and FLB) 0.0 0.1 -0.0 -0.0 -0.3 0.3 0.2 -0.1 -0.1 0.3 0.2 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 1.3 2.0 3.0 0.8 1.7 -0.2 0.0 1.5 1.3 0.5 0.7 32

33 Savings institutions (FHLB) 0.4 1.8 2.7 1.3 2.6 0.7 0.9 0.9 1.8 1.2 1.7 33

34 Credit unions (FHLB) 0.0 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.4 34

35 Life insurance companies (FHLB) 0.0 0.0 0.1 0.0 -0.3 0.0 0.4 0.0 -0.1 -0.4 0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.7 55.3 2.9 53.6 80.8 35.9 54.9 42.7 65.5 41.5 102.4 36

37 Savings institutions 0.3 0.4 0.5 0.7 0.6 0.6 0.7 0.7 0.7 0.8 0.8 37

38 Finance companies -3.7 -6.4 26.8 7.4 38.7 -24.2 9.8 5.1 -10.8 -7.6 -5.2 38

39 Mortgage companies -4.6 1.6 0.2 0.1 -3.0 2.7 -0.3 1.0 0.7 0.6 0.9 39

40 Brokers and dealers 32.9 48.5 -10.3 54.2 96.5 23.1 45.8 51.5 64.6 44.8 18.4 40

41 Asset: Bank holding companies 65.7 99.4 20.1 115.9 213.6 38.2 110.9 101.0 120.9 80.0 117.2 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -3.7 -6.4 26.8 7.4 38.7 -24.2 9.8 5.1 -10.8 -7.6 -5.2 42

43 Asset: Nonfinancial corporate business -3.7 -6.4 26.8 7.4 38.7 -24.2 9.8 5.1 -10.8 -7.6 -5.2 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 14.3 11.8 2.5 45.6 86.1 -0.1 21.5 75.0 14.6 -20.2 -94.9 44

45 Brokers and dealers 43.0 48.9 71.9 8.3 -7.8 32.2 -3.9 12.9 55.7 -35.5 -20.7 45

46 Asset: Funding corporations 57.3 60.7 74.4 54.0 78.3 32.1 17.6 87.8 70.2 -55.7 -115.6 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 7, 2001 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 -0.1 0.6 0.0 -1.2 0.2 0.4 0.6 -0.4 0.0 -0.7 1

 2 Asset: Federal government -0.0 -0.1 0.6 0.0 -1.2 0.2 0.4 0.6 -0.4 0.0 -0.7 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 0.0 6.8 -7.8 -0.0 -8.1 -8.7 2.8 13.8 51.5 -15.2 12.9 5

 6 Asset: Savings institutions 0.0 6.8 -7.8 -0.0 -8.1 -8.7 2.8 13.8 51.5 -15.2 12.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.3 -1.4 2.1 0.1 -2.9 0.8 -0.6 3.2 -3.3 -1.0 2.0 7

 8 Asset: Life insurance companies 0.3 -1.4 2.1 0.1 -2.9 0.8 -0.6 3.2 -3.3 -1.0 2.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 8.3 7.9 11.4 5.0 3.9 10.3 5.3 0.6 -0.3 14.5 10.2 9

10 Health 6.3 7.3 10.2 3.9 3.8 8.4 2.2 1.2 -2.4 10.9 8.7 10

11 Policy dividend accumulation 2.0 0.7 1.2 1.1 0.0 1.8 3.0 -0.6 2.1 3.6 1.5 11

12 Asset: Household sector 8.3 7.9 11.4 5.0 3.9 10.3 5.3 0.6 -0.3 14.5 10.2 12

 Policy payables:

13 Liab.: Other insurance companies 4.8 4.3 2.5 -0.8 3.8 14.3 7.4 -28.8 8.3 26.9 71.9 13

14 Asset: Household sector 2.0 1.8 1.1 -0.3 1.6 6.0 3.1 -12.1 3.5 11.3 26.1 14

15 Nonfinancial corporate business 1.9 1.7 1.0 -0.3 1.5 5.7 2.9 -11.4 3.3 10.6 36.4 15

16 Nonfarm noncorporate business 0.5 0.4 0.2 -0.1 0.4 1.4 0.7 -2.7 0.8 2.6 6.8 16

17 Farm business 0.4 0.4 0.2 -0.1 0.3 1.3 0.7 -2.6 0.8 2.4 2.5 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -1.0 21.4 13.4 9.1 9.4 7.2 14.8 4.9 3.2 15.5 30.6 18

19 Asset: Private pension funds -1.0 21.4 13.4 9.1 9.4 7.2 14.8 4.9 3.2 15.5 30.6 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 20

21 Asset: Private pension funds 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 21

 Securities borrowed (net):

22 Liab.: Funding corporations 57.2 70.0 16.3 88.7 97.4 94.3 12.4 150.4 -102.1 233.6 68.5 22

23 Asset: Brokers and dealers 57.2 70.0 16.3 88.7 97.4 94.3 12.4 150.4 -102.1 233.6 68.5 23
56 Z.1, December 7, 2001

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 83.4 396.1 125.2 305.6 164.1 422.4 743.3 -107.5 -15.2 75.7 176.5 1

 2 Nonfinancial corporate business -76.5 268.7 22.2 151.1 166.0 -40.4 208.0 270.9 34.2 -185.8 -16.3 2

 3 Nonfarm noncorporate business 56.0 74.2 49.9 46.0 46.0 46.0 41.0 51.0 35.0 35.5 27.2 3

 4 Federal government 0.3 -7.1 -2.9 2.0 -7.6 5.4 7.9 2.3 0.6 4.1 -21.4 4

 5 Rest of the world 28.6 29.5 53.6 53.9 95.6 -5.4 162.8 -37.4 18.5 7.8 30.9 5

 6 Monetary authority 1.3 0.8 -1.8 0.6 -14.8 -0.0 12.0 5.0 -21.8 -5.2 15.3 6

 7 Commercial banking 108.4 48.4 -92.7 75.9 -131.3 247.5 213.6 -26.3 -185.0 92.4 319.8 7

 8 U.S.-chartered commercial banks 30.5 -2.4 -20.0 71.4 42.6 107.0 89.3 46.8 -179.5 -117.2 189.9 8

 9 Foreign banking offices in U.S. 34.2 -11.5 -64.1 -39.4 -167.8 127.3 6.0 -123.0 -93.5 118.5 68.7 9

10 Bank holding companies 39.0 56.0 -10.8 43.1 -8.9 10.9 111.8 58.7 88.9 83.4 68.9 10

11 Banks in U.S.-affiliated areas 4.7 6.3 2.2 0.7 2.8 2.3 6.5 -8.8 -1.0 7.6 -7.7 11

12 Savings institutions -2.4 -2.1 -15.0 16.5 -44.1 -10.2 36.1 84.1 -10.3 14.0 34.0 12

13 Credit unions 0.1 0.5 0.9 -0.4 -1.5 3.3 4.3 -7.8 -7.4 10.8 -3.5 13

14 Life insurance companies 21.8 10.8 -0.3 -8.7 20.6 -6.1 -12.5 -36.7 32.8 47.4 57.9 14

15 Government-sponsored enterprises 7.1 10.1 -3.7 5.2 22.0 -6.2 -12.3 17.4 28.8 14.5 42.6 15

16 Finance companies -19.1 28.0 1.9 50.5 78.5 60.3 120.6 -57.4 48.8 -12.1 45.0 16

17 REITs 8.8 13.6 4.4 1.8 -0.6 6.0 4.5 -2.6 18.9 -18.9 -1.2 17

18 Brokers and dealers -54.6 -54.3 -57.7 -69.5 29.4 21.0 -44.7 -283.9 -45.6 373.0 -117.7 18

19 Funding corporations 3.6 -25.0 166.4 -19.3 -94.1 101.2 2.0 -86.1 37.2 -301.8 -236.3 19

20 Net change in assets 328.9 523.5 544.1 674.7 665.1 775.7 975.4 282.6 -42.4 553.3 263.5 20

21 Nonfinancial corporate business 75.4 306.7 320.2 311.3 398.6 352.5 275.4 218.8 198.2 68.5 197.4 21

22 Nonfarm noncorporate business 55.9 75.9 62.4 51.7 53.7 53.2 55.7 44.2 46.4 45.7 38.1 22

23 State and local governments -1.2 -9.7 7.7 12.3 18.7 -10.9 30.8 10.7 23.6 48.6 2.5 23

24 Federal government -7.0 -5.0 -3.0 -2.9 -6.8 -1.8 -1.3 -1.9 -2.2 -1.1 0.5 24

25 Rest of the world 102.4 25.6 105.4 179.0 383.5 43.9 264.3 24.2 44.6 -97.7 -58.1 25

26 Monetary authority 1.3 4.9 -1.3 1.1 -2.8 -1.0 4.5 3.6 -4.9 2.8 2.9 26

27 Commercial banking 32.7 20.1 11.0 -21.7 -267.9 144.4 60.7 -24.0 -255.8 170.6 92.1 27

28 U.S.-chartered commercial banks 0.5 4.5 4.5 -4.0 -44.2 23.9 25.1 -20.9 -47.7 -17.4 103.1 28

29 Foreign banking offices in U.S. 37.0 0.4 -21.3 -36.5 -199.2 90.0 -12.7 -24.1 -204.8 169.9 -21.6 29

30 Bank holding companies -6.7 12.1 28.9 20.9 -23.2 28.8 46.6 31.4 -5.2 2.0 22.3 30

31 Banks in U.S.-affiliated areas 1.8 3.1 -1.0 -2.1 -1.4 1.6 1.7 -10.5 1.9 16.2 -11.7 31

32 Savings institutions -3.6 5.1 2.5 6.2 2.4 22.6 6.6 -6.8 18.0 13.9 23.6 32

33 Credit unions 3.8 6.7 -16.5 15.3 -2.5 6.2 17.5 40.0 13.7 29.2 -18.1 33

34 Bank personal trusts and estates -1.4 8.4 -2.5 -1.5 -2.1 -2.8 -0.2 -0.9 -1.1 -0.7 -1.2 34

35 Life insurance companies -8.8 4.1 -39.4 18.7 14.8 14.9 40.7 4.3 -72.4 -75.4 10.2 35

36 Private pension funds 7.4 8.7 4.5 6.2 4.9 9.3 6.7 4.1 1.8 7.9 -0.0 36

37 State and local govt. retirement funds 0.7 3.3 16.3 13.3 -5.0 13.3 10.6 34.3 51.4 2.3 9.3 37

38 Money market mutual funds 14.3 9.6 22.6 12.2 -17.1 222.3 -61.4 -95.2 36.7 175.1 -90.1 38

39 Mutual funds 7.1 -3.9 -4.3 -0.5 -6.6 -0.0 2.9 1.8 -5.6 -3.8 0.5 39

40 Government-sponsored enterprises 7.1 0.7 5.0 19.2 -37.9 25.3 39.6 49.6 -56.3 8.5 64.3 40

41 Finance companies 13.0 8.8 45.4 13.5 -31.1 -16.0 105.4 -4.2 -21.2 -92.6 93.6 41

42 REITs 4.9 10.7 -0.1 0.0 1.7 -3.2 5.1 -3.6 2.8 4.7 -1.1 42

43 Brokers and dealers 24.9 42.6 8.3 41.4 166.7 -96.5 111.8 -16.3 -60.0 246.8 -102.6 43

44 Discrepancy -245.5 -127.4 -418.9 -369.2 -501.0 -353.3 -232.2 -390.1 27.3 -477.6 -87.0 44
Z.1, December 7, 2001 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -130.7 -72.4 -231.4 -50.6 403.6 -280.4 -111.2 -214.4 161.3 -234.2 148.3 1

 2 Household sector 64.8 48.0 20.0 28.9 61.0 -17.4 29.8 42.0 -269.4 -19.0 -42.2 2

 3 Nonfinancial corporate business -40.0 -89.2 -97.8 -91.3 -84.9 -95.0 -93.6 -91.9 -77.3 -38.3 -47.3 3

 4 State and local governments 39.1 -50.9 -27.9 -28.6 -35.6 -47.1 -20.5 -11.1 19.4 14.2 -12.8 4

 5 Federal government 15.2 22.6 -2.2 -4.6 149.7 -124.4 29.8 -73.6 241.5 -71.7 46.1 5

 6 Rest of the world -149.4 53.5 -63.0 -14.2 163.7 -209.7 -7.5 -3.2 96.5 -93.5 -31.8 6

 7 Financial sectors -60.5 -56.4 -60.5 59.3 149.7 213.3 -49.2 -76.6 150.6 -25.9 236.3 7

 8 Monetary authority 1.7 -3.1 -0.6 3.8 -2.2 19.8 5.1 -7.4 5.0 1.0 2.4 8

 9 Commercial banking 42.4 25.1 -47.4 55.4 123.7 169.6 -39.0 -32.6 242.7 -9.1 244.3 9

10 Savings institutions -1.9 -3.0 1.7 3.4 2.1 4.2 0.9 6.2 0.6 4.4 3.5 10

11 Credit unions -0.2 -0.2 0.8 -0.9 -1.3 1.0 -1.5 -1.8 -1.4 0.9 -0.2 11

12 Bank personal trusts and estates -5.3 -0.2 1.7 0.9 1.1 1.2 0.8 0.7 0.5 0.3 0.1 12

13 Life insurance companies -45.0 -33.6 -29.2 -21.4 -42.4 -13.9 -32.8 3.4 -83.3 -23.9 -19.1 13

14 Other insurance companies -46.7 -21.0 10.5 -14.6 -28.5 27.2 3.3 -60.3 -6.5 -14.8 -26.3 14

15 Mutual funds 8.0 -8.4 6.9 1.7 7.6 0.5 0.2 -1.6 -2.8 -2.2 -2.4 15

16 Government-sponsored enterprises -3.0 -4.1 -3.0 -6.0 -2.7 -5.0 -6.9 -9.5 -5.9 -3.5 -0.5 16

17 Issuers of asset-backed securities 0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 17

18 Finance companies -13.3 -11.1 -9.9 30.1 83.1 1.0 18.5 17.9 -4.1 22.7 26.5 18

19 REITs 9.5 11.9 17.4 16.6 19.4 17.3 11.6 18.0 17.7 5.7 15.5 19

20 Brokers and dealers -6.8 -8.7 -9.5 -9.7 -10.3 -9.7 -9.2 -9.5 -11.7 -7.4 -7.6 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -130.7 -72.4 -231.4 -50.6 403.6 -280.4 -111.2 -214.4 161.3 -234.2 148.3 1

 2 Treasury currency -0.2 -0.1 -0.7 -1.2 -1.8 -0.7 0.9 -3.3 -3.6 -0.5 -0.7 2

 3 Foreign deposits 106.2 -8.5 45.8 70.2 263.1 -82.2 -100.2 200.3 181.5 -121.2 24.8 3

 4 Net interbank transactions -19.9 3.4 3.5 17.4 25.3 5.4 -12.1 51.1 16.7 13.6 8.3 4

 5 Security RPs 63.2 60.6 30.0 111.1 567.2 51.9 126.5 -301.4 -161.7 171.9 36.6 5

 Mail floats:

 6 Federal government -2.7 2.6 -7.4 9.0 18.7 16.3 3.0 -2.1 -29.8 10.1 18.5 6

 7 Other -3.9 -3.1 -0.8 1.7 1.0 1.4 1.9 2.4 3.8 3.9 5.1 7

 8 Trade credit -29.2 -51.3 42.9 -34.0 -71.8 -36.5 -51.9 24.3 2.0 32.3 -10.7 8

 9 Taxes payable 28.0 19.7 6.5 14.1 9.5 4.8 -2.6 44.6 4.4 -9.7 12.9 9

10 Miscellaneous -245.5 -127.4 -418.9 -369.2 -501.0 -353.3 -232.2 -390.1 27.3 -477.6 -87.0 10

11 Nonfinancial -26.8 31.7 67.7 130.4 93.5 112.6 155.6 159.8 120.7 143.2 140.6 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 29.7 -31.0 -72.9 -130.4 -93.5 -112.6 -155.6 -159.8 -120.7 -143.3 -140.5 12

13 Private wage accruals less disbursements -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13
58 Z.1, December 7, 2001

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total credit market debt owed by: 19812.1 21311.1 23490.6 25737.7 26135.3 26535.9 26960.1 27524.7 27964.2 28330.8 28874.3 1

 2 Domestic nonfinancial sectors 14441.1 15245.1 16293.9 17428.5 17658.2 17839.9 18038.3 18320.9 18563.5 18746.8 19054.8 2

 3 Federal government 3781.8 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3

 4 Nonfederal sectors 10659.4 11440.2 12541.7 13747.4 14004.7 14376.0 14628.1 14935.7 15154.7 15495.3 15734.8 4

 5 Household sector 5223.9 5556.9 6024.1 6541.5 6608.3 6772.9 6938.9 7115.5 7186.3 7362.9 7531.7 5

 6 Nonfinancial corporate business 3093.0 3383.9 3790.2 4265.3 4415.3 4562.2 4618.0 4695.9 4785.7 4881.5 4922.8 6

 7 Nonfarm noncorporate business 1129.3 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 7

 8 Farm business 149.7 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 8

 9 State and local governments 1063.4 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 9

10 Rest of the world 542.2 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 727.8 698.5 10

11 Financial sectors 4828.8 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8856.2 9121.0 11

12 Commercial banking 263.6 309.2 382.1 449.3 463.6 494.7 502.0 509.3 540.3 543.7 556.8 12

13 U.S.-chartered commercial banks 103.9 133.4 186.2 228.0 240.3 263.4 263.2 264.8 271.9 273.4 282.0 13

14 Foreign banking offices in U.S. 9.6 7.2 2.4 2.0 2.0 2.0 1.9 2.0 1.8 1.4 1.0 14

15 Bank holding companies 150.0 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 273.8 15

16 Savings institutions 140.5 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 303.9 16

17 Credit unions 0.4 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 17

18 Life insurance companies 1.6 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 18

19 Government-sponsored enterprises 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 19

20 Federally related mortgage pools 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 20

21 ABS issuers 863.3 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2020.2 21

22 Finance companies 534.5 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.3 22

23 Mortgage companies 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 23

24 REITs 56.5 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 166.3 24

25 Brokers and dealers 27.3 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.0 25

26 Funding corporations 312.4 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 26

27 Total credit market assets held by: 19812.1 21311.1 23490.6 25737.7 26135.3 26535.9 26960.1 27524.7 27964.2 28330.8 28874.3 27

28 Domestic nonfederal nonfinancial sectors 3011.5 2946.5 3017.7 3284.1 3205.6 3209.3 3144.7 3094.4 3021.4 2964.3 2914.0 28

29 Household sector 2086.8 2031.3 1967.7 2184.5 2114.4 2089.7 2040.3 1977.4 1928.0 1869.6 1832.7 29

30 Nonfinancial corporate business 270.2 257.5 241.5 238.7 230.8 246.1 239.0 249.1 226.3 232.1 231.1 30

31 Nonfarm noncorporate business 49.7 52.7 69.1 78.0 77.5 77.6 76.6 75.9 74.7 73.4 71.9 31

32 State and local governments 604.8 605.0 739.4 782.8 782.9 795.8 788.7 792.0 792.4 789.1 778.3 32

33 Federal government 200.2 205.4 219.1 258.0 259.6 261.6 262.7 265.4 266.6 267.6 267.8 33

34 Rest of the world 1926.6 2257.3 2539.8 2676.2 2760.7 2809.9 2861.7 3004.6 3113.0 3200.4 3293.2 34

35 Financial sectors 14673.8 15901.8 17714.0 19519.4 19909.4 20255.2 20691.0 21160.3 21563.2 21898.6 22399.3 35

36 Monetary authority 393.1 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 36

37 Commercial banking 3707.7 4031.9 4335.7 4643.9 4725.0 4847.4 4931.0 5002.3 5015.7 5044.4 5096.5 37

38 U.S.-chartered commercial banks 3175.8 3450.7 3761.2 4078.9 4171.3 4295.4 4368.2 4418.7 4424.4 4463.2 4508.8 38

39 Foreign banking offices in U.S. 475.8 516.1 504.2 484.1 482.0 478.1 487.5 508.1 515.0 504.2 509.9 39

40 Bank holding companies 22.0 27.4 26.5 32.7 22.1 23.0 21.3 20.5 22.3 21.6 21.3 40

41 Banks in U.S.-affiliated areas 34.1 37.8 43.8 48.3 49.6 51.0 54.0 55.0 54.1 55.5 56.5 41

42 Savings institutions 933.2 928.5 964.6 1033.2 1045.8 1062.5 1082.2 1089.7 1101.6 1116.4 1119.0 42

43 Credit unions 288.5 305.3 324.2 351.7 359.0 370.1 376.0 382.2 386.5 391.8 407.8 43

44 Bank personal trusts and estates 232.0 207.0 194.1 222.0 226.7 230.2 234.6 239.1 241.8 245.1 247.3 44

45 Life insurance companies 1657.0 1751.1 1828.0 1886.0 1902.2 1914.1 1935.1 1943.9 1967.2 1996.9 2040.0 45

46 Other insurance companies 491.2 515.3 521.1 518.2 515.4 510.8 512.4 509.4 510.0 510.0 512.3 46

47 Private pension funds 627.0 674.6 731.0 775.9 787.6 793.8 810.0 817.2 823.7 822.0 821.7 47

48 State and local govt. retirement funds 565.4 632.5 704.6 751.4 767.2 775.1 784.5 806.0 788.3 801.7 806.3 48

49 Money market mutual funds 634.3 721.9 965.9 1147.8 1217.1 1159.4 1212.5 1296.7 1403.8 1414.6 1498.0 49

50 Mutual funds 820.2 901.1 1025.9 1073.1 1053.7 1073.9 1088.5 1099.9 1113.8 1160.1 1193.0 50

51 Closed-end funds 100.8 98.3 103.7 111.1 109.0 106.9 104.8 102.7 100.6 98.5 96.4 51

52 Government-sponsored enterprises 832.8 939.4 1253.9 1545.6 1584.0 1649.2 1704.3 1793.7 1864.7 1941.1 2009.5 52

53 Federally related mortgage pools 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 53

54 ABS issuers 773.9 937.7 1219.4 1424.6 1453.8 1486.3 1522.9 1602.9 1660.5 1703.7 1774.7 54

55 Finance companies 545.1 568.2 645.5 742.5 776.6 812.3 830.0 850.5 848.0 878.5 859.4 55

56 Mortgage companies 41.2 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 56

57 REITs 30.4 50.6 45.5 42.9 38.8 38.2 37.3 36.6 37.6 37.9 39.8 57

58 Brokers and dealers 167.7 182.6 189.4 154.7 194.8 188.2 243.3 223.6 312.3 288.4 369.9 58

59 Funding corporations 121.0 166.7 155.3 288.8 294.5 341.0 320.4 324.7 292.7 240.1 177.8 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, December 7, 2001 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 14441.1 15245.1 16293.9 17428.5 17658.2 17839.9 18038.3 18320.9 18563.5 18746.8 19054.8 1

 2 Federal government 3781.8 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 2

 3 Treasury securities 3755.1 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3

 4 Budget agency secur. and mortgages 26.6 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 4

 5 Nonfederal, by instrument 10659.4 11440.2 12541.7 13747.4 14004.7 14376.0 14628.1 14935.7 15154.7 15495.3 15734.8 5

 6 Commercial paper 156.4 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 6

 7 Municipal securities and loans 1296.0 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 7

 8 Corporate bonds 1460.4 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.8 2437.8 2484.7 8

 9 Bank loans n.e.c. 934.0 1040.4 1148.5 1231.2 1258.7 1306.9 1311.3 1334.2 1323.9 1292.9 1282.9 9

10 Other loans and advances 765.6 825.1 907.2 964.5 1008.3 1037.2 1039.5 1077.1 1083.4 1110.6 1116.0 10

11 Mortgages 4832.9 5156.2 5652.6 6283.3 6394.6 6562.6 6713.9 6854.5 6980.6 7192.8 7391.9 11

12 Home 3720.0 3978.3 4368.2 4803.4 4879.4 5005.1 5124.3 5225.9 5319.5 5477.9 5623.1 12

13 Multifamily residential 278.2 285.7 309.5 350.2 357.5 369.5 376.7 387.2 397.0 410.9 425.3 13

14 Commercial 747.8 802.2 878.3 1027.3 1053.4 1081.2 1104.5 1132.5 1154.2 1190.9 1228.9 14

15 Farm 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 15

16 Consumer credit 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 16

17 Nonfederal, by sector 10659.4 11440.2 12541.7 13747.4 14004.7 14376.0 14628.1 14935.7 15154.7 15495.3 15734.8 17

18 Household sector 5223.9 5556.9 6024.1 6541.5 6608.3 6772.9 6938.9 7115.5 7186.3 7362.9 7531.7 18

19 Nonfinancial business 4372.0 4763.8 5317.8 5953.8 6139.1 6337.4 6426.2 6540.9 6660.9 6794.6 6862.4 19

20 Corporate 3093.0 3383.9 3790.2 4265.3 4415.3 4562.2 4618.0 4695.9 4785.7 4881.5 4922.8 20

21 Nonfarm noncorporate 1129.3 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 21

22 Farm 149.7 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 22

23 State and local governments 1063.4 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 23

 Foreign credit market debt

24 held in U.S. 542.2 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 727.8 698.5 24

25 Commercial paper 67.5 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 25

26 Bonds 366.3 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 479.6 26

27 Bank loans n.e.c. 43.7 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 27

28 Other loans and advances 64.7 63.0 57.2 51.7 51.7 52.1 51.2 50.5 47.7 46.6 45.3 28

29 Domestic and foreign 14983.3 15853.1 16945.4 18108.1 18366.1 18542.5 18769.3 19067.6 19306.9 19474.6 19753.3 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 4828.8 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8856.2 9121.0 1

 2 Federal government-related 2608.2 2821.1 3292.0 3884.0 3940.1 4035.3 4164.0 4317.4 4422.9 4591.6 4796.8 2

 3 Govt.-sponsored enterprise securities 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 3

 4 Mortgage pool securities 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 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 2220.6 2636.9 3253.2 3745.6 3829.1 3958.1 4026.7 4139.7 4234.4 4264.6 4324.3 6

 7 Open market paper 579.1 745.7 906.7 1082.9 1115.7 1135.2 1151.6 1210.7 1180.8 1144.5 1110.2 7

 8 Corporate bonds 1382.7 1568.6 1878.7 2096.9 2138.8 2212.0 2269.7 2314.8 2424.3 2483.9 2563.8 8

 9 Bank loans n.e.c. 64.0 77.3 107.5 93.2 91.8 93.1 92.8 93.0 97.3 100.4 100.0 9

10 Other loans and advances 162.9 198.5 288.7 395.8 404.4 436.9 430.2 438.3 450.9 450.7 467.2 10

11 Mortgages 31.9 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 83.0 11

12 By sector 4828.8 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8856.2 9121.0 12

13 Commercial banks 113.6 140.6 188.6 230.0 242.2 265.4 265.2 266.7 273.8 274.7 283.0 13

14 Bank holding companies 150.0 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 273.8 14

15 Savings institutions 140.5 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 303.9 15

16 Credit unions 0.4 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 16

17 Life insurance companies 1.6 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 17

18 Government-sponsored enterprises 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 18

19 Federally related mortgage pools 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 19

20 ABS issuers 863.3 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2020.2 20

21 Brokers and dealers 27.3 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.0 21

22 Finance companies 534.5 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.3 22

23 Mortgage companies 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 23

24 REITs 56.5 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 166.3 24

25 Funding corporations 312.4 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 25
60 Z.1, December 7, 2001

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 19812.1 21311.1 23490.6 25737.7 26135.3 26535.9 26960.1 27524.7 27964.2 28330.8 28874.3 1

 2 Open market paper 803.0 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 2

 3 U.S. government securities 6389.9 6626.0 7044.3 7565.0 7593.6 7499.3 7574.2 7702.6 7831.7 7843.0 8116.8 3

 4 Municipal securities 1296.0 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 4

 5 Corporate and foreign bonds 3209.4 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5264.0 5426.6 5528.1 5

 6 Bank loans n.e.c. 1041.7 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 6

 7 Other loans and advances 993.2 1086.6 1253.0 1412.0 1464.4 1526.2 1520.9 1565.9 1582.0 1607.9 1628.5 7

 8 Mortgages 4864.8 5203.0 5724.2 6360.0 6473.1 6643.5 6796.4 6937.4 7061.7 7277.9 7474.9 8

 9 Consumer credit 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 9

 Memo:

 Selected claims not included above:

10 Corporate equities 10281.6 13301.7 15577.3 19581.2 20276.3 19395.9 19249.0 17566.4 15311.6 16239.1 13625.2 10

11 Mutual fund shares 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 11

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 19812.1 21311.1 23490.6 25737.7 26135.3 26535.9 26960.1 27524.7 27964.2 28330.8 28874.3 1

 2 Official foreign exchange 53.7 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 2

 3 SDR certificates 9.7 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 18.9 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 4

 5 Foreign deposits 521.7 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 846.8 850.6 5

 6 Net interbank liabilities 240.8 219.4 189.0 204.5 169.7 210.6 173.2 188.0 155.1 163.1 176.8 6

 7 Checkable deposits and currency 1244.8 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1385.2 1416.8 1453.0 7

 8 Small time and savings deposits 2377.0 2474.1 2626.5 2671.2 2728.0 2738.8 2790.9 2861.9 2965.3 2992.3 3047.1 8

 9 Large time deposits 590.9 713.4 805.5 936.1 966.5 987.4 1025.9 1054.5 1078.0 1087.1 1090.4 9

10 Money market fund shares 886.7 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 10

11 Security RPs 701.5 822.4 913.7 1083.4 1149.4 1185.2 1238.6 1194.1 1199.7 1240.5 1287.8 11

12 Mutual fund shares 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 12

13 Security credit 358.1 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 904.6 13

14 Life insurance reserves 610.6 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 841.5 14

15 Pension fund reserves 6325.1 7323.4 8193.7 9041.7 9237.9 9166.7 9307.9 9054.8 8588.9 8849.7 8281.0 15

16 Trade payables 1827.6 1967.3 2076.5 2298.8 2321.7 2371.6 2418.2 2464.9 2436.3 2406.9 2412.2 16

17 Taxes payable 128.8 151.1 172.4 194.7 210.1 211.4 214.7 216.4 224.8 224.0 254.9 17

18 Investment in bank personal trusts 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 18

19 Miscellaneous 6387.1 6730.7 7692.9 8269.8 8464.3 8731.9 9221.0 9104.9 9536.4 9763.7 10222.5 19

20 Total liabilities 45308.7 49803.3 55457.6 61426.6 62921.3 63492.5 64823.6 64903.9 65017.3 66266.6 66452.1 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.4 21.1 21.6 21.4 21.4 21.5 21.4 21.6 21.4 21.5 22.0 21

22 Corporate equities 10281.6 13301.7 15577.3 19581.2 20276.3 19395.9 19249.0 17566.4 15311.6 16239.1 13625.2 22

23 Household equity in noncorp. bus. 3786.6 4051.0 4394.1 4623.6 4652.1 4745.9 4782.7 4850.2 4882.4 4893.8 4897.1 23

 - Liabilities not identified as assets:

24 Treasury currency -6.1 -6.3 -6.4 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.5 -9.7 24

25 Foreign deposits 434.9 535.0 542.8 588.9 654.7 634.2 609.1 659.3 704.6 674.3 680.5 25

26 Net interbank transactions -10.6 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.3 26

27 Security RPs 109.8 172.9 233.5 263.6 410.5 423.0 446.0 374.6 353.7 396.2 394.1 27

28 Taxes payable 81.9 104.2 122.9 122.7 118.7 134.5 124.4 128.4 113.3 133.2 152.1 28

29 Miscellaneous -1226.5 -1548.9 -2323.1 -2740.5 -2908.3 -2939.4 -2727.8 -3224.6 -3066.2 -3040.8 -2760.7 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -1.6 -8.1 -3.9 -9.9 -9.2 -5.6 -7.8 -2.3 -22.3 -40.1 -38.4 30

31 Other 30.1 26.2 23.1 22.3 18.7 22.5 15.5 24.0 21.1 25.5 19.2 31

32 Trade credit 165.7 126.8 76.6 120.9 50.2 16.5 6.0 91.6 38.4 21.8 35.7 32

33 Totals identified to sectors as assets 59820.7 67807.3 76812.0 87317.3 89557.3 89389.6 90436.5 89303.8 87097.8 89254.8 86517.1 33
Z.1, December 7, 2001 61

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 20898.0 24204.0 27231.5 31666.2 32499.0 31677.1 31572.9 30119.0 28215.9 29036.0 26982.9 1

 2 Foreign deposits 35.5 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 45.8 43.3 2

 3 Checkable deposits and currency 611.2 600.0 605.4 588.1 593.3 562.8 534.2 570.2 576.8 584.4 600.1 3

 4 Time and savings deposits 2509.0 2651.6 2854.4 2963.9 3067.5 3133.5 3215.1 3273.1 3379.1 3424.9 3474.0 4

 5 Money market fund shares 519.9 605.2 779.7 914.2 994.2 957.7 984.0 1055.6 1153.0 1088.4 1160.4 5

 6 Securities 8397.6 10199.4 11517.4 14520.8 14848.3 14112.5 13755.7 12423.7 10866.1 11358.0 9755.8 6

 7 Open market paper 54.7 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 7

 8 U.S. savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 8

 9 Other Treasury securities 578.7 443.1 335.8 402.4 351.2 243.9 205.9 194.1 175.6 94.3 106.8 9

10 Agency securities 259.4 266.2 191.2 274.2 257.5 275.7 283.9 259.8 150.3 182.4 174.0 10

11 Municipal securities 435.8 471.9 489.8 530.1 532.6 546.9 546.7 544.9 563.2 578.4 558.7 11

12 Corporate and foreign bonds 491.0 531.7 628.5 650.8 642.5 688.1 665.9 637.1 700.3 676.4 654.5 12

13 Corporate equities (2) 4895.6 6302.5 7259.7 9342.8 9507.6 8862.9 8518.0 7487.1 6285.5 6643.8 5471.8 13

14 Mutual fund shares 1495.4 1941.2 2362.0 3066.3 3302.7 3240.1 3279.5 3043.2 2739.3 2934.5 2544.7 14

15 Private life insurance reserves 580.1 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 804.3 15

16 Private insured pension reserves 953.9 1086.1 1209.9 1367.3 1414.2 1403.2 1424.9 1373.8 1335.8 1379.8 1319.8 16

17 Private noninsured pension reserves 3295.2 3793.6 4255.4 4728.0 4877.9 4799.4 4853.3 4644.6 4327.0 4471.8 4099.2 17

18 Govt. insurance and pension reserves 2106.5 2476.0 2761.9 2981.3 2981.0 3000.0 3065.7 3072.8 2962.6 3035.3 2899.2 18

19 Investment in bank personal trusts 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 19

20 Miscellaneous and other assets 1017.6 1179.8 1523.3 1679.7 1750.3 1774.4 1802.6 1851.8 1850.2 1880.1 1967.2 20

21 Total liabilities 7147.0 7722.4 8514.6 9366.2 9547.4 9773.3 9992.3 10187.0 10259.3 10490.8 10755.0 21

22 Mortgage debt on nonfarm homes 3712.2 3970.3 4358.8 4791.9 4867.4 4992.5 5111.1 5212.4 5305.1 5462.9 5607.7 22

23 Other mortgage debt (3) 892.3 923.8 1010.3 1112.6 1132.5 1158.7 1181.4 1200.9 1222.2 1252.6 1283.2 23

24 Consumer credit 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 24

25 Policy loans 101.4 104.6 104.7 100.0 99.6 100.5 102.0 102.8 103.8 104.0 105.0 25

26 Security credit 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 26

27 Other liabilities (3) 1132.6 1320.8 1541.4 1687.7 1724.3 1774.8 1804.4 1842.6 1849.3 1867.4 1883.2 27

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

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

(3) Includes corporate farms.
62 Z.1, December 7, 2001

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 23976.5 27406.1 30447.9 34972.3 35807.7 35039.0 34952.6 33545.6 31654.8 32464.9 30403.8 1

 2 Deposits 3440.7 3622.2 3953.3 4141.0 4327.3 4313.6 4384.2 4543.1 4738.4 4709.8 4835.9 2

 3 Foreign deposits 35.5 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 45.8 43.3 3

 4 Checkable deposits and currency 470.6 436.8 408.3 366.8 365.9 324.8 292.3 324.5 326.2 328.7 339.8 4

 5 Time and savings deposits 2434.0 2565.9 2759.6 2859.1 2961.7 3025.8 3107.1 3164.3 3269.0 3313.5 3361.2 5

 6 Money market fund shares 500.7 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1021.8 1091.7 6

 7 Credit market instruments 2086.8 2031.3 1967.7 2184.5 2114.4 2089.7 2040.3 1977.4 1928.0 1869.6 1832.7 7

 8 Open market paper 54.7 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 8

 9 U.S. government securities 998.4 865.0 676.7 829.2 762.7 676.6 648.2 615.0 489.8 444.0 452.4 9

10 Treasury 739.1 598.8 485.5 555.0 505.1 400.9 364.3 355.2 339.4 261.6 278.4 10

11 Savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 11

12 Other Treasury 552.1 412.3 298.9 368.6 319.9 216.3 179.9 170.5 154.7 76.2 92.0 12

13 Agency 259.4 266.2 191.2 274.2 257.5 275.7 283.9 259.8 150.3 182.4 174.0 13

14 Municipal securities 433.2 468.8 488.3 526.6 529.1 543.4 543.1 541.2 559.4 574.7 554.8 14

15 Corporate and foreign bonds 491.0 531.7 628.5 650.8 642.5 688.1 665.9 637.1 700.3 676.4 654.5 15

16 Mortgages 109.5 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.0 16

17 Corporate equities (2) 4895.6 6302.5 7259.7 9342.8 9507.6 8862.9 8518.0 7487.1 6285.5 6643.8 5471.8 17

18 Mutual fund shares 1495.4 1941.2 2362.0 3066.3 3302.7 3240.1 3279.5 3043.2 2739.3 2934.5 2544.7 18

19 Security credit 162.9 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 484.2 19

20 Life insurance reserves 610.6 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 841.5 20

21 Pension fund reserves 6325.1 7323.4 8193.7 9041.7 9237.9 9166.7 9307.9 9054.8 8588.9 8849.7 8281.0 21

22 Investment in bank personal trusts 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 22

23 Equity in noncorporate business 3786.6 4051.0 4394.1 4623.6 4652.1 4745.9 4782.7 4850.2 4882.4 4893.8 4897.1 23

24 Miscellaneous assets 301.4 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 355.2 24

25 Total liabilities 5445.8 5824.8 6320.9 6921.6 7048.0 7198.2 7369.2 7508.8 7538.9 7718.9 7946.9 25

26 Credit market instruments 5223.9 5556.9 6024.1 6541.5 6608.3 6772.9 6938.9 7115.5 7186.3 7362.9 7531.7 26

27 Home mortgages (3) 3577.7 3818.1 4169.5 4558.9 4626.3 4740.5 4848.7 4941.5 5023.4 5171.3 5305.9 27

28 Consumer credit 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 28

29 Municipal securities 104.9 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 29

30 Bank loans n.e.c. 58.0 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.7 30

31 Other loans and advances 172.7 190.7 204.0 218.9 222.8 227.4 242.1 246.3 251.1 255.9 260.9 31

32 Commercial mortgages 96.6 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 128.9 32

33 Security credit 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 33

34 Trade payables 109.1 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 34

 Deferred and unpaid

35 life insurance premiums 18.3 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.0 35

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

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
Z.1, December 7, 2001 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 6160.1 6642.9 7982.2 8892.0 9102.1 9301.9 9490.9 9587.8 9594.6 9664.8 9596.0 1

 2 Foreign deposits 28.2 23.1 30.5 28.3 22.2 26.5 40.0 22.9 16.1 16.3 16.3 2

 3 Checkable deposits and currency 385.0 415.1 484.3 543.3 534.8 572.0 605.0 592.4 565.6 559.7 556.9 3

 4 Time and savings deposits 174.7 205.1 207.4 233.6 222.6 221.3 224.8 242.7 234.7 229.9 229.9 4

 5 Money market fund shares 86.9 110.7 146.9 179.9 182.4 183.3 203.0 230.3 269.9 305.0 315.0 5

 6 Security RPs 3.9 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 2.5 6

 7 Credit market instruments 319.9 310.3 310.6 316.8 308.3 323.7 315.7 325.0 301.0 305.6 302.9 7

 8 Commercial paper 31.5 36.1 39.4 43.7 38.3 37.3 40.6 44.0 43.0 45.3 43.5 8

 9 U.S. government securities 102.3 65.6 71.2 66.0 68.0 69.2 68.2 57.7 54.8 52.6 55.8 9

10 Municipal securities 33.6 30.6 27.2 25.8 27.4 39.5 31.3 36.8 27.6 35.4 38.7 10

11 Mortgages 74.7 99.0 97.9 101.0 101.7 104.2 103.6 103.9 104.1 104.3 104.7 11

12 Consumer credit 77.7 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 12

13 Mutual fund shares 59.9 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 13

14 Trade receivables 1442.9 1571.5 1698.5 1857.7 1940.6 2011.1 2054.0 2008.1 2017.5 1994.0 1978.0 14

15 Miscellaneous assets 3658.8 3933.5 5008.7 5613.3 5767.5 5848.3 5933.4 6063.0 6100.7 6158.8 6118.1 15

16 Total liabilities 8079.8 8526.4 9651.3 10598.0 10847.5 11082.9 11322.0 11498.6 11656.9 11748.9 11819.2 16

17 Credit market instruments 4372.0 4763.8 5317.8 5953.8 6139.1 6337.4 6426.2 6540.9 6660.9 6794.6 6862.4 17

18 Commercial paper 156.4 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 18

19 Municipal securities 137.9 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 19

20 Corporate bonds 1460.4 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.8 2437.8 2484.7 20

21 Bank loans n.e.c. 876.0 973.9 1075.9 1165.8 1189.4 1235.5 1244.1 1260.7 1260.5 1233.6 1217.1 21

22 Other loans and advances 582.8 625.4 693.1 735.9 776.2 800.8 788.7 822.1 823.4 845.7 846.2 22

23 Mortgages 1158.5 1243.0 1378.6 1609.4 1653.4 1706.4 1745.7 1794.9 1838.3 1898.5 1957.0 23

24 Trade payables 1061.3 1158.7 1240.2 1410.5 1419.6 1452.3 1496.9 1535.3 1503.1 1467.2 1463.3 24

25 Taxes payable 92.4 109.0 124.6 139.8 153.7 154.0 155.1 154.2 161.8 159.0 187.7 25

26 Miscellaneous liabilities 2554.1 2494.9 2968.8 3093.9 3135.0 3139.2 3243.9 3268.1 3331.2 3328.1 3305.7 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, December 7, 2001

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 5457.7 5808.7 6816.1 7564.2 7743.4 7896.8 8060.3 8131.3 8109.3 8151.2 8060.6 1

 2 Foreign deposits 28.2 23.1 30.5 28.3 22.2 26.5 40.0 22.9 16.1 16.3 16.3 2

 3 Checkable deposits and currency 244.3 251.9 287.1 321.9 307.3 333.9 363.1 346.6 315.0 304.0 296.7 3

 4 Time and savings deposits 99.7 119.4 112.6 128.8 116.8 113.6 116.8 133.9 124.6 118.5 117.1 4

 5 Money market fund shares 67.6 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 5

 6 Security RPs 3.9 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 2.5 6

 7 Commercial paper 31.5 36.1 39.4 43.7 38.3 37.3 40.6 44.0 43.0 45.3 43.5 7

 8 U.S. government securities 75.6 34.8 34.2 32.1 36.7 41.6 42.3 34.0 33.9 34.5 41.0 8

 9 Municipal securities 31.0 27.4 25.7 22.3 23.9 35.9 27.6 33.1 23.9 31.6 34.9 9

10 Mortgages 54.4 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 10

11 Consumer credit 77.7 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 11

12 Trade receivables 1273.1 1366.6 1452.9 1566.3 1639.0 1689.9 1728.6 1675.8 1680.3 1653.3 1633.9 12

13 Mutual fund shares 59.9 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 13

14 Miscellaneous assets 3410.8 3628.7 4482.0 5023.6 5164.3 5231.1 5301.9 5421.8 5447.6 5493.0 5440.4 14

15 U.S. direct investment abroad (1) 863.2 932.5 1048.4 1160.4 1194.5 1220.3 1252.3 1247.2 1284.2 1316.5 1339.5 15

16 Insurance receivables 186.2 188.1 189.8 190.8 191.1 192.5 193.3 190.4 191.3 193.9 203.0 16

17 Equity in GSEs 1.6 0.5 -0.2 -0.8 -0.8 -1.2 -1.1 -0.8 -6.5 -4.2 -10.8 17

18 Investment in finance company subs. 27.3 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.4 18

19 Other 2332.6 2484.1 3226.9 3629.3 3725.8 3771.9 3807.5 3933.7 3930.0 3940.1 3863.3 19

20 Total liabilities 6378.6 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8820.5 8936.6 8976.9 9011.2 20

21 Credit market instruments 3093.0 3383.9 3790.2 4265.3 4415.3 4562.2 4618.0 4695.9 4785.7 4881.5 4922.8 21

22 Commercial paper 156.4 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 22

23 Municipal securities (2) 137.9 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 23

24 Corporate bonds (1) 1460.4 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.8 2437.8 2484.7 24

25 Bank loans n.e.c. 642.1 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.5 25

26 Other loans and advances 467.9 507.7 562.0 596.5 632.2 653.7 639.9 669.9 670.6 688.8 693.2 26

27 Savings institutions 7.9 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 27

28 Finance companies 274.2 273.7 306.8 355.6 380.5 397.7 398.7 412.6 413.2 433.7 406.0 28

29 Federal government 8.7 8.4 8.3 8.0 7.9 7.7 7.6 7.6 7.6 7.3 7.7 29

30 Acceptance liabilities to banks 13.4 10.8 6.6 4.4 4.9 4.9 4.6 4.3 6.6 5.8 4.3 30

31 Rest of the world 126.0 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.9 118.9 136.2 31

32 ABS issuers 37.7 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 32

33 Mortgages 228.4 262.1 283.4 378.8 394.7 411.4 421.4 441.1 453.3 477.3 501.0 33

34 Trade payables 927.0 992.1 1049.7 1194.1 1197.6 1220.3 1261.2 1295.7 1261.0 1221.2 1215.2 34

35 Taxes payable 49.9 59.2 64.1 71.0 82.8 80.2 80.1 77.9 84.5 81.0 109.0 35

36 Miscellaneous liabilities 2308.7 2193.6 2553.7 2622.9 2652.5 2645.1 2739.5 2751.0 2805.3 2793.3 2764.2 36

37 Foreign direct investment in U.S. 698.4 749.6 804.6 945.5 960.8 1045.5 1101.3 1112.3 1156.1 1180.2 1184.6 37

38 Pension fund contributions payable 86.4 93.5 95.4 96.4 96.7 96.9 97.2 97.4 97.7 97.9 98.2 38

39 Other 1523.9 1350.5 1653.6 1581.0 1595.0 1502.7 1541.1 1541.2 1551.5 1515.1 1481.4 39

 Memo:

40 Trade receivables net of payables 346.1 374.5 403.2 372.2 441.4 469.5 467.3 380.2 419.3 432.1 418.8 40

41 Market value of equities 7644.4 9774.6 11606.7 15117.0 15727.7 14938.5 14458.4 12740.8 10989.6 11691.2 9681.6 41

42 Securities and mortgages 1826.6 2014.9 2260.8 2591.1 2654.0 2709.2 2762.0 2825.9 2938.8 3070.7 3141.9 42

43 Loans and short-term paper 1266.4 1369.0 1529.4 1674.3 1761.3 1853.0 1855.9 1870.0 1847.0 1810.8 1780.9 43

44 Total short-term liabilities (3) 2243.3 2420.3 2643.2 2939.4 3041.7 3153.5 3197.3 3243.6 3192.5 3112.9 3105.1 44

45 Total liquid assets (4) 641.7 654.3 739.1 833.7 808.2 844.6 901.2 895.8 856.0 884.1 874.5 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.1 59.5 59.6 60.7 60.1 59.4 59.8 60.2 61.4 62.9 63.8 46

47 Short-term debt/credit market debt 40.9 40.5 40.4 39.3 39.9 40.6 40.2 39.8 38.6 37.1 36.2 47

48 Liquid assets/short-term liabilities 28.6 27.0 28.0 28.4 26.6 26.8 28.2 27.6 26.8 28.4 28.2 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 7, 2001 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 641.3 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1422.4 1450.2 1471.4 1

 2 Checkable deposits and currency 124.0 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.3 2

 3 Time and savings deposits 75.0 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 3

 4 Money market fund shares 19.2 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 66.6 68.8 4

 5 Treasury securities 26.7 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 5

 6 Municipal securities 2.6 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 6

 7 Mortgages 20.4 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 7

 8 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Trade receivables 169.8 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 340.7 344.0 9

10 Miscellaneous assets 203.5 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.5 619.5 630.7 10

11 Insurance receivables 44.8 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.3 11

12 Equity investment in GSEs (1) 1.7 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 12

13 Other 157.1 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.9 571.3 580.8 13

14 Total liabilities 1534.1 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2520.6 2565.6 2601.3 14

15 Credit market instruments 1129.3 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 15

16 Bank loans n.e.c. 193.6 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 16

17 Other loans and advances 92.5 95.8 108.9 116.7 119.9 123.7 125.4 127.8 128.2 132.6 128.9 17

18 Mortgages 843.2 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 18

19 Trade payables 116.8 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 19

20 Taxes payable 42.5 49.8 60.5 68.8 71.0 73.7 74.9 76.3 77.3 78.1 78.7 20

21 Miscellaneous liabilities 245.5 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 534.8 541.5 21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 61.1 61.7 64.2 63.6 63.4 63.6 63.7 62.9 62.9 63.5 64.0 1

 2 Checkable deposits and currency 16.7 16.9 18.8 18.0 17.8 17.6 17.5 17.4 17.2 17.1 17.0 2

 3 Miscellaneous assets 44.4 44.8 45.4 45.6 45.6 46.0 46.2 45.5 45.6 46.3 47.0 3

 4 Insurance receivables 42.9 43.3 43.7 43.9 44.0 44.4 44.5 43.9 44.1 44.7 45.3 4

 5 Equity investment in GSEs (2) 1.5 1.5 1.7 1.6 1.5 1.6 1.6 1.6 1.6 1.7 1.7 5

 6 Total liabilities 167.1 174.7 183.5 189.4 189.8 197.0 198.8 201.1 199.7 206.4 206.8 6

 7 Credit market instruments 149.7 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 7

 8 Bank loans n.e.c. 40.4 43.9 45.1 44.2 42.4 45.9 46.2 46.9 45.1 47.8 47.1 8

 9 Other loans and advances 22.4 21.9 22.2 22.8 24.0 23.5 23.4 24.5 24.6 24.3 24.0 9

10 Mortgages 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 10

11 Trade payables 17.4 18.8 19.6 20.0 19.2 20.8 20.9 20.9 20.1 21.3 21.0 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, December 7, 2001

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1007.9 1033.3 1180.3 1267.8 1278.6 1297.9 1305.8 1321.0 1337.5 1357.4 1361.5 1

 2 Checkable deposits and currency 27.8 32.2 28.3 32.1 27.2 27.0 25.7 33.2 30.2 30.2 28.8 2

 3 Time and savings deposits 72.6 78.4 91.1 102.1 98.9 100.7 103.4 111.5 109.9 107.1 107.4 3

 4 Security RPs 147.8 151.4 158.5 163.5 176.4 174.0 177.0 173.3 178.0 182.3 192.5 4

 5 Credit market instruments 604.8 605.0 739.4 782.8 782.9 795.8 788.7 792.0 792.4 789.1 778.3 5

 6 Open market paper 59.7 74.0 102.0 103.9 105.6 110.0 109.0 111.5 112.5 108.2 113.2 6

 7 U.S. government securities 373.2 354.8 448.3 474.3 470.5 476.4 467.9 467.2 461.9 460.2 439.4 7

 8 Treasury 257.0 239.3 269.3 266.8 257.2 256.4 241.9 236.2 224.0 216.5 188.9 8

 9 Agency 116.2 115.4 179.0 207.5 213.3 220.0 226.0 231.0 237.9 243.6 250.5 9

10 Municipal securities 4.6 3.9 2.5 1.0 0.6 1.0 1.8 1.6 2.1 2.0 2.1 10

11 Corporate and foreign bonds 49.7 51.0 61.2 73.8 75.3 76.5 76.9 77.5 80.4 82.2 85.9 11

12 Mortgages 117.6 121.3 125.4 129.8 130.9 132.0 133.1 134.3 135.4 136.6 137.8 12

13 Corporate equities 46.8 79.0 102.0 115.0 113.2 115.0 117.6 115.1 108.6 118.6 108.8 13

14 Mutual fund shares 41.0 33.6 21.3 25.6 22.9 24.3 25.4 26.4 28.8 30.7 30.5 14

15 Taxes receivable 26.1 26.9 28.1 33.5 35.5 39.0 42.9 45.6 49.1 50.8 51.4 15

16 Miscellaneous assets 41.0 27.0 11.5 13.1 21.5 21.9 25.0 24.1 40.5 48.6 63.8 16

17 Total liabilities 1581.0 1668.5 1779.3 1860.7 1874.1 1888.9 1892.6 1915.2 1949.6 1986.2 1995.4 17

18 Credit market instruments 1063.4 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 18

19 Municipal securities 1053.3 1110.6 1189.7 1242.4 1247.9 1256.7 1254.5 1270.6 1298.7 1328.9 1331.7 19

20 Short-term 39.1 47.5 41.2 44.8 46.4 45.2 43.5 47.9 53.7 55.7 64.9 20

21 Other 1014.1 1063.1 1148.5 1197.6 1201.5 1211.6 1211.0 1222.7 1244.9 1273.3 1266.8 21

22 U.S. government loans 10.1 8.9 10.1 9.7 9.3 8.9 8.6 8.7 8.8 8.9 8.9 22

23 Trade payables 517.6 549.0 579.5 608.6 616.9 623.2 629.6 635.9 642.1 648.4 654.8 23

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 440.7 437.9 442.9 557.4 537.6 532.4 538.3 506.5 537.2 540.0 561.7 1

 2 Gold, SDRs, and official foreign exchange 44.9 42.0 51.0 44.4 41.3 41.0 39.7 41.0 38.7 39.5 44.6 2

 3 Checkable deposits and currency 38.3 41.6 23.2 87.9 51.2 60.6 55.7 24.3 30.7 48.9 50.6 3

 4 Time and savings deposits 2.4 3.4 4.7 5.4 5.5 5.7 6.2 6.3 8.4 9.9 11.7 4

 5 Credit market instruments 200.2 205.4 219.1 258.0 259.6 261.6 262.7 265.4 266.6 267.6 267.8 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 50.3 45.7 44.9 77.7 76.8 76.8 76.5 76.9 76.3 76.2 75.3 7

 8 Other loans and advances 149.9 159.7 174.2 180.3 182.8 184.7 186.2 188.6 190.3 191.4 192.5 8

 9 Trade receivables 24.0 20.8 22.3 22.9 25.4 26.9 27.7 28.1 31.7 33.9 33.4 9

10 Taxes receivable 20.7 20.0 21.4 38.5 55.9 37.9 47.4 42.4 62.3 39.9 51.4 10

11 Miscellaneous assets 110.2 104.8 101.2 100.3 98.7 98.7 98.8 98.9 98.8 100.4 102.1 11

12 Total liabilities 4491.3 4546.9 4529.4 4499.3 4463.0 4283.5 4244.8 4225.2 4255.1 4108.1 4187.0 12

13 SDR certificates 9.7 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 13

14 Treasury currency 18.9 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 14

15 Credit market instruments 3781.8 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 15

16 Savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 16

17 Other Treasury securities 3568.1 3591.8 3537.1 3466.3 3440.5 3251.1 3198.2 3173.1 3197.3 3038.9 3106.7 17

18 Budget agency securities 26.6 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 81.8 72.9 64.9 65.6 67.0 67.5 68.4 66.9 64.8 62.9 59.7 20

21 Insurance and pension reserves 591.9 634.0 676.5 719.0 708.2 719.2 733.3 741.3 749.8 762.1 775.4 21

22 Miscellaneous liabilities 7.3 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 22
Z.1, December 7, 2001 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4202.8 4925.7 5672.2 6400.8 6634.5 6867.8 7069.1 7368.9 7614.9 7769.4 7812.0 1

 2 Net interbank assets 177.3 173.0 145.9 139.4 130.2 166.2 138.0 127.9 99.4 102.1 109.4 2

 3 U.S. checkable deposits and currency 213.7 243.6 258.4 298.3 277.8 280.3 282.3 290.1 292.9 294.7 304.3 3

 4 U.S. time deposits 60.6 73.6 86.6 101.6 99.2 99.6 98.0 107.2 97.2 97.8 95.9 4

 5 Security RPs 70.9 90.8 72.0 86.8 76.0 88.1 93.3 91.9 116.2 119.5 110.5 5

 6 Credit market instruments 1926.6 2257.3 2539.8 2676.2 2760.7 2809.9 2861.7 3004.6 3113.0 3200.4 3293.2 6

 7 Open market paper 57.9 77.8 115.3 102.3 100.0 98.2 94.6 111.0 110.0 113.2 110.7 7

 8 U.S. government securities 1289.5 1498.5 1622.2 1633.6 1674.5 1679.3 1700.7 1772.4 1814.2 1824.5 1864.9 8

 9 Official holdings 610.5 614.5 620.3 628.9 653.2 659.6 664.8 676.9 679.4 668.6 685.5 9

10 Treasury 590.7 589.8 589.0 578.2 594.4 590.4 581.4 582.3 581.3 560.5 577.6 10

11 Agency 19.8 24.7 31.3 50.7 58.8 69.1 83.4 94.6 98.1 108.1 107.9 11

12 Private holdings 679.0 884.0 1001.9 1004.6 1021.3 1019.8 1035.8 1095.5 1134.8 1155.9 1179.5 12

13 Treasury 502.6 662.2 729.7 660.7 651.3 630.8 618.3 639.7 640.3 632.1 622.6 13

14 Agency 176.5 221.8 272.2 344.0 370.0 389.0 417.6 455.8 494.4 523.8 556.9 14

15 U.S. corporate bonds (1) 453.2 537.8 660.0 820.8 865.4 907.6 954.0 1003.9 1073.9 1143.8 1181.2 15

16 Loans to U.S. corporate business 126.0 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.9 118.9 136.2 16

17 U.S. corporate equities 656.8 919.5 1175.1 1537.8 1598.2 1620.4 1724.9 1748.3 1626.5 1732.2 1524.4 17

18 Trade receivables 57.1 60.3 51.7 46.8 46.4 47.4 49.6 52.5 54.1 53.0 51.2 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 1039.9 1107.7 1342.6 1513.9 1646.0 1755.9 1821.4 1946.4 2215.6 2169.8 2323.1 20

21 Foreign direct investment in U.S. (2) 745.6 823.1 912.2 1094.4 1131.4 1221.9 1299.2 1369.5 1422.4 1490.0 1514.9 21

22 Other 294.3 284.5 430.5 419.5 514.7 534.0 522.2 576.9 793.3 679.8 808.2 22

23 Total liabilities 2316.8 2561.4 2788.9 3073.8 3221.7 3368.3 3622.2 3499.3 3914.9 3930.0 4319.5 23

 U.S. official foreign exchange

24 and net IMF position 53.7 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 24

25 U.S. private deposits 521.7 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 846.8 850.6 25

26 Credit market instruments 542.2 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 727.8 698.5 26

27 Commercial paper 67.5 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 27

28 Bonds 366.3 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 479.6 28

29 Bank loans n.e.c. 43.7 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 29

30 Official 2.9 2.1 2.8 3.0 2.8 3.1 3.6 3.5 3.6 3.3 4.2 30

31 Banks 14.3 13.8 13.1 10.0 11.4 12.0 12.6 13.2 16.2 9.2 9.4 31

32 Other 26.5 36.3 43.0 46.5 49.1 49.5 51.5 54.0 54.1 53.7 53.7 32

33 U.S. government loans 54.8 53.3 52.4 47.8 47.9 48.0 47.4 47.3 46.9 45.8 44.7 33

34 Acceptance liabilities to banks 9.9 9.7 4.7 3.9 3.8 4.1 3.8 3.1 0.8 0.8 0.6 34

35 Trade payables 43.6 48.7 46.3 50.6 50.0 53.0 49.8 52.1 50.7 53.6 55.2 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 1155.6 1237.4 1388.8 1589.9 1635.3 1783.9 2023.9 1829.9 2194.7 2258.4 2666.2 37

38 U.S. equity in IBRD, etc. 29.2 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 37.7 39.5 38

39 U.S. government deposits 2.1 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.3 39

40 U.S. direct investment abroad (1,2) 986.5 1067.4 1196.8 1328.0 1368.9 1404.5 1448.1 1445.2 1489.2 1526.9 1552.5 40

41 Other 137.7 137.0 157.7 225.5 230.0 342.5 538.4 346.8 667.1 691.3 1071.9 41

 Memo:

42 Market value of foreign equities 1002.9 1207.8 1476.2 2026.6 2057.4 2010.9 1854.0 1787.0 1574.0 1610.7 1368.4 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 7, 2001

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 495.2 534.0 566.8 696.9 604.1 609.8 608.5 636.0 625.3 638.6 663.5 1

 2 Gold and foreign exchange 30.2 28.0 30.7 27.1 26.8 26.5 26.6 26.6 25.5 25.4 26.3 2

 3 SDR certificates 9.7 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 25.0 25.6 26.3 28.0 29.0 30.0 30.8 31.6 32.3 32.7 32.9 4

 5 Federal Reserve float 4.3 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.4 5

 6 Fed. Res. loans to domestic banks 0.1 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 6

 7 Security RPs 21.6 23.8 30.4 140.6 23.7 26.9 17.3 43.4 22.0 23.3 47.9 7

 8 Credit market instruments 393.1 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 393.1 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 10

11 Treasury 390.9 430.7 452.1 478.0 501.7 505.0 511.4 511.7 523.9 535.1 534.1 11

12 Agency 2.2 0.7 0.3 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 11.2 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 14

15 Total liabilities 490.7 528.8 560.9 690.5 596.1 605.7 604.7 629.2 618.8 631.3 655.9 15

16 Depository institution reserves 24.5 30.8 26.3 24.0 18.2 18.5 17.6 19.0 17.8 18.6 24.9 16

17 Vault cash of commercial banks 45.2 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 17

18 Checkable deposits and currency 413.6 443.5 481.8 590.4 532.7 540.6 542.9 555.2 556.1 567.3 586.1 18

19 Due to federal government 8.0 5.7 6.2 28.5 4.5 6.3 8.6 5.6 6.1 7.6 10.2 19

20 Due to rest of the world 0.2 0.5 0.2 0.1 0.2 0.1 0.2 0.3 0.1 0.1 0.6 20

21 Currency outside banks 405.5 437.4 475.4 561.8 528.0 534.1 534.1 549.3 549.8 559.5 575.3 21

22 Miscellaneous liabilities 7.4 9.5 10.7 9.4 10.0 9.6 9.6 10.6 8.8 8.2 8.2 22

23 Federal Reserve Bank stock 4.6 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 23

24 Other 2.8 4.0 4.8 3.0 3.3 2.8 2.7 3.6 1.8 1.0 0.9 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 7, 2001 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4710.4 5174.6 5642.2 5989.3 6065.7 6228.3 6368.1 6487.8 6505.8 6574.0 6688.6 1

 2 Vault cash 45.2 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 2

 3 Reserves at Federal Reserve 22.3 29.1 24.4 22.0 16.6 16.9 16.5 18.0 16.8 17.6 23.7 3

 4 Checkable deposits and currency 1.4 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 4

 5 Total bank credit 3794.5 4144.5 4483.3 4782.0 4882.5 5011.6 5105.9 5194.7 5223.4 5235.4 5280.4 5

 6 U.S. government securities 757.5 841.2 876.6 925.0 931.5 920.8 912.8 903.1 887.6 872.8 914.3 6

 7 Treasury 261.8 270.1 214.0 226.7 215.6 201.4 200.9 182.2 171.9 176.0 175.9 7

 8 Agency 495.7 571.2 662.6 698.3 715.9 719.4 711.8 720.9 715.7 696.8 738.3 8

 9 Municipal securities 94.2 96.7 104.8 110.7 111.9 112.3 113.4 114.0 112.7 116.2 117.9 9

10 Corporate and foreign bonds 112.3 143.1 181.1 219.9 214.1 219.0 253.5 277.5 290.5 325.8 337.9 10

11 Total loans 2821.1 3052.9 3304.8 3504.9 3602.1 3736.9 3801.9 3875.3 3909.0 3895.7 3889.0 11

12 Open market paper 6.5 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 12

13 Bank loans n.e.c. 1041.7 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 13

14 Mortgages 1145.4 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 14

15 Consumer credit 526.8 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 15

16 Security credit 100.8 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.4 16

17 Corporate equities 6.8 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 17

18 Mutual fund shares 2.6 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 18

19 Customers’ liab. on acceptances (2) 23.4 20.6 11.3 8.2 8.7 9.0 8.4 7.5 7.4 6.6 4.8 19

20 Miscellaneous assets 823.7 934.0 1079.1 1108.3 1120.8 1151.7 1201.4 1221.5 1220.2 1275.5 1340.4 20

21 Total liabilities 4547.4 5053.0 5519.3 5836.9 5932.5 6138.2 6253.0 6364.7 6418.6 6482.4 6643.6 21

22 Net interbank liabilities 171.1 143.5 120.6 113.9 116.3 155.1 121.1 124.6 101.3 107.3 115.3 22

23 To monetary authority 4.4 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.3 23

24 To domestic banks (3) -10.6 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.3 24

25 To foreign banks 177.3 173.0 145.9 139.4 130.2 166.2 138.0 127.9 99.4 102.1 109.4 25

26 Checkable deposits 676.3 656.4 623.0 626.2 574.9 574.0 537.0 541.0 495.3 503.4 507.7 26

27 Federal government 28.7 27.8 13.2 49.6 37.5 48.7 39.3 16.4 2.2 1.2 1.9 27

28 Rest of the world 26.9 31.7 30.2 43.6 29.9 31.4 32.6 34.1 34.8 33.8 34.7 28

29 Private domestic 620.7 597.0 579.7 533.1 507.4 493.9 465.1 490.5 458.4 468.4 471.1 29

30 Small time and savings deposits 1613.2 1761.5 1945.2 2016.5 2077.5 2100.3 2156.2 2229.8 2311.6 2342.3 2395.4 30

31 Large time deposits 493.1 601.0 673.3 792.3 816.4 833.6 864.5 887.2 900.0 901.3 890.7 31

32 Federal funds and security RPs (net) 463.2 552.2 639.2 749.8 777.6 827.4 827.5 813.4 838.7 822.7 812.1 32

33 Credit market instruments 263.6 309.2 382.1 449.3 463.6 494.7 502.0 509.3 540.3 543.7 556.8 33

34 Open market paper 55.7 58.5 56.9 63.1 59.7 61.7 62.9 63.6 71.2 69.4 67.5 34

35 Corporate bonds 168.9 192.6 220.2 240.6 248.9 258.4 266.6 273.2 293.1 295.3 303.2 35

36 Other loans and advances 39.0 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 186.1 36

37 Taxes payable 4.0 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 37

38 Miscellaneous liabilities 863.0 1023.7 1128.7 1079.9 1096.8 1143.2 1234.1 1248.4 1219.7 1249.4 1352.7 38

 Memo:

39 Credit market funds advanced (4) 3707.7 4031.9 4335.7 4643.9 4725.0 4847.4 4931.0 5002.3 5015.7 5044.4 5096.5 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 7, 2001

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3444.5 3742.2 4094.2 4433.0 4507.6 4627.6 4700.2 4772.9 4788.5 4830.2 4915.8 1

 2 Vault cash and reserves at Federal Reserve 66.3 71.2 65.5 87.1 51.4 53.3 50.6 62.0 52.3 54.4 59.7 2

 3 Total bank credit 3231.5 3512.2 3844.4 4161.3 4263.5 4381.3 4453.3 4512.3 4524.1 4566.4 4618.8 3

 4 U.S. government securities 609.7 664.0 703.5 730.9 752.2 747.1 729.3 714.2 690.8 691.6 722.4 4

 5 Treasury 173.0 166.8 124.7 122.8 125.3 116.4 108.6 87.9 72.2 69.9 65.3 5

 6 Agency 436.7 497.2 578.8 608.1 626.9 630.7 620.7 626.3 618.6 621.7 657.1 6

 7 Mortgage pool securities 216.6 247.7 301.4 283.6 289.8 289.9 283.5 297.8 308.2 323.5 346.0 7

 8 Agency-issued CMOs 89.5 107.0 115.9 120.8 120.4 119.2 108.8 111.0 114.7 116.4 133.6 8

 9 Other agency securities 130.7 142.4 161.5 203.7 216.8 221.6 228.5 217.6 195.7 181.8 177.6 9

10 Municipal securities 93.7 96.1 104.4 110.1 111.2 111.7 112.7 113.3 112.3 115.9 117.6 10

11 Corporate and foreign bonds 64.8 85.8 118.2 161.5 156.2 162.6 195.7 214.0 229.7 242.1 258.7 11

12 Private mortgage pool securities 4.2 3.0 3.9 4.8 3.5 2.5 3.4 4.1 7.9 8.6 8.0 12

13 Privately issued CMOs 21.8 22.5 42.8 48.5 46.1 47.0 51.0 56.5 57.5 64.0 53.9 13

14 Other bonds 38.9 60.4 71.5 108.2 106.6 113.2 141.3 153.4 164.3 169.5 196.9 14

15 Total loans 2453.9 2655.6 2902.4 3137.3 3221.1 3337.1 3391.2 3446.0 3467.8 3492.0 3498.7 15

16 Open market paper 4.2 2.3 0.8 0.7 0.7 0.6 0.6 0.9 0.0 0.0 0.0 16

17 Bank loans n.e.c. 759.8 867.9 1012.2 1104.4 1131.9 1178.7 1186.5 1202.6 1197.5 1179.3 1170.7 17

18 Mortgages 1102.9 1208.4 1304.2 1464.8 1515.0 1581.1 1614.7 1626.3 1654.4 1688.8 1700.3 18

19 Consumer credit 526.8 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 19

20 Security credit 60.2 64.4 76.3 67.6 76.5 70.5 67.5 74.7 82.2 83.7 92.6 20

21 Corporate equities 6.8 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 21

22 Mutual fund shares 2.6 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 22

23 Customers’ liab. on acceptances (1) 13.9 13.7 9.1 6.6 7.1 7.3 6.8 5.9 6.0 5.3 3.9 23

24 Miscellaneous assets 132.8 145.2 175.2 177.9 185.7 185.8 189.6 192.8 206.1 204.1 233.4 24

25 Total liabilities 3598.7 3959.7 4366.8 4684.0 4789.8 4958.9 5023.0 5107.0 5181.0 5227.7 5376.3 25

26 Net interbank liabilities 0.4 2.9 25.1 55.7 57.1 103.0 87.9 77.8 113.2 126.3 109.2 26

27 Federal Reserve float 4.3 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.4 27

28 Borrowing from Federal Reserve banks 0.1 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 28

29 To domestic banks -41.8 -50.2 -51.0 -65.1 -65.0 -66.2 -65.1 -73.8 -21.0 -24.6 -16.1 29

30 To foreign banks 37.8 50.4 74.4 120.8 122.1 168.7 152.3 150.6 134.1 151.2 125.6 30

31 Checkable deposits 661.4 640.3 605.9 608.6 558.4 556.5 520.8 523.8 478.7 486.1 490.2 31

32 Federal government 28.7 27.8 13.2 49.6 37.5 48.7 39.3 16.4 2.2 1.2 1.9 32

33 Rest of the world 21.6 26.0 24.8 37.6 24.4 25.3 27.5 28.4 29.3 30.9 31.9 33

34 Private domestic 611.1 586.5 567.9 521.5 496.5 482.5 454.0 479.0 447.2 454.0 456.3 34

35 Small time and savings deposits 1594.2 1738.0 1924.4 1996.8 2058.0 2079.7 2136.2 2207.2 2290.4 2314.1 2370.9 35

36 Large time deposits 306.1 369.3 404.1 465.6 480.4 511.4 530.0 553.5 548.8 551.3 549.0 36

37 Federal funds and security RPs (net) 408.2 471.7 538.5 667.3 693.7 721.3 705.5 680.1 698.5 705.6 706.2 37

38 Acceptance liabilities 14.0 13.7 9.1 6.6 7.0 7.2 6.8 6.0 6.0 5.4 4.1 38

39 Corporate bonds 50.9 61.6 72.1 75.8 78.3 81.6 83.9 86.4 89.9 89.0 91.8 39

40 Other loans and advances 39.0 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 186.1 40

41 Taxes payable 4.0 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 41

42 Miscellaneous liabilities 520.6 598.7 675.5 653.0 692.5 713.6 768.7 788.7 767.6 758.6 856.0 42

43 Investment by bank holding companies 372.9 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 43

44 Other 147.7 185.1 206.6 181.2 200.4 212.6 253.9 263.3 225.8 206.4 278.2 44

 Memo:

45 Credit market funds advanced (2) 3175.8 3450.7 3761.2 4078.9 4171.3 4295.4 4368.2 4418.7 4424.4 4463.2 4508.8 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, December 7, 2001 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 714.8 811.3 806.5 756.1 720.1 743.2 769.9 785.9 757.9 759.2 754.7 1

 2 Reserves at Federal Reserve 1.1 2.9 1.0 1.4 0.5 0.6 0.4 0.5 0.6 0.5 0.6 2

 3 Total bank credit 507.0 567.2 568.6 539.7 547.2 556.4 577.3 607.0 622.9 591.9 583.9 3

 4 U.S. government securities 130.4 157.3 151.8 163.6 157.4 151.1 159.1 163.6 173.1 157.9 167.8 4

 5 Treasury 80.7 95.1 84.8 92.3 86.9 81.6 89.0 91.7 97.8 104.3 108.4 5

 6 Agency 49.7 62.2 67.0 71.3 70.5 69.5 70.1 71.9 75.3 53.5 59.4 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 36.6 41.3 47.1 42.0 43.0 43.0 43.7 49.6 45.9 69.4 64.9 8

 9 Total loans 339.9 368.6 369.7 334.1 346.8 362.3 374.5 393.8 403.9 364.6 351.1 9

10 Open market paper 2.3 0.4 0.3 0.6 0.8 0.8 0.7 0.6 0.6 0.0 0.0 10

11 Bank loans n.e.c. 264.8 284.0 282.2 259.9 262.2 263.9 265.1 275.7 276.8 259.0 258.3 11

12 Mortgages 32.2 26.1 20.6 16.4 17.0 17.5 17.3 17.1 17.1 16.7 17.9 12

13 Security credit 40.6 58.0 66.6 57.2 66.8 80.1 91.5 100.5 109.4 88.9 74.9 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 9.4 6.9 2.2 1.6 1.6 1.7 1.6 1.6 1.5 1.2 0.9 15

16 Miscellaneous assets 197.2 234.3 234.6 213.3 170.7 184.4 190.5 176.8 133.0 165.6 169.4 16

17 Total liabilities 731.9 830.8 828.7 781.5 746.3 770.3 797.9 814.9 787.8 790.1 786.7 17

18 Net interbank liabilities 178.6 148.2 92.8 51.6 21.3 14.9 2.5 10.1 -19.8 -14.3 3.9 18

19 To foreign banks 162.1 144.4 92.7 44.2 13.1 4.5 -4.3 -14.4 -37.4 -54.9 -31.1 19

20 To domestic banks 16.5 3.8 0.1 7.4 8.1 10.4 6.8 24.4 17.5 40.6 35.0 20

21 Checkable deposits 8.0 8.8 8.6 9.1 8.3 9.3 8.1 8.8 8.2 8.2 8.8 21

22 Small time and savings deposits 8.7 13.1 9.5 7.5 7.2 7.7 6.5 9.0 7.7 13.5 9.3 22

23 Large time deposits 176.6 221.3 257.8 314.5 323.7 309.3 321.0 320.1 337.8 335.2 326.5 23

24 Federal funds and security RPs (net) 55.1 80.7 100.4 82.1 83.2 104.9 120.9 134.5 139.6 116.3 105.0 24

25 Acceptance liabilities 9.6 7.2 2.4 2.0 2.0 2.0 1.9 2.0 1.8 1.4 1.0 25

26 Miscellaneous liabilities 295.2 351.5 357.2 314.7 300.7 322.2 337.0 330.5 312.6 329.7 332.1 26

27 Foreign direct investment in U.S. 30.3 38.8 44.2 63.3 68.4 68.9 69.7 72.9 73.2 77.1 79.2 27

28 Due to affiliates 64.5 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 28

29 Other 200.5 233.9 222.4 158.4 117.7 138.8 147.4 119.0 97.1 115.4 139.3 29

 Memo:

30 Credit market funds advanced (3) 475.8 516.1 504.2 484.1 482.0 478.1 487.5 508.1 515.0 504.2 509.9 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 7, 2001

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 510.8 575.3 685.9 741.0 778.1 795.7 833.4 865.7 896.4 916.2 950.8 1

 2 Credit market instruments 22.0 27.4 26.5 32.7 22.1 23.0 21.3 20.5 22.3 21.6 21.3 2

 3 U.S. government securities 9.0 9.5 7.5 14.1 5.7 6.0 6.2 5.6 6.2 6.0 5.8 3

 4 Treasury issues 4.0 4.0 0.9 8.8 0.9 1.1 1.1 0.8 0.8 0.9 0.8 4

 5 Agency 4.9 5.5 6.6 5.4 4.7 5.0 5.1 4.8 5.4 5.1 5.0 5

 6 Corporate and foreign bonds 10.5 15.5 14.8 15.9 14.6 12.9 13.3 13.2 13.4 12.9 12.8 6

 7 Bank loans n.e.c. 2.5 2.4 4.1 2.6 1.9 4.0 1.8 1.6 2.7 2.7 2.6 7

 8 Miscellaneous assets 488.9 547.9 659.5 708.4 756.0 772.7 812.1 845.2 874.1 894.6 929.5 8

 9 Investment in bank subsidiaries 372.9 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 9

10 Investment in nonbank subsidiaries 64.9 89.9 134.0 151.2 184.4 184.9 198.9 213.5 227.3 237.0 240.7 10

11 Other 51.1 44.4 56.5 85.4 79.6 86.8 98.4 106.3 105.0 105.5 111.1 11

12 Total liabilities 178.3 218.8 270.6 314.5 338.9 349.7 370.0 382.5 390.0 399.6 417.1 12

13 Net interbank liabilities -7.9 -7.6 2.7 6.6 37.9 37.2 30.7 36.7 7.9 -4.8 2.1 13

14 To domestic banks 14.7 14.3 23.9 32.1 43.0 44.2 40.7 45.1 5.2 -10.6 -12.7 14

15 To foreign banks -22.6 -21.9 -21.3 -25.5 -5.0 -7.0 -10.0 -8.4 2.7 5.8 14.8 15

16 Federal funds and security RPs (net) -0.2 -0.2 0.4 0.5 0.7 1.2 1.1 -1.1 0.6 0.7 0.9 16

17 Credit market instruments 150.0 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 273.8 17

18 Commercial paper 32.0 37.6 45.4 54.5 50.8 52.4 54.1 55.7 63.4 62.7 62.4 18

19 Corporate bonds 118.0 131.0 148.1 164.8 170.6 176.8 182.7 186.8 203.2 206.4 211.4 19

20 Miscellaneous liabilities 36.3 57.9 74.1 88.1 78.9 82.1 101.4 104.4 115.0 134.6 140.2 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 40.3 45.8 55.5 59.2 59.9 61.8 64.7 63.3 63.0 68.3 67.2 1

 2 Checkable deposits and currency 1.4 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 2

 3 Credit market instruments 34.1 37.8 43.8 48.3 49.6 51.0 54.0 55.0 54.1 55.5 56.5 3

 4 U.S. government securities 8.4 10.5 13.8 16.3 16.2 16.5 18.2 19.6 17.6 17.4 18.2 4

 5 Treasury 4.1 4.2 3.6 2.8 2.5 2.4 2.2 1.8 1.2 0.9 1.4 5

 6 Agency 4.3 6.3 10.2 13.5 13.7 14.2 16.0 17.8 16.4 16.5 16.8 6

 7 Municipal securities 0.5 0.5 0.5 0.6 0.7 0.7 0.7 0.7 0.4 0.4 0.3 7

 8 Corporate and foreign bonds 0.3 0.4 1.0 0.5 0.4 0.4 0.7 0.8 1.5 1.3 1.4 8

 9 Bank loans n.e.c. 14.6 15.5 16.3 16.9 17.8 18.0 18.4 18.0 18.1 18.6 18.6 9

10 Home mortgages 6.3 6.4 7.5 8.1 8.4 9.0 9.4 9.1 7.1 7.6 7.6 10

11 Commercial mortgages 3.9 4.4 4.8 6.0 6.1 6.4 6.7 6.8 9.5 10.2 10.3 11

12 Miscellaneous assets 4.8 6.6 9.7 8.7 8.4 8.8 9.2 6.6 7.1 11.1 8.2 12

13 Total liabilities 38.6 43.7 53.1 56.9 57.5 59.3 62.0 60.4 59.8 65.0 63.6 13

14 Checkable deposits 6.9 7.3 8.5 8.5 8.2 8.2 8.1 8.4 8.4 9.0 8.8 14

15 Small time and savings deposits 10.4 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 15

16 Large time deposits 10.4 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 16

17 Miscellaneous liabilities 10.9 15.6 21.9 24.1 24.7 25.3 26.9 24.8 24.5 26.4 24.5 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 7, 2001 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1031.7 1028.6 1088.4 1151.4 1160.4 1182.5 1202.9 1218.6 1254.9 1274.0 1287.6 1

 2 Reserves at Federal Reserve 2.3 1.8 1.9 2.0 1.6 1.6 1.1 1.0 1.0 1.0 1.2 2

 3 Checkable deposits and currency 14.2 15.2 18.4 20.1 16.3 17.5 17.5 19.7 19.6 21.7 21.8 3

 4 Time and savings deposits 1.4 1.0 1.5 1.3 1.9 1.3 1.1 1.4 1.7 2.4 2.2 4

 5 Federal funds and security RPs 10.0 9.2 14.8 10.6 11.5 12.0 14.7 14.9 21.7 22.0 25.8 5

 6 Credit market instruments 933.2 928.5 964.6 1033.2 1045.8 1062.5 1082.2 1089.7 1101.6 1116.4 1119.0 6

 7 Open market paper 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 173.4 169.8 153.7 157.4 152.2 149.1 148.4 149.3 153.5 158.2 155.4 8

 9 Treasury 17.4 14.6 10.2 10.1 9.9 9.1 8.8 8.7 8.0 7.5 6.6 9

10 Agency 156.1 155.3 143.6 147.3 142.2 140.0 139.6 140.6 145.5 150.7 148.9 10

11 Municipal securities 2.1 2.1 2.5 3.0 3.1 3.0 3.0 3.2 3.9 4.0 4.1 11

12 Corporate and foreign bonds 68.6 58.7 88.6 112.0 115.7 110.6 107.3 109.5 96.0 93.2 88.1 12

13 Other loans and advances 15.7 18.8 24.2 30.7 33.4 35.4 37.9 39.3 41.4 43.8 43.6 13

14 Mortgages 628.3 631.8 644.0 668.6 682.4 703.5 723.1 723.8 741.4 751.9 758.6 14

15 Consumer credit 44.7 47.2 51.6 61.5 59.0 61.0 62.5 64.6 65.5 65.3 69.1 15

16 Corporate equities 17.8 23.3 24.5 23.8 23.7 24.2 24.4 24.2 24.6 25.6 27.1 16

17 Miscellaneous assets 52.9 49.7 62.8 60.3 59.5 63.4 61.9 67.7 84.6 84.8 90.4 17

18 Total liabilities 1010.5 1001.0 1058.6 1120.4 1129.4 1150.7 1170.4 1186.7 1222.8 1241.4 1253.5 18

19 Deposits 721.4 695.7 693.1 699.9 705.3 707.0 718.4 727.4 750.0 755.5 769.2 19

20 Checkable 122.4 149.5 185.6 222.7 234.0 244.7 254.9 265.9 278.7 291.9 303.5 20

21 Small time and savings 512.5 448.2 393.8 354.9 342.2 331.0 324.1 319.4 318.9 307.2 298.0 21

22 Large time 86.4 98.1 113.7 122.2 129.1 131.3 139.4 142.2 152.4 156.4 167.6 22

23 Security RPs 43.7 41.8 51.3 72.7 73.5 75.0 81.2 66.7 67.1 69.6 54.6 23

24 Credit market instruments 140.5 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 303.9 24

25 Corporate bonds 2.7 2.8 2.6 2.7 2.7 2.7 3.4 6.3 2.8 6.4 6.1 25

26 Bank loans n.e.c. 15.9 19.4 29.7 14.0 20.4 21.3 20.8 21.5 22.6 21.7 23.3 26

27 Other loans and advances 121.9 138.0 180.1 243.7 243.8 256.7 251.8 260.0 269.7 266.4 274.5 27

28 Taxes payable 1.4 1.8 2.0 2.0 1.7 1.8 2.1 2.4 2.3 2.0 2.0 28

29 Miscellaneous liabilities 103.5 101.4 99.8 85.4 82.0 86.1 92.7 102.5 108.4 119.8 123.7 29

30 Investment by parent 4.7 5.0 5.4 6.0 6.1 6.3 6.4 6.6 6.8 7.0 7.2 30

31 Other 98.8 96.4 94.4 79.4 75.9 79.8 86.2 95.9 101.6 112.8 116.6 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, December 7, 2001

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 330.1 353.8 391.5 414.5 428.3 429.7 435.6 441.1 466.5 480.7 496.4 1

 2 Checkable deposits and currency 7.5 8.1 9.1 26.4 26.4 24.0 17.6 12.2 15.0 18.1 25.0 2

 3 Time and savings deposits 16.4 17.0 23.4 16.6 18.8 16.6 15.2 17.1 20.9 19.0 18.7 3

 4 Federal funds and security RPs 1.4 3.5 6.8 9.3 9.6 2.8 7.8 4.0 10.8 8.3 7.9 4

 5 Credit market instruments 288.5 305.3 324.2 351.7 359.0 370.1 376.0 382.2 386.5 391.8 407.8 5

 6 Open market paper 0.3 0.2 0.4 1.9 0.8 0.3 1.2 1.2 1.1 1.6 1.3 6

 7 U.S. government securities 68.1 66.7 71.5 70.9 74.8 74.7 69.5 69.2 76.4 72.8 80.6 7

 8 Treasury 17.4 15.6 13.1 9.6 9.4 8.8 8.6 8.2 8.0 6.6 6.4 8

 9 Agency 50.7 51.0 58.4 61.3 65.4 65.8 60.9 60.9 68.4 66.3 74.1 9

10 Home mortgages 76.0 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 10

11 Consumer credit 144.1 152.4 155.4 167.9 169.2 176.0 181.3 184.4 182.8 186.4 185.7 11

12 Mutual fund shares 2.6 2.4 3.6 2.5 3.2 2.3 2.2 2.2 2.0 3.6 3.1 12

13 Miscellaneous assets 13.7 17.6 24.3 8.0 11.3 13.9 16.7 23.4 31.2 39.9 33.8 13

14 Total liabilities 300.1 320.6 355.3 376.1 388.7 389.5 394.1 398.1 422.3 435.8 450.6 14

15 Shares/deposits 295.1 315.4 349.0 366.7 380.7 380.5 383.5 389.1 415.6 426.3 441.3 15

16 Checkable 32.5 36.6 43.0 45.4 51.3 50.4 50.9 51.3 55.2 54.2 55.6 16

17 Small time and savings 251.2 264.4 287.5 299.8 308.3 307.6 310.6 312.7 334.8 342.8 353.7 17

18 Large time 11.4 14.4 18.5 21.6 21.1 22.5 22.0 25.1 25.6 29.3 32.0 18

19 Other loans and advances 0.4 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 19

20 Miscellaneous liabilities 4.6 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 841.2 917.7 976.3 1104.1 1131.4 1087.5 1079.6 992.1 901.7 936.9 832.2 1

 2 Deposits 51.1 48.2 54.4 62.7 63.8 65.1 65.9 67.0 68.0 69.0 70.1 2

 3 Checkable deposits and currency 0.8 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 3

 4 Time and savings deposits 9.0 10.0 7.8 8.7 9.0 9.2 9.3 9.4 9.5 9.6 9.7 4

 5 Money market fund shares 41.4 37.4 46.2 53.7 54.5 55.6 56.3 57.4 58.2 59.2 60.2 5

 6 Credit market instruments 232.0 207.0 194.1 222.0 226.7 230.2 234.6 239.1 241.8 245.1 247.3 6

 7 Open market paper 21.1 21.0 16.5 17.1 17.3 17.4 17.6 17.7 16.7 15.8 14.9 7

 8 U.S. government securities 71.3 61.2 56.8 62.5 63.3 64.1 65.2 66.3 66.7 67.4 67.6 8

 9 Treasury 25.7 20.4 17.3 17.3 17.1 16.9 16.7 16.5 16.2 15.8 15.4 9

10 Agency 45.6 40.8 39.4 45.2 46.2 47.2 48.5 49.8 50.6 51.6 52.2 10

11 Municipal securities 104.0 90.7 89.5 100.3 102.1 103.0 104.3 105.0 105.8 106.3 106.7 11

12 Corporate and foreign bonds 31.9 31.1 28.5 39.8 41.8 43.5 45.4 48.0 50.5 53.6 56.1 12

13 Mortgages 3.6 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 13

14 Corporate equities 248.9 321.0 314.0 338.3 345.1 323.8 318.6 280.0 239.8 251.9 206.2 14

15 Mutual fund shares 293.2 326.9 390.8 460.6 475.8 449.2 441.3 387.0 333.4 352.2 290.3 15

16 Miscellaneous assets 16.0 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 16

17 Total liabilities (2) 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 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 7, 2001 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2246.3 2514.8 2769.5 3067.9 3155.5 3153.0 3203.9 3135.7 3103.0 3198.5 3139.8 1

 2 Checkable deposits and currency 4.3 8.1 5.4 5.5 4.0 5.6 3.7 5.0 17.8 23.5 24.6 2

 3 Money market fund shares 61.9 92.8 110.4 133.8 135.1 133.7 136.6 142.3 164.7 186.7 192.9 3

 4 Credit market instruments 1657.0 1751.1 1828.0 1886.0 1902.2 1914.1 1935.1 1943.9 1967.2 1996.9 2040.0 4

 5 Open market paper 48.4 65.9 73.4 75.8 72.0 73.7 75.2 71.2 60.4 58.9 66.0 5

 6 U.S. government securities 337.4 312.1 288.4 287.1 289.7 290.3 292.5 293.5 297.4 297.2 301.3 6

 7 Treasury 93.2 85.5 71.3 62.8 61.7 60.5 59.5 58.1 53.8 48.7 44.2 7

 8 Agency 244.1 226.7 217.0 224.4 228.0 229.8 233.0 235.4 243.6 248.5 257.0 8

 9 Municipal securities 13.4 16.7 18.4 20.1 20.0 19.6 19.4 19.1 19.5 20.4 20.7 9

10 Corporate and foreign bonds 949.3 1046.0 1130.4 1173.2 1192.5 1198.2 1212.2 1222.2 1252.0 1280.2 1310.0 10

11 Policy loans 100.5 103.7 103.8 99.0 98.7 99.6 101.1 101.9 102.9 103.0 104.1 11

12 Mortgages 208.2 206.8 213.6 230.8 229.4 232.6 234.7 235.9 235.1 237.1 237.9 12

13 Corporate equities 414.1 558.6 733.2 964.5 1027.6 1007.8 1023.3 940.8 873.2 926.4 820.8 13

14 Mutual fund shares 35.3 38.4 23.3 43.3 47.8 48.6 51.1 48.1 42.6 46.1 39.1 14

15 Miscellaneous assets 73.7 65.7 69.2 34.9 38.7 43.1 54.0 55.6 37.5 18.9 22.5 15

16 Total liabilities 2115.6 2359.7 2599.7 2882.8 2963.5 2958.8 3003.1 2942.8 2902.2 2994.5 2939.6 16

17 Other loans and advances 1.6 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 17

18 Life insurance reserves 580.1 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 804.3 18

19 Pension fund reserves (1) 953.9 1086.1 1209.9 1367.3 1414.2 1403.2 1424.9 1373.8 1335.8 1379.8 1319.8 19

20 Taxes payable 12.5 13.7 14.9 16.2 16.5 16.9 17.3 17.8 18.2 18.7 19.2 20

21 Miscellaneous liabilities 567.5 625.4 687.7 747.2 764.1 765.3 775.4 766.1 759.8 791.0 793.5 21

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 770.0 843.5 879.1 875.9 879.8 877.6 879.3 871.6 851.4 863.1 863.5 1

 2 Checkable deposits and currency 3.9 4.2 4.0 4.3 3.1 2.7 3.1 3.7 10.6 11.8 13.1 2

 3 Security RPs 35.4 35.2 42.7 28.3 34.8 35.3 35.8 38.3 27.8 26.6 30.9 3

 4 Credit market instruments 491.2 515.3 521.1 518.2 515.4 510.8 512.4 509.4 510.0 510.0 512.3 4

 5 U.S. government securities 171.8 161.9 140.0 136.2 135.8 135.4 136.4 136.2 133.3 132.8 132.4 5

 6 Treasury 120.9 91.1 70.4 60.6 58.3 56.0 54.3 52.1 48.1 46.1 44.3 6

 7 Agency 51.0 70.8 69.7 75.5 77.5 79.4 82.1 84.1 85.2 86.7 88.1 7

 8 Municipal securities 175.4 191.6 208.1 199.0 194.7 190.4 188.1 184.1 185.3 184.8 185.1 8

 9 Corporate and foreign bonds 141.6 159.5 171.1 181.1 182.3 183.3 186.2 187.5 189.7 190.7 193.1 9

10 Commercial mortgages 2.4 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 10

11 Corporate equities 148.6 186.0 200.1 207.9 205.3 203.9 199.4 194.3 172.2 179.9 169.6 11

12 Trade receivables 57.2 59.9 61.5 63.6 66.1 67.2 68.7 64.6 67.6 71.2 73.8 12

13 Miscellaneous assets 33.6 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 13

14 Total liabilities 521.4 535.7 543.3 557.7 560.1 565.7 570.7 565.9 570.1 576.6 594.1 14

15 Taxes payable 11.6 13.4 15.4 17.4 17.9 18.5 19.0 19.7 20.3 21.0 21.7 15

16 Miscellaneous liabilities 509.9 522.3 527.9 540.3 542.2 547.2 551.7 546.3 549.8 555.6 572.4 16
76 Z.1, December 7, 2001

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3251.1 3746.5 4204.5 4674.0 4823.1 4743.8 4796.8 4587.2 4268.8 4412.7 4039.3 1

 2 Checkable deposits and currency 5.4 6.6 6.9 8.0 8.2 8.3 8.6 8.7 8.9 9.4 9.7 2

 3 Time and savings deposits 111.9 119.4 120.9 116.9 116.7 118.0 117.8 118.8 117.9 117.6 116.5 3

 4 Money market fund shares 48.4 61.4 63.4 75.1 75.5 75.6 78.6 81.0 83.4 85.9 88.5 4

 5 Security RPs 26.7 27.6 28.6 29.0 29.1 29.2 29.5 29.9 29.0 29.3 29.6 5

 6 Credit market instruments 627.0 674.6 731.0 775.9 787.6 793.8 810.0 817.2 823.7 822.0 821.7 6

 7 Open market paper 30.1 31.3 34.1 37.8 35.9 36.0 36.3 36.0 32.8 31.4 32.2 7

 8 U.S. government securities 343.1 354.9 389.5 419.5 429.3 432.4 441.7 446.4 447.1 438.8 434.7 8

 9 Treasury 139.4 143.5 139.1 138.5 137.8 139.6 139.7 137.7 131.2 127.5 122.7 9

10 Agency 203.7 211.4 250.3 280.9 291.5 292.9 302.0 308.6 315.9 311.3 311.9 10

11 Corporate and foreign bonds 244.9 278.7 295.8 305.1 308.4 311.0 317.3 319.7 328.3 336.0 338.9 11

12 Mortgages 9.0 9.7 11.5 13.5 14.0 14.3 14.8 15.1 15.5 15.8 15.9 12

13 Corporate equities 1463.9 1696.4 1902.2 2156.9 2231.2 2153.2 2158.3 2001.1 1778.5 1858.0 1591.3 13

14 Mutual fund shares 412.3 569.6 709.3 830.1 881.1 871.5 891.4 837.6 752.0 800.4 706.2 14

15 Miscellaneous assets 555.5 590.9 642.3 682.1 693.7 694.1 702.5 692.9 675.5 690.2 675.8 15

16 Unallocated insurance contracts (2) 361.1 381.9 422.8 457.1 467.2 465.0 471.5 460.7 442.5 455.0 440.4 16

17 Contributions receivable 86.4 93.5 95.4 96.4 96.7 96.9 97.2 97.4 97.7 97.9 98.2 17

18 Other 108.0 115.4 124.1 128.6 129.8 132.1 133.8 134.8 135.3 137.3 137.2 18

19 Pension fund reserves (liabilities) (3) 3295.2 3793.6 4255.4 4728.0 4877.9 4799.4 4853.3 4644.6 4327.0 4471.8 4099.2 19

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1494.6 1817.1 2054.1 2226.8 2236.5 2242.0 2292.0 2289.6 2169.4 2228.6 2077.9 1

 2 Checkable deposits and currency 7.5 5.3 10.0 9.2 11.1 12.5 12.0 9.1 7.2 11.9 12.5 2

 3 Time and savings deposits 2.3 2.4 2.0 1.7 2.4 2.7 4.4 1.1 0.8 1.1 1.5 3

 4 Security RPs 28.2 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 48.0 4

 5 Credit market instruments 565.4 632.5 704.6 751.4 767.2 775.1 784.5 806.0 788.3 801.7 806.3 5

 6 Open market paper 28.2 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 48.0 6

 7 U.S. government securities 308.4 340.2 360.1 376.4 371.9 385.9 387.8 398.5 391.3 398.1 396.0 7

 8 Treasury 203.5 216.9 217.7 211.2 211.1 210.5 200.7 195.7 195.3 197.1 192.0 8

 9 Agency 104.9 123.3 142.4 165.3 160.8 175.5 187.2 202.8 196.0 201.1 204.0 9

10 Municipal securities 0.6 1.5 3.3 3.0 2.9 2.8 2.2 1.6 1.8 1.6 1.6 10

11 Corporate and foreign bonds 211.4 244.5 279.6 310.0 325.3 318.5 327.9 339.7 330.6 332.4 337.0 11

12 Mortgages 16.7 17.6 24.1 21.5 21.7 21.0 21.5 21.5 22.1 22.8 23.7 12

13 Corporate equities 828.5 1084.8 1233.9 1343.2 1331.0 1322.5 1360.9 1335.1 1224.1 1260.0 1100.3 13

14 Miscellaneous assets 62.8 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 109.3 14

15 Pension fund reserves (liabilities) (1) 1514.6 1842.0 2085.4 2262.3 2272.8 2280.8 2332.4 2331.5 2212.8 2273.2 2123.8 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, December 7, 2001 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 886.7 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 1

 2 Foreign deposits 23.1 23.2 30.6 42.9 56.4 73.5 75.5 91.1 112.9 110.4 110.6 2

 3 Checkable deposits and currency -1.1 1.5 -1.0 -2.2 -3.0 -3.6 0.0 2.2 -3.9 -2.8 -9.6 3

 4 Time and savings deposits 82.7 111.3 127.0 160.4 157.7 125.1 129.3 136.6 173.3 171.5 182.7 4

 5 Security RPs 103.8 126.6 139.5 139.6 158.3 169.4 172.0 183.0 205.9 208.2 221.5 5

 6 Credit market instruments 634.3 721.9 965.9 1147.8 1217.1 1159.4 1212.5 1296.7 1403.8 1414.6 1498.0 6

 7 Open market paper 273.9 336.0 414.2 519.0 576.0 566.4 589.3 614.4 641.9 638.2 647.2 7

 8 U.S. government securities 192.0 182.5 277.5 294.7 271.7 236.8 241.7 275.6 344.3 361.3 429.0 8

 9 Treasury 90.2 86.2 103.6 103.8 98.9 78.8 79.8 90.4 96.3 93.4 111.9 9

10 Agency 101.8 96.3 173.8 190.9 172.7 158.1 161.9 185.2 248.0 267.9 317.1 10

11 Municipal securities 144.5 167.0 193.0 210.4 225.8 221.5 227.6 244.8 256.0 255.2 267.1 11

12 Corporate and foreign bonds 23.9 36.4 81.2 123.7 143.6 134.6 153.9 161.9 161.6 159.9 154.7 12

13 Miscellaneous assets 43.8 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 13

14 Total shares outstanding (liabilities) 886.7 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 1

 2 Security RPs 47.5 57.8 68.2 76.7 77.4 92.5 102.4 103.4 86.6 79.6 69.4 2

 3 Credit market instruments 820.2 901.1 1025.9 1073.1 1053.7 1073.9 1088.5 1099.9 1113.8 1160.1 1193.0 3

 4 Open market paper 47.2 57.8 68.2 76.7 77.4 92.5 102.4 103.4 86.6 76.2 69.4 4

 5 U.S. government securities 330.2 349.7 375.8 388.4 380.2 387.4 389.3 398.7 409.4 446.5 471.9 5

 6 Treasury 214.2 225.2 230.4 223.6 216.5 215.1 212.5 214.4 218.9 232.2 243.4 6

 7 Agency 116.1 124.5 145.5 164.7 163.6 172.3 176.8 184.2 190.6 214.3 228.5 7

 8 Municipal securities 213.3 219.8 242.6 239.4 232.3 227.9 228.4 230.5 236.0 240.1 246.0 8

 9 Corporate and foreign bonds 229.5 273.8 339.3 368.6 363.9 366.0 368.3 367.3 381.8 397.3 405.6 9

10 Corporate equities 1470.0 2018.7 2508.5 3400.0 3730.2 3591.3 3620.9 3250.8 2797.6 3034.8 2442.0 10

11 Miscellaneous assets 4.7 11.8 7.9 3.6 1.9 1.9 2.6 3.1 1.7 0.7 0.9 11

12 Total shares outstanding (liabilities) 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 144.4 149.0 151.0 151.0 150.4 146.5 144.5 138.3 131.9 132.1 124.7 1

 2 Credit market instruments 100.8 98.3 103.7 111.1 109.0 106.9 104.8 102.7 100.6 98.5 96.4 2

 3 U.S. government securities 11.4 10.2 9.3 8.0 8.0 7.9 7.8 7.7 7.6 7.6 7.5 3

 4 Municipal securities 60.8 59.9 61.8 70.5 69.3 68.2 67.0 65.9 64.7 63.6 62.4 4

 5 Corporate and foreign bonds 28.6 28.1 32.6 32.6 31.7 30.8 30.0 29.1 28.2 27.3 26.5 5

 6 Corporate equities 43.6 50.7 47.3 39.9 41.4 39.6 39.7 35.7 31.3 33.7 28.4 6

 Exchange-traded funds

 7 Total financial assets (1) 2.4 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 7

 Memo:

 8 Market value of equities 146.8 155.7 166.6 184.9 187.2 192.6 194.2 203.9 197.9 207.7 189.1 8

 9 Closed-end funds 144.4 149.0 151.0 151.0 150.4 146.5 144.5 138.3 131.9 132.1 124.7 9

10 Exchange-traded funds 2.4 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 10

(1) Corporate equities.
78 Z.1, December 7, 2001

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 988.6 1099.4 1403.8 1720.6 1752.3 1812.1 1881.8 1969.4 2054.5 2123.4 2220.3 1

 2 Checkable deposits and currency 0.7 1.9 4.4 11.8 0.7 1.2 1.0 2.1 2.0 2.7 3.9 2

 3 Federal funds and security RPs 94.5 90.4 77.0 89.7 90.6 80.9 93.7 88.1 102.3 94.4 107.2 3

 4 Credit market instruments 832.8 939.4 1253.9 1545.6 1584.0 1649.2 1704.3 1793.7 1864.7 1941.1 2009.5 4

 5 Open market paper 35.1 34.0 60.9 33.8 38.1 34.8 42.2 50.6 38.0 48.1 48.2 5

 6 U.S. government securities 276.3 352.4 514.7 699.2 723.5 737.6 774.7 835.4 893.7 934.6 979.0 6

 7 Treasury 18.8 25.9 25.2 30.9 25.2 20.7 19.0 22.1 23.1 23.2 18.9 7

 8 Agency 257.6 326.5 489.6 668.3 698.4 717.0 755.6 813.3 870.6 911.4 960.2 8

 9 Municipal securities 5.6 5.2 9.2 10.6 9.2 9.1 9.9 8.8 9.9 12.0 12.1 9

10 Corporate and foreign bonds 41.8 47.1 67.8 91.5 94.2 106.5 113.9 117.3 125.2 137.3 137.0 10

11 Other loans and advances 229.1 260.3 352.6 466.2 472.9 505.4 503.5 514.6 527.9 530.1 547.6 11

12 Sallie Mae 36.2 30.9 29.5 34.6 32.4 31.9 36.3 37.8 38.4 39.6 40.4 12

13 Farm Credit System 31.6 31.6 34.9 35.8 36.2 36.8 37.4 38.9 39.0 40.1 40.4 13

14 FHLB 161.4 197.8 288.2 395.7 404.3 436.6 429.8 437.9 450.5 450.3 466.8 14

15 Mortgages 244.9 240.5 248.7 244.4 246.1 255.7 260.1 267.1 270.0 279.1 285.6 15

16 Home 198.5 194.3 199.6 189.3 189.8 197.6 200.5 205.1 206.3 211.9 215.8 16

17 Multifamily residential 18.6 17.3 18.1 22.9 24.2 25.3 26.2 27.8 28.8 30.7 32.4 17

18 Farm 27.9 28.9 31.0 32.2 32.1 32.8 33.5 34.2 34.9 36.4 37.4 18

19 Miscellaneous assets 60.6 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.8 19

20 Total liabilities 964.1 1070.3 1368.9 1681.1 1711.8 1770.0 1837.6 1922.5 2008.4 2074.3 2170.4 20

21 Credit market instruments 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 21

22 GSE issues (2) 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 67.2 75.1 95.3 89.3 93.8 89.8 87.9 96.7 119.7 118.5 132.6 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 1

 2 Home mortgages 1678.8 1788.1 1970.2 2234.7 2263.0 2294.1 2351.4 2425.6 2464.9 2561.7 2681.6 2

 3 Multifamily residential mortgages 32.5 37.8 48.3 57.5 59.1 61.0 63.0 66.0 69.3 74.1 77.3 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total pool securities (liabilities)(2) 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, December 7, 2001 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 854.6 1065.8 1385.4 1611.6 1646.9 1689.0 1735.1 1822.9 1887.5 1936.7 2014.7 1

 2 Agency securities (1) 137.8 141.5 179.7 221.0 226.4 226.2 225.7 223.8 233.7 223.0 230.3 2

 3 Other loans and advances 44.0 76.2 103.8 113.0 124.3 125.4 128.3 138.3 138.1 132.3 148.4 3

 4 Student loans 6.3 14.1 17.9 19.4 22.8 24.5 30.7 29.9 30.5 31.0 31.2 4

 5 Loans to business 37.7 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 5

 6 Mortgages (2) 326.3 407.0 563.5 655.5 669.1 687.7 708.6 740.7 769.5 814.4 844.4 6

 7 Home 256.2 310.7 405.2 455.0 463.5 471.9 484.6 499.8 523.3 539.2 550.2 7

 8 Multifamily residential 15.9 20.9 33.8 42.2 43.1 44.4 46.1 49.5 50.7 57.0 59.8 8

 9 Commercial 54.2 75.4 124.6 158.3 162.6 171.4 177.8 191.4 195.5 218.3 234.4 9

10 Consumer credit 265.8 313.1 372.4 435.1 434.0 447.0 460.3 500.1 519.2 533.9 551.7 10

11 Trade receivables 80.7 128.1 165.9 187.0 193.1 202.7 212.2 220.0 227.0 233.0 240.0 11

12 Total liabilities 863.3 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2020.2 12

13 Commercial paper 146.7 256.1 381.8 520.8 546.6 570.3 595.7 641.8 653.3 670.3 691.3 13

14 Corporate bonds 716.6 820.5 1016.2 1100.6 1109.1 1126.7 1146.6 1187.8 1240.4 1272.2 1328.9 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 8.7 10.8 12.6 9.7 8.9 7.9 7.3 6.7 6.3 5.8 5.5 15

16 REIT assets (4) 7.4 11.1 13.9 12.9 13.0 12.3 11.6 10.7 10.1 10.0 9.5 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 716.7 763.9 852.7 1003.0 1038.3 1073.0 1106.3 1137.9 1140.1 1145.4 1135.6 1

 2 Checkable deposits and currency 18.5 20.6 22.8 25.3 25.9 26.6 27.2 27.9 28.6 29.3 30.0 2

 3 Credit market instruments 545.1 568.2 645.5 742.5 776.6 812.3 830.0 850.5 848.0 878.5 859.4 3

 4 Other loans and advances 304.7 304.1 340.9 395.1 422.7 441.9 443.0 458.4 459.1 481.9 451.1 4

 5 Mortgages 85.5 96.5 121.2 145.8 149.1 157.7 165.4 172.3 176.1 182.3 187.4 5

 6 Consumer credit 154.9 167.5 183.3 201.5 204.8 212.7 221.5 219.8 212.8 214.3 220.8 6

 7 Miscellaneous assets 153.1 175.1 184.4 235.3 235.8 234.1 249.0 259.6 263.5 237.7 246.2 7

 8 Total liabilities 742.1 780.8 856.6 994.6 1051.0 1086.1 1123.8 1159.5 1159.3 1167.4 1160.3 8

 9 Credit market instruments 534.5 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.3 9

10 Open market paper 178.0 202.6 233.3 230.4 233.0 224.3 218.8 238.8 180.9 181.6 171.0 10

11 Corporate bonds 336.8 341.5 365.6 429.9 446.6 483.7 507.3 502.2 533.8 542.1 555.9 11

12 Bank loans n.e.c. 19.7 24.2 26.5 35.4 28.8 32.8 35.7 35.9 41.6 45.3 44.5 12

13 Taxes payable 5.7 6.5 7.3 8.1 8.3 8.6 8.8 9.1 9.3 9.6 9.9 13

14 Miscellaneous liabilities 202.0 206.0 223.8 290.7 334.2 336.7 353.2 373.5 393.7 388.8 379.1 14

15 Foreign direct investment in U.S. 29.7 35.7 38.3 49.7 47.8 48.6 49.9 67.3 73.2 77.9 80.1 15

16 Investment by parent 54.6 47.1 34.3 87.8 107.2 95.1 100.0 102.5 97.2 93.4 90.8 16

17 Other 117.8 123.2 151.2 153.1 179.2 193.0 203.3 203.6 223.3 217.5 208.2 17

 Memo:

18 Consumer leases not included above (2) 93.2 98.8 96.6 102.9 106.6 109.1 109.9 108.2 106.4 110.2 108.3 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, December 7, 2001

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 41.2 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 1

 2 Home mortgages 32.0 21.8 24.9 25.2 23.7 25.1 24.9 25.4 25.8 26.0 26.4 2

 3 Multifamily residential mortgages 4.1 5.2 5.3 5.3 5.3 5.3 5.3 5.4 5.4 5.4 5.4 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 41.2 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 5

 6 Bank loans n.e.c. 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 6

 7 Investment by parent 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 38.2 64.3 70.7 68.4 64.9 63.2 63.2 62.1 63.5 65.6 67.8 1

 2 Checkable deposits and currency 2.2 3.3 4.1 4.4 4.5 4.2 3.8 4.3 4.1 4.7 5.2 2

 3 Credit market instruments 30.4 50.6 45.5 42.9 38.8 38.2 37.3 36.6 37.6 37.9 39.8 3

 4 Agency securities 12.2 21.2 13.1 14.2 14.1 13.1 13.9 14.5 13.9 17.4 18.3 4

 5 Corporate and foreign bonds 4.3 6.5 6.1 5.7 5.6 6.4 5.7 5.3 7.4 5.2 5.9 5

 6 Mortgages 13.8 22.9 26.3 23.0 19.2 18.6 17.8 16.8 16.3 15.3 15.6 6

 7 Home 8.0 14.0 14.8 12.4 8.8 8.3 8.0 7.9 7.8 7.6 8.0 7

 8 Multifamily residential 1.2 2.1 2.1 1.6 1.4 1.6 1.5 1.3 1.2 1.2 1.3 8

 9 Commercial 4.6 6.9 9.4 9.0 9.0 8.7 8.2 7.6 7.4 6.5 6.3 9

10 Miscellaneous assets 5.6 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.7 10

11 Total liabilities 79.4 139.0 205.6 216.8 216.8 219.0 220.6 217.5 221.9 221.8 220.8 11

12 Security RPs 13.7 24.9 15.1 15.7 13.0 11.2 12.4 11.9 13.1 15.1 16.9 12

13 Credit market instruments 56.5 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 166.3 13

14 Open market paper 0.0 0.0 0.2 0.1 0.1 1.0 0.2 0.2 0.1 0.0 1.1 14

15 Corporate bonds 16.8 31.6 53.4 62.2 63.9 67.2 68.6 67.0 70.0 68.6 68.4 15

16 Bank loans n.e.c. 7.8 17.6 33.6 26.0 25.5 21.2 18.6 17.7 15.0 15.2 13.7 16

17 Mortgages 31.9 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 83.0 17

18 Miscellaneous liabilities 9.2 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.5 18

 Memo:

19 Securitized assets included above 7.4 11.1 13.9 12.9 13.0 12.3 11.6 10.7 10.1 10.0 9.5 19

20 Agency securities 4.5 4.9 5.0 3.7 3.8 3.7 3.6 3.5 3.4 3.1 2.9 20

21 Home mortgages 2.6 5.7 7.5 7.6 7.9 7.3 6.7 6.7 6.2 6.0 5.8 21

22 Multifamily residential mortgages 0.3 0.4 0.8 0.9 0.8 0.7 0.7 0.4 0.4 0.5 0.5 22

23 Commercial mortgages 0.0 0.0 0.6 0.7 0.6 0.6 0.6 0.1 0.1 0.4 0.4 23
Z.1, December 7, 2001 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 636.4 779.2 921.2 1001.0 1132.5 1132.9 1208.6 1221.4 1191.4 1333.3 1451.2 1

 2 Checkable deposits and currency 15.7 21.7 25.4 28.7 27.1 27.0 20.8 30.3 28.8 37.0 52.8 2

 3 Credit market instruments 167.7 182.6 189.4 154.7 194.8 188.2 243.3 223.6 312.3 288.4 369.9 3

 4 Open market paper 23.7 24.3 28.0 26.0 30.2 38.2 45.4 39.2 44.5 44.8 50.4 4

 5 U.S. government securities 42.4 45.1 66.7 23.3 43.8 31.0 70.5 60.4 131.2 97.9 151.9 5

 6 Treasury -12.8 -5.3 15.8 -42.6 -6.5 -24.1 7.8 -3.3 55.9 1.6 71.5 6

 7 Agency 55.2 50.4 50.9 66.0 50.3 55.1 62.6 63.7 75.3 96.3 80.4 7

 8 Municipal securities 10.8 13.2 13.1 11.9 10.8 9.9 10.8 11.3 12.7 13.7 16.0 8

 9 Corporate and foreign bonds 90.9 100.0 81.4 93.4 110.0 109.1 116.6 112.7 124.0 132.0 151.5 9

10 Corporate equities 37.9 51.9 54.4 66.9 74.4 74.5 81.5 77.2 76.0 89.8 63.6 10

11 Security credit 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 11

12 Miscellaneous assets 320.7 391.8 499.3 522.8 549.7 573.0 589.1 655.1 580.8 722.1 711.9 12

13 Total liabilities 597.5 729.2 866.2 937.7 1062.6 1061.8 1136.4 1148.0 1117.6 1257.9 1377.9 13

14 Security RPs (net) 180.9 203.5 208.1 245.2 285.3 271.6 317.6 302.2 280.8 333.1 404.2 14

15 Corporate bonds 27.3 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.0 15

16 Trade payables 14.3 19.9 18.9 30.9 33.8 39.4 35.9 35.9 35.2 33.3 36.0 16

17 Security credit 263.7 337.9 419.6 448.7 514.6 510.0 531.9 587.6 591.9 585.5 651.7 17

18 Customer credit balances (HH) 162.9 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 484.2 18

19 From banks 100.8 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.4 19

20 Taxes payable 1.3 1.3 1.3 2.2 2.4 1.7 1.8 2.1 1.2 1.3 1.4 20

21 Miscellaneous liabilities 110.1 131.1 175.8 185.5 190.1 202.9 206.5 179.3 173.5 260.7 237.7 21

22 Foreign direct investment in U.S. 8.8 8.5 10.1 15.8 16.4 16.8 17.4 16.7 17.8 18.3 19.5 22

23 Due to affiliates 178.6 254.5 351.9 413.6 435.7 449.5 460.0 476.1 506.2 508.5 507.9 23

24 Other -77.3 -131.9 -186.2 -243.9 -262.0 -263.5 -270.8 -313.5 -350.4 -266.1 -289.6 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 499.2 612.7 719.8 976.6 1004.5 1056.3 1061.9 1099.9 1112.4 1077.0 997.5 1

 2 Money market fund shares 147.5 157.9 215.8 264.7 267.3 264.5 286.4 298.2 325.1 356.1 367.8 2

 3 Credit market instruments 121.0 166.7 155.3 288.8 294.5 341.0 320.4 324.7 292.7 240.1 177.8 3

 4 Open market paper 84.5 133.6 117.7 255.0 270.7 309.9 296.5 290.7 249.1 186.9 113.7 4

 5 Corporate and foreign bonds 36.5 33.1 37.6 33.8 23.8 31.1 23.9 33.9 43.6 53.3 64.2 5

 6 Miscellaneous assets (2) 230.7 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.8 6

 7 Investment in foreign banking offices 64.5 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 7

 8 Investment in brokers and dealers 166.3 209.2 258.2 330.1 328.1 336.2 335.2 338.4 352.3 343.5 338.3 8

 9 Total liabilities 499.2 612.7 719.8 976.6 1004.5 1056.3 1061.9 1099.9 1112.4 1077.0 997.5 9

10 Credit market instruments 312.4 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 10

11 Open market paper 198.8 228.5 234.4 268.5 276.2 277.9 274.1 266.2 275.4 223.1 179.3 11

12 Corporate bonds 113.6 144.2 178.2 235.5 231.1 237.1 234.7 237.5 249.3 255.5 254.3 12

13 Miscellaneous liabilities 186.9 240.1 307.2 472.5 497.2 541.3 553.2 596.3 587.7 598.4 563.9 13

14 Foreign direct investment in U.S. -81.6 -84.6 -63.9 -80.9 -64.7 -64.3 -53.6 -26.6 -30.0 2.1 18.2 14

15 Securities loaned (net) 276.1 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 558.2 15

16 Other -7.6 -8.6 -32.2 133.9 117.9 138.1 136.2 114.7 135.1 55.2 -12.5 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 7, 2001

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 75.1 70.0 81.8 71.5 68.0 67.5 66.3 67.6 64.2 64.8 71.0 1

 2 U.S. gold stock and SDRs 21.4 21.1 21.6 21.4 21.4 21.5 21.4 21.6 21.4 21.5 22.0 2

 3 Federal govt.: Exchange Stab. Fund 10.3 10.0 10.6 10.3 10.3 10.4 10.3 10.5 10.4 10.4 10.9 3

 4 Monetary authority (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.7 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 5

 6 Official foreign currency holdings 38.3 30.8 36.0 32.2 28.8 30.6 31.2 31.2 29.0 28.8 30.6 6

 7 Treasury 19.0 13.8 16.2 16.0 13.0 15.0 15.6 15.6 14.5 14.3 15.2 7

 8 Monetary authority 19.3 17.0 19.8 16.1 15.8 15.6 15.6 15.7 14.6 14.4 15.4 8

 9 Net IMF position 15.4 18.1 24.1 18.0 17.9 15.4 13.7 14.8 13.8 14.6 18.4 9

10 Federal government 15.5 18.2 24.2 18.0 18.0 15.5 13.8 14.9 13.9 14.7 18.5 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 9.7 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 9.7 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 18.9 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 3

 4 Asset: Monetary authority 25.0 25.6 26.3 28.0 29.0 30.0 30.8 31.6 32.3 32.7 32.9 4

 5 Discrepancy (seigniorage) -6.1 -6.3 -6.4 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.5 -9.7 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 521.7 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 846.8 850.6 1

 Held by:

 2 Household sector 35.5 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 45.8 43.3 2

 3 Nonfinancial corporate business 28.2 23.1 30.5 28.3 22.2 26.5 40.0 22.9 16.1 16.3 16.3 3

 4 Money market mutual funds 23.1 23.2 30.6 42.9 56.4 73.5 75.5 91.1 112.9 110.4 110.6 4

 5 Discrepancy--unallocated assets 434.9 535.0 542.8 588.9 654.7 634.2 609.1 659.3 704.6 674.3 680.5 5
Z.1, December 7, 2001 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 240.8 219.4 189.0 204.5 169.7 210.6 173.2 188.0 155.1 163.1 176.8 1

 2 Monetary authority 69.7 75.8 68.4 90.6 53.4 55.5 52.1 63.4 53.9 55.8 61.6 2

 3 Depository institution reserves 24.5 30.8 26.3 24.0 18.2 18.5 17.6 19.0 17.8 18.6 24.9 3

 4 Vault cash 45.2 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 4

 5 Commercial banking 171.1 143.5 120.6 113.9 116.3 155.1 121.1 124.6 101.3 107.3 115.3 5

 6 To monetary authority 4.4 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.3 6

 7 To banks in foreign countries, net 177.3 173.0 145.9 139.4 130.2 166.2 138.0 127.9 99.4 102.1 109.4 7

 8 Liabilities, net 192.9 188.8 156.7 148.9 139.5 176.1 147.5 136.9 106.9 112.3 119.4 8

 9 U.S.-chartered commercial banks 48.5 62.0 85.1 130.1 131.4 178.2 161.2 158.9 141.3 160.6 135.0 9

10 Due to foreign affiliates 126.8 173.1 196.7 231.2 248.1 306.2 304.0 307.4 267.6 279.9 272.9 10

11 - Due from foreign affiliates 78.4 111.1 111.6 101.1 116.8 128.0 142.7 148.5 126.3 119.3 138.0 11

12 Foreign banking offices in U.S. 167.1 148.6 92.9 44.4 13.2 4.9 -3.8 -13.6 -37.1 -54.2 -30.3 12

13 Due to foreign affiliates 110.4 99.7 133.0 141.5 151.8 126.6 105.1 133.1 163.2 133.1 143.8 13

14 - Due from foreign affiliates -56.6 -48.8 40.1 97.1 138.6 121.7 108.8 146.7 200.4 187.3 174.1 14

15 Bank holding companies -22.6 -21.9 -21.3 -25.5 -5.0 -7.0 -10.0 -8.4 2.7 5.8 14.8 15

16 Due to foreign affiliates 2.7 3.0 2.9 8.3 0.0 0.0 0.0 0.0 40.1 48.8 57.1 16

17 - Due from foreign affiliates 25.3 24.9 24.2 33.9 5.0 7.0 10.0 8.4 37.3 43.0 42.3 17

18 Less: Deposits at foreign banks 15.6 15.8 10.8 9.5 9.4 9.9 9.5 9.0 7.5 10.2 10.1 18

19 U.S. chartered commercial banks 10.6 11.7 10.6 9.4 9.3 9.5 8.9 8.3 7.2 9.4 9.3 19

20 Foreign banking offices in U.S. 5.0 4.1 0.2 0.2 0.1 0.4 0.6 0.7 0.2 0.7 0.8 20

21 To U.S. banking, net -10.6 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.3 21

22 U.S.-chartered commercial banks -41.8 -50.2 -51.0 -65.1 -65.0 -66.2 -65.1 -73.8 -21.0 -24.6 -16.1 22

23 Liabilities 38.3 22.0 29.8 47.4 49.1 53.9 45.3 59.6 66.0 52.3 60.4 23

24 To foreign offices in U.S. 48.4 53.8 55.9 72.2 62.5 64.8 62.4 63.4 63.6 45.5 53.3 24

25 To bank holding companies 0.5 0.3 0.9 0.6 0.5 0.7 0.5 0.6 0.7 1.4 0.9 25

26 Unallocated -10.6 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.3 26

 Less, due from:

27 Foreign offices in U.S. 64.9 57.6 55.9 79.7 70.7 75.1 69.2 87.8 81.2 86.1 88.3 27

28 Bank holding companies 15.2 14.6 24.8 32.8 43.5 45.0 41.2 45.6 5.8 -9.2 -11.8 28

29 Foreign banking offices in U.S. 16.5 3.8 0.1 7.4 8.1 10.4 6.8 24.4 17.5 40.6 35.0 29

30 Due to U.S. banks 64.9 57.6 55.9 79.7 70.7 75.1 69.2 87.8 81.2 86.1 88.3 30

31 - Due from U.S. banks 48.4 53.8 55.9 72.2 62.5 64.8 62.4 63.4 63.6 45.5 53.3 31

32 Bank holding companies 14.7 14.3 23.9 32.1 43.0 44.2 40.7 45.1 5.2 -10.6 -12.7 32

33 Due to U.S. banks 15.2 14.6 24.8 32.8 43.5 45.0 41.2 45.6 5.8 -9.2 -11.8 33

34 - Due from U.S. banks 0.5 0.3 0.9 0.6 0.5 0.7 0.5 0.6 0.7 1.4 0.9 34

35 Total assets 251.4 251.6 215.9 230.0 183.6 222.2 190.8 192.3 153.5 157.7 170.6 35

36 Rest of the world 177.3 173.0 145.9 139.4 130.2 166.2 138.0 127.9 99.4 102.1 109.4 36

37 Domestic 74.1 78.6 70.0 90.6 53.4 56.0 52.9 64.4 54.1 55.6 61.2 37

38 Monetary authority 4.4 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.3 38

39 Federal Reserve float 4.3 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.4 39

40 Loans to member banks 0.1 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 40

41 Commercial banking 67.5 74.1 66.5 88.5 51.8 53.9 51.0 62.4 52.9 54.8 60.3 41

42 Reserves at Federal Reserve 22.3 29.1 24.4 22.0 16.6 16.9 16.5 18.0 16.8 17.6 23.7 42

43 Vault cash 45.2 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 43

44 Savings insts.: Reserves at Fed. Res. 2.3 1.8 1.9 2.0 1.6 1.6 1.1 1.0 1.0 1.0 1.2 44

45 Discrepancy--floats, etc. -10.6 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.3 45
84 Z.1, December 7, 2001

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1244.8 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1385.2 1416.8 1453.0 1

 2 Monetary authority 413.6 443.5 481.8 590.4 532.7 540.6 542.9 555.2 556.1 567.3 586.1 2

 3 Federal government cash and deposits 8.0 5.7 6.2 28.5 4.5 6.3 8.6 5.6 6.1 7.6 10.2 3

 4 Deposits due to foreign 0.2 0.5 0.2 0.1 0.2 0.1 0.2 0.3 0.1 0.1 0.6 4

 5 Currency outside banks 405.5 437.4 475.4 561.8 528.0 534.1 534.1 549.3 549.8 559.5 575.3 5

 6 Commercial banking 676.3 656.4 623.0 626.2 574.9 574.0 537.0 541.0 495.3 503.4 507.7 6

 7 Federal government deposits 28.7 27.8 13.2 49.6 37.5 48.7 39.3 16.4 2.2 1.2 1.9 7

 8 Deposits due to foreign 26.9 31.7 30.2 43.6 29.9 31.4 32.6 34.1 34.8 33.8 34.7 8

 9 Private domestic deposits 620.7 597.0 579.7 533.1 507.4 493.9 465.1 490.5 458.4 468.4 471.1 9

10 Savings institutions 122.4 149.5 185.6 222.7 234.0 244.7 254.9 265.9 278.7 291.9 303.5 10

11 Credit unions 32.5 36.6 43.0 45.4 51.3 50.4 50.9 51.3 55.2 54.2 55.6 11

12 Total assets 1244.8 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1385.2 1416.8 1453.0 12

13 Household sector 470.6 436.8 408.3 366.8 365.9 324.8 292.3 324.5 326.2 328.7 339.8 13

14 Nonfinancial business 385.0 415.1 484.3 543.3 534.8 572.0 605.0 592.4 565.6 559.7 556.9 14

15 Corporate 244.3 251.9 287.1 321.9 307.3 333.9 363.1 346.6 315.0 304.0 296.7 15

16 Nonfarm noncorporate 124.0 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.3 16

17 Farm 16.7 16.9 18.8 18.0 17.8 17.6 17.5 17.4 17.2 17.1 17.0 17

18 State and local governments 27.8 32.2 28.3 32.1 27.2 27.0 25.7 33.2 30.2 30.2 28.8 18

19 Federal government 38.3 41.6 23.2 87.9 51.2 60.6 55.7 24.3 30.7 48.9 50.6 19

20 Rest of the world 213.7 243.6 258.4 298.3 277.8 280.3 282.3 290.1 292.9 294.7 304.3 20

21 Checkable deposits 27.1 32.2 30.4 43.7 30.1 31.6 32.8 34.4 34.9 33.9 35.3 21

22 Currency 186.6 211.4 228.0 254.6 247.7 248.7 249.5 255.7 258.0 260.8 269.0 22

23 Financial sectors 80.9 98.7 111.7 143.9 126.5 128.3 117.1 127.2 140.9 169.2 191.8 23

24 Commercial banking 1.4 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 24

25 Savings institutions 14.2 15.2 18.4 20.1 16.3 17.5 17.5 19.7 19.6 21.7 21.8 25

26 Credit unions 7.5 8.1 9.1 26.4 26.4 24.0 17.6 12.2 15.0 18.1 25.0 26

27 Bank personal trusts and estates 0.8 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 27

28 Life insurance companies 4.3 8.1 5.4 5.5 4.0 5.6 3.7 5.0 17.8 23.5 24.6 28

29 Other insurance companies 3.9 4.2 4.0 4.3 3.1 2.7 3.1 3.7 10.6 11.8 13.1 29

30 Private pension funds 5.4 6.6 6.9 8.0 8.2 8.3 8.6 8.7 8.9 9.4 9.7 30

31 State and local govt. retirement funds 7.5 5.3 10.0 9.2 11.1 12.5 12.0 9.1 7.2 11.9 12.5 31

32 Money market mutual funds -1.1 1.5 -1.0 -2.2 -3.0 -3.6 0.0 2.2 -3.9 -2.8 -9.6 32

33 Government-sponsored enterprises 0.7 1.9 4.4 11.8 0.7 1.2 1.0 2.1 2.0 2.7 3.9 33

34 Finance companies 18.5 20.6 22.8 25.3 25.9 26.6 27.2 27.9 28.6 29.3 30.0 34

35 REITs 2.2 3.3 4.1 4.4 4.5 4.2 3.8 4.3 4.1 4.7 5.2 35

36 Brokers and dealers 15.7 21.7 25.4 28.7 27.1 27.0 20.8 30.3 28.8 37.0 52.8 36

37 Mail float 28.5 18.1 19.3 12.5 9.5 16.9 7.7 21.7 -1.2 -14.6 -19.2 37
Z.1, December 7, 2001 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2967.9 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.4 1

 2 Small time and savings deposits 2377.0 2474.1 2626.5 2671.2 2728.0 2738.8 2790.9 2861.9 2965.3 2992.3 3047.1 2

 3 Commercial banking 1613.2 1761.5 1945.2 2016.5 2077.5 2100.3 2156.2 2229.8 2311.6 2342.3 2395.4 3

 4 U.S.-chartered commercial banks 1594.2 1738.0 1924.4 1996.8 2058.0 2079.7 2136.2 2207.2 2290.4 2314.1 2370.9 4

 5 Foreign banking offices in U.S. 8.7 13.1 9.5 7.5 7.2 7.7 6.5 9.0 7.7 13.5 9.3 5

 6 Banks in U.S.-affiliated areas 10.4 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 6

 7 Savings institutions 512.5 448.2 393.8 354.9 342.2 331.0 324.1 319.4 318.9 307.2 298.0 7

 8 Credit unions 251.2 264.4 287.5 299.8 308.3 307.6 310.6 312.7 334.8 342.8 353.7 8

 9 Large time deposits (1) 590.9 713.4 805.5 936.1 966.5 987.4 1025.9 1054.5 1078.0 1087.1 1090.4 9

10 Commercial banking 493.1 601.0 673.3 792.3 816.4 833.6 864.5 887.2 900.0 901.3 890.7 10

11 U.S.-chartered commercial banks 306.1 369.3 404.1 465.6 480.4 511.4 530.0 553.5 548.8 551.3 549.0 11

12 Foreign banking offices in U.S. 176.6 221.3 257.8 314.5 323.7 309.3 321.0 320.1 337.8 335.2 326.5 12

13 Banks in U.S.-affiliated areas 10.4 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 13

14 Savings institutions 86.4 98.1 113.7 122.2 129.1 131.3 139.4 142.2 152.4 156.4 167.6 14

15 Credit unions 11.4 14.4 18.5 21.6 21.1 22.5 22.0 25.1 25.6 29.3 32.0 15

16 Total assets 2967.9 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.4 16

17 Household sector 2434.0 2565.9 2759.6 2859.1 2961.7 3025.8 3107.1 3164.3 3269.0 3313.5 3361.2 17

18 Nonfinancial business 174.7 205.1 207.4 233.6 222.6 221.3 224.8 242.7 234.7 229.9 229.9 18

19 Corporate 99.7 119.4 112.6 128.8 116.8 113.6 116.8 133.9 124.6 118.5 117.1 19

20 Nonfarm noncorporate 75.0 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 20

21 State and local governments 72.6 78.4 91.1 102.1 98.9 100.7 103.4 111.5 109.9 107.1 107.4 21

22 Federal government 2.4 3.4 4.7 5.4 5.5 5.7 6.2 6.3 8.4 9.9 11.7 22

23 Rest of the world 60.6 73.6 86.6 101.6 99.2 99.6 98.0 107.2 97.2 97.8 95.9 23

24 Financial sectors 223.7 261.1 282.6 305.6 306.5 273.0 277.2 284.4 324.2 321.1 331.3 24

25 Savings institutions 1.4 1.0 1.5 1.3 1.9 1.3 1.1 1.4 1.7 2.4 2.2 25

26 Credit unions 16.4 17.0 23.4 16.6 18.8 16.6 15.2 17.1 20.9 19.0 18.7 26

27 Bank personal trusts and estates 9.0 10.0 7.8 8.7 9.0 9.2 9.3 9.4 9.5 9.6 9.7 27

28 Private pension funds 111.9 119.4 120.9 116.9 116.7 118.0 117.8 118.8 117.9 117.6 116.5 28

29 State and local govt. retirement funds 2.3 2.4 2.0 1.7 2.4 2.7 4.4 1.1 0.8 1.1 1.5 29

30 Money market mutual funds 82.7 111.3 127.0 160.4 157.7 125.1 129.3 136.6 173.3 171.5 182.7 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 886.7 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 1

 2 Household sector 500.7 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1021.8 1091.7 2

 3 Nonfinancial corporate business 67.6 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 3

 4 Nonfarm noncorporate business 19.2 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 66.6 68.8 4

 5 Bank personal trusts and estates 41.4 37.4 46.2 53.7 54.5 55.6 56.3 57.4 58.2 59.2 60.2 5

 6 Life insurance companies 61.9 92.8 110.4 133.8 135.1 133.7 136.6 142.3 164.7 186.7 192.9 6

 7 Private pension funds 48.4 61.4 63.4 75.1 75.5 75.6 78.6 81.0 83.4 85.9 88.5 7

 8 Funding corporations 147.5 157.9 215.8 264.7 267.3 264.5 286.4 298.2 325.1 356.1 367.8 8
86 Z.1, December 7, 2001

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 701.5 822.4 913.7 1083.4 1149.4 1185.2 1238.6 1194.1 1199.7 1240.5 1287.8 1

 2 Commercial banking (net) 463.2 552.2 639.2 749.8 777.6 827.4 827.5 813.4 838.7 822.7 812.1 2

 3 U.S.-chartered commercial banks 408.2 471.7 538.5 667.3 693.7 721.3 705.5 680.1 698.5 705.6 706.2 3

 4 Foreign banking offices in U.S. 55.1 80.7 100.4 82.1 83.2 104.9 120.9 134.5 139.6 116.3 105.0 4

 5 Bank holding companies -0.2 -0.2 0.4 0.5 0.7 1.2 1.1 -1.1 0.6 0.7 0.9 5

 6 Savings institutions 43.7 41.8 51.3 72.7 73.5 75.0 81.2 66.7 67.1 69.6 54.6 6

 7 REITs 13.7 24.9 15.1 15.7 13.0 11.2 12.4 11.9 13.1 15.1 16.9 7

 8 Brokers and dealers (net) 180.9 203.5 208.1 245.2 285.3 271.6 317.6 302.2 280.8 333.1 404.2 8

 9 Total assets 591.7 649.5 680.2 819.9 738.9 762.2 792.7 819.5 846.1 844.3 893.7 9

10 Nonfinancial corporate business 3.9 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 2.5 10

11 State and local governments 147.8 151.4 158.5 163.5 176.4 174.0 177.0 173.3 178.0 182.3 192.5 11

12 Rest of the world 70.9 90.8 72.0 86.8 76.0 88.1 93.3 91.9 116.2 119.5 110.5 12

13 Financial sectors 369.2 402.7 445.4 564.2 480.4 495.9 518.4 549.5 548.6 538.6 588.2 13

14 Monetary authority 21.6 23.8 30.4 140.6 23.7 26.9 17.3 43.4 22.0 23.3 47.9 14

15 Savings institutions 10.0 9.2 14.8 10.6 11.5 12.0 14.7 14.9 21.7 22.0 25.8 15

16 Credit unions 1.4 3.5 6.8 9.3 9.6 2.8 7.8 4.0 10.8 8.3 7.9 16

17 Other insurance companies 35.4 35.2 42.7 28.3 34.8 35.3 35.8 38.3 27.8 26.6 30.9 17

18 Private pension funds 26.7 27.6 28.6 29.0 29.1 29.2 29.5 29.9 29.0 29.3 29.6 18

19 State and local govt. retirement funds 28.2 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 48.0 19

20 Money market mutual funds 103.8 126.6 139.5 139.6 158.3 169.4 172.0 183.0 205.9 208.2 221.5 20

21 Mutual funds 47.5 57.8 68.2 76.7 77.4 92.5 102.4 103.4 86.6 79.6 69.4 21

22 Government-sponsored enterprises 94.5 90.4 77.0 89.7 90.6 80.9 93.7 88.1 102.3 94.4 107.2 22

23 Discrepancy--unallocated assets 109.8 172.9 233.5 263.6 410.5 423.0 446.0 374.6 353.7 396.2 394.1 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 803.0 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1

 2 Commercial paper 779.4 958.5 1161.0 1393.8 1469.1 1524.0 1559.6 1602.1 1539.0 1471.1 1412.7 2

 3 Nonfinancial corporate business 156.4 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 3

 4 Foreign issues in U.S. 67.5 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 4

 5 Nonfinancial 18.7 20.0 18.5 26.7 33.8 35.4 38.7 37.6 27.9 20.5 17.2 5

 6 Financial 48.8 45.0 54.4 62.5 67.8 65.9 71.1 83.3 84.9 89.6 89.1 6

 7 Financial business 555.5 724.8 895.2 1074.3 1106.7 1125.9 1142.8 1202.7 1173.0 1137.7 1105.1 7

 8 Commercial banking 32.0 37.6 45.4 54.5 50.8 52.4 54.1 55.7 63.4 62.7 62.4 8

 9 ABS issuers 146.7 256.1 381.8 520.8 546.6 570.3 595.7 641.8 653.3 670.3 691.3 9

10 Finance companies 178.0 202.6 233.3 230.4 233.0 224.3 218.8 238.8 180.9 181.6 171.0 10

11 REITs 0.0 0.0 0.2 0.1 0.1 1.0 0.2 0.2 0.1 0.0 1.1 11

12 Funding corporations 198.8 228.5 234.4 268.5 276.2 277.9 274.1 266.2 275.4 223.1 179.3 12

13 Bankers acceptances (1) 23.6 20.9 11.5 8.6 9.0 9.3 8.7 7.9 7.8 6.8 5.1 13

14 Holdings, by sector 803.0 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 14

15 Household sector 54.7 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 15

16 Nonfinancial corporate business 31.5 36.1 39.4 43.7 38.3 37.3 40.6 44.0 43.0 45.3 43.5 16

17 State and local governments 59.7 74.0 102.0 103.9 105.6 110.0 109.0 111.5 112.5 108.2 113.2 17

18 Rest of the world 57.9 77.8 115.3 102.3 100.0 98.2 94.6 111.0 110.0 113.2 110.7 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 6.5 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 20

21 Savings institutions 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.3 0.2 0.4 1.9 0.8 0.3 1.2 1.2 1.1 1.6 1.3 22

23 Bank personal trusts and estates 21.1 21.0 16.5 17.1 17.3 17.4 17.6 17.7 16.7 15.8 14.9 23

24 Life insurance companies 48.4 65.9 73.4 75.8 72.0 73.7 75.2 71.2 60.4 58.9 66.0 24

25 Private pension funds 30.1 31.3 34.1 37.8 35.9 36.0 36.3 36.0 32.8 31.4 32.2 25

26 State and local govt. retirement funds 28.2 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 48.0 26

27 Money market mutual funds 273.9 336.0 414.2 519.0 576.0 566.4 589.3 614.4 641.9 638.2 647.2 27

28 Mutual funds 47.2 57.8 68.2 76.7 77.4 92.5 102.4 103.4 86.6 76.2 69.4 28

29 Government-sponsored enterprises 35.1 34.0 60.9 33.8 38.1 34.8 42.2 50.6 38.0 48.1 48.2 29

30 Brokers and dealers 23.7 24.3 28.0 26.0 30.2 38.2 45.4 39.2 44.5 44.8 50.4 30

31 Funding corporations 84.5 133.6 117.7 255.0 270.7 309.9 296.5 290.7 249.1 186.9 113.7 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 7, 2001 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3755.1 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 1

 2 Savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 2

 3 Other Treasury issues 3568.1 3591.8 3537.1 3466.3 3440.5 3251.1 3198.2 3173.1 3197.3 3038.9 3106.7 3

 4 Total assets 3755.1 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 4

 5 Household sector 739.1 598.8 485.5 555.0 505.1 400.9 364.3 355.2 339.4 261.6 278.4 5

 6 Savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 6

 7 Other Treasury issues 552.1 412.3 298.9 368.6 319.9 216.3 179.9 170.5 154.7 76.2 92.0 7

 8 Nonfinancial corporate business 47.1 26.8 23.6 19.6 21.6 23.7 23.2 18.4 18.0 17.0 16.0 8

 9 Nonfarm noncorporate business 26.7 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 9

10 State and local governments 257.0 239.3 269.3 266.8 257.2 256.4 241.9 236.2 224.0 216.5 188.9 10

11 Rest of the world 1093.3 1252.0 1318.8 1238.9 1245.8 1221.2 1199.7 1222.0 1221.7 1192.6 1200.2 11

12 Monetary authority 390.9 430.7 452.1 478.0 501.7 505.0 511.4 511.7 523.9 535.1 534.1 12

13 Commercial banking 261.8 270.1 214.0 226.7 215.6 201.4 200.9 182.2 171.9 176.0 175.9 13

14 U.S.-chartered commercial banks 173.0 166.8 124.7 122.8 125.3 116.4 108.6 87.9 72.2 69.9 65.3 14

15 Foreign banking offices in U.S. 80.7 95.1 84.8 92.3 86.9 81.6 89.0 91.7 97.8 104.3 108.4 15

16 Bank holding companies 4.0 4.0 0.9 8.8 0.9 1.1 1.1 0.8 0.8 0.9 0.8 16

17 Banks in U.S.-affiliated areas 4.1 4.2 3.6 2.8 2.5 2.4 2.2 1.8 1.2 0.9 1.4 17

18 Savings institutions 17.4 14.6 10.2 10.1 9.9 9.1 8.8 8.7 8.0 7.5 6.6 18

19 Credit unions 17.4 15.6 13.1 9.6 9.4 8.8 8.6 8.2 8.0 6.6 6.4 19

20 Bank personal trusts and estates 25.7 20.4 17.3 17.3 17.1 16.9 16.7 16.5 16.2 15.8 15.4 20

21 Life insurance companies 93.2 85.5 71.3 62.8 61.7 60.5 59.5 58.1 53.8 48.7 44.2 21

22 Other insurance companies 120.9 91.1 70.4 60.6 58.3 56.0 54.3 52.1 48.1 46.1 44.3 22

23 Private pension funds 139.4 143.5 139.1 138.5 137.8 139.6 139.7 137.7 131.2 127.5 122.7 23

24 State and local govt. retirement funds 203.5 216.9 217.7 211.2 211.1 210.5 200.7 195.7 195.3 197.1 192.0 24

25 Money market mutual funds 90.2 86.2 103.6 103.8 98.9 78.8 79.8 90.4 96.3 93.4 111.9 25

26 Mutual funds 214.2 225.2 230.4 223.6 216.5 215.1 212.5 214.4 218.9 232.2 243.4 26

27 Closed-end funds 11.4 10.2 9.3 8.0 8.0 7.9 7.8 7.7 7.6 7.6 7.5 27

28 Government-sponsored enterprises 18.8 25.9 25.2 30.9 25.2 20.7 19.0 22.1 23.1 23.2 18.9 28

29 Brokers and dealers -12.8 -5.3 15.8 -42.6 -6.5 -24.1 7.8 -3.3 55.9 1.6 71.5 29

 Memo:

30 Federal government debt (1) 3781.8 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, December 7, 2001

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2634.8 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4618.7 4823.7 1

 2 Budget agencies 26.6 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 2

 3 Government-sponsored enterprises 896.9 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.8 3

 4 Federally related mortgage pools 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 4

 5 Total assets 2634.8 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4618.7 4823.7 5

 6 Household sector 259.4 266.2 191.2 274.2 257.5 275.7 283.9 259.8 150.3 182.4 174.0 6

 7 Nonfinancial corporate business 28.5 8.0 10.6 12.5 15.0 17.9 19.0 15.7 15.9 17.5 25.0 7

 8 State and local governments 116.2 115.4 179.0 207.5 213.3 220.0 226.0 231.0 237.9 243.6 250.5 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 196.3 246.5 303.4 394.6 428.8 458.1 500.9 550.3 592.6 631.9 664.8 10

11 Monetary authority 2.2 0.7 0.3 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 11

12 Commercial banking 495.7 571.2 662.6 698.3 715.9 719.4 711.8 720.9 715.7 696.8 738.3 12

13 U.S.-chartered commercial banks 436.7 497.2 578.8 608.1 626.9 630.7 620.7 626.3 618.6 621.7 657.1 13

14 Foreign banking offices in U.S. 49.7 62.2 67.0 71.3 70.5 69.5 70.1 71.9 75.3 53.5 59.4 14

15 Bank holding companies 4.9 5.5 6.6 5.4 4.7 5.0 5.1 4.8 5.4 5.1 5.0 15

16 Banks in U.S.-affiliated areas 4.3 6.3 10.2 13.5 13.7 14.2 16.0 17.8 16.4 16.5 16.8 16

17 Savings institutions 156.1 155.3 143.6 147.3 142.2 140.0 139.6 140.6 145.5 150.7 148.9 17

18 Credit unions 50.7 51.0 58.4 61.3 65.4 65.8 60.9 60.9 68.4 66.3 74.1 18

19 Bank personal trusts and estates 45.6 40.8 39.4 45.2 46.2 47.2 48.5 49.8 50.6 51.6 52.2 19

20 Life insurance companies 244.1 226.7 217.0 224.4 228.0 229.8 233.0 235.4 243.6 248.5 257.0 20

21 Other insurance companies 51.0 70.8 69.7 75.5 77.5 79.4 82.1 84.1 85.2 86.7 88.1 21

22 Private pension funds 203.7 211.4 250.3 280.9 291.5 292.9 302.0 308.6 315.9 311.3 311.9 22

23 State and local govt. retirement funds 104.9 123.3 142.4 165.3 160.8 175.5 187.2 202.8 196.0 201.1 204.0 23

24 Money market mutual funds 101.8 96.3 173.8 190.9 172.7 158.1 161.9 185.2 248.0 267.9 317.1 24

25 Mutual funds 116.1 124.5 145.5 164.7 163.6 172.3 176.8 184.2 190.6 214.3 228.5 25

26 Government-sponsored enterprises 257.6 326.5 489.6 668.3 698.4 717.0 755.6 813.3 870.6 911.4 960.2 26

27 ABS issuers 137.8 141.5 179.7 221.0 226.4 226.2 225.7 223.8 233.7 223.0 230.3 27

28 REITs 12.2 21.2 13.1 14.2 14.1 13.1 13.9 14.5 13.9 17.4 18.3 28

29 Brokers and dealers 55.2 50.4 50.9 66.0 50.3 55.1 62.6 63.7 75.3 96.3 80.4 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 7, 2001 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1296.0 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1

 2 State and local governments 1053.3 1110.6 1189.7 1242.4 1247.9 1256.7 1254.5 1270.6 1298.7 1328.9 1331.7 2

 3 Short-term (1) 39.1 47.5 41.2 44.8 46.4 45.2 43.5 47.9 53.7 55.7 64.9 3

 4 Long-term 1014.1 1063.1 1148.5 1197.6 1201.5 1211.6 1211.0 1222.7 1244.9 1273.3 1266.8 4

 5 Nonprofit organizations (2) 104.9 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 5

 6 Nonfinancial corporate business 137.9 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 6

 (industrial revenue bonds)

 7 Total assets 1296.0 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 7

 8 Household sector 433.2 468.8 488.3 526.6 529.1 543.4 543.1 541.2 559.4 574.7 554.8 8

 9 Nonfinancial corporate business 31.0 27.4 25.7 22.3 23.9 35.9 27.6 33.1 23.9 31.6 34.9 9

10 Nonfarm noncorporate business 2.6 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 10

11 State and local governments 4.6 3.9 2.5 1.0 0.6 1.0 1.8 1.6 2.1 2.0 2.1 11

12 Commercial banking 94.2 96.7 104.8 110.7 111.9 112.3 113.4 114.0 112.7 116.2 117.9 12

13 Savings institutions 2.1 2.1 2.5 3.0 3.1 3.0 3.0 3.2 3.9 4.0 4.1 13

14 Bank personal trusts and estates 104.0 90.7 89.5 100.3 102.1 103.0 104.3 105.0 105.8 106.3 106.7 14

15 Life insurance companies 13.4 16.7 18.4 20.1 20.0 19.6 19.4 19.1 19.5 20.4 20.7 15

16 Other insurance companies 175.4 191.6 208.1 199.0 194.7 190.4 188.1 184.1 185.3 184.8 185.1 16

17 State and local govt. retirement funds 0.6 1.5 3.3 3.0 2.9 2.8 2.2 1.6 1.8 1.6 1.6 17

18 Money market mutual funds 144.5 167.0 193.0 210.4 225.8 221.5 227.6 244.8 256.0 255.2 267.1 18

19 Mutual funds 213.3 219.8 242.6 239.4 232.3 227.9 228.4 230.5 236.0 240.1 246.0 19

20 Closed-end funds 60.8 59.9 61.8 70.5 69.3 68.2 67.0 65.9 64.7 63.6 62.4 20

21 Government-sponsored enterprises 5.6 5.2 9.2 10.6 9.2 9.1 9.9 8.8 9.9 12.0 12.1 21

22 Brokers and dealers 10.8 13.2 13.1 11.9 10.8 9.9 10.8 11.3 12.7 13.7 16.0 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 3209.4 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5264.0 5426.6 5528.1 1

 2 Nonfinancial corporate business 1460.4 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.8 2437.8 2484.7 2

 3 Rest of the world (1) 366.3 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 479.6 3

 4 Financial sectors 1382.7 1568.6 1878.7 2096.9 2138.8 2212.0 2269.7 2314.8 2424.3 2483.9 2563.8 4

 5 Commercial banking 168.9 192.6 220.2 240.6 248.9 258.4 266.6 273.2 293.1 295.3 303.2 5

 6 Savings institutions 2.7 2.8 2.6 2.7 2.7 2.7 3.4 6.3 2.8 6.4 6.1 6

 7 ABS issuers 716.6 820.5 1016.2 1100.6 1109.1 1126.7 1146.6 1187.8 1240.4 1272.2 1328.9 7

 8 Finance companies 336.8 341.5 365.6 429.9 446.6 483.7 507.3 502.2 533.8 542.1 555.9 8

 9 REITs 16.8 31.6 53.4 62.2 63.9 67.2 68.6 67.0 70.0 68.6 68.4 9

10 Brokers and dealers 27.3 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.0 10

11 Funding corporations 113.6 144.2 178.2 235.5 231.1 237.1 234.7 237.5 249.3 255.5 254.3 11

12 Total assets 3209.4 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5264.0 5426.6 5528.1 12

13 Household sector 491.0 531.7 628.5 650.8 642.5 688.1 665.9 637.1 700.3 676.4 654.5 13

14 State and local governments 49.7 51.0 61.2 73.8 75.3 76.5 76.9 77.5 80.4 82.2 85.9 14

15 Rest of the world (2) 453.2 537.8 660.0 820.8 865.4 907.6 954.0 1003.9 1073.9 1143.8 1181.2 15

16 Commercial banking 112.3 143.1 181.1 219.9 214.1 219.0 253.5 277.5 290.5 325.8 337.9 16

17 Savings institutions 68.6 58.7 88.6 112.0 115.7 110.6 107.3 109.5 96.0 93.2 88.1 17

18 Bank personal trusts and estates 31.9 31.1 28.5 39.8 41.8 43.5 45.4 48.0 50.5 53.6 56.1 18

19 Life insurance companies 949.3 1046.0 1130.4 1173.2 1192.5 1198.2 1212.2 1222.2 1252.0 1280.2 1310.0 19

20 Other insurance companies 141.6 159.5 171.1 181.1 182.3 183.3 186.2 187.5 189.7 190.7 193.1 20

21 Private pension funds 244.9 278.7 295.8 305.1 308.4 311.0 317.3 319.7 328.3 336.0 338.9 21

22 State and local govt. retirement funds 211.4 244.5 279.6 310.0 325.3 318.5 327.9 339.7 330.6 332.4 337.0 22

23 Money market mutual funds 23.9 36.4 81.2 123.7 143.6 134.6 153.9 161.9 161.6 159.9 154.7 23

24 Mutual funds 229.5 273.8 339.3 368.6 363.9 366.0 368.3 367.3 381.8 397.3 405.6 24

25 Closed-end funds 28.6 28.1 32.6 32.6 31.7 30.8 30.0 29.1 28.2 27.3 26.5 25

26 Government-sponsored enterprises 41.8 47.1 67.8 91.5 94.2 106.5 113.9 117.3 125.2 137.3 137.0 26

27 REITs 4.3 6.5 6.1 5.7 5.6 6.4 5.7 5.3 7.4 5.2 5.9 27

28 Brokers and dealers 90.9 100.0 81.4 93.4 110.0 109.1 116.6 112.7 124.0 132.0 151.5 28

29 Funding corporations 36.5 33.1 37.6 33.8 23.8 31.1 23.9 33.9 43.6 53.3 64.2 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, December 7, 2001

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Issues at market value 10281.6 13301.7 15577.3 19581.2 20276.3 19395.9 19249.0 17566.4 15311.6 16239.1 13625.2 1

 2 Nonfinancial corporate business 7644.4 9774.6 11606.7 15117.0 15727.7 14938.5 14458.4 12740.8 10989.6 11691.2 9681.6 2

 3 Rest of the world (2) 1002.9 1207.8 1476.2 2026.6 2057.4 2010.9 1854.0 1787.0 1574.0 1610.7 1368.4 3

 4 Financial corporations 1634.3 2319.3 2494.5 2437.5 2491.2 2446.5 2936.6 3038.7 2747.9 2937.2 2575.1 4

 5 Holdings at market value 10281.6 13301.7 15577.3 19581.2 20276.3 19395.9 19249.0 17566.4 15311.6 16239.1 13625.2 5

 6 Household sector 4895.6 6302.5 7259.7 9342.8 9507.6 8862.9 8518.0 7487.1 6285.5 6643.8 5471.8 6

 7 State and local governments 46.8 79.0 102.0 115.0 113.2 115.0 117.6 115.1 108.6 118.6 108.8 7

 8 Rest of the world (3) 656.8 919.5 1175.1 1537.8 1598.2 1620.4 1724.9 1748.3 1626.5 1732.2 1524.4 8

 9 Commercial banking 6.8 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 9

10 Savings institutions 17.8 23.3 24.5 23.8 23.7 24.2 24.4 24.2 24.6 25.6 27.1 10

11 Bank personal trusts and estates 248.9 321.0 314.0 338.3 345.1 323.8 318.6 280.0 239.8 251.9 206.2 11

12 Life insurance companies 414.1 558.6 733.2 964.5 1027.6 1007.8 1023.3 940.8 873.2 926.4 820.8 12

13 Other insurance companies 148.6 186.0 200.1 207.9 205.3 203.9 199.4 194.3 172.2 179.9 169.6 13

14 Private pension funds 1463.9 1696.4 1902.2 2156.9 2231.2 2153.2 2158.3 2001.1 1778.5 1858.0 1591.3 14

15 State and local govt. retirement funds 828.5 1084.8 1233.9 1343.2 1331.0 1322.5 1360.9 1335.1 1224.1 1260.0 1100.3 15

16 Mutual funds 1470.0 2018.7 2508.5 3400.0 3730.2 3591.3 3620.9 3250.8 2797.6 3034.8 2442.0 16

17 Closed-end funds 43.6 50.7 47.3 39.9 41.4 39.6 39.7 35.7 31.3 33.7 28.4 17

18 Exchange-traded funds 2.4 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 18

19 Brokers and dealers 37.9 51.9 54.4 66.9 74.4 74.5 81.5 77.2 76.0 89.8 63.6 19

 Memo:

20 Market value of domestic corporations (4) 9039.4 11795.9 13777.0 17195.7 17850.5 17010.3 17013.0 15395.7 13384.3 14240.6 11924.4 20

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 1

 2 Holdings at market value 2342.4 2989.4 3610.5 4553.4 4863.3 4759.6 4814.4 4457.2 3999.8 4275.3 3705.2 2

 3 Household sector 1495.4 1941.2 2362.0 3066.3 3302.7 3240.1 3279.5 3043.2 2739.3 2934.5 2544.7 3

 4 Nonfinancial corporate business 59.9 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 4

 5 State and local governments 41.0 33.6 21.3 25.6 22.9 24.3 25.4 26.4 28.8 30.7 30.5 5

 6 Commercial banking 2.6 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 6

 7 Credit unions 2.6 2.4 3.6 2.5 3.2 2.3 2.2 2.2 2.0 3.6 3.1 7

 8 Bank personal trusts and estates 293.2 326.9 390.8 460.6 475.8 449.2 441.3 387.0 333.4 352.2 290.3 8

 9 Life insurance companies 35.3 38.4 23.3 43.3 47.8 48.6 51.1 48.1 42.6 46.1 39.1 9

10 Private pension funds 412.3 569.6 709.3 830.1 881.1 871.5 891.4 837.6 752.0 800.4 706.2 10
Z.1, December 7, 2001 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 2821.1 3052.9 3304.8 3504.9 3602.1 3736.9 3801.9 3875.3 3909.0 3895.7 3889.0 1

 - Loans elsewhere classified:

 2 Open market paper 6.5 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 2

 3 Mortgages 1145.4 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 3

 4 Consumer credit 526.8 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 4

 5 Security credit 100.8 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.4 5

 6 = Banking sector total bank loans n.e.c. 1041.7 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 6

 7 U.S.-chartered commercial banks 759.8 867.9 1012.2 1104.4 1131.9 1178.7 1186.5 1202.6 1197.5 1179.3 1170.7 7

 8 Foreign banking offices in U.S. 264.8 284.0 282.2 259.9 262.2 263.9 265.1 275.7 276.8 259.0 258.3 8

 9 Bank holding companies 2.5 2.4 4.1 2.6 1.9 4.0 1.8 1.6 2.7 2.7 2.6 9

10 Banks in U.S.-affiliated areas 14.6 15.5 16.3 16.9 17.8 18.0 18.4 18.0 18.1 18.6 18.6 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 1041.7 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 12

13 Total liabilities 1041.7 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 13

14 Nonfinancial sectors 977.7 1092.5 1207.4 1290.6 1322.0 1371.5 1378.9 1404.9 1397.8 1359.1 1350.2 14

15 Households 58.0 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.7 15

16 Corporate business 642.1 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.5 16

17 Nonfarm noncorporate business 193.6 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 17

18 Farm business 40.4 43.9 45.1 44.2 42.4 45.9 46.2 46.9 45.1 47.8 47.1 18

19 Rest of the world 43.7 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 19

20 Foreign official institutions 2.9 2.1 2.8 3.0 2.8 3.1 3.6 3.5 3.6 3.3 4.2 20

21 Foreign banks 14.3 13.8 13.1 10.0 11.4 12.0 12.6 13.2 16.2 9.2 9.4 21

22 Other foreign 26.5 36.3 43.0 46.5 49.1 49.5 51.5 54.0 54.1 53.7 53.7 22

23 Financial sectors 64.0 77.3 107.5 93.2 91.8 93.1 92.8 93.0 97.3 100.4 100.0 23

24 Savings institutions 15.9 19.4 29.7 14.0 20.4 21.3 20.8 21.5 22.6 21.7 23.3 24

25 Finance companies 19.7 24.2 26.5 35.4 28.8 32.8 35.7 35.9 41.6 45.3 44.5 25

26 Mortgage companies 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 26

27 REITs 7.8 17.6 33.6 26.0 25.5 21.2 18.6 17.7 15.0 15.2 13.7 27
92 Z.1, December 7, 2001

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 993.2 1086.6 1253.0 1412.0 1464.4 1526.2 1520.9 1565.9 1582.0 1607.9 1628.5 1

 2 U.S. government loans 149.0 158.8 173.3 179.3 181.9 183.8 185.3 187.6 189.4 190.5 191.6 2

 3 Liab.: Household sector 30.4 41.8 52.4 65.0 68.1 70.7 73.5 76.2 78.8 81.8 84.6 3

 4 Nonfinancial corporate business 8.7 8.4 8.3 8.0 7.9 7.7 7.6 7.6 7.6 7.3 7.7 4

 5 Nonfarm noncorporate business 39.1 40.9 44.8 43.9 43.9 43.5 43.2 42.8 42.2 41.6 40.6 5

 6 Farm business 5.9 5.5 5.1 4.9 4.9 4.9 4.9 5.0 5.0 5.1 5.1 6

 7 State and local governments 10.1 8.9 10.1 9.7 9.3 8.9 8.6 8.7 8.8 8.9 8.9 7

 8 Rest of the world 54.8 53.3 52.4 47.8 47.9 48.0 47.4 47.3 46.9 45.8 44.7 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 126.0 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.9 118.9 136.2 10

11 Liab.: Nonfinancial corporate business 126.0 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.9 118.9 136.2 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 23.4 20.6 11.3 8.2 8.7 9.0 8.4 7.5 7.4 6.6 4.8 12

13 Liab.: Nonfinancial corporate business 13.4 10.8 6.6 4.4 4.9 4.9 4.6 4.3 6.6 5.8 4.3 13

14 Rest of the world 9.9 9.7 4.7 3.9 3.8 4.1 3.8 3.1 0.8 0.8 0.6 14

15 Savings institution loans to business 15.7 18.8 24.2 30.7 33.4 35.4 37.9 39.3 41.4 43.8 43.6 15

16 Liab.: Nonfinancial corporate business 7.9 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 16

17 Nonfarm noncorporate business 7.9 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 17

18 Policy loans (Household liability) 101.4 104.6 104.7 100.0 99.6 100.5 102.0 102.8 103.8 104.0 105.0 18

19 Asset: Federal government 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 100.5 103.7 103.8 99.0 98.7 99.6 101.1 101.9 102.9 103.0 104.1 20

21 Government-sponsored enterprise loans 229.1 260.3 352.6 466.2 472.9 505.4 503.5 514.6 527.9 530.1 547.6 21

22 Liab.: Household sector (SLMA) 34.6 30.2 29.0 34.5 32.3 31.7 35.9 37.4 38.0 39.2 40.0 22

23 Noncorporate business (FCS) 15.1 15.1 17.8 17.9 17.1 18.2 18.9 19.4 19.4 20.9 21.4 23

24 Farm business (FCS) 16.5 16.5 17.1 17.9 19.1 18.6 18.5 19.5 19.6 19.2 19.0 24

25 Commercial banks (FHLB and SLMA) 39.0 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 186.1 25

26 Savings institutions (FHLB and SLMA) 121.9 138.0 180.1 243.7 243.8 256.7 251.8 260.0 269.7 266.4 274.5 26

27 Credit unions (FHLB) 0.4 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 27

28 Life insurance companies (FHLB) 1.6 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 28

29 Securitized loans held by ABS issuers 44.0 76.2 103.8 113.0 124.3 125.4 128.3 138.3 138.1 132.3 148.4 29

30 Liab.: Households (1) 6.3 14.1 17.9 19.4 22.8 24.5 30.7 29.9 30.5 31.0 31.2 30

31 Nonfinancial corporate business 37.7 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 31

32 Finance company loans to business 304.7 304.1 340.9 395.1 422.7 441.9 443.0 458.4 459.1 481.9 451.1 32

33 Liab.: Nonfinancial corporate business 274.2 273.7 306.8 355.6 380.5 397.7 398.7 412.6 413.2 433.7 406.0 33

34 Nonfarm noncorporate business 30.5 30.4 34.1 39.5 42.3 44.2 44.3 45.8 45.9 48.2 45.1 34

(1) Student loans.
Z.1, December 7, 2001 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total mortgages 4864.8 5203.0 5724.2 6360.0 6473.1 6643.5 6796.4 6937.4 7061.7 7277.9 7474.9 1

 2 Home 3720.0 3978.3 4368.2 4803.4 4879.4 5005.1 5124.3 5225.9 5319.5 5477.9 5623.1 2

 3 Multifamily residential 288.7 301.1 333.1 375.5 383.4 396.3 404.0 414.5 423.8 439.0 452.7 3

 4 Commercial 769.2 833.6 926.3 1078.7 1106.0 1135.4 1159.8 1188.1 1208.5 1248.0 1284.5 4

 5 Farm 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 5

 6 Total liabilities 4864.8 5203.0 5724.2 6360.0 6473.1 6643.5 6796.4 6937.4 7061.7 7277.9 7474.9 6

 7 Household sector 3674.3 3913.2 4274.0 4673.9 4741.2 4856.1 4968.2 5059.5 5142.3 5294.3 5434.8 7

 8 Nonfinancial business 1158.5 1243.0 1378.6 1609.4 1653.4 1706.4 1745.7 1794.9 1838.3 1898.5 1957.0 8

 9 Corporate 228.4 262.1 283.4 378.8 394.7 411.4 421.4 441.1 453.3 477.3 501.0 9

10 Nonfarm noncorporate 843.2 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 10

11 Farm 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 31.9 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 83.0 13

14 Total assets 4864.8 5203.0 5724.2 6360.0 6473.1 6643.5 6796.4 6937.4 7061.7 7277.9 7474.9 14

15 Household sector 109.5 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.0 15

16 Nonfinancial corporate business 54.4 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 16

17 Nonfarm noncorporate business 20.4 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 17

18 State and local governments 117.6 121.3 125.4 129.8 130.9 132.0 133.1 134.3 135.4 136.6 137.8 18

19 Federal government 50.3 45.7 44.9 77.7 76.8 76.8 76.5 76.9 76.3 76.2 75.3 19

20 Commercial banking 1145.4 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 20

21 Savings institutions (1) 628.3 631.8 644.0 668.6 682.4 703.5 723.1 723.8 741.4 751.9 758.6 21

22 Credit unions 76.0 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 22

23 Bank personal trusts and estates 3.6 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 23

24 Life insurance companies 208.2 206.8 213.6 230.8 229.4 232.6 234.7 235.9 235.1 237.1 237.9 24

25 Other insurance companies 2.4 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 25

26 Private pension funds 9.0 9.7 11.5 13.5 14.0 14.3 14.8 15.1 15.5 15.8 15.9 26

27 State and local govt. retirement funds 16.7 17.6 24.1 21.5 21.7 21.0 21.5 21.5 22.1 22.8 23.7 27

28 Government-sponsored enterprises (1) 244.9 240.5 248.7 244.4 246.1 255.7 260.1 267.1 270.0 279.1 285.6 28

29 Federally related mortgage pools 1711.3 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2635.8 2759.0 29

30 ABS issuers 326.3 407.0 563.5 655.5 669.1 687.7 708.6 740.7 769.5 814.4 844.4 30

31 Finance companies 85.5 96.5 121.2 145.8 149.1 157.7 165.4 172.3 176.1 182.3 187.4 31

32 Mortgage companies 41.2 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 32

33 REITs 13.8 22.9 26.3 23.0 19.2 18.6 17.8 16.8 16.3 15.3 15.6 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, December 7, 2001

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3720.0 3978.3 4368.2 4803.4 4879.4 5005.1 5124.3 5225.9 5319.5 5477.9 5623.1 1

 2 Household sector 3577.7 3818.1 4169.5 4558.9 4626.3 4740.5 4848.7 4941.5 5023.4 5171.3 5305.9 2

 3 Nonfinancial corporate business 7.8 8.0 9.4 11.5 12.0 12.6 13.2 13.5 14.4 15.0 15.4 3

 4 Nonfarm noncorporate business 134.4 152.2 189.4 233.0 241.1 252.0 262.4 271.0 281.7 291.5 301.8 4

 5 Total assets 3720.0 3978.3 4368.2 4803.4 4879.4 5005.1 5124.3 5225.9 5319.5 5477.9 5623.1 5

 6 Household sector 87.6 86.5 85.3 84.2 83.9 83.7 83.4 83.2 82.9 82.7 82.4 6

 7 Nonfinancial corporate business 24.5 29.8 27.1 25.6 25.4 25.1 24.9 24.6 24.3 24.1 23.8 7

 8 Nonfarm noncorporate business 7.6 7.0 11.5 15.3 16.0 17.4 17.6 18.2 18.8 19.3 20.0 8

 9 State and local governments 62.8 65.8 69.1 72.6 73.5 74.4 75.3 76.3 77.2 78.2 79.1 9

10 Federal government 21.2 19.1 18.8 18.4 18.3 18.3 17.8 17.7 17.6 17.4 17.2 10

11 Commercial banking 677.6 745.5 796.6 878.7 903.8 948.2 967.5 965.2 977.8 997.0 986.8 11

12 Savings institutions 513.7 520.7 533.4 548.5 559.6 578.5 595.0 594.6 607.8 616.0 620.5 12

13 Credit unions 76.0 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 13

14 Bank personal trusts and estates 3.6 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 14

15 Life insurance companies 7.0 7.2 6.6 5.9 5.6 5.2 4.9 4.9 4.9 5.0 5.0 15

16 Private pension funds 5.0 5.7 7.0 8.5 8.9 9.2 9.6 10.0 10.3 10.7 10.9 16

17 State and local govt. retirement funds 5.0 5.6 8.4 7.5 7.6 7.4 7.5 7.5 7.7 8.0 8.3 17

18 Government-sponsored enterprises 198.5 194.3 199.6 189.3 189.8 197.6 200.5 205.1 206.3 211.9 215.8 18

19 Federally related mortgage pools 1678.8 1788.1 1970.2 2234.7 2263.0 2294.1 2351.4 2425.6 2464.9 2561.7 2681.6 19

20 ABS issuers 256.2 310.7 405.2 455.0 463.5 471.9 484.6 499.8 523.3 539.2 550.2 20

21 Finance companies 55.0 67.5 90.0 108.2 111.8 119.4 125.2 130.6 133.8 140.1 144.8 21

22 Mortgage companies 32.0 21.8 24.9 25.2 23.7 25.1 24.9 25.4 25.8 26.0 26.4 22

23 REITs 8.0 14.0 14.8 12.4 8.8 8.3 8.0 7.9 7.8 7.6 8.0 23

 Memo:

24 Home equity loans included above (2) 338.1 416.2 476.7 532.8 553.1 582.4 606.3 630.5 646.0 669.9 689.7 24

25 Commercial banking 153.8 174.0 176.9 189.5 199.7 212.8 223.5 234.8 235.6 245.4 251.9 25

26 Savings institutions 52.3 55.5 55.9 59.8 62.3 64.9 68.4 72.9 73.3 76.8 78.0 26

27 Credit unions 25.5 29.0 29.7 33.4 35.7 37.7 40.0 40.7 41.4 42.2 45.3 27

28 ABS issuers 51.6 90.2 124.2 141.9 143.5 147.6 149.2 151.5 161.9 165.3 169.7 28

29 Finance companies 55.0 67.5 90.0 108.2 111.8 119.4 125.2 130.6 133.8 140.1 144.8 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 288.7 301.1 333.1 375.5 383.4 396.3 404.0 414.5 423.8 439.0 452.7 1

 2 Nonfinancial corporate business 21.7 22.5 23.5 24.7 25.1 25.4 25.7 25.9 26.2 26.5 26.9 2

 3 Nonfarm noncorporate business 256.4 263.2 285.9 325.5 332.4 344.2 351.1 361.2 370.8 384.4 398.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 10.5 15.4 23.6 25.3 25.9 26.7 27.2 27.4 26.7 28.1 27.4 5

 6 Total assets 288.7 301.1 333.1 375.5 383.4 396.3 404.0 414.5 423.8 439.0 452.7 6

 7 Household sector 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 0.8 1.4 1.1 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 8

 9 Nonfarm noncorporate business 6.8 6.2 10.2 13.5 14.2 15.4 15.6 16.1 16.6 17.1 17.7 9

10 State and local governments 45.9 46.5 47.4 48.3 48.6 48.8 49.1 49.3 49.6 49.8 50.1 10

11 Federal government 14.8 13.9 13.6 13.6 13.7 13.8 13.8 13.9 13.3 13.4 13.6 11

12 Commercial banking 45.5 49.7 52.9 66.0 70.8 75.7 76.9 77.7 79.8 80.4 83.9 12

13 Savings institutions 61.6 59.5 57.0 59.4 58.0 59.4 60.3 61.3 62.9 63.4 64.4 13

14 Life insurance companies 30.8 30.4 31.5 32.8 32.7 33.2 33.5 33.7 33.6 33.8 33.9 14

15 Private pension funds 1.0 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.2 15

16 State and local govt. retirement funds 4.7 5.0 6.7 6.0 6.1 5.9 6.0 6.0 6.2 6.4 6.6 16

17 Government-sponsored enterprises 18.6 17.3 18.1 22.9 24.2 25.3 26.2 27.8 28.8 30.7 32.4 17

18 Federally related mortgage pools 32.5 37.8 48.3 57.5 59.1 61.0 63.0 66.0 69.3 74.1 77.3 18

19 ABS issuers 15.9 20.9 33.8 42.2 43.1 44.4 46.1 49.5 50.7 57.0 59.8 19

20 Finance companies 3.1 2.8 2.5 2.8 2.8 2.9 3.1 2.9 2.9 2.9 2.9 20

21 Mortgage companies 4.1 5.2 5.3 5.3 5.3 5.3 5.3 5.4 5.4 5.4 5.4 21

22 REITs 1.2 2.1 2.1 1.6 1.4 1.6 1.5 1.3 1.2 1.2 1.3 22
Z.1, December 7, 2001 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 769.2 833.6 926.3 1078.7 1106.0 1135.4 1159.8 1188.1 1208.5 1248.0 1284.5 1

 2 Household sector 96.6 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 128.9 2

 3 Nonfinancial corporate business 198.9 231.6 250.5 342.5 357.6 373.4 382.6 401.7 412.7 435.7 458.7 3

 4 Nonfarm noncorporate business 452.3 475.5 523.3 569.8 580.9 592.1 602.5 612.8 622.6 632.3 641.2 4

 5 REITs 21.4 31.4 48.0 51.4 52.6 54.2 55.3 55.6 54.3 57.0 55.6 5

 6 Total assets 769.2 833.6 926.3 1078.7 1106.0 1135.4 1159.8 1188.1 1208.5 1248.0 1284.5 6

 7 Household sector 4.4 5.1 6.0 6.7 6.8 7.0 7.1 7.3 7.5 7.6 7.8 7

 8 Nonfinancial corporate business 29.1 49.1 39.1 33.7 32.8 31.8 30.8 29.9 28.9 27.9 27.0 8

 9 Nonfarm noncorporate business 5.3 4.9 8.0 10.6 11.1 12.1 12.3 12.7 13.1 13.4 13.9 9

10 State and local governments 7.5 7.7 7.6 7.5 7.4 7.4 7.4 7.4 7.3 7.3 7.3 10

11 Federal government 8.5 7.8 7.9 41.5 40.6 40.6 40.7 41.1 41.3 41.3 40.5 11

12 Commercial banking 397.5 423.1 458.5 518.6 539.2 556.4 569.8 582.4 596.2 610.7 630.0 12

13 Savings institutions 52.7 51.3 53.1 60.3 64.3 65.1 67.3 67.4 70.2 71.9 73.2 13

14 Life insurance companies 160.3 158.8 164.0 179.0 178.2 180.9 182.6 183.8 183.1 184.6 185.2 14

15 Other insurance companies 2.4 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 15

16 Private pension funds 3.0 3.0 3.4 3.7 3.8 3.8 3.9 3.9 3.9 3.8 3.7 16

17 State and local govt. retirement funds 7.0 7.0 8.9 8.0 8.0 7.8 7.9 8.0 8.2 8.4 8.8 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 54.2 75.4 124.6 158.3 162.6 171.4 177.8 191.4 195.5 218.3 234.4 19

20 Finance companies 27.5 26.2 28.7 34.8 34.5 35.5 37.1 38.8 39.4 39.3 39.6 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 4.6 6.9 9.4 9.0 9.0 8.7 8.2 7.6 7.4 6.5 6.3 22

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 1

 2 Total assets 86.9 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.6 2

 3 Household sector 15.9 16.5 17.7 17.9 19.0 19.4 19.7 19.4 19.6 20.2 20.4 3

 4 Nonfarm noncorporate business 0.7 0.6 1.0 1.3 1.4 1.5 1.5 1.6 1.6 1.6 1.7 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 5.8 4.9 4.5 4.3 4.2 4.2 4.2 4.1 4.1 4.1 4.0 6

 7 Commercial banking 24.9 27.0 29.0 31.8 32.7 33.7 33.9 34.0 34.3 35.2 35.4 7

 8 Savings institutions 0.3 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 8

 9 Life insurance companies 10.1 10.5 11.5 13.0 13.0 13.4 13.7 13.6 13.5 13.7 13.7 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.9 28.9 31.0 32.2 32.1 32.8 33.5 34.2 34.9 36.4 37.4 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 7, 2001

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities (Households) 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 1

 2 Total assets 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 2

 3 Nonfinancial corporate business 77.7 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 526.8 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 5

 6 Savings institutions 44.7 47.2 51.6 61.5 59.0 61.0 62.5 64.6 65.5 65.3 69.1 6

 7 Credit unions 144.1 152.4 155.4 167.9 169.2 176.0 181.3 184.4 182.8 186.4 185.7 7

 8 ABS issuers 265.8 313.1 372.4 435.1 434.0 447.0 460.3 500.1 519.2 533.9 551.7 8

 9 Finance companies 154.9 167.5 183.3 201.5 204.8 212.7 221.5 219.8 212.8 214.3 220.8 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1827.6 1967.3 2076.5 2298.8 2321.7 2371.6 2418.2 2464.9 2436.3 2406.9 2412.2 1

 2 Household sector 109.1 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 2

 3 Nonfinancial corporate business 927.0 992.1 1049.7 1194.1 1197.6 1220.3 1261.2 1295.7 1261.0 1221.2 1215.2 3

 4 Nonfarm noncorporate business 116.8 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 4

 5 Farm business 17.4 18.8 19.6 20.0 19.2 20.8 20.9 20.9 20.1 21.3 21.0 5

 6 State and local governments 517.6 549.0 579.5 608.6 616.9 623.2 629.6 635.9 642.1 648.4 654.8 6

 7 Federal government 81.8 72.9 64.9 65.6 67.0 67.5 68.4 66.9 64.8 62.9 59.7 7

 8 Rest of the world 43.6 48.7 46.3 50.6 50.0 53.0 49.8 52.1 50.7 53.6 55.2 8

 9 Brokers and dealers 14.3 19.9 18.9 30.9 33.8 39.4 35.9 35.9 35.2 33.3 36.0 9

10 Total trade receivables 1661.9 1840.5 2000.0 2177.9 2271.6 2355.2 2412.2 2373.3 2397.9 2385.1 2376.5 10

11 Nonfinancial corporate business 1273.1 1366.6 1452.9 1566.3 1639.0 1689.9 1728.6 1675.8 1680.3 1653.3 1633.9 11

12 Nonfarm noncorporate business 169.8 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 340.7 344.0 12

13 Federal government 24.0 20.8 22.3 22.9 25.4 26.9 27.7 28.1 31.7 33.9 33.4 13

14 Rest of the world 57.1 60.3 51.7 46.8 46.4 47.4 49.6 52.5 54.1 53.0 51.2 14

15 Other insurance companies 57.2 59.9 61.5 63.6 66.1 67.2 68.7 64.6 67.6 71.2 73.8 15

16 ABS issuers 80.7 128.1 165.9 187.0 193.1 202.7 212.2 220.0 227.0 233.0 240.0 16

17 Discrepancy 165.7 126.8 76.6 120.9 50.2 16.5 6.0 91.6 38.4 21.8 35.7 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 358.1 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 904.6 1

 2 Household sector 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 263.7 337.9 419.6 448.7 514.6 510.0 531.9 587.6 591.9 585.5 651.7 4

 5 Customer credit balances (HH) 162.9 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 484.2 5

 6 From U.S.-chartered commercial banks 60.2 64.4 76.3 67.6 76.5 70.5 67.5 74.7 82.2 83.7 92.6 6

 7 From foreign banking offices in U.S. 40.6 58.0 66.6 57.2 66.8 80.1 91.5 100.5 109.4 88.9 74.9 7

 8 Total assets 358.1 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 904.6 8

 9 Household sector 162.9 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 484.2 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 100.8 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.4 11

12 Brokers and dealers 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 12
Z.1, December 7, 2001 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Total liabilities 610.6 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 841.5 1

 2 Federal government 30.5 32.3 33.6 35.0 35.2 35.9 36.0 36.4 36.6 37.1 37.2 2

 3 Life insurance companies 580.1 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 804.3 3

 4 Total assets (Households) 610.6 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 841.5 4

 Pension fund reserves:

 5 Total liabilities 6325.1 7323.4 8193.7 9041.7 9237.9 9166.7 9307.9 9054.8 8588.9 8849.7 8281.0 5

 6 Federal government (1) 561.4 601.7 642.9 684.0 673.0 683.3 697.4 704.9 713.3 724.9 738.2 6

 7 Life insurance companies 953.9 1086.1 1209.9 1367.3 1414.2 1403.2 1424.9 1373.8 1335.8 1379.8 1319.8 7

 8 Private pension funds (2) 3295.2 3793.6 4255.4 4728.0 4877.9 4799.4 4853.3 4644.6 4327.0 4471.8 4099.2 8

 9 State and local govt. retirement funds 1514.6 1842.0 2085.4 2262.3 2272.8 2280.8 2332.4 2331.5 2212.8 2273.2 2123.8 9

10 Total assets (Households) (3) 6325.1 7323.4 8193.7 9041.7 9237.9 9166.7 9307.9 9054.8 8588.9 8849.7 8281.0 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 128.8 151.1 172.4 194.7 210.1 211.4 214.7 216.4 224.8 224.0 254.9 1

 2 Nonfinancial corporate business 49.9 59.2 64.1 71.0 82.8 80.2 80.1 77.9 84.5 81.0 109.0 2

 3 Nonfarm noncorporate business 42.5 49.8 60.5 68.8 71.0 73.7 74.9 76.3 77.3 78.1 78.7 3

 4 U.S.-chartered commercial banks 4.0 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 4

 5 Savings institutions 1.4 1.8 2.0 2.0 1.7 1.8 2.1 2.4 2.3 2.0 2.0 5

 6 Life insurance companies 12.5 13.7 14.9 16.2 16.5 16.9 17.3 17.8 18.2 18.7 19.2 6

 7 Other insurance companies 11.6 13.4 15.4 17.4 17.9 18.5 19.0 19.7 20.3 21.0 21.7 7

 8 Finance companies 5.7 6.5 7.3 8.1 8.3 8.6 8.8 9.1 9.3 9.6 9.9 8

 9 Brokers and dealers 1.3 1.3 1.3 2.2 2.4 1.7 1.8 2.1 1.2 1.3 1.4 9

10 Total business taxes receivable 46.8 46.9 49.5 72.0 91.4 77.0 90.4 87.9 111.5 90.7 102.8 10

11 State and local governments 26.1 26.9 28.1 33.5 35.5 39.0 42.9 45.6 49.1 50.8 51.4 11

12 Federal government 20.7 20.0 21.4 38.5 55.9 37.9 47.4 42.4 62.3 39.9 51.4 12

13 Discrepancy 81.9 104.2 122.9 122.7 118.7 134.5 124.4 128.4 113.3 133.2 152.1 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 1

 2 Asset: Household sector 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 2
98 Z.1, December 7, 2001

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 6387.1 6730.7 7692.9 8269.8 8464.3 8731.9 9221.0 9104.9 9536.4 9763.7 10222.5 1

 2 Household sector 18.3 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.0 2

 3 Nonfinancial corporate business 2308.7 2193.6 2553.7 2622.9 2652.5 2645.1 2739.5 2751.0 2805.3 2793.3 2764.2 3

 4 Nonfarm noncorporate business 245.5 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 534.8 541.5 4

 5 Federal government 7.3 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 5

 6 Rest of the world 1155.6 1237.4 1388.8 1589.9 1635.3 1783.9 2023.9 1829.9 2194.7 2258.4 2666.2 6

 7 Monetary authority 7.4 9.5 10.7 9.4 10.0 9.6 9.6 10.6 8.8 8.2 8.2 7

 8 Commercial banking 863.0 1023.7 1128.7 1079.9 1096.8 1143.2 1234.1 1248.4 1219.7 1249.4 1352.7 8

 9 Savings institutions 103.5 101.4 99.8 85.4 82.0 86.1 92.7 102.5 108.4 119.8 123.7 9

10 Credit unions 4.6 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 10

11 Life insurance companies 567.5 625.4 687.7 747.2 764.1 765.3 775.4 766.1 759.8 791.0 793.5 11

12 Other insurance companies 509.9 522.3 527.9 540.3 542.2 547.2 551.7 546.3 549.8 555.6 572.4 12

13 Government-sponsored enterprises 67.2 75.1 95.3 89.3 93.8 89.8 87.9 96.7 119.7 118.5 132.6 13

14 Finance companies 202.0 206.0 223.8 290.7 334.2 336.7 353.2 373.5 393.7 388.8 379.1 14

15 Mortgage companies 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 15

16 REITs 9.2 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.5 16

17 Brokers and dealers 110.1 131.1 175.8 185.5 190.1 202.9 206.5 179.3 173.5 260.7 237.7 17

18 Funding corporations 186.9 240.1 307.2 472.5 497.2 541.3 553.2 596.3 587.7 598.4 563.9 18

19 Total assets 7613.6 8279.6 10016.0 11010.3 11372.7 11671.3 11948.9 12329.4 12602.5 12804.6 12983.2 19

20 Household sector 301.4 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 355.2 20

21 Nonfinancial corporate business 3410.8 3628.7 4482.0 5023.6 5164.3 5231.1 5301.9 5421.8 5447.6 5493.0 5440.4 21

22 Nonfarm noncorporate business 203.5 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.5 619.5 630.7 22

23 Farm business 44.4 44.8 45.4 45.6 45.6 46.0 46.2 45.5 45.6 46.3 47.0 23

24 State and local governments 41.0 27.0 11.5 13.1 21.5 21.9 25.0 24.1 40.5 48.6 63.8 24

25 Federal government 110.2 104.8 101.2 100.3 98.7 98.7 98.8 98.9 98.8 100.4 102.1 25

26 Rest of the world 1039.9 1107.7 1342.6 1513.9 1646.0 1755.9 1821.4 1946.4 2215.6 2169.8 2323.1 26

27 Monetary authority 11.2 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 27

28 Commercial banking 823.7 934.0 1079.1 1108.3 1120.8 1151.7 1201.4 1221.5 1220.2 1275.5 1340.4 28

29 Savings institutions 52.9 49.7 62.8 60.3 59.5 63.4 61.9 67.7 84.6 84.8 90.4 29

30 Credit unions 13.7 17.6 24.3 8.0 11.3 13.9 16.7 23.4 31.2 39.9 33.8 30

31 Bank personal trusts and estates 16.0 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 31

32 Life insurance companies 73.7 65.7 69.2 34.9 38.7 43.1 54.0 55.6 37.5 18.9 22.5 32

33 Other insurance companies 33.6 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 33

34 Private pension funds 555.5 590.9 642.3 682.1 693.7 694.1 702.5 692.9 675.5 690.2 675.8 34

35 State and local govt. retirement funds 62.8 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 109.3 35

36 Money market mutual funds 43.8 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 36

37 Mutual funds 4.7 11.8 7.9 3.6 1.9 1.9 2.6 3.1 1.7 0.7 0.9 37

38 Government-sponsored enterprises 60.6 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.8 38

39 Finance companies 153.1 175.1 184.4 235.3 235.8 234.1 249.0 259.6 263.5 237.7 246.2 39

40 REITs 5.6 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.7 40

41 Brokers and dealers 320.7 391.8 499.3 522.8 549.7 573.0 589.1 655.1 580.8 722.1 711.9 41

42 Funding corporations 230.7 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.8 42

43 Discrepancy -1226.5 -1548.9 -2323.1 -2740.5 -2908.3 -2939.4 -2727.8 -3224.6 -3066.2 -3040.8 -2760.7 43
Z.1, December 7, 2001 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 986.5 1067.4 1196.8 1328.0 1368.9 1404.5 1448.1 1445.2 1489.2 1526.9 1552.5 1

 2 Asset: Nonfinancial corporate business 863.2 932.5 1048.4 1160.4 1194.5 1220.3 1252.3 1247.2 1284.2 1316.5 1339.5 2

 3 Commercial banking 42.8 44.2 46.2 49.5 51.4 52.4 56.2 56.8 58.0 59.7 61.2 3

 4 Life insurance companies 6.6 8.6 9.4 11.9 12.9 13.3 14.2 13.8 14.7 15.3 15.8 4

 5 Other insurance companies 33.6 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 5

 6 Finance companies 27.9 35.1 35.6 41.1 43.3 48.2 52.1 51.9 53.9 56.0 56.4 6

 7 Brokers and dealers 12.4 4.2 7.5 11.2 11.7 12.6 13.3 14.2 15.1 15.8 15.9 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 698.4 749.6 804.6 945.5 960.8 1045.5 1101.3 1112.3 1156.1 1180.2 1184.6 8

 9 Nonfarm noncorporate business 4.0 3.9 3.5 3.4 3.4 3.4 3.4 3.5 3.5 3.5 3.5 9

10 Commercial banking 30.3 38.8 44.2 63.3 68.4 68.9 69.7 72.9 73.2 77.1 79.2 10

11 Life insurance companies 17.6 25.2 27.9 40.2 40.8 43.2 48.7 59.2 63.0 66.2 66.3 11

12 Other insurance companies 38.5 46.2 47.5 57.4 58.3 59.8 62.4 64.1 65.6 64.7 63.6 12

13 Finance companies 29.7 35.7 38.3 49.7 47.8 48.6 49.9 67.3 73.2 77.9 80.1 13

14 Brokers and dealers 8.8 8.5 10.1 15.8 16.4 16.8 17.4 16.7 17.8 18.3 19.5 14

15 Funding corporations -81.6 -84.6 -63.9 -80.9 -64.7 -64.3 -53.6 -26.6 -30.0 2.1 18.2 15

16 Asset: Rest of the world 745.6 823.1 912.2 1094.4 1131.4 1221.9 1299.2 1369.5 1422.4 1490.0 1514.9 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 29.2 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 37.7 39.5 17

18 Asset: Federal government 29.2 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 37.7 39.5 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 4.6 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 19

20 Asset: Commercial banking 4.6 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 21.3 21.9 25.3 30.8 31.8 31.6 32.0 33.0 28.0 30.7 24.9 21

22 Asset: Nonfin. corporate business (FNMA) 1.6 0.5 -0.2 -0.8 -0.8 -1.2 -1.1 -0.8 -6.5 -4.2 -10.8 22

23 Nonfarm noncorporate (BC) 1.7 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 23

24 Farm business (FICB and FLB) 1.5 1.5 1.7 1.6 1.5 1.6 1.6 1.6 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) 6.7 8.0 10.0 13.0 13.4 13.4 13.4 13.8 14.1 14.2 14.4 26

27 Savings institutions (FHLB) 9.5 9.9 11.8 14.5 15.1 15.3 15.5 15.7 16.2 16.5 16.9 27

28 Credit unions (FHLB) 0.2 0.2 0.3 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.8 28

29 Life insurance companies (FHLB) 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.3 0.2 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 372.9 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 30

31 Savings institutions 4.7 5.0 5.4 6.0 6.1 6.3 6.4 6.6 6.8 7.0 7.2 31

32 Finance companies 27.3 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.4 32

33 Mortgage companies 20.6 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 33

34 Brokers and dealers 12.3 45.3 93.8 83.5 107.6 113.4 124.8 137.7 153.8 165.0 169.6 34

35 Asset: Bank holding companies 437.8 503.5 603.0 623.0 676.4 686.0 713.7 738.9 769.2 789.2 818.5 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 27.3 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.4 36

37 Asset: Nonfinancial corporate business 27.3 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.4 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 64.5 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 38

39 Brokers and dealers 166.3 209.2 258.2 330.1 328.1 336.2 335.2 338.4 352.3 343.5 338.3 39

40 Asset: Funding corporations 230.7 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.8 40
100 Z.1, December 7, 2001

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.1 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.3 1

 2 Asset: Federal government 2.1 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.3 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 18.0 18.0 24.9 17.1 15.1 12.9 13.6 17.0 29.9 26.1 29.3 5

 6 Asset: Savings institutions 18.0 18.0 24.9 17.1 15.1 12.9 13.6 17.0 29.9 26.1 29.3 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 18.3 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.0 7

 8 Asset: Life insurance companies 18.3 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 103.9 112.2 120.1 131.9 132.8 135.4 136.7 136.8 136.8 140.4 142.9 9

10 Health 69.4 75.7 83.0 93.5 94.4 96.5 97.1 97.4 96.8 99.5 101.7 10

11 Policy dividend accumulation 34.5 36.4 37.1 38.4 38.4 38.8 39.6 39.5 40.0 40.9 41.3 11

12 Asset: Household sector 103.9 112.2 120.1 131.9 132.8 135.4 136.7 136.8 136.8 140.4 142.9 12

 Policy payables:

13 Liab.: Other insurance companies 471.4 476.2 480.4 482.9 483.9 487.5 489.3 482.1 484.2 490.9 508.9 13

14 Asset: Household sector 197.5 199.5 201.3 202.3 202.7 204.2 205.0 202.0 202.9 205.7 212.2 14

15 Nonfinancial corporate business 186.2 188.1 189.8 190.8 191.1 192.5 193.3 190.4 191.3 193.9 203.0 15

16 Nonfarm noncorporate business 44.8 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.3 16

17 Farm business 42.9 43.3 43.7 43.9 44.0 44.4 44.5 43.9 44.1 44.7 45.3 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 361.1 381.9 422.8 457.1 467.2 465.0 471.5 460.7 442.5 455.0 440.4 18

19 Asset: Private pension funds 361.1 381.9 422.8 457.1 467.2 465.0 471.5 460.7 442.5 455.0 440.4 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 86.4 93.5 95.4 96.4 96.7 96.9 97.2 97.4 97.7 97.9 98.2 20

21 Asset: Private pension funds 86.4 93.5 95.4 96.4 96.7 96.9 97.2 97.4 97.7 97.9 98.2 21

 Securities borrowed (net):

22 Liab.: Funding corporations 276.1 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 558.2 22

23 Asset: Brokers and dealers 276.1 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 558.2 23
Z.1, December 7, 2001 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2566.8 2531.1 2985.5 3059.3 3058.1 3161.9 3481.1 3223.2 3546.6 3582.4 3968.6 1

 2 Nonfinancial corporate business 1523.9 1350.5 1653.6 1581.0 1595.0 1502.7 1541.1 1541.2 1551.5 1515.1 1481.4 2

 3 Nonfarm noncorporate business 241.5 297.5 411.7 467.7 479.2 490.7 500.9 513.7 522.4 531.3 538.1 3

 4 Federal government 7.3 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 4

 5 Rest of the world 137.7 137.0 157.7 225.5 230.0 342.5 538.4 346.8 667.1 691.3 1071.9 5

 6 Monetary authority 2.8 4.0 4.8 3.0 3.3 2.8 2.7 3.6 1.8 1.0 0.9 6

 7 Commercial banking 395.4 492.5 525.0 451.7 421.8 458.7 529.7 511.4 462.4 482.8 582.1 7

 8 U.S.-chartered commercial banks 147.7 185.1 206.6 181.2 200.4 212.6 253.9 263.3 225.8 206.4 278.2 8

 9 Foreign banking offices in U.S. 200.5 233.9 222.4 158.4 117.7 138.8 147.4 119.0 97.1 115.4 139.3 9

10 Bank holding companies 36.3 57.9 74.1 88.1 78.9 82.1 101.4 104.4 115.0 134.6 140.2 10

11 Banks in U.S.-affiliated areas 10.9 15.6 21.9 24.1 24.7 25.3 26.9 24.8 24.5 26.4 24.5 11

12 Savings institutions 98.8 96.4 94.4 79.4 75.9 79.8 86.2 95.9 101.6 112.8 116.6 12

13 Credit unions 4.6 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 13

14 Life insurance companies 84.9 106.2 116.9 118.0 123.2 121.6 118.5 109.3 117.6 129.4 143.9 14

15 Government-sponsored enterprises 28.0 35.1 45.2 41.4 47.0 45.4 42.3 46.7 61.7 61.7 78.4 15

16 Finance companies 117.8 123.2 151.2 153.1 179.2 193.0 203.3 203.6 223.3 217.5 208.2 16

17 REITs 9.2 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.5 17

18 Brokers and dealers -77.3 -131.9 -186.2 -243.9 -262.0 -263.5 -270.8 -313.5 -350.4 -266.1 -289.6 18

19 Funding corporations -7.6 -8.6 -32.2 133.9 117.9 138.1 136.2 114.7 135.1 55.2 -12.5 19

20 Total assets 3793.3 4080.0 5308.6 5799.9 5966.5 6101.2 6208.9 6447.7 6612.7 6623.2 6729.3 20

21 Nonfinancial corporate business 2332.6 2484.1 3226.9 3629.3 3725.8 3771.9 3807.5 3933.7 3930.0 3940.1 3863.3 21

22 Nonfarm noncorporate business 157.1 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.9 571.3 580.8 22

23 State and local governments 41.0 27.0 11.5 13.1 21.5 21.9 25.0 24.1 40.5 48.6 63.8 23

24 Federal government 78.8 71.9 66.9 63.9 62.2 61.8 61.5 61.0 60.4 60.2 60.3 24

25 Rest of the world 294.3 284.5 430.5 419.5 514.7 534.0 522.2 576.9 793.3 679.8 808.2 25

26 Monetary authority 11.2 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 26

27 Commercial banking 331.8 372.9 414.0 416.4 372.8 393.2 411.2 404.9 372.0 405.3 439.1 27

28 U.S.-chartered commercial banks 78.7 87.6 113.1 109.0 114.2 113.2 113.1 115.2 126.9 123.1 150.5 28

29 Foreign banking offices in U.S. 197.2 234.3 234.6 213.3 170.7 184.4 190.5 176.8 133.0 165.6 169.4 29

30 Bank holding companies 51.1 44.4 56.5 85.4 79.6 86.8 98.4 106.3 105.0 105.5 111.1 30

31 Banks in U.S.-affiliated areas 4.8 6.6 9.7 8.7 8.4 8.8 9.2 6.6 7.1 11.1 8.2 31

32 Savings institutions 25.3 21.7 26.2 28.7 29.4 35.2 32.8 34.9 38.5 42.3 44.1 32

33 Credit unions 13.6 17.3 24.0 7.5 10.7 13.3 16.1 22.8 30.5 39.2 33.0 33

34 Bank personal trusts and estates 16.0 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 34

35 Life insurance companies 48.7 38.3 42.4 3.2 6.9 10.6 20.8 21.9 3.7 -15.1 -12.6 35

36 Private pension funds 108.0 115.4 124.1 128.6 129.8 132.1 133.8 134.8 135.3 137.3 137.2 36

37 State and local govt. retirement funds 62.8 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 109.3 37

38 Mutual funds 4.7 11.8 7.9 3.6 1.9 1.9 2.6 3.1 1.7 0.7 0.9 38

39 Money market mutual funds 43.8 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 39

40 Government-sponsored enterprises 60.6 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.8 40

41 Finance companies 125.3 140.0 148.8 194.2 192.5 185.9 196.9 207.7 209.6 181.7 189.8 41

42 REITs 5.6 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.7 42

43 Brokers and dealers 32.2 54.4 88.6 92.1 94.2 93.0 105.3 132.7 83.0 165.3 137.8 43

44 Discrepancy -1226.5 -1548.9 -2323.1 -2740.5 -2908.3 -2939.4 -2727.8 -3224.6 -3066.2 -3040.8 -2760.7 44
102 Z.1, December 7, 2001

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 35165.6 39326.0 43244.3 48768.3 49929.4 49592.9 49880.5 48828.9 47268.0 48412.2 46648.1 1

 2 Tangible assets 11189.2 11919.9 12796.4 13796.0 14121.7 14553.9 14927.9 15283.3 15613.3 15947.4 16244.3 2

 3 Real estate 8844.4 9500.5 10268.3 11086.4 11355.4 11728.9 12054.0 12358.6 12638.4 12947.0 13219.0 3

 4 Households (2,3) 8009.9 8560.1 9209.9 9971.1 10228.8 10548.9 10846.5 11133.5 11408.5 11714.2 11984.8 4

 5 Nonprofit organizations 834.5 940.4 1058.5 1115.3 1126.6 1180.0 1207.5 1225.1 1229.9 1232.9 1234.2 5

 Equipment and software owned by

 6 nonprofit organizations (4) 85.6 90.6 97.3 105.2 107.9 110.7 113.7 116.1 117.2 118.9 119.9 6

 7 Consumer durable goods (4) 2259.2 2328.8 2430.8 2604.5 2658.4 2714.3 2760.2 2808.6 2857.6 2881.4 2905.5 7

 8 Financial assets 23976.5 27406.1 30447.9 34972.3 35807.7 35039.0 34952.6 33545.6 31654.8 32464.9 30403.8 8

 9 Deposits 3440.7 3622.2 3953.3 4141.0 4327.3 4313.6 4384.2 4543.1 4738.4 4709.8 4835.9 9

10 Foreign deposits 35.5 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 45.8 43.3 10

11 Checkable deposits and currency 470.6 436.8 408.3 366.8 365.9 324.8 292.3 324.5 326.2 328.7 339.8 11

12 Time and savings deposits 2434.0 2565.9 2759.6 2859.1 2961.7 3025.8 3107.1 3164.3 3269.0 3313.5 3361.2 12

13 Money market fund shares 500.7 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1021.8 1091.7 13

14 Credit market instruments 2086.8 2031.3 1967.7 2184.5 2114.4 2089.7 2040.3 1977.4 1928.0 1869.6 1832.7 14

15 Open market paper 54.7 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 15

16 U.S. government securities 998.4 865.0 676.7 829.2 762.7 676.6 648.2 615.0 489.8 444.0 452.4 16

17 Treasury 739.1 598.8 485.5 555.0 505.1 400.9 364.3 355.2 339.4 261.6 278.4 17

18 Savings bonds 187.0 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 18

19 Other Treasury 552.1 412.3 298.9 368.6 319.9 216.3 179.9 170.5 154.7 76.2 92.0 19

20 Agency 259.4 266.2 191.2 274.2 257.5 275.7 283.9 259.8 150.3 182.4 174.0 20

21 Municipal securities 433.2 468.8 488.3 526.6 529.1 543.4 543.1 541.2 559.4 574.7 554.8 21

22 Corporate and foreign bonds 491.0 531.7 628.5 650.8 642.5 688.1 665.9 637.1 700.3 676.4 654.5 22

23 Mortgages 109.5 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.0 23

24 Corporate equities (2) 4895.6 6302.5 7259.7 9342.8 9507.6 8862.9 8518.0 7487.1 6285.5 6643.8 5471.8 24

25 Mutual fund shares (5) 1495.4 1941.2 2362.0 3066.3 3302.7 3240.1 3279.5 3043.2 2739.3 2934.5 2544.7 25

26 Security credit 162.9 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 484.2 26

27 Life insurance reserves 610.6 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 841.5 27

28 Pension fund reserves 6325.1 7323.4 8193.7 9041.7 9237.9 9166.7 9307.9 9054.8 8588.9 8849.7 8281.0 28

29 Investment in bank personal trusts 871.3 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 29

30 Equity in noncorporate business (6) 3786.6 4051.0 4394.1 4623.6 4652.1 4745.9 4782.7 4850.2 4882.4 4893.8 4897.1 30

31 Miscellaneous assets 301.4 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 355.2 31

32 Liabilities 5445.8 5824.8 6320.9 6921.6 7048.0 7198.2 7369.2 7508.8 7538.9 7718.9 7946.9 32

33 Credit market instruments 5223.9 5556.9 6024.1 6541.5 6608.3 6772.9 6938.9 7115.5 7186.3 7362.9 7531.7 33

34 Home mortgages (7) 3577.7 3818.1 4169.5 4558.9 4626.3 4740.5 4848.7 4941.5 5023.4 5171.3 5305.9 34

35 Consumer credit 1214.1 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1622.8 35

36 Municipal securities (8) 104.9 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 36

37 Bank loans n.e.c. 58.0 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.7 37

38 Other loans and advances 172.7 190.7 204.0 218.9 222.8 227.4 242.1 246.3 251.1 255.9 260.9 38

39 Commercial mortgages (8) 96.6 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 128.9 39

40 Security credit 94.4 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 253.0 40

41 Trade payables (8) 109.1 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 41

 Deferred and unpaid

42 life insurance premiums 18.3 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.0 42

43 Net worth 29719.9 33501.2 36923.4 41846.7 42881.4 42394.6 42511.4 41320.1 39729.1 40693.4 38701.2 43

 Memo:

 Replacement-cost value of structures:

44 Residential 6352.4 6712.9 7158.5 7662.8 7859.6 7968.9 8114.3 8247.3 8379.2 8484.2 8593.5 44

45 Households 6049.9 6396.0 6826.9 7321.0 7511.5 7619.4 7762.2 7892.9 8021.5 8112.2 8220.7 45

46 Farm households 178.9 188.7 198.0 203.8 207.4 208.1 209.5 210.8 212.7 225.6 226.0 46

47 Nonprofit organizations 123.7 128.2 133.5 138.1 140.7 141.4 142.5 143.6 145.1 146.3 146.8 47

48 Nonresidential (nonprofits) 624.2 664.8 710.9 751.9 767.7 778.9 793.6 808.7 827.2 840.0 849.1 48

49 Disposable personal income 5677.7 5968.2 6355.6 6618.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7577.0 49

 Household net worth as percentage of

50 disposable personal income 523.4 561.3 581.0 632.3 625.2 606.2 600.3 574.7 544.6 552.7 510.8 50

 Owners’ equity in household real

51 estate (9) 4432.2 4742.0 5040.4 5412.2 5602.5 5808.3 5997.8 6192.1 6385.2 6542.8 6678.9 51

 Owners’ equity as percentage of

52 household real estate (10) 55.3 55.4 54.7 54.3 54.8 55.1 55.3 55.6 56.0 55.9 55.7 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 34.

(10) Line 51 divided by line 4.
Z.1, December 7, 2001 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 With tangible assets stated at either market value or replacement cost:

 1 Assets 12724.6 13680.6 14998.1 16166.9 16448.2 16897.0 17248.7 17431.9 17404.3 17450.0 17342.1 1

 2 Tangible assets 7266.8 7871.9 8181.9 8602.8 8704.8 9000.2 9188.4 9300.5 9295.0 9298.8 9281.6 2

 3 Real estate (1) 3660.9 4100.9 4220.9 4403.3 4429.1 4640.9 4745.3 4796.2 4799.2 4795.1 4795.9 3

 4 Equipment and software (2) 2515.2 2641.4 2790.0 2942.2 2999.7 3058.4 3122.8 3170.6 3186.4 3212.6 3207.4 4

 5 Inventories (2) 1090.7 1129.6 1171.0 1257.2 1276.0 1300.9 1320.3 1333.7 1309.4 1291.1 1278.3 5

 6 Financial assets 5457.7 5808.7 6816.1 7564.2 7743.4 7896.8 8060.3 8131.3 8109.3 8151.2 8060.6 6

 7 Foreign deposits 28.2 23.1 30.5 28.3 22.2 26.5 40.0 22.9 16.1 16.3 16.3 7

 8 Checkable deposits and currency 244.3 251.9 287.1 321.9 307.3 333.9 363.1 346.6 315.0 304.0 296.7 8

 9 Time and savings deposits 99.7 119.4 112.6 128.8 116.8 113.6 116.8 133.9 124.6 118.5 117.1 9

10 Money market fund shares 67.6 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 10

11 Security RPs 3.9 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 2.5 11

12 Commercial paper 31.5 36.1 39.4 43.7 38.3 37.3 40.6 44.0 43.0 45.3 43.5 12

13 U.S. government securities 75.6 34.8 34.2 32.1 36.7 41.6 42.3 34.0 33.9 34.5 41.0 13

14 Municipal securities 31.0 27.4 25.7 22.3 23.9 35.9 27.6 33.1 23.9 31.6 34.9 14

15 Mortgages 54.4 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 15

16 Consumer credit 77.7 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 16

17 Trade receivables 1273.1 1366.6 1452.9 1566.3 1639.0 1689.9 1728.6 1675.8 1680.3 1653.3 1633.9 17

18 Mutual fund shares (1) 59.9 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 18

19 Miscellaneous assets 3410.8 3628.7 4482.0 5023.6 5164.3 5231.1 5301.9 5421.8 5447.6 5493.0 5440.4 19

20 Liabilities 6378.6 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8820.5 8936.6 8976.9 9011.2 20

21 Credit market instruments 3093.0 3383.9 3790.2 4265.3 4415.3 4562.2 4618.0 4695.9 4785.7 4881.5 4922.8 21

22 Commercial paper 156.4 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 22

23 Municipal securities (3) 137.9 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 23

24 Corporate bonds (4) 1460.4 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.8 2437.8 2484.7 24

25 Bank loans n.e.c. 642.1 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.5 25

26 Other loans and advances 467.9 507.7 562.0 596.5 632.2 653.7 639.9 669.9 670.6 688.8 693.2 26

27 Mortgages 228.4 262.1 283.4 378.8 394.7 411.4 421.4 441.1 453.3 477.3 501.0 27

28 Trade payables 927.0 992.1 1049.7 1194.1 1197.6 1220.3 1261.2 1295.7 1261.0 1221.2 1215.2 28

29 Taxes payable 49.9 59.2 64.1 71.0 82.8 80.2 80.1 77.9 84.5 81.0 109.0 29

30 Miscellaneous liabilities 2308.7 2193.6 2553.7 2622.9 2652.5 2645.1 2739.5 2751.0 2805.3 2793.3 2764.2 30

31 Net worth (market value) 6346.0 7051.9 7540.5 8013.6 8100.1 8389.1 8549.9 8611.4 8467.7 8473.1 8331.0 31

 Memo:

 Replacement-cost value of structures:

32 Residential 81.6 86.5 91.7 96.4 98.7 99.6 100.8 101.9 103.4 104.3 105.1 32

33 Nonresidential 3249.1 3456.2 3602.0 3790.6 3865.5 3916.8 3986.1 4057.1 4145.5 4195.9 4238.7 33

 Market value of equities outstanding

34 (includes corporate farm equities) 7644.4 9774.6 11606.7 15117.0 15727.7 14938.5 14458.4 12740.8 10989.6 11691.2 9681.6 34

35 Debt/net worth (percent) (5) 48.7 48.0 50.3 53.2 54.5 54.4 54.0 54.5 56.5 57.6 59.1 35

36 Debt/equities (percent) (6) 40.5 34.6 32.7 28.2 28.1 30.5 31.9 36.9 43.5 41.8 50.8 36

37 Equities/net worth (percent) (7) 120.5 138.6 153.9 188.6 194.2 178.1 169.1 148.0 129.8 138.0 116.2 37

 With tangible assets stated at historical cost:

38 Assets (8) 10732.8 11397.4 12754.8 13871.2 14183.1 14428.1 14723.7 14889.4 14975.8 15033.0 15075.3 38

39 Tangible assets 5275.1 5588.7 5938.7 6307.0 6439.7 6531.3 6663.4 6758.0 6866.4 6881.8 7014.7 39

40 Real estate 2044.3 2159.6 2288.2 2417.3 2450.5 2480.9 2517.4 2552.3 2591.8 2628.1 2663.2 40

41 Equipment and software 2163.1 2330.1 2513.1 2721.2 2779.8 2840.9 2901.7 2959.1 3010.2 3008.1 3030.9 41

42 Inventories 1067.7 1099.0 1137.3 1168.5 1209.4 1209.5 1244.3 1246.6 1264.4 1245.7 1320.6 42

43 Net worth (historical cost) (9) 4354.2 4768.7 5297.2 5717.8 5835.0 5920.2 6024.8 6068.9 6039.2 6056.1 6064.1 43

 Memo:

 Historical-cost value of structures:

44 Residential 34.0 35.6 37.3 39.2 40.0 40.8 41.6 42.6 43.7 44.8 46.1 44

45 Nonresidential 1810.8 1923.6 2053.4 2178.5 2211.1 2245.1 2281.2 2318.6 2358.3 2391.9 2426.5 45

46 Debt/net worth (percent) (10) 71.0 71.0 71.6 74.6 75.7 77.1 76.6 77.4 79.2 80.6 81.2 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 7, 2001

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 4491.1 4898.7 5517.0 5987.5 6069.5 6243.7 6338.1 6458.7 6537.8 6614.5 6672.2 1

 2 Tangible assets 3849.7 4126.3 4415.2 4723.3 4774.2 4902.2 4971.1 5065.1 5115.4 5164.3 5200.8 2

 3 Real estate (1) 3361.2 3615.9 3866.9 4116.8 4185.8 4331.6 4419.4 4504.9 4544.5 4581.9 4619.8 3

 4 Residential 2534.9 2727.6 2911.8 3139.5 3210.9 3305.8 3368.9 3434.7 3483.0 3519.7 3551.0 4

 5 Nonresidential 826.2 888.3 955.1 977.3 974.9 1025.7 1050.4 1070.2 1061.5 1062.2 1068.8 5

 6 Equipment and software (2) 431.2 450.9 486.7 540.3 521.2 502.1 482.2 490.0 502.0 514.5 529.3 6

 7 Residential (3) 74.3 75.6 77.7 77.6 77.7 77.9 77.9 78.0 78.2 74.3 74.4 7

 8 Nonresidential 356.9 375.3 409.0 462.7 443.5 424.2 404.3 412.0 423.8 440.2 454.9 8

 9 Inventories (2) 57.4 59.5 61.6 66.2 67.2 68.5 69.5 70.2 68.9 68.0 51.7 9

10 Financial assets 641.3 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1422.4 1450.2 1471.4 10

11 Checkable deposits and currency 124.0 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.3 11

12 Time and savings deposits 75.0 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 12

13 Money market fund shares 19.2 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 66.6 68.8 13

14 Treasury securities 26.7 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 14

15 Municipal securities 2.6 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 15

16 Mortgages 20.4 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 169.8 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 340.7 344.0 18

19 Miscellaneous assets 203.5 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.5 619.5 630.7 19

20 Insurance receivables 44.8 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.3 20

21 Equity investment in GSEs (4) 1.7 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 21

22 Other 157.1 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.9 571.3 580.8 22

23 Liabilities 1534.1 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2520.6 2565.6 2601.3 23

24 Credit market instruments 1129.3 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 24

25 Bank loans n.e.c. 193.6 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 25

26 Other loans and advances 92.5 95.8 108.9 116.7 119.9 123.7 125.4 127.8 128.2 132.6 128.9 26

27 Mortgages 843.2 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 27

28 Trade payables 116.8 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 28

29 Taxes payable 42.5 49.8 60.5 68.8 71.0 73.7 74.9 76.3 77.3 78.1 78.7 29

30 Miscellaneous liabilities 245.5 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 534.8 541.5 30

31 Net worth (5) 2957.0 3175.8 3506.8 3732.3 3759.9 3865.6 3913.7 3981.6 4017.2 4048.9 4070.9 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1711.9 1751.5 1834.3 1965.7 1957.5 1976.5 1959.4 1956.7 1958.4 1985.2 2006.3 32

33 Nonresidential 709.2 666.1 626.5 674.9 677.6 682.3 687.9 679.2 667.7 661.1 663.8 33

34 Debt/net worth (percent) (6) 38.2 38.5 38.9 40.7 41.3 41.4 41.7 41.8 42.2 42.7 43.1 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 30.

(6) Line 24 divided by line 31.
Z.1, December 7, 2001 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 2530.3 3781.3 3422.2 4923.3 1034.7 -486.8 116.8 -1191.3 -1591.0 964.3 -1992.2 1

 2 Net investment 403.1 329.6 429.1 337.5 105.4 -31.9 44.3 131.8 164.9 -48.7 114.0 2

 3 Net physical investment 310.6 366.6 438.9 500.7 123.1 136.3 142.0 130.4 104.2 123.0 131.0 3

 4 Capital expenditures 907.2 982.0 1081.7 1195.4 305.0 322.0 331.7 323.7 301.2 328.5 341.7 4

 5 - Consumption of fixed capital 596.6 615.4 642.8 694.7 181.9 185.6 189.7 193.3 197.0 205.5 210.8 5

 6 Net financial investment 92.5 -37.0 -9.8 -163.3 -17.7 -168.3 -97.7 1.4 60.7 -171.7 -17.0 6

 7 Net acquisition of financial assets 461.0 341.7 486.3 437.1 108.7 -18.1 62.1 133.0 90.8 8.3 211.1 7

 8 - Net increase in liabilities 368.5 378.7 496.1 600.4 126.4 150.2 159.8 131.7 30.1 179.9 228.0 8

 Holding gains on assets stated

 9 at market value (2) 2113.5 3594.3 3121.6 4580.9 942.1 -452.9 94.8 -1268.4 -1748.6 1040.6 -2085.9 9

10 Real estate 246.9 459.6 540.6 562.3 215.4 297.7 247.2 230.5 231.8 238.8 186.2 10

11 Corporate equities 927.3 1700.2 1206.0 2347.5 316.2 -547.2 -251.8 -913.4 -1107.0 410.2 -1132.4 11

12 Mutual fund shares 141.0 186.2 177.4 562.6 154.7 -126.5 -20.9 -260.1 -331.0 119.2 -421.9 12

13 Equity in noncorporate business 219.2 335.3 423.7 294.2 52.7 101.1 42.3 76.7 59.4 9.3 15.2 13

 Life insurance and

14 pension fund reserves 505.5 791.9 673.6 678.4 168.5 -142.7 78.4 -321.8 -518.0 222.1 -635.3 14

 Investment in bank personal

15 trusts and estates 73.6 121.1 100.3 135.9 34.7 -35.4 -0.4 -80.3 -83.8 41.0 -97.7 15

 Holding gains on assets stated

16 at current cost (2) -55.1 -96.9 -103.2 -57.2 -12.0 -5.5 -14.9 -8.5 -6.7 -25.6 -20.6 16

17 Consumer durable goods -53.6 -94.9 -100.8 -54.9 -11.9 -5.4 -15.0 -8.1 -5.3 -25.4 -20.2 17

18 Equipment and software -1.5 -2.0 -2.4 -2.3 -0.1 -0.2 0.1 -0.4 -1.4 -0.2 -0.4 18

19 Other factors (3) 68.8 -45.7 -25.2 62.2 -0.8 3.6 -7.4 -46.2 -0.6 -2.0 0.3 19

 Memo:

20 Net worth outstanding (4) 29719.9 33501.2 36923.4 41846.7 42881.4 42394.6 42511.4 41320.1 39729.1 40693.4 38701.2 20

21 Disposable personal income 5677.7 5968.2 6355.6 6618.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7577.0 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 43.
106 Z.1, December 7, 2001

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 620.0 705.9 488.6 473.1 86.5 289.0 160.8 61.5 -143.6 5.4 -142.1 1

 2 Net investment 206.4 146.2 -5.1 148.9 66.0 32.3 46.3 -0.1 20.5 36.2 -7.5 2

 3 Net physical investment 220.3 271.7 308.0 360.9 99.3 104.4 97.6 90.3 73.8 59.9 34.8 3

 4 Capital expenditures 687.7 778.6 849.6 916.2 236.3 248.0 252.6 245.3 231.8 218.4 209.2 4

 5 - Consumption of fixed capital 459.5 489.7 519.2 556.5 145.9 149.0 152.4 155.1 158.1 162.9 174.3 5

 6 - Inventory valuation adjustment 3.1 8.5 18.4 -2.9 -8.9 -5.7 2.5 -0.2 -0.2 -4.5 0.0 6

 7 - Access rights from fed. government 4.8 8.8 4.1 1.7 0 0.3 0.2 0.1 0.1 0.1 0.1 7

 8 Net financial investment 55.5 -11.1 -46.1 -68.5 -48.6 -10.8 -34.4 -2.7 -46.9 -5.5 -12.7 8

 9 Net acquisition of financial assets 454.0 272.4 569.9 665.2 163.0 176.2 163.7 119.8 30.1 15.7 21.9 9

10 - Net increase in liabilities 398.5 283.5 616.0 733.7 211.7 187.0 198.1 122.4 76.9 21.3 34.6 10

11 Net corporate equity issues -69.5 -114.4 -267.0 -143.5 15.3 -61.3 -16.9 -87.7 -6.4 -18.2 -29.6 11

 Holding gains on assets stated

12 at market value (2) 289.9 396.0 70.3 121.6 9.0 192.8 80.7 21.1 -35.0 -24.1 -35.5 12

13 Real estate 279.0 378.6 55.8 96.8 5.0 198.3 80.7 32.8 -22.6 -30.3 -20.7 13

14 Mutual fund shares 10.9 17.5 14.6 24.8 4.0 -5.6 -0.0 -11.7 -12.4 6.2 -14.8 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 8.1 -12.1 28.1 57.9 -2.3 -2.9 10.4 -30.9 -55.5 -27.3 -30.6 15

16 Equipment and software -17.0 -36.5 -38.4 -65.0 -3.3 -4.6 1.6 -11.7 -37.2 -13.0 -30.7 16

17 Inventories (3) 2.9 -9.6 -8.9 26.3 1.0 1.6 8.7 4.2 -18.3 -14.4 0.1 17

18 Direct investment abroad 7.7 -15.0 -13.2 -24.2 0 0 0 -35.2 0 0 0 18

19 - Foreign direct investment in U.S. -14.5 -49.0 -88.6 -120.9 0.0 -0.0 0.0 -11.8 0.0 0.0 0.0 19

20 Other factors (4) 115.6 175.7 395.2 144.7 13.8 66.8 23.4 71.4 -73.7 20.5 -68.5 20

 Memo:

21 Net worth outstanding (market value) 6346.0 7051.9 7540.5 8013.6 8100.1 8389.1 8549.9 8611.4 8467.7 8473.1 8331.0 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 425.6 414.4 528.5 420.6 117.2 85.2 104.6 44.1 -29.7 16.9 8.0 22

23 Net investment flow 206.4 146.2 -5.1 148.9 66.0 32.3 46.3 -0.1 20.5 36.2 -7.5 23

24 Net physical investment 220.3 271.7 308.0 360.9 99.3 104.4 97.6 90.3 73.8 59.9 34.8 24

25 Capital expenditures 687.7 778.6 849.6 916.2 236.3 248.0 252.6 245.3 231.8 218.4 209.2 25

26 - Consumption of fixed capital 459.5 489.7 519.2 556.5 145.9 149.0 152.4 155.1 158.1 162.9 174.3 26

27 - Inventory valuation adjustment 3.1 8.5 18.4 -2.9 -8.9 -5.7 2.5 -0.2 -0.2 -4.5 0.0 27

28 - Access rights from fed. government 4.8 8.8 4.1 1.7 0 0.3 0.2 0.1 0.1 0.1 0.1 28

29 Net financial investment 55.5 -11.1 -46.1 -68.5 -48.6 -10.8 -34.4 -2.7 -46.9 -5.5 -12.7 29

30 Net acquisition of financial assets 454.0 272.4 569.9 665.2 163.0 176.2 163.7 119.8 30.1 15.7 21.9 30

31 - Net increase in liabilities 398.5 283.5 616.0 733.7 211.7 187.0 198.1 122.4 76.9 21.3 34.6 31

32 Net corporate equity issues -69.5 -114.4 -267.0 -143.5 15.3 -61.3 -16.9 -87.7 -6.4 -18.2 -29.6 32

 Valuation adjustment on

33 reproducible assets (6) 5.1 -23.6 -15.6 -62.0 15.3 -27.8 14.3 -13.5 13.4 -71.2 64.3 33

34 Holding gains on mutual fund shares (2) 10.9 17.5 14.6 24.8 4.0 -5.6 -0.0 -11.7 -12.4 6.2 -14.8 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 22.2 34.0 75.4 96.7 -0.0 0.0 -0.0 -23.4 -0.0 -0.0 -0.0 35

36 Direct investment abroad 7.7 -15.0 -13.2 -24.2 0 0 0 -35.2 0 0 0 36

37 - Foreign direct investment in U.S. -14.5 -49.0 -88.6 -120.9 0.0 -0.0 0.0 -11.8 0.0 0.0 0.0 37

38 Other factors (4) 181.0 240.3 459.2 212.2 31.9 86.2 44.1 92.7 -51.2 45.7 -34.0 38

 Memo:

39 Net worth outstanding (historical cost) 4354.2 4768.7 5297.2 5717.8 5835.0 5920.2 6024.8 6068.9 6039.2 6056.1 6064.1 39

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
Z.1, December 7, 2001 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1996 1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 155.5 218.8 331.0 225.5 27.7 105.6 48.2 67.9 35.6 31.7 22.0 1

 2 Net investment (2) -45.7 -85.8 -86.0 -68.8 -29.2 -4.6 -14.8 -11.0 -28.0 1.1 -6.2 2

 3 Net physical investment -8.5 -27.4 -24.1 9.8 -5.9 17.8 5.9 15.0 -13.2 18.3 8.4 3

 4 Capital expenditures 102.2 91.1 100.3 145.8 29.4 53.6 42.4 52.1 24.5 57.6 47.8 4

 5 - Consumption of fixed capital 110.8 118.5 124.4 136.0 35.3 35.8 36.5 37.1 37.7 39.3 39.4 5

 6 Net acquisition of financial assets 95.4 131.1 186.0 160.6 31.0 46.2 25.5 26.6 28.8 27.7 21.2 6

 - Net increase in liabilities from:

 7 Credit market instruments 67.3 94.7 139.7 155.4 34.1 45.9 31.2 34.5 30.7 32.4 26.0 7

 8 Trade payables 30.6 31.0 23.1 25.5 6.5 8.3 3.6 4.0 3.2 2.8 2.4 8

 9 Taxes payable 4.9 7.3 10.7 8.3 2.2 2.8 1.2 1.4 1.0 0.8 0.6 9

10 Miscellaneous liabilities 29.7 56.5 74.3 50.1 11.5 11.5 10.3 12.8 8.7 8.9 6.8 10

 Holding gains on assets stated

11 at market value (real estate) (3) 165.8 281.3 279.5 247.3 71.6 139.0 81.4 73.1 42.9 29.8 24.4 11

12 Residential 145.7 192.5 183.9 226.6 71.0 94.8 63.4 66.4 48.8 36.5 31.1 12

13 Nonresidential 20.1 88.7 95.6 20.7 0.5 44.2 18.0 6.8 -5.9 -6.8 -6.7 13

 Holding gains on assets stated

14 at current cost (3) 33.1 18.7 29.2 53.3 -14.1 -27.9 -17.5 6.9 21.8 0.5 2.0 14

15 Residential equipment and software 1.7 -0.0 0.6 -1.7 -0.4 -0.2 -0.4 -0.2 -0.1 -4.6 -0.5 15

16 Nonresidential equipment and software 31.4 19.7 30.1 53.5 -14.3 -28.2 -17.4 6.9 23.0 5.7 18.1 16

17 Inventories -0.0 -0.9 -1.5 1.6 0.5 0.4 0.3 0.2 -1.0 -0.5 -15.6 17

18 Other factors (4) 2.3 4.6 108.2 -6.4 -0.6 -0.8 -0.9 -1.1 -1.2 0.3 1.8 18

 Memo:

19 Net worth outstanding (5) 2957.0 3175.8 3506.8 3732.3 3759.9 3865.6 3913.7 3981.6 4017.2 4048.9 4070.9 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding during period less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.
108 Z.1, December 7, 2001

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 1

 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 6

 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 6.7 1.5 7.5 8

 9 U.S. government securities 10.9 16.4 9.4 9.7 10.0 7.4 9.3 23.9 20.3 13.0 17.0 9

10 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 10

11 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 12

13 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 13

14 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 18

19 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 10.0 12.0 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 4.8 2.3 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 9.4 24

25 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 25

26 Miscellaneous liabilities (2) 7.1 5.5 10.5 13.7 14.2 14.0 16.0 28.6 16.8 15.8 21.2 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, December 7, 2001 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Total financial assets 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 54.7 56.1 63.7 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 218.2 8

 9 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 12

13 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 34.1 36.4 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 104.5 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 214.2 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, December 7, 2001

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2440.0 2613.8 2786.1 3023.9 2960.3 3013.6 3047.7 3073.9 3096.8 3104.6 2929.5 1

 2 Personal tax and nontax receipts 968.8 1070.5 1159.3 1288.2 1245.3 1277.3 1300.2 1329.8 1345.2 1351.4 1195.5 2

 3 Corporate profit tax accruals 237.2 238.9 253.0 271.5 277.0 280.4 274.9 253.5 236.8 228.0 206.0 3

 4 Indirect business tax and nontax accruals 646.2 681.3 713.1 762.7 749.4 758.3 767.6 775.6 785.7 792.4 794.7 4

 5 Contributions for social insurance 587.8 623.3 660.8 701.6 688.6 697.6 705.0 715.0 729.1 732.8 733.3 5

 6 Current expenditures, NIPA basis 2462.4 2529.3 2624.8 2772.5 2714.2 2770.0 2783.0 2822.8 2869.2 2896.5 2937.4 6

 7 Consumption expenditures 1223.3 1261.4 1327.9 1422.8 1390.6 1426.1 1430.2 1444.1 1474.2 1491.4 1504.2 7

 8 Transfer payments (net) 945.0 965.9 1000.1 1050.0 1022.6 1043.4 1053.2 1080.7 1094.6 1111.6 1130.2 8

 9 Net interest paid 275.3 278.8 263.8 262.6 263.9 264.0 262.7 259.7 253.0 241.7 231.6 9

10 - Dividends received by government 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 10

11 Subsidies less current surplus of govt. enterprises 19.1 23.6 33.3 37.6 37.5 36.9 37.3 38.7 47.8 52.2 71.8 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -22.4 84.6 161.4 251.4 246.1 243.6 264.7 251.1 227.6 208.1 -7.9 13

14 + Consumption of fixed capital 181.0 187.7 198.1 211.4 206.5 209.9 213.1 215.9 218.6 221.3 229.4 14

15 - Insurance and pension fund reserves (2) 3.4 4.4 3.8 1.8 0.3 2.7 0.8 3.3 2.8 6.9 0.1 15

16 + Net capital transfers (3) 26.8 32.4 32.4 36.2 37.0 36.2 35.8 35.8 38.4 37.0 34.9 16

17 = Gross saving and net capital transfers 182.0 300.2 388.0 497.2 489.3 487.0 512.8 499.6 481.8 459.5 256.3 17

18 Gross investment 127.7 328.5 418.1 530.4 375.2 658.6 503.5 584.3 220.9 516.9 223.0 18

19 Fixed investment 264.7 277.1 304.6 318.3 321.1 315.0 314.1 322.8 330.9 344.1 335.5 19

20 Access rights sales -8.8 -4.1 -1.7 -0.6 0.0 -1.2 -0.7 -0.5 -0.3 -0.3 -0.3 20

21 Net financial investment -128.2 55.5 115.2 212.7 54.1 344.7 190.1 262.0 -109.7 173.1 -112.2 21

22 Net acquisition of financial assets 34.7 110.4 166.5 27.1 -40.9 36.8 106.7 5.9 169.4 131.9 306.6 22

23 Gold, SDRs, and official foreign exchange 2.5 6.0 -7.1 -0.6 1.9 -8.3 -1.5 5.3 -1.2 5.0 19.2 23

24 Checkable deposits and currency 3.8 -20.6 70.0 -64.0 -146.2 -65.6 10.2 -54.7 42.4 -38.1 36.0 24

25 Time and savings deposits 6.8 14.1 11.6 10.4 -18.1 21.3 9.1 29.2 -3.2 7.7 4.4 25

26 Security RPs 3.6 7.2 5.0 9.7 51.3 -9.4 12.0 -15.0 19.0 17.2 40.8 26

27 Credit market instruments 24.1 116.8 52.0 48.2 46.9 64.5 35.2 46.4 54.2 20.4 68.6 27

28 Open market paper 14.3 28.0 1.9 7.6 6.9 17.5 -4.0 10.0 4.0 -17.2 20.0 28

29 U.S. government agency securities (4) -0.8 63.6 28.5 23.5 23.1 26.9 24.0 20.0 27.8 22.7 27.6 29

30 Municipal securities -0.7 -1.4 -1.5 0.6 -1.7 1.6 3.2 -0.8 2.1 -0.6 0.4 30

31 Corporate and foreign bonds 1.3 10.2 12.6 3.7 6.1 4.7 1.6 2.4 11.5 7.2 14.8 31

32 Mortgages -0.9 3.3 4.2 3.7 0.7 4.6 3.2 6.1 2.3 4.1 1.4 32

33 Other loans and advances (5) 10.9 13.2 6.2 9.2 11.9 9.2 7.1 8.7 6.6 4.2 4.3 33

34 Corporate equities 16.8 9.4 3.5 -1.2 -5.6 10.7 -4.1 -5.6 16.9 21.0 20.3 34

35 Mutual fund shares -7.4 -12.3 4.3 0.8 -10.7 5.6 4.5 4.0 9.4 7.9 -0.8 35

36 Trade receivables -3.2 1.5 4.6 5.3 6.0 7.2 4.3 3.7 9.9 10.0 7.4 36

37 Taxes receivable -5.7 1.6 15.8 7.6 21.5 21.7 5.9 -18.6 -1.1 26.1 101.5 37

38 Miscellaneous assets -6.6 -13.3 6.8 10.9 12.1 -10.8 31.2 11.1 23.1 54.8 9.4 38

39 Net increase in liabilities 162.9 55.0 51.3 -185.6 -94.9 -308.0 -83.4 -256.1 279.1 -41.2 418.8 39

40 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -8.0 -4.0 -4.0 0.0 0.0 0.0 40

41 Treasury currency 0.5 0.6 1.0 2.4 2.2 3.2 4.2 -0.0 -1.1 1.1 -0.0 41

42 Credit market instruments 98.1 -3.5 -16.0 -237.0 -165.2 -373.7 -155.4 -253.9 147.6 -106.2 396.6 42

43 Savings bonds -0.5 0.1 -0.2 -1.7 -3.5 -2.1 -0.9 -0.3 1.4 3.3 3.9 43

44 Other Treasury securities (6) 41.4 -84.7 -68.3 -262.6 -174.2 -393.3 -177.1 -305.8 45.0 -218.9 350.1 44

45 Budget agency securities -0.1 2.0 -0.2 -1.0 -2.1 1.8 -2.4 -1.2 -2.2 1.1 -0.4 45

46 Municipal securities 57.3 79.1 52.7 28.2 14.5 19.8 25.1 53.4 103.4 108.3 42.9 46

47 Multifamily residential mortgages -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Trade payables 22.6 22.5 29.7 28.7 36.5 23.2 27.6 27.6 13.8 13.0 11.8 48

49 Insurance and pension reserves (7) 42.0 42.5 42.5 22.3 39.3 41.9 36.3 -28.1 118.1 46.9 31.8 49

50 Miscellaneous liabilities 0.3 -7.1 -2.9 2.0 -7.6 5.4 7.9 2.3 0.6 4.1 -21.4 50

51 Discrepancy 54.3 -28.3 -30.1 -33.2 114.1 -171.6 9.3 -84.7 260.9 -57.5 33.3 51

 Memo:

52 Current surplus less fixed investment (8) -287.1 -192.6 -143.3 -66.9 -75.0 -71.4 -49.4 -71.7 -103.3 -136.0 -343.4 52

53 Adjustment between NIPA and FOF (9) 158.9 248.0 258.5 279.6 129.1 416.1 239.5 333.7 -6.4 309.1 231.2 53

54 Items to be financed (10) -128.2 55.5 115.2 212.7 54.1 344.7 190.1 262.0 -109.7 173.1 -112.2 54

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Table F.9, line 1.

(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(5) Excludes loans to state and local governments.

(6) Excludes Treasury securities owed to state and local governments.

(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(8) Line 13 less line 19

(9) Line 14 plus line 16 less sum of lines 15, 20, and 51.

(10) Line 52 plus line 53.
Z.1, December 7, 2001 111

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1223.0 1343.8 1548.7 1582.7 1549.6 1565.0 1593.6 1582.7 1641.9 1672.0 1725.5 1

 2 Gold, SDRs, and official foreign exchange 42.0 51.0 44.4 41.0 41.3 41.0 39.7 41.0 38.7 39.5 44.6 2

 3 Checkable deposits and currency 73.8 51.5 120.1 57.4 78.4 87.6 81.4 57.4 60.9 79.1 79.3 3

 4 Time and savings deposits 81.8 95.8 107.5 117.8 104.4 106.5 109.7 117.8 118.3 117.0 119.1 4

 5 Security RPs 151.4 158.5 163.5 173.3 176.4 174.0 177.0 173.3 178.0 182.3 192.5 5

 6 Credit market instruments 562.2 679.1 764.3 812.6 776.0 792.1 800.9 812.6 826.2 831.3 848.4 6

 7 Open market paper 74.0 102.0 103.9 111.5 105.6 110.0 109.0 111.5 112.5 108.2 113.2 7

 8 Agency securities (1) 115.4 179.0 207.5 231.0 213.3 220.0 226.0 231.0 237.9 243.6 250.5 8

 9 Municipal securities 3.9 2.5 1.0 1.6 0.6 1.0 1.8 1.6 2.1 2.0 2.1 9

10 Corporate and foreign bonds 51.0 61.2 73.8 77.5 75.3 76.5 76.9 77.5 80.4 82.2 85.9 10

11 Mortgages 167.0 170.3 207.5 211.2 207.7 208.8 209.6 211.2 211.7 212.8 213.1 11

12 Other loans and advances (2) 150.8 164.1 170.5 179.9 173.5 175.8 177.6 179.9 181.5 182.5 183.6 12

13 Corporate equities 79.0 102.0 115.0 115.1 113.2 115.0 117.6 115.1 108.6 118.6 108.8 13

14 Mutual fund shares 33.6 21.3 25.6 26.4 22.9 24.3 25.4 26.4 28.8 30.7 30.5 14

15 Trade receivables 20.8 22.3 22.9 28.1 25.4 26.9 27.7 28.1 31.7 33.9 33.4 15

16 Taxes receivable 46.9 49.5 72.0 87.9 91.4 77.0 90.4 87.9 111.5 90.7 102.8 16

17 Miscellaneous assets 131.8 112.7 113.5 123.0 120.2 120.7 123.9 123.0 139.3 149.0 165.9 17

18 Total liabilities 5967.1 6029.3 6083.4 5895.6 6070.5 5907.1 5886.9 5895.6 5971.9 5868.9 5984.6 18

19 SDR certificates 9.2 9.2 6.2 2.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 19

20 Treasury currency 19.3 19.9 20.9 23.2 21.4 22.1 23.2 23.2 22.9 23.2 23.2 20

21 Credit market instruments 4676.1 4672.6 4656.6 4419.6 4644.2 4464.4 4422.8 4419.6 4483.5 4363.8 4462.9 21

22 Savings bonds 186.5 186.6 186.4 184.8 185.3 184.6 184.3 184.8 184.8 185.5 186.4 22

23 Other Treasury securities (3) 3352.5 3267.8 3199.5 2936.9 3183.3 2994.8 2956.3 2936.9 2973.3 2822.4 2917.8 23

24 Budget agency securities 26.5 28.5 28.3 27.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 24

25 Municipal securities 1110.6 1189.7 1242.4 1270.6 1247.9 1256.7 1254.5 1270.6 1298.7 1328.9 1331.7 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 621.9 644.4 674.1 702.9 683.9 690.7 697.9 702.9 707.0 711.2 714.5 27

28 Insurance and pension reserves 634.0 676.5 719.0 741.3 708.2 719.2 733.3 741.3 749.8 762.1 775.4 28

29 Miscellaneous liabilities 6.6 6.7 6.6 6.4 6.6 6.5 6.6 6.4 6.5 6.4 6.4 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
112 Z.1, December 7, 2001

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Net acquisition of financial assets 22.3 23.9 -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -32.4 -23.9 -36.0 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.1 0.5 0.3 2

 3 Time and savings deposits -3.5 9.6 -5.5 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 0.9 4.3 3.4 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 1.6 0.3 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 -0.3 1.2 1.3 5

 6 Credit market instruments 28.3 41.6 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 43.4 39.2 18.8 6

 7 Open market paper -3.9 -2.5 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 -0.3 1.2 1.3 7

 8 U.S. government securities 15.2 29.7 21.1 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 28.7 24.5 15.0 8

 9 Treasury 1.7 7.9 0.6 -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 -1.8 -0.1 0.2 9

10 Agency 13.5 21.8 20.5 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 30.5 24.6 14.8 10

11 Corporate and foreign bonds 11.2 8.8 11.2 13.8 20.8 14.0 2.7 17.4 3.1 26.5 13.9 12.6 2.1 11

12 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 1.1 0.9 0.4 12

13 Corporate equities -0.4 -22.4 0.2 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -78.8 -77.0 -67.0 13

14 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 1.8 2.4 -0.3 14

15 Miscellaneous assets -5.1 -4.2 -28.0 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 0.6 5.5 7.6 15

16 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 1.6 1.9 2.4 16

17 Contributions receivable -0.3 4.4 2.8 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 0.0 0.0 0.0 17

18 Other 10.4 -6.8 -24.6 -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 -1.0 3.6 5.2 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets 46.7 38.7 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 44.1 35.5 53.6 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 0.1 0.7 0.4 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -5.8 0.5 -8.3 -1.5 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 10.8 13.1 1.9 11.7 5.9 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 1.3 -0.8 -0.4 5

 6 Credit market instruments -4.7 12.2 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 13.0 5.7 22.5 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 3.2 2.5 -3.1 7

 8 U.S. government securities 0.5 6.0 3.9 6.2 4.3 2.0 20.3 -1.5 2.1 -0.5 5.8 5.5 11.8 8

 9 Treasury -0.3 4.0 1.8 6.1 5.2 3.8 10.2 0.6 1.9 0.4 -2.6 -0.5 -1.0 9

10 Agency 0.9 2.0 2.1 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 8.4 6.0 12.9 10

11 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -9.1 -3.9 -0.2 7.4 3.2 -3.3 12.4 11

12 Mortgages 2.6 1.0 0.1 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 0.8 1.0 1.3 12

13 Corporate equities 7.2 -11.5 0.7 11.3 28.8 15.1 5.8 -18.4 -16.2 -36.9 -34.2 -15.2 -14.8 13

14 Mutual fund shares 0.1 5.1 6.2 9.8 13.0 22.4 20.1 43.1 25.3 41.4 30.0 28.3 32.7 14

15 Miscellaneous assets 26.2 9.7 9.9 27.3 8.8 4.6 15.0 32.6 24.2 14.7 31.4 13.4 8.8 15

16 Unallocated insurance contracts (2) 17.0 14.2 15.9 23.0 10.6 12.9 8.9 23.7 12.2 4.6 19.8 11.6 6.7 16

17 Contributions receivable -0.9 2.8 3.2 3.9 4.4 4.9 5.5 4.4 4.3 3.6 1.9 1.0 1.0 17

18 Other 10.1 -7.3 -9.2 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 9.7 0.9 1.1 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: 50.4 56.9 89.6 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.5 117.0 1

 2 Commercial banking 11.1 15.6 21.6 16.6 -0.5 -2.9 -1.1 6.5 0.7 0.1 -0.5 -3.4 8.9 2

 3 Saving institutions 12.0 7.3 -2.6 -3.8 -8.3 -9.1 -6.3 -1.9 -3.9 -6.0 -5.3 -3.0 -2.3 3

 4 Credit unions 1.5 1.9 3.2 3.6 0.9 -0.3 -0.0 1.2 0.9 1.2 0.3 0.9 0.4 4

 5 Life insurance companies 8.0 -1.3 4.4 7.1 4.9 12.6 13.2 11.2 10.3 47.5 24.6 41.4 10.1 5

 6 Money market mutual funds 5.0 9.0 13.0 -1.0 3.0 6.0 13.0 14.0 15.0 2.0 24.0 22.0 1.0 6

 7 Mutual funds 8.0 10.6 10.4 41.7 38.9 59.4 13.5 64.1 49.8 80.3 84.8 81.9 67.3 7

 8 Other self-directed accounts 4.7 13.9 39.6 3.2 19.5 -16.6 20.9 -36.5 -20.0 -56.5 -36.2 -27.3 31.4 8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, December 7, 2001 113

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Total financial assets 812.8 921.5 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1900.8 2143.0 2061.6 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.8 2.1 2.2 2.6 2.7 3.2 3.5 2

 3 Time and savings deposits 47.3 56.9 51.3 56.8 47.6 54.1 67.1 71.9 82.7 96.0 97.0 101.2 104.7 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.5 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 14.6 15.8 17.1 5

 6 Credit market instruments 276.4 318.0 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 536.5 575.8 594.6 6

 7 Open market paper 19.2 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 14.6 15.8 17.1 7

 8 U.S. government securities 154.3 184.0 205.1 209.0 209.4 219.8 260.6 267.3 252.0 264.2 293.0 317.5 332.6 8

 9 Treasury 85.1 93.0 93.6 84.7 73.7 68.1 78.2 80.2 75.6 79.3 77.5 77.4 77.6 9

10 Agency 69.2 91.0 111.5 124.3 135.8 151.7 182.4 187.1 176.4 185.0 215.5 240.1 254.9 10

11 Corporate and foreign bonds 90.2 99.0 110.1 123.9 144.7 158.7 161.4 178.8 181.9 208.4 222.3 234.9 237.0 11

12 Mortgages 12.6 18.2 19.7 13.0 9.9 8.5 4.7 4.9 5.0 5.6 6.7 7.6 8.0 12

13 Corporate equities 300.6 358.9 341.4 458.6 484.5 555.6 559.9 699.6 785.8 876.0 960.9 1114.0 1008.6 13

14 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 39.0 54.8 63.8 81.4 99.4 126.9 121.8 14

15 Miscellaneous assets 163.0 162.7 134.3 144.3 135.5 143.5 158.2 158.3 176.4 182.6 189.7 206.0 211.3 15

16 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 79.2 80.3 88.9 90.7 98.8 111.4 111.6 16

17 Contributions receivable 9.7 14.1 16.9 25.1 30.7 38.0 44.2 43.9 43.6 47.1 47.1 47.2 47.2 17

18 Other 75.2 68.4 43.8 41.9 35.2 35.8 34.8 34.2 43.9 44.8 43.8 47.4 52.6 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 594.7 712.8 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2303.7 2531.0 2525.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.3 2.7 3.1 4.0 4.1 4.8 5.2 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 35.0 34.7 29.3 23.4 24.0 15.6 14.2 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 48.4 61.4 63.4 75.1 81.0 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 12.6 10.6 10.7 12.1 12.7 14.0 13.1 12.7 5

 6 Credit market instruments 95.5 107.6 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 194.4 200.2 222.6 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.3 12.3 13.0 15.4 16.3 19.5 22.0 18.9 7

 8 U.S. government securities 47.8 53.8 57.7 63.9 68.2 70.2 90.5 89.0 91.1 90.7 96.5 102.0 113.8 8

 9 Treasury 30.3 34.3 36.1 42.2 47.5 51.2 61.4 62.0 63.8 64.3 61.7 61.1 60.1 9

10 Agency 17.5 19.5 21.6 21.7 20.7 18.9 29.1 27.1 27.3 26.4 34.8 40.8 53.7 10

11 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 67.1 63.2 63.0 70.4 73.5 70.3 82.7 11

12 Mortgages 4.0 5.1 5.2 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.9 5.9 7.2 12

13 Corporate equities 214.6 276.6 264.8 348.6 391.5 463.0 459.9 589.6 678.1 820.4 941.3 1042.9 992.5 13

14 Mutual fund shares 16.9 26.2 33.7 55.0 80.6 119.9 166.9 272.0 348.5 488.2 609.9 703.1 715.9 14

15 Miscellaneous assets 204.8 216.1 226.8 257.1 266.1 278.0 304.7 346.8 379.1 408.3 452.6 476.2 481.6 15

16 Unallocated insurance contracts (2) 108.7 124.6 141.2 167.2 178.0 198.2 218.7 252.0 272.2 291.3 324.0 345.7 349.1 16

17 Contributions receivable 9.3 12.2 15.4 19.3 23.7 28.6 34.1 38.5 42.8 46.4 48.3 49.3 50.3 17

18 Other 86.7 79.4 70.2 70.6 64.4 51.3 51.9 56.4 64.1 70.6 80.3 81.2 82.2 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total held at: 452.0 546.0 637.0 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2663.0 2650.0 1

 2 Commercial banking 95.4 111.0 132.6 149.2 148.6 145.8 144.7 151.1 151.9 152.0 151.4 148.0 156.9 2

 3 Saving institutions 101.6 108.9 106.3 102.5 94.2 85.1 78.9 76.9 73.0 67.0 61.8 58.7 56.5 3

 4 Credit unions 22.4 24.3 27.5 31.1 32.1 31.8 31.8 33.0 33.8 35.0 35.3 36.2 36.7 4

 5 Life insurance companies 38.9 37.9 42.0 49.7 55.6 69.5 78.7 94.3 110.3 160.0 190.1 245.5 245.8 5

 6 Money market mutual funds 19.0 28.0 41.0 40.0 43.0 49.0 62.0 76.0 91.0 93.0 117.0 139.0 140.0 6

 7 Mutual funds 73.4 93.0 97.9 144.0 189.0 265.7 279.4 386.6 489.0 649.0 809.0 1060.0 1048.0 7

 8 Other self-directed accounts 101.3 143.0 189.7 259.5 310.5 346.1 380.6 470.1 517.9 572.0 785.4 975.6 966.1 8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories

 (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, December 7, 2001 Flow of Funds Matrix for 2000

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USU S U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving and net cap. transfers -- 1028.9 -- 968.1 -- 191.9 -- 305.2 -- 2494.2 -- 429.8 -- 127.8  2 Capital consumption -- 750.5 -- 774.5 -- 114.9 -- 96.4 -- 1736.3 -- -- -- 96.1  3 Net saving (1 less 2) -- 313.9 -- 193.6 -- 77.0 -- 208.8 -- 793.3 -- 429.8 -- 31.7  4 Gross investment (5 plus 11) 1000.1 -- 1059.4 -- 220.5 -- 309.9 -- 2589.9 -- 444.0 -- 68.5 --  5 Capital expenditures 1282.5 -- 1186.1 -- 221.8 -- 95.9 -- 2786.2 -- -- -- 135.2 --  6 Consumer durables 835.7 -- -- -- -- -- -- -- 835.7 -- -- -- -- --  7 Residential 375.4 -- 49.6 -- -- -- -- -- 425.0 -- -- -- 0.1 --  8 Nonresidential 71.4 -- 1086.6 -- 221.8 -- 96.5 -- 1476.2 -- -- -- 135.1 --  9 Inventory change -- -- 49.4 -- -- -- -- -- 49.4 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.6 -- -- -- -0.6 -- 0.0 -- -- -- -- -- 11 Net financial investment -282.4 -- -126.6 -- -1.3 -- 214.0 -- -196.3 -- 444.0 -- -66.7 -- 12 Financial uses 285.7 -- 751.3 -- 53.3 -- -57.8 -- 1032.5 -- 940.5 -- 2405.9 -- 13 Financial sources -- 568.1 -- 877.9 -- 54.5 -- -271.8 -- 1228.8 -- 496.5 -- 2472.6 14 Gold and off. fgn. exchange -- -- -- -- -- -- -0.6 -- -0.6 -- -0.7 -0.4 0.9 -- 15 SDR certificates -- -- -- -- -- -- -- -4.0 -- -4.0 -- -- -4.0 -- 16 Treasury currency -- -- -- -- -- -- -- 2.4 -- 2.4 -- -- 3.6 -- 17 Foreign deposits 7.7 -- -5.4 -- -- -- -- -- 2.3 -- -- 120.8 48.2 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -11.5 -- -26.1 -20.3 19 Checkable dep. and currency -42.3 -- 49.1 -- 1.0 -- -65.1 -- -57.2 -- -8.2 -- -16.7 -71.5 20 Time and savings deposits 305.2 -- 9.1 -- 9.4 -- 1.0 -- 324.7 -- 5.7 -- -21.3 309.1 21 Money market fund shares 131.3 -- 50.4 -- -- -- -- -- 181.8 -- -- -- 51.6 233.3 22 Fed. funds and security RPs -- -- -0.5 -- 9.7 -- -- -- 9.2 -- 5.1 -- -14.6 110.7 23 Credit market instruments -170.0 554.9 8.2 587.2 9.2 27.2 7.3 -295.9 -145.3 873.4 279.3 67.0 1621.8 815.6 24 Open market paper 5.0 -- 0.3 48.1 7.6 -- -- -- 12.9 48.1 8.7 31.7 186.0 127.7 25 Treasury securities -153.7 -- -11.4 -- -30.6 -- -- -294.9 -195.7 -294.9 -63.0 -- -36.2 -- 26 Federal agency securities -11.4 -- 3.1 -- 23.5 -- 0.0 -1.0 15.2 -1.0 152.7 -- 264.6 433.5 27 Municipal securities 14.6 5.8 10.9 1.4 0.6 28.2 -- -- 26.1 35.3 -- -- 9.3 -- 28 Corporate and fgn. bonds -25.6 -- -- 171.1 3.7 -- -- -- -21.9 171.1 183.1 25.2 241.0 205.9 29 Bank loans n.e.c. -- 8.2 -- 94.9 -- -- -- -- -- 103.1 -- 11.3 114.1 -0.3 30 Other loans and advances -- 16.4 -- 86.2 -- -1.0 8.2 -- 8.2 101.5 -2.2 -1.3 136.7 42.5 31 Mortgages 1.1 385.7 2.9 185.5 4.5 -- -0.9 0.0 7.7 571.2 -- -- 569.8 6.2 32 Consumer credit -- 139.0 2.4 -- -- -- -- -- 2.4 139.0 -- -- 136.6 -- 33 Corporate equities -459.5 -- -- -150.6 -1.2 -- -- -- -460.6 -150.6 193.8 99.7 230.6 14.7 34 Mutual fund shares 229.8 -- -1.8 -- 0.8 -- -- -- 228.8 -- -- -- 15.1 243.9 35 Trade credit -- 5.9 150.4 124.9 -- 27.4 5.3 1.3 155.7 159.5 10.4 1.6 34.0 5.1 36 Security credit 88.6 7.2 -- -- -- -- -- -- 88.6 7.2 0.0 0.0 57.6 138.9 37 Life insurance reserves 50.2 -- -- -- -- -- -- 1.4 50.2 1.4 -- -- -- 48.7 38 Pension fund reserves 215.9 -- -- -- -- -- -- 20.9 215.9 20.9 -- -- -- 195.0 39 Taxes payable -- -- -- 14.4 11.9 -- -4.3 -- 7.6 14.4 -- -- -- 7.3 40 Inv. in bank personal trusts -29.7 -- -- -- -- -- -- -- -29.7 -- -- -- -- -29.7 41 Equity in noncorp. business -46.2 -- -- -74.7 -- -- -- -- -46.2 -74.7 -- -- -- 28.5 42 Miscellaneous 4.7 0.1 491.9 376.8 12.3 -- -1.4 2.0 507.4 378.9 466.6 207.9 425.3 443.4 43 Sector discrepancies (1 less 4) 28.9 -- -91.3 -- -28.6 -- -4.6 -- -95.7 -- -14.2 -- 59.3 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, December 7, 2001 Flow of Funds Matrix for 2000

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 33545.6 -- 9587.8 -- 1321.0 -- 506.5 -- 44960.9 -- 7368.9 -- 36974.0  2 Total liabilities and equity -- 7508.8 -- 29122.4 -- 1915.2 -- 4225.2 -- 42771.6 -- 5286.3 --  3 Total liabilities -- 7508.8 -- 11498.6 -- 1915.2 -- 4225.2 -- 25147.8 -- 3499.3 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.5 -- 10.5 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 14.9 -- 14.9 -- -- 14.8 -0.1  6 Official foreign exchange -- -- -- -- -- -- 15.6 -- 15.6 -- -- 31.2 15.7  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 23.2 -- 23.2 -- -- 31.6  9 Foreign deposits 51.3 -- 22.9 -- -- -- -- -- 74.1 -- -- 824.5 91.1 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 127.9 -- 64.4 11 Checkable dep. and currency 324.5 -- 592.4 -- 33.2 -- 24.3 -- 974.3 -- 290.1 -- 127.2 12 Time and savings deposits 3164.3 -- 242.7 -- 111.5 -- 6.3 -- 3524.8 -- 107.2 -- 284.4 13 Money market fund shares 1003.0 -- 230.3 -- -- -- -- -- 1233.3 -- -- -- 578.8 14 Fed. funds and security RPs -- -- 4.8 -- 173.3 -- -- -- 178.0 -- 91.9 -- 549.5 15 Credit market instruments 1977.4 7115.5 325.0 6540.9 792.0 1279.3 265.4 3385.2 3359.8 18320.9 3004.6 746.7 21160.3 16 Open market paper 72.7 -- 44.0 278.4 111.5 -- -- -- 228.2 278.4 111.0 120.9 1270.8 17 Treasury securities 355.2 -- 42.0 -- 236.2 -- -- 3357.8 633.4 3357.8 1222.0 -- 1502.4 18 Federal agency securities 259.8 -- 15.7 -- 231.0 -- 0.0 27.3 506.5 27.3 550.3 -- 3288.0 19 Municipal securities 541.2 143.0 36.8 154.2 1.6 1270.6 -- -- 579.6 1567.8 -- -- 988.2 20 Corporate and fgn. bonds 637.1 -- -- 2230.6 77.5 -- -- -- 714.6 2230.6 1003.9 504.6 3331.5 21 Bank loans n.e.c. -- 73.5 -- 1260.7 -- -- -- -- -- 1334.2 -- 70.7 1497.9 22 Other loans and advances -- 246.3 -- 822.1 -- 8.7 188.6 -- 188.6 1077.1 117.3 50.5 1260.0 23 Mortgages 111.3 5059.5 103.9 1794.9 134.3 -- 76.9 0.0 426.4 6854.5 -- -- 6511.1 24 Consumer credit -- 1593.1 82.7 -- -- -- -- -- 82.7 1593.1 -- -- 1510.4 25 Corporate equities 7487.1 -- -- 12740.8 115.1 -- -- -- 7602.2 12740.8 1748.3 1787.0 8215.9 26 Mutual fund shares 3043.2 -- 98.8 -- 26.4 -- -- -- 3168.4 -- -- -- 1288.7 27 Trade credit -- 138.6 2008.1 1535.3 -- 635.9 28.1 66.9 2036.2 2376.8 52.5 52.1 284.6 28 Security credit 412.4 235.1 -- -- -- -- -- -- 412.4 235.1 0.0 0.0 410.3 29 Life insurance reserves 819.1 -- -- -- -- -- -- 36.4 819.1 36.4 -- -- -- 30 Pension fund reserves 9054.8 -- -- -- -- -- -- 704.9 9054.8 704.9 -- -- -- 31 Taxes payable -- -- -- 154.2 45.6 -- 42.4 -- 87.9 154.2 -- -- -- 32 Inv. in bank personal trusts 1019.4 -- -- -- -- -- -- -- 1019.4 -- -- -- -- 33 Equity in noncorp. business 4850.2 -- -- 4883.0 -- -- -- -- 4850.2 4883.0 -- -- -- 34 Miscellaneous 338.9 19.6 6063.0 3268.1 24.1 -- 98.9 6.4 6524.8 3294.1 1946.4 1829.9 3858.3 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
116 Z.1, December 7, 2001

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Assets 23551.1 24173.9 25827.5 26879.9 28298.8 29252.8 32300.5 35165.6 39326.0 43244.3 48768.3 48828.9 1

 2 Tangible assets 9124.4 9326.1 9447.2 9686.6 9908.2 10228.5 10696.7 11189.2 11919.9 12796.4 13796.0 15283.3 2

 3 Financial assets 14426.7 14847.7 16380.3 17193.4 18390.7 19024.3 21603.8 23976.5 27406.1 30447.9 34972.3 33545.6 3

 4 Deposits 3212.3 3259.3 3253.3 3219.6 3156.0 3109.6 3298.0 3440.7 3622.2 3953.3 4141.0 4543.1 4

 5 Credit market instruments 1316.2 1556.3 1634.4 1684.8 1666.4 1953.4 1927.8 2086.8 2031.3 1967.7 2184.5 1977.4 5

 6 Equity shares at market value 3361.7 3135.6 4363.2 4896.2 5686.4 5673.2 7622.5 9188.8 11833.7 13784.0 17348.3 15121.0 6

 7 Directly held 1946.5 1781.4 2548.7 2869.2 3237.1 3081.7 4160.9 4895.6 6302.5 7259.7 9342.8 7487.1 7

 8 Indirectly held 1415.2 1354.2 1814.5 2026.9 2449.3 2591.5 3461.6 4293.2 5531.2 6524.2 8005.4 7633.8 8

 9 Bank personal trusts and estates 231.9 214.1 271.7 268.7 262.0 263.6 365.2 432.9 541.7 585.5 682.2 562.3 9

10 Life insurance companies 59.3 57.8 93.8 113.3 163.5 199.6 274.7 373.3 510.5 665.4 904.4 882.8 10

11 Private pension funds 649.6 622.7 840.9 930.7 1100.5 1142.0 1501.8 1720.0 2083.4 2398.2 2786.1 2634.0 11

12 Defined benefit plans 361.8 344.0 463.2 490.8 565.5 578.6 729.9 825.9 931.0 1030.0 1208.8 1097.4 12

13 Defined contribution plans 287.8 278.6 377.7 439.9 534.9 563.3 771.9 894.1 1152.4 1368.3 1577.3 1536.6 13

14 State and local govt. retirement funds 277.8 284.6 379.1 428.5 497.3 507.6 678.9 828.5 1084.8 1233.9 1343.2 1335.1 14

15 Mutual funds 196.7 175.1 229.0 285.7 426.0 478.7 641.1 938.5 1310.9 1641.1 2289.6 2219.6 15

16 Other 6536.5 6896.5 7129.5 7392.8 7881.9 8288.1 8755.5 9260.1 9918.9 10742.9 11298.5 11904.2 16

17 Liabilities 3471.6 3746.8 3961.4 4168.4 4440.8 4759.6 5111.0 5445.8 5824.8 6320.9 6921.6 7508.8 17

18 Net worth 20079.4 20427.1 21866.1 22711.5 23858.1 24493.2 27189.5 29719.9 33501.2 36923.4 41846.7 41320.1 18

 Memo:

19 Equity shares excluding defined benefit plans 2722.1 2507.0 3521.0 3976.8 4623.6 4587.0 6213.7 7534.4 9818.0 11520.1 14796.3 12688.4 19

 (line 6 minus lines 12 and 14)

 Equity shares (line 6) as a percent of

20 Total assets (line 1) 14.3 13.0 16.9 18.2 20.1 19.4 23.6 26.1 30.1 31.9 35.6 31.0 20

21 Financial assets (line 3) 23.3 21.1 26.6 28.5 30.9 29.8 35.3 38.3 43.2 45.3 49.6 45.1 21

(1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households.

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.