December 9, 2004

Flow of Funds Accounts

of the United States

Annual Flows and Outstandings

1995-2003

Board of Governors of the Federal Reserve System, Washington D.C. 20551
Table of Contents

Flows Levels

Title Table Page Table Page

Summaries

Total Net Borrowing and Lending in Credit Markets F.1 1 L.1 50

Credit Market Borrowing by Nonfinancial Sectors F.2 2 L.2 51

Credit Market Borrowing by Financial Sectors F.3 2 L.3 51

Credit Market Borrowing, All Sectors, by Instrument F.4 3 L.4 52

Total Liabilities and Its Relation to Total Financial Assets F.5 3 L.5 52

Distribution of Gross Domestic Product F.6 4

Distribution of National Income F.7 5

Saving and Investment F.8 6

Net Capital Transfers F.9 6

Derivation of Measures of Personal Saving F.10 7 L.10 53

Sectors

Households and Nonprofit Organizations F.100 8 L.100 54

Nonfinancial Business F.101 9 L.101 55

Nonfarm Nonfinancial Corporate Business F.102 10 L.102 56

Nonfarm Noncorporate Business F.103 11 L.103 57

Farm Business F.104 11 L.104 57

State and Local Governments F.105 12 L.105 58

Federal Government F.106 13 L.106 58
Flows Levels

Title Table Page Table Page

Rest of the World F.107 14 L.107 59

Monetary Authority F.108 15 L.108 60

Commercial Banking F.109 16 L.109 61

U.S.-Chartered Commercial Banks F.110 17 L.110 62

Foreign Banking Offices in U.S. F.111 18 L.111 63

Bank Holding Companies F.112 19 L.112 64

Banks in U.S.-Affiliated Areas F.113 19 L.113 64

Savings Institutions F.114 20 L.114 65

Credit Unions F.115 21 L.115 66

Bank Personal Trusts and Estates F.116 21 L.116 66

Life Insurance Companies F.117 22 L.117 67

Other Insurance Companies F.118 22 L.118 67

Private Pension Funds F.119 23 L.119 68

State and Local Government Employee Retirement Funds F.120 23 L.120 68

Federal Government Retirement Funds F.121 23 L.121 68

Money Market Mutual Funds F.122 24 L.122 69

Mutual Funds F.123 24 L.123 69

Closed-End and Exchange-Traded Funds F.124 24 L.124 69

Government-Sponsored Enterprises F.125 25 L.125 70

Agency- and GSE-backed Related Mortgage Pools F.126 25 L.126 70

Issuers of Asset-Backed Securities F.127 26 L.127 71

Finance Companies F.128 26 L.128 71

Mortgage Companies F.129 27 L.129 72

Real Estate Investment Trusts F.130 27 L.130 72

Security Brokers and Dealers F.131 28 L.131 73

Funding Corporations F.132 28 L.132 73
Flows Levels

Title Table Page Table Page

Instruments

Gold and Official Foreign Exchange Holdings F.200 29 L.200 74

SDR Certificates and Treasury Currency F.201 29 L.201 74

U.S. Deposits in Foreign Countries F.202 29 L.202 74

Net Interbank Transactions F.203 30 L.203 75

Checkable Deposits and Currency F.204 31 L.204 76

Time and Savings Deposits F.205 32 L.205 77

Money Market Mutual Fund Shares F.206 32 L.206 77

Federal Funds and Security Repurchase Agreements F.207 33 L.207 78

Open Market Paper F.208 33 L.208 78

Treasury Securities F.209 34 L.209 79

Agency- and GSE-backed Securities F.210 35 L.210 80

Municipal Securities and Loans F.211 36 L.211 81

Corporate and Foreign Bonds F.212 36 L.212 81

Corporate Equities F.213 37 L.213 82

Mutual Fund Shares F.214 37 L.214 82

Bank Loans Not Elsewhere Classified F.215 38 L.215 83

Other Loans and Advances F.216 39 L.216 84

Total Mortgages F.217 40 L.217 85

Home Mortgages F.218 41 L.218 86

Multifamily Residential Mortgages F.219 41 L.219 86

Commercial Mortgages F.220 42 L.220 87

Farm Mortgages F.221 42 L.221 87

Consumer Credit F.222 43 L.222 88
Flows Levels

Title Table Page Table Page

Trade Credit F.223 43 L.223 88

Security Credit F.224 43 L.224 88

Life Insurance and Pension Fund Reserves F.225 44 L.225 89

Taxes Payable by Businesses F.226 44 L.226 89

Investment in Bank Personal Trusts F.227 44 L.227 89

Proprietors' Equity in Noncorporate Business F.228 44

Total Miscellaneous Financial Claims F.229 45 L.229 90

Identified Miscellaneous Financial Claims - Part I F.230 46 L.230 91

Identified Miscellaneous Financial Claims - Part II F.231 47 L.231 92

Unidentified Miscellaneous Financial Claims F.232 48 L.232 93

Sector Discrepancies F.11 49

Instrument Discrepancies F.12 49

Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet, Reconciliation, and

Supplementary Tables

Households and Nonprofit Organization B.100 94 R.100 97

Nonfarm Nonfinancial Corporate Business B.102 95 R.102 98

Nonfarm Noncorporate Business B.103 96 R.103 99

Consolidated Statement for Federal, State, and Local Governments F.106.c 100 L.106.c 101

Private Pension Funds: Defined Benefit Plans F.119.b 102 L.119.b 103

Private Pension Funds: Defined Contribution Plans F.119.c 102 L.119.c 103

Individual Retirement Accounts (IRAs) F.225.i 102 L.225.i 103

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.100.e 104
FFA, 1995-2003, Z.1, December 9, 2004 1

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

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total net borrowing 1210.2 1337.5 1431.8 2136.7 2103.2 1699.9 1971.4 2158.0 2633.6 1

 2 Domestic nonfinancial sectors 685.1 716.8 769.5 1041.7 1030.7 837.5 1118.0 1317.6 1659.9 2

 3 Federal government 144.4 144.9 23.1 -52.6 -71.2 -295.9 -5.6 257.6 396.0 3

 4 Nonfederal sectors 540.7 571.9 746.4 1094.4 1101.9 1133.3 1123.6 1060.1 1263.9 4

 5 Household sector 325.6 332.8 312.1 438.9 493.9 559.7 622.9 734.1 840.6 5

 6 Nonfinancial corporate business 227.1 182.8 291.8 397.6 374.0 354.4 228.0 28.9 146.6 6

 7 Nonfarm noncorporate business 46.1 68.6 94.7 179.9 190.2 192.9 156.4 145.3 151.2 7

 8 Farm business 2.8 3.5 6.2 10.3 5.3 10.9 10.5 7.8 7.7 8

 9 State and local governments -60.9 -15.9 41.5 67.7 38.5 15.5 105.8 143.9 117.8 9

10 Rest of the world 78.3 88.0 69.9 31.2 13.0 57.0 -49.8 5.6 -15.7 10

11 Financial sectors 446.7 532.7 592.3 1063.8 1059.5 805.4 903.2 834.7 989.3 11

12 Commercial banking 22.5 13.0 46.1 72.9 67.2 60.0 52.9 49.7 49.2 12

13 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 41.8 36.8 30.2 29.9 13.9 13

14 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 14

15 Bank holding companies 14.4 2.0 19.0 24.9 25.8 23.2 23.6 20.3 35.4 15

16 Savings institutions 2.6 25.5 19.7 52.2 48.0 27.3 -2.0 -23.4 6.1 16

17 Credit unions -0.1 0.1 0.1 0.6 2.2 0.0 1.5 2.0 2.2 17

18 Life insurance companies -0.1 1.1 0.2 0.7 0.7 -0.7 0.6 2.0 2.9 18

19 Government-sponsored enterprises 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 19

20 Agency- and GSE-backed mortgage pools 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 20

21 ABS issuers 135.0 133.3 155.5 298.9 192.6 182.3 256.2 191.6 200.1 21

22 Finance companies 50.2 50.6 33.8 57.1 70.7 81.9 1.3 42.2 117.3 22

23 Mortgage companies -2.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 23

24 REITs 4.5 11.9 39.6 62.7 10.4 4.5 3.2 26.2 32.3 24

25 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 15.6 1.4 -1.7 6.4 25

26 Funding corporations 34.9 63.8 79.9 40.0 91.6 -0.3 -54.6 -0.5 -1.4 26

27 Total net lending 1210.2 1337.5 1431.8 2136.7 2103.2 1699.9 1971.4 2158.0 2633.6 27

28 Domestic nonfederal nonfinancial sectors -57.8 94.9 -23.2 241.9 125.9 14.4 -20.4 1.9 228.7 28

29 Household sector 38.5 134.8 -19.0 132.6 50.9 -24.3 -137.1 -46.2 140.9 29

30 Nonfinancial corporate business -8.8 -10.2 -6.9 -8.9 -22.8 25.1 1.8 21.6 29.6 30

31 Nonfarm noncorporate business 3.8 4.0 2.6 13.3 -2.9 1.3 7.1 3.7 1.4 31

32 State and local governments -91.4 -33.7 0.1 104.8 100.6 12.3 107.8 22.8 56.8 32

33 Federal government -7.0 -1.3 3.1 11.6 6.4 11.6 6.0 9.6 -2.5 33

34 Rest of the world 246.8 379.6 259.6 139.8 171.2 241.9 305.3 422.8 538.2 34

35 Financial sectors 1028.0 864.4 1192.2 1743.4 1799.8 1431.9 1680.5 1723.7 1869.1 35

36 Monetary authority 12.7 12.3 38.3 21.1 25.7 33.7 39.9 77.7 37.2 36

37 Commercial banking 265.9 187.5 324.3 305.6 312.2 357.9 205.2 404.4 299.5 37

38 U.S.-chartered commercial banks 186.5 119.6 274.9 312.1 318.6 339.5 191.6 393.8 323.3 38

39 Foreign banking offices in U.S. 75.4 63.3 40.2 -11.6 -17.0 23.9 -0.6 6.2 -43.0 39

40 Bank holding companies -0.3 3.9 5.4 -0.9 6.2 -12.2 4.2 3.1 8.6 40

41 Banks in U.S.-affiliated areas 4.2 0.7 3.7 6.0 4.4 6.7 10.0 1.3 10.6 41

42 Savings institutions -7.6 19.9 -4.7 37.0 67.2 56.2 44.6 33.6 126.3 42

43 Credit unions 16.2 25.5 16.8 18.9 27.5 28.0 41.5 42.7 50.7 43

44 Bank personal trusts and estates -8.3 -7.7 -25.0 -12.8 27.8 0.8 -28.1 0.9 -2.4 44

45 Life insurance companies 100.0 69.6 104.8 76.9 53.5 57.9 130.9 233.0 180.6 45

46 Other insurance companies 21.5 22.5 25.2 5.8 -3.0 -8.7 9.0 39.9 67.0 46

47 Private pension funds 16.5 -6.5 45.7 -26.1 99.3 -96.4 13.3 25.7 14.2 47

48 State and local govt. retirement funds 31.1 28.6 59.9 63.2 45.5 45.8 -41.1 -14.0 9.0 48

49 Federal government retirement funds 3.4 2.4 1.8 2.7 2.9 2.1 9.7 13.0 6.3 49

50 Money market mutual funds 86.5 88.8 87.5 244.0 182.0 143.0 246.0 -25.3 -113.1 50

51 Mutual funds 52.5 48.9 80.9 127.3 48.4 20.9 126.1 144.2 137.7 51

52 Closed-end funds 8.5 2.9 -1.1 4.9 9.6 -5.6 3.2 8.6 36.2 52

53 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 0.7 53

54 Government-sponsored enterprises 95.3 97.3 106.7 317.3 287.3 246.0 304.7 224.1 236.5 54

55 Agency- and GSE-backed mortgage pools 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 55

56 ABS issuers 113.2 103.1 117.1 259.2 174.4 152.5 230.0 168.9 179.2 56

57 Finance companies 49.9 18.9 23.1 77.3 97.1 108.6 -4.8 21.2 84.2 57

58 Mortgage companies -3.4 8.2 -9.1 0.0 0.0 0.0 0.0 0.0 0.0 58

59 REITs 1.4 4.4 20.2 -5.1 -1.0 -4.0 8.6 24.8 23.7 59

60 Brokers and dealers 90.1 -15.7 14.9 6.8 -34.7 68.9 92.4 28.4 79.6 60

61 Funding corporations -15.7 12.6 50.4 26.7 103.4 24.4 -89.2 -58.4 85.4 61

(1) Excludes corporate equities and mutual fund shares.
2 FFA, 1995-2003, Z.1, December 9, 2004

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Domestic 685.1 716.8 769.5 1041.7 1030.7 837.5 1118.0 1317.6 1659.9 1

 2 Federal government 144.4 144.9 23.1 -52.6 -71.2 -295.9 -5.6 257.6 396.0 2

 3 Treasury securities 142.9 146.6 23.2 -54.6 -71.0 -294.9 -5.1 257.1 398.4 3

 4 Budget agency securities and mortgages 1.5 -1.6 -0.1 2.0 -0.2 -1.0 -0.5 0.5 -2.4 4

 5 Nonfederal, by instrument 540.7 571.9 746.4 1094.4 1101.9 1133.3 1123.6 1060.1 1263.9 5

 6 Commercial paper 18.1 -0.9 13.7 24.4 37.4 48.1 -88.3 -64.2 -40.0 6

 7 Municipal securities and loans -57.6 -6.5 56.9 84.2 54.4 23.6 122.9 159.4 135.1 7

 8 Corporate bonds 91.1 116.3 150.5 235.2 221.7 162.6 348.5 132.3 158.3 8

 9 Bank loans n.e.c. 103.7 70.4 106.4 109.8 81.4 97.7 -82.0 -87.2 -82.2 9

10 Other loans and advances 52.6 22.2 43.1 68.5 26.1 79.6 8.9 20.3 10.0 10

11 Mortgages 185.4 266.5 306.0 466.8 568.0 554.4 674.1 816.3 994.3 11

12 Home 171.5 228.5 241.8 360.6 425.3 410.9 511.7 677.7 796.7 12

13 Multifamily residential 4.6 9.9 7.2 25.7 38.5 29.4 41.4 34.7 65.3 13

14 Commercial 7.8 25.4 53.8 73.9 97.8 107.5 113.4 96.3 124.3 14

15 Farm 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 15

16 Consumer credit 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 16

17 Nonfederal, by sector 540.7 571.9 746.4 1094.4 1101.9 1133.3 1123.6 1060.1 1263.9 17

18 Household sector 325.6 332.8 312.1 438.9 493.9 559.7 622.9 734.1 840.6 18

19 Nonfinancial business 276.0 255.0 392.8 587.8 569.5 558.2 394.9 182.0 305.6 19

20 Corporate 227.1 182.8 291.8 397.6 374.0 354.4 228.0 28.9 146.6 20

21 Nonfarm noncorporate 46.1 68.6 94.7 179.9 190.2 192.9 156.4 145.3 151.2 21

22 Farm 2.8 3.5 6.2 10.3 5.3 10.9 10.5 7.8 7.7 22

23 State and local governments -60.9 -15.9 41.5 67.7 38.5 15.5 105.8 143.9 117.8 23

24 Foreign borrowing in U.S. 78.3 88.0 69.9 31.2 13.0 57.0 -49.8 5.6 -15.7 24

25 Commercial paper 13.5 11.3 3.7 7.8 16.3 31.7 -14.2 36.1 22.3 25

26 Bonds 56.9 66.6 59.6 22.8 1.9 15.2 -24.5 -33.5 -28.1 26

27 Bank loans n.e.c. 8.5 9.1 8.5 6.6 0.5 11.4 -7.3 5.3 -7.7 27

28 Other loans and advances -0.5 1.0 -1.8 -6.0 -5.7 -1.3 -3.8 -2.3 -2.1 28

29 Domestic and foreign 763.5 804.8 839.5 1073.0 1043.7 894.5 1068.2 1323.3 1644.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars

 1 By instrument 446.7 532.7 592.3 1063.8 1059.5 805.4 903.2 834.7 989.3 1

 2 Open market paper 42.7 92.2 166.7 161.0 176.2 131.7 -45.3 -63.5 -63.8 2

 3 GSE issues 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 3

 4 Agency- and GSE-backed mortgage pool sec. 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 4

 5 Corporate bonds 188.5 160.6 148.2 287.7 188.7 187.7 265.1 333.3 443.7 5

 6 Bank loans n.e.c. 2.5 12.6 13.3 28.5 -12.8 3.8 13.0 1.3 -4.6 6

 7 Other loans and advances 3.4 27.9 35.6 90.2 107.1 42.5 25.5 6.8 31.2 7

 8 Mortgages 5.3 7.9 14.9 24.8 6.9 4.9 2.2 10.1 8.5 8

 9 By sector 446.7 532.7 592.3 1063.8 1059.5 805.4 903.2 834.7 989.3 9

10 Commercial banking 22.5 13.0 46.1 72.9 67.2 60.0 52.9 49.7 49.2 10

11 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 41.8 36.8 30.2 29.9 13.9 11

12 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 12

13 Bank holding companies 14.4 2.0 19.0 24.9 25.8 23.2 23.6 20.3 35.4 13

14 Savings institutions 2.6 25.5 19.7 52.2 48.0 27.3 -2.0 -23.4 6.1 14

15 Credit unions -0.1 0.1 0.1 0.6 2.2 0.0 1.5 2.0 2.2 15

16 Life insurance companies -0.1 1.1 0.2 0.7 0.7 -0.7 0.6 2.0 2.9 16

17 Government-sponsored enterprises 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 17

18 Agency- and GSE-backed mortgage pools 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 18

19 ABS issuers 135.0 133.3 155.5 298.9 192.6 182.3 256.2 191.6 200.1 19

20 Finance companies 50.2 50.6 33.8 57.1 70.7 81.9 1.3 42.2 117.3 20

21 Mortgage companies -2.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 4.5 11.9 39.6 62.7 10.4 4.5 3.2 26.2 32.3 22

23 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 15.6 1.4 -1.7 6.4 23

24 Funding corporations 34.9 63.8 79.9 40.0 91.6 -0.3 -54.6 -0.5 -1.4 24
FFA, 1995-2003, Z.1, December 9, 2004 3

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

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total 1210.2 1337.5 1431.8 2136.7 2103.2 1699.9 1971.4 2158.0 2633.6 1

 2 Open market paper 74.3 102.6 184.1 193.1 229.9 211.6 -147.8 -91.5 -81.6 2

 3 Treasury securities 142.9 146.6 23.2 -54.6 -71.0 -294.9 -5.1 257.1 398.4 3

 4 Agency- and GSE-backed securities 205.8 229.8 213.6 473.6 593.1 433.9 642.1 547.2 571.9 4

 5 Municipal securities -57.6 -6.5 56.9 84.2 54.4 23.6 122.9 159.4 135.1 5

 6 Corporate and foreign bonds 336.5 343.5 358.3 545.7 412.4 365.5 589.1 432.1 573.9 6

 7 Bank loans n.e.c. 114.7 92.1 128.2 145.0 69.0 112.8 -76.2 -80.6 -94.5 7

 8 Other loans and advances 55.6 51.1 76.9 152.7 127.5 120.8 30.6 24.7 39.1 8

 9 Mortgages 190.7 274.4 320.9 491.6 574.9 559.2 676.3 826.5 1002.9 9

10 Consumer credit 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 148.9 252.3 218.8 166.2 192.7 244.7 300.2 229.4 393.6 11

12 Corporate equities 1.5 14.7 -46.4 -113.3 1.5 5.3 99.0 47.0 105.6 12

13 Nonfinancial -58.3 -47.3 -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -57.8 13

 Foreign shares purchased by

14 U.S. residents 65.4 82.8 57.6 101.4 114.3 106.7 109.1 17.6 100.4 14

15 Financial -5.6 -20.8 -26.6 0.9 -2.4 16.8 37.3 71.0 63.0 15

16 Mutual fund shares 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 16

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

Billions of dollars

 Net flows through credit markets

 1 (from table F.4, line 1) 1210.2 1337.5 1431.8 2136.7 2103.2 1699.9 1971.4 2158.0 2633.6 1

 2 Official foreign exchange 8.8 -6.3 0.7 6.6 -8.7 -0.4 4.3 9.9 1.1 2

 3 SDR certificates 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 3

 4 Treasury currency 0.7 0.5 0.5 0.6 1.0 2.4 1.3 1.0 0.6 4

 5 Foreign deposits 35.3 85.9 107.7 9.1 48.9 126.9 6.8 21.0 -0.0 5

 6 Net interbank transactions 10.0 -51.6 -19.7 -31.8 15.0 15.1 -28.0 17.3 -3.8 6

 7 Checkable deposits and currency -12.8 15.7 41.2 47.3 151.2 -71.4 204.3 43.5 133.8 7

 8 Small time and savings deposits 96.6 97.2 97.1 152.4 45.1 188.8 267.2 270.9 229.4 8

 9 Large time deposits 65.6 114.0 122.5 91.8 131.1 116.2 68.6 50.1 62.0 9

10 Money market fund shares 141.2 145.4 155.9 287.2 249.1 233.3 428.6 -16.8 -207.8 10

11 Security RPs 110.5 41.4 120.9 91.3 169.0 114.5 23.7 106.6 227.2 11

12 Corporate equities 1.5 14.7 -46.4 -113.3 1.5 5.3 99.0 47.0 105.6 12

13 Mutual fund shares 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 13

14 Trade payables 133.7 123.3 139.8 115.5 262.5 402.3 -83.4 70.9 166.2 14

15 Security credit 26.7 52.4 111.0 103.2 104.4 146.1 3.1 -87.0 132.5 15

16 Life insurance reserves 45.8 44.5 59.3 48.0 50.8 50.2 77.2 60.1 66.8 16

17 Pension fund reserves 151.4 141.1 194.5 207.3 124.5 134.2 130.5 170.3 195.5 17

18 Taxes payable 5.4 16.9 19.3 14.7 22.9 25.9 14.5 28.9 12.0 18

19 Investment in bank personal trusts 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 19

20 Noncorporate proprietors’ equity 1.1 -22.1 -72.3 -90.3 -88.9 -43.9 -29.9 -42.7 -63.5 20

21 Miscellaneous 512.2 555.7 519.5 996.8 1108.4 1394.3 656.6 483.4 668.3 21

22 Total financial sources 2699.8 2938.3 3195.0 4306.6 4671.1 4831.6 3957.0 3572.4 4621.1 22

 - Liabilities not identified as assets:

23 Treasury currency -0.3 -0.4 -0.2 -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 23

24 Foreign deposits 25.0 59.4 106.2 -5.8 30.5 66.1 -12.8 11.0 30.0 24

25 Net interbank liabilities -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 25

26 Security RPs 25.7 2.4 63.2 62.1 38.6 110.8 -61.2 22.5 -21.7 26

27 Taxes payable 22.1 21.5 29.0 20.8 10.8 32.6 21.4 27.8 -32.3 27

28 Miscellaneous -228.4 -210.8 -340.5 -195.1 -233.8 -445.1 -319.1 -78.1 -143.3 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -6.0 0.5 -2.7 2.6 -7.4 9.0 5.7 0.1 -7.9 29

30 Other -3.8 -4.0 -3.9 -3.1 -0.8 -0.3 -0.5 -0.7 -0.0 30

31 Trade credit 10.4 -31.3 -26.0 -32.5 -15.7 3.3 2.9 98.2 -41.9 31

 Totals identified to sectors

32 as assets 2858.4 3104.6 3389.7 4454.1 4849.5 5036.1 4303.4 3485.2 4842.6 32
4 FFA, 1995-2003, Z.1, December 9, 2004

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross Domestic Product (GDP) 7397.6 7816.8 8304.3 8747.0 9268.5 9817.0 10127.9 10487.1 11004.1 1

 2 Personal consumption expenditures (2) 4975.8 5256.8 5547.4 5879.5 6282.5 6739.4 7055.0 7376.1 7760.9 2

 3 Durable goods 611.6 652.6 692.7 750.2 817.6 863.3 883.7 916.2 950.7 3

 4 Nondurable goods 1485.1 1555.5 1619.0 1683.6 1804.8 1947.2 2017.1 2080.1 2200.1 4

 5 Services 2879.1 3048.8 3235.8 3445.7 3660.0 3928.8 4154.3 4379.8 4610.1 5

 6 Gross private domestic investment 1144.0 1240.2 1389.8 1509.1 1625.7 1735.5 1614.3 1579.2 1665.8 6

 7 Fixed investment 1112.9 1209.5 1317.8 1438.4 1558.8 1679.0 1646.1 1568.0 1667.0 7

 8 Nonresidential 810.1 875.4 968.7 1052.5 1133.9 1232.1 1176.8 1063.9 1094.7 8

 9 Household sector (nonprofit organizations) 37.3 39.5 51.8 58.3 58.7 63.1 66.4 65.4 68.0 9

10 Nonfinancial corporate business 594.9 632.9 681.7 706.9 797.3 878.6 845.1 755.9 771.9 10

11 Nonfarm noncorporate business 75.9 78.3 61.5 90.0 123.5 140.7 122.5 99.5 105.1 11

12 Farm business 16.5 16.9 19.6 19.9 15.9 18.4 18.9 19.8 21.6 12

13 Financial corporations 85.5 107.8 154.1 177.4 138.6 131.2 123.9 123.4 128.2 13

14 Residential 302.8 334.1 349.1 385.8 424.9 446.9 469.3 504.1 572.3 14

15 Household sector 254.8 280.8 293.2 329.9 360.5 377.3 401.4 429.0 489.3 15

16 Nonfinancial corporate business 2.6 2.6 2.9 2.8 3.3 3.5 3.7 3.8 4.2 16

17 Nonfarm noncorporate business 42.6 46.3 41.8 41.7 60.1 66.1 63.4 68.0 76.0 17

18 REITs 2.7 4.4 11.3 11.4 1.0 0.0 0.8 3.2 2.8 18

19 Change in private inventories 31.1 30.8 72.0 70.8 66.9 56.5 -31.7 11.2 -1.2 19

20 Nonfinancial corporate business 40.1 21.0 65.3 65.9 66.1 54.9 -30.1 12.1 -1.4 20

21 Nonfarm noncorporate business 2.1 1.1 3.4 3.5 3.5 2.9 -1.6 0.6 -0.1 21

22 Farm business -11.1 8.6 3.2 1.4 -2.7 -1.3 -0.0 -1.5 0.3 22

23 Net U.S. exports of goods and services -91.4 -96.3 -101.6 -160.0 -260.5 -379.5 -367.0 -424.9 -498.1 23

24 Exports 812.2 868.6 955.4 955.9 991.3 1096.3 1032.8 1005.0 1046.2 24

25 - Imports 903.6 964.8 1056.9 1115.9 1251.8 1475.8 1399.9 1429.9 1544.3 25

 Government consumption expenditures and

26 gross investment 1369.2 1416.0 1468.7 1518.3 1620.8 1721.7 1825.6 1956.7 2075.5 26

27 Consumption expenditures (3) 1136.5 1171.1 1216.6 1256.0 1334.0 1417.1 1501.6 1609.2 1717.1 27

28 Federal 440.5 446.3 457.7 454.6 475.1 499.3 531.9 592.7 658.6 28

29 State and local 696.1 724.8 758.9 801.4 858.9 917.8 969.8 1016.5 1058.5 29

30 Gross investment (3) 232.7 244.9 252.1 262.4 286.8 304.6 324.0 347.5 358.5 30

31 Federal 78.7 81.1 73.2 75.8 80.8 79.5 81.0 88.2 93.6 31

32 State and local 154.0 163.8 178.9 186.5 206.1 225.1 243.0 259.3 264.9 32

 Memo:

33 Net U.S. income receipts from rest of the world 35.8 35.0 33.0 21.4 33.8 39.0 43.7 27.1 55.2 33

34 U.S. income receipts 234.0 248.7 286.7 287.1 320.8 382.7 322.5 301.8 329.1 34

35 - U.S. income payments 198.2 213.7 253.7 265.8 287.1 343.7 278.8 274.7 273.9 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 7433.4 7851.8 8337.3 8768.3 9302.2 9856.0 10171.6 10514.1 11059.3 36

(1) This table is based on NIPA table 1.1.5 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.
FFA, 1995-2003, Z.1, December 9, 2004 5

F.7 Distribution of National Income (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 National Income 6453.9 6840.1 7292.2 7752.8 8236.8 8795.3 8979.9 9225.5 9679.8 1

 2 Compensation of employees 4193.3 4390.5 4661.7 5019.4 5357.2 5782.7 5942.1 6069.5 6289.0 2

 3 Wages and other labor income 3912.9 4112.0 4375.1 4713.1 5028.7 5439.2 5585.5 5705.9 5912.5 3

 4 Employer social insurance contributions 264.1 274.9 289.5 307.0 323.4 343.5 356.6 363.6 376.6 4

 5 Wage accruals less disbursements 16.4 3.6 -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 492.1 543.2 576.0 627.8 678.3 728.4 771.9 769.6 834.1 6

 7 Nonfarm 469.5 505.9 541.8 598.4 649.7 705.7 752.2 759.9 812.3 7

 8 Farm 22.7 37.3 34.2 29.4 28.6 22.7 19.7 9.7 21.9 8

 Rental income of persons (with capital

 9 consumption adjustment) 122.2 131.5 128.8 137.5 147.4 150.3 167.4 170.9 153.9 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 696.7 786.2 868.5 801.6 851.3 818.0 767.4 874.6 1021.1 10

 Corporate profits with inventory

11 valuation adjustment 656.0 736.1 812.3 738.5 776.8 759.4 719.3 756.8 860.3 11

12 Profits before tax 674.3 733.1 798.2 718.3 775.9 773.4 707.9 758.0 874.5 12

13 Domestic nonfinancial 418.7 457.2 492.6 449.1 456.7 422.0 309.8 323.3 396.9 13

14 Farm 0.6 1.4 1.6 0.3 1.3 1.9 0.8 0.8 0.8 14

15 Foreign subsidiaries 92.8 101.9 110.9 102.9 121.6 145.8 169.7 157.8 176.9 15

16 Financial 162.2 172.6 193.0 166.0 196.3 203.8 227.6 276.1 299.9 16

 Less:

17 Taxes on corporate income 218.7 231.7 246.1 248.3 258.6 265.2 204.2 183.9 234.9 17

18 Domestic nonfinancial 140.6 152.6 161.4 158.2 170.8 169.7 111.4 88.7 129.8 18

19 Farm 0.4 0.5 0.5 0.4 0.5 0.5 0.3 0.2 0.2 19

20 Financial 77.7 78.6 84.2 89.7 87.4 95.0 92.5 94.9 104.9 20

 Equals:

21 Profits after tax 455.6 501.4 552.1 470.0 517.3 508.3 503.8 574.2 639.6 21

22 Net dividends 254.2 297.6 334.5 351.6 337.4 378.0 370.9 390.0 395.3 22

23 Domestic nonfinancial 176.9 196.5 214.2 239.6 222.7 249.7 243.5 252.8 273.2 23

24 Farm 1.1 1.0 1.7 1.4 1.9 1.7 1.9 2.1 2.2 24

25 Foreign subsidiaries 32.6 40.3 50.6 42.5 41.7 29.5 40.9 42.6 20.5 25

26 Financial 43.6 59.8 68.1 68.2 71.0 97.1 84.6 92.5 99.4 26

27 Undistributed profits 201.4 203.8 217.6 118.3 179.9 130.3 132.9 184.1 244.3 27

28 Domestic nonfinancial 101.3 108.1 117.0 51.3 63.2 2.6 -45.0 -18.3 -6.1 28

29 Farm -1.0 -0.1 -0.6 -1.6 -1.1 -0.2 -1.5 -1.6 -1.6 29

30 Foreign subsidiaries 60.2 61.6 60.4 60.5 79.8 116.3 128.9 115.2 156.3 30

31 Financial 40.9 34.3 40.8 8.1 38.0 11.7 50.5 88.7 95.7 31

32 Inventory valuation adjustment -18.3 3.1 14.1 20.2 0.9 -14.1 11.4 -1.2 -14.1 32

33 Capital consumption adjustment 40.7 50.1 56.2 63.1 74.5 58.6 48.1 117.8 160.8 33

34 Domestic nonfinancial 50.3 60.5 63.9 67.6 77.5 65.3 34.7 94.9 132.1 34

35 Farm 1.2 1.1 1.1 1.1 1.1 1.3 0.5 0.7 0.7 35

36 Financial -10.8 -11.6 -8.9 -5.6 -4.2 -8.0 12.9 22.3 27.9 36

37 Net interest and miscellaneous payments 367.1 376.2 415.6 487.1 495.4 559.1 566.4 532.9 543.1 37

38 Taxes on production and imports 558.2 581.1 612.0 639.8 674.0 708.9 728.6 762.6 798.1 38

39 Less: Subsidies 34.0 34.3 32.9 35.4 44.2 44.3 55.3 38.2 46.8 39

40 Business current transfer payments (net) 46.8 53.1 49.9 64.8 67.4 87.1 92.8 80.9 77.7 40

41 Current surplus of government enterprises 11.5 12.7 12.6 10.4 10.1 5.3 -1.4 2.8 9.5 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 6453.9 6840.1 7292.2 7752.8 8236.8 8795.3 8979.9 9225.5 9679.8 42

 Plus:

43 Private consumption of fixed capital 713.4 748.8 800.3 851.2 914.3 990.8 1075.5 1092.8 1135.9 43

44 Government consumption of fixed capital 165.0 169.3 174.2 179.0 187.0 197.0 206.0 211.2 218.1 44

45 Statistical discrepancy 101.2 93.7 70.6 -14.7 -35.7 -127.1 -89.8 -15.4 25.5 45

 Less:

46 Net U.S. income receipts from rest of the world 35.8 35.0 33.0 21.4 33.8 39.0 43.7 27.1 55.2 46

 Equals:

47 Gross Domestic Product 7397.6 7816.8 8304.3 8747.0 9268.5 9817.0 10127.9 10487.1 11004.1 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
6 FFA, 1995-2003, Z.1, December 9, 2004

F.8 Saving and Investment (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 1184.5 1291.1 1461.2 1598.8 1674.3 1770.5 1657.7 1484.4 1487.9 1

 2 Net saving 306.1 373.0 486.7 568.6 573.1 582.7 376.2 180.4 133.9 2

 3 Net private saving 491.1 488.9 503.3 477.7 419.0 343.3 324.6 459.8 501.6 3

 4 Personal saving 250.9 228.4 218.3 276.8 158.6 168.4 132.3 159.1 110.7 4

 5 Undistributed corporate profits w/IVA & CCA 223.9 256.9 288.0 201.7 255.3 174.9 192.3 300.7 390.9 5

 6 Undistributed profits 201.4 203.8 217.6 118.3 179.9 130.3 132.9 184.1 244.3 6

 7 Inventory valuation adjustment -18.3 3.1 14.1 20.2 0.9 -14.1 11.4 -1.2 -14.1 7

 8 Capital consumption adjustment 40.7 50.1 56.2 63.1 74.5 58.6 48.1 117.8 160.8 8

 9 Wage accruals less disbursements 16.4 3.6 -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 9

10 Net government saving -185.0 -116.0 -16.6 90.9 154.1 239.4 51.6 -279.5 -367.7 10

11 Federal -197.0 -141.8 -55.7 39.0 103.6 189.4 46.7 -254.5 -364.5 11

12 State and local 12.0 25.8 39.1 52.0 50.4 50.0 4.9 -25.0 -3.1 12

13 Consumption of fixed captal 878.4 918.1 974.5 1030.2 1101.2 1187.8 1281.5 1304.0 1354.0 13

14 Private 713.4 748.8 800.3 851.2 914.3 990.8 1075.5 1092.8 1135.9 14

15 Domestic business 600.2 630.7 675.2 718.3 769.8 836.1 903.7 912.6 942.6 15

16 Households and institutions 113.2 118.2 125.2 133.0 144.5 154.8 171.8 180.2 193.3 16

17 Government 165.0 169.3 174.2 179.0 187.0 197.0 206.0 211.2 218.1 17

18 Federal 81.9 82.1 82.6 82.8 84.8 87.2 88.2 89.1 90.2 18

19 State and local 83.2 87.3 91.6 96.2 102.1 109.8 117.8 122.2 127.9 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1285.7 1384.8 1531.7 1584.1 1638.6 1643.4 1567.9 1469.0 1513.4 20

21 Gross domestic investment 1376.7 1485.1 1641.9 1771.5 1912.5 2040.0 1938.3 1926.6 2024.3 21

22 Gross private domestic investment 1144.0 1240.2 1389.8 1509.1 1625.7 1735.5 1614.3 1579.2 1665.8 22

23 Fixed investment 1112.9 1209.5 1317.8 1438.4 1558.8 1679.0 1646.1 1568.0 1667.0 23

24 Nonresidential 810.1 875.4 968.7 1052.5 1133.9 1232.1 1176.8 1063.9 1094.7 24

25 Residential 302.8 334.1 349.1 385.8 424.9 446.9 469.3 504.1 572.3 25

26 Change in private inventories 31.1 30.8 72.0 70.8 66.9 56.5 -31.7 11.2 -1.2 26

27 Gross government investment 232.7 244.9 252.1 262.4 286.8 304.6 324.0 347.5 358.5 27

28 Capital account transactions (net) 0.9 0.7 1.1 0.8 4.9 0.8 1.1 1.3 3.1 28

29 Net lending or net borrowing (-), NIPAs -91.9 -101.0 -111.2 -188.1 -278.8 -397.4 -371.5 -458.9 -513.9 29

30 Statistical discrepancy (line 20 less line 1) 101.2 93.7 70.6 -14.7 -35.7 -127.1 -89.8 -15.4 25.5 30

(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

 1 Capital transfers received by government (net) 19.6 23.1 26.8 32.4 32.5 35.6 35.7 28.8 11.6 1

 2 Federal -12.8 -10.7 -8.5 -3.6 -7.4 -8.1 -12.9 -23.0 -40.0 2

 3 Estate and gift taxes paid by persons 14.9 17.5 20.6 25.2 28.8 28.1 28.0 25.3 22.0 3

 4 - Capital transfers paid to persons 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.6 14.8 4

 5 - Capital transfers paid to the rest of the world (net) 0.4 0.0 0.2 0.0 4.2 0.0 0.0 0.2 1.9 5

 6 - Federal investment grants to state and local govts. 27.3 28.2 28.9 28.8 31.9 36.2 40.8 44.4 45.1 6

 7 - Investment grants to business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 7

 8 State and local 32.4 33.9 35.3 36.0 39.9 43.7 48.6 51.8 51.5 8

 9 Estate and gift taxes paid by persons 5.1 5.6 6.4 7.2 7.9 7.5 7.8 7.4 6.4 9

10 + Federal investment grants to state and local govts. 27.3 28.2 28.9 28.8 31.9 36.2 40.8 44.4 45.1 10

11 Capital transfers received by rest of the world (net) 1.1 0.6 1.0 0.7 4.9 0.8 1.1 1.3 3.2 11

12 Capital transfers received from U.S. government (net) 0.4 0.0 0.2 0.0 4.2 0.0 0.0 0.2 1.9 12

13 - Migrants’ transfers received by persons (net) -0.7 -0.6 -0.8 -0.7 -0.7 -0.8 -1.1 -1.1 -1.3 13

 Memo:

 Acquisition of nonproduced nonfinancial assets (net)

14 Nonfinancial corporate business 0.6 -2.2 1.8 -1.9 -7.7 -8.5 -8.6 -10.1 -9.8 14

15 State and local governments 6.6 6.1 5.9 7.6 8.6 8.8 9.3 9.8 10.0 15

16 Federal governments -7.4 -3.8 -7.6 -5.7 -1.0 -0.3 -0.7 0.2 -0.3 16

17 Rest of the world 0.2 -0.1 -0.1 -0.0 0.0 0.0 0.1 0.0 0.1 17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.
FFA, 1995-2003, Z.1, December 9, 2004 7

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

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net acquisition of financial assets 525.3 623.9 581.4 882.7 645.7 513.9 719.9 641.5 1022.3 1

 2 Foreign deposits 4.6 12.4 6.5 0.1 5.2 20.0 -5.0 15.7 -9.0 2

 3 Checkable deposits and currency -27.1 -54.0 -11.4 19.9 -18.3 -78.6 102.9 35.9 -41.2 3

 4 Time and savings deposits 131.4 156.9 142.6 133.7 137.7 309.0 212.1 281.9 333.1 4

 5 Money market fund shares 99.6 52.7 83.5 140.3 120.2 154.5 168.0 -42.1 -107.9 5

 6 Securities 34.0 172.3 10.3 151.6 45.4 -395.7 -107.8 -3.8 338.7 6

 7 Open market paper 1.3 6.7 1.5 7.5 4.1 14.8 3.1 13.3 -4.1 7

 8 U.S. savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 8

 9 Other Treasury securities -15.0 -0.3 -134.0 -30.9 -9.8 -193.7 -104.5 -93.6 6.4 9

10 Agency- and GSE-backed securities 26.4 99.9 59.5 72.7 82.3 86.4 -90.4 -111.2 260.1 10

11 Municipal securities -53.0 -34.8 36.4 2.7 19.5 5.8 52.3 96.2 30.6 11

12 Corporate and foreign bonds 87.0 74.3 30.0 88.7 -54.1 55.9 -7.4 36.6 -169.9 12

13 Corporate equities (2) -102.8 -185.4 -257.7 -247.5 -81.9 -446.6 -134.8 -20.8 -60.7 13

14 Mutual fund shares 85.1 209.9 275.2 258.3 85.5 83.4 168.4 71.2 267.3 14

15 Life insurance reserves 45.8 44.5 59.3 48.0 50.8 50.2 77.2 60.1 66.8 15

16 Pension fund reserves 151.4 141.1 194.5 207.3 124.5 134.2 130.5 170.3 195.5 16

17 Investment in bank personal trusts 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 17

18 Miscellaneous and other assets 79.2 103.2 149.0 227.9 188.4 263.9 201.8 125.8 272.6 18

19 Gross investment in tangible assets 977.3 1066.5 1106.2 1231.7 1370.1 1463.1 1487.2 1531.8 1645.0 19

20 Residential fixed investment 297.5 327.1 334.9 371.6 420.6 443.3 464.8 497.1 565.3 20

21 Other fixed assets (3) 129.7 134.8 132.8 168.2 198.1 222.2 207.7 184.7 194.7 21

22 Consumer durables 559.1 594.9 631.8 687.1 750.6 796.0 816.3 851.0 884.9 22

23 Inventories (3) -9.0 9.7 6.7 4.8 0.8 1.6 -1.6 -0.9 0.2 23

24 Consumption of fixed capital 701.8 733.6 767.2 808.2 857.0 913.1 943.8 985.5 1032.7 24

25 Residential fixed investment 122.4 128.1 136.4 143.0 155.7 164.6 184.0 186.5 219.3 25

26 Other fixed assets (3) 116.3 121.9 128.3 139.0 147.8 158.5 159.9 168.6 153.7 26

27 Consumer durables 463.2 483.6 502.4 526.1 553.6 590.1 599.9 630.4 659.6 27

28 Net investment in tangible assets (4) 275.5 332.9 339.0 423.5 513.1 550.0 543.3 546.4 612.4 28

29 Residential fixed investment 175.1 199.0 198.5 228.5 264.9 278.8 280.7 310.5 345.9 29

30 Other fixed assets (3) 13.4 12.9 4.5 29.2 50.3 63.8 47.9 16.1 40.9 30

31 Consumer durables 96.0 111.2 129.3 161.0 197.0 205.9 216.4 220.6 225.3 31

32 Inventories (3) -9.0 9.7 6.7 4.8 0.8 1.6 -1.6 -0.9 0.2 32

33 Net increase in liabilities 414.2 493.5 552.3 785.9 888.8 919.9 800.5 897.5 1136.6 33

34 Mortgage debt on nonfarm homes 171.6 227.6 241.7 359.2 423.1 409.0 509.6 677.0 794.9 34

35 Other mortgage debt (3) 5.8 29.2 31.8 105.7 102.7 117.0 104.8 101.1 114.3 35

36 Consumer credit 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 36

37 Policy loans 10.5 4.5 3.2 0.1 -5.1 2.8 2.2 1.1 -0.6 37

38 Security credit 3.5 15.8 36.8 21.6 75.2 7.2 -38.8 -48.2 34.3 38

39 Other liabilities (3) 75.4 112.4 169.0 193.8 179.9 216.5 83.3 83.3 105.3 39

40 Net capital transfers (5) -20.7 -23.7 -27.8 -33.1 -37.4 -36.5 -36.8 -30.2 -14.8 40

41 Personal saving, with consumer durables (FOF) 407.4 487.0 395.9 553.4 307.4 180.5 499.5 320.6 513.0 41

42 Less net investment in consumer durables 96.0 111.2 129.3 161.0 197.0 205.9 216.4 220.6 225.3 42

43 = Personal saving, without consumer durables (FOF) (6) 311.4 375.8 266.6 392.4 110.3 -25.4 283.1 100.0 287.7 43

44 Personal saving (NIPA, excludes consumer durables) 250.9 228.4 218.3 276.8 158.6 168.4 132.3 159.1 110.7 44

45 Difference 60.5 147.4 48.3 115.7 -48.3 -193.8 150.8 -59.2 177.0 45

 Memo:

46 Disposable personal income 5408.2 5688.4 5988.8 6395.9 6694.9 7194.0 7486.8 7827.7 8160.0 46

 Personal saving as a percentage of disposable personal income:

47 With consumer durables (FOF) (line 41) 7.5 8.6 6.6 8.7 4.6 2.5 6.7 4.1 6.3 47

48 Without consumer durables (FOF) (line 43) 5.8 6.6 4.5 6.1 1.6 -0.4 3.8 1.3 3.5 48

49 Without consumer durables (NIPA) (line 44) 4.6 4.0 3.6 4.3 2.4 2.3 1.8 2.0 1.4 49

50 Difference (line 45) 1.1 2.6 0.8 1.8 -0.7 -2.7 2.0 -0.8 2.2 50

(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 14), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17).

(3) Includes corporate farms.

(4) Line 19 less line 24.

(5) Table F.9, line 13 less lines 3, 4, and 9.

(6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4).
8 FFA, 1995-2003, Z.1, December 9, 2004

F.100 Households and Nonprofit Organizations (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Personal income 6152.3 6520.6 6915.1 7423.0 7802.4 8429.7 8724.1 8878.9 9161.8 1

 2 - Personal current taxes 744.1 832.1 926.3 1027.0 1107.5 1235.7 1237.3 1051.2 1001.8 2

 3 = Disposable personal income 5408.2 5688.4 5988.8 6395.9 6694.9 7194.0 7486.8 7827.7 8160.0 3

 4 - Personal outlays 5157.3 5460.0 5770.5 6119.2 6536.4 7025.6 7354.5 7668.5 8049.3 4

 5 = Personal saving, NIPA (2) 250.9 228.4 218.3 276.8 158.6 168.4 132.3 159.1 110.7 5

 6 + Government insurance and pension reserves (3) 3.6 3.4 3.4 4.4 3.8 1.8 3.3 -1.7 -0.6 6

 7 + Net investment in consumer durables 96.0 111.2 129.3 161.0 197.0 205.9 216.4 220.6 225.3 7

 8 + Consumption of fixed capital 576.5 601.9 627.7 659.4 695.1 746.7 773.5 812.5 854.8 8

 9 + Net capital transfers (4) -20.7 -23.7 -27.8 -33.1 -37.4 -36.5 -36.8 -30.2 -14.8 9

10 = Gross saving and net capital transfers 906.2 921.3 951.0 1068.5 1017.1 1086.2 1088.6 1160.3 1175.4 10

11 Gross investment 962.9 1064.3 995.4 1180.2 965.1 889.6 1237.1 1103.8 1353.8 11

12 Capital expenditures 851.2 915.2 976.8 1075.3 1169.8 1236.3 1284.0 1345.4 1442.2 12

13 Residential 254.8 280.8 293.2 329.9 360.5 377.3 401.4 429.0 489.3 13

14 Consumer durable goods 559.1 594.9 631.8 687.1 750.6 796.0 816.3 851.0 884.9 14

15 Nonprofit nonresidential 37.3 39.5 51.8 58.3 58.7 63.1 66.4 65.4 68.0 15

16 Net financial investment 111.6 149.1 18.6 105.0 -204.7 -346.7 -46.9 -241.6 -88.4 16

17 Net acquisition of financial assets 449.3 506.5 376.7 572.8 370.6 224.1 534.9 452.2 795.3 17

18 Foreign deposits 4.6 12.4 6.5 0.1 5.2 20.0 -5.0 15.7 -9.0 18

19 Checkable deposits and currency -40.8 -73.3 -33.8 -14.5 -57.6 -135.2 101.8 22.6 -52.2 19

20 Time and savings deposits 127.1 153.3 131.9 120.9 118.6 288.9 204.9 279.8 331.4 20

21 Money market fund shares 97.7 50.5 79.9 130.6 112.1 145.8 158.4 -44.4 -99.7 21

22 Credit market instruments 38.5 134.8 -19.0 132.6 50.9 -24.3 -137.1 -46.2 140.9 22

23 Open market paper 1.3 6.7 1.5 7.5 4.1 14.8 3.1 13.3 -4.1 23

24 Treasury securities -15.2 -3.2 -138.2 -36.5 -9.2 -198.4 -101.6 -91.4 12.9 24

25 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 25

26 Other -20.3 -5.2 -137.7 -36.7 -9.0 -196.7 -107.2 -95.9 4.0 26

27 Agency- and GSE-backed securities 26.4 99.9 59.5 72.7 82.3 86.4 -90.4 -111.2 260.1 27

28 Municipal securities -53.6 -35.2 35.8 3.0 19.6 6.0 51.2 96.0 30.4 28

29 Corporate and foreign bonds 87.0 74.3 30.0 88.7 -54.1 55.9 -7.4 36.6 -169.9 29

30 Mortgages -7.4 -7.7 -7.6 -2.8 8.2 10.9 8.0 10.6 11.4 30

31 Corporate equities (5) -102.8 -185.4 -257.7 -247.5 -81.9 -446.6 -134.8 -20.8 -60.7 31

32 Mutual fund shares 85.1 209.9 275.2 258.3 85.5 83.4 168.4 71.2 267.3 32

33 Security credit 18.6 35.3 52.6 61.2 47.2 88.6 41.9 -41.6 62.7 33

34 Life insurance reserves 45.8 44.5 59.3 48.0 50.8 50.2 77.2 60.1 66.8 34

35 Pension fund reserves 151.4 141.1 194.5 207.3 124.5 134.2 130.5 170.3 195.5 35

36 Investment in bank personal trusts 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 36

37 Equity in noncorporate business 1.1 -22.1 -72.3 -90.3 -88.9 -43.9 -29.9 -42.7 -63.5 37

38 Miscellaneous assets 16.7 10.6 12.7 12.1 12.4 6.5 18.5 30.6 42.0 38

39 Net increase in liabilities 337.7 357.4 358.1 467.9 575.4 570.9 581.8 693.8 883.7 39

40 Credit market instruments 325.6 332.8 312.1 438.9 493.9 559.7 622.9 734.1 840.6 40

41 Home mortgages (6) 157.7 211.2 223.9 305.5 376.9 369.4 466.8 627.6 734.9 41

42 Consumer credit 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 42

43 Municipal securities 0.7 6.6 10.0 12.0 10.4 5.8 13.8 12.9 14.1 43

44 Bank loans n.e.c. 17.4 0.5 8.0 7.7 -8.4 2.7 -16.5 -3.2 -7.0 44

45 Other loans and advances 12.0 5.8 1.7 -0.3 -5.4 2.0 0.6 0.3 -1.5 45

46 Commercial mortgages -9.6 4.7 -1.2 8.6 7.3 12.5 18.7 13.4 11.7 46

47 Security credit 3.5 15.8 36.8 21.6 75.2 7.2 -38.8 -48.2 34.3 47

48 Trade payables 7.9 8.0 8.9 8.7 4.1 3.8 -1.9 7.0 7.9 48

 Deferred and unpaid

49 life insurance premiums 0.7 0.8 0.3 -1.4 2.1 0.1 -0.4 0.9 0.9 49

50 Discrepancy -56.6 -143.0 -44.4 -111.8 52.1 196.6 -148.5 56.6 -178.5 50

(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, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(4) Table F.9, line 13 less lines 3, 4, and 9.

(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).

(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.
FFA, 1995-2003, Z.1, December 9, 2004 9

F.101 Nonfinancial Business (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Income before taxes 967.2 1059.9 1129.5 1137.2 1195.9 1211.9 1149.4 1157.1 1289.6 1

 2 Gross saving and net capital transfers 732.2 800.5 860.6 839.3 905.2 903.4 943.9 1016.3 1119.4 2

 3 Gross investment 799.3 842.5 880.7 876.0 1003.1 1068.0 1061.9 973.2 1150.1 3

 4 Capital expenditures 764.3 805.5 881.2 930.2 1059.3 1155.3 1013.2 948.1 967.7 4

 5 Fixed investment 732.5 777.0 807.4 861.4 1000.1 1107.3 1053.6 947.0 978.7 5

 6 Residential 45.3 48.9 44.6 44.5 63.4 69.6 67.1 71.8 80.2 6

 7 Nonresidential 687.3 728.1 762.8 816.8 936.7 1037.7 986.5 875.2 898.5 7

 8 Change in inventories 31.1 30.8 72.0 70.8 66.9 56.5 -31.7 11.2 -1.2 8

 9 Nonproduced nonfinancial assets 0.6 -2.2 1.8 -1.9 -7.7 -8.5 -8.6 -10.1 -9.8 9

10 Net financial investment 35.1 36.9 -0.5 -54.2 -56.1 -87.4 48.7 25.1 182.4 10

11 Net acquisition of financial assets 503.9 549.0 403.7 791.0 1154.8 1455.3 335.9 296.6 638.1 11

12 Foreign deposits 1.7 10.8 -5.1 7.4 0.9 -7.4 -8.5 4.4 18.9 12

13 Checkable deposits and currency 18.2 58.5 30.0 57.5 95.3 107.1 -48.4 -5.6 107.6 13

14 Time and savings deposits 7.6 3.5 30.4 6.0 43.3 20.5 0.9 -1.4 46.2 14

15 Money market fund shares 24.8 9.9 23.9 48.3 36.6 45.2 120.1 29.2 -46.0 15

16 Security RPs 0.3 1.5 0.7 -0.4 1.6 -1.6 -0.2 2.2 -0.3 16

17 Credit market instruments -4.9 -6.2 -4.3 4.4 -25.7 26.4 8.9 25.3 31.0 17

18 Commercial paper 1.3 11.4 4.6 3.3 8.2 10.2 2.4 4.5 17.4 18

19 Treasury securities 11.6 -5.1 -16.6 2.5 -5.0 1.7 1.1 17.2 12.5 19

20 Agency- and GSE-backed securities 3.5 5.1 -20.5 2.6 1.8 3.0 1.7 -0.3 8.2 20

21 Municipal securities -19.3 -5.4 -3.1 -2.0 -0.9 6.7 -1.5 3.0 8.2 21

22 Mortgages -0.5 -4.9 24.3 -5.1 -28.0 0.9 6.4 3.2 0.8 22

23 Consumer credit -1.6 -7.3 7.0 3.1 -1.8 4.0 -1.2 -2.4 -16.1 23

24 Mutual fund shares 4.6 8.7 -6.4 6.7 7.4 12.0 2.0 10.5 -4.6 24

25 Trade receivables 93.3 117.6 122.8 107.4 247.1 352.6 -126.7 -57.6 153.4 25

26 Miscellaneous assets 358.4 344.7 211.7 553.7 748.2 900.5 388.0 289.4 331.8 26

27 Net increase in liabilities 468.8 512.1 404.2 845.2 1210.9 1542.7 287.3 271.5 455.7 27

28 Credit market instruments 276.0 255.0 392.8 587.8 569.5 558.2 394.9 182.0 305.6 28

29 Commercial paper 18.1 -0.9 13.7 24.4 37.4 48.1 -88.3 -64.2 -40.0 29

30 Municipal securities 3.1 3.1 4.2 5.8 5.1 1.4 3.5 3.1 3.4 30

31 Corporate bonds 91.1 116.3 150.5 235.2 221.7 162.6 348.5 132.3 158.3 31

32 Bank loans n.e.c. 86.3 69.9 98.4 102.1 89.8 95.0 -65.5 -84.0 -75.2 32

33 Other loans and advances 40.2 16.0 42.6 67.6 31.8 78.7 8.1 19.5 11.3 33

34 Mortgages 37.3 50.7 83.3 152.7 183.7 172.5 188.7 175.4 247.8 34

35 Corporate equities -58.3 -47.3 -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -57.8 35

36 Trade payables 94.4 81.4 97.5 89.1 213.6 360.8 -111.3 45.9 125.5 36

37 Taxes payable 0.5 11.9 13.6 9.0 15.9 18.6 7.1 20.0 0.8 37

38 Miscellaneous liabilities 154.6 233.7 51.1 463.7 612.5 767.0 70.6 108.4 141.6 38

39 Proprietors’ net investment 1.6 -22.4 -73.4 -88.8 -90.1 -43.7 -26.6 -43.3 -59.9 39

40 Discrepancy -67.1 -41.9 -20.1 -36.8 -97.9 -164.5 -118.0 43.0 -30.7 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
10 FFA, 1995-2003, Z.1, December 9, 2004

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Profits before tax (book) 418.7 457.2 492.6 449.1 456.7 422.0 309.8 323.3 396.9 1

 2 - Taxes on corporate income 140.6 152.6 161.4 158.2 170.8 169.7 111.4 88.7 129.8 2

 3 - Net dividends 176.9 196.5 214.2 239.6 222.7 249.7 243.5 252.8 273.2 3

 4 + Capital consumption allowance (1) 463.5 495.1 529.2 559.0 599.3 631.1 679.4 748.4 806.2 4

 5 = U.S. internal funds, book 564.7 603.2 646.2 610.3 662.6 633.7 634.3 730.1 800.1 5

 6 + Foreign earnings retained abroad 60.2 61.6 60.4 60.5 79.8 116.3 128.9 115.2 156.3 6

 7 + Inventory valuation adjustment (IVA) -18.3 3.1 14.1 20.2 0.9 -14.1 11.4 -1.2 -14.1 7

 8 + Net capital transfers (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 8

 9 = Total internal funds + IVA 606.6 667.9 720.7 691.0 743.3 735.9 774.5 844.2 942.4 9

10 Gross investment 673.8 709.8 740.7 727.7 841.2 900.4 892.5 801.1 973.1 10

11 Capital expenditures 638.2 654.3 751.8 773.8 858.9 928.5 810.1 761.7 764.9 11

12 Fixed investment (3) 597.5 635.4 684.6 709.7 800.5 882.1 848.8 759.7 776.1 12

13 Inventory change + IVA 40.1 21.0 65.3 65.9 66.1 54.9 -30.1 12.1 -1.4 13

14 Nonproduced nonfinancial assets 0.6 -2.2 1.8 -1.9 -7.7 -8.5 -8.6 -10.1 -9.8 14

15 Net financial investment 35.5 55.5 -11.1 -46.1 -17.7 -28.2 82.4 39.4 208.2 15

16 Net acquisition of financial assets 426.4 454.0 272.4 569.9 969.9 1209.2 177.6 150.6 471.0 16

17 Foreign deposits 1.7 10.8 -5.1 7.4 0.9 -7.4 -8.5 4.4 18.9 17

18 Checkable deposits and currency 4.5 39.3 7.6 23.0 56.0 50.5 -49.5 -18.9 96.7 18

19 Time and savings deposits 3.3 -0.0 19.7 -6.8 24.3 0.5 -6.2 -3.6 44.5 19

20 Money market fund shares 22.9 7.7 20.2 38.6 28.4 36.5 110.5 26.9 -37.7 20

21 Security RPs 0.3 1.5 0.7 -0.4 1.6 -1.6 -0.2 2.2 -0.3 21

22 Commercial paper 1.3 11.4 4.6 3.3 8.2 10.2 2.4 4.5 17.4 22

23 Treasury securities 6.3 -10.0 -20.2 -3.2 -4.2 -1.3 -1.6 14.9 10.1 23

24 Agency- and GSE-backed securities 3.5 5.1 -20.5 2.6 1.8 3.0 1.7 -0.3 8.2 24

25 Municipal securities -19.9 -5.8 -3.6 -1.6 -0.7 6.9 -2.6 2.8 7.9 25

26 Mortgages 1.6 -3.6 25.9 -13.0 -26.0 2.3 3.1 2.0 2.0 26

27 Consumer credit -1.6 -7.3 7.0 3.1 -1.8 4.0 -1.2 -2.4 -16.1 27

28 Trade receivables 78.0 88.1 87.7 79.2 207.7 283.0 -128.5 -80.4 101.7 28

29 Mutual fund shares 4.6 8.7 -6.4 6.7 7.4 12.0 2.0 10.5 -4.6 29

30 Miscellaneous assets 319.9 308.2 154.9 431.0 666.3 810.6 256.4 187.8 222.2 30

31 U.S. direct investment abroad (4) 90.3 76.8 84.3 129.2 194.4 128.4 119.4 118.7 142.5 31

32 Insurance receivables 8.2 2.6 1.9 1.7 1.0 -0.3 10.3 17.4 18.4 32

33 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Investment in finance co. subs. 4.6 1.8 -3.7 -6.4 26.8 7.4 -1.7 -5.5 5.8 34

35 Other 216.7 227.1 72.5 306.5 444.1 675.2 128.3 57.2 55.6 35

36 Net increase in liabilities 390.8 398.5 283.5 616.0 987.6 1237.4 95.2 111.1 262.8 36

37 Net funds raised in markets 168.8 135.4 214.4 182.1 263.6 236.2 180.6 -12.7 88.8 37

38 Net new equity issues -58.3 -47.3 -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -57.8 38

39 Credit market instruments 227.1 182.8 291.8 397.6 374.0 354.4 228.0 28.9 146.6 39

40 Commercial paper 18.1 -0.9 13.7 24.4 37.4 48.1 -88.3 -64.2 -40.0 40

41 Municipal securities (5) 3.1 3.1 4.2 5.8 5.1 1.4 3.5 3.1 3.4 41

42 Corporate bonds (4) 91.1 116.3 150.5 235.2 221.7 162.6 348.5 132.3 158.3 42

43 Bank loans n.e.c. 74.5 40.4 51.1 76.2 44.1 48.0 -103.3 -96.5 -65.8 43

44 Other loans and advances 32.3 14.2 39.8 54.3 23.4 65.9 7.8 16.0 5.5 44

45 Savings institutions 1.2 1.5 1.6 2.7 3.2 4.3 1.8 1.7 5.0 45

46 Finance companies 24.0 2.8 -0.5 33.1 48.8 57.0 -10.3 7.5 2.0 46

47 U.S. government 1.9 -1.3 -0.3 -0.1 -0.3 -0.4 -0.2 -0.3 0.7 47

48 Acceptance liabilities to banks -0.8 -0.7 -2.6 -4.3 -2.2 -0.0 -0.3 0.3 -0.2 48

49 Rest of the world 0.0 3.9 17.3 -1.0 -22.7 -2.2 -1.6 10.1 -0.8 49

50 ABS issuers 5.9 8.1 24.4 23.8 -3.3 7.2 18.5 -3.3 -1.1 50

51 Mortgages 8.0 9.8 32.5 1.8 42.2 28.4 59.8 38.2 85.1 51

52 Trade payables 81.0 49.5 65.1 57.6 178.5 313.3 -103.7 24.0 77.7 52

53 Taxes payable -0.0 9.6 9.3 4.8 7.0 7.0 3.1 11.9 -8.9 53

54 Miscellaneous liabilities 141.1 204.0 -5.4 371.4 538.6 681.0 15.3 87.9 105.1 54

55 Foreign direct investment in U.S. 53.6 71.7 100.2 144.4 247.2 181.2 87.5 22.2 9.5 55

56 Pension fund contributions payable 4.1 4.1 7.1 21.4 -7.6 14.0 0.6 0.1 -1.4 56

57 Other 83.5 128.3 -112.7 205.6 299.0 485.8 -72.8 65.6 97.1 57

58 Discrepancy -67.1 -41.9 -20.1 -36.8 -97.9 -164.5 -118.0 43.0 -30.7 58

 Memo:

59 Financing gap (6) 91.8 48.0 91.5 143.3 195.4 308.9 164.4 32.8 -21.1 59

(1) Consumption of fixed capital plus capital consumption adjustment.

(2) Table F.9, line 7.

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

(4) 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.

(5) 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.

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
FFA, 1995-2003, Z.1, December 9, 2004 11

F.103 Nonfarm Noncorporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net income with IVA and CCAdj 525.8 565.4 602.7 658.8 710.6 767.3 819.9 824.1 870.9 1

 2 Gross saving = capital consumption 108.7 114.9 122.4 131.4 144.5 149.3 147.3 149.5 153.5 2

 3 Gross investment 108.7 114.9 122.4 131.4 144.5 149.3 147.3 149.5 153.5 3

 4 Capital expenditures 120.7 125.7 106.7 135.2 187.1 209.7 184.3 168.1 181.0 4

 5 Fixed investment (1) 118.5 124.6 103.2 131.7 183.6 206.8 185.9 167.5 181.1 5

 6 Change in inventories 2.1 1.1 3.4 3.5 3.5 2.9 -1.6 0.6 -0.1 6

 7 Net financial investment -11.9 -10.8 15.8 -3.8 -42.6 -60.4 -37.0 -18.7 -27.5 7

 8 Net acquisition of financial assets 75.2 95.1 130.7 218.8 184.1 246.0 155.9 141.4 162.3 8

 9 Checkable deposits and currency 13.2 19.3 22.2 32.7 38.7 56.4 0.5 12.8 10.9 9

10 Time and savings deposits 4.3 3.5 10.7 12.7 19.1 20.1 7.1 2.2 1.7 10

11 Money market mutual funds 1.9 2.2 3.7 9.7 8.1 8.7 9.6 2.3 -8.2 11

12 Treasury securities 5.3 4.9 3.7 5.7 -0.8 3.0 2.7 2.3 2.4 12

13 Municipal securities 0.6 0.4 0.5 -0.4 -0.1 -0.3 1.1 0.2 0.2 13

14 Mortgages -2.1 -1.4 -1.6 7.9 -2.0 -1.4 3.3 1.2 -1.2 14

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

16 Trade receivables 15.3 29.5 35.1 28.2 39.4 69.6 1.8 22.8 51.7 16

17 Miscellaneous assets 36.7 36.6 56.4 122.2 81.7 89.9 129.9 97.6 104.9 17

18 Insurance receivables 2.0 0.6 0.5 0.4 0.2 -0.1 2.5 4.2 4.4 18

19 Equity investment in GSEs (2) 0.0 0.7 0.0 -0.1 0.0 0.0 0.1 0.0 0.3 19

20 Other 34.7 35.2 55.9 121.9 81.4 90.0 127.3 93.4 100.2 20

21 Net increase in liabilities 87.1 105.9 114.9 222.6 226.6 306.4 192.9 160.1 189.8 21

22 Credit market instruments 46.1 68.6 94.7 179.9 190.2 192.9 156.4 145.3 151.2 22

23 Bank loans n.e.c. 10.7 28.9 43.8 24.8 46.5 44.3 37.8 13.4 -9.0 23

24 Other loans and advances 7.6 1.6 3.3 10.9 8.6 11.1 -2.6 2.4 5.6 24

25 Mortgages 27.8 38.2 47.7 144.2 135.1 137.5 121.2 129.5 154.6 25

26 Trade payables 12.4 30.6 31.0 30.8 34.7 46.6 -4.9 21.0 46.7 26

27 Taxes payable 0.6 2.3 4.3 4.1 8.9 11.7 4.0 8.1 9.7 27

28 Miscellaneous liabilities 13.5 29.7 56.5 92.3 73.9 86.0 55.3 20.5 36.4 28

29 Proprietors’ net investment 14.5 -25.3 -71.6 -84.4 -81.1 -30.8 -17.8 -34.8 -54.2 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars

 1 Proprietors’ net income with IVA and CCAdj 22.7 37.3 34.2 29.4 28.6 22.7 19.7 9.7 21.9 1

 2 Net saving (corporate) 0.2 1.0 0.6 -0.5 0.0 1.1 -1.0 -0.9 -0.9 2

 3 Consumption of fixed capital 16.6 16.8 17.0 17.4 17.4 17.2 23.1 23.5 24.3 3

 4 Corporate 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.2 2.3 4

 5 Noncorporate 14.8 14.9 15.1 15.4 15.4 15.2 20.9 21.3 22.0 5

 6 Gross saving 16.9 17.8 17.6 16.9 17.4 18.3 22.1 22.6 23.4 6

 7 Gross investment 16.9 17.8 17.6 16.9 17.4 18.3 22.1 22.6 23.4 7

 8 Capital expenditures 5.4 25.6 22.8 21.3 13.3 17.1 18.9 18.3 21.8 8

 9 Fixed investment (2) 16.5 16.9 19.6 19.9 15.9 18.4 18.9 19.8 21.6 9

10 Change in inventories -11.1 8.6 3.2 1.4 -2.7 -1.3 -0.0 -1.5 0.3 10

11 Net financial investment 11.5 -7.8 -5.2 -4.3 4.1 1.2 3.2 4.3 1.6 11

12 Net acquisition of financial assets 2.3 -0.1 0.7 2.3 0.8 0.1 2.4 4.6 4.7 12

13 Checkable deposits and currency 0.5 -0.0 0.2 1.7 0.6 0.2 0.6 0.5 0.1 13

14 Miscellaneous assets 1.8 -0.1 0.4 0.5 0.2 -0.0 1.8 4.1 4.6 14

15 Insurance receivables 1.9 0.6 0.4 0.4 0.2 -0.1 1.4 4.0 4.2 15

16 Equity investment in GSEs (3) -0.1 -0.6 0.0 0.1 -0.0 0.0 0.4 0.1 0.4 16

17 Net increase in liabilities -9.1 7.7 5.9 6.6 -3.3 -1.1 -0.9 0.3 3.1 17

18 Credit market instruments 2.8 3.5 6.2 10.3 5.3 10.9 10.5 7.8 7.7 18

19 Bank loans n.e.c. 1.1 0.6 3.5 1.2 -0.9 2.7 -0.0 -0.9 -0.4 19

20 Other loans and advances 0.3 0.2 -0.5 2.4 -0.2 1.6 2.9 1.1 0.1 20

21 Mortgages 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 21

22 Trade payables 1.0 1.3 1.4 0.8 0.4 0.9 -2.6 0.9 1.1 22

23 Proprietors’ net investment -12.9 2.9 -1.7 -4.4 -9.1 -12.9 -8.8 -8.5 -5.7 23

(1) Corporate and noncorporate farms.

(2) Nonresidential fixed investment, shown in table F.6, line 12.

(3) Equity in the Farm Credit System.
12 FFA, 1995-2003, Z.1, December 9, 2004

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Current receipts, NIPA basis 990.2 1043.3 1097.4 1163.1 1236.7 1319.5 1373.0 1411.9 1494.9 1

 2 Personal current taxes 158.1 168.7 182.0 201.2 214.5 236.6 242.7 220.1 226.1 2

 3 Taxes on production and imports 482.4 507.9 533.8 558.8 590.2 621.1 642.8 675.3 708.7 3

 4 Taxes on corporate income 31.7 33.0 34.1 34.9 35.8 35.6 30.2 31.2 34.5 4

 5 Contributions for govt. social insurance 13.6 12.5 10.8 10.4 9.8 11.0 13.7 14.6 15.1 5

 6 Income receipts on assets 68.3 73.3 77.8 80.9 85.3 92.2 88.8 81.6 81.0 6

 7 Current transfer receipts 224.1 234.1 246.6 266.7 290.8 315.4 350.8 385.9 425.9 7

 8 Current surplus of government enterprises 12.0 13.9 12.3 10.3 10.4 7.7 4.0 3.3 3.7 8

 9 Current expenditures, NIPA basis 978.2 1017.5 1058.3 1111.2 1186.3 1269.5 1368.2 1436.9 1498.1 9

10 Consumption expenditures 696.1 724.8 758.9 801.4 858.9 917.8 969.8 1016.5 1058.5 10

11 Govt. social benefit payments to persons 217.6 224.3 227.6 235.8 252.4 271.7 305.2 331.9 350.3 11

12 Interest payments 64.2 68.1 71.4 73.6 74.6 79.6 85.5 87.5 88.9 12

13 Subsidies 0.3 0.3 0.4 0.4 0.4 0.5 7.7 1.0 0.4 13

14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Net state and local govt. saving, NIPA basis 12.0 25.8 39.1 52.0 50.4 50.0 4.9 -25.0 -3.1 15

16 + Consumption of fixed capital 83.2 87.3 91.6 96.2 102.1 109.8 117.8 122.2 127.9 16

17 + Net capital transfers (2) 32.4 33.9 35.3 36.0 39.9 43.7 48.6 51.8 51.5 17

18 = Gross saving and net capital transfers 127.5 146.9 166.0 184.1 192.4 203.5 171.2 149.0 176.2 18

19 Gross investment 182.6 182.8 210.1 252.0 256.9 288.4 208.8 161.8 196.0 19

20 Fixed investment 154.0 163.8 178.9 186.5 206.1 225.1 243.0 259.3 264.9 20

21 Nonproduced nonfinancial assets 6.6 6.1 5.9 7.6 8.6 8.8 9.3 9.8 10.0 21

22 Net financial investment 22.0 13.0 25.3 57.9 42.3 54.5 -43.5 -107.3 -78.9 22

23 Net acq. of financial assets -9.7 28.0 98.2 156.1 109.9 97.4 87.5 65.3 69.3 23

24 Checkable deposits and currency 3.4 -5.5 4.4 -3.9 3.9 1.0 5.1 8.5 8.5 24

25 Time and savings deposits 6.6 10.6 5.8 14.0 13.3 13.1 11.2 7.7 9.6 25

26 Money market fund shares 4.8 1.4 3.6 6.9 5.1 6.5 19.7 2.3 -9.4 26

27 Security RPs -3.0 32.1 3.6 2.8 -2.6 8.2 -22.2 -4.9 8.0 27

28 Credit market instruments -91.4 -33.7 0.1 104.8 100.6 12.3 107.8 22.8 56.8 28

29 Open market paper 17.1 20.3 14.3 12.0 17.3 17.8 -13.5 5.7 10.5 29

30 Treasury securities -80.2 -32.8 -17.7 40.4 23.5 -6.0 42.1 12.2 7.3 30

31 Agency- and GSE-backed securities -35.1 -35.3 -0.8 37.3 43.7 1.7 55.4 3.0 22.9 31

32 Municipal securities -3.5 -0.5 -0.7 -0.7 0.3 0.3 0.2 0.1 0.3 32

33 Corporate and foreign bonds 7.1 10.7 1.3 10.9 11.5 -3.3 25.6 8.2 7.2 33

34 Mortgages 3.3 3.8 3.7 4.9 4.3 1.8 -2.0 -6.4 8.6 34

35 Corporate equities 12.1 14.5 16.8 9.4 3.5 -1.2 22.8 7.9 -4.8 35

36 Mutual fund shares -3.6 -0.6 -18.2 -18.8 -0.7 3.7 7.7 8.9 -6.2 36

37 Trade receivables 6.1 5.6 6.3 6.2 8.5 7.5 5.0 1.6 8.2 37

38 Taxes receivable -9.1 -4.6 0.3 2.8 10.5 14.8 3.7 10.4 17.1 38

39 Miscellaneous assets 64.3 8.4 75.5 31.9 -32.3 31.6 -73.3 0.1 -18.6 39

40 Net increase in liabilities -31.7 15.0 72.9 98.2 67.6 42.8 131.0 172.5 148.1 40

41 Credit market instruments -60.9 -15.9 41.5 67.7 38.5 15.5 105.8 143.9 117.8 41

42 Municipal securities -61.4 -16.2 42.8 66.5 38.9 16.5 105.5 143.4 117.5 42

43 Short-term 1.2 6.3 8.3 -6.3 2.6 1.4 23.8 25.2 7.2 43

44 Other -62.6 -22.5 34.4 72.7 36.3 15.1 81.7 118.2 110.3 44

45 U.S. government loans 0.5 0.4 -1.2 1.2 -0.4 -1.0 0.2 0.5 0.3 45

46 Trade payables 29.2 30.9 31.4 30.5 29.1 27.4 25.2 28.7 30.4 46

47 Discrepancy -55.1 -35.9 -44.1 -67.8 -64.5 -84.8 -37.5 -12.9 -19.7 47

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 8.
FFA, 1995-2003, Z.1, December 9, 2004 13

F.106 Federal Government

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Current receipts, NIPA basis 1406.5 1524.0 1653.2 1773.9 1891.2 2053.8 2016.3 1847.3 1877.0 1

 2 Personal current taxes 586.0 663.4 744.3 825.8 893.0 999.1 994.5 831.2 775.7 2

 3 Taxes on production and imports 75.9 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.4 3

 4 Taxes on corporate income 179.3 190.6 203.0 204.3 212.9 219.5 164.7 143.4 191.4 4

 5 Taxes from the rest of the world 3.9 5.2 5.1 5.7 5.9 7.3 7.2 7.1 8.1 5

 6 Contributions for govt. social insurance 519.2 542.8 576.4 613.8 651.7 691.7 717.5 733.8 758.2 6

 7 Income receipts on assets 23.7 26.9 25.9 21.5 21.5 25.2 24.9 20.3 23.0 7

 8 Current transfer receipts 19.1 23.1 19.9 21.6 22.7 25.7 27.1 24.8 25.5 8

 9 Current surplus of government enterprises -0.6 -1.2 0.4 0.1 -0.4 -2.3 -5.5 -0.6 5.8 9

10 Current expenditures, NIPA basis 1603.5 1665.8 1708.9 1734.9 1787.5 1864.4 1969.5 2101.8 2241.6 10

11 Consumption expenditures 440.5 446.3 457.7 454.6 475.1 499.3 531.9 592.7 658.6 11

12 Government social benefits 642.7 680.0 706.4 719.2 738.0 772.5 841.4 919.7 958.9 12

13 Other current transfer payments 196.3 208.3 212.5 227.4 248.0 265.6 290.0 323.3 363.6 13

14 Interest payments 290.4 297.3 300.0 298.9 282.7 283.3 258.6 229.0 214.1 14

15 Subsidies 33.7 34.0 32.4 35.0 43.8 43.8 47.6 37.2 46.4 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net federal government saving, NIPA basis -197.0 -141.8 -55.7 39.0 103.6 189.4 46.7 -254.5 -364.5 17

18 + Consumption of fixed capital 81.9 82.1 82.6 82.8 84.8 87.2 88.2 89.1 90.2 18

19 - Insurance and pension reserves (1) 3.6 3.4 3.4 4.4 3.8 1.8 3.3 -1.7 -0.6 19

20 + Net capital transfers (2) -12.8 -10.7 -8.5 -3.6 -7.4 -8.1 -12.9 -23.0 -40.0 20

21 = Gross saving and net capital transfers -131.5 -73.9 15.0 113.7 177.3 266.7 118.8 -186.7 -313.6 21

22 Gross investment -109.1 -118.3 -3.5 86.2 185.2 277.2 80.8 -194.9 -311.4 22

23 Fixed investment 78.7 81.1 73.2 75.8 80.8 79.5 81.0 88.2 93.6 23

24 Nonproduced nonfinancial assets -7.4 -3.8 -7.6 -5.7 -1.0 -0.3 -0.7 0.2 -0.3 24

25 Net financial investment -180.4 -195.6 -69.1 16.0 105.4 198.0 0.5 -283.3 -404.7 25

26 Net acq. of financial assets -11.5 2.5 -12.6 -8.6 71.4 -70.7 53.9 4.1 27.4 26

27 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 -7.1 -0.6 4.6 8.8 -0.8 27

28 Checkable deposits and currency -0.0 11.0 -0.5 -16.7 66.2 -65.1 41.1 -18.7 8.2 28

29 Time and savings deposits 0.3 1.4 1.0 1.3 0.7 1.0 4.2 17.1 -25.2 29

30 Credit market instruments -7.0 -1.3 3.1 11.6 6.4 11.6 6.0 9.6 -2.5 30

31 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Other loans and advances 3.4 -1.8 -3.1 3.4 -7.1 -3.6 -5.9 -3.6 -1.4 32

33 Mortgages -13.5 -7.2 -4.5 -0.8 -0.1 -0.9 -1.1 0.5 -2.5 33

34 Consumer credit (3) 3.2 7.7 10.8 9.0 13.6 16.1 13.1 12.7 1.3 34

35 Trade receivables -1.6 0.9 -3.2 1.5 4.6 5.3 7.3 -3.3 19.1 35

36 Taxes receivable -7.5 0.0 -10.0 -8.9 1.6 -21.5 -10.6 -9.4 27.2 36

37 Miscellaneous assets -2.1 -6.7 -5.4 -3.5 -0.9 -1.4 1.3 0.0 1.4 37

38 Net increase in liabilities 169.0 198.1 56.5 -24.6 -34.0 -268.7 53.4 287.4 432.1 38

39 SDR certificates 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 39

40 Treasury currency 0.7 0.5 0.5 0.6 1.0 2.4 1.3 1.0 0.6 40

41 Credit market instruments 144.4 144.9 23.1 -52.6 -71.2 -295.9 -5.6 257.6 396.0 41

42 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 42

43 Other Treasury securities 137.9 144.5 23.7 -54.7 -70.8 -293.2 -10.7 252.5 389.5 43

44 Budget agency securities 1.5 -1.6 -0.1 2.0 -0.2 -1.0 -0.5 0.5 -2.4 44

45 Multifamily residential mortgages 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 Trade payables -4.6 0.7 -8.8 -8.0 -0.4 4.4 3.4 1.3 3.7 46

47 Insurance reserves 1.0 0.6 1.7 1.3 1.4 1.4 1.4 1.6 1.1 47

48 Miscellaneous liabilities (4) 25.3 51.8 40.6 34.1 38.2 22.9 53.0 26.0 30.7 48

49 Nonmarketable securities held by pension plans 20.8 55.1 40.3 41.2 41.1 20.9 60.8 24.5 24.7 49

50 Other 4.5 -3.3 0.3 -7.1 -2.9 2.0 -7.8 1.5 6.0 50

51 Discrepancy -22.4 44.5 18.4 27.5 -8.0 -10.5 38.0 8.3 -2.3 51

 Memo:

52 Change in cash balance (5) -5.7 12.9 -2.2 -12.8 59.4 -55.1 50.9 -1.6 -24.8 52

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.9, line 2.

(3) Student loans.

(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement

 and disability fund.

(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
14 FFA, 1995-2003, Z.1, December 9, 2004

F.107 Rest of the World

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Foreign income from U.S. 1137.2 1217.7 1352.2 1430.4 1586.0 1875.6 1725.7 1764.4 1886.1 1

 2 U.S. imports 903.6 964.8 1056.9 1115.9 1251.8 1475.8 1399.9 1429.9 1544.3 2

 3 U.S. income payments to rest of world 198.2 213.7 253.7 265.8 287.1 343.7 278.8 274.7 273.9 3

 4 Current taxes and trans. payments to rest of world 35.4 39.1 41.6 48.8 47.2 56.1 47.0 59.9 68.0 4

 5 Foreign outlays to U.S. 1046.2 1117.3 1242.1 1243.1 1312.1 1479.0 1355.3 1306.8 1375.3 5

 6 U.S. exports 812.2 868.6 955.4 955.9 991.3 1096.3 1032.8 1005.0 1046.2 6

 7 U.S. income receipts from rest of world 234.0 248.7 286.7 287.1 320.8 382.7 322.5 301.8 329.1 7

 8 Net capital transfers (1) 1.1 0.6 1.0 0.7 4.9 0.8 1.1 1.3 3.2 8

 9 Gross saving and net capital transfers (2) 92.1 101.0 111.2 188.1 278.8 397.4 371.5 458.9 514.0 9

10 Gross investment 85.6 137.0 220.2 75.0 231.8 476.3 415.1 569.0 542.8 10

11 Nonproduced nonfinancial assets 0.2 -0.1 -0.1 -0.0 0.0 0.0 0.1 0.0 0.1 11

12 Net financial investment 85.4 137.0 220.3 75.0 231.7 476.3 415.0 569.0 542.7 12

13 Net acquisition of financial assets 419.2 521.8 597.3 393.4 708.5 963.0 657.7 741.3 783.0 13

14 Gold and SDRs (3) -0.8 0.4 -0.4 -0.1 0.0 -0.7 -0.6 -0.8 0.6 14

15 Net interbank assets 11.1 -52.0 -4.3 -27.1 -5.7 20.8 -45.6 4.2 0.5 15

16 U.S. checkable deposits and currency 13.4 19.9 29.9 13.3 22.3 7.5 18.8 20.9 24.7 16

17 U.S. time deposits -6.6 10.9 13.1 55.4 -3.1 -17.2 11.9 31.7 -27.4 17

18 Security RPs 21.0 3.2 20.0 -18.8 8.0 11.4 59.4 39.4 272.7 18

19 Credit market instruments 246.8 379.6 259.6 139.8 171.2 241.9 305.3 422.8 538.2 19

20 Open market paper 18.6 14.4 19.9 9.4 -1.4 4.3 -2.6 10.3 9.9 20

21 Treasury securities 160.5 262.7 123.7 14.3 -12.5 -70.5 10.5 138.9 285.1 21

22 Official 69.0 115.7 -6.7 -9.9 12.2 -5.2 33.7 60.5 169.7 22

23 Private 91.5 147.0 130.4 24.2 -24.7 -65.3 -23.2 78.5 115.4 23

24 Agency- and GSE-backed securities 17.6 26.8 30.3 11.1 63.4 141.9 103.7 112.5 11.5 24

25 Official 3.7 5.0 4.5 6.3 20.4 40.9 20.9 28.6 24.9 25

26 Private 13.9 21.8 25.8 4.7 43.1 101.0 82.8 83.9 -13.4 26

27 U.S. corporate bonds (4) 50.1 71.8 68.4 106.2 144.4 168.4 195.4 151.0 232.6 27

28 Loans to U.S. corporate business 0.0 3.9 17.3 -1.0 -22.7 -2.2 -1.6 10.1 -0.8 28

29 U.S. corporate equities 16.5 11.1 67.0 42.0 112.3 193.6 121.5 54.2 36.9 29

30 Trade receivables 0.7 5.5 0.9 -6.5 -5.1 -0.4 -3.1 3.1 1.7 30

31 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Miscellaneous assets 117.0 143.2 211.6 195.5 408.6 506.0 190.1 165.8 -64.9 32

33 Foreign direct investment in U.S. (5) 57.8 86.5 105.6 179.0 289.4 321.3 167.0 72.4 39.9 33

34 Other 59.2 56.7 106.0 16.5 119.2 184.8 23.1 93.4 -104.8 34

35 Net increase in liabilities 333.8 384.8 377.0 318.4 476.8 486.7 242.7 172.3 240.4 35

 U.S. official foreign exchange

36 and net IMF position 8.8 -6.3 0.7 6.6 -8.7 -0.4 4.3 9.9 1.1 36

37 U.S. private deposits 35.3 85.9 107.7 9.1 48.9 126.9 6.8 21.0 -0.0 37

38 Credit market instruments 78.3 88.0 69.9 31.2 13.0 57.0 -49.8 5.6 -15.7 38

39 Commercial paper 13.5 11.3 3.7 7.8 16.3 31.7 -14.2 36.1 22.3 39

40 Bonds 56.9 66.6 59.6 22.8 1.9 15.2 -24.5 -33.5 -28.1 40

41 Bank loans n.e.c. 8.5 9.1 8.5 6.6 0.5 11.4 -7.3 5.3 -7.7 41

42 Official 0.4 0.3 -0.8 0.7 0.2 0.6 0.8 0.8 -0.5 42

43 Banks 2.1 3.4 -0.5 -0.7 -3.2 3.4 -7.4 -0.8 -1.5 43

44 Other 5.9 5.4 9.8 6.6 3.5 7.4 -0.7 5.3 -5.7 44

45 U.S. government loans -0.8 -0.7 -1.6 -1.0 -4.8 -0.6 -1.1 -1.9 -2.1 45

46 Acceptance liabilities to banks 0.3 1.8 -0.2 -5.0 -0.9 -0.7 -2.6 -0.4 0.0 46

47 Foreign corporate equities (6) 65.4 82.8 57.6 101.4 114.3 106.7 109.1 17.6 100.4 47

48 Trade payables 5.8 -1.7 5.2 -3.9 4.2 0.8 -2.2 -10.1 7.9 48

49 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Miscellaneous liabilities 140.2 136.0 135.9 174.0 305.2 195.7 174.4 128.3 146.7 50

51 U.S. equity in IBRD, etc. 1.5 1.8 1.6 1.6 1.5 1.5 1.7 1.5 1.4 51

52 U.S. government deposits 0.3 -0.1 -0.0 -0.1 0.6 0.0 -0.1 0.1 0.2 52

53 U.S. direct investment abroad (4,5) 98.8 91.9 104.8 142.6 224.9 159.2 142.3 134.8 173.8 53

54 Other 39.7 42.3 29.6 29.9 78.1 35.0 30.4 -8.1 -28.7 54

55 Discrepancy (FOF basis) (7) 6.5 -36.0 -109.1 113.1 47.0 -78.9 -43.6 -110.1 -28.8 55

 Memo:

56 Net U.S. exports, NIPA basis -91.4 -96.3 -101.6 -160.0 -260.5 -379.5 -367.0 -424.9 -498.1 56

57 + Net U.S. income receipts (8) 35.8 35.0 33.0 21.4 33.8 39.0 43.7 27.1 55.2 57

58 - Current taxes and trans. payments to rest of world 35.4 39.1 41.6 48.8 47.2 56.1 47.0 59.9 68.0 58

59 = Balance on current account, NIPAs -91.0 -100.4 -110.2 -187.4 -273.9 -396.6 -370.4 -457.7 -510.9 59

(1) Table F.9, line 11.

(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 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.
FFA, 1995-2003, Z.1, December 9, 2004 15

F.108 Monetary Authority (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving -0.9 2.0 3.1 -1.5 0.8 5.3 1.0 -1.9 -3.1 1

 2 Fixed nonresidential investment 0.4 0.3 0.3 0.3 0.5 0.4 0.4 0.3 0.3 2

 3 Net acquisition of financial assets 19.8 23.3 38.8 32.8 130.0 -60.9 47.0 70.7 43.2 3

 4 Gold and foreign exchange 3.2 -3.8 -1.5 0.8 -1.6 0.9 0.3 1.9 1.3 4

 5 SDR certificates 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 5

 6 Treasury currency 1.0 1.0 0.6 0.7 1.7 3.6 1.4 1.6 0.9 6

 7 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 1.1 -0.9 0.4 -0.7 7

 8 Fed. Res. loans to domestic banks -0.1 -0.1 2.0 -2.0 0.2 -0.1 -0.1 0.0 0.0 8

 9 Security RPs 3.3 7.7 2.3 6.5 110.3 -97.3 6.9 -10.8 4.3 9

10 Credit market instruments 12.7 12.3 38.3 21.1 25.7 33.7 39.9 77.7 37.2 10

11 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Treasury securities 13.7 12.7 39.8 21.4 25.8 33.7 40.0 77.7 37.3 12

13 Agency- and GSE-backed securities -1.0 -0.4 -1.5 -0.3 -0.2 -0.1 -0.1 0.0 -0.0 13

14 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Miscellaneous assets -3.2 2.4 1.3 4.9 -1.3 1.1 -0.4 -0.2 0.3 15

16 Net increase in liabilities 19.5 22.8 38.1 32.1 129.6 -61.3 46.5 69.6 42.8 16

17 Depository institution reserves -1.2 -5.1 6.3 -4.5 -2.3 -5.0 -1.6 5.1 0.5 17

18 Vault cash of commercial banks 2.4 4.6 -0.2 -2.9 24.5 -22.2 2.9 0.5 0.1 18

19 Checkable deposits and currency 16.9 23.3 29.9 38.3 108.7 -35.3 48.0 41.5 37.9 19

20 Due to federal government -1.2 1.7 -2.3 0.5 22.3 -22.9 1.5 -2.3 1.3 20

21 Due to rest of the world 0.1 -0.2 0.3 -0.3 -0.1 0.1 -0.2 0.0 0.1 21

22 Currency outside banks 18.0 21.8 31.9 38.0 86.4 -12.5 46.7 43.7 36.6 22

23 Miscellaneous liabilities 1.4 -0.1 2.1 1.3 -1.3 1.1 -2.8 22.6 4.3 23

24 Federal Reserve Bank stock 0.3 0.6 0.8 0.5 0.5 0.6 0.4 1.0 0.5 24

25 Other 1.1 -0.7 1.3 0.8 -1.8 0.6 -3.2 21.5 3.8 25

26 Discrepancy -1.5 1.2 2.1 -2.5 -0.2 4.5 0.1 -3.3 -3.9 26

(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.
16 FFA, 1995-2003, Z.1, December 9, 2004

F.109 Commercial Banking (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 41.9 31.3 42.9 41.1 49.8 67.5 81.4 95.4 90.0 1

 2 Fixed nonresidential investment 16.4 22.6 27.3 30.5 31.0 28.9 27.5 24.2 24.7 2

 3 Net acquisition of financial assets 335.7 216.6 457.3 419.1 345.7 475.5 350.2 476.5 472.7 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 24.5 -22.2 2.9 0.5 0.1 4

 5 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -5.1 -1.9 -2.2 4.4 0.2 5

 6 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 0.3 -0.5 1.1 -0.3 -0.0 6

 7 Total bank credit 273.4 189.9 350.0 336.1 301.5 411.9 216.0 408.3 331.3 7

 8 Treasury securities -11.7 -16.9 8.3 -56.0 14.8 -44.4 -21.9 43.2 3.0 8

 9 Agency- and GSE-backed securities 38.7 28.2 75.5 92.0 36.4 22.3 55.6 140.5 83.6 9

10 Municipal securities -4.2 0.9 2.4 8.2 5.9 3.4 6.1 1.5 10.8 10

11 Corporate and foreign bonds 8.0 1.1 26.0 35.7 33.9 56.0 97.0 -3.2 44.6 11

12 Total loans 240.1 174.5 236.5 255.3 206.3 371.8 71.3 225.2 193.2 12

13 Open market paper -0.1 0.8 -0.8 -0.2 0.3 0.2 0.0 0.0 0.0 13

14 Bank loans n.e.c. 114.7 92.1 128.2 145.0 69.0 112.8 -76.2 -80.6 -94.5 14

15 Mortgages 77.5 55.2 99.9 91.7 158.4 164.6 129.8 268.5 197.5 15

16 Consumer credit 43.6 25.1 -12.4 -1.5 -3.4 43.8 17.8 34.6 54.7 16

17 Security credit 4.6 1.3 21.7 20.3 -18.0 50.4 0.0 2.8 35.5 17

18 Corporate equities 2.1 1.8 0.6 1.3 2.0 0.3 0.2 -0.6 2.3 18

19 Mutual fund shares 0.3 0.3 0.8 -0.4 2.3 2.5 7.8 1.7 -6.2 19

20 Customers’ liab. on acceptances (2) -0.6 1.0 -2.8 -9.3 -3.1 -0.7 -2.9 -0.0 -0.2 20

21 Miscellaneous assets 61.4 25.9 103.5 99.1 27.6 89.0 135.3 63.6 141.3 21

22 Net increase in liabilities 300.6 203.7 490.5 444.5 286.6 573.5 353.2 500.2 478.0 22

23 Net interbank liabilities 8.7 -51.2 -25.8 -24.4 -7.2 42.3 -29.4 11.8 -4.4 23

24 To monetary authority 0.7 4.1 -1.6 -1.1 -1.7 1.0 -1.0 0.4 -0.7 24

25 To domestic banks (3) -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 25

26 To foreign banks 11.1 -52.0 -4.3 -27.1 -5.7 20.8 -45.6 4.2 0.5 26

27 Checkable deposits -45.9 -34.6 -19.8 -33.5 3.4 -85.5 102.2 -57.3 30.9 27

28 Federal government -4.7 9.7 -0.9 -14.6 36.4 -33.2 45.3 -16.4 -0.9 28

29 Rest of the world 0.9 2.8 4.8 -3.1 -0.0 2.0 -4.8 -0.6 8.0 29

30 Private domestic -42.1 -47.1 -23.7 -15.8 -33.0 -54.3 61.7 -40.3 23.8 30

31 Small time and savings deposits 113.9 123.1 148.3 183.7 72.0 211.6 249.4 269.4 230.4 31

32 Large time deposits 54.8 105.3 107.9 72.1 119.6 92.8 32.7 -2.8 18.8 32

33 Federal funds and security RPs (net) 30.4 41.0 89.0 87.0 110.8 66.1 -42.3 115.5 67.6 33

34 Credit market instruments 22.5 13.0 46.1 72.9 67.2 60.0 52.9 49.7 49.2 34

35 Open market paper -2.2 2.9 3.3 -1.5 6.1 0.6 -8.3 -2.5 -6.3 35

36 Corporate bonds 18.5 7.8 23.7 27.6 20.4 32.6 37.0 22.0 46.9 36

37 Other loans and advances 6.2 2.3 19.1 46.9 40.6 26.8 24.2 30.2 8.5 37

38 Corporate equity issues -8.7 -14.3 -27.7 -11.2 -10.2 -12.5 -8.1 -10.7 -2.4 38

39 Taxes payable 0.9 1.2 1.4 1.7 1.9 2.1 2.4 2.6 2.9 39

40 Miscellaneous liabilities 124.0 20.1 171.2 96.3 -70.9 196.5 -6.5 121.9 85.2 40

41 Discrepancy -9.7 -4.1 48.8 36.0 -40.3 136.6 56.9 94.9 70.6 41

 Memo:

42 Credit market funds advanced (4) 265.9 187.5 324.3 305.6 312.2 357.9 205.2 404.4 299.5 42

(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 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).
FFA, 1995-2003, Z.1, December 9, 2004 17

F.110 U.S.-Chartered Commercial Banks

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 12.3 -7.4 1.3 1.7 -6.3 13.8 20.2 21.0 16.5 1

 2 Fixed nonresidential investment 12.9 17.5 20.7 22.7 22.5 20.4 18.8 16.1 16.2 2

 3 Net acquisition of financial assets 200.5 122.8 290.8 303.5 342.3 332.3 229.7 388.9 406.3 3

 4 Vault cash and reserves at Federal Reserve 1.5 -0.3 4.8 -5.7 18.9 -23.1 0.6 4.2 0.7 4

 5 Total bank credit 194.8 115.2 280.7 329.5 316.6 350.2 209.0 391.9 331.9 5

 6 Treasury securities -40.4 -34.7 -6.1 -42.0 -2.0 -35.0 -31.4 29.9 7.1 6

 7 Agency- and GSE-backed securities 23.4 15.3 60.4 81.7 29.4 18.2 73.7 121.1 85.1 7

 8 Mortgage pass-through securities 12.9 21.4 31.1 53.8 -17.8 14.1 52.8 84.3 56.6 8

 9 CMOs and other structured MBS -18.4 -11.5 17.5 8.9 5.0 -9.8 57.2 -9.2 2.4 9

10 Other 28.8 5.4 11.8 19.1 42.2 13.9 -36.2 46.0 26.1 10

11 Municipal securities -4.3 1.0 2.4 8.2 5.8 3.2 6.3 1.5 10.7 11

12 Corporate and foreign bonds 2.9 -4.8 17.8 30.3 37.8 50.1 63.7 -0.8 41.6 12

13 Private mortgage pass-through securities 0.9 -0.4 -1.2 0.9 0.6 -0.4 21.2 -13.3 0.2 13

14 Private CMOs and other structured MBS 3.5 -3.1 0.7 20.3 6.0 7.7 2.8 8.1 25.2 14

15 Other -1.4 -1.3 18.4 9.0 31.2 42.8 39.7 4.4 16.2 15

16 Total loans 210.8 136.3 204.8 250.3 241.3 310.8 88.8 239.0 191.3 16

17 Open market paper 0.3 0.3 -0.6 -0.1 -0.1 0.2 0.0 0.0 0.0 17

18 Bank loans n.e.c. 77.0 58.2 108.1 144.1 92.4 98.1 -62.0 -58.6 -70.9 18

19 Mortgages 81.7 57.5 105.5 95.9 161.1 161.6 125.8 265.7 195.2 19

20 Consumer credit 43.6 25.1 -12.4 -1.5 -3.4 43.8 17.8 34.6 54.7 20

21 Security credit 8.3 -4.8 4.2 11.9 -8.8 7.1 7.2 -2.7 12.3 21

22 Corporate equities 2.1 1.8 0.6 1.3 2.0 0.3 0.2 -0.6 2.3 22

23 Mutual fund shares 0.3 0.3 0.8 -0.4 2.3 2.5 7.8 1.7 -6.2 23

24 Customers’ liab. on acceptances (1) 2.4 1.6 -0.2 -4.6 -2.5 -0.7 -2.3 0.3 -0.2 24

25 Miscellaneous assets 1.8 6.2 5.5 -15.8 9.2 5.9 22.3 -7.6 73.9 25

26 Net increase in liabilities 189.7 142.6 359.0 360.5 329.8 473.7 283.9 476.5 474.0 26

27 Net interbank liabilities -6.8 -55.7 4.2 20.4 33.7 76.9 2.0 57.1 25.9 27

28 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 1.1 -0.9 0.4 -0.7 28

29 Borrowing from Federal Reserve banks -0.1 -0.1 2.0 -2.0 0.2 -0.1 -0.1 0.0 0.0 29

30 To domestic banking -7.3 -23.5 -6.7 -2.5 -14.3 30.5 16.5 20.8 -66.2 30

31 To foreign banks -0.2 -36.3 12.6 24.0 49.7 45.4 -13.6 35.9 92.8 31

32 Checkable deposits -46.0 -34.4 -21.1 -34.5 2.9 -85.0 98.7 -55.6 28.4 32

33 Federal government -4.7 9.7 -0.9 -14.6 36.4 -33.2 45.3 -16.4 -0.9 33

34 Rest of the world 1.0 3.5 4.4 -2.8 -0.6 2.4 -2.5 -0.3 8.4 34

35 Private domestic -42.2 -47.5 -24.6 -17.1 -33.0 -54.2 55.9 -38.9 20.9 35

36 Small time and savings deposits 113.4 122.8 143.9 186.4 73.0 210.6 240.4 273.6 228.2 36

37 Large time deposits 42.6 49.5 63.2 34.8 61.6 87.9 -25.2 24.3 2.9 37

38 Federal funds and security RPs (net) 28.2 28.7 63.4 66.8 128.5 15.4 -31.2 73.6 68.5 38

39 Acceptance liabilities 2.3 1.7 -0.3 -4.6 -2.5 -0.6 -2.3 0.3 -0.2 39

40 Corporate bonds 2.7 7.7 10.7 10.5 3.7 10.6 8.3 -0.6 5.5 40

41 Other loans and advances 6.2 2.3 19.1 46.9 40.6 26.8 24.2 30.2 8.5 41

42 Corporate equity issues 2.6 3.2 3.2 3.8 3.6 4.0 7.2 4.7 7.2 42

43 Taxes payable 0.9 1.2 1.4 1.7 1.9 2.1 2.4 2.6 2.9 43

44 Miscellaneous liabilities 43.6 15.6 71.2 28.3 -17.2 124.9 -40.5 66.3 96.2 44

45 Investment by bank holding companies 40.1 28.6 40.7 55.3 2.9 53.6 60.7 53.1 50.5 45

46 Other 3.5 -13.0 30.5 -27.0 -20.1 71.3 -101.2 13.1 45.7 46

47 Discrepancy -11.4 -5.1 48.8 36.1 -41.3 134.9 55.6 92.6 68.0 47

 Memo:

48 Credit market funds advanced (2) 186.5 119.6 274.9 312.1 318.6 339.5 191.6 393.8 323.3 48

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).
18 FFA, 1995-2003, Z.1, December 9, 2004

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 3.5 3.7 4.3 5.0 6.0 7.0 6.3 6.4 6.8 1

 2 Fixed nonresidential investment 3.0 4.6 6.0 7.3 8.0 8.0 8.2 7.7 8.0 2

 3 Net acquisition of financial assets 76.6 48.5 96.5 -4.8 -55.5 38.4 3.1 9.2 -68.6 3

 4 Reserves at Federal Reserve -0.1 0.3 1.8 -1.9 0.4 -1.0 0.2 0.6 -0.4 4

 5 Total bank credit 74.7 70.0 60.2 1.5 -25.7 67.2 -7.2 12.0 -19.8 5

 6 Treasury securities 29.6 18.4 14.4 -10.3 9.7 -0.5 9.8 12.9 -6.5 6

 7 Agency- and GSE-backed securities 14.3 12.4 12.5 5.2 4.9 0.4 -22.0 10.9 -7.1 7

 8 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds 4.6 3.2 3.1 5.6 -4.6 8.3 30.6 0.3 1.3 9

10 Total loans 26.2 36.0 30.3 1.0 -35.7 59.0 -25.6 -12.0 -7.5 10

11 Open market paper -0.4 0.5 -0.2 -0.1 0.4 -0.1 0.0 0.0 0.0 11

12 Bank loans n.e.c. 35.4 32.2 19.2 -1.7 -22.4 14.6 -19.1 -18.6 -29.0 12

13 Mortgages -5.1 -2.9 -6.1 -5.7 -4.5 1.2 0.7 1.1 -1.8 13

14 Security credit -3.7 6.2 17.5 8.4 -9.3 43.2 -7.2 5.5 23.2 14

15 Corporate equities 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Customers’ liab. on acceptances (2) -2.9 -0.6 -2.5 -4.7 -0.6 -0.0 -0.6 -0.4 -0.0 16

17 Miscellaneous assets 5.0 -21.2 37.0 0.3 -29.7 -27.7 10.7 -3.1 -48.4 17

18 Net increase in liabilities 78.5 50.6 98.9 -2.0 -52.4 42.0 7.1 13.6 -63.7 18

19 Net interbank liabilities 18.7 -2.5 -30.4 -55.0 -45.0 -40.8 -16.1 -42.3 -41.3 19

20 To foreign banks 15.1 -11.5 -17.6 -51.7 -51.2 -57.1 -35.3 -32.3 -47.5 20

21 To domestic banks 3.6 9.0 -12.7 -3.3 6.2 16.2 19.2 -10.0 6.3 21

22 Checkable deposits -0.1 -0.7 0.8 -0.2 0.6 -0.4 0.4 -0.7 1.0 22

23 Small time and savings deposits -0.7 0.1 4.4 -3.7 -1.8 -0.4 4.5 -2.3 0.9 23

24 Large time deposits 11.0 55.6 44.7 36.3 57.2 3.4 53.3 -25.1 14.6 24

25 Federal funds and security RPs (net) 1.8 12.0 25.6 19.7 -17.9 52.3 -11.0 39.5 -1.9 25

26 Acceptance liabilities -3.1 -0.7 -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 -0.1 26

27 Miscellaneous liabilities 50.9 -13.3 56.2 5.8 -45.0 27.9 -23.1 44.8 -37.0 27

28 Foreign direct investment in U.S. 6.6 -0.1 7.7 5.5 19.4 9.7 8.4 3.6 4.5 28

29 Due to affiliates 6.7 13.7 14.3 11.8 2.5 45.6 -30.8 24.7 -1.7 29

30 Other 37.6 -26.9 34.2 -11.4 -66.9 -27.5 -0.7 16.5 -39.8 30

31 Discrepancy 2.3 1.2 0.7 0.5 1.1 2.5 2.0 3.2 3.7 31

 Memo:

32 Credit market funds advanced (3) 75.4 63.3 40.2 -11.6 -17.0 23.9 -0.6 6.2 -43.0 32

(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 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).
FFA, 1995-2003, Z.1, December 9, 2004 19

F.112 Bank Holding Companies

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 25.9 35.0 37.2 34.2 49.9 46.5 54.8 67.8 66.5 1

 2 Fixed nonresidential investment 0.4 0.4 0.4 0.3 0.4 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 52.6 44.0 64.5 110.6 55.2 100.7 100.5 83.4 126.6 3

 4 Credit market instruments -0.3 3.9 5.4 -0.9 6.2 -12.2 4.2 3.1 8.6 4

 5 Treasury securities -1.2 0.6 -0.1 -3.1 7.9 -7.9 0.4 0.1 1.4 5

 6 Agency- and GSE-backed securities -0.2 0.3 0.6 1.1 -1.3 -0.5 1.4 4.5 0.9 6

 7 Corporate and foreign bonds 0.6 2.8 5.0 -0.7 1.2 -2.8 2.1 -2.4 1.3 7

 8 Bank loans n.e.c. 0.4 0.2 -0.0 1.7 -1.6 -0.9 0.3 0.9 5.0 8

 9 Miscellaneous assets 53.0 40.1 59.0 111.6 49.0 112.9 96.4 80.3 118.0 9

10 Investment in bank subsidiaries 40.1 28.6 40.7 55.3 2.9 53.6 60.7 53.1 50.5 10

11 Investment in nonbank subsidiaries 8.2 0.3 25.0 44.1 17.3 38.4 29.8 -0.2 45.0 11

12 Other 4.6 11.3 -6.7 12.1 28.9 20.9 5.9 27.3 22.4 12

13 Net increase in liabilities 26.8 9.2 27.4 76.6 5.4 54.4 45.8 15.7 60.3 13

14 Net interbank liabilities -3.2 7.0 0.3 10.2 4.1 6.2 -15.3 -3.0 10.9 14

15 To domestic banks 0.6 11.2 -0.4 9.6 8.2 -26.3 -18.6 -3.6 55.8 15

16 To foreign banks -3.8 -4.1 0.8 0.6 -4.1 32.5 3.3 0.6 -44.8 16

17 Federal funds and security RPs (net) 0.4 0.4 0.0 0.5 0.1 -1.6 -0.1 2.4 0.9 17

18 Credit market instruments 14.4 2.0 19.0 24.9 25.8 23.2 23.6 20.3 35.4 18

19 Commercial paper -1.4 1.9 6.0 7.8 9.1 1.2 -5.1 -2.3 -6.0 19

20 Corporate bonds 15.8 0.1 13.0 17.1 16.7 22.0 28.7 22.6 41.4 20

21 Corporate equity issues -11.3 -17.5 -30.9 -15.0 -13.8 -16.5 -15.3 -15.4 -9.6 21

22 Miscellaneous liabilities 26.6 17.3 39.0 56.0 -10.8 43.1 52.9 11.5 22.6 22

23 Equity, etc. 12.7 -11.9 -13.1 24.7 -38.6 10.3 -8.9 -44.0 -37.5 23

24 Other 13.9 29.2 52.1 31.2 27.8 32.8 61.8 55.4 60.1 24

25 Discrepancy -0.2 -0.3 -0.3 -0.2 -0.3 -0.2 -0.2 -0.1 -0.1 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars

 1 Gross saving 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 5.9 1.3 5.5 9.8 3.7 4.0 17.0 -5.0 8.4 3

 4 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 0.3 -0.5 1.1 -0.3 -0.0 4

 5 Credit market instruments 4.2 0.7 3.7 6.0 4.4 6.7 10.0 1.3 10.6 5

 6 Treasury securities 0.2 -1.3 0.1 -0.7 -0.7 -1.0 -0.6 0.3 1.0 6

 7 Agency- and GSE-backed securities 1.3 0.2 2.0 3.9 3.3 4.3 2.5 3.9 4.7 7

 8 Municipal securities 0.1 -0.1 -0.0 -0.1 0.1 0.1 -0.2 0.0 0.1 8

 9 Corporate and foreign bonds -0.1 -0.1 0.1 0.5 -0.5 0.3 0.6 -0.3 0.4 9

10 Bank loans n.e.c. 1.8 1.4 0.9 0.9 0.5 1.1 4.5 -4.3 0.3 10

11 Home mortgages 1.0 0.6 0.1 1.1 0.6 1.0 -0.9 1.5 2.5 11

12 Commercial mortgages -0.0 -0.1 0.5 0.4 1.2 0.8 4.2 0.2 1.6 12

13 Miscellaneous assets 1.6 0.8 1.8 3.1 -1.0 -2.1 5.9 -6.0 -2.2 13

14 Net increase in liabilities 5.5 1.4 5.1 9.4 3.8 3.4 16.4 -5.7 7.5 14

15 Checkable deposits 0.2 0.5 0.4 1.2 0.0 -0.1 3.1 -1.1 1.5 15

16 Small time and savings deposits 1.2 0.2 -0.0 1.0 0.8 1.4 4.6 -1.9 1.3 16

17 Large time deposits 1.2 0.2 -0.0 1.0 0.8 1.4 4.6 -1.9 1.3 17

18 Miscellaneous liabilities 2.9 0.6 4.7 6.3 2.2 0.7 4.2 -0.7 3.4 18

19 Discrepancy -0.4 0.0 -0.4 -0.4 0.1 -0.7 -0.6 -0.7 -1.0 19

(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.
20 FFA, 1995-2003, Z.1, December 9, 2004

F.114 Savings Institutions (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 4.9 0.7 3.1 4.4 7.2 7.3 8.0 12.7 14.4 1

 2 Fixed nonresidential investment 2.9 3.7 4.0 4.2 4.0 3.8 3.4 2.9 2.9 2

 3 Net acquisition of financial assets 0.9 16.1 -8.4 60.9 61.9 67.2 81.0 59.1 115.4 3

 4 Reserves at Federal Reserve -0.1 -0.5 -0.5 0.1 2.8 -3.1 0.6 0.7 0.3 4

 5 Checkable deposits and currency 1.6 -1.3 1.0 3.2 -1.0 1.6 2.0 3.7 0.2 5

 6 Time and savings deposits -0.2 0.3 -0.4 0.5 -0.1 0.1 0.8 0.4 0.0 6

 7 Federal funds and security RPs 4.8 -1.2 -0.8 5.5 -4.2 4.3 12.5 -0.3 -6.1 7

 8 Credit market instruments -7.6 19.9 -4.7 37.0 67.2 56.2 44.6 33.6 126.3 8

 9 Open market paper 0.0 0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities -8.7 -1.0 -2.8 -4.4 -0.0 -1.4 2.7 -2.2 3.0 10

11 Agency- and GSE-backed securities 4.7 -8.5 -0.8 -11.6 3.4 -6.7 21.0 14.7 22.6 11

12 Mortgage pass-through securities 1.0 -7.0 -3.7 -6.8 -1.5 -6.7 6.7 17.0 5.4 12

13 CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Other 3.7 -1.5 2.9 -4.7 5.0 0.0 14.3 -2.3 17.1 14

15 Municipal securities -0.0 0.1 0.0 0.4 0.5 0.2 1.3 1.0 0.8 15

16 Corporate and foreign bonds -8.2 -9.9 -9.9 29.9 23.3 -2.5 -25.6 -4.0 -8.8 16

17 Private mortgage pass-through securities -4.5 -3.7 -5.9 -1.9 5.1 0.6 -5.8 -2.6 0.1 17

18 Private CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Other -3.7 -6.3 -4.0 31.8 18.2 -3.2 -19.7 -1.4 -8.9 19

20 Other loans and advances 2.5 3.0 3.1 5.3 6.5 8.7 3.6 3.3 10.0 20

21 Mortgages 0.6 31.6 3.5 12.1 24.1 54.9 35.3 23.1 89.5 21

22 Consumer credit 1.6 4.6 2.5 5.2 9.4 3.0 6.3 -2.4 9.1 22

23 Corporate equities 0.7 0.6 0.2 1.5 -0.7 0.4 3.2 2.0 -1.0 23

24 Miscellaneous assets 1.7 -1.8 -3.2 13.1 -2.1 7.7 17.3 19.0 -4.3 24

25 Net increase in liabilities -3.2 15.4 -9.5 57.7 60.8 66.3 78.3 54.0 107.7 25

26 Deposits -5.7 -6.5 -25.7 -2.6 6.1 27.5 46.8 67.0 59.3 26

27 Checkable 14.1 25.4 27.1 36.1 36.8 43.4 50.7 54.4 57.4 27

28 Small time and savings -29.0 -38.1 -64.4 -54.3 -39.2 -35.8 -30.7 -31.6 -30.5 28

29 Large time 9.2 6.3 11.7 15.7 8.5 19.9 26.9 44.2 32.4 29

30 Security RPs -0.0 -0.9 -1.9 9.5 21.4 -6.0 5.8 -15.0 20.1 30

31 Credit market instruments 2.6 25.5 19.7 52.2 48.0 27.3 -2.0 -23.4 6.1 31

32 Corporate bonds -0.0 -0.4 0.1 -0.2 0.2 3.5 -2.6 -0.2 1.7 32

33 Bank loans n.e.c. 5.2 1.4 3.5 10.3 -15.7 7.4 1.5 4.2 -13.2 33

34 Other loans and advances -2.6 24.5 16.2 42.1 63.5 16.3 -0.9 -27.4 17.6 34

35 Taxes payable 0.5 -0.1 0.4 0.2 0.0 0.4 -0.7 -0.3 -0.2 35

36 Miscellaneous liabilities -0.6 -2.6 -2.1 -1.5 -14.7 17.1 28.4 25.6 22.5 36

37 Investment by parent 0.1 0.2 0.3 0.4 0.5 0.7 0.8 0.9 1.0 37

38 Other -0.7 -2.8 -2.4 -1.9 -15.3 16.5 27.7 24.7 21.4 38

39 Discrepancy -2.0 -3.7 -2.0 -3.0 2.0 2.7 1.9 4.7 3.7 39

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
FFA, 1995-2003, Z.1, December 9, 2004 21

F.115 Credit Unions

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 5.7 6.1 5.1 5.3 5.8 6.7 6.3 7.5 7.7 1

 2 Fixed nonresidential investment 1.2 1.7 2.1 2.4 2.5 2.4 2.4 2.2 2.3 2

 3 Net acquisition of financial assets 17.1 19.5 23.7 37.7 23.0 26.5 64.4 55.3 56.6 3

 4 Checkable deposits and currency 0.9 0.1 0.6 1.0 17.3 0.3 10.1 1.6 3.2 4

 5 Time and savings deposits 0.4 -0.7 0.6 6.4 -6.8 -1.1 7.4 1.6 1.8 5

 6 Federal funds and security RPs 0.2 -4.9 2.0 3.4 2.4 -5.3 -1.5 -0.8 -0.1 6

 7 Credit market instruments 16.2 25.5 16.8 18.9 27.5 28.0 41.5 42.7 50.7 7

 8 Open market paper -1.6 -0.3 -0.1 0.2 1.5 -0.6 1.2 1.2 -2.0 8

 9 Treasury securities -3.8 -0.9 -1.8 -2.5 -3.5 -1.4 -0.8 0.4 1.1 9

10 Agency- and GSE-backed securities 4.9 4.9 0.4 7.3 2.9 -0.4 19.6 16.8 18.2 10

11 Home mortgages 4.4 9.5 10.1 10.8 14.1 13.8 16.4 18.2 23.2 11

12 Consumer credit 12.3 12.2 8.2 3.0 12.5 16.5 5.1 6.2 10.1 12

13 Mutual fund shares 0.2 -0.3 -0.2 1.2 -1.1 -0.3 1.5 -0.2 0.5 13

14 Miscellaneous assets -0.8 -0.2 3.8 6.8 -16.4 4.9 5.4 10.4 0.5 14

15 Net increase in liabilities 13.4 16.4 20.5 34.7 20.8 22.0 60.8 50.1 51.3 15

16 Shares/deposits 15.4 16.3 20.3 33.6 17.7 22.4 61.1 46.7 48.0 16

17 Checkable 2.1 1.6 4.1 6.4 2.3 5.9 3.5 5.0 7.6 17

18 Small time and savings 11.6 12.3 13.2 23.1 12.3 13.0 48.6 33.1 29.6 18

19 Large time 1.7 2.4 2.9 4.1 3.1 3.5 9.0 8.7 10.8 19

20 Other loans and advances -0.1 0.1 0.1 0.6 2.2 0.0 1.5 2.0 2.2 20

21 Miscellaneous liabilities -1.9 0.0 0.1 0.5 0.9 -0.4 -1.8 1.4 1.2 21

22 Discrepancy 0.8 1.4 -0.2 -0.1 1.0 -0.2 0.3 0.2 0.2 22

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars

 1 Net acquisition of financial assets 7.7 -7.1 -47.7 -45.8 -9.8 55.0 -63.5 -3.7 -26.7 1

 2 Deposits 3.3 6.4 -2.9 6.2 8.4 7.0 -4.6 0.1 -0.1 2

 3 Checkable deposits and currency 0.1 0.3 0.0 -0.5 -0.1 -0.1 0.5 -0.7 0.4 3

 4 Time and savings deposits -0.5 -1.6 1.0 -2.1 0.9 0.2 2.7 -0.6 8.7 4

 5 Money market fund shares 3.7 7.8 -4.0 8.8 7.5 6.9 -7.9 1.3 -9.2 5

 6 Credit market instruments -8.3 -7.7 -25.0 -12.8 27.8 0.8 -28.1 0.9 -2.4 6

 7 Open market paper 0.7 -2.6 -0.2 -4.5 0.6 -2.4 -3.1 -0.2 -0.4 7

 8 Treasury securities -2.5 -1.8 -5.4 -3.1 -0.0 -1.0 -4.8 -0.4 -0.3 8

 9 Agency- and GSE-backed securities 1.3 2.3 -4.7 -1.4 5.7 0.3 -10.3 -0.9 -2.6 9

10 Municipal securities -5.9 -4.3 -13.3 -1.1 10.8 -1.2 -3.5 5.3 -2.6 10

11 Corporate and foreign bonds -1.7 -1.7 -0.8 -2.6 11.3 5.0 -6.6 -2.7 3.9 11

12 Mortgages -0.1 0.3 -0.6 -0.2 -0.6 0.1 0.2 -0.2 -0.4 12

13 Corporate equities 1.6 -1.7 17.5 -74.3 -28.8 -2.5 -32.5 -39.4 -18.7 13

14 Mutual fund shares 11.9 -8.0 -35.9 26.6 -14.7 48.5 -6.1 37.3 -15.0 14

15 Miscellaneous assets -0.9 3.9 -1.4 8.4 -2.5 1.2 7.7 -2.6 9.5 15

16 Net increase in liabilities (2) 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 16

17 Discrepancy -1.3 2.1 -5.3 -0.2 1.7 1.6 3.7 1.4 0.4 17

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
22 FFA, 1995-2003, Z.1, December 9, 2004

F.117 Life Insurance Companies

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving -2.0 1.4 -6.7 -7.8 -2.9 -5.0 -3.7 -1.8 1.6 1

 2 Fixed nonresidential investment 13.3 9.6 10.2 11.0 11.8 10.7 9.3 7.7 7.7 2

 3 Net acquisition of financial assets 145.5 125.4 213.7 187.0 169.3 203.5 250.6 279.8 258.2 3

 4 Checkable deposits and currency -0.5 -0.9 3.8 -2.7 0.0 -0.5 31.9 -1.6 12.0 4

 5 Money market fund shares 6.6 39.1 32.6 17.6 21.4 10.5 31.0 -13.5 -8.3 5

 6 Credit market instruments 100.0 69.6 104.8 76.9 53.5 57.9 130.9 233.0 180.6 6

 7 Open market paper -7.3 2.9 17.5 7.5 2.0 -4.5 -11.9 14.7 -18.2 7

 8 Treasury securities 1.0 -14.9 1.6 -14.1 -9.3 -4.6 -4.4 24.8 -6.6 8

 9 Agency- and GSE-backed securities 8.7 1.3 -3.0 -9.6 7.0 11.0 18.1 77.4 18.0 9

10 Municipal securities -0.9 1.5 0.1 1.7 1.7 -1.0 -0.4 1.2 6.2 10

11 Corporate and foreign bonds 90.7 79.2 86.8 84.5 41.5 49.0 120.2 106.8 171.0 11

12 Policy loans 10.4 4.5 3.2 0.1 -5.0 2.9 2.2 1.0 -0.7 12

13 Mortgages -2.6 -5.0 -1.3 6.8 15.7 5.2 7.1 7.0 10.9 13

14 Corporate equities 28.2 44.5 72.0 82.5 116.9 111.3 70.2 52.7 45.5 14

15 Mutual fund shares 3.9 4.5 7.2 9.4 10.0 5.6 2.1 2.6 0.5 15

16 Miscellaneous assets 7.2 -31.4 -6.7 3.5 -32.6 18.7 -15.5 6.7 27.9 16

17 Net increase in liabilities 118.9 92.1 186.0 173.1 152.9 195.1 248.5 259.7 230.0 17

18 Corporate equity issues -3.6 -8.8 -4.0 -4.7 -6.0 -0.8 -0.9 -6.5 -3.9 18

19 Other loans and advances -0.1 1.1 0.2 0.7 0.7 -0.7 0.6 2.0 2.9 19

20 Life insurance reserves 44.8 43.8 57.6 46.7 49.4 48.7 75.8 58.5 65.7 20

21 Pension fund reserves (1) 42.6 27.0 95.0 122.6 94.1 155.1 130.9 166.1 143.2 21

22 Taxes payable 1.6 0.5 1.2 1.2 1.3 1.6 2.0 2.4 2.8 22

23 Miscellaneous liabilities 33.5 28.5 36.0 6.6 13.4 -8.9 40.1 37.2 19.4 23

24 Discrepancy -41.9 -41.5 -44.6 -32.9 -31.0 -24.1 -15.1 -29.7 -34.3 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars

 1 Gross saving 5.6 4.5 3.5 5.9 6.0 -1.0 -5.8 11.7 23.0 1

 2 Fixed nonresidential investment 10.7 6.7 8.5 10.4 12.0 13.3 12.5 11.9 12.6 2

 3 Net acquisition of financial assets 37.0 16.2 37.1 16.5 -9.0 8.9 16.6 79.8 95.7 3

 4 Checkable deposits and currency -0.2 -0.9 0.3 -0.2 0.2 -0.6 9.4 12.8 8.6 4

 5 Security RPs 8.1 -2.1 -0.2 7.4 -14.4 10.0 -8.1 14.2 8.5 5

 6 Credit market instruments 21.5 22.5 25.2 5.8 -3.0 -8.7 9.0 39.9 67.0 6

 7 Treasury securities 0.5 -12.6 2.1 -20.8 -9.7 -8.6 -0.0 9.2 3.5 7

 8 Agency- and GSE-backed securities 2.3 2.8 1.7 -1.2 5.9 8.6 10.1 19.0 2.2 8

 9 Municipal securities 7.0 14.4 2.6 16.5 -9.1 -14.9 -10.3 9.2 41.2 9

10 Corporate and foreign bonds 12.7 18.3 18.9 11.6 10.0 6.4 8.9 2.4 20.0 10

11 Commercial mortgages -1.0 -0.4 -0.2 -0.3 -0.0 -0.3 0.2 0.1 0.1 11

12 Corporate equities -0.6 -6.8 3.0 -5.0 -1.7 0.7 -0.3 -1.1 -2.7 12

13 Trade receivables 4.4 -0.1 2.7 1.6 2.0 1.0 5.3 4.9 4.5 13

14 Miscellaneous assets 3.8 3.6 6.1 6.9 7.7 6.4 1.3 9.1 9.7 14

15 Net increase in liabilities 21.8 10.0 -1.2 2.9 8.0 3.6 29.8 58.6 53.0 15

16 Corporate equity issues -2.2 -4.8 -13.7 -4.7 -7.8 -4.5 0.5 6.2 4.1 16

17 Taxes payable 1.2 2.5 1.8 2.0 2.0 2.3 2.7 3.2 3.7 17

18 Miscellaneous liabilities 22.8 12.3 10.7 5.6 13.8 5.8 26.5 49.2 45.2 18

19 Discrepancy -20.3 -8.3 -43.2 -18.1 11.0 -19.5 -5.1 -21.4 -32.3 19
FFA, 1995-2003, Z.1, December 9, 2004 23

F.119 Private Pension Funds (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 0.6 0.7 0.7 0.9 1.0 1.1 0.9 1.0 1.1 1

 2 Fixed nonresidential investment 1.2 1.7 2.0 2.0 2.0 1.8 2.1 1.4 1.2 2

 3 Net acquisition of financial assets 26.2 -2.0 -17.6 -15.8 -75.7 -93.8 -74.6 -38.3 6.2 3

 4 Checkable deposits and currency 0.7 0.6 1.3 -1.0 1.2 2.6 0.4 0.3 0.1 4

 5 Time and savings deposits 4.5 5.3 7.5 28.3 -29.0 17.6 7.1 4.6 2.4 5

 6 Money market fund shares 6.0 10.8 13.1 1.9 11.7 1.7 3.8 2.3 1.5 6

 7 Security RPs -0.0 4.6 0.9 1.2 3.7 -2.4 1.5 1.0 0.5 7

 8 Credit market instruments 16.5 -6.5 45.7 -26.1 99.3 -96.4 13.3 25.7 14.2 8

 9 Open market paper 0.5 5.6 1.2 3.0 7.0 -5.1 1.0 2.6 -2.2 9

10 Treasury securities -0.5 -4.8 2.5 -33.2 2.3 -7.2 0.2 4.6 1.4 10

11 Agency- and GSE-backed securities 2.7 -10.5 7.7 -16.6 38.2 -25.7 7.4 5.7 6.8 11

12 Corporate and foreign bonds 13.1 2.6 33.7 21.0 50.0 -57.6 4.7 12.7 8.2 12

13 Mortgages 0.6 0.6 0.7 -0.3 1.7 -0.7 0.1 0.0 -0.1 13

14 Corporate equities -72.1 -75.7 -142.2 -30.5 -260.2 -82.7 -129.8 -121.4 -44.8 14

15 Mutual fund shares 45.0 23.0 42.7 -3.5 102.5 84.0 17.9 50.4 51.7 15

16 Miscellaneous assets 25.7 35.9 13.5 13.8 -4.9 -18.1 11.2 -1.2 -19.5 16

17 Unallocated insurance contracts (2) 17.7 14.4 -1.0 -14.8 -9.9 -24.2 10.1 -4.6 -17.1 17

18 Contributions receivable 4.1 4.1 7.1 21.4 -7.6 14.0 0.6 0.1 -1.4 18

19 Other 3.9 17.4 7.4 7.2 12.6 -7.9 0.4 3.3 -1.0 19

20 Pension fund reserves (liabilities) (3) 26.7 -1.0 -16.4 -14.7 -74.7 -93.1 -73.4 -37.9 6.3 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(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

 1 Gross saving 0.4 0.5 0.5 0.6 0.7 0.8 0.7 0.7 0.6 1

 2 Fixed nonresidential investment 0.8 1.2 1.4 1.3 1.3 1.3 1.7 0.9 0.6 2

 3 Net acquisition of financial assets 54.8 52.7 68.4 50.9 56.0 43.5 2.2 -3.6 -2.1 3

 4 Checkable deposits and currency -2.5 3.3 -2.2 4.7 -0.7 -0.1 0.4 -1.9 -0.7 4

 5 Time and savings deposits 2.0 -2.2 0.1 -0.4 -0.3 -0.6 -0.4 0.1 0.1 5

 6 Security RPs 3.7 -3.3 0.4 8.9 2.8 4.3 0.6 0.2 -9.3 6

 7 Credit market instruments 31.1 28.6 59.9 63.2 45.5 45.8 -41.1 -14.0 9.0 7

 8 Open market paper 3.7 -3.3 0.4 8.9 2.8 4.3 0.6 0.2 -4.3 8

 9 Treasury securities -7.4 4.6 6.2 -6.4 -13.8 -20.9 -25.5 -8.3 3.2 9

10 Agency- and GSE-backed securities 23.2 5.5 18.4 19.1 22.9 37.6 -14.5 -0.3 6.7 10

11 Municipal securities 0.7 -1.3 0.9 1.7 -0.2 -1.5 -0.2 -0.9 0.3 11

12 Corporate and foreign bonds 10.1 22.2 33.1 35.1 30.4 29.7 -0.6 -4.6 4.6 12

13 Mortgages 0.7 0.8 0.9 4.8 3.3 -3.4 -0.8 -0.2 -1.6 13

14 Corporate equities 18.2 18.2 9.4 -28.2 -6.2 -18.4 22.3 20.0 -26.9 14

15 Miscellaneous assets 2.4 8.2 0.7 2.7 14.8 12.6 20.3 -7.9 25.7 15

16 Pension fund reserves (liabilities) (1) 55.2 53.4 69.3 51.5 56.6 44.0 3.1 -3.3 -2.1 16

(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.

F.121 Federal Government Retirement Funds (1)

Billions of dollars

 1 Net acquisition of financial assets 26.9 61.6 46.5 47.9 48.5 28.2 69.9 45.4 48.2 1

 2 Credit market instruments 3.4 2.4 1.8 2.7 2.9 2.1 9.7 13.0 6.3 2

 3 Treasury securities 3.2 2.2 1.7 2.3 2.9 2.0 7.2 9.4 4.7 3

 4 Agency- and GSE-backed securities 0.2 0.1 0.1 0.3 -0.0 0.1 1.7 2.4 1.1 4

 5 Corporate and foreign bonds 0.1 0.1 0.0 0.1 -0.0 0.0 0.8 1.2 0.6 5

 6 Corporate equities 2.6 4.2 4.4 4.0 4.4 5.2 -0.6 7.9 17.2 6

 7 Miscellaneous assets 20.8 55.1 40.3 41.2 41.1 20.9 60.8 24.5 24.7 7

 8 Pension fund reserves (liabilities) (2) 26.9 61.6 46.5 47.9 48.5 28.2 69.9 45.4 48.2 8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Liabilities of the sector are assets of the household sector.
24 FFA, 1995-2003, Z.1, December 9, 2004

F.122 Money Market Mutual Funds (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net acquisition of financial assets 141.2 145.4 155.9 287.2 249.1 233.3 428.6 -16.8 -207.8 1

 2 Foreign deposits 4.0 3.4 0.1 7.4 12.2 48.2 33.1 -10.1 -39.9 2

 3 Checkable deposits and currency -1.0 2.4 2.6 -2.6 -1.2 4.5 2.3 -5.8 -0.6 3

 4 Time and savings deposits 20.9 30.4 28.6 15.7 33.3 -18.0 77.1 -14.8 -47.7 4

 5 Security RPs 19.0 16.0 22.8 12.9 0.1 43.4 44.0 46.2 -21.8 5

 6 Credit market instruments 86.5 88.8 87.5 244.0 182.0 143.0 246.0 -25.3 -113.1 6

 7 Open market paper 48.4 38.4 62.1 78.2 104.7 89.6 30.3 -44.9 -135.1 7

 8 Treasury securities 3.8 20.3 -4.0 17.5 0.1 -13.3 45.3 4.5 -10.0 8

 9 Agency- and GSE-backed securities 13.7 11.0 -5.5 77.5 17.1 -5.8 133.2 5.7 2.2 9

10 Municipal securities 14.3 16.8 22.5 26.0 17.5 34.3 36.2 1.8 14.6 10

11 Corporate and foreign bonds 6.4 2.4 12.5 44.8 42.5 38.2 1.1 7.7 15.2 11

12 Miscellaneous assets 11.6 4.4 14.3 9.6 22.6 12.2 26.1 -7.0 15.4 12

13 Net share issues (liabilities) 141.2 145.4 155.9 287.2 249.1 233.3 428.6 -16.8 -207.8 13

(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 Mutual Funds (1)

Billions of dollars

 1 Gross saving 8.7 4.9 6.2 -9.1 4.1 -1.5 -8.4 -24.6 -16.9 1

 2 Net acquisition of financial assets 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 2

 3 Security RPs 7.1 -2.7 10.3 13.1 9.9 25.7 -31.8 6.8 12.5 3

 4 Credit market instruments 52.5 48.9 80.9 127.3 48.4 20.9 126.1 144.2 137.7 4

 5 Open market paper 7.1 -3.1 10.6 13.1 9.9 25.7 -31.8 -11.8 12.8 5

 6 Treasury securities 13.4 -18.0 10.6 4.6 -23.7 6.3 -8.5 19.7 9.4 6

 7 Agency- and GSE-backed securities 5.5 33.1 8.9 21.6 36.2 4.1 85.3 61.5 25.3 7

 8 Municipal securities 3.2 3.1 6.5 22.8 -3.2 -8.9 23.0 23.8 12.9 8

 9 Corporate and foreign bonds 23.3 33.8 44.4 65.2 29.2 -6.2 58.1 50.9 77.4 9

10 Corporate equities 87.4 193.0 166.8 143.3 136.4 193.1 109.8 31.4 136.8 10

11 Miscellaneous assets 0.5 -1.7 7.1 -4.2 -3.5 -0.4 -2.9 0.1 1.0 11

12 Net share issues (liabilities) 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 12

13 Discrepancy 8.7 4.9 6.2 -9.1 4.1 -1.5 -8.4 -24.6 -16.9 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.124 Closed-End and Exchange-Traded Funds

Billions of dollars

 Closed-end funds

 1 Net acquisition of financial assets 8.0 0.3 -11.2 -6.8 -4.8 -5.5 1.9 18.0 43.9 1

 2 Credit market instruments 8.5 2.9 -1.1 4.9 9.6 -5.6 3.2 8.6 36.2 2

 3 Treasury securities -1.7 0.1 -1.4 -1.0 -1.2 -0.9 0.1 -2.8 1.4 3

 4 Municipal securities 4.8 1.0 0.3 1.3 9.0 -2.0 7.0 11.3 3.2 4

 5 Corporate and foreign bonds 5.4 1.9 -0.0 4.7 1.8 -2.7 -3.8 0.0 31.6 5

 6 Corporate equities -0.5 -2.6 -10.0 -11.8 -14.5 0.1 -1.3 9.4 7.6 6

 7 Net share issues (liabilities) 8.0 0.3 -11.2 -6.8 -4.8 -5.5 1.9 18.0 43.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets 0.4 1.1 3.4 6.0 12.2 42.4 31.0 45.3 15.8 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 0.7 9

10 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 0.1 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.6 11

12 Corporate equities 0.4 1.1 3.4 6.0 12.2 42.4 31.0 41.6 15.1 12

13 Net share issues (liabilities) 0.4 1.1 3.4 6.0 12.2 42.4 31.0 45.3 15.8 13
FFA, 1995-2003, Z.1, December 9, 2004 25

F.125 Government-Sponsored Enterprises (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 1.9 1.9 2.2 2.3 3.0 3.0 3.2 3.3 3.3 1

 2 Fixed nonresidential investment 0.6 0.8 0.7 0.7 0.7 0.8 0.8 0.8 0.9 2

 3 Net acquisition of financial assets 115.1 91.7 111.6 305.0 317.4 237.8 344.4 240.0 236.5 3

 4 Checkable deposits and currency 0.2 -0.7 1.3 2.9 7.2 -7.7 2.3 8.1 12.0 4

 5 Time and savings deposits 0.0 0.0 0.0 -1.7 5.2 0.5 8.1 -5.1 -8.5 5

 6 Federal funds and security RPs 20.5 -11.8 -4.1 -13.4 12.7 3.0 23.8 -9.1 -20.0 6

 7 Credit market instruments 95.3 97.3 106.7 317.3 287.3 246.0 304.7 224.1 236.5 7

 8 Open market paper -0.8 9.6 -1.1 28.6 -32.4 10.7 2.7 -23.5 -2.4 8

 9 Treasury securities 6.1 -12.9 7.1 -0.7 5.8 0.6 0.4 12.1 -12.3 9

10 Agency- and GSE-backed securities 60.0 65.8 67.6 158.4 172.9 149.2 206.9 131.7 88.8 10

11 Municipal securities 2.7 4.3 0.5 6.5 3.6 2.8 6.2 4.0 5.0 11

12 Corporate and foreign bonds 9.9 8.1 6.0 24.6 28.8 19.1 24.6 33.5 36.6 12

13 Other loans and advances 7.2 29.4 35.4 93.5 108.1 45.3 28.3 8.9 31.1 13

14 Sallie Mae -3.1 -1.1 -1.0 -0.3 -0.3 0.1 -0.0 -0.4 -0.1 14

15 Farm Credit System 3.9 1.4 0.0 3.3 0.9 3.1 2.9 2.0 0.0 15

16 FHLB loans 6.4 29.1 36.4 90.4 107.6 42.1 25.4 7.2 31.2 16

17 Mortgages 6.3 -6.4 -4.7 7.6 -5.0 22.2 33.2 59.8 106.0 17

18 Home 5.9 -6.7 -4.2 5.3 -10.3 15.8 20.5 45.5 92.2 18

19 Multifamily residential 0.5 -0.8 -1.5 -0.0 4.3 4.5 8.2 8.5 10.9 19

20 Farm -0.1 1.1 1.0 2.3 1.0 2.0 4.5 5.8 2.9 20

21 Consumer credit (2) 4.0 -0.6 -4.2 -1.2 5.4 -3.9 2.4 -2.5 -16.3 21

22 Miscellaneous assets -0.9 6.9 7.6 -0.1 5.0 -4.0 5.5 22.0 16.5 22

23 Net increase in liabilities 112.0 91.0 108.0 299.9 313.3 232.1 351.6 247.6 217.2 23

24 Credit market instruments 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 24

25 GSE issues (3) 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 25

26 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Miscellaneous liabilities 6.0 0.6 8.9 21.0 -5.5 -3.1 47.4 27.7 -26.6 27

28 Discrepancy -1.8 0.4 -2.2 -3.5 -1.8 -3.5 9.6 10.0 -16.9 28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing

 Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.

(2) SLMA student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars

 1 Net acquisition of financial assets 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 1

 2 Home mortgages 93.8 135.4 109.3 182.1 264.6 190.9 322.9 315.2 303.3 2

 3 Multifamily residential mortgages 4.5 5.6 5.3 10.5 9.2 8.5 15.6 12.9 26.6 3

 4 Commercial mortgages -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.1 -0.0 0.0 0.1 0.8 0.3 0.0 -1.3 0.6 5

 6 Net increase in pool securities (liabilities)(2) 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 6

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed

 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 agency- and GSE-backed securities.
26 FFA, 1995-2003, Z.1, December 9, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 0.5 1.2 1.9 2.4 2.2 1.6 1.4 1.0 1.0 1

 2 Fixed nonresidential investment 1.8 6.5 4.0 4.2 -0.7 -1.6 1.7 -0.1 0.8 2

 3 Net acquisition of financial assets 133.7 128.1 153.4 297.1 195.5 185.5 255.9 192.6 200.3 3

 4 Agency- and GSE-backed securities (1) 19.6 -6.7 -23.9 21.8 36.8 8.3 16.5 45.4 7.9 4

 5 Other loans and advances 5.9 8.1 24.4 23.8 -3.3 7.2 18.5 -3.3 -1.1 5

 6 Mortgages (2) 21.1 42.3 71.3 141.6 81.9 68.1 116.7 89.4 184.5 6

 7 Home 14.3 26.3 45.7 80.2 40.3 33.0 71.9 58.1 132.8 7

 8 Multifamily residential 2.1 4.1 4.9 13.0 8.6 5.4 5.9 5.5 8.1 8

 9 Commercial 4.6 11.8 20.7 48.5 33.0 29.7 38.8 25.8 43.6 9

10 Consumer credit 66.6 59.5 45.3 72.0 59.0 68.9 78.4 37.4 -12.1 10

11 Trade credit 20.5 25.0 36.3 37.9 21.1 33.0 25.9 23.8 21.1 11

12 Net increase in liabilities 135.0 133.3 155.5 298.9 192.6 182.3 256.2 191.6 200.1 12

13 Commercial paper 37.3 45.4 89.4 125.7 139.0 125.0 120.0 -13.0 -35.6 13

14 Corporate bonds 97.7 87.9 66.2 173.3 53.6 57.3 136.1 204.5 235.7 14

15 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 15

 Memo:

 Securitized assets not included above

16 Consumer leases (3) 1.3 5.3 2.1 1.8 -2.9 -3.2 0.3 -1.1 -0.2 16

17 REIT assets (4) -1.3 -0.3 3.7 2.9 -2.1 -1.5 -3.3 7.9 16.0 17

(1) Agency- and GSE-backed 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.130.

F.128 Finance Companies (1)

Billions of dollars

 1 Gross saving 18.6 20.9 22.3 25.2 32.8 33.8 48.9 58.1 60.0 1

 2 Fixed nonresidential investment 18.9 23.4 27.7 27.2 42.4 39.4 30.8 30.4 35.7 2

 3 Net acquisition of financial assets 72.7 44.4 47.1 88.8 150.9 136.6 18.8 33.7 190.0 3

 4 Checkable deposits and currency 1.7 1.9 2.1 2.3 2.5 2.6 2.9 3.1 3.3 4

 5 Credit market instruments 49.9 18.9 23.1 77.3 97.1 108.6 -4.8 21.2 84.2 5

 6 Other loans and advances 26.7 3.1 -0.6 36.8 54.2 63.3 -11.5 8.3 2.2 6

 7 Mortgages 5.6 13.1 11.0 24.7 24.6 26.4 -11.0 13.2 24.4 7

 8 Consumer credit 17.7 2.8 12.6 15.8 18.3 18.9 17.6 -0.3 57.6 8

 9 Miscellaneous assets 21.0 23.5 22.0 9.3 51.3 25.3 20.8 9.5 102.5 9

10 Net increase in liabilities 72.7 51.0 38.7 75.8 138.7 166.1 21.3 64.2 220.7 10

11 Credit market instruments 50.2 50.6 33.8 57.1 70.7 81.9 1.3 42.2 117.3 11

12 Open market paper -2.9 9.4 24.6 30.7 -2.9 8.4 -80.3 -17.1 -5.2 12

13 Corporate bonds 52.6 36.8 4.7 24.2 64.7 72.9 66.6 62.0 114.3 13

14 Bank loans n.e.c. 0.5 4.5 4.5 2.2 8.9 0.5 14.9 -2.8 8.1 14

15 Taxes payable 0.7 0.8 0.8 0.8 0.8 1.0 1.2 1.4 1.6 15

16 Miscellaneous liabilities 21.8 -0.4 4.0 17.8 67.2 83.3 18.9 20.7 101.8 16

17 Foreign direct investment in U.S. 2.8 5.1 6.6 2.6 13.2 14.9 7.8 -3.5 19.2 17

18 Investment by parent 9.3 3.5 -7.5 -12.8 53.5 14.7 -3.3 -11.0 11.5 18

19 Other 9.8 -9.1 4.9 28.0 0.5 53.7 14.5 35.2 71.1 19

20 Discrepancy -0.3 4.1 -13.9 -15.1 -21.7 23.9 20.6 58.3 55.1 20

 Memo:

21 Consumer leases not included above (2) 13.4 12.3 5.6 -2.2 6.3 5.3 -4.6 -20.2 -13.3 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.127.
FFA, 1995-2003, Z.1, December 9, 2004 27

F.129 Mortgage Companies (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net acquisition of financial assets -3.4 8.2 -9.1 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Home mortgages -4.5 8.2 -10.2 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential mortgages 1.1 -0.1 1.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities -3.4 8.2 -9.1 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Bank loans n.e.c. -2.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Investment by parent -1.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 7

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)

Billions of dollars

 1 Gross saving 3.0 4.1 6.8 8.2 8.4 0.2 12.9 13.2 10.6 1

 2 Fixed nonresidential investment 7.0 17.8 52.0 64.7 9.2 0.3 4.6 18.3 15.9 2

 3 Multifamily residential investment 2.7 4.4 11.3 11.4 1.0 0.0 0.8 3.2 2.8 3

 4 Net acquisition of financial assets 2.3 4.9 26.1 6.4 -3.9 7.3 9.4 25.3 34.2 4

 5 Checkable deposits and currency 0.0 2.2 1.1 0.8 0.3 1.0 0.7 0.1 3.4 5

 6 Credit market instruments 1.4 4.4 20.2 -5.1 -1.0 -4.0 8.6 24.8 23.7 6

 7 Agency- and GSE-backed securities -0.2 3.2 9.0 -8.1 1.5 0.4 7.0 9.7 -3.5 7

 8 Corporate and foreign bonds 0.8 1.4 2.1 -0.4 -0.2 -0.3 2.3 2.3 7.4 8

 9 Mortgages 0.8 -0.3 9.1 3.4 -2.4 -4.1 -0.7 12.8 19.9 9

10 Home 1.9 1.1 6.0 0.8 -0.7 -4.3 0.2 12.4 17.8 10

11 Multifamily residential -0.6 -0.4 0.9 0.1 0.2 -0.2 -0.4 -0.2 0.1 11

12 Commercial -0.5 -1.0 2.2 2.5 -1.8 0.4 -0.5 0.7 2.0 12

13 Miscellaneous assets 1.0 -1.7 4.9 10.7 -3.3 10.3 0.2 0.4 7.1 13

14 Net increase in liabilities 15.8 29.5 92.2 86.4 15.7 5.9 18.6 52.2 53.6 14

15 Security RPs 1.2 2.8 11.2 -9.8 -0.3 -2.5 9.3 15.1 5.9 15

16 Credit market instruments 4.5 11.9 39.6 62.7 10.4 4.5 3.2 26.2 32.3 16

17 Open market paper -0.0 0.0 0.0 0.2 -0.2 0.0 0.0 0.0 0.0 17

18 Corporate bonds 0.2 1.3 14.8 21.7 9.8 3.9 4.4 16.2 23.3 18

19 Bank loans n.e.c. -1.0 2.7 9.9 16.0 -6.1 -4.2 -3.3 -0.1 0.5 19

20 Mortgages 5.3 7.9 14.9 24.8 6.9 4.9 2.2 10.1 8.5 20

21 Corporate equity issues 8.7 12.3 32.5 19.8 6.6 2.0 6.1 8.4 13.3 21

22 Miscellaneous liabilities 1.4 2.5 8.8 13.6 -1.0 1.9 0.0 2.5 2.0 22

23 Discrepancy 6.7 6.6 9.5 11.9 17.8 -1.5 16.7 18.7 11.3 23

 Memo:

24 Securitized assets included above -1.3 -0.3 3.7 2.9 -2.1 -1.5 -3.3 7.9 16.0 24

25 Agency- and GSE-backed securities -2.3 0.3 0.4 0.1 -1.3 -0.2 -3.1 -0.1 -0.1 25

26 Home mortgages 0.9 -0.8 3.1 1.8 -1.5 -0.4 0.0 7.4 16.2 26

27 Multifamily residential mortgages 0.0 0.3 0.2 0.4 -0.4 -0.3 -0.0 -0.0 -0.0 27

28 Commercial mortgages 0.0 0.0 0.0 0.6 1.0 -0.6 -0.2 0.6 -0.1 28
28 FFA, 1995-2003, Z.1, December 9, 2004

F.131 Security Brokers and Dealers

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Gross saving 2.9 6.6 10.7 2.5 4.0 -14.1 3.3 18.7 18.7 1

 2 Fixed nonresidential investment 10.5 11.8 13.9 18.4 21.8 30.0 26.8 22.4 22.6 2

 3 Net acquisition of financial assets 113.4 68.2 142.8 142.0 79.8 220.4 244.3 -130.2 277.6 3

 4 Checkable deposits and currency 1.7 1.9 6.0 3.7 3.3 1.6 16.8 -2.9 2.9 4

 5 Credit market instruments 90.1 -15.7 14.9 6.8 -34.7 68.9 92.4 28.4 79.6 5

 6 Open market paper 10.9 1.6 0.6 3.8 -2.0 13.2 9.0 -4.7 5.9 6

 7 Treasury securities 61.0 -31.1 7.5 21.2 -58.4 39.4 13.1 -13.7 41.7 7

 8 Agency- and GSE-backed securities 9.0 1.2 -4.8 0.5 15.0 -2.3 14.1 14.1 -8.1 8

 9 Municipal securities -2.7 -1.9 2.4 -0.1 -1.2 -0.7 7.7 2.0 3.8 9

10 Corporate and foreign bonds 12.0 14.5 9.2 -18.6 12.0 19.3 48.6 30.7 36.4 10

11 Corporate equities 7.7 -1.9 2.4 -6.0 7.7 9.6 17.3 3.2 3.8 11

12 Security credit 3.5 15.8 36.8 21.6 75.2 7.2 -38.8 -48.2 34.3 12

13 Miscellaneous assets 10.3 68.2 82.8 115.9 28.3 133.0 156.6 -110.8 156.9 13

14 Net increase in liabilities 102.2 59.4 127.5 138.1 78.3 210.1 239.4 -118.2 257.3 14

15 Security RPs (net) 79.0 -1.5 22.7 4.6 37.1 56.9 51.0 -9.0 133.7 15

16 Corporate bonds -5.0 -2.0 8.1 7.2 -17.2 15.6 1.4 -1.7 6.4 16

17 Corporate equity issues -8.1 -6.5 -5.9 2.5 7.6 -4.2 6.7 10.2 -7.7 17

18 Trade payables 1.1 4.0 5.7 -1.0 11.9 5.1 3.3 -1.8 -9.2 18

19 Security credit 23.1 36.6 74.2 81.6 29.2 138.9 41.9 -38.9 98.2 19

20 Customer credit balances (HH) 18.6 35.3 52.6 61.2 47.2 88.6 41.9 -41.6 62.7 20

21 From banks 4.6 1.3 21.7 20.3 -18.0 50.4 0.0 2.8 35.5 21

22 Taxes payable -0.1 0.1 0.1 -0.1 0.9 -0.1 -0.2 -0.5 0.4 22

23 Miscellaneous liabilities 12.6 28.4 21.6 44.7 7.5 -1.9 138.5 -77.1 39.1 23

24 Foreign direct investment in U.S. 1.5 1.3 0.3 1.7 3.6 5.1 -1.3 2.2 3.2 24

25 Due to affiliates 22.5 45.7 75.9 99.0 61.9 60.2 62.9 19.9 44.3 25

26 Other -11.4 -18.7 -54.6 -55.9 -58.0 -67.2 76.9 -99.3 -8.5 26

27 Proprietors’ net investment -0.5 0.3 1.1 -1.4 1.2 -0.2 -3.3 0.6 -3.6 27

28 Discrepancy -18.8 -14.1 -18.6 -19.8 -19.3 -54.3 -28.4 8.3 -24.2 28

F.132 Funding Corporations (1)

Billions of dollars

 1 Net acquisition of financial assets 6.4 103.8 114.6 160.4 232.6 116.6 15.7 -12.2 53.0 1

 2 Money market fund shares -2.4 25.9 6.8 73.1 54.8 16.8 103.4 6.0 -36.8 2

 3 Credit market instruments -15.7 12.6 50.4 26.7 103.4 24.4 -89.2 -58.4 85.4 3

 4 Open market paper -25.4 -0.2 53.8 22.2 107.2 33.3 -135.0 -59.1 30.5 4

 5 Corporate and foreign bonds 9.8 12.8 -3.4 4.5 -3.8 -8.9 45.8 0.6 54.9 5

 6 Miscellaneous assets (2) 24.5 65.2 57.3 60.7 74.4 75.5 1.5 40.2 4.4 6

 7 Investment in foreign banking offices 6.7 13.7 14.3 11.8 2.5 45.6 -30.8 24.7 -1.7 7

 8 Investment in brokers and dealers 17.8 51.5 43.0 48.9 71.9 29.8 32.3 15.5 6.1 8

 9 Net increase in liabilities 6.4 103.8 114.6 160.4 232.6 116.6 15.7 -12.2 53.0 9

10 Credit market instruments 34.9 63.8 79.9 40.0 91.6 -0.3 -54.6 -0.5 -1.4 10

11 Open market paper 10.5 34.5 49.4 6.0 34.2 -2.3 -76.8 -30.9 -16.8 11

12 Corporate bonds 24.4 29.2 30.6 34.0 57.4 1.9 22.2 30.5 15.4 12

13 Miscellaneous liabilities -28.5 40.0 34.6 120.5 141.0 117.0 70.3 -11.8 54.4 13

14 Foreign direct investment in U.S. -10.4 1.5 -22.6 20.7 -17.2 75.8 56.0 40.6 5.8 14

15 Securities loaned (net) -5.5 59.9 57.2 70.0 16.3 88.7 70.1 -2.9 102.6 15

16 Other -12.6 -21.4 0.1 29.8 141.9 -47.5 -55.9 -49.5 -54.0 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
FFA, 1995-2003, Z.1, December 9, 2004 29

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total U.S. reserves 9.6 -6.7 1.0 6.8 -8.7 0.3 4.9 10.7 0.5 1

 2 U.S. gold stock and SDRs 0.8 -0.4 0.4 0.1 -0.0 0.7 0.6 0.8 -0.6 2

 3 Federal govt.: Exchange Stab. Fund 0.8 -0.4 0.4 0.1 -0.0 0.7 0.6 0.8 -0.6 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 0.0 4

 5 U.S. foreign exchange position 8.8 -6.3 0.7 6.6 -8.7 -0.4 4.3 9.9 1.1 5

 6 Official foreign currency holdings 6.3 -7.6 -2.9 1.5 -3.3 1.9 0.7 3.8 2.6 6

 7 Treasury 3.2 -3.8 -1.5 0.8 -1.6 0.9 0.3 1.9 1.3 7

 8 Monetary authority 3.2 -3.8 -1.5 0.8 -1.6 0.9 0.3 1.9 1.3 8

 9 Net IMF position 2.5 1.3 3.6 5.1 -5.5 -2.3 3.6 6.1 -1.5 9

10 Federal government 2.5 1.3 3.6 5.1 -5.5 -2.3 3.6 6.1 -1.5 10

11 Monetary authority 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.

(2) Treasury gold stock.

F.201 SDR Certificates and Treasury Currency

Billions of dollars

 SDR certificates:

 1 Liab: Federal government 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.7 0.5 0.5 0.6 1.0 2.4 1.3 1.0 0.6 3

 4 Asset: Monetary authority 1.0 1.0 0.6 0.7 1.7 3.6 1.4 1.6 0.9 4

 5 Discrepancy (seigniorage) -0.3 -0.4 -0.2 -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars

 1 Total rest of the world liability 35.3 85.9 107.7 9.1 48.9 126.9 6.8 21.0 -0.0 1

 Held by:

 2 Household sector 4.6 12.4 6.5 0.1 5.2 20.0 -5.0 15.7 -9.0 2

 3 Nonfinancial corporate business 1.7 10.8 -5.1 7.4 0.9 -7.4 -8.5 4.4 18.9 3

 4 Money market mutual funds 4.0 3.4 0.1 7.4 12.2 48.2 33.1 -10.1 -39.9 4

 5 Discrepancy--unallocated assets 25.0 59.4 106.2 -5.8 30.5 66.1 -12.8 11.0 30.0 5
30 FFA, 1995-2003, Z.1, December 9, 2004

F.203 Net Interbank Transactions

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities 10.0 -51.6 -19.7 -31.8 15.0 15.1 -28.0 17.3 -3.8 1

 2 Monetary authority 1.3 -0.5 6.1 -7.5 22.2 -27.1 1.4 5.6 0.6 2

 3 Depository institution reserves -1.2 -5.1 6.3 -4.5 -2.3 -5.0 -1.6 5.1 0.5 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 24.5 -22.2 2.9 0.5 0.1 4

 5 Commercial banking 8.7 -51.2 -25.8 -24.4 -7.2 42.3 -29.4 11.8 -4.4 5

 6 To monetary authority 0.7 4.1 -1.6 -1.1 -1.7 1.0 -1.0 0.4 -0.7 6

 7 To banks in foreign countries 11.1 -52.0 -4.3 -27.1 -5.7 20.8 -45.6 4.2 0.5 7

 8 Liabilities, net 10.7 -46.8 -4.2 -32.0 -7.0 21.8 -44.3 13.9 -2.5 8

 9 U.S.-chartered commercial banks -2.7 -31.1 13.6 23.0 48.4 45.8 -12.3 46.1 89.8 9

10 Due to foreign affiliates -14.7 -1.9 46.3 23.6 30.0 75.2 22.8 -0.9 123.7 10

11 - Due from foreign affiliates -12.0 29.2 32.7 0.5 -18.4 29.5 35.1 -47.0 33.9 11

12 Foreign banking offices in U.S. 17.3 -11.5 -18.5 -55.7 -51.2 -56.5 -35.4 -32.8 -47.5 12

13 Due to foreign affiliates 15.5 10.6 -10.7 33.3 14.9 -14.3 29.7 13.0 19.5 13

14 - Due from foreign affiliates -1.7 22.1 7.8 88.9 66.1 42.2 65.0 45.8 67.0 14

15 Bank holding companies -3.8 -4.1 0.8 0.6 -4.1 32.5 3.3 0.6 -44.8 15

16 Due to foreign affiliates -1.1 -0.2 0.3 -0.1 5.5 30.9 12.2 2.0 -40.2 16

17 - Due from foreign affiliates 2.7 3.9 -0.4 -0.7 9.6 -1.6 8.8 1.4 4.6 17

18 Less: Deposits at foreign banks -0.4 5.2 0.2 -5.0 -1.3 1.0 1.3 9.7 -2.9 18

19 U.S.-chartered commercial banks -2.5 5.2 1.0 -1.0 -1.3 0.4 1.3 10.2 -3.0 19

20 Foreign banking offices in U.S. 2.1 -0.0 -0.9 -4.0 -0.0 0.6 -0.0 -0.6 0.0 20

21 To U.S. banking, net -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 21

22 U.S.-chartered commercial banks -7.3 -23.5 -6.7 -2.5 -14.3 30.5 16.5 20.8 -66.2 22

23 Liabilities -8.1 -6.6 -14.7 6.4 16.3 11.2 1.5 19.0 -3.0 23

24 To foreign offices in U.S. -4.9 -3.0 5.4 2.0 16.4 -9.1 -15.8 10.9 1.3 24

25 To bank holding companies -0.1 -0.3 -0.2 0.6 -0.3 -0.1 0.1 1.0 -0.1 25

26 Unallocated -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 26

 Less, due from:

27 Foreign offices in U.S. -1.3 6.0 -7.4 -1.3 22.6 7.1 3.4 0.9 7.5 27

28 Bank holding companies 0.5 10.9 -0.6 10.2 8.0 -26.4 -18.4 -2.6 55.7 28

29 Foreign banking offices in U.S. 3.6 9.0 -12.7 -3.3 6.2 16.2 19.2 -10.0 6.3 29

30 Due to U.S. banks -1.3 6.0 -7.4 -1.3 22.6 7.1 3.4 0.9 7.5 30

31 - Due from U.S. banks -4.9 -3.0 5.4 2.0 16.4 -9.1 -15.8 10.9 1.3 31

32 Bank holding companies 0.6 11.2 -0.4 9.6 8.2 -26.3 -18.6 -3.6 55.8 32

33 Due to U.S. banks 0.5 10.9 -0.6 10.2 8.0 -26.4 -18.4 -2.6 55.7 33

34 - Due from U.S. banks -0.1 -0.3 -0.2 0.6 -0.3 -0.1 0.1 1.0 -0.1 34

35 Net change in assets 13.1 -48.3 0.2 -35.6 14.9 -5.3 -45.2 10.2 0.4 35

36 Rest of the world 11.1 -52.0 -4.3 -27.1 -5.7 20.8 -45.6 4.2 0.5 36

37 Domestic 2.0 3.7 4.5 -8.6 20.6 -26.1 0.4 6.0 -0.1 37

38 Monetary authority 0.7 4.1 -1.6 -1.1 -1.7 1.0 -1.0 0.4 -0.7 38

39 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 1.1 -0.9 0.4 -0.7 39

40 Loans to member banks -0.1 -0.1 2.0 -2.0 0.2 -0.1 -0.1 0.0 0.0 40

41 Commercial banking 1.4 -0.0 6.6 -7.6 19.4 -24.1 0.7 4.9 0.3 41

42 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -5.1 -1.9 -2.2 4.4 0.2 42

43 Vault cash 2.4 4.6 -0.2 -2.9 24.5 -22.2 2.9 0.5 0.1 43

44 Savings insts.: Reserves at Fed. Res. -0.1 -0.5 -0.5 0.1 2.8 -3.1 0.6 0.7 0.3 44

45 Discrepancy--floats, etc. -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 45
FFA, 1995-2003, Z.1, December 9, 2004 31

F.204 Checkable Deposits and Currency

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities -12.8 15.7 41.2 47.3 151.2 -71.4 204.3 43.5 133.8 1

 2 Monetary authority 16.9 23.3 29.9 38.3 108.7 -35.3 48.0 41.5 37.9 2

 3 Federal government cash and deposits -1.2 1.7 -2.3 0.5 22.3 -22.9 1.5 -2.3 1.3 3

 4 Deposits due to foreign 0.1 -0.2 0.3 -0.3 -0.1 0.1 -0.2 0.0 0.1 4

 5 Currency outside banks 18.0 21.8 31.9 38.0 86.4 -12.5 46.7 43.7 36.6 5

 6 Commercial banking -45.9 -34.6 -19.8 -33.5 3.4 -85.5 102.2 -57.3 30.9 6

 7 Federal government deposits -4.7 9.7 -0.9 -14.6 36.4 -33.2 45.3 -16.4 -0.9 7

 8 Deposits due to foreign 0.9 2.8 4.8 -3.1 -0.0 2.0 -4.8 -0.6 8.0 8

 9 Private domestic deposits -42.1 -47.1 -23.7 -15.8 -33.0 -54.3 61.7 -40.3 23.8 9

10 Savings institutions 14.1 25.4 27.1 36.1 36.8 43.4 50.7 54.4 57.4 10

11 Credit unions 2.1 1.6 4.1 6.4 2.3 5.9 3.5 5.0 7.6 11

12 Net change in assets -12.8 15.7 41.2 47.3 151.2 -71.4 204.3 43.5 133.8 12

13 Household sector -40.8 -73.3 -33.8 -14.5 -57.6 -135.2 101.8 22.6 -52.2 13

14 Nonfinancial business 18.2 58.5 30.0 57.5 95.3 107.1 -48.4 -5.6 107.6 14

15 Corporate 4.5 39.3 7.6 23.0 56.0 50.5 -49.5 -18.9 96.7 15

16 Nonfarm noncorporate 13.2 19.3 22.2 32.7 38.7 56.4 0.5 12.8 10.9 16

17 Farm 0.5 -0.0 0.2 1.7 0.6 0.2 0.6 0.5 0.1 17

18 State and local governments 3.4 -5.5 4.4 -3.9 3.9 1.0 5.1 8.5 8.5 18

19 Federal government -0.0 11.0 -0.5 -16.7 66.2 -65.1 41.1 -18.7 8.2 19

20 Rest of the world 13.4 19.9 29.9 13.3 22.3 7.5 18.8 20.9 24.7 20

21 Checkable deposits 1.1 2.6 5.1 -3.4 -0.1 2.2 -5.0 -0.6 8.1 21

22 Currency 12.3 17.4 24.8 16.6 22.4 5.3 23.8 21.5 16.6 22

23 Financial sectors 2.9 8.6 17.9 12.2 29.3 4.7 80.8 16.4 44.9 23

24 Commercial banking 0.2 -0.2 -0.1 0.6 0.3 -0.5 1.1 -0.3 -0.0 24

25 Savings institutions 1.6 -1.3 1.0 3.2 -1.0 1.6 2.0 3.7 0.2 25

26 Credit unions 0.9 0.1 0.6 1.0 17.3 0.3 10.1 1.6 3.2 26

27 Bank personal trusts and estates 0.1 0.3 0.0 -0.5 -0.1 -0.1 0.5 -0.7 0.4 27

28 Life insurance companies -0.5 -0.9 3.8 -2.7 0.0 -0.5 31.9 -1.6 12.0 28

29 Other insurance companies -0.2 -0.9 0.3 -0.2 0.2 -0.6 9.4 12.8 8.6 29

30 Private pension funds 0.7 0.6 1.3 -1.0 1.2 2.6 0.4 0.3 0.1 30

31 State and local govt. retirement funds -2.5 3.3 -2.2 4.7 -0.7 -0.1 0.4 -1.9 -0.7 31

32 Money market mutual funds -1.0 2.4 2.6 -2.6 -1.2 4.5 2.3 -5.8 -0.6 32

33 Government-sponsored enterprises 0.2 -0.7 1.3 2.9 7.2 -7.7 2.3 8.1 12.0 33

34 Finance companies 1.7 1.9 2.1 2.3 2.5 2.6 2.9 3.1 3.3 34

35 REITs 0.0 2.2 1.1 0.8 0.3 1.0 0.7 0.1 3.4 35

36 Brokers and dealers 1.7 1.9 6.0 3.7 3.3 1.6 16.8 -2.9 2.9 36

37 Mail float -9.8 -3.6 -6.6 -0.5 -8.2 8.7 5.2 -0.7 -7.9 37
32 FFA, 1995-2003, Z.1, December 9, 2004

F.205 Time and Savings Deposits

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities 162.2 211.3 219.6 244.2 176.2 305.0 335.8 321.0 291.4 1

 2 Small time and savings deposits 96.6 97.2 97.1 152.4 45.1 188.8 267.2 270.9 229.4 2

 3 Commercial banking 113.9 123.1 148.3 183.7 72.0 211.6 249.4 269.4 230.4 3

 4 U.S.-chartered commercial banks 113.4 122.8 143.9 186.4 73.0 210.6 240.4 273.6 228.2 4

 5 Foreign banking offices in U.S. -0.7 0.1 4.4 -3.7 -1.8 -0.4 4.5 -2.3 0.9 5

 6 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 0.8 1.4 4.6 -1.9 1.3 6

 7 Savings institutions -29.0 -38.1 -64.4 -54.3 -39.2 -35.8 -30.7 -31.6 -30.5 7

 8 Credit unions 11.6 12.3 13.2 23.1 12.3 13.0 48.6 33.1 29.6 8

 9 Large time deposits (1) 65.6 114.0 122.5 91.8 131.1 116.2 68.6 50.1 62.0 9

10 Commercial banking 54.8 105.3 107.9 72.1 119.6 92.8 32.7 -2.8 18.8 10

11 U.S.-chartered commercial banks 42.6 49.5 63.2 34.8 61.6 87.9 -25.2 24.3 2.9 11

12 Foreign banking offices in U.S. 11.0 55.6 44.7 36.3 57.2 3.4 53.3 -25.1 14.6 12

13 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 0.8 1.4 4.6 -1.9 1.3 13

14 Savings institutions 9.2 6.3 11.7 15.7 8.5 19.9 26.9 44.2 32.4 14

15 Credit unions 1.7 2.4 2.9 4.1 3.1 3.5 9.0 8.7 10.8 15

16 Net change in assets 162.2 211.3 219.6 244.2 176.2 305.0 335.8 321.0 291.4 16

17 Household sector 127.1 153.3 131.9 120.9 118.6 288.9 204.9 279.8 331.4 17

18 Nonfinancial business 7.6 3.5 30.4 6.0 43.3 20.5 0.9 -1.4 46.2 18

19 Corporate 3.3 -0.0 19.7 -6.8 24.3 0.5 -6.2 -3.6 44.5 19

20 Nonfarm noncorporate 4.3 3.5 10.7 12.7 19.1 20.1 7.1 2.2 1.7 20

21 State and local governments 6.6 10.6 5.8 14.0 13.3 13.1 11.2 7.7 9.6 21

22 Federal government 0.3 1.4 1.0 1.3 0.7 1.0 4.2 17.1 -25.2 22

23 Rest of the world -6.6 10.9 13.1 55.4 -3.1 -17.2 11.9 31.7 -27.4 23

24 Financial sectors 27.2 31.5 37.5 46.7 3.3 -1.3 102.8 -13.8 -43.2 24

25 Savings institutions -0.2 0.3 -0.4 0.5 -0.1 0.1 0.8 0.4 0.0 25

26 Credit unions 0.4 -0.7 0.6 6.4 -6.8 -1.1 7.4 1.6 1.8 26

27 Bank personal trusts and estates -0.5 -1.6 1.0 -2.1 0.9 0.2 2.7 -0.6 8.7 27

28 Private pension funds 4.5 5.3 7.5 28.3 -29.0 17.6 7.1 4.6 2.4 28

29 State and local govt. retirement funds 2.0 -2.2 0.1 -0.4 -0.3 -0.6 -0.4 0.1 0.1 29

30 Money market mutual funds 20.9 30.4 28.6 15.7 33.3 -18.0 77.1 -14.8 -47.7 30

31 Government-sponsored enterprises 0.0 0.0 0.0 -1.7 5.2 0.5 8.1 -5.1 -8.5 31

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars

 1 Net issues 141.2 145.4 155.9 287.2 249.1 233.3 428.6 -16.8 -207.8 1

 2 Net purchases 141.2 145.4 155.9 287.2 249.1 233.3 428.6 -16.8 -207.8 2

 3 Household sector 97.7 50.5 79.9 130.6 112.1 145.8 158.4 -44.4 -99.7 3

 4 Nonfinancial corporate business 22.9 7.7 20.2 38.6 28.4 36.5 110.5 26.9 -37.7 4

 5 Nonfarm noncorporate business 1.9 2.2 3.7 9.7 8.1 8.7 9.6 2.3 -8.2 5

 6 State and local governments 4.8 1.4 3.6 6.9 5.1 6.5 19.7 2.3 -9.4 6

 7 Bank personal trusts and estates 3.7 7.8 -4.0 8.8 7.5 6.9 -7.9 1.3 -9.2 7

 8 Life insurance companies 6.6 39.1 32.6 17.6 21.4 10.5 31.0 -13.5 -8.3 8

 9 Private pension funds 6.0 10.8 13.1 1.9 11.7 1.7 3.8 2.3 1.5 9

10 Funding corporations -2.4 25.9 6.8 73.1 54.8 16.8 103.4 6.0 -36.8 10
FFA, 1995-2003, Z.1, December 9, 2004 33

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities 110.5 41.4 120.9 91.3 169.0 114.5 23.7 106.6 227.2 1

 2 Commercial banking (net) 30.4 41.0 89.0 87.0 110.8 66.1 -42.3 115.5 67.6 2

 3 U.S.-chartered commercial banks 28.2 28.7 63.4 66.8 128.5 15.4 -31.2 73.6 68.5 3

 4 Foreign banking offices in U.S. 1.8 12.0 25.6 19.7 -17.9 52.3 -11.0 39.5 -1.9 4

 5 Bank holding companies 0.4 0.4 0.0 0.5 0.1 -1.6 -0.1 2.4 0.9 5

 6 Savings institutions -0.0 -0.9 -1.9 9.5 21.4 -6.0 5.8 -15.0 20.1 6

 7 REITs 1.2 2.8 11.2 -9.8 -0.3 -2.5 9.3 15.1 5.9 7

 8 Brokers and dealers (net) 79.0 -1.5 22.7 4.6 37.1 56.9 51.0 -9.0 133.7 8

 9 Net change in assets 84.9 39.1 57.8 29.3 130.4 3.7 84.9 84.1 248.9 9

10 Nonfinancial corporate business 0.3 1.5 0.7 -0.4 1.6 -1.6 -0.2 2.2 -0.3 10

11 State and local governments -3.0 32.1 3.6 2.8 -2.6 8.2 -22.2 -4.9 8.0 11

12 Rest of the world 21.0 3.2 20.0 -18.8 8.0 11.4 59.4 39.4 272.7 12

13 Financial sectors 66.5 2.3 33.6 45.6 123.4 -14.3 47.9 47.4 -31.5 13

14 Monetary authority 3.3 7.7 2.3 6.5 110.3 -97.3 6.9 -10.8 4.3 14

15 Savings institutions 4.8 -1.2 -0.8 5.5 -4.2 4.3 12.5 -0.3 -6.1 15

16 Credit unions 0.2 -4.9 2.0 3.4 2.4 -5.3 -1.5 -0.8 -0.1 16

17 Other insurance companies 8.1 -2.1 -0.2 7.4 -14.4 10.0 -8.1 14.2 8.5 17

18 Private pension funds -0.0 4.6 0.9 1.2 3.7 -2.4 1.5 1.0 0.5 18

19 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 2.8 4.3 0.6 0.2 -9.3 19

20 Money market mutual funds 19.0 16.0 22.8 12.9 0.1 43.4 44.0 46.2 -21.8 20

21 Mutual funds 7.1 -2.7 10.3 13.1 9.9 25.7 -31.8 6.8 12.5 21

22 Government-sponsored enterprises 20.5 -11.8 -4.1 -13.4 12.7 3.0 23.8 -9.1 -20.0 22

23 Discrepancy--unallocated assets 25.7 2.4 63.2 62.1 38.6 110.8 -61.2 22.5 -21.7 23

F.208 Open Market Paper

Billions of dollars

 1 Total net issues, all types 74.3 102.6 184.1 193.1 229.9 211.6 -147.8 -91.5 -81.6 1

 2 Commercial paper 75.1 101.6 186.8 202.5 232.8 212.2 -144.6 -91.4 -81.3 2

 3 Nonfinancial corporate business 18.1 -0.9 13.7 24.4 37.4 48.1 -88.3 -64.2 -40.0 3

 4 Foreign issues in U.S. 13.5 11.3 3.7 7.8 16.3 31.7 -14.2 36.1 22.3 4

 5 Nonfinancial 5.4 -1.9 -2.3 -1.6 8.2 10.9 -23.3 4.8 -3.7 5

 6 Financial 8.1 13.2 6.0 9.4 8.1 20.8 9.1 31.3 25.9 6

 7 Financial sectors 43.4 91.3 169.4 170.3 179.2 132.4 -42.1 -63.3 -63.6 7

 8 Commercial banking -1.4 1.9 6.0 7.8 9.1 1.2 -5.1 -2.3 -6.0 8

 9 ABS issuers 37.3 45.4 89.4 125.7 139.0 125.0 120.0 -13.0 -35.6 9

10 Finance companies -2.9 9.4 24.6 30.7 -2.9 8.4 -80.3 -17.1 -5.2 10

11 REITs -0.0 0.0 0.0 0.2 -0.2 0.0 0.0 0.0 0.0 11

12 Funding corporations 10.5 34.5 49.4 6.0 34.2 -2.3 -76.8 -30.9 -16.8 12

13 Bankers acceptances (1) -0.8 1.0 -2.7 -9.4 -2.9 -0.7 -3.2 -0.2 -0.2 13

14 Net purchases, by sector 74.3 102.6 184.1 193.1 229.9 211.6 -147.8 -91.5 -81.6 14

15 Household sector 1.3 6.7 1.5 7.5 4.1 14.8 3.1 13.3 -4.1 15

16 Nonfinancial corporate business 1.3 11.4 4.6 3.3 8.2 10.2 2.4 4.5 17.4 16

17 State and local governments 17.1 20.3 14.3 12.0 17.3 17.8 -13.5 5.7 10.5 17

18 Rest of the world 18.6 14.4 19.9 9.4 -1.4 4.3 -2.6 10.3 9.9 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.1 0.8 -0.8 -0.2 0.3 0.2 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -1.6 -0.3 -0.1 0.2 1.5 -0.6 1.2 1.2 -2.0 22

23 Bank personal trusts and estates 0.7 -2.6 -0.2 -4.5 0.6 -2.4 -3.1 -0.2 -0.4 23

24 Life insurance companies -7.3 2.9 17.5 7.5 2.0 -4.5 -11.9 14.7 -18.2 24

25 Private pension funds 0.5 5.6 1.2 3.0 7.0 -5.1 1.0 2.6 -2.2 25

26 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 2.8 4.3 0.6 0.2 -4.3 26

27 Money market mutual funds 48.4 38.4 62.1 78.2 104.7 89.6 30.3 -44.9 -135.1 27

28 Mutual funds 7.1 -3.1 10.6 13.1 9.9 25.7 -31.8 -11.8 12.8 28

29 Government-sponsored enterprises -0.8 9.6 -1.1 28.6 -32.4 10.7 2.7 -23.5 -2.4 29

30 Brokers and dealers 10.9 1.6 0.6 3.8 -2.0 13.2 9.0 -4.7 5.9 30

31 Funding corporations -25.4 -0.2 53.8 22.2 107.2 33.3 -135.0 -59.1 30.5 31

(1) Excludes banks’ holdings of own acceptances.
34 FFA, 1995-2003, Z.1, December 9, 2004

F.209 Treasury Securities

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net issues 142.9 146.6 23.2 -54.6 -71.0 -294.9 -5.1 257.1 398.4 1

 2 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 2

 3 Other Treasury issues 137.9 144.5 23.7 -54.7 -70.8 -293.2 -10.7 252.5 389.5 3

 4 Net purchases 142.9 146.6 23.2 -54.6 -71.0 -294.9 -5.1 257.1 398.4 4

 5 Household sector -15.2 -3.2 -138.2 -36.5 -9.2 -198.4 -101.6 -91.4 12.9 5

 6 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 6

 7 Other Treasury issues -20.3 -5.2 -137.7 -36.7 -9.0 -196.7 -107.2 -95.9 4.0 7

 8 Nonfinancial corporate business 6.3 -10.0 -20.2 -3.2 -4.2 -1.3 -1.6 14.9 10.1 8

 9 Nonfarm noncorporate business 5.3 4.9 3.7 5.7 -0.8 3.0 2.7 2.3 2.4 9

10 State and local governments -80.2 -32.8 -17.7 40.4 23.5 -6.0 42.1 12.2 7.3 10

11 Rest of the world 160.5 262.7 123.7 14.3 -12.5 -70.5 10.5 138.9 285.1 11

12 Monetary authority 13.7 12.7 39.8 21.4 25.8 33.7 40.0 77.7 37.3 12

13 Commercial banking -11.7 -16.9 8.3 -56.0 14.8 -44.4 -21.9 43.2 3.0 13

14 U.S.-chartered commercial banks -40.4 -34.7 -6.1 -42.0 -2.0 -35.0 -31.4 29.9 7.1 14

15 Foreign banking offices in U.S. 29.6 18.4 14.4 -10.3 9.7 -0.5 9.8 12.9 -6.5 15

16 Bank holding companies -1.2 0.6 -0.1 -3.1 7.9 -7.9 0.4 0.1 1.4 16

17 Banks in U.S.-affiliated areas 0.2 -1.3 0.1 -0.7 -0.7 -1.0 -0.6 0.3 1.0 17

18 Savings institutions -8.7 -1.0 -2.8 -4.4 -0.0 -1.4 2.7 -2.2 3.0 18

19 Credit unions -3.8 -0.9 -1.8 -2.5 -3.5 -1.4 -0.8 0.4 1.1 19

20 Bank personal trusts and estates -2.5 -1.8 -5.4 -3.1 -0.0 -1.0 -4.8 -0.4 -0.3 20

21 Life insurance companies 1.0 -14.9 1.6 -14.1 -9.3 -4.6 -4.4 24.8 -6.6 21

22 Other insurance companies 0.5 -12.6 2.1 -20.8 -9.7 -8.6 -0.0 9.2 3.5 22

23 Private pension funds -0.5 -4.8 2.5 -33.2 2.3 -7.2 0.2 4.6 1.4 23

24 State and local govt. retirement funds -7.4 4.6 6.2 -6.4 -13.8 -20.9 -25.5 -8.3 3.2 24

25 Federal government retirement funds 3.2 2.2 1.7 2.3 2.9 2.0 7.2 9.4 4.7 25

26 Money market mutual funds 3.8 20.3 -4.0 17.5 0.1 -13.3 45.3 4.5 -10.0 26

27 Mutual funds 13.4 -18.0 10.6 4.6 -23.7 6.3 -8.5 19.7 9.4 27

28 Closed-end funds -1.7 0.1 -1.4 -1.0 -1.2 -0.9 0.1 -2.8 1.4 28

29 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 0.1 29

30 Government-sponsored enterprises 6.1 -12.9 7.1 -0.7 5.8 0.6 0.4 12.1 -12.3 30

31 Brokers and dealers 61.0 -31.1 7.5 21.2 -58.4 39.4 13.1 -13.7 41.7 31

 Memo:

32 Federal government borrowing (1) 144.4 144.9 23.1 -52.6 -71.2 -295.9 -5.6 257.6 396.0 32

(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).
FFA, 1995-2003, Z.1, December 9, 2004 35

F.210 Agency- and GSE-backed Securities (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net issues 205.8 229.8 213.6 473.6 593.1 433.9 642.1 547.2 571.9 1

 2 Budget agencies 1.5 -1.6 -0.1 2.0 -0.2 -1.0 -0.5 0.5 -2.4 2

 3 Government-sponsored enterprises 106.0 90.4 99.1 278.9 318.8 235.2 304.1 219.8 243.7 3

 4 Agency- and GSE-backed mortgage pools 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 4

 5 Net purchases 205.8 229.8 213.6 473.6 593.1 433.9 642.1 547.2 571.9 5

 6 Household sector 26.4 99.9 59.5 72.7 82.3 86.4 -90.4 -111.2 260.1 6

 7 Nonfinancial corporate business 3.5 5.1 -20.5 2.6 1.8 3.0 1.7 -0.3 8.2 7

 8 State and local governments -35.1 -35.3 -0.8 37.3 43.7 1.7 55.4 3.0 22.9 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 17.6 26.8 30.3 11.1 63.4 141.9 103.7 112.5 11.5 10

11 Monetary authority -1.0 -0.4 -1.5 -0.3 -0.2 -0.1 -0.1 0.0 -0.0 11

12 Commercial banking 38.7 28.2 75.5 92.0 36.4 22.3 55.6 140.5 83.6 12

13 U.S.-chartered commercial banks 23.4 15.3 60.4 81.7 29.4 18.2 73.7 121.1 85.1 13

14 Foreign banking offices in U.S. 14.3 12.4 12.5 5.2 4.9 0.4 -22.0 10.9 -7.1 14

15 Bank holding companies -0.2 0.3 0.6 1.1 -1.3 -0.5 1.4 4.5 0.9 15

16 Banks in U.S.-affiliated areas 1.3 0.2 2.0 3.9 3.3 4.3 2.5 3.9 4.7 16

17 Savings institutions 4.7 -8.5 -0.8 -11.6 3.4 -6.7 21.0 14.7 22.6 17

18 Credit unions 4.9 4.9 0.4 7.3 2.9 -0.4 19.6 16.8 18.2 18

19 Bank personal trusts and estates 1.3 2.3 -4.7 -1.4 5.7 0.3 -10.3 -0.9 -2.6 19

20 Life insurance companies 8.7 1.3 -3.0 -9.6 7.0 11.0 18.1 77.4 18.0 20

21 Other insurance companies 2.3 2.8 1.7 -1.2 5.9 8.6 10.1 19.0 2.2 21

22 Private pension funds 2.7 -10.5 7.7 -16.6 38.2 -25.7 7.4 5.7 6.8 22

23 State and local govt. retirement funds 23.2 5.5 18.4 19.1 22.9 37.6 -14.5 -0.3 6.7 23

24 Federal government retirement funds 0.2 0.1 0.1 0.3 -0.0 0.1 1.7 2.4 1.1 24

25 Money market mutual funds 13.7 11.0 -5.5 77.5 17.1 -5.8 133.2 5.7 2.2 25

26 Mutual funds 5.5 33.1 8.9 21.6 36.2 4.1 85.3 61.5 25.3 26

27 Government-sponsored enterprises 60.0 65.8 67.6 158.4 172.9 149.2 206.9 131.7 88.8 27

28 ABS issuers 19.6 -6.7 -23.9 21.8 36.8 8.3 16.5 45.4 7.9 28

29 REITs -0.2 3.2 9.0 -8.1 1.5 0.4 7.0 9.7 -3.5 29

30 Brokers and dealers 9.0 1.2 -4.8 0.5 15.0 -2.3 14.1 14.1 -8.1 30

(1) Agency- and GSE-backed 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 agency- and GSE-backed mortgage pool 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 32.
36 FFA, 1995-2003, Z.1, December 9, 2004

F.211 Municipal Securities and Loans

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities -57.6 -6.5 56.9 84.2 54.4 23.6 122.9 159.4 135.1 1

 2 State and local governments -61.4 -16.2 42.8 66.5 38.9 16.5 105.5 143.4 117.5 2

 3 Short-term (1) 1.2 6.3 8.3 -6.3 2.6 1.4 23.8 25.2 7.2 3

 4 Long-term -62.6 -22.5 34.4 72.7 36.3 15.1 81.7 118.2 110.3 4

 5 Nonprofit organizations (2) 0.7 6.6 10.0 12.0 10.4 5.8 13.8 12.9 14.1 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.1 3.1 4.2 5.8 5.1 1.4 3.5 3.1 3.4 6

 7 Net change in assets -57.6 -6.5 56.9 84.2 54.4 23.6 122.9 159.4 135.1 7

 8 Household sector -53.6 -35.2 35.8 3.0 19.6 6.0 51.2 96.0 30.4 8

 9 Nonfinancial corporate business -19.9 -5.8 -3.6 -1.6 -0.7 6.9 -2.6 2.8 7.9 9

10 Nonfarm noncorporate business 0.6 0.4 0.5 -0.4 -0.1 -0.3 1.1 0.2 0.2 10

11 State and local governments -3.5 -0.5 -0.7 -0.7 0.3 0.3 0.2 0.1 0.3 11

12 Commercial banking -4.2 0.9 2.4 8.2 5.9 3.4 6.1 1.5 10.8 12

13 Savings institutions -0.0 0.1 0.0 0.4 0.5 0.2 1.3 1.0 0.8 13

14 Bank personal trusts and estates -5.9 -4.3 -13.3 -1.1 10.8 -1.2 -3.5 5.3 -2.6 14

15 Life insurance companies -0.9 1.5 0.1 1.7 1.7 -1.0 -0.4 1.2 6.2 15

16 Other insurance companies 7.0 14.4 2.6 16.5 -9.1 -14.9 -10.3 9.2 41.2 16

17 State and local govt. retirement funds 0.7 -1.3 0.9 1.7 -0.2 -1.5 -0.2 -0.9 0.3 17

18 Money market mutual funds 14.3 16.8 22.5 26.0 17.5 34.3 36.2 1.8 14.6 18

19 Mutual funds 3.2 3.1 6.5 22.8 -3.2 -8.9 23.0 23.8 12.9 19

20 Closed-end funds 4.8 1.0 0.3 1.3 9.0 -2.0 7.0 11.3 3.2 20

21 Government-sponsored enterprises 2.7 4.3 0.5 6.5 3.6 2.8 6.2 4.0 5.0 21

22 Brokers and dealers -2.7 -1.9 2.4 -0.1 -1.2 -0.7 7.7 2.0 3.8 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars

 1 Net issues 336.5 343.5 358.3 545.7 412.4 365.5 589.1 432.1 573.9 1

 2 Nonfinancial corporate business 91.1 116.3 150.5 235.2 221.7 162.6 348.5 132.3 158.3 2

 3 Rest of the world (1) 56.9 66.6 59.6 22.8 1.9 15.2 -24.5 -33.5 -28.1 3

 4 Financial sectors 188.5 160.6 148.2 287.7 188.7 187.7 265.1 333.3 443.7 4

 5 Commercial banking 18.5 7.8 23.7 27.6 20.4 32.6 37.0 22.0 46.9 5

 6 Savings institutions -0.0 -0.4 0.1 -0.2 0.2 3.5 -2.6 -0.2 1.7 6

 7 ABS issuers 97.7 87.9 66.2 173.3 53.6 57.3 136.1 204.5 235.7 7

 8 Finance companies 52.6 36.8 4.7 24.2 64.7 72.9 66.6 62.0 114.3 8

 9 REITs 0.2 1.3 14.8 21.7 9.8 3.9 4.4 16.2 23.3 9

10 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 15.6 1.4 -1.7 6.4 10

11 Funding corporations 24.4 29.2 30.6 34.0 57.4 1.9 22.2 30.5 15.4 11

12 Net purchases 336.5 343.5 358.3 545.7 412.4 365.5 589.1 432.1 573.9 12

13 Household sector 87.0 74.3 30.0 88.7 -54.1 55.9 -7.4 36.6 -169.9 13

14 State and local governments 7.1 10.7 1.3 10.9 11.5 -3.3 25.6 8.2 7.2 14

15 Rest of the world (2) 50.1 71.8 68.4 106.2 144.4 168.4 195.4 151.0 232.6 15

16 Commercial banking 8.0 1.1 26.0 35.7 33.9 56.0 97.0 -3.2 44.6 16

17 Savings institutions -8.2 -9.9 -9.9 29.9 23.3 -2.5 -25.6 -4.0 -8.8 17

18 Bank personal trusts and estates -1.7 -1.7 -0.8 -2.6 11.3 5.0 -6.6 -2.7 3.9 18

19 Life insurance companies 90.7 79.2 86.8 84.5 41.5 49.0 120.2 106.8 171.0 19

20 Other insurance companies 12.7 18.3 18.9 11.6 10.0 6.4 8.9 2.4 20.0 20

21 Private pension funds 13.1 2.6 33.7 21.0 50.0 -57.6 4.7 12.7 8.2 21

22 State and local govt. retirement funds 10.1 22.2 33.1 35.1 30.4 29.7 -0.6 -4.6 4.6 22

23 Federal government retirement funds 0.1 0.1 0.0 0.1 -0.0 0.0 0.8 1.2 0.6 23

24 Money market mutual funds 6.4 2.4 12.5 44.8 42.5 38.2 1.1 7.7 15.2 24

25 Mutual funds 23.3 33.8 44.4 65.2 29.2 -6.2 58.1 50.9 77.4 25

26 Closed-end funds 5.4 1.9 -0.0 4.7 1.8 -2.7 -3.8 0.0 31.6 26

27 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.6 27

28 Government-sponsored enterprises 9.9 8.1 6.0 24.6 28.8 19.1 24.6 33.5 36.6 28

29 REITs 0.8 1.4 2.1 -0.4 -0.2 -0.3 2.3 2.3 7.4 29

30 Brokers and dealers 12.0 14.5 9.2 -18.6 12.0 19.3 48.6 30.7 36.4 30

31 Funding corporations 9.8 12.8 -3.4 4.5 -3.8 -8.9 45.8 0.6 54.9 31

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
FFA, 1995-2003, Z.1, December 9, 2004 37

F.213 Corporate Equities (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net issues 1.5 14.7 -46.4 -113.3 1.5 5.3 99.0 47.0 105.6 1

 2 Nonfinancial corporate business -58.3 -47.3 -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -57.8 2

 3 Rest of the world (2) 65.4 82.8 57.6 101.4 114.3 106.7 109.1 17.6 100.4 3

 4 Financial sectors -5.6 -20.8 -26.6 0.9 -2.4 16.8 37.3 71.0 63.0 4

 5 Commercial banking -8.7 -14.3 -27.7 -11.2 -10.2 -12.5 -8.1 -10.7 -2.4 5

 6 Life insurance companies -3.6 -8.8 -4.0 -4.7 -6.0 -0.8 -0.9 -6.5 -3.9 6

 7 Other insurance companies -2.2 -4.8 -13.7 -4.7 -7.8 -4.5 0.5 6.2 4.1 7

 8 Closed-end funds 8.0 0.3 -11.2 -6.8 -4.8 -5.5 1.9 18.0 43.9 8

 9 Exchange-traded funds 0.4 1.1 3.4 6.0 12.2 42.4 31.0 45.3 15.8 9

10 REITs 8.7 12.3 32.5 19.8 6.6 2.0 6.1 8.4 13.3 10

11 Brokers and dealers -8.1 -6.5 -5.9 2.5 7.6 -4.2 6.7 10.2 -7.7 11

12 Net purchases 1.5 14.7 -46.4 -113.3 1.5 5.3 99.0 47.0 105.6 12

13 Household sector -102.8 -185.4 -257.7 -247.5 -81.9 -446.6 -134.8 -20.8 -60.7 13

14 State and local governments 12.1 14.5 16.8 9.4 3.5 -1.2 22.8 7.9 -4.8 14

15 Rest of the world (3) 16.5 11.1 67.0 42.0 112.3 193.6 121.5 54.2 36.9 15

16 Commercial banking 2.1 1.8 0.6 1.3 2.0 0.3 0.2 -0.6 2.3 16

17 Savings institutions 0.7 0.6 0.2 1.5 -0.7 0.4 3.2 2.0 -1.0 17

18 Bank personal trusts and estates 1.6 -1.7 17.5 -74.3 -28.8 -2.5 -32.5 -39.4 -18.7 18

19 Life insurance companies 28.2 44.5 72.0 82.5 116.9 111.3 70.2 52.7 45.5 19

20 Other insurance companies -0.6 -6.8 3.0 -5.0 -1.7 0.7 -0.3 -1.1 -2.7 20

21 Private pension funds -72.1 -75.7 -142.2 -30.5 -260.2 -82.7 -129.8 -121.4 -44.8 21

22 State and local govt. retirement funds 18.2 18.2 9.4 -28.2 -6.2 -18.4 22.3 20.0 -26.9 22

23 Federal government retirement funds 2.6 4.2 4.4 4.0 4.4 5.2 -0.6 7.9 17.2 23

24 Mutual funds 87.4 193.0 166.8 143.3 136.4 193.1 109.8 31.4 136.8 24

25 Closed-end funds -0.5 -2.6 -10.0 -11.8 -14.5 0.1 -1.3 9.4 7.6 25

26 Exchange-traded funds 0.4 1.1 3.4 6.0 12.2 42.4 31.0 41.6 15.1 26

27 Brokers and dealers 7.7 -1.9 2.4 -6.0 7.7 9.6 17.3 3.2 3.8 27

(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 (1)

Billions of dollars

 1 Net issues 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 1

 2 Net purchases 147.4 237.6 265.1 279.5 191.2 239.4 201.2 182.4 288.0 2

 3 Household sector 85.1 209.9 275.2 258.3 85.5 83.4 168.4 71.2 267.3 3

 4 Nonfinancial corporate business 4.6 8.7 -6.4 6.7 7.4 12.0 2.0 10.5 -4.6 4

 5 State and local governments -3.6 -0.6 -18.2 -18.8 -0.7 3.7 7.7 8.9 -6.2 5

 6 Commercial banking 0.3 0.3 0.8 -0.4 2.3 2.5 7.8 1.7 -6.2 6

 7 Credit unions 0.2 -0.3 -0.2 1.2 -1.1 -0.3 1.5 -0.2 0.5 7

 8 Bank personal trusts and estates 11.9 -8.0 -35.9 26.6 -14.7 48.5 -6.1 37.3 -15.0 8

 9 Life insurance companies 3.9 4.5 7.2 9.4 10.0 5.6 2.1 2.6 0.5 9

10 Private pension funds 45.0 23.0 42.7 -3.5 102.5 84.0 17.9 50.4 51.7 10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
38 FFA, 1995-2003, Z.1, December 9, 2004

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Total loans by commercial

 1 banking, flow of funds basis 240.1 174.5 236.5 255.3 206.3 371.8 71.3 225.2 193.2 1

 - Loans elsewhere classified:

 2 Open market paper -0.1 0.8 -0.8 -0.2 0.3 0.2 0.0 0.0 0.0 2

 3 Mortgages 77.5 55.2 99.9 91.7 158.4 164.6 129.8 268.5 197.5 3

 4 Consumer credit 43.6 25.1 -12.4 -1.5 -3.4 43.8 17.8 34.6 54.7 4

 5 Security credit 4.6 1.3 21.7 20.3 -18.0 50.4 0.0 2.8 35.5 5

 6 = Banking sector total bank loans n.e.c. 114.7 92.1 128.2 145.0 69.0 112.8 -76.2 -80.6 -94.5 6

 7 U.S.-chartered commercial banks 77.0 58.2 108.1 144.1 92.4 98.1 -62.0 -58.6 -70.9 7

 8 Foreign banking offices in U.S. 35.4 32.2 19.2 -1.7 -22.4 14.6 -19.1 -18.6 -29.0 8

 9 Bank holding companies 0.4 0.2 -0.0 1.7 -1.6 -0.9 0.3 0.9 5.0 9

10 Banks in U.S.-affiliated areas 1.8 1.4 0.9 0.9 0.5 1.1 4.5 -4.3 0.3 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 114.7 92.1 128.2 145.0 69.0 112.8 -76.2 -80.6 -94.5 12

13 Net change in liabilities 114.7 92.1 128.2 145.0 69.0 112.8 -76.2 -80.6 -94.5 13

14 Nonfinancial sectors 112.2 79.5 114.9 116.4 81.8 109.1 -89.3 -81.9 -89.9 14

15 Household sector 17.4 0.5 8.0 7.7 -8.4 2.7 -16.5 -3.2 -7.0 15

16 Corporate business 74.5 40.4 51.1 76.2 44.1 48.0 -103.3 -96.5 -65.8 16

17 Nonfarm noncorporate business 10.7 28.9 43.8 24.8 46.5 44.3 37.8 13.4 -9.0 17

18 Farm business 1.1 0.6 3.5 1.2 -0.9 2.7 -0.0 -0.9 -0.4 18

19 Rest of the world 8.5 9.1 8.5 6.6 0.5 11.4 -7.3 5.3 -7.7 19

20 Foreign official institutions 0.4 0.3 -0.8 0.7 0.2 0.6 0.8 0.8 -0.5 20

21 Foreign banks 2.1 3.4 -0.5 -0.7 -3.2 3.4 -7.4 -0.8 -1.5 21

22 Other foreign 5.9 5.4 9.8 6.6 3.5 7.4 -0.7 5.3 -5.7 22

23 Financial sectors 2.5 12.6 13.3 28.5 -12.8 3.8 13.0 1.3 -4.6 23

24 Savings institutions 5.2 1.4 3.5 10.3 -15.7 7.4 1.5 4.2 -13.2 24

25 Finance companies 0.5 4.5 4.5 2.2 8.9 0.5 14.9 -2.8 8.1 25

26 Mortgage companies -2.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 26

27 REITs -1.0 2.7 9.9 16.0 -6.1 -4.2 -3.3 -0.1 0.5 27
FFA, 1995-2003, Z.1, December 9, 2004 39

F.216 Other Loans and Advances

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total other loans and advances 55.6 51.1 76.9 152.7 127.5 120.8 30.6 24.7 39.1 1

 2 U.S. government loans 3.3 -1.8 -3.1 3.5 -7.1 -3.6 -5.9 -3.6 -1.4 2

 3 Liab.: Household sector 1.6 1.2 -1.3 -0.3 -0.4 -0.6 -1.6 -0.8 -0.7 3

 4 Nonfinancial corporate business 1.9 -1.3 -0.3 -0.1 -0.3 -0.4 -0.2 -0.3 0.7 4

 5 Nonfarm noncorporate business 1.2 -0.3 1.8 4.0 -0.9 -1.1 -3.2 -0.7 0.7 5

 6 Farm business -1.2 -1.1 -0.5 -0.3 -0.3 0.1 0.0 -0.3 -0.2 6

 7 State and local governments 0.5 0.4 -1.2 1.2 -0.4 -1.0 0.2 0.5 0.3 7

 8 Rest of the world -0.8 -0.7 -1.6 -1.0 -4.8 -0.6 -1.1 -1.9 -2.1 8

 9 Government-sponsored enterprises 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 0.0 3.9 17.3 -1.0 -22.7 -2.2 -1.6 10.1 -0.8 10

11 Liab.: Nonfinancial corporate business 0.0 3.9 17.3 -1.0 -22.7 -2.2 -1.6 10.1 -0.8 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.6 1.0 -2.8 -9.3 -3.1 -0.7 -2.9 -0.0 -0.2 12

13 Liab.: Nonfinancial corporate business -0.8 -0.7 -2.6 -4.3 -2.2 -0.0 -0.3 0.3 -0.2 13

14 Rest of the world 0.3 1.8 -0.2 -5.0 -0.9 -0.7 -2.6 -0.4 0.0 14

15 Savings institution loans to business 2.5 3.0 3.1 5.3 6.5 8.7 3.6 3.3 10.0 15

16 Liab.: Nonfinancial corporate business 1.2 1.5 1.6 2.7 3.2 4.3 1.8 1.7 5.0 16

17 Nonfarm noncorporate business 1.2 1.5 1.6 2.7 3.2 4.3 1.8 1.7 5.0 17

18 Policy loans (Household liability) 10.5 4.5 3.2 0.1 -5.1 2.8 2.2 1.1 -0.6 18

19 Asset: Federal government 0.1 0.0 0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 19

20 Life insurance companies 10.4 4.5 3.2 0.1 -5.0 2.9 2.2 1.0 -0.7 20

21 Govt.-sponsored enterprises loans 7.2 29.4 35.4 93.5 108.1 45.3 28.3 8.9 31.1 21

22 Liab.: Household sector (SLMA) -0.1 0.0 -0.2 -0.1 0.1 -0.3 -0.1 0.1 -0.1 22

23 Noncorporate business (FCS) 2.5 0.1 0.0 0.6 0.9 1.5 0.0 0.6 -0.3 23

24 Farm business (FCS) 1.4 1.3 0.0 2.7 0.0 1.5 2.9 1.4 0.3 24

25 Commercial banks (FHLB and SLMA) 6.2 2.3 19.1 46.9 40.6 26.8 24.2 30.2 8.5 25

26 Savings institutions (FHLB and SLMA) -2.6 24.5 16.2 42.1 63.5 16.3 -0.9 -27.4 17.6 26

27 Credit unions (FHLB) -0.1 0.1 0.1 0.6 2.2 0.0 1.5 2.0 2.2 27

28 Life insurance companies (FHLB) -0.1 1.1 0.2 0.7 0.7 -0.7 0.6 2.0 2.9 28

29 Securitized loans held by ABS issuers 5.9 8.1 24.4 23.8 -3.3 7.2 18.5 -3.3 -1.1 29

30 Liab.: Nonfinancial corporate business 5.9 8.1 24.4 23.8 -3.3 7.2 18.5 -3.3 -1.1 30

31 Finance company loans to business 26.7 3.1 -0.6 36.8 54.2 63.3 -11.5 8.3 2.2 31

32 Liab.: Nonfinancial corporate business 24.0 2.8 -0.5 33.1 48.8 57.0 -10.3 7.5 2.0 32

33 Nonfarm noncorporate business 2.7 0.3 -0.1 3.7 5.4 6.3 -1.1 0.8 0.2 33
40 FFA, 1995-2003, Z.1, December 9, 2004

F.217 Total Mortgages

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in mortgages 190.7 274.4 320.9 491.6 574.9 559.2 676.3 826.5 1002.9 1

 2 Home 171.5 228.5 241.8 360.6 425.3 410.9 511.7 677.7 796.7 2

 3 Multifamily residential 6.4 12.5 12.1 33.9 40.8 31.0 42.1 38.0 68.1 3

 4 Commercial 11.3 30.7 63.8 90.5 102.4 110.8 114.9 103.1 130.0 4

 5 Farm 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 5

 6 Net borrowing 190.7 274.4 320.9 491.6 574.9 559.2 676.3 826.5 1002.9 6

 7 Household sector 148.1 215.8 222.7 314.1 384.3 381.9 485.5 640.9 746.6 7

 8 Nonfinancial business 37.3 50.7 83.3 152.7 183.7 172.5 188.7 175.4 247.8 8

 9 Corporate 8.0 9.8 32.5 1.8 42.2 28.4 59.8 38.2 85.1 9

10 Nonfarm noncorporate 27.8 38.2 47.7 144.2 135.1 137.5 121.2 129.5 154.6 10

11 Farm 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 11

12 Federal government 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 5.3 7.9 14.9 24.8 6.9 4.9 2.2 10.1 8.5 13

14 Net change in assets 190.7 274.4 320.9 491.6 574.9 559.2 676.3 826.5 1002.9 14

15 Household sector -7.4 -7.7 -7.6 -2.8 8.2 10.9 8.0 10.6 11.4 15

16 Nonfinancial corporate business 1.6 -3.6 25.9 -13.0 -26.0 2.3 3.1 2.0 2.0 16

17 Nonfarm noncorporate business -2.1 -1.4 -1.6 7.9 -2.0 -1.4 3.3 1.2 -1.2 17

18 State and local governments 3.3 3.8 3.7 4.9 4.3 1.8 -2.0 -6.4 8.6 18

19 Federal government -13.5 -7.2 -4.5 -0.8 -0.1 -0.9 -1.1 0.5 -2.5 19

20 Commercial banking 77.5 55.2 99.9 91.7 158.4 164.6 129.8 268.5 197.5 20

21 Savings institutions (1) 0.6 31.6 3.5 12.1 24.1 54.9 35.3 23.1 89.5 21

22 Credit unions 4.4 9.5 10.1 10.8 14.1 13.8 16.4 18.2 23.2 22

23 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.6 0.1 0.2 -0.2 -0.4 23

24 Life insurance companies -2.6 -5.0 -1.3 6.8 15.7 5.2 7.1 7.0 10.9 24

25 Other insurance companies -1.0 -0.4 -0.2 -0.3 -0.0 -0.3 0.2 0.1 0.1 25

26 Private pension funds 0.6 0.6 0.7 -0.3 1.7 -0.7 0.1 0.0 -0.1 26

27 State and local govt. retirement funds 0.7 0.8 0.9 4.8 3.3 -3.4 -0.8 -0.2 -1.6 27

28 Government-sponsored enterprises (1) 6.3 -6.4 -4.7 7.6 -5.0 22.2 33.2 59.8 106.0 28

29 Agency- and GSE-backed mortgage pools 98.3 141.0 114.6 192.7 274.6 199.7 338.5 326.8 330.5 29

30 ABS issuers 21.1 42.3 71.3 141.6 81.9 68.1 116.7 89.4 184.5 30

31 Finance companies 5.6 13.1 11.0 24.7 24.6 26.4 -11.0 13.2 24.4 31

32 Mortgage companies -3.4 8.2 -9.1 0.0 0.0 0.0 0.0 0.0 0.0 32

33 REITs 0.8 -0.3 9.1 3.4 -2.4 -4.1 -0.7 12.8 19.9 33

(1) FHLB loans to savings institutions are included in other loans and advances.
FFA, 1995-2003, Z.1, December 9, 2004 41

F.218 Home Mortgages (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net borrowing 171.5 228.5 241.8 360.6 425.3 410.9 511.7 677.7 796.7 1

 2 Household sector 157.7 211.2 223.9 305.5 376.9 369.4 466.8 627.6 734.9 2

 3 Nonfinancial corporate business -0.1 1.0 0.2 1.4 2.1 2.0 2.1 0.7 1.8 3

 4 Nonfarm noncorporate business 13.9 16.4 17.8 53.7 46.2 39.5 42.8 49.5 60.1 4

 5 Net change in assets 171.5 228.5 241.8 360.6 425.3 410.9 511.7 677.7 796.7 5

 6 Household sector -9.0 -8.9 -8.9 -4.8 7.2 7.2 7.4 8.7 9.5 6

 7 Nonfinancial corporate business 1.1 -9.3 5.3 -2.7 -6.9 1.2 1.9 1.0 1.0 7

 8 Nonfarm noncorporate business -0.8 -0.5 -0.6 2.9 -0.9 -0.3 1.0 1.3 1.6 8

 9 State and local governments 3.2 2.3 3.0 -1.4 2.2 0.9 -1.0 -3.3 4.4 9

10 Federal government -4.9 -3.0 -2.0 -0.3 -0.4 -0.7 -0.6 -0.9 -0.9 10

11 Commercial banking 56.6 31.1 67.9 51.5 82.6 86.1 58.2 198.3 124.9 11

12 Savings institutions 4.7 31.4 7.0 12.8 14.7 46.0 26.4 10.8 72.0 12

13 Credit unions 4.4 9.5 10.1 10.8 14.1 13.8 16.4 18.2 23.2 13

14 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.6 0.1 0.2 -0.2 -0.4 14

15 Life insurance companies 0.4 -1.9 0.2 -0.6 -0.7 -1.0 0.0 -0.3 -0.3 15

16 Private pension funds 0.7 0.6 0.8 0.1 0.7 1.1 -3.1 -1.8 -1.1 16

17 State and local govt. retirement funds 0.5 0.6 0.6 1.5 1.0 -1.1 -0.3 -0.0 -0.5 17

18 Government-sponsored enterprises 5.9 -6.7 -4.2 5.3 -10.3 15.8 20.5 45.5 92.2 18

19 Agency- and GSE-backed mortgage pools 93.8 135.4 109.3 182.1 264.6 190.9 322.9 315.2 303.3 19

20 ABS issuers 14.3 26.3 45.7 80.2 40.3 33.0 71.9 58.1 132.8 20

21 Finance companies 3.3 12.2 12.6 22.5 18.2 22.4 -10.5 14.9 17.2 21

22 Mortgage companies -4.5 8.2 -10.2 0.0 0.0 0.0 0.0 0.0 0.0 22

23 REITs 1.9 1.1 6.0 0.8 -0.7 -4.3 0.2 12.4 17.8 23

 Memo:

24 Home equity loans included above (2) 17.5 31.4 41.1 29.3 40.4 90.3 26.0 65.4 101.4 24

25 Commercial banking 10.3 13.8 20.1 2.9 12.7 45.5 23.6 44.7 62.7 25

26 Savings institutions 1.1 1.7 3.2 0.5 3.7 13.1 5.1 0.6 17.1 26

27 Credit unions 2.0 2.6 3.5 0.7 3.7 7.3 4.2 3.1 3.8 27

28 ABS issuers 0.8 1.0 1.7 2.7 2.0 2.1 3.5 2.1 0.6 28

29 Finance companies 3.3 12.2 12.6 22.5 18.2 22.4 -10.5 14.9 17.2 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. Loans of finance companies (line 29) include some first liens.

 Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars

 1 Net borrowing 6.4 12.5 12.1 33.9 40.8 31.0 42.1 38.0 68.1 1

 2 Nonfinancial corporate business 1.0 1.0 1.1 1.1 1.3 1.4 1.5 1.5 1.7 2

 3 Nonfarm noncorporate business 3.6 8.9 6.0 24.6 37.2 28.0 39.9 33.1 63.6 3

 4 Federal government 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.8 2.6 4.9 8.2 2.3 1.6 0.7 3.3 2.8 5

 6 Net change in assets 6.4 12.5 12.1 33.9 40.8 31.0 42.1 38.0 68.1 6

 7 Household sector 0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.8 0.7 0.6 -0.3 -0.2 -0.1 0.1 0.0 0.0 8

 9 Nonfarm noncorporate business -0.7 -0.5 -0.5 2.6 -0.8 -0.3 1.5 -0.7 -3.0 9

10 State and local governments 0.6 1.8 0.6 4.0 1.7 0.7 -0.8 -2.6 3.5 10

11 Federal government -4.3 -2.9 -0.9 -0.3 -0.0 0.3 -0.2 0.5 0.2 11

12 Commercial banking 4.6 2.9 4.2 5.0 13.0 10.1 7.0 9.3 10.7 12

13 Savings institutions -2.4 -0.4 -2.0 -2.5 2.3 1.9 3.3 4.1 9.3 13

14 Life insurance companies 0.9 2.0 -0.3 1.1 1.1 0.9 2.0 1.2 1.7 14

15 Private pension funds -0.0 0.0 -0.0 -0.1 0.2 0.0 0.3 0.5 0.3 15

16 State and local govt. retirement funds 0.2 0.2 0.2 1.3 0.9 -1.0 -0.2 -0.0 -0.5 16

17 Government-sponsored enterprises 0.5 -0.8 -1.5 -0.0 4.3 4.5 8.2 8.5 10.9 17

18 Agency- and GSE-backed mortgage pools 4.5 5.6 5.3 10.5 9.2 8.5 15.6 12.9 26.6 18

19 ABS issuers 2.1 4.1 4.9 13.0 8.6 5.4 5.9 5.5 8.1 19

20 Finance companies 0.2 0.1 -0.3 -0.3 0.2 0.1 -0.2 -1.0 0.1 20

21 Mortgage companies 1.1 -0.1 1.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs -0.6 -0.4 0.9 0.1 0.2 -0.2 -0.4 -0.2 0.1 22
42 FFA, 1995-2003, Z.1, December 9, 2004

F.220 Commercial Mortgages

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net borrowing 11.3 30.7 63.8 90.5 102.4 110.8 114.9 103.1 130.0 1

 2 Household sector -9.6 4.7 -1.2 8.6 7.3 12.5 18.7 13.4 11.7 2

 3 Nonfinancial corporate business 7.1 7.8 31.2 -0.7 38.8 25.0 56.2 36.0 81.7 3

 4 Nonfarm noncorporate business 10.3 12.9 23.8 65.9 51.7 70.0 38.5 46.9 30.9 4

 5 REITs 3.6 5.3 10.0 16.6 4.6 3.3 1.5 6.8 5.7 5

 6 Net change in assets 11.3 30.7 63.8 90.5 102.4 110.8 114.9 103.1 130.0 6

 7 Household sector 0.6 0.7 0.7 0.9 0.8 1.7 -0.7 0.7 0.6 7

 8 Nonfinancial corporate business 1.2 5.1 20.0 -10.0 -19.0 1.1 1.1 1.0 1.0 8

 9 Nonfarm noncorporate business -0.5 -0.4 -0.4 2.0 -0.5 -0.3 0.7 0.3 -0.1 9

10 State and local governments -0.5 -0.2 0.2 2.4 0.3 0.1 -0.2 -0.5 0.7 10

11 Federal government -3.8 -0.9 -0.7 0.1 0.6 -0.4 -0.1 1.2 -1.6 11

12 Commercial banking 15.0 20.2 25.7 33.2 60.0 66.2 63.0 58.3 59.3 12

13 Savings institutions -1.8 0.6 -1.5 1.8 7.1 6.9 5.6 8.2 8.2 13

14 Life insurance companies -4.0 -5.6 -1.5 5.2 13.8 4.7 4.6 6.7 8.9 14

15 Other insurance companies -1.0 -0.4 -0.2 -0.3 -0.0 -0.3 0.2 0.1 0.1 15

16 Private pension funds -0.0 0.0 -0.1 -0.3 0.7 -1.9 2.8 1.4 0.8 16

17 State and local govt. retirement funds 0.0 -0.0 -0.0 2.0 1.3 -1.4 -0.3 -0.1 -0.6 17

18 Agency- and GSE-backed mortgage pools -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 4.6 11.8 20.7 48.5 33.0 29.7 38.8 25.8 43.6 19

20 Finance companies 2.0 0.7 -1.3 2.5 6.1 3.9 -0.3 -0.7 7.1 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs -0.5 -1.0 2.2 2.5 -1.8 0.4 -0.5 0.7 2.0 22

F.221 Farm Mortgages

Billions of dollars

 1 Net borrowing (Farm business) 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 1

 2 Net change in assets 1.5 2.7 3.2 6.7 6.5 6.6 7.7 7.6 8.1 2

 3 Household sector 0.8 0.6 0.6 1.1 0.2 2.0 1.2 1.2 1.2 3

 4 Nonfarm noncorporate business -0.1 -0.0 -0.1 0.4 0.3 -0.6 0.2 0.2 0.3 4

 5 State and local governments -0.0 -0.1 -0.0 -0.1 0.0 0.0 -0.0 -0.1 0.1 5

 6 Federal government -0.5 -0.5 -0.9 -0.3 -0.2 -0.1 -0.2 -0.3 -0.3 6

 7 Commercial banking 1.3 1.1 2.1 2.1 2.8 2.2 1.5 2.5 2.6 7

 8 Savings institutions -0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 8

 9 Life insurance companies 0.1 0.5 0.4 1.1 1.5 0.6 0.5 -0.6 0.5 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 10

11 Government-sponsored enterprises -0.1 1.1 1.0 2.3 1.0 2.0 4.5 5.8 2.9 11

12 Agency- and GSE-backed mortgage pools 0.1 -0.0 0.0 0.1 0.8 0.3 0.0 -1.3 0.6 12
FFA, 1995-2003, Z.1, December 9, 2004 43

F.222 Consumer Credit

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities (Households) 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 1

 2 Net change in assets 147.4 104.0 69.8 105.4 113.0 167.4 139.5 83.2 88.4 2

 3 Nonfinancial corporate business -1.6 -7.3 7.0 3.1 -1.8 4.0 -1.2 -2.4 -16.1 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 3.2 7.7 10.8 9.0 13.6 16.1 13.1 12.7 1.3 5

 6 Commercial banking 43.6 25.1 -12.4 -1.5 -3.4 43.8 17.8 34.6 54.7 6

 7 Savings institutions 1.6 4.6 2.5 5.2 9.4 3.0 6.3 -2.4 9.1 7

 8 Credit unions 12.3 12.2 8.2 3.0 12.5 16.5 5.1 6.2 10.1 8

 9 Government-sponsored enterprises 4.0 -0.6 -4.2 -1.2 5.4 -3.9 2.4 -2.5 -16.3 9

10 ABS issuers 66.6 59.5 45.3 72.0 59.0 68.9 78.4 37.4 -12.1 10

11 Finance companies 17.7 2.8 12.6 15.8 18.3 18.9 17.6 -0.3 57.6 11

F.223 Trade Credit

Billions of dollars

 1 Net change in trade payables 133.7 123.3 139.8 115.5 262.5 402.3 -83.4 70.9 166.2 1

 2 Household sector 7.9 8.0 8.9 8.7 4.1 3.8 -1.9 7.0 7.9 2

 3 Nonfinancial corporate business 81.0 49.5 65.1 57.6 178.5 313.3 -103.7 24.0 77.7 3

 4 Nonfarm noncorporate business 12.4 30.6 31.0 30.8 34.7 46.6 -4.9 21.0 46.7 4

 5 Farm business 1.0 1.3 1.4 0.8 0.4 0.9 -2.6 0.9 1.1 5

 6 State and local governments 29.2 30.9 31.4 30.5 29.1 27.4 25.2 28.7 30.4 6

 7 Federal government -4.6 0.7 -8.8 -8.0 -0.4 4.4 3.4 1.3 3.7 7

 8 Rest of the world 5.8 -1.7 5.2 -3.9 4.2 0.8 -2.2 -10.1 7.9 8

 9 Brokers and dealers 1.1 4.0 5.7 -1.0 11.9 5.1 3.3 -1.8 -9.2 9

10 Net change in trade receivables 123.4 154.6 165.8 148.0 278.3 399.0 -86.3 -27.4 208.1 10

11 Nonfinancial corporate business 78.0 88.1 87.7 79.2 207.7 283.0 -128.5 -80.4 101.7 11

12 Nonfarm noncorporate business 15.3 29.5 35.1 28.2 39.4 69.6 1.8 22.8 51.7 12

13 State and local governments 6.1 5.6 6.3 6.2 8.5 7.5 5.0 1.6 8.2 13

14 Federal government -1.6 0.9 -3.2 1.5 4.6 5.3 7.3 -3.3 19.1 14

15 Rest of the world 0.7 5.5 0.9 -6.5 -5.1 -0.4 -3.1 3.1 1.7 15

16 Other insurance companies 4.4 -0.1 2.7 1.6 2.0 1.0 5.3 4.9 4.5 16

17 ABS issuers 20.5 25.0 36.3 37.9 21.1 33.0 25.9 23.8 21.1 17

18 Discrepancy 10.4 -31.3 -26.0 -32.5 -15.7 3.3 2.9 98.2 -41.9 18

F.224 Security Credit

Billions of dollars

 1 Net change in liabilities 26.7 52.4 111.0 103.2 104.4 146.1 3.1 -87.0 132.5 1

 2 Household sector 3.5 15.8 36.8 21.6 75.2 7.2 -38.8 -48.2 34.3 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 23.1 36.6 74.2 81.6 29.2 138.9 41.9 -38.9 98.2 4

 5 Customer credit balances (HH) 18.6 35.3 52.6 61.2 47.2 88.6 41.9 -41.6 62.7 5

 6 From U.S.-chartered commercial banks 8.3 -4.8 4.2 11.9 -8.8 7.1 7.2 -2.7 12.3 6

 7 From foreign banking offices in U.S. -3.7 6.2 17.5 8.4 -9.3 43.2 -7.2 5.5 23.2 7

 8 Net change in assets 26.7 52.4 111.0 103.2 104.4 146.1 3.1 -87.0 132.5 8

 9 Household sector 18.6 35.3 52.6 61.2 47.2 88.6 41.9 -41.6 62.7 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 4.6 1.3 21.7 20.3 -18.0 50.4 0.0 2.8 35.5 11

12 Brokers and dealers 3.5 15.8 36.8 21.6 75.2 7.2 -38.8 -48.2 34.3 12
44 FFA, 1995-2003, Z.1, December 9, 2004

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Life insurance reserves:

 1 Net change in liabilities 45.8 44.5 59.3 48.0 50.8 50.2 77.2 60.1 66.8 1

 2 Federal government 1.0 0.6 1.7 1.3 1.4 1.4 1.4 1.6 1.1 2

 3 Life insurance companies 44.8 43.8 57.6 46.7 49.4 48.7 75.8 58.5 65.7 3

 4 Net change in assets (Households) 45.8 44.5 59.3 48.0 50.8 50.2 77.2 60.1 66.8 4

 Pension fund reserves:

 5 Net change in liabilities 151.4 141.1 194.5 207.3 124.5 134.2 130.5 170.3 195.5 5

 6 Life insurance companies 42.6 27.0 95.0 122.6 94.1 155.1 130.9 166.1 143.2 6

 7 Private pension funds (1) 26.7 -1.0 -16.4 -14.7 -74.7 -93.1 -73.4 -37.9 6.3 7

 8 State and local govt. retirement funds 55.2 53.4 69.3 51.5 56.6 44.0 3.1 -3.3 -2.1 8

 9 Federal government retirement funds (2) 26.9 61.6 46.5 47.9 48.5 28.2 69.9 45.4 48.2 9

10 Net change in assets (Households) (3) 151.4 141.1 194.5 207.3 124.5 134.2 130.5 170.3 195.5 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(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

 1 Net change in taxes payable by all 5.4 16.9 19.3 14.7 22.9 25.9 14.5 28.9 12.0 1

 businesses

 2 Nonfinancial corporate business -0.0 9.6 9.3 4.8 7.0 7.0 3.1 11.9 -8.9 2

 3 Nonfarm noncorporate business 0.6 2.3 4.3 4.1 8.9 11.7 4.0 8.1 9.7 3

 4 U.S.-chartered commercial banks 0.9 1.2 1.4 1.7 1.9 2.1 2.4 2.6 2.9 4

 5 Savings institutions 0.5 -0.1 0.4 0.2 0.0 0.4 -0.7 -0.3 -0.2 5

 6 Life insurance companies 1.6 0.5 1.2 1.2 1.3 1.6 2.0 2.4 2.8 6

 7 Other insurance companies 1.2 2.5 1.8 2.0 2.0 2.3 2.7 3.2 3.7 7

 8 Finance companies 0.7 0.8 0.8 0.8 0.8 1.0 1.2 1.4 1.6 8

 9 Brokers and dealers -0.1 0.1 0.1 -0.1 0.9 -0.1 -0.2 -0.5 0.4 9

10 Net change in business taxes receivable -16.6 -4.6 -9.7 -6.1 12.1 -6.7 -7.0 1.0 44.3 10

11 State and local governments -9.1 -4.6 0.3 2.8 10.5 14.8 3.7 10.4 17.1 11

12 Federal government -7.5 0.0 -10.0 -8.9 1.6 -21.5 -10.6 -9.4 27.2 12

13 Discrepancy 22.1 21.5 29.0 20.8 10.8 32.6 21.4 27.8 -32.3 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars

 1 Liab.: Bank personal trusts and estates 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 1

 2 Asset: Household sector 6.4 -5.1 -53.0 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars

 1 Total household investment 1.1 -22.1 -72.3 -90.3 -88.9 -43.9 -29.9 -42.7 -63.5 1

 2 Nonfarm noncorporate business 14.5 -25.3 -71.6 -84.4 -81.1 -30.8 -17.8 -34.8 -54.2 2

 3 Farm business -12.9 2.9 -1.7 -4.4 -9.1 -12.9 -8.8 -8.5 -5.7 3

 4 Brokers and dealers 14.4 9.9 13.9 9.9 10.2 39.0 11.6 -20.0 9.1 4
FFA, 1995-2003, Z.1, December 9, 2004 45

F.229 Total Miscellaneous Financial Claims

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities 512.2 555.7 519.5 996.8 1108.4 1394.3 656.6 483.4 668.3 1

 2 Household sector 0.7 0.8 0.3 -1.4 2.1 0.1 -0.4 0.9 0.9 2

 3 Nonfinancial corporate business 141.1 204.0 -5.4 371.4 538.6 681.0 15.3 87.9 105.1 3

 4 Nonfarm noncorporate business 13.5 29.7 56.5 92.3 73.9 86.0 55.3 20.5 36.4 4

 5 Federal government 25.3 51.8 40.6 34.1 38.2 22.9 53.0 26.0 30.7 5

 6 Rest of the world 140.2 136.0 135.9 174.0 305.2 195.7 174.4 128.3 146.7 6

 7 Monetary authority 1.4 -0.1 2.1 1.3 -1.3 1.1 -2.8 22.6 4.3 7

 8 Commercial banking 124.0 20.1 171.2 96.3 -70.9 196.5 -6.5 121.9 85.2 8

 9 Savings institutions -0.6 -2.6 -2.1 -1.5 -14.7 17.1 28.4 25.6 22.5 9

10 Credit unions -1.9 0.0 0.1 0.5 0.9 -0.4 -1.8 1.4 1.2 10

11 Life insurance companies 33.5 28.5 36.0 6.6 13.4 -8.9 40.1 37.2 19.4 11

12 Other insurance companies 22.8 12.3 10.7 5.6 13.8 5.8 26.5 49.2 45.2 12

13 Government-sponsored enterprises 6.0 0.6 8.9 21.0 -5.5 -3.1 47.4 27.7 -26.6 13

14 Finance companies 21.8 -0.4 4.0 17.8 67.2 83.3 18.9 20.7 101.8 14

15 Mortgage companies -1.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 15

16 REITs 1.4 2.5 8.8 13.6 -1.0 1.9 0.0 2.5 2.0 16

17 Brokers and dealers 12.6 28.4 21.6 44.7 7.5 -1.9 138.5 -77.1 39.1 17

18 Funding corporations -28.5 40.0 34.6 120.5 141.0 117.0 70.3 -11.8 54.4 18

19 Net change in assets 740.5 766.5 859.9 1191.9 1342.2 1839.4 975.6 561.6 811.5 19

20 Household sector 16.7 10.6 12.7 12.1 12.4 6.5 18.5 30.6 42.0 20

21 Nonfinancial corporate business 319.9 308.2 154.9 431.0 666.3 810.6 256.4 187.8 222.2 21

22 Nonfarm noncorporate business 36.7 36.6 56.4 122.2 81.7 89.9 129.9 97.6 104.9 22

23 Farm business 1.8 -0.1 0.4 0.5 0.2 -0.0 1.8 4.1 4.6 23

24 State and local governments 64.3 8.4 75.5 31.9 -32.3 31.6 -73.3 0.1 -18.6 24

25 Federal government -2.1 -6.7 -5.4 -3.5 -0.9 -1.4 1.3 0.0 1.4 25

26 Rest of the world 117.0 143.2 211.6 195.5 408.6 506.0 190.1 165.8 -64.9 26

27 Monetary authority -3.2 2.4 1.3 4.9 -1.3 1.1 -0.4 -0.2 0.3 27

28 Commercial banking 61.4 25.9 103.5 99.1 27.6 89.0 135.3 63.6 141.3 28

29 Savings institutions 1.7 -1.8 -3.2 13.1 -2.1 7.7 17.3 19.0 -4.3 29

30 Credit unions -0.8 -0.2 3.8 6.8 -16.4 4.9 5.4 10.4 0.5 30

31 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 -2.5 1.2 7.7 -2.6 9.5 31

32 Life insurance companies 7.2 -31.4 -6.7 3.5 -32.6 18.7 -15.5 6.7 27.9 32

33 Other insurance companies 3.8 3.6 6.1 6.9 7.7 6.4 1.3 9.1 9.7 33

34 Private pension funds 25.7 35.9 13.5 13.8 -4.9 -18.1 11.2 -1.2 -19.5 34

35 State and local govt. retirement funds 2.4 8.2 0.7 2.7 14.8 12.6 20.3 -7.9 25.7 35

36 Federal government retirement funds 20.8 55.1 40.3 41.2 41.1 20.9 60.8 24.5 24.7 36

37 Money market mutual funds 11.6 4.4 14.3 9.6 22.6 12.2 26.1 -7.0 15.4 37

38 Mutual funds 0.5 -1.7 7.1 -4.2 -3.5 -0.4 -2.9 0.1 1.0 38

39 Government-sponsored enterprises -0.9 6.9 7.6 -0.1 5.0 -4.0 5.5 22.0 16.5 39

40 Finance companies 21.0 23.5 22.0 9.3 51.3 25.3 20.8 9.5 102.5 40

41 REITs 1.0 -1.7 4.9 10.7 -3.3 10.3 0.2 0.4 7.1 41

42 Brokers and dealers 10.3 68.2 82.8 115.9 28.3 133.0 156.6 -110.8 156.9 42

43 Funding corporations 24.5 65.2 57.3 60.7 74.4 75.5 1.5 40.2 4.4 43

44 Discrepancy -228.4 -210.8 -340.5 -195.1 -233.8 -445.1 -319.1 -78.1 -143.3 44
46 FFA, 1995-2003, Z.1, December 9, 2004

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 98.8 91.9 104.8 142.6 224.9 159.2 142.3 134.8 173.8 1

 2 Equity 40.5 27.5 40.8 72.4 98.9 78.0 60.9 24.6 24.6 2

 3 Reinvested earnings 53.9 54.7 58.0 44.2 64.2 93.6 69.8 94.5 141.1 3

 4 Intercompany accounts 4.4 9.7 6.0 26.0 61.8 -12.4 11.6 15.8 8.1 4

 5 Asset: Nonfinancial corporate business 90.3 76.8 84.3 129.2 194.4 128.4 119.4 118.7 142.5 5

 6 Commercial banking 1.6 3.5 3.0 2.0 4.5 10.9 0.9 3.1 4.4 6

 7 Life insurance companies 0.4 0.8 1.8 0.7 2.4 2.2 2.9 0.8 3.8 7

 8 Other insurance companies 3.8 3.6 6.1 6.9 7.7 6.4 1.3 9.1 9.7 8

 9 Finance companies 2.5 7.3 9.0 0.5 11.8 10.6 17.3 3.8 10.3 9

10 Brokers and dealers 0.1 -0.1 0.7 3.4 4.1 0.7 0.6 -0.6 3.0 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 53.6 71.7 100.2 144.4 247.2 181.2 87.5 22.2 9.5 11

12 Nonfarm noncorporate business -0.1 0.3 0.5 0.2 0.2 0.1 0.1 0.2 -0.1 12

13 Commercial banking 6.6 -0.1 7.7 5.5 19.4 9.7 8.4 3.6 4.5 13

14 Life insurance companies 1.8 1.0 7.0 2.7 11.7 27.9 8.1 2.0 -0.8 14

15 Other insurance companies 2.0 5.7 5.9 1.3 11.3 6.6 0.4 5.1 -1.4 15

16 Finance companies 2.8 5.1 6.6 2.6 13.2 14.9 7.8 -3.5 19.2 16

17 Brokers and dealers 1.5 1.3 0.3 1.7 3.6 5.1 -1.3 2.2 3.2 17

18 Funding corporations -10.4 1.5 -22.6 20.7 -17.2 75.8 56.0 40.6 5.8 18

19 Asset: Rest of the world 57.8 86.5 105.6 179.0 289.4 321.3 167.0 72.4 39.9 19

20 Equity 47.9 63.7 59.5 147.1 221.6 259.6 140.9 88.4 62.2 20

21 Reinvested earnings 8.4 8.5 15.0 2.8 4.1 -0.3 -33.8 5.2 12.0 21

22 Intercompany accounts 1.5 14.3 31.1 29.1 63.8 61.9 60.0 -21.2 -34.4 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.8 1.6 1.6 1.5 1.5 1.7 1.5 1.4 23

24 Asset: Federal government 1.5 1.8 1.6 1.6 1.5 1.5 1.7 1.5 1.4 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.6 0.8 0.5 0.5 0.6 0.4 1.0 0.5 25

26 Asset: Commercial banking 0.3 0.6 0.8 0.5 0.5 0.6 0.4 1.0 0.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 2.0 1.5 1.8 4.1 6.1 2.2 3.3 2.0 3.2 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (BC) 0.0 0.7 0.0 -0.1 0.0 0.0 0.1 0.0 0.3 29

30 Farm business (FICB and FLB) -0.1 -0.6 0.0 0.1 -0.0 0.0 0.4 0.1 0.4 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 1.6 0.8 1.3 2.0 3.0 0.8 1.4 2.3 1.2 32

33 Savings institutions (FHLB) 0.4 0.5 0.4 1.8 2.7 1.3 1.2 -1.0 0.4 33

34 Credit unions (FHLB) 0.1 0.0 0.0 0.1 0.2 0.1 0.2 0.3 0.2 34

35 Life insurance companies (FHLB) -0.0 0.1 0.0 0.0 0.1 0.0 -0.1 0.2 0.7 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.1 28.6 40.7 55.3 2.9 53.6 60.7 53.1 50.5 36

37 Savings institutions 0.1 0.2 0.3 0.4 0.5 0.7 0.8 0.9 1.0 37

38 Finance companies 4.6 1.8 -3.7 -6.4 26.8 7.4 -1.7 -5.5 5.8 38

39 Mortgage companies -1.2 4.1 -4.6 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Brokers and dealers 4.7 -5.8 32.9 50.1 -10.0 30.4 30.7 4.4 38.2 40

41 Asset: Bank holding companies 48.3 28.9 65.7 99.4 20.2 92.0 90.4 53.0 95.5 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 4.6 1.8 -3.7 -6.4 26.8 7.4 -1.7 -5.5 5.8 42

43 Asset: Nonfinancial corporate business 4.6 1.8 -3.7 -6.4 26.8 7.4 -1.7 -5.5 5.8 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 6.7 13.7 14.3 11.8 2.5 45.6 -30.8 24.7 -1.7 44

45 Brokers and dealers 17.8 51.5 43.0 48.9 71.9 29.8 32.3 15.5 6.1 45

46 Asset: Funding corporations 24.5 65.2 57.3 60.7 74.4 75.5 1.5 40.2 4.4 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
FFA, 1995-2003, Z.1, December 9, 2004 47

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.3 -0.1 -0.0 -0.1 0.6 0.0 -0.1 0.1 0.2 1

 2 Asset: Federal government 0.3 -0.1 -0.0 -0.1 0.6 0.0 -0.1 0.1 0.2 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 3

 4 Asset: Household sector 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 3.3 -1.2 0.0 6.8 -7.8 0.0 8.6 1.9 -7.1 5

 6 Asset: Savings institutions 3.3 -1.2 0.0 6.8 -7.8 0.0 8.6 1.9 -7.1 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.7 0.8 0.3 -1.4 2.1 0.1 -0.4 0.9 0.9 7

 8 Asset: Life insurance companies 0.7 0.8 0.3 -1.4 2.1 0.1 -0.4 0.9 0.9 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 8.0 7.8 10.7 10.3 11.4 6.9 6.5 10.2 13.9 9

10 Health 5.2 6.2 6.3 7.3 10.2 3.9 3.1 10.1 10.9 10

11 Policy dividend accumulation 0.8 0.8 2.0 0.7 1.2 1.1 1.0 0.1 -0.0 11

12 Policy and contract claims 2.0 0.8 2.4 2.4 -0.0 1.9 2.4 0.0 3.0 12

13 Asset: Household sector 8.0 7.8 10.7 10.3 11.4 6.9 6.5 10.2 13.9 13

 Policy payables:

14 Liab.: Other insurance companies 20.8 6.6 4.8 4.3 2.5 -0.8 26.1 44.1 46.6 14

15 Asset: Household sector 8.7 2.7 2.0 1.8 1.1 -0.3 11.9 18.5 19.5 15

16 Nonfinancial corporate business 8.2 2.6 1.9 1.7 1.0 -0.3 10.3 17.4 18.4 16

17 Nonfarm noncorporate business 2.0 0.6 0.5 0.4 0.2 -0.1 2.5 4.2 4.4 17

18 Farm business 1.9 0.6 0.4 0.4 0.2 -0.1 1.4 4.0 4.2 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 17.7 14.4 -1.0 -14.8 -9.9 -24.2 10.1 -4.6 -17.1 19

20 Asset: Private pension funds 17.7 14.4 -1.0 -14.8 -9.9 -24.2 10.1 -4.6 -17.1 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 4.1 4.1 7.1 21.4 -7.6 14.0 0.6 0.1 -1.4 21

22 Asset: Private pension funds 4.1 4.1 7.1 21.4 -7.6 14.0 0.6 0.1 -1.4 22

 Securities borrowed (net):

23 Liab.: Funding corporations -5.5 59.9 57.2 70.0 16.3 88.7 70.1 -2.9 102.6 23

24 Asset: Brokers and dealers -5.5 59.9 57.2 70.0 16.3 88.7 70.1 -2.9 102.6 24

 Nonmarketable government securities:

25 Liab.: Federal government 20.8 55.1 40.3 41.2 41.1 20.9 60.8 24.5 24.7 25

26 Asset: Federal government retirement funds 20.8 55.1 40.3 41.2 41.1 20.9 60.8 24.5 24.7 26

 Uniformed Services Retiree Health Care Fund:

27 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 8.6 27

28 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 8.6 28
48 FFA, 1995-2003, Z.1, December 9, 2004

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net change in liabilities 204.3 130.3 66.3 377.7 416.0 629.1 69.3 107.7 171.9 1

 2 Nonfinancial corporate business 83.5 128.3 -112.7 205.6 299.0 485.8 -72.8 65.6 97.1 2

 3 Nonfarm noncorporate business 13.6 29.4 56.0 92.1 73.7 85.9 55.2 20.3 36.5 3

 4 Federal government 4.5 -3.3 0.3 -7.1 -2.9 2.0 -7.8 -0.4 -2.6 4

 5 Rest of the world 39.7 42.3 29.6 29.9 78.1 35.0 30.4 -8.1 -28.7 5

 6 Monetary authority 1.1 -0.7 1.3 0.8 -1.8 0.6 -3.2 21.5 3.8 6

 7 Commercial banking 70.6 -22.1 108.4 23.8 -95.6 87.6 -44.8 40.4 31.9 7

 8 U.S.-chartered commercial banks 3.5 -13.0 30.5 -27.0 -20.1 71.3 -101.2 13.1 45.7 8

 9 Foreign banking offices in U.S. 37.6 -26.9 34.2 -11.4 -66.9 -27.5 -0.7 16.5 -39.8 9

10 Bank holding companies 26.6 17.3 39.0 56.0 -10.8 43.1 52.9 11.5 22.6 10

11 Banks in U.S.-affiliated areas 2.9 0.6 4.7 6.3 2.2 0.7 4.2 -0.7 3.4 11

12 Savings institutions -0.7 -2.8 -2.4 -1.9 -15.3 16.5 27.7 24.7 21.4 12

13 Credit unions -1.9 0.0 0.1 0.5 0.9 -0.4 -1.8 1.4 1.2 13

14 Life insurance companies 5.9 5.3 19.4 8.4 0.3 -19.4 15.3 29.5 23.4 14

15 Government-sponsored enterprises 0.8 0.3 7.1 10.1 -3.7 -5.4 35.6 23.8 -22.7 15

16 Finance companies 9.8 -9.1 4.9 28.0 0.5 53.7 14.5 35.2 71.1 16

17 REITs 1.4 2.5 8.8 13.6 -1.0 1.9 0.0 2.5 2.0 17

18 Brokers and dealers -11.4 -18.7 -54.6 -55.9 -58.0 -67.2 76.9 -99.3 -8.5 18

19 Funding corporations -12.6 -21.4 0.1 29.8 141.9 -47.5 -55.9 -49.5 -54.0 19

20 Net change in assets 432.6 341.1 406.7 572.8 649.8 1074.2 388.3 185.8 315.2 20

21 Nonfinancial corporate business 216.7 227.1 72.5 306.5 444.1 675.2 128.3 57.2 55.6 21

22 Nonfarm noncorporate business 34.7 35.2 55.9 121.9 81.4 90.0 127.3 93.4 100.2 22

23 State and local governments 64.3 8.4 75.5 31.9 -32.3 31.6 -73.3 0.1 -18.6 23

24 Federal government -3.8 -8.4 -7.0 -5.0 -3.0 -2.9 -0.3 -1.6 -0.2 24

25 Rest of the world 59.2 56.7 106.0 16.5 119.2 184.8 23.1 93.4 -104.8 25

26 Monetary authority -3.2 2.4 1.3 4.9 -1.3 1.1 -0.4 -0.2 0.3 26

27 Commercial banking 9.6 -7.9 32.7 -4.9 -0.6 -15.3 42.2 4.2 39.7 27

28 U.S.-chartered commercial banks -1.6 1.3 0.5 -20.3 1.3 -6.4 19.7 -14.0 67.8 28

29 Foreign banking offices in U.S. 5.0 -21.2 37.0 0.3 -29.7 -27.7 10.7 -3.1 -48.4 29

30 Bank holding companies 4.6 11.3 -6.7 12.1 28.9 20.9 5.9 27.3 22.4 30

31 Banks in U.S.-affiliated areas 1.6 0.8 1.8 3.1 -1.0 -2.1 5.9 -6.0 -2.2 31

32 Savings institutions -2.0 -1.1 -3.6 4.4 3.0 6.4 7.5 18.0 2.4 32

33 Credit unions -0.9 -0.2 3.8 6.7 -16.6 4.8 5.2 10.1 0.2 33

34 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 -2.5 1.2 7.7 -2.6 9.5 34

35 Life insurance companies 6.1 -33.1 -8.8 4.1 -37.3 16.4 -17.9 4.8 22.6 35

36 Private pension funds 3.9 17.4 7.4 7.2 12.6 -7.9 0.4 3.3 -1.0 36

37 State and local govt. retirement funds 2.4 8.2 0.7 2.7 14.8 12.6 20.3 -7.9 25.7 37

38 Money market mutual funds 11.6 4.4 14.3 9.6 22.6 12.2 26.1 -7.0 15.4 38

39 Mutual funds 0.5 -1.7 7.1 -4.2 -3.5 -0.4 -2.9 0.1 1.0 39

40 Government-sponsored enterprises -0.9 6.9 7.6 -0.1 5.0 -4.0 5.5 22.0 16.5 40

41 Finance companies 18.6 16.2 13.0 8.8 39.5 14.8 3.5 5.6 92.1 41

42 REITs 1.0 -1.7 4.9 10.7 -3.3 10.3 0.2 0.4 7.1 42

43 Brokers and dealers 15.7 8.4 24.9 42.6 7.9 43.7 85.8 -107.3 51.4 43

44 Discrepancy -228.4 -210.8 -340.5 -195.1 -233.8 -445.1 -319.1 -78.1 -143.3 44
FFA, 1995-2003, Z.1, December 9, 2004 49

F.11 Sector Discrepancies

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 All sectors -276.2 -263.5 -262.4 -132.1 -148.0 -77.4 -256.7 102.6 -247.1 1

 2 Household sector -56.6 -143.0 -44.4 -111.8 52.1 196.6 -148.5 56.6 -178.5 2

 3 Nonfinancial corporate business -67.1 -41.9 -20.1 -36.8 -97.9 -164.5 -118.0 43.0 -30.7 3

 4 State and local governments -55.1 -35.9 -44.1 -67.8 -64.5 -84.8 -37.5 -12.9 -19.7 4

 5 Federal government -22.4 44.5 18.4 27.5 -8.0 -10.5 38.0 8.3 -2.3 5

 6 Rest of the world 6.5 -36.0 -109.1 113.1 47.0 -78.9 -43.6 -110.1 -28.8 6

 7 Financial sectors -81.4 -51.2 -63.3 -56.4 -76.7 64.6 52.9 117.7 12.8 7

 8 Monetary authority -1.5 1.2 2.1 -2.5 -0.2 4.5 0.1 -3.3 -3.9 8

 9 Commercial banking -9.7 -4.1 48.8 36.0 -40.3 136.6 56.9 94.9 70.6 9

10 Savings institutions -2.0 -3.7 -2.0 -3.0 2.0 2.7 1.9 4.7 3.7 10

11 Credit unions 0.8 1.4 -0.2 -0.1 1.0 -0.2 0.3 0.2 0.2 11

12 Bank personal trusts and estates -1.3 2.1 -5.3 -0.2 1.7 1.6 3.7 1.4 0.4 12

13 Life insurance companies -41.9 -41.5 -44.6 -32.9 -31.0 -24.1 -15.1 -29.7 -34.3 13

14 Other insurance companies -20.3 -8.3 -43.2 -18.1 11.0 -19.5 -5.1 -21.4 -32.3 14

15 Mutual funds 8.7 4.9 6.2 -9.1 4.1 -1.5 -8.4 -24.6 -16.9 15

16 Government-sponsored enterprises -1.8 0.4 -2.2 -3.5 -1.8 -3.5 9.6 10.0 -16.9 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 17

18 Finance companies -0.3 4.1 -13.9 -15.1 -21.7 23.9 20.6 58.3 55.1 18

19 REITs 6.7 6.6 9.5 11.9 17.8 -1.5 16.7 18.7 11.3 19

20 Brokers and dealers -18.8 -14.1 -18.6 -19.8 -19.3 -54.3 -28.4 8.3 -24.2 20

F.12 Instrument Discrepancies

Billions of dollars

 1 All types -276.2 -263.5 -262.4 -132.1 -148.0 -77.4 -256.7 102.6 -247.1 1

 2 Treasury currency -0.3 -0.4 -0.2 -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 2

 3 Foreign deposits 25.0 59.4 106.2 -5.8 30.5 66.1 -12.8 11.0 30.0 3

 4 Net interbank transactions -3.1 -3.3 -19.9 3.8 0.1 20.4 17.2 7.1 -4.2 4

 5 Security RPs 25.7 2.4 63.2 62.1 38.6 110.8 -61.2 22.5 -21.7 5

 Mail floats:

 6 Federal government -6.0 0.5 -2.7 2.6 -7.4 9.0 5.7 0.1 -7.9 6

 7 Other -3.8 -4.0 -3.9 -3.1 -0.8 -0.3 -0.5 -0.7 -0.0 7

 8 Trade credit 10.4 -31.3 -26.0 -32.5 -15.7 3.3 2.9 98.2 -41.9 8

 9 Taxes payable 22.1 21.5 29.0 20.8 10.8 32.6 21.4 27.8 -32.3 9

10 Miscellaneous -228.4 -210.8 -340.5 -195.1 -233.8 -445.1 -319.1 -78.1 -143.3 10

11 Nonfinancial -117.6 -97.3 -67.7 15.4 30.5 127.1 89.8 15.4 -25.6 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 101.2 93.7 70.6 -14.7 -35.7 -127.1 -89.8 -15.4 25.5 12

13 Private wage accruals less disbursements 16.4 3.6 -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 13
50 FFA, 1995-2003, Z.1, December 9, 2004

L.1 Credit Market Debt Outstanding (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total credit market debt owed by: 18464.1 19801.7 21216.9 23353.8 25489.5 27201.5 29173.6 31331.5 34011.5 1

 2 Domestic nonfinancial sectors 13674.5 14391.4 15159.4 16201.1 17269.9 18118.5 19237.1 20554.7 22261.0 2

 3 Federal government 3636.7 3781.7 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 4033.1 3

 4 Nonfederal sectors 10037.8 10609.7 11354.6 12448.9 13588.9 14733.4 15857.6 16917.7 18227.9 4

 5 Household sector 4876.0 5208.8 5521.2 5960.1 6454.9 7025.7 7648.6 8382.8 9246.5 5

 6 Nonfinancial corporate business 2909.6 3092.3 3382.3 3779.9 4191.1 4545.5 4774.1 4803.0 4972.9 6

 7 Nonfarm noncorporate business 1062.0 1130.7 1225.4 1405.3 1595.5 1788.4 1944.7 2090.0 2241.2 7

 8 Farm business 145.2 148.8 155.0 165.3 170.6 181.5 192.0 199.8 207.6 8

 9 State and local governments 1045.0 1029.1 1070.7 1138.3 1176.9 1192.3 1298.1 1442.0 1559.7 9

10 Rest of the world 456.0 544.1 608.1 639.4 652.6 709.6 659.9 665.5 649.8 10

11 Financial sectors 4333.6 4866.2 5449.4 6513.2 7567.0 8373.5 9276.6 10111.3 11100.7 11

12 Commercial banking 250.6 263.6 309.2 382.1 449.3 509.3 562.1 611.8 661.0 12

13 U.S.-chartered commercial banks 92.2 103.9 133.4 186.2 228.0 264.8 294.9 324.8 338.7 13

14 Foreign banking offices in U.S. 10.4 9.6 7.2 2.4 2.0 2.0 1.1 0.7 0.6 14

15 Bank holding companies 148.0 150.0 168.6 193.5 219.3 242.5 266.1 286.4 321.8 15

16 Savings institutions 115.0 140.5 160.3 212.4 260.4 287.7 285.7 262.3 268.3 16

17 Credit unions 0.4 0.4 0.6 1.1 3.4 3.4 4.9 6.9 9.1 17

18 Life insurance companies 0.5 1.6 1.8 2.5 3.2 2.5 3.1 5.1 8.0 18

19 Government-sponsored enterprises 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 19

20 Agency- and GSE-backed mortgage pools 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 20

21 ABS issuers 766.4 899.7 1066.3 1365.3 1557.9 1744.2 2000.3 2191.9 2392.0 21

22 Finance companies 483.9 534.5 568.3 625.5 696.1 778.0 779.2 821.4 938.7 22

23 Mortgage companies 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 23

24 REITs 44.6 56.5 96.1 158.8 163.5 168.0 171.2 197.4 229.8 24

25 Brokers and dealers 29.3 27.3 35.3 42.5 25.3 40.9 42.3 40.6 47.0 25

26 Funding corporations 248.6 312.4 372.6 412.6 504.2 503.9 449.3 448.8 447.4 26

27 Total credit market assets held by: 18464.1 19801.7 21216.9 23353.8 25489.5 27201.5 29173.6 31331.5 34011.5 27

28 Domestic nonfederal nonfinancial sectors 2923.0 3081.4 3064.9 3300.6 3510.6 3487.1 3446.0 3392.7 3621.5 28

29 Household sector 1956.5 2154.8 2142.5 2269.0 2404.0 2341.8 2184.0 2082.7 2223.6 29

30 Nonfinancial corporate business 280.4 270.2 263.3 254.5 231.7 256.8 258.5 280.1 309.7 30

31 Nonfarm noncorporate business 47.6 51.6 54.2 67.5 64.6 65.9 73.0 76.7 78.1 31

32 State and local governments 638.6 604.8 605.0 709.7 810.4 822.6 930.5 953.3 1010.1 32

33 Federal government 207.7 206.4 209.7 221.4 260.9 272.6 278.6 288.2 285.6 33

34 Rest of the world 1490.2 1832.6 2085.2 2231.2 2316.0 2590.8 2916.9 3394.8 3933.1 34

35 Financial sectors 13843.2 14681.3 15857.0 17600.5 19402.0 20851.0 22532.1 24255.8 26171.4 35

36 Monetary authority 380.8 393.1 431.4 452.5 478.1 511.8 551.7 629.4 666.7 36

37 Commercial banking 3520.1 3707.7 4031.9 4336.1 4648.3 5006.3 5210.5 5614.9 5960.8 37

38 U.S.-chartered commercial banks 3056.1 3175.8 3450.7 3761.4 4080.0 4419.5 4610.1 5003.9 5361.7 38

39 Foreign banking offices in U.S. 412.6 475.8 516.1 504.5 487.4 511.3 510.7 516.9 485.8 39

40 Bank holding companies 18.0 22.0 27.4 26.5 32.7 20.5 24.7 27.8 36.4 40

41 Banks in U.S.-affiliated areas 33.4 34.1 37.8 43.8 48.3 55.0 65.0 66.3 76.9 41

42 Savings institutions 913.3 933.2 928.5 965.5 1032.6 1088.8 1133.4 1167.0 1293.3 42

43 Credit unions 263.0 288.5 305.3 324.2 351.7 379.7 421.2 463.9 514.5 43

44 Bank personal trusts and estates 239.7 232.0 207.0 194.1 222.0 222.8 194.7 195.6 193.2 44

45 Life insurance companies 1587.5 1657.0 1751.1 1828.0 1886.0 1943.9 2074.8 2307.8 2488.3 45

46 Other insurance companies 468.7 491.2 515.3 521.1 518.2 509.4 518.4 558.3 625.2 46

47 Private pension funds 607.9 601.4 647.1 621.1 720.4 624.0 637.3 663.0 677.2 47

48 State and local govt. retirement funds 509.8 538.4 598.3 661.5 707.0 752.8 711.7 697.7 706.7 48

49 Federal government retirement funds 23.3 25.6 27.5 30.2 33.1 35.1 44.8 57.8 64.1 49

50 Money market mutual funds 545.5 634.3 721.9 965.9 1147.8 1290.9 1536.9 1511.6 1398.5 50

51 Mutual funds 771.3 820.2 901.1 1028.4 1076.8 1097.7 1223.8 1368.0 1505.7 51

52 Closed-end funds 94.5 97.4 96.3 101.2 110.8 105.3 108.5 117.1 153.3 52

53 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 4.5 53

54 Government-sponsored enterprises 762.8 833.8 934.2 1251.5 1538.8 1794.4 2099.1 2323.2 2559.7 54

55 Agency- and GSE-backed mortgage pools 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 55

56 ABS issuers 707.3 810.3 927.4 1186.7 1361.1 1517.6 1747.6 1916.5 2095.7 56

57 Finance companies 526.2 545.1 568.2 645.5 742.6 851.2 846.4 867.6 951.8 57

58 Mortgage companies 33.0 41.2 32.1 32.1 32.1 32.1 32.1 32.1 32.1 58

59 REITs 26.0 30.4 50.6 45.5 42.2 38.2 46.7 71.6 95.3 59

60 Brokers and dealers 183.4 167.7 182.6 189.4 154.7 223.6 316.0 344.4 424.1 60

61 Funding corporations 108.4 121.0 173.1 201.2 304.3 332.2 244.5 186.1 271.6 61

(1) Excludes corporate equities and mutual fund shares.
FFA, 1995-2003, Z.1, December 9, 2004 51

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Domestic 13674.5 14391.4 15159.4 16201.1 17269.9 18118.5 19237.1 20554.7 22261.0 1

 2 Federal government 3636.7 3781.7 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 4033.1 2

 3 Treasury securities 3608.5 3755.1 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 4008.2 3

 4 Budget agency secur. and mortgages 28.2 26.6 26.5 28.5 28.3 27.3 26.8 27.3 24.9 4

 5 Nonfederal, by instrument 10037.8 10609.7 11354.6 12448.9 13588.9 14733.4 15857.6 16917.7 18227.9 5

 6 Commercial paper 157.4 156.4 168.6 193.0 230.3 278.4 190.1 126.0 85.9 6

 7 Municipal securities and loans 1268.3 1261.8 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1898.2 7

 8 Corporate bonds 1344.1 1460.4 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2869.3 8

 9 Bank loans n.e.c. 863.6 934.0 1040.4 1150.2 1237.3 1335.0 1253.6 1166.4 1130.6 9

10 Other loans and advances 692.3 714.4 757.5 826.1 852.4 932.1 941.0 961.3 971.3 10

11 Mortgages 4543.8 4810.3 5116.4 5583.2 6183.3 6737.6 7411.8 8228.1 9222.4 11

12 Home 3469.1 3697.7 3939.5 4300.1 4723.1 5134.0 5645.7 6323.4 7120.1 12

13 Multifamily residential 267.6 277.5 284.6 310.3 349.1 378.5 419.9 454.5 519.8 13

14 Commercial 722.4 747.9 801.7 875.5 1007.5 1115.0 1228.4 1324.7 1449.0 14

15 Farm 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 15

16 Consumer credit 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 16

17 Nonfederal, by sector 10037.8 10609.7 11354.6 12448.9 13588.9 14733.4 15857.6 16917.7 18227.9 17

18 Household sector 4876.0 5208.8 5521.2 5960.1 6454.9 7025.7 7648.6 8382.8 9246.5 18

19 Nonfinancial business 4116.8 4371.8 4762.7 5350.5 5957.2 6515.3 6910.8 7092.9 7421.7 19

20 Corporate 2909.6 3092.3 3382.3 3779.9 4191.1 4545.5 4774.1 4803.0 4972.9 20

21 Nonfarm noncorporate 1062.0 1130.7 1225.4 1405.3 1595.5 1788.4 1944.7 2090.0 2241.2 21

22 Farm 145.2 148.8 155.0 165.3 170.6 181.5 192.0 199.8 207.6 22

23 State and local governments 1045.0 1029.1 1070.7 1138.3 1176.9 1192.3 1298.1 1442.0 1559.7 23

 Foreign credit market debt

24 held in U.S. 456.0 544.1 608.1 639.4 652.6 709.6 659.9 665.5 649.8 24

25 Commercial paper 56.2 67.5 65.1 72.9 89.2 120.9 106.7 142.8 165.1 25

26 Bonds 301.8 368.4 428.0 450.9 452.8 468.0 443.5 410.0 381.9 26

27 Bank loans n.e.c. 34.6 43.7 52.1 58.7 59.2 70.5 63.2 68.6 60.9 27

28 Other loans and advances 63.4 64.5 62.9 57.0 51.5 50.2 46.4 44.1 42.0 28

29 Domestic and foreign 14130.5 14935.5 15767.4 16840.5 17922.5 18828.1 19896.9 21220.2 22910.8 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars

 1 By instrument 4333.6 4866.2 5449.4 6513.2 7567.0 8373.5 9276.6 10111.3 11100.7 1

 2 Open market paper 486.9 579.1 745.7 906.7 1082.9 1214.7 1169.4 1105.9 1042.1 2

 3 GSE issues 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 3

 4 Agency- and GSE-backed mortgage pool sec. 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 4

 5 Corporate bonds 1258.5 1419.1 1558.3 1846.0 2034.7 2226.4 2491.5 2824.9 3268.6 5

 6 Bank loans n.e.c. 51.4 64.0 77.3 105.8 87.3 91.1 104.1 105.4 100.8 6

 7 Other loans and advances 135.0 162.9 198.5 288.7 395.8 438.3 463.7 470.5 501.7 7

 8 Mortgages 24.1 31.9 46.8 71.6 78.5 83.4 85.6 95.7 104.2 8

 9 By sector 4333.6 4866.2 5449.4 6513.2 7567.0 8373.5 9276.6 10111.3 11100.7 9

10 Commercial banks 102.6 113.6 140.6 188.6 230.0 266.7 296.0 325.5 339.3 10

11 Bank holding companies 148.0 150.0 168.6 193.5 219.3 242.5 266.1 286.4 321.8 11

12 Savings institutions 115.0 140.5 160.3 212.4 260.4 287.7 285.7 262.3 268.3 12

13 Credit unions 0.4 0.4 0.6 1.1 3.4 3.4 4.9 6.9 9.1 13

14 Life insurance companies 0.5 1.6 1.8 2.5 3.2 2.5 3.1 5.1 8.0 14

15 Government-sponsored enterprises 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 15

16 Agency- and GSE-backed mortgage pools 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 16

17 ABS issuers 766.4 899.7 1066.3 1365.3 1557.9 1744.2 2000.3 2191.9 2392.0 17

18 Brokers and dealers 29.3 27.3 35.3 42.5 25.3 40.9 42.3 40.6 47.0 18

19 Finance companies 483.9 534.5 568.3 625.5 696.1 778.0 779.2 821.4 938.7 19

20 Mortgage companies 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 20

21 REITs 44.6 56.5 96.1 158.8 163.5 168.0 171.2 197.4 229.8 21

22 Funding corporations 248.6 312.4 372.6 412.6 504.2 503.9 449.3 448.8 447.4 22
52 FFA, 1995-2003, Z.1, December 9, 2004

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total 18464.1 19801.7 21216.9 23353.8 25489.5 27201.5 29173.6 31331.5 34011.5 1

 2 Open market paper 700.4 803.0 979.4 1172.6 1402.4 1614.0 1466.2 1374.7 1293.1 2

 3 Treasury securities 3608.5 3755.1 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 4008.2 3

 4 Agency- and GSE-backed securities 2406.0 2635.8 2849.3 3322.9 3916.0 4347.0 4989.1 5536.3 6108.1 4

 5 Municipal securities 1268.3 1261.8 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1898.2 5

 6 Corporate and foreign bonds 2904.5 3247.9 3597.2 4142.9 4555.2 4924.7 5513.8 5945.9 6519.8 6

 7 Bank loans n.e.c. 949.6 1041.7 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1292.3 7

 8 Other loans and advances 890.6 941.8 1018.8 1171.7 1299.7 1420.5 1451.1 1475.9 1515.0 8

 9 Mortgages 4567.8 4842.3 5163.2 5654.8 6261.8 6821.0 7497.3 8323.8 9326.7 9

10 Consumer credit 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 10

 Memo:

 Selected claims not included above:

11 Corporate equities 8481.3 10279.6 13292.8 15547.3 19522.8 17627.0 15310.6 11871.0 15497.0 11

12 Mutual fund shares 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 12

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars

 Total credit market debt

 1 (from table L.4) 18464.1 19801.7 21216.9 23353.8 25489.5 27201.5 29173.6 31331.5 34011.5 1

 2 Official foreign exchange 63.7 53.7 48.9 60.1 50.1 46.1 46.8 55.8 62.3 2

 3 SDR certificates 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 18.3 18.9 19.3 19.9 20.9 23.2 24.5 25.5 26.0 4

 5 Foreign deposits 418.8 521.7 618.5 627.6 676.5 803.4 810.1 831.1 831.1 5

 6 Net interbank liabilities 290.7 240.8 219.4 189.4 202.4 221.2 191.4 205.9 203.5 6

 7 Checkable deposits and currency 1229.1 1244.8 1286.1 1333.3 1484.5 1413.1 1603.2 1646.7 1780.6 7

 8 Small time and savings deposits 2279.8 2377.0 2474.2 2626.5 2671.6 2860.4 3127.6 3398.5 3627.9 8

 9 Large time deposits 476.9 590.9 713.4 805.3 936.4 1052.6 1121.1 1171.3 1233.2 9

10 Money market fund shares 741.3 886.7 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2016.0 10

11 Security RPs 660.0 701.5 822.4 913.8 1082.8 1197.3 1233.7 1340.3 1567.5 11

12 Mutual fund shares 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 12

13 Security credit 305.7 358.1 469.1 572.2 676.6 822.7 825.9 738.8 871.3 13

14 Life insurance reserves 566.2 610.6 665.0 718.3 783.9 819.1 880.0 920.9 1013.2 14

15 Pension fund reserves 5676.2 6316.2 7255.8 8121.5 9115.6 8833.9 8332.5 7614.2 8834.8 15

16 Trade payables 1704.3 1827.6 1967.4 2082.9 2345.4 2747.7 2664.3 2735.1 2901.3 16

17 Taxes payable 105.0 122.0 141.3 156.0 178.9 204.8 219.2 248.1 260.1 17

18 Investment in bank personal trusts 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 18

19 Miscellaneous 6461.3 6935.7 7325.0 8332.6 9322.4 10523.4 11298.2 11935.8 12489.0 19

20 Total liabilities 42127.4 45831.6 50226.1 55866.0 62291.4 66115.7 68891.2 70904.9 77317.2 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.1 21.4 21.1 21.6 21.4 21.6 21.8 23.2 23.7 21

22 Corporate equities 8481.3 10279.6 13292.8 15547.3 19522.8 17627.0 15310.6 11871.0 15497.0 22

23 Household equity in noncorp. bus. 3595.4 3860.1 4135.6 4415.5 4649.8 5056.0 5209.7 5471.7 5866.9 23

 - Liabilities not identified as assets:

24 Treasury currency -5.7 -6.1 -6.3 -6.4 -7.1 -8.5 -8.6 -9.1 -9.5 24

25 Foreign deposits 358.4 434.9 535.0 528.1 558.6 624.7 611.9 622.9 652.9 25

26 Net interbank transactions -9.0 -10.6 -32.2 -26.5 -28.5 -4.3 11.1 15.3 12.6 26

27 Security RPs 107.4 109.8 172.9 235.0 273.6 396.6 348.1 370.6 348.9 27

28 Taxes payable 69.2 87.2 107.0 117.5 112.8 120.0 93.4 127.3 83.8 28

29 Miscellaneous -877.2 -1235.6 -1556.5 -2108.8 -2507.7 -3623.0 -3680.1 -3587.0 -3602.3 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.1 -1.6 -8.1 -3.9 -9.8 -2.3 -12.3 -11.7 -17.9 30

31 Other 34.2 30.1 26.2 23.1 22.3 22.0 21.6 20.9 20.8 31

32 Trade credit 113.1 81.8 44.7 12.2 0.4 3.7 6.6 104.8 62.9 32

33 Totals identified to sectors as assets 54432.8 60502.9 68392.8 77080.1 88070.8 91291.2 92041.8 90616.8 101152.4 33
FFA, 1995-2003, Z.1, December 9, 2004 53

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 18633.7 20942.6 24251.6 27174.9 31562.6 30349.2 28920.3 26533.1 30571.8 1

 2 Foreign deposits 23.4 35.5 37.2 38.3 43.5 63.5 58.5 74.2 65.2 2

 3 Checkable deposits and currency 664.9 610.9 599.5 619.5 601.1 522.5 625.4 661.4 620.1 3

 4 Time and savings deposits 2352.3 2509.1 2645.3 2779.0 2916.6 3213.8 3425.9 3707.8 4041.0 4

 5 Money market fund shares 467.2 519.9 605.2 745.5 865.7 1020.1 1188.2 1146.1 1038.1 5

 6 Securities 7141.6 8425.6 10307.3 11728.7 14492.9 12903.5 11372.5 9367.1 11549.3 6

 7 Open market paper 48.0 54.7 56.1 63.7 67.7 82.6 85.7 98.9 94.9 7

 8 U.S. savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 8

 9 Other Treasury securities 645.1 710.5 628.5 598.8 683.7 474.7 339.0 193.3 275.7 9

10 Agency- and GSE-backed securities 73.8 171.6 223.6 288.9 361.9 439.9 360.0 245.7 507.9 10

11 Municipal securities 431.4 396.6 416.2 418.8 438.3 440.5 492.8 589.0 619.6 11

12 Corporate and foreign bonds 482.6 556.9 566.0 654.7 599.2 644.6 637.2 673.8 425.8 12

13 Corporate equities (2) 4122.6 4847.1 6272.9 7120.0 9168.1 7803.6 6601.9 5045.2 6412.9 13

14 Mutual fund shares 1153.1 1501.2 1957.7 2397.1 2987.4 2832.8 2665.6 2326.3 3008.8 14

15 Private life insurance reserves 536.3 580.1 632.7 684.7 748.9 782.7 842.2 881.6 972.7 15

16 Private insured pension reserves 880.6 953.9 1086.1 1248.1 1428.1 1465.9 1494.6 1583.8 1786.5 16

17 Private noninsured pension reserves 2929.4 3250.8 3736.2 4158.9 4628.9 4402.6 3964.0 3356.9 4072.6 17

18 Govt. insurance and pension reserves 1896.2 2142.0 2465.7 2748.0 3093.6 3001.8 2911.7 2712.9 3016.2 18

19 Investment in bank personal trusts 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 19

20 Miscellaneous and other assets 939.0 1043.0 1193.8 1423.3 1612.8 1877.0 2076.6 2200.6 2477.7 20

21 Total liabilities 6631.0 7125.4 7677.3 8462.6 9352.0 10283.0 11083.0 11980.3 13140.3 21

22 Mortgage debt on nonfarm homes 3462.3 3689.9 3931.5 4290.8 4711.6 5120.5 5630.1 6307.2 7102.1 22

23 Other mortgage debt (3) 863.6 892.7 924.3 1030.0 1129.8 1246.9 1351.6 1452.7 1543.7 23

24 Consumer credit 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 24

25 Policy loans 96.9 101.4 104.6 104.7 100.0 102.8 105.0 106.1 105.5 25

26 Security credit 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 26

27 Other liabilities (3) 961.3 1074.6 1243.5 1436.7 1622.1 1838.6 1921.3 2004.4 2156.3 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.
54 FFA, 1995-2003, Z.1, December 9, 2004

L.100 Households and Nonprofit Organizations (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 21614.5 24092.0 27542.2 30524.2 34959.3 33905.8 32477.9 30207.8 34473.8 1

 2 Deposits 3297.8 3440.5 3615.4 3853.6 4031.9 4339.5 4799.7 5073.3 5243.9 2

 3 Foreign deposits 23.4 35.5 37.2 38.3 43.5 63.5 58.5 74.2 65.2 3

 4 Checkable deposits and currency 543.5 470.2 436.4 421.9 364.3 229.0 330.9 353.5 301.3 4

 5 Time and savings deposits 2280.8 2434.1 2559.6 2680.5 2799.1 3076.3 3281.2 3561.0 3892.4 5

 6 Money market fund shares 450.1 500.7 582.3 712.9 825.0 970.7 1129.2 1084.7 985.0 6

 7 Credit market instruments 1956.5 2154.8 2142.5 2269.0 2404.0 2341.8 2184.0 2082.7 2223.6 7

 8 Open market paper 48.0 54.7 56.1 63.7 67.7 82.6 85.7 98.9 94.9 8

 9 Treasury securities 806.5 868.9 782.8 747.5 833.0 619.2 486.5 343.0 432.0 9

10 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 10

11 Other Treasury 621.5 681.9 596.3 560.9 646.5 434.5 296.2 148.2 228.2 11

12 Agency- and GSE-backed securities 73.8 171.6 223.6 288.9 361.9 439.9 360.0 245.7 507.9 12

13 Municipal securities 429.2 394.0 413.0 416.0 435.6 438.0 489.3 585.2 615.7 13

14 Corporate and foreign bonds 482.6 556.9 566.0 654.7 599.2 644.6 637.2 673.8 425.8 14

15 Mortgages 116.3 108.7 101.1 98.2 106.5 117.4 125.4 136.0 147.4 15

16 Corporate equities (2) 4122.6 4847.1 6272.9 7120.0 9168.1 7803.6 6601.9 5045.2 6412.9 16

17 Mutual fund shares 1153.1 1501.2 1957.7 2397.1 2987.4 2832.8 2665.6 2326.3 3008.8 17

18 Security credit 127.6 162.9 215.5 276.7 323.9 412.4 454.3 412.7 475.4 18

19 Life insurance reserves 566.2 610.6 665.0 718.3 783.9 819.1 880.0 920.9 1013.2 19

20 Pension fund reserves 5676.2 6316.2 7255.8 8121.5 9115.6 8833.9 8332.5 7614.2 8834.8 20

21 Investment in bank personal trusts 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 21

22 Equity in noncorporate business 3595.4 3860.1 4135.6 4415.5 4649.8 5056.0 5209.7 5471.7 5866.9 22

23 Miscellaneous assets 316.3 326.8 339.5 351.5 364.3 370.9 389.4 420.0 462.0 23

24 Total liabilities 5073.2 5430.6 5789.0 6256.9 6833.1 7415.1 7997.0 8690.8 9597.7 24

25 Credit market instruments 4876.0 5208.8 5521.2 5960.1 6454.9 7025.7 7648.6 8382.8 9246.5 25

26 Home mortgages (3) 3344.3 3555.4 3779.3 4084.8 4459.5 4828.9 5295.7 5923.3 6658.1 26

27 Consumer credit 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 27

28 Municipal securities 98.3 104.9 114.9 126.9 137.3 143.0 156.9 169.8 183.9 28

29 Bank loans n.e.c. 57.4 58.0 66.5 74.2 71.5 74.2 57.7 54.5 93.9 29

30 Other loans and advances 115.7 121.5 123.2 122.9 117.8 119.8 120.4 120.7 119.3 30

31 Commercial mortgages 91.9 96.6 95.1 103.7 108.2 120.7 139.4 152.7 141.2 31

32 Security credit 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 32

33 Trade payables 101.1 109.1 118.0 126.8 130.9 134.7 132.9 139.8 147.7 33

 Deferred and unpaid

34 life insurance premiums 17.5 18.3 18.6 17.2 19.4 19.6 19.1 20.0 20.9 34

(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 17), life insurance and pension reserves (lines 19 and 20), and bank personal trusts (line 21).

(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.
FFA, 1995-2003, Z.1, December 9, 2004 55

L.101 Nonfinancial Business (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 5567.7 6162.0 6644.3 7872.8 9335.4 11260.2 11544.9 11754.2 12476.8 1

 2 Foreign deposits 17.4 28.2 23.1 30.5 31.5 24.0 15.5 20.0 38.9 2

 3 Checkable deposits and currency 326.5 385.0 415.1 472.5 567.8 674.9 626.5 620.9 728.5 3

 4 Time and savings deposits 171.1 174.7 205.1 211.0 254.4 274.9 275.8 274.4 320.6 4

 5 Money market fund shares 77.0 86.9 110.7 159.0 195.6 240.8 360.9 390.1 344.1 5

 6 Security RPs 2.4 3.9 4.6 4.2 5.8 4.2 4.0 6.2 5.9 6

 7 Credit market instruments 328.0 321.8 317.5 321.9 296.3 322.7 331.5 356.8 387.8 7

 8 Commercial paper 20.1 31.5 36.1 39.4 47.6 57.8 60.2 64.7 82.1 8

 9 Treasury securities 80.7 75.6 59.1 61.6 56.6 58.3 59.3 76.5 89.0 9

10 Agency- and GSE-backed securities 23.4 28.5 8.0 10.6 12.4 15.4 17.2 16.9 25.1 10

11 Municipal securities 39.0 33.6 30.6 28.6 27.7 34.4 32.8 35.8 44.0 11

12 Mortgages 79.7 74.7 99.0 93.9 65.9 66.8 73.3 76.4 77.3 12

13 Consumer credit 85.1 77.7 84.8 87.8 86.0 90.0 88.8 86.4 70.3 13

14 Mutual fund shares 45.7 63.0 75.0 98.0 127.0 124.0 111.0 97.0 121.0 14

15 Trade receivables 1325.3 1442.9 1565.7 1673.1 1920.3 2272.9 2146.1 2088.6 2241.9 15

16 Miscellaneous assets 3274.3 3655.6 3927.5 4902.4 5936.8 7321.8 7673.5 7900.3 8288.1 16

17 Total liabilities 7567.4 8073.4 8517.1 9663.3 10926.1 12479.3 12895.5 13238.6 13683.8 17

18 Credit market instruments 4116.8 4371.8 4762.7 5350.5 5957.2 6515.3 6910.8 7092.9 7421.7 18

19 Commercial paper 157.4 156.4 168.6 193.0 230.3 278.4 190.1 126.0 85.9 19

20 Municipal securities 134.8 137.9 142.0 147.8 152.8 154.2 157.7 160.8 164.2 20

21 Corporate bonds 1344.1 1460.4 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2869.3 21

22 Bank loans n.e.c. 806.2 876.0 973.9 1076.0 1165.8 1260.8 1195.9 1111.9 1036.7 22

23 Other loans and advances 566.8 582.8 625.4 693.1 724.9 803.6 811.6 831.2 842.4 23

24 Mortgages 1107.6 1158.3 1241.9 1394.6 1615.6 1788.0 1976.7 2152.1 2423.1 24

25 Trade payables 979.9 1061.3 1158.7 1247.9 1461.5 1822.2 1711.0 1756.9 1882.4 25

26 Taxes payable 73.7 85.5 99.2 108.1 124.0 142.6 149.7 169.8 170.6 26

27 Miscellaneous liabilities 2397.0 2554.8 2496.4 2956.9 3383.5 3999.1 4123.9 4219.1 4209.2 27

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
56 FFA, 1995-2003, Z.1, December 9, 2004

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 4958.5 5457.7 5808.7 6816.1 8093.8 9772.5 9898.9 9962.3 10517.8 1

 2 Foreign deposits 17.4 28.2 23.1 30.5 31.5 24.0 15.5 20.0 38.9 2

 3 Checkable deposits and currency 205.1 244.3 251.9 275.0 331.0 381.4 331.9 313.0 409.7 3

 4 Time and savings deposits 99.7 99.7 119.4 112.6 136.9 137.3 131.1 127.5 172.0 4

 5 Money market fund shares 60.0 67.6 87.8 126.4 154.9 191.4 301.9 328.8 291.0 5

 6 Security RPs 2.4 3.9 4.6 4.2 5.8 4.2 4.0 6.2 5.9 6

 7 Commercial paper 20.1 31.5 36.1 39.4 47.6 57.8 60.2 64.7 82.1 7

 8 Treasury securities 57.1 47.1 26.8 23.6 19.4 18.1 16.5 31.4 41.5 8

 9 Agency- and GSE-backed securities 23.4 28.5 8.0 10.6 12.4 15.4 17.2 16.9 25.1 9

10 Municipal securities 36.8 31.0 27.4 25.7 25.0 31.9 29.3 32.1 40.1 10

11 Mortgages 57.9 54.4 80.2 67.3 41.2 43.5 46.6 48.7 50.7 11

12 Consumer credit 85.1 77.7 84.8 87.8 86.0 90.0 88.8 86.4 70.3 12

13 Trade receivables 1184.9 1273.1 1360.8 1440.0 1647.7 1930.7 1802.2 1721.9 1823.6 13

14 Mutual fund shares 45.7 63.0 75.0 98.0 127.0 124.0 111.0 97.0 121.0 14

15 Miscellaneous assets 3062.9 3407.7 3622.8 4475.0 5427.5 6722.6 6942.7 7067.8 7346.0 15

16 U.S. direct investment abroad (1) 778.7 866.5 933.1 1041.0 1227.7 1322.2 1456.2 1575.9 1704.0 16

17 Insurance receivables 183.6 186.2 188.1 189.8 190.8 190.4 200.8 218.2 236.6 17

18 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Investment in finance company subs. 25.5 27.3 23.5 17.1 43.9 51.3 49.6 44.1 49.9 19

20 Other 2075.1 2327.7 2478.0 3227.0 3965.1 5158.7 5236.2 5229.7 5355.5 20

21 Total liabilities 6009.5 6378.6 6628.8 7457.6 8407.3 9611.4 9809.5 9949.1 10141.2 21

22 Credit market instruments 2909.6 3092.3 3382.3 3779.9 4191.1 4545.5 4774.1 4803.0 4972.9 22

23 Commercial paper 157.4 156.4 168.6 193.0 230.3 278.4 190.1 126.0 85.9 23

24 Municipal securities (2) 134.8 137.9 142.0 147.8 152.8 154.2 157.7 160.8 164.2 24

25 Corporate bonds (1) 1344.1 1460.4 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2869.3 25

26 Bank loans n.e.c. 601.8 642.1 692.7 768.8 813.0 861.0 758.3 661.9 596.1 26

27 Other loans and advances 453.7 467.9 507.7 562.0 585.4 651.3 659.1 675.1 680.7 27

28 Savings institutions 6.4 7.9 9.4 12.1 15.3 19.7 21.5 23.1 28.1 28

29 Finance companies 271.4 274.2 273.7 306.8 355.6 412.6 402.3 409.7 411.7 29

30 Federal government 10.0 8.7 8.4 8.3 8.0 7.6 7.4 7.0 7.8 30

31 Acceptance liabilities to banks 14.2 13.4 10.8 6.6 4.4 4.3 4.1 4.4 4.2 31

32 Rest of the world 122.1 126.0 143.3 142.3 119.5 117.3 115.7 125.8 125.0 32

33 ABS issuers 29.6 37.7 62.1 85.9 82.6 89.8 108.3 105.0 103.9 33

34 Mortgages 217.9 227.7 260.5 262.4 341.8 370.2 430.0 468.3 576.6 34

35 Trade payables 877.5 927.0 992.1 1049.7 1228.2 1541.4 1437.7 1461.7 1539.4 35

36 Taxes payable 40.3 49.9 59.2 64.1 71.0 78.0 81.0 93.0 84.1 36

37 Miscellaneous liabilities 2182.1 2309.3 2195.1 2563.9 2916.9 3446.5 3516.6 3591.4 3544.9 37

38 Foreign direct investment in U.S. 641.1 698.4 750.6 812.0 971.4 1171.6 1146.6 1087.7 1100.3 38

39 Pension fund contributions payable 82.4 86.4 93.5 114.9 107.3 121.3 121.9 122.0 120.6 39

40 Other 1458.6 1524.5 1351.0 1637.1 1838.3 2153.6 2248.1 2381.7 2323.9 40

 Memo:

41 Trade receivables net of payables 307.4 346.1 368.7 390.3 419.5 389.3 364.5 260.2 284.2 41

42 Market value of equities 6406.8 7639.2 9765.7 11577.8 15155.6 12678.8 10796.2 7907.1 10140.6 42

43 Securities and mortgages 1696.8 1825.9 2013.3 2256.2 2562.4 2754.7 3166.5 3340.1 3610.1 43

44 Loans and short-term paper 1212.8 1266.4 1369.0 1523.8 1628.7 1790.7 1607.6 1463.0 1362.7 44

45 Total short-term liabilities (3) 2130.6 2243.3 2420.3 2637.5 2927.9 3410.2 3126.3 3017.6 2986.2 45

46 Total liquid assets (4) 567.7 644.9 660.2 746.1 891.4 985.6 1018.6 1037.6 1227.3 46

 Analytical measures (percent)

47 Long-term debt/credit market debt 58.3 59.0 59.5 59.7 61.1 60.6 66.3 69.5 72.6 47

48 Short-term debt/credit market debt 41.7 41.0 40.5 40.3 38.9 39.4 33.7 30.5 27.4 48

49 Liquid assets/short-term liabilities 26.6 28.7 27.3 28.3 30.4 28.9 32.6 34.4 41.1 49

(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 10, plus line 14.
FFA, 1995-2003, Z.1, December 9, 2004 57

L.103 Nonfarm Noncorporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 548.1 643.2 773.8 992.7 1176.8 1422.8 1578.7 1720.0 1882.4 1

 2 Checkable deposits and currency 104.7 124.0 146.2 178.9 217.6 274.1 274.5 287.3 298.2 2

 3 Time and savings deposits 71.5 75.0 85.7 98.5 117.5 137.6 144.7 146.9 148.6 3

 4 Money market fund shares 17.0 19.2 22.9 32.6 40.7 49.4 59.0 61.3 53.1 4

 5 Treasury securities 23.6 28.6 32.2 38.0 37.2 40.2 42.8 45.2 47.5 5

 6 Municipal securities 2.2 2.6 3.2 2.8 2.7 2.4 3.5 3.7 3.9 6

 7 Mortgages 21.7 20.4 18.7 26.7 24.7 23.3 26.6 27.8 26.6 7

 8 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Trade receivables 140.3 169.8 204.9 233.1 272.6 342.1 343.9 366.7 418.4 9

10 Miscellaneous assets 167.0 203.5 259.9 382.1 463.8 553.7 683.6 781.1 886.1 10

11 Insurance receivables 44.2 44.8 45.2 45.6 45.9 45.8 48.3 52.5 56.9 11

12 Equity investment in GSEs (1) 1.0 1.7 1.7 1.6 1.6 1.6 1.8 1.8 2.1 12

13 Other 121.9 157.1 213.0 334.9 416.3 506.2 633.5 726.9 827.1 13

14 Total liabilities 1396.4 1528.6 1714.5 2020.9 2328.3 2665.5 2875.7 3070.5 3314.7 14

15 Credit market instruments 1062.0 1130.7 1225.4 1405.3 1595.5 1788.4 1944.7 2090.0 2241.2 15

16 Bank loans n.e.c. 164.7 193.6 237.3 262.1 308.6 352.9 390.7 404.1 395.1 16

17 Other loans and advances 92.3 93.9 97.2 108.1 116.7 127.8 125.3 127.6 133.3 17

18 Mortgages 805.0 843.2 890.9 1035.1 1170.1 1307.6 1428.8 1558.3 1712.9 18

19 Trade payables 86.2 116.8 147.8 178.6 213.3 259.9 255.0 276.0 322.7 19

20 Taxes payable 33.4 35.7 39.9 44.1 53.0 64.6 68.7 76.8 86.5 20

21 Miscellaneous liabilities 214.8 245.5 301.3 392.9 466.5 552.6 607.3 627.7 664.3 21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars

 1 Total financial assets 61.2 61.1 61.7 64.0 64.8 64.9 67.3 71.9 76.6 1

 2 Checkable deposits and currency 16.7 16.7 16.9 18.6 19.2 19.4 20.0 20.5 20.6 2

 3 Miscellaneous assets 44.5 44.4 44.8 45.4 45.6 45.5 47.3 51.4 56.0 3

 4 Insurance receivables 42.3 42.9 43.3 43.7 43.9 43.9 45.3 49.3 53.5 4

 5 Equity investment in GSEs (2) 2.2 1.5 1.5 1.7 1.6 1.6 2.0 2.1 2.5 5

 6 Total liabilities 161.4 166.2 173.8 184.9 190.6 202.4 210.3 219.0 227.8 6

 7 Credit market instruments 145.2 148.8 155.0 165.3 170.6 181.5 192.0 199.8 207.6 7

 8 Bank loans n.e.c. 39.7 40.4 43.9 45.1 44.2 46.9 46.9 46.0 45.5 8

 9 Other loans and advances 20.8 21.1 20.6 23.0 22.8 24.4 27.3 28.4 28.5 9

10 Mortgages 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 10

11 Trade payables 16.2 17.4 18.8 19.6 20.0 20.9 18.3 19.2 20.3 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
58 FFA, 1995-2003, Z.1, December 9, 2004

L.105 State and Local Governments (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 1121.7 1162.6 1286.9 1463.1 1587.5 1683.2 1756.5 1794.7 1905.0 1

 2 Checkable deposits and currency 33.3 27.8 32.2 28.3 32.2 33.2 38.2 46.7 55.2 2

 3 Time and savings deposits 62.0 72.6 78.4 92.3 105.7 118.7 129.9 137.6 147.2 3

 4 Money market fund shares 10.7 12.0 15.6 22.5 27.6 34.1 53.7 56.0 46.6 4

 5 Security RPs 115.7 147.8 151.4 154.2 151.6 159.8 137.6 132.7 140.7 5

 6 Credit market instruments 638.6 604.8 605.0 709.7 810.4 822.6 930.5 953.3 1010.1 6

 7 Open market paper 39.4 59.7 74.0 86.0 103.3 121.2 107.6 113.3 123.8 7

 8 Treasury securities 289.8 257.0 239.3 279.7 303.2 297.2 339.4 351.5 358.8 8

 9 Agency- and GSE-backed securities 151.5 116.2 115.4 152.7 196.5 198.1 253.5 256.5 279.3 9

10 Municipal securities 5.1 4.6 3.9 3.2 3.5 3.8 4.0 4.1 4.4 10

11 Corporate and foreign bonds 39.0 49.7 51.0 61.9 73.3 70.0 95.6 103.8 111.1 11

12 Mortgages 113.8 117.6 121.3 126.2 130.6 132.4 130.4 124.0 132.6 12

13 Corporate equities 26.4 46.9 78.4 97.6 117.1 97.1 100.7 80.3 84.5 13

14 Mutual fund shares 35.0 41.0 33.6 19.1 21.4 21.2 24.3 24.2 25.6 14

15 Trade receivables 77.3 82.9 89.2 95.4 103.9 111.4 116.5 118.1 126.3 15

16 Taxes receivable 18.6 14.0 14.3 17.1 27.6 42.4 46.1 56.5 73.5 16

17 Miscellaneous assets 104.2 112.7 188.8 226.9 190.1 242.7 179.0 189.5 195.2 17

18 Total liabilities 1531.7 1546.7 1619.7 1717.8 1785.4 1828.3 1959.2 2131.8 2279.9 18

19 Credit market instruments 1045.0 1029.1 1070.7 1138.3 1176.9 1192.3 1298.1 1442.0 1559.7 19

20 Municipal securities 1035.3 1019.0 1061.8 1128.2 1167.1 1183.6 1289.2 1432.6 1550.1 20

21 Short-term 32.9 39.1 47.5 41.2 43.7 45.1 69.0 94.2 101.3 21

22 Other 1002.4 979.9 1014.3 1087.1 1123.4 1138.5 1220.2 1338.4 1448.8 22

23 U.S. government loans 9.8 10.1 8.9 10.1 9.7 8.7 8.9 9.4 9.7 23

24 Trade payables 486.7 517.6 549.0 579.5 608.6 635.9 661.1 689.8 720.2 24

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government

Billions of dollars

 1 Total financial assets 441.9 447.1 442.3 445.4 560.5 513.8 614.9 611.4 653.2 1

 2 Gold, SDRs, and official foreign exchange 53.8 44.9 42.0 51.0 44.4 41.0 43.1 51.1 55.1 2

 3 Checkable deposits and currency 22.2 38.3 41.6 23.2 87.9 24.3 66.9 47.5 54.1 3

 4 Time and savings deposits 0.9 2.4 3.4 4.7 5.4 6.3 10.5 27.6 2.4 4

 5 Credit market instruments 207.7 206.4 209.7 221.4 260.9 272.6 278.6 288.2 285.6 5

 6 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Other loans and advances 140.3 138.6 135.6 139.2 132.3 128.6 122.7 119.1 117.7 7

 8 Mortgages 57.5 50.3 45.7 44.9 77.7 76.9 75.8 76.3 73.8 8

 9 Consumer credit (1) 9.9 17.6 28.3 37.4 50.9 67.0 80.1 92.8 94.1 9

10 Trade receivables 23.1 24.0 20.8 22.3 22.9 28.1 35.5 32.2 51.3 10

11 Taxes receivable 17.3 20.7 20.0 21.4 38.5 42.4 79.8 64.3 102.8 11

12 Miscellaneous assets 117.0 110.4 105.0 101.4 100.5 99.1 100.4 100.5 101.9 12

13 Total liabilities 4289.2 4491.2 4546.8 4529.4 4498.1 4227.2 4288.2 4575.9 5010.3 13

14 SDR certificates 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 14

15 Treasury currency 18.3 18.9 19.3 19.9 20.9 23.2 24.5 25.5 26.0 15

16 Credit market instruments 3636.7 3781.7 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 4033.1 16

17 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 17

18 Other Treasury securities 3423.5 3568.1 3591.8 3537.0 3466.2 3173.0 3162.4 3414.9 3804.4 18

19 Budget agency securities 28.2 26.6 26.5 28.5 28.3 27.3 26.8 27.3 24.9 19

20 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Trade payables 81.1 81.8 72.9 65.0 64.5 69.0 72.3 73.6 77.3 21

22 Insurance reserves 29.9 30.5 32.3 33.6 35.0 36.4 37.8 39.4 40.5 22

23 Miscellaneous liabilities (2) 513.0 568.7 608.3 649.6 690.6 711.3 772.0 798.2 831.3 23

24 Nonmarketable securities held by pension plans 506.3 561.4 601.7 642.9 684.0 704.9 765.8 790.3 815.0 24

25 Other 6.7 7.3 6.6 6.7 6.6 6.4 6.2 7.9 16.3 25

(1) Student loans.

(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement

 and disability fund.
FFA, 1995-2003, Z.1, December 9, 2004 59

L.107 Rest of the World

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 3428.1 4028.3 4602.4 5162.4 5775.7 6584.9 6965.8 7441.1 8228.7 1

 2 Net interbank assets 229.3 177.3 173.0 145.9 140.3 161.1 115.5 119.7 120.2 2

 3 U.S. checkable deposits and currency 194.0 214.0 243.8 257.1 279.4 286.9 305.7 326.6 351.3 3

 4 U.S. time deposits 49.6 60.6 73.6 129.0 125.9 108.7 120.6 152.3 124.8 4

 5 Security RPs 67.6 70.9 90.8 72.0 79.9 91.3 150.7 190.1 462.9 5

 6 Credit market instruments 1490.2 1832.6 2085.2 2231.2 2316.0 2590.8 2916.9 3394.8 3933.1 6

 7 Open market paper 43.4 57.9 77.8 87.1 85.8 90.1 87.5 97.8 107.7 7

 8 Treasury securities 816.9 1040.3 1153.2 1166.2 1058.4 1021.4 1063.1 1254.1 1539.2 8

 9 Official 490.0 606.4 615.1 622.9 617.7 639.8 704.6 796.4 966.1 9

10 Private 327.0 433.9 538.1 543.3 440.7 381.6 358.5 457.7 573.0 10

11 Agency- and GSE-backed securities 146.2 175.1 209.4 227.8 300.2 441.4 534.7 650.2 661.7 11

12 Official 17.5 24.7 33.1 46.8 76.1 116.4 126.9 158.4 183.3 12

13 Private 128.7 150.5 176.3 181.0 224.1 325.1 407.8 491.7 478.4 13

14 U.S. corporate bonds (1) 361.5 433.2 501.6 607.8 752.1 920.6 1115.9 1266.9 1499.5 14

15 Loans to U.S. corporate business 122.1 126.0 143.3 142.3 119.5 117.3 115.7 125.8 125.0 15

16 U.S. corporate equities 549.5 672.4 952.9 1250.3 1611.5 1643.2 1572.7 1260.8 1632.0 16

17 Trade receivables 52.6 58.1 59.0 52.5 47.4 47.0 43.9 47.0 48.7 17

18 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Miscellaneous assets 795.2 942.5 924.0 1024.3 1175.3 1655.8 1739.8 1949.8 1555.7 19

20 Foreign direct investment in U.S. (2) 680.1 745.6 824.1 920.0 1101.7 1421.0 1513.5 1505.2 1554.0 20

21 Other 115.2 196.9 99.8 104.3 73.6 234.8 226.3 444.6 1.7 21

22 Total liabilities 2014.2 2318.9 2562.3 2776.4 3148.1 3490.2 3650.1 3981.8 4050.1 22

 U.S. official foreign exchange

23 and net IMF position 63.7 53.7 48.9 60.1 50.1 46.1 46.8 55.8 62.3 23

24 U.S. private deposits 418.8 521.7 618.5 627.6 676.5 803.4 810.1 831.1 831.1 24

25 Credit market instruments 456.0 544.1 608.1 639.4 652.6 709.6 659.9 665.5 649.8 25

26 Commercial paper 56.2 67.5 65.1 72.9 89.2 120.9 106.7 142.8 165.1 26

27 Bonds 301.8 368.4 428.0 450.9 452.8 468.0 443.5 410.0 381.9 27

28 Bank loans n.e.c. 34.6 43.7 52.1 58.7 59.2 70.5 63.2 68.6 60.9 28

29 Official 2.6 2.9 2.1 2.8 3.0 3.5 4.3 5.1 4.6 29

30 Banks 10.9 14.3 13.8 13.1 9.9 13.2 5.9 5.1 3.7 30

31 Other 21.1 26.5 36.3 42.8 46.4 53.8 53.1 58.4 52.7 31

32 U.S. government loans 55.2 54.6 53.1 52.2 47.6 47.0 45.9 44.0 41.8 32

33 Acceptance liabilities to banks 8.2 9.9 9.7 4.7 3.9 3.1 0.5 0.2 0.2 33

34 Trade payables 45.3 43.6 48.8 44.9 49.1 49.9 47.8 37.6 45.5 34

35 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Miscellaneous liabilities 1030.4 1155.8 1238.1 1404.4 1719.8 1881.2 2085.6 2391.8 2461.5 36

37 U.S. equity in IBRD, etc. 27.4 29.2 30.8 32.4 33.9 35.4 37.1 38.6 40.0 37

38 U.S. government deposits 2.4 2.3 2.3 2.1 2.7 2.8 2.7 2.8 3.0 38

39 U.S. direct investment abroad (1,2) 885.5 989.8 1068.1 1196.0 1414.4 1531.6 1686.6 1840.0 2013.8 39

40 Other 115.0 134.4 136.9 173.9 268.8 311.5 359.2 510.4 404.7 40

 Memo:

41 Market value of foreign equities 790.6 1006.1 1207.8 1475.0 2003.7 1852.8 1612.7 1345.1 1972.2 41

 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).
60 FFA, 1995-2003, Z.1, December 9, 2004

L.108 Monetary Authority (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 471.9 495.2 534.0 566.8 696.9 636.0 683.0 753.6 796.9 1

 2 Gold and foreign exchange 32.1 30.2 28.0 30.7 27.1 26.6 25.5 27.9 30.8 2

 3 SDR certificates 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 24.0 25.0 25.6 26.3 28.0 31.6 33.0 34.6 35.5 4

 5 Federal Reserve float 0.1 4.3 0.7 1.6 -0.2 0.9 -0.0 0.4 -0.3 5

 6 Fed. Res. loans to domestic banks 0.1 0.1 2.0 0.0 0.2 0.1 0.0 0.0 0.1 6

 7 Security RPs 13.9 21.6 23.8 30.4 140.6 43.4 50.3 39.5 43.8 7

 8 Credit market instruments 380.8 393.1 431.4 452.5 478.1 511.8 551.7 629.4 666.7 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities 378.2 390.9 430.7 452.1 478.0 511.7 551.7 629.4 666.7 10

11 Agency- and GSE-backed securities 2.6 2.2 0.7 0.3 0.2 0.1 0.0 0.0 0.0 11

12 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Miscellaneous assets 10.7 11.2 13.2 16.1 16.8 19.3 20.3 19.6 18.2 13

14 Total liabilities 467.9 490.7 528.8 560.9 690.5 629.2 675.7 745.3 788.0 14

15 Depository institution reserves 29.6 24.5 30.8 26.3 24.0 19.0 17.5 22.5 23.1 15

16 Vault cash of commercial banks 40.6 45.2 45.0 42.1 66.6 44.4 47.3 47.8 47.9 16

17 Checkable deposits and currency 390.3 413.6 443.5 481.8 590.4 555.2 603.1 644.6 682.5 17

18 Due to federal government 6.2 8.0 5.7 6.2 28.5 5.6 7.1 4.8 6.0 18

19 Due to rest of the world 0.4 0.2 0.5 0.2 0.1 0.3 0.1 0.1 0.2 19

20 Currency outside banks 383.7 405.5 437.4 475.4 561.8 549.3 596.0 639.7 676.3 20

21 Miscellaneous liabilities 7.4 7.4 9.5 10.7 9.4 10.6 7.7 30.3 34.5 21

22 Federal Reserve Bank stock 4.0 4.6 5.4 6.0 6.4 7.0 7.4 8.4 8.8 22

23 Other 3.5 2.8 4.0 4.8 3.0 3.6 0.4 21.9 25.7 23

(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.
FFA, 1995-2003, Z.1, December 9, 2004 61

L.109 Commercial Banking (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 4493.8 4710.4 5174.6 5628.6 5982.5 6468.7 6829.0 7329.2 7809.0 1

 2 Vault cash 40.6 45.2 45.0 42.1 66.6 44.4 47.3 47.8 47.9 2

 3 Reserves at Federal Reserve 26.9 22.3 29.1 24.4 19.3 17.4 15.2 19.5 19.8 3

 4 Checkable deposits and currency 1.6 1.4 1.4 2.0 2.2 1.7 2.8 2.5 2.5 4

 5 Total bank credit 3604.6 3794.5 4144.5 4483.6 4788.5 5200.8 5411.3 5811.4 6202.0 5

 6 Treasury securities 278.7 261.8 270.1 214.1 228.9 184.5 162.7 205.8 132.9 6

 7 Agency- and GSE-backed securities 467.5 495.7 571.2 663.2 699.6 721.8 777.4 917.9 999.5 7

 8 Municipal securities 93.4 94.2 96.7 104.8 110.8 114.1 120.2 121.7 132.5 8

 9 Corporate and foreign bonds 110.5 111.6 140.5 176.2 210.1 266.1 363.1 359.9 482.5 9

10 Total loans 2647.3 2821.8 3055.4 3309.3 3515.5 3887.3 3957.8 4183.0 4422.6 10

11 Open market paper 5.7 6.5 2.7 1.1 1.4 1.5 0.0 0.0 0.0 11

12 Bank loans n.e.c. 949.6 1041.7 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1292.3 12

13 Mortgages 1090.2 1145.4 1245.3 1337.0 1495.4 1660.1 1789.8 2058.3 2255.8 13

14 Consumer credit 502.3 527.5 515.1 513.6 510.2 554.0 571.8 606.4 661.0 14

15 Security credit 99.5 100.8 122.5 142.8 124.8 175.2 175.2 177.9 213.5 15

16 Corporate equities 5.0 6.8 2.6 6.8 11.3 11.9 8.9 3.5 15.1 16

17 Mutual fund shares 2.3 2.6 8.1 9.1 12.4 15.0 21.3 19.6 17.1 17

18 Customers’ liab. on acceptances (2) 22.3 23.4 20.6 11.3 8.2 7.5 4.6 4.6 4.4 18

19 Miscellaneous assets 797.8 823.7 934.0 1065.2 1097.7 1196.9 1347.9 1443.4 1532.4 19

20 Total liabilities 4333.2 4547.4 5053.0 5505.7 5833.5 6407.1 6770.3 7330.6 7847.4 20

21 Net interbank liabilities 220.5 171.1 143.5 121.0 111.8 157.8 126.6 135.5 132.5 21

22 To monetary authority 0.2 4.4 2.8 1.7 -0.0 1.0 0.0 0.5 -0.3 22

23 To domestic banks (3) -9.0 -10.6 -32.2 -26.5 -28.5 -4.3 11.1 15.3 12.6 23

24 To foreign banks 229.3 177.3 173.0 145.9 140.3 161.1 115.5 119.7 120.2 24

25 Checkable deposits 710.8 676.3 656.4 622.9 626.4 540.9 628.8 571.5 602.4 25

26 Federal government 19.0 28.7 27.8 13.2 49.6 16.4 47.5 31.1 30.2 26

27 Rest of the world 24.1 26.9 31.7 28.6 28.6 30.7 25.8 25.2 33.2 27

28 Private domestic 667.7 620.7 597.0 581.1 548.2 493.8 555.6 515.3 539.0 28

29 Small time and savings deposits 1490.1 1613.2 1761.5 1945.2 2017.1 2228.7 2478.1 2747.6 2977.9 29

30 Large time deposits 387.8 493.1 601.0 673.1 792.6 885.4 918.1 915.3 934.1 30

31 Federal funds and security RPs (net) 422.2 463.2 552.2 639.2 750.0 816.1 786.5 902.0 969.5 31

32 Credit market instruments 250.6 263.6 309.2 382.1 449.3 509.3 562.1 611.8 661.0 32

33 Open market paper 52.8 55.7 58.5 56.9 63.1 63.6 55.4 52.9 46.6 33

34 Corporate bonds 161.1 168.9 192.6 220.2 240.6 273.2 310.2 332.2 379.1 34

35 Other loans and advances 36.7 39.0 58.1 104.9 145.6 172.4 196.6 226.8 235.3 35

36 Taxes payable 2.8 4.0 5.4 7.1 9.0 11.1 13.5 16.2 19.1 36

37 Miscellaneous liabilities 848.4 863.0 1023.7 1115.2 1077.4 1257.8 1256.6 1430.8 1550.8 37

 Memo:

38 Credit market funds advanced (4) 3520.1 3707.7 4031.9 4336.1 4648.3 5006.3 5210.5 5614.9 5960.8 38

(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 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18).
62 FFA, 1995-2003, Z.1, December 9, 2004

L.110 U.S.-Chartered Commercial Banks

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 3321.7 3444.5 3742.2 4080.6 4431.2 4774.1 5014.5 5427.1 5840.4 1

 2 Vault cash and reserves at Federal Reserve 66.6 66.3 71.2 65.5 84.4 61.3 61.9 66.1 66.8 2

 3 Total bank credit 3116.3 3231.5 3512.2 3844.6 4164.5 4515.2 4718.6 5102.3 5481.6 3

 4 Treasury securities 207.6 173.0 166.8 124.8 122.8 87.9 56.5 86.4 93.5 4

 5 Agency- and GSE-backed securities 421.5 436.7 497.2 578.9 608.3 626.5 700.2 821.3 906.4 5

 6 Mortgage pass-through securities 195.1 216.6 247.7 301.5 283.7 297.8 350.6 434.9 491.5 6

 7 CMOs and other structured MBS 101.0 89.5 107.0 115.9 120.9 111.0 168.2 159.1 161.4 7

 8 Other 125.3 130.7 142.4 161.5 203.8 217.6 181.4 227.4 253.5 8

 9 Municipal securities 92.7 93.7 96.1 104.4 110.2 113.4 119.7 121.2 131.9 9

10 Corporate and foreign bonds 68.9 64.1 83.3 113.6 151.3 201.4 265.1 264.3 306.0 10

11 Private mortgage pass-through securities 4.5 4.2 3.0 3.9 4.5 4.1 25.3 12.0 12.2 11

12 Private CMOs and other structured MBS 24.9 21.8 22.5 42.8 48.8 56.5 59.3 67.4 92.6 12

13 Other 39.5 38.2 57.9 66.9 98.1 140.8 180.5 185.0 201.2 13

14 Total loans 2318.2 2454.6 2658.1 2906.9 3148.2 3459.1 3546.9 3785.9 4011.7 14

15 Open market paper 3.9 4.2 2.3 0.8 0.7 0.9 0.0 0.0 0.0 15

16 Bank loans n.e.c. 701.6 759.8 867.9 1012.0 1104.3 1202.4 1140.5 1081.9 1045.5 16

17 Mortgages 1045.4 1102.9 1208.4 1304.3 1465.4 1627.0 1752.8 2018.5 2213.6 17

18 Consumer credit 502.3 527.5 515.1 513.6 510.2 554.0 571.8 606.4 661.0 18

19 Security credit 65.1 60.2 64.4 76.3 67.6 74.7 81.9 79.2 91.5 19

20 Corporate equities 5.0 6.8 2.6 6.8 11.3 11.9 8.9 3.5 15.1 20

21 Mutual fund shares 2.3 2.6 8.1 9.1 12.4 15.0 21.3 19.6 17.1 21

22 Customers’ liab. on acceptances (1) 12.3 13.9 13.7 9.1 6.6 5.9 3.6 3.9 3.8 22

23 Miscellaneous assets 126.6 132.8 145.2 161.5 175.6 191.7 230.4 254.7 288.2 23

24 Total liabilities 3457.6 3598.7 3959.7 4353.3 4685.6 5169.7 5455.3 5948.0 6423.3 24

25 Net interbank liabilities 54.4 0.4 2.9 25.2 56.9 137.5 138.2 192.4 219.8 25

26 Federal Reserve float 0.1 4.3 0.7 1.6 -0.2 0.9 -0.0 0.4 -0.3 26

27 Borrowing from Federal Reserve banks 0.1 0.1 2.0 0.0 0.2 0.1 0.0 0.0 0.1 27

28 To domestic banks -20.0 -41.8 -50.2 -50.9 -67.3 -33.0 -17.8 0.2 -64.6 28

29 To foreign banks 74.1 37.8 50.4 74.4 124.1 169.5 155.9 191.8 284.6 29

30 Checkable deposits 695.8 661.4 640.3 605.8 608.7 523.7 608.2 552.7 581.0 30

31 Federal government 19.0 28.7 27.8 13.2 49.6 16.4 47.5 31.1 30.2 31

32 Rest of the world 18.1 21.6 26.0 23.2 22.7 25.0 22.6 22.3 30.7 32

33 Private domestic 658.6 611.1 586.5 569.4 536.5 482.3 538.2 499.3 520.2 33

34 Small time and savings deposits 1471.3 1594.2 1738.0 1924.4 1997.4 2208.0 2448.3 2722.0 2950.2 34

35 Large time deposits 256.5 306.1 369.3 404.1 465.7 553.6 528.4 552.7 555.7 35

36 Federal funds and security RPs (net) 379.6 408.2 471.7 538.4 667.0 682.4 663.9 737.4 806.0 36

37 Acceptance liabilities 12.3 14.0 13.7 9.1 6.6 6.0 3.7 3.9 3.8 37

38 Corporate bonds 43.3 50.9 61.6 72.1 75.8 86.4 94.7 94.1 99.6 38

39 Other loans and advances 36.7 39.0 58.1 104.9 145.6 172.4 196.6 226.8 235.3 39

40 Taxes payable 2.8 4.0 5.4 7.1 9.0 11.1 13.5 16.2 19.1 40

41 Miscellaneous liabilities 505.0 520.6 598.7 662.0 653.1 788.6 759.8 849.8 953.0 41

42 Investment by bank holding companies 344.3 372.9 413.6 469.0 471.9 525.4 586.1 639.2 689.8 42

43 Other 160.7 147.7 185.1 193.0 181.2 263.2 173.7 210.6 263.2 43

 Memo:

44 Credit market funds advanced (2) 3056.1 3175.8 3450.7 3761.4 4080.0 4419.5 4610.1 5003.9 5361.7 44

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22).
FFA, 1995-2003, Z.1, December 9, 2004 63

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 666.3 714.8 811.3 806.5 750.9 789.4 791.9 801.1 732.5 1

 2 Reserves at Federal Reserve 0.8 1.1 2.9 1.0 1.4 0.5 0.6 1.2 0.9 2

 3 Total bank credit 436.9 507.0 567.2 568.7 543.0 610.2 603.0 615.0 607.1 3

 4 Treasury securities 62.3 80.7 95.1 84.8 94.5 94.0 103.8 116.7 34.2 4

 5 Agency- and GSE-backed securities 37.3 49.7 62.2 67.4 72.4 72.7 50.7 61.6 52.5 5

 6 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Corporate and foreign bonds 33.5 36.6 41.3 46.9 42.4 50.7 81.3 81.6 160.9 7

 8 Total loans 303.9 339.9 368.6 369.6 333.8 392.8 367.2 355.2 359.6 8

 9 Open market paper 1.7 2.3 0.4 0.3 0.6 0.6 0.0 0.0 0.0 9

10 Bank loans n.e.c. 232.6 264.8 284.0 282.4 260.0 274.6 256.1 237.5 220.4 10

11 Mortgages 35.1 32.2 26.1 20.4 15.9 17.1 17.9 19.0 17.2 11

12 Security credit 34.4 40.6 58.0 66.5 57.2 100.5 93.3 98.7 121.9 12

13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Customers’ liab. on acceptances (2) 10.1 9.4 6.9 2.2 1.6 1.6 1.0 0.6 0.6 14

15 Miscellaneous assets 218.5 197.2 234.3 234.5 204.9 177.1 187.2 184.2 123.9 15

16 Total liabilities 681.3 731.9 830.8 828.8 776.4 818.4 824.8 838.4 774.7 16

17 Net interbank liabilities 181.0 178.6 148.2 93.2 48.2 7.4 -9.3 -51.6 -92.8 17

18 To foreign banks 173.6 162.1 144.4 92.7 41.5 -15.5 -50.9 -83.1 -130.7 18

19 To domestic banks 7.5 16.5 3.8 0.4 6.7 22.9 41.6 31.5 37.8 19

20 Checkable deposits 8.7 8.0 8.8 8.6 9.1 8.7 9.1 8.4 9.4 20

21 Small time and savings deposits 8.5 8.7 13.1 9.4 7.5 7.2 11.6 9.4 10.3 21

22 Large time deposits 121.0 176.6 221.3 257.6 314.8 318.2 371.5 346.4 361.0 22

23 Federal funds and security RPs (net) 43.2 55.1 80.7 100.4 82.5 134.8 123.9 163.4 161.5 23

24 Acceptance liabilities 10.4 9.6 7.2 2.4 2.0 2.0 1.1 0.7 0.6 24

25 Miscellaneous liabilities 308.5 295.2 351.5 357.3 312.2 340.1 316.9 361.8 324.8 25

26 Foreign direct investment in U.S. 32.7 30.3 38.8 46.1 62.0 64.2 67.2 76.8 87.5 26

27 Due to affiliates 50.7 64.5 78.8 90.6 93.0 138.7 107.9 132.6 130.8 27

28 Other 225.1 200.5 233.9 220.6 157.2 137.2 141.9 152.4 106.4 28

 Memo:

29 Credit market funds advanced (3) 412.6 475.8 516.1 504.5 487.4 511.3 510.7 516.9 485.8 29

(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 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14).
64 FFA, 1995-2003, Z.1, December 9, 2004

L.112 Bank Holding Companies

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 466.8 510.8 575.3 685.9 741.2 841.9 942.4 1025.8 1152.4 1

 2 Credit market instruments 18.0 22.0 27.4 26.5 32.7 20.5 24.7 27.8 36.4 2

 3 Treasury securities 3.4 4.0 4.0 0.9 8.8 0.8 1.2 1.3 2.7 3

 4 Agency- and GSE-backed securities 4.7 4.9 5.5 6.6 5.4 4.8 6.2 10.7 11.6 4

 5 Corporate and foreign bonds 7.7 10.5 15.5 14.8 15.9 13.2 15.3 12.9 14.2 5

 6 Bank loans n.e.c. 2.3 2.5 2.4 4.1 2.6 1.6 1.9 2.9 7.9 6

 7 Miscellaneous assets 448.7 488.9 547.9 659.5 708.5 821.4 917.8 998.1 1116.0 7

 8 Investment in bank subsidiaries 344.3 372.9 413.6 469.0 471.9 525.4 586.1 639.2 689.8 8

 9 Investment in nonbank subsidiaries 64.7 64.9 89.9 134.0 151.3 189.7 219.5 219.3 264.3 9

10 Other 39.8 51.1 44.4 56.5 85.4 106.3 112.2 139.5 161.9 10

11 Total liabilities 157.1 178.3 218.8 270.6 314.6 358.7 413.4 473.1 570.8 11

12 Net interbank liabilities -14.9 -7.9 -7.6 2.7 6.7 12.9 -2.3 -5.3 5.6 12

13 To domestic banks 3.5 14.7 14.3 23.9 32.1 5.8 -12.8 -16.4 39.4 13

14 To foreign banks -18.5 -22.6 -21.9 -21.3 -25.4 7.1 10.4 11.1 -33.8 14

15 Federal funds and security RPs (net) -0.5 -0.2 -0.2 0.4 0.5 -1.1 -1.2 1.2 2.1 15

16 Credit market instruments 148.0 150.0 168.6 193.5 219.3 242.5 266.1 286.4 321.8 16

17 Commercial paper 30.1 32.0 37.6 45.4 54.5 55.7 50.6 48.3 42.3 17

18 Corporate bonds 117.9 118.0 131.0 148.1 164.8 186.8 215.5 238.1 279.5 18

19 Miscellaneous liabilities 24.6 36.3 57.9 74.1 88.1 104.4 150.8 190.9 241.4 19

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars

 1 Total financial assets 39.0 40.3 45.8 55.5 59.2 63.3 80.2 75.2 83.6 1

 2 Checkable deposits and currency 1.6 1.4 1.4 2.0 2.2 1.7 2.8 2.5 2.5 2

 3 Credit market instruments 33.4 34.1 37.8 43.8 48.3 55.0 65.0 66.3 76.9 3

 4 Treasury securities 5.4 4.1 4.2 3.6 2.8 1.8 1.2 1.5 2.5 4

 5 Agency- and GSE-backed securities 4.0 4.3 6.3 10.2 13.5 17.8 20.3 24.2 28.9 5

 6 Municipal securities 0.7 0.5 0.5 0.5 0.6 0.7 0.5 0.5 0.6 6

 7 Corporate and foreign bonds 0.4 0.3 0.4 1.0 0.5 0.8 1.4 1.1 1.4 7

 8 Bank loans n.e.c. 13.1 14.6 15.5 16.3 16.9 18.0 22.5 18.2 18.5 8

 9 Home mortgages 5.7 6.3 6.4 7.5 8.1 9.1 8.2 9.7 12.2 9

10 Commercial mortgages 4.0 3.9 4.4 4.8 6.0 6.8 11.0 11.2 12.8 10

11 Miscellaneous assets 4.0 4.8 6.6 9.7 8.7 6.6 12.5 6.4 4.3 11

12 Total liabilities 37.2 38.6 43.7 53.1 56.9 60.4 76.8 71.1 78.6 12

13 Checkable deposits 6.4 6.9 7.3 8.5 8.5 8.4 11.5 10.4 11.9 13

14 Small time and savings deposits 10.2 10.4 10.4 11.4 12.2 13.6 18.1 16.2 17.5 14

15 Large time deposits 10.2 10.4 10.4 11.4 12.2 13.6 18.1 16.2 17.5 15

16 Miscellaneous liabilities 10.3 10.9 15.6 21.9 24.1 24.8 29.0 28.3 31.7 16

(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.
FFA, 1995-2003, Z.1, December 9, 2004 65

L.114 Savings Institutions (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 1012.8 1031.7 1028.6 1088.6 1150.5 1217.7 1299.1 1357.4 1475.2 1

 2 Reserves at Federal Reserve 2.7 2.3 1.8 1.9 4.7 1.7 2.3 3.0 3.3 2

 3 Checkable deposits and currency 15.5 14.2 15.2 18.4 17.4 19.0 21.0 24.7 24.9 3

 4 Time and savings deposits 1.1 1.4 1.0 1.5 1.3 1.4 2.2 2.6 2.6 4

 5 Federal funds and security RPs 11.2 10.0 9.2 14.8 10.6 14.9 27.4 27.1 21.0 5

 6 Credit market instruments 913.3 933.2 928.5 965.5 1032.6 1088.8 1133.4 1167.0 1293.3 6

 7 Open market paper 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 18.4 17.4 14.6 10.2 10.1 8.7 11.4 9.2 12.2 8

 9 Agency- and GSE-backed securities 164.6 156.1 155.3 143.7 147.1 140.4 161.4 176.2 198.7 9

10 Mortgage pass-through securities 134.8 127.8 124.1 117.2 115.7 109.0 115.7 132.7 138.1 10

11 CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Other 29.8 28.3 31.2 26.5 31.4 31.4 45.7 43.5 60.6 12

13 Municipal securities 2.0 2.1 2.1 2.5 3.0 3.2 4.5 5.5 6.3 13

14 Corporate and foreign bonds 78.5 68.6 58.7 88.6 111.9 109.4 83.9 79.9 71.1 14

15 Private mortgage pass-through securities 24.7 21.0 15.1 13.2 18.4 19.0 13.2 10.6 10.7 15

16 Private CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Other 53.9 47.6 43.6 75.4 93.6 90.4 70.7 69.3 60.4 17

18 Other loans and advances 12.8 15.7 18.8 24.2 30.6 39.3 42.9 46.2 56.3 18

19 Mortgages 596.8 628.3 631.8 644.0 668.1 723.0 758.2 781.4 870.9 19

20 Consumer credit 40.1 44.7 47.2 52.4 61.7 64.8 71.1 68.7 77.9 20

21 Corporate equities 14.3 17.8 23.3 24.5 23.8 24.2 27.9 29.1 30.4 21

22 Miscellaneous assets 54.7 52.9 49.7 62.1 60.0 67.6 84.9 103.9 99.7 22

23 Total liabilities 995.1 1010.5 1001.0 1058.8 1119.6 1185.8 1264.1 1318.1 1428.3 23

24 Deposits 727.9 721.4 695.8 693.2 699.3 726.7 773.6 840.5 899.8 24

25 Checkable 97.1 122.4 149.5 185.6 222.3 265.8 316.5 370.9 428.3 25

26 Small time and savings 550.8 512.6 448.2 393.9 354.7 318.9 288.2 256.5 226.0 26

27 Large time 80.1 86.4 98.1 113.7 122.2 142.1 168.9 213.1 245.5 27

28 Security RPs 44.5 43.7 41.8 51.3 72.7 66.7 72.4 57.4 77.5 28

29 Credit market instruments 115.0 140.5 160.3 212.4 260.4 287.7 285.7 262.3 268.3 29

30 Corporate bonds 3.1 2.7 2.8 2.6 2.7 6.3 3.6 3.4 5.1 30

31 Bank loans n.e.c. 14.6 15.9 19.4 29.7 14.0 21.5 23.0 27.2 13.9 31

32 Other loans and advances 97.4 121.9 138.0 180.1 243.7 260.0 259.1 231.7 249.3 32

33 Taxes payable 1.6 1.4 1.8 2.0 2.0 2.5 1.7 1.5 1.3 33

34 Miscellaneous liabilities 106.0 103.4 101.4 99.8 85.1 102.3 130.7 156.4 181.4 34

35 Investment by parent 4.5 4.7 5.0 5.4 6.0 6.6 7.4 8.3 9.3 35

36 Other 101.5 98.8 96.4 94.4 79.2 95.7 123.3 148.1 172.0 36

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
66 FFA, 1995-2003, Z.1, December 9, 2004

L.115 Credit Unions

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 310.7 330.1 353.8 391.5 414.5 441.1 505.5 560.8 617.3 1

 2 Checkable deposits and currency 7.4 7.5 8.1 9.1 26.4 26.7 36.8 38.4 41.5 2

 3 Time and savings deposits 17.1 16.4 17.0 23.4 16.6 15.5 23.0 24.5 26.4 3

 4 Federal funds and security RPs 6.4 1.4 3.5 6.8 9.3 4.0 2.5 1.7 1.6 4

 5 Credit market instruments 263.0 288.5 305.3 324.2 351.7 379.7 421.2 463.9 514.5 5

 6 Open market paper 0.6 0.3 0.2 0.4 1.9 1.2 2.4 3.6 1.6 6

 7 Treasury securities 18.3 17.4 15.6 13.1 9.6 8.2 7.4 7.8 8.9 7

 8 Agency- and GSE-backed securities 45.7 50.7 51.0 58.4 61.3 60.9 80.6 97.3 115.5 8

 9 Home mortgages 66.5 76.0 86.0 96.9 111.0 124.9 141.3 159.4 182.6 9

10 Consumer credit 131.9 144.1 152.4 155.4 167.9 184.4 189.6 195.7 205.9 10

11 Mutual fund shares 2.8 2.6 2.4 3.6 2.5 2.2 3.7 3.5 4.1 11

12 Miscellaneous assets 13.9 13.7 17.6 24.3 8.0 12.9 18.3 28.7 29.2 12

13 Total liabilities 283.7 300.1 320.6 355.3 376.1 398.1 458.9 509.0 560.3 13

14 Shares/deposits 278.8 295.1 315.4 349.0 366.7 389.1 450.2 496.9 544.9 14

15 Checkable 30.9 32.5 36.6 43.0 45.4 51.3 54.7 59.7 67.4 15

16 Small time and savings 238.9 251.2 264.4 287.5 299.8 312.7 361.3 394.4 424.0 16

17 Large time 9.0 11.4 14.4 18.5 21.6 25.1 34.1 42.8 53.6 17

18 Other loans and advances 0.4 0.4 0.6 1.1 3.4 3.4 4.9 6.9 9.1 18

19 Miscellaneous liabilities 4.5 4.6 4.6 5.2 6.0 5.6 3.8 5.1 6.3 19

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars

 1 Total financial assets 774.9 841.6 917.7 976.3 1104.1 1067.8 929.1 807.9 899.0 1

 2 Deposits 44.7 51.1 48.2 54.4 62.7 69.8 65.1 65.2 65.1 2

 3 Checkable deposits and currency 0.5 0.8 0.8 0.3 0.3 0.2 0.7 0.0 0.4 3

 4 Time and savings deposits 10.5 9.0 10.0 7.8 8.7 8.9 11.7 11.1 19.8 4

 5 Money market fund shares 33.6 41.4 37.4 46.2 53.7 60.6 52.8 54.1 44.9 5

 6 Credit market instruments 239.7 232.0 207.0 194.1 222.0 222.8 194.7 195.6 193.2 6

 7 Open market paper 23.7 21.1 21.0 16.5 17.1 14.7 11.6 11.4 11.0 7

 8 Treasury securities 27.5 25.7 20.4 17.3 17.3 16.3 11.5 11.2 10.9 8

 9 Agency- and GSE-backed securities 43.3 45.6 40.8 39.4 45.2 45.5 35.1 34.2 31.6 9

10 Municipal securities 108.3 104.0 90.7 89.5 100.3 99.1 95.6 100.9 98.4 10

11 Corporate and foreign bonds 33.6 31.9 31.1 28.5 39.8 44.9 38.3 35.6 39.5 11

12 Mortgages 3.3 3.6 3.0 2.8 2.2 2.3 2.5 2.3 1.9 12

13 Corporate equities 224.9 265.4 362.2 360.1 407.3 356.8 280.7 181.1 213.1 13

14 Mutual fund shares 253.5 277.1 285.7 344.7 391.5 396.8 359.1 339.1 391.2 14

15 Miscellaneous assets 12.1 16.0 14.6 23.0 20.5 21.7 29.4 26.8 36.4 15

16 Total liabilities (2) 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 16

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
FFA, 1995-2003, Z.1, December 9, 2004 67

L.117 Life Insurance Companies

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 2063.6 2246.3 2514.8 2769.5 3067.9 3135.7 3224.6 3335.0 3772.8 1

 2 Checkable deposits and currency 5.2 4.3 8.1 5.4 5.5 5.0 36.8 35.3 47.3 2

 3 Money market fund shares 22.8 61.9 92.8 110.4 131.8 142.3 173.3 159.8 151.4 3

 4 Credit market instruments 1587.5 1657.0 1751.1 1828.0 1886.0 1943.9 2074.8 2307.8 2488.3 4

 5 Open market paper 45.5 48.4 65.9 73.4 75.8 71.2 59.3 74.0 55.9 5

 6 Treasury securities 108.1 93.2 85.5 71.3 62.8 58.1 53.7 78.5 71.8 6

 7 Agency- and GSE-backed securities 242.9 244.1 226.7 217.0 224.4 235.4 253.5 330.9 348.9 7

 8 Municipal securities 11.9 13.4 16.7 18.4 20.1 19.1 18.7 19.9 26.1 8

 9 Corporate and foreign bonds 870.1 949.3 1046.0 1130.4 1173.2 1222.2 1342.4 1449.3 1620.2 9

10 Policy loans 95.9 100.5 103.7 103.8 99.0 101.9 104.1 105.1 104.5 10

11 Mortgages 213.1 208.2 206.8 213.6 230.8 235.9 243.0 250.0 260.9 11

12 Corporate equities 309.6 406.9 539.7 683.2 909.0 891.9 811.3 708.9 919.3 12

13 Mutual fund shares 33.5 42.5 57.2 73.2 98.7 97.0 88.3 76.6 91.7 13

14 Miscellaneous assets 105.1 73.7 65.7 69.2 36.9 55.6 40.1 46.8 74.7 14

15 Total liabilities 1953.9 2115.6 2359.7 2599.7 2882.8 2942.8 3034.8 3140.4 3539.4 15

16 Other loans and advances 0.5 1.6 1.8 2.5 3.2 2.5 3.1 5.1 8.0 16

17 Life insurance reserves 536.3 580.1 632.7 684.7 748.9 782.7 842.2 881.6 972.7 17

18 Pension fund reserves (1) 880.6 953.9 1086.1 1248.1 1428.1 1465.9 1494.6 1583.8 1786.5 18

19 Taxes payable 12.0 12.5 13.7 14.9 16.2 17.8 19.7 22.1 24.9 19

20 Miscellaneous liabilities 524.6 567.5 625.4 649.5 686.4 674.0 675.1 647.9 747.3 20

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20).

L.118 Other Insurance Companies

Billions of dollars

 1 Total financial assets 740.3 770.0 843.5 876.4 872.7 862.0 859.9 929.8 1060.1 1

 2 Checkable deposits and currency 4.9 3.9 4.2 4.0 4.3 3.7 13.1 25.9 34.6 2

 3 Security RPs 37.5 35.4 35.2 42.7 28.3 38.3 30.2 44.4 52.8 3

 4 Credit market instruments 468.7 491.2 515.3 521.1 518.2 509.4 518.4 558.3 625.2 4

 5 Treasury securities 133.4 120.9 91.1 70.4 60.6 52.1 52.0 61.2 64.7 5

 6 Agency- and GSE-backed securities 48.2 51.0 70.8 69.7 75.5 84.1 94.2 113.2 115.4 6

 7 Municipal securities 161.0 175.4 191.6 208.1 199.0 184.1 173.8 183.0 224.2 7

 8 Corporate and foreign bonds 123.3 141.6 159.5 171.1 181.1 187.5 196.4 198.9 218.9 8

 9 Commercial mortgages 2.8 2.4 2.2 2.0 1.9 1.6 1.9 2.0 2.1 9

10 Corporate equities 134.2 148.6 186.0 200.1 207.9 194.3 173.9 152.3 182.7 10

11 Trade receivables 57.3 57.2 59.9 61.5 63.6 64.6 69.9 74.8 79.3 11

12 Miscellaneous assets 37.8 33.6 42.8 47.0 50.6 51.8 54.4 74.1 85.5 12

13 Total liabilities 510.7 521.4 535.7 543.1 551.8 562.7 597.0 647.9 690.7 13

14 Taxes payable 9.0 11.6 13.4 15.4 17.4 19.7 22.4 25.6 29.3 14

15 Miscellaneous liabilities 501.6 509.9 522.3 527.7 534.4 543.0 574.6 622.3 661.4 15
68 FFA, 1995-2003, Z.1, December 9, 2004

L.119 Private Pension Funds (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 2888.8 3206.8 3689.2 4104.8 4571.2 4355.0 3916.3 3309.2 4025.4 1

 2 Checkable deposits and currency 4.8 5.4 6.6 5.7 6.9 9.4 9.9 10.2 10.4 2

 3 Time and savings deposits 106.6 111.9 119.4 147.7 118.8 136.4 143.5 148.0 150.4 3

 4 Money market fund shares 37.5 48.4 61.4 63.4 75.1 76.7 80.5 82.8 84.4 4

 5 Security RPs 22.1 26.7 27.6 28.8 32.5 30.0 31.6 32.5 33.1 5

 6 Credit market instruments 607.9 601.4 647.1 621.1 720.4 624.0 637.3 663.0 677.2 6

 7 Open market paper 24.4 30.1 31.3 34.3 41.3 36.2 37.2 39.8 37.7 7

 8 Treasury securities 120.7 115.8 118.3 85.1 87.5 80.2 80.5 85.1 86.5 8

 9 Agency- and GSE-backed securities 214.2 203.7 211.4 194.8 233.0 207.3 214.7 220.4 227.3 9

10 Corporate and foreign bonds 240.2 242.9 276.5 297.5 347.5 289.9 294.6 307.3 315.5 10

11 Mortgages 8.4 9.0 9.7 9.3 11.0 10.3 10.4 10.4 10.3 11

12 Corporate equities 1277.8 1445.2 1666.6 1947.9 2081.2 1915.0 1562.1 1096.7 1491.9 12

13 Mutual fund shares 326.8 412.3 569.6 668.2 897.6 946.2 862.1 752.0 993.7 13

14 Miscellaneous assets 505.2 555.5 590.9 622.2 638.9 617.3 589.4 523.8 584.4 14

15 Unallocated insurance contracts (2) 332.2 361.1 381.9 384.6 396.4 368.6 339.7 270.7 333.7 15

16 Contributions receivable 82.4 86.4 93.5 114.9 107.3 121.3 121.9 122.0 120.6 16

17 Other 90.6 108.0 115.4 122.7 135.3 127.4 127.8 131.1 130.1 17

18 Pension fund reserves (liabilities) (3) 2929.4 3250.8 3736.2 4158.9 4628.9 4402.6 3964.0 3356.9 4072.6 18

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(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

 1 Total financial assets 1308.1 1485.7 1749.4 1965.2 2247.0 2124.3 1965.1 1727.4 1966.8 1

 2 Checkable deposits and currency 4.2 7.5 5.3 10.0 9.2 9.1 9.5 7.7 7.0 2

 3 Time and savings deposits 4.5 2.3 2.4 2.0 1.7 1.1 0.6 0.7 0.8 3

 4 Security RPs 31.5 28.2 28.6 37.5 40.4 44.7 45.3 45.5 36.3 4

 5 Credit market instruments 509.8 538.4 598.3 661.5 707.0 752.8 711.7 697.7 706.7 5

 6 Open market paper 31.5 28.2 28.6 37.5 40.4 44.7 45.3 45.5 41.3 6

 7 Treasury securities 208.2 212.8 219.0 212.6 198.8 177.9 152.4 144.1 147.4 7

 8 Agency- and GSE-backed securities 63.1 68.6 87.0 106.1 129.0 166.6 152.1 151.8 158.5 8

 9 Municipal securities 1.8 0.6 1.5 3.3 3.0 1.6 1.4 0.5 0.7 9

10 Corporate and foreign bonds 189.2 211.4 244.5 279.6 310.0 339.7 339.1 334.5 339.2 10

11 Mortgages 15.9 16.7 17.6 22.4 25.7 22.3 21.4 21.3 19.7 11

12 Corporate equities 703.5 846.6 1051.3 1188.1 1407.7 1223.1 1084.0 869.8 1084.4 12

13 Miscellaneous assets 54.6 62.8 63.5 66.1 81.0 93.5 113.8 105.9 131.6 13

14 Pension fund reserves (liabilities) (1) 1325.2 1505.7 1774.4 1996.5 2282.5 2166.2 2012.0 1776.9 2016.7 14

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.121 Federal Government Retirement Funds (1)

Billions of dollars

 1 Total financial assets 541.1 605.8 659.1 718.0 776.2 799.2 862.0 896.6 959.0 1

 2 Credit market instruments 23.3 25.6 27.5 30.2 33.1 35.1 44.8 57.8 64.1 2

 3 Treasury securities 21.9 24.1 25.8 28.1 31.0 33.0 40.2 49.6 54.3 3

 4 Agency- and GSE-backed securities 0.8 1.0 1.0 1.3 1.3 1.4 3.1 5.5 6.5 4

 5 Corporate and foreign bonds 0.5 0.6 0.6 0.8 0.8 0.8 1.6 2.8 3.3 5

 6 Corporate equities 11.5 18.8 29.9 44.9 59.1 59.1 51.4 48.5 79.9 6

 7 Miscellaneous assets 506.3 561.4 601.7 642.9 684.0 704.9 765.8 790.3 815.0 7

 8 Pension fund reserves (liabilities) (2) 541.1 605.8 659.1 718.0 776.2 799.2 862.0 896.6 959.0 8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Liabilities of the sector are assets of the household sector.
FFA, 1995-2003, Z.1, December 9, 2004 69

L.122 Money Market Mutual Funds (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 741.3 886.7 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2016.0 1

 2 Foreign deposits 19.7 23.1 23.2 30.6 42.9 91.1 124.2 114.1 74.2 2

 3 Checkable deposits and currency -3.5 -1.1 1.5 -1.0 -2.2 2.2 4.6 -1.3 -1.9 3

 4 Time and savings deposits 52.3 82.7 111.3 127.0 160.4 142.4 219.5 204.6 156.9 4

 5 Security RPs 87.8 103.8 126.6 139.5 139.6 183.0 227.0 273.2 251.4 5

 6 Credit market instruments 545.5 634.3 721.9 965.9 1147.8 1290.9 1536.9 1511.6 1398.5 6

 7 Open market paper 235.5 273.9 336.0 414.2 519.0 608.6 638.9 594.0 458.9 7

 8 Treasury securities 70.0 90.2 86.2 103.6 103.8 90.4 135.7 140.2 130.2 8

 9 Agency- and GSE-backed securities 90.8 101.8 96.3 173.8 190.9 185.2 318.4 324.1 326.2 9

10 Municipal securities 127.7 144.5 167.0 193.0 210.4 244.7 281.0 282.8 297.3 10

11 Corporate and foreign bonds 21.5 23.9 36.4 81.2 123.7 161.9 163.0 170.7 185.9 11

12 Miscellaneous assets 39.4 43.8 58.1 67.7 90.4 102.5 128.6 121.6 137.0 12

13 Total shares outstanding (liabilities) 741.3 886.7 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2016.0 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Mutual Funds (1)

Billions of dollars

 1 Total financial assets 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 1

 2 Security RPs 50.2 47.5 57.8 70.9 80.8 106.5 74.8 81.5 94.0 2

 3 Credit market instruments 771.3 820.2 901.1 1028.4 1076.8 1097.7 1223.8 1368.0 1505.7 3

 4 Open market paper 50.2 47.2 57.8 70.9 80.8 106.5 74.8 63.0 75.8 4

 5 Treasury securities 143.8 125.8 136.4 141.0 117.3 123.6 115.1 134.7 144.1 5

 6 Agency- and GSE-backed securities 171.3 204.4 213.3 234.9 271.1 275.2 360.5 422.0 447.3 6

 7 Municipal securities 210.2 213.3 219.8 242.6 239.4 230.5 253.4 277.3 290.2 7

 8 Corporate and foreign bonds 195.7 229.5 273.8 339.0 368.2 361.9 420.1 470.9 548.3 8

 9 Corporate equities 1024.9 1470.0 2018.7 2506.2 3376.7 3227.3 2836.1 2188.0 3051.6 9

10 Miscellaneous assets 6.3 4.7 11.8 7.7 4.2 3.8 0.8 0.9 1.9 10

11 Total shares outstanding (liabilities) 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 11

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.124 Closed-End and Exchange-Traded Funds

Billions of dollars

 Closed-end funds

 1 Total financial assets 136.4 144.4 145.9 148.8 152.1 141.9 139.5 150.8 205.6 1

 2 Credit market instruments 94.5 97.4 96.3 101.2 110.8 105.3 108.5 117.1 153.3 2

 3 Treasury securities 11.1 11.2 9.8 8.8 7.6 6.7 6.7 3.9 5.3 3

 4 Municipal securities 58.2 59.1 59.4 60.7 69.7 67.7 74.7 86.0 89.3 4

 5 Corporate and foreign bonds 25.2 27.1 27.1 31.8 33.5 30.9 27.1 27.1 58.7 5

 6 Corporate equities 41.9 47.0 49.6 47.6 41.3 36.6 31.1 33.7 52.3 6

 7 Total shares outstanding (liabilities) 136.4 144.4 145.9 148.8 152.1 141.9 139.5 150.8 205.6 7

 Exchange-traded funds

 8 Total financial assets 1.1 2.4 6.7 15.6 33.9 65.6 83.0 102.0 150.8 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 4.5 9

10 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.1 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 2.4 11

12 Corporate equities 1.1 2.4 6.7 15.6 33.9 65.6 83.0 98.2 146.3 12

13 Total shares outstanding (liabilities) 1.1 2.4 6.7 15.6 33.9 65.6 83.0 102.0 150.8 13
70 FFA, 1995-2003, Z.1, December 9, 2004

L.125 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 897.4 989.2 1100.8 1405.8 1723.2 1965.0 2309.4 2549.4 2785.9 1

 2 Checkable deposits and currency 1.5 0.8 2.1 5.0 12.1 4.4 6.7 14.8 26.8 2

 3 Time and savings deposits 0.0 0.0 6.4 4.7 10.0 22.2 30.3 25.3 16.7 3

 4 Federal funds and security RPs 106.3 94.5 90.4 77.0 89.7 80.6 104.4 95.3 75.3 4

 5 Credit market instruments 762.8 833.8 934.2 1251.5 1538.8 1794.4 2099.1 2323.2 2559.7 5

 6 Open market paper 25.5 35.1 27.6 56.2 23.9 31.1 33.8 10.4 8.0 6

 7 Treasury securities 58.0 18.8 25.9 25.2 30.9 13.3 13.6 25.7 13.5 7

 8 Agency- and GSE-backed securities 190.8 256.6 324.2 482.7 655.6 810.9 1017.8 1149.5 1238.3 8

 9 Municipal securities 7.8 12.1 12.7 19.2 22.7 29.2 35.4 39.4 44.4 9

10 Corporate and foreign bonds 29.9 38.1 44.1 68.7 97.5 131.1 155.7 189.3 225.8 10

11 Other loans and advances 166.0 195.3 230.7 324.2 432.3 477.6 505.9 514.7 545.8 11

12 Sallie Mae 3.5 2.4 1.4 1.1 0.8 0.8 0.8 0.4 0.3 12

13 Farm Credit System 30.2 31.6 31.6 34.9 35.8 38.9 41.8 43.8 43.8 13

14 FHLB 132.3 161.4 197.8 288.2 395.7 437.9 463.3 470.5 501.7 14

15 Mortgages 250.4 244.1 239.4 247.0 242.0 264.3 297.5 357.3 463.3 15

16 Home 205.2 198.5 194.3 199.6 189.3 205.1 225.6 271.1 363.3 16

17 Multifamily residential 18.5 17.7 16.2 16.2 20.5 25.0 33.2 41.7 52.6 17

18 Farm 26.8 27.9 28.9 31.2 32.2 34.2 38.7 44.5 47.4 18

19 Consumer credit (2) 34.3 33.8 29.5 28.4 33.8 37.0 39.4 36.9 20.6 19

20 Miscellaneous assets 26.9 60.1 67.7 67.6 72.5 63.4 68.9 90.9 107.4 20

21 Total liabilities 872.1 963.1 1071.1 1371.0 1684.3 1920.5 2272.0 2519.6 2736.7 21

22 Credit market instruments 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 22

23 GSE issues (3) 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 23

24 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Miscellaneous liabilities 65.1 65.7 74.6 95.6 90.1 94.0 141.5 169.2 142.6 25

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing

 Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.

(2) SLMA student loans.

(3) Such issues are classified as agency- and GSE-backed securities.

L.126 Agency- and GSE-backed Mortgage Pools (1)

Billions of dollars

 1 Total financial assets 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 1

 2 Home mortgages 1543.4 1678.8 1788.1 1970.2 2234.7 2425.6 2748.5 3063.7 3367.0 2

 3 Multifamily residential mortgages 26.9 32.5 37.8 48.3 57.5 66.0 81.6 94.5 121.1 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.4 0.4 0.4 0.5 1.3 1.6 1.7 0.4 1.0 5

 6 Total pool securities (liabilities)(2) 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 6

(1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed

 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 agency- and GSE-backed securities.
FFA, 1995-2003, Z.1, December 9, 2004 71

L.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 762.9 891.0 1055.5 1352.6 1548.1 1737.6 1993.5 2186.1 2386.5 1

 2 Agency- and GSE-backed securities (1) 202.3 195.5 171.6 193.5 230.3 238.6 255.1 300.4 308.4 2

 3 Other loans and advances 29.6 37.7 62.1 85.9 82.6 89.8 108.3 105.0 103.9 3

 4 Mortgages (2) 262.7 305.0 376.3 517.9 599.8 667.9 784.6 873.9 1058.4 4

 5 Home 208.4 234.7 280.4 360.6 400.9 433.9 505.8 563.9 696.7 5

 6 Multifamily residential 12.0 16.1 20.9 33.9 42.4 47.8 53.8 59.2 67.3 6

 7 Commercial 42.4 54.2 74.9 123.4 156.4 186.2 225.0 250.8 294.5 7

 8 Consumer credit 212.6 272.1 317.4 389.4 448.4 521.3 599.7 637.1 625.0 8

 9 Trade receivables 55.7 80.7 128.1 165.9 187.0 220.0 245.9 269.7 290.8 9

10 Total liabilities 766.4 899.7 1066.3 1365.3 1557.9 1744.2 2000.3 2191.9 2392.0 10

11 Commercial paper 101.2 146.7 256.1 381.8 520.8 645.8 765.8 752.8 717.3 11

12 Corporate bonds 665.2 753.1 810.2 983.5 1037.1 1098.3 1234.5 1439.0 1674.7 12

 Memo:

 Securitized assets not included above

13 Consumer leases (3) 3.5 8.7 10.8 12.7 9.7 6.6 6.8 5.7 5.5 13

14 REIT assets (4) 7.6 7.4 11.1 13.9 11.8 10.3 7.0 14.9 30.9 14

(1) Agency- and GSE-backed 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.130.

L.128 Finance Companies (1)

Billions of dollars

 1 Total financial assets 672.3 716.7 763.9 852.7 1003.5 1140.1 1158.9 1192.6 1382.6 1

 2 Checkable deposits and currency 16.6 18.5 20.6 22.8 25.3 27.9 30.8 33.8 37.1 2

 3 Credit market instruments 526.2 545.1 568.2 645.5 742.6 851.2 846.4 867.6 951.8 3

 4 Other loans and advances 301.6 304.7 304.1 340.9 395.1 458.4 447.0 455.3 457.5 4

 5 Mortgages 72.4 85.5 96.5 121.2 145.8 172.3 161.3 174.5 198.9 5

 6 Consumer credit 152.1 154.9 167.5 183.3 201.6 220.5 238.1 237.8 295.4 6

 7 Miscellaneous assets 129.6 153.1 175.1 184.4 235.7 261.0 281.8 291.3 393.7 7

 8 Total liabilities 691.2 742.1 780.8 856.6 995.3 1161.4 1182.7 1246.9 1467.6 8

 9 Credit market instruments 483.9 534.5 568.3 625.5 696.1 778.0 779.2 821.4 938.7 9

10 Open market paper 168.6 178.0 202.6 233.3 230.4 238.8 158.6 141.5 136.3 10

11 Corporate bonds 300.0 336.8 341.5 365.6 430.3 503.2 569.9 631.9 746.2 11

12 Bank loans n.e.c. 15.3 19.7 24.2 26.5 35.4 35.9 50.8 48.0 56.2 12

13 Taxes payable 4.9 5.7 6.5 7.3 8.1 9.1 10.2 11.6 13.2 13

14 Miscellaneous liabilities 202.4 202.0 206.0 223.8 291.1 374.3 393.2 413.9 515.7 14

15 Foreign direct investment in U.S. 24.8 29.7 35.7 37.2 48.6 63.2 68.6 60.1 64.9 15

16 Investment by parent 51.1 54.6 47.1 34.3 87.8 102.5 99.2 88.2 99.8 16

17 Other 126.5 117.8 123.2 152.3 154.6 208.5 225.4 265.6 351.1 17

 Memo:

18 Consumer leases not included above (2) 80.8 93.2 98.8 96.6 102.9 108.2 103.5 83.3 70.0 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.127.
72 FFA, 1995-2003, Z.1, December 9, 2004

L.129 Mortgage Companies (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 33.0 41.2 32.1 32.1 32.1 32.1 32.1 32.1 32.1 1

 2 Home mortgages 23.8 32.0 21.8 21.8 21.8 21.8 21.8 21.8 21.8 2

 3 Multifamily residential mortgages 4.2 4.1 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 33.0 41.2 32.1 32.1 32.1 32.1 32.1 32.1 32.1 5

 6 Bank loans n.e.c. 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 6

 7 Investment by parent 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 7

(1) No data are available after 1997:Q4.

L.130 Real Estate Investment Trusts (REITs)

Billions of dollars

 1 Total financial assets 33.3 38.2 64.3 70.7 66.6 73.9 83.4 108.6 142.9 1

 2 Checkable deposits and currency 0.0 2.2 3.3 4.1 4.4 5.4 6.2 6.2 9.6 2

 3 Credit market instruments 26.0 30.4 50.6 45.5 42.2 38.2 46.7 71.6 95.3 3

 4 Agency- and GSE-backed securities 9.0 12.2 21.2 13.1 14.6 15.1 22.1 31.8 28.3 4

 5 Corporate and foreign bonds 2.9 4.3 6.5 6.1 5.9 5.6 7.8 10.2 17.5 5

 6 Mortgages 14.1 13.8 22.9 26.3 21.6 17.5 16.8 29.6 49.5 6

 7 Home 6.9 8.0 14.0 14.8 11.8 7.4 7.7 20.0 37.8 7

 8 Multifamily residential 1.6 1.2 2.1 2.1 2.3 2.1 1.7 1.5 1.7 8

 9 Commercial 5.6 4.6 6.9 9.4 7.5 7.9 7.4 8.1 10.0 9

10 Miscellaneous assets 7.3 5.6 10.5 21.2 20.0 30.3 30.5 30.8 38.0 10

11 Total liabilities 62.2 79.4 139.0 205.6 214.4 218.4 230.9 274.7 315.0 11

12 Security RPs 10.9 13.7 24.9 15.1 14.9 12.4 21.6 36.7 42.6 12

13 Credit market instruments 44.6 56.5 96.1 158.8 163.5 168.0 171.2 197.4 229.8 13

14 Open market paper 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 14

15 Corporate bonds 15.5 16.8 31.6 53.4 63.1 67.0 71.4 87.6 110.9 15

16 Bank loans n.e.c. 5.0 7.8 17.6 33.6 21.8 17.6 14.3 14.2 14.7 16

17 Mortgages 24.1 31.9 46.8 71.6 78.5 83.4 85.6 95.7 104.2 17

18 Miscellaneous liabilities 6.7 9.2 18.0 31.6 36.1 38.0 38.0 40.6 42.6 18

 Memo:

19 Securitized assets included above 7.6 7.4 11.1 13.9 11.8 10.3 7.0 14.9 30.9 19

20 Agency- and GSE-backed securities 4.2 4.5 4.9 5.0 3.7 3.5 0.3 0.3 0.1 20

21 Home mortgages 3.5 2.6 5.7 7.5 6.1 5.6 5.7 13.1 29.3 21

22 Multifamily residential mortgages 0.0 0.3 0.4 0.8 0.4 0.1 0.1 0.1 0.1 22

23 Commercial mortgages 0.0 0.0 0.0 0.6 1.7 1.1 0.8 1.4 1.3 23
FFA, 1995-2003, Z.1, December 9, 2004 73

L.131 Security Brokers and Dealers

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 568.1 636.4 779.2 921.2 1001.0 1221.4 1465.6 1335.4 1613.0 1

 2 Checkable deposits and currency 13.7 15.7 21.7 25.4 28.7 30.3 47.1 44.2 47.2 2

 3 Credit market instruments 183.4 167.7 182.6 189.4 154.7 223.6 316.0 344.4 424.1 3

 4 Open market paper 22.1 23.7 24.3 28.0 26.0 39.2 48.2 43.5 49.4 4

 5 Treasury securities 18.3 -12.8 -5.3 15.8 -42.6 -3.3 9.8 -3.9 37.8 5

 6 Agency- and GSE-backed securities 54.0 55.2 50.4 50.9 66.0 63.7 77.8 91.8 83.7 6

 7 Municipal securities 12.7 10.8 13.2 13.1 11.9 11.3 19.0 21.0 24.9 7

 8 Corporate and foreign bonds 76.4 90.9 100.0 81.4 93.4 112.7 161.3 192.0 228.3 8

 9 Corporate equities 34.2 37.9 51.9 54.4 66.9 77.2 85.1 74.9 100.5 9

10 Security credit 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 10

11 Miscellaneous assets 258.2 320.7 391.8 499.3 522.8 655.1 821.0 723.7 858.8 11

12 Total liabilities 535.5 597.5 729.2 866.8 935.8 1151.4 1440.8 1314.7 1582.8 12

13 Security RPs (net) 182.4 180.9 203.5 208.2 245.2 302.2 353.2 344.2 477.9 13

14 Corporate bonds 29.3 27.3 35.3 42.5 25.3 40.9 42.3 40.6 47.0 14

15 Trade payables 10.3 14.3 19.9 18.9 30.9 35.9 39.2 37.4 28.2 15

16 Security credit 227.1 263.7 337.9 419.5 448.7 587.6 629.5 590.6 688.8 16

17 Customer credit balances (HH) 127.6 162.9 215.5 276.7 323.9 412.4 454.3 412.7 475.4 17

18 From banks 99.5 100.8 122.5 142.8 124.8 175.2 175.2 177.9 213.5 18

19 Taxes payable 1.1 1.3 1.3 1.3 2.2 2.1 1.9 1.3 1.8 19

20 Miscellaneous liabilities 85.4 110.1 131.1 176.4 183.6 182.7 374.6 300.5 339.2 20

21 Foreign direct investment in U.S. 11.1 8.8 8.5 10.7 13.9 20.1 72.2 77.4 80.2 21

22 Due to affiliates 132.9 178.6 254.5 353.5 415.5 475.7 538.6 558.5 602.8 22

23 Other -58.6 -77.3 -131.9 -187.8 -245.8 -313.1 -236.1 -335.4 -343.8 23

L.132 Funding Corporations (1)

Billions of dollars

 1 Total financial assets 383.4 487.2 603.5 765.3 997.6 1117.7 1134.9 1122.7 1175.7 1

 2 Money market fund shares 109.5 135.5 142.3 215.4 270.2 286.9 390.4 396.4 359.5 2

 3 Credit market instruments 108.4 121.0 173.1 201.2 304.3 332.2 244.5 186.1 271.6 3

 4 Open market paper 84.6 84.5 140.0 163.7 270.5 307.3 173.8 114.7 145.2 4

 5 Corporate and foreign bonds 23.8 36.5 33.1 37.6 33.8 24.9 70.8 71.4 126.3 5

 6 Miscellaneous assets (2) 165.5 230.7 288.0 348.7 423.1 498.6 500.0 540.2 544.6 6

 7 Investment in foreign banking offices 50.7 64.5 78.8 90.6 93.0 138.7 107.9 132.6 130.8 7

 8 Investment in brokers and dealers 114.8 166.3 209.2 258.2 330.1 359.9 392.2 407.6 413.8 8

 9 Total liabilities 383.4 487.2 603.5 765.3 997.6 1117.7 1134.9 1122.7 1175.7 9

10 Credit market instruments 248.6 312.4 372.6 412.6 504.2 503.9 449.3 448.8 447.4 10

11 Open market paper 164.2 198.8 228.5 234.4 268.6 266.4 189.6 158.7 141.9 11

12 Corporate bonds 84.4 113.6 144.2 178.2 235.5 237.5 259.7 290.1 305.5 12

13 Miscellaneous liabilities 134.8 174.8 230.8 352.7 493.4 613.8 685.7 673.9 728.3 13

14 Foreign direct investment in U.S. -83.1 -81.6 -84.6 -63.9 -81.1 -5.3 50.8 91.4 97.2 14

15 Securities loaned (net) 216.2 276.1 333.3 403.3 419.5 508.2 578.3 575.4 678.0 15

16 Other 1.7 -19.6 -17.8 13.4 154.9 110.9 56.6 7.1 -46.9 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
74 FFA, 1995-2003, Z.1, December 9, 2004

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total U.S. reserves 85.8 75.1 70.0 81.8 71.5 67.6 68.7 79.0 85.9 1

 2 U.S. gold stock and SDRs 22.1 21.4 21.1 21.6 21.4 21.6 21.8 23.2 23.7 2

 3 Federal govt.: Exchange Stab. Fund 11.0 10.3 10.0 10.6 10.3 10.5 10.8 12.2 12.6 3

 4 Monetary authority (2) 11.1 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 63.7 53.7 48.9 60.1 50.1 46.1 46.8 55.8 62.3 5

 6 Official foreign currency holdings 49.1 38.3 30.8 36.0 32.2 31.2 29.0 33.8 39.7 6

 7 Treasury 28.0 19.0 13.8 16.2 16.0 15.6 14.4 16.9 19.9 7

 8 Monetary authority 21.1 19.3 17.0 19.8 16.1 15.7 14.6 16.9 19.9 8

 9 Net IMF position 14.6 15.4 18.1 24.1 18.0 14.8 17.9 22.0 22.5 9

10 Federal government 14.7 15.5 18.2 24.2 18.0 14.9 17.9 22.1 22.6 10

11 Monetary authority -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

 SDR certificates:

 1 Liab: Federal government 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 18.3 18.9 19.3 19.9 20.9 23.2 24.5 25.5 26.0 3

 4 Asset: Monetary authority 24.0 25.0 25.6 26.3 28.0 31.6 33.0 34.6 35.5 4

 5 Discrepancy (seigniorage) -5.7 -6.1 -6.3 -6.4 -7.1 -8.5 -8.6 -9.1 -9.5 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars

 1 Total rest of the world liability 418.8 521.7 618.5 627.6 676.5 803.4 810.1 831.1 831.1 1

 Held by:

 2 Household sector 23.4 35.5 37.2 38.3 43.5 63.5 58.5 74.2 65.2 2

 3 Nonfinancial corporate business 17.4 28.2 23.1 30.5 31.5 24.0 15.5 20.0 38.9 3

 4 Money market mutual funds 19.7 23.1 23.2 30.6 42.9 91.1 124.2 114.1 74.2 4

 5 Discrepancy--unallocated assets 358.4 434.9 535.0 528.1 558.6 624.7 611.9 622.9 652.9 5
FFA, 1995-2003, Z.1, December 9, 2004 75

L.203 Net Interbank Transactions

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 290.7 240.8 219.4 189.4 202.4 221.2 191.4 205.9 203.5 1

 2 Monetary authority 70.2 69.7 75.8 68.4 90.6 63.4 64.8 70.4 71.0 2

 3 Depository institution reserves 29.6 24.5 30.8 26.3 24.0 19.0 17.5 22.5 23.1 3

 4 Vault cash 40.6 45.2 45.0 42.1 66.6 44.4 47.3 47.8 47.9 4

 5 Commercial banking 220.5 171.1 143.5 121.0 111.8 157.8 126.6 135.5 132.5 5

 6 To monetary authority 0.2 4.4 2.8 1.7 -0.0 1.0 0.0 0.5 -0.3 6

 7 To banks in foreign countries, net 229.3 177.3 173.0 145.9 140.3 161.1 115.5 119.7 120.2 7

 8 Liabilities, net 239.7 192.9 188.8 156.7 149.8 171.6 127.3 141.1 138.7 8

 9 U.S.-chartered commercial banks 79.6 48.5 62.0 85.1 133.5 179.3 167.0 213.1 302.9 9

10 Due to foreign affiliates 128.7 126.8 173.1 196.7 226.7 302.0 324.8 323.9 447.7 10

11 - Due from foreign affiliates 49.1 78.4 111.1 111.6 93.2 122.7 157.8 110.8 144.7 11

12 Foreign banking offices in U.S. 178.6 167.1 148.6 92.9 41.7 -14.8 -50.2 -83.0 -130.5 12

13 Due to foreign affiliates 99.9 110.4 99.7 133.0 147.9 133.6 163.3 176.2 195.8 13

14 - Due from foreign affiliates -78.7 -56.6 -48.8 40.1 106.2 148.4 213.5 259.3 326.3 14

15 Bank holding companies -18.5 -22.6 -21.9 -21.3 -25.4 7.1 10.4 11.1 -33.8 15

16 Due to foreign affiliates 3.0 2.7 3.0 2.9 8.3 39.3 51.4 53.4 13.2 16

17 - Due from foreign affiliates 21.4 25.3 24.9 24.2 33.8 32.2 41.0 42.4 47.0 17

18 Less: Deposits at foreign banks 10.4 15.6 15.8 10.8 9.5 10.5 11.8 21.4 18.5 18

19 U.S. chartered commercial banks 5.4 10.6 11.7 10.6 9.4 9.8 11.1 21.3 18.3 19

20 Foreign banking offices in U.S. 5.0 5.0 4.1 0.2 0.2 0.7 0.7 0.1 0.1 20

21 To U.S. banking, net -9.0 -10.6 -32.2 -26.5 -28.5 -4.3 11.1 15.3 12.6 21

22 U.S.-chartered commercial banks -20.0 -41.8 -50.2 -50.9 -67.3 -33.0 -17.8 0.2 -64.6 22

23 Liabilities 43.3 38.3 22.0 30.2 44.4 59.4 59.6 75.8 74.3 23

24 To foreign offices in U.S. 51.5 48.4 53.8 55.8 72.2 63.1 47.9 58.8 60.0 24

25 To bank holding companies 0.8 0.5 0.3 0.9 0.6 0.6 0.7 1.7 1.6 25

26 Unallocated -9.0 -10.6 -32.2 -26.5 -28.5 -4.3 11.1 15.3 12.6 26

 Less, due from:

27 Foreign offices in U.S. 58.9 64.9 57.6 56.3 78.9 86.0 89.5 90.3 97.9 27

28 Bank holding companies 4.4 15.2 14.6 24.8 32.8 6.4 -12.1 -14.7 41.0 28

29 Foreign banking offices in U.S. 7.5 16.5 3.8 0.4 6.7 22.9 41.6 31.5 37.8 29

30 Due to U.S. banks 58.9 64.9 57.6 56.3 78.9 86.0 89.5 90.3 97.9 30

31 - Due from U.S. banks 51.5 48.4 53.8 55.8 72.2 63.1 47.9 58.8 60.0 31

32 Bank holding companies 3.5 14.7 14.3 23.9 32.1 5.8 -12.8 -16.4 39.4 32

33 Due to U.S. banks 4.4 15.2 14.6 24.8 32.8 6.4 -12.1 -14.7 41.0 33

34 - Due from U.S. banks 0.8 0.5 0.3 0.9 0.6 0.6 0.7 1.7 1.6 34

35 Total assets 299.7 251.4 251.6 215.9 230.8 225.5 180.3 190.5 190.9 35

36 Rest of the world 229.3 177.3 173.0 145.9 140.3 161.1 115.5 119.7 120.2 36

37 Domestic 70.4 74.1 78.6 70.0 90.6 64.4 64.8 70.8 70.7 37

38 Monetary authority 0.2 4.4 2.8 1.7 -0.0 1.0 0.0 0.5 -0.3 38

39 Federal Reserve float 0.1 4.3 0.7 1.6 -0.2 0.9 -0.0 0.4 -0.3 39

40 Loans to member banks 0.1 0.1 2.0 0.0 0.2 0.1 0.0 0.0 0.1 40

41 Commercial banking 67.5 67.5 74.1 66.5 85.9 61.8 62.5 67.4 67.7 41

42 Reserves at Federal Reserve 26.9 22.3 29.1 24.4 19.3 17.4 15.2 19.5 19.8 42

43 Vault cash 40.6 45.2 45.0 42.1 66.6 44.4 47.3 47.8 47.9 43

44 Savings insts.: Reserves at Fed. Res. 2.7 2.3 1.8 1.9 4.7 1.7 2.3 3.0 3.3 44

45 Discrepancy--floats, etc. -9.0 -10.6 -32.2 -26.5 -28.5 -4.3 11.1 15.3 12.6 45
76 FFA, 1995-2003, Z.1, December 9, 2004

L.204 Checkable Deposits and Currency

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 1229.1 1244.8 1286.1 1333.3 1484.5 1413.1 1603.2 1646.7 1780.6 1

 2 Monetary authority 390.3 413.6 443.5 481.8 590.4 555.2 603.1 644.6 682.5 2

 3 Federal government cash and deposits 6.2 8.0 5.7 6.2 28.5 5.6 7.1 4.8 6.0 3

 4 Deposits due to foreign 0.4 0.2 0.5 0.2 0.1 0.3 0.1 0.1 0.2 4

 5 Currency outside banks 383.7 405.5 437.4 475.4 561.8 549.3 596.0 639.7 676.3 5

 6 Commercial banking 710.8 676.3 656.4 622.9 626.4 540.9 628.8 571.5 602.4 6

 7 Federal government deposits 19.0 28.7 27.8 13.2 49.6 16.4 47.5 31.1 30.2 7

 8 Deposits due to foreign 24.1 26.9 31.7 28.6 28.6 30.7 25.8 25.2 33.2 8

 9 Private domestic deposits 667.7 620.7 597.0 581.1 548.2 493.8 555.6 515.3 539.0 9

10 Savings institutions 97.1 122.4 149.5 185.6 222.3 265.8 316.5 370.9 428.3 10

11 Credit unions 30.9 32.5 36.6 43.0 45.4 51.3 54.7 59.7 67.4 11

12 Total assets 1229.1 1244.8 1286.1 1333.3 1484.5 1413.1 1603.2 1646.7 1780.6 12

13 Household sector 543.5 470.2 436.4 421.9 364.3 229.0 330.9 353.5 301.3 13

14 Nonfinancial business 326.5 385.0 415.1 472.5 567.8 674.9 626.5 620.9 728.5 14

15 Corporate 205.1 244.3 251.9 275.0 331.0 381.4 331.9 313.0 409.7 15

16 Nonfarm noncorporate 104.7 124.0 146.2 178.9 217.6 274.1 274.5 287.3 298.2 16

17 Farm 16.7 16.7 16.9 18.6 19.2 19.4 20.0 20.5 20.6 17

18 State and local governments 33.3 27.8 32.2 28.3 32.2 33.2 38.2 46.7 55.2 18

19 Federal government 22.2 38.3 41.6 23.2 87.9 24.3 66.9 47.5 54.1 19

20 Rest of the world 194.0 214.0 243.8 257.1 279.4 286.9 305.7 326.6 351.3 20

21 Checkable deposits 24.5 27.1 32.2 28.8 28.7 30.9 25.9 25.3 33.4 21

22 Currency 169.5 186.8 211.6 228.3 250.7 256.0 279.8 301.3 317.9 22

23 Financial sectors 72.4 81.0 98.9 111.1 140.4 145.1 225.9 242.3 287.2 23

24 Commercial banking 1.6 1.4 1.4 2.0 2.2 1.7 2.8 2.5 2.5 24

25 Savings institutions 15.5 14.2 15.2 18.4 17.4 19.0 21.0 24.7 24.9 25

26 Credit unions 7.4 7.5 8.1 9.1 26.4 26.7 36.8 38.4 41.5 26

27 Bank personal trusts and estates 0.5 0.8 0.8 0.3 0.3 0.2 0.7 0.0 0.4 27

28 Life insurance companies 5.2 4.3 8.1 5.4 5.5 5.0 36.8 35.3 47.3 28

29 Other insurance companies 4.9 3.9 4.2 4.0 4.3 3.7 13.1 25.9 34.6 29

30 Private pension funds 4.8 5.4 6.6 5.7 6.9 9.4 9.9 10.2 10.4 30

31 State and local govt. retirement funds 4.2 7.5 5.3 10.0 9.2 9.1 9.5 7.7 7.0 31

32 Money market mutual funds -3.5 -1.1 1.5 -1.0 -2.2 2.2 4.6 -1.3 -1.9 32

33 Government-sponsored enterprises 1.5 0.8 2.1 5.0 12.1 4.4 6.7 14.8 26.8 33

34 Finance companies 16.6 18.5 20.6 22.8 25.3 27.9 30.8 33.8 37.1 34

35 REITs 0.0 2.2 3.3 4.1 4.4 5.4 6.2 6.2 9.6 35

36 Brokers and dealers 13.7 15.7 21.7 25.4 28.7 30.3 47.1 44.2 47.2 36

37 Mail float 37.2 28.5 18.1 19.3 12.5 19.7 9.2 9.2 2.9 37
FFA, 1995-2003, Z.1, December 9, 2004 77

L.205 Time and Savings Deposits 

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 2756.7 2967.9 3187.6 3431.8 3608.0 3912.9 4248.8 4569.7 4861.1 1

 2 Small time and savings deposits 2279.8 2377.0 2474.2 2626.5 2671.6 2860.4 3127.6 3398.5 3627.9 2

 3 Commercial banking 1490.1 1613.2 1761.5 1945.2 2017.1 2228.7 2478.1 2747.6 2977.9 3

 4 U.S.-chartered commercial banks 1471.3 1594.2 1738.0 1924.4 1997.4 2208.0 2448.3 2722.0 2950.2 4

 5 Foreign banking offices in U.S. 8.5 8.7 13.1 9.4 7.5 7.2 11.6 9.4 10.3 5

 6 Banks in U.S.-affiliated areas 10.2 10.4 10.4 11.4 12.2 13.6 18.1 16.2 17.5 6

 7 Savings institutions 550.8 512.6 448.2 393.9 354.7 318.9 288.2 256.5 226.0 7

 8 Credit unions 238.9 251.2 264.4 287.5 299.8 312.7 361.3 394.4 424.0 8

 9 Large time deposits (1) 476.9 590.9 713.4 805.3 936.4 1052.6 1121.1 1171.3 1233.2 9

10 Commercial banking 387.8 493.1 601.0 673.1 792.6 885.4 918.1 915.3 934.1 10

11 U.S.-chartered commercial banks 256.5 306.1 369.3 404.1 465.7 553.6 528.4 552.7 555.7 11

12 Foreign banking offices in U.S. 121.0 176.6 221.3 257.6 314.8 318.2 371.5 346.4 361.0 12

13 Banks in U.S.-affiliated areas 10.2 10.4 10.4 11.4 12.2 13.6 18.1 16.2 17.5 13

14 Savings institutions 80.1 86.4 98.1 113.7 122.2 142.1 168.9 213.1 245.5 14

15 Credit unions 9.0 11.4 14.4 18.5 21.6 25.1 34.1 42.8 53.6 15

16 Total assets 2756.7 2967.9 3187.6 3431.8 3608.0 3912.9 4248.8 4569.7 4861.1 16

17 Household sector 2280.8 2434.1 2559.6 2680.5 2799.1 3076.3 3281.2 3561.0 3892.4 17

18 Nonfinancial business 171.1 174.7 205.1 211.0 254.4 274.9 275.8 274.4 320.6 18

19 Corporate 99.7 99.7 119.4 112.6 136.9 137.3 131.1 127.5 172.0 19

20 Nonfarm noncorporate 71.5 75.0 85.7 98.5 117.5 137.6 144.7 146.9 148.6 20

21 State and local governments 62.0 72.6 78.4 92.3 105.7 118.7 129.9 137.6 147.2 21

22 Federal government 0.9 2.4 3.4 4.7 5.4 6.3 10.5 27.6 2.4 22

23 Rest of the world 49.6 60.6 73.6 129.0 125.9 108.7 120.6 152.3 124.8 23

24 Financial sectors 192.2 223.7 267.5 314.2 317.5 327.9 430.7 416.9 373.7 24

25 Savings institutions 1.1 1.4 1.0 1.5 1.3 1.4 2.2 2.6 2.6 25

26 Credit unions 17.1 16.4 17.0 23.4 16.6 15.5 23.0 24.5 26.4 26

27 Bank personal trusts and estates 10.5 9.0 10.0 7.8 8.7 8.9 11.7 11.1 19.8 27

28 Private pension funds 106.6 111.9 119.4 147.7 118.8 136.4 143.5 148.0 150.4 28

29 State and local govt. retirement funds 4.5 2.3 2.4 2.0 1.7 1.1 0.6 0.7 0.8 29

30 Money market mutual funds 52.3 82.7 111.3 127.0 160.4 142.4 219.5 204.6 156.9 30

31 Government-sponsored enterprises 0.0 0.0 6.4 4.7 10.0 22.2 30.3 25.3 16.7 31

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars

 1 Total assets 741.3 886.7 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2016.0 1

 2 Household sector 450.1 500.7 582.3 712.9 825.0 970.7 1129.2 1084.7 985.0 2

 3 Nonfinancial corporate business 60.0 67.6 87.8 126.4 154.9 191.4 301.9 328.8 291.0 3

 4 Nonfarm noncorporate business 17.0 19.2 22.9 32.6 40.7 49.4 59.0 61.3 53.1 4

 5 State and local governments 10.7 12.0 15.6 22.5 27.6 34.1 53.7 56.0 46.6 5

 6 Bank personal trusts and estates 33.6 41.4 37.4 46.2 53.7 60.6 52.8 54.1 44.9 6

 7 Life insurance companies 22.8 61.9 92.8 110.4 131.8 142.3 173.3 159.8 151.4 7

 8 Private pension funds 37.5 48.4 61.4 63.4 75.1 76.7 80.5 82.8 84.4 8

 9 Funding corporations 109.5 135.5 142.3 215.4 270.2 286.9 390.4 396.4 359.5 9
78 FFA, 1995-2003, Z.1, December 9, 2004

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 660.0 701.5 822.4 913.8 1082.8 1197.3 1233.7 1340.3 1567.5 1

 2 Commercial banking (net) 422.2 463.2 552.2 639.2 750.0 816.1 786.5 902.0 969.5 2

 3 U.S.-chartered commercial banks 379.6 408.2 471.7 538.4 667.0 682.4 663.9 737.4 806.0 3

 4 Foreign banking offices in U.S. 43.2 55.1 80.7 100.4 82.5 134.8 123.9 163.4 161.5 4

 5 Bank holding companies -0.5 -0.2 -0.2 0.4 0.5 -1.1 -1.2 1.2 2.1 5

 6 Savings institutions 44.5 43.7 41.8 51.3 72.7 66.7 72.4 57.4 77.5 6

 7 REITs 10.9 13.7 24.9 15.1 14.9 12.4 21.6 36.7 42.6 7

 8 Brokers and dealers (net) 182.4 180.9 203.5 208.2 245.2 302.2 353.2 344.2 477.9 8

 9 Total assets 552.7 591.7 649.5 678.7 809.2 800.7 885.6 969.7 1218.6 9

10 Nonfinancial corporate business 2.4 3.9 4.6 4.2 5.8 4.2 4.0 6.2 5.9 10

11 State and local governments 115.7 147.8 151.4 154.2 151.6 159.8 137.6 132.7 140.7 11

12 Rest of the world 67.6 70.9 90.8 72.0 79.9 91.3 150.7 190.1 462.9 12

13 Financial sectors 366.9 369.2 402.7 448.4 571.8 545.4 593.3 640.7 609.2 13

14 Monetary authority 13.9 21.6 23.8 30.4 140.6 43.4 50.3 39.5 43.8 14

15 Savings institutions 11.2 10.0 9.2 14.8 10.6 14.9 27.4 27.1 21.0 15

16 Credit unions 6.4 1.4 3.5 6.8 9.3 4.0 2.5 1.7 1.6 16

17 Other insurance companies 37.5 35.4 35.2 42.7 28.3 38.3 30.2 44.4 52.8 17

18 Private pension funds 22.1 26.7 27.6 28.8 32.5 30.0 31.6 32.5 33.1 18

19 State and local govt. retirement funds 31.5 28.2 28.6 37.5 40.4 44.7 45.3 45.5 36.3 19

20 Money market mutual funds 87.8 103.8 126.6 139.5 139.6 183.0 227.0 273.2 251.4 20

21 Mutual funds 50.2 47.5 57.8 70.9 80.8 106.5 74.8 81.5 94.0 21

22 Government-sponsored enterprises 106.3 94.5 90.4 77.0 89.7 80.6 104.4 95.3 75.3 22

23 Discrepancy--unallocated assets 107.4 109.8 172.9 235.0 273.6 396.6 348.1 370.6 348.9 23

L.208 Open Market Paper

Billions of dollars

 1 Total outstanding, all types 700.4 803.0 979.4 1172.6 1402.4 1614.0 1466.2 1374.7 1293.1 1

 2 Commercial paper 677.7 779.4 958.5 1161.0 1393.8 1606.1 1461.4 1370.1 1288.7 2

 3 Nonfinancial corporate business 157.4 156.4 168.6 193.0 230.3 278.4 190.1 126.0 85.9 3

 4 Foreign issues in U.S. 56.2 67.5 65.1 72.9 89.2 120.9 106.7 142.8 165.1 4

 5 Nonfinancial 20.6 18.7 20.0 18.5 26.7 37.6 14.3 19.1 15.4 5

 6 Financial 35.6 48.8 45.0 54.4 62.5 83.3 92.4 123.7 149.6 6

 7 Financial business 464.2 555.5 724.8 895.2 1074.3 1206.7 1164.6 1101.3 1037.7 7

 8 Commercial banking 30.1 32.0 37.6 45.4 54.5 55.7 50.6 48.3 42.3 8

 9 ABS issuers 101.2 146.7 256.1 381.8 520.8 645.8 765.8 752.8 717.3 9

10 Finance companies 168.6 178.0 202.6 233.3 230.4 238.8 158.6 141.5 136.3 10

11 REITs 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations 164.2 198.8 228.5 234.4 268.6 266.4 189.6 158.7 141.9 12

13 Bankers acceptances (1) 22.6 23.6 20.9 11.5 8.6 7.9 4.8 4.6 4.4 13

14 Holdings, by sector 700.4 803.0 979.4 1172.6 1402.4 1614.0 1466.2 1374.7 1293.1 14

15 Household sector 48.0 54.7 56.1 63.7 67.7 82.6 85.7 98.9 94.9 15

16 Nonfinancial corporate business 20.1 31.5 36.1 39.4 47.6 57.8 60.2 64.7 82.1 16

17 State and local governments 39.4 59.7 74.0 86.0 103.3 121.2 107.6 113.3 123.8 17

18 Rest of the world 43.4 57.9 77.8 87.1 85.8 90.1 87.5 97.8 107.7 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 5.7 6.5 2.7 1.1 1.4 1.5 0.0 0.0 0.0 20

21 Savings institutions 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.6 0.3 0.2 0.4 1.9 1.2 2.4 3.6 1.6 22

23 Bank personal trusts and estates 23.7 21.1 21.0 16.5 17.1 14.7 11.6 11.4 11.0 23

24 Life insurance companies 45.5 48.4 65.9 73.4 75.8 71.2 59.3 74.0 55.9 24

25 Private pension funds 24.4 30.1 31.3 34.3 41.3 36.2 37.2 39.8 37.7 25

26 State and local govt. retirement funds 31.5 28.2 28.6 37.5 40.4 44.7 45.3 45.5 41.3 26

27 Money market mutual funds 235.5 273.9 336.0 414.2 519.0 608.6 638.9 594.0 458.9 27

28 Mutual funds 50.2 47.2 57.8 70.9 80.8 106.5 74.8 63.0 75.8 28

29 Government-sponsored enterprises 25.5 35.1 27.6 56.2 23.9 31.1 33.8 10.4 8.0 29

30 Brokers and dealers 22.1 23.7 24.3 28.0 26.0 39.2 48.2 43.5 49.4 30

31 Funding corporations 84.6 84.5 140.0 163.7 270.5 307.3 173.8 114.7 145.2 31

(1) Excludes banks’ holdings of own acceptances.
FFA, 1995-2003, Z.1, December 9, 2004 79

L.209 Treasury Securities

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 3608.5 3755.1 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 4008.2 1

 2 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 2

 3 Other Treasury issues 3423.5 3568.1 3591.8 3537.0 3466.2 3173.0 3162.4 3414.9 3804.4 3

 4 Total assets 3608.5 3755.1 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 4008.2 4

 5 Household sector 806.5 868.9 782.8 747.5 833.0 619.2 486.5 343.0 432.0 5

 6 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 6

 7 Other Treasury issues 621.5 681.9 596.3 560.9 646.5 434.5 296.2 148.2 228.2 7

 8 Nonfinancial corporate business 57.1 47.1 26.8 23.6 19.4 18.1 16.5 31.4 41.5 8

 9 Nonfarm noncorporate business 23.6 28.6 32.2 38.0 37.2 40.2 42.8 45.2 47.5 9

10 State and local governments 289.8 257.0 239.3 279.7 303.2 297.2 339.4 351.5 358.8 10

11 Rest of the world 816.9 1040.3 1153.2 1166.2 1058.4 1021.4 1063.1 1254.1 1539.2 11

12 Monetary authority 378.2 390.9 430.7 452.1 478.0 511.7 551.7 629.4 666.7 12

13 Commercial banking 278.7 261.8 270.1 214.1 228.9 184.5 162.7 205.8 132.9 13

14 U.S.-chartered commercial banks 207.6 173.0 166.8 124.8 122.8 87.9 56.5 86.4 93.5 14

15 Foreign banking offices in U.S. 62.3 80.7 95.1 84.8 94.5 94.0 103.8 116.7 34.2 15

16 Bank holding companies 3.4 4.0 4.0 0.9 8.8 0.8 1.2 1.3 2.7 16

17 Banks in U.S.-affiliated areas 5.4 4.1 4.2 3.6 2.8 1.8 1.2 1.5 2.5 17

18 Savings institutions 18.4 17.4 14.6 10.2 10.1 8.7 11.4 9.2 12.2 18

19 Credit unions 18.3 17.4 15.6 13.1 9.6 8.2 7.4 7.8 8.9 19

20 Bank personal trusts and estates 27.5 25.7 20.4 17.3 17.3 16.3 11.5 11.2 10.9 20

21 Life insurance companies 108.1 93.2 85.5 71.3 62.8 58.1 53.7 78.5 71.8 21

22 Other insurance companies 133.4 120.9 91.1 70.4 60.6 52.1 52.0 61.2 64.7 22

23 Private pension funds 120.7 115.8 118.3 85.1 87.5 80.2 80.5 85.1 86.5 23

24 State and local govt. retirement funds 208.2 212.8 219.0 212.6 198.8 177.9 152.4 144.1 147.4 24

25 Federal government retirement funds 21.9 24.1 25.8 28.1 31.0 33.0 40.2 49.6 54.3 25

26 Money market mutual funds 70.0 90.2 86.2 103.6 103.8 90.4 135.7 140.2 130.2 26

27 Mutual funds 143.8 125.8 136.4 141.0 117.3 123.6 115.1 134.7 144.1 27

28 Closed-end funds 11.1 11.2 9.8 8.8 7.6 6.7 6.7 3.9 5.3 28

29 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.1 29

30 Government-sponsored enterprises 58.0 18.8 25.9 25.2 30.9 13.3 13.6 25.7 13.5 30

31 Brokers and dealers 18.3 -12.8 -5.3 15.8 -42.6 -3.3 9.8 -3.9 37.8 31

 Memo:

32 Federal government debt (1) 3636.7 3781.7 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 4033.1 32

(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).
80 FFA, 1995-2003, Z.1, December 9, 2004

L.210 Agency- and GSE-backed Securities (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 2406.0 2635.8 2849.3 3322.9 3916.0 4347.0 4989.1 5536.3 6108.1 1

 2 Budget agencies 28.2 26.6 26.5 28.5 28.3 27.3 26.8 27.3 24.9 2

 3 Government-sponsored enterprises 807.0 897.4 996.5 1275.4 1594.2 1826.4 2130.6 2350.4 2594.1 3

 4 Agency- and GSE-backed mortgage pools 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 4

 5 Total assets 2406.0 2635.8 2849.3 3322.9 3916.0 4347.0 4989.1 5536.3 6108.1 5

 6 Household sector 73.8 171.6 223.6 288.9 361.9 439.9 360.0 245.7 507.9 6

 7 Nonfinancial corporate business 23.4 28.5 8.0 10.6 12.4 15.4 17.2 16.9 25.1 7

 8 State and local governments 151.5 116.2 115.4 152.7 196.5 198.1 253.5 256.5 279.3 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 146.2 175.1 209.4 227.8 300.2 441.4 534.7 650.2 661.7 10

11 Monetary authority 2.6 2.2 0.7 0.3 0.2 0.1 0.0 0.0 0.0 11

12 Commercial banking 467.5 495.7 571.2 663.2 699.6 721.8 777.4 917.9 999.5 12

13 U.S.-chartered commercial banks 421.5 436.7 497.2 578.9 608.3 626.5 700.2 821.3 906.4 13

14 Foreign banking offices in U.S. 37.3 49.7 62.2 67.4 72.4 72.7 50.7 61.6 52.5 14

15 Bank holding companies 4.7 4.9 5.5 6.6 5.4 4.8 6.2 10.7 11.6 15

16 Banks in U.S.-affiliated areas 4.0 4.3 6.3 10.2 13.5 17.8 20.3 24.2 28.9 16

17 Savings institutions 164.6 156.1 155.3 143.7 147.1 140.4 161.4 176.2 198.7 17

18 Credit unions 45.7 50.7 51.0 58.4 61.3 60.9 80.6 97.3 115.5 18

19 Bank personal trusts and estates 43.3 45.6 40.8 39.4 45.2 45.5 35.1 34.2 31.6 19

20 Life insurance companies 242.9 244.1 226.7 217.0 224.4 235.4 253.5 330.9 348.9 20

21 Other insurance companies 48.2 51.0 70.8 69.7 75.5 84.1 94.2 113.2 115.4 21

22 Private pension funds 214.2 203.7 211.4 194.8 233.0 207.3 214.7 220.4 227.3 22

23 State and local govt. retirement funds 63.1 68.6 87.0 106.1 129.0 166.6 152.1 151.8 158.5 23

24 Federal government retirement funds 0.8 1.0 1.0 1.3 1.3 1.4 3.1 5.5 6.5 24

25 Money market mutual funds 90.8 101.8 96.3 173.8 190.9 185.2 318.4 324.1 326.2 25

26 Mutual funds 171.3 204.4 213.3 234.9 271.1 275.2 360.5 422.0 447.3 26

27 Government-sponsored enterprises 190.8 256.6 324.2 482.7 655.6 810.9 1017.8 1149.5 1238.3 27

28 ABS issuers 202.3 195.5 171.6 193.5 230.3 238.6 255.1 300.4 308.4 28

29 REITs 9.0 12.2 21.2 13.1 14.6 15.1 22.1 31.8 28.3 29

30 Brokers and dealers 54.0 55.2 50.4 50.9 66.0 63.7 77.8 91.8 83.7 30

(1) Agency- and GSE-backed 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 agency- and GSE-backed mortgage pool 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 32.
FFA, 1995-2003, Z.1, December 9, 2004 81

L.211 Municipal Securities and Loans

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 1268.3 1261.8 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1898.2 1

 2 State and local governments 1035.3 1019.0 1061.8 1128.2 1167.1 1183.6 1289.2 1432.6 1550.1 2

 3 Short-term (1) 32.9 39.1 47.5 41.2 43.7 45.1 69.0 94.2 101.3 3

 4 Long-term 1002.4 979.9 1014.3 1087.1 1123.4 1138.5 1220.2 1338.4 1448.8 4

 5 Nonprofit organizations (2) 98.3 104.9 114.9 126.9 137.3 143.0 156.9 169.8 183.9 5

 6 Nonfinancial corporate business 134.8 137.9 142.0 147.8 152.8 154.2 157.7 160.8 164.2 6

 (industrial revenue bonds)

 7 Total assets 1268.3 1261.8 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1898.2 7

 8 Household sector 429.2 394.0 413.0 416.0 435.6 438.0 489.3 585.2 615.7 8

 9 Nonfinancial corporate business 36.8 31.0 27.4 25.7 25.0 31.9 29.3 32.1 40.1 9

10 Nonfarm noncorporate business 2.2 2.6 3.2 2.8 2.7 2.4 3.5 3.7 3.9 10

11 State and local governments 5.1 4.6 3.9 3.2 3.5 3.8 4.0 4.1 4.4 11

12 Commercial banking 93.4 94.2 96.7 104.8 110.8 114.1 120.2 121.7 132.5 12

13 Savings institutions 2.0 2.1 2.1 2.5 3.0 3.2 4.5 5.5 6.3 13

14 Bank personal trusts and estates 108.3 104.0 90.7 89.5 100.3 99.1 95.6 100.9 98.4 14

15 Life insurance companies 11.9 13.4 16.7 18.4 20.1 19.1 18.7 19.9 26.1 15

16 Other insurance companies 161.0 175.4 191.6 208.1 199.0 184.1 173.8 183.0 224.2 16

17 State and local govt. retirement funds 1.8 0.6 1.5 3.3 3.0 1.6 1.4 0.5 0.7 17

18 Money market mutual funds 127.7 144.5 167.0 193.0 210.4 244.7 281.0 282.8 297.3 18

19 Mutual funds 210.2 213.3 219.8 242.6 239.4 230.5 253.4 277.3 290.2 19

20 Closed-end funds 58.2 59.1 59.4 60.7 69.7 67.7 74.7 86.0 89.3 20

21 Government-sponsored enterprises 7.8 12.1 12.7 19.2 22.7 29.2 35.4 39.4 44.4 21

22 Brokers and dealers 12.7 10.8 13.2 13.1 11.9 11.3 19.0 21.0 24.9 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars

 1 Total liabilities 2904.5 3247.9 3597.2 4142.9 4555.2 4924.7 5513.8 5945.9 6519.8 1

 2 Nonfinancial corporate business 1344.1 1460.4 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2869.3 2

 3 Rest of the world (1) 301.8 368.4 428.0 450.9 452.8 468.0 443.5 410.0 381.9 3

 4 Financial sectors 1258.5 1419.1 1558.3 1846.0 2034.7 2226.4 2491.5 2824.9 3268.6 4

 5 Commercial banking 161.1 168.9 192.6 220.2 240.6 273.2 310.2 332.2 379.1 5

 6 Savings institutions 3.1 2.7 2.8 2.6 2.7 6.3 3.6 3.4 5.1 6

 7 ABS issuers 665.2 753.1 810.2 983.5 1037.1 1098.3 1234.5 1439.0 1674.7 7

 8 Finance companies 300.0 336.8 341.5 365.6 430.3 503.2 569.9 631.9 746.2 8

 9 REITs 15.5 16.8 31.6 53.4 63.1 67.0 71.4 87.6 110.9 9

10 Brokers and dealers 29.3 27.3 35.3 42.5 25.3 40.9 42.3 40.6 47.0 10

11 Funding corporations 84.4 113.6 144.2 178.2 235.5 237.5 259.7 290.1 305.5 11

12 Total assets 2904.5 3247.9 3597.2 4142.9 4555.2 4924.7 5513.8 5945.9 6519.8 12

13 Household sector 482.6 556.9 566.0 654.7 599.2 644.6 637.2 673.8 425.8 13

14 State and local governments 39.0 49.7 51.0 61.9 73.3 70.0 95.6 103.8 111.1 14

15 Rest of the world (2) 361.5 433.2 501.6 607.8 752.1 920.6 1115.9 1266.9 1499.5 15

16 Commercial banking 110.5 111.6 140.5 176.2 210.1 266.1 363.1 359.9 482.5 16

17 Savings institutions 78.5 68.6 58.7 88.6 111.9 109.4 83.9 79.9 71.1 17

18 Bank personal trusts and estates 33.6 31.9 31.1 28.5 39.8 44.9 38.3 35.6 39.5 18

19 Life insurance companies 870.1 949.3 1046.0 1130.4 1173.2 1222.2 1342.4 1449.3 1620.2 19

20 Other insurance companies 123.3 141.6 159.5 171.1 181.1 187.5 196.4 198.9 218.9 20

21 Private pension funds 240.2 242.9 276.5 297.5 347.5 289.9 294.6 307.3 315.5 21

22 State and local govt. retirement funds 189.2 211.4 244.5 279.6 310.0 339.7 339.1 334.5 339.2 22

23 Federal government retirement funds 0.5 0.6 0.6 0.8 0.8 0.8 1.6 2.8 3.3 23

24 Money market mutual funds 21.5 23.9 36.4 81.2 123.7 161.9 163.0 170.7 185.9 24

25 Mutual funds 195.7 229.5 273.8 339.0 368.2 361.9 420.1 470.9 548.3 25

26 Closed-end funds 25.2 27.1 27.1 31.8 33.5 30.9 27.1 27.1 58.7 26

27 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 2.4 27

28 Government-sponsored enterprises 29.9 38.1 44.1 68.7 97.5 131.1 155.7 189.3 225.8 28

29 REITs 2.9 4.3 6.5 6.1 5.9 5.6 7.8 10.2 17.5 29

30 Brokers and dealers 76.4 90.9 100.0 81.4 93.4 112.7 161.3 192.0 228.3 30

31 Funding corporations 23.8 36.5 33.1 37.6 33.8 24.9 70.8 71.4 126.3 31

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
82 FFA, 1995-2003, Z.1, December 9, 2004

L.213 Corporate Equities (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Issues at market value 8481.3 10279.6 13292.8 15547.3 19522.8 17627.0 15310.6 11871.0 15497.0 1

 2 Nonfinancial corporate business 6406.8 7639.2 9765.7 11577.8 15155.6 12678.8 10796.2 7907.1 10140.6 2

 3 Rest of the world (2) 790.6 1006.1 1207.8 1475.0 2003.7 1852.8 1612.7 1345.1 1972.2 3

 4 Financial corporations 1284.0 1634.3 2319.3 2494.5 2363.4 3095.3 2901.8 2618.8 3384.2 4

 5 Holdings at market value 8481.3 10279.6 13292.8 15547.3 19522.8 17627.0 15310.6 11871.0 15497.0 5

 6 Household sector 4122.6 4847.1 6272.9 7120.0 9168.1 7803.6 6601.9 5045.2 6412.9 6

 7 State and local governments 26.4 46.9 78.4 97.6 117.1 97.1 100.7 80.3 84.5 7

 8 Rest of the world (3) 549.5 672.4 952.9 1250.3 1611.5 1643.2 1572.7 1260.8 1632.0 8

 9 Commercial banking 5.0 6.8 2.6 6.8 11.3 11.9 8.9 3.5 15.1 9

10 Savings institutions 14.3 17.8 23.3 24.5 23.8 24.2 27.9 29.1 30.4 10

11 Bank personal trusts and estates 224.9 265.4 362.2 360.1 407.3 356.8 280.7 181.1 213.1 11

12 Life insurance companies 309.6 406.9 539.7 683.2 909.0 891.9 811.3 708.9 919.3 12

13 Other insurance companies 134.2 148.6 186.0 200.1 207.9 194.3 173.9 152.3 182.7 13

14 Private pension funds 1277.8 1445.2 1666.6 1947.9 2081.2 1915.0 1562.1 1096.7 1491.9 14

15 State and local govt. retirement funds 703.5 846.6 1051.3 1188.1 1407.7 1223.1 1084.0 869.8 1084.4 15

16 Federal government retirement funds 11.5 18.8 29.9 44.9 59.1 59.1 51.4 48.5 79.9 16

17 Mutual funds 1024.9 1470.0 2018.7 2506.2 3376.7 3227.3 2836.1 2188.0 3051.6 17

18 Closed-end funds 41.9 47.0 49.6 47.6 41.3 36.6 31.1 33.7 52.3 18

19 Exchange-traded funds 1.1 2.4 6.7 15.6 33.9 65.6 83.0 98.2 146.3 19

20 Brokers and dealers 34.2 37.9 51.9 54.4 66.9 77.2 85.1 74.9 100.5 20

 Memo:

21 Market value of domestic corporations (4) 7474.4 9030.8 11788.1 13747.8 17158.0 15388.6 13316.1 10163.3 13027.8 21

(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, 18, 19, and 20; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares (1)

Billions of dollars

 1 Shares at market value 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 1

 2 Holdings at market value 1852.8 2342.4 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 4653.2 2

 3 Household sector 1153.1 1501.2 1957.7 2397.1 2987.4 2832.8 2665.6 2326.3 3008.8 3

 4 Nonfinancial corporate business 45.7 63.0 75.0 98.0 127.0 124.0 111.0 97.0 121.0 4

 5 State and local governments 35.0 41.0 33.6 19.1 21.4 21.2 24.3 24.2 25.6 5

 6 Commercial banking 2.3 2.6 8.1 9.1 12.4 15.0 21.3 19.6 17.1 6

 7 Credit unions 2.8 2.6 2.4 3.6 2.5 2.2 3.7 3.5 4.1 7

 8 Bank personal trusts and estates 253.5 277.1 285.7 344.7 391.5 396.8 359.1 339.1 391.2 8

 9 Life insurance companies 33.5 42.5 57.2 73.2 98.7 97.0 88.3 76.6 91.7 9

10 Private pension funds 326.8 412.3 569.6 668.2 897.6 946.2 862.1 752.0 993.7 10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
FFA, 1995-2003, Z.1, December 9, 2004 83

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Total loans by commercial

 1 banking, flow of funds basis 2647.3 2821.8 3055.4 3309.3 3515.5 3887.3 3957.8 4183.0 4422.6 1

 - Loans elsewhere classified:

 2 Open market paper 5.7 6.5 2.7 1.1 1.4 1.5 0.0 0.0 0.0 2

 3 Mortgages 1090.2 1145.4 1245.3 1337.0 1495.4 1660.1 1789.8 2058.3 2255.8 3

 4 Consumer credit 502.3 527.5 515.1 513.6 510.2 554.0 571.8 606.4 661.0 4

 5 Security credit 99.5 100.8 122.5 142.8 124.8 175.2 175.2 177.9 213.5 5

 6 = Banking sector total bank loans n.e.c. 949.6 1041.7 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1292.3 6

 7 U.S.-chartered commercial banks 701.6 759.8 867.9 1012.0 1104.3 1202.4 1140.5 1081.9 1045.5 7

 8 Foreign banking offices in U.S. 232.6 264.8 284.0 282.4 260.0 274.6 256.1 237.5 220.4 8

 9 Bank holding companies 2.3 2.5 2.4 4.1 2.6 1.6 1.9 2.9 7.9 9

10 Banks in U.S.-affiliated areas 13.1 14.6 15.5 16.3 16.9 18.0 22.5 18.2 18.5 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 949.6 1041.7 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1292.3 12

13 Total liabilities 949.6 1041.7 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1292.3 13

14 Nonfinancial sectors 898.2 977.7 1092.5 1209.0 1296.5 1405.6 1316.9 1235.0 1191.5 14

15 Households 57.4 58.0 66.5 74.2 71.5 74.2 57.7 54.5 93.9 15

16 Corporate business 601.8 642.1 692.7 768.8 813.0 861.0 758.3 661.9 596.1 16

17 Nonfarm noncorporate business 164.7 193.6 237.3 262.1 308.6 352.9 390.7 404.1 395.1 17

18 Farm business 39.7 40.4 43.9 45.1 44.2 46.9 46.9 46.0 45.5 18

19 Rest of the world 34.6 43.7 52.1 58.7 59.2 70.5 63.2 68.6 60.9 19

20 Foreign official institutions 2.6 2.9 2.1 2.8 3.0 3.5 4.3 5.1 4.6 20

21 Foreign banks 10.9 14.3 13.8 13.1 9.9 13.2 5.9 5.1 3.7 21

22 Other foreign 21.1 26.5 36.3 42.8 46.4 53.8 53.1 58.4 52.7 22

23 Financial sectors 51.4 64.0 77.3 105.8 87.3 91.1 104.1 105.4 100.8 23

24 Savings institutions 14.6 15.9 19.4 29.7 14.0 21.5 23.0 27.2 13.9 24

25 Finance companies 15.3 19.7 24.2 26.5 35.4 35.9 50.8 48.0 56.2 25

26 Mortgage companies 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 26

27 REITs 5.0 7.8 17.6 33.6 21.8 17.6 14.3 14.2 14.7 27
84 FFA, 1995-2003, Z.1, December 9, 2004

L.216 Other Loans and Advances

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total other loans and advances 890.6 941.8 1018.8 1171.7 1299.7 1420.5 1451.1 1475.9 1515.0 1

 2 U.S. government loans 139.4 137.6 134.6 138.3 131.3 127.7 121.8 118.2 116.7 2

 3 Liab.: Household sector 18.0 19.2 17.9 17.6 17.2 16.6 15.0 14.2 13.5 3

 4 Nonfinancial corporate business 10.0 8.7 8.4 8.3 8.0 7.6 7.4 7.0 7.8 4

 5 Nonfarm noncorporate business 39.4 39.1 40.9 44.8 43.9 42.8 39.6 38.9 39.6 5

 6 Farm business 7.0 5.9 5.5 5.1 4.9 5.0 5.0 4.7 4.5 6

 7 State and local governments 9.8 10.1 8.9 10.1 9.7 8.7 8.9 9.4 9.7 7

 8 Rest of the world 55.2 54.6 53.1 52.2 47.6 47.0 45.9 44.0 41.8 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 122.1 126.0 143.3 142.3 119.5 117.3 115.7 125.8 125.0 10

11 Liab.: Nonfinancial corporate business 122.1 126.0 143.3 142.3 119.5 117.3 115.7 125.8 125.0 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 22.3 23.4 20.6 11.3 8.2 7.5 4.6 4.6 4.4 12

13 Liab.: Nonfinancial corporate business 14.2 13.4 10.8 6.6 4.4 4.3 4.1 4.4 4.2 13

14 Rest of the world 8.2 9.9 9.7 4.7 3.9 3.1 0.5 0.2 0.2 14

15 Savings institution loans to business 12.8 15.7 18.8 24.2 30.6 39.3 42.9 46.2 56.3 15

16 Liab.: Nonfinancial corporate business 6.4 7.9 9.4 12.1 15.3 19.7 21.5 23.1 28.1 16

17 Nonfarm noncorporate business 6.4 7.9 9.4 12.1 15.3 19.7 21.5 23.1 28.1 17

18 Policy loans (Household liability) 96.9 101.4 104.6 104.7 100.0 102.8 105.0 106.1 105.5 18

19 Asset: Federal government 0.9 1.0 1.0 0.9 0.9 0.9 0.9 0.9 1.0 19

20 Life insurance companies 95.9 100.5 103.7 103.8 99.0 101.9 104.1 105.1 104.5 20

21 Government-sponsored enterprise loans 166.0 195.3 230.7 324.2 432.3 477.6 505.9 514.7 545.8 21

22 Liab.: Household sector (SLMA) 0.8 0.9 0.7 0.6 0.7 0.4 0.4 0.4 0.3 22

23 Noncorporate business (FCS) 16.4 16.5 16.5 17.1 17.9 19.5 19.5 20.1 19.8 23

24 Farm business (FCS) 13.8 15.1 15.1 17.8 17.9 19.4 22.3 23.7 24.0 24

25 Commercial banks (FHLB and SLMA) 36.7 39.0 58.1 104.9 145.6 172.4 196.6 226.8 235.3 25

26 Savings institutions (FHLB and SLMA) 97.4 121.9 138.0 180.1 243.7 260.0 259.1 231.7 249.3 26

27 Credit unions (FHLB) 0.4 0.4 0.6 1.1 3.4 3.4 4.9 6.9 9.1 27

28 Life insurance companies (FHLB) 0.5 1.6 1.8 2.5 3.2 2.5 3.1 5.1 8.0 28

29 Securitized loans held by ABS issuers 29.6 37.7 62.1 85.9 82.6 89.8 108.3 105.0 103.9 29

30 Liab.: Nonfinancial corporate business 29.6 37.7 62.1 85.9 82.6 89.8 108.3 105.0 103.9 30

31 Finance company loans to business 301.6 304.7 304.1 340.9 395.1 458.4 447.0 455.3 457.5 31

32 Liab.: Nonfinancial corporate business 271.4 274.2 273.7 306.8 355.6 412.6 402.3 409.7 411.7 32

33 Nonfarm noncorporate business 30.2 30.5 30.4 34.1 39.5 45.8 44.7 45.5 45.7 33
FFA, 1995-2003, Z.1, December 9, 2004 85

L.217 Total Mortgages

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total mortgages 4567.8 4842.3 5163.2 5654.8 6261.8 6821.0 7497.3 8323.8 9326.7 1

 2 Home 3469.1 3697.7 3939.5 4300.1 4723.1 5134.0 5645.7 6323.4 7120.1 2

 3 Multifamily residential 275.5 288.0 300.1 334.0 375.0 406.0 448.1 486.1 554.2 3

 4 Commercial 738.5 769.2 833.1 923.5 1060.1 1170.8 1285.7 1388.8 1518.8 4

 5 Farm 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 5

 6 Total liabilities 4567.8 4842.3 5163.2 5654.8 6261.8 6821.0 7497.3 8323.8 9326.7 6

 7 Household sector 3436.2 3652.0 3874.5 4188.6 4567.7 4949.6 5435.1 6076.0 6799.4 7

 8 Nonfinancial business 1107.6 1158.3 1241.9 1394.6 1615.6 1788.0 1976.7 2152.1 2423.1 8

 9 Corporate 217.9 227.7 260.5 262.4 341.8 370.2 430.0 468.3 576.6 9

10 Nonfarm noncorporate 805.0 843.2 890.9 1035.1 1170.1 1307.6 1428.8 1558.3 1712.9 10

11 Farm 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 24.1 31.9 46.8 71.6 78.5 83.4 85.6 95.7 104.2 13

14 Total assets 4567.8 4842.3 5163.2 5654.8 6261.8 6821.0 7497.3 8323.8 9326.7 14

15 Household sector 116.3 108.7 101.1 98.2 106.5 117.4 125.4 136.0 147.4 15

16 Nonfinancial corporate business 57.9 54.4 80.2 67.3 41.2 43.5 46.6 48.7 50.7 16

17 Nonfarm noncorporate business 21.7 20.4 18.7 26.7 24.7 23.3 26.6 27.8 26.6 17

18 State and local governments 113.8 117.6 121.3 126.2 130.6 132.4 130.4 124.0 132.6 18

19 Federal government 57.5 50.3 45.7 44.9 77.7 76.9 75.8 76.3 73.8 19

20 Commercial banking 1090.2 1145.4 1245.3 1337.0 1495.4 1660.1 1789.8 2058.3 2255.8 20

21 Savings institutions (1) 596.8 628.3 631.8 644.0 668.1 723.0 758.2 781.4 870.9 21

22 Credit unions 66.5 76.0 86.0 96.9 111.0 124.9 141.3 159.4 182.6 22

23 Bank personal trusts and estates 3.3 3.6 3.0 2.8 2.2 2.3 2.5 2.3 1.9 23

24 Life insurance companies 213.1 208.2 206.8 213.6 230.8 235.9 243.0 250.0 260.9 24

25 Other insurance companies 2.8 2.4 2.2 2.0 1.9 1.6 1.9 2.0 2.1 25

26 Private pension funds 8.4 9.0 9.7 9.3 11.0 10.3 10.4 10.4 10.3 26

27 State and local govt. retirement funds 15.9 16.7 17.6 22.4 25.7 22.3 21.4 21.3 19.7 27

28 Government-sponsored enterprises (1) 250.4 244.1 239.4 247.0 242.0 264.3 297.5 357.3 463.3 28

29 Agency- and GSE-backed mortgage pools 1570.7 1711.7 1826.3 2019.0 2293.5 2493.2 2831.8 3158.6 3489.1 29

30 ABS issuers 262.7 305.0 376.3 517.9 599.8 667.9 784.6 873.9 1058.4 30

31 Finance companies 72.4 85.5 96.5 121.2 145.8 172.3 161.3 174.5 198.9 31

32 Mortgage companies 33.0 41.2 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32

33 REITs 14.1 13.8 22.9 26.3 21.6 17.5 16.8 29.6 49.5 33

(1) FHLB loans to savings institutions are included in other loans and advances.
86 FFA, 1995-2003, Z.1, December 9, 2004

L.218 Home Mortgages (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 3469.1 3697.7 3939.5 4300.1 4723.1 5134.0 5645.7 6323.4 7120.1 1

 2 Household sector 3344.3 3555.4 3779.3 4084.8 4459.5 4828.9 5295.7 5923.3 6658.1 2

 3 Nonfinancial corporate business 6.9 7.8 8.0 9.3 11.5 13.5 15.6 16.2 18.0 3

 4 Nonfarm noncorporate business 118.0 134.4 152.2 205.9 252.1 291.6 334.4 383.9 444.0 4

 5 Total assets 3469.1 3697.7 3939.5 4300.1 4723.1 5134.0 5645.7 6323.4 7120.1 5

 6 Household sector 95.7 86.8 77.9 73.1 80.3 87.4 94.9 103.6 113.1 6

 7 Nonfinancial corporate business 33.8 24.5 29.8 27.1 20.2 21.4 23.3 24.3 25.3 7

 8 Nonfarm noncorporate business 8.2 7.6 7.0 10.0 9.0 8.7 9.7 11.0 12.6 8

 9 State and local governments 60.5 62.8 65.8 64.4 66.6 67.5 66.5 63.2 67.6 9

10 Federal government 24.2 21.2 19.1 18.8 18.4 17.7 17.1 16.2 15.3 10

11 Commercial banking 646.5 677.6 745.5 797.0 879.6 965.6 1023.9 1222.2 1347.0 11

12 Savings institutions 482.4 513.7 520.7 533.5 548.2 594.2 620.6 631.4 703.4 12

13 Credit unions 66.5 76.0 86.0 96.9 111.0 124.9 141.3 159.4 182.6 13

14 Bank personal trusts and estates 3.3 3.6 3.0 2.8 2.2 2.3 2.5 2.3 1.9 14

15 Life insurance companies 8.9 7.0 7.2 6.6 5.9 4.9 4.9 4.7 4.4 15

16 Private pension funds 4.4 5.0 5.7 5.8 6.6 7.7 4.6 2.8 1.7 16

17 State and local govt. retirement funds 4.4 5.0 5.6 7.2 8.2 7.1 6.9 6.8 6.3 17

18 Government-sponsored enterprises 205.2 198.5 194.3 199.6 189.3 205.1 225.6 271.1 363.3 18

19 Agency- and GSE-backed mortgage pools 1543.4 1678.8 1788.1 1970.2 2234.7 2425.6 2748.5 3063.7 3367.0 19

20 ABS issuers 208.4 234.7 280.4 360.6 400.9 433.9 505.8 563.9 696.7 20

21 Finance companies 42.7 55.0 67.5 90.0 108.2 130.6 120.1 135.0 152.2 21

22 Mortgage companies 23.8 32.0 21.8 21.8 21.8 21.8 21.8 21.8 21.8 22

23 REITs 6.9 8.0 14.0 14.8 11.8 7.4 7.7 20.0 37.8 23

 Memo:

24 Home equity loans included above (2) 259.4 290.8 331.9 361.2 401.5 491.8 517.8 583.2 684.6 24

25 Commercial banking 140.0 153.8 174.0 176.9 189.5 235.0 258.6 303.3 366.0 25

26 Savings institutions 50.5 52.3 55.5 55.9 59.7 72.8 77.9 78.5 95.6 26

27 Credit unions 22.9 25.5 29.0 29.7 33.4 40.7 44.9 48.1 51.8 27

28 ABS issuers 3.2 4.3 5.9 8.6 10.7 12.7 16.2 18.4 19.0 28

29 Finance companies 42.7 55.0 67.5 90.0 108.2 130.6 120.1 135.0 152.2 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. Loans of finance companies (line 29) include some first liens.

 Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages

Billions of dollars

 1 Total liabilities 275.5 288.0 300.1 334.0 375.0 406.0 448.1 486.1 554.2 1

 2 Nonfinancial corporate business 21.1 21.7 22.5 23.5 24.7 25.9 27.3 28.8 30.4 2

 3 Nonfarm noncorporate business 246.5 255.7 262.1 286.8 324.3 352.5 392.6 425.7 489.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 7.9 10.5 15.4 23.6 25.9 27.5 28.2 31.6 34.4 5

 6 Total assets 275.5 288.0 300.1 334.0 375.0 406.0 448.1 486.1 554.2 6

 7 Household sector 1.6 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.5 7

 8 Nonfinancial corporate business 0.1 0.8 1.4 1.1 0.9 0.8 0.9 1.0 1.0 8

 9 Nonfarm noncorporate business 7.2 6.8 6.2 8.8 8.0 7.7 9.2 8.5 5.5 9

10 State and local governments 44.1 45.9 46.5 50.5 52.2 52.9 52.2 49.6 53.1 10

11 Federal government 17.7 14.8 13.9 13.6 13.6 13.9 13.7 14.3 14.5 11

12 Commercial banking 42.5 45.5 49.7 54.6 67.7 77.8 84.9 94.2 104.9 12

13 Savings institutions 62.0 61.6 59.5 57.0 59.3 61.3 64.6 68.7 78.0 13

14 Life insurance companies 28.7 30.8 30.4 31.5 32.8 33.7 35.6 36.8 38.6 14

15 Private pension funds 1.0 1.0 1.0 0.9 1.1 1.1 1.4 1.9 2.2 15

16 State and local govt. retirement funds 4.5 4.7 5.0 6.3 7.2 6.2 6.0 6.0 5.5 16

17 Government-sponsored enterprises 18.5 17.7 16.2 16.2 20.5 25.0 33.2 41.7 52.6 17

18 Agency- and GSE-backed mortgage pools 26.9 32.5 37.8 48.3 57.5 66.0 81.6 94.5 121.1 18

19 ABS issuers 12.0 16.1 20.9 33.9 42.4 47.8 53.8 59.2 67.3 19

20 Finance companies 3.0 3.1 2.8 2.5 2.8 2.9 2.7 1.7 1.7 20

21 Mortgage companies 4.2 4.1 5.2 5.2 5.2 5.2 5.2 5.2 5.2 21

22 REITs 1.6 1.2 2.1 2.1 2.3 2.1 1.7 1.5 1.7 22
FFA, 1995-2003, Z.1, December 9, 2004 87

L.220 Commercial Mortgages

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 738.5 769.2 833.1 923.5 1060.1 1170.8 1285.7 1388.8 1518.8 1

 2 Household sector 91.9 96.6 95.1 103.7 108.2 120.7 139.4 152.7 141.2 2

 3 Nonfinancial corporate business 190.0 198.2 230.0 229.5 305.6 330.8 387.2 423.2 528.2 3

 4 Nonfarm noncorporate business 440.5 453.0 476.6 542.4 593.7 663.5 701.8 748.7 779.5 4

 5 REITs 16.1 21.4 31.4 48.0 52.6 55.9 57.3 64.1 69.8 5

 6 Total assets 738.5 769.2 833.1 923.5 1060.1 1170.8 1285.7 1388.8 1518.8 6

 7 Household sector 3.7 4.4 5.1 6.0 6.8 8.6 7.9 8.6 9.2 7

 8 Nonfinancial corporate business 24.0 29.1 49.1 39.1 20.1 21.2 22.4 23.4 24.3 8

 9 Nonfarm noncorporate business 5.7 5.3 4.9 6.9 6.4 6.1 6.8 7.1 7.0 9

10 State and local governments 7.7 7.5 7.7 10.1 10.4 10.6 10.4 9.9 10.6 10

11 Federal government 9.4 8.5 7.8 7.9 41.5 41.1 41.0 42.1 40.5 11

12 Commercial banking 377.3 397.5 423.1 456.3 516.3 582.6 645.6 704.0 763.3 12

13 Savings institutions 52.1 52.7 51.3 53.0 60.1 67.0 72.5 80.7 88.9 13

14 Life insurance companies 165.9 160.3 158.8 164.0 179.0 183.8 188.4 195.0 203.9 14

15 Other insurance companies 2.8 2.4 2.2 2.0 1.9 1.6 1.9 2.0 2.1 15

16 Private pension funds 3.0 3.0 3.0 2.6 3.3 1.5 4.3 5.7 6.4 16

17 State and local govt. retirement funds 7.0 7.0 7.0 9.0 10.3 8.9 8.6 8.5 7.9 17

18 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 42.4 54.2 74.9 123.4 156.4 186.2 225.0 250.8 294.5 19

20 Finance companies 26.7 27.5 26.2 28.7 34.8 38.8 38.5 37.8 45.0 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 5.6 4.6 6.9 9.4 7.5 7.9 7.4 8.1 10.0 22

L.221 Farm Mortgages

Billions of dollars

 1 Total liabilities (Farm business) 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 1

 2 Total assets 84.7 87.4 90.5 97.2 103.6 110.2 117.8 125.5 133.6 2

 3 Household sector 15.3 15.9 16.5 17.7 17.9 20.0 21.2 22.4 23.6 3

 4 Nonfarm noncorporate business 0.7 0.7 0.6 1.0 1.3 0.7 0.9 1.2 1.5 4

 5 State and local governments 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.2 1.3 5

 6 Federal government 6.2 5.8 4.9 4.5 4.3 4.1 4.0 3.7 3.4 6

 7 Commercial banking 23.8 24.9 27.0 29.0 31.8 34.0 35.5 38.0 40.6 7

 8 Savings institutions 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.6 8

 9 Life insurance companies 9.7 10.1 10.5 11.5 13.0 13.6 14.1 13.5 14.0 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.8 27.9 28.9 31.2 32.2 34.2 38.7 44.5 47.4 11

12 Agency- and GSE-backed mortgage pools 0.4 0.4 0.4 0.5 1.3 1.6 1.7 0.4 1.0 12
88 FFA, 1995-2003, Z.1, December 9, 2004

L.222 Consumer Credit

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities (Households) 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 1

 2 Total assets 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 2

 3 Nonfinancial corporate business 85.1 77.7 84.8 87.8 86.0 90.0 88.8 86.4 70.3 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 9.9 17.6 28.3 37.4 50.9 67.0 80.1 92.8 94.1 5

 6 Commercial banking 502.3 527.5 515.1 513.6 510.2 554.0 571.8 606.4 661.0 6

 7 Savings institutions 40.1 44.7 47.2 52.4 61.7 64.8 71.1 68.7 77.9 7

 8 Credit unions 131.9 144.1 152.4 155.4 167.9 184.4 189.6 195.7 205.9 8

 9 Government-sponsored enterprises 34.3 33.8 29.5 28.4 33.8 37.0 39.4 36.9 20.6 9

10 ABS issuers 212.6 272.1 317.4 389.4 448.4 521.3 599.7 637.1 625.0 10

11 Finance companies 152.1 154.9 167.5 183.3 201.6 220.5 238.1 237.8 295.4 11

L.223 Trade Credit

Billions of dollars

 1 Total trade payables 1704.3 1827.6 1967.4 2082.9 2345.4 2747.7 2664.3 2735.1 2901.3 1

 2 Household sector 101.1 109.1 118.0 126.8 130.9 134.7 132.9 139.8 147.7 2

 3 Nonfinancial corporate business 877.5 927.0 992.1 1049.7 1228.2 1541.4 1437.7 1461.7 1539.4 3

 4 Nonfarm noncorporate business 86.2 116.8 147.8 178.6 213.3 259.9 255.0 276.0 322.7 4

 5 Farm business 16.2 17.4 18.8 19.6 20.0 20.9 18.3 19.2 20.3 5

 6 State and local governments 486.7 517.6 549.0 579.5 608.6 635.9 661.1 689.8 720.2 6

 7 Federal government 81.1 81.8 72.9 65.0 64.5 69.0 72.3 73.6 77.3 7

 8 Rest of the world 45.3 43.6 48.8 44.9 49.1 49.9 47.8 37.6 45.5 8

 9 Brokers and dealers 10.3 14.3 19.9 18.9 30.9 35.9 39.2 37.4 28.2 9

10 Total trade receivables 1591.2 1745.8 1922.7 2070.7 2345.0 2744.0 2657.7 2630.3 2838.4 10

11 Nonfinancial corporate business 1184.9 1273.1 1360.8 1440.0 1647.7 1930.7 1802.2 1721.9 1823.6 11

12 Nonfarm noncorporate business 140.3 169.8 204.9 233.1 272.6 342.1 343.9 366.7 418.4 12

13 State and local governments 77.3 82.9 89.2 95.4 103.9 111.4 116.5 118.1 126.3 13

14 Federal government 23.1 24.0 20.8 22.3 22.9 28.1 35.5 32.2 51.3 14

15 Rest of the world 52.6 58.1 59.0 52.5 47.4 47.0 43.9 47.0 48.7 15

16 Other insurance companies 57.3 57.2 59.9 61.5 63.6 64.6 69.9 74.8 79.3 16

17 ABS issuers 55.7 80.7 128.1 165.9 187.0 220.0 245.9 269.7 290.8 17

18 Discrepancy 113.1 81.8 44.7 12.2 0.4 3.7 6.6 104.8 62.9 18

L.224 Security Credit

Billions of dollars

 1 Total liabilities 305.7 358.1 469.1 572.2 676.6 822.7 825.9 738.8 871.3 1

 2 Household sector 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 227.1 263.7 337.9 419.5 448.7 587.6 629.5 590.6 688.8 4

 5 Customer credit balances (HH) 127.6 162.9 215.5 276.7 323.9 412.4 454.3 412.7 475.4 5

 6 From U.S.-chartered commercial banks 65.1 60.2 64.4 76.3 67.6 74.7 81.9 79.2 91.5 6

 7 From foreign banking offices in U.S. 34.4 40.6 58.0 66.5 57.2 100.5 93.3 98.7 121.9 7

 8 Total assets 305.7 358.1 469.1 572.2 676.6 822.7 825.9 738.8 871.3 8

 9 Household sector 127.6 162.9 215.5 276.7 323.9 412.4 454.3 412.7 475.4 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 99.5 100.8 122.5 142.8 124.8 175.2 175.2 177.9 213.5 11

12 Brokers and dealers 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 12
FFA, 1995-2003, Z.1, December 9, 2004 89

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Life insurance reserves:

 1 Total liabilities 566.2 610.6 665.0 718.3 783.9 819.1 880.0 920.9 1013.2 1

 2 Federal government 29.9 30.5 32.3 33.6 35.0 36.4 37.8 39.4 40.5 2

 3 Life insurance companies 536.3 580.1 632.7 684.7 748.9 782.7 842.2 881.6 972.7 3

 4 Total assets (Households) 566.2 610.6 665.0 718.3 783.9 819.1 880.0 920.9 1013.2 4

 Pension fund reserves:

 5 Total liabilities 5676.2 6316.2 7255.8 8121.5 9115.6 8833.9 8332.5 7614.2 8834.8 5

 6 Life insurance companies 880.6 953.9 1086.1 1248.1 1428.1 1465.9 1494.6 1583.8 1786.5 6

 7 Private pension funds (1) 2929.4 3250.8 3736.2 4158.9 4628.9 4402.6 3964.0 3356.9 4072.6 7

 8 State and local govt. retirement funds 1325.2 1505.7 1774.4 1996.5 2282.5 2166.2 2012.0 1776.9 2016.7 8

 9 Federal government retirement funds (2) 541.1 605.8 659.1 718.0 776.2 799.2 862.0 896.6 959.0 9

10 Total assets (Households) (3) 5676.2 6316.2 7255.8 8121.5 9115.6 8833.9 8332.5 7614.2 8834.8 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(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

 1 Total taxes payable by all businesses 105.0 122.0 141.3 156.0 178.9 204.8 219.2 248.1 260.1 1

 2 Nonfinancial corporate business 40.3 49.9 59.2 64.1 71.0 78.0 81.0 93.0 84.1 2

 3 Nonfarm noncorporate business 33.4 35.7 39.9 44.1 53.0 64.6 68.7 76.8 86.5 3

 4 U.S.-chartered commercial banks 2.8 4.0 5.4 7.1 9.0 11.1 13.5 16.2 19.1 4

 5 Savings institutions 1.6 1.4 1.8 2.0 2.0 2.5 1.7 1.5 1.3 5

 6 Life insurance companies 12.0 12.5 13.7 14.9 16.2 17.8 19.7 22.1 24.9 6

 7 Other insurance companies 9.0 11.6 13.4 15.4 17.4 19.7 22.4 25.6 29.3 7

 8 Finance companies 4.9 5.7 6.5 7.3 8.1 9.1 10.2 11.6 13.2 8

 9 Brokers and dealers 1.1 1.3 1.3 1.3 2.2 2.1 1.9 1.3 1.8 9

10 Total business taxes receivable 35.9 34.8 34.3 38.5 66.1 84.7 125.9 120.8 176.3 10

11 State and local governments 18.6 14.0 14.3 17.1 27.6 42.4 46.1 56.5 73.5 11

12 Federal government 17.3 20.7 20.0 21.4 38.5 42.4 79.8 64.3 102.8 12

13 Discrepancy 69.2 87.2 107.0 117.5 112.8 120.0 93.4 127.3 83.8 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars

 1 Liab.: Bank personal trusts and estates 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 1

 2 Asset: Household sector 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 2
90 FFA, 1995-2003, Z.1, December 9, 2004

L.229 Total Miscellaneous Financial Claims

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 6461.3 6935.7 7325.0 8332.6 9322.4 10523.4 11298.2 11935.8 12489.0 1

 2 Household sector 17.5 18.3 18.6 17.2 19.4 19.6 19.1 20.0 20.9 2

 3 Nonfinancial corporate business 2182.1 2309.3 2195.1 2563.9 2916.9 3446.5 3516.6 3591.4 3544.9 3

 4 Nonfarm noncorporate business 214.8 245.5 301.3 392.9 466.5 552.6 607.3 627.7 664.3 4

 5 Federal government 513.0 568.7 608.3 649.6 690.6 711.3 772.0 798.2 831.3 5

 6 Rest of the world 1030.4 1155.8 1238.1 1404.4 1719.8 1881.2 2085.6 2391.8 2461.5 6

 7 Monetary authority 7.4 7.4 9.5 10.7 9.4 10.6 7.7 30.3 34.5 7

 8 Commercial banking 848.4 863.0 1023.7 1115.2 1077.4 1257.8 1256.6 1430.8 1550.8 8

 9 Savings institutions 106.0 103.4 101.4 99.8 85.1 102.3 130.7 156.4 181.4 9

10 Credit unions 4.5 4.6 4.6 5.2 6.0 5.6 3.8 5.1 6.3 10

11 Life insurance companies 524.6 567.5 625.4 649.5 686.4 674.0 675.1 647.9 747.3 11

12 Other insurance companies 501.6 509.9 522.3 527.7 534.4 543.0 574.6 622.3 661.4 12

13 Government-sponsored enterprises 65.1 65.7 74.6 95.6 90.1 94.0 141.5 169.2 142.6 13

14 Finance companies 202.4 202.0 206.0 223.8 291.1 374.3 393.2 413.9 515.7 14

15 Mortgage companies 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 15

16 REITs 6.7 9.2 18.0 31.6 36.1 38.0 38.0 40.6 42.6 16

17 Brokers and dealers 85.4 110.1 131.1 176.4 183.6 182.7 374.6 300.5 339.2 17

18 Funding corporations 134.8 174.8 230.8 352.7 493.4 613.8 685.7 673.9 728.3 18

19 Total assets 7338.4 8171.3 8881.5 10441.4 11830.1 14146.4 14978.3 15522.8 16091.2 19

20 Household sector 316.3 326.8 339.5 351.5 364.3 370.9 389.4 420.0 462.0 20

21 Nonfinancial corporate business 3062.9 3407.7 3622.8 4475.0 5427.5 6722.6 6942.7 7067.8 7346.0 21

22 Nonfarm noncorporate business 167.0 203.5 259.9 382.1 463.8 553.7 683.6 781.1 886.1 22

23 Farm business 44.5 44.4 44.8 45.4 45.6 45.5 47.3 51.4 56.0 23

24 State and local governments 104.2 112.7 188.8 226.9 190.1 242.7 179.0 189.5 195.2 24

25 Federal government 117.0 110.4 105.0 101.4 100.5 99.1 100.4 100.5 101.9 25

26 Rest of the world 795.2 942.5 924.0 1024.3 1175.3 1655.8 1739.8 1949.8 1555.7 26

27 Monetary authority 10.7 11.2 13.2 16.1 16.8 19.3 20.3 19.6 18.2 27

28 Commercial banking 797.8 823.7 934.0 1065.2 1097.7 1196.9 1347.9 1443.4 1532.4 28

29 Savings institutions 54.7 52.9 49.7 62.1 60.0 67.6 84.9 103.9 99.7 29

30 Credit unions 13.9 13.7 17.6 24.3 8.0 12.9 18.3 28.7 29.2 30

31 Bank personal trusts and estates 12.1 16.0 14.6 23.0 20.5 21.7 29.4 26.8 36.4 31

32 Life insurance companies 105.1 73.7 65.7 69.2 36.9 55.6 40.1 46.8 74.7 32

33 Other insurance companies 37.8 33.6 42.8 47.0 50.6 51.8 54.4 74.1 85.5 33

34 Private pension funds 505.2 555.5 590.9 622.2 638.9 617.3 589.4 523.8 584.4 34

35 State and local govt. retirement funds 54.6 62.8 63.5 66.1 81.0 93.5 113.8 105.9 131.6 35

36 Federal government retirement funds 506.3 561.4 601.7 642.9 684.0 704.9 765.8 790.3 815.0 36

37 Money market mutual funds 39.4 43.8 58.1 67.7 90.4 102.5 128.6 121.6 137.0 37

38 Mutual funds 6.3 4.7 11.8 7.7 4.2 3.8 0.8 0.9 1.9 38

39 Government-sponsored enterprises 26.9 60.1 67.7 67.6 72.5 63.4 68.9 90.9 107.4 39

40 Finance companies 129.6 153.1 175.1 184.4 235.7 261.0 281.8 291.3 393.7 40

41 REITs 7.3 5.6 10.5 21.2 20.0 30.3 30.5 30.8 38.0 41

42 Brokers and dealers 258.2 320.7 391.8 499.3 522.8 655.1 821.0 723.7 858.8 42

43 Funding corporations 165.5 230.7 288.0 348.7 423.1 498.6 500.0 540.2 544.6 43

44 Discrepancy -877.2 -1235.6 -1556.5 -2108.8 -2507.7 -3623.0 -3680.1 -3587.0 -3602.3 44
FFA, 1995-2003, Z.1, December 9, 2004 91

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 885.5 989.8 1068.1 1196.0 1414.4 1531.6 1686.6 1840.0 2013.8 1

 2 Asset: Nonfinancial corporate business 778.7 866.5 933.1 1041.0 1227.7 1322.2 1456.2 1575.9 1704.0 2

 3 Commercial banking 37.9 42.8 44.2 31.2 35.2 43.5 49.6 52.1 60.4 3

 4 Life insurance companies 5.6 6.6 8.6 11.1 16.2 17.5 18.2 23.7 28.5 4

 5 Other insurance companies 37.8 33.6 42.8 47.0 50.6 51.8 54.4 74.1 85.5 5

 6 Finance companies 22.8 27.9 35.1 58.0 69.9 76.6 93.9 101.6 119.9 6

 7 Brokers and dealers 2.8 12.4 4.2 7.7 14.7 20.0 14.3 12.7 15.7 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 641.1 698.4 750.6 812.0 971.4 1171.6 1146.6 1087.7 1100.3 8

 9 Nonfarm noncorporate business 2.8 4.0 3.9 3.4 3.3 3.4 2.9 3.0 3.1 9

10 Commercial banking 32.7 30.3 38.8 46.1 62.0 64.2 67.2 76.8 87.5 10

11 Life insurance companies 13.8 17.6 25.2 27.3 32.1 42.9 38.8 38.9 58.3 11

12 Other insurance companies 36.8 38.5 46.2 47.3 51.5 60.9 66.4 69.9 62.4 12

13 Finance companies 24.8 29.7 35.7 37.2 48.6 63.2 68.6 60.1 64.9 13

14 Brokers and dealers 11.1 8.8 8.5 10.7 13.9 20.1 72.2 77.4 80.2 14

15 Funding corporations -83.1 -81.6 -84.6 -63.9 -81.1 -5.3 50.8 91.4 97.2 15

16 Asset: Rest of the world 680.1 745.6 824.1 920.0 1101.7 1421.0 1513.5 1505.2 1554.0 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 27.4 29.2 30.8 32.4 33.9 35.4 37.1 38.6 40.0 17

18 Asset: Federal government 27.4 29.2 30.8 32.4 33.9 35.4 37.1 38.6 40.0 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 4.0 4.6 5.4 6.0 6.4 7.0 7.4 8.4 8.8 19

20 Asset: Commercial banking 4.0 4.6 5.4 6.0 6.4 7.0 7.4 8.4 8.8 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 18.3 19.7 21.5 25.5 31.6 33.8 37.1 39.1 42.3 21

22 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Nonfarm noncorporate (BC) 1.0 1.7 1.7 1.6 1.6 1.6 1.8 1.8 2.1 23

24 Farm business (FICB and FLB) 2.2 1.5 1.5 1.7 1.6 1.6 2.0 2.1 2.5 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 5.8 6.7 8.0 10.0 13.0 13.8 15.2 17.5 18.7 26

27 Savings institutions (FHLB) 9.1 9.5 9.9 11.8 14.5 15.7 17.0 16.0 16.4 27

28 Credit unions (FHLB) 0.2 0.2 0.2 0.3 0.5 0.6 0.9 1.2 1.4 28

29 Life insurance companies (FHLB) 0.1 0.2 0.2 0.2 0.3 0.4 0.3 0.5 1.1 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 344.3 372.9 413.6 469.0 471.9 525.4 586.1 639.2 689.8 30

31 Savings institutions 4.5 4.7 5.0 5.4 6.0 6.6 7.4 8.3 9.3 31

32 Finance companies 25.5 27.3 23.5 17.1 43.9 51.3 49.6 44.1 49.9 32

33 Mortgage companies 16.5 20.6 16.0 16.0 16.0 16.0 16.0 16.0 16.0 33

34 Brokers and dealers 18.1 12.3 45.3 95.4 85.4 115.8 146.4 150.9 189.1 34

35 Asset: Bank holding companies 408.9 437.8 503.5 603.0 623.1 715.1 805.6 858.5 954.1 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 25.5 27.3 23.5 17.1 43.9 51.3 49.6 44.1 49.9 36

37 Asset: Nonfinancial corporate business 25.5 27.3 23.5 17.1 43.9 51.3 49.6 44.1 49.9 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 50.7 64.5 78.8 90.6 93.0 138.7 107.9 132.6 130.8 38

39 Brokers and dealers 114.8 166.3 209.2 258.2 330.1 359.9 392.2 407.6 413.8 39

40 Asset: Funding corporations 165.5 230.7 288.0 348.7 423.1 498.6 500.0 540.2 544.6 40
92 FFA, 1995-2003, Z.1, December 9, 2004

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.4 2.3 2.3 2.1 2.7 2.8 2.7 2.8 3.0 1

 2 Asset: Federal government 2.4 2.3 2.3 2.1 2.7 2.8 2.7 2.8 3.0 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 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 19.3 18.0 18.0 24.9 17.1 17.1 25.7 27.6 20.5 5

 6 Asset: Savings institutions 19.3 18.0 18.0 24.9 17.1 17.1 25.7 27.6 20.5 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 17.5 18.3 18.6 17.2 19.4 19.6 19.1 20.0 20.9 7

 8 Asset: Life insurance companies 17.5 18.3 18.6 17.2 19.4 19.6 19.1 20.0 20.9 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 121.5 129.3 140.0 150.3 162.0 168.9 175.4 185.6 199.5 9

10 Health 63.2 69.4 75.7 83.0 93.5 97.4 100.5 110.6 121.5 10

11 Policy dividend accumulation 33.7 34.5 36.4 37.1 38.4 39.5 40.4 40.6 40.5 11

12 Policy and contract claims 24.6 25.4 27.8 30.2 30.1 32.0 34.4 34.5 37.5 12

13 Asset: Household sector 121.5 129.3 140.0 150.3 162.0 168.9 175.4 185.6 199.5 13

 Policy payables:

14 Liab.: Other insurance companies 464.8 471.4 476.2 480.4 482.9 482.1 508.2 552.4 599.0 14

15 Asset: Household sector 194.7 197.5 199.5 201.3 202.3 202.0 214.0 232.4 252.0 15

16 Nonfinancial corporate business 183.6 186.2 188.1 189.8 190.8 190.4 200.8 218.2 236.6 16

17 Nonfarm noncorporate business 44.2 44.8 45.2 45.6 45.9 45.8 48.3 52.5 56.9 17

18 Farm business 42.3 42.9 43.3 43.7 43.9 43.9 45.3 49.3 53.5 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 332.2 361.1 381.9 384.6 396.4 368.6 339.7 270.7 333.7 19

20 Asset: Private pension funds 332.2 361.1 381.9 384.6 396.4 368.6 339.7 270.7 333.7 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 82.4 86.4 93.5 114.9 107.3 121.3 121.9 122.0 120.6 21

22 Asset: Private pension funds 82.4 86.4 93.5 114.9 107.3 121.3 121.9 122.0 120.6 22

 Securities borrowed (net):

23 Liab.: Funding corporations 216.2 276.1 333.3 403.3 419.5 508.2 578.3 575.4 678.0 23

24 Asset: Brokers and dealers 216.2 276.1 333.3 403.3 419.5 508.2 578.3 575.4 678.0 24

 Nonmarketable government securities:

25 Liab.: Federal government 506.3 561.4 601.7 642.9 684.0 704.9 765.8 790.3 815.0 25

26 Asset: Federal government retirement funds 506.3 561.4 601.7 642.9 684.0 704.9 765.8 790.3 815.0 26

 Uniformed Services Retiree Health Care Fund:

27 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 10.5 27

28 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 10.5 28
FFA, 1995-2003, Z.1, December 9, 2004 93

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total liabilities 2483.5 2526.7 2494.5 2963.3 3352.9 3836.2 4124.5 4513.0 4480.9 1

 2 Nonfinancial corporate business 1458.6 1524.5 1351.0 1637.1 1838.3 2153.6 2248.1 2381.7 2323.9 2

 3 Nonfarm noncorporate business 212.0 241.5 297.5 389.6 463.2 549.2 604.3 624.7 661.2 3

 4 Federal government 6.7 7.3 6.6 6.7 6.6 6.4 6.2 6.0 5.8 4

 5 Rest of the world 115.0 134.4 136.9 173.9 268.8 311.5 359.2 510.4 404.7 5

 6 Monetary authority 3.5 2.8 4.0 4.8 3.0 3.6 0.4 21.9 25.7 6

 7 Commercial banking 420.7 395.4 492.5 509.6 450.6 529.5 495.4 582.1 642.7 7

 8 U.S.-chartered commercial banks 160.7 147.7 185.1 193.0 181.2 263.2 173.7 210.6 263.2 8

 9 Foreign banking offices in U.S. 225.1 200.5 233.9 220.6 157.2 137.2 141.9 152.4 106.4 9

10 Bank holding companies 24.6 36.3 57.9 74.1 88.1 104.4 150.8 190.9 241.4 10

11 Banks in U.S.-affiliated areas 10.3 10.9 15.6 21.9 24.1 24.8 29.0 28.3 31.7 11

12 Savings institutions 101.5 98.8 96.4 94.4 79.2 95.7 123.3 148.1 172.0 12

13 Credit unions 4.5 4.6 4.6 5.2 6.0 5.6 3.8 5.1 6.3 13

14 Life insurance companies 57.0 59.5 78.4 87.4 95.9 93.7 121.2 152.6 155.8 14

15 Government-sponsored enterprises 27.6 28.0 35.1 45.2 41.5 43.1 78.7 102.5 79.8 15

16 Finance companies 126.5 117.8 123.2 152.3 154.6 208.5 225.4 265.6 351.1 16

17 REITs 6.7 9.2 18.0 31.6 36.1 38.0 38.0 40.6 42.6 17

18 Brokers and dealers -58.6 -77.3 -131.9 -187.8 -245.8 -313.1 -236.1 -335.4 -343.8 18

19 Funding corporations 1.7 -19.6 -17.8 13.4 154.9 110.9 56.6 7.1 -46.9 19

20 Total assets 3360.7 3762.2 4051.0 5072.1 5860.6 7459.2 7804.6 8100.0 8083.1 20

21 Nonfinancial corporate business 2075.1 2327.7 2478.0 3227.0 3965.1 5158.7 5236.2 5229.7 5355.5 21

22 Nonfarm noncorporate business 121.9 157.1 213.0 334.9 416.3 506.2 633.5 726.9 827.1 22

23 State and local governments 104.2 112.7 188.8 226.9 190.1 242.7 179.0 189.5 195.2 23

24 Federal government 87.2 78.8 71.9 66.9 63.9 61.0 60.7 59.1 58.9 24

25 Rest of the world 115.2 196.9 99.8 104.3 73.6 234.8 226.3 444.6 1.7 25

26 Monetary authority 10.7 11.2 13.2 16.1 16.8 19.3 20.3 19.6 18.2 26

27 Commercial banking 341.2 331.8 372.9 415.1 419.9 417.4 470.1 506.9 490.4 27

28 U.S.-chartered commercial banks 78.9 78.7 87.6 114.3 121.0 127.4 158.2 176.8 200.3 28

29 Foreign banking offices in U.S. 218.5 197.2 234.3 234.5 204.9 177.1 187.2 184.2 123.9 29

30 Bank holding companies 39.8 51.1 44.4 56.5 85.4 106.3 112.2 139.5 161.9 30

31 Banks in U.S.-affiliated areas 4.0 4.8 6.6 9.7 8.7 6.6 12.5 6.4 4.3 31

32 Savings institutions 26.4 25.3 21.7 25.5 28.4 34.8 42.3 60.3 62.7 32

33 Credit unions 13.8 13.6 17.3 24.0 7.4 12.3 17.4 27.6 27.8 33

34 Bank personal trusts and estates 12.1 16.0 14.6 23.0 20.5 21.7 29.4 26.8 36.4 34

35 Life insurance companies 81.9 48.7 38.3 40.7 0.9 18.2 2.5 2.6 24.2 35

36 Private pension funds 90.6 108.0 115.4 122.7 135.3 127.4 127.8 131.1 130.1 36

37 State and local govt. retirement funds 54.6 62.8 63.5 66.1 81.0 93.5 113.8 105.9 131.6 37

38 Mutual funds 6.3 4.7 11.8 7.7 4.2 3.8 0.8 0.9 1.9 38

39 Money market mutual funds 39.4 43.8 58.1 67.7 90.4 102.5 128.6 121.6 137.0 39

40 Government-sponsored enterprises 26.9 60.1 67.7 67.6 72.5 63.4 68.9 90.9 107.4 40

41 Finance companies 106.8 125.3 140.0 126.4 165.7 184.4 187.9 189.6 273.8 41

42 REITs 7.3 5.6 10.5 21.2 20.0 30.3 30.5 30.8 38.0 42

43 Brokers and dealers 39.2 32.2 54.4 88.4 88.6 126.9 228.4 135.6 165.1 43

44 Discrepancy -877.2 -1235.6 -1556.5 -2108.8 -2507.7 -3623.0 -3680.1 -3587.0 -3602.3 44
94 FFA, 1995-2003, Z.1, December 9, 2004

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Assets 32631.8 35584.9 39694.4 43679.0 49194.6 49433.5 49262.4 48415.2 54329.9 1

 2 Tangible assets 11017.2 11492.9 12152.2 13154.8 14235.3 15527.7 16784.6 18207.4 19856.2 2

 3 Real estate 8656.7 9033.6 9594.7 10469.8 11391.4 12497.5 13586.6 14845.1 16369.8 3

 4 Households (2,3) 7870.6 8195.9 8650.2 9407.4 10254.2 11264.5 12353.2 13550.2 14980.7 4

 5 Nonprofit organizations 786.1 837.7 944.4 1062.4 1137.2 1233.0 1233.4 1294.9 1389.1 5

 Equipment and software owned by

 6 nonprofit organizations (4) 64.6 66.6 71.0 76.7 83.0 89.5 94.0 96.2 99.3 6

 7 Consumer durable goods (4) 2296.0 2392.8 2486.6 2608.3 2760.9 2940.7 3104.0 3266.1 3387.1 7

 8 Financial assets 21614.5 24092.0 27542.2 30524.2 34959.3 33905.8 32477.9 30207.8 34473.8 8

 9 Deposits 3297.8 3440.5 3615.4 3853.6 4031.9 4339.5 4799.7 5073.3 5243.9 9

10 Foreign deposits 23.4 35.5 37.2 38.3 43.5 63.5 58.5 74.2 65.2 10

11 Checkable deposits and currency 543.5 470.2 436.4 421.9 364.3 229.0 330.9 353.5 301.3 11

12 Time and savings deposits 2280.8 2434.1 2559.6 2680.5 2799.1 3076.3 3281.2 3561.0 3892.4 12

13 Money market fund shares 450.1 500.7 582.3 712.9 825.0 970.7 1129.2 1084.7 985.0 13

14 Credit market instruments 1956.5 2154.8 2142.5 2269.0 2404.0 2341.8 2184.0 2082.7 2223.6 14

15 Open market paper 48.0 54.7 56.1 63.7 67.7 82.6 85.7 98.9 94.9 15

16 Treasury securities 806.5 868.9 782.8 747.5 833.0 619.2 486.5 343.0 432.0 16

17 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 17

18 Other Treasury 621.5 681.9 596.3 560.9 646.5 434.5 296.2 148.2 228.2 18

19 Agency- and GSE-backed securities 73.8 171.6 223.6 288.9 361.9 439.9 360.0 245.7 507.9 19

20 Municipal securities 429.2 394.0 413.0 416.0 435.6 438.0 489.3 585.2 615.7 20

21 Corporate and foreign bonds 482.6 556.9 566.0 654.7 599.2 644.6 637.2 673.8 425.8 21

22 Mortgages 116.3 108.7 101.1 98.2 106.5 117.4 125.4 136.0 147.4 22

23 Corporate equities (2) 4122.6 4847.1 6272.9 7120.0 9168.1 7803.6 6601.9 5045.2 6412.9 23

24 Mutual fund shares (5) 1153.1 1501.2 1957.7 2397.1 2987.4 2832.8 2665.6 2326.3 3008.8 24

25 Security credit 127.6 162.9 215.5 276.7 323.9 412.4 454.3 412.7 475.4 25

26 Life insurance reserves 566.2 610.6 665.0 718.3 783.9 819.1 880.0 920.9 1013.2 26

27 Pension fund reserves 5676.2 6316.2 7255.8 8121.5 9115.6 8833.9 8332.5 7614.2 8834.8 27

28 Investment in bank personal trusts 803.0 871.7 942.5 1001.0 1130.4 1095.8 960.7 840.9 932.4 28

29 Equity in noncorporate business (6) 3595.4 3860.1 4135.6 4415.5 4649.8 5056.0 5209.7 5471.7 5866.9 29

30 Miscellaneous assets 316.3 326.8 339.5 351.5 364.3 370.9 389.4 420.0 462.0 30

31 Liabilities 5073.2 5430.6 5789.0 6256.9 6833.1 7415.1 7997.0 8690.8 9597.7 31

32 Credit market instruments 4876.0 5208.8 5521.2 5960.1 6454.9 7025.7 7648.6 8382.8 9246.5 32

33 Home mortgages (7) 3344.3 3555.4 3779.3 4084.8 4459.5 4828.9 5295.7 5923.3 6658.1 33

34 Consumer credit 1168.4 1272.4 1342.1 1447.6 1560.6 1739.1 1878.6 1961.8 2050.1 34

35 Municipal securities (8) 98.3 104.9 114.9 126.9 137.3 143.0 156.9 169.8 183.9 35

36 Bank loans n.e.c. 57.4 58.0 66.5 74.2 71.5 74.2 57.7 54.5 93.9 36

37 Other loans and advances 115.7 121.5 123.2 122.9 117.8 119.8 120.4 120.7 119.3 37

38 Commercial mortgages (8) 91.9 96.6 95.1 103.7 108.2 120.7 139.4 152.7 141.2 38

39 Security credit 78.6 94.4 131.2 152.8 227.9 235.1 196.4 148.2 182.5 39

40 Trade payables (8) 101.1 109.1 118.0 126.8 130.9 134.7 132.9 139.8 147.7 40

 Deferred and unpaid

41 life insurance premiums 17.5 18.3 18.6 17.2 19.4 19.6 19.1 20.0 20.9 41

42 Net worth 27558.6 30154.4 33905.4 37422.2 42361.5 42018.4 41265.5 39724.4 44732.2 42

 Memo:

 Replacement-cost value of structures:

43 Residential 6105.0 6464.1 6836.5 7304.2 7886.9 8467.2 9148.0 9644.1 10378.5 43

44 Households 5936.7 6292.2 6654.6 7112.7 7685.3 8255.1 8924.6 9414.0 10137.3 44

45 Farm households 51.3 52.2 57.9 62.0 67.0 72.2 77.1 80.0 84.1 45

46 Nonprofit organizations 117.0 119.8 124.1 129.5 134.6 139.9 146.3 150.2 157.0 46

47 Nonresidential (nonprofits) 592.0 619.7 662.3 711.9 762.1 815.2 870.6 915.0 959.7 47

48 Disposable personal income 5408.2 5688.4 5988.8 6395.9 6694.9 7194.0 7486.8 7827.7 8160.0 48

 Household net worth as percentage of

49 disposable personal income 509.6 530.1 566.1 585.1 632.7 584.1 551.2 507.5 548.2 49

 Owners’ equity in household real

50 estate (9) 4526.4 4640.5 4870.9 5322.6 5794.8 6435.5 7057.5 7627.0 8322.6 50

 Owners’ equity as percentage of

51 household real estate (10) 57.5 56.6 56.3 56.6 56.5 57.1 57.1 56.3 55.6 51

(1) Sector includes farm households.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(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 33.

(10) Line 50 divided by line 4.
FFA, 1995-2003, Z.1, December 9, 2004 95

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 11509.8 12345.0 13251.3 14824.4 16601.4 18897.1 18966.7 19251.8 20145.9 1

 2 Tangible assets 6551.3 6887.3 7442.6 8008.3 8507.6 9124.6 9067.8 9289.5 9628.1 2

 3 Real estate (1) 3105.5 3300.7 3698.8 4120.4 4364.3 4698.1 4630.9 4807.8 5074.7 3

 4 Equipment and software (2) 2376.0 2496.0 2614.1 2722.7 2891.2 3092.8 3171.4 3178.7 3223.1 4

 5 Inventories (2) 1069.8 1090.7 1129.6 1165.2 1252.1 1333.6 1265.6 1302.9 1330.4 5

 6 Financial assets 4958.5 5457.7 5808.7 6816.1 8093.8 9772.5 9898.9 9962.3 10517.8 6

 7 Foreign deposits 17.4 28.2 23.1 30.5 31.5 24.0 15.5 20.0 38.9 7

 8 Checkable deposits and currency 205.1 244.3 251.9 275.0 331.0 381.4 331.9 313.0 409.7 8

 9 Time and savings deposits 99.7 99.7 119.4 112.6 136.9 137.3 131.1 127.5 172.0 9

10 Money market fund shares 60.0 67.6 87.8 126.4 154.9 191.4 301.9 328.8 291.0 10

11 Security RPs 2.4 3.9 4.6 4.2 5.8 4.2 4.0 6.2 5.9 11

12 Commercial paper 20.1 31.5 36.1 39.4 47.6 57.8 60.2 64.7 82.1 12

13 Treasury securities 57.1 47.1 26.8 23.6 19.4 18.1 16.5 31.4 41.5 13

14 Agency- and GSE-backed securities 23.4 28.5 8.0 10.6 12.4 15.4 17.2 16.9 25.1 14

15 Municipal securities 36.8 31.0 27.4 25.7 25.0 31.9 29.3 32.1 40.1 15

16 Mortgages 57.9 54.4 80.2 67.3 41.2 43.5 46.6 48.7 50.7 16

17 Consumer credit 85.1 77.7 84.8 87.8 86.0 90.0 88.8 86.4 70.3 17

18 Trade receivables 1184.9 1273.1 1360.8 1440.0 1647.7 1930.7 1802.2 1721.9 1823.6 18

19 Mutual fund shares (1) 45.7 63.0 75.0 98.0 127.0 124.0 111.0 97.0 121.0 19

20 Miscellaneous assets 3062.9 3407.7 3622.8 4475.0 5427.5 6722.6 6942.7 7067.8 7346.0 20

21 Liabilities 6009.5 6378.6 6628.8 7457.6 8407.3 9611.4 9809.5 9949.1 10141.2 21

22 Credit market instruments 2909.6 3092.3 3382.3 3779.9 4191.1 4545.5 4774.1 4803.0 4972.9 22

23 Commercial paper 157.4 156.4 168.6 193.0 230.3 278.4 190.1 126.0 85.9 23

24 Municipal securities (3) 134.8 137.9 142.0 147.8 152.8 154.2 157.7 160.8 164.2 24

25 Corporate bonds (4) 1344.1 1460.4 1610.9 1846.0 2067.7 2230.3 2578.8 2711.0 2869.3 25

26 Bank loans n.e.c. 601.8 642.1 692.7 768.8 813.0 861.0 758.3 661.9 596.1 26

27 Other loans and advances 453.7 467.9 507.7 562.0 585.4 651.3 659.1 675.1 680.7 27

28 Mortgages 217.9 227.7 260.5 262.4 341.8 370.2 430.0 468.3 576.6 28

29 Trade payables 877.5 927.0 992.1 1049.7 1228.2 1541.4 1437.7 1461.7 1539.4 29

30 Taxes payable 40.3 49.9 59.2 64.1 71.0 78.0 81.0 93.0 84.1 30

31 Miscellaneous liabilities 2182.1 2309.3 2195.1 2563.9 2916.9 3446.5 3516.6 3591.4 3544.9 31

32 Net worth (market value) 5500.3 5966.5 6622.5 7366.8 8194.2 9285.7 9157.2 9302.7 10004.7 32

 Memo:

 Replacement-cost value of structures:

33 Residential 76.7 80.1 84.9 90.3 94.9 100.0 105.5 109.9 116.9 33

34 Nonresidential 3002.9 3150.8 3346.4 3530.7 3709.5 3973.4 4222.0 4376.0 4519.8 34

 Market value of equities outstanding

35 (includes corporate farm equities) 6406.8 7639.2 9765.7 11577.8 15155.6 12678.8 10796.2 7907.1 10140.6 35

36 Debt/net worth (percent) (5) 52.9 51.8 51.1 51.3 51.1 49.0 52.1 51.6 49.7 36

37 Debt/equities (percent) (6) 45.4 40.5 34.6 32.6 27.7 35.9 44.2 60.7 49.0 37

38 Equities/net worth (percent) (7) 116.5 128.0 147.5 157.2 185.0 136.5 117.9 85.0 101.4 38

 With tangible assets stated at historical cost:

39 Assets (8) 9895.5 10681.0 11328.5 12634.1 14277.5 16370.3 16669.3 16905.3 17568.0 39

40 Tangible assets 4937.0 5223.3 5519.8 5818.0 6183.7 6597.8 6770.4 6943.0 7050.2 40

41 Real estate 1922.7 2023.4 2125.2 2238.6 2359.4 2492.7 2633.3 2745.2 2829.9 41

42 Equipment and software 1982.8 2132.2 2295.6 2442.1 2625.5 2834.9 2927.5 2965.1 3013.6 42

43 Inventories 1031.5 1067.7 1099.0 1137.3 1198.8 1270.2 1209.5 1232.7 1206.7 43

44 Net worth (historical cost) (9) 3886.0 4302.4 4699.7 5176.5 5870.3 6758.9 6859.8 6956.2 7426.8 44

 Memo:

 Historical-cost value of structures:

45 Residential 32.3 33.9 35.8 37.6 39.7 42.0 44.4 46.8 49.6 45

46 Nonresidential 1695.4 1789.9 1889.0 2003.4 2120.2 2259.6 2397.8 2494.5 2579.7 46

47 Debt/net worth (percent) (10) 74.9 71.9 72.0 73.0 71.4 67.3 69.6 69.0 67.0 47

 (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 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
96 FFA, 1995-2003, Z.1, December 9, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Assets 4210.4 4546.5 4973.5 5552.1 6050.5 6745.7 7080.0 7485.5 8067.6 1

 2 Tangible assets 3662.3 3903.3 4199.7 4559.4 4873.7 5323.0 5501.3 5765.5 6185.2 2

 3 Real estate (1) 3218.2 3429.6 3698.0 3997.1 4261.1 4659.0 4803.8 5056.8 5465.3 3

 4 Residential 2370.2 2544.4 2737.8 2956.1 3166.1 3463.2 3623.7 3848.6 4195.3 4

 5 Nonresidential 848.0 885.1 960.1 1041.0 1094.9 1195.8 1180.1 1208.1 1270.0 5

 6 Equipment and software (2) 387.8 416.3 442.3 501.0 546.7 593.8 631.0 640.2 649.9 6

 7 Residential (3) 37.1 39.0 39.9 41.3 42.8 45.2 46.7 47.7 47.3 7

 8 Nonresidential 350.7 377.3 402.3 459.7 503.9 548.7 584.2 592.5 602.6 8

 9 Inventories (2) 56.3 57.4 59.5 61.3 65.9 70.2 66.6 68.6 70.0 9

10 Financial assets 548.1 643.2 773.8 992.7 1176.8 1422.8 1578.7 1720.0 1882.4 10

11 Checkable deposits and currency 104.7 124.0 146.2 178.9 217.6 274.1 274.5 287.3 298.2 11

12 Time and savings deposits 71.5 75.0 85.7 98.5 117.5 137.6 144.7 146.9 148.6 12

13 Money market fund shares 17.0 19.2 22.9 32.6 40.7 49.4 59.0 61.3 53.1 13

14 Treasury securities 23.6 28.6 32.2 38.0 37.2 40.2 42.8 45.2 47.5 14

15 Municipal securities 2.2 2.6 3.2 2.8 2.7 2.4 3.5 3.7 3.9 15

16 Mortgages 21.7 20.4 18.7 26.7 24.7 23.3 26.6 27.8 26.6 16

17 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Trade receivables 140.3 169.8 204.9 233.1 272.6 342.1 343.9 366.7 418.4 18

19 Miscellaneous assets 167.0 203.5 259.9 382.1 463.8 553.7 683.6 781.1 886.1 19

20 Insurance receivables 44.2 44.8 45.2 45.6 45.9 45.8 48.3 52.5 56.9 20

21 Equity investment in GSEs (4) 1.0 1.7 1.7 1.6 1.6 1.6 1.8 1.8 2.1 21

22 Other 121.9 157.1 213.0 334.9 416.3 506.2 633.5 726.9 827.1 22

23 Liabilities 1396.4 1528.6 1714.5 2020.9 2328.3 2665.5 2875.7 3070.5 3314.7 23

24 Credit market instruments 1062.0 1130.7 1225.4 1405.3 1595.5 1788.4 1944.7 2090.0 2241.2 24

25 Bank loans n.e.c. 164.7 193.6 237.3 262.1 308.6 352.9 390.7 404.1 395.1 25

26 Other loans and advances 92.3 93.9 97.2 108.1 116.7 127.8 125.3 127.6 133.3 26

27 Mortgages 805.0 843.2 890.9 1035.1 1170.1 1307.6 1428.8 1558.3 1712.9 27

28 Trade payables 86.2 116.8 147.8 178.6 213.3 259.9 255.0 276.0 322.7 28

29 Taxes payable 33.4 35.7 39.9 44.1 53.0 64.6 68.7 76.8 86.5 29

30 Miscellaneous liabilities 214.8 245.5 301.3 392.9 466.5 552.6 607.3 627.7 664.3 30

31 Net worth (5) 2813.9 3017.9 3259.1 3531.2 3722.2 4080.2 4204.3 4415.0 4752.9 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1659.6 1728.6 1812.6 1909.9 2010.0 2113.0 2227.3 2309.7 2446.7 32

33 Nonresidential 764.5 792.9 834.9 879.5 921.6 970.6 1017.2 1045.3 1072.6 33

34 Debt/net worth (percent) (6) 37.7 37.5 37.6 39.8 42.9 43.8 46.3 47.3 47.2 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 29.

(6) Line 24 divided by line 31.
FFA, 1995-2003, Z.1, December 9, 2004 97

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Change in net worth (1) 2869.8 2595.8 3751.0 3516.8 4939.3 -343.1 -752.9 -1541.0 5007.8 1

 2 Net investment 386.4 462.3 367.6 520.8 270.0 143.0 463.6 291.2 499.0 2

 3 Net physical investment 274.8 313.3 349.0 415.8 474.7 489.7 510.5 532.9 587.4 3

 4 Capital expenditures 851.2 915.2 976.8 1075.3 1169.8 1236.3 1284.0 1345.4 1442.2 4

 5 - Consumption of fixed capital 576.5 601.9 627.7 659.4 695.1 746.7 773.5 812.5 854.8 5

 6 Net financial investment 111.6 149.1 18.6 105.0 -204.7 -346.7 -46.9 -241.6 -88.4 6

 7 Net acquisition of financial assets 449.3 506.5 376.7 572.8 370.6 224.1 534.9 452.2 795.3 7

 8 - Net increase in liabilities 337.7 357.4 358.1 467.9 575.4 570.9 581.8 693.8 883.7 8

 Holding gains on assets

 9 at market value (2) 2506.8 2094.4 3426.5 3043.7 4638.9 -401.5 -1134.5 -1701.0 4635.9 9

10 Real estate 320.9 186.6 350.2 629.3 658.9 826.6 807.7 966.1 1165.4 10

11 Corporate equities 1143.8 909.9 1683.5 1094.7 2130.0 -917.9 -1066.9 -1535.9 1428.4 11

12 Mutual fund shares 86.1 138.2 181.2 181.2 504.8 -237.9 -335.6 -410.5 415.1 12

13 Equity in noncorporate business 217.8 286.8 347.7 370.2 323.2 450.0 183.6 304.7 458.7 13

 Life insurance and

14 pension fund reserves 641.0 498.9 740.1 663.7 884.5 -430.9 -648.1 -907.8 1050.5 14

 Investment in bank personal

15 trusts and estates 97.2 73.8 123.8 104.5 137.6 -91.2 -75.2 -117.5 117.8 15

 Holding gains on assets

16 at current cost (2) 3.9 -15.3 -37.0 -40.9 -45.1 -26.6 -53.9 -59.5 -104.5 16

17 Consumer durable goods 4.3 -14.5 -35.5 -39.2 -44.5 -26.1 -53.1 -58.5 -104.3 17

18 Equipment and software -0.4 -0.8 -1.5 -1.7 -0.6 -0.5 -0.8 -1.0 -0.1 18

19 Other volume changes (3) -27.3 54.3 -6.0 -6.8 75.6 -58.0 -28.2 -71.8 -22.7 19

 Memo:

20 Net worth outstanding (4) 27558.6 30154.4 33905.4 37422.2 42361.5 42018.4 41265.5 39724.4 44732.2 20

21 Disposable personal income 5408.2 5688.4 5988.8 6395.9 6694.9 7194.0 7486.8 7827.7 8160.0 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 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 42.
98 FFA, 1995-2003, Z.1, December 9, 2004

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Change in net worth (1) 412.8 466.2 656.1 744.3 827.4 1091.5 -128.5 145.4 702.0 1

 2 Net investment 219.9 227.0 182.2 2.5 215.8 238.9 197.7 117.3 265.2 2

 3 Net physical investment 242.7 218.8 270.6 264.1 343.9 385.2 162.7 119.5 114.7 3

 4 Capital expenditures 638.2 654.3 751.8 773.8 858.9 928.5 810.1 761.7 764.9 4

 5 - Consumption of fixed capital 413.2 434.6 465.2 491.4 521.8 565.9 644.7 653.5 674.1 5

 6 - Inventory valuation adjustment -18.3 3.1 14.1 20.2 0.9 -14.1 11.4 -1.2 -14.1 6

 7 - Nonproduced nonfinancial assets 0.6 -2.2 1.8 -1.9 -7.7 -8.5 -8.6 -10.1 -9.8 7

 8 Net financial investment 35.5 55.5 -11.1 -46.1 -17.7 -28.2 82.4 39.4 208.2 8

 9 Net acquisition of financial assets 426.4 454.0 272.4 569.9 969.9 1209.2 177.6 150.6 471.0 9

10 - Net increase in liabilities 390.8 398.5 283.5 616.0 987.6 1237.4 95.2 111.1 262.8 10

11 Net corporate equity issues -58.3 -47.3 -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -57.8 11

 Holding gains on assets

12 at market value (2) 71.4 141.5 364.9 388.0 183.9 237.6 -163.5 93.6 263.0 12

13 Real estate 61.5 132.9 346.5 371.7 162.3 252.6 -148.5 118.1 234.4 13

14 Mutual fund shares 10.0 8.6 18.4 16.3 21.6 -15.0 -15.0 -24.5 28.6 14

 Holding gains on assets less

15 liabilities at current cost (2) 35.3 21.9 -10.0 24.5 93.0 -43.2 83.3 80.9 2.4 15

16 Equipment and software 23.4 -6.5 -28.0 -27.2 -8.7 -2.8 -17.1 -25.4 5.3 16

17 Inventories (3) 4.4 2.9 -12.3 -10.2 21.8 12.5 -26.5 24.0 14.7 17

18 Direct investment abroad 2.8 11.0 -17.6 -21.3 -7.8 -33.9 14.5 1.0 -14.4 18

19 - Foreign direct investment in U.S. -4.7 -14.5 -48.0 -83.1 -87.8 19.0 -112.5 -81.2 3.2 19

20 Other volume changes (4) 86.2 75.7 119.0 329.3 334.6 658.3 -246.0 -146.3 171.4 20

 Memo:

21 Net worth outstanding (5) 5500.3 5966.5 6622.5 7366.8 8194.2 9285.7 9157.2 9302.7 10004.7 21

(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 less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Table B.102, line 32.
FFA, 1995-2003, Z.1, December 9, 2004 99

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Change in net worth (1) 190.7 203.9 241.2 272.2 190.9 358.0 124.1 210.7 337.9 1

 2 Net investment (2) 14.5 -25.3 -71.6 -84.4 -81.1 -30.8 -17.8 -34.8 -54.2 2

 3 Net physical investment 11.9 10.8 -15.8 3.8 42.6 60.4 37.0 18.7 27.5 3

 4 Capital expenditures 120.7 125.7 106.7 135.2 187.1 209.7 184.3 168.1 181.0 4

 5 - Consumption of fixed capital 108.7 114.9 122.4 131.4 144.5 149.3 147.3 149.5 153.5 5

 6 Net acquisition of financial assets 75.2 95.1 130.7 218.8 184.1 246.0 155.9 141.4 162.3 6

 - Net increase in liabilities from:

 7 Credit market instruments 46.1 68.6 94.7 179.9 190.2 192.9 156.4 145.3 151.2 7

 8 Trade payables 12.4 30.6 31.0 30.8 34.7 46.6 -4.9 21.0 46.7 8

 9 Taxes payable 0.6 2.3 4.3 4.1 8.9 11.7 4.0 8.1 9.7 9

10 Miscellaneous liabilities 13.5 29.7 56.5 92.3 73.9 86.0 55.3 20.5 36.4 10

11 Holding gains on real estate (3) 139.7 194.2 276.9 305.4 224.5 329.1 87.8 213.3 348.8 11

12 Residential 123.5 157.7 183.0 207.9 184.0 266.1 129.4 185.3 291.1 12

13 Nonresidential 16.2 36.4 93.9 97.5 40.5 63.0 -41.6 28.0 57.7 13

14 Holding gains on assets at current cost (3) 31.3 30.9 29.1 43.4 38.9 50.9 36.1 15.2 -4.5 14

15 Residential equipment and software 1.2 1.0 0.7 0.8 1.2 1.2 1.0 0.8 1.1 15

16 Nonresidential equipment and software 30.0 30.0 30.3 44.4 37.5 48.4 37.5 13.7 -4.6 16

17 Inventories 1.2 -0.0 -1.4 -1.6 1.1 1.4 -2.0 1.3 1.5 17

18 Other volume changes (4) 19.7 -21.1 -64.9 -76.6 -72.5 -22.0 0.1 -17.7 -6.4 18

 Memo:

19 Net worth outstanding (5) 2813.9 3017.9 3259.1 3531.2 3722.2 4080.2 4204.3 4415.0 4752.9 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 less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.
100 FFA, 1995-2003, Z.1, December 9, 2004

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Current receipts, NIPA basis 2212.5 2376.2 2552.0 2724.3 2895.0 3126.0 3113.2 2954.8 3032.0 1

 2 Personal current taxes 744.1 832.1 926.3 1027.0 1107.5 1235.7 1237.3 1051.2 1001.8 2

 3 Taxes on production and imports 558.2 581.1 612.0 639.8 674.0 708.9 728.6 762.6 798.1 3

 4 Taxes on corporate income 211.0 223.6 237.2 239.2 248.7 255.0 195.0 174.6 225.8 4

 5 Taxes from the rest of the world 3.9 5.2 5.1 5.7 5.9 7.3 7.2 7.1 8.1 5

 6 Contributions for govt. social insurance 532.8 555.3 587.2 624.2 661.4 702.7 731.2 748.3 773.3 6

 7 Income receipts on assets 92.0 100.2 103.8 102.4 106.8 117.5 113.7 102.0 104.0 7

 8 Current transfer receipts 59.1 66.1 67.9 75.5 80.6 93.7 101.8 106.3 111.5 8

 9 Current surplus of government enterprises 11.5 12.7 12.6 10.4 10.1 5.3 -1.4 2.8 9.5 9

10 Current expenditures, NIPA basis 2397.5 2492.1 2568.6 2633.3 2741.0 2886.6 3061.6 3234.2 3399.7 10

11 Consumption expenditures 1136.5 1171.1 1216.6 1256.0 1334.0 1417.1 1501.6 1609.2 1717.1 11

12 Government social benefits 860.3 904.3 933.9 954.9 990.4 1044.1 1146.6 1251.6 1309.2 12

13 Other current transfer payments 12.1 17.1 13.8 14.6 15.1 18.3 14.0 18.8 23.7 13

14 Interest payments 354.6 365.4 371.4 372.5 357.3 362.8 344.1 316.4 303.0 14

15 Subsidies 34.0 34.3 32.9 35.4 44.2 44.3 55.3 38.2 46.8 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net government saving, NIPA basis -185.0 -116.0 -16.6 90.9 154.1 239.4 51.6 -279.5 -367.7 17

18 + Consumption of fixed capital 165.0 169.3 174.2 179.0 187.0 197.0 206.0 211.2 218.1 18

19 - Insurance and pension fund reserves (2) 3.6 3.4 3.4 4.4 3.8 1.8 3.3 -1.7 -0.6 19

20 + Net capital transfers (3) 19.6 23.1 26.8 32.4 32.5 35.6 35.7 28.8 11.6 20

21 = Gross saving and net capital transfers -4.0 73.0 181.0 297.9 369.7 470.3 290.0 -37.7 -137.4 21

22 Gross investment 73.5 64.5 206.6 338.2 442.2 565.6 289.5 -33.1 -115.4 22

23 Fixed investment 232.7 244.9 252.1 262.4 286.8 304.6 324.0 347.5 358.5 23

24 Nonproduced nonfinancial assets -0.8 2.3 -1.8 1.9 7.7 8.5 8.6 10.0 9.7 24

25 Net financial investment -158.4 -182.6 -43.8 73.9 147.7 252.5 -43.0 -390.6 -483.6 25

26 Net acquisition of financial assets 58.6 62.9 104.6 105.8 158.2 33.7 99.0 56.7 89.1 26

27 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 -7.1 -0.6 4.6 8.8 -0.8 27

28 Checkable deposits and currency 3.4 5.4 3.8 -20.6 70.1 -64.1 46.2 -10.2 16.7 28

29 Time and savings deposits 6.9 12.0 6.8 15.3 14.0 14.0 15.4 24.8 -15.6 29

30 Money market fund shares 4.8 1.4 3.6 6.9 5.1 6.5 19.7 2.3 -9.4 30

31 Security RPs -3.0 32.1 3.6 2.8 -2.6 8.2 -22.2 -4.9 8.0 31

32 Credit market instruments -18.5 -2.6 22.1 74.8 83.9 31.0 71.5 19.7 46.7 32

33 Open market paper 17.1 20.3 14.3 12.0 17.3 17.8 -13.5 5.7 10.5 33

34 Agency- and GSE-backed securities (4) -35.1 -35.3 -0.8 37.3 43.7 1.7 55.4 3.0 22.9 34

35 Municipal securities -3.5 -0.5 -0.7 -0.7 0.3 0.3 0.2 0.1 0.3 35

36 Corporate and foreign bonds 7.1 10.7 1.3 10.9 11.5 -3.3 25.6 8.2 7.2 36

37 Mortgages -10.2 -3.4 -0.9 4.1 4.3 1.0 -3.1 -5.9 6.2 37

38 Consumer credit 3.2 7.7 10.8 9.0 13.6 16.1 13.1 12.7 1.3 38

39 Other loans and advances (5) 2.9 -2.2 -1.9 2.3 -6.8 -2.6 -6.2 -4.1 -1.6 39

40 Corporate equities 12.1 14.5 16.8 9.4 3.5 -1.2 22.8 7.9 -4.8 40

41 Mutual fund shares -3.6 -0.6 -18.2 -18.8 -0.7 3.7 7.7 8.9 -6.2 41

42 Trade receivables -1.6 0.9 -3.2 1.5 4.6 5.3 7.3 -3.3 19.1 42

43 Taxes receivable -16.6 -4.6 -9.7 -6.1 12.1 -6.7 -7.0 1.0 44.3 43

44 Miscellaneous assets 62.3 1.7 70.1 28.4 -33.2 30.1 -72.0 0.1 -17.2 44

45 Net increase in liabilities 217.0 245.6 148.4 31.9 10.5 -218.9 142.0 447.3 572.7 45

46 SDR certificates 2.2 -0.5 -0.5 0.0 -3.0 -4.0 0.0 0.0 0.0 46

47 Treasury currency 0.7 0.5 0.5 0.6 1.0 2.4 1.3 1.0 0.6 47

48 Credit market instruments 163.3 161.5 83.5 -26.6 -55.8 -273.4 57.8 388.8 506.3 48

49 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 -1.7 5.6 4.5 8.9 49

50 Other Treasury securities (6) 218.1 177.3 41.4 -95.1 -94.3 -287.2 -52.8 240.4 382.2 50

51 Budget agency securities 1.5 -1.6 -0.1 2.0 -0.2 -1.0 -0.5 0.5 -2.4 51

52 Municipal securities -61.4 -16.2 42.8 66.5 38.9 16.5 105.5 143.4 117.5 52

53 Multifamily residential mortgages 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Trade payables 24.6 31.6 22.6 22.5 28.7 31.8 28.6 29.9 34.1 54

55 Insurance reserves 1.0 0.6 1.7 1.3 1.4 1.4 1.4 1.6 1.1 55

56 Miscellaneous liabilities (7) 25.3 51.8 40.6 34.1 38.2 22.9 53.0 26.0 30.7 56

57 Discrepancy -77.5 8.6 -25.6 -40.3 -72.5 -95.3 0.5 -4.6 -22.0 57

 Memo:

58 Net govt. saving less fixed investment (8) -417.7 -360.8 -268.7 -171.4 -132.7 -65.1 -272.4 -626.9 -726.1 58

59 Adjustment between NIPA and FOF (9) 259.3 178.2 224.9 245.3 280.4 317.7 229.3 246.0 252.8 59

60 Items to be financed (10) -158.4 -182.6 -43.8 73.9 147.7 252.5 -43.0 -380.9 -473.4 60

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.

 Includes value of Treasury and agency- and GSE-backed 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 budget 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) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service

 retirement and disability fund.

(8) Line 17 less line 23.

(9) Line 18 plus line 20 less sum of lines 19, 24, and 56.

(10) Line 57 plus line 58.
FFA, 1995-2003, Z.1, December 9, 2004 101

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

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 1264.1 1342.5 1481.0 1618.7 1835.0 1891.1 2023.0 2045.2 2189.7 1

 2 Gold, SDRs, and official foreign exchange 53.8 44.9 42.0 51.0 44.4 41.0 43.1 51.1 55.1 2

 3 Checkable deposits and currency 55.5 66.1 73.8 51.5 120.1 57.4 105.1 94.3 109.3 3

 4 Time and savings deposits 62.9 74.9 81.8 97.1 111.1 125.1 140.4 165.2 149.6 4

 5 Money market fund shares 10.7 12.0 15.6 22.5 27.6 34.1 53.7 56.0 46.6 5

 6 Security RPs 115.7 147.8 151.4 154.2 151.6 159.8 137.6 132.7 140.7 6

 7 Credit market instruments 546.7 544.1 566.4 641.3 758.3 789.3 860.8 880.5 927.2 7

 8 Open market paper 39.4 59.7 74.0 86.0 103.3 121.2 107.6 113.3 123.8 8

 9 Agency- and GSE-backed securities (1) 151.5 116.2 115.4 152.7 196.5 198.1 253.5 256.5 279.3 9

10 Municipal securities 5.1 4.6 3.9 3.2 3.5 3.8 4.0 4.1 4.4 10

11 Corporate and foreign bonds 39.0 49.7 51.0 61.9 73.3 70.0 95.6 103.8 111.1 11

12 Mortgages 171.3 167.9 167.0 171.1 208.3 209.3 206.1 200.3 206.4 12

13 Consumer credit 9.9 17.6 28.3 37.4 50.9 67.0 80.1 92.8 94.1 13

14 Other loans and advances (2) 130.6 128.4 126.7 129.1 122.5 119.9 113.8 109.7 108.1 14

15 Corporate equities 26.4 46.9 78.4 97.6 117.1 97.1 100.7 80.3 84.5 15

16 Mutual fund shares 35.0 41.0 33.6 19.1 21.4 21.2 24.3 24.2 25.6 16

17 Trade receivables 23.1 24.0 20.8 22.3 22.9 28.1 35.5 32.2 51.3 17

18 Taxes receivable 35.9 34.8 34.3 38.5 66.1 84.7 125.9 120.8 176.3 18

19 Miscellaneous assets 221.2 223.1 293.8 328.3 290.7 341.8 279.5 290.0 297.1 19

20 Total liabilities 5521.4 5770.8 5918.3 5957.4 5970.6 5749.5 5899.2 6346.7 6921.8 20

21 SDR certificates 10.2 9.7 9.2 9.2 6.2 2.2 2.2 2.2 2.2 21

22 Treasury currency 18.3 18.9 19.3 19.9 20.9 23.2 24.5 25.5 26.0 22

23 Credit market instruments 4382.2 4543.7 4627.3 4600.7 4544.9 4271.5 4329.3 4718.1 5224.3 23

24 Savings bonds 185.0 187.0 186.5 186.6 186.4 184.8 190.3 194.9 203.8 24

25 Other Treasury securities (3) 3133.7 3311.1 3352.5 3257.3 3163.0 2875.8 2823.0 3063.3 3445.6 25

26 Budget agency securities 28.2 26.6 26.5 28.5 28.3 27.3 26.8 27.3 24.9 26

27 Municipal securities 1035.3 1019.0 1061.8 1128.2 1167.1 1183.6 1289.2 1432.6 1550.1 27

28 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Trade payables 567.8 599.3 621.9 644.4 673.1 704.9 733.5 763.4 797.5 29

30 Insurance reserves 29.9 30.5 32.3 33.6 35.0 36.4 37.8 39.4 40.5 30

31 Miscellaneous liabilities (4) 513.0 568.7 608.3 649.6 690.6 711.3 772.0 798.2 831.3 31

(1) Holdings by state and local governments may include small amounts of budget 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.

(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service

 retirement and disability fund.
102 FFA, 1995-2003, Z.1, December 9, 2004

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net acquisition of financial assets -27.2 -40.6 -47.0 -49.3 -88.5 -103.6 -90.9 -55.5 -16.2 1

 2 Checkable deposits and currency 0.3 0.2 0.4 0.6 0.2 1.2 0.2 0.2 0.1 2

 3 Time and savings deposits 4.8 10.8 13.3 15.1 -9.3 17.4 6.2 4.1 1.7 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs -0.2 3.2 0.3 0.6 2.0 -2.5 0.8 0.5 0.2 5

 6 Credit market instruments 24.1 -8.9 39.7 -20.1 84.6 -88.2 5.3 16.3 13.3 6

 7 Open market paper -0.2 3.2 0.3 0.6 2.0 -2.5 0.8 0.5 0.2 7

 8 Treasury securities 2.0 -4.6 3.7 -20.2 4.1 -8.4 0.6 1.9 1.6 8

 9 Agency- and GSE-backed securities 4.7 -10.8 8.6 -16.7 32.0 -26.6 1.8 6.1 5.1 9

10 Corporate and foreign bonds 17.4 3.1 26.5 16.4 46.5 -49.9 2.3 7.8 6.5 10

11 Mortgages 0.2 0.1 0.6 -0.3 0.1 -0.8 -0.0 0.0 -0.1 11

12 Corporate equities -51.1 -55.3 -100.9 -54.6 -154.6 -65.7 -124.0 -90.0 -43.3 12

13 Mutual fund shares 1.9 -2.2 1.3 3.3 -4.5 34.4 15.6 10.0 18.2 13

14 Miscellaneous assets -6.9 11.7 -1.2 5.9 -7.0 -0.2 4.9 3.5 -6.4 14

15 Unallocated insurance contracts (1) -6.0 2.3 -5.6 -3.8 -14.4 -4.6 5.1 3.2 -4.6 15

16 Contributions receivable -0.3 -0.3 3.5 8.0 2.7 11.8 -0.1 0.1 -1.1 16

17 Other -0.6 9.7 0.9 1.8 4.8 -7.4 -0.1 0.1 -0.7 17

(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 53.4 38.7 29.4 33.4 12.9 9.7 16.3 17.2 22.4 1

 2 Checkable deposits and currency 0.4 0.4 0.8 -1.5 1.0 1.3 0.2 0.2 0.1 2

 3 Time and savings deposits -0.2 -5.5 -5.8 13.3 -19.6 0.2 0.9 0.5 0.7 3

 4 Money market fund shares 6.0 10.8 13.1 1.9 11.7 1.7 3.8 2.3 1.5 4

 5 Security RPs 0.2 1.3 0.6 0.6 1.7 0.1 0.7 0.5 0.3 5

 6 Credit market instruments -7.6 2.4 6.1 -5.9 14.7 -8.2 8.0 9.4 0.9 6

 7 Open market paper 0.7 2.4 0.9 2.5 5.0 -2.6 0.2 2.1 -2.4 7

 8 Treasury securities -2.5 -0.2 -1.2 -13.0 -1.8 1.2 -0.3 2.7 -0.2 8

 9 Agency- and GSE-backed securities -2.0 0.2 -0.9 0.1 6.3 0.9 5.7 -0.4 1.8 9

10 Corporate and foreign bonds -4.3 -0.5 7.2 4.5 3.6 -7.8 2.4 4.9 1.7 10

11 Mortgages 0.5 0.5 0.1 -0.0 1.6 0.0 0.1 -0.0 -0.0 11

12 Corporate equities -21.0 -20.4 -41.3 24.1 -105.7 -17.0 -5.8 -31.4 -1.5 12

13 Mutual fund shares 43.1 25.3 41.4 -6.8 107.1 49.6 2.3 40.4 33.4 13

14 Miscellaneous assets 32.6 24.2 14.7 7.8 2.1 -17.9 6.3 -4.7 -13.1 14

15 Unallocated insurance contracts (2) 23.7 12.2 4.6 -11.0 4.5 -19.6 5.1 -7.8 -12.5 15

16 Contributions receivable 4.4 4.3 3.6 13.4 -10.3 2.2 0.7 -0.0 -0.3 16

17 Other 4.5 7.7 6.5 5.5 7.9 -0.5 0.5 3.2 -0.3 17

(1) Includes 401(k) type plans.

(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: 58.5 65.3 70.6 84.8 110.4 112.6 95.6 109.3 124.7 1

 2 Commercial banking 6.5 0.7 0.1 -0.5 -3.4 8.9 3.1 5.4 0.4 2

 3 Saving institutions -1.9 -3.9 -6.0 -5.3 -3.1 -2.3 -1.8 -0.7 1.3 3

 4 Credit unions 1.2 0.9 1.2 0.3 0.9 0.4 3.2 3.4 3.5 4

 5 Life insurance companies 11.2 10.3 47.5 24.6 40.8 19.5 26.6 82.2 38.8 5

 6 Money market mutual funds 12.9 13.8 3.0 25.0 21.0 4.0 18.0 13.0 -14.0 6

 7 Mutual funds 63.7 49.5 93.3 87.6 93.8 51.4 31.4 15.9 96.4 7

 8 Other self-directed accounts -35.0 -6.1 -68.4 -46.9 -39.6 30.7 15.1 -9.9 -1.8 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).
FFA, 1995-2003, Z.1, December 9, 2004 103

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 1460.5 1579.0 1746.8 1885.4 2071.7 1914.0 1685.5 1409.2 1680.0 1

 2 Checkable deposits and currency 2.1 2.2 2.6 3.2 3.4 4.7 4.9 5.1 5.1 2

 3 Time and savings deposits 71.9 82.7 96.0 111.1 101.7 119.1 125.3 129.4 131.1 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 11.4 14.6 14.9 15.5 17.5 15.0 15.8 16.3 16.5 5

 6 Credit market instruments 462.4 453.5 493.1 473.0 557.6 469.5 474.8 491.1 504.5 6

 7 Open market paper 11.4 14.6 14.9 15.5 17.5 15.0 15.8 16.3 16.5 7

 8 Treasury securities 80.2 75.6 79.3 59.1 63.2 54.8 55.4 57.3 58.9 8

 9 Agency- and GSE-backed securities 187.1 176.4 185.0 168.3 200.2 173.6 175.4 181.5 186.6 9

10 Corporate and foreign bonds 178.8 181.9 208.4 224.8 271.3 221.5 223.7 231.5 238.0 10

11 Mortgages 4.9 5.0 5.6 5.3 5.3 4.6 4.6 4.6 4.5 11

12 Corporate equities 699.6 785.8 876.0 986.6 1069.9 958.7 723.8 456.6 643.0 12

13 Mutual fund shares 54.8 63.8 81.4 101.0 122.8 150.3 148.5 130.8 185.0 13

14 Miscellaneous assets 158.3 176.4 182.6 194.9 198.7 196.9 192.3 179.9 194.8 14

15 Unallocated insurance contracts (1) 80.3 88.9 90.7 93.3 89.6 83.4 79.0 66.4 83.1 15

16 Contributions receivable 43.9 43.6 47.1 55.1 57.8 69.6 69.5 69.6 68.5 16

17 Other 34.2 43.9 44.8 46.6 51.4 43.9 43.9 43.9 43.2 17

(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

 1 Total financial assets 1428.3 1627.7 1942.5 2219.4 2499.6 2441.0 2230.8 1900.0 2345.4 1

 2 Checkable deposits and currency 2.7 3.1 4.0 2.5 3.5 4.8 5.0 5.2 5.2 2

 3 Time and savings deposits 34.7 29.3 23.4 36.7 17.0 17.3 18.2 18.6 19.3 3

 4 Money market fund shares 37.5 48.4 61.4 63.4 75.1 76.7 80.5 82.8 84.4 4

 5 Security RPs 10.7 12.1 12.7 13.2 14.9 15.0 15.8 16.2 16.5 5

 6 Credit market instruments 145.5 147.9 154.0 148.1 162.7 154.5 162.5 171.9 172.8 6

 7 Open market paper 13.0 15.4 16.3 18.8 23.8 21.2 21.4 23.6 21.2 7

 8 Treasury securities 40.5 40.2 39.0 26.0 24.2 25.4 25.1 27.8 27.6 8

 9 Agency- and GSE-backed securities 27.1 27.3 26.4 26.5 32.8 33.7 39.3 39.0 40.7 9

10 Corporate and foreign bonds 61.4 61.0 68.1 72.7 76.2 68.5 70.9 75.8 77.5 10

11 Mortgages 3.6 4.0 4.1 4.1 5.7 5.7 5.8 5.8 5.8 11

12 Corporate equities 578.3 659.4 790.6 961.2 1011.4 956.3 838.3 640.1 848.9 12

13 Mutual fund shares 272.0 348.5 488.2 567.1 774.8 796.0 713.5 621.3 808.7 13

14 Miscellaneous assets 346.8 379.1 408.3 427.2 440.2 420.4 397.1 343.9 389.6 14

15 Unallocated insurance contracts (2) 252.0 272.2 291.3 291.3 306.8 285.2 260.7 204.3 250.6 15

16 Contributions receivable 38.5 42.8 46.4 59.8 49.5 51.7 52.4 52.4 52.2 16

17 Other 56.4 64.1 70.6 76.1 83.9 83.4 84.0 87.1 86.8 17

(1) Includes 401(k) type plans.

(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

 1 Total held at: 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2619.0 2445.0 2979.0 1

 2 Commercial banking 151.1 151.9 152.0 151.5 148.1 157.0 160.1 165.6 166.0 2

 3 Saving institutions 76.9 73.0 67.0 61.8 58.7 56.4 54.6 53.9 55.1 3

 4 Credit unions 33.0 33.8 35.0 35.3 36.2 36.7 39.9 43.3 46.8 4

 5 Life insurance companies 94.3 110.3 160.0 190.1 245.5 245.5 251.0 308.3 370.0 5

 6 Money market mutual funds 74.2 88.0 91.0 116.0 137.0 141.0 159.0 172.0 158.0 6

 7 Mutual funds 381.6 483.0 655.0 818.0 1078.0 1048.0 961.0 819.0 1079.0 7

 8 Other self-directed accounts 476.9 526.9 568.0 777.3 947.5 944.4 993.4 883.0 1104.0 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).
104 FFA, 1995-2003, Z.1, December 9, 2004

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars

1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Assets 32631.8 35584.9 39694.4 43679.0 49194.6 49433.5 49262.4 48415.2 54329.9 1

 2 Tangible assets 11017.2 11492.9 12152.2 13154.8 14235.3 15527.7 16784.6 18207.4 19856.2 2

 3 Financial assets 21614.5 24092.0 27542.2 30524.2 34959.3 33905.8 32477.9 30207.8 34473.8 3

 4 Deposits 3297.8 3440.5 3615.4 3853.6 4031.9 4339.5 4799.7 5073.3 5243.9 4

 5 Credit market instruments 1956.5 2154.8 2142.5 2269.0 2404.0 2341.8 2184.0 2082.7 2223.6 5

 6 Equity shares at market value 7605.7 9168.5 11795.2 13737.3 17266.1 15342.6 13106.9 10051.2 13088.1 6

 7 Directly held 4122.6 4847.1 6272.9 7120.0 9168.1 7803.6 6601.9 5045.2 6412.9 7

 8 Indirectly held 3483.1 4321.4 5522.3 6617.3 8098.0 7538.9 6505.0 5006.1 6675.2 8

 9 Bank personal trusts and estates 365.2 439.3 555.1 599.2 698.6 645.5 527.0 385.0 469.7 9

10 Life insurance companies 274.7 373.3 510.5 665.4 904.4 882.8 806.5 692.5 887.3 10

11 Private pension funds 1490.4 1701.3 2053.5 2457.0 2805.5 2667.1 2208.1 1611.3 2180.7 11

12 Defined benefit plans 729.9 825.9 931.0 1056.7 1161.2 1068.0 825.7 535.3 764.3 12

13 Defined contribution plans 760.5 875.5 1122.5 1400.3 1644.2 1599.0 1382.4 1076.0 1416.4 13

14 State and local govt. retirement funds 703.5 846.6 1051.3 1188.1 1407.7 1223.1 1084.0 869.8 1084.4 14

15 Federal government retirement funds 11.5 18.8 29.9 44.9 59.1 59.1 51.4 48.5 79.9 15

16 Mutual funds 637.9 942.1 1322.0 1662.7 2222.7 2061.3 1828.1 1399.0 1973.2 16

17 Other 8754.6 9328.2 9989.1 10664.3 11257.4 11881.9 12387.2 13000.6 13918.2 17

18 Liabilities 5073.2 5430.6 5789.0 6256.9 6833.1 7415.1 7997.0 8690.8 9597.7 18

19 Net worth 27558.6 30154.4 33905.4 37422.2 42361.5 42018.4 41265.5 39724.4 44732.2 19

 Memo:

20 Equity shares excluding defined benefit plans 6172.3 7496.0 9812.9 11492.6 14697.2 13051.5 11197.2 8639.3 11221.6 20

 (line 6 minus lines 12, 14 and part of line 15)

 Equity shares (line 6) as a percent of

21 Total assets (line 1) 23.3 25.8 29.7 31.5 35.1 31.0 26.6 20.8 24.1 21

22 Financial assets (line 3) 35.2 38.1 42.8 45.0 49.4 45.3 40.4 33.3 38.0 22

(1) Estimates of equity shares (lines 7 through 16) 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.