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

Friday 

March 10, 2000 

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 1999

Board of Governors of the Federal Reserve System, Washington DC 20551

Flow of Funds Summary Statistics 

Fourth Quarter 1999

Domestic nonfinancial debt grew at a 6-1/2 in the fourth quarter. Bond issuance by nonfinancial

percent annual rate in the fourth quarter of 1999. The firms declined from the rapid pace earlier in the year,

pace of borrowing by households and businesses but borrowing from banks picked up a bit. Growth of

continued strong, and the paydown of federal state and local government debt slowed to a 2-1/2

government debt slowed in the fourth quarter as the percent rate in the fourth quarter; for the year as a

Treasury sought to build its cash holdings as a whole, state and local government debt increased

precaution against potential disruptions at the turn of about 4-1/2 percent.

the century. On balance for the year, federal debt

held by the public contracted 2 percent and on a The level of domestic nonfinancial debt

not-seasonally-adjusted basis was down about $150 outstanding was $17.4 trillion at the end of the fourth

billion at year end, or roughly 4 percent from its peak quarter of 1999. Debt of nonfederal sectors was

in early 1998. Household and business sector debt $13.7 trillion, and federal debt was $3.7 trillion.

expanded 9-1/2 percent and 10-1/2 percent

respectively in 1999. Figures for the growth and level of debt are

In the fourth quarter, household debt rose at an financial flows, amounts outstanding, and selected

8-1/2 percent pace, accounted for by large increases sector balance sheets are included in the remaining

in both home mortgage debt and consumer credit. pages of this release.

Business debt expanded at a 9-1/2 percent annual rate

found in tables D.1 through D.3. Tables that show

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1993 4.9 8.3 3.7 5.4 1.4 6.0 

1994 4.6 4.7 4.5 7.7 3.7 -4.0 

1995 5.5 4.1 6.0 7.9 6.8 -4.6 

1996 5.4 4.0 5.9 7.4 5.7 -0.6 

1997 5.4 0.6 7.0 6.4 8.2 5.3 

1998 6.6 -1.4 9.3 8.7 10.5 7.2 

1999 6.8 -1.9 9.4 9.4 10.6 4.4 

 1998:Q1 7.0 -0.4 9.5 8.6 10.7 8.4 

:Q2 6.7 -0.7 9.1 7.6 11.2 7.2 

:Q3 5.6 -3.0 8.4 8.4 8.9 6.0 

:Q4 6.6 -1.4 9.1 9.1 9.6 6.4 

1999:Q1 7.9 -2.0 10.8 9.5 13.1 7.3 

:Q2 5.3 -3.0 7.7 8.6 7.7 2.9 

:Q3 7.0 -2.2 9.6 9.9 10.2 4.6

:Q4 6.5 -0.5 8.4 8.4 9.6 2.5

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

Title Table Page

Flow of Funds Accounts, Fourth Quarter 1999 1

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6

Borrowing by Sector D.2 7

Debt Outstanding by Sector D.3 8

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 17 L.101 63

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

Nonfarm Noncorporate Business F.103 19 L.103 65

Farm Business F.104 19 L.104 65

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

Federal Government F.106 21 L.106 66

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

Monetary Authority F.108 23 L.108 68

Commercial Banking F.109 24 L.109 69

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

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

Bank Holding Companies F.112 27 L.112 72

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

Savings Institutions F.114 28 L.114 73

Credit Unions F.115 29 L.115 74

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

Life Insurance Companies F.117 30 L.117 75

Other Insurance Companies F.118 30 L.118 75

Private Pension Funds F.119 31 L.119 76

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77

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

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

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

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

Finance Companies F.127 34 L.127 79

Mortgage Companies F.128 35 L.128 80

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

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

Funding Corporations F.131 36 L.131 81

Instruments

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

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

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

Net Interbank Transactions F.203 38 L.203 83

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

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

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

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

Open Market Paper F.208 41 L.208 86

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88

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

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

Corporate Equities F.213 45 L.213 90

Mutual Fund Shares F.214 45 L.214 90

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

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

Total Mortgages F.217 48 L.217 93

Home Mortgages F.218 49 L.218 94

Multifamily Residential Mortgages F.219 49 L.219 94

Commercial Mortgages F.220 50 L.220 95

Farm Mortgages F.221 50 L.221 95

Consumer Credit F.222 51 L.222 96

Trade Credit F.223 51 L.223 96

Security Credit F.224 51 L.224 96

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52

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

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

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

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

Sector Discrepancies F.10 57

Instrument Discrepancies F.11 57
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

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

Flow of Funds Matrix for 1999 112 113

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 114

1

Flow of Funds Accounts, Fourth Quarter 1999

 This publication presents the flow of funds

accounts for 1999:Q4. 

Data revisions and other changes. The statistics

shown in these tables reflect the use of new or revised

source data. Most significant revisions appear in

recent quarters; however, new source information

resulted in changes to data for earlier periods. The

revisions include the following:

1. Multifamily and commercial mortgage

lending and outstandings of issuers of asset-backed

securities (tables F.126 and L.126) have been revised

from 1985:Q2 forward to reflect more complete

information on the value of commercial-mortgagebacked securities (CMBS) outstanding.

2. Undistributed corporate profits of financial

sectors, which are a component of sector gross saving,

(tables F.108 through F.130) have been revised from

1959:Q1 forward. Revisions prior to 1959 in the

national income and product accounts have not yet

been made available by the Department of Commerce.

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

Domestic debt comprises credit market funds

borrowed by U.S. entities from both domestic and

foreign sources, while foreign debt represents amounts

borrowed by foreign financial and nonfinancial

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

of government-sponsored enterprises, federally related

mortgage pools, and private financial institutions.

Credit market debt consists of debt securities,

mortgages, bank loans, commercial paper, consumer

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

advances; it excludes trade debt, loans for the purpose

of carrying securities, and funds raised from equity

sources.

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying forward

year-end levels by seasonally adjusted flows. Growth

rates calculated from changes in unadjusted levels

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

Relation of Flows to Outstandings. Estimates of

financial assets and liabilities outstanding are linked to

data on flows. However, figures on outstandings

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time.

Specifically, outstandings in the flow of funds

accounts are related to the flows in the following way:

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

where At@ is the time period.

Discontinuities result from changes in

valuation, breaks in source data, and changes in

definitions. For most series, the value of the

discontinuity is zero for nearly all time periods.

However, in a few instances, the discontinuity is

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

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

sharp increase or decrease in equity prices or a major

break in source data.

The discontinuities in a series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter’s data were compiled is provided in a

table following this introduction. The distinction

between Aavailable@ data and Amissing@ data is not

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is compiled

and those that are not yet completed. However, the

items that are shown as available are, in general, also

preliminary in the sense that they are subject to

revision by source agencies.
2

Margins of Uncertainty. Flow of funds statistics are Subscription Information. The Federal Reserve

subject to uncertainties resulting from measurement Board charges for subscriptions to all statistical

errors in source data, incompatibilities among data releases. Inquiries for releases should be directed to:

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data Publications Services, Stop 127

in parts of the accounts. The size of these Board of Governors

uncertainties cannot be quantified in precise statistical of the Federal Reserve System

terms, but allowance for them is explicitly made 20th Street and Constitution Avenue, N.W.

throughout the accounts by the inclusion of Washington, DC 20551

Adiscrepancies@ for various sectors and instrument (202) 452-3244

types. A discrepancy for a sector is the difference

between its measured sources of funds and its

measured uses of funds. For an instrument category,

a discrepancy is the difference between measured

funds borrowed through the financial instrument and

measured funds lent through that instrument. The size

of such discrepancies relative to the main asset or

liability components is one indication of the quality of

source data, especially on an annual basis. For

quarterly data, differences in seasonal adjustment

procedures for financial and nonfinancial components

of the accounts sometimes result in discrepancies that

cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about ten weeks following the end of a

quarter. This publicationCthe Z.1 releaseCis available

from the Board’s Publications Services. Flow of funds

data are also available electronically through the

Internet at the following location:

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

The Internet site also provides quarterly data

beginning in 1952, organized in compressed files that

correspond to the tables published in this release.

There are separate files for seasonally adjusted flows,

unadjusted flows, quarterly outstandings, balance

sheets, quarterly debt (tables D.1, D.2, and D.3), and

monthly data from January 1955 onward for the debt

aggregate published in the Board’s H.6 statistical

release, AMoney Stock and Debt Measures.@
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

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

 product accounts (NIPA) adjusted, for 1999:Q4; unadjusted

flows based on former seasonal

factors.

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

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

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

available through 1999:Q4. The source for nonprofit organizations data

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

Income. Data for nonprofit organizations are available for 1987 through

1996.

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

 corporate business

 (tables F.102 and L.102)

of the Census Bureau through 1996; QFR data for 1999:Q4.

1999:Q3; Internal Revenue Service

Statistics of Income data through

1996; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1999:Q4.

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

 business

 (tables F.103 and L.103)

of Income data through 1996; bank 1996.

and finance company loans and

mortgage borrowing through

1999:Q4.

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

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

U.S. government loans to farms, profits since 1997.

and equity in government-sponsored

enterprises through 1999:Q4;

preliminary data for checkable

deposits and currency and trade

payables through 1999.
4

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

 governments municipal securities, deposits at since 1998:Q3.

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

government securities issues

through 1999:Q4; selected financial

assets through 1998:Q3 from the

comprehensive annual financial

reports of state and local

governments that account for most

of the holdings of the sector, and

data from Standard & Poor’s on

local government investment pools.

 7. Federal government Data from the Monthly Treasury Federal Financing Bank data and

 (tables F.106 and L.106) Statement of Receipts and Outlays Treasury data for loan programs

through 1999:Q4; Federal Financing

Bank data and Treasury data for

loan programs through 1999:Q3.

for 1999:Q4.

 8. Rest of the world Balance of payments data through Balance of payments data for

 (U.S. international 1999:Q3; NIPA estimates, data 1999:Q4.

 transactions) from bank Reports of Condition,

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

System data through 1999:Q4.

 9. Monetary authority All data through 1999:Q4. None.

 (tables F.108 and L.108)

10. Commercial banking All data through 1999:Q4 for Data since 1998 for branches of

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

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

 L.113) bank holding companies, and

commercial banks in U.S.-affiliated

areas.

11. Savings institutions All data through 1999:Q4. None.

 (tables F.114 and L.114)

12. Credit unions All data through 1999:Q4. None.

 (tables F.115 and L.115)

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

 estates

 (tables F.116 and L.116)

14. Life insurance companies All data through 1999:Q3; Final data for 1999:Q4.

 (tables F.117 and L.117) preliminary data for 1999:Q4. 

15. Other insurance companies All data through 1999:Q3; Final data for 1999:Q4.

 (tables F.118 and L.118) preliminary data for 1999:Q4. 
5

16. Private pension funds Quarterly data through 1999:Q4; Form 5500 data since 1995.

 (including FERS Internal Revenue Service/

 Thrift Savings Plan) Department of Labor/Pension

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

Form 5500 data through 1995.

17. State and local government All data through 1999:Q3. Data for 1999:Q4.

 employee retirement funds

 (tables F.120 and L.120)

18. Money market mutual All data through 1999:Q4. None.

 funds

 (tables F.121 and L.121)

19. Mutual funds All data through 1999:Q4. None.

 (tables F.122 and L.122)

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

 (tables F.123 and L.123)

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

 enterprises Fannie Mae, Freddie Mac, FCS,

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

through 1999:Q4.

22. Federally related mortgage All data through 1999:Q4. None.

 pools

 (tables F.125 and L.125)

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

 securities (ABSs) Information Services of the

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

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1999:Q4.

24. Finance companies All data through 1999:Q4. None.

 (tables F.127 and L.127)

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

 (tables F.128 and L.128)

26. Real estate investment Preliminary data from SNL REIT Final data for 1999:Q4.

 trusts (REITs) DataSource through 1999:Q4.

 (tables F.129 and L.129)

27. Security brokers and Data for firms filing FOCUS and None.

 dealers FOGS reports through 1999:Q4.

 (tables F.130 and L.130)

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

 (tables F.131 and L.131) for other sectors.
6 Z.1, March 10, 2000

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

1967 7.2 4.9 7.9 5.1 5.0 5.0 11.2 11.8 6.7 -0.4 9.8

1968 8.0 4.5 9.0 7.8 6.1 9.9 10.7 11.2 7.5 15.7 6.3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1986 11.8 13.6 11.3 11.1 13.2 9.0 11.6 14.2 10.9 26.1 4.1

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

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

1989 7.3 7.0 7.4 8.4 9.7 6.0 6.9 8.2 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.3 9.3 1.5 3.3 5.3 5.0 8.9 9.1

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

1992 4.6 10.9 2.6 4.5 5.3 0.8 0.8 1.8 2.2 8.8 8.0

1993 4.9 8.3 3.7 5.4 4.5 7.3 1.4 1.8 6.0 9.7 22.1

1994 4.6 4.7 4.5 7.7 6.0 14.5 3.7 5.2 -4.0 14.0 -3.6

1995 5.5 4.1 6.0 7.9 5.8 14.1 6.8 8.7 -4.6 11.9 19.2

1996 5.4 4.0 5.9 7.4 7.4 7.9 5.7 5.3 -0.6 12.8 17.5

1997 5.4 0.6 7.0 6.4 6.7 4.3 8.2 9.2 5.3 13.5 11.1

1998 6.6 -1.4 9.3 8.7 9.7 5.4 10.5 11.9 7.2 19.6 5.9

1999 6.8 -1.9 9.4 9.4 10.4 7.3 10.6 11.7 4.4 16.7 3.0

1994 -- Q1 4.6 4.9 4.5 7.1 5.9 11.6 3.4 5.1 -1.4 15.4 -22.3

 Q2 3.8 4.0 3.7 6.8 5.0 14.8 3.3 4.6 -6.0 11.2 -7.5

 Q3 4.8 5.0 4.7 7.8 6.1 14.5 3.7 5.0 -3.2 11.4 4.0

 Q4 4.8 4.6 4.9 8.2 6.6 14.3 4.3 5.8 -5.5 15.2 12.0

1995 -- Q1 5.7 5.3 5.9 7.5 5.3 14.3 7.2 9.5 -5.2 8.1 18.5

 Q2 6.5 6.9 6.3 7.6 5.6 14.0 7.7 10.3 -4.3 10.9 12.1

 Q3 4.8 2.6 5.6 8.6 6.9 13.9 5.3 6.5 -6.1 11.9 22.2

 Q4 4.5 1.4 5.6 7.0 4.7 11.5 6.2 7.3 -3.1 14.6 19.1

1996 -- Q1 5.9 5.9 5.9 8.0 8.1 10.1 5.4 4.6 -1.6 9.0 11.9

 Q2 5.3 3.0 6.2 7.8 7.0 9.7 6.2 5.7 -1.3 15.8 10.1

 Q3 5.3 4.4 5.6 7.3 7.3 6.8 5.8 5.9 -3.2 9.9 24.9

 Q4 4.5 2.5 5.3 5.8 6.6 4.2 5.1 4.4 3.5 14.3 19.1

1997 -- Q1 4.7 1.8 5.7 6.7 6.1 5.2 5.6 6.3 1.8 7.5 5.7

 Q2 4.5 -0.4 6.2 5.6 5.2 4.6 7.5 8.0 4.1 13.2 12.2

 Q3 5.8 1.2 7.4 6.9 9.7 3.9 8.0 8.6 7.0 12.5 16.9

 Q4 6.0 -0.1 8.1 5.8 5.0 3.4 10.8 12.6 7.9 18.5 8.0

1998 -- Q1 7.0 -0.4 9.5 8.6 10.0 4.7 10.7 12.2 8.4 17.1 16.7

 Q2 6.7 -0.7 9.1 7.6 7.4 4.9 11.2 13.0 7.2 17.4 16.5

 Q3 5.6 -3.0 8.4 8.4 9.5 6.1 8.9 9.8 6.0 17.8 -3.2

 Q4 6.6 -1.4 9.1 9.1 10.6 5.3 9.6 10.7 6.4 21.0 -6.3

1999 -- Q1 7.9 -2.0 10.8 9.5 10.0 9.9 13.1 15.7 7.3 18.6 2.8

 Q2 5.3 -3.0 7.7 8.6 9.9 4.6 7.7 8.0 2.9 14.9 -6.0

 Q3 7.0 -2.2 9.6 9.9 11.3 5.6 10.2 11.1 4.6 15.2 10.4

 Q4 6.5 -0.5 8.4 8.4 8.8 8.3 9.6 9.9 2.5 14.4 5.0

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 10, 2000 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

1967 77.2 12.9 64.2 17.6 11.1 5.1 39.3 28.7 7.3 -0.3 3.9

1968 91.6 12.5 79.0 28.8 14.2 10.8 41.5 30.3 8.8 11.4 2.7

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1985 964.0 225.7 738.3 291.9 159.7 82.8 282.8 186.4 163.6 205.0 1.2

1986 844.3 216.0 628.3 248.6 186.3 54.4 305.5 228.9 74.2 327.8 9.7

1987 720.0 143.9 576.1 294.6 252.3 30.4 191.0 147.7 90.4 291.6 6.3

1988 786.6 155.1 631.5 246.1 190.0 43.4 331.4 237.6 54.0 249.2 7.4

1989 687.5 146.4 541.2 254.0 195.7 44.2 237.1 182.2 50.1 225.0 10.2

1990 657.0 246.9 410.1 239.4 206.4 11.9 123.5 127.0 47.2 213.4 23.9

1991 465.3 278.2 187.0 161.1 150.4 -10.7 -59.4 -45.8 85.4 170.9 15.1

1992 524.1 304.0 220.1 166.5 139.2 6.1 29.5 45.5 24.1 244.0 24.1

1993 582.9 256.1 326.8 209.4 125.1 58.4 51.2 45.4 66.2 294.4 69.8

1994 568.0 155.9 412.2 316.3 174.6 124.9 142.2 134.5 -46.2 468.4 -13.9

1995 712.0 144.4 567.6 350.9 176.9 138.9 268.2 234.7 -51.5 453.9 71.1

1996 735.6 145.0 590.6 354.0 241.0 88.8 243.4 154.9 -6.8 548.9 77.2

1997 775.8 23.1 752.7 327.3 231.3 52.5 369.4 285.7 56.1 652.2 57.6

1998 1011.3 -52.6 1063.9 471.9 359.8 67.6 511.7 405.7 80.3 1068.8 33.6

1999 1105.9 -71.8 1177.8 556.6 421.7 96.8 568.5 444.0 52.7 1090.9 18.3

1994 -- Q1 568.1 162.5 405.7 291.9 169.9 99.5 129.7 130.2 -16.0 516.2 -85.9

 Q2 474.6 133.6 341.1 285.2 145.7 130.6 125.8 119.9 -69.9 391.0 -27.2

 Q3 607.1 169.0 438.1 331.6 182.6 133.3 143.0 132.5 -36.6 408.3 14.3

 Q4 622.2 158.3 463.8 356.3 200.2 136.2 170.0 155.5 -62.5 558.2 43.2

1995 -- Q1 745.1 186.4 558.7 331.4 161.8 140.8 285.7 257.9 -58.5 309.6 68.4

 Q2 854.1 245.5 608.6 344.9 175.8 143.1 311.6 286.7 -47.8 426.9 46.7

 Q3 640.6 94.5 546.1 396.6 218.6 146.4 216.2 183.4 -66.7 477.8 88.7

 Q4 608.3 51.3 557.0 330.7 151.4 125.2 259.2 210.8 -33.0 601.4 80.5

1996 -- Q1 808.1 213.6 594.5 384.5 262.6 113.2 227.3 135.6 -17.4 385.7 52.5

 Q2 740.5 109.6 630.9 379.0 233.3 111.7 265.5 169.7 -13.6 690.5 46.0

 Q3 744.2 162.3 581.9 359.9 244.6 79.8 255.6 178.8 -33.6 452.1 116.1

 Q4 649.7 94.5 555.3 292.5 223.4 50.4 225.4 135.5 37.4 667.5 94.3

1997 -- Q1 681.2 68.1 613.0 340.3 211.6 63.0 254.0 197.5 18.7 363.7 29.7

 Q2 660.0 -15.8 675.8 291.5 183.3 55.9 340.6 252.4 43.7 649.6 64.1

 Q3 858.2 45.6 812.6 364.5 346.5 48.1 372.5 277.8 75.7 634.0 91.8

 Q4 903.9 -5.5 909.4 312.8 183.6 43.1 510.4 415.2 86.2 961.6 44.8

1998 -- Q1 1066.7 -14.5 1081.2 465.1 370.9 58.9 521.9 416.4 94.2 931.3 95.0

 Q2 1033.7 -28.4 1062.0 420.3 281.2 62.1 559.8 456.9 82.0 988.9 97.9

 Q3 888.2 -113.5 1001.7 473.4 366.8 79.6 458.3 353.4 70.0 1056.3 -19.6

 Q4 1056.5 -54.1 1110.7 528.6 420.3 69.9 507.0 396.1 75.1 1298.7 -38.9

1999 -- Q1 1276.6 -75.2 1351.8 558.6 405.6 131.5 705.8 597.5 87.4 1213.1 17.0

 Q2 871.5 -112.2 983.7 519.4 413.1 62.4 428.6 315.3 35.7 1016.1 -36.8

 Q3 1168.2 -83.1 1251.3 614.6 482.4 77.3 579.7 449.9 57.0 1078.0 62.2

 Q4 1107.4 -16.9 1124.3 533.8 385.9 115.9 559.8 413.4 30.7 1056.5 30.8
8 Z.1, March 10, 2000

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

1967 1151.6 278.1 873.6 367.4 232.3 108.6 388.8 271.3 117.4 72.6 43.3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1985 7133.3 1589.9 5543.5 2235.9 1407.7 603.8 2629.6 1613.1 677.9 1258.3 236.7

1986 7975.1 1805.9 6169.3 2489.0 1600.0 658.2 2928.1 1835.0 752.1 1593.6 238.3

1987 8678.6 1949.8 6728.8 2743.3 1816.0 688.6 3144.5 2008.0 841.0 1896.5 245.1

1988 9461.7 2104.9 7356.8 3011.3 2021.5 732.0 3450.5 2218.3 895.0 2145.8 252.4

1989 10166.3 2251.2 7915.0 3280.8 2220.7 793.3 3689.1 2402.2 945.1 2399.3 262.3

1990 10850.6 2498.1 8352.4 3554.3 2461.2 805.1 3805.8 2522.5 992.3 2615.8 286.0

1991 11312.5 2776.4 8536.2 3723.0 2619.2 794.5 3735.5 2470.6 1077.7 2786.7 301.2

1992 11839.8 3080.3 8759.5 3893.3 2762.2 800.6 3764.4 2513.8 1101.8 3046.3 316.0

1993 12437.5 3336.5 9101.1 4108.0 2892.6 859.0 3825.1 2568.7 1167.9 3346.1 385.8

1994 13011.8 3492.3 9519.5 4427.0 3070.2 983.9 3970.8 2706.8 1121.7 3822.2 370.3

1995 13723.8 3636.7 10087.1 4782.8 3252.0 1122.8 4234.1 2936.6 1070.2 4278.8 441.4

1996 14459.4 3781.8 10677.7 5108.0 3464.3 1211.6 4506.2 3120.2 1063.4 4827.7 518.7

1997 15233.8 3804.9 11428.9 5438.0 3697.9 1264.1 4871.4 3401.7 1119.5 5446.8 570.1

1998 16245.0 3752.2 12492.8 5909.9 4057.8 1331.7 5383.1 3807.3 1199.8 6515.6 603.7

1999 17385.6 3680.4 13705.2 6466.8 4479.6 1428.5 5985.9 4285.7 1252.5 7606.6 622.0

1994 -- Q1 12585.8 3377.1 9208.7 4181.4 2935.8 883.9 3863.4 2607.1 1163.9 3482.8 364.2

 Q2 12704.5 3410.5 9294.0 4253.5 2973.0 916.6 3894.0 2636.3 1146.5 3580.6 357.4

 Q3 12856.2 3452.7 9403.5 4337.2 3019.5 949.9 3929.0 2668.6 1137.3 3682.7 361.0

 Q4 13011.8 3492.3 9519.5 4427.0 3070.2 983.9 3970.8 2706.8 1121.7 3822.2 370.3

1995 -- Q1 13198.1 3538.9 9659.2 4511.1 3111.9 1019.1 4041.0 2770.1 1107.1 3902.2 387.5

 Q2 13411.6 3600.3 9811.3 4598.4 3157.0 1054.9 4117.8 2840.6 1095.1 4009.0 399.1

 Q3 13571.8 3623.9 9947.8 4698.7 3212.8 1091.5 4170.6 2885.2 1078.4 4128.4 421.3

 Q4 13723.8 3636.7 10087.1 4782.8 3252.0 1122.8 4234.1 2936.6 1070.2 4278.8 441.4

1996 -- Q1 13925.8 3690.2 10235.7 4880.1 3318.9 1151.1 4289.7 2969.3 1065.8 4375.2 454.5

 Q2 14111.0 3717.6 10393.4 4942.4 3344.7 1179.0 4388.6 3044.2 1062.5 4547.8 466.0

 Q3 14297.0 3758.1 10538.9 5033.6 3407.1 1199.0 4451.2 3087.7 1054.1 4660.8 495.1

 Q4 14459.4 3781.8 10677.7 5108.0 3464.3 1211.6 4506.2 3120.2 1063.4 4827.7 518.7

1997 -- Q1 14629.7 3798.8 10830.9 5194.8 3518.6 1227.3 4568.1 3167.9 1068.1 4918.6 526.0

 Q2 14794.8 3794.9 10999.9 5268.7 3565.5 1241.3 4652.2 3230.0 1079.0 5081.0 542.1

 Q3 15007.8 3806.2 11201.5 5359.8 3652.1 1253.3 4743.8 3297.9 1097.9 5206.4 558.9

 Q4 15233.8 3804.9 11428.9 5438.0 3697.9 1264.1 4871.4 3401.7 1119.5 5446.8 570.1

1998 -- Q1 15500.4 3801.2 11699.2 5554.3 3790.7 1278.8 5001.9 3505.8 1143.0 5679.6 593.9

 Q2 15758.8 3794.2 11964.7 5659.4 3861.0 1294.4 5141.8 3620.0 1163.5 5926.9 618.3

 Q3 15980.9 3765.8 12215.1 5777.8 3952.7 1314.3 5256.4 3708.3 1181.0 6191.0 613.4

 Q4 16245.0 3752.2 12492.8 5909.9 4057.8 1331.7 5383.1 3807.3 1199.8 6515.6 603.7

1999 -- Q1 16565.9 3733.4 12832.5 6049.9 4159.2 1364.6 5560.9 3958.1 1221.6 6818.9 607.9

 Q2 16783.8 3705.4 13078.4 6179.8 4262.5 1380.2 5668.1 4036.9 1230.6 7072.9 598.7

 Q3 17108.8 3684.6 13424.2 6333.5 4383.1 1399.6 5845.9 4182.3 1244.8 7342.4 614.3

 Q4 17385.6 3680.4 13705.2 6466.8 4479.6 1428.5 5985.9 4285.7 1252.5 7606.6 622.0

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 10, 2000 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 1237.0 1361.8 1485.6 2113.7 2215.2 1924.9 2316.4 2506.6 1850.9 2308.5 2194.7 1

 2 Domestic nonfinancial sectors 712.0 735.6 775.8 1011.3 1105.9 888.2 1056.5 1276.6 871.5 1168.2 1107.4 2

 3 Federal government 144.4 145.0 23.1 -52.6 -71.8 -113.5 -54.1 -75.2 -112.2 -83.1 -16.9 3

 4 Nonfederal sectors 567.6 590.6 752.7 1063.9 1177.8 1001.7 1110.7 1351.8 983.7 1251.3 1124.3 4

 5 Household sector 350.9 354.0 327.3 471.9 556.6 473.4 528.6 558.6 519.4 614.6 533.8 5

 6 Nonfinancial corporate business 234.7 154.9 285.7 405.7 444.0 353.4 396.1 597.5 315.3 449.9 413.4 6

 7 Nonfarm noncorporate business 30.6 83.8 77.4 98.4 119.2 97.6 103.3 101.6 114.2 120.2 140.8 7

 8 Farm business 2.9 4.8 6.2 7.7 5.2 7.3 7.5 6.6 -1.0 9.7 5.6 8

 9 State and local governments -51.5 -6.8 56.1 80.3 52.7 70.0 75.1 87.4 35.7 57.0 30.7 9

10 Rest of the world 71.1 77.2 57.6 33.6 18.3 -19.6 -38.9 17.0 -36.8 62.2 30.8 10

11 Financial sectors 453.9 548.9 652.2 1068.8 1090.9 1056.3 1298.7 1213.1 1016.1 1078.0 1056.5 11

12 Commercial banking 22.5 13.0 46.1 72.9 69.4 61.7 66.3 31.1 72.7 111.3 62.7 12

13 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 43.9 41.5 80.8 -3.5 61.0 87.2 31.2 13

14 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -0.4 -2.2 -3.9 -1.7 -0.0 -1.5 1.6 14

15 Bank holding companies 14.4 2.0 19.0 24.9 25.9 22.5 -10.6 36.3 11.7 25.6 29.9 15

16 Savings institutions 2.6 25.5 19.7 52.2 45.8 63.7 103.2 58.0 58.6 55.2 11.5 16

17 Credit unions -0.1 0.1 0.1 0.6 2.2 1.0 0.4 1.5 1.4 2.8 3.3 17

18 Life insurance companies -0.1 1.1 0.2 0.7 0.7 1.6 1.8 3.3 3.0 1.1 -4.4 18

19 Government-sponsored enterprises 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 19

20 Federally related mortgage pools 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 20

21 ABS issuers 142.4 153.9 200.7 316.3 237.6 294.2 335.7 299.4 309.2 227.4 114.3 21

22 Finance companies 50.2 45.9 48.7 43.0 56.3 -12.0 17.8 71.2 88.4 -22.6 88.2 22

23 Mortgage companies -2.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 23

24 REITs 4.5 11.9 39.6 62.7 7.9 79.3 44.0 25.6 -19.7 7.9 17.7 24

25 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 -2.6 12.4 -31.1 -17.4 16.9 -37.3 25

26 Funding corporations 34.9 64.1 80.7 40.7 96.1 11.2 40.9 166.5 -63.8 31.2 250.5 26

27 Total net lending 1237.0 1361.8 1485.6 2113.7 2215.2 1924.9 2316.4 2506.6 1850.9 2308.5 2194.7 27

28 Domestic nonfederal nonfinancial sectors -98.4 15.1 -79.2 35.1 238.3 27.9 -304.3 398.8 351.3 147.9 55.0 28

29 Household sector -3.0 63.4 -76.5 -64.0 179.3 -106.6 -425.4 347.4 280.9 147.9 -59.1 29

30 Nonfinancial corporate business -8.8 -10.2 -2.3 -0.3 33.2 8.9 29.3 -1.1 17.3 34.6 82.1 30

31 Nonfarm noncorporate business 4.7 -4.3 -0.6 0 -0.1 0 0 0.4 -0.2 -0.6 0.0 31

32 State and local governments -91.4 -33.7 0.1 99.5 25.9 125.7 91.7 52.2 53.3 -33.9 32.0 32

33 Federal government -0.2 -7.4 5.1 13.5 12.0 13.8 11.7 17.0 6.9 11.4 12.9 33

34 Rest of the world 273.9 414.4 310.7 249.3 224.8 60.8 390.7 253.3 37.4 371.3 237.3 34

35 Financial sectors 1061.7 939.7 1249.0 1815.8 1740.0 1822.3 2218.3 1837.5 1455.2 1777.8 1889.5 35

36 Monetary authority 12.7 12.3 38.3 21.1 25.7 41.6 3.5 71.8 62.4 34.1 -65.7 36

37 Commercial banking 265.9 187.5 324.3 305.2 308.2 250.1 531.5 68.9 135.4 435.5 592.8 37

38 U.S.-chartered commercial banks 186.5 119.6 274.9 312.0 317.6 309.2 540.2 134.1 231.5 410.7 494.2 38

39 Foreign banking offices in U.S. 75.4 63.3 40.2 -11.9 -20.1 -68.1 -12.1 -54.9 -105.7 30.6 49.5 39

40 Bank holding companies -0.3 3.9 5.4 -0.9 6.2 6.0 -7.4 -6.0 0.4 -12.4 42.6 40

41 Banks in U.S.-affiliated areas 4.2 0.7 3.7 6.0 4.5 2.9 10.7 -4.4 9.2 6.6 6.6 41

42 Savings institutions -7.6 19.9 -4.7 36.3 68.6 17.9 113.3 102.7 88.8 60.9 22.0 42

43 Credit unions 16.2 25.5 16.8 19.0 31.1 21.0 16.0 34.7 32.1 36.6 21.2 43

44 Bank personal trusts and estates -8.3 -7.7 -25.0 -12.8 -8.4 -16.0 -13.5 -7.6 -8.4 -8.6 -9.1 44

45 Life insurance companies 100.0 69.6 104.8 76.9 72.6 65.6 86.0 82.2 84.0 52.9 71.3 45

46 Other insurance companies 21.5 22.5 25.2 20.4 -5.0 -7.7 67.6 -19.7 26.7 -14.4 -12.6 46

47 Private pension funds 56.0 52.3 65.5 118.7 90.2 95.5 174.5 60.6 150.0 45.4 104.9 47

48 State and local govt. retirement funds 33.6 37.3 63.8 66.0 47.8 68.7 49.5 76.5 27.3 38.4 49.1 48

49 Money market mutual funds 86.5 88.8 87.5 244.0 182.0 255.5 353.1 227.6 -92.6 232.1 360.8 49

50 Mutual funds 52.5 48.9 80.9 124.8 51.2 92.9 103.5 103.0 121.0 -20.2 1.1 50

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

52 Government-sponsored enterprises 86.7 84.2 94.3 260.8 242.1 264.7 429.5 157.2 259.2 287.5 264.6 52

53 Federally related mortgage pools 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 53

54 ABS issuers 120.6 123.6 162.3 276.7 219.4 248.7 312.7 281.8 292.4 218.9 84.5 54

55 Finance companies 49.9 18.4 21.9 51.9 95.8 79.5 75.3 92.2 79.6 94.7 116.9 55

56 Mortgage companies -3.4 8.2 -9.1 3.2 0.3 4.5 6.0 -9.1 10.2 -12.1 12.3 56

57 REITs 1.4 4.4 20.2 -5.1 -2.6 -11.3 -40.8 1.7 -2.2 -2.7 -7.3 57

58 Brokers and dealers 90.1 -15.7 14.9 6.8 -31.7 146.0 -226.1 88.0 -193.7 16.3 -37.4 58

59 Funding corporations -21.2 14.0 55.6 5.0 74.6 -61.4 9.4 21.5 104.4 32.4 140.0 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 10, 2000

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 712.0 735.6 775.8 1011.3 1105.9 888.2 1056.5 1276.6 871.5 1168.2 1107.4 1

 2 Federal government 144.4 145.0 23.1 -52.6 -71.8 -113.5 -54.1 -75.2 -112.2 -83.1 -16.9 2

 3 Treasury securities 142.9 146.6 23.2 -54.6 -71.6 -113.1 -66.3 -73.7 -112.8 -83.2 -16.9 3

 4 Budget agency securities and mortgages 1.5 -1.6 -0.1 2.0 -0.2 -0.4 12.2 -1.5 0.6 0.0 0.0 4

 5 Nonfederal, by instrument 567.6 590.6 752.7 1063.9 1177.8 1001.7 1110.7 1351.8 983.7 1251.3 1124.3 5

 6 Commercial paper 18.1 -0.9 13.7 24.4 37.4 85.6 -43.0 58.3 -2.6 49.8 44.0 6

 7 Municipal securities and loans -48.2 2.6 71.4 96.8 68.2 82.9 89.6 100.7 48.0 77.0 47.0 7

 8 Corporate bonds 91.1 116.3 150.5 218.7 229.9 108.0 193.2 274.0 287.6 202.8 155.2 8

 9 Bank loans n.e.c. 103.7 70.5 106.5 108.2 82.2 107.8 120.9 70.0 22.2 112.8 123.7 9

10 Other loans and advances 67.2 33.5 69.1 74.3 71.3 77.7 102.5 154.1 -14.3 78.9 66.6 10

11 Mortgages 196.7 280.0 289.0 473.9 592.0 460.2 577.5 563.1 580.4 652.8 571.9 11

12 Home 180.4 245.3 237.6 367.9 431.8 375.2 429.1 414.9 422.9 492.8 396.4 12

13 Multifamily residential 5.5 9.3 7.7 19.2 38.5 13.2 25.9 32.4 32.0 43.7 45.7 13

14 Commercial 9.3 22.9 40.6 80.5 115.7 66.3 113.9 112.1 116.6 109.1 124.9 14

15 Farm 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 15

16 Consumer credit 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 16

17 Nonfederal, by sector 567.6 590.6 752.7 1063.9 1177.8 1001.7 1110.7 1351.8 983.7 1251.3 1124.3 17

18 Household sector 350.9 354.0 327.3 471.9 556.6 473.4 528.6 558.6 519.4 614.6 533.8 18

19 Nonfinancial business 268.2 243.4 369.4 511.7 568.5 458.3 507.0 705.8 428.6 579.7 559.8 19

20 Corporate 234.7 154.9 285.7 405.7 444.0 353.4 396.1 597.5 315.3 449.9 413.4 20

21 Nonfarm noncorporate 30.6 83.8 77.4 98.4 119.2 97.6 103.3 101.6 114.2 120.2 140.8 21

22 Farm 2.9 4.8 6.2 7.7 5.2 7.3 7.5 6.6 -1.0 9.7 5.6 22

23 State and local governments -51.5 -6.8 56.1 80.3 52.7 70.0 75.1 87.4 35.7 57.0 30.7 23

24 Foreign borrowing in U.S. 71.1 77.2 57.6 33.6 18.3 -19.6 -38.9 17.0 -36.8 62.2 30.8 24

25 Commercial paper 13.5 11.3 3.7 7.8 16.3 6.2 -4.7 18.0 -27.5 41.1 33.6 25

26 Bonds 49.7 55.8 47.2 25.1 2.4 -27.2 -34.2 0.9 -12.6 29.4 -8.2 26

27 Bank loans n.e.c. 8.5 9.1 8.5 6.7 0.6 3.6 9.8 0.9 5.6 -6.6 2.4 27

28 Other loans and advances -0.5 1.0 -1.8 -6.0 -0.9 -2.2 -9.7 -2.8 -2.3 -1.6 3.0 28

29 Domestic and foreign 783.1 812.9 833.4 1044.9 1124.2 868.6 1017.7 1293.5 834.8 1230.4 1138.2 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 453.9 548.9 652.2 1068.8 1090.9 1056.3 1298.7 1213.1 1016.1 1078.0 1056.5 1

 2 Federal government-related 204.1 231.5 212.8 470.9 592.0 555.8 673.3 592.2 578.9 653.0 543.9 2

 3 Govt.-sponsored enterprise securities 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 3

 4 Mortgage pool securities 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 4

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

 6 Private financial sectors 249.8 317.5 439.4 597.9 498.9 500.5 625.4 620.9 437.2 425.1 512.6 6

 7 Open market paper 42.7 92.2 166.7 161.0 176.2 141.0 130.7 78.3 57.8 89.8 478.9 7

 8 Corporate bonds 195.9 176.9 209.0 291.8 220.3 177.4 281.9 489.7 263.2 184.9 -56.8 8

 9 Bank loans n.e.c. 2.5 12.6 13.2 30.1 -13.7 60.2 12.4 -8.8 10.5 -6.2 -50.1 9

10 Other loans and advances 3.4 27.9 35.6 90.2 107.1 82.3 169.9 41.6 117.9 147.2 121.8 10

11 Mortgages 5.3 7.9 14.9 24.8 9.0 39.6 30.6 20.1 -12.3 9.4 18.8 11

12 By sector 453.9 548.9 652.2 1068.8 1090.9 1056.3 1298.7 1213.1 1016.1 1078.0 1056.5 12

13 Commercial banking 22.5 13.0 46.1 72.9 69.4 61.7 66.3 31.1 72.7 111.3 62.7 13

14 U.S.-chartered commercial banks 11.2 11.7 29.5 52.8 43.9 41.5 80.8 -3.5 61.0 87.2 31.2 14

15 Foreign banking offices in U.S. -3.1 -0.7 -2.4 -4.8 -0.4 -2.2 -3.9 -1.7 -0.0 -1.5 1.6 15

16 Bank holding companies 14.4 2.0 19.0 24.9 25.9 22.5 -10.6 36.3 11.7 25.6 29.9 16

17 Savings institutions 2.6 25.5 19.7 52.2 45.8 63.7 103.2 58.0 58.6 55.2 11.5 17

18 Credit unions -0.1 0.1 0.1 0.6 2.2 1.0 0.4 1.5 1.4 2.8 3.3 18

19 Life insurance companies -0.1 1.1 0.2 0.7 0.7 1.6 1.8 3.3 3.0 1.1 -4.4 19

20 Government-sponsored enterprises 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 20

21 Federally related mortgage pools 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 21

22 ABS issuers 142.4 153.9 200.7 316.3 237.6 294.2 335.7 299.4 309.2 227.4 114.3 22

23 Finance companies 50.2 45.9 48.7 43.0 56.3 -12.0 17.8 71.2 88.4 -22.6 88.2 23

24 Mortgage companies -2.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 24

25 REITs 4.5 11.9 39.6 62.7 7.9 79.3 44.0 25.6 -19.7 7.9 17.7 25

26 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 -2.6 12.4 -31.1 -17.4 16.9 -37.3 26

27 Funding corporations 34.9 64.1 80.7 40.7 96.1 11.2 40.9 166.5 -63.8 31.2 250.5 27
Z.1, March 10, 2000 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 1237.0 1361.8 1485.6 2113.7 2215.2 1924.9 2316.4 2506.6 1850.9 2308.5 2194.7 1

 2 Open market paper 74.3 102.6 184.1 193.1 229.9 232.7 83.0 154.6 27.7 180.6 556.5 2

 3 U.S. government securities 348.5 376.5 235.9 418.3 520.1 442.3 619.1 517.0 466.8 569.8 527.0 3

 4 Municipal securities -48.2 2.6 71.4 96.8 68.2 82.9 89.6 100.7 48.0 77.0 47.0 4

 5 Corporate and foreign bonds 336.7 348.9 406.7 535.6 452.5 258.2 440.9 764.6 538.2 417.1 90.3 5

 6 Bank loans n.e.c. 114.7 92.1 128.2 145.0 69.1 171.6 143.0 62.1 38.3 100.0 75.9 6

 7 Other loans and advances 70.1 62.5 102.8 158.5 177.5 157.8 262.7 192.9 101.3 224.5 191.4 7

 8 Mortgages 202.0 287.9 303.9 498.6 601.1 499.8 608.1 583.2 568.2 662.1 590.7 8

 9 Consumer credit 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 131.5 209.1 165.6 76.5 123.5 -166.6 -3.5 135.4 143.3 47.7 167.7 10

11 Corporate equities -16.0 -28.5 -99.6 -198.1 -67.8 -340.0 -228.3 -117.9 -64.9 -79.1 -9.2 11

12 Nonfinancial -58.3 -69.5 -114.4 -267.0 -142.7 -308.4 -491.3 -52.2 -338.2 -138.6 -41.6 12

 Foreign shares purchased by

13 U.S. residents 50.4 60.0 42.0 77.8 94.5 -32.8 317.4 -33.4 270.9 76.7 64.0 13

14 Financial -8.1 -19.0 -27.1 -8.9 -19.7 1.1 -54.5 -32.3 2.4 -17.2 -31.6 14

15 Mutual fund shares 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 1237.0 1361.8 1485.6 2113.7 2215.2 1924.9 2316.4 2506.6 1850.9 2308.5 2194.7 1

 2 Official foreign exchange 8.8 -6.3 0.7 6.6 -8.4 8.9 8.6 -14.0 -5.4 -8.5 -5.5 2

 3 SDR certificates 2.2 -0.5 -0.5 0 -3.0 0 0 -4.0 0 -4.0 -4.0 3

 4 Treasury currency 0.6 0.1 -0.0 -0.0 -0.0 1.7 -2.3 0 2.1 2.0 -4.1 4

 5 Foreign deposits 35.3 85.9 106.8 -0.2 58.7 84.9 -131.9 127.7 99.3 63.6 -55.9 5

 6 Net interbank transactions 10.0 -51.6 -19.7 -32.3 12.1 44.7 -118.9 49.5 90.6 -36.0 -55.4 6

 7 Checkable deposits and currency -12.7 15.8 41.5 47.6 151.6 -24.9 72.8 61.1 10.1 141.0 394.2 7

 8 Small time and savings deposits 96.6 97.2 97.1 152.4 45.3 144.7 281.2 -68.0 100.0 144.7 4.3 8

 9 Large time deposits 65.6 114.0 122.5 92.1 130.3 81.8 104.4 -5.9 42.6 105.2 379.2 9

10 Money market fund shares 142.3 145.8 157.6 285.5 250.6 367.9 313.1 204.9 100.5 180.3 516.7 10

11 Security RPs 110.5 41.4 120.9 91.3 171.5 274.8 -181.8 253.3 -27.9 114.6 345.7 11

12 Corporate equities -16.0 -28.5 -99.6 -198.1 -67.8 -340.0 -228.3 -117.9 -64.9 -79.1 -9.2 12

13 Mutual fund shares 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 13

14 Trade payables 128.9 114.8 125.9 27.9 165.8 57.9 -56.9 144.8 237.1 190.8 90.4 14

15 Security credit 26.7 52.4 111.0 103.3 93.5 149.5 -25.7 -66.6 139.9 29.5 271.1 15

16 Life insurance reserves 45.8 44.5 59.3 53.3 51.3 51.7 59.0 40.8 59.6 41.5 63.2 16

17 Pension fund reserves 235.1 246.9 304.0 290.4 322.2 279.2 314.8 286.1 324.4 305.0 373.5 17

18 Taxes payable 6.2 16.0 16.8 12.5 11.5 27.5 8.4 -8.0 41.8 -1.8 14.0 18

19 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 19

20 Noncorporate proprietors’ equity 65.6 5.1 9.9 -19.9 -9.9 -64.0 16.3 10.1 16.0 -47.4 -18.5 20

21 Miscellaneous 453.6 508.1 527.5 710.0 598.8 749.8 577.8 129.4 1223.6 360.0 682.3 21

22 Total financial sources 2793.5 2992.0 3376.2 3962.7 4349.4 3943.2 3502.8 3751.3 4422.5 3902.2 5321.4 22

 - Liabilities not identified as assets:

23 Treasury currency -0.5 -0.9 -0.6 -0.7 -1.7 1.1 -3.4 -1.5 0.6 0.2 -6.3 23

24 Foreign deposits 25.1 59.6 106.8 -8.1 44.9 69.9 -156.5 62.7 83.5 19.9 13.6 24

25 Net interbank liabilities -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 25

26 Security RPs 20.2 4.5 62.3 54.1 41.5 153.8 -11.0 209.4 67.5 43.0 -153.9 26

27 Taxes payable 21.1 22.8 26.8 17.6 -4.7 28.2 19.1 -15.4 4.8 2.4 -10.1 27

28 Miscellaneous -179.5 -37.3 -214.7 -58.3 -407.0 -70.6 0.7 -408.9 -568.0 -539.2 -112.4 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -6.0 0.5 -2.7 2.6 -7.2 32.4 14.0 -1.8 -41.4 23.0 -8.7 29

30 Other -3.8 -4.0 -3.9 -3.1 -0.8 -3.6 -1.8 -1.9 -1.0 -0.5 0.1 30

31 Trade credit 15.6 -21.2 33.2 -30.9 36.8 -65.0 -20.2 45.8 -9.9 71.7 39.7 31

 Totals identified to sectors

32 as assets 2904.5 2971.4 3388.8 3986.1 4646.9 3774.7 3714.5 3804.3 4888.1 4282.6 5612.6 32
12 Z.1, March 10, 2000

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 7400.5 7813.2 8300.7 8759.9 9254.7 8797.9 8947.5 9072.7 9146.2 9297.9 9501.8 1

 2 Personal consumption expenditures (2) 4969.0 5237.5 5524.4 5848.6 6257.5 5889.6 5973.7 6090.8 6200.8 6303.7 6434.2 2

 3 Durable goods (3) 589.7 616.5 642.9 698.2 758.6 696.9 722.8 739.0 751.6 761.8 782.0 3

 4 Nondurable goods 1497.3 1574.1 1641.7 1708.9 1842.8 1716.6 1742.9 1787.8 1824.9 1853.9 1904.3 4

 5 Services 2882.0 3047.0 3239.8 3441.5 3656.1 3476.1 3508.0 3564.0 3624.3 3688.0 3747.9 5

 6 Gross private domestic investment 1143.8 1242.7 1383.7 1531.2 1622.9 1535.3 1580.3 1594.3 1585.4 1635.1 1677.0 6

 7 Fixed investment 1110.7 1212.7 1315.4 1460.0 1577.7 1461.7 1508.9 1543.3 1567.8 1594.3 1605.8 7

 8 Nonresidential 825.1 899.5 986.1 1091.4 1166.6 1087.2 1121.4 1139.9 1155.4 1181.6 1189.2 8

 9 Household sector (nonprofit organizations) 33.8 37.4 43.6 46.4 48.9 46.1 47.3 48.0 48.7 49.3 49.5 9

10 Nonfinancial corporate business 585.4 649.8 685.3 757.4 842.9 746.4 792.7 805.8 857.9 851.2 856.9 10

11 Nonfarm noncorporate business 83.1 72.6 72.0 72.7 102.2 67.4 81.5 92.7 114.1 102.2 99.8 11

12 Farm business 22.5 23.8 25.4 26.7 25.6 26.7 24.4 26.6 25.4 25.1 25.4 12

13 Financial corporations 100.3 115.8 159.8 188.2 146.9 200.5 175.5 166.7 109.3 153.8 157.7 13

14 Residential 285.6 313.3 329.2 368.6 411.2 374.5 387.5 403.4 412.4 412.7 416.6 14

15 Household sector 245.8 270.4 279.3 313.7 359.4 316.7 333.5 349.4 367.4 359.3 362.2 15

16 Nonfinancial corporate business 2.1 2.3 2.5 2.8 3.2 2.8 2.9 3.0 3.1 3.2 3.3 16

17 Nonfarm noncorporate business 35.0 36.1 36.2 40.7 46.5 41.4 42.8 44.6 45.7 47.6 48.1 17

18 REITs 2.7 4.4 11.3 11.4 2.0 13.6 8.3 6.4 -3.8 2.5 3.0 18

19 Change in private inventories 33.1 30.0 68.3 71.2 45.2 73.6 71.4 51.0 17.6 40.8 71.2 19

20 Nonfinancial corporate business 40.1 21.0 62.3 67.3 39.6 71.0 53.4 38.9 12.2 38.1 69.4 20

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

22 Farm business -9.2 7.9 2.8 0.3 3.5 -1.1 15.2 10.1 4.8 0.7 -1.8 22

23 Net U.S. exports of goods and services -84.3 -89.0 -88.3 -149.5 -255.4 -165.7 -161.3 -201.6 -245.8 -278.1 -296.4 23

24 Exports 818.6 874.2 968.0 966.4 997.5 949.1 981.8 966.9 978.2 1008.5 1036.2 24

25 - Imports 902.8 963.1 1056.3 1115.9 1252.9 1114.8 1143.1 1168.5 1224.0 1286.6 1332.6 25

 Government consumption expenditures and

26 gross investment 1372.1 1422.0 1481.0 1529.7 1629.7 1538.7 1554.8 1589.2 1605.8 1637.2 1687.0 26

27 Consumption expenditures (4) 1133.9 1171.8 1222.9 1261.0 1332.1 1265.2 1282.2 1299.4 1313.6 1341.5 1374.2 27

28 Federal 439.2 445.3 457.0 453.5 474.8 451.4 460.0 467.0 465.2 475.0 492.0 28

29 State and local 694.7 726.5 765.9 807.5 857.3 813.8 822.2 832.4 848.4 866.5 882.2 29

30 Gross investment (4) 238.2 250.2 258.1 268.7 297.6 273.5 272.6 289.8 292.2 295.7 312.8 30

31 Federal 82.3 86.3 80.8 85.2 95.8 88.3 86.7 90.4 96.4 94.9 101.3 31

32 State and local 155.8 163.8 177.3 183.5 201.9 185.2 185.9 199.4 195.8 200.8 211.5 32

 Memo:

33 Net U.S. income receipts from rest of the world 20.3 18.1 4.2 -10.0 -15.2 -25.6 -17.1 -14.4 -14.3 -15.5 -16.0 33

34 U.S. income receipts 232.3 245.6 282.6 285.2 304.0 276.4 280.8 283.8 296.1 307.7 328.5 34

35 - U.S. income payments 211.9 227.5 278.4 295.2 319.1 302.0 297.9 298.2 310.4 323.2 344.5 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 7420.9 7831.3 8305.0 8749.9 9239.5 8772.3 8930.4 9058.3 9131.9 9282.4 9485.8 36

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, March 10, 2000 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 5876.3 6210.0 6634.9 7036.6 7497.0 7087.2 7193.9 7334.3 7423.0 7521.9 7708.5 1

 2 Compensation of employees 4202.5 4395.4 4675.8 5011.4 5331.9 5053.6 5134.7 5217.4 5287.1 5373.5 5448.8 2

 3 Wages and other labor income 3921.6 4116.4 4389.8 4701.9 5008.2 4742.0 4819.4 4899.1 4965.6 5047.8 5119.7 3

 4 Employer social insurance contributions 264.5 275.4 290.2 306.0 323.7 308.1 311.8 318.3 321.5 325.7 329.1 4

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

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 497.7 544.8 578.6 606.1 658.5 606.5 637.1 640.0 655.3 654.0 684.8 6

 7 Nonfarm 475.5 510.5 549.1 581.1 627.1 583.6 596.0 607.5 621.2 633.0 646.6 7

 8 Farm 22.2 34.3 29.5 25.1 31.5 22.9 41.1 32.5 34.1 21.0 38.2 8

 Rental income of persons (with capital

 9 consumption adjustment) 118.0 129.7 130.1 137.4 145.9 139.3 147.0 148.6 148.8 139.0 147.1 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 668.3 753.8 837.9 846.0 894.0 843.8 834.3 882.0 875.4 879.1 940.0 10

 Corporate profits with inventory

11 valuation adjustment 650.2 729.4 803.2 802.8 842.1 799.9 787.4 831.4 822.2 827.0 888.0 11

12 Profits before tax 668.5 726.4 795.9 781.9 854.3 780.1 766.6 818.1 835.8 853.7 909.7 12

13 Domestic nonfinancial 421.6 459.5 502.8 489.6 539.9 503.1 478.8 507.6 533.3 541.0 577.7 13

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

15 Foreign subsidiaries 92.0 100.9 108.1 100.1 106.9 86.6 98.3 104.3 103.3 108.1 111.9 15

16 Financial 154.3 165.3 184.2 191.3 206.6 189.5 188.6 205.3 198.3 203.7 219.2 16

 Less:

17 Profits tax liability 211.0 223.7 238.3 240.3 259.9 244.3 235.6 248.0 254.4 259.4 277.6 17

18 Domestic nonfinancial 136.3 149.6 158.3 152.0 168.5 156.6 148.3 157.4 166.3 168.7 181.5 18

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

20 Financial 74.2 73.6 79.4 87.8 90.8 87.2 86.8 90.1 87.5 90.1 95.5 20

 Equals:

21 Profits after tax 457.5 502.7 557.6 541.6 594.4 535.8 531.0 570.1 581.4 594.3 632.1 21

22 Dividends 254.2 297.7 333.7 348.6 364.7 348.4 352.2 356.4 361.5 367.3 373.5 22

23 Domestic nonfinancial 178.3 200.8 218.5 244.1 258.9 241.6 255.6 240.2 266.5 263.2 265.5 23

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

25 Foreign subsidiaries 32.6 40.4 49.0 34.0 31.7 37.6 24.1 48.0 19.3 29.4 30.0 25

26 Financial 42.3 55.4 64.9 69.3 72.8 67.9 71.2 66.9 74.3 73.3 76.6 26

27 Undistributed profits 203.3 205.0 223.9 193.0 229.7 187.4 178.8 213.7 219.9 227.0 258.6 27

28 Domestic nonfinancial 107.0 109.2 125.9 93.6 112.5 104.9 74.9 110.1 100.4 109.1 130.7 28

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

30 Foreign subsidiaries 59.5 60.5 59.1 66.1 75.2 49.0 74.2 56.3 84.0 78.7 81.9 30

31 Financial 37.8 36.4 39.9 34.3 43.1 34.4 30.6 48.3 36.5 40.3 47.1 31

32 Inventory valuation adjustment -18.3 3.1 7.4 20.9 -12.3 19.8 20.8 13.3 -13.6 -26.7 -21.7 32

33 Capital consumption adjustment 18.1 24.4 34.7 43.3 52.0 43.9 46.9 50.6 53.2 52.1 52.0 33

34 Domestic nonfinancial 38.2 45.6 51.6 63.3 73.4 64.5 67.1 70.3 73.8 73.8 75.8 34

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

36 Financial -20.3 -21.4 -17.2 -20.3 -21.8 -20.9 -20.5 -20.0 -20.9 -22.0 -24.1 36

37 Net interest 389.8 386.3 412.5 435.7 466.7 444.0 440.8 446.3 456.4 476.3 487.8 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5876.3 6210.0 6634.9 7036.6 7497.0 7087.2 7193.9 7334.3 7423.0 7521.9 7708.5 38

 Plus:

39 Business transfer payments to persons 25.8 26.4 27.9 28.8 29.6 28.8 29.0 29.3 29.5 29.7 29.9 39

40 Business transfer payments to rest of the world 7.7 8.1 9.0 9.3 9.8 9.3 9.6 9.5 9.8 9.8 10.1 40

41 Indirect business tax and nontax accruals 594.6 620.0 645.8 676.9 716.1 676.7 697.8 696.6 706.8 718.3 743.6 41

42 Private consumption of fixed capital 744.1 782.1 829.2 880.8 945.2 888.3 904.8 916.7 931.8 963.7 968.6 42

43 Government consumption of fixed capital 168.2 174.3 180.5 186.2 196.0 186.9 189.2 192.0 194.5 197.2 200.2 43

44 Statistical discrepancy 26.4 33.1 -3.2 -47.8 -127.9 -88.0 -62.6 -99.1 -135.6 -140.9 -135.4 44

 Less:

 Subsidies less current surplus of

45 government enterprises 22.2 22.6 19.0 20.8 26.4 16.9 31.3 21.0 27.9 17.3 39.7 45

46 Net U.S. income receipts from rest of the world 20.3 18.1 4.2 -10.0 -15.2 -25.6 -17.1 -14.4 -14.3 -15.5 -16.0 46

 Equals:

47 Gross Domestic Product 7400.5 7813.2 8300.7 8759.9 9254.7 8797.9 8947.5 9072.7 9146.2 9297.9 9501.8 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, March 10, 2000

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1257.6 1349.1 1521.3 1646.2 1733.3 1664.2 1685.5 1727.5 1709.5 1735.4 1760.2 1

 2 Gross private saving 1266.0 1290.3 1362.1 1371.3 1370.3 1367.8 1382.4 1389.3 1359.2 1355.6 1377.1 2

 3 Personal saving 302.4 272.1 271.1 229.9 155.6 224.9 227.6 195.0 167.9 139.5 119.6 3

 4 Undistributed corporate profits 203.3 205.0 223.9 193.0 229.7 187.4 178.8 213.7 219.9 227.0 258.6 4

 5 Nonfinancial corp. inventory valuation adjustment -18.3 3.1 7.4 20.9 -12.3 19.8 20.8 13.3 -13.6 -26.7 -21.7 5

 6 Corporate capital consumption adjustment 18.1 24.4 34.7 43.3 52.0 43.9 46.9 50.6 53.2 52.1 52.0 6

 7 Private consumption of fixed capital 744.1 782.1 829.2 880.8 945.2 888.3 904.8 916.7 931.8 963.7 968.6 7

 8 Corporate 512.6 543.6 579.4 619.2 666.3 625.0 637.1 645.8 657.2 676.5 685.8 8

 9 Noncorporate 231.5 238.5 249.8 261.5 278.9 263.3 267.7 271.0 274.6 287.2 282.8 9

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

11 Gross government saving -8.5 58.8 159.2 274.9 363.0 296.4 303.1 338.2 350.3 379.8 383.1 11

12 Federal -108.0 -51.6 37.9 134.4 206.8 147.1 147.9 187.2 208.3 225.0 206.7 12

13 Consumption of fixed capital 84.0 85.3 86.6 87.4 90.9 87.5 88.1 89.6 90.2 91.2 92.4 13

14 Current surplus or deficit (-), NIPA -192.0 -136.9 -48.7 47.0 115.9 59.6 59.8 97.6 118.1 133.8 114.3 14

15 State and local 99.5 110.4 121.4 140.6 156.2 149.3 155.2 151.0 142.0 154.8 176.4 15

16 Consumption of fixed capital 84.2 89.0 94.0 98.8 105.1 99.4 101.1 102.4 104.3 106.0 107.8 16

17 Current surplus or deficit (-), NIPA 15.4 21.4 27.4 41.8 51.1 49.9 54.1 48.6 37.7 48.8 68.6 17

18 Gross investment 1284.0 1382.2 1518.1 1598.4 1605.4 1576.2 1622.9 1628.4 1573.9 1594.5 1624.8 18

19 Gross private domestic investment 1143.8 1242.7 1383.7 1531.2 1622.9 1535.3 1580.3 1594.3 1585.4 1635.1 1677.0 19

20 Fixed investment 1110.7 1212.7 1315.4 1460.0 1577.7 1461.7 1508.9 1543.3 1567.8 1594.3 1605.8 20

21 Nonresidential 825.1 899.5 986.1 1091.4 1166.6 1087.2 1121.4 1139.9 1155.4 1181.6 1189.2 21

22 Residential 285.6 313.3 329.2 368.6 411.2 374.5 387.5 403.4 412.4 412.7 416.6 22

23 Change in private inventories 33.1 30.0 68.3 71.2 45.2 73.6 71.4 51.0 17.6 40.8 71.2 23

24 Gross government investment 238.2 250.2 258.1 268.7 297.6 273.5 272.6 289.8 292.2 295.7 312.8 24

25 Net foreign investment in U.S. -97.9 -110.7 -123.7 -201.4 -315.1 -232.6 -230.0 -255.7 -303.7 -336.3 -365.0 25

26 Statistical discrepancy (line 18 less line 1) 26.4 33.1 -3.2 -47.8 -127.9 -88.0 -62.6 -99.1 -135.6 -140.9 -135.4 26

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, March 10, 2000 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 485.6 499.4 406.7 559.7 606.0 496.8 509.9 388.4 681.5 544.7 809.4 1

 2 Foreign deposits 4.6 12.4 6.3 -0.3 3.5 -8.5 2.9 8.2 6.4 4.1 -4.6 2

 3 Checkable deposits and currency -53.9 -50.7 5.0 24.8 -12.8 -3.0 159.9 -64.7 -43.4 -5.9 62.8 3

 4 Time and savings deposits 173.2 175.7 176.8 204.4 95.6 113.2 385.4 -118.2 147.9 216.7 135.9 4

 5 Money market fund shares 98.8 56.6 89.7 144.3 100.9 204.0 140.1 76.0 33.5 84.1 209.7 5

 6 Securities -129.4 -104.1 -325.6 -258.8 -54.3 -256.8 -625.5 171.2 45.2 -196.3 -237.3 6

 7 Open market paper 1.3 7.4 3.6 4.2 5.3 4.0 4.8 4.7 5.3 5.5 5.9 7

 8 U.S. government securities -48.0 27.7 -194.2 -141.2 106.0 -24.6 -405.1 -112.7 219.3 102.7 214.8 8

 9 Municipal securities -43.5 -22.2 44.9 11.8 52.1 16.1 -15.9 91.9 32.0 63.6 20.7 9

10 Corporate and foreign bonds 95.0 49.3 68.9 60.3 14.8 -102.6 -9.7 363.9 21.3 -25.1 -300.8 10

11 Corporate equities (2) -228.8 -347.2 -507.1 -455.3 -380.1 -356.3 -406.5 -392.0 -391.4 -426.8 -310.3 11

12 Mutual fund shares 94.7 180.8 258.4 261.4 147.6 206.6 206.9 215.3 158.7 83.9 132.4 12

13 Life insurance reserves 45.8 44.5 59.3 53.3 51.3 51.7 59.0 40.8 59.6 41.5 63.2 13

14 Pension fund reserves 235.1 246.9 304.0 290.4 322.2 279.2 314.8 286.1 324.4 305.0 373.5 14

15 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 15

16 Miscellaneous assets 107.3 126.7 147.5 149.7 130.9 168.2 122.1 21.0 133.9 129.9 238.6 16

17 Gross investment in tangible assets 1002.8 1065.8 1105.4 1202.3 1346.9 1197.9 1270.3 1312.5 1358.4 1348.1 1368.7 17

18 Residential fixed investment 245.8 270.4 279.3 313.7 359.4 316.7 333.5 349.4 367.4 359.3 362.2 18

19 Other fixed assets (3) 174.4 170.0 177.2 186.5 223.3 181.7 196.0 212.0 234.0 224.3 222.7 19

20 Consumer durables 589.7 616.5 642.9 698.2 758.6 696.9 722.8 739.0 751.6 761.8 782.0 20

21 Inventories (3) -7.1 9.0 6.0 3.9 5.5 2.6 18.0 12.1 5.4 2.7 1.9 21

22 Consumption of fixed capital 691.0 710.0 735.2 772.6 813.9 779.8 784.3 792.7 803.4 829.0 830.5 22

23 Residential fixed investment 90.4 93.2 98.7 103.2 108.0 103.8 105.0 106.2 107.5 108.8 109.4 23

24 Other fixed assets (3) 142.4 149.2 155.3 161.5 172.0 162.4 165.6 167.1 170.0 176.3 174.5 24

25 Consumer durables 458.2 467.6 481.2 507.8 533.9 513.6 513.6 519.5 525.8 543.8 546.6 25

26 Net investment in tangible assets (4) 311.7 355.8 370.2 429.7 533.0 418.1 486.1 519.8 555.0 519.1 538.2 26

27 Residential fixed investment 155.3 177.2 180.6 210.5 251.5 212.9 228.5 243.2 259.8 250.5 252.8 27

28 Other fixed assets (3) 31.9 20.8 21.9 24.9 51.3 19.3 30.4 44.9 63.9 48.0 48.2 28

29 Consumer durables 131.5 148.9 161.7 190.4 224.7 183.3 209.2 219.5 225.8 218.0 235.4 29

30 Inventories (3) -7.1 9.0 6.0 3.9 5.5 2.6 18.0 12.1 5.4 2.7 1.9 30

31 Net increase in liabilities 409.8 491.3 468.9 614.5 769.3 584.6 663.2 714.0 747.0 767.1 849.2 31

32 Mortgage debt on nonfarm homes 179.5 244.4 236.6 366.8 430.5 374.0 427.9 413.7 421.6 491.5 395.1 32

33 Other mortgage debt (3) -6.1 57.1 52.2 79.7 109.0 78.8 78.1 91.4 108.4 108.5 127.5 33

34 Consumer credit 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 34

35 Policy loans 10.5 4.5 3.2 0.1 -4.1 2.0 -6.2 -17.7 -2.8 1.3 2.7 35

36 Security credit 3.5 15.8 36.8 21.6 69.7 -9.8 14.8 31.6 95.3 5.7 146.1 36

37 Other liabilities (3) 83.5 80.8 87.7 78.7 67.5 60.0 78.6 63.4 61.9 82.8 61.8 37

38 Personal saving, with consumer durables (FOF) 387.5 363.9 308.0 374.9 369.7 330.3 332.7 194.2 489.5 296.7 498.5 38

39 Less net investment in consumer durables 131.5 148.9 161.7 190.4 224.7 183.3 209.2 219.5 225.8 218.0 235.4 39

40 = Personal saving, without consumer durables (FOF) (5) 256.0 215.0 146.3 184.5 145.0 147.0 123.6 -25.3 263.7 78.7 263.1 40

41 Personal saving (NIPA, excludes consumer durables) 302.4 272.1 271.1 229.9 155.6 224.9 227.6 195.0 167.9 139.5 119.6 41

42 Difference (6) -46.4 -57.1 -124.8 -45.4 -10.7 -77.9 -104.0 -220.3 95.8 -60.8 143.5 42

 Memo:

43 Disposable personal income 5422.6 5677.7 5982.8 6286.5 6639.4 6325.3 6417.8 6505.4 6593.2 6671.0 6786.5 43

 Personal saving as a percentage of disposable personal income:

44 With consumer durables (FOF) (line 38) 7.1 6.4 5.1 6.0 5.6 5.2 5.2 3.0 7.4 4.4 7.3 44

45 Without consumer durables (FOF) (line 40) 4.7 3.8 2.4 2.9 2.2 2.3 1.9 -0.4 4.0 1.2 3.9 45

46 Without consumer durables (NIPA) (line 41) 5.6 4.8 4.5 3.7 2.3 3.6 3.5 3.0 2.5 2.1 1.8 46

47 Difference (line 42) -0.9 -1.0 -2.1 -0.7 -0.2 -1.2 -1.6 -3.4 1.5 -0.9 2.1 47

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

(6) Household sector discrepancy with sign reversed.
16 Z.1, March 10, 2000

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 6200.9 6547.4 6951.1 7359.0 7791.2 7413.6 7530.8 7630.2 7732.6 7831.4 7969.6 1

 2 - Personal taxes and nontax payments 778.4 869.7 968.3 1072.5 1151.8 1088.3 1113.0 1124.8 1139.4 1160.4 1183.1 2

 3 = Disposable personal income 5422.6 5677.7 5982.8 6286.5 6639.4 6325.3 6417.8 6505.4 6593.2 6671.0 6786.5 3

 4 - Personal outlays 5120.2 5405.6 5711.7 6056.7 6483.7 6100.4 6190.2 6310.4 6425.3 6531.5 6666.9 4

 5 = Personal saving, NIPA (2) 302.4 272.1 271.1 229.9 155.6 224.9 227.6 195.0 167.9 139.5 119.6 5

 6 + Government insurance and pension reserves (3) 3.6 3.4 3.4 4.4 3.8 1.9 5.1 3.2 4.5 2.7 5.0 6

 7 + Net investment in consumer durables 131.5 148.9 161.7 190.4 224.7 183.3 209.2 219.5 225.8 218.0 235.4 7

 8 + Consumption of fixed capital 571.7 584.6 605.1 637.3 667.1 643.8 645.4 652.7 660.7 675.8 679.3 8

 9 = Gross saving 1009.2 1009.1 1041.2 1062.0 1051.3 1053.9 1087.3 1070.4 1058.9 1035.9 1039.2 9

10 Gross investment 960.0 949.3 913.7 1012.8 1037.5 974.7 978.7 847.6 1150.9 973.2 1178.6 10

11 Capital expenditures 869.3 924.3 965.8 1058.3 1167.0 1059.7 1103.5 1136.4 1167.7 1170.5 1193.7 11

12 Residential 245.8 270.4 279.3 313.7 359.4 316.7 333.5 349.4 367.4 359.3 362.2 12

13 Consumer durable goods 589.7 616.5 642.9 698.2 758.6 696.9 722.8 739.0 751.6 761.8 782.0 13

14 Nonprofit nonresidential 33.8 37.4 43.6 46.4 48.9 46.1 47.3 48.0 48.7 49.3 49.5 14

15 Net financial investment 90.7 25.1 -52.1 -45.5 -129.4 -85.0 -124.8 -288.8 -16.8 -197.2 -15.1 15

16 Net acquisition of financial assets 455.1 404.3 320.4 452.2 505.5 381.2 415.9 307.7 606.9 429.6 677.6 16

17 Foreign deposits 4.6 12.4 6.3 -0.3 3.5 -8.5 2.9 8.2 6.4 4.1 -4.6 17

18 Checkable deposits and currency -58.7 -59.1 -0.4 16.1 -19.6 -12.4 151.0 -70.9 -50.3 -12.7 55.5 18

19 Time and savings deposits 164.5 165.0 171.5 199.3 89.4 107.2 381.8 -123.8 142.3 210.3 128.9 19

20 Money market fund shares 97.9 56.1 88.5 142.9 99.5 202.6 138.7 74.6 32.1 82.7 208.3 20

21 Credit market instruments -3.0 63.4 -76.5 -64.0 179.3 -106.6 -425.4 347.4 280.9 147.9 -59.1 21

22 Open market paper 1.3 7.4 3.6 4.2 5.3 4.0 4.8 4.7 5.3 5.5 5.9 22

23 U.S. government securities -49.6 28.9 -193.4 -140.6 106.7 -24.0 -404.5 -112.5 220.1 103.9 215.4 23

24 Treasury -41.9 -57.0 -198.5 -92.9 -43.9 -144.7 -331.1 -299.9 99.6 -110.1 134.9 24

25 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 0.5 1.8 -0.0 0.0 -0.4 -0.3 25

26 Other -46.9 -59.0 -198.0 -93.0 -43.7 -145.2 -332.8 -299.8 99.6 -109.7 135.2 26

27 Agency -7.8 85.9 5.1 -47.7 150.6 120.7 -73.4 187.3 120.5 213.9 80.5 27

28 Municipal securities -43.5 -22.2 44.9 11.8 52.1 16.1 -15.9 91.9 32.0 63.6 20.7 28

29 Corporate and foreign bonds 95.0 49.3 68.9 60.3 14.8 -102.6 -9.7 363.9 21.3 -25.1 -300.8 29

30 Mortgages -6.1 -0.0 -0.5 0.2 0.3 -0.2 -0.0 -0.7 2.1 0.1 -0.2 30

31 Corporate equities (4) -228.8 -347.2 -507.1 -455.3 -380.1 -356.3 -406.5 -392.0 -391.4 -426.8 -310.3 31

32 Mutual fund shares 94.7 180.8 258.4 261.4 147.6 206.6 206.9 215.3 158.7 83.9 132.4 32

33 Security credit 18.6 35.3 52.6 61.2 41.9 117.9 -4.6 -57.4 41.1 50.5 133.5 33

34 Life insurance reserves 45.8 44.5 59.3 53.3 51.3 51.7 59.0 40.8 59.6 41.5 63.2 34

35 Pension fund reserves 235.1 246.9 304.0 290.4 322.2 279.2 314.8 286.1 324.4 305.0 373.5 35

36 Investment in bank personal trusts 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 36

37 Equity in noncorporate business 65.6 5.1 9.9 -19.9 -9.9 -64.0 16.3 10.1 16.0 -47.4 -18.5 37

38 Miscellaneous assets 14.8 9.7 10.3 15.3 11.7 15.0 29.9 1.2 13.2 25.1 7.2 38

39 Net increase in liabilities 364.4 379.3 372.5 497.7 634.9 466.2 540.8 596.5 623.7 626.8 692.7 39

40 Credit market instruments 350.9 354.0 327.3 471.9 556.6 473.4 528.6 558.6 519.4 614.6 533.8 40

41 Home mortgages 176.9 241.0 231.3 359.8 421.7 366.8 420.3 405.6 413.1 482.4 385.9 41

42 Consumer credit 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 42

43 Municipal securities 0.7 6.6 10.0 12.0 10.4 7.4 10.9 7.0 9.0 13.9 11.8 43

44 Bank loans n.e.c. 17.4 0.6 8.1 6.3 -7.8 -16.5 14.3 -14.7 0.0 -5.7 -10.9 44

45 Other loans and advances 26.6 12.4 18.1 13.3 15.1 15.1 10.7 10.8 14.6 28.1 7.1 45

46 Commercial mortgages -9.6 4.7 7.4 12.9 20.3 20.9 2.6 18.4 20.3 18.7 24.0 46

47 Security credit 3.5 15.8 36.8 21.6 69.7 -9.8 14.8 31.6 95.3 5.7 146.1 47

48 Trade payables 9.3 8.7 8.1 5.7 7.1 4.7 1.9 1.4 8.6 6.3 11.9 48

 Deferred and unpaid

49 life insurance premiums 0.7 0.8 0.3 -1.4 1.6 -2.1 -4.6 4.9 0.3 0.2 1.0 49

50 Discrepancy 49.3 59.7 127.5 49.1 13.8 79.1 108.6 222.8 -92.0 62.7 -139.4 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 245.8 270.4 279.3 313.7 359.4 316.7 333.5 349.4 367.4 359.3 362.2 51

52 - Consumption of fixed capital 90.4 93.2 98.7 103.2 108.0 103.8 105.0 106.2 107.5 108.8 109.4 52

53 = Net investment 155.3 177.2 180.6 210.5 251.5 212.9 228.5 243.2 259.8 250.5 252.8 53

54 - Home mortgages 176.9 241.0 231.3 359.8 421.7 366.8 420.3 405.6 413.1 482.4 385.9 54

55 = Excess net investment -21.6 -63.8 -50.6 -149.3 -170.3 -153.9 -191.9 -162.4 -153.3 -231.9 -133.1 55

56 (B) Consumer durable goods expenditures 589.7 616.5 642.9 698.2 758.6 696.9 722.8 739.0 751.6 761.8 782.0 56

57 - Consumption of fixed capital 458.2 467.6 481.2 507.8 533.9 513.6 513.6 519.5 525.8 543.8 546.6 57

58 = Net investment 131.5 148.9 161.7 190.4 224.7 183.3 209.2 219.5 225.8 218.0 235.4 58

59 - Consumer credit 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 59

60 = Excess net investment -7.4 60.1 109.1 122.8 127.9 103.7 139.3 88.0 163.4 140.7 119.6 60

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

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

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

(4) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, March 10, 2000 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 972.4 1058.8 1131.3 1150.8 1257.3 1166.0 1178.0 1211.2 1251.0 1248.2 1318.8 1

 2 Gross saving 740.4 803.0 862.0 897.8 951.5 897.4 909.5 930.2 935.9 952.8 987.8 2

 3 Gross investment 763.7 777.5 829.7 874.2 943.7 946.7 847.5 928.2 921.6 960.4 964.4 3

 4 Capital expenditures 768.7 819.5 898.6 975.5 1067.4 967.4 1017.5 1025.5 1065.1 1073.7 1105.2 4

 5 Fixed investment 728.1 784.7 821.3 900.2 1020.5 884.8 944.4 972.8 1046.2 1029.4 1033.4 5

 6 Residential 37.1 38.4 38.6 43.5 49.7 44.3 45.7 47.6 48.9 50.9 51.4 6

 7 Nonresidential 690.9 746.2 782.7 856.7 970.8 840.6 898.7 925.2 997.4 978.5 982.1 7

 8 Change in inventories 33.1 30.0 68.3 71.2 45.2 73.6 71.4 51.0 17.6 40.8 71.2 8

 9 Access rights from federal government 7.6 4.8 8.9 4.1 1.8 9.0 1.7 1.7 1.3 3.6 0.6 9

10 Net financial investment -5.1 -42.0 -68.9 -101.3 -123.8 -20.7 -170.0 -97.3 -143.5 -113.4 -140.8 10

11 Net acquisition of financial assets 482.0 461.3 365.8 346.0 698.0 419.8 160.7 753.3 639.7 705.0 694.0 11

12 Foreign deposits 1.6 10.5 -6.3 0.8 -2.0 -5.9 15.9 15.2 -8.1 4.9 -19.9 12

13 Checkable deposits and currency 36.1 45.3 -1.6 25.1 54.9 45.8 -93.8 148.3 -11.7 28.2 55.0 13

14 Time and savings deposits -15.8 11.4 11.4 -2.0 21.5 10.1 -47.6 3.7 -0.0 15.0 67.2 14

15 Money market fund shares 25.7 10.4 25.1 46.5 37.4 44.2 72.2 26.8 24.7 15.1 83.0 15

16 Security RPs 0.3 1.5 0.6 -1.2 0.1 2.0 2.4 2.5 -3.9 6.9 -5.0 16

17 Credit market instruments -4.1 -14.5 -2.8 -0.3 33.1 8.9 29.3 -0.7 17.2 34.0 82.1 17

18 Commercial paper 1.3 11.4 3.8 -8.0 18.8 -2.2 -12.0 15.0 27.9 3.6 28.8 18

19 U.S. government securities 11.4 -6.1 -9.1 9.4 14.6 27.1 50.3 -34.3 18.8 20.4 53.4 19

20 Municipal securities -19.9 -5.8 5.1 5.8 -2.3 -8.2 5.9 -16.6 -21.3 22.6 6.1 20

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

22 Consumer credit -1.6 -7.3 1.2 -4.1 5.4 -4.4 -11.6 38.6 -4.8 -9.2 -2.8 22

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

24 Trade receivables 90.3 104.3 53.3 25.1 108.2 79.8 -26.1 86.8 218.6 97.4 30.2 24

25 Miscellaneous assets 343.3 289.2 294.4 244.8 436.7 227.6 201.2 462.8 395.1 495.5 393.4 25

26 Net increase in liabilities 487.0 503.3 434.6 447.3 821.8 440.5 330.7 850.6 783.2 818.3 834.8 26

27 Credit market instruments 268.2 243.4 369.4 511.7 568.5 458.3 507.0 705.8 428.6 579.7 559.8 27

28 Commercial paper 18.1 -0.9 13.7 24.4 37.4 85.6 -43.0 58.3 -2.6 49.8 44.0 28

29 Municipal securities 3.1 3.1 4.2 5.8 5.1 5.4 3.6 6.6 3.5 5.9 4.2 29

30 Corporate bonds 91.1 116.3 150.5 218.7 229.9 108.0 193.2 274.0 287.6 202.8 155.2 30

31 Bank loans n.e.c. 86.3 69.9 98.4 102.0 90.0 124.3 106.6 84.7 22.1 118.5 134.6 31

32 Other loans and advances 40.2 20.8 52.2 59.8 56.2 62.6 91.9 143.0 -29.0 51.0 59.7 32

33 Mortgages 29.4 34.4 50.3 101.1 150.0 72.4 154.6 139.1 147.1 151.7 162.0 33

34 Corporate equities -58.3 -69.5 -114.4 -267.0 -142.7 -308.4 -491.3 -52.2 -338.2 -138.6 -41.6 34

35 Trade payables 88.1 71.5 75.7 -2.1 109.7 11.7 -68.3 118.7 152.4 136.9 30.7 35

36 Taxes payable 1.3 11.1 11.3 7.2 5.3 23.1 1.1 -13.1 36.8 -8.8 6.5 36

37 Miscellaneous liabilities 136.9 253.9 100.2 220.7 298.2 288.2 389.2 94.4 496.4 276.7 325.4 37

38 Proprietors’ net investment 50.9 -7.3 -7.5 -23.4 -17.3 -32.5 -7.0 -2.9 7.3 -27.6 -46.0 38

39 Discrepancy -23.3 25.4 32.3 23.5 7.9 -49.3 62.0 2.0 14.2 -7.6 23.4 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 10, 2000

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 421.6 459.5 502.8 489.6 539.9 503.1 478.8 507.6 533.3 541.0 577.7 1

 2 - Profit tax accruals 136.3 149.6 158.3 152.0 168.5 156.6 148.3 157.4 166.3 168.7 181.5 2

 3 - Dividends 178.3 200.8 218.5 244.1 258.9 241.6 255.6 240.2 266.5 263.2 265.5 3

 4 + Consumption of fixed capital 473.6 505.8 540.1 582.6 630.0 588.3 601.4 611.1 623.1 639.2 646.4 4

 5 = U.S. internal funds, book 580.6 614.9 666.1 676.2 742.5 693.2 676.2 721.2 723.5 748.3 777.1 5

 6 + Foreign earnings retained abroad 59.5 60.5 59.1 66.1 75.2 49.0 74.2 56.3 84.0 78.7 81.9 6

 7 + Inventory valuation adjustment (IVA) -18.3 3.1 7.4 20.9 -12.3 19.8 20.8 13.3 -13.6 -26.7 -21.7 7

 8 = Total internal funds + IVA 621.8 678.4 732.5 763.1 805.5 762.0 771.2 790.8 793.9 800.3 837.4 8

 9 Gross investment 645.0 653.0 700.3 739.6 797.6 811.3 709.3 788.8 779.7 807.9 814.0 9

10 Capital expenditures 635.2 678.1 759.0 831.5 887.5 829.2 850.7 849.3 874.4 896.1 930.1 10

11 Fixed investment (1) 587.5 652.2 687.7 760.1 846.1 749.2 795.6 808.8 861.0 854.4 860.2 11

12 Inventory change + IVA 40.1 21.0 62.3 67.3 39.6 71.0 53.4 38.9 12.2 38.1 69.4 12

13 Access rights from federal government 7.6 4.8 8.9 4.1 1.8 9.0 1.7 1.7 1.3 3.6 0.6 13

14 Net financial investment 9.8 -25.1 -58.7 -91.9 -89.9 -17.9 -141.5 -60.5 -94.8 -88.2 -116.1 14

15 Net acquisition of financial assets 400.6 373.4 286.9 261.8 614.8 336.7 73.7 675.5 557.9 617.5 608.1 15

16 Foreign deposits 1.6 10.5 -6.3 0.8 -2.0 -5.9 15.9 15.2 -8.1 4.9 -19.9 16

17 Checkable deposits and currency 31.3 36.8 -7.0 16.4 48.2 36.5 -102.8 142.1 -18.6 21.4 47.6 17

18 Time and savings deposits -24.5 0.7 6.2 -7.1 15.3 4.1 -51.2 -1.9 -5.6 8.6 60.2 18

19 Money market fund shares 24.8 9.9 23.9 45.1 36.0 42.8 70.8 25.4 23.3 13.7 81.6 19

20 Security RPs 0.3 1.5 0.6 -1.2 0.1 2.0 2.4 2.5 -3.9 6.9 -5.0 20

21 Commercial paper 1.3 11.4 3.8 -8.0 18.8 -2.2 -12.0 15.0 27.9 3.6 28.8 21

22 U.S. government securities 9.8 -4.9 -8.3 10.0 15.3 27.7 50.9 -34.1 19.6 21.6 54.0 22

23 Municipal securities -19.9 -5.8 5.1 5.8 -2.3 -8.2 5.9 -16.6 -21.3 22.6 6.1 23

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

25 Consumer credit -1.6 -7.3 1.2 -4.1 5.4 -4.4 -11.6 38.6 -4.8 -9.2 -2.8 25

26 Trade receivables 78.0 88.1 36.6 9.0 90.4 64.8 -42.7 70.0 201.2 79.0 11.4 26

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

28 Miscellaneous assets 293.4 232.8 243.6 191.9 385.5 176.3 144.8 415.3 344.3 440.3 342.1 28

29 U.S. direct investment abroad (2) 91.1 77.6 90.2 113.9 132.7 70.8 103.5 149.8 111.7 157.7 112.7 29

30 Insurance receivables 8.2 2.6 1.9 6.9 0.4 5.3 14.2 -4.8 6.2 6.1 -6.0 30

31 Equity in GSEs -0.2 -0.2 -1.1 -0.7 -0.6 -2.6 -0.0 0.2 -0.9 -0.9 -0.7 31

32 Investment in finance co. subs. 4.6 4.6 2.2 -1.4 22.0 -3.5 7.0 5.7 1.6 38.1 42.6 32

33 Other 189.6 148.3 150.5 73.2 231.0 106.3 20.1 264.4 225.7 239.3 193.5 33

34 Net increase in liabilities 390.8 398.5 345.6 353.8 704.7 354.6 215.2 736.0 652.7 705.7 724.3 34

35 Net funds raised in markets 176.4 85.4 171.3 138.7 301.4 45.0 -95.2 545.3 -22.9 311.3 371.8 35

36 Net new equity issues -58.3 -69.5 -114.4 -267.0 -142.7 -308.4 -491.3 -52.2 -338.2 -138.6 -41.6 36

37 Credit market instruments 234.7 154.9 285.7 405.7 444.0 353.4 396.1 597.5 315.3 449.9 413.4 37

38 Commercial paper 18.1 -0.9 13.7 24.4 37.4 85.6 -43.0 58.3 -2.6 49.8 44.0 38

39 Municipal securities (3) 3.1 3.1 4.2 5.8 5.1 5.4 3.6 6.6 3.5 5.9 4.2 39

40 Corporate bonds (2) 91.1 116.3 150.5 218.7 229.9 108.0 193.2 274.0 287.6 202.8 155.2 40

41 Bank loans n.e.c. 66.8 39.4 68.7 82.3 72.2 104.5 88.2 64.0 11.1 99.2 114.3 41

42 Other loans and advances 32.3 18.5 48.5 47.3 47.0 42.6 82.6 136.6 -34.6 39.4 46.3 42

43 Savings institutions 1.2 1.5 1.6 2.7 3.2 3.7 4.2 2.4 3.4 2.4 4.8 43

44 Finance companies 24.0 7.1 8.1 26.1 52.8 26.5 24.1 50.9 37.7 59.7 62.8 44

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

46 Acceptance liabilities to banks -0.8 -0.7 -2.6 -4.3 -2.2 -0.7 -1.7 -3.8 -3.9 -2.6 1.6 46

47 Rest of the world 0.0 3.9 17.3 -1.0 -25.0 -2.5 -1.6 67.3 -94.9 -27.3 -45.2 47

48 ABS issuers 5.9 8.1 24.4 23.8 18.5 16.0 57.5 20.3 23.4 7.4 22.7 48

49 Mortgages 23.3 -21.4 0.2 27.3 52.6 7.3 71.5 57.9 50.4 52.8 49.2 49

50 Trade payables 81.0 49.5 63.5 -12.4 103.2 -0.2 -78.4 112.6 145.2 130.4 24.8 50

51 Taxes payable -0.0 9.6 9.3 4.7 2.8 20.6 -1.4 -15.6 34.3 -11.3 4.0 51

52 Miscellaneous liabilities 133.5 254.0 101.5 222.7 297.2 289.2 390.3 93.7 496.1 275.2 323.7 52

53 Foreign direct investment in U.S. 55.4 74.5 110.1 163.1 232.8 23.4 473.6 106.6 369.6 105.0 351.1 53

54 Pension fund contributions payable 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 74.4 175.7 -12.4 55.8 60.6 262.0 -87.1 -16.7 122.7 166.4 -31.2 55

56 Discrepancy -23.3 25.4 32.3 23.5 7.9 -49.3 62.0 2.0 14.2 -7.6 23.4 56

 Memo:

57 Trade receivables net of trade payables -3.0 38.6 -26.8 21.4 -12.8 65.0 35.7 -42.5 56.0 -51.4 -13.4 57

58 Financing gap (4) 72.9 60.1 85.6 134.5 157.3 116.2 153.7 114.8 164.6 174.5 174.7 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 112.6 109.8 112.8 119.9 121.2 116.8 122.7 115.9 122.7 123.3 122.5 59

60 Credit market borrowing/capital outlays (5) 35.9 22.9 38.0 50.0 49.4 43.7 47.7 71.5 35.5 48.8 43.4 60

61 Net funds raised/credit market borrowing 75.1 55.1 60.0 34.2 67.9 12.7 -24.0 91.3 -7.3 69.2 89.9 61

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

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

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

(4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, March 10, 2000 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 528.6 565.0 599.1 636.1 685.9 640.0 658.1 671.1 683.6 686.2 702.9 1

 2 Gross saving = capital consumption 97.6 102.7 106.9 110.9 121.3 111.5 114.1 115.0 117.3 127.5 125.4 2

 3 Gross investment 97.6 102.7 106.9 110.9 121.3 111.5 114.1 115.0 117.3 127.5 125.4 3

 4 Capital expenditures 120.2 109.8 111.4 117.0 150.8 112.6 127.1 139.4 160.5 151.9 151.5 4

 5 Fixed investment (1) 118.1 108.7 108.1 113.4 148.8 108.8 124.3 137.3 159.8 149.9 147.9 5

 6 Change in inventories 2.1 1.1 3.3 3.5 2.1 3.7 2.8 2.0 0.6 2.0 3.7 6

 7 Net financial investment -22.6 -7.1 -4.6 -6.1 -29.5 -1.1 -13.1 -24.4 -43.2 -24.3 -26.1 7

 8 Net acquisition of financial assets 79.0 88.0 78.2 80.5 83.9 79.6 82.3 80.0 80.9 86.8 87.9 8

 9 Checkable deposits and currency 4.3 8.5 5.1 6.8 7.6 7.4 7.0 7.0 7.7 7.6 8.1 9

10 Time and savings deposits 8.7 10.7 5.3 5.1 6.1 6.0 3.6 5.6 5.6 6.4 7.0 10

11 Money market mutual funds 0.9 0.6 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 11

12 Treasury securities 1.6 -1.2 -0.8 -0.6 -0.7 -0.6 -0.6 -0.2 -0.8 -1.2 -0.6 12

13 Mortgages 3.1 -3.2 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 13

14 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 14

15 Trade receivables 12.3 16.2 16.7 16.1 17.8 15.0 16.6 16.8 17.4 18.3 18.8 15

16 Miscellaneous assets 48.1 56.4 50.4 51.1 51.0 49.8 53.7 48.8 49.0 53.7 52.6 16

17 Insurance receivables 2.0 0.6 0.5 1.7 0.1 1.3 3.4 -1.2 1.5 1.5 -1.4 17

18 Equity investment in GSEs (2) 0.0 0.7 0 -0.1 -0.0 -0.3 -0.5 0.2 -0.3 -0.1 0.2 18

19 Other 46.1 55.1 49.9 49.6 50.9 48.8 50.8 49.8 47.8 52.3 53.9 19

20 Net increase in liabilities 101.6 95.1 82.7 86.6 113.4 80.6 95.4 104.4 124.1 111.1 114.0 20

21 Credit market instruments 30.6 83.8 77.4 98.4 119.2 97.6 103.3 101.6 114.2 120.2 140.8 21

22 Bank loans n.e.c. 18.5 29.8 26.2 18.5 18.7 18.5 20.5 20.0 17.0 17.8 20.2 22

23 Other loans and advances 7.6 0.7 4.2 12.3 9.2 19.5 8.2 4.0 9.5 10.7 12.7 23

24 Mortgages 4.5 53.2 47.0 67.6 91.2 59.6 74.6 77.6 87.7 91.7 107.9 24

25 Trade payables 6.2 20.8 10.8 9.5 6.0 9.7 9.7 6.7 7.5 5.1 4.8 25

26 Taxes payable 1.3 1.6 1.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 26

27 Miscellaneous liabilities 3.4 -0.1 -1.3 -2.0 1.0 -1.0 -1.1 0.6 0.3 1.4 1.7 27

28 Proprietors’ net investment 60.1 -10.9 -6.2 -21.8 -15.3 -28.1 -19.1 -7.1 -0.4 -18.1 -35.9 28

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 22.2 34.3 29.5 25.1 31.5 22.9 41.1 32.5 34.1 21.0 38.2 1

 2 Net saving (corporate) -0.7 -0.8 -0.7 -0.6 -0.7 -0.6 -0.6 -0.7 -0.7 -0.8 -0.8 2

 3 Consumption of fixed capital 21.7 22.6 23.3 24.4 25.5 24.5 24.8 25.1 25.4 25.7 25.8 3

 4 Corporate 2.3 2.5 2.8 2.9 3.0 2.9 3.0 3.0 3.0 3.1 3.1 4

 5 Noncorporate 19.4 20.1 20.5 21.5 22.5 21.6 21.8 22.1 22.4 22.6 22.8 5

 6 Gross saving 21.0 21.8 22.6 23.7 24.8 23.9 24.2 24.4 24.7 25.0 25.0 6

 7 Gross investment 21.0 21.8 22.6 23.7 24.8 23.9 24.2 24.4 24.7 25.0 25.0 7

 8 Capital expenditures 13.3 31.6 28.2 27.0 29.1 25.6 39.6 36.7 30.2 25.8 23.6 8

 9 Fixed investment (2) 22.5 23.8 25.4 26.7 25.6 26.7 24.4 26.6 25.4 25.1 25.4 9

10 Change in inventories -9.2 7.9 2.8 0.3 3.5 -1.1 15.2 10.1 4.8 0.7 -1.8 10

11 Net financial investment 7.7 -9.8 -5.6 -3.3 -4.3 -1.8 -15.4 -12.4 -5.5 -0.9 1.4 11

12 Net acquisition of financial assets 2.3 -0.1 0.7 3.7 -0.7 3.5 4.6 -2.2 0.9 0.7 -2.1 12

13 Checkable deposits and currency 0.5 -0.0 0.2 1.9 -0.8 1.9 1.9 -0.8 -0.8 -0.8 -0.8 13

14 Miscellaneous assets 1.8 -0.1 0.4 1.7 0.2 1.5 2.7 -1.3 1.7 1.5 -1.3 14

15 Insurance receivables 1.9 0.6 0.4 1.6 0.1 1.2 3.3 -1.1 1.4 1.4 -1.4 15

16 Equity investment in GSEs (3) -0.1 -0.6 0 0.1 0.1 0.3 -0.6 -0.2 0.3 0.1 0.1 16

17 Net increase in liabilities -5.3 9.7 6.3 6.9 3.7 5.2 20.0 10.2 6.5 1.5 -3.5 17

18 Credit market instruments 2.9 4.8 6.2 7.7 5.2 7.3 7.5 6.6 -1.0 9.7 5.6 18

19 Bank loans n.e.c. 1.1 0.6 3.5 1.2 -0.9 1.3 -2.1 0.7 -6.0 1.6 0.1 19

20 Other loans and advances 0.3 1.6 -0.5 0.3 -0.0 0.6 1.1 2.3 -4.0 0.9 0.6 20

21 Mortgages 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 21

22 Trade payables 1.0 1.3 1.4 0.8 0.4 2.3 0.4 -0.6 -0.2 1.4 1.0 22

23 Proprietors’ net investment -9.2 3.7 -1.3 -1.6 -1.9 -4.3 12.1 4.2 7.7 -9.5 -10.1 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, March 10, 2000

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 917.9 960.4 1009.0 1070.3 1139.9 1085.3 1101.1 1110.0 1117.1 1148.0 1185.2 1

 2 Personal tax and nontax receipts 186.6 199.6 217.4 236.9 251.9 241.0 244.9 246.9 247.3 252.4 261.0 2

 3 Corporate profits tax accruals 31.7 33.0 34.0 33.8 36.9 34.4 33.1 35.4 36.4 37.0 38.5 3

 4 Indirect business tax and nontax accruals 501.6 524.9 550.9 579.6 614.7 579.0 598.2 597.1 606.8 616.8 638.6 4

 5 Contributions for social insurance 13.6 12.4 11.0 10.7 11.1 10.7 10.7 10.7 10.9 11.2 11.5 5

 6 Federal grants-in-aid 184.5 190.4 195.7 209.3 225.4 220.2 214.2 219.9 215.7 230.6 235.6 6

 7 Current expenditures, NIPA basis 902.5 939.0 981.6 1028.5 1088.9 1035.4 1047.0 1061.4 1079.4 1099.2 1116.6 7

 8 Consumption expenditures 694.7 726.5 765.9 807.5 857.3 813.8 822.2 832.4 848.4 866.5 882.2 8

 9 Transfer payments to persons 217.8 224.4 228.0 234.8 244.6 235.7 238.5 241.9 243.6 245.3 247.5 9

10 Net interest paid 0.5 0.9 -0.6 -2.1 -0.9 -2.2 -1.8 -1.0 -0.7 -0.6 -0.6 10

11 - Dividends received by government 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 11

12 Subsidies less current surplus of govt. enterprises -10.2 -12.5 -11.4 -11.3 -11.8 -11.6 -11.6 -11.6 -11.6 -11.7 -12.2 12

13 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 13

14 Current surplus or deficit (-), NIPA basis 15.4 21.4 27.4 41.8 51.1 49.9 54.1 48.6 37.7 48.8 68.6 14

15 + Consumption of fixed capital 84.2 89.0 94.0 98.8 105.1 99.4 101.1 102.4 104.3 106.0 107.8 15

16 = Gross saving 99.5 110.4 121.4 140.6 156.2 149.3 155.2 151.0 142.0 154.8 176.4 16

17 Gross investment 146.4 153.6 115.3 189.6 198.2 161.2 202.6 172.2 234.5 189.5 196.6 17

18 Fixed investment 155.8 163.8 177.3 183.5 201.9 185.2 185.9 199.4 195.8 200.8 211.5 18

19 Net financial investment -9.4 -10.3 -62.0 6.1 -3.6 -24.0 16.7 -27.2 38.7 -11.3 -14.9 19

20 Net acq. of financial assets -31.7 13.8 25.4 116.9 80.0 77.7 121.7 90.3 100.5 79.6 49.5 20

21 Checkable deposits and currency 3.4 -5.5 4.4 -3.9 3.5 -2.9 -4.2 9.6 -10.0 14.4 0.1 21

22 Time and savings deposits 6.6 10.6 5.8 12.8 8.0 9.4 10.6 -3.4 1.4 16.7 17.1 22

23 Security RPs -3.0 32.1 3.6 7.2 5.0 16.0 2.2 32.0 -11.1 11.5 -12.5 23

24 Credit market instruments -91.4 -33.7 0.1 99.5 25.9 125.7 91.7 52.2 53.3 -33.9 32.0 24

25 Open market paper 17.1 20.3 14.3 18.0 9.4 40.6 16.0 16.0 4.9 -2.9 19.7 25

26 U.S. government securities -115.3 -68.1 -18.5 73.5 6.0 89.7 65.7 26.3 36.0 -39.6 1.3 26

27 Treasury -80.2 -32.8 -17.7 30.0 -2.5 39.7 9.7 14.3 18.7 -22.3 -20.7 27

28 Agency -35.1 -35.3 -0.8 43.6 8.5 50.0 56.0 12.0 17.3 -17.3 22.0 28

29 Municipal securities -3.5 -0.5 -0.7 -1.4 -1.5 -1.0 -1.0 -1.6 -1.1 -1.7 -1.5 29

30 Corporate and foreign bonds 7.1 10.7 1.3 5.2 7.6 -7.7 6.8 7.2 9.3 5.9 8.1 30

31 Mortgages 3.3 3.8 3.7 4.1 4.3 4.2 4.2 4.2 4.3 4.3 4.4 31

32 Corporate equities 12.1 14.5 16.8 9.7 13.1 -0.9 1.8 14.1 12.5 12.7 13.0 32

33 Mutual fund shares 5.9 6.0 -7.4 -7.3 4.3 -26.0 -4.5 -4.1 8.6 6.3 6.3 33

34 Taxes receivable -8.3 -5.3 -2.2 0.1 5.2 1.0 0.3 3.0 4.4 5.5 7.5 34

35 Miscellaneous assets 42.9 -4.8 4.3 -1.1 15.1 -44.5 23.8 -13.0 41.3 46.4 -13.9 35

36 Net increase in liabilities -22.3 24.1 87.5 110.8 83.6 101.7 105.0 117.5 61.8 90.8 64.4 36

37 Credit market instruments -51.5 -6.8 56.1 80.3 52.7 70.0 75.1 87.4 35.7 57.0 30.7 37

38 Municipal securities -51.9 -7.2 57.3 79.1 52.7 70.1 75.2 87.1 35.6 57.2 30.9 38

39 Short-term 1.2 6.3 8.3 -6.3 3.6 -19.2 -1.2 2.9 6.8 3.3 1.4 39

40 Other -53.2 -13.4 49.0 85.4 49.1 89.3 76.4 84.3 28.8 53.9 29.6 40

41 U.S. government loans 0.5 0.4 -1.2 1.2 0.0 -0.1 -0.1 0.3 0.1 -0.2 -0.2 41

42 Trade payables 29.2 30.9 31.4 30.5 30.9 31.6 29.9 30.1 26.1 33.9 33.7 42

43 Discrepancy -46.9 -43.2 6.1 -49.1 -42.0 -11.9 -47.4 -21.2 -92.5 -34.7 -20.2 43

(1) Data for retirement funds are shown in table F.120.
Z.1, March 10, 2000 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1383.7 1499.1 1627.2 1750.6 1871.5 1770.3 1793.3 1826.5 1853.0 1883.1 1924.2 1

 2 Personal tax and nontax receipts 591.8 670.0 750.9 835.6 899.9 847.3 868.1 877.9 892.1 908.0 922.1 2

 3 Corporate profits tax accruals 179.3 190.6 204.2 206.4 223.0 209.9 202.5 212.6 218.0 222.4 239.1 3

 4 Indirect business tax and nontax accruals 93.0 95.1 94.9 97.3 101.4 97.7 99.6 99.5 100.0 101.5 105.0 4

 5 Contributions for social insurance 519.6 543.4 577.2 611.2 647.2 615.4 623.1 636.5 642.9 651.2 658.0 5

 6 Current expenditures, NIPA basis 1575.7 1636.0 1675.9 1703.6 1755.6 1710.7 1733.5 1728.9 1734.9 1749.3 1809.9 6

 7 Consumption expenditures 439.2 445.3 457.0 453.5 474.8 451.4 460.0 467.0 465.2 475.0 492.0 7

 8 Transfers payments (net) 652.1 691.7 716.6 730.5 754.4 731.0 742.1 743.4 749.7 754.8 769.7 8

 9 Grants-in-aid to state and local governments 184.5 190.4 195.7 209.3 225.4 220.2 214.2 219.9 215.7 230.6 235.6 9

10 Net interest paid 267.5 273.6 276.3 278.3 262.7 279.6 274.3 266.0 264.8 259.9 260.7 10

11 Subsidies less current surplus of govt. enterprises 32.4 35.1 30.4 32.1 38.2 28.5 42.9 32.6 39.5 29.0 51.9 11

12 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 12

13 Current surplus or deficit (-), NIPA basis -192.0 -136.9 -48.7 47.0 115.9 59.6 59.8 97.6 118.1 133.8 114.3 13

14 + Consumption of fixed capital 84.0 85.3 86.6 87.4 90.9 87.5 88.1 89.6 90.2 91.2 92.4 14

15 - Insurance and pension reserves (1) 3.6 3.4 3.4 4.4 3.8 1.9 5.1 3.2 4.5 2.7 5.0 15

16 = Gross saving -111.6 -55.0 34.5 130.0 202.9 145.2 142.8 184.0 203.8 222.3 201.7 16

17 Gross investment -97.9 -121.9 -2.8 96.0 212.9 77.5 49.0 184.0 234.2 196.7 236.8 17

18 Fixed investment 82.3 86.3 80.8 85.2 95.8 88.3 86.7 90.4 96.4 94.9 101.3 18

19 Access rights sales -7.6 -4.8 -8.9 -4.1 -1.8 -9.0 -1.7 -1.7 -1.3 -3.6 -0.6 19

20 Net financial investment -172.6 -203.4 -74.7 14.9 119.0 -1.9 -36.0 95.3 139.1 105.3 136.1 20

21 Net acq. of financial assets -3.8 -4.9 -10.0 -3.1 84.0 -79.9 -46.8 41.6 81.6 47.5 165.0 21

22 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 -7.0 7.8 9.0 -9.3 -4.8 -8.1 -5.7 22

23 Checkable deposits and currency -0.0 11.0 -0.5 -16.7 66.0 -107.7 -46.1 31.9 43.0 47.2 141.9 23

24 Time and savings deposits 0.3 1.4 1.0 1.3 0.7 1.3 4.7 -3.4 0.8 2.1 3.2 24

25 Credit market instruments -0.2 -7.4 5.1 13.5 12.0 13.8 11.7 17.0 6.9 11.4 12.9 25

26 Agency securities 0 0 0 0 0 0 0 0 0 0 0 26

27 Mortgages -13.2 -7.5 -4.5 -0.9 0.1 -1.3 0.3 -1.4 -0.3 1.6 0.5 27

28 Other loans and advances 13.0 0.1 9.6 14.4 11.9 15.1 11.4 18.4 7.1 9.8 12.4 28

29 Trade receivables -1.6 0.9 -3.2 1.5 2.2 10.4 -8.0 1.4 4.9 7.1 -4.9 29

30 Taxes receivable -6.6 -1.5 -7.8 -5.2 11.0 -1.6 -11.0 4.5 32.6 -9.7 16.7 30

31 Miscellaneous assets -2.1 -6.4 -7.0 -3.5 -0.9 -3.9 -7.1 -0.4 -1.9 -2.5 0.9 31

32 Net increase in liabilities 168.9 198.4 64.7 -18.0 -35.0 -78.0 -10.8 -53.6 -57.5 -57.8 28.9 32

33 SDR certificates 2.2 -0.5 -0.5 0 -3.0 0 0 -4.0 0 -4.0 -4.0 33

34 Treasury currency 0.6 0.1 -0.0 -0.0 -0.0 1.7 -2.3 0 2.1 2.0 -4.1 34

35 Credit market instruments 144.4 145.0 23.1 -52.6 -71.8 -113.5 -54.1 -75.2 -112.2 -83.1 -16.9 35

36 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 0.5 1.8 -0.0 0.0 -0.4 -0.3 36

37 Other Treasury securities 137.9 144.6 23.7 -54.7 -71.4 -113.6 -68.1 -73.7 -112.8 -82.8 -16.5 37

38 Budget agency securities 1.5 -1.6 -0.1 2.0 -0.2 -0.4 12.2 -1.5 0.6 0.0 0.0 38

39 Multifamily residential mortgages 0 -0.0 -0.0 0 0 0 0 0 0 0 0 39

40 Trade payables -4.6 1.3 -0.1 -2.7 0.2 2.0 -5.4 -2.5 5.4 -1.4 -0.9 40

41 Insurance and pension reserves (2) 21.8 55.7 42.0 42.5 42.5 43.6 50.3 37.2 41.9 42.9 48.1 41

42 Miscellaneous liabilities 4.5 -3.2 0.2 -5.1 -2.8 -11.8 0.7 -9.2 5.3 -14.1 6.6 42

43 Discrepancy -13.7 66.9 37.2 34.0 -10.0 67.8 93.8 0.0 -30.4 25.6 -35.1 43

 Memo:

44 Change in cash balance (3) -5.7 12.9 -2.2 -12.8 59.4 -73.9 -27.5 26.6 2.4 72.3 136.4 44

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

(2) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(3) Time and savings deposits (line 24) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, March 10, 2000

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1148.8 1230.4 1374.3 1453.0 1616.5 1458.1 1492.6 1506.4 1578.0 1652.5 1729.7 1

 2 U.S. imports 902.8 963.1 1056.3 1115.9 1252.9 1114.8 1143.1 1168.5 1224.0 1286.6 1332.6 2

 3 U.S. income payments to rest of world 211.9 227.5 278.4 295.2 319.1 302.0 297.9 298.2 310.4 323.2 344.5 3

 4 Net transfers to rest of world 34.0 39.8 39.6 41.9 44.5 41.3 51.6 39.7 43.6 42.7 52.6 4

 5 Foreign outlays to U.S. 1050.8 1119.7 1250.6 1251.6 1301.4 1225.5 1262.6 1250.7 1274.3 1316.2 1364.7 5

 6 U.S. exports 818.6 874.2 968.0 966.4 997.5 949.1 981.8 966.9 978.2 1008.5 1036.2 6

 7 U.S. income receipts from rest of world 232.3 245.6 282.6 285.2 304.0 276.4 280.8 283.8 296.1 307.7 328.5 7

 8 Gross saving (1) 97.9 110.7 123.7 201.4 315.1 232.6 230.0 255.7 303.7 336.3 365.0 8

 9 Net financial investment 137.2 194.8 286.7 210.4 386.9 126.4 397.5 295.5 478.9 423.3 349.6 9

10 Net acquisition of financial assets 448.2 545.6 642.2 472.3 729.2 227.8 447.2 492.5 1109.3 801.4 513.8 10

11 Gold and SDRs (2) -0.8 0.4 -0.4 -0.1 0.0 0.8 -0.9 2.3 -0.8 -0.7 -0.7 11

12 Net interbank assets 11.1 -52.0 -4.3 -27.1 -9.1 18.5 -41.0 -20.6 84.8 -36.3 -64.3 12

13 U.S. checkable deposits and currency 13.4 19.9 29.9 14.6 35.7 18.3 8.2 15.2 33.9 51.9 42.0 13

14 U.S. time deposits -6.6 10.9 13.1 13.0 18.4 35.7 -1.1 -5.5 1.5 19.3 58.4 14

15 Security RPs 21.0 3.2 20.0 -18.8 14.9 -56.6 -76.2 57.3 -12.3 -5.6 20.3 15

16 Credit market instruments 273.9 414.4 310.7 249.3 224.8 60.8 390.7 253.3 37.4 371.3 237.3 16

17 Open market paper 18.6 14.4 19.9 37.0 7.9 93.3 -2.1 -15.6 -40.1 17.8 69.5 17

18 U.S. government securities 197.2 312.4 189.6 90.9 84.5 -124.0 270.9 64.1 42.9 182.4 48.5 18

19 Official 72.7 120.7 -2.2 -3.6 31.9 -123.6 133.6 27.2 -3.7 59.2 44.7 19

20 Treasury 69.0 115.7 -6.7 -10.0 12.4 -131.2 127.3 3.2 -26.8 51.5 21.7 20

21 Agency 3.7 5.0 4.5 6.3 19.5 7.6 6.2 24.0 23.2 7.7 22.9 21

22 Private 124.5 191.7 191.7 94.5 52.6 -0.4 137.3 37.0 46.5 123.1 3.8 22

23 Treasury 99.5 155.0 146.4 46.2 -22.0 -5.8 97.6 -35.1 -21.6 38.9 -70.0 23

24 Agency 25.0 36.7 45.3 48.3 74.6 5.4 39.8 72.1 68.2 84.3 73.8 24

25 U.S. corporate bonds (3) 58.1 83.7 84.0 122.4 157.5 94.0 123.5 137.5 129.5 198.4 164.5 25

26 Loans to U.S. corporate business 0.0 3.9 17.3 -1.0 -25.0 -2.5 -1.6 67.3 -94.9 -27.3 -45.2 26

27 U.S. corporate equities 16.6 11.1 66.8 43.8 96.2 -29.0 30.6 37.0 116.6 90.7 140.6 27

28 Trade receivables -0.2 5.9 3.5 -7.3 -4.7 -2.3 -21.8 -18.9 -3.2 0.6 2.8 28

29 Security credit 0 0 0 0 0 0 0 0 0 0 0 29

30 Miscellaneous assets 119.8 131.6 203.0 205.0 352.8 181.7 158.7 172.5 851.3 310.2 77.4 30

31 Foreign direct investment in U.S. (4) 59.6 89.0 109.3 193.4 300.5 99.6 482.0 91.8 617.5 177.9 316.3 31

32 Other 60.2 42.6 93.7 11.6 52.3 82.0 -323.3 80.7 233.8 132.3 -238.9 32

33 Net increase in liabilities 310.9 350.8 355.5 261.9 342.4 101.4 49.8 197.0 630.3 378.0 164.2 33

 U.S. official foreign exchange

34 and net IMF position 8.8 -6.3 0.7 6.6 -8.4 8.9 8.6 -14.0 -5.4 -8.5 -5.5 34

35 U.S. private deposits 35.3 85.9 106.8 -0.2 58.7 84.9 -131.9 127.7 99.3 63.6 -55.9 35

36 Credit market instruments 71.1 77.2 57.6 33.6 18.3 -19.6 -38.9 17.0 -36.8 62.2 30.8 36

37 Commercial paper 13.5 11.3 3.7 7.8 16.3 6.2 -4.7 18.0 -27.5 41.1 33.6 37

38 Bonds 49.7 55.8 47.2 25.1 2.4 -27.2 -34.2 0.9 -12.6 29.4 -8.2 38

39 Bank loans n.e.c. 8.5 9.1 8.5 6.7 0.6 3.6 9.8 0.9 5.6 -6.6 2.4 39

40 Official 0.4 0.3 -0.8 0.8 0.2 -0.5 3.1 0.3 -0.4 0.7 0.1 40

41 Banks 2.1 3.4 -0.5 -0.7 -3.1 -4.0 -2.9 -2.2 4.9 -10.4 -4.7 41

42 Other 5.9 5.4 9.8 6.7 3.5 8.1 9.5 2.7 1.1 3.1 7.0 42

43 U.S. government loans -0.8 -0.7 -1.6 -1.0 -0.0 -1.8 -0.9 -2.5 -0.7 1.0 2.1 43

44 Acceptance liabilities to banks 0.3 1.8 -0.2 -5.0 -0.9 -0.3 -8.8 -0.2 -1.6 -2.5 0.9 44

45 Foreign corporate equities (5) 50.4 60.0 42.0 77.8 94.5 -32.8 317.4 -33.4 270.9 76.7 64.0 45

46 Trade payables 5.8 -1.7 5.1 -2.4 6.2 4.1 -3.6 -4.9 -4.7 22.1 12.3 46

47 Security debt 0 0 0 0 0 0 0 0 0 0 0 47

48 Miscellaneous liabilities 139.6 135.6 143.3 146.5 173.1 55.9 -101.8 104.7 307.0 162.0 118.5 48

49 U.S. equity in IBRD, etc. 1.5 1.8 1.6 1.6 1.5 1.7 1.4 1.6 1.8 1.3 1.1 49

50 U.S. government deposits 0.3 -0.1 -0.0 -0.1 0.5 -0.6 -0.2 0.5 0.4 0.4 0.6 50

51 U.S. direct investment abroad (3,4) 99.5 92.7 110.0 132.8 149.7 86.3 123.1 165.5 126.3 178.1 130.1 51

52 Other 38.3 41.2 31.8 12.2 21.4 -31.5 -226.0 -62.9 178.5 -17.9 -13.3 52

53 Discrepancy (FOF basis) (6) -39.3 -84.1 -163.0 -9.0 -71.8 106.2 -167.5 -39.8 -175.2 -87.0 15.4 53

 Memo:

54 Net U.S. exports, NIPA basis -84.3 -89.0 -88.3 -149.5 -255.4 -165.7 -161.3 -201.6 -245.8 -278.1 -296.4 54

55 + Net U.S. income receipts (7) 20.3 18.1 4.2 -10.0 -15.2 -25.6 -17.1 -14.4 -14.3 -15.5 -16.0 55

56 - Net transfer payments to foreign 34.0 39.8 39.6 41.9 44.5 41.3 51.6 39.7 43.6 42.7 52.6 56

 = Net foreign investment in U.S.

57 (NIPA basis) -97.9 -110.7 -123.7 -201.4 -315.1 -232.6 -230.0 -255.7 -303.7 -336.3 -365.0 57

(1) Line 1 minus line 5; also equal to line 57 with the sign reversed.

(2) U.S. net sales, sign reversed.

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

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 10, 2000 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -1.2 1.6 2.6 -2.1 -1.3 -2.1 -2.1 -1.3 -1.3 -1.3 -1.3 1

 2 Fixed nonresidential investment 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 19.8 23.3 38.8 32.8 130.1 35.1 43.4 34.7 34.5 87.9 363.2 3

 4 Gold and foreign exchange 3.2 -3.8 -1.5 0.8 -1.4 0.3 0.4 -7.0 0.1 0.3 0.9 4

 5 SDR certificates 2.2 -0.5 -0.5 0 -3.0 0 0 -4.0 0 -4.0 -4.0 5

 6 Treasury currency 1.0 1.0 0.6 0.7 1.7 0.6 1.1 1.5 1.5 1.8 2.2 6

 7 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 -10.6 11.5 -10.1 4.6 -0.8 -1.2 7

 8 Fed. Res. loans to domestic banks -0.1 -0.1 2.0 -2.0 0.2 0.4 -4.2 0.9 -0.1 1.0 -1.0 8

 9 Security RPs 3.3 7.7 2.3 6.5 110.3 -4.2 23.3 -5.1 -35.5 50.6 431.0 9

10 Credit market instruments 12.7 12.3 38.3 21.1 25.7 41.6 3.5 71.8 62.4 34.1 -65.7 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 12.7 12.3 38.3 21.1 25.7 41.6 3.5 71.8 62.4 34.1 -65.7 12

13 Treasury 13.7 12.7 39.8 21.4 25.8 42.1 3.8 71.9 62.7 34.2 -65.5 13

14 Agency -1.0 -0.4 -1.5 -0.3 -0.2 -0.5 -0.3 -0.1 -0.2 -0.1 -0.2 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets -3.2 2.4 1.2 4.9 -1.5 7.1 7.8 -13.4 1.5 4.8 1.0 16

17 Net increase in liabilities 19.5 22.8 38.1 32.0 129.6 32.4 48.1 33.1 33.0 85.0 367.2 17

18 Depository institution reserves -1.2 -5.1 6.3 -4.5 -2.3 13.9 -19.8 2.5 -2.0 3.9 -13.4 18

19 Vault cash of commercial banks 2.4 4.6 -0.2 -2.9 24.5 0.3 -12.5 18.1 5.0 -2.9 77.6 19

20 Checkable deposits and currency 17.0 23.5 30.1 38.5 109.0 39.3 62.2 34.6 2.7 101.5 297.3 20

21 Due to federal government -1.2 1.7 -2.3 0.5 22.3 -12.1 8.5 -0.2 -44.0 42.8 90.7 21

22 Due to rest of the world 0.2 -0.1 0.5 0.0 0.3 0.9 -0.4 0.3 1.3 -0.3 -0.3 22

23 Currency outside banks 18.0 21.8 31.9 38.0 86.4 50.5 54.1 34.5 45.3 59.0 206.9 23

24 Miscellaneous liabilities 1.3 -0.2 1.8 1.0 -1.6 -21.1 18.2 -22.1 27.4 -17.5 5.7 24

25 Federal Reserve Bank stock 0.3 0.6 0.8 0.5 0.5 0.5 0.2 0.7 0.6 0.2 0.4 25

26 Other 1.0 -0.9 1.0 0.5 -2.1 -21.6 18.1 -22.8 26.8 -17.7 5.3 26

27 Discrepancy -1.8 0.9 1.6 -3.1 -2.1 -5.1 2.2 -3.2 -3.1 -4.5 2.5 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, March 10, 2000

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 31.9 28.4 36.9 41.6 53.0 41.7 40.7 57.0 46.1 52.2 56.9 1

 2 Fixed nonresidential investment 20.0 20.1 21.4 24.7 27.6 24.8 25.8 26.3 26.3 28.8 29.0 2

 3 Net acquisition of financial assets 335.7 216.6 457.3 443.7 357.3 572.6 491.9 101.5 349.5 358.8 619.6 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 24.5 0.3 -12.5 18.1 5.0 -2.9 77.6 4

 5 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -1.9 14.1 -20.3 3.0 -2.1 4.4 -13.0 5

 6 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 0.2 -0.5 2.4 -1.5 -1.4 1.6 2.3 6

 7 Total bank credit 273.4 189.9 350.0 335.8 295.2 298.3 508.9 33.0 141.6 417.7 588.7 7

 8 U.S. government securities 27.0 11.3 83.8 35.4 48.2 -26.0 144.4 46.0 2.4 95.9 48.6 8

 9 Treasury -11.7 -16.9 8.3 -56.1 12.4 -159.4 -19.1 2.0 -8.3 24.2 31.9 9

10 Agency 38.7 28.2 75.5 91.4 35.8 133.4 163.5 44.0 10.7 71.8 16.7 10

11 Municipal securities -4.2 0.9 2.4 8.2 5.8 11.8 11.2 10.1 4.1 6.4 2.7 11

12 Corporate and foreign bonds 8.4 1.4 27.8 38.0 38.9 30.8 66.8 -66.4 94.1 45.5 82.4 12

13 Total loans 239.8 174.2 234.7 253.4 200.2 275.9 283.6 42.4 43.9 266.2 448.3 13

14 Open market paper -0.1 0.8 -0.8 -0.2 0.2 -0.7 0.6 -0.7 -0.5 1.1 1.0 14

15 Bank loans n.e.c. 114.7 92.1 128.2 145.0 69.1 171.6 143.0 62.1 38.3 100.0 75.9 15

16 Mortgages 77.5 55.2 99.9 91.7 158.2 53.0 169.9 15.8 78.4 228.2 310.3 16

17 Consumer credit 43.2 24.8 -14.2 -3.6 -9.2 10.6 6.0 6.1 -75.7 -36.5 69.4 17

18 Security credit 4.6 1.3 21.7 20.5 -18.1 41.5 -35.9 -40.8 3.5 -26.7 -8.4 18

19 Corporate equities 2.1 1.8 0.6 1.3 0.9 2.1 -0.5 1.6 -3.7 4.4 1.3 19

20 Mutual fund shares 0.3 0.3 0.8 -0.4 1.2 3.7 3.4 -0.8 0.8 -0.7 5.3 20

21 Customers’ liab. on acceptances (2) -0.6 1.0 -2.8 -9.3 -3.1 -1.0 -10.5 -4.0 -5.6 -5.1 2.4 21

22 Miscellaneous assets 61.4 25.9 103.5 124.1 42.4 261.5 23.9 52.9 211.9 -56.9 -38.4 22

23 Net increase in liabilities 300.6 203.7 490.5 469.1 295.2 685.9 402.3 60.8 362.3 186.4 571.3 23

24 Net interbank liabilities 8.7 -51.2 -25.8 -24.8 -10.0 30.5 -86.5 28.9 87.6 -37.0 -119.7 24

25 To monetary authority 0.7 4.1 -1.6 -1.1 -1.7 -10.2 7.3 -9.2 4.5 0.2 -2.2 25

26 To domestic banks (3) -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 26

27 To foreign banks 11.1 -52.0 -4.3 -27.1 -9.1 18.5 -41.0 -20.6 84.8 -36.3 -64.3 27

28 Checkable deposits -45.9 -34.6 -19.8 -33.4 3.1 -91.4 -55.4 -2.7 -36.5 4.2 47.5 28

29 Federal government -4.7 9.7 -0.9 -14.6 36.4 -63.1 -40.6 30.3 45.5 27.4 42.5 29

30 Rest of the world 0.8 2.6 4.6 -2.0 13.1 -11.7 -16.4 5.1 20.3 33.4 -6.5 30

31 Private domestic -42.0 -46.9 -23.5 -16.8 -46.4 -16.6 1.6 -38.1 -102.4 -56.5 11.6 31

32 Small time and savings deposits 113.9 123.1 148.3 183.7 71.0 160.8 292.3 -6.4 120.4 140.4 29.4 32

33 Large time deposits 54.8 105.3 107.9 72.3 118.7 61.4 74.2 -10.0 29.0 97.3 358.5 33

34 Federal funds and security RPs (net) 30.4 41.0 89.0 87.0 110.6 164.1 33.9 112.1 27.4 129.4 173.6 34

35 Credit market instruments 22.5 13.0 46.1 72.9 69.4 61.7 66.3 31.1 72.7 111.3 62.7 35

36 Open market paper -2.2 2.9 3.3 -1.5 6.1 7.1 -28.4 -1.1 6.3 -18.4 37.8 36

37 Corporate bonds 18.5 7.8 23.7 27.6 20.5 20.8 23.2 35.2 6.2 43.4 -3.0 37

38 Other loans and advances 6.2 2.3 19.1 46.9 42.8 33.8 71.5 -3.0 60.1 86.3 27.9 38

39 Corporate equity issues -8.7 -14.3 -27.7 -11.2 -10.5 -9.1 -13.3 -14.7 3.2 -31.1 0.5 39

40 Taxes payable 0.9 1.2 1.4 1.7 1.9 1.7 1.7 1.8 1.9 1.9 2.0 40

41 Miscellaneous liabilities 124.0 20.1 171.2 120.9 -59.0 306.0 89.0 -79.2 56.7 -230.0 16.7 41

42 Discrepancy -23.3 -4.6 48.7 42.3 -36.7 130.2 -74.7 -10.0 32.7 -149.0 -20.5 42

 Memo:

43 Credit market funds advanced (4) 265.9 187.5 324.3 305.2 308.2 250.1 531.5 68.9 135.4 435.5 592.8 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, March 10, 2000 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 4.0 -8.6 -2.6 5.1 0.7 8.3 2.5 19.5 -13.2 -9.2 5.5 1

 2 Fixed nonresidential investment 17.3 17.0 17.9 20.9 23.6 21.1 21.9 22.4 22.3 24.8 24.9 2

 3 Net acquisition of financial assets 200.5 122.8 290.8 328.1 344.6 343.1 489.0 127.5 324.9 381.7 544.2 3

 4 Vault cash and reserves at Federal Reserve 1.5 -0.3 4.8 -5.7 22.1 18.1 -33.7 23.0 0.3 4.3 60.9 4

 5 Total bank credit 194.8 115.2 280.7 329.3 313.5 315.1 564.5 115.2 248.6 380.5 509.5 5

 6 U.S. government securities -17.1 -19.4 54.3 39.6 27.4 61.4 137.8 38.6 31.8 42.9 -3.6 6

 7 Treasury -40.4 -34.7 -6.1 -42.1 -1.9 -84.7 -11.8 2.4 -1.0 -5.3 -3.7 7

 8 Agency 23.4 15.3 60.4 81.6 29.3 146.1 149.6 36.2 32.8 48.2 0.1 8

 9 Mortgage pool securities 12.9 21.4 31.1 53.7 -17.8 106.5 131.3 -55.3 -17.2 6.4 -5.0 9

10 Agency-issued CMOs -18.4 -11.5 17.5 8.9 4.9 45.5 -22.0 31.1 -9.4 11.9 -13.9 10

11 Other agency securities 28.8 5.4 11.8 19.1 42.2 -5.9 40.3 60.4 59.4 30.0 19.0 11

12 Municipal securities -4.3 1.0 2.4 8.2 5.7 11.8 11.2 9.6 4.0 6.6 2.7 12

13 Corporate and foreign bonds 3.3 -4.5 19.6 32.4 43.4 14.9 62.1 -43.8 94.5 54.5 68.2 13

14 Private mortgage pool securities 0.9 -0.4 -1.2 0.9 0.9 -1.2 -7.2 5.0 -4.3 -1.6 4.7 14

15 Privately issued CMOs 3.5 -3.1 0.7 20.3 5.7 10.7 30.8 6.1 2.0 7.6 7.2 15

16 Other bonds -1.1 -1.0 20.2 11.1 36.7 5.3 38.4 -54.9 96.8 48.6 56.4 16

17 Total loans 210.5 136.0 203.0 248.2 234.8 221.3 350.5 110.0 121.2 272.7 435.5 17

18 Open market paper 0.3 0.3 -0.6 -0.1 -0.1 -0.2 0.5 -0.5 -0.6 0.4 0.2 18

19 Bank loans n.e.c. 77.0 58.2 108.1 144.3 92.4 157.1 152.5 101.5 101.5 119.8 47.0 19

20 Mortgages 81.7 57.5 105.5 95.8 160.4 52.1 176.9 26.0 79.5 226.3 310.0 20

21 Consumer credit 43.2 24.8 -14.2 -3.6 -9.2 10.6 6.0 6.1 -75.7 -36.5 69.4 21

22 Security credit 8.3 -4.8 4.2 11.9 -8.7 1.7 14.6 -23.0 16.5 -37.4 9.0 22

23 Corporate equities 2.1 1.8 0.6 1.3 0.9 2.1 -0.5 1.6 -3.7 4.4 1.3 23

24 Mutual fund shares 0.3 0.3 0.8 -0.4 1.2 3.7 3.4 -0.8 0.8 -0.7 5.3 24

25 Customers’ liab. on acceptances (1) 2.4 1.6 -0.2 -4.6 -2.5 1.6 -6.7 -3.3 -3.4 -3.5 0.4 25

26 Miscellaneous assets 1.8 6.2 5.5 9.1 11.4 8.3 -35.0 -7.4 79.4 0.3 -26.6 26

27 Net increase in liabilities 189.7 142.6 359.0 385.2 328.9 484.6 432.4 117.6 391.5 265.3 541.4 27

28 Net interbank liabilities -6.8 -55.7 4.2 20.4 28.0 129.9 -98.3 67.8 94.9 -27.6 -22.9 28

29 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 -10.6 11.5 -10.1 4.6 -0.8 -1.2 29

30 Borrowing from Federal Reserve banks -0.1 -0.1 2.0 -2.0 0.2 0.4 -4.2 0.9 -0.1 1.0 -1.0 30

31 To domestic banking -7.3 -23.5 -6.7 -2.6 -11.7 18.1 -36.6 52.4 0.7 -36.0 -63.8 31

32 To foreign banks -0.2 -36.3 12.6 24.1 41.4 121.9 -69.0 24.5 89.6 8.2 43.1 32

33 Checkable deposits -46.0 -34.4 -21.1 -34.4 2.8 -89.6 -59.7 -1.2 -34.3 4.3 42.6 33

34 Federal government -4.7 9.7 -0.9 -14.6 36.4 -63.1 -40.6 30.3 45.5 27.4 42.5 34

35 Rest of the world 0.9 3.3 4.2 -1.7 12.5 -11.4 -15.3 3.2 22.8 33.5 -9.5 35

36 Private domestic -42.1 -47.4 -24.3 -18.1 -46.1 -15.1 -3.9 -34.6 -102.6 -56.6 9.7 36

37 Small time and savings deposits 113.4 122.8 143.9 186.3 72.4 179.0 292.9 -2.4 126.9 138.7 26.4 37

38 Large time deposits 42.6 49.5 63.2 34.8 61.5 2.2 63.7 5.2 39.9 69.5 131.4 38

39 Federal funds and security RPs (net) 28.2 28.7 63.4 66.8 128.8 87.6 124.5 114.1 33.9 158.1 209.1 39

40 Acceptance liabilities 2.3 1.7 -0.3 -4.6 -2.5 1.5 -6.3 -3.5 -3.5 -3.7 0.5 40

41 Corporate bonds 2.7 7.7 10.7 10.5 3.7 6.2 15.7 2.9 4.3 4.6 2.9 41

42 Other loans and advances 6.2 2.3 19.1 46.9 42.8 33.8 71.5 -3.0 60.1 86.3 27.9 42

43 Corporate equity issues 2.6 3.2 3.2 3.8 3.2 2.6 6.7 1.7 2.6 -2.9 11.4 43

44 Taxes payable 0.9 1.2 1.4 1.7 1.9 1.7 1.7 1.8 1.9 1.9 2.0 44

45 Miscellaneous liabilities 43.6 15.6 71.2 53.0 -13.7 129.8 19.9 -65.9 64.9 -163.8 110.1 45

46 Investment by bank holding companies 40.1 28.6 40.7 55.3 8.5 53.5 38.9 29.8 -10.2 6.9 7.7 46

47 Other 3.5 -13.0 30.5 -2.4 -22.2 76.3 -19.0 -95.7 75.1 -170.7 102.4 47

48 Discrepancy -24.0 -5.8 47.8 41.1 -38.6 128.7 -76.1 -12.8 31.1 -150.4 -22.2 48

 Memo:

49 Credit market funds advanced (2) 186.5 119.6 274.9 312.0 317.6 309.2 540.2 134.1 231.5 410.7 494.2 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, March 10, 2000

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.7 1.8 2.0 2.1 2.2 2.1 2.2 2.2 2.2 2.2 2.3 1

 2 Fixed nonresidential investment 2.3 2.6 3.0 3.3 3.5 3.2 3.3 3.4 3.4 3.5 3.5 2

 3 Net acquisition of financial assets 76.6 48.5 96.5 -4.9 -48.0 154.5 -129.5 -119.4 -49.8 -56.9 34.2 3

 4 Reserves at Federal Reserve -0.1 0.3 1.8 -1.9 0.4 -3.7 0.9 -1.8 2.6 -2.8 3.8 4

 5 Total bank credit 74.7 70.0 60.2 1.4 -28.9 -25.7 -58.9 -71.9 -116.7 43.0 30.0 5

 6 U.S. government securities 43.9 30.9 26.8 -5.5 11.8 -86.6 -2.0 9.4 -26.0 50.2 13.7 6

 7 Treasury 29.6 18.4 14.4 -10.3 7.4 -69.5 -6.3 1.0 -7.4 32.0 4.1 7

 8 Agency 14.3 12.4 12.5 4.8 4.4 -17.1 4.3 8.4 -18.6 18.2 9.6 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 4.6 3.2 3.1 5.8 -5.2 8.9 18.8 -18.5 -5.4 -9.0 12.2 10

11 Total loans 26.2 36.0 30.3 1.1 -35.6 51.9 -75.7 -62.9 -85.2 1.8 4.0 11

12 Open market paper -0.4 0.5 -0.2 -0.1 0.4 -0.5 0.1 -0.2 0.0 0.7 0.9 12

13 Bank loans n.e.c. 35.4 32.2 19.2 -1.9 -22.3 13.5 -17.1 -35.3 -67.3 -9.4 22.7 13

14 Mortgages -5.1 -2.9 -6.1 -5.5 -4.2 -0.7 -8.2 -9.7 -4.9 -0.2 -2.1 14

15 Security credit -3.7 6.2 17.5 8.6 -9.4 39.7 -50.5 -17.8 -13.1 10.7 -17.4 15

16 Corporate equities 0.0 -0.0 -0.0 0 0 0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -2.9 -0.6 -2.5 -4.7 -0.6 -2.6 -3.7 -0.7 -2.1 -1.7 2.1 17

18 Miscellaneous assets 5.0 -21.2 37.0 0.3 -18.9 186.5 -67.8 -44.9 66.4 -95.3 -1.6 18

19 Net increase in liabilities 78.5 50.6 98.9 -2.1 -44.8 157.3 -126.5 -116.4 -46.7 -53.7 37.5 19

20 Net interbank liabilities 18.7 -2.5 -30.4 -55.4 -42.0 -120.4 7.0 -56.8 -39.1 -11.4 -60.7 20

21 To foreign banks 15.1 -11.5 -17.6 -51.7 -46.2 -113.3 42.7 -57.7 -32.2 -39.8 -55.1 21

22 To domestic banks 3.6 9.0 -12.7 -3.7 4.2 -7.1 -35.7 0.9 -6.9 28.3 -5.6 22

23 Checkable deposits -0.1 -0.7 0.8 -0.2 0.4 -2.1 1.2 1.1 -4.3 1.2 3.5 23

24 Small time and savings deposits -0.7 0.1 4.4 -3.6 -1.9 -19.4 -1.2 -1.6 -7.6 0.4 1.1 24

25 Large time deposits 11.0 55.6 44.7 36.5 56.7 58.0 9.9 -12.8 -12.0 26.4 225.2 25

26 Federal funds and security RPs (net) 1.8 12.0 25.6 19.7 -18.3 75.8 -72.4 -1.7 -5.8 -27.6 -38.0 26

27 Acceptance liabilities -3.1 -0.7 -2.4 -4.8 -0.4 -2.2 -3.9 -1.7 -0.0 -1.5 1.6 27

28 Miscellaneous liabilities 50.9 -13.3 56.2 5.7 -39.2 167.5 -67.1 -42.9 22.1 -41.0 -95.1 28

29 Foreign direct investment in U.S. 6.6 -0.1 6.7 5.7 34.7 20.1 2.1 2.8 55.5 4.7 75.9 29

30 Due to affiliates 6.7 13.7 14.3 11.8 2.5 40.7 4.4 -3.1 -5.3 56.0 -37.8 30

31 Other 37.6 -26.9 35.2 -11.8 -76.4 106.8 -73.6 -42.6 -28.2 -101.7 -133.2 31

32 Discrepancy 1.2 1.3 1.4 1.7 1.9 1.7 1.9 1.8 1.9 1.9 2.0 32

 Memo:

33 Credit market funds advanced (3) 75.4 63.3 40.2 -11.9 -20.1 -68.1 -12.1 -54.9 -105.7 30.6 49.5 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).
Z.1, March 10, 2000 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 26.1 35.1 37.3 34.3 50.0 31.2 35.9 35.2 57.0 59.0 49.0 1

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

 3 Net acquisition of financial assets 52.6 44.0 64.5 110.6 55.1 70.4 110.8 99.3 64.8 25.0 31.3 3

 4 Credit market instruments -0.3 3.9 5.4 -0.9 6.2 6.0 -7.4 -6.0 0.4 -12.4 42.6 4

 5 U.S. government securities -1.3 0.9 0.5 -1.9 6.6 -0.4 0.6 -1.2 -7.8 -1.8 37.1 5

 6 Treasury -1.2 0.6 -0.1 -3.1 7.9 -2.8 -0.2 0.9 0.0 -1.1 31.6 6

 7 Agency -0.2 0.3 0.6 1.1 -1.3 2.5 0.9 -2.1 -7.8 -0.7 5.6 7

 8 Corporate and foreign bonds 0.6 2.8 5.0 -0.7 1.2 6.3 -15.2 -2.6 5.7 0.2 1.3 8

 9 Bank loans n.e.c. 0.4 0.2 -0.0 1.7 -1.6 0.0 7.2 -2.1 2.5 -10.8 4.2 9

10 Miscellaneous assets 53.0 40.1 59.0 111.6 48.9 64.4 118.1 105.3 64.4 37.4 -11.3 10

11 Investment in bank subsidiaries 40.1 28.6 40.7 55.3 8.5 53.5 38.9 29.8 -10.2 6.9 7.7 11

12 Investment in nonbank subsidiaries 8.2 0.3 25.0 44.1 17.1 19.8 48.5 74.1 57.1 -25.4 -37.2 12

13 Other 4.6 11.3 -6.7 12.1 23.3 -9.0 30.7 1.4 17.6 55.9 18.2 13

14 Net increase in liabilities 26.8 9.2 27.4 76.6 5.3 39.4 75.1 64.3 8.1 -33.7 -17.4 14

15 Net interbank liabilities -3.2 7.0 0.3 10.2 4.0 21.0 4.8 17.9 31.8 2.0 -36.0 15

16 To domestic banks 0.6 11.2 -0.4 9.6 8.2 11.2 19.6 5.4 4.5 6.7 16.3 16

17 To foreign banks -3.8 -4.1 0.8 0.6 -4.3 9.8 -14.8 12.5 27.4 -4.7 -52.3 17

18 Federal funds and security RPs (net) 0.4 0.4 0.0 0.5 0.1 0.8 -18.2 -0.3 -0.7 -1.1 2.5 18

19 Credit market instruments 14.4 2.0 19.0 24.9 25.9 22.5 -10.6 36.3 11.7 25.6 29.9 19

20 Commercial paper -1.4 1.9 6.0 7.8 9.1 7.9 -18.2 4.0 9.8 -13.2 35.7 20

21 Corporate bonds 15.8 0.1 13.0 17.1 16.8 14.6 7.6 32.2 2.0 38.8 -5.8 21

22 Corporate equity issues -11.3 -17.5 -30.9 -15.0 -13.7 -11.7 -20.0 -16.4 0.6 -28.2 -10.9 22

23 Miscellaneous liabilities 26.6 17.3 39.0 56.0 -10.9 6.8 119.1 26.8 -35.4 -32.1 -2.9 23

24 Equity, etc. 12.7 -11.9 -13.1 24.7 -39.2 -4.1 72.6 9.2 -40.9 -58.1 -67.1 24

25 Other 13.9 29.2 52.1 31.2 28.3 10.9 46.5 17.6 5.4 26.0 64.2 25

26 Discrepancy -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 5.9 1.3 5.5 9.8 5.6 4.6 21.7 -5.9 9.5 8.9 10.0 3

 4 Checkable deposits and currency 0.2 -0.2 -0.1 0.6 0.2 -0.5 2.4 -1.5 -1.4 1.6 2.3 4

 5 Credit market instruments 4.2 0.7 3.7 6.0 4.5 2.9 10.7 -4.4 9.2 6.6 6.6 5

 6 U.S. government securities 1.5 -1.0 2.1 3.2 2.4 -0.4 7.9 -0.7 4.4 4.6 1.4 6

 7 Treasury 0.2 -1.3 0.1 -0.7 -0.9 -2.4 -0.8 -2.3 0.1 -1.5 -0.0 7

 8 Agency 1.3 0.2 2.0 3.9 3.3 2.0 8.7 1.6 4.3 6.0 1.4 8

 9 Municipal securities 0.1 -0.1 -0.0 -0.1 0.1 0.0 0.0 0.4 0.1 -0.2 0.0 9

10 Corporate and foreign bonds -0.1 -0.1 0.1 0.5 -0.5 0.7 1.2 -1.5 -0.7 -0.2 0.6 10

11 Bank loans n.e.c. 1.8 1.4 0.9 0.9 0.5 1.0 0.5 -2.0 1.6 0.3 2.1 11

12 Home mortgages 1.0 0.6 0.1 1.1 0.7 0.9 0.6 -2.1 2.4 1.1 1.5 12

13 Commercial mortgages -0.0 -0.1 0.5 0.4 1.2 0.7 0.5 1.5 1.5 1.0 0.9 13

14 Miscellaneous assets 1.6 0.8 1.8 3.1 0.9 2.3 8.5 -0.0 1.6 0.7 1.1 14

15 Net increase in liabilities 5.5 1.4 5.1 9.4 5.8 4.6 21.4 -4.7 9.4 8.5 9.9 15

16 Checkable deposits 0.2 0.5 0.4 1.2 -0.1 0.3 3.1 -2.6 2.1 -1.2 1.4 16

17 Small time and savings deposits 1.2 0.2 -0.0 1.0 0.5 1.2 0.6 -2.4 1.1 1.4 1.9 17

18 Large time deposits 1.2 0.2 -0.0 1.0 0.5 1.2 0.6 -2.4 1.1 1.4 1.9 18

19 Miscellaneous liabilities 2.9 0.6 4.7 6.3 4.9 1.8 17.1 2.8 5.1 6.9 4.6 19

20 Discrepancy -0.4 0.0 -0.4 -0.4 0.1 -0.1 -0.4 1.2 -0.1 -0.4 -0.2 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, March 10, 2000

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.1 3.5 4.7 4.7 6.0 5.3 4.6 5.4 5.5 6.4 6.8 1

 2 Fixed nonresidential investment 6.8 7.4 7.7 9.2 9.8 9.3 9.7 9.9 9.7 9.7 9.8 2

 3 Net acquisition of financial assets 0.9 16.1 -8.4 60.8 63.0 65.8 132.4 86.5 54.8 83.7 27.0 3

 4 Reserves at Federal Reserve -0.1 -0.5 -0.5 0.1 -0.4 -0.2 0.4 -0.6 0.0 -0.6 -0.4 4

 5 Checkable deposits and currency 1.6 -1.3 1.0 3.2 2.2 -0.2 10.8 -13.5 4.8 2.6 15.2 5

 6 Time and savings deposits -0.2 0.3 -0.4 0.5 -0.1 -0.1 0.4 -0.3 -0.3 0.0 0.1 6

 7 Federal funds and security RPs 4.8 -1.2 -0.8 5.5 -4.2 5.5 -3.7 4.5 -13.6 -1.0 -6.7 7

 8 Credit market instruments -7.6 19.9 -4.7 36.3 68.6 17.9 113.3 102.7 88.8 60.9 22.0 8

 9 Open market paper 0.0 0.1 -0.3 0 0 -0.0 0 0 0 0 0 9

10 U.S. government securities -4.1 -9.5 -3.6 -16.1 3.7 -23.3 -11.4 18.5 -2.3 -4.1 2.7 10

11 Treasury -8.7 -1.0 -2.8 -4.4 -0.0 -6.0 -3.8 1.7 0.1 -0.7 -1.2 11

12 Agency 4.7 -8.5 -0.8 -11.7 3.7 -17.3 -7.6 16.7 -2.4 -3.4 3.9 12

13 Municipal securities -0.0 0.1 0.0 0.4 0.5 1.1 1.0 1.0 0.7 0.1 0.3 13

14 Corporate and foreign bonds -8.2 -9.9 -9.9 29.9 23.2 33.0 60.3 62.9 22.0 -14.6 22.7 14

15 Other loans and advances 2.5 3.0 3.1 5.3 6.5 7.5 8.3 4.8 6.7 4.8 9.6 15

16 Mortgages 0.6 31.6 3.5 12.3 24.7 -8.3 49.9 7.5 47.4 63.1 -19.2 16

17 Consumer credit 1.6 4.6 2.5 4.4 9.9 7.9 5.2 8.0 14.2 11.6 5.9 17

18 Corporate equities 0.7 0.6 0.2 1.5 -0.7 2.5 1.4 -1.2 -0.2 -1.4 0.2 18

19 Miscellaneous assets 1.7 -1.8 -3.2 13.6 -2.5 40.4 9.8 -5.1 -24.6 23.2 -3.4 19

20 Net increase in liabilities -3.2 15.4 -9.5 57.6 61.8 62.3 129.8 83.9 54.0 83.1 26.2 20

21 Deposits -5.7 -6.5 -25.7 -2.6 6.8 1.7 28.8 -44.1 8.7 21.8 40.6 21

22 Checkable 14.1 25.4 27.1 36.1 37.2 31.4 44.6 29.8 43.3 35.9 39.6 22

23 Small time and savings -29.0 -38.1 -64.4 -54.3 -38.9 -47.7 -40.0 -73.9 -44.1 -17.8 -19.9 23

24 Large time 9.2 6.3 11.7 15.7 8.5 18.0 24.2 -0.1 9.5 3.8 20.9 24

25 Security RPs -0.0 -0.9 -1.9 9.5 21.4 -1.4 14.6 50.6 7.2 24.6 3.1 25

26 Credit market instruments 2.6 25.5 19.7 52.2 45.8 63.7 103.2 58.0 58.6 55.2 11.5 26

27 Corporate bonds -0.0 -0.4 0.1 -0.2 0.2 -0.5 -0.1 0.9 -0.5 1.4 -1.2 27

28 Bank loans n.e.c. 5.2 1.4 3.5 10.3 -15.7 18.4 7.0 17.3 5.6 -3.2 -82.4 28

29 Other loans and advances -2.6 24.5 16.2 42.1 61.3 45.8 96.3 39.8 53.5 57.0 95.1 29

30 Taxes payable 0.5 -0.1 0.4 0.2 0.0 0.5 0.3 -0.1 -0.5 1.3 -0.5 30

31 Miscellaneous liabilities -0.6 -2.5 -2.1 -1.6 -12.2 -2.1 -17.1 19.5 -20.0 -19.9 -28.6 31

32 Investment by parent 0.1 0.2 0.3 0.4 0.5 0.4 0.5 0.5 0.5 0.6 0.6 32

33 Other -0.7 -2.7 -2.4 -2.1 -12.8 -2.6 -17.6 19.0 -20.5 -20.4 -29.2 33

34 Discrepancy -3.8 -4.5 -4.1 -7.7 -4.9 -7.4 -7.7 -7.1 -5.0 -3.8 -3.8 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 10, 2000 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.5 8.2 7.5 8.1 9.0 8.4 8.4 8.6 8.6 9.2 9.5 1

 2 Fixed nonresidential investment 3.8 4.3 4.8 5.7 6.6 5.8 6.0 6.2 6.1 7.0 7.0 2

 3 Net acquisition of financial assets 17.1 19.5 23.7 37.7 23.6 33.6 58.1 20.6 29.5 31.3 13.2 3

 4 Checkable deposits and currency 0.9 0.1 0.6 1.0 5.9 0.5 3.5 -1.1 0.9 13.9 9.9 4

 5 Time and savings deposits 0.4 -0.7 0.6 6.4 -2.3 3.3 13.7 4.3 2.7 -16.5 0.4 5

 6 Federal funds and security RPs 0.2 -4.9 2.0 3.4 2.4 -5.5 6.9 -19.0 4.8 1.2 22.8 6

 7 Credit market instruments 16.2 25.5 16.8 19.0 31.1 21.0 16.0 34.7 32.1 36.6 21.2 7

 8 Open market paper -1.6 -0.3 -0.1 0.2 1.5 2.6 -2.8 -0.2 2.0 0 4.1 8

 9 U.S. government securities 1.1 4.1 -1.4 4.9 0.1 5.2 5.6 11.3 9.2 -1.8 -18.4 9

10 Treasury -3.8 -0.9 -1.8 -2.5 -4.6 -3.7 -1.6 -4.1 1.5 -9.3 -6.6 10

11 Agency 4.9 4.9 0.4 7.3 4.7 8.9 7.2 15.3 7.7 7.6 -11.8 11

12 Home mortgages 4.4 9.5 10.1 10.9 14.7 9.9 10.6 10.5 16.6 19.5 12.3 12

13 Consumer credit 12.3 12.2 8.2 3.0 14.9 3.3 2.6 13.2 4.3 18.8 23.3 13

14 Mutual fund shares 0.2 -0.3 -0.2 1.2 -1.1 -0.2 2.1 0.5 0.5 0.5 -5.8 14

15 Miscellaneous assets -0.8 -0.2 3.8 6.8 -12.5 14.5 15.9 1.3 -11.5 -4.4 -35.4 15

16 Net increase in liabilities 13.4 16.4 20.5 34.7 21.3 29.6 56.1 18.5 27.8 27.9 11.0 16

17 Shares/deposits 15.4 16.3 20.3 33.6 18.6 29.6 56.2 15.9 28.5 25.7 4.3 17

18 Checkable 2.1 1.6 4.1 6.4 2.3 -4.2 21.4 -0.5 0.6 -0.6 9.8 18

19 Small time and savings 11.6 12.3 13.2 23.1 13.2 31.5 28.9 12.2 23.6 22.1 -5.2 19

20 Large time 1.7 2.4 2.9 4.1 3.1 2.3 5.9 4.2 4.2 4.2 -0.2 20

21 Other loans and advances -0.1 0.1 0.1 0.6 2.2 1.0 0.4 1.5 1.4 2.8 3.3 21

22 Miscellaneous liabilities -1.9 0.0 0.1 0.5 0.5 -1.1 -0.6 1.1 -2.0 -0.6 3.4 22

23 Discrepancy 0.1 0.9 -0.5 -0.5 0.1 -1.4 0.3 0.2 0.8 -1.1 0.3 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 5.3 -10.7 -51.1 -47.8 -30.8 -50.9 -48.6 -31.9 -25.5 -33.9 -31.7 1

 2 Deposits 3.3 6.4 -2.9 6.2 3.5 6.2 6.2 -0.1 2.9 4.9 6.5 2

 3 Checkable deposits and currency 0.1 0.3 0.0 -0.5 0.1 -0.5 -0.5 0.0 0.1 0.1 0.3 3

 4 Time and savings deposits -0.5 -1.6 1.0 -2.1 1.1 -2.1 -2.1 0.7 0.8 0.8 1.9 4

 5 Money market fund shares 3.7 7.8 -4.0 8.8 2.3 8.8 8.8 -0.8 2.0 4.0 4.2 5

 6 Credit market instruments -8.3 -7.7 -25.0 -12.8 -8.4 -16.0 -13.5 -7.6 -8.4 -8.6 -9.1 6

 7 Open market paper 0.7 -2.6 -0.2 -4.5 -0.4 -4.5 -4.5 -0.4 -0.4 -0.2 -0.8 7

 8 U.S. government securities -1.2 0.5 -10.1 -4.4 -5.6 -7.6 -5.1 -4.0 -5.2 -6.4 -6.8 8

 9 Treasury -1.1 0.8 -5.8 -2.9 -4.7 -6.1 -3.6 -3.2 -4.0 -5.6 -5.9 9

10 Agency -0.1 -0.3 -4.3 -1.5 -0.9 -1.5 -1.5 -0.8 -1.2 -0.8 -0.9 10

11 Municipal securities -5.9 -4.3 -13.3 -1.1 -1.1 -1.1 -1.1 -1.6 -1.2 -0.8 -0.7 11

12 Corporate and foreign bonds -1.7 -1.7 -0.8 -2.6 -1.3 -2.6 -2.6 -1.6 -1.6 -1.2 -0.9 12

13 Mortgages -0.1 0.3 -0.6 -0.2 -0.0 -0.2 -0.2 -0.0 -0.0 -0.0 0.0 13

14 Corporate equities 1.6 -17.3 -14.5 -59.0 -35.9 -59.0 -59.0 -32.0 -30.4 -42.0 -39.0 14

15 Mutual fund shares 9.5 3.9 -7.2 9.4 8.7 9.4 9.2 8.0 8.4 9.2 9.0 15

16 Miscellaneous assets -0.9 3.9 -1.4 8.4 1.3 8.4 8.4 -0.2 2.0 2.6 0.9 16

17 Net increase in liabilities (2) 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 17

18 Discrepancy -1.3 2.1 -5.3 -0.2 -0.4 -0.2 -0.2 -0.1 -0.4 -0.4 -0.6 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, March 10, 2000

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 10.0 13.0 6.1 6.2 7.6 6.1 5.2 6.6 6.9 8.5 8.6 1

 2 Fixed nonresidential investment 27.1 26.0 31.1 35.0 37.6 34.9 36.1 36.5 36.8 38.4 38.7 2

 3 Net acquisition of financial assets 145.5 125.4 213.7 189.3 197.3 189.8 187.0 169.9 193.9 189.4 236.0 3

 4 Checkable deposits and currency -0.5 -0.9 3.8 -2.7 0.2 -1.6 4.0 -10.9 5.2 -0.3 6.9 4

 5 Money market fund shares 6.6 39.1 32.6 18.7 32.3 19.8 20.3 42.1 15.6 10.3 61.2 5

 6 Credit market instruments 100.0 69.6 104.8 76.9 72.6 65.6 86.0 82.2 84.0 52.9 71.3 6

 7 Open market paper -7.3 2.9 17.5 7.5 1.1 17.7 13.8 -24.2 -8.9 7.8 29.8 7

 8 U.S. government securities 9.8 -13.6 -1.4 -23.7 -9.3 -27.1 -27.0 -0.2 -7.9 -21.1 -8.0 8

 9 Treasury 1.0 -14.9 1.6 -14.1 -7.6 -15.0 -15.5 -1.9 -8.8 -13.6 -6.0 9

10 Agency 8.7 1.3 -3.0 -9.6 -1.7 -12.1 -11.4 1.7 0.9 -7.5 -2.0 10

11 Municipal securities -0.9 1.5 0.1 1.7 -0.2 1.5 1.6 1.8 -3.1 0.3 0.2 11

12 Corporate and foreign bonds 90.7 79.2 86.8 84.5 71.1 73.0 78.6 106.5 84.3 58.0 35.4 12

13 Policy loans 10.4 4.5 3.2 0.1 -4.1 2.0 -6.2 -17.7 -2.8 1.3 2.7 13

14 Mortgages -2.6 -5.0 -1.3 6.8 14.0 -1.5 25.1 15.9 22.3 6.6 11.1 14

15 Corporate equities 18.6 46.7 86.3 107.4 96.6 93.2 109.0 89.9 95.6 105.6 95.1 15

16 Mutual fund shares 13.5 2.4 -7.2 -28.2 -8.0 -28.2 -28.2 -8.0 -8.0 -8.0 -8.0 16

17 Miscellaneous assets 7.2 -31.4 -6.7 17.1 3.6 41.0 -4.2 -25.4 1.5 28.9 9.5 17

18 Net increase in liabilities 118.9 92.1 186.0 175.3 182.6 156.2 175.1 160.9 179.0 175.2 215.2 18

19 Corporate equity issues -3.6 -8.8 -4.0 -4.7 -5.1 -4.4 -13.2 -4.5 -3.2 -6.8 -6.0 19

20 Other loans and advances -0.1 1.1 0.2 0.7 0.7 1.6 1.8 3.3 3.0 1.1 -4.4 20

21 Life insurance reserves 44.8 43.8 57.6 52.0 49.9 51.7 57.1 40.2 56.9 41.2 61.2 21

22 Pension fund reserves (1) 61.0 43.9 98.3 91.3 113.6 89.5 93.5 101.6 114.8 110.4 127.4 22

23 Taxes payable 1.6 1.6 1.7 1.6 1.5 1.6 1.5 1.5 1.5 1.4 1.4 23

24 Miscellaneous liabilities 15.1 10.5 32.3 34.5 22.1 16.3 34.3 18.9 6.0 27.9 35.6 24

25 Discrepancy -43.7 -46.3 -52.6 -42.8 -44.7 -62.3 -42.7 -38.9 -44.9 -44.1 -50.9 25

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 3.2 1.6 4.0 -4.2 -4.7 -5.5 -5.5 -3.5 -4.6 -5.0 -5.5 1

 2 Fixed nonresidential investment 6.5 7.2 7.8 9.3 10.6 9.4 9.8 10.1 9.9 11.3 11.3 2

 3 Net acquisition of financial assets 37.0 16.2 36.4 29.9 -14.3 28.2 59.5 -2.3 -9.5 -7.9 -37.7 3

 4 Checkable deposits and currency -0.2 -0.9 0.3 0.2 -0.4 0.8 2.3 -3.2 0.8 -1.0 1.7 4

 5 Security RPs 8.1 -2.1 -0.2 7.6 -12.5 20.1 2.7 1.7 -41.5 7.4 -17.6 5

 6 Credit market instruments 21.5 22.5 25.2 20.4 -5.0 -7.7 67.6 -19.7 26.7 -14.4 -12.6 6

 7 U.S. government securities 2.8 -9.7 3.8 -15.3 -1.2 -23.1 -2.9 -2.3 7.2 -4.1 -5.3 7

 8 Treasury 0.5 -12.6 2.1 -18.0 -0.8 -22.0 -11.9 -1.1 3.7 -2.1 -3.7 8

 9 Agency 2.3 2.8 1.7 2.6 -0.4 -1.1 9.0 -1.2 3.5 -2.1 -1.7 9

10 Municipal securities 7.0 14.4 2.6 19.2 -1.9 8.6 37.7 -11.7 10.5 -5.7 -0.8 10

11 Corporate and foreign bonds 12.7 18.3 18.9 16.7 -1.9 7.8 32.2 -5.5 8.9 -4.8 -6.0 11

12 Commercial mortgages -1.0 -0.4 -0.2 -0.2 -0.1 -1.0 0.5 -0.2 0.1 0.2 -0.4 12

13 Corporate equities -0.6 -6.8 3.0 -5.2 -1.8 7.2 -12.6 2.8 -5.4 -5.8 1.3 13

14 Trade receivables 4.4 -0.1 2.7 1.6 2.2 2.6 -9.9 9.7 7.0 2.3 -10.4 14

15 Miscellaneous assets 3.8 3.6 5.4 5.3 3.2 5.1 9.3 6.3 3.0 3.6 -0.1 15

16 Net increase in liabilities 21.8 8.7 -2.1 18.8 10.9 7.0 34.5 -14.6 26.0 31.6 0.4 16

17 Corporate equity issues -2.2 -4.8 -13.7 -4.7 -8.4 -9.0 -10.2 -7.6 -9.8 -8.0 -8.0 17

18 Taxes payable 1.2 1.2 1.2 1.2 1.1 1.2 1.2 1.1 1.1 1.1 1.1 18

19 Miscellaneous liabilities 22.8 12.3 10.5 22.3 18.1 14.8 43.6 -8.1 34.7 38.5 7.3 19

20 Discrepancy -18.5 -13.1 -42.3 -24.6 9.9 -36.1 -40.4 -25.9 21.0 23.2 21.4 20
Z.1, March 10, 2000 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2

 3 Net acquisition of financial assets 90.6 87.2 88.6 96.3 108.9 89.9 114.6 88.4 108.6 95.0 143.5 3

 4 Checkable deposits and currency 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 0.1 -0.2 -0.3 -0.2 -0.3 4

 5 Time and savings deposits -9.4 -14.3 -13.2 0.2 2.9 12.1 -6.6 2.0 4.6 0.9 4.3 5

 6 Money market fund shares 6.0 5.2 5.0 10.7 30.2 30.9 4.7 26.8 -2.6 49.2 47.4 6

 7 Security RPs 5.5 2.5 1.9 8.2 2.2 19.3 0.9 11.4 -1.1 0.2 -1.6 7

 8 Credit market instruments 56.0 52.3 65.5 118.7 90.2 95.5 174.5 60.6 150.0 45.4 104.9 8

 9 Open market paper 6.1 3.5 2.2 10.3 13.4 21.7 5.8 11.8 10.5 11.5 19.7 9

10 U.S. government securities 42.9 25.7 33.1 59.2 39.7 36.7 98.8 20.1 78.0 12.4 48.3 10

11 Treasury 18.7 12.6 15.0 13.9 14.7 13.5 39.6 7.6 26.7 6.5 18.2 11

12 Agency 24.2 13.1 18.1 45.3 25.0 23.2 59.2 12.4 51.4 5.9 30.1 12

13 Municipal securities 0.1 0.1 0.1 0.2 0.1 0.0 0.3 0.1 0.2 0.0 0.1 13

14 Corporate and foreign bonds 5.6 21.2 27.7 45.4 34.6 34.9 63.9 27.2 56.5 20.5 34.2 14

15 Mortgages 1.4 1.8 2.4 3.7 2.5 2.2 5.7 1.5 4.8 1.0 2.5 15

16 Corporate equities 5.9 -9.6 -16.1 -52.7 -80.3 -74.3 -47.7 -56.2 -77.3 -46.4 -141.4 16

17 Mutual fund shares 18.6 41.1 36.2 31.2 30.8 0.7 28.4 34.4 31.3 27.6 29.7 17

18 Miscellaneous assets 7.2 10.1 9.4 -19.8 33.1 5.9 -39.5 9.5 4.0 18.2 100.6 18

19 Unallocated insurance contracts (2) -0.7 -2.5 -4.3 -1.3 -3.8 15.5 -12.9 -6.4 -6.2 8.8 -11.3 19

20 Contributions receivable 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 4.3 8.8 10.0 -22.3 33.0 -13.4 -30.5 12.1 6.4 5.5 108.1 21

22 Pension fund reserves (liabilities) (3) 90.8 87.5 89.0 96.7 109.3 90.3 115.0 88.9 109.0 95.4 144.0 22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1

 2 Fixed nonresidential investment 1.2 1.4 1.6 1.7 1.8 1.7 1.7 1.7 1.7 1.8 1.8 2

 3 Net acquisition of financial assets 62.1 59.9 75.6 60.4 57.4 55.1 56.9 58.3 60.6 55.6 55.2 3

 4 Checkable deposits and currency -2.5 3.3 -2.2 4.7 -0.4 0.6 8.9 -9.5 7.4 -8.3 8.7 4

 5 Time and savings deposits 2.0 -2.2 0.1 -0.4 2.7 0.4 1.1 0.7 -2.1 0.6 11.4 5

 6 Security RPs 3.7 -3.3 0.4 8.9 -0.3 9.9 -3.1 14.0 -0.5 -2.4 -12.2 6

 7 Credit market instruments 33.6 37.3 63.8 66.0 47.8 68.7 49.5 76.5 27.3 38.4 49.1 7

 8 Open market paper 3.7 -3.3 0.4 8.9 7.6 9.9 -3.1 14.0 -0.5 -2.4 19.1 8

 9 U.S. government securities 22.9 17.3 31.8 19.9 13.4 12.8 31.3 30.8 23.8 -12.8 11.9 9

10 Treasury -0.4 11.8 13.4 0.8 -5.4 -14.3 26.2 2.7 16.5 -24.2 -16.7 10

11 Agency 23.2 5.5 18.4 19.1 18.8 27.1 5.1 28.0 7.3 11.4 28.6 11

12 Municipal securities 0.7 -1.4 0.6 1.2 0.2 3.4 0.4 1.1 -1.2 0.8 0.0 12

13 Corporate and foreign bonds 5.6 23.8 30.1 35.1 25.6 41.6 19.9 29.5 4.1 51.7 16.9 13

14 Mortgages 0.7 0.8 0.9 1.0 1.1 1.0 1.0 1.0 1.1 1.1 1.1 14

15 Corporate equities 65.3 88.1 100.7 88.0 93.4 79.7 50.3 92.5 101.4 131.7 48.0 15

16 Miscellaneous assets -39.9 -63.2 -87.3 -106.7 -85.8 -104.2 -49.8 -116.0 -72.9 -104.5 -49.8 16

17 Pension fund reserves (liabilities) (1) 62.5 60.5 76.4 61.2 58.3 55.9 57.7 59.1 61.4 56.4 56.0 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, March 10, 2000

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 142.3 145.8 157.6 285.5 250.6 367.9 313.1 204.9 100.5 180.3 516.7 1

 2 Foreign deposits 4.0 3.4 0.1 7.4 12.2 29.4 5.7 41.6 17.6 34.7 -45.0 2

 3 Checkable deposits and currency -1.0 2.4 2.6 -2.6 -1.2 -7.4 3.7 -20.1 17.2 -22.2 20.4 3

 4 Time and savings deposits 20.9 30.4 28.6 15.7 33.3 49.3 30.9 51.1 -9.1 0.8 90.5 4

 5 Security RPs 19.0 16.0 22.8 12.9 0.1 64.8 -69.5 -34.8 24.1 -8.2 19.3 5

 6 Credit market instruments 86.5 88.8 87.5 244.0 182.0 255.5 353.1 227.6 -92.6 232.1 360.8 6

 7 Open market paper 48.4 38.4 62.1 78.2 104.7 55.5 72.1 202.1 -38.1 124.1 130.8 7

 8 U.S. government securities 17.5 31.3 -9.5 95.0 17.3 116.4 254.3 -15.4 -90.4 34.4 140.4 8

 9 Treasury 3.8 20.3 -4.0 17.5 0.1 3.8 45.4 32.3 -69.9 22.2 15.9 9

10 Agency 13.7 11.0 -5.5 77.5 17.1 112.6 208.9 -47.7 -20.4 12.1 124.5 10

11 Municipal securities 14.3 16.8 22.5 26.0 17.5 33.0 25.7 14.0 3.8 7.8 44.3 11

12 Corporate and foreign bonds 6.4 2.4 12.5 44.8 42.5 50.7 1.0 26.8 32.0 65.9 45.3 12

13 Miscellaneous assets 12.8 4.8 16.0 7.9 24.2 -23.7 -10.8 -60.4 143.3 -56.9 70.6 13

14 Net share issues (liabilities) 142.3 145.8 157.6 285.5 250.6 367.9 313.1 204.9 100.5 180.3 516.7 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 9.3 5.6 7.3 10.5 11.0 10.8 11.6 11.0 11.0 11.0 11.0 1

 2 Net acquisition of financial assets 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 2

 3 Security RPs 7.1 -2.7 10.3 10.4 4.0 53.4 -48.3 5.8 3.9 4.9 1.5 3

 4 Credit market instruments 52.5 48.9 80.9 124.8 51.2 92.9 103.5 103.0 121.0 -20.2 1.1 4

 5 Open market paper 7.1 -3.1 10.6 10.4 4.0 39.1 -24.8 9.0 -8.0 -11.1 26.1 5

 6 U.S. government securities 18.9 15.1 19.5 26.1 19.0 17.6 19.9 33.4 65.5 -22.4 -0.5 6

 7 Treasury 11.2 8.9 11.0 5.2 8.3 -2.7 10.2 17.1 31.9 -15.7 -0.3 7

 8 Agency 7.7 6.2 8.4 21.0 10.7 20.3 9.7 16.3 33.5 -6.8 -0.3 8

 9 Municipal securities 3.2 3.1 6.5 22.8 -1.1 11.5 33.9 20.4 12.9 -10.8 -26.9 9

10 Corporate and foreign bonds 23.3 33.8 44.4 65.5 29.3 24.7 74.5 40.2 50.6 24.1 2.4 10

11 Corporate equities 87.4 193.0 166.8 143.3 136.9 20.5 164.3 115.5 114.6 145.2 172.1 11

12 Miscellaneous assets 0.5 -1.7 7.1 -3.9 -0.8 6.6 5.3 29.0 -31.3 -3.1 2.2 12

13 Net share issues (liabilities) 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 13

14 Discrepancy 9.3 5.6 7.3 10.5 11.0 10.8 11.6 11.0 11.0 11.0 11.0 14

 Memo:

15 Capital gains dividends 54.6 101.1 183.2 165.0 214.3 155.2 289.0 111.0 146.7 180.2 419.4 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 5.9 3.2 -8.3 -10.6 -9.2 -10.6 -10.6 -9.6 -9.6 -8.9 -8.6 1

 2 Credit market instruments 10.5 4.7 -2.9 4.5 4.3 4.5 4.5 4.4 4.4 4.3 4.3 2

 3 U.S. government securities -1.5 0.2 -1.3 -0.9 -0.8 -0.9 -0.9 -0.8 -0.8 -0.7 -0.7 3

 4 Municipal securities 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 4

 5 Corporate and foreign bonds 5.8 2.4 -0.7 4.6 4.3 4.6 4.6 4.4 4.4 4.2 4.2 5

 6 Corporate equities -4.6 -1.5 -5.4 -15.1 -13.5 -15.1 -15.1 -14.0 -14.0 -13.2 -12.8 6

 7 Net share issues (liabilities) 5.9 3.2 -8.3 -10.6 -9.2 -10.6 -10.6 -9.6 -9.6 -8.9 -8.6 7
Z.1, March 10, 2000 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.8 1.8 2.0 2.2 2.4 2.3 2.2 2.2 2.3 2.4 2.7 1

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

 3 Net acquisition of financial assets 115.1 91.7 110.8 304.9 315.7 307.7 550.7 169.8 290.1 399.0 403.9 3

 4 Checkable deposits and currency 0.2 -0.8 1.2 2.5 7.0 0.7 9.4 -6.5 -2.4 2.0 35.2 4

 5 Federal funds and security RPs 20.5 -11.8 -4.1 -13.4 7.8 -3.7 -8.4 -26.3 -8.7 5.9 60.1 5

 6 Credit market instruments 86.7 84.2 94.3 260.8 242.1 264.7 429.5 157.2 259.2 287.5 264.6 6

 7 Open market paper -0.8 9.6 -1.1 26.9 -22.7 6.5 25.8 -103.0 -11.0 6.0 17.1 7

 8 U.S. government securities 63.4 46.7 69.1 132.5 156.2 146.5 207.7 228.4 158.8 119.4 118.2 8

 9 Treasury 6.1 -12.9 7.1 -0.7 10.6 15.7 24.5 18.7 -10.0 3.4 30.2 9

10 Agency 57.4 59.6 62.0 133.2 145.6 130.7 183.1 209.6 168.8 116.0 88.0 10

11 Municipal securities 1.0 -0.3 -0.8 1.3 0.3 7.8 -4.7 -6.0 3.0 -0.5 4.8 11

12 Corporate and foreign bonds 5.5 5.6 0.3 0.5 -2.0 9.1 -0.0 4.6 -15.6 -6.5 9.6 12

13 Other loans and advances 11.2 28.8 31.2 92.3 114.1 93.7 179.1 49.6 124.1 166.1 116.5 13

14 Sallie Mae 0.9 -1.7 -5.3 -1.4 5.1 4.6 6.2 7.2 5.0 15.9 -7.6 14

15 Farm Credit System 3.9 1.4 0 3.3 1.4 6.9 2.8 0.2 -0.0 3.0 2.3 15

16 FHLB loans 6.4 29.1 36.4 90.4 107.6 82.3 170.1 42.2 119.1 147.1 121.8 16

17 Mortgages 6.4 -6.1 -4.5 7.3 -3.8 1.1 21.7 -16.5 -0.2 3.0 -1.5 17

18 Home 5.9 -6.7 -4.2 4.4 -11.1 -2.5 13.7 -22.0 -10.3 -6.3 -5.8 18

19 Multifamily residential 0.6 -0.5 -1.2 0.8 5.7 1.1 4.3 4.9 8.1 7.2 2.7 19

20 Farm -0.1 1.1 1.0 2.2 1.6 2.5 3.7 0.5 2.0 2.1 1.6 20

21 Miscellaneous assets 7.7 20.0 19.4 55.1 58.8 46.0 120.2 45.5 42.0 103.6 44.0 21

22 Net increase in liabilities 111.8 90.7 106.2 298.6 312.2 301.0 534.1 167.0 291.4 392.7 397.7 22

23 Credit market instruments 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 23

24 GSE issues (2) 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 24

25 U.S. government loans 0 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities 5.8 0.3 7.8 20.3 -6.0 6.9 23.7 -25.9 -13.3 -14.4 29.8 26

27 Discrepancy -1.9 0.4 -3.1 -4.6 -1.6 -4.9 -14.9 -1.0 3.1 -4.4 -4.0 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 1

 2 Home mortgages 93.7 135.5 109.2 182.1 264.6 245.0 148.1 389.7 265.9 237.5 165.3 2

 3 Multifamily residential mortgages 4.5 5.6 5.3 10.5 9.2 16.7 14.7 9.5 8.3 8.4 10.7 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 -0.0 0 4

 5 Net increase in pool securities (liabilities)(2) 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, March 10, 2000

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.3 0.7 0.9 1.2 1.2 1.4 1.3 1.2 1.3 1.2 1.2 1

 2 Fixed nonresidential investment 1.6 6.0 3.1 3.0 -1.7 14.6 -4.8 -1.2 -1.6 -1.9 -2.1 2

 3 Net acquisition of financial assets 141.1 148.6 198.6 314.5 240.5 281.1 341.8 301.8 312.1 230.5 117.5 3

 4 Agency securities (1) 23.0 4.7 3.7 38.0 45.1 47.8 70.5 71.5 68.6 42.6 -2.4 4

 5 Other loans and advances 6.9 13.3 32.2 27.6 18.6 13.6 55.5 17.9 24.6 8.6 23.1 5

 6 Student loans 1.0 5.3 7.8 3.8 0.1 -2.4 -2.0 -2.4 1.2 1.2 0.4 6

 7 Loans to business 5.9 8.1 24.4 23.8 18.5 16.0 57.5 20.3 23.4 7.4 22.7 7

 8 Mortgages (2) 25.1 51.4 79.1 151.7 93.1 142.6 149.2 133.2 98.3 70.4 70.5 8

 9 Home 18.4 34.9 53.0 91.1 51.9 111.8 74.8 79.6 69.2 28.9 30.1 9

10 Multifamily residential 1.7 3.9 4.0 12.0 7.6 7.8 10.6 11.0 6.6 6.2 6.6 10

11 Commercial 5.0 12.6 22.1 48.6 33.6 23.0 63.8 42.6 22.5 35.4 33.8 11

12 Consumer credit 65.6 54.2 47.2 59.4 62.6 44.8 37.6 59.2 100.9 97.2 -6.8 12

13 Trade credit 20.5 25.0 36.3 37.9 21.1 32.4 29.0 20.0 19.7 11.7 33.0 13

14 Net increase in liabilities 142.4 153.9 200.7 316.3 237.6 294.2 335.7 299.4 309.2 227.4 114.3 14

15 Commercial paper 37.3 45.4 89.4 125.7 139.0 129.0 121.4 91.8 136.9 155.1 172.2 15

16 Corporate bonds 105.1 108.5 111.4 190.7 98.6 165.2 214.3 207.6 172.3 72.3 -58.0 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 1.3 5.3 2.1 1.8 -2.9 13.1 -6.1 -2.4 -2.9 -3.1 -3.3 18

19 REIT assets (4) -1.3 -0.3 3.7 2.9 -1.5 2.2 -1.2 -1.9 -1.8 -0.8 -1.7 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 19.9 23.9 25.7 26.3 27.8 27.2 26.6 27.2 27.3 28.6 28.1 1

 2 Fixed nonresidential investment 21.5 20.2 24.2 27.7 35.1 16.1 36.4 33.4 34.5 36.1 36.4 2

 3 Net acquisition of financial assets 72.7 42.2 52.8 70.2 128.6 -14.4 144.9 184.4 92.6 82.2 155.0 3

 4 Checkable deposits and currency 1.7 1.9 2.1 2.3 2.5 2.3 2.3 2.4 2.4 2.5 2.5 4

 5 Credit market instruments 49.9 18.4 21.9 51.9 95.8 79.5 75.3 92.2 79.6 94.7 116.9 5

 6 Other loans and advances 26.7 7.9 9.0 29.0 58.6 29.4 26.7 56.5 41.9 66.3 69.8 6

 7 Mortgages 5.6 10.2 5.3 14.4 24.1 32.7 18.5 29.2 14.0 33.1 20.2 7

 8 Consumer credit 17.7 0.3 7.6 8.5 13.1 17.4 30.1 6.5 23.7 -4.7 26.9 8

 9 Miscellaneous assets 21.0 22.0 28.9 16.1 30.3 -96.2 67.3 89.8 10.5 -15.0 35.6 9

10 Net increase in liabilities 72.7 49.8 46.6 61.6 118.6 -3.0 100.8 140.4 105.6 37.2 191.3 10

11 Credit market instruments 50.2 45.9 48.7 43.0 56.3 -12.0 17.8 71.2 88.4 -22.6 88.2 11

12 Open market paper -2.9 9.0 23.9 30.0 -7.6 22.0 7.3 -34.7 21.9 -82.7 65.0 12

13 Corporate bonds 52.6 32.5 20.3 10.9 55.1 -44.6 8.6 107.9 65.4 52.4 -5.4 13

14 Bank loans n.e.c. 0.5 4.4 4.4 2.1 8.8 10.6 1.8 -2.0 1.0 7.6 28.6 14

15 Taxes payable 0.7 0.8 0.8 0.8 0.7 0.8 0.7 0.7 0.7 0.7 0.7 15

16 Miscellaneous liabilities 21.8 3.2 -2.8 17.8 61.6 8.2 82.3 68.5 16.5 59.1 102.4 16

17 Foreign direct investment in U.S. 2.8 5.1 6.8 5.0 17.1 -11.2 13.9 -5.6 20.5 12.6 40.8 17

18 Investment by parent 9.3 9.3 4.3 -2.9 44.0 -7.1 14.1 11.4 3.2 76.3 85.1 18

19 Other 9.8 -11.2 -14.0 15.7 0.6 26.6 54.3 62.7 -7.1 -29.8 -23.5 19

20 Discrepancy -1.6 11.4 -4.8 -10.0 -17.2 22.4 -53.9 -50.2 5.8 -52.5 28.0 20

 Memo:

21 Consumer leases not included above (2) 13.4 11.7 4.3 -3.5 5.0 -8.6 -6.2 2.5 6.8 9.8 0.7 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 10, 2000 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -3.4 8.2 -9.1 3.2 0.3 4.5 6.0 -9.1 10.2 -12.1 12.3 1

 2 Home mortgages -4.5 8.2 -10.2 3.1 0.3 4.0 6.0 -9.2 10.0 -12.0 12.3 2

 3 Multifamily residential mortgages 1.1 -0.1 1.0 0.1 0.0 0.5 0 0.0 0.2 -0.1 0 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -3.4 8.2 -9.1 3.2 0.3 4.5 6.0 -9.1 10.2 -12.1 12.3 5

 6 Bank loans n.e.c. -2.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 6

 7 Investment by parent -1.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 3.0 4.1 7.0 9.1 10.4 10.4 10.1 9.7 10.5 10.5 10.9 1

 2 Fixed nonresidential investment 7.0 17.8 52.0 64.7 11.5 76.9 47.1 36.2 -21.6 14.2 17.2 2

 3 Multifamily residential investment 2.7 4.4 11.3 11.4 2.0 13.6 8.3 6.4 -3.8 2.5 3.0 3

 4 Net acquisition of financial assets 2.3 4.9 26.1 6.4 -3.5 -9.4 -39.8 1.8 -7.0 -1.8 -6.9 4

 5 Checkable deposits and currency 0 2.2 1.1 0.8 0.2 -4.0 0.9 -1.3 -0.2 2.6 -0.4 5

 6 Credit market instruments 1.4 4.4 20.2 -5.1 -2.6 -11.3 -40.8 1.7 -2.2 -2.7 -7.3 6

 7 Agency securities -0.2 3.2 9.0 -8.1 1.2 -11.0 -20.7 7.2 -0.2 -1.1 -1.1 7

 8 Corporate and foreign bonds 0.8 1.4 2.1 -0.4 -0.9 -3.0 -6.4 -1.9 -0.2 -1.2 -0.4 8

 9 Mortgages 0.8 -0.3 9.1 3.4 -2.9 2.8 -13.7 -3.6 -1.9 -0.4 -5.8 9

10 Home 1.9 1.1 6.0 0.8 -2.6 -1.1 -12.9 -5.9 -1.3 0.5 -3.8 10

11 Multifamily residential -0.6 -0.4 0.9 0.1 -0.3 0.6 -1.0 -0.4 -0.4 -0.4 -0.1 11

12 Commercial -0.5 -1.0 2.2 2.5 0.0 3.2 0.2 2.7 -0.2 -0.5 -1.9 12

13 Miscellaneous assets 1.0 -1.7 4.9 10.7 -1.0 5.8 0.2 1.4 -4.5 -1.7 0.8 13

14 Net increase in liabilities 15.8 29.5 92.2 86.4 18.6 85.3 23.4 42.7 -18.0 31.2 18.8 14

15 Security RPs 1.2 2.8 11.2 -9.8 0.3 -13.0 -38.9 4.0 0.7 -2.2 -1.3 15

16 Credit market instruments 4.5 11.9 39.6 62.7 7.9 79.3 44.0 25.6 -19.7 7.9 17.7 16

17 Open market paper -0.0 0.0 0.0 0.2 -0.0 0.7 0.0 0.0 -0.0 -0.1 0 17

18 Corporate bonds 0.2 1.3 14.8 21.7 5.9 9.9 12.9 25.0 -6.2 3.2 1.4 18

19 Bank loans n.e.c. -1.0 2.7 9.9 16.0 -7.0 29.0 0.5 -19.5 -1.3 -4.5 -2.5 19

20 Mortgages 5.3 7.9 14.9 24.8 9.0 39.6 30.6 20.1 -12.3 9.4 18.8 20

21 Corporate equity issues 8.7 12.3 32.5 19.8 6.5 7.0 9.0 5.8 6.2 12.6 1.3 21

22 Miscellaneous liabilities 1.4 2.5 8.8 13.6 4.0 12.0 9.3 7.2 -5.2 12.9 1.1 22

23 Discrepancy 6.7 6.6 9.7 12.8 19.0 14.7 18.0 8.0 24.9 26.7 16.2 23

 Memo:

24 Securitized assets included above -1.3 -0.3 3.7 2.9 -1.5 2.2 -1.2 -1.9 -1.8 -0.8 -1.7 24

25 Agency securities -2.3 0.3 0.4 0.1 -1.3 2.2 -1.8 -2.2 -1.5 -1.0 -0.5 25

26 Home mortgages 0.9 -0.8 3.1 1.8 -0.2 -2.1 1.9 -0.6 -0.1 0.5 -0.8 26

27 Multifamily residential mortgages 0 0.3 0.2 0.4 -0.0 0.5 -0.3 0.5 -0.2 -0.2 -0.2 27

28 Commercial mortgages 0 0 0.0 0.6 0.0 1.6 -1.0 0.5 -0.1 -0.1 -0.2 28
36 Z.1, March 10, 2000

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -0.6 0.8 3.4 5.8 6.0 4.6 5.6 5.5 5.6 6.3 6.7 1

 2 Fixed nonresidential investment 3.5 4.1 4.6 5.5 6.4 5.6 5.9 6.0 5.9 6.8 6.8 2

 3 Net acquisition of financial assets 113.4 68.2 142.8 142.0 78.1 290.5 -274.1 -109.3 103.2 6.7 311.7 3

 4 Checkable deposits and currency 1.7 1.9 6.0 3.7 3.0 14.8 -2.2 -3.7 13.1 -3.7 6.0 4

 5 Credit market instruments 90.1 -15.7 14.9 6.8 -31.7 146.0 -226.1 88.0 -193.7 16.3 -37.4 5

 6 Open market paper 10.9 1.6 0.6 3.8 -0.4 20.5 -21.5 3.2 -0.2 2.2 -6.7 6

 7 U.S. government securities 70.0 -29.9 2.7 21.7 -44.3 167.9 -131.6 57.3 -220.2 38.5 -52.6 7

 8 Treasury 61.0 -31.1 7.5 21.2 -59.3 269.5 -89.1 129.5 -227.6 -51.7 -87.4 8

 9 Agency 9.0 1.2 -4.8 0.5 15.0 -101.7 -42.4 -72.2 7.4 90.1 34.8 9

10 Municipal securities -2.7 -1.9 2.4 -0.1 -1.1 -2.4 -6.2 -3.1 7.9 -6.0 -3.2 10

11 Corporate and foreign bonds 12.0 14.5 9.2 -18.6 14.0 -40.0 -66.8 30.7 18.8 -18.4 25.1 11

12 Corporate equities 7.7 -1.9 2.4 -6.0 7.4 -10.7 -44.5 23.9 16.9 -33.9 22.7 12

13 Security credit 3.5 15.8 36.8 21.6 69.7 -9.8 14.8 31.6 95.3 5.7 146.1 13

14 Miscellaneous assets 10.3 68.2 82.8 115.9 29.8 150.3 -16.1 -249.0 171.6 22.3 174.3 14

15 Net increase in liabilities 117.4 71.4 143.9 142.1 78.6 292.2 -273.5 -109.3 103.6 7.7 312.3 15

16 Security RPs (net) 79.0 -1.5 22.7 4.5 39.1 125.1 -191.5 86.6 -63.2 -37.1 170.3 16

17 Corporate bonds -5.0 -2.0 8.1 7.2 -17.2 -2.6 12.4 -31.1 -17.4 16.9 -37.3 17

18 Corporate equity issues -8.1 -6.5 -5.9 2.5 7.0 27.1 -16.3 -1.7 15.5 25.0 -10.9 18

19 Trade payables 1.1 4.0 5.7 -1.0 11.8 3.7 -11.4 2.0 49.4 -7.0 2.9 19

20 Security credit 23.1 36.6 74.2 81.7 23.8 159.4 -40.6 -98.2 44.5 23.8 125.1 20

21 Customer credit balances (HH) 18.6 35.3 52.6 61.2 41.9 117.9 -4.6 -57.4 41.1 50.5 133.5 21

22 From banks 4.6 1.3 21.7 20.5 -18.1 41.5 -35.9 -40.8 3.5 -26.7 -8.4 22

23 Taxes payable -0.1 0.1 0.1 -0.1 0.9 -1.2 1.9 0.1 0.4 0.4 2.8 23

24 Miscellaneous liabilities 12.6 28.4 21.8 43.8 5.8 12.2 -51.3 -79.9 65.6 5.5 31.9 24

25 Foreign direct investment in U.S. 1.5 1.3 0.4 0.7 0.8 0.6 0.1 -0.0 0.9 0.7 1.4 25

26 Due to affiliates 22.5 42.9 66.0 84.3 60.0 56.1 56.6 224.4 101.3 -54.3 -31.6 26

27 Other -11.4 -15.8 -44.7 -41.2 -55.0 -44.4 -107.9 -304.3 -36.6 59.0 62.0 27

28 Proprietors’ net investment 14.7 12.4 17.4 3.5 7.3 -31.5 23.3 12.9 8.7 -19.8 27.4 28

29 Discrepancy -0.1 -0.1 -0.2 0.3 0.1 0.6 0.4 -0.5 0.1 0.5 0.5 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 5.7 106.5 119.3 115.3 191.5 76.3 100.7 205.8 179.3 111.1 269.8 1

 2 Money market fund shares 2.4 27.3 10.4 57.9 48.9 61.6 68.4 35.4 28.7 18.9 112.6 2

 3 Credit market instruments -21.2 14.0 55.6 5.0 74.6 -61.4 9.4 21.5 104.4 32.4 140.0 3

 4 Open market paper -30.9 1.2 51.6 0.5 79.4 -71.2 15.0 22.9 84.6 17.8 192.3 4

 5 Corporate and foreign bonds 9.8 12.8 4.1 4.5 -4.8 9.8 -5.6 -1.4 19.8 14.6 -52.3 5

 6 Miscellaneous assets (2) 24.5 65.2 53.3 52.5 68.0 76.1 22.9 148.9 46.1 59.8 17.2 6

 7 Investment in foreign banking offices 6.7 13.7 14.3 11.8 2.5 40.7 4.4 -3.1 -5.3 56.0 -37.8 7

 8 Investment in brokers and dealers 17.8 51.5 38.9 40.8 65.5 35.4 18.6 152.0 51.4 3.8 55.0 8

 9 Net increase in liabilities 5.7 106.5 119.3 115.3 191.5 76.3 100.7 205.8 179.3 111.1 269.8 9

10 Credit market instruments 34.9 64.1 80.7 40.7 96.1 11.2 40.9 166.5 -63.8 31.2 250.5 10

11 Open market paper 10.5 34.9 50.1 6.7 38.7 -17.8 30.4 22.4 -107.3 35.9 203.9 11

12 Corporate bonds 24.4 29.2 30.6 34.0 57.4 29.0 10.5 144.2 43.4 -4.7 46.6 12

13 Miscellaneous liabilities -29.2 42.4 38.7 74.6 95.4 65.1 59.8 39.3 243.1 79.9 19.3 13

14 Foreign direct investment in U.S. -10.4 1.1 -27.4 11.8 -28.1 64.9 -18.0 -17.6 110.0 28.6 -233.3 14

15 Securities loaned (net) -5.5 59.9 57.2 70.0 19.3 140.3 -57.5 -173.2 107.8 53.0 89.8 15

16 Other -13.3 -18.6 8.8 -7.1 104.1 -140.0 135.3 230.2 25.3 -1.7 162.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, March 10, 2000 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 9.6 -6.7 1.0 6.8 -8.4 8.1 9.5 -16.3 -4.6 -7.8 -4.8 1

 2 U.S. gold stock and SDRs 0.8 -0.4 0.4 0.1 -0.0 -0.8 0.9 -2.3 0.8 0.7 0.7 2

 3 Federal govt.: Exchange Stab. Fund 0.8 -0.4 0.4 0.1 -0.0 -0.7 0.9 -2.3 0.8 0.7 0.7 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 4

 5 U.S. foreign exchange position 8.8 -6.3 0.7 6.6 -8.4 8.9 8.6 -14.0 -5.4 -8.5 -5.5 5

 6 Official foreign currency holdings 6.3 -7.6 -2.9 1.5 -2.9 0.5 0.9 -14.0 0.3 0.5 1.7 6

 7 Treasury 3.2 -3.8 -1.5 0.8 -1.4 0.3 0.4 -7.0 0.1 0.3 0.9 7

 8 Monetary authority 3.2 -3.8 -1.5 0.8 -1.4 0.3 0.4 -7.0 0.1 0.3 0.9 8

 9 Net IMF position 2.5 1.3 3.6 5.1 -5.5 8.3 7.7 -0.0 -5.7 -9.1 -7.2 9

10 Federal government 2.5 1.3 3.6 5.1 -5.5 8.3 7.7 -0.0 -5.7 -9.1 -7.2 10

11 Monetary authority 0.0 0.0 0.0 0 0 0 0 0 0 0 0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 2.2 -0.5 -0.5 0 -3.0 0 0 -4.0 0 -4.0 -4.0 1

 2 Asset: Monetary authority 2.2 -0.5 -0.5 0 -3.0 0 0 -4.0 0 -4.0 -4.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 0.1 -0.0 -0.0 -0.0 1.7 -2.3 0 2.1 2.0 -4.1 3

 4 Asset: Monetary authority 1.0 1.0 0.6 0.7 1.7 0.6 1.1 1.5 1.5 1.8 2.2 4

 5 Discrepancy (seigniorage) -0.5 -0.9 -0.6 -0.7 -1.7 1.1 -3.4 -1.5 0.6 0.2 -6.3 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 35.3 85.9 106.8 -0.2 58.7 84.9 -131.9 127.7 99.3 63.6 -55.9 1

 Held by:

 2 Household sector 4.6 12.4 6.3 -0.3 3.5 -8.5 2.9 8.2 6.4 4.1 -4.6 2

 3 Nonfinancial corporate business 1.6 10.5 -6.3 0.8 -2.0 -5.9 15.9 15.2 -8.1 4.9 -19.9 3

 4 Money market mutual funds 4.0 3.4 0.1 7.4 12.2 29.4 5.7 41.6 17.6 34.7 -45.0 4

 5 Discrepancy--unallocated assets 25.1 59.6 106.8 -8.1 44.9 69.9 -156.5 62.7 83.5 19.9 13.6 5
38 Z.1, March 10, 2000

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 10.0 -51.6 -19.7 -32.3 12.1 44.7 -118.9 49.5 90.6 -36.0 -55.4 1

 2 Monetary authority 1.3 -0.5 6.1 -7.5 22.2 14.2 -32.4 20.6 3.0 0.9 64.2 2

 3 Depository institution reserves -1.2 -5.1 6.3 -4.5 -2.3 13.9 -19.8 2.5 -2.0 3.9 -13.4 3

 4 Vault cash 2.4 4.6 -0.2 -2.9 24.5 0.3 -12.5 18.1 5.0 -2.9 77.6 4

 5 Commercial banking 8.7 -51.2 -25.8 -24.8 -10.0 30.5 -86.5 28.9 87.6 -37.0 -119.7 5

 6 To monetary authority 0.7 4.1 -1.6 -1.1 -1.7 -10.2 7.3 -9.2 4.5 0.2 -2.2 6

 7 To banks in foreign countries 11.1 -52.0 -4.3 -27.1 -9.1 18.5 -41.0 -20.6 84.8 -36.3 -64.3 7

 8 Liabilities, net 10.7 -46.8 -4.2 -32.1 -10.4 8.7 -33.1 -23.6 86.0 -36.0 -68.0 8

 9 U.S.-chartered commercial banks -2.7 -31.1 13.6 23.0 40.1 112.6 -60.7 21.8 90.5 8.6 39.4 9

10 Due to foreign affiliates -14.7 -1.9 46.3 23.6 38.3 34.1 49.4 -15.4 57.7 7.8 103.2 10

11 - Due from foreign affiliates -12.0 29.2 32.7 0.5 -1.8 -78.5 110.2 -37.2 -32.8 -0.9 63.8 11

12 Foreign banking offices in U.S. 17.3 -11.5 -18.5 -55.7 -46.2 -113.7 42.5 -58.0 -31.9 -39.9 -55.1 12

13 Due to foreign affiliates 15.5 10.6 -10.7 33.3 8.4 12.2 32.5 -18.0 59.5 -44.2 36.2 13

14 - Due from foreign affiliates -1.7 22.1 7.8 89.0 54.6 125.9 -9.9 40.0 91.4 -4.3 91.3 14

15 Bank holding companies -3.8 -4.1 0.8 0.6 -4.3 9.8 -14.8 12.5 27.4 -4.7 -52.3 15

16 Due to foreign affiliates -1.1 -0.2 0.3 -0.1 5.5 1.5 -3.0 -0.4 18.5 1.8 2.0 16

17 - Due from foreign affiliates 2.7 3.9 -0.4 -0.7 9.7 -8.3 11.7 -13.0 -8.9 6.5 54.3 17

18 Less: Deposits at foreign banks -0.4 5.2 0.2 -5.0 -1.3 -9.8 8.0 -3.0 1.3 0.3 -3.7 18

19 U.S.-chartered commercial banks -2.5 5.2 1.0 -1.0 -1.3 -9.3 8.2 -2.7 0.9 0.4 -3.7 19

20 Foreign banking offices in U.S. 2.1 -0.0 -0.9 -4.0 -0.0 -0.5 -0.3 -0.3 0.4 -0.1 0 20

21 To U.S. banking, net -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 21

22 U.S.-chartered commercial banks -7.3 -23.5 -6.7 -2.6 -11.7 18.1 -36.6 52.4 0.7 -36.0 -63.8 22

23 Liabilities -8.1 -6.6 -14.7 6.0 20.1 67.5 -90.7 77.5 -5.0 -4.8 12.6 23

24 To foreign offices in U.S. -4.9 -3.0 5.4 2.1 19.6 45.5 -37.5 19.3 -11.1 4.9 65.3 24

25 To bank holding companies -0.1 -0.3 -0.2 0.6 -0.3 -0.3 -0.4 -0.4 7.7 -8.7 0.4 25

26 Unallocated -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 26

 Less, due from:

27 Foreign offices in U.S. -1.3 6.0 -7.4 -1.6 23.8 38.4 -73.2 20.2 -17.9 33.2 59.7 27

28 Bank holding companies 0.5 10.9 -0.6 10.2 8.0 11.0 19.1 4.9 12.2 -2.0 16.7 28

29 Foreign banking offices in U.S. 3.6 9.0 -12.7 -3.7 4.2 -7.1 -35.7 0.9 -6.9 28.3 -5.6 29

30 Due to U.S. banks -1.3 6.0 -7.4 -1.6 23.8 38.4 -73.2 20.2 -17.9 33.2 59.7 30

31 - Due from U.S. banks -4.9 -3.0 5.4 2.1 19.6 45.5 -37.5 19.3 -11.1 4.9 65.3 31

32 Bank holding companies 0.6 11.2 -0.4 9.6 8.2 11.2 19.6 5.4 4.5 6.7 16.3 32

33 Due to U.S. banks 0.5 10.9 -0.6 10.2 8.0 11.0 19.1 4.9 12.2 -2.0 16.7 33

34 - Due from U.S. banks -0.1 -0.3 -0.2 0.6 -0.3 -0.3 -0.4 -0.4 7.7 -8.7 0.4 34

35 Net change in assets 13.1 -48.3 0.2 -35.7 11.4 22.5 -66.1 -9.2 92.3 -35.1 -2.3 35

36 Rest of the world 11.1 -52.0 -4.3 -27.1 -9.1 18.5 -41.0 -20.6 84.8 -36.3 -64.3 36

37 Domestic 2.0 3.7 4.5 -8.6 20.5 4.0 -25.1 11.4 7.5 1.2 62.0 37

38 Monetary authority 0.7 4.1 -1.6 -1.1 -1.7 -10.2 7.3 -9.2 4.5 0.2 -2.2 38

39 Federal Reserve float 0.8 4.2 -3.6 0.9 -1.9 -10.6 11.5 -10.1 4.6 -0.8 -1.2 39

40 Loans to member banks -0.1 -0.1 2.0 -2.0 0.2 0.4 -4.2 0.9 -0.1 1.0 -1.0 40

41 Commercial banking 1.4 -0.0 6.6 -7.6 22.6 14.4 -32.8 21.1 2.9 1.5 64.7 41

42 Reserves at Federal Reserve -1.1 -4.6 6.8 -4.6 -1.9 14.1 -20.3 3.0 -2.1 4.4 -13.0 42

43 Vault cash 2.4 4.6 -0.2 -2.9 24.5 0.3 -12.5 18.1 5.0 -2.9 77.6 43

44 Savings insts.: Reserves at Fed. Res. -0.1 -0.5 -0.5 0.1 -0.4 -0.2 0.4 -0.6 0.0 -0.6 -0.4 44

45 Discrepancy--floats, etc. -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 45
Z.1, March 10, 2000 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -12.7 15.8 41.5 47.6 151.6 -24.9 72.8 61.1 10.1 141.0 394.2 1

 2 Monetary authority 17.0 23.5 30.1 38.5 109.0 39.3 62.2 34.6 2.7 101.5 297.3 2

 3 Federal government cash and deposits -1.2 1.7 -2.3 0.5 22.3 -12.1 8.5 -0.2 -44.0 42.8 90.7 3

 4 Deposits due to foreign 0.2 -0.1 0.5 0.0 0.3 0.9 -0.4 0.3 1.3 -0.3 -0.3 4

 5 Currency outside banks 18.0 21.8 31.9 38.0 86.4 50.5 54.1 34.5 45.3 59.0 206.9 5

 6 Commercial banking -45.9 -34.6 -19.8 -33.4 3.1 -91.4 -55.4 -2.7 -36.5 4.2 47.5 6

 7 Federal government deposits -4.7 9.7 -0.9 -14.6 36.4 -63.1 -40.6 30.3 45.5 27.4 42.5 7

 8 Deposits due to foreign 0.8 2.6 4.6 -2.0 13.1 -11.7 -16.4 5.1 20.3 33.4 -6.5 8

 9 Private domestic deposits -42.0 -46.9 -23.5 -16.8 -46.4 -16.6 1.6 -38.1 -102.4 -56.5 11.6 9

10 Savings institutions 14.1 25.4 27.1 36.1 37.2 31.4 44.6 29.8 43.3 35.9 39.6 10

11 Credit unions 2.1 1.6 4.1 6.4 2.3 -4.2 21.4 -0.5 0.6 -0.6 9.8 11

12 Net change in assets -12.7 15.8 41.5 47.6 151.6 -24.9 72.8 61.1 10.1 141.0 394.2 12

13 Household sector -58.7 -59.1 -0.4 16.1 -19.6 -12.4 151.0 -70.9 -50.3 -12.7 55.5 13

14 Nonfinancial business 36.1 45.3 -1.6 25.1 54.9 45.8 -93.8 148.3 -11.7 28.2 55.0 14

15 Corporate 31.3 36.8 -7.0 16.4 48.2 36.5 -102.8 142.1 -18.6 21.4 47.6 15

16 Nonfarm noncorporate 4.3 8.5 5.1 6.8 7.6 7.4 7.0 7.0 7.7 7.6 8.1 16

17 Farm 0.5 -0.0 0.2 1.9 -0.8 1.9 1.9 -0.8 -0.8 -0.8 -0.8 17

18 State and local governments 3.4 -5.5 4.4 -3.9 3.5 -2.9 -4.2 9.6 -10.0 14.4 0.1 18

19 Federal government -0.0 11.0 -0.5 -16.7 66.0 -107.7 -46.1 31.9 43.0 47.2 141.9 19

20 Rest of the world 13.4 19.9 29.9 14.6 35.7 18.3 8.2 15.2 33.9 51.9 42.0 20

21 Checkable deposits 1.1 2.6 5.1 -2.0 13.3 -10.8 -16.8 5.4 21.6 33.1 -6.8 21

22 Currency 12.3 17.4 24.8 16.6 22.4 29.1 25.0 9.8 12.2 18.8 48.9 22

23 Financial sectors 3.0 7.9 16.4 13.0 19.1 5.2 45.6 -69.2 47.6 -10.5 108.4 23

24 Commercial banking 0.2 -0.2 -0.1 0.6 0.2 -0.5 2.4 -1.5 -1.4 1.6 2.3 24

25 Savings institutions 1.6 -1.3 1.0 3.2 2.2 -0.2 10.8 -13.5 4.8 2.6 15.2 25

26 Credit unions 0.9 0.1 0.6 1.0 5.9 0.5 3.5 -1.1 0.9 13.9 9.9 26

27 Bank personal trusts and estates 0.1 0.3 0.0 -0.5 0.1 -0.5 -0.5 0.0 0.1 0.1 0.3 27

28 Life insurance companies -0.5 -0.9 3.8 -2.7 0.2 -1.6 4.0 -10.9 5.2 -0.3 6.9 28

29 Other insurance companies -0.2 -0.9 0.3 0.2 -0.4 0.8 2.3 -3.2 0.8 -1.0 1.7 29

30 Private pension funds 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 0.1 -0.2 -0.3 -0.2 -0.3 30

31 State and local govt. retirement funds -2.5 3.3 -2.2 4.7 -0.4 0.6 8.9 -9.5 7.4 -8.3 8.7 31

32 Money market mutual funds -1.0 2.4 2.6 -2.6 -1.2 -7.4 3.7 -20.1 17.2 -22.2 20.4 32

33 Government-sponsored enterprises 0.2 -0.8 1.2 2.5 7.0 0.7 9.4 -6.5 -2.4 2.0 35.2 33

34 Finance companies 1.7 1.9 2.1 2.3 2.5 2.3 2.3 2.4 2.4 2.5 2.5 34

35 REITs 0 2.2 1.1 0.8 0.2 -4.0 0.9 -1.3 -0.2 2.6 -0.4 35

36 Brokers and dealers 1.7 1.9 6.0 3.7 3.0 14.8 -2.2 -3.7 13.1 -3.7 6.0 36

37 Mail float -9.8 -3.6 -6.6 -0.5 -8.0 28.8 12.2 -3.7 -42.4 22.5 -8.6 37
40 Z.1, March 10, 2000

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 162.2 211.3 219.6 244.5 175.6 226.4 385.6 -73.9 142.6 250.0 383.5 1

 2 Small time and savings deposits 96.6 97.2 97.1 152.4 45.3 144.7 281.2 -68.0 100.0 144.7 4.3 2

 3 Commercial banking 113.9 123.1 148.3 183.7 71.0 160.8 292.3 -6.4 120.4 140.4 29.4 3

 4 U.S.-chartered commercial banks 113.4 122.8 143.9 186.3 72.4 179.0 292.9 -2.4 126.9 138.7 26.4 4

 5 Foreign banking offices in U.S. -0.7 0.1 4.4 -3.6 -1.9 -19.4 -1.2 -1.6 -7.6 0.4 1.1 5

 6 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 0.5 1.2 0.6 -2.4 1.1 1.4 1.9 6

 7 Savings institutions -29.0 -38.1 -64.4 -54.3 -38.9 -47.7 -40.0 -73.9 -44.1 -17.8 -19.9 7

 8 Credit unions 11.6 12.3 13.2 23.1 13.2 31.5 28.9 12.2 23.6 22.1 -5.2 8

 9 Large time deposits (1) 65.6 114.0 122.5 92.1 130.3 81.8 104.4 -5.9 42.6 105.2 379.2 9

10 Commercial banking 54.8 105.3 107.9 72.3 118.7 61.4 74.2 -10.0 29.0 97.3 358.5 10

11 U.S.-chartered commercial banks 42.6 49.5 63.2 34.8 61.5 2.2 63.7 5.2 39.9 69.5 131.4 11

12 Foreign banking offices in U.S. 11.0 55.6 44.7 36.5 56.7 58.0 9.9 -12.8 -12.0 26.4 225.2 12

13 Banks in U.S.-affiliated areas 1.2 0.2 -0.0 1.0 0.5 1.2 0.6 -2.4 1.1 1.4 1.9 13

14 Savings institutions 9.2 6.3 11.7 15.7 8.5 18.0 24.2 -0.1 9.5 3.8 20.9 14

15 Credit unions 1.7 2.4 2.9 4.1 3.1 2.3 5.9 4.2 4.2 4.2 -0.2 15

16 Net change in assets 162.2 211.3 219.6 244.5 175.6 226.4 385.6 -73.9 142.6 250.0 383.5 16

17 Household sector 164.5 165.0 171.5 199.3 89.4 107.2 381.8 -123.8 142.3 210.3 128.9 17

18 Nonfinancial business -15.8 11.4 11.4 -2.0 21.5 10.1 -47.6 3.7 -0.0 15.0 67.2 18

19 Corporate -24.5 0.7 6.2 -7.1 15.3 4.1 -51.2 -1.9 -5.6 8.6 60.2 19

20 Nonfarm noncorporate 8.7 10.7 5.3 5.1 6.1 6.0 3.6 5.6 5.6 6.4 7.0 20

21 State and local governments 6.6 10.6 5.8 12.8 8.0 9.4 10.6 -3.4 1.4 16.7 17.1 21

22 Federal government 0.3 1.4 1.0 1.3 0.7 1.3 4.7 -3.4 0.8 2.1 3.2 22

23 Rest of the world -6.6 10.9 13.1 13.0 18.4 35.7 -1.1 -5.5 1.5 19.3 58.4 23

24 Financial sectors 13.3 11.9 16.8 20.2 37.6 62.8 37.2 58.5 -3.4 -13.4 108.7 24

25 Savings institutions -0.2 0.3 -0.4 0.5 -0.1 -0.1 0.4 -0.3 -0.3 0.0 0.1 25

26 Credit unions 0.4 -0.7 0.6 6.4 -2.3 3.3 13.7 4.3 2.7 -16.5 0.4 26

27 Bank personal trusts and estates -0.5 -1.6 1.0 -2.1 1.1 -2.1 -2.1 0.7 0.8 0.8 1.9 27

28 Private pension funds -9.4 -14.3 -13.2 0.2 2.9 12.1 -6.6 2.0 4.6 0.9 4.3 28

29 State and local govt. retirement funds 2.0 -2.2 0.1 -0.4 2.7 0.4 1.1 0.7 -2.1 0.6 11.4 29

30 Money market mutual funds 20.9 30.4 28.6 15.7 33.3 49.3 30.9 51.1 -9.1 0.8 90.5 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 142.3 145.8 157.6 285.5 250.6 367.9 313.1 204.9 100.5 180.3 516.7 1

 2 Net purchases 142.3 145.8 157.6 285.5 250.6 367.9 313.1 204.9 100.5 180.3 516.7 2

 3 Household sector 97.9 56.1 88.5 142.9 99.5 202.6 138.7 74.6 32.1 82.7 208.3 3

 4 Nonfinancial corporate business 24.8 9.9 23.9 45.1 36.0 42.8 70.8 25.4 23.3 13.7 81.6 4

 5 Nonfarm noncorporate business 0.9 0.6 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Bank personal trusts and estates 3.7 7.8 -4.0 8.8 2.3 8.8 8.8 -0.8 2.0 4.0 4.2 6

 7 Life insurance companies 6.6 39.1 32.6 18.7 32.3 19.8 20.3 42.1 15.6 10.3 61.2 7

 8 Private pension funds 6.0 5.2 5.0 10.7 30.2 30.9 4.7 26.8 -2.6 49.2 47.4 8

 9 Funding corporations 2.4 27.3 10.4 57.9 48.9 61.6 68.4 35.4 28.7 18.9 112.6 9
Z.1, March 10, 2000 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 110.5 41.4 120.9 91.3 171.5 274.8 -181.8 253.3 -27.9 114.6 345.7 1

 2 Commercial banking (net) 30.4 41.0 89.0 87.0 110.6 164.1 33.9 112.1 27.4 129.4 173.6 2

 3 U.S.-chartered commercial banks 28.2 28.7 63.4 66.8 128.8 87.6 124.5 114.1 33.9 158.1 209.1 3

 4 Foreign banking offices in U.S. 1.8 12.0 25.6 19.7 -18.3 75.8 -72.4 -1.7 -5.8 -27.6 -38.0 4

 5 Bank holding companies 0.4 0.4 0.0 0.5 0.1 0.8 -18.2 -0.3 -0.7 -1.1 2.5 5

 6 Savings institutions -0.0 -0.9 -1.9 9.5 21.4 -1.4 14.6 50.6 7.2 24.6 3.1 6

 7 REITs 1.2 2.8 11.2 -9.8 0.3 -13.0 -38.9 4.0 0.7 -2.2 -1.3 7

 8 Brokers and dealers (net) 79.0 -1.5 22.7 4.5 39.1 125.1 -191.5 86.6 -63.2 -37.1 170.3 8

 9 Net change in assets 90.4 37.0 58.7 37.2 130.0 121.0 -170.8 44.0 -95.4 71.6 499.6 9

10 Nonfinancial corporate business 0.3 1.5 0.6 -1.2 0.1 2.0 2.4 2.5 -3.9 6.9 -5.0 10

11 State and local governments -3.0 32.1 3.6 7.2 5.0 16.0 2.2 32.0 -11.1 11.5 -12.5 11

12 Rest of the world 21.0 3.2 20.0 -18.8 14.9 -56.6 -76.2 57.3 -12.3 -5.6 20.3 12

13 Financial sectors 72.1 0.2 34.6 50.1 109.9 159.6 -99.2 -47.8 -68.1 58.8 496.8 13

14 Monetary authority 3.3 7.7 2.3 6.5 110.3 -4.2 23.3 -5.1 -35.5 50.6 431.0 14

15 Savings institutions 4.8 -1.2 -0.8 5.5 -4.2 5.5 -3.7 4.5 -13.6 -1.0 -6.7 15

16 Credit unions 0.2 -4.9 2.0 3.4 2.4 -5.5 6.9 -19.0 4.8 1.2 22.8 16

17 Other insurance companies 8.1 -2.1 -0.2 7.6 -12.5 20.1 2.7 1.7 -41.5 7.4 -17.6 17

18 Private pension funds 5.5 2.5 1.9 8.2 2.2 19.3 0.9 11.4 -1.1 0.2 -1.6 18

19 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 -0.3 9.9 -3.1 14.0 -0.5 -2.4 -12.2 19

20 Money market mutual funds 19.0 16.0 22.8 12.9 0.1 64.8 -69.5 -34.8 24.1 -8.2 19.3 20

21 Mutual funds 7.1 -2.7 10.3 10.4 4.0 53.4 -48.3 5.8 3.9 4.9 1.5 21

22 Government-sponsored enterprises 20.5 -11.8 -4.1 -13.4 7.8 -3.7 -8.4 -26.3 -8.7 5.9 60.1 22

23 Discrepancy--unallocated assets 20.2 4.5 62.3 54.1 41.5 153.8 -11.0 209.4 67.5 43.0 -153.9 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 74.3 102.6 184.1 193.1 229.9 232.7 83.0 154.6 27.7 180.6 556.5 1

 2 Commercial paper 75.1 101.6 186.8 202.5 232.8 233.5 93.3 159.8 31.2 185.9 554.5 2

 3 Nonfinancial corporate business 18.1 -0.9 13.7 24.4 37.4 85.6 -43.0 58.3 -2.6 49.8 44.0 3

 4 Foreign issues in U.S. 13.5 11.3 3.7 7.8 16.3 6.2 -4.7 18.0 -27.5 41.1 33.6 4

 5 Nonfinancial 5.4 -1.9 -2.3 -1.6 8.2 4.3 -17.0 1.1 -4.5 22.1 14.2 5

 6 Financial 8.1 13.2 6.0 9.4 8.1 1.8 12.2 16.9 -23.0 19.0 19.3 6

 7 Financial sectors 43.4 91.3 169.4 170.3 179.2 141.7 141.0 83.4 61.3 95.0 476.8 7

 8 Commercial banking -1.4 1.9 6.0 7.8 9.1 7.9 -18.2 4.0 9.8 -13.2 35.7 8

 9 ABS issuers 37.3 45.4 89.4 125.7 139.0 129.0 121.4 91.8 136.9 155.1 172.2 9

10 Finance companies -2.9 9.0 23.9 30.0 -7.6 22.0 7.3 -34.7 21.9 -82.7 65.0 10

11 REITs -0.0 0.0 0.0 0.2 -0.0 0.7 0.0 0.0 -0.0 -0.1 0 11

12 Funding corporations 10.5 34.9 50.1 6.7 38.7 -17.8 30.4 22.4 -107.3 35.9 203.9 12

13 Bankers acceptances (1) -0.8 1.0 -2.7 -9.4 -2.9 -0.7 -10.3 -5.1 -3.5 -5.2 2.1 13

14 Net purchases, by sector 74.3 102.6 184.1 193.1 229.9 232.7 83.0 154.6 27.7 180.6 556.5 14

15 Household sector 1.3 7.4 3.6 4.2 5.3 4.0 4.8 4.7 5.3 5.5 5.9 15

16 Nonfinancial corporate business 1.3 11.4 3.8 -8.0 18.8 -2.2 -12.0 15.0 27.9 3.6 28.8 16

17 State and local governments 17.1 20.3 14.3 18.0 9.4 40.6 16.0 16.0 4.9 -2.9 19.7 17

18 Rest of the world 18.6 14.4 19.9 37.0 7.9 93.3 -2.1 -15.6 -40.1 17.8 69.5 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -0.1 0.8 -0.8 -0.2 0.2 -0.7 0.6 -0.7 -0.5 1.1 1.0 20

21 Savings institutions 0.0 0.1 -0.3 0 0 -0.0 0 0 0 0 0 21

22 Credit unions -1.6 -0.3 -0.1 0.2 1.5 2.6 -2.8 -0.2 2.0 0 4.1 22

23 Bank personal trusts and estates 0.7 -2.6 -0.2 -4.5 -0.4 -4.5 -4.5 -0.4 -0.4 -0.2 -0.8 23

24 Life insurance companies -7.3 2.9 17.5 7.5 1.1 17.7 13.8 -24.2 -8.9 7.8 29.8 24

25 Private pension funds 6.1 3.5 2.2 10.3 13.4 21.7 5.8 11.8 10.5 11.5 19.7 25

26 State and local govt. retirement funds 3.7 -3.3 0.4 8.9 7.6 9.9 -3.1 14.0 -0.5 -2.4 19.1 26

27 Money market mutual funds 48.4 38.4 62.1 78.2 104.7 55.5 72.1 202.1 -38.1 124.1 130.8 27

28 Mutual funds 7.1 -3.1 10.6 10.4 4.0 39.1 -24.8 9.0 -8.0 -11.1 26.1 28

29 Government-sponsored enterprises -0.8 9.6 -1.1 26.9 -22.7 6.5 25.8 -103.0 -11.0 6.0 17.1 29

30 Brokers and dealers 10.9 1.6 0.6 3.8 -0.4 20.5 -21.5 3.2 -0.2 2.2 -6.7 30

31 Funding corporations -30.9 1.2 51.6 0.5 79.4 -71.2 15.0 22.9 84.6 17.8 192.3 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 10, 2000

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 142.9 146.6 23.2 -54.6 -71.6 -113.1 -66.3 -73.7 -112.8 -83.2 -16.9 1

 2 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 0.5 1.8 -0.0 0.0 -0.4 -0.3 2

 3 Other Treasury issues 137.9 144.6 23.7 -54.7 -71.4 -113.6 -68.1 -73.7 -112.8 -82.8 -16.5 3

 4 Net purchases 142.9 146.6 23.2 -54.6 -71.6 -113.1 -66.3 -73.7 -112.8 -83.2 -16.9 4

 5 Household sector -41.9 -57.0 -198.5 -92.9 -43.9 -144.7 -331.1 -299.9 99.6 -110.1 134.9 5

 6 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 0.5 1.8 -0.0 0.0 -0.4 -0.3 6

 7 Other Treasury issues -46.9 -59.0 -198.0 -93.0 -43.7 -145.2 -332.8 -299.8 99.6 -109.7 135.2 7

 8 Nonfinancial corporate business 6.3 -10.0 10.4 -7.6 -3.9 15.0 26.5 -28.6 4.5 -6.9 15.5 8

 9 Nonfarm noncorporate business 1.6 -1.2 -0.8 -0.6 -0.7 -0.6 -0.6 -0.2 -0.8 -1.2 -0.6 9

10 State and local governments -80.2 -32.8 -17.7 30.0 -2.5 39.7 9.7 14.3 18.7 -22.3 -20.7 10

11 Rest of the world 168.5 270.7 139.7 36.2 -9.6 -137.0 224.9 -31.9 -48.5 90.4 -48.2 11

12 Monetary authority 13.7 12.7 39.8 21.4 25.8 42.1 3.8 71.9 62.7 34.2 -65.5 12

13 Commercial banking -11.7 -16.9 8.3 -56.1 12.4 -159.4 -19.1 2.0 -8.3 24.2 31.9 13

14 U.S.-chartered commercial banks -40.4 -34.7 -6.1 -42.1 -1.9 -84.7 -11.8 2.4 -1.0 -5.3 -3.7 14

15 Foreign banking offices in U.S. 29.6 18.4 14.4 -10.3 7.4 -69.5 -6.3 1.0 -7.4 32.0 4.1 15

16 Bank holding companies -1.2 0.6 -0.1 -3.1 7.9 -2.8 -0.2 0.9 0.0 -1.1 31.6 16

17 Banks in U.S.-affiliated areas 0.2 -1.3 0.1 -0.7 -0.9 -2.4 -0.8 -2.3 0.1 -1.5 -0.0 17

18 Savings institutions -8.7 -1.0 -2.8 -4.4 -0.0 -6.0 -3.8 1.7 0.1 -0.7 -1.2 18

19 Credit unions -3.8 -0.9 -1.8 -2.5 -4.6 -3.7 -1.6 -4.1 1.5 -9.3 -6.6 19

20 Bank personal trusts and estates -1.1 0.8 -5.8 -2.9 -4.7 -6.1 -3.6 -3.2 -4.0 -5.6 -5.9 20

21 Life insurance companies 1.0 -14.9 1.6 -14.1 -7.6 -15.0 -15.5 -1.9 -8.8 -13.6 -6.0 21

22 Other insurance companies 0.5 -12.6 2.1 -18.0 -0.8 -22.0 -11.9 -1.1 3.7 -2.1 -3.7 22

23 Private pension funds 18.7 12.6 15.0 13.9 14.7 13.5 39.6 7.6 26.7 6.5 18.2 23

24 State and local govt. retirement funds -0.4 11.8 13.4 0.8 -5.4 -14.3 26.2 2.7 16.5 -24.2 -16.7 24

25 Money market mutual funds 3.8 20.3 -4.0 17.5 0.1 3.8 45.4 32.3 -69.9 22.2 15.9 25

26 Mutual funds 11.2 8.9 11.0 5.2 8.3 -2.7 10.2 17.1 31.9 -15.7 -0.3 26

27 Closed-end funds -1.5 0.2 -1.3 -0.9 -0.8 -0.9 -0.9 -0.8 -0.8 -0.7 -0.7 27

28 Government-sponsored enterprises 6.1 -12.9 7.1 -0.7 10.6 15.7 24.5 18.7 -10.0 3.4 30.2 28

29 Brokers and dealers 61.0 -31.1 7.5 21.2 -59.3 269.5 -89.1 129.5 -227.6 -51.7 -87.4 29

 Memo:

30 Federal government borrowing (1) 144.4 145.0 23.1 -52.6 -71.8 -113.5 -54.1 -75.2 -112.2 -83.1 -16.9 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, March 10, 2000 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 205.6 229.9 212.7 472.9 591.8 555.4 685.5 590.7 579.5 653.0 543.9 1

 2 Budget agencies 1.5 -1.6 -0.1 2.0 -0.2 -0.4 12.2 -1.5 0.6 0.0 0.0 2

 3 Government-sponsored enterprises 105.9 90.4 98.4 278.3 318.2 294.0 510.5 193.0 304.7 407.1 367.9 3

 4 Federally related mortgage pools 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 4

 5 Net purchases 205.6 229.9 212.7 472.9 591.8 555.4 685.5 590.7 579.5 653.0 543.9 5

 6 Household sector -7.8 85.9 5.1 -47.7 150.6 120.7 -73.4 187.3 120.5 213.9 80.5 6

 7 Nonfinancial corporate business 3.5 5.1 -18.7 17.6 19.1 12.7 24.5 -5.5 15.0 28.5 38.6 7

 8 State and local governments -35.1 -35.3 -0.8 43.6 8.5 50.0 56.0 12.0 17.3 -17.3 22.0 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 28.7 41.7 49.8 54.7 94.0 13.0 46.0 96.1 91.3 92.0 96.7 10

11 Monetary authority -1.0 -0.4 -1.5 -0.3 -0.2 -0.5 -0.3 -0.1 -0.2 -0.1 -0.2 11

12 Commercial banking 38.7 28.2 75.5 91.4 35.8 133.4 163.5 44.0 10.7 71.8 16.7 12

13 U.S.-chartered commercial banks 23.4 15.3 60.4 81.6 29.3 146.1 149.6 36.2 32.8 48.2 0.1 13

14 Foreign banking offices in U.S. 14.3 12.4 12.5 4.8 4.4 -17.1 4.3 8.4 -18.6 18.2 9.6 14

15 Bank holding companies -0.2 0.3 0.6 1.1 -1.3 2.5 0.9 -2.1 -7.8 -0.7 5.6 15

16 Banks in U.S.-affiliated areas 1.3 0.2 2.0 3.9 3.3 2.0 8.7 1.6 4.3 6.0 1.4 16

17 Savings institutions 4.7 -8.5 -0.8 -11.7 3.7 -17.3 -7.6 16.7 -2.4 -3.4 3.9 17

18 Credit unions 4.9 4.9 0.4 7.3 4.7 8.9 7.2 15.3 7.7 7.6 -11.8 18

19 Bank personal trusts and estates -0.1 -0.3 -4.3 -1.5 -0.9 -1.5 -1.5 -0.8 -1.2 -0.8 -0.9 19

20 Life insurance companies 8.7 1.3 -3.0 -9.6 -1.7 -12.1 -11.4 1.7 0.9 -7.5 -2.0 20

21 Other insurance companies 2.3 2.8 1.7 2.6 -0.4 -1.1 9.0 -1.2 3.5 -2.1 -1.7 21

22 Private pension funds 24.2 13.1 18.1 45.3 25.0 23.2 59.2 12.4 51.4 5.9 30.1 22

23 State and local govt. retirement funds 23.2 5.5 18.4 19.1 18.8 27.1 5.1 28.0 7.3 11.4 28.6 23

24 Money market mutual funds 13.7 11.0 -5.5 77.5 17.1 112.6 208.9 -47.7 -20.4 12.1 124.5 24

25 Mutual funds 7.7 6.2 8.4 21.0 10.7 20.3 9.7 16.3 33.5 -6.8 -0.3 25

26 Government-sponsored enterprises 57.4 59.6 62.0 133.2 145.6 130.7 183.1 209.6 168.8 116.0 88.0 26

27 ABS issuers 23.0 4.7 3.7 38.0 45.1 47.8 70.5 71.5 68.6 42.6 -2.4 27

28 REITs -0.2 3.2 9.0 -8.1 1.2 -11.0 -20.7 7.2 -0.2 -1.1 -1.1 28

29 Brokers and dealers 9.0 1.2 -4.8 0.5 15.0 -101.7 -42.4 -72.2 7.4 90.1 34.8 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, March 10, 2000

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -48.2 2.6 71.4 96.8 68.2 82.9 89.6 100.7 48.0 77.0 47.0 1

 2 State and local governments -51.9 -7.2 57.3 79.1 52.7 70.1 75.2 87.1 35.6 57.2 30.9 2

 3 Short-term (1) 1.2 6.3 8.3 -6.3 3.6 -19.2 -1.2 2.9 6.8 3.3 1.4 3

 4 Long-term -53.2 -13.4 49.0 85.4 49.1 89.3 76.4 84.3 28.8 53.9 29.6 4

 5 Nonprofit organizations (2) 0.7 6.6 10.0 12.0 10.4 7.4 10.9 7.0 9.0 13.9 11.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.1 3.1 4.2 5.8 5.1 5.4 3.6 6.6 3.5 5.9 4.2 6

 7 Net change in assets -48.2 2.6 71.4 96.8 68.2 82.9 89.6 100.7 48.0 77.0 47.0 7

 8 Household sector -43.5 -22.2 44.9 11.8 52.1 16.1 -15.9 91.9 32.0 63.6 20.7 8

 9 Nonfinancial corporate business -19.9 -5.8 5.1 5.8 -2.3 -8.2 5.9 -16.6 -21.3 22.6 6.1 9

10 State and local governments -3.5 -0.5 -0.7 -1.4 -1.5 -1.0 -1.0 -1.6 -1.1 -1.7 -1.5 10

11 Commercial banking -4.2 0.9 2.4 8.2 5.8 11.8 11.2 10.1 4.1 6.4 2.7 11

12 Savings institutions -0.0 0.1 0.0 0.4 0.5 1.1 1.0 1.0 0.7 0.1 0.3 12

13 Bank personal trusts and estates -5.9 -4.3 -13.3 -1.1 -1.1 -1.1 -1.1 -1.6 -1.2 -0.8 -0.7 13

14 Life insurance companies -0.9 1.5 0.1 1.7 -0.2 1.5 1.6 1.8 -3.1 0.3 0.2 14

15 Other insurance companies 7.0 14.4 2.6 19.2 -1.9 8.6 37.7 -11.7 10.5 -5.7 -0.8 15

16 Private pension funds 0.1 0.1 0.1 0.2 0.1 0.0 0.3 0.1 0.2 0.0 0.1 16

17 State and local govt. retirement funds 0.7 -1.4 0.6 1.2 0.2 3.4 0.4 1.1 -1.2 0.8 0.0 17

18 Money market mutual funds 14.3 16.8 22.5 26.0 17.5 33.0 25.7 14.0 3.8 7.8 44.3 18

19 Mutual funds 3.2 3.1 6.5 22.8 -1.1 11.5 33.9 20.4 12.9 -10.8 -26.9 19

20 Closed-end funds 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 20

21 Government-sponsored enterprises 1.0 -0.3 -0.8 1.3 0.3 7.8 -4.7 -6.0 3.0 -0.5 4.8 21

22 Brokers and dealers -2.7 -1.9 2.4 -0.1 -1.1 -2.4 -6.2 -3.1 7.9 -6.0 -3.2 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 336.7 348.9 406.7 535.6 452.5 258.2 440.9 764.6 538.2 417.1 90.3 1

 2 Nonfinancial corporate business 91.1 116.3 150.5 218.7 229.9 108.0 193.2 274.0 287.6 202.8 155.2 2

 3 Rest of the world (1) 49.7 55.8 47.2 25.1 2.4 -27.2 -34.2 0.9 -12.6 29.4 -8.2 3

 4 Financial sectors 195.9 176.9 209.0 291.8 220.3 177.4 281.9 489.7 263.2 184.9 -56.8 4

 5 Commercial banking 18.5 7.8 23.7 27.6 20.5 20.8 23.2 35.2 6.2 43.4 -3.0 5

 6 Savings institutions -0.0 -0.4 0.1 -0.2 0.2 -0.5 -0.1 0.9 -0.5 1.4 -1.2 6

 7 ABS issuers 105.1 108.5 111.4 190.7 98.6 165.2 214.3 207.6 172.3 72.3 -58.0 7

 8 Finance companies 52.6 32.5 20.3 10.9 55.1 -44.6 8.6 107.9 65.4 52.4 -5.4 8

 9 REITs 0.2 1.3 14.8 21.7 5.9 9.9 12.9 25.0 -6.2 3.2 1.4 9

10 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 -2.6 12.4 -31.1 -17.4 16.9 -37.3 10

11 Funding corporations 24.4 29.2 30.6 34.0 57.4 29.0 10.5 144.2 43.4 -4.7 46.6 11

12 Net purchases 336.7 348.9 406.7 535.6 452.5 258.2 440.9 764.6 538.2 417.1 90.3 12

13 Household sector 95.0 49.3 68.9 60.3 14.8 -102.6 -9.7 363.9 21.3 -25.1 -300.8 13

14 State and local governments 7.1 10.7 1.3 5.2 7.6 -7.7 6.8 7.2 9.3 5.9 8.1 14

15 Rest of the world (2) 58.1 83.7 84.0 122.4 157.5 94.0 123.5 137.5 129.5 198.4 164.5 15

16 Commercial banking 8.4 1.4 27.8 38.0 38.9 30.8 66.8 -66.4 94.1 45.5 82.4 16

17 Savings institutions -8.2 -9.9 -9.9 29.9 23.2 33.0 60.3 62.9 22.0 -14.6 22.7 17

18 Bank personal trusts and estates -1.7 -1.7 -0.8 -2.6 -1.3 -2.6 -2.6 -1.6 -1.6 -1.2 -0.9 18

19 Life insurance companies 90.7 79.2 86.8 84.5 71.1 73.0 78.6 106.5 84.3 58.0 35.4 19

20 Other insurance companies 12.7 18.3 18.9 16.7 -1.9 7.8 32.2 -5.5 8.9 -4.8 -6.0 20

21 Private pension funds 5.6 21.2 27.7 45.4 34.6 34.9 63.9 27.2 56.5 20.5 34.2 21

22 State and local govt. retirement funds 5.6 23.8 30.1 35.1 25.6 41.6 19.9 29.5 4.1 51.7 16.9 22

23 Money market mutual funds 6.4 2.4 12.5 44.8 42.5 50.7 1.0 26.8 32.0 65.9 45.3 23

24 Mutual funds 23.3 33.8 44.4 65.5 29.3 24.7 74.5 40.2 50.6 24.1 2.4 24

25 Closed-end funds 5.8 2.4 -0.7 4.6 4.3 4.6 4.6 4.4 4.4 4.2 4.2 25

26 Government-sponsored enterprises 5.5 5.6 0.3 0.5 -2.0 9.1 -0.0 4.6 -15.6 -6.5 9.6 26

27 REITs 0.8 1.4 2.1 -0.4 -0.9 -3.0 -6.4 -1.9 -0.2 -1.2 -0.4 27

28 Brokers and dealers 12.0 14.5 9.2 -18.6 14.0 -40.0 -66.8 30.7 18.8 -18.4 25.1 28

29 Funding corporations 9.8 12.8 4.1 4.5 -4.8 9.8 -5.6 -1.4 19.8 14.6 -52.3 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 10, 2000 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -16.0 -28.5 -99.6 -198.1 -67.8 -340.0 -228.3 -117.9 -64.9 -79.1 -9.2 1

 2 Nonfinancial corporate business -58.3 -69.5 -114.4 -267.0 -142.7 -308.4 -491.3 -52.2 -338.2 -138.6 -41.6 2

 3 Rest of the world (2) 50.4 60.0 42.0 77.8 94.5 -32.8 317.4 -33.4 270.9 76.7 64.0 3

 4 Financial sectors -8.1 -19.0 -27.1 -8.9 -19.7 1.1 -54.5 -32.3 2.4 -17.2 -31.6 4

 5 Commercial banking -8.7 -14.3 -27.7 -11.2 -10.5 -9.1 -13.3 -14.7 3.2 -31.1 0.5 5

 6 Life insurance companies -3.6 -8.8 -4.0 -4.7 -5.1 -4.4 -13.2 -4.5 -3.2 -6.8 -6.0 6

 7 Other insurance companies -2.2 -4.8 -13.7 -4.7 -8.4 -9.0 -10.2 -7.6 -9.8 -8.0 -8.0 7

 8 Closed-end funds 5.9 3.2 -8.3 -10.6 -9.2 -10.6 -10.6 -9.6 -9.6 -8.9 -8.6 8

 9 REITs 8.7 12.3 32.5 19.8 6.5 7.0 9.0 5.8 6.2 12.6 1.3 9

10 Brokers and dealers -8.1 -6.5 -5.9 2.5 7.0 27.1 -16.3 -1.7 15.5 25.0 -10.9 10

11 Net purchases -16.0 -28.5 -99.6 -198.1 -67.8 -340.0 -228.3 -117.9 -64.9 -79.1 -9.2 11

12 Household sector -228.8 -347.2 -507.1 -455.3 -380.1 -356.3 -406.5 -392.0 -391.4 -426.8 -310.3 12

13 State and local governments 12.1 14.5 16.8 9.7 13.1 -0.9 1.8 14.1 12.5 12.7 13.0 13

14 Rest of the world (3) 16.6 11.1 66.8 43.8 96.2 -29.0 30.6 37.0 116.6 90.7 140.6 14

15 Commercial banking 2.1 1.8 0.6 1.3 0.9 2.1 -0.5 1.6 -3.7 4.4 1.3 15

16 Savings institutions 0.7 0.6 0.2 1.5 -0.7 2.5 1.4 -1.2 -0.2 -1.4 0.2 16

17 Bank personal trusts and estates 1.6 -17.3 -14.5 -59.0 -35.9 -59.0 -59.0 -32.0 -30.4 -42.0 -39.0 17

18 Life insurance companies 18.6 46.7 86.3 107.4 96.6 93.2 109.0 89.9 95.6 105.6 95.1 18

19 Other insurance companies -0.6 -6.8 3.0 -5.2 -1.8 7.2 -12.6 2.8 -5.4 -5.8 1.3 19

20 Private pension funds 5.9 -9.6 -16.1 -52.7 -80.3 -74.3 -47.7 -56.2 -77.3 -46.4 -141.4 20

21 State and local govt. retirement funds 65.3 88.1 100.7 88.0 93.4 79.7 50.3 92.5 101.4 131.7 48.0 21

22 Mutual funds 87.4 193.0 166.8 143.3 136.9 20.5 164.3 115.5 114.6 145.2 172.1 22

23 Closed-end funds -4.6 -1.5 -5.4 -15.1 -13.5 -15.1 -15.1 -14.0 -14.0 -13.2 -12.8 23

24 Brokers and dealers 7.7 -1.9 2.4 -6.0 7.4 -10.7 -44.5 23.9 16.9 -33.9 22.7 24

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 1

 2 Net purchases 147.4 237.6 265.1 274.6 191.3 173.4 224.8 253.3 208.2 126.8 176.9 2

 3 Household sector 94.7 180.8 258.4 261.4 147.6 206.6 206.9 215.3 158.7 83.9 132.4 3

 4 Nonfinancial corporate business 4.6 3.3 -8.2 7.3 8.0 7.3 7.3 8.0 7.9 8.0 8.0 4

 5 State and local governments 5.9 6.0 -7.4 -7.3 4.3 -26.0 -4.5 -4.1 8.6 6.3 6.3 5

 6 Commercial banking 0.3 0.3 0.8 -0.4 1.2 3.7 3.4 -0.8 0.8 -0.7 5.3 6

 7 Credit unions 0.2 -0.3 -0.2 1.2 -1.1 -0.2 2.1 0.5 0.5 0.5 -5.8 7

 8 Bank personal trusts and estates 9.5 3.9 -7.2 9.4 8.7 9.4 9.2 8.0 8.4 9.2 9.0 8

 9 Life insurance companies 13.5 2.4 -7.2 -28.2 -8.0 -28.2 -28.2 -8.0 -8.0 -8.0 -8.0 9

10 Private pension funds 18.6 41.1 36.2 31.2 30.8 0.7 28.4 34.4 31.3 27.6 29.7 10
46 Z.1, March 10, 2000

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 239.8 174.2 234.7 253.4 200.2 275.9 283.6 42.4 43.9 266.2 448.3 1

 - Loans elsewhere classified:

 2 Open market paper -0.1 0.8 -0.8 -0.2 0.2 -0.7 0.6 -0.7 -0.5 1.1 1.0 2

 3 Mortgages 77.5 55.2 99.9 91.7 158.2 53.0 169.9 15.8 78.4 228.2 310.3 3

 4 Consumer credit 43.2 24.8 -14.2 -3.6 -9.2 10.6 6.0 6.1 -75.7 -36.5 69.4 4

 5 Security credit 4.6 1.3 21.7 20.5 -18.1 41.5 -35.9 -40.8 3.5 -26.7 -8.4 5

 6 = Banking sector total bank loans n.e.c. 114.7 92.1 128.2 145.0 69.1 171.6 143.0 62.1 38.3 100.0 75.9 6

 7 U.S.-chartered commercial banks 77.0 58.2 108.1 144.3 92.4 157.1 152.5 101.5 101.5 119.8 47.0 7

 8 Foreign banking offices in U.S. 35.4 32.2 19.2 -1.9 -22.3 13.5 -17.1 -35.3 -67.3 -9.4 22.7 8

 9 Bank holding companies 0.4 0.2 -0.0 1.7 -1.6 0.0 7.2 -2.1 2.5 -10.8 4.2 9

10 Banks in U.S.-affiliated areas 1.8 1.4 0.9 0.9 0.5 1.0 0.5 -2.0 1.6 0.3 2.1 10

11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11

12 = Total bank loans n.e.c. 114.7 92.1 128.2 145.0 69.1 171.6 143.0 62.1 38.3 100.0 75.9 12

13 Net change in liabilities 114.7 92.1 128.2 145.0 69.1 171.6 143.0 62.1 38.3 100.0 75.9 13

14 Nonfinancial sectors 112.2 79.5 115.0 115.0 82.8 111.4 130.7 70.9 27.8 106.2 126.1 14

15 Household sector 17.4 0.6 8.1 6.3 -7.8 -16.5 14.3 -14.7 0.0 -5.7 -10.9 15

16 Corporate business 66.8 39.4 68.7 82.3 72.2 104.5 88.2 64.0 11.1 99.2 114.3 16

17 Nonfarm noncorporate business 18.5 29.8 26.2 18.5 18.7 18.5 20.5 20.0 17.0 17.8 20.2 17

18 Farm business 1.1 0.6 3.5 1.2 -0.9 1.3 -2.1 0.7 -6.0 1.6 0.1 18

19 Rest of the world 8.5 9.1 8.5 6.7 0.6 3.6 9.8 0.9 5.6 -6.6 2.4 19

20 Foreign official institutions 0.4 0.3 -0.8 0.8 0.2 -0.5 3.1 0.3 -0.4 0.7 0.1 20

21 Foreign banks 2.1 3.4 -0.5 -0.7 -3.1 -4.0 -2.9 -2.2 4.9 -10.4 -4.7 21

22 Other foreign 5.9 5.4 9.8 6.7 3.5 8.1 9.5 2.7 1.1 3.1 7.0 22

23 Financial sectors 2.5 12.6 13.2 30.1 -13.7 60.2 12.4 -8.8 10.5 -6.2 -50.1 23

24 Savings institutions 5.2 1.4 3.5 10.3 -15.7 18.4 7.0 17.3 5.6 -3.2 -82.4 24

25 Finance companies 0.5 4.4 4.4 2.1 8.8 10.6 1.8 -2.0 1.0 7.6 28.6 25

26 Mortgage companies -2.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 26

27 REITs -1.0 2.7 9.9 16.0 -7.0 29.0 0.5 -19.5 -1.3 -4.5 -2.5 27
Z.1, March 10, 2000 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 70.1 62.5 102.8 158.5 177.5 157.8 262.7 192.9 101.3 224.5 191.4 1

 2 U.S. government loans 13.0 0.0 9.6 14.4 11.9 15.1 11.4 18.4 7.1 9.8 12.4 2

 3 Liab.: Household sector 11.3 3.1 11.4 10.6 13.6 10.9 12.5 23.0 10.0 9.7 11.6 3

 4 Nonfinancial corporate business 1.9 -1.3 -0.3 -0.1 -0.3 -0.4 0.2 -0.5 -0.3 -0.2 -0.4 4

 5 Nonfarm noncorporate business 1.2 -0.3 1.8 4.0 -1.0 6.8 0.1 -1.2 -1.8 -0.5 -0.7 5

 6 Farm business -1.2 -1.1 -0.5 -0.3 -0.2 -0.3 -0.4 -0.7 -0.2 -0.0 -0.1 6

 7 State and local governments 0.5 0.4 -1.2 1.2 0.0 -0.1 -0.1 0.3 0.1 -0.2 -0.2 7

 8 Rest of the world -0.8 -0.7 -1.6 -1.0 -0.0 -1.8 -0.9 -2.5 -0.7 1.0 2.1 8

 9 Government-sponsored enterprises 0 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 0.0 3.9 17.3 -1.0 -25.0 -2.5 -1.6 67.3 -94.9 -27.3 -45.2 10

11 Liab.: Nonfinancial corporate business 0.0 3.9 17.3 -1.0 -25.0 -2.5 -1.6 67.3 -94.9 -27.3 -45.2 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -0.6 1.0 -2.8 -9.3 -3.1 -1.0 -10.5 -4.0 -5.6 -5.1 2.4 12

13 Liab.: Nonfinancial corporate business -0.8 -0.7 -2.6 -4.3 -2.2 -0.7 -1.7 -3.8 -3.9 -2.6 1.6 13

14 Rest of the world 0.3 1.8 -0.2 -5.0 -0.9 -0.3 -8.8 -0.2 -1.6 -2.5 0.9 14

15 Savings institution loans to business 2.5 3.0 3.1 5.3 6.5 7.5 8.3 4.8 6.7 4.8 9.6 15

16 Liab.: Nonfinancial corporate business 1.2 1.5 1.6 2.7 3.2 3.7 4.2 2.4 3.4 2.4 4.8 16

17 Nonfarm noncorporate business 1.2 1.5 1.6 2.7 3.2 3.7 4.2 2.4 3.4 2.4 4.8 17

18 Policy loans (Household liability) 10.5 4.5 3.2 0.1 -4.1 2.0 -6.2 -17.7 -2.8 1.3 2.7 18

19 Asset: Federal government 0.1 0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 10.4 4.5 3.2 0.1 -4.1 2.0 -6.2 -17.7 -2.8 1.3 2.7 20

21 Govt.-sponsored enterprises loans 11.2 28.8 31.2 92.3 114.1 93.7 179.1 49.6 124.1 166.1 116.5 21

22 Liab.: Household sector (SLMA) 3.9 -0.6 -4.4 -1.2 5.6 4.6 6.3 7.8 6.2 15.9 -7.7 22

23 Noncorporate business (FCS) 2.5 -1.2 0 2.7 1.2 6.0 1.4 -2.8 3.8 2.1 1.5 23

24 Farm business (FCS) 1.4 2.7 0 0.6 0.2 0.9 1.4 3.0 -3.8 0.9 0.8 24

25 Commercial banks (FHLB and SLMA) 6.2 2.3 19.1 46.9 42.8 33.8 71.5 -3.0 60.1 86.3 27.9 25

26 Savings institutions (FHLB and SLMA) -2.6 24.5 16.2 42.1 61.3 45.8 96.3 39.8 53.5 57.0 95.1 26

27 Credit unions (FHLB) -0.1 0.1 0.1 0.6 2.2 1.0 0.4 1.5 1.4 2.8 3.3 27

28 Life insurance companies (FHLB) -0.1 1.1 0.2 0.7 0.7 1.6 1.8 3.3 3.0 1.1 -4.4 28

29 Securitized loans held by ABS issuers 6.9 13.3 32.2 27.6 18.6 13.6 55.5 17.9 24.6 8.6 23.1 29

30 Liab.: Households (1) 1.0 5.3 7.8 3.8 0.1 -2.4 -2.0 -2.4 1.2 1.2 0.4 30

31 Nonfinancial corporate business 5.9 8.1 24.4 23.8 18.5 16.0 57.5 20.3 23.4 7.4 22.7 31

32 Finance company loans to business 26.7 7.9 9.0 29.0 58.6 29.4 26.7 56.5 41.9 66.3 69.8 32

33 Liab.: Nonfinancial corporate business 24.0 7.1 8.1 26.1 52.8 26.5 24.1 50.9 37.7 59.7 62.8 33

34 Nonfarm noncorporate business 2.7 0.8 0.9 2.9 5.9 2.9 2.7 5.7 4.2 6.6 7.0 34

(1) Student loans.
48 Z.1, March 10, 2000

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 202.0 287.9 303.9 498.6 601.1 499.8 608.1 583.2 568.2 662.1 590.7 1

 2 Home 180.4 245.3 237.6 367.9 431.8 375.2 429.1 414.9 422.9 492.8 396.4 2

 3 Multifamily residential 7.2 11.9 12.6 27.4 41.4 26.3 36.0 39.1 27.9 46.8 51.9 3

 4 Commercial 12.9 28.2 50.6 97.1 121.7 92.8 134.4 125.6 108.4 115.4 137.5 4

 5 Farm 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 5

 6 Net borrowing 202.0 287.9 303.9 498.6 601.1 499.8 608.1 583.2 568.2 662.1 590.7 6

 7 Household sector 167.3 245.6 238.7 372.7 442.1 387.8 422.9 423.9 433.4 501.1 409.9 7

 8 Nonfinancial business 29.4 34.4 50.3 101.1 150.0 72.4 154.6 139.1 147.1 151.7 162.0 8

 9 Corporate 23.3 -21.4 0.2 27.3 52.6 7.3 71.5 57.9 50.4 52.8 49.2 9

10 Nonfarm noncorporate 4.5 53.2 47.0 67.6 91.2 59.6 74.6 77.6 87.7 91.7 107.9 10

11 Farm 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 11

12 Federal government 0 -0.0 -0.0 0 0 0 0 0 0 0 0 12

13 REITs 5.3 7.9 14.9 24.8 9.0 39.6 30.6 20.1 -12.3 9.4 18.8 13

14 Net change in assets 202.0 287.9 303.9 498.6 601.1 499.8 608.1 583.2 568.2 662.1 590.7 14

15 Household sector -6.1 -0.0 -0.5 0.2 0.3 -0.2 -0.0 -0.7 2.1 0.1 -0.2 15

16 Nonfinancial corporate business 1.6 -3.6 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 16

17 Nonfarm noncorporate business 3.1 -3.2 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 17

18 State and local governments 3.3 3.8 3.7 4.1 4.3 4.2 4.2 4.2 4.3 4.3 4.4 18

19 Federal government -13.2 -7.5 -4.5 -0.9 0.1 -1.3 0.3 -1.4 -0.3 1.6 0.5 19

20 Commercial banking 77.5 55.2 99.9 91.7 158.2 53.0 169.9 15.8 78.4 228.2 310.3 20

21 Savings institutions (1) 0.6 31.6 3.5 12.3 24.7 -8.3 49.9 7.5 47.4 63.1 -19.2 21

22 Credit unions 4.4 9.5 10.1 10.9 14.7 9.9 10.6 10.5 16.6 19.5 12.3 22

23 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.0 -0.2 -0.2 -0.0 -0.0 -0.0 0.0 23

24 Life insurance companies -2.6 -5.0 -1.3 6.8 14.0 -1.5 25.1 15.9 22.3 6.6 11.1 24

25 Other insurance companies -1.0 -0.4 -0.2 -0.2 -0.1 -1.0 0.5 -0.2 0.1 0.2 -0.4 25

26 Private pension funds 1.4 1.8 2.4 3.7 2.5 2.2 5.7 1.5 4.8 1.0 2.5 26

27 State and local govt. retirement funds 0.7 0.8 0.9 1.0 1.1 1.0 1.0 1.0 1.1 1.1 1.1 27

28 Government-sponsored enterprises (1) 6.4 -6.1 -4.5 7.3 -3.8 1.1 21.7 -16.5 -0.2 3.0 -1.5 28

29 Federally related mortgage pools 98.2 141.1 114.5 192.6 273.8 261.7 162.8 399.2 274.3 245.9 176.0 29

30 ABS issuers 25.1 51.4 79.1 151.7 93.1 142.6 149.2 133.2 98.3 70.4 70.5 30

31 Finance companies 5.6 10.2 5.3 14.4 24.1 32.7 18.5 29.2 14.0 33.1 20.2 31

32 Mortgage companies -3.4 8.2 -9.1 3.2 0.3 4.5 6.0 -9.1 10.2 -12.1 12.3 32

33 REITs 0.8 -0.3 9.1 3.4 -2.9 2.8 -13.7 -3.6 -1.9 -0.4 -5.8 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 10, 2000 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 180.4 245.3 237.6 367.9 431.8 375.2 429.1 414.9 422.9 492.8 396.4 1

 2 Household sector 176.9 241.0 231.3 359.8 421.7 366.8 420.3 405.6 413.1 482.4 385.9 2

 3 Nonfinancial corporate business 0.9 0.9 1.0 1.1 1.3 1.1 1.2 1.2 1.2 1.3 1.3 3

 4 Nonfarm noncorporate business 2.6 3.4 5.3 7.0 8.8 7.2 7.6 8.2 8.5 9.1 9.2 4

 5 Net change in assets 180.4 245.3 237.6 367.9 431.8 375.2 429.1 414.9 422.9 492.8 396.4 5

 6 Household sector -7.7 -1.2 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 6

 7 Nonfinancial corporate business 1.1 -9.3 -8.0 -7.2 0.3 -12.5 -0.3 -0.8 -0.2 0.9 1.3 7

 8 Nonfarm noncorporate business 1.2 -1.3 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 8

 9 State and local governments 3.2 2.3 3.0 3.3 3.5 3.3 3.4 3.4 3.5 3.5 3.6 9

10 Federal government -5.0 -2.9 -2.1 -0.3 -0.3 -0.4 0.6 -1.0 -0.9 1.3 -0.3 10

11 Commercial banking 56.6 31.1 67.9 51.1 82.2 -2.1 109.3 -41.0 12.7 145.7 211.5 11

12 Savings institutions 4.7 31.4 7.0 12.7 15.2 -1.0 42.9 1.2 47.6 46.4 -34.6 12

13 Credit unions 4.4 9.5 10.1 10.9 14.7 9.9 10.6 10.5 16.6 19.5 12.3 13

14 Bank personal trusts and estates -0.1 0.3 -0.6 -0.2 -0.0 -0.2 -0.2 -0.0 -0.0 -0.0 0.0 14

15 Life insurance companies 0.4 -1.9 0.2 -0.6 0.7 -0.9 -0.0 1.5 1.4 0.6 -0.6 15

16 Private pension funds 0.3 0.4 0.5 0.8 0.5 0.5 1.2 0.3 1.1 0.2 0.6 16

17 State and local govt. retirement funds 0.5 0.6 0.6 0.7 0.8 0.7 0.7 0.8 0.8 0.8 0.8 17

18 Government-sponsored enterprises 5.9 -6.7 -4.2 4.4 -11.1 -2.5 13.7 -22.0 -10.3 -6.3 -5.8 18

19 Federally related mortgage pools 93.7 135.5 109.2 182.1 264.6 245.0 148.1 389.7 265.9 237.5 165.3 19

20 ABS issuers 18.4 34.9 53.0 91.1 51.9 111.8 74.8 79.6 69.2 28.9 30.1 20

21 Finance companies 5.6 13.4 6.9 16.8 12.5 22.3 32.6 9.3 8.4 26.9 5.3 21

22 Mortgage companies -4.5 8.2 -10.2 3.1 0.3 4.0 6.0 -9.2 10.0 -12.0 12.3 22

23 REITs 1.9 1.1 6.0 0.8 -2.6 -1.1 -12.9 -5.9 -1.3 0.5 -3.8 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 7.2 11.9 12.6 27.4 41.4 26.3 36.0 39.1 27.9 46.8 51.9 1

 2 Nonfinancial corporate business 0.9 0.9 1.0 1.1 1.3 1.1 1.2 1.2 1.2 1.3 1.3 2

 3 Nonfarm noncorporate business 4.6 8.3 6.7 18.1 37.2 12.1 24.7 31.2 30.7 42.4 44.4 3

 4 Federal government 0 -0.0 -0.0 0 0 0 0 0 0 0 0 4

 5 REITs 1.8 2.6 4.9 8.2 3.0 13.1 10.1 6.6 -4.0 3.1 6.2 5

 6 Net change in assets 7.2 11.9 12.6 27.4 41.4 26.3 36.0 39.1 27.9 46.8 51.9 6

 7 Household sector 0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business -0.8 0.7 0.6 0.9 -1.2 2.7 -0.2 -0.2 -0.8 -1.8 -2.1 8

 9 Nonfarm noncorporate business 1.0 -0.9 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 9

10 State and local governments 0.6 1.8 0.6 0.9 0.9 1.0 0.9 0.9 1.0 0.9 1.0 10

11 Federal government -4.7 -2.5 -0.9 -0.3 0.0 -0.7 -0.2 -0.1 0.1 0.1 -0.0 11

12 Commercial banking 4.6 2.9 4.2 3.2 13.1 3.9 2.7 13.2 9.6 15.5 14.2 12

13 Savings institutions -2.4 -0.4 -2.0 -2.5 2.3 -8.8 0.5 -0.2 -6.8 9.0 7.4 13

14 Life insurance companies 0.9 2.0 -0.3 1.1 0.7 -0.2 3.8 -0.9 1.1 0.8 1.8 14

15 Private pension funds 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.1 0.2 0.1 0.1 15

16 State and local govt. retirement funds 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 0.6 -0.5 -1.2 0.8 5.7 1.1 4.3 4.9 8.1 7.2 2.7 17

18 Federally related mortgage pools 4.5 5.6 5.3 10.5 9.2 16.7 14.7 9.5 8.3 8.4 10.7 18

19 ABS issuers 1.7 3.9 4.0 12.0 7.6 7.8 10.6 11.0 6.6 6.2 6.6 19

20 Finance companies 0 -0.6 -0.2 -0.2 2.4 0.7 -1.1 0.4 -0.0 0.3 8.9 20

21 Mortgage companies 1.1 -0.1 1.0 0.1 0.0 0.5 0 0.0 0.2 -0.1 0 21

22 REITs -0.6 -0.4 0.9 0.1 -0.3 0.6 -1.0 -0.4 -0.4 -0.4 -0.1 22
50 Z.1, March 10, 2000

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 12.9 28.2 50.6 97.1 121.7 92.8 134.4 125.6 108.4 115.4 137.5 1

 2 Household sector -9.6 4.7 7.4 12.9 20.3 20.9 2.6 18.4 20.3 18.7 24.0 2

 3 Nonfinancial corporate business 21.6 -23.3 -1.8 25.1 50.0 5.1 69.1 55.5 47.9 50.2 46.6 3

 4 Nonfarm noncorporate business -2.8 41.5 35.0 42.5 45.3 40.3 42.2 38.2 48.5 40.2 54.3 4

 5 REITs 3.6 5.3 10.0 16.6 6.0 26.5 20.5 13.5 -8.2 6.3 12.6 5

 6 Net change in assets 12.9 28.2 50.6 97.1 121.7 92.8 134.4 125.6 108.4 115.4 137.5 6

 7 Household sector 0.6 0.6 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 7

 8 Nonfinancial corporate business 1.2 5.1 3.4 2.3 -3.1 5.9 -3.5 -3.0 -3.0 -3.1 -3.2 8

 9 Nonfarm noncorporate business 0.9 -0.8 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 9

10 State and local governments -0.5 -0.2 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -3.1 -1.7 -0.6 0.1 0.6 0.1 0.2 0.1 0.4 0.7 1.1 11

12 Commercial banking 15.0 20.2 25.7 35.3 60.0 49.6 55.7 41.3 53.5 63.3 82.0 12

13 Savings institutions -1.8 0.6 -1.5 2.1 7.2 1.4 6.5 6.4 6.6 7.7 7.9 13

14 Life insurance companies -4.0 -5.6 -1.5 5.2 11.9 -1.1 19.3 14.5 18.8 4.3 9.8 14

15 Other insurance companies -1.0 -0.4 -0.2 -0.2 -0.1 -1.0 0.5 -0.2 0.1 0.2 -0.4 15

16 Private pension funds 1.0 1.3 1.7 2.7 1.8 1.6 4.1 1.1 3.5 0.7 1.9 16

17 State and local govt. retirement funds 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 5.0 12.6 22.1 48.6 33.6 23.0 63.8 42.6 22.5 35.4 33.8 18

19 Finance companies 0 -2.6 -1.4 -2.1 9.3 9.8 -13.0 19.5 5.7 6.0 6.0 19

20 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 20

21 REITs -0.5 -1.0 2.2 2.5 0.0 3.2 0.2 2.7 -0.2 -0.5 -1.9 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 1

 2 Net change in assets 1.6 2.6 3.2 6.2 6.2 5.5 8.6 3.6 9.0 7.2 4.9 2

 3 Household sector 0.8 0.6 0.5 1.1 1.2 0.7 0.8 0.2 3.0 0.9 0.6 3

 4 Nonfarm noncorporate business 0.1 -0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.0 -0.1 -0.0 -0.0 -0.0 0 -0.0 0 -0.0 0 -0.0 5

 6 Federal government -0.5 -0.5 -0.9 -0.3 -0.2 -0.3 -0.4 -0.4 0.2 -0.5 -0.3 6

 7 Commercial banking 1.3 1.1 2.1 2.0 2.8 1.7 2.3 2.3 2.6 3.6 2.7 7

 8 Savings institutions -0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.1 8

 9 Life insurance companies 0.1 0.5 0.4 1.1 0.7 0.7 2.1 0.9 1.0 0.9 0.1 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises -0.1 1.1 1.0 2.2 1.6 2.5 3.7 0.5 2.0 2.1 1.6 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 -0.0 0 12
Z.1, March 10, 2000 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 1

 2 Net change in assets 138.9 88.8 52.5 67.6 96.8 79.6 69.9 131.5 62.4 77.3 115.9 2

 3 Nonfinancial corporate business -1.6 -7.3 1.2 -4.1 5.4 -4.4 -11.6 38.6 -4.8 -9.2 -2.8 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 43.2 24.8 -14.2 -3.6 -9.2 10.6 6.0 6.1 -75.7 -36.5 69.4 5

 6 Savings institutions 1.6 4.6 2.5 4.4 9.9 7.9 5.2 8.0 14.2 11.6 5.9 6

 7 Credit unions 12.3 12.2 8.2 3.0 14.9 3.3 2.6 13.2 4.3 18.8 23.3 7

 8 ABS issuers 65.6 54.2 47.2 59.4 62.6 44.8 37.6 59.2 100.9 97.2 -6.8 8

 9 Finance companies 17.7 0.3 7.6 8.5 13.1 17.4 30.1 6.5 23.7 -4.7 26.9 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 128.9 114.8 125.9 27.9 165.8 57.9 -56.9 144.8 237.1 190.8 90.4 1

 2 Household sector 9.3 8.7 8.1 5.7 7.1 4.7 1.9 1.4 8.6 6.3 11.9 2

 3 Nonfinancial corporate business 81.0 49.5 63.5 -12.4 103.2 -0.2 -78.4 112.6 145.2 130.4 24.8 3

 4 Nonfarm noncorporate business 6.2 20.8 10.8 9.5 6.0 9.7 9.7 6.7 7.5 5.1 4.8 4

 5 Farm business 1.0 1.3 1.4 0.8 0.4 2.3 0.4 -0.6 -0.2 1.4 1.0 5

 6 State and local governments 29.2 30.9 31.4 30.5 30.9 31.6 29.9 30.1 26.1 33.9 33.7 6

 7 Federal government -4.6 1.3 -0.1 -2.7 0.2 2.0 -5.4 -2.5 5.4 -1.4 -0.9 7

 8 Rest of the world 5.8 -1.7 5.1 -2.4 6.2 4.1 -3.6 -4.9 -4.7 22.1 12.3 8

 9 Brokers and dealers 1.1 4.0 5.7 -1.0 11.8 3.7 -11.4 2.0 49.4 -7.0 2.9 9

10 Net change in trade receivables 113.3 136.0 92.6 58.8 129.0 122.9 -36.8 99.1 247.0 119.1 50.8 10

11 Nonfinancial corporate business 78.0 88.1 36.6 9.0 90.4 64.8 -42.7 70.0 201.2 79.0 11.4 11

12 Nonfarm noncorporate business 12.3 16.2 16.7 16.1 17.8 15.0 16.6 16.8 17.4 18.3 18.8 12

13 Federal government -1.6 0.9 -3.2 1.5 2.2 10.4 -8.0 1.4 4.9 7.1 -4.9 13

14 Rest of the world -0.2 5.9 3.5 -7.3 -4.7 -2.3 -21.8 -18.9 -3.2 0.6 2.8 14

15 Other insurance companies 4.4 -0.1 2.7 1.6 2.2 2.6 -9.9 9.7 7.0 2.3 -10.4 15

16 ABS issuers 20.5 25.0 36.3 37.9 21.1 32.4 29.0 20.0 19.7 11.7 33.0 16

17 Discrepancy 15.6 -21.2 33.2 -30.9 36.8 -65.0 -20.2 45.8 -9.9 71.7 39.7 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 26.7 52.4 111.0 103.3 93.5 149.5 -25.7 -66.6 139.9 29.5 271.1 1

 2 Household sector 3.5 15.8 36.8 21.6 69.7 -9.8 14.8 31.6 95.3 5.7 146.1 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 23.1 36.6 74.2 81.7 23.8 159.4 -40.6 -98.2 44.5 23.8 125.1 4

 5 Customer credit balances (HH) 18.6 35.3 52.6 61.2 41.9 117.9 -4.6 -57.4 41.1 50.5 133.5 5

 6 From U.S.-chartered commercial banks 8.3 -4.8 4.2 11.9 -8.7 1.7 14.6 -23.0 16.5 -37.4 9.0 6

 7 From foreign banking offices in U.S. -3.7 6.2 17.5 8.6 -9.4 39.7 -50.5 -17.8 -13.1 10.7 -17.4 7

 8 Net change in assets 26.7 52.4 111.0 103.3 93.5 149.5 -25.7 -66.6 139.9 29.5 271.1 8

 9 Household sector 18.6 35.3 52.6 61.2 41.9 117.9 -4.6 -57.4 41.1 50.5 133.5 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking 4.6 1.3 21.7 20.5 -18.1 41.5 -35.9 -40.8 3.5 -26.7 -8.4 11

12 Brokers and dealers 3.5 15.8 36.8 21.6 69.7 -9.8 14.8 31.6 95.3 5.7 146.1 12
52 Z.1, March 10, 2000

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 45.8 44.5 59.3 53.3 51.3 51.7 59.0 40.8 59.6 41.5 63.2 1

 2 Federal government 1.0 0.6 1.7 1.3 1.4 0.0 1.8 0.7 2.7 0.2 2.0 2

 3 Life insurance companies 44.8 43.8 57.6 52.0 49.9 51.7 57.1 40.2 56.9 41.2 61.2 3

 4 Net change in assets (Households) 45.8 44.5 59.3 53.3 51.3 51.7 59.0 40.8 59.6 41.5 63.2 4

 Pension fund reserves:

 5 Net change in liabilities 235.1 246.9 304.0 290.4 322.2 279.2 314.8 286.1 324.4 305.0 373.5 5

 6 Federal government (1) 20.8 55.1 40.3 41.2 41.1 43.6 48.5 36.6 39.2 42.7 46.1 6

 7 Life insurance companies 61.0 43.9 98.3 91.3 113.6 89.5 93.5 101.6 114.8 110.4 127.4 7

 8 Private pension funds (2) 90.8 87.5 89.0 96.7 109.3 90.3 115.0 88.9 109.0 95.4 144.0 8

 9 State and local govt. retirement funds 62.5 60.5 76.4 61.2 58.3 55.9 57.7 59.1 61.4 56.4 56.0 9

10 Net change in assets (Households) 235.1 246.9 304.0 290.4 322.2 279.2 314.8 286.1 324.4 305.0 373.5 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 6.2 16.0 16.8 12.5 11.5 27.5 8.4 -8.0 41.8 -1.8 14.0 1

 businesses

 2 Nonfinancial corporate business -0.0 9.6 9.3 4.7 2.8 20.6 -1.4 -15.6 34.3 -11.3 4.0 2

 3 Nonfarm noncorporate business 1.3 1.6 1.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 3

 4 U.S.-chartered commercial banks 0.9 1.2 1.4 1.7 1.9 1.7 1.7 1.8 1.9 1.9 2.0 4

 5 Savings institutions 0.5 -0.1 0.4 0.2 0.0 0.5 0.3 -0.1 -0.5 1.3 -0.5 5

 6 Life insurance companies 1.6 1.6 1.7 1.6 1.5 1.6 1.5 1.5 1.5 1.4 1.4 6

 7 Other insurance companies 1.2 1.2 1.2 1.2 1.1 1.2 1.2 1.1 1.1 1.1 1.1 7

 8 Finance companies 0.7 0.8 0.8 0.8 0.7 0.8 0.7 0.7 0.7 0.7 0.7 8

 9 Brokers and dealers -0.1 0.1 0.1 -0.1 0.9 -1.2 1.9 0.1 0.4 0.4 2.8 9

10 Net change in business taxes receivable -14.9 -6.9 -10.0 -5.1 16.2 -0.7 -10.8 7.4 37.0 -4.2 24.2 10

11 State and local governments -8.3 -5.3 -2.2 0.1 5.2 1.0 0.3 3.0 4.4 5.5 7.5 11

12 Federal government -6.6 -1.5 -7.8 -5.2 11.0 -1.6 -11.0 4.5 32.6 -9.7 16.7 12

13 Discrepancy 21.1 22.8 26.8 17.6 -4.7 28.2 19.1 -15.4 4.8 2.4 -10.1 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 1

 2 Asset: Household sector 4.0 -8.6 -56.3 -48.0 -31.1 -51.2 -48.8 -32.0 -25.9 -34.3 -32.3 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 65.6 5.1 9.9 -19.9 -9.9 -64.0 16.3 10.1 16.0 -47.4 -18.5 1

 2 Nonfarm noncorporate business 60.1 -10.9 -6.2 -21.8 -15.3 -28.1 -19.1 -7.1 -0.4 -18.1 -35.9 2

 3 Farm business -9.2 3.7 -1.3 -1.6 -1.9 -4.3 12.1 4.2 7.7 -9.5 -10.1 3

 4 Brokers and dealers 14.7 12.4 17.4 3.5 7.3 -31.5 23.3 12.9 8.7 -19.8 27.4 4
Z.1, March 10, 2000 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 453.6 508.1 527.5 710.0 598.8 749.8 577.8 129.4 1223.6 360.0 682.3 1

 2 Household sector 0.7 0.8 0.3 -1.4 1.6 -2.1 -4.6 4.9 0.3 0.2 1.0 2

 3 Nonfinancial corporate business 133.5 254.0 101.5 222.7 297.2 289.2 390.3 93.7 496.1 275.2 323.7 3

 4 Nonfarm noncorporate business 3.4 -0.1 -1.3 -2.0 1.0 -1.0 -1.1 0.6 0.3 1.4 1.7 4

 5 Federal government 4.5 -3.2 0.2 -5.1 -2.8 -11.8 0.7 -9.2 5.3 -14.1 6.6 5

 6 Rest of the world 139.6 135.6 143.3 146.5 173.1 55.9 -101.8 104.7 307.0 162.0 118.5 6

 7 Monetary authority 1.3 -0.2 1.8 1.0 -1.6 -21.1 18.2 -22.1 27.4 -17.5 5.7 7

 8 Commercial banking 124.0 20.1 171.2 120.9 -59.0 306.0 89.0 -79.2 56.7 -230.0 16.7 8

 9 Savings institutions -0.6 -2.5 -2.1 -1.6 -12.2 -2.1 -17.1 19.5 -20.0 -19.9 -28.6 9

10 Credit unions -1.9 0.0 0.1 0.5 0.5 -1.1 -0.6 1.1 -2.0 -0.6 3.4 10

11 Life insurance companies 15.1 10.5 32.3 34.5 22.1 16.3 34.3 18.9 6.0 27.9 35.6 11

12 Other insurance companies 22.8 12.3 10.5 22.3 18.1 14.8 43.6 -8.1 34.7 38.5 7.3 12

13 Government-sponsored enterprises 5.8 0.3 7.8 20.3 -6.0 6.9 23.7 -25.9 -13.3 -14.4 29.8 13

14 Finance companies 21.8 3.2 -2.8 17.8 61.6 8.2 82.3 68.5 16.5 59.1 102.4 14

15 Mortgage companies -1.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 15

16 REITs 1.4 2.5 8.8 13.6 4.0 12.0 9.3 7.2 -5.2 12.9 1.1 16

17 Brokers and dealers 12.6 28.4 21.8 43.8 5.8 12.2 -51.3 -79.9 65.6 5.5 31.9 17

18 Funding corporations -29.2 42.4 38.7 74.6 95.4 65.1 59.8 39.3 243.1 79.9 19.3 18

19 Net change in assets 633.0 545.4 742.2 768.3 1005.9 820.4 577.0 538.3 1791.6 899.2 794.7 19

20 Household sector 14.8 9.7 10.3 15.3 11.7 15.0 29.9 1.2 13.2 25.1 7.2 20

21 Nonfinancial corporate business 293.4 232.8 243.6 191.9 385.5 176.3 144.8 415.3 344.3 440.3 342.1 21

22 Nonfarm noncorporate business 48.1 56.4 50.4 51.1 51.0 49.8 53.7 48.8 49.0 53.7 52.6 22

23 Farm business 1.8 -0.1 0.4 1.7 0.2 1.5 2.7 -1.3 1.7 1.5 -1.3 23

24 State and local governments 42.9 -4.8 4.3 -1.1 15.1 -44.5 23.8 -13.0 41.3 46.4 -13.9 24

25 Federal government -2.1 -6.4 -7.0 -3.5 -0.9 -3.9 -7.1 -0.4 -1.9 -2.5 0.9 25

26 Rest of the world 119.8 131.6 203.0 205.0 352.8 181.7 158.7 172.5 851.3 310.2 77.4 26

27 Monetary authority -3.2 2.4 1.2 4.9 -1.5 7.1 7.8 -13.4 1.5 4.8 1.0 27

28 Commercial banking 61.4 25.9 103.5 124.1 42.4 261.5 23.9 52.9 211.9 -56.9 -38.4 28

29 Savings institutions 1.7 -1.8 -3.2 13.6 -2.5 40.4 9.8 -5.1 -24.6 23.2 -3.4 29

30 Credit unions -0.8 -0.2 3.8 6.8 -12.5 14.5 15.9 1.3 -11.5 -4.4 -35.4 30

31 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 1.3 8.4 8.4 -0.2 2.0 2.6 0.9 31

32 Life insurance companies 7.2 -31.4 -6.7 17.1 3.6 41.0 -4.2 -25.4 1.5 28.9 9.5 32

33 Other insurance companies 3.8 3.6 5.4 5.3 3.2 5.1 9.3 6.3 3.0 3.6 -0.1 33

34 Private pension funds 7.2 10.1 9.4 -19.8 33.1 5.9 -39.5 9.5 4.0 18.2 100.6 34

35 State and local govt. retirement funds -39.9 -63.2 -87.3 -106.7 -85.8 -104.2 -49.8 -116.0 -72.9 -104.5 -49.8 35

36 Money market mutual funds 12.8 4.8 16.0 7.9 24.2 -23.7 -10.8 -60.4 143.3 -56.9 70.6 36

37 Mutual funds 0.5 -1.7 7.1 -3.9 -0.8 6.6 5.3 29.0 -31.3 -3.1 2.2 37

38 Government-sponsored enterprises 7.7 20.0 19.4 55.1 58.8 46.0 120.2 45.5 42.0 103.6 44.0 38

39 Finance companies 21.0 22.0 28.9 16.1 30.3 -96.2 67.3 89.8 10.5 -15.0 35.6 39

40 REITs 1.0 -1.7 4.9 10.7 -1.0 5.8 0.2 1.4 -4.5 -1.7 0.8 40

41 Brokers and dealers 10.3 68.2 82.8 115.9 29.8 150.3 -16.1 -249.0 171.6 22.3 174.3 41

42 Funding corporations 24.5 65.2 53.3 52.5 68.0 76.1 22.9 148.9 46.1 59.8 17.2 42

43 Discrepancy -179.5 -37.3 -214.7 -58.3 -407.0 -70.6 0.7 -408.9 -568.0 -539.2 -112.4 43
54 Z.1, March 10, 2000

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 99.5 92.7 110.0 132.8 149.7 86.3 123.1 165.5 126.3 178.1 130.1 1

 2 Equity 40.5 27.5 43.9 60.3 65.6 55.1 52.5 79.2 31.7 95.0 56.4 2

 3 Reinvested earnings 54.6 55.5 61.6 61.5 73.2 46.2 57.7 55.4 78.3 83.8 76.4 3

 4 Intercompany accounts 4.4 9.7 4.4 11.0 11.0 -14.9 12.9 30.9 16.2 -0.6 -2.7 4

 5 Asset: Nonfinancial corporate business 91.1 77.6 90.2 113.9 132.7 70.8 103.5 149.8 111.7 157.7 112.7 5

 6 Commercial banking 1.6 3.5 2.9 0.9 5.2 -5.4 2.1 3.2 6.4 4.0 7.1 6

 7 Life insurance companies 0.4 0.8 1.8 2.1 0.4 -1.4 3.7 0.9 0.1 1.1 -0.7 7

 8 Other insurance companies 3.8 3.6 5.4 5.3 3.2 5.1 9.3 6.3 3.0 3.6 -0.1 8

 9 Finance companies 2.5 7.3 9.1 7.8 5.8 12.9 1.7 1.6 4.6 7.5 9.4 9

10 Brokers and dealers 0.1 -0.1 0.5 2.8 2.5 4.4 2.8 3.7 0.6 4.1 1.7 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 55.4 74.5 110.1 163.1 232.8 23.4 473.6 106.6 369.6 105.0 351.1 11

12 Nonfarm noncorporate business -0.1 0.3 0.5 0.2 0.3 -0.1 0.3 0.4 0.2 0.3 0.2 12

13 Commercial banking 6.6 -0.1 6.7 5.7 34.7 20.1 2.1 2.8 55.5 4.7 75.9 13

14 Life insurance companies 1.8 1.0 6.4 2.0 25.9 0.7 2.5 1.2 41.7 2.9 57.6 14

15 Other insurance companies 2.0 5.7 5.7 4.8 17.2 1.3 7.6 4.0 19.0 23.1 22.5 15

16 Finance companies 2.8 5.1 6.8 5.0 17.1 -11.2 13.9 -5.6 20.5 12.6 40.8 16

17 Brokers and dealers 1.5 1.3 0.4 0.7 0.8 0.6 0.1 -0.0 0.9 0.7 1.4 17

18 Funding corporations -10.4 1.1 -27.4 11.8 -28.1 64.9 -18.0 -17.6 110.0 28.6 -233.3 18

19 Asset: Rest of the world 59.6 89.0 109.3 193.4 300.5 99.6 482.0 91.8 617.5 177.9 316.3 19

20 Equity 47.9 63.7 64.7 154.2 241.0 90.9 433.3 31.6 565.5 107.6 259.6 20

21 Reinvested earnings 10.3 11.0 20.3 12.8 21.2 17.6 4.5 20.6 16.9 28.2 20.5 21

22 Intercompany accounts 1.5 14.3 24.3 26.4 38.3 -9.0 44.2 39.6 35.1 42.2 36.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.8 1.6 1.6 1.5 1.7 1.4 1.6 1.8 1.3 1.1 23

24 Asset: Federal government 1.5 1.8 1.6 1.6 1.5 1.7 1.4 1.6 1.8 1.3 1.1 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.6 0.8 0.5 0.5 0.5 0.2 0.7 0.6 0.2 0.4 25

26 Asset: Commercial banking 0.3 0.6 0.8 0.5 0.5 0.5 0.2 0.7 0.6 0.2 0.4 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.8 1.2 0.7 3.3 5.6 0.7 5.2 6.0 2.6 6.1 7.7 27

28 Asset: Nonfin. corporate business (FNMA) -0.2 -0.2 -1.1 -0.7 -0.6 -2.6 -0.0 0.2 -0.9 -0.9 -0.7 28

29 Nonfarm noncorporate (BC) 0.0 0.7 0 -0.1 -0.0 -0.3 -0.5 0.2 -0.3 -0.1 0.2 29

30 Farm business (FICB and FLB) -0.1 -0.6 0 0.1 0.1 0.3 -0.6 -0.2 0.3 0.1 0.1 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.6 0.8 1.3 2.0 3.2 2.0 3.4 2.4 1.9 4.4 4.1 32

33 Savings institutions (FHLB) 0.4 0.5 0.4 1.8 2.5 1.0 2.8 2.9 1.1 2.2 3.9 33

34 Credit unions (FHLB) 0.1 0.0 0.0 0.1 0.2 0.2 0.1 0.4 0.2 0.1 0.2 34

35 Life insurance companies (FHLB) -0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.2 -0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.1 28.6 40.7 55.3 8.5 53.5 38.9 29.8 -10.2 6.9 7.7 36

37 Savings institutions 0.1 0.2 0.3 0.4 0.5 0.4 0.5 0.5 0.5 0.6 0.6 37

38 Finance companies 4.6 4.6 2.2 -1.4 22.0 -3.5 7.0 5.7 1.6 38.1 42.6 38

39 Mortgage companies -1.2 4.1 -4.6 1.6 0.2 2.3 3.0 -4.6 5.1 -6.1 6.2 39

40 Brokers and dealers 4.7 -8.6 27.0 43.5 -5.6 20.7 38.0 72.5 49.9 -58.0 -86.5 40

41 Asset: Bank holding companies 48.3 28.9 65.7 99.4 25.7 73.4 87.4 103.9 46.9 -18.5 -29.5 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 4.6 4.6 2.2 -1.4 22.0 -3.5 7.0 5.7 1.6 38.1 42.6 42

43 Asset: Nonfinancial corporate business 4.6 4.6 2.2 -1.4 22.0 -3.5 7.0 5.7 1.6 38.1 42.6 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 6.7 13.7 14.3 11.8 2.5 40.7 4.4 -3.1 -5.3 56.0 -37.8 44

45 Brokers and dealers 17.8 51.5 38.9 40.8 65.5 35.4 18.6 152.0 51.4 3.8 55.0 45

46 Asset: Funding corporations 24.5 65.2 53.3 52.5 68.0 76.1 22.9 148.9 46.1 59.8 17.2 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, March 10, 2000 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.3 -0.1 -0.0 -0.1 0.5 -0.6 -0.2 0.5 0.4 0.4 0.6 1

 2 Asset: Federal government 0.3 -0.1 -0.0 -0.1 0.5 -0.6 -0.2 0.5 0.4 0.4 0.6 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0 0 0 0 0 0 0 0 0 0 0 3

 4 Asset: Household sector 0 0 0 0 0 0 0 0 0 0 0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 3.3 -1.2 0 6.8 -7.8 4.7 8.3 -13.5 -16.7 -5.8 4.8 5

 6 Asset: Savings institutions 3.3 -1.2 0 6.8 -7.8 4.7 8.3 -13.5 -16.7 -5.8 4.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.7 0.8 0.3 -1.4 1.6 -2.1 -4.6 4.9 0.3 0.2 1.0 7

 8 Asset: Life insurance companies 0.7 0.8 0.3 -1.4 1.6 -2.1 -4.6 4.9 0.3 0.2 1.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.1 7.0 8.3 7.9 11.3 9.4 14.8 6.3 6.7 18.6 13.5 9

10 Health 5.2 6.2 6.3 7.3 9.9 8.3 15.1 5.2 5.6 17.0 11.7 10

11 Policy dividend accumulation 0.8 0.8 2.0 0.7 1.4 1.1 -0.3 1.1 1.0 1.6 1.9 11

12 Asset: Household sector 6.1 7.0 8.3 7.9 11.3 9.4 14.8 6.3 6.7 18.6 13.5 12

 Policy payables:

13 Liab.: Other insurance companies 20.8 6.6 4.8 17.5 0.9 13.5 36.0 -12.1 15.7 15.4 -15.2 13

14 Asset: Household sector 8.7 2.7 2.0 7.3 0.4 5.7 15.1 -5.1 6.6 6.4 -6.4 14

15 Nonfinancial corporate business 8.2 2.6 1.9 6.9 0.4 5.3 14.2 -4.8 6.2 6.1 -6.0 15

16 Nonfarm noncorporate business 2.0 0.6 0.5 1.7 0.1 1.3 3.4 -1.2 1.5 1.5 -1.4 16

17 Farm business 1.9 0.6 0.4 1.6 0.1 1.2 3.3 -1.1 1.4 1.4 -1.4 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -0.7 -2.5 -4.3 -1.3 -3.8 15.5 -12.9 -6.4 -6.2 8.8 -11.3 18

19 Asset: Private pension funds -0.7 -2.5 -4.3 -1.3 -3.8 15.5 -12.9 -6.4 -6.2 8.8 -11.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations -5.5 59.9 57.2 70.0 19.3 140.3 -57.5 -173.2 107.8 53.0 89.8 22

23 Asset: Brokers and dealers -5.5 59.9 57.2 70.0 19.3 140.3 -57.5 -173.2 107.8 53.0 89.8 23
56 Z.1, March 10, 2000

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 184.8 149.8 114.0 124.7 -0.5 230.5 -139.2 -204.8 268.5 -177.5 109.4 1

 2 Nonfinancial corporate business 74.4 175.7 -12.4 55.8 60.6 262.0 -87.1 -16.7 122.7 166.4 -31.2 2

 3 Nonfarm noncorporate business 3.4 -0.4 -1.8 -2.2 0.7 -0.9 -1.3 0.3 0.1 1.1 1.5 3

 4 Federal government 4.5 -3.2 0.2 -5.1 -2.8 -11.8 0.7 -9.2 5.3 -14.1 6.6 4

 5 Rest of the world 38.3 41.2 31.8 12.2 21.4 -31.5 -226.0 -62.9 178.5 -17.9 -13.3 5

 6 Monetary authority 1.0 -0.9 1.0 0.5 -2.1 -21.6 18.1 -22.8 26.8 -17.7 5.3 6

 7 Commercial banking 70.6 -22.1 109.4 48.1 -104.7 191.8 43.6 -108.7 16.6 -297.6 -29.1 7

 8 U.S.-chartered commercial banks 3.5 -13.0 30.5 -2.4 -22.2 76.3 -19.0 -95.7 75.1 -170.7 102.4 8

 9 Foreign banking offices in U.S. 37.6 -26.9 35.2 -11.8 -76.4 106.8 -73.6 -42.6 -28.2 -101.7 -133.2 9

10 Bank holding companies 26.6 17.3 39.0 56.0 -10.9 6.8 119.1 26.8 -35.4 -32.1 -2.9 10

11 Banks in U.S.-affiliated areas 2.9 0.6 4.7 6.3 4.9 1.8 17.1 2.8 5.1 6.9 4.6 11

12 Savings institutions -0.7 -2.7 -2.4 -2.1 -12.8 -2.6 -17.6 19.0 -20.5 -20.4 -29.2 12

13 Credit unions -1.9 0.0 0.1 0.5 0.5 -1.1 -0.6 1.1 -2.0 -0.6 3.4 13

14 Life insurance companies 7.9 4.9 21.9 25.9 -11.2 -9.4 29.9 17.8 -36.1 -2.4 -24.2 14

15 Government-sponsored enterprises 0.8 0.3 7.1 10.1 -3.7 1.5 10.1 -18.4 0.8 -14.7 17.3 15

16 Finance companies 9.8 -11.2 -14.0 15.7 0.6 26.6 54.3 62.7 -7.1 -29.8 -23.5 16

17 REITs 1.4 2.5 8.8 13.6 4.0 12.0 9.3 7.2 -5.2 12.9 1.1 17

18 Brokers and dealers -11.4 -15.8 -44.7 -41.2 -55.0 -44.4 -107.9 -304.3 -36.6 59.0 62.0 18

19 Funding corporations -13.3 -18.6 8.8 -7.1 104.1 -140.0 135.3 230.2 25.3 -1.7 162.8 19

20 Net change in assets 364.3 187.1 328.7 183.0 406.6 301.1 -139.9 204.1 836.5 361.7 221.8 20

21 Nonfinancial corporate business 189.6 148.3 150.5 73.2 231.0 106.3 20.1 264.4 225.7 239.3 193.5 21

22 Nonfarm noncorporate business 46.1 55.1 49.9 49.6 50.9 48.8 50.8 49.8 47.8 52.3 53.9 22

23 State and local governments 42.9 -4.8 4.3 -1.1 15.1 -44.5 23.8 -13.0 41.3 46.4 -13.9 23

24 Federal government -3.8 -8.1 -8.5 -5.0 -2.9 -5.0 -8.2 -2.4 -4.1 -4.2 -0.8 24

25 Rest of the world 60.2 42.6 93.7 11.6 52.3 82.0 -323.3 80.7 233.8 132.3 -238.9 25

26 Monetary authority -3.2 2.4 1.2 4.9 -1.5 7.1 7.8 -13.4 1.5 4.8 1.0 26

27 Commercial banking 9.6 -7.9 32.7 21.2 7.9 191.1 -69.2 -57.2 156.1 -46.9 -20.5 27

28 U.S.-chartered commercial banks -1.6 1.3 0.5 5.6 2.6 11.3 -40.7 -13.7 70.5 -8.3 -38.2 28

29 Foreign banking offices in U.S. 5.0 -21.2 37.0 0.3 -18.9 186.5 -67.8 -44.9 66.4 -95.3 -1.6 29

30 Bank holding companies 4.6 11.3 -6.7 12.1 23.3 -9.0 30.7 1.4 17.6 55.9 18.2 30

31 Banks in U.S.-affiliated areas 1.6 0.8 1.8 3.1 0.9 2.3 8.5 -0.0 1.6 0.7 1.1 31

32 Savings institutions -2.0 -1.1 -3.6 4.9 2.8 34.6 -1.3 5.6 -9.0 26.7 -12.0 32

33 Credit unions -0.9 -0.2 3.8 6.7 -12.7 14.3 15.8 1.0 -11.7 -4.6 -35.6 33

34 Bank personal trusts and estates -0.9 3.9 -1.4 8.4 1.3 8.4 8.4 -0.2 2.0 2.6 0.9 34

35 Life insurance companies 6.1 -33.1 -8.8 16.4 1.5 44.3 -3.4 -31.5 1.0 27.3 9.2 35

36 Private pension funds 4.3 8.8 10.0 -22.3 33.0 -13.4 -30.5 12.1 6.4 5.5 108.1 36

37 State and local govt. retirement funds -39.9 -63.2 -87.3 -106.7 -85.8 -104.2 -49.8 -116.0 -72.9 -104.5 -49.8 37

38 Money market mutual funds 12.8 4.8 16.0 7.9 24.2 -23.7 -10.8 -60.4 143.3 -56.9 70.6 38

39 Mutual funds 0.5 -1.7 7.1 -3.9 -0.8 6.6 5.3 29.0 -31.3 -3.1 2.2 39

40 Government-sponsored enterprises 7.7 20.0 19.4 55.1 58.8 46.0 120.2 45.5 42.0 103.6 44.0 40

41 Finance companies 18.6 14.6 19.8 8.3 24.5 -109.0 65.6 88.3 5.9 -22.5 26.2 41

42 REITs 1.0 -1.7 4.9 10.7 -1.0 5.8 0.2 1.4 -4.5 -1.7 0.8 42

43 Brokers and dealers 15.7 8.4 25.1 43.1 7.9 5.6 38.6 -79.5 63.2 -34.9 82.8 43

44 Discrepancy -179.5 -37.3 -214.7 -58.3 -407.0 -70.6 0.7 -408.9 -568.0 -539.2 -112.4 44
Z.1, March 10, 2000 57

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -153.8 -16.1 -5.4 20.9 -169.7 253.0 -152.6 46.1 -329.9 -239.5 -155.7 1

 2 Household sector 49.3 59.7 127.5 49.1 13.8 79.1 108.6 222.8 -92.0 62.7 -139.4 2

 3 Nonfinancial corporate business -23.3 25.4 32.3 23.5 7.9 -49.3 62.0 2.0 14.2 -7.6 23.4 3

 4 State and local governments -46.9 -43.2 6.1 -49.1 -42.0 -11.9 -47.4 -21.2 -92.5 -34.7 -20.2 4

 5 Federal government -13.7 66.9 37.2 34.0 -10.0 67.8 93.8 0.0 -30.4 25.6 -35.1 5

 6 Rest of the world -39.3 -84.1 -163.0 -9.0 -71.8 106.2 -167.5 -39.8 -175.2 -87.0 15.4 6

 7 Financial sectors -79.9 -40.9 -45.5 -27.8 -67.5 61.1 -202.1 -117.6 46.0 -198.5 0.2 7

 8 Monetary authority -1.8 0.9 1.6 -3.1 -2.1 -5.1 2.2 -3.2 -3.1 -4.5 2.5 8

 9 Commercial banking -23.3 -4.6 48.7 42.3 -36.7 130.2 -74.7 -10.0 32.7 -149.0 -20.5 9

10 Savings institutions -3.8 -4.5 -4.1 -7.7 -4.9 -7.4 -7.7 -7.1 -5.0 -3.8 -3.8 10

11 Credit unions 0.1 0.9 -0.5 -0.5 0.1 -1.4 0.3 0.2 0.8 -1.1 0.3 11

12 Bank personal trusts and estates -1.3 2.1 -5.3 -0.2 -0.4 -0.2 -0.2 -0.1 -0.4 -0.4 -0.6 12

13 Life insurance companies -43.7 -46.3 -52.6 -42.8 -44.7 -62.3 -42.7 -38.9 -44.9 -44.1 -50.9 13

14 Other insurance companies -18.5 -13.1 -42.3 -24.6 9.9 -36.1 -40.4 -25.9 21.0 23.2 21.4 14

15 Mutual funds 9.3 5.6 7.3 10.5 11.0 10.8 11.6 11.0 11.0 11.0 11.0 15

16 Government-sponsored enterprises -1.9 0.4 -3.1 -4.6 -1.6 -4.9 -14.9 -1.0 3.1 -4.4 -4.0 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies -1.6 11.4 -4.8 -10.0 -17.2 22.4 -53.9 -50.2 5.8 -52.5 28.0 18

19 REITs 6.7 6.6 9.7 12.8 19.0 14.7 18.0 8.0 24.9 26.7 16.2 19

20 Brokers and dealers -0.1 -0.1 -0.2 0.3 0.1 0.6 0.4 -0.5 0.1 0.5 0.5 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -153.8 -16.1 -5.4 20.9 -169.7 253.0 -152.6 46.1 -329.9 -239.5 -155.7 1

 2 Treasury currency -0.5 -0.9 -0.6 -0.7 -1.7 1.1 -3.4 -1.5 0.6 0.2 -6.3 2

 3 Foreign deposits 25.1 59.6 106.8 -8.1 44.9 69.9 -156.5 62.7 83.5 19.9 13.6 3

 4 Net interbank transactions -3.1 -3.3 -19.9 3.4 0.7 22.3 -52.8 58.7 -1.7 -1.0 -53.1 4

 5 Security RPs 20.2 4.5 62.3 54.1 41.5 153.8 -11.0 209.4 67.5 43.0 -153.9 5

 Mail floats:

 6 Federal government -6.0 0.5 -2.7 2.6 -7.2 32.4 14.0 -1.8 -41.4 23.0 -8.7 6

 7 Other -3.8 -4.0 -3.9 -3.1 -0.8 -3.6 -1.8 -1.9 -1.0 -0.5 0.1 7

 8 Trade credit 15.6 -21.2 33.2 -30.9 36.8 -65.0 -20.2 45.8 -9.9 71.7 39.7 8

 9 Taxes payable 21.1 22.8 26.8 17.6 -4.7 28.2 19.1 -15.4 4.8 2.4 -10.1 9

10 Miscellaneous -179.5 -37.3 -214.7 -58.3 -407.0 -70.6 0.7 -408.9 -568.0 -539.2 -112.4 10

11 Nonfinancial -42.8 -36.7 7.3 44.3 127.9 84.5 59.1 99.1 135.6 140.9 135.4 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 26.4 33.1 -3.2 -47.8 -127.9 -88.0 -62.6 -99.1 -135.6 -140.9 -135.4 12

13 Private wage accruals less disbursements 16.4 3.6 -4.1 3.5 0 3.5 3.5 0 0 0 0 13
58 Z.1, March 10, 2000

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 18444.0 19805.8 21250.7 21754.3 22254.2 22730.0 23364.4 23974.3 24402.2 25011.2 25614.2 1

 2 Domestic nonfinancial sectors 13723.8 14459.4 15233.8 15492.6 15710.4 15921.7 16245.0 16557.5 16730.6 17048.8 17385.6 2

 3 Federal government 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 3680.4 3

 4 Nonfederal sectors 10087.1 10677.7 11428.9 11661.9 11961.4 12201.5 12492.8 12797.8 13078.9 13416.1 13705.2 4

 5 Household sector 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6306.1 6466.8 5

 6 Nonfinancial corporate business 2936.6 3120.2 3401.7 3524.7 3649.0 3722.1 3807.3 3981.8 4071.9 4203.6 4285.7 6

 7 Nonfarm noncorporate business 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1495.3 1531.1 7

 8 Farm business 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.7 169.1 8

 9 State and local governments 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1242.4 1252.5 9

10 Rest of the world 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 622.0 10

11 Financial sectors 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.0 7073.3 7347.6 7606.6 11

12 Commercial banking 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 408.2 436.1 451.5 12

13 U.S.-chartered commercial banks 92.2 103.9 133.4 143.2 155.6 166.0 186.2 185.3 200.6 222.4 230.2 13

14 Foreign banking offices in U.S. 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 1.8 2.0 14

15 Bank holding companies 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 219.4 15

16 Savings institutions 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 258.3 16

17 Credit unions 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 3.4 17

18 Life insurance companies 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 3.2 18

19 Government-sponsored enterprises 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 19

20 Federally related mortgage pools 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 20

21 ABS issuers 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.1 1539.9 1599.8 1632.1 21

22 Finance companies 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 653.8 22

23 Mortgage companies 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 23

24 REITs 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 166.7 24

25 Brokers and dealers 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 25.3 25

26 Funding corporations 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 510.5 26

27 Total credit market assets held by: 18444.0 19805.8 21250.7 21754.3 22254.2 22730.0 23364.4 23974.3 24402.2 25011.2 25614.2 27

28 Domestic nonfederal nonfinancial sectors 2846.3 2906.7 2783.8 2764.8 2837.8 2850.6 2790.6 2877.6 2918.4 2964.9 3021.4 28

29 Household sector 1885.0 1993.7 1873.5 1871.8 1910.3 1889.0 1781.1 1878.2 1898.9 1944.2 1960.4 29

30 Nonfinancial corporate business 280.4 270.2 268.0 249.6 238.5 243.2 267.6 244.9 249.6 261.4 300.9 30

31 Nonfarm noncorporate business 42.3 38.0 37.4 37.4 37.4 37.4 37.4 37.5 37.5 37.3 37.3 31

32 State and local governments 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 721.9 722.8 32

33 Federal government 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.1 219.8 255.6 258.8 33

34 Rest of the world 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2601.8 2609.8 2703.5 2736.7 34

35 Financial sectors 13863.9 14777.2 16009.8 16468.1 16812.9 17256.3 17825.6 18276.7 18654.2 19087.3 19597.3 35

36 Monetary authority 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 478.1 36

37 Commercial banking 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.4 4488.3 4643.9 37

38 U.S.-chartered commercial banks 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 3944.3 4078.9 38

39 Foreign banking offices in U.S. 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 475.3 484.0 39

40 Bank holding companies 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.1 22.0 32.6 40

41 Banks in U.S.-affiliated areas 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 46.7 48.3 41

42 Savings institutions 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 1030.8 1033.4 42

43 Credit unions 263.0 288.5 305.3 306.7 315.1 320.5 324.2 330.2 341.0 350.2 355.3 43

44 Bank personal trusts and estates 239.7 232.0 207.0 204.3 201.5 197.5 194.1 192.2 190.1 188.0 185.7 44

45 Life insurance companies 1587.5 1657.0 1751.1 1777.3 1793.2 1810.6 1828.0 1853.7 1874.7 1889.2 1902.7 45

46 Other insurance companies 468.7 491.2 515.3 521.1 520.8 518.8 535.7 530.8 537.5 533.9 530.7 46

47 Private pension funds 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 1017.4 1043.6 47

48 State and local govt. retirement funds 531.0 568.2 632.0 648.9 668.5 685.7 698.0 717.2 724.0 733.6 745.8 48

49 Money market mutual funds 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 1049.7 1147.8 49

50 Mutual funds 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.8 1084.0 1083.0 1077.1 50

51 Closed-end funds 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 106.1 107.1 51

52 Government-sponsored enterprises 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.0 1338.6 1405.1 52

53 Federally related mortgage pools 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 53

54 ABS issuers 653.4 777.0 939.3 989.2 1068.9 1134.2 1216.0 1280.1 1352.7 1410.5 1435.4 54

55 Finance companies 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 678.2 714.2 55

56 Mortgage companies 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 32.5 35.6 56

57 REITs 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 44.7 42.8 57

58 Brokers and dealers 183.4 167.7 182.6 242.7 209.4 245.9 189.4 211.4 162.9 167.0 157.7 58

59 Funding corporations 87.4 101.4 152.3 177.5 178.3 161.3 158.7 173.5 202.9 210.3 263.0 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 10, 2000 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 13723.8 14459.4 15233.8 15492.6 15710.4 15921.7 16245.0 16557.5 16730.6 17048.8 17385.6 1

 2 Federal government 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 3680.4 2

 3 Treasury securities 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 3652.1 3

 4 Budget agency secur. and mortgages 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 28.3 4

 5 Nonfederal, by instrument 10087.1 10677.7 11428.9 11661.9 11961.4 12201.5 12492.8 12797.8 13078.9 13416.1 13705.2 5

 6 Commercial paper 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 230.3 6

 7 Municipal securities and loans 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.6 1532.5 7

 8 Corporate bonds 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 2059.5 8

 9 Bank loans n.e.c. 863.6 934.1 1040.5 1047.9 1097.6 1120.6 1148.8 1165.2 1178.5 1202.9 1231.0 9

10 Other loans and advances 736.9 770.4 839.5 863.5 873.1 886.8 913.8 957.5 953.5 967.1 985.4 10

11 Mortgages 4568.8 4848.9 5137.8 5243.7 5347.9 5469.5 5611.7 5742.9 5894.2 6097.4 6238.1 11

12 Home 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.2 4532.1 4662.4 4759.2 12

13 Multifamily residential 265.5 278.4 286.1 290.6 295.5 298.8 305.3 313.6 321.6 332.6 344.0 13

14 Commercial 708.5 761.4 801.9 818.8 837.4 853.9 882.4 911.7 940.8 1001.0 1032.2 14

15 Farm 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 15

16 Consumer credit 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 16

17 Nonfederal, by sector 10087.1 10677.7 11428.9 11661.9 11961.4 12201.5 12492.8 12797.8 13078.9 13416.1 13705.2 17

18 Household sector 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6306.1 6466.8 18

19 Nonfinancial business 4234.1 4506.2 4871.4 5017.9 5171.8 5270.7 5383.1 5581.7 5704.0 5867.6 5985.9 19

20 Corporate 2936.6 3120.2 3401.7 3524.7 3649.0 3722.1 3807.3 3981.8 4071.9 4203.6 4285.7 20

21 Nonfarm noncorporate 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1495.3 1531.1 21

22 Farm 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.7 169.1 22

23 State and local governments 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1242.4 1252.5 23

 Foreign credit market debt

24 held in U.S. 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 622.0 24

25 Commercial paper 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 89.2 25

26 Bonds 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 422.4 26

27 Bank loans n.e.c. 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 59.4 27

28 Other loans and advances 58.8 59.8 58.0 55.9 54.8 53.8 52.0 51.3 50.5 49.7 51.0 28

29 Domestic and foreign 14165.2 14978.1 15803.9 16084.2 16327.4 16534.4 16848.7 17165.3 17328.8 17663.6 18007.6 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.0 7073.3 7347.6 7606.6 1

 2 Federal government-related 2376.8 2608.3 2821.1 2878.0 2981.4 3121.7 3292.0 3434.1 3580.7 3745.9 3884.0 2

 3 Govt.-sponsored enterprise securities 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 3

 4 Mortgage pool securities 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 4

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

 6 Private financial sectors 1901.9 2219.4 2625.7 2792.1 2945.4 3073.8 3223.6 3374.9 3492.6 3601.8 3722.6 6

 7 Open market paper 486.9 579.1 745.7 804.9 838.9 874.2 906.7 926.4 940.9 963.4 1082.9 7

 8 Corporate bonds 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1968.6 2042.8 2091.9 2069.6 8

 9 Bank loans n.e.c. 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 105.2 93.6 9

10 Other loans and advances 135.0 162.9 198.5 206.6 225.6 246.2 288.7 299.1 328.6 365.4 395.8 10

11 Mortgages 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 80.6 11

12 By sector 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.0 7073.3 7347.6 7606.6 12

13 Commercial banks 102.6 113.6 140.6 148.7 159.6 169.6 188.6 187.5 202.7 224.2 232.2 13

14 Bank holding companies 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 219.4 14

15 Savings institutions 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 258.3 15

16 Credit unions 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 3.4 16

17 Life insurance companies 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 3.2 17

18 Government-sponsored enterprises 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 18

19 Federally related mortgage pools 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 19

20 ABS issuers 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.1 1539.9 1599.8 1632.1 20

21 Brokers and dealers 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 25.3 21

22 Finance companies 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 653.8 22

23 Mortgage companies 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 23

24 REITs 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 166.7 24

25 Funding corporations 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 510.5 25
60 Z.1, March 10, 2000

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 18444.0 19805.8 21250.7 21754.3 22254.2 22730.0 23364.4 23974.3 24402.2 25011.2 25614.2 1

 2 Open market paper 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 1402.4 2

 3 U.S. government securities 6013.6 6390.0 6626.0 6708.7 6730.3 6841.9 7044.3 7193.8 7232.4 7378.6 7564.4 3

 4 Municipal securities 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.6 1532.5 4

 5 Corporate and foreign bonds 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4286.9 4429.9 4536.9 4551.5 5

 6 Bank loans n.e.c. 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.9 1383.9 6

 7 Other loans and advances 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1307.8 1332.6 1382.2 1432.2 7

 8 Mortgages 4592.9 4880.8 5184.7 5292.8 5402.0 5533.5 5683.3 5819.6 5967.8 6173.3 6318.7 8

 9 Consumer credit 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 9

 Memo:

 Selected claims not included above:

10 Corporate equities 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 18876.7 10

11 Mutual fund shares 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 11

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 18444.0 19805.8 21250.7 21754.3 22254.2 22730.0 23364.4 23974.3 24402.2 25011.2 25614.2 1

 2 Official foreign exchange 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 50.1 2

 3 SDR certificates 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 6.2 3

 4 Treasury currency 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 18.3 4

 5 Foreign deposits 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 698.5 5

 6 Net interbank liabilities 290.7 240.8 219.4 179.6 189.2 198.9 188.9 181.8 203.2 195.8 199.1 6

 7 Checkable deposits and currency 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 1485.8 7

 8 Small time and savings deposits 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2637.6 2644.6 2666.6 2671.8 8

 9 Large time deposits 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 837.5 935.8 9

10 Money market fund shares 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1584.8 10

11 Security RPs 660.0 701.5 822.4 882.1 892.1 960.5 913.7 980.3 970.8 999.3 1085.2 11

12 Mutual fund shares 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 12

13 Security credit 305.7 358.1 469.1 504.9 539.6 573.6 572.3 552.7 589.3 593.2 665.8 13

14 Life insurance reserves 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.2 772.0 14

15 Pension fund reserves 5767.8 6642.5 7894.4 8583.1 8730.8 8116.5 9079.2 9267.0 9729.0 9487.5 10360.4 15

16 Trade payables 1698.0 1812.8 1938.6 1940.8 1933.9 1953.0 1966.5 1970.0 2028.8 2082.0 2132.3 16

17 Taxes payable 107.6 123.6 140.4 151.7 144.6 155.0 152.8 159.6 162.1 165.5 164.4 17

18 Investment in bank personal trusts 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 18

19 Miscellaneous 5645.8 6119.6 6698.5 6775.3 6860.2 7041.3 7147.3 7162.6 7311.5 7255.7 7542.8 19

20 Total liabilities 41383.6 45331.1 50248.3 52150.4 53140.9 53074.8 55542.8 56671.4 58232.1 58577.8 61619.3 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 21.3 21.4 21

22 Corporate equities 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 18876.7 22

23 Household equity in noncorp. bus. 3640.4 3833.2 4171.8 4213.6 4284.7 4331.3 4395.3 4404.7 4488.7 4543.3 4630.3 23

 - Liabilities not identified as assets:

24 Treasury currency -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.2 -8.2 -9.7 24

25 Foreign deposits 360.2 431.4 534.0 510.1 547.6 565.1 547.2 562.8 583.7 588.7 592.1 25

26 Net interbank transactions -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -13.0 -28.2 26

27 Security RPs 86.4 90.9 153.1 180.2 171.6 216.8 207.2 263.6 276.8 294.0 248.7 27

28 Taxes payable 62.4 76.7 93.5 89.6 95.8 102.2 103.4 90.6 111.8 94.4 92.4 28

29 Miscellaneous -1000.3 -1318.8 -1636.8 -1827.5 -1907.9 -1959.4 -2213.3 -2382.4 -2510.0 -2974.4 -2953.8 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.1 -1.6 -8.1 -10.4 -16.1 -12.0 -3.9 -7.2 -12.4 -10.2 -9.8 30

31 Other 34.2 30.1 26.2 21.4 24.2 15.7 23.1 18.9 22.1 14.5 22.3 31

32 Trade credit 198.2 176.7 199.5 163.4 119.4 98.9 168.0 123.4 105.0 119.8 204.8 32

33 Totals identified to sectors as assets 53812.5 59973.5 68300.6 72128.9 73423.6 71543.7 76576.3 78340.3 81201.2 81045.3 86988.9 33
Z.1, March 10, 2000 61

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 18915.8 21162.3 24351.5 26113.8 26387.6 24869.8 27165.8 27840.8 28965.9 28294.6 31373.0 1

 2 Foreign deposits 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 45.0 2

 3 Checkable deposits and currency 618.2 567.5 572.5 554.8 551.9 534.9 597.3 572.7 566.6 546.3 584.4 3

 4 Time and savings deposits 2460.1 2635.8 2812.6 2899.1 2897.8 2915.0 3017.0 3012.2 3028.1 3070.7 3112.6 4

 5 Money market fund shares 454.1 510.8 602.2 652.4 650.2 705.2 746.5 796.1 761.5 788.9 847.3 5

 6 Securities 7177.8 8126.7 9525.1 10364.0 10456.6 9528.5 10524.4 10963.4 11558.1 11092.9 12976.4 6

 7 Open market paper 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 68.5 7

 8 U.S. savings bonds 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 8

 9 Other Treasury securities 530.5 515.3 338.6 346.5 324.1 297.4 216.9 167.5 117.5 103.0 172.5 9

10 Agency securities 122.3 208.5 209.5 148.9 145.0 177.7 161.6 201.4 232.8 289.5 312.1 10

11 Municipal securities 457.7 435.6 463.6 468.4 485.2 479.2 475.4 493.2 517.1 522.3 527.5 11

12 Corporate and foreign bonds 447.6 496.9 520.9 566.4 613.4 591.0 581.2 669.0 682.8 679.3 596.1 12

13 Corporate equities (2) 4121.6 4642.1 5689.6 6279.4 6261.6 5540.1 6338.7 6575.4 6950.5 6495.2 8008.9 13

14 Mutual fund shares 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2750.4 3104.3 14

15 Private life insurance reserves 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 721.7 737.0 15

16 Private insured pension reserves 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1432.6 1577.6 16

17 Private noninsured pension reserves 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 5021.0 17

18 Govt. insurance and pension reserves 2018.8 2401.3 2965.1 3242.1 3316.1 3074.0 3401.9 3472.9 3660.5 3565.4 3796.7 18

19 Investment in bank personal trusts 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 19

20 Miscellaneous assets 1045.3 1161.1 1295.5 1334.1 1367.0 1416.8 1440.8 1442.4 1471.9 1507.7 1558.4 20

21 Total liabilities 6513.8 6977.3 7448.9 7542.0 7710.6 7871.5 8061.9 8222.6 8429.0 8637.1 8831.5 21

22 Mortgage debt on nonfarm homes 3491.1 3702.0 3938.8 4022.1 4100.8 4200.9 4305.7 4398.2 4509.8 4639.7 4736.2 22

23 Other mortgage debt (3) 818.8 880.6 934.8 953.2 973.5 994.1 1014.4 1036.9 1062.4 1090.6 1123.4 23

24 Consumer credit 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 24

25 Policy loans 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.9 100.2 100.9 25

26 Security credit 78.6 94.4 131.2 140.1 151.5 149.1 152.8 160.7 184.5 185.9 222.4 26

27 Other liabilities (3) 905.6 987.3 1075.4 1085.8 1122.2 1134.7 1152.5 1207.0 1232.0 1250.6 1220.1 27

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

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

(3) Includes corporate farms.
62 Z.1, March 10, 2000

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 21833.7 24183.6 27628.3 29411.4 29735.6 28243.8 30583.0 31248.7 32438.9 31802.1 34948.3 1

 2 Deposits 3365.5 3539.6 3807.2 3927.4 3913.3 3962.2 4165.1 4184.1 4157.4 4204.6 4337.9 2

 3 Foreign deposits 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 45.0 3

 4 Checkable deposits and currency 504.9 445.8 445.4 425.9 420.7 401.3 461.5 435.3 427.5 405.5 441.8 4

 5 Time and savings deposits 2388.0 2553.0 2724.5 2809.8 2807.0 2822.7 2923.8 2917.6 2932.1 2973.1 3013.2 5

 6 Money market fund shares 449.2 505.3 595.5 645.4 642.8 697.5 738.4 787.6 752.7 779.8 837.8 6

 7 Credit market instruments 1885.0 1993.7 1873.5 1871.8 1910.3 1889.0 1781.1 1878.2 1898.9 1944.2 1960.4 7

 8 Open market paper 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 68.5 8

 9 U.S. government securities 822.2 896.3 721.0 668.1 641.7 647.8 552.1 542.5 524.1 566.2 658.8 9

10 Treasury 699.9 687.9 511.5 519.2 496.7 470.1 390.5 341.0 291.3 276.7 346.7 10

11 Savings bonds 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 11

12 Other Treasury 514.9 500.9 325.0 333.1 310.8 284.2 203.9 154.5 104.8 90.5 160.2 12

13 Agency 122.3 208.5 209.5 148.9 145.0 177.7 161.6 201.4 232.8 289.5 312.1 13

14 Municipal securities 457.7 435.6 463.6 468.4 485.2 479.2 475.4 493.2 517.1 522.3 527.5 14

15 Corporate and foreign bonds 447.6 496.9 520.9 566.4 613.4 591.0 581.2 669.0 682.8 679.3 596.1 15

16 Mortgages 109.5 109.4 108.9 108.9 109.0 109.0 109.2 109.1 109.3 109.4 109.5 16

17 Corporate equities (2) 4121.6 4642.1 5689.6 6279.4 6261.6 5540.1 6338.7 6575.4 6950.5 6495.2 8008.9 17

18 Mutual fund shares 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2750.4 3104.3 18

19 Security credit 127.6 162.9 215.5 233.3 248.4 277.8 276.7 262.3 272.6 285.2 318.6 19

20 Life insurance reserves 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.2 772.0 20

21 Pension fund reserves 5767.8 6642.5 7894.4 8583.1 8730.8 8116.5 9079.2 9267.0 9729.0 9487.5 10360.4 21

22 Investment in bank personal trusts 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 22

23 Equity in noncorporate business 3640.4 3833.2 4171.8 4213.6 4284.7 4331.3 4395.3 4404.7 4488.7 4543.3 4630.3 23

24 Miscellaneous assets 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 330.9 337.2 339.0 24

25 Total liabilities 4982.2 5332.7 5707.8 5777.9 5913.2 6044.7 6205.6 6298.2 6468.0 6640.4 6840.9 25

26 Credit market instruments 4782.8 5108.0 5438.0 5499.7 5618.8 5752.1 5909.9 5993.0 6136.7 6306.1 6466.8 26

27 Home mortgages 3252.0 3464.3 3697.9 3779.6 3856.6 3954.9 4057.8 4148.3 4257.7 4385.4 4479.6 27

28 Consumer credit 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 28

29 Municipal securities 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 134.4 137.3 29

30 Bank loans n.e.c. 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 68.5 65.1 30

31 Other loans and advances 160.3 172.7 190.7 193.7 197.6 201.3 204.0 207.0 210.6 217.7 219.4 31

32 Commercial mortgages 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 130.0 136.9 32

33 Security credit 78.6 94.4 131.2 140.1 151.5 149.1 152.8 160.7 184.5 185.9 222.4 33

34 Trade payables 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 129.8 132.7 34

 Deferred and unpaid

35 life insurance premiums 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 18.9 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, March 10, 2000 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5440.5 5997.7 6559.7 6691.0 6803.1 6863.7 6975.3 7155.6 7358.6 7508.7 7687.3 1

 2 Foreign deposits 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.4 23.6 18.6 2

 3 Checkable deposits and currency 366.2 411.5 409.8 412.0 432.3 450.3 434.9 453.9 454.7 469.3 489.9 3

 4 Time and savings deposits 115.0 126.4 137.9 142.5 145.2 147.8 135.9 136.8 136.8 140.5 157.3 4

 5 Money market fund shares 81.9 92.3 117.4 129.4 134.8 145.9 163.9 170.6 176.8 180.6 201.3 5

 6 Security RPs 2.4 3.9 4.5 3.4 2.1 2.6 3.2 3.8 2.9 4.6 3.4 6

 7 Credit market instruments 322.7 308.2 305.4 287.0 275.9 280.6 305.0 282.4 287.1 298.8 338.2 7

 8 Commercial paper 20.1 31.5 35.3 29.5 24.8 25.4 27.3 25.9 31.2 33.6 46.1 8

 9 U.S. government securities 96.1 90.0 80.9 71.4 70.9 77.6 90.2 81.7 86.3 91.4 104.8 9

10 Municipal securities 36.8 31.0 36.1 40.1 42.5 40.4 41.9 37.7 32.4 38.1 39.6 10

11 Mortgages 84.6 77.9 74.2 73.3 72.5 71.6 70.8 69.9 69.1 68.2 67.4 11

12 Consumer credit 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.5 80.3 12

13 Mutual fund shares 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 112.0 13

14 Trade receivables 1314.2 1418.5 1471.8 1492.1 1521.0 1550.4 1496.9 1540.7 1611.3 1645.0 1605.1 14

15 Miscellaneous assets 3176.7 3550.9 4024.1 4122.6 4191.1 4195.3 4323.9 4446.9 4568.7 4653.1 4761.5 15

16 Total liabilities 7541.2 8125.7 8752.6 8874.5 8997.6 9066.1 9226.0 9481.8 9706.3 9883.0 10053.5 16

17 Credit market instruments 4234.1 4506.2 4871.4 5017.9 5171.8 5270.7 5383.1 5581.7 5704.0 5867.6 5985.9 17

18 Commercial paper 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 230.3 18

19 Municipal securities 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.0 152.8 19

20 Corporate bonds 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 2059.5 20

21 Bank loans n.e.c. 806.2 876.0 973.9 982.8 1021.9 1050.7 1075.9 1096.4 1106.6 1134.4 1165.9 21

22 Other loans and advances 566.8 587.6 639.8 659.6 665.5 675.3 699.7 740.3 732.7 739.3 755.8 22

23 Mortgages 1224.9 1288.0 1336.2 1358.0 1382.2 1399.5 1437.3 1473.9 1512.2 1582.0 1621.6 23

24 Trade payables 971.5 1043.0 1118.7 1114.3 1097.1 1104.3 1116.6 1113.1 1149.9 1189.3 1226.2 24

25 Taxes payable 76.2 87.3 98.6 109.1 100.6 109.8 105.9 111.3 112.6 114.2 111.2 25

26 Miscellaneous liabilities 2259.4 2489.1 2663.9 2633.2 2628.2 2581.3 2620.5 2675.7 2739.9 2711.8 2730.1 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 10, 2000

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4719.4 5188.6 5671.9 5782.5 5873.5 5913.4 6003.3 6164.1 6346.7 6474.9 6632.0 1

 2 Foreign deposits 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.4 23.6 18.6 2

 3 Checkable deposits and currency 252.9 289.8 282.7 283.1 301.0 316.7 299.1 316.5 315.6 328.5 347.3 3

 4 Time and savings deposits 42.9 43.6 49.8 53.2 54.4 55.5 42.7 42.2 40.8 43.0 58.0 4

 5 Money market fund shares 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 171.4 191.8 5

 6 Security RPs 2.4 3.9 4.5 3.4 2.1 2.6 3.2 3.8 2.9 4.6 3.4 6

 7 Commercial paper 20.1 31.5 35.3 29.5 24.8 25.4 27.3 25.9 31.2 33.6 46.1 7

 8 U.S. government securities 80.5 75.6 67.3 58.0 57.6 64.5 77.2 68.7 73.6 79.0 92.5 8

 9 Municipal securities 36.8 31.0 36.1 40.1 42.5 40.4 41.9 37.7 32.4 38.1 39.6 9

10 Mortgages 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 43.4 42.4 10

11 Consumer credit 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.5 80.3 11

12 Trade receivables 1184.9 1273.1 1309.7 1326.0 1350.7 1376.3 1318.7 1358.3 1424.5 1453.7 1409.1 12

13 Mutual fund shares 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 112.0 13

14 Miscellaneous assets 2817.4 3135.2 3557.6 3643.0 3698.8 3690.1 3804.6 3915.8 4024.8 4095.4 4191.0 14

15 U.S. direct investment abroad (1) 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1043.2 1083.6 1105.9 15

16 Insurance receivables 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 195.3 196.9 195.4 16

17 Equity in GSEs 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 -0.6 -0.8 17

18 Investment in finance company subs. 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.2 52.9 18

19 Other 1870.1 2100.4 2469.5 2516.1 2536.2 2508.8 2605.7 2675.8 2754.0 2773.3 2837.7 19

20 Total liabilities 6009.5 6481.1 7011.5 7110.3 7200.2 7239.3 7369.7 7557.4 7745.3 7886.3 8062.8 20

21 Credit market instruments 2936.6 3120.2 3401.7 3524.7 3649.0 3722.1 3807.3 3981.8 4071.9 4203.6 4285.7 21

22 Commercial paper 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 230.3 22

23 Municipal securities (2) 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.0 152.8 23

24 Corporate bonds (1) 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 2059.5 24

25 Bank loans n.e.c. 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.7 799.5 822.0 849.7 25

26 Other loans and advances 453.7 472.2 520.6 537.0 540.9 546.7 567.9 607.2 597.8 602.6 614.9 26

27 Savings institutions 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.1 15.3 27

28 Finance companies 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 344.7 365.6 28

29 Federal government 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 8.1 8.0 29

30 Acceptance liabilities to banks 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 4.8 4.4 30

31 Rest of the world 122.1 126.0 143.3 148.8 146.2 146.5 142.3 163.2 138.1 132.2 117.3 31

32 ABS issuers 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 104.4 32

33 Mortgages 258.9 266.2 264.3 268.4 273.6 274.6 291.6 307.9 322.0 367.1 378.5 33

34 Trade payables 877.5 927.0 990.5 984.4 963.7 967.6 978.1 973.9 1007.6 1045.2 1081.3 34

35 Taxes payable 40.3 49.9 59.2 69.0 59.9 68.6 64.0 68.8 69.4 70.4 66.8 35

36 Miscellaneous liabilities 2155.1 2384.0 2560.1 2532.2 2527.6 2481.0 2520.4 2532.9 2596.4 2567.0 2629.0 36

37 Foreign direct investment in U.S. 580.5 627.4 697.2 731.1 747.5 759.2 778.2 765.3 864.2 895.2 1021.0 37

38 Pension fund contributions payable 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 40.9 38

39 Other 1549.0 1727.1 1829.6 1766.9 1744.9 1685.7 1705.1 1729.7 1693.2 1631.9 1567.1 39

 Memo:

40 Trade receivables net of payables 307.4 346.1 319.2 341.6 387.0 408.7 340.6 384.4 416.9 408.5 327.8 40

41 Market value of equities 6435.0 7618.6 9661.1 10925.6 11050.4 9810.6 11561.0 11935.0 12816.7 12095.0 14774.0 41

42 Securities and mortgages 1737.8 1864.5 2017.1 2092.8 2173.3 2202.8 2268.9 2355.1 2442.2 2539.8 2590.8 42

43 Loans and short-term paper 1198.8 1255.8 1384.6 1431.9 1475.7 1519.2 1538.4 1626.7 1629.6 1663.9 1694.9 43

44 Total short-term liabilities (3) 2116.6 2232.6 2434.3 2485.3 2499.2 2555.4 2580.5 2669.4 2706.7 2779.5 2843.0 44

45 Total liquid assets (4) 574.0 648.3 675.3 691.5 710.5 734.0 758.8 777.6 784.9 815.0 909.2 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.2 59.8 59.3 59.4 59.6 59.2 59.6 59.1 60.0 60.4 60.5 46

47 Short-term debt/credit market debt 40.8 40.2 40.7 40.6 40.4 40.8 40.4 40.9 40.0 39.6 39.5 47

48 Liquid assets/short-term liabilities 27.1 29.0 27.7 27.8 28.4 28.7 29.4 29.1 29.0 29.3 32.0 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, March 10, 2000 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 660.0 748.0 826.1 845.8 866.1 886.0 906.6 926.6 946.9 968.6 990.5 1

 2 Checkable deposits and currency 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.7 122.6 124.6 2

 3 Time and savings deposits 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 96.0 97.6 99.3 3

 4 Money market fund shares 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 9.2 9.5 4

 5 Treasury securities 15.6 14.4 13.6 13.5 13.3 13.2 13.0 13.0 12.8 12.5 12.3 5

 6 Mortgages 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 24.9 25.0 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.4 186.8 191.3 196.0 8

 9 Miscellaneous assets 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.9 497.2 510.6 523.7 9

10 Insurance receivables 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 47.0 47.3 47.0 10

11 Equity investment in GSEs (1) 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 1.5 1.6 11

12 Other 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.7 448.7 461.7 475.2 12

13 Total liabilities 1370.3 1477.3 1566.1 1590.8 1617.1 1643.6 1672.9 1743.3 1775.2 1807.7 1801.6 13

14 Credit market instruments 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 1466.0 1495.3 1531.1 14

15 Bank loans n.e.c. 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.2 262.5 266.9 271.9 15

16 Other loans and advances 92.3 93.0 97.3 100.9 102.7 106.9 109.5 110.6 113.1 115.0 118.7 16

17 Mortgages 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1090.5 1113.5 1140.4 17

18 Trade payables 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 123.7 124.9 18

19 Taxes payable 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 43.8 44.4 19

20 Miscellaneous liabilities 104.3 105.1 103.8 101.0 100.6 100.3 100.2 142.8 143.6 144.8 101.1 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 61.2 61.1 61.7 62.7 63.4 64.3 65.4 64.9 65.1 65.3 64.8 1

 2 Checkable deposits and currency 16.7 16.7 16.9 17.4 17.9 18.4 18.8 18.6 18.4 18.2 18.0 2

 3 Miscellaneous assets 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.7 47.0 46.7 3

 4 Insurance receivables 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 45.0 45.4 45.0 4

 5 Equity investment in GSEs (2) 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 1.7 1.7 5

 6 Total liabilities 161.3 167.4 175.0 173.3 180.3 183.2 183.4 181.1 185.9 189.0 189.1 6

 7 Credit market instruments 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.1 168.7 169.1 7

 8 Bank loans n.e.c. 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 45.5 44.2 8

 9 Other loans and advances 20.8 22.4 21.9 21.8 21.8 21.7 22.2 22.5 21.8 21.8 22.2 9

10 Mortgages 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 10

11 Trade payables 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.7 19.8 20.4 20.0 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 10, 2000

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 994.1 1007.9 1033.3 1062.7 1102.0 1119.4 1150.3 1172.5 1199.5 1217.5 1230.3 1

 2 Checkable deposits and currency 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.1 29.2 31.8 2

 3 Time and savings deposits 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.6 90.3 94.5 99.1 3

 4 Security RPs 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 166.6 163.5 4

 5 Credit market instruments 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 721.9 722.8 5

 6 Open market paper 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 96.5 93.9 6

 7 U.S. government securities 441.3 373.2 354.8 348.4 391.0 411.4 428.3 434.5 445.4 433.6 434.3 7

 8 Treasury 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 266.8 8

 9 Agency 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 162.0 167.5 9

10 Municipal securities 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 1.4 1.0 10

11 Corporate and foreign bonds 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 61.8 63.8 11

12 Mortgages 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 128.7 129.8 12

13 Corporate equities 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 111.0 125.0 13

14 Mutual fund shares 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 29.0 30.6 14

15 Taxes receivable 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 32.7 33.5 15

16 Miscellaneous assets 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.2 10.5 32.6 24.0 16

17 Total liabilities 1556.9 1581.0 1668.5 1700.8 1734.9 1750.8 1779.3 1810.2 1831.7 1844.4 1862.9 17

18 Credit market instruments 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 1242.4 1252.5 18

19 Municipal securities 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 1232.3 1242.4 19

20 Short-term 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 41.7 44.8 20

21 Other 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 1190.6 1197.6 21

22 U.S. government loans 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 10.1 10.1 22

23 Trade payables 486.7 517.6 549.0 556.5 564.1 572.0 579.5 587.0 593.5 602.0 610.4 23

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

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 437.7 436.9 432.4 447.4 482.5 458.7 437.2 464.4 475.7 533.1 559.3 1

 2 Gold, SDRs, and official foreign exchange 53.8 44.9 42.0 41.7 42.8 46.3 51.0 48.2 45.9 46.4 44.4 2

 3 Checkable deposits and currency 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 62.9 87.9 3

 4 Time and savings deposits 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 4.6 5.4 4

 5 Credit market instruments 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.1 219.8 255.6 258.8 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.6 44.5 77.8 77.9 7

 8 Other loans and advances 145.0 145.0 154.6 158.8 162.4 166.1 169.0 173.6 175.4 177.8 180.9 8

 9 Trade receivables 23.1 24.0 20.8 22.5 22.3 24.3 22.3 23.8 24.5 25.7 24.4 9

10 Taxes receivable 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 38.4 38.5 10

11 Miscellaneous assets 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.2 99.6 99.8 11

12 Total liabilities 4289.1 4491.4 4555.3 4569.6 4499.5 4486.9 4542.5 4538.5 4444.0 4439.5 4510.2 12

13 SDR certificates 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 6.2 13

14 Treasury currency 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 18.3 14

15 Credit market instruments 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 3680.4 15

16 Savings bonds 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 16

17 Other Treasury securities 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 3418.2 3465.7 17

18 Budget agency securities 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 28.3 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 81.1 82.4 82.4 81.8 81.7 82.6 79.6 79.4 81.6 81.6 79.8 20

21 Insurance and pension reserves 536.2 591.9 634.0 622.9 634.6 649.4 676.5 666.3 677.1 691.9 719.0 21

22 Miscellaneous liabilities 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 6.6 22
Z.1, March 10, 2000 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3430.2 4132.1 4862.1 4997.9 5158.0 5186.1 5618.2 5715.1 5908.6 6155.3 6304.8 1

 2 Net interbank assets 229.3 177.3 173.0 137.1 141.8 149.6 145.9 132.7 150.6 145.5 136.8 2

 3 U.S. checkable deposits and currency 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 270.4 283.4 293.9 3

 4 U.S. time deposits 49.6 60.6 73.6 78.2 78.0 86.9 86.6 85.2 85.6 90.4 105.0 4

 5 Security RPs 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 83.3 81.9 86.9 5

 6 Credit market instruments 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2601.8 2609.8 2703.5 2736.7 6

 7 Open market paper 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 100.8 105.3 100.2 7

 8 U.S. government securities 996.1 1289.5 1498.5 1529.8 1552.7 1521.7 1617.7 1633.7 1644.5 1690.1 1702.2 8

 9 Official holdings 497.8 610.5 614.5 628.5 608.4 577.5 620.2 627.0 626.1 640.9 652.1 9

10 Treasury 482.8 590.7 589.8 601.1 580.8 548.0 589.0 589.8 583.1 596.0 601.4 10

11 Agency 15.0 19.8 24.7 27.3 27.6 29.5 31.3 37.3 43.0 45.0 50.7 11

12 Private holdings 498.3 679.0 884.0 901.3 944.3 944.2 997.5 1006.7 1018.3 1049.1 1050.1 12

13 Treasury 358.5 502.6 662.2 659.7 685.4 684.0 727.3 718.6 713.2 722.9 705.4 13

14 Agency 139.8 176.5 221.8 241.6 258.8 260.2 270.1 288.1 305.2 326.3 344.7 14

15 U.S. corporate bonds (1) 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 726.4 775.9 817.1 15

16 Loans to U.S. corporate business 122.1 126.0 143.3 148.8 146.2 146.5 142.3 163.2 138.1 132.2 117.3 16

17 U.S. corporate equities 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.4 1168.1 1203.3 17

18 Trade receivables 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 46.5 47.2 18

19 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 781.7 970.6 1046.3 991.6 1043.9 1195.6 1354.0 1360.7 1410.2 1636.0 1695.0 20

21 Foreign direct investment in U.S. (2) 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1056.8 1102.3 1179.3 21

22 Other 162.3 296.3 282.3 200.7 231.2 356.8 475.3 459.3 353.4 533.7 515.8 22

23 Total liabilities 1958.1 2243.9 2481.7 2430.3 2572.7 2699.0 2669.4 2688.8 2690.6 2688.7 2824.0 23

 U.S. official foreign exchange

24 and net IMF position 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 50.1 24

25 U.S. private deposits 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 698.5 25

26 Credit market instruments 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 598.2 614.7 622.0 26

27 Commercial paper 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 89.2 27

28 Bonds 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 422.4 28

29 Bank loans n.e.c. 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 59.4 29

30 Official 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 3.0 3.0 30

31 Banks 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 11.2 10.0 31

32 Other 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 44.7 46.5 32

33 U.S. government loans 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.4 46.7 47.2 33

34 Acceptance liabilities to banks 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 3.1 3.9 34

35 Trade payables 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 43.9 49.4 52.4 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 988.8 1111.8 1195.2 1134.2 1228.9 1332.9 1319.4 1310.5 1301.0 1260.0 1400.9 37

38 U.S. equity in IBRD, etc. 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 34.4 38

39 U.S. government deposits 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 2.7 39

40 U.S. direct investment abroad (1,2) 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1201.3 1246.9 1273.1 40

41 Other 115.0 139.4 157.3 55.2 105.0 185.7 160.8 106.4 63.4 -23.5 90.7 41

 Memo:

42 Market value of foreign equities 776.8 1002.9 1201.0 1350.2 1310.1 1210.1 1407.1 1429.3 1564.7 1667.2 1683.2 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, March 10, 2000

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 471.9 495.2 534.0 519.6 541.2 540.5 566.8 560.3 577.2 589.9 696.9 1

 2 Gold and foreign exchange 32.1 30.2 28.0 27.7 28.3 29.4 30.7 26.1 25.8 27.1 27.1 2

 3 SDR certificates 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 6.2 3

 4 Treasury currency 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 27.0 27.5 28.0 4

 5 Federal Reserve float 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 -0.2 5

 6 Fed. Res. loans to domestic banks 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 0.2 6

 7 Security RPs 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 22.1 140.6 7

 8 Credit market instruments 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 478.1 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 489.3 478.1 10

11 Treasury 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 489.0 478.0 11

12 Agency 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 0.2 0.2 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 16.8 14

15 Total liabilities 467.9 490.7 528.8 514.0 534.8 533.4 560.8 553.9 570.5 582.5 690.4 15

16 Depository institution reserves 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 21.7 24.0 16

17 Vault cash of commercial banks 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 66.5 17

18 Checkable deposits and currency 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.7 511.2 591.6 18

19 Due to federal government 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 6.7 28.5 19

20 Due to rest of the world 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 1.3 1.3 20

21 Currency outside banks 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.5 503.1 561.8 21

22 Miscellaneous liabilities 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 8.6 8.3 22

23 Federal Reserve Bank stock 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 6.4 23

24 Other 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 2.3 1.8 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, March 10, 2000 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4493.8 4710.4 5174.6 5245.6 5332.2 5492.3 5642.1 5638.3 5704.6 5807.3 5994.1 1

 2 Vault cash 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 66.5 2

 3 Reserves at Federal Reserve 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 20.1 22.5 3

 4 Checkable deposits and currency 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 2.2 4

 5 Total bank credit 3604.6 3794.5 4144.5 4220.0 4274.5 4338.8 4483.3 4474.5 4525.1 4618.7 4781.7 5

 6 U.S. government securities 746.1 757.5 841.2 871.6 852.0 841.5 876.6 897.4 893.8 912.9 924.8 6

 7 Treasury 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 218.7 226.5 7

 8 Agency 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.3 694.2 698.4 8

 9 Municipal securities 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 109.4 110.7 9

10 Corporate and foreign bonds 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 188.0 199.3 219.9 10

11 Total loans 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.4 3380.9 3505.0 11

12 Open market paper 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 1.3 12

13 Bank loans n.e.c. 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.9 1383.9 13

14 Mortgages 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 1495.2 14

15 Consumer credit 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 499.8 15

16 Security credit 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 124.8 16

17 Corporate equities 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 10.1 17

18 Mutual fund shares 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 11.1 18

19 Customers’ liab. on acceptances (2) 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 7.9 8.2 19

20 Miscellaneous assets 797.8 823.7 934.0 947.0 981.8 1074.8 1079.0 1092.6 1108.4 1118.0 1112.8 20

21 Total liabilities 4333.2 4547.4 5053.0 5126.6 5215.1 5395.3 5519.2 5494.6 5573.2 5639.5 5843.0 21

22 Net interbank liabilities 220.5 171.1 143.5 117.4 127.1 134.0 120.6 120.7 140.5 133.1 108.5 22

23 To monetary authority 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 -0.0 23

24 To domestic banks (3) -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -13.0 -28.2 24

25 To foreign banks 229.3 177.3 173.0 137.1 141.8 149.6 145.9 132.7 150.6 145.5 136.8 25

26 Checkable deposits 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.5 588.0 626.1 26

27 Federal government 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 46.0 49.6 27

28 Rest of the world 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 35.5 43.9 42.3 28

29 Private domestic 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 529.9 498.1 534.3 29

30 Small time and savings deposits 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1973.0 2004.6 2016.2 30

31 Large time deposits 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 698.8 792.0 31

32 Federal funds and security RPs (net) 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 702.2 749.9 32

33 Credit market instruments 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 408.2 436.1 451.5 33

34 Open market paper 52.8 55.7 58.5 58.9 62.3 64.2 56.9 56.8 58.4 53.9 63.1 34

35 Corporate bonds 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 230.6 241.4 240.7 35

36 Other loans and advances 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 147.8 36

37 Taxes payable 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 9.0 37

38 Miscellaneous liabilities 848.4 863.0 1023.7 1020.1 1025.0 1132.1 1128.7 1089.5 1090.2 1068.3 1089.8 38

 Memo:

39 Credit market funds advanced (4) 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.4 4488.3 4643.9 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, March 10, 2000

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3321.7 3444.5 3742.2 3795.4 3845.9 3939.3 4094.2 4095.7 4160.8 4258.7 4433.4 1

 2 Vault cash and reserves at Federal Reserve 66.6 66.3 71.2 59.5 58.6 62.4 65.5 58.8 59.8 60.6 87.6 2

 3 Total bank credit 3116.3 3231.5 3512.2 3577.0 3618.0 3688.6 3844.4 3861.8 3933.2 4019.3 4161.1 3

 4 U.S. government securities 629.1 609.7 664.0 682.2 658.7 670.0 703.5 722.4 726.2 732.0 730.9 4

 5 Treasury 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 124.0 122.8 5

 6 Agency 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 608.1 608.1 6

 7 Mortgage pool securities 195.1 216.6 247.7 257.6 241.9 268.5 301.4 287.5 283.3 284.9 283.6 7

 8 Agency-issued CMOs 101.0 89.5 107.0 108.1 110.0 121.4 115.9 123.6 121.3 124.2 120.8 8

 9 Other agency securities 125.3 130.7 142.4 144.6 152.9 151.5 161.5 176.6 191.5 199.0 203.7 9

10 Municipal securities 92.7 93.7 96.1 95.2 97.8 101.0 104.4 105.9 107.0 108.8 110.1 10

11 Corporate and foreign bonds 69.3 64.8 85.8 91.8 98.9 102.6 118.2 107.2 130.8 144.5 161.5 11

12 Private mortgage pool securities 4.5 4.2 3.0 3.1 6.0 5.7 3.9 5.1 4.1 3.7 4.8 12

13 Privately issued CMOs 24.9 21.8 22.5 28.7 32.4 35.1 42.8 44.3 44.8 46.7 48.5 13

14 Other bonds 39.8 38.9 60.4 60.0 60.6 61.9 71.5 57.8 82.0 94.1 108.2 14

15 Total loans 2317.9 2453.9 2655.6 2695.9 2749.9 2804.4 2902.4 2909.6 2950.9 3017.8 3137.2 15

16 Open market paper 3.9 4.2 2.3 0.8 0.8 0.7 0.8 0.7 0.5 0.7 0.7 16

17 Bank loans n.e.c. 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 1091.5 1104.7 17

18 Mortgages 1045.4 1102.9 1208.4 1235.7 1247.0 1260.6 1304.2 1306.3 1330.8 1387.8 1464.6 18

19 Consumer credit 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 499.8 19

20 Security credit 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 65.3 67.6 20

21 Corporate equities 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 10.1 21

22 Mutual fund shares 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 11.1 22

23 Customers’ liab. on acceptances (1) 12.3 13.9 13.7 11.6 10.4 10.8 9.1 8.2 7.4 6.5 6.6 23

24 Miscellaneous assets 126.6 132.8 145.2 147.2 158.9 177.6 175.2 166.9 160.5 172.3 178.1 24

25 Total liabilities 3457.6 3598.7 3959.7 4026.7 4091.8 4211.3 4366.8 4357.4 4438.1 4499.1 4685.1 25

26 Net interbank liabilities 54.4 0.4 2.9 8.2 7.6 31.2 25.1 30.9 54.6 39.7 51.2 26

27 Federal Reserve float 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 -0.2 27

28 Borrowing from Federal Reserve banks 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 0.2 28

29 To domestic banks -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -45.7 -56.0 -64.6 29

30 To foreign banks 74.1 37.8 50.4 59.9 59.0 83.2 74.4 77.9 99.7 95.1 115.8 30

31 Checkable deposits 695.8 661.4 640.3 601.0 634.2 592.9 605.9 572.9 591.3 571.7 608.7 31

32 Federal government 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 46.0 49.6 32

33 Rest of the world 18.0 21.3 25.5 26.9 30.5 27.6 23.8 24.6 30.3 38.7 36.3 33

34 Private domestic 658.7 611.4 587.0 552.4 555.2 535.3 568.9 531.9 518.9 487.1 522.9 34

35 Small time and savings deposits 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.8 1986.0 1996.8 35

36 Large time deposits 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 429.2 465.6 36

37 Federal funds and security RPs (net) 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 616.7 667.3 37

38 Acceptance liabilities 12.3 14.0 13.7 11.6 10.3 10.7 9.1 8.3 7.4 6.5 6.6 38

39 Corporate bonds 43.3 50.9 61.6 65.6 66.7 68.2 72.1 72.9 74.0 75.1 75.8 39

40 Other loans and advances 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 147.8 40

41 Taxes payable 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 9.0 41

42 Miscellaneous liabilities 505.0 520.6 598.7 600.3 616.9 671.9 675.5 647.1 647.9 624.9 656.4 42

43 Investment by bank holding companies 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 477.5 43

44 Other 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 149.4 178.9 44

 Memo:

45 Credit market funds advanced (2) 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 3944.3 4078.9 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, March 10, 2000 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 666.3 714.8 811.3 793.8 796.7 844.6 806.4 777.8 760.4 756.7 758.4 1

 2 Reserves at Federal Reserve 0.8 1.1 2.9 0.9 1.7 0.8 1.0 0.5 1.2 0.5 1.4 2

 3 Total bank credit 436.9 507.0 567.2 572.6 589.2 580.7 568.6 545.0 521.7 530.7 539.7 3

 4 U.S. government securities 99.6 130.4 157.3 167.0 173.9 152.3 151.8 154.1 147.6 160.2 163.6 4

 5 Treasury 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 91.2 92.2 5

 6 Agency 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 69.0 71.4 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 33.5 36.6 41.3 43.4 40.2 42.5 47.1 42.5 41.2 38.9 42.0 8

 9 Total loans 303.9 339.9 368.6 362.2 375.1 386.0 369.7 348.4 332.9 331.6 334.1 9

10 Open market paper 1.7 2.3 0.4 0.3 0.4 0.2 0.3 0.2 0.3 0.4 0.6 10

11 Bank loans n.e.c. 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 257.6 259.9 11

12 Mortgages 35.1 32.2 26.1 23.7 22.8 22.6 20.6 18.1 16.9 16.9 16.4 12

13 Security credit 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 56.8 57.2 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 10.1 9.4 6.9 5.2 3.9 3.4 2.2 2.0 1.6 1.4 1.6 15

16 Miscellaneous assets 218.5 197.2 234.3 215.1 201.9 259.7 234.6 230.3 235.9 224.1 215.7 16

17 Total liabilities 681.3 731.9 830.8 814.0 817.6 866.1 828.7 800.9 784.2 781.3 783.9 17

18 Net interbank liabilities 181.0 178.6 148.2 116.1 123.3 101.4 92.8 82.7 70.9 77.8 50.7 18

19 To foreign banks 173.6 162.1 144.4 98.0 102.8 84.0 92.7 72.9 62.1 62.9 46.5 19

20 To domestic banks 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 14.9 4.3 20

21 Checkable deposits 8.7 8.0 8.8 8.3 8.8 8.3 8.6 8.9 7.8 8.1 9.0 21

22 Small time and savings deposits 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 7.3 7.5 22

23 Large time deposits 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.6 258.2 314.5 23

24 Federal funds and security RPs (net) 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 85.6 82.1 24

25 Acceptance liabilities 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 1.8 2.0 25

26 Miscellaneous liabilities 308.5 295.2 351.5 337.9 323.3 375.2 357.2 345.5 342.5 342.4 318.0 26

27 Foreign direct investment in U.S. 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.3 59.2 60.4 73.1 27

28 Due to affiliates 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 93.0 28

29 Other 225.1 200.5 235.4 212.7 206.5 243.2 222.0 210.4 194.9 179.5 151.8 29

 Memo:

30 Credit market funds advanced (3) 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 475.3 484.0 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, March 10, 2000

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 466.8 510.8 575.3 609.2 640.7 658.3 685.9 710.8 727.0 733.2 741.1 1

 2 Credit market instruments 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.1 22.0 32.6 2

 3 U.S. government securities 8.1 9.0 9.5 10.9 7.5 7.4 7.5 7.2 5.3 4.8 14.1 3

 4 Treasury issues 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 0.9 8.8 4

 5 Agency 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 4.0 5.4 5

 6 Corporate and foreign bonds 7.7 10.5 15.5 17.7 17.0 18.6 14.8 14.1 15.6 15.6 15.9 6

 7 Bank loans n.e.c. 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 1.5 2.6 7

 8 Miscellaneous assets 448.7 488.9 547.9 578.0 613.9 629.9 659.5 685.8 701.9 711.2 708.4 8

 9 Investment in bank subsidiaries 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 477.5 9

10 Investment in nonbank subsidiaries 64.7 64.9 89.9 99.2 116.9 121.9 134.0 152.5 166.8 160.4 151.1 10

11 Other 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 61.3 75.2 79.8 11

12 Total liabilities 157.1 178.3 218.8 240.8 259.1 270.0 270.6 284.4 296.6 302.7 315.2 12

13 Net interbank liabilities -14.9 -7.9 -7.6 -6.9 -3.8 1.5 2.7 7.1 15.1 15.6 6.6 13

14 To domestic banks 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 26.4 28.1 32.1 14

15 To foreign banks -18.5 -22.6 -21.9 -20.8 -20.0 -17.6 -21.3 -18.1 -11.3 -12.5 -25.5 15

16 Federal funds and security RPs (net) -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 -0.1 0.5 16

17 Credit market instruments 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 205.5 211.9 219.4 17

18 Commercial paper 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 45.6 54.5 18

19 Corporate bonds 117.9 118.0 131.0 139.4 142.5 146.2 148.1 156.1 156.6 166.3 164.9 19

20 Miscellaneous liabilities 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.9 75.4 88.7 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 39.0 40.3 45.8 47.2 49.0 50.1 55.5 54.1 56.4 58.7 61.2 1

 2 Checkable deposits and currency 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 2.2 2

 3 Credit market instruments 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 46.7 48.3 3

 4 U.S. government securities 9.4 8.4 10.5 11.6 11.9 11.8 13.8 13.6 14.7 15.8 16.2 4

 5 Treasury 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 2.6 2.6 5

 6 Agency 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 13.2 13.5 6

 7 Municipal securities 0.7 0.5 0.5 0.6 0.5 0.5 0.5 0.6 0.6 0.6 0.6 7

 8 Corporate and foreign bonds 0.4 0.3 0.4 0.4 0.5 0.7 1.0 0.6 0.4 0.3 0.5 8

 9 Bank loans n.e.c. 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 16.3 16.8 9

10 Home mortgages 5.7 6.3 6.4 6.7 7.1 7.3 7.5 6.9 7.5 7.8 8.2 10

11 Commercial mortgages 4.0 3.9 4.4 4.5 4.5 4.7 4.8 5.2 5.6 5.8 6.1 11

12 Miscellaneous assets 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 10.3 10.6 12

13 Total liabilities 37.2 38.6 43.7 45.1 46.6 47.8 53.1 51.9 54.3 56.4 58.9 13

14 Checkable deposits 6.4 6.9 7.3 7.5 7.7 7.8 8.5 7.9 8.4 8.1 8.4 14

15 Small time and savings deposits 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 11.9 15

16 Large time deposits 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 11.9 16

17 Miscellaneous liabilities 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 25.6 26.7 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, March 10, 2000 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1012.8 1031.7 1028.6 1043.2 1046.1 1056.7 1088.4 1111.0 1127.8 1145.9 1151.4 1

 2 Reserves at Federal Reserve 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 1.6 1.5 2

 3 Checkable deposits and currency 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 16.9 20.7 3

 4 Time and savings deposits 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 1.3 1.3 4

 5 Federal funds and security RPs 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 12.3 10.6 5

 6 Credit market instruments 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 1030.8 1033.4 6

 7 Open market paper 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 183.0 173.4 169.8 167.5 162.4 156.6 153.7 158.3 157.8 156.7 157.4 8

 9 Treasury 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 10.4 10.1 9

10 Agency 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 146.3 147.3 10

11 Municipal securities 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 2.9 3.0 11

12 Corporate and foreign bonds 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 106.2 111.9 12

13 Other loans and advances 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 28.2 30.7 13

14 Mortgages 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 676.6 668.9 14

15 Consumer credit 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 60.1 61.5 15

16 Corporate equities 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 24.2 23.8 16

17 Miscellaneous assets 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 58.9 60.2 17

18 Total liabilities 995.1 1010.5 1001.0 1012.1 1014.4 1027.7 1058.6 1079.6 1096.4 1114.7 1120.4 18

19 Deposits 727.9 721.4 695.7 696.6 690.3 685.8 693.1 688.7 688.9 689.2 699.9 19

20 Checkable 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 212.8 222.7 20

21 Small time and savings 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 359.4 354.9 21

22 Large time 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 117.0 122.2 22

23 Security RPs 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 71.9 72.7 23

24 Credit market instruments 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 255.4 258.3 24

25 Corporate bonds 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 3.0 2.7 25

26 Bank loans n.e.c. 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 34.6 14.0 26

27 Other loans and advances 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 217.7 241.5 27

28 Taxes payable 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 2.1 2.0 28

29 Miscellaneous liabilities 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 96.0 87.6 29

30 Investment by parent 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 6.0 30

31 Other 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 90.2 81.6 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 10, 2000

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 310.7 330.1 353.8 367.8 374.6 377.9 391.5 402.8 410.3 412.5 415.1 1

 2 Checkable deposits and currency 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 9.0 11.8 15.0 2

 3 Time and savings deposits 17.1 16.4 17.0 18.6 20.1 20.6 23.4 25.8 26.2 21.7 21.1 3

 4 Federal funds and security RPs 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 4.6 9.3 4

 5 Credit market instruments 263.0 288.5 305.3 306.7 315.1 320.5 324.2 330.2 341.0 350.2 355.3 5

 6 Open market paper 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 0.8 1.9 6

 7 U.S. government securities 64.1 68.1 66.7 68.2 70.4 70.6 71.5 75.4 78.3 76.6 71.6 7

 8 Treasury 18.3 17.4 15.6 15.0 14.5 13.5 13.1 12.1 12.5 10.2 8.5 8

 9 Agency 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.2 65.8 66.4 63.1 9

10 Home mortgages 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 111.6 10

11 Consumer credit 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.8 158.2 164.1 170.3 11

12 Mutual fund shares 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 4.0 2.5 12

13 Miscellaneous assets 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.5 23.0 20.2 11.8 13

14 Total liabilities 283.7 300.1 320.6 334.1 339.9 342.2 355.3 366.1 373.1 374.5 376.6 14

15 Shares/deposits 278.8 295.1 315.4 328.4 333.6 335.8 349.0 359.6 366.3 367.1 367.6 15

16 Checkable 30.9 32.5 36.6 40.6 38.7 37.7 43.0 42.9 43.1 42.9 45.4 16

17 Small time and savings 238.9 251.2 264.4 273.4 278.4 281.1 287.5 297.2 302.7 302.6 300.7 17

18 Large time 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 21.6 21.6 18

19 Other loans and advances 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 3.4 19

20 Miscellaneous liabilities 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 4.9 5.6 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 774.9 841.6 917.7 977.9 975.1 883.9 976.3 987.9 1035.3 973.9 1092.3 1

 2 Deposits 44.7 51.1 48.2 49.7 51.3 52.8 54.4 54.4 55.1 56.3 57.9 2

 3 Checkable deposits and currency 0.5 0.8 0.8 0.7 0.6 0.5 0.3 0.4 0.4 0.4 0.5 3

 4 Time and savings deposits 10.5 9.0 10.0 9.4 8.9 8.4 7.8 8.0 8.2 8.4 8.9 4

 5 Money market fund shares 33.6 41.4 37.4 39.6 41.8 44.0 46.2 46.0 46.5 47.5 48.6 5

 6 Credit market instruments 239.7 232.0 207.0 204.3 201.5 197.5 194.1 192.2 190.1 188.0 185.7 6

 7 Open market paper 23.7 21.1 21.0 19.9 18.7 17.6 16.5 16.4 16.3 16.3 16.1 7

 8 U.S. government securities 70.8 71.3 61.2 60.7 59.9 58.0 56.8 55.8 54.5 52.9 51.2 8

 9 Treasury 38.7 39.5 33.7 33.5 33.2 31.7 30.8 30.0 29.0 27.6 26.1 9

10 Agency 32.1 31.8 27.5 27.1 26.7 26.4 26.0 25.8 25.5 25.3 25.1 10

11 Municipal securities 108.3 104.0 90.7 90.4 90.1 89.8 89.5 89.1 88.8 88.6 88.4 11

12 Corporate and foreign bonds 33.6 31.9 31.1 30.5 29.8 29.2 28.5 28.1 27.7 27.4 27.2 12

13 Mortgages 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 13

14 Corporate equities 224.9 248.9 305.5 330.0 320.6 266.3 307.7 310.3 325.9 293.0 335.8 14

15 Mutual fund shares 253.5 293.6 342.4 377.1 382.9 346.4 397.1 408.0 440.7 412.5 488.6 15

16 Miscellaneous assets 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 24.4 16

17 Total liabilities (2) 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 10, 2000 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2063.6 2246.3 2514.8 2629.8 2678.5 2640.6 2769.5 2839.2 2923.1 2915.6 3104.5 1

 2 Checkable deposits and currency 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 3.9 5.7 2

 3 Money market fund shares 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 128.5 143.8 3

 4 Credit market instruments 1587.5 1657.0 1751.1 1777.3 1793.2 1810.6 1828.0 1853.7 1874.7 1889.2 1902.7 4

 5 Open market paper 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 68.6 71.7 74.9 5

 6 U.S. government securities 351.0 337.4 312.1 308.2 301.9 295.1 288.4 288.3 286.3 281.1 279.1 6

 7 Treasury 108.1 93.2 85.5 82.5 79.0 75.2 71.3 70.9 68.7 65.3 63.8 7

 8 Agency 242.9 244.1 226.7 225.7 222.9 219.9 217.0 217.5 217.7 215.8 215.3 8

 9 Municipal securities 11.9 13.4 16.7 17.2 17.6 18.0 18.4 18.8 18.0 18.1 18.2 9

10 Corporate and foreign bonds 870.1 949.3 1046.0 1073.3 1092.6 1110.8 1130.4 1157.1 1178.2 1192.7 1201.5 10

11 Policy loans 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 99.0 99.3 100.0 11

12 Mortgages 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.6 226.3 229.1 12

13 Corporate equities 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 824.8 796.3 951.9 13

14 Mutual fund shares 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 13.4 13.7 14

15 Miscellaneous assets 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 77.2 84.4 86.8 15

16 Total liabilities 1953.9 2115.6 2359.7 2466.5 2511.6 2475.7 2599.7 2665.4 2743.8 2737.5 2922.0 16

17 Other loans and advances 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 3.2 17

18 Life insurance reserves 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 721.7 737.0 18

19 Pension fund reserves (1) 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1432.6 1577.6 19

20 Taxes payable 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 17.9 18.3 20

21 Miscellaneous liabilities 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.9 560.9 585.8 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 740.3 770.0 840.6 863.9 869.1 851.9 890.4 889.3 894.9 880.0 890.9 1

 2 Checkable deposits and currency 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 3.5 3.9 2

 3 Security RPs 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 32.9 34.7 30.4 3

 4 Credit market instruments 468.7 491.2 515.3 521.1 520.8 518.8 535.7 530.8 537.5 533.9 530.7 4

 5 U.S. government securities 181.6 171.8 161.9 158.5 153.1 147.3 146.6 146.0 147.8 146.8 145.5 5

 6 Treasury 133.4 120.9 91.1 86.9 81.6 76.1 73.2 72.9 73.8 73.3 72.4 6

 7 Agency 48.2 51.0 70.8 71.6 71.5 71.2 73.5 73.2 74.0 73.5 73.1 7

 8 Municipal securities 161.0 175.4 191.6 196.6 199.3 201.4 210.9 207.9 210.6 209.1 208.9 8

 9 Corporate and foreign bonds 123.3 141.6 159.5 163.8 166.2 168.2 176.2 174.8 177.1 175.9 174.3 9

10 Commercial mortgages 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 2.0 10

11 Corporate equities 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 208.1 193.8 214.5 11

12 Trade receivables 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.7 66.3 63.7 12

13 Miscellaneous assets 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 47.7 13

14 Total liabilities 510.7 520.1 532.7 538.7 541.0 545.0 561.8 560.1 569.0 578.9 581.0 14

15 Taxes payable 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 13.5 13.8 15

16 Miscellaneous liabilities 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 555.8 565.4 567.3 16
76 Z.1, March 10, 2000

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2755.1 3154.6 3705.6 4046.7 4104.6 3781.0 4331.2 4404.6 4624.1 4500.8 4997.9 1

 2 Checkable deposits and currency 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 3.5 3.5 2

 3 Time and savings deposits 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 30.0 31.1 3

 4 Money market fund shares 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 76.7 88.6 4

 5 Security RPs 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 58.3 57.9 5

 6 Credit market instruments 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 1017.4 1043.6 6

 7 Open market paper 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 69.9 74.8 7

 8 U.S. government securities 444.4 470.1 503.2 511.8 528.6 537.8 562.5 567.5 587.0 590.1 602.2 8

 9 Treasury 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 228.3 232.8 9

10 Agency 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 361.8 369.4 10

11 Municipal securities 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.3 11

12 Corporate and foreign bonds 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 327.1 335.6 12

13 Mortgages 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 29.1 29.7 13

14 Corporate equities 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 2211.9 2499.7 14

15 Mutual fund shares 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 622.1 752.4 15

16 Miscellaneous assets 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 480.8 521.2 16

17 Unallocated insurance contracts (2) 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 280.4 17

18 Contributions receivable 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 40.9 18

19 Other 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 173.6 199.9 19

20 Pension fund reserves (liabilities) (3) 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 5021.0 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1464.6 1789.6 2307.6 2594.7 2655.7 2398.1 2697.7 2778.4 2954.1 2843.6 3047.2 1

 2 Checkable deposits and currency 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.5 7.4 9.6 2

 3 Time and savings deposits 4.5 2.3 2.4 1.7 1.6 1.7 2.0 2.2 1.7 1.8 4.7 3

 4 Security RPs 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 40.3 37.3 4

 5 Credit market instruments 531.0 568.2 632.0 648.9 668.5 685.7 698.0 717.2 724.0 733.6 745.8 5

 6 Open market paper 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 40.3 45.1 6

 7 U.S. government securities 291.1 308.4 340.2 338.3 349.1 352.2 360.1 367.8 373.7 370.5 373.5 7

 8 Treasury 191.7 203.5 216.9 211.9 214.8 211.2 217.7 218.4 222.5 216.5 212.3 8

 9 Agency 99.4 104.9 123.3 126.4 134.3 141.1 142.4 149.4 151.2 154.0 161.2 9

10 Municipal securities 1.8 0.5 1.1 1.2 1.3 2.2 2.3 2.5 2.2 2.4 2.5 10

11 Corporate and foreign bonds 190.6 214.4 244.5 254.7 264.2 274.6 279.6 287.0 288.0 300.9 305.2 11

12 Mortgages 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 19.4 19.6 12

13 Corporate equities 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1758.4 1805.4 1960.8 1840.6 2042.4 13

14 Miscellaneous assets 102.4 151.8 207.6 259.6 267.7 187.7 191.9 205.1 217.3 219.9 207.5 14

15 Pension fund reserves (liabilities) (1) 1482.5 1809.4 2331.1 2619.1 2681.5 2424.6 2725.4 2806.6 2983.4 2873.4 3077.7 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 10, 2000 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1584.8 1

 2 Foreign deposits 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 54.1 42.9 2

 3 Checkable deposits and currency -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 -7.3 -2.2 3

 4 Time and savings deposits 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 137.7 160.4 4

 5 Security RPs 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 138.3 139.6 5

 6 Credit market instruments 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 1049.7 1147.8 6

 7 Open market paper 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 490.0 519.0 7

 8 U.S. government securities 160.8 192.0 182.5 179.1 174.8 204.1 277.5 270.0 240.8 249.4 294.7 8

 9 Treasury 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 89.6 103.8 9

10 Agency 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 159.8 190.9 10

11 Municipal securities 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 198.0 210.4 11

12 Corporate and foreign bonds 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 112.4 123.7 12

13 Miscellaneous assets 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 96.3 13

14 Total shares outstanding (liabilities) 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1584.8 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 1

 2 Security RPs 50.2 47.5 57.8 51.3 66.9 80.3 68.2 69.6 70.6 71.8 72.2 2

 3 Credit market instruments 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.8 1084.0 1083.0 1077.1 3

 4 Open market paper 50.2 47.2 57.8 51.9 66.9 80.3 68.2 69.6 70.6 71.8 72.2 4

 5 U.S. government securities 315.1 330.2 349.7 367.1 366.5 370.9 375.8 384.2 400.6 395.0 394.8 5

 6 Treasury 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.7 242.6 238.7 238.7 6

 7 Agency 109.9 116.1 124.5 135.2 137.9 143.0 145.5 149.5 157.9 156.2 156.2 7

 8 Municipal securities 210.2 213.3 219.8 224.6 231.2 234.1 242.6 247.7 250.9 248.2 241.5 8

 9 Corporate and foreign bonds 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 362.0 368.0 368.6 9

10 Corporate equities 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2622.8 2887.4 2772.2 3358.9 10

11 Miscellaneous assets 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 6.6 7.1 11

12 Total shares outstanding (liabilities) 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 145.5 143.3 1

 2 Credit market instruments 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 106.1 107.1 2

 3 U.S. government securities 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 8.6 8.4 3

 4 Municipal securities 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 62.3 62.4 4

 5 Corporate and foreign bonds 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 35.2 36.2 5

 6 Corporate equities 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 39.4 36.2 6

 Memo:

 7 Market value of equities 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 145.5 143.3 7
78 Z.1, March 10, 2000

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 896.9 988.6 1099.4 1150.2 1189.7 1266.7 1404.4 1446.8 1519.3 1619.1 1720.0 1

 2 Checkable deposits and currency 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 2.7 11.5 2

 3 Federal funds and security RPs 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 69.7 84.8 3

 4 Credit market instruments 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.0 1338.6 1405.1 4

 5 Open market paper 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 33.9 38.2 5

 6 U.S. government securities 243.8 264.2 333.3 348.3 377.2 413.8 465.8 522.9 562.5 592.4 621.9 6

 7 Treasury 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 28.2 35.7 7

 8 Agency 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 564.2 586.2 8

 9 Municipal securities 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 3.7 4.9 9

10 Corporate and foreign bonds 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 27.0 29.4 10

11 Other loans and advances 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 437.2 466.6 11

12 Sallie Mae 37.9 36.2 30.9 29.1 26.8 27.9 29.5 31.3 32.5 36.5 34.6 12

13 Farm Credit System 30.2 31.6 31.6 32.7 32.5 34.0 34.9 34.6 34.9 35.4 36.3 13

14 FHLB 132.3 161.4 197.8 205.9 225.1 245.7 288.2 298.8 328.5 365.3 395.7 14

15 Mortgages 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.6 244.3 243.9 15

16 Home 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 189.0 187.6 16

17 Multifamily residential 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 23.1 23.8 17

18 Farm 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.7 32.2 32.6 18

19 Miscellaneous assets 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 218.7 19

20 Total liabilities 873.4 964.1 1070.3 1121.1 1160.2 1235.4 1368.9 1410.7 1483.5 1581.7 1681.1 20

21 Credit market instruments 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 21

22 GSE issues (2) 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 81.9 89.4 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 1

 2 Home mortgages 1543.4 1678.9 1788.1 1808.1 1868.5 1931.1 1970.2 2061.6 2130.0 2191.3 2234.8 2

 3 Multifamily residential mortgages 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 54.8 57.5 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, March 10, 2000 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 709.1 857.7 1067.4 1132.4 1219.5 1292.8 1381.9 1451.0 1528.6 1589.3 1622.4 1

 2 Agency securities (1) 132.8 137.4 141.2 145.1 149.6 161.5 179.2 197.0 214.2 224.8 224.3 2

 3 Other loans and advances 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 114.4 116.6 122.4 3

 4 Student loans 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 17.9 18.0 4

 5 Loans to business 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 104.4 5

 6 Mortgages (2) 278.3 329.8 408.9 443.0 487.6 523.3 560.6 593.9 618.4 636.0 653.7 6

 7 Home 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 447.8 455.3 7

 8 Multifamily residential 12.0 15.9 19.8 23.1 27.2 29.2 31.8 34.5 36.2 37.8 39.4 8

 9 Commercial 42.0 54.7 76.8 88.5 103.7 109.5 125.4 136.1 141.7 150.5 159.0 9

10 Consumer credit 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 405.6 433.0 435.1 10

11 Trade receivables 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 178.8 187.0 11

12 Total liabilities 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.1 1539.9 1599.8 1632.1 12

13 Commercial paper 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 466.0 520.8 13

14 Corporate bonds 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1061.5 1113.0 1133.8 1111.3 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 3.5 8.7 10.8 10.5 10.9 14.2 12.7 12.0 11.3 10.6 9.7 15

16 REIT assets (4) 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 12.8 12.4 16

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

(4) Included in table L.129.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 672.3 714.6 757.4 778.7 795.4 780.3 827.6 871.1 898.0 906.0 956.2 1

 2 Checkable deposits and currency 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 24.6 25.3 2

 3 Credit market instruments 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 678.2 714.2 3

 4 Other loans and advances 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 383.0 406.2 4

 5 Mortgages 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 122.3 126.5 5

 6 Consumer credit 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 173.0 181.6 6

 7 Miscellaneous assets 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 203.2 216.7 7

 8 Total liabilities 691.2 741.0 777.6 799.6 815.2 802.9 839.2 871.6 901.9 898.6 957.8 8

 9 Credit market instruments 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 628.5 653.8 9

10 Open market paper 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 205.3 223.9 10

11 Corporate bonds 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 396.2 394.8 11

12 Bank loans n.e.c. 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 27.0 35.1 12

13 Taxes payable 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 7.7 7.9 13

14 Miscellaneous liabilities 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 262.4 296.2 14

15 Foreign direct investment in U.S. 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 44.3 47.4 53.9 15

16 Investment by parent 51.1 60.3 64.7 64.6 60.0 58.3 61.8 64.6 65.4 84.5 105.8 16

17 Other 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 145.5 130.5 136.5 17

 Memo:

18 Consumer leases not included above (2) 80.8 92.5 96.8 95.2 97.0 94.9 93.3 93.9 95.6 98.1 98.3 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, March 10, 2000

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 32.5 35.6 1

 2 Home mortgages 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 22.1 25.2 2

 3 Multifamily residential mortgages 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 5.3 5.3 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 32.5 35.6 5

 6 Bank loans n.e.c. 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 6

 7 Investment by parent 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 33.3 38.2 64.3 78.6 83.0 80.7 70.7 71.2 69.4 69.0 67.3 1

 2 Checkable deposits and currency 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 4.4 4.3 2

 3 Credit market instruments 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 44.7 42.8 3

 4 Agency securities 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 14.6 14.3 4

 5 Corporate and foreign bonds 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 5.2 5.1 5

 6 Mortgages 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 24.8 23.4 6

 7 Home 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 13.1 12.2 7

 8 Multifamily residential 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 1.8 1.8 8

 9 Commercial 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 9.9 9.4 9

10 Miscellaneous assets 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 20.2 10

11 Total liabilities 62.2 79.4 139.0 164.4 182.4 202.0 205.6 214.8 208.7 213.3 217.7 11

12 Security RPs 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 15.8 15.4 12

13 Credit market instruments 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 162.2 166.7 13

14 Open market paper 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 0.2 0.2 14

15 Corporate bonds 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 58.9 59.2 15

16 Bank loans n.e.c. 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 27.3 26.6 16

17 Mortgages 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 80.6 17

18 Miscellaneous liabilities 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 35.6 18

 Memo:

19 Securitized assets included above 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 12.8 12.4 19

20 Agency securities 4.2 4.5 4.9 5.2 4.9 5.4 5.0 4.4 4.0 3.8 3.7 20

21 Home mortgages 3.5 2.6 5.7 5.4 7.6 7.1 7.5 7.4 7.4 7.5 7.3 21

22 Multifamily residential mortgages 0.0 0.3 0.4 0.5 0.7 0.9 0.8 0.9 0.9 0.8 0.8 22

23 Commercial mortgages 0.0 0.0 0.0 0.2 0.5 0.9 0.6 0.7 0.7 0.7 0.7 23
Z.1, March 10, 2000 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 568.1 636.4 779.2 918.1 917.1 989.7 921.2 893.9 919.7 921.4 999.3 1

 2 Checkable deposits and currency 13.7 15.7 21.7 24.9 22.2 25.9 25.4 24.5 27.7 26.8 28.3 2

 3 Credit market instruments 183.4 167.7 182.6 242.7 209.4 245.9 189.4 211.4 162.9 167.0 157.7 3

 4 Open market paper 22.1 23.7 24.3 25.1 28.3 33.4 28.0 28.8 28.8 29.3 27.7 4

 5 U.S. government securities 72.3 42.4 45.1 99.8 57.7 99.6 66.7 81.1 26.0 35.6 22.5 5

 6 Treasury 18.3 -12.8 -5.3 31.9 -29.3 38.1 15.8 48.2 -8.7 -21.6 -43.5 6

 7 Agency 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 57.3 66.0 7

 8 Municipal securities 12.7 10.8 13.2 12.4 15.3 14.7 13.1 12.4 14.3 12.8 12.1 8

 9 Corporate and foreign bonds 76.4 90.9 100.0 105.4 108.1 98.1 81.4 89.1 93.8 89.2 95.5 9

10 Corporate equities 34.2 37.9 51.9 62.8 66.7 55.4 54.4 61.0 69.8 55.3 66.4 10

11 Security credit 78.6 94.4 131.2 140.1 151.5 149.1 152.8 160.7 184.5 185.9 222.4 11

12 Miscellaneous assets 258.2 320.7 391.8 447.6 467.3 513.4 499.3 436.4 474.8 486.3 524.5 12

13 Total liabilities 535.5 597.5 729.6 864.1 861.6 935.8 865.8 835.7 855.5 856.2 930.1 13

14 Security RPs (net) 182.4 180.9 203.5 230.1 226.5 261.1 208.1 232.7 215.2 209.4 247.2 14

15 Corporate bonds 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 25.3 15

16 Trade payables 10.3 14.3 19.9 19.5 20.9 21.8 18.9 19.4 31.8 30.0 30.8 16

17 Security credit 227.1 263.7 337.9 364.9 388.0 424.5 419.6 392.0 404.9 407.3 443.4 17

18 Customer credit balances (HH) 127.6 162.9 215.5 233.3 248.4 277.8 276.7 262.3 272.6 285.2 318.6 18

19 From banks 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 124.8 19

20 Taxes payable 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 1.5 2.2 20

21 Miscellaneous liabilities 85.4 110.1 131.5 213.4 185.1 188.1 175.5 155.5 171.9 173.3 181.2 21

22 Foreign direct investment in U.S. 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.0 10.2 10.5 22

23 Due to affiliates 132.9 175.7 241.7 262.4 297.8 311.8 326.0 382.1 407.4 393.8 385.9 23

24 Other -58.6 -74.4 -119.1 -58.4 -122.2 -133.3 -160.3 -236.3 -245.5 -230.7 -215.2 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 373.1 479.6 594.2 657.7 673.4 690.7 711.0 771.9 820.0 847.0 932.2 1

 2 Money market fund shares 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 236.6 264.7 2

 3 Credit market instruments 87.4 101.4 152.3 177.5 178.3 161.3 158.7 173.5 202.9 210.3 263.0 3

 4 Open market paper 63.6 64.8 111.7 140.4 134.3 114.8 113.6 128.8 153.2 156.9 222.7 4

 5 Corporate and foreign bonds 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 53.3 40.3 5

 6 Miscellaneous assets (2) 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 404.5 6

 7 Investment in foreign banking offices 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 93.0 7

 8 Investment in brokers and dealers 114.8 166.3 205.2 224.0 232.5 241.3 246.0 283.9 296.8 297.7 311.5 8

 9 Total liabilities 373.1 479.6 594.2 657.7 673.4 690.7 711.0 771.9 820.0 847.0 932.2 9

10 Credit market instruments 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.5 462.0 510.5 10

11 Open market paper 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 238.1 275.0 11

12 Corporate bonds 84.4 113.6 144.2 162.1 168.3 175.5 178.2 214.2 225.1 223.9 235.5 12

13 Miscellaneous liabilities 124.5 166.8 220.5 246.1 262.8 272.8 296.6 312.8 370.5 385.1 421.6 13

14 Foreign direct investment in U.S. -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 -61.8 -106.0 14

15 Securities loaned (net) 216.2 276.1 333.3 354.1 382.5 417.6 403.3 359.9 386.9 400.1 422.6 15

16 Other -8.6 -27.2 -23.1 -7.9 -20.9 -57.7 -28.8 38.2 47.8 46.7 105.1 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, March 10, 2000

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 85.8 75.1 70.0 69.4 71.2 75.7 81.8 74.4 71.7 73.4 71.5 1

 2 U.S. gold stock and SDRs 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 21.3 21.4 2

 3 Federal govt.: Exchange Stab. Fund 11.0 10.3 10.0 10.1 10.0 10.1 10.6 9.7 9.7 10.3 10.3 3

 4 Monetary authority (2) 11.1 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 52.1 50.1 5

 6 Official foreign currency holdings 49.1 38.3 30.8 30.2 31.2 32.9 36.0 30.4 29.5 32.1 32.2 6

 7 Treasury 28.0 19.0 13.8 13.5 13.8 14.4 16.2 15.2 14.7 16.0 16.0 7

 8 Monetary authority 21.1 19.3 17.0 16.7 17.4 18.4 19.8 15.2 14.8 16.1 16.1 8

 9 Net IMF position 14.6 15.4 18.1 18.0 18.9 21.6 24.1 23.2 21.5 20.0 18.0 9

10 Federal government 14.7 15.5 18.2 18.1 19.0 21.7 24.2 23.3 21.6 20.1 18.0 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 6.2 1

 2 Asset: Monetary authority 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 7.2 6.2 2

 Treasury currency:

 3 Liab: Federal government 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.8 19.3 18.3 3

 4 Asset: Monetary authority 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 27.0 27.5 28.0 4

 5 Discrepancy (seigniorage) -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.2 -8.2 -9.7 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 696.6 712.5 698.5 1

 Held by:

 2 Household sector 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.1 46.1 45.0 2

 3 Nonfinancial corporate business 15.6 26.1 19.8 22.5 18.1 16.6 20.6 24.4 22.4 23.6 18.6 3

 4 Money market mutual funds 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 54.1 42.9 4

 5 Discrepancy--unallocated assets 360.2 431.4 534.0 510.1 547.6 565.1 547.2 562.8 583.7 588.7 592.1 5
Z.1, March 10, 2000 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 290.7 240.8 219.4 179.6 189.2 198.9 188.9 181.8 203.2 195.8 199.1 1

 2 Monetary authority 70.2 69.7 75.8 62.2 62.1 64.9 68.4 61.1 62.7 62.7 90.6 2

 3 Depository institution reserves 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 21.7 24.0 3

 4 Vault cash 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 66.5 4

 5 Commercial banking 220.5 171.1 143.5 117.4 127.1 134.0 120.6 120.7 140.5 133.1 108.5 5

 6 To monetary authority 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 -0.0 6

 7 To banks in foreign countries, net 229.3 177.3 173.0 137.1 141.8 149.6 145.9 132.7 150.6 145.5 136.8 7

 8 Liabilities, net 239.7 192.9 188.8 148.5 153.1 158.5 156.7 142.7 161.0 156.0 146.3 8

 9 U.S.-chartered commercial banks 79.6 48.5 62.0 71.0 69.9 91.8 85.1 87.8 109.9 105.4 125.2 9

10 Due to foreign affiliates 128.7 126.8 173.1 167.0 175.8 184.3 196.7 192.8 207.3 209.2 235.0 10

11 - Due from foreign affiliates 49.1 78.4 111.1 96.0 105.9 92.6 111.6 105.0 97.4 103.8 109.8 11

12 Foreign banking offices in U.S. 178.6 167.1 148.6 98.3 103.2 84.3 92.9 73.0 62.3 63.1 46.6 12

13 Due to foreign affiliates 99.9 110.4 99.7 80.0 121.8 124.9 133.0 128.5 143.4 132.3 141.4 13

14 - Due from foreign affiliates -78.7 -56.6 -48.8 -18.3 18.6 40.6 40.2 55.5 81.1 69.3 94.8 14

15 Bank holding companies -18.5 -22.6 -21.9 -20.8 -20.0 -17.6 -21.3 -18.1 -11.3 -12.5 -25.5 15

16 Due to foreign affiliates 3.0 2.7 3.0 3.5 3.3 3.7 2.9 2.8 7.4 7.9 8.3 16

17 - Due from foreign affiliates 21.4 25.3 24.9 24.3 23.3 21.2 24.2 20.9 18.7 20.3 33.9 17

18 Less: Deposits at foreign banks 10.4 15.6 15.8 11.4 11.3 8.8 10.8 10.1 10.4 10.5 9.5 18

19 U.S. chartered commercial banks 5.4 10.6 11.7 11.1 10.9 8.6 10.6 10.0 10.2 10.3 9.4 19

20 Foreign banking offices in U.S. 5.0 5.0 4.1 0.3 0.4 0.2 0.2 0.1 0.2 0.2 0.2 20

21 To U.S. banking, net -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -13.0 -28.2 21

22 U.S.-chartered commercial banks -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -45.7 -56.0 -64.6 22

23 Liabilities 43.3 38.3 22.0 23.7 33.8 47.0 29.8 43.6 45.8 42.5 47.9 23

24 To foreign offices in U.S. 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 55.0 75.5 24

25 To bank holding companies 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 0.5 0.6 25

26 Unallocated -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -13.0 -28.2 26

 Less, due from:

27 Foreign offices in U.S. 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 69.9 79.7 27

28 Bank holding companies 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 29.1 28.6 32.8 28

29 Foreign banking offices in U.S. 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 14.9 4.3 29

30 Due to U.S. banks 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 69.9 79.7 30

31 - Due from U.S. banks 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 55.0 75.5 31

32 Bank holding companies 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 26.4 28.1 32.1 32

33 Due to U.S. banks 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 29.1 28.6 32.8 33

34 - Due from U.S. banks 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 0.5 0.6 34

35 Total assets 299.7 251.4 251.6 200.9 206.3 214.4 215.9 193.1 213.8 208.8 227.3 35

36 Rest of the world 229.3 177.3 173.0 137.1 141.8 149.6 145.9 132.7 150.6 145.5 136.8 36

37 Domestic 70.4 74.1 78.6 63.8 64.4 64.7 70.0 60.5 63.2 63.2 90.5 37

38 Monetary authority 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 0.5 -0.0 38

39 Federal Reserve float 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 0.1 -0.2 39

40 Loans to member banks 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 0.5 0.2 40

41 Commercial banking 67.5 67.5 74.1 60.4 60.3 63.1 66.5 59.3 61.0 61.1 89.1 41

42 Reserves at Federal Reserve 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 20.1 22.5 42

43 Vault cash 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.6 41.0 66.5 43

44 Savings insts.: Reserves at Fed. Res. 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 1.6 1.5 44

45 Discrepancy--floats, etc. -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.6 -13.0 -28.2 45
84 Z.1, March 10, 2000

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 1485.8 1

 2 Monetary authority 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.7 511.2 591.6 2

 3 Federal government cash and deposits 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 6.7 28.5 3

 4 Deposits due to foreign 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 1.3 1.3 4

 5 Currency outside banks 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.5 503.1 561.8 5

 6 Commercial banking 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.5 588.0 626.1 6

 7 Federal government deposits 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 46.0 49.6 7

 8 Deposits due to foreign 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 35.5 43.9 42.3 8

 9 Private domestic deposits 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 529.9 498.1 534.3 9

10 Savings institutions 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 212.8 222.7 10

11 Credit unions 30.9 32.5 36.6 40.6 38.7 37.7 43.0 42.9 43.1 42.9 45.4 11

12 Total assets 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.4 1354.1 1354.9 1485.8 12

13 Household sector 504.9 445.8 445.4 425.9 420.7 401.3 461.5 435.3 427.5 405.5 441.8 13

14 Nonfinancial business 366.2 411.5 409.8 412.0 432.3 450.3 434.9 453.9 454.7 469.3 489.9 14

15 Corporate 252.9 289.8 282.7 283.1 301.0 316.7 299.1 316.5 315.6 328.5 347.3 15

16 Nonfarm noncorporate 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.7 122.6 124.6 16

17 Farm 16.7 16.7 16.9 17.4 17.9 18.4 18.8 18.6 18.4 18.2 18.0 17

18 State and local governments 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.1 29.2 31.8 18

19 Federal government 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 62.9 87.9 19

20 Rest of the world 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 270.4 283.4 293.9 20

21 Checkable deposits 24.5 27.1 32.2 33.4 37.1 34.4 30.2 31.5 36.9 45.2 43.5 21

22 Currency 169.2 186.6 211.4 212.1 214.5 221.8 228.0 230.4 233.5 238.2 250.4 22

23 Financial sectors 71.7 79.5 96.0 99.6 96.2 96.9 108.9 92.0 103.5 100.2 128.0 23

24 Commercial banking 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 1.7 2.2 24

25 Savings institutions 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 16.9 20.7 25

26 Credit unions 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 9.0 11.8 15.0 26

27 Bank personal trusts and estates 0.5 0.8 0.8 0.7 0.6 0.5 0.3 0.4 0.4 0.4 0.5 27

28 Life insurance companies 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 3.9 5.7 28

29 Other insurance companies 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 3.5 3.9 29

30 Private pension funds 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 3.5 3.5 30

31 State and local govt. retirement funds 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.5 7.4 9.6 31

32 Money market mutual funds -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 -7.3 -2.2 32

33 Government-sponsored enterprises 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 2.7 11.5 33

34 Finance companies 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 24.6 25.3 34

35 REITs 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 4.4 4.3 35

36 Brokers and dealers 13.7 15.7 21.7 24.9 22.2 25.9 25.4 24.5 27.7 26.8 28.3 36

37 Mail float 37.2 28.5 18.1 11.0 8.1 3.7 19.3 11.7 9.7 4.3 12.5 37
Z.1, March 10, 2000 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3441.9 3453.5 3504.1 3607.6 1

 2 Small time and savings deposits 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2637.6 2644.6 2666.6 2671.8 2

 3 Commercial banking 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1973.0 2004.6 2016.2 3

 4 U.S.-chartered commercial banks 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.8 1986.0 1996.8 4

 5 Foreign banking offices in U.S. 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 7.3 7.5 5

 6 Banks in U.S.-affiliated areas 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 11.9 6

 7 Savings institutions 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 359.4 354.9 7

 8 Credit unions 238.9 251.2 264.4 273.4 278.4 281.1 287.5 297.2 302.7 302.6 300.7 8

 9 Large time deposits (1) 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 837.5 935.8 9

10 Commercial banking 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 698.8 792.0 10

11 U.S.-chartered commercial banks 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 429.2 465.6 11

12 Foreign banking offices in U.S. 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.6 258.2 314.5 12

13 Banks in U.S.-affiliated areas 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 11.4 11.9 13

14 Savings institutions 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 117.0 122.2 14

15 Credit unions 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 21.6 21.6 15

16 Total assets 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3441.9 3453.5 3504.1 3607.6 16

17 Household sector 2388.0 2553.0 2724.5 2809.8 2807.0 2822.7 2923.8 2917.6 2932.1 2973.1 3013.2 17

18 Nonfinancial business 115.0 126.4 137.9 142.5 145.2 147.8 135.9 136.8 136.8 140.5 157.3 18

19 Corporate 42.9 43.6 49.8 53.2 54.4 55.5 42.7 42.2 40.8 43.0 58.0 19

20 Nonfarm noncorporate 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 96.0 97.6 99.3 20

21 State and local governments 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.6 90.3 94.5 99.1 21

22 Federal government 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 4.6 5.4 22

23 Rest of the world 49.6 60.6 73.6 78.2 78.0 86.9 86.6 85.2 85.6 90.4 105.0 23

24 Financial sectors 141.0 152.9 169.7 168.0 165.8 181.3 189.9 205.9 204.7 200.9 227.5 24

25 Savings institutions 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 1.3 1.3 25

26 Credit unions 17.1 16.4 17.0 18.6 20.1 20.6 23.4 25.8 26.2 21.7 21.1 26

27 Bank personal trusts and estates 10.5 9.0 10.0 9.4 8.9 8.4 7.8 8.0 8.2 8.4 8.9 27

28 Private pension funds 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 30.0 31.1 28

29 State and local govt. retirement funds 4.5 2.3 2.4 1.7 1.6 1.7 2.0 2.2 1.7 1.8 4.7 29

30 Money market mutual funds 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 137.7 160.4 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1449.6 1584.8 1

 2 Household sector 449.2 505.3 595.5 645.4 642.8 697.5 738.4 787.6 752.7 779.8 837.8 2

 3 Nonfinancial corporate business 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 171.4 191.8 3

 4 Nonfarm noncorporate business 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 9.2 9.5 4

 5 Bank personal trusts and estates 33.6 41.4 37.4 39.6 41.8 44.0 46.2 46.0 46.5 47.5 48.6 5

 6 Life insurance companies 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 128.5 143.8 6

 7 Private pension funds 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 76.7 88.6 7

 8 Funding corporations 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 236.6 264.7 8
86 Z.1, March 10, 2000

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 660.0 701.5 822.4 882.1 892.1 960.5 913.7 980.3 970.8 999.3 1085.2 1

 2 Commercial banking (net) 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 702.2 749.9 2

 3 U.S.-chartered commercial banks 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 616.7 667.3 3

 4 Foreign banking offices in U.S. 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 85.6 82.1 4

 5 Bank holding companies -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 -0.1 0.5 5

 6 Savings institutions 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 71.9 72.7 6

 7 REITs 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 15.8 15.4 7

 8 Brokers and dealers (net) 182.4 180.9 203.5 230.1 226.5 261.1 208.1 232.7 215.2 209.4 247.2 8

 9 Total assets 573.7 610.6 669.3 701.9 720.6 743.7 706.5 716.7 694.0 705.3 836.5 9

10 Nonfinancial corporate business 2.4 3.9 4.5 3.4 2.1 2.6 3.2 3.8 2.9 4.6 3.4 10

11 State and local governments 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 166.6 163.5 11

12 Rest of the world 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 83.3 81.9 86.9 12

13 Financial sectors 387.9 388.1 422.6 426.3 459.2 492.1 472.7 460.0 444.1 452.2 582.7 13

14 Monetary authority 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 22.1 140.6 14

15 Savings institutions 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 12.3 10.6 15

16 Credit unions 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 4.6 9.3 16

17 Other insurance companies 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 32.9 34.7 30.4 17

18 Private pension funds 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 58.3 57.9 18

19 State and local govt. retirement funds 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 40.3 37.3 19

20 Money market mutual funds 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 138.3 139.6 20

21 Mutual funds 50.2 47.5 57.8 51.3 66.9 80.3 68.2 69.6 70.6 71.8 72.2 21

22 Government-sponsored enterprises 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 69.7 84.8 22

23 Discrepancy--unallocated assets 86.4 90.9 153.1 180.2 171.6 216.8 207.2 263.6 276.8 294.0 248.7 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 1402.4 1

 2 Commercial paper 677.7 779.4 958.5 1057.7 1098.4 1150.8 1161.0 1217.2 1233.8 1276.2 1393.8 2

 3 Nonfinancial corporate business 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 239.3 230.3 3

 4 Foreign issues in U.S. 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 81.8 89.2 4

 5 Nonfinancial 20.6 18.7 20.0 19.8 20.5 22.6 18.5 18.6 17.2 24.1 26.7 5

 6 Financial 35.6 48.8 45.0 56.9 50.9 51.4 54.4 58.7 52.9 57.7 62.5 6

 7 Financial business 464.2 555.5 724.8 787.9 824.5 859.9 895.2 916.0 931.4 955.1 1074.3 7

 8 Commercial banking 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 45.6 54.5 8

 9 ABS issuers 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 466.0 520.8 9

10 Finance companies 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 205.3 223.9 10

11 REITs 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 0.2 0.2 11

12 Funding corporations 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 238.1 275.0 12

13 Bankers acceptances (1) 22.6 23.6 20.9 17.1 14.3 14.3 11.5 10.4 9.5 8.3 8.6 13

14 Holdings, by sector 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1284.5 1402.4 14

15 Household sector 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 67.1 68.5 15

16 Nonfinancial corporate business 20.1 31.5 35.3 29.5 24.8 25.4 27.3 25.9 31.2 33.6 46.1 16

17 State and local governments 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 96.5 93.9 17

18 Rest of the world 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 100.8 105.3 100.2 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 1.3 20

21 Savings institutions 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 0.8 1.9 22

23 Bank personal trusts and estates 23.7 21.1 21.0 19.9 18.7 17.6 16.5 16.4 16.3 16.3 16.1 23

24 Life insurance companies 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 68.6 71.7 74.9 24

25 Private pension funds 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 69.9 74.8 25

26 State and local govt. retirement funds 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.0 40.9 40.3 45.1 26

27 Money market mutual funds 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 490.0 519.0 27

28 Mutual funds 50.2 47.2 57.8 51.9 66.9 80.3 68.2 69.6 70.6 71.8 72.2 28

29 Government-sponsored enterprises 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 33.9 38.2 29

30 Brokers and dealers 22.1 23.7 24.3 25.1 28.3 33.4 28.0 28.8 28.8 29.3 27.7 30

31 Funding corporations 63.6 64.8 111.7 140.4 134.3 114.8 113.6 128.8 153.2 156.9 222.7 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 10, 2000 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 3652.1 1

 2 Savings bonds 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 2

 3 Other Treasury issues 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 3418.2 3465.7 3

 4 Total assets 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3604.5 3652.1 4

 5 Household sector 699.9 687.9 511.5 519.2 496.7 470.1 390.5 341.0 291.3 276.7 346.7 5

 6 Savings bonds 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 6

 7 Other Treasury issues 514.9 500.9 325.0 333.1 310.8 284.2 203.9 154.5 104.8 90.5 160.2 7

 8 Nonfinancial corporate business 57.1 47.1 57.5 49.3 39.5 43.3 49.9 42.7 43.9 42.1 46.0 8

 9 Nonfarm noncorporate business 15.6 14.4 13.6 13.5 13.3 13.2 13.0 13.0 12.8 12.5 12.3 9

10 State and local governments 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 266.8 10

11 Rest of the world 841.3 1093.3 1252.0 1260.8 1266.2 1232.0 1316.3 1308.4 1296.2 1318.8 1306.8 11

12 Monetary authority 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 489.0 478.0 12

13 Commercial banking 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 218.7 226.5 13

14 U.S.-chartered commercial banks 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 124.0 122.8 14

15 Foreign banking offices in U.S. 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 91.2 92.2 15

16 Bank holding companies 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 0.9 8.8 16

17 Banks in U.S.-affiliated areas 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 2.6 2.6 17

18 Savings institutions 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 10.4 10.1 18

19 Credit unions 18.3 17.4 15.6 15.0 14.5 13.5 13.1 12.1 12.5 10.2 8.5 19

20 Bank personal trusts and estates 38.7 39.5 33.7 33.5 33.2 31.7 30.8 30.0 29.0 27.6 26.1 20

21 Life insurance companies 108.1 93.2 85.5 82.5 79.0 75.2 71.3 70.9 68.7 65.3 63.8 21

22 Other insurance companies 133.4 120.9 91.1 86.9 81.6 76.1 73.2 72.9 73.8 73.3 72.4 22

23 Private pension funds 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 228.3 232.8 23

24 State and local govt. retirement funds 191.7 203.5 216.9 211.9 214.8 211.2 217.7 218.4 222.5 216.5 212.3 24

25 Money market mutual funds 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 89.6 103.8 25

26 Mutual funds 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.7 242.6 238.7 238.7 26

27 Closed-end funds 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 8.6 8.4 27

28 Government-sponsored enterprises 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 28.2 35.7 28

29 Brokers and dealers 18.3 -12.8 -5.3 31.9 -29.3 38.1 15.8 48.2 -8.7 -21.6 -43.5 29

 Memo:

30 Federal government debt (1) 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3632.7 3680.4 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, March 10, 2000

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.0 3774.1 3912.3 1

 2 Budget agencies 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 28.3 28.3 2

 3 Government-sponsored enterprises 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 1499.8 1591.7 3

 4 Federally related mortgage pools 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 4

 5 Total assets 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.0 3774.1 3912.3 5

 6 Household sector 122.3 208.5 209.5 148.9 145.0 177.7 161.6 201.4 232.8 289.5 312.1 6

 7 Nonfinancial corporate business 23.4 28.5 9.7 8.7 18.0 21.2 27.3 26.0 29.7 36.8 46.5 7

 8 State and local governments 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 162.0 167.5 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 154.8 196.3 246.5 269.0 286.4 289.7 301.4 325.4 348.2 371.2 395.4 10

11 Monetary authority 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 0.2 0.2 11

12 Commercial banking 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.3 694.2 698.4 12

13 U.S.-chartered commercial banks 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 608.1 608.1 13

14 Foreign banking offices in U.S. 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 69.0 71.4 14

15 Bank holding companies 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 4.0 5.4 15

16 Banks in U.S.-affiliated areas 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 13.2 13.5 16

17 Savings institutions 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 146.3 147.3 17

18 Credit unions 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.2 65.8 66.4 63.1 18

19 Bank personal trusts and estates 32.1 31.8 27.5 27.1 26.7 26.4 26.0 25.8 25.5 25.3 25.1 19

20 Life insurance companies 242.9 244.1 226.7 225.7 222.9 219.9 217.0 217.5 217.7 215.8 215.3 20

21 Other insurance companies 48.2 51.0 70.8 71.6 71.5 71.2 73.5 73.2 74.0 73.5 73.1 21

22 Private pension funds 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 361.8 369.4 22

23 State and local govt. retirement funds 99.4 104.9 123.3 126.4 134.3 141.1 142.4 149.4 151.2 154.0 161.2 23

24 Money market mutual funds 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 159.8 190.9 24

25 Mutual funds 109.9 116.1 124.5 135.2 137.9 143.0 145.5 149.5 157.9 156.2 156.2 25

26 Government-sponsored enterprises 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 564.2 586.2 26

27 ABS issuers 132.8 137.4 141.2 145.1 149.6 161.5 179.2 197.0 214.2 224.8 224.3 27

28 REITs 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 14.6 14.3 28

29 Brokers and dealers 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 57.3 66.0 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, March 10, 2000 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.6 1532.5 1

 2 State and local governments 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 1232.3 1242.4 2

 3 Short-term (1) 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 41.7 44.8 3

 4 Long-term 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 1190.6 1197.6 4

 5 Nonprofit organizations (2) 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 134.4 137.3 5

 6 Nonfinancial corporate business 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 152.0 152.8 6

 (industrial revenue bonds)

 7 Total assets 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1518.6 1532.5 7

 8 Household sector 457.7 435.6 463.6 468.4 485.2 479.2 475.4 493.2 517.1 522.3 527.5 8

 9 Nonfinancial corporate business 36.8 31.0 36.1 40.1 42.5 40.4 41.9 37.7 32.4 38.1 39.6 9

10 State and local governments 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 1.4 1.0 10

11 Commercial banking 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 109.4 110.7 11

12 Savings institutions 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 2.9 3.0 12

13 Bank personal trusts and estates 108.3 104.0 90.7 90.4 90.1 89.8 89.5 89.1 88.8 88.6 88.4 13

14 Life insurance companies 11.9 13.4 16.7 17.2 17.6 18.0 18.4 18.8 18.0 18.1 18.2 14

15 Other insurance companies 161.0 175.4 191.6 196.6 199.3 201.4 210.9 207.9 210.6 209.1 208.9 15

16 Private pension funds 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.3 16

17 State and local govt. retirement funds 1.8 0.5 1.1 1.2 1.3 2.2 2.3 2.5 2.2 2.4 2.5 17

18 Money market mutual funds 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 198.0 210.4 18

19 Mutual funds 210.2 213.3 219.8 224.6 231.2 234.1 242.6 247.7 250.9 248.2 241.5 19

20 Closed-end funds 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 62.3 62.4 20

21 Government-sponsored enterprises 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 3.7 4.9 21

22 Brokers and dealers 12.7 10.8 13.2 12.4 15.3 14.7 13.1 12.4 14.3 12.8 12.1 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4286.9 4429.9 4536.9 4551.5 1

 2 Nonfinancial corporate business 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1970.0 2020.7 2059.5 2

 3 Rest of the world (1) 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 417.1 424.4 422.4 3

 4 Financial sectors 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1968.6 2042.8 2091.9 2069.6 4

 5 Commercial banking 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 230.6 241.4 240.7 5

 6 Savings institutions 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 3.0 2.7 6

 7 ABS issuers 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1061.5 1113.0 1133.8 1111.3 7

 8 Finance companies 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 396.2 394.8 8

 9 REITs 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 58.9 59.2 9

10 Brokers and dealers 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.4 34.6 25.3 10

11 Funding corporations 84.4 113.6 144.2 162.1 168.3 175.5 178.2 214.2 225.1 223.9 235.5 11

12 Total assets 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4286.9 4429.9 4536.9 4551.5 12

13 Household sector 447.6 496.9 520.9 566.4 613.4 591.0 581.2 669.0 682.8 679.3 596.1 13

14 State and local governments 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 61.8 63.8 14

15 Rest of the world (2) 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 726.4 775.9 817.1 15

16 Commercial banking 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 188.0 199.3 219.9 16

17 Savings institutions 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 106.2 111.9 17

18 Bank personal trusts and estates 33.6 31.9 31.1 30.5 29.8 29.2 28.5 28.1 27.7 27.4 27.2 18

19 Life insurance companies 870.1 949.3 1046.0 1073.3 1092.6 1110.8 1130.4 1157.1 1178.2 1192.7 1201.5 19

20 Other insurance companies 123.3 141.6 159.5 163.8 166.2 168.2 176.2 174.8 177.1 175.9 174.3 20

21 Private pension funds 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 327.1 335.6 21

22 State and local govt. retirement funds 190.6 214.4 244.5 254.7 264.2 274.6 279.6 287.0 288.0 300.9 305.2 22

23 Money market mutual funds 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 112.4 123.7 23

24 Mutual funds 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 362.0 368.0 368.6 24

25 Closed-end funds 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 35.2 36.2 25

26 Government-sponsored enterprises 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 27.0 29.4 26

27 REITs 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 5.2 5.1 27

28 Brokers and dealers 76.4 90.9 100.0 105.4 108.1 98.1 81.4 89.1 93.8 89.2 95.5 28

29 Funding corporations 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 53.3 40.3 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 10, 2000

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 18876.7 1

 2 Nonfinancial corporate business 6435.0 7618.6 9661.1 10925.6 11050.4 9810.6 11561.0 11935.0 12816.7 12095.0 14774.0 2

 3 Rest of the world (2) 776.8 1002.9 1201.0 1350.2 1310.1 1210.1 1407.1 1429.3 1564.7 1667.2 1683.2 3

 4 Financial corporations 1284.0 1634.3 2319.3 2566.2 2626.5 2100.6 2445.2 2529.3 2636.5 2246.1 2419.5 4

 5 Holdings at market value 8495.7 10255.8 13181.4 14842.1 14987.0 13121.2 15413.4 15893.6 17018.0 16008.3 18876.7 5

 6 Household sector 4121.6 4642.1 5689.6 6279.4 6261.6 5540.1 6338.7 6575.4 6950.5 6495.2 8008.9 6

 7 State and local governments 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 111.0 125.0 7

 8 Rest of the world (3) 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.4 1168.1 1203.3 8

 9 Commercial banking 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 7.3 10.1 9

10 Savings institutions 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 24.2 23.8 10

11 Bank personal trusts and estates 224.9 248.9 305.5 330.0 320.6 266.3 307.7 310.3 325.9 293.0 335.8 11

12 Life insurance companies 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 824.8 796.3 951.9 12

13 Other insurance companies 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 208.1 193.8 214.5 13

14 Private pension funds 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 2211.9 2499.7 14

15 State and local govt. retirement funds 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1758.4 1805.4 1960.8 1840.6 2042.4 15

16 Mutual funds 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2622.8 2887.4 2772.2 3358.9 16

17 Closed-end funds 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 39.4 36.2 17

18 Brokers and dealers 34.2 37.9 51.9 62.8 66.7 55.4 54.4 61.0 69.8 55.3 66.4 18

 Memo:

19 Market value of domestic corporations (4) 7507.6 9016.0 11688.8 13173.8 13348.9 11621.8 13703.4 14151.3 15124.3 14045.3 16866.3 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 1

 2 Holdings at market value 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3758.4 4049.4 3933.6 4515.3 2

 3 Household sector 1265.0 1586.0 2057.3 2308.2 2380.3 2195.3 2500.7 2605.9 2805.3 2750.4 3104.3 3

 4 Nonfinancial corporate business 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 93.3 112.0 4

 5 State and local governments 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 29.0 30.6 5

 6 Commercial banking 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 8.9 11.1 6

 7 Credit unions 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 4.0 2.5 7

 8 Bank personal trusts and estates 253.5 293.6 342.4 377.1 382.9 346.4 397.1 408.0 440.7 412.5 488.6 8

 9 Life insurance companies 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 13.4 13.7 9

10 Private pension funds 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 622.1 752.4 10
Z.1, March 10, 2000 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.4 3380.9 3505.0 1

 - Loans elsewhere classified:

 2 Open market paper 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 1.1 1.3 2

 3 Mortgages 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 1495.2 3

 4 Consumer credit 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 499.8 4

 5 Security credit 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 124.8 5

 6 = Banking sector total bank loans n.e.c. 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.9 1383.9 6

 7 U.S.-chartered commercial banks 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 1091.5 1104.7 7

 8 Foreign banking offices in U.S. 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 257.6 259.9 8

 9 Bank holding companies 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 1.5 2.6 9

10 Banks in U.S.-affiliated areas 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 16.3 16.8 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.9 1383.9 12

13 Total liabilities 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.7 1366.9 1383.9 13

14 Nonfinancial sectors 898.2 977.7 1092.7 1101.3 1153.1 1177.0 1207.6 1224.2 1239.0 1261.7 1290.4 14

15 Households 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 68.5 65.1 15

16 Corporate business 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.7 799.5 822.0 849.7 16

17 Nonfarm noncorporate business 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.2 262.5 266.9 271.9 17

18 Farm business 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 45.5 44.2 18

19 Rest of the world 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 58.8 59.4 19

20 Foreign official institutions 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 3.0 3.0 20

21 Foreign banks 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 11.2 10.0 21

22 Other foreign 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 44.7 46.5 22

23 Financial sectors 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 105.2 93.6 23

24 Savings institutions 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 34.6 14.0 24

25 Finance companies 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 27.0 35.1 25

26 Mortgage companies 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 26

27 REITs 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 27.3 26.6 27
92 Z.1, March 10, 2000

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1307.8 1332.6 1382.2 1432.2 1

 2 U.S. government loans 144.0 144.1 153.7 157.9 161.4 165.2 168.0 172.6 174.4 176.9 180.0 2

 3 Liab.: Household sector 27.3 30.4 41.8 43.9 46.6 49.3 52.4 58.2 60.7 63.1 66.0 3

 4 Nonfinancial corporate business 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 8.1 8.0 4

 5 Nonfarm noncorporate business 39.4 39.1 40.9 42.1 43.1 44.8 44.8 44.5 44.1 44.0 43.8 5

 6 Farm business 7.0 5.9 5.5 5.4 5.3 5.2 5.1 5.0 4.9 4.9 4.9 6

 7 State and local governments 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 10.1 10.1 7

 8 Rest of the world 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.4 46.7 47.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 122.1 126.0 143.3 148.8 146.2 146.5 142.3 163.2 138.1 132.2 117.3 10

11 Liab.: Nonfinancial corporate business 122.1 126.0 143.3 148.8 146.2 146.5 142.3 163.2 138.1 132.2 117.3 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 7.9 8.2 12

13 Liab.: Nonfinancial corporate business 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 4.8 4.4 13

14 Rest of the world 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 3.1 3.9 14

15 Savings institution loans to business 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 28.2 30.7 15

16 Liab.: Nonfinancial corporate business 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.1 15.3 16

17 Nonfarm noncorporate business 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 14.1 15.3 17

18 Policy loans (Household liability) 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.9 100.2 100.9 18

19 Asset: Federal government 0.9 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 99.0 99.3 100.0 20

21 Government-sponsored enterprise loans 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 437.2 466.6 21

22 Liab.: Household sector (SLMA) 35.2 34.6 30.2 28.4 26.2 27.4 29.0 30.9 32.5 36.4 34.5 22

23 Noncorporate business (FCS) 16.4 15.1 15.1 16.3 16.0 17.5 17.8 17.1 18.1 18.6 19.0 23

24 Farm business (FCS) 13.8 16.5 16.5 16.4 16.5 16.5 17.1 17.5 16.9 16.8 17.3 24

25 Commercial banks (FHLB and SLMA) 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 140.8 147.8 25

26 Savings institutions (FHLB and SLMA) 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 217.7 241.5 26

27 Credit unions (FHLB) 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 2.5 3.4 27

28 Life insurance companies (FHLB) 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 4.3 3.2 28

29 Securitized loans held by ABS issuers 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 114.4 116.6 122.4 29

30 Liab.: Households (1) 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 17.9 18.0 30

31 Nonfinancial corporate business 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 96.8 98.7 104.4 31

32 Finance company loans to business 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 383.0 406.2 32

33 Liab.: Nonfinancial corporate business 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 344.7 365.6 33

34 Nonfarm noncorporate business 30.2 30.9 31.9 32.6 33.5 33.5 34.8 36.3 37.4 38.3 40.6 34

(1) Student loans.
Z.1, March 10, 2000 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 4592.9 4880.8 5184.7 5292.8 5402.0 5533.5 5683.3 5819.6 5967.8 6173.3 6318.7 1

 2 Home 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.2 4532.1 4662.4 4759.2 2

 3 Multifamily residential 273.4 288.9 301.5 306.8 313.4 319.9 328.9 338.9 345.9 357.6 370.6 3

 4 Commercial 724.6 782.8 833.3 851.6 873.6 896.8 930.4 963.0 990.1 1051.9 1086.2 4

 5 Farm 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 5

 6 Total liabilities 4592.9 4880.8 5184.7 5292.8 5402.0 5533.5 5683.3 5819.6 5967.8 6173.3 6318.7 6

 7 Household sector 3344.0 3560.9 3801.7 3885.7 3965.7 4070.0 4174.4 4269.1 4382.0 4515.4 4616.5 7

 8 Nonfinancial business 1224.9 1288.0 1336.2 1358.0 1382.2 1399.5 1437.3 1473.9 1512.2 1582.0 1621.6 8

 9 Corporate 258.9 266.2 264.3 268.4 273.6 274.6 291.6 307.9 322.0 367.1 378.5 9

10 Nonfarm noncorporate 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1090.5 1113.5 1140.4 10

11 Farm 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 75.9 80.6 13

14 Total assets 4592.9 4880.8 5184.7 5292.8 5402.0 5533.5 5683.3 5819.6 5967.8 6173.3 6318.7 14

15 Household sector 109.5 109.4 108.9 108.9 109.0 109.0 109.2 109.1 109.3 109.4 109.5 15

16 Nonfinancial corporate business 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 43.4 42.4 16

17 Nonfarm noncorporate business 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 24.9 25.0 17

18 State and local governments 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 128.7 129.8 18

19 Federal government 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.6 44.5 77.8 77.9 19

20 Commercial banking 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 1418.3 1495.2 20

21 Savings institutions (1) 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 676.6 668.9 21

22 Credit unions 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 111.6 22

23 Bank personal trusts and estates 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 23

24 Life insurance companies 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.6 226.3 229.1 24

25 Other insurance companies 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 2.0 25

26 Private pension funds 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 29.1 29.7 26

27 State and local govt. retirement funds 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 19.4 19.6 27

28 Government-sponsored enterprises (1) 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.6 244.3 243.9 28

29 Federally related mortgage pools 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.7 2246.1 2292.3 29

30 ABS issuers 278.3 329.8 408.9 443.0 487.6 523.3 560.6 593.9 618.4 636.0 653.7 30

31 Finance companies 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 122.3 126.5 31

32 Mortgage companies 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 32.5 35.6 32

33 REITs 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 24.8 23.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 10, 2000

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.2 4532.1 4662.4 4759.2 1

 2 Household sector 3252.0 3464.3 3697.9 3779.6 3856.6 3954.9 4057.8 4148.3 4257.7 4385.4 4479.6 2

 3 Nonfinancial corporate business 19.3 19.9 20.7 21.0 21.2 21.5 21.8 22.0 22.3 22.6 23.0 3

 4 Nonfarm noncorporate business 239.0 237.7 240.9 242.5 244.2 246.0 247.9 249.9 252.1 254.3 256.7 4

 5 Total assets 3510.4 3721.9 3959.5 4043.1 4122.0 4222.4 4327.5 4420.2 4532.1 4662.4 4759.2 5

 6 Household sector 88.8 87.6 86.5 86.2 85.9 85.6 85.3 85.1 84.8 84.5 84.2 6

 7 Nonfinancial corporate business 33.8 24.5 16.5 14.5 12.5 9.3 9.3 9.1 9.0 9.3 9.6 7

 8 Nonfarm noncorporate business 10.8 9.6 9.1 9.0 8.9 8.8 8.7 8.6 8.5 8.5 8.4 8

 9 State and local governments 60.5 62.8 65.8 66.6 67.4 68.2 69.1 70.0 70.8 71.7 72.6 9

10 Federal government 24.1 21.2 19.1 18.9 18.8 18.7 18.8 18.5 18.3 18.6 18.5 10

11 Commercial banking 646.5 677.6 745.5 764.0 769.7 769.7 796.6 782.1 789.5 826.4 878.8 11

12 Savings institutions 482.4 513.7 520.7 526.7 521.7 525.4 533.4 534.1 544.4 560.1 548.5 12

13 Credit unions 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.7 103.7 108.7 111.6 13

14 Bank personal trusts and estates 3.3 3.6 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 14

15 Life insurance companies 8.9 7.0 7.2 7.0 6.8 6.6 6.6 7.0 7.3 7.4 7.3 15

16 Private pension funds 4.3 4.7 5.2 5.3 5.6 5.7 6.0 6.1 6.3 6.4 6.5 16

17 State and local govt. retirement funds 4.4 5.0 5.6 5.8 6.0 6.1 6.3 6.5 6.7 6.9 7.1 17

18 Government-sponsored enterprises 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 189.0 187.6 18

19 Federally related mortgage pools 1543.4 1678.9 1788.1 1808.1 1868.5 1931.1 1970.2 2061.6 2130.0 2191.3 2234.8 19

20 ABS issuers 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 447.8 455.3 20

21 Finance companies 72.4 52.1 59.0 61.5 62.3 68.4 75.7 77.7 80.5 87.7 88.2 21

22 Mortgage companies 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 22.1 25.2 22

23 REITs 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 13.1 12.2 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 273.4 288.9 301.5 306.8 313.4 319.9 328.9 338.9 345.9 357.6 370.6 1

 2 Nonfinancial corporate business 21.1 21.7 22.5 22.8 23.0 23.3 23.5 23.8 24.1 24.4 24.7 2

 3 Nonfarm noncorporate business 244.4 256.7 263.5 267.8 272.5 275.6 281.8 289.8 297.6 308.2 319.3 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 7.9 10.5 15.4 16.2 17.8 21.1 23.6 25.3 24.3 25.1 26.6 5

 6 Total assets 273.4 288.9 301.5 306.8 313.4 319.9 328.9 338.9 345.9 357.6 370.6 6

 7 Household sector 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 0.1 0.8 1.4 1.5 1.7 2.4 2.3 2.3 2.1 1.6 1.1 8

 9 Nonfarm noncorporate business 7.9 7.0 7.4 7.5 7.6 7.7 7.8 8.0 8.1 8.2 8.3 9

10 State and local governments 44.1 45.9 46.5 46.7 46.9 47.2 47.4 47.6 47.9 48.1 48.3 10

11 Federal government 17.3 14.8 13.9 13.9 13.8 13.7 13.6 13.6 13.6 13.6 13.6 11

12 Commercial banking 42.5 45.5 49.7 50.8 51.2 52.2 52.9 56.2 58.6 62.4 66.0 12

13 Savings institutions 62.0 61.6 59.5 59.3 59.1 56.9 57.0 57.0 55.3 57.5 59.4 13

14 Life insurance companies 28.7 30.8 30.4 30.4 30.6 30.6 31.5 31.5 31.8 32.0 32.5 14

15 Private pension funds 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.4 1.5 1.5 15

16 State and local govt. retirement funds 4.5 4.7 5.0 5.0 5.1 5.2 5.2 5.3 5.4 5.4 5.5 16

17 Government-sponsored enterprises 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 23.1 23.8 17

18 Federally related mortgage pools 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 54.8 57.5 18

19 ABS issuers 12.0 15.9 19.8 23.1 27.2 29.2 31.8 34.5 36.2 37.8 39.4 19

20 Finance companies 0.0 3.1 2.9 2.7 2.8 3.0 2.7 2.8 2.8 2.9 5.1 20

21 Mortgage companies 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 5.3 5.3 21

22 REITs 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 1.8 1.8 22
Z.1, March 10, 2000 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 724.6 782.8 833.3 851.6 873.6 896.8 930.4 963.0 990.1 1051.9 1086.2 1

 2 Household sector 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 130.0 136.9 2

 3 Nonfinancial corporate business 218.6 224.6 221.0 224.6 229.3 229.8 246.3 262.0 275.6 320.1 330.8 3

 4 Nonfarm noncorporate business 398.0 440.2 477.2 488.0 498.9 509.0 519.5 528.9 540.9 551.0 564.5 4

 5 REITs 16.1 21.4 31.4 32.9 36.2 42.9 48.0 51.3 49.3 50.9 54.0 5

 6 Total assets 724.6 782.8 833.3 851.6 873.6 896.8 930.4 963.0 990.1 1051.9 1086.2 6

 7 Household sector 3.7 4.3 4.5 4.6 4.6 4.7 4.8 4.8 4.9 5.0 5.0 7

 8 Nonfinancial corporate business 24.0 29.1 32.5 33.3 34.2 35.6 34.8 34.0 33.3 32.5 31.7 8

 9 Nonfarm noncorporate business 6.9 6.1 6.4 6.5 6.6 6.7 6.8 6.9 7.0 7.1 7.2 9

10 State and local governments 7.7 7.5 7.7 7.7 7.7 7.6 7.6 7.6 7.5 7.5 7.5 10

11 Federal government 10.2 8.5 7.9 7.9 7.9 7.9 8.0 8.0 8.1 41.2 41.5 11

12 Commercial banking 377.3 397.5 423.1 428.4 432.2 444.6 458.5 468.8 482.2 498.0 518.5 12

13 Savings institutions 52.1 52.7 51.3 50.9 51.4 51.7 53.3 54.9 56.6 58.5 60.5 13

14 Life insurance companies 165.9 160.3 158.8 158.5 159.5 159.2 164.0 168.9 173.6 174.6 177.1 14

15 Other insurance companies 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 2.1 2.0 15

16 Private pension funds 14.2 15.5 17.2 17.7 18.4 18.8 19.9 20.2 21.0 21.2 21.7 16

17 State and local govt. retirement funds 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 42.0 54.7 76.8 88.5 103.7 109.5 125.4 136.1 141.7 150.5 159.0 18

19 Finance companies 0.0 27.4 26.0 25.4 24.7 27.1 23.9 28.8 30.2 31.7 33.2 19

20 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 9.9 9.4 21

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 1

 2 Total assets 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.6 101.4 102.7 2

 3 Household sector 15.3 15.9 16.5 16.7 17.0 17.2 17.6 17.8 18.2 18.5 18.8 3

 4 Nonfarm noncorporate business 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 6.2 5.8 4.9 4.7 4.6 4.6 4.5 4.4 4.4 4.3 4.3 6

 7 Commercial banking 23.8 24.9 27.0 27.5 28.3 28.7 29.0 29.5 30.5 31.4 31.8 7

 8 Savings institutions 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 8

 9 Life insurance companies 9.7 10.1 10.5 10.6 10.8 11.0 11.5 11.7 12.0 12.2 12.2 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.7 32.2 32.6 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, March 10, 2000

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 1

 2 Total assets 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1319.3 1340.4 1370.1 1428.5 2

 3 Nonfinancial corporate business 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.0 67.5 80.3 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 472.5 499.8 5

 6 Savings institutions 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 60.1 61.5 6

 7 Credit unions 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.8 158.2 164.1 170.3 7

 8 ABS issuers 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 405.6 433.0 435.1 8

 9 Finance companies 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 173.0 181.6 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1698.0 1812.8 1938.6 1940.8 1933.9 1953.0 1966.5 1970.0 2028.8 2082.0 2132.3 1

 2 Household sector 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 129.8 132.7 2

 3 Nonfinancial corporate business 877.5 927.0 990.5 984.4 963.7 967.6 978.1 973.9 1007.6 1045.2 1081.3 3

 4 Nonfarm noncorporate business 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 123.7 124.9 4

 5 Farm business 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.7 19.8 20.4 20.0 5

 6 State and local governments 486.7 517.6 549.0 556.5 564.1 572.0 579.5 587.0 593.5 602.0 610.4 6

 7 Federal government 81.1 82.4 82.4 81.8 81.7 82.6 79.6 79.4 81.6 81.6 79.8 7

 8 Rest of the world 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 43.9 49.4 52.4 8

 9 Brokers and dealers 10.3 14.3 19.9 19.5 20.9 21.8 18.9 19.4 31.8 30.0 30.8 9

10 Total trade receivables 1499.8 1636.1 1739.1 1777.4 1814.5 1854.1 1798.5 1846.6 1923.7 1962.3 1927.5 10

11 Nonfinancial corporate business 1184.9 1273.1 1309.7 1326.0 1350.7 1376.3 1318.7 1358.3 1424.5 1453.7 1409.1 11

12 Nonfarm noncorporate business 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.4 186.8 191.3 196.0 12

13 Federal government 23.1 24.0 20.8 22.5 22.3 24.3 22.3 23.8 24.5 25.7 24.4 13

14 Rest of the world 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 46.5 47.2 14

15 Other insurance companies 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.7 66.3 63.7 15

16 ABS issuers 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 178.8 187.0 16

17 Discrepancy 198.2 176.7 199.5 163.4 119.4 98.9 168.0 123.4 105.0 119.8 204.8 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 305.7 358.1 469.1 504.9 539.6 573.6 572.3 552.7 589.3 593.2 665.8 1

 2 Household sector 78.6 94.4 131.2 140.1 151.5 149.1 152.8 160.7 184.5 185.9 222.4 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 227.1 263.7 337.9 364.9 388.0 424.5 419.6 392.0 404.9 407.3 443.4 4

 5 Customer credit balances (HH) 127.6 162.9 215.5 233.3 248.4 277.8 276.7 262.3 272.6 285.2 318.6 5

 6 From U.S.-chartered commercial banks 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 65.3 67.6 6

 7 From foreign banking offices in U.S. 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 56.8 57.2 7

 8 Total assets 305.7 358.1 469.1 504.9 539.6 573.6 572.3 552.7 589.3 593.2 665.8 8

 9 Household sector 127.6 162.9 215.5 233.3 248.4 277.8 276.7 262.3 272.6 285.2 318.6 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 122.1 124.8 11

12 Brokers and dealers 78.6 94.4 131.2 140.1 151.5 149.1 152.8 160.7 184.5 185.9 222.4 12
Z.1, March 10, 2000 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.2 772.0 1

 2 Federal government 29.9 30.5 32.3 32.4 33.1 33.1 33.6 33.7 34.4 34.5 35.0 2

 3 Life insurance companies 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 711.4 721.7 737.0 3

 4 Total assets (Households) 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 745.8 756.2 772.0 4

 Pension fund reserves:

 5 Total liabilities 5767.8 6642.5 7894.4 8583.1 8730.8 8116.5 9079.2 9267.0 9729.0 9487.5 10360.4 5

 6 Federal government (1) 506.3 561.4 601.7 590.5 601.5 616.3 642.9 632.6 642.7 657.5 684.0 6

 7 Life insurance companies 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1455.9 1432.6 1577.6 7

 8 Private pension funds (2) 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 4523.9 5021.0 8

 9 State and local govt. retirement funds 1482.5 1809.4 2331.1 2619.1 2681.5 2424.6 2725.4 2806.6 2983.4 2873.4 3077.7 9

10 Total assets (Households) 5767.8 6642.5 7894.4 8583.1 8730.8 8116.5 9079.2 9267.0 9729.0 9487.5 10360.4 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 107.6 123.6 140.4 151.7 144.6 155.0 152.8 159.6 162.1 165.5 164.4 1

 2 Nonfinancial corporate business 40.3 49.9 59.2 69.0 59.9 68.6 64.0 68.8 69.4 70.4 66.8 2

 3 Nonfarm noncorporate business 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 43.8 44.4 3

 4 U.S.-chartered commercial banks 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 8.5 9.0 4

 5 Savings institutions 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 2.1 2.0 5

 6 Life insurance companies 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 17.9 18.3 6

 7 Other insurance companies 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 13.5 13.8 7

 8 Finance companies 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 7.7 7.9 8

 9 Brokers and dealers 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 1.5 2.2 9

10 Total business taxes receivable 45.2 46.8 46.9 62.1 48.8 52.8 49.5 69.0 50.2 71.1 72.0 10

11 State and local governments 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 32.7 33.5 11

12 Federal government 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 38.4 38.5 12

13 Discrepancy 62.4 76.7 93.5 89.6 95.8 102.2 103.4 90.6 111.8 94.4 92.4 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 1

 2 Asset: Household sector 803.0 871.7 942.5 1002.7 999.8 908.6 1001.0 1012.5 1059.8 998.3 1116.6 2
98 Z.1, March 10, 2000

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 5645.8 6119.6 6698.5 6775.3 6860.2 7041.3 7147.3 7162.6 7311.5 7255.7 7542.8 1

 2 Household sector 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 18.9 2

 3 Nonfinancial corporate business 2155.1 2384.0 2560.1 2532.2 2527.6 2481.0 2520.4 2532.9 2596.4 2567.0 2629.0 3

 4 Nonfarm noncorporate business 104.3 105.1 103.8 101.0 100.6 100.3 100.2 142.8 143.6 144.8 101.1 4

 5 Federal government 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 6.6 5

 6 Rest of the world 988.8 1111.8 1195.2 1134.2 1228.9 1332.9 1319.4 1310.5 1301.0 1260.0 1400.9 6

 7 Monetary authority 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 8.6 8.3 7

 8 Commercial banking 848.4 863.0 1023.7 1020.1 1025.0 1132.1 1128.7 1089.5 1090.2 1068.3 1089.8 8

 9 Savings institutions 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 96.0 87.6 9

10 Credit unions 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 4.9 5.6 10

11 Life insurance companies 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.9 560.9 585.8 11

12 Other insurance companies 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 555.8 565.4 567.3 12

13 Government-sponsored enterprises 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 81.9 89.4 13

14 Finance companies 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 262.4 296.2 14

15 Mortgage companies 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 15

16 REITs 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 35.6 16

17 Brokers and dealers 85.4 110.1 131.5 213.4 185.1 188.1 175.5 155.5 171.9 173.3 181.2 17

18 Funding corporations 124.5 166.8 220.5 246.1 262.8 272.8 296.6 312.8 370.5 385.1 421.6 18

19 Total assets 6646.1 7438.4 8335.3 8602.8 8768.0 9000.7 9360.6 9545.0 9821.4 10230.1 10496.5 19

20 Household sector 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 330.9 337.2 339.0 20

21 Nonfinancial corporate business 2817.4 3135.2 3557.6 3643.0 3698.8 3690.1 3804.6 3915.8 4024.8 4095.4 4191.0 21

22 Nonfarm noncorporate business 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.9 497.2 510.6 523.7 22

23 Farm business 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.7 47.0 46.7 23

24 State and local governments 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.2 10.5 32.6 24.0 24

25 Federal government 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.2 99.6 99.8 25

26 Rest of the world 781.7 970.6 1046.3 991.6 1043.9 1195.6 1354.0 1360.7 1410.2 1636.0 1695.0 26

27 Monetary authority 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 16.8 27

28 Commercial banking 797.8 823.7 934.0 947.0 981.8 1074.8 1079.0 1092.6 1108.4 1118.0 1112.8 28

29 Savings institutions 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 58.9 60.2 29

30 Credit unions 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.5 23.0 20.2 11.8 30

31 Bank personal trusts and estates 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 24.4 31

32 Life insurance companies 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 77.2 84.4 86.8 32

33 Other insurance companies 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 47.7 33

34 Private pension funds 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 480.8 521.2 34

35 State and local govt. retirement funds 102.4 151.8 207.6 259.6 267.7 187.7 191.9 205.1 217.3 219.9 207.5 35

36 Money market mutual funds 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 96.3 36

37 Mutual funds 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 6.6 7.1 37

38 Government-sponsored enterprises 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 218.7 38

39 Finance companies 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 203.2 216.7 39

40 REITs 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 20.2 40

41 Brokers and dealers 258.2 320.7 391.8 447.6 467.3 513.4 499.3 436.4 474.8 486.3 524.5 41

42 Funding corporations 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 404.5 42

43 Discrepancy -1000.3 -1318.8 -1636.8 -1827.5 -1907.9 -1959.4 -2213.3 -2382.4 -2510.0 -2974.4 -2953.8 43
Z.1, March 10, 2000 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1201.3 1246.9 1273.1 1

 2 Asset: Nonfinancial corporate business 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1043.2 1083.6 1105.9 2

 3 Commercial banking 37.9 42.8 43.7 45.0 45.7 44.4 45.1 46.1 47.8 48.8 50.3 3

 4 Life insurance companies 5.6 6.6 8.7 9.2 10.2 9.8 10.8 11.1 11.1 11.4 11.2 4

 5 Other insurance companies 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 46.8 47.7 47.7 5

 6 Finance companies 22.8 27.9 35.3 36.0 39.4 42.6 43.2 43.6 44.8 46.7 49.0 6

 7 Brokers and dealers 2.8 12.4 9.4 10.0 10.4 11.5 6.5 7.5 7.6 8.6 9.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 580.5 627.4 697.2 731.1 747.5 759.2 778.2 765.3 864.2 895.2 1021.0 8

 9 Nonfarm noncorporate business 2.8 4.0 4.5 2.9 3.0 3.0 3.1 45.7 46.4 47.4 3.4 9

10 Commercial banking 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.3 59.2 60.4 73.1 10

11 Life insurance companies 13.8 17.6 25.5 25.7 26.7 26.8 24.8 25.2 35.6 36.3 50.7 11

12 Other insurance companies 36.8 38.5 45.1 46.8 47.7 48.0 55.5 56.5 61.3 67.1 72.7 12

13 Finance companies 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 44.3 47.4 53.9 13

14 Brokers and dealers 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.0 10.2 10.5 14

15 Funding corporations -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 -61.8 -106.0 15

16 Asset: Rest of the world 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1056.8 1102.3 1179.3 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 34.4 17

18 Asset: Federal government 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 34.1 34.4 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 6.4 19

20 Asset: Commercial banking 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 6.3 6.4 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 20.1 21.3 21.9 23.3 23.8 24.0 25.3 26.8 27.4 28.9 30.9 21

22 Asset: Nonfin. corporate business (FNMA) 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 -0.6 -0.8 22

23 Nonfarm noncorporate (BC) 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 1.5 1.6 23

24 Farm business (FICB and FLB) 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 1.7 1.7 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 5.8 6.7 8.0 8.5 8.7 9.2 10.0 10.6 11.1 12.2 13.2 26

27 Savings institutions (FHLB) 9.1 9.5 9.9 10.7 10.8 11.1 11.8 12.5 12.8 13.3 14.3 27

28 Credit unions (FHLB) 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.5 28

29 Life insurance companies (FHLB) 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 475.6 477.5 30

31 Savings institutions 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 6.0 31

32 Finance companies 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.2 52.9 32

33 Mortgage companies 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 16.3 17.8 33

34 Brokers and dealers 18.1 9.5 36.5 38.4 65.3 70.5 80.0 98.1 110.6 96.1 74.5 34

35 Asset: Bank holding companies 408.9 437.8 503.5 529.5 562.8 581.1 603.0 628.9 640.6 636.0 628.6 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.2 52.9 36

37 Asset: Nonfinancial corporate business 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 42.2 52.9 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 102.5 93.0 38

39 Brokers and dealers 114.8 166.3 205.2 224.0 232.5 241.3 246.0 283.9 296.8 297.7 311.5 39

40 Asset: Funding corporations 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.3 400.2 404.5 40
100 Z.1, March 10, 2000

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 2.7 1

 2 Asset: Federal government 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.4 2.5 2.7 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 15.9 17.1 5

 6 Asset: Savings institutions 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 15.9 17.1 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 18.9 7

 8 Asset: Life insurance companies 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 18.6 18.9 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.7 128.4 131.8 9

10 Health 63.2 69.4 75.7 76.7 77.1 79.2 83.0 84.6 86.0 90.2 93.2 10

11 Policy dividend accumulation 33.7 34.5 36.4 36.8 36.9 37.2 37.1 37.5 37.7 38.1 38.6 11

12 Asset: Household sector 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.7 128.4 131.8 12

 Policy payables:

13 Liab.: Other insurance companies 464.8 471.4 476.2 480.1 481.3 484.7 493.6 490.6 494.5 498.4 494.6 13

14 Asset: Household sector 194.7 197.5 199.5 201.2 201.7 203.1 206.8 205.6 207.2 208.8 207.2 14

15 Nonfinancial corporate business 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 195.3 196.9 195.4 15

16 Nonfarm noncorporate business 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 47.0 47.3 47.0 16

17 Farm business 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 45.0 45.4 45.0 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 280.4 18

19 Asset: Private pension funds 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 267.3 280.4 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 40.9 20

21 Asset: Private pension funds 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 39.9 40.9 21

 Securities borrowed (net):

22 Liab.: Funding corporations 216.2 276.1 333.3 354.1 382.5 417.6 403.3 359.9 386.9 400.1 422.6 22

23 Asset: Brokers and dealers 216.2 276.1 333.3 354.1 382.5 417.6 403.3 359.9 386.9 400.1 422.6 23
Z.1, March 10, 2000 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2477.6 2610.9 2823.3 2737.4 2684.8 2738.6 2750.5 2677.0 2578.8 2387.5 2523.8 1

 2 Nonfinancial corporate business 1549.0 1727.1 1829.6 1766.9 1744.9 1685.7 1705.1 1729.7 1693.2 1631.9 1567.1 2

 3 Nonfarm noncorporate business 101.5 101.1 99.3 98.0 97.6 97.4 97.0 97.1 97.1 97.4 97.8 3

 4 Federal government 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 6.6 4

 5 Rest of the world 115.0 139.4 157.3 55.2 105.0 185.7 160.8 106.4 63.4 -23.5 90.7 5

 6 Monetary authority 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 2.3 1.8 6

 7 Commercial banking 420.7 395.4 493.9 464.6 462.3 540.9 524.6 478.0 468.7 429.8 446.2 7

 8 U.S.-chartered commercial banks 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 149.4 178.9 8

 9 Foreign banking offices in U.S. 225.1 200.5 235.4 212.7 206.5 243.2 222.0 210.4 194.9 179.5 151.8 9

10 Bank holding companies 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.9 75.4 88.7 10

11 Banks in U.S.-affiliated areas 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 25.6 26.7 11

12 Savings institutions 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 90.2 81.6 12

13 Credit unions 4.5 4.6 4.6 5.0 5.5 5.4 5.2 5.0 5.0 4.9 5.6 13

14 Life insurance companies 81.6 83.8 104.3 118.2 125.0 122.7 132.8 138.6 129.6 129.0 122.9 14

15 Government-sponsored enterprises 27.6 28.0 35.1 44.5 42.3 42.7 45.2 40.6 40.8 37.1 41.4 15

16 Finance companies 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 145.5 130.5 136.5 16

17 REITs 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 35.3 35.6 17

18 Brokers and dealers -58.6 -74.4 -119.1 -58.4 -122.2 -133.3 -160.3 -236.3 -245.5 -230.7 -215.2 18

19 Funding corporations -8.6 -27.2 -23.1 -7.9 -20.9 -57.7 -28.8 38.2 47.8 46.7 105.1 19

20 Total assets 3477.9 3929.7 4460.1 4564.9 4592.7 4698.0 4963.8 5059.4 5088.8 5362.0 5477.5 20

21 Nonfinancial corporate business 1870.1 2100.4 2469.5 2516.1 2536.2 2508.8 2605.7 2675.8 2754.0 2773.3 2837.7 21

22 Nonfarm noncorporate business 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.7 448.7 461.7 475.2 22

23 State and local governments 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.2 10.5 32.6 24.0 23

24 Federal government 87.2 79.1 70.6 69.5 68.9 67.6 65.6 65.0 64.0 62.9 62.7 24

25 Rest of the world 162.3 296.3 282.3 200.7 231.2 356.8 475.3 459.3 353.4 533.7 515.8 25

26 Monetary authority 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 16.3 16.8 26

27 Commercial banking 341.2 331.8 373.4 358.6 358.8 434.2 415.0 400.9 402.6 414.6 414.3 27

28 U.S.-chartered commercial banks 78.9 78.7 88.1 88.3 98.7 118.0 114.2 104.0 95.3 104.9 108.2 28

29 Foreign banking offices in U.S. 218.5 197.2 234.3 215.1 201.9 259.7 234.6 230.3 235.9 224.1 215.7 29

30 Bank holding companies 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 61.3 75.2 79.8 30

31 Banks in U.S.-affiliated areas 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 10.3 10.6 31

32 Savings institutions 26.4 25.3 21.7 21.6 22.6 25.0 26.0 27.0 29.6 29.7 28.8 32

33 Credit unions 13.8 13.6 17.3 21.3 17.8 19.5 24.0 26.1 22.6 19.7 11.3 33

34 Bank personal trusts and estates 12.1 16.0 14.6 16.7 18.8 20.9 23.0 23.0 23.5 24.2 24.4 34

35 Life insurance companies 81.9 48.7 38.2 44.8 44.5 55.5 54.6 46.9 47.2 54.0 56.3 35

36 Private pension funds 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 173.6 199.9 36

37 State and local govt. retirement funds 102.4 151.8 207.6 259.6 267.7 187.7 191.9 205.1 217.3 219.9 207.5 37

38 Mutual funds 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.2 7.4 6.6 7.1 38

39 Money market mutual funds 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 77.2 96.3 39

40 Government-sponsored enterprises 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.9 208.0 218.7 40

41 Finance companies 106.8 123.7 135.1 149.6 155.3 122.7 143.2 164.1 168.3 156.5 167.7 41

42 REITs 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 20.0 20.2 42

43 Brokers and dealers 39.2 32.2 49.2 83.6 74.4 84.3 89.5 69.0 80.3 77.5 92.8 43

44 Discrepancy -1000.3 -1318.8 -1636.8 -1827.5 -1907.9 -1959.4 -2213.3 -2382.4 -2510.0 -2974.4 -2953.8 44
102 Z.1, March 10, 2000

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Assets 23560.7 24290.1 25920.3 27000.3 28428.9 29476.6 32610.4 35483.2 39697.0 43508.8 48889.1 1

 2 Tangible assets 9112.6 9326.7 9469.9 9729.7 9975.0 10307.7 10776.7 11299.5 12068.6 12925.8 13940.9 2

 3 Real estate 7296.0 7405.1 7477.0 7664.2 7804.8 8017.7 8398.0 8832.9 9516.9 10237.7 11088.4 3

 4 Households (2,3) 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.1 8031.2 8620.4 9242.8 10029.6 4

 5 Nonprofit organizations 801.1 796.6 761.0 715.4 699.9 735.8 766.9 801.7 896.5 994.9 1058.8 5

 Equipment and software owned by

 6 nonprofit organizations (4) 48.5 52.6 56.6 62.0 67.0 72.2 74.0 77.6 81.5 84.2 89.9 6

 7 Consumer durable goods (4) 1768.0 1869.1 1936.3 2003.5 2103.2 2217.8 2304.8 2389.1 2470.2 2603.8 2762.6 7

 8 Financial assets 14448.2 14963.4 16450.5 17270.6 18453.9 19168.9 21833.7 24183.6 27628.3 30583.0 34948.3 8

 9 Deposits 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3807.2 4165.1 4337.9 9

10 Foreign deposits 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 41.8 41.5 45.0 10

11 Checkable deposits and currency 427.3 408.8 449.8 546.7 593.4 563.6 504.9 445.8 445.4 461.5 441.8 11

12 Time and savings deposits 2428.6 2477.3 2423.5 2348.8 2235.8 2223.5 2388.0 2553.0 2724.5 2923.8 3013.2 12

13 Money market fund shares 338.0 364.9 379.5 338.6 337.9 351.3 449.2 505.3 595.5 738.4 837.8 13

14 Credit market instruments 1288.3 1502.8 1612.1 1655.8 1637.2 1930.0 1885.0 1993.7 1873.5 1781.1 1960.4 14

15 Open market paper 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 59.0 63.2 68.5 15

16 U.S. government securities 399.5 528.7 530.8 611.7 591.0 913.1 822.2 896.3 721.0 552.1 658.8 16

17 Treasury 362.0 461.6 481.9 550.3 585.0 782.0 699.9 687.9 511.5 390.5 346.7 17

18 Savings bonds 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.6 186.4 18

19 Other Treasury 244.3 335.4 343.8 393.0 413.1 602.0 514.9 500.9 325.0 203.9 160.2 19

20 Agency 37.5 67.1 48.9 61.4 5.9 131.2 122.3 208.5 209.5 161.6 312.1 20

21 Municipal securities 547.2 574.5 613.9 585.6 551.9 501.5 457.7 435.6 463.6 475.4 527.5 21

22 Corporate and foreign bonds 150.2 192.3 289.0 291.9 322.5 353.1 447.6 496.9 520.9 581.2 596.1 22

23 Mortgages 134.5 144.2 145.2 136.8 126.3 115.6 109.5 109.4 108.9 109.2 109.5 23

24 Corporate equities (2) 1963.6 1806.5 2570.9 2873.2 3242.1 3070.9 4121.6 4642.1 5689.6 6338.7 8008.9 24

25 Mutual fund shares (5) 469.1 467.8 586.6 727.9 990.9 1052.1 1265.0 1586.0 2057.3 2500.7 3104.3 25

26 Security credit 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 215.5 276.7 318.6 26

27 Life insurance reserves 365.3 391.7 418.6 447.7 484.8 520.3 566.2 610.6 665.0 718.3 772.0 27

28 Pension fund reserves 3200.5 3461.8 3864.4 4203.4 4674.8 4948.1 5767.8 6642.5 7894.4 9079.2 10360.4 28

29 Investment in bank personal trusts 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 942.5 1001.0 1116.6 29

30 Equity in noncorporate business (6) 3154.8 3229.6 3170.2 3125.0 3183.6 3404.9 3640.4 3833.2 4171.8 4395.3 4630.3 30

31 Miscellaneous assets 206.2 224.4 234.1 251.0 264.1 276.9 291.7 301.4 311.7 326.9 339.0 31

32 Liabilities 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4982.2 5332.7 5707.8 6205.6 6840.9 32

33 Credit market instruments 3280.8 3554.3 3723.0 3893.3 4108.0 4427.0 4782.8 5108.0 5438.0 5909.9 6466.8 33

34 Home mortgages 2220.7 2461.2 2619.2 2762.2 2892.6 3070.2 3252.0 3464.3 3697.9 4057.8 4479.6 34

35 Consumer credit 793.3 805.1 794.5 800.6 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1428.5 35

36 Municipal securities (7) 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 137.3 36

37 Bank loans n.e.c. 20.4 17.9 13.1 17.6 27.4 40.0 57.4 58.0 66.6 72.9 65.1 37

38 Other loans and advances 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 204.0 219.4 38

39 Commercial mortgages (7) 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 103.7 116.6 136.9 39

40 Security credit 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 152.8 222.4 40

41 Trade payables (7) 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 120.0 125.7 132.7 41

 Deferred and unpaid

42 life insurance premiums 16.4 16.5 15.7 15.8 16.3 16.8 17.5 18.3 18.6 17.2 18.9 42

43 Net worth 20163.4 20611.6 22048.8 22955.3 24138.6 24863.8 27628.2 30150.5 33989.2 37303.2 42048.2 43

 Memo:

 Replacement-cost value of structures:

44 Residential 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6021.2 6365.2 6714.4 7095.9 7594.3 44

45 Households 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.7 6061.1 6403.1 6779.3 7268.6 45

46 Farm households 146.9 151.2 152.0 156.8 162.2 170.7 175.1 180.0 184.7 187.6 192.6 46

47 Nonprofit organizations 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.1 126.6 129.0 133.1 47

48 Nonresidential (nonprofits) 444.3 465.0 474.9 493.3 521.6 551.5 572.4 598.1 633.5 660.7 692.0 48

49 Disposable personal income 4016.3 4293.5 4474.8 4754.6 4935.3 5165.5 5422.6 5677.7 5982.8 6286.5 6639.4 49

 Household net worth as percentage of

50 disposable personal income 502.0 480.1 492.7 482.8 489.1 481.3 509.5 531.0 568.1 593.4 633.3 50

 Owners’ equity in household real

51 estate (8) 4274.2 4147.3 4096.9 4186.6 4212.4 4211.7 4379.0 4566.9 4922.5 5185.0 5550.0 51

 Owners’ equity as percentage of

52 household real estate (9) 65.8 62.8 61.0 60.2 59.3 57.8 57.4 56.9 57.1 56.1 55.3 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, March 10, 2000 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 9547.0 9758.2 9735.9 9723.0 10070.0 10690.8 11493.8 12266.3 13338.8 14251.4 15379.6 1

 2 Tangible assets 6194.5 6313.9 6189.4 6037.0 6055.4 6430.1 6774.5 7077.7 7666.9 8248.1 8747.6 2

 3 Real estate (1) 3471.9 3440.5 3254.5 3011.8 2900.7 3073.8 3203.2 3353.9 3756.2 4202.9 4411.2 3

 4 Equipment and software (2) 1853.6 1972.0 2047.6 2123.2 2220.2 2349.3 2501.5 2633.1 2770.4 2865.2 3086.7 4

 5 Inventories (2) 869.0 901.5 887.3 902.0 934.5 1007.0 1069.8 1090.7 1140.3 1180.0 1249.7 5

 6 Financial assets 3352.6 3444.3 3546.5 3685.9 4014.6 4260.8 4719.4 5188.6 5671.9 6003.3 6632.0 6

 7 Foreign deposits 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.1 19.8 20.6 18.6 7

 8 Checkable deposits and currency 151.1 166.8 182.5 189.4 203.1 221.6 252.9 289.8 282.7 299.1 347.3 8

 9 Time and savings deposits 89.7 73.4 66.8 51.8 74.1 67.5 42.9 43.6 49.8 42.7 58.0 9

10 Money market fund shares 16.2 26.3 31.5 47.3 44.8 52.2 77.0 86.9 110.7 155.8 191.8 10

11 Security RPs 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.9 4.5 3.2 3.4 11

12 Commercial paper 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.5 35.3 27.3 46.1 12

13 U.S. government securities 60.6 40.9 48.5 69.2 67.9 70.7 80.5 75.6 67.3 77.2 92.5 13

14 Municipal securities 32.4 24.7 44.8 45.8 54.7 56.7 36.8 31.0 36.1 41.9 39.6 14

15 Mortgages 54.4 52.8 59.0 60.0 52.3 56.4 57.9 54.4 50.4 46.4 42.4 15

16 Consumer credit 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 74.9 80.3 16

17 Trade receivables 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1273.1 1309.7 1318.7 1409.1 17

18 Mutual fund shares (1) 11.7 9.7 14.8 21.1 29.8 31.1 45.7 59.9 69.1 91.0 112.0 18

19 Miscellaneous assets 1904.4 1986.2 2042.8 2110.1 2340.8 2476.1 2817.4 3135.2 3557.6 3804.6 4191.0 19

20 Liabilities 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6481.1 7011.5 7369.7 8062.8 20

21 Credit market instruments 2402.2 2522.5 2470.6 2513.8 2568.7 2706.8 2936.6 3120.2 3401.7 3807.3 4285.7 21

22 Commercial paper 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 193.0 230.3 22

23 Municipal securities (3) 115.5 115.2 114.0 118.3 124.9 131.7 134.8 137.9 142.0 147.8 152.8 23

24 Corporate bonds (4) 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 2059.5 24

25 Bank loans n.e.c. 542.8 545.5 507.7 488.4 477.6 521.0 587.7 627.2 695.4 777.6 849.7 25

26 Other loans and advances 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.2 520.6 567.9 614.9 26

27 Mortgages 256.8 263.7 253.3 232.9 230.3 240.5 258.9 266.2 264.3 291.6 378.5 27

28 Trade payables 597.9 626.3 649.4 682.8 719.3 796.5 877.5 927.0 990.5 978.1 1081.3 28

29 Taxes payable 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 59.2 64.0 66.8 29

30 Miscellaneous liabilities 1494.3 1542.3 1680.9 1877.8 2059.9 2083.7 2155.1 2384.0 2560.1 2520.4 2629.0 30

31 Net worth (market value) 5014.3 5028.8 4906.1 4613.2 4681.4 5063.5 5484.3 5785.3 6327.2 6881.6 7316.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 67.1 68.6 69.4 72.3 74.0 76.1 78.3 81.5 84.3 87.3 91.5 32

33 Nonresidential 2468.4 2568.6 2598.6 2672.8 2812.5 2963.9 3093.5 3239.7 3414.6 3547.8 3693.1 33

 Market value of equities outstanding

34 (includes corporate farm equities) 3145.3 2967.1 4014.0 4370.1 4851.6 4811.9 6435.0 7618.6 9661.1 11561.0 14774.0 34

35 Debt/net worth (percent) (5) 47.9 50.2 50.4 54.5 54.9 53.5 53.5 53.9 53.8 55.3 58.6 35

36 Debt/equities (percent) (6) 76.4 85.0 61.5 57.5 52.9 56.3 45.6 41.0 35.2 32.9 29.0 36

37 Equities/net worth (percent) (7) 62.7 59.0 81.8 94.7 103.6 95.0 117.3 131.7 152.7 168.0 201.9 37

 With tangible assets stated at historical cost:

38 Assets (8) 7155.7 7441.3 7687.8 8015.7 8563.4 9077.2 9818.2 10609.6 11421.1 12113.0 13193.7 38

39 Tangible assets 3803.2 3997.1 4141.4 4329.7 4548.8 4816.4 5098.9 5420.9 5749.3 6109.7 6561.6 39

40 Real estate 1478.7 1566.2 1634.5 1694.2 1763.8 1837.1 1920.9 2025.1 2106.7 2207.7 2319.7 40

41 Equipment and software 1460.6 1555.5 1640.1 1733.0 1844.4 1983.4 2146.5 2328.2 2526.2 2772.9 3076.2 41

42 Inventories 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1067.7 1116.4 1129.1 1165.7 42

43 Net worth (historical cost) (9) 2623.0 2711.9 2858.1 2905.9 3174.8 3449.8 3808.7 4128.5 4409.6 4743.2 5130.8 43

 Memo:

 Historical-cost value of structures:

44 Residential 26.1 27.2 28.2 29.3 29.8 30.6 32.5 34.0 35.6 37.3 39.2 44

45 Nonresidential 1290.5 1361.4 1424.9 1480.0 1543.2 1609.4 1693.4 1792.5 1892.9 1993.5 2101.9 45

46 Debt/net worth (percent) (10) 91.6 93.0 86.4 86.5 80.9 78.5 77.1 75.6 77.1 80.3 83.5 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
104 Z.1, March 10, 2000

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Change in net worth (1) 1814.1 448.2 1437.2 906.5 1183.3 725.1 2764.5 2522.3 3838.7 3314.0 4745.1 1

 2 Net investment 409.6 588.8 389.1 488.1 446.7 475.5 388.3 364.7 308.7 375.5 370.4 2

 3 Net physical investment 250.4 217.9 155.7 195.2 250.4 290.7 297.6 339.6 360.8 421.0 499.9 3

 4 Capital expenditures 688.3 675.8 634.4 697.0 767.6 841.6 869.3 924.3 965.8 1058.3 1167.0 4

 5 - Consumption of fixed capital 437.9 457.9 478.7 501.8 517.2 550.9 571.7 584.6 605.1 637.3 667.1 5

 6 Net financial investment 159.2 370.8 233.4 292.9 196.3 184.7 90.7 25.1 -52.1 -45.5 -129.4 6

 7 Net acquisition of financial assets 429.1 617.9 418.8 462.6 436.3 504.6 455.1 404.3 320.4 452.2 505.5 7

 8 - Net increase in liabilities 269.9 247.1 185.5 169.7 240.0 319.9 364.4 379.3 372.5 497.7 634.9 8

 Holding gains on assets stated

 9 at market value (2) 1427.0 -105.3 990.5 436.8 753.3 235.3 2470.7 2158.7 3635.7 3030.5 4447.9 9

10 Real estate 465.2 11.8 -16.4 81.1 1.1 57.4 218.9 258.1 469.3 499.8 588.5 10

11 Corporate equities 466.6 -117.4 818.2 307.9 431.7 16.3 1279.6 867.6 1554.7 1104.4 2050.2 11

12 Mutual fund shares 36.5 -28.8 15.4 7.5 57.8 -6.1 118.2 140.1 212.9 182.0 456.1 12

13 Equity in noncorporate business 154.9 41.0 -83.8 -81.8 29.6 158.6 169.9 187.7 328.7 243.4 245.0 13

 Life insurance and

14 pension fund reserves 251.8 10.8 187.0 93.8 203.3 18.7 584.5 627.8 943.0 894.4 961.4 14

 Investment in bank personal

15 trusts and estates 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 127.1 106.5 146.8 15

 Holding gains on assets stated

16 at current cost (2) 6.6 7.0 12.8 -6.5 3.6 -3.5 -45.6 -64.5 -82.0 -60.9 -67.9 16

17 Consumer durable goods 5.7 5.6 12.2 -7.1 2.9 -4.7 -44.5 -64.6 -80.5 -56.8 -65.9 17

18 Equipment and software 0.9 1.4 0.6 0.6 0.7 1.2 -1.1 0.1 -1.5 -4.1 -2.0 18

19 Other factors (3) -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.9 63.4 -23.6 -31.1 -5.4 19

 Memo:

20 Net worth outstanding (4) 20163.4 20611.6 22048.8 22955.3 24138.6 24863.8 27628.2 30150.5 33989.2 37303.2 42048.2 20

21 Disposable personal income 4016.3 4293.5 4474.8 4754.6 4935.3 5165.5 5422.6 5677.7 5982.8 6286.5 6639.4 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, March 10, 2000 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 202.5 14.5 -122.6 -292.9 68.2 382.1 420.9 300.9 542.0 554.4 435.1 1

 2 Net investment flow -186.2 -32.9 67.1 62.9 233.0 137.9 162.0 115.5 81.0 -71.7 108.9 2

 3 Net physical investment 116.0 105.7 54.4 72.9 116.4 173.1 210.5 210.0 254.2 287.3 341.4 3

 4 Capital expenditures 421.9 430.5 413.2 438.6 497.3 573.3 635.2 678.1 759.0 831.5 887.5 4

 5 - Consumption of fixed capital 322.0 337.5 354.0 368.5 385.0 412.6 435.4 460.1 488.5 519.3 556.5 5

 6 - Inventory valuation adjustment -16.3 -12.9 4.9 -2.9 -4.0 -12.4 -18.3 3.1 7.4 20.9 -12.3 6

 7 - Access rights from fed. government 0.2 0.2 -0.1 0 0.0 0 7.6 4.8 8.9 4.1 1.8 7

 8 Net financial investment -178.0 -75.6 -5.5 -37.0 95.3 9.6 9.8 -25.1 -58.7 -91.9 -89.9 8

 9 Net acquisition of financial assets 169.4 107.9 61.5 124.4 313.3 251.2 400.6 373.4 286.9 261.8 614.8 9

10 - Net increase in liabilities 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 353.8 704.7 10

11 Corporate equity issues -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 -142.7 11

 Holding gains on assets stated

12 at market value (2) 143.4 -87.1 -218.7 -270.0 -146.5 135.1 94.6 97.3 380.5 402.9 157.8 12

13 Real estate 140.9 -86.1 -221.4 -271.3 -148.3 135.9 84.6 86.4 363.0 388.4 144.7 13

14 Mutual fund shares 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 13.1 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 23.9 77.2 -7.0 -28.2 -36.6 0.7 1.2 -35.4 -82.8 -106.4 -103.1 15

16 Equipment and software 33.5 45.6 13.3 0.3 -4.9 -5.3 -15.0 -68.7 -77.9 -173.8 -110.9 16

17 Inventories (3) -0.4 8.0 -10.1 2.3 2.8 10.9 4.4 2.9 -5.4 -6.7 17.9 17

18 Direct investment abroad -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 0.0 18

19 - Foreign direct investment in U.S. -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 10.0 19

20 Other factors (4) 221.4 57.3 36.0 -57.7 18.3 108.5 163.1 123.6 163.3 329.5 271.6 20

 Memo:

21 Net worth outstanding (market value) 5014.3 5028.8 4906.1 4613.2 4681.4 5063.5 5484.3 5785.3 6327.2 6881.6 7316.8 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 67.3 88.9 146.1 47.9 268.8 275.1 358.9 319.8 281.1 333.6 387.6 22

23 Net investment flow -186.2 -32.9 67.1 62.9 233.0 137.9 162.0 115.5 81.0 -71.7 108.9 23

24 Net physical investment 116.0 105.7 54.4 72.9 116.4 173.1 210.5 210.0 254.2 287.3 341.4 24

25 Capital expenditures 421.9 430.5 413.2 438.6 497.3 573.3 635.2 678.1 759.0 831.5 887.5 25

26 - Consumption of fixed capital 322.0 337.5 354.0 368.5 385.0 412.6 435.4 460.1 488.5 519.3 556.5 26

27 - Inventory valuation adjustment -16.3 -12.9 4.9 -2.9 -4.0 -12.4 -18.3 3.1 7.4 20.9 -12.3 27

28 - Access rights from fed. government 0.2 0.2 -0.1 0 0.0 0 7.6 4.8 8.9 4.1 1.8 28

29 Net financial investment -178.0 -75.6 -5.5 -37.0 95.3 9.6 9.8 -25.1 -58.7 -91.9 -89.9 29

30 Net acquisition of financial assets 169.4 107.9 61.5 124.4 313.3 251.2 400.6 373.4 286.9 261.8 614.8 30

31 - Net increase in liabilities 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 353.8 704.7 31

32 Corporate equity issues -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 -142.7 32

 Valuation adjustment on

33 reproducible assets (6) -26.9 -25.7 -18.0 5.9 -15.5 -32.9 -55.6 -24.5 -41.0 -75.5 -61.4 33

34 Holding gains on mutual fund shares (2) 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 13.1 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) -9.2 23.6 -10.2 -30.8 -34.5 -4.8 11.8 30.4 0.5 74.1 -10.0 35

36 Direct investment abroad -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 0.0 36

37 - Foreign direct investment in U.S. -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 10.0 37

38 Other factors (4) 287.0 125.0 104.6 8.6 84.0 175.7 230.7 187.5 223.1 392.2 337.1 38

 Memo:

39 Net worth outstanding (historical cost) 2623.0 2711.9 2858.1 2905.9 3174.8 3449.8 3808.7 4128.5 4409.6 4743.2 5130.8 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
106 Z.1, March 10, 2000

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 74.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 138.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 10.9 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 11.3 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 2.1 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 85.1 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 7.4 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 43.0 45.2 9

10 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 0.8 0.7 10

11 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 24.5 31.3 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.5 12

13 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 -22.5 -12.0 13

14 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 -1.6 -0.0 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 18

19 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 63.6 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 24

25 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 9.3 8.7 25

26 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 51.8 43.4 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, March 10, 2000 107

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1387.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 34.8 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 56.3 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 10.3 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 499.2 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 237.6 282.8 8

 9 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 3.4 4.1 9

10 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 119.7 151.0 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 5.9 11

12 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 295.0 338.3 12

13 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 33.9 40.3 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 17

18 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 700.4 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 23

24 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 24

25 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 313.7 357.1 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
108 Z.1, March 10, 2000

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2117.1 2269.1 2440.5 2611.6 2786.1 2635.4 2680.2 2716.6 2754.4 2800.5 2873.8 1

 2 Personal tax and nontax receipts 778.4 869.7 968.3 1072.5 1151.8 1088.3 1113.0 1124.8 1139.4 1160.4 1183.1 2

 3 Corporate profit tax accruals 211.0 223.7 238.3 240.3 259.9 244.3 235.6 248.0 254.4 259.4 277.6 3

 4 Indirect business tax and nontax accruals 594.6 620.0 645.8 676.9 716.1 676.7 697.8 696.6 706.8 718.3 743.6 4

 5 Contributions for social insurance 533.2 555.8 588.2 622.0 658.2 626.1 633.8 647.2 653.8 662.4 669.5 5

 6 Current expenditures, NIPA basis 2293.8 2384.6 2461.8 2522.9 2619.1 2525.9 2566.3 2570.4 2598.6 2617.9 2690.9 6

 7 Consumption expenditures 1133.9 1171.8 1222.9 1261.0 1332.1 1265.2 1282.2 1299.4 1313.6 1341.5 1374.2 7

 8 Transfer payments (net) 869.9 916.0 944.5 965.2 999.1 966.7 980.6 985.3 993.3 1000.1 1017.2 8

 9 Net interest paid 268.0 274.5 275.7 276.3 261.9 277.4 272.5 265.0 264.1 259.3 260.1 9

10 - Dividends received by government 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 10

11 Subsidies less current surplus of govt. enterprises 22.2 22.6 19.0 20.8 26.4 16.9 31.3 21.0 27.9 17.3 39.7 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -176.6 -115.5 -21.3 88.8 167.0 109.5 113.9 146.2 155.8 182.6 182.9 13

14 + Consumption of fixed capital 168.2 174.3 180.5 186.2 196.0 186.9 189.2 192.0 194.5 197.2 200.2 14

15 - Insurance and pension fund reserves (2) 3.6 3.4 3.4 4.4 3.8 1.9 5.1 3.2 4.5 2.7 5.0 15

16 = Gross saving -12.1 55.4 155.8 270.6 359.1 294.5 298.0 335.0 345.8 377.1 378.1 16

17 Gross investment 48.5 31.7 112.5 285.6 411.2 238.7 251.6 356.3 468.7 386.2 433.4 17

18 Fixed investment 238.2 250.2 258.1 268.7 297.6 273.5 272.6 289.8 292.2 295.7 312.8 18

19 Access rights sales -7.6 -4.8 -8.9 -4.1 -1.8 -9.0 -1.7 -1.7 -1.3 -3.6 -0.6 19

20 Net financial investment -182.0 -213.6 -136.7 21.0 115.3 -25.8 -19.3 68.1 177.8 94.1 121.2 20

21 Net acquisition of financial assets 44.3 41.3 34.4 82.7 166.4 -41.8 65.3 117.4 163.3 149.6 235.4 21

22 Gold, SDRs, and official foreign exchange 6.4 -2.9 2.5 6.0 -7.0 7.8 9.0 -9.3 -4.8 -8.1 -5.7 22

23 Checkable deposits and currency 3.4 5.4 3.8 -20.6 69.5 -110.6 -50.3 41.4 33.0 61.6 142.0 23

24 Time and savings deposits 6.9 12.0 6.8 14.1 8.6 10.6 15.3 -6.8 2.3 18.8 20.3 24

25 Security RPs -3.0 32.1 3.6 7.2 5.0 16.0 2.2 32.0 -11.1 11.5 -12.5 25

26 Credit market instruments -11.8 -8.7 24.1 81.8 40.4 99.9 93.8 54.5 41.4 -0.1 65.8 26

27 Open market paper 17.1 20.3 14.3 18.0 9.4 40.6 16.0 16.0 4.9 -2.9 19.7 27

28 U.S. government agency securities (3) -35.1 -35.3 -0.8 43.6 8.5 50.0 56.0 12.0 17.3 -17.3 22.0 28

29 Municipal securities -3.5 -0.5 -0.7 -1.4 -1.5 -1.0 -1.0 -1.6 -1.1 -1.7 -1.5 29

30 Corporate and foreign bonds 7.1 10.7 1.3 5.2 7.6 -7.7 6.8 7.2 9.3 5.9 8.1 30

31 Mortgages -9.9 -3.7 -0.8 3.3 4.4 2.9 4.5 2.9 4.0 5.9 4.9 31

32 Other loans and advances (4) 12.6 -0.3 10.9 13.2 11.9 15.2 11.5 18.1 7.0 10.0 12.6 32

33 Corporate equities 12.1 14.5 16.8 9.7 13.1 -0.9 1.8 14.1 12.5 12.7 13.0 33

34 Mutual fund shares 5.9 6.0 -7.4 -7.3 4.3 -26.0 -4.5 -4.1 8.6 6.3 6.3 34

35 Trade receivables -1.6 0.9 -3.2 1.5 2.2 10.4 -8.0 1.4 4.9 7.1 -4.9 35

36 Taxes receivable -14.9 -6.9 -10.0 -5.1 16.2 -0.7 -10.8 7.4 37.0 -4.2 24.2 36

37 Miscellaneous assets 40.8 -11.2 -2.7 -4.6 14.2 -48.5 16.7 -13.4 39.5 43.9 -13.0 37

38 Net increase in liabilities 226.3 255.0 171.1 61.7 51.1 -16.0 84.5 49.3 -14.5 55.5 114.2 38

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

40 Treasury currency 0.6 0.1 -0.0 -0.0 -0.0 1.7 -2.3 0.0 2.1 2.0 -4.1 40

41 Credit market instruments 172.7 170.6 98.1 -3.5 -16.6 -83.1 11.3 -2.4 -95.3 -3.7 34.8 41

42 Savings bonds 5.1 2.0 -0.5 0.1 -0.2 0.5 1.8 -0.0 0.0 -0.4 -0.3 42

43 Other Treasury securities (5) 218.1 177.4 41.4 -84.7 -68.9 -153.3 -77.8 -88.0 -131.4 -60.5 4.2 43

44 Budget agency securities 1.5 -1.6 -0.1 2.0 -0.2 -0.4 12.2 -1.5 0.6 0.0 0.0 44

45 Municipal securities -51.9 -7.2 57.3 79.1 52.7 70.1 75.2 87.1 35.6 57.2 30.9 45

46 Multifamily residential mortgages 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 Trade payables 24.6 32.2 31.3 27.7 31.1 33.6 24.5 27.6 31.5 32.5 32.7 47

48 Insurance and pension reserves (6) 21.8 55.7 42.0 42.5 42.5 43.6 50.3 37.2 41.9 42.9 48.1 48

49 Miscellaneous liabilities 4.5 -3.2 0.2 -5.1 -2.8 -11.8 0.7 -9.2 5.3 -14.1 6.6 49

50 Discrepancy -60.6 23.7 43.4 -15.1 -52.0 55.8 46.4 -21.2 -122.9 -9.1 -55.3 50

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(4) Excludes loans to state and local governments.

(5) Excludes Treasury securities owed to state and local governments.

(6) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
Z.1, March 10, 2000 109

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1995 1996 1997 1998 1999 1998 1999

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1132.2 1177.7 1217.5 1308.1 1512.7 1301.6 1308.1 1354.2 1386.0 1468.8 1512.7 1

 2 Gold, SDRs, and official foreign exchange 53.8 44.9 42.0 51.0 44.4 46.3 51.0 48.2 45.9 46.4 44.4 2

 3 Checkable deposits and currency 55.5 66.1 73.8 51.5 119.7 73.9 51.5 56.5 88.3 92.1 119.7 3

 4 Time and savings deposits 62.9 74.9 81.8 95.8 104.5 91.8 95.8 96.4 94.3 99.0 104.5 4

 5 Security RPs 115.7 147.8 151.4 158.5 163.5 158.0 158.5 166.5 163.8 166.6 163.5 5

 6 Credit market instruments 541.7 533.0 557.1 638.9 704.8 615.5 638.9 652.6 662.9 695.8 704.8 6

 7 Open market paper 39.4 59.7 74.0 92.0 93.9 88.0 92.0 96.0 97.2 96.5 93.9 7

 8 Agency securities (1) 151.5 116.2 115.4 159.0 167.5 145.0 159.0 162.0 166.3 162.0 167.5 8

 9 Municipal securities 5.1 4.6 3.9 2.5 1.0 2.8 2.5 2.1 1.8 1.4 1.0 9

10 Corporate and foreign bonds 39.0 49.7 51.0 56.2 63.8 54.5 56.2 58.0 60.3 61.8 63.8 10

11 Mortgages 171.6 167.9 167.1 170.3 207.7 169.2 170.3 171.1 172.0 206.4 207.7 11

12 Other loans and advances (2) 135.2 134.9 145.7 158.9 170.8 156.0 158.9 163.4 165.2 167.7 170.8 12

13 Corporate equities 26.2 46.8 79.0 102.0 125.0 86.0 102.0 106.9 117.9 111.0 125.0 13

14 Mutual fund shares 35.0 41.0 33.6 26.3 30.6 27.4 26.3 25.3 27.4 29.0 30.6 14

15 Trade receivables 23.1 24.0 20.8 22.3 24.4 24.3 22.3 23.8 24.5 25.7 24.4 15

16 Taxes receivable 45.2 46.8 46.9 49.5 72.0 52.8 49.5 69.0 50.2 71.1 72.0 16

17 Miscellaneous assets 173.1 152.3 131.3 112.2 123.8 125.7 112.2 108.9 110.7 132.2 123.8 17

18 Total liabilities 5546.4 5805.2 5975.5 6042.3 6096.2 5961.1 6042.3 6066.1 5986.5 6002.1 6096.2 18

19 SDR certificates 10.2 9.7 9.2 9.2 6.2 9.2 9.2 8.2 8.2 7.2 6.2 19

20 Treasury currency 18.2 18.3 18.3 18.3 18.3 18.8 18.3 18.3 18.8 19.3 18.3 20

21 Credit market instruments 4407.4 4578.0 4676.1 4672.6 4656.0 4622.4 4672.6 4700.2 4600.6 4593.4 4656.0 21

22 Savings bonds 185.0 187.0 186.5 186.6 186.4 185.9 186.6 186.5 186.5 186.2 186.4 22

23 Other Treasury securities (3) 3133.7 3311.1 3352.5 3267.8 3198.9 3242.4 3267.8 3272.6 3157.9 3146.6 3198.9 23

24 Budget agency securities 28.2 26.6 26.5 28.5 28.3 25.5 28.5 28.1 28.3 28.3 28.3 24

25 Municipal securities 1060.4 1053.3 1110.6 1189.7 1242.4 1168.7 1189.7 1213.0 1228.0 1232.3 1242.4 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 567.8 600.0 631.3 659.1 690.1 654.6 659.1 666.4 675.1 683.6 690.1 27

28 Insurance and pension reserves 536.2 591.9 634.0 676.5 719.0 649.4 676.5 666.3 677.1 691.9 719.0 28

29 Miscellaneous liabilities 6.7 7.3 6.6 6.7 6.6 6.7 6.7 6.7 6.7 6.7 6.6 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
110 Z.1, March 10, 2000

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 -12.5 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 0.7 -0.0 -0.0 -0.0 -0.0 2

 3 Time and savings deposits -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -0.2 -4.5 -5.4 5.5 4.5 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 7.0 5

 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 47.8 6

 7 Open market paper -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 7.0 7

 8 U.S. government securities 16.4 34.7 26.1 8.9 5.4 15.4 13.8 22.7 5.8 12.2 33.0 20.0 8

 9 Treasury 2.1 9.6 2.2 -7.2 -9.4 -3.9 1.1 6.8 1.7 3.7 9.9 7.0 9

10 Agency 14.3 25.1 23.9 16.2 14.8 19.3 12.6 15.9 4.0 8.5 23.1 13.0 10

11 Municipal securities -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.0 11

12 Corporate and foreign bonds 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 1.5 10.6 15.5 29.8 19.6 12

13 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.6 0.5 0.8 1.7 1.2 13

14 Corporate equities -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -10.9 -16.3 -28.4 -58.2 -82.1 14

15 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.1 6.7 6.3 5.9 6.0 15

16 Miscellaneous assets -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -13.8 -3.1 -6.5 -41.3 4.4 16

17 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -1.1 -0.7 -1.8 -2.8 -6.9 17

18 Contributions receivable -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 3.0 2.4 2.4 2.4 2.4 18

19 Other 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -15.7 -4.8 -7.1 -40.9 8.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.9 102.8 116.8 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 -0.1 0.1 -0.0 -0.1 -0.1 -0.2 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -7.0 -9.2 -9.7 -7.7 -5.4 -1.6 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 5.0 10.7 30.2 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 1.4 0.3 2.1 0.2 0.2 -0.3 -4.7 5

 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 37.9 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 1.2 0.3 2.7 1.2 0.5 1.7 6.4 7

 8 U.S. government securities 2.2 12.6 10.6 12.8 11.0 8.7 36.6 20.2 19.9 20.9 26.2 19.7 8

 9 Treasury 0.1 5.6 3.5 7.8 6.9 5.4 19.9 11.9 10.9 11.3 4.0 7.7 9

10 Agency 2.1 7.0 7.1 5.0 4.1 3.2 16.6 8.4 9.0 9.6 22.2 12.0 10

11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 11

12 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -5.9 4.1 10.5 12.3 15.6 10.5 12

13 Mortgages 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.7 1.4 1.6 1.9 1.3 13

14 Corporate equities 8.4 -6.5 5.7 16.3 33.8 20.1 9.6 16.7 6.8 12.3 5.6 1.8 14

15 Mutual fund shares -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.5 34.4 29.9 25.3 24.8 15

16 Miscellaneous assets 22.0 5.0 27.2 21.0 19.3 21.3 23.0 21.0 13.2 15.9 21.5 28.6 16

17 Unallocated insurance contracts (2) 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 0.4 -1.8 -2.5 1.5 3.1 17

18 Contributions receivable -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 0.6 1.4 1.4 1.4 1.4 18

19 Other 9.6 3.0 23.1 9.1 19.4 19.0 22.2 20.0 13.5 17.0 18.6 24.1 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, March 10, 2000 111

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Total financial assets 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 2459.7 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.9 1.9 1.8 1.8 1.8 2

 3 Time and savings deposits 46.0 50.6 40.1 40.5 26.4 27.8 30.6 30.3 25.8 20.4 25.9 30.4 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.9 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 47.1 5

 6 Credit market instruments 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 622.8 6

 7 Open market paper 19.7 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 47.1 7

 8 U.S. government securities 155.6 190.2 216.3 225.3 230.7 246.1 259.8 282.5 288.3 300.4 333.5 353.5 8

 9 Treasury 85.6 95.1 97.3 90.1 80.7 76.8 77.9 84.8 86.5 90.1 100.0 107.0 9

10 Agency 70.0 95.1 119.0 135.2 150.0 169.2 181.9 197.8 201.8 210.3 233.4 246.4 10

11 Municipal securities 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.4 0.4 11

12 Corporate and foreign bonds 88.9 92.7 98.9 107.6 123.5 132.5 130.9 132.4 143.1 158.5 188.3 207.9 12

13 Mortgages 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.7 10.2 10.9 12.7 13.9 13

14 Corporate equities 298.1 346.4 318.9 426.1 442.0 503.1 499.5 625.8 761.7 947.8 1177.1 1353.5 14

15 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 26.0 34.4 53.7 79.5 110.3 146.5 15

16 Miscellaneous assets 163.4 164.8 139.1 149.7 142.5 150.8 153.5 169.7 180.5 189.7 202.3 257.7 16

17 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 66.1 67.3 75.2 86.7 106.4 114.3 17

18 Contributions receivable 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.7 16.1 18.5 20.9 23.3 18

19 Other 76.9 76.8 59.8 63.6 63.6 69.8 76.8 88.7 89.2 84.6 75.1 120.1 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.4 1933.0 2198.7 2533.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.0 2.1 2.1 2.0 1.9 1.7 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 34.3 25.1 15.4 7.6 2.3 0.7 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.7 58.4 88.6 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 13.1 13.4 15.5 15.7 15.9 15.5 10.8 5

 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 416.3 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.8 15.1 17.8 19.0 19.5 21.3 27.7 7

 8 U.S. government securities 49.5 62.1 72.7 85.5 96.5 105.2 141.7 161.9 181.9 202.8 229.0 248.7 8

 9 Treasury 30.7 36.3 39.8 47.6 54.5 60.0 79.9 91.8 102.7 114.0 118.0 125.8 9

10 Agency 18.7 25.8 32.9 37.9 42.0 45.2 61.8 70.2 79.2 88.8 111.0 122.9 10

11 Municipal securities 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.9 0.9 11

12 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 70.3 74.3 84.9 97.1 112.7 123.2 12

13 Mortgages 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.7 11.0 12.6 14.6 15.8 13

14 Corporate equities 215.9 282.9 276.1 364.8 412.8 489.3 496.8 612.6 729.2 916.1 1055.2 1146.2 14

15 Mutual fund shares 15.6 19.9 22.5 38.7 59.3 93.6 124.4 186.3 267.7 358.5 453.8 605.9 15

16 Miscellaneous assets 203.1 207.8 206.8 235.5 237.8 241.5 253.6 269.2 259.1 252.2 233.3 263.5 16

17 Unallocated insurance contracts (2) 105.8 110.0 115.0 129.3 128.4 136.9 143.9 143.5 145.1 147.9 155.4 166.1 17

18 Contributions receivable 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.0 13.4 14.8 16.2 17.6 18

19 Other 88.8 89.8 83.9 97.7 99.9 94.0 98.4 113.7 100.7 89.6 61.7 79.8 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, March 10, 2000 Flow of Funds Matrix for 1999

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving -- 1051.3 -- 951.5 -- 156.2 -- 202.9 -- 2361.9 -- 315.1 -- 130.0  2 Capital consumption -- 667.1 -- 703.4 -- 105.1 -- 90.9 -- 1566.4 -- -- -- 108.7  3 Net saving (1 less 2) -- 384.2 -- 248.2 -- 51.1 -- 112.1 -- 795.5 -- 315.1 -- 21.3  4 Gross investment (5 plus 11) 1037.5 -- 943.7 -- 198.2 -- 212.9 -- 2392.3 -- 386.9 -- 197.5 --  5 Capital expenditures 1167.0 -- 1067.4 -- 201.9 -- 94.0 -- 2530.2 -- -- -- 148.9 --  6 Consumer durables 758.6 -- -- -- -- -- -- -- 758.6 -- -- -- -- --  7 Residential 359.4 -- 49.7 -- -- -- -- -- 409.1 -- -- -- 2.0 --  8 Nonresidential 48.9 -- 970.8 -- 201.9 -- 95.8 -- 1317.3 -- -- -- 146.9 --  9 Inventory change -- -- 45.2 -- -- -- -- -- 45.2 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 1.8 -- -- -- -1.8 -- 0.0 -- -- -- -- -- 11 Net financial investment -129.4 -- -123.8 -- -3.6 -- 119.0 -- -137.9 -- 386.9 -- 48.6 -- 12 Financial uses 505.5 -- 698.0 -- 80.0 -- 84.0 -- 1367.4 -- 729.2 -- 2550.3 -- 13 Financial sources -- 634.9 -- 821.8 -- 83.6 -- -35.0 -- 1505.3 -- 342.4 -- 2501.7 14 Gold and off. fgn. exchange -- -- -- -- -- -- -7.0 -- -7.0 -- 0.0 -8.4 -1.4 -- 15 SDR certificates -- -- -- -- -- -- -- -3.0 -- -3.0 -- -- -3.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 1.7 -- 17 Foreign deposits 3.5 -- -2.0 -- -- -- -- -- 1.5 -- -- 58.7 12.2 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -9.1 -- 20.5 12.1 19 Checkable dep. and currency -19.6 -- 54.9 -- 3.5 -- 66.0 -- 104.8 -- 35.7 -- 19.1 151.6 20 Time and savings deposits 89.4 -- 21.5 -- 8.0 -- 0.7 -- 119.5 -- 18.4 -- 37.6 175.6 21 Money market fund shares 99.5 -- 37.4 -- -- -- -- -- 136.9 -- -- -- 113.8 250.6 22 Fed. funds and security RPs -- -- 0.1 -- 5.0 -- -- -- 5.1 -- 14.9 -- 109.9 171.5 23 Credit market instruments 179.3 556.6 33.1 568.5 25.9 52.7 12.0 -71.8 250.3 1105.9 224.8 18.3 1740.0 1090.9 24 Open market paper 5.3 -- 18.8 37.4 9.4 -- -- -- 33.6 37.4 7.9 16.3 188.4 176.2 25 Treasury securities -43.9 -- -4.6 -- -2.5 -- -- -71.6 -51.0 -71.6 -9.6 -- -11.1 -- 26 Federal agency securities 150.6 -- 19.1 -- 8.5 -- 0.0 -0.2 178.2 -0.2 94.0 -- 319.5 592.0 27 Municipal securities 52.1 10.4 -2.3 5.1 -1.5 52.7 -- -- 48.3 68.2 -- -- 19.9 -- 28 Corporate and fgn. bonds 14.8 -- -- 229.9 7.6 -- -- -- 22.5 229.9 157.5 2.4 272.6 220.3 29 Bank loans n.e.c. -- -7.8 -- 90.0 -- -- -- -- -- 82.2 -- 0.6 69.1 -13.7 30 Other loans and advances -- 15.1 -- 56.2 -- 0.0 11.9 -- 11.9 71.3 -25.0 -0.9 190.6 107.1 31 Mortgages 0.3 442.1 -3.4 150.0 4.3 -- 0.1 0.0 1.3 592.0 -- -- 599.7 9.0 32 Consumer credit -- 96.8 5.4 -- -- -- -- -- 5.4 96.8 -- -- 91.3 -- 33 Corporate equities -380.1 -- -- -142.7 13.1 -- -- -- -367.0 -142.7 96.2 94.5 203.0 -19.7 34 Mutual fund shares 147.6 -- 8.0 -- 4.3 -- -- -- 159.8 -- -- -- 31.5 191.3 35 Trade credit -- 7.1 108.2 109.7 -- 30.9 2.2 0.2 110.4 147.8 -4.7 6.2 23.2 11.8 36 Security credit 41.9 69.7 -- -- -- -- -- -- 41.9 69.7 0.0 0.0 51.6 23.8 37 Life insurance reserves 51.3 -- -- -- -- -- -- 1.4 51.3 1.4 -- -- -- 49.9 38 Pension fund reserves 322.2 -- -- -- -- -- -- 41.1 322.2 41.1 -- -- -- 281.1 39 Taxes payable -- -- -- 5.3 5.2 -- 11.0 -- 16.2 5.3 -- -- -- 6.2 40 Inv. in bank personal trusts -31.1 -- -- -- -- -- -- -- -31.1 -- -- -- -- -31.1 41 Equity in noncorp. business -9.9 -- -- -17.3 -- -- -- -- -9.9 -17.3 -- -- -- 7.3 42 Miscellaneous 11.7 1.6 436.7 298.2 15.1 -- -0.9 -2.8 462.5 297.0 352.8 173.1 190.5 128.8 43 Sector discrepancies (1 less 4) 13.8 -- 7.9 -- -42.0 -- -10.0 -- -30.4 -- -71.8 -- -67.5 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, March 10, 2000 Flow of Funds Matrix for 1999

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 34948.3 -- 7687.3 -- 1230.3 -- 559.3 -- 44425.1 -- 6304.8 -- 36259.0  2 Total liabilities and equity -- 6840.9 -- 29458.0 -- 1862.9 -- 4510.2 -- 42671.9 -- 4507.2 --  3 Total liabilities -- 6840.9 -- 10053.5 -- 1862.9 -- 4510.2 -- 23267.4 -- 2824.0 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.3 -- 10.3 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 18.0 -- 18.0 -- -- 18.0 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.0 -- 16.0 -- -- 32.2 16.1  7 SDR certificates -- -- -- -- -- -- -- 6.2 -- 6.2 -- -- 6.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 28.0  9 Foreign deposits 45.0 -- 18.6 -- -- -- -- -- 63.6 -- -- 698.5 42.9 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 136.8 -- 90.5 11 Checkable dep. and currency 441.8 -- 489.9 -- 31.8 -- 87.9 -- 1051.4 -- 293.9 -- 128.0 12 Time and savings deposits 3013.2 -- 157.3 -- 99.1 -- 5.4 -- 3275.0 -- 105.0 -- 227.5 13 Money market fund shares 837.8 -- 201.3 -- -- -- -- -- 1039.1 -- -- -- 545.6 14 Fed. funds and security RPs -- -- 3.4 -- 163.5 -- -- -- 166.9 -- 86.9 -- 582.7 15 Credit market instruments 1960.4 6466.8 338.2 5985.9 722.8 1252.5 258.8 3680.4 3280.2 17385.6 2736.7 622.0 19597.3 16 Open market paper 68.5 -- 46.1 230.3 93.9 -- -- -- 208.6 230.3 100.2 89.2 1093.7 17 Treasury securities 346.7 -- 58.3 -- 266.8 -- -- 3652.1 671.7 3652.1 1306.8 -- 1673.6 18 Federal agency securities 312.1 -- 46.5 -- 167.5 -- 0.0 28.3 526.1 28.3 395.4 -- 2990.7 19 Municipal securities 527.5 137.3 39.6 152.8 1.0 1242.4 -- -- 568.1 1532.5 -- -- 964.3 20 Corporate and fgn. bonds 596.1 -- -- 2059.5 63.8 -- -- -- 659.9 2059.5 817.1 422.4 3074.5 21 Bank loans n.e.c. -- 65.1 -- 1165.9 -- -- -- -- -- 1231.0 -- 59.4 1383.9 22 Other loans and advances -- 219.4 -- 755.8 -- 10.1 180.9 -- 180.9 985.4 117.3 51.0 1134.0 23 Mortgages 109.5 4616.5 67.4 1621.6 129.8 -- 77.9 0.0 384.5 6238.1 -- -- 5934.2 24 Consumer credit -- 1428.5 80.3 -- -- -- -- -- 80.3 1428.5 -- -- 1348.2 25 Corporate equities 8008.9 -- -- 14774.0 125.0 -- -- -- 8133.9 14774.0 1203.3 1683.2 9539.5 26 Mutual fund shares 3104.3 -- 112.0 -- 30.6 -- -- -- 3246.9 -- -- -- 1268.4 27 Trade credit -- 132.7 1605.1 1226.2 -- 610.4 24.4 79.8 1629.5 2049.1 47.2 52.4 250.7 28 Security credit 318.6 222.4 -- -- -- -- -- -- 318.6 222.4 0.0 0.0 347.2 29 Life insurance reserves 772.0 -- -- -- -- -- -- 35.0 772.0 35.0 -- -- -- 30 Pension fund reserves 10360.4 -- -- -- -- -- -- 684.0 10360.4 684.0 -- -- -- 31 Taxes payable -- -- -- 111.2 33.5 -- 38.5 -- 72.0 111.2 -- -- -- 32 Inv. in bank personal trusts 1116.6 -- -- -- -- -- -- -- 1116.6 -- -- -- -- 33 Equity in noncorp. business 4630.3 -- -- 4630.5 -- -- -- -- 4630.3 4630.5 -- -- -- 34 Miscellaneous 339.0 18.9 4761.5 2730.1 24.0 -- 99.8 6.6 5224.3 2755.6 1695.0 1400.9 3577.2 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
114 Z.1, March 10, 2000

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Assets 23560.7 24290.1 25920.3 27000.3 28428.9 29476.6 32610.4 35483.2 39697.0 43508.8 48889.1 1

 2 Tangible assets 9112.6 9326.7 9469.9 9729.7 9975.0 10307.7 10776.7 11299.5 12068.6 12925.8 13940.9 2

 3 Financial assets 14448.2 14963.4 16450.5 17270.6 18453.9 19168.9 21833.7 24183.6 27628.3 30583.0 34948.3 3

 4 Deposits 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3807.2 4165.1 4337.9 4

 5 Credit market instruments 1288.3 1502.8 1612.1 1655.8 1637.2 1930.0 1885.0 1993.7 1873.5 1781.1 1960.4 5

 6 Equity shares at market value 2754.5 2551.5 3557.6 3989.6 4629.1 4581.5 6148.7 7293.0 9207.6 10572.6 13331.5 6

 7 Directly held 1963.6 1806.5 2570.9 2873.2 3242.1 3070.9 4121.6 4642.1 5689.6 6338.7 8008.9 7

 8 Indirectly held 791.0 745.0 986.7 1116.4 1387.0 1510.7 2027.1 2650.9 3518.0 4233.9 5322.7 8

 9 Bank personal trusts and estates 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 536.7 583.6 699.2 9

10 Life insurance companies 68.4 66.8 99.1 116.6 156.7 185.2 246.5 325.2 433.8 542.4 717.3 10

11 Private pension funds 291.4 284.7 380.4 436.8 530.6 556.6 715.6 897.2 1158.2 1370.5 1596.9 11

12 Mutual funds 199.3 179.4 235.5 294.3 437.6 505.3 699.8 995.3 1389.3 1737.4 2309.2 12

13 Other 7199.5 7644.5 8013.4 8375.5 9004.7 9500.1 10434.5 11357.4 12740.1 14064.1 15318.5 13

14 Liabilities 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4982.2 5332.7 5707.8 6205.6 6840.9 14

15 Net worth 20163.4 20611.6 22048.8 22955.3 24138.6 24863.8 27628.2 30150.5 33989.2 37303.2 42048.2 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 11.7 10.5 13.7 14.8 16.3 15.5 18.9 20.6 23.2 24.3 27.3 16

17 Financial assets (line 3) 19.1 17.1 21.6 23.1 25.1 23.9 28.2 30.2 33.3 34.6 38.1 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

 In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.