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

Friday

March 13, 1998

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 1997

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

Fourth Quarter 1997

Debt of domestic nonfinancial sectors increased

at a seasonally adjusted annual rate of 6-1/2 percent

in the fourth quarter of 1997. Growth of federal

government debt, at a 1-3/4 percent pace, remained

subdued, while debt of nonfederal sectors increased

at an 8 percent annual rate. Household debt picked

up to a 7-3/4 percent rate, as an increase in home

mortgage borrowing was only partially offset by a

slight decline in consumer credit borrowing.

Nonfinancial business debt accelerated to an

8-3/4 percent rate in the fourth quarter, the highest in

nine years. All types of business credit remained

strong, with particularly sizable increases in bank

loans and loans from other sources. State and local

government debt rose at a 7 percent annual rate in

the fourth quarter. 

Over 1997, domestic nonfinancial debt rose

5-1/4 percent, about the same as in the previous two

years. However, the composition of debt growth

shifted toward businesses and state and local

governments and away from the federal government

and households.

The level of domestic nonfinancial debt

outstanding was $15.2 trillion at the end of 1997.

Debt of the nonfederal sectors was $11.4 trillion, and

federal debt was $3.8 trillion.

Figures on the growth and level of debt are

found on tables D.1 through D.3. Tables with

financial flows, amounts outstanding, and selected

sector balance sheets and reconciliation tables are

included in the remaining pages of this release.

Growth of Domestic Nonfinancial Debt1

Percent changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1988 9.1 8.0 9.4 9.1 10.4 6.5

1989 7.3 7.0 7.3 8.5 6.7 5.7

1990 6.4 11.0 5.2 7.5 3.1 5.1

1991 4.3 11.1 2.3 4.8 -1.7 8.4

1992 4.6 10.9 2.6 4.5 0.7 2.0

1993 5.0 8.3 3.8 5.6 1.4 5.7

1994 4.6 4.7 4.6 7.8 3.8 -3.9

1995 5.4 4.1 5.9 8.1 6.3 -4.4

1996 5.2 4.0 5.7 7.9 4.6 0.1

1997 5.3 0.6 6.9 7.0 7.1 5.6

1996:Q1 6.3 6.2 6.3 9.3 4.2 0.4

 :Q2 5.0 1.7 6.2 8.2 4.9 2.0

 :Q3 4.9 4.4 5.0 7.2 5.1 -5.6

 :Q4 4.5 3.4 4.9 6.1 3.7 3.8

1997:Q1 5.0 2.1 6.0 6.9 5.6 3.8

 :Q2 4.2 -2.6 6.6 6.6 6.3 7.4

 :Q3 4.9 1.1 6.2 6.0 7.0 3.8

 :Q4 6.5 1.8 8.1 7.8 8.8 6.9

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 1997 1

Availability of Data for Latest Quarter 5

Debt Growth by Sector D.1 8 

Borrowing by Sector D.2 9

Debt Outstanding by Sector D.3 10

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 14

Distribution of National Income F.7 15

Gross Saving and Investment F.8 16 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 19 L.101 65

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

Nonfarm Noncorporate Business F.103 21 L.103 67

Farm Business F.104 21 L.104 67

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

Federal Government F.106 23 L.106 68

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

Monetary Authority F.108 25 L.108 70

Commercial Banking F.109 26 L.109 71

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

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

Bank Holding Companies F.112 29 L.112 74

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

Savings Institutions F.114 30 L.114 75

Credit Unions F.115 31 L.115 76

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

Life Insurance Companies F.117 32 L.117 77

Other Insurance Companies F.118 32 L.118 77

Private Pension Funds F.119 33 L.119 78

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

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

Title Table Page Table Page

Mutual Funds F.122 34 L.122 79

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

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

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

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

Finance Companies F.127 36 L.127 81

Mortgage Companies F.128 37 L.128 82

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

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

Funding Corporations F.131 38 L.131 83

Instruments

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

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

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

Net Interbank Transactions F.203 40 L.203 85

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

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

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

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

Open Market Paper F.208 43 L.208 88

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

Title Table Page Table Page

Agency Securities F.210 45 L.210 90

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

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

Corporate Equities F.213 47 L.213 92

Mutual Fund Shares F.214 47 L.214 92

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

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

Total Mortgages F.217 50 L.217 95

Home Mortgages F.218 51 L.218 96

Multifamily Residential Mortgages F.219 51 L.219 96

Commercial Mortgages F.220 52 L.220 97

Farm Mortgages F.221 52 L.221 97

Consumer Credit F.222 53 L.222 98

Trade Credit F.223 53 L.223 98

Security Credit F.224 53 L.224 98

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

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

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

Proprietors' Equity in Noncorporate Business F.228 54

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

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

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

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

Sector Discrepancies F.10 59

Instrument Discrepancies F.11 59
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

Flow of Funds Matrix for 1997 110

1

Flow of Funds Accounts, Fourth Quarter 1997

 This publication presents the flow of funds

accounts for 1997:Q4. 

Data revisions and other changes. The statistics

shown in these tables reflect use of new or revised

source data. Most significant revisions appear in

recent quarters; however, new source information

resulted in changes to data for earlier periods. The

revisions include the following:

1. Total financial assets of the state and

local governments sector (tables F.105 and L.105)

were revised upward for the period 1995:Q1 onward.

The changes were based on a compilation of data by

the Flow of Funds Section from a sample of financial

reports of the state governments that account for a

majority of sector activity and from information on

the assets of local government investment pools from

Standard & Poor’s. Within instrument categories, the

sector's holdings of corporate equities are now larger

than previously estimated.

2. In the private pension funds sector (tables

F.119 and L.119), data have been benchmarked to

aggregates from the Internal Revenue Service/

Department of Labor/Pension Benefit Guaranty

Corporation Form 5500 filed for plan year 1994.

Total assets of the sector are about unchanged from

previous estimates. Among instrument categories, the

revisions indicate that private pension funds

accumulated a larger volume of U.S. government

securities and a smaller volume of corporate and

foreign bonds than reported earlier.

3. Data for the state and local government

employee retirement funds sector (tables F.120 and

L.120) were revised for 1992:Q3 onward to reflect

new information from plans reporting details of asset

composition to the Bureau of the Census. The

changes resulted in a reduction of the value of

unidentified miscellaneous assets and a reallocation of

identified assets in the sector. 

4. Figures for funding corporations' (tables

F.131 and L.131) investment in foreign banking

offices were revised from 1991:Q1 onward, owing to

new data compiled from information on commercial

paper from The Depository Trust Company. 

5. Loans extended by federal agencies and

reported in the other loans and advances instrument

category (tables F.216 and L.216) were revised up

from 1994:Q1 onward based on information from the

Treasury Department. The bulk of the revision is the

result of a higher value for loans to students under the

Federal Direct Loan Program.

6. Beginning with 1997:Q4, the figures for

other loans and advances (tables F.216 and L.216)

include estimates of bank business loans in

collateralized loan obligations. The loans are assets

of the issuers of asset-backed securities sector (tables

F.126 and L.126) and liabilities of the nonfarm

nonfinancial corporate business sector (tables F.102

and L.102).

7. The time series for home mortgages

(tables F.218 and L.218) was revised, with the most

significant change a downward revision for the period

beginning 1992:Q1. That revision owed mainly to

improved estimates of the value of loans financed by

owner-sellers and was offset in part by an upward

revision to home mortgages for the period 1991:Q4

onward based on more complete information for

securitized home equity loans.

8. Balance sheet and reconciliation tables for

the households and nonprofit organizations sector

(tables B.100 and R.100) and the nonfarm

nonfinancial corporate business sector (tables B.102

and R.102) have been extended through year-end

1997. Data for prior periods have been revised to

reflect changes to assets and liabilities in tables L.100

and L.102.

9. A new supplemental table, provided at the

end of this release, shows the flow of funds accounts

matrix for the year 1997. The matrix format provides

a snapshot of financial flows for a given period. 
2

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

Domestic debt includes 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 "t" is the time period.

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

For most series, the value of the discontinuity is zero

for nearly all time periods. However, in a few

instances, the discontinuity is nonzero for almost all

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

such as a period when there is a sharp increase or

decrease in equity prices or a major break in source

data.

The discontinuities in the 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 "available" data and "missing" data is not

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is

compiled and those that are not yet completed.

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

general, also preliminary in the sense that they are

subject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data

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

but allowance for them is explicitly made throughout

the accounts by the inclusion of "discrepancies" for

various sectors and instrument types. A discrepancy

for a sector is the difference between its measured

sources of funds and its measured uses of funds. For

an instrument category, a discrepancy is the difference

between measured funds borrowed through the

financial instrument and measured funds lent through

that instrument. The size of such discrepancies

relative to the main asset or liability components is

one indication of the quality of source data, especially

on an annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about nine weeks following the end of a

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

from the Board's Publications Services. Flow of

funds data are also available electronically through the

Internet at the following location:

 http://www.bog.frb.fed.us/releases/

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are

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

contain quarterly data beginning in 1952, organized in

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted
3

flows, a second diskette contains unadjusted flows,

and a third diskette contains quarterly outstandings,

which are not seasonally adjusted. In addition, the

third diskette contains quarterly data for the debt

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

balance sheet tables, as well as monthly data from

January 1955 onward for the monthly debt aggregate

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

"Money Stock, Liquid Assets, and Debt Measures." 

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

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

financial accounts are prepared and the principles

underlying the accounts. 
4
5

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 1997:Q4; unadjusted

flows through 1996.

Unadjusted flows since 1996;

corporate profits and related

items for 1997:Q4.

 2. Household sector

 (tables F.100 and L.100)

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

other sectors. Availability of data depends on schedules for other

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

available through 1997:Q4.

 3. Nonfarm nonfinancial 

 corporate business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR)

of the Census Bureau through

1997:Q3; Internal Revenue Service

Statistics of Income data through

1994; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1997:Q4.

Statistics of Income data since

1994; QFR data for 1997:Q4.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics

of Income data through 1994; bank

and finance company loans and

mortgage borrowing for 1997:Q4.

Statistics of Income data since

1994.

 5. Farm business

 (tables F.104 and L.104)

Mortgages, bank loans, loans from

government-sponsored enterprises,

and equity in government-sponsored

enterprises through 1997:Q4; data

for U.S. government loans to farms

through 1996:Q4.

Data for consumption of fixed

capital, undistributed profits, and

trade payables since 1996.

 6. State and local 

 governments

 (tables F.105 and L.105)

Gross security offerings and

retirements, deposits at banks,

holdings of mortgages and

nonmarketable U.S. government

securities issues for 1997:Q4;

selected financial assets through

1996:Q2 from the Comprehensive

Annual Financial Reports of states

that account for most of the

holdings of the sector, and data

from Standard & Poor's on local

government investment pools.

Selected financial asset items

since 1996:Q2.
6

 7. Federal government

 (tables F.106 and L.106)

Data from the Monthly Treasury

Statement of Receipts and Outlays

through 1997:Q4; data from the

Federal Financing Bank through

1997:Q4; Treasury data for loan

programs through 1997:Q4.

None.

 8. Rest of the world

 (U.S. international 

 transactions)

 (tables F.107 and L.107)

Balance of payments data through

1997:Q4; NIPA estimates, data

from bank reports of condition and

Treasury International Capital

System data through 1997:Q4.

None.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 1997:Q4. None.

10. Commercial banking

 (tables F.109 and L.109)

All data through 1997:Q4 for

U.S.-chartered banks, foreign

banking offices in the U.S., bank

holding companies, and commercial

banks in U.S.-affiliated areas.

Data since 1996 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

 (tables F.114 and L.114)

All data through 1997:Q4. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 1997:Q4. None.

13. Bank personal trusts and 

 estates

 (tables F.116 and L.116)

All data through 1996. Data since 1996.

14. Life insurance companies

 (tables F.117 and L.117)

Asset data through 1997:Q3 and

liability data through 1996.

Asset data for 1997:Q4 and

liability data since 1996.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1997:Q3. Data for 1997:Q4.

16. Private pension funds 

 (including FERS)

 (tables F. 119 and L.119)

Quarterly data through 1997:Q4;

Internal Revenue Service/

Department of Labor/Pension

Benefit Guaranty Corporation

Form 5500 data through 1994.

Form 5500 data since 1994.

17. State and local government 

 employee retirement funds

 (tables F.120 and L.120)

All data through 1997:Q3. Data for 1997:Q4.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 1997:Q4. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 1997:Q4. None.
7

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1996. Data since 1996.

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FHLBs,

FNMA, FHLMC, SLMA, FCS,

FICO, and REFCORP for 1997:Q4.

None.

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 1997:Q4. None.

23. Issuers of asset-backed 

 securities (ABSs)

 (tables F.126 and L.126)

All data from Trepp/PSA

Information Services of the

Muller Data Corporation and data

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1997:Q4.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 1997:Q4. None.

25. Mortgage companies

 (tables F.128 and L.128)

Mortgage data through 1997:Q2. Data since 1997:Q2.

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data through 1996:Q3; equity and

unsecured debt issuance through

1997:Q4.

Data since 1996:Q3.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS and

FOGS reports through 1997:Q4.

None.

28. Funding corporations

 (tables F.131 and L.131)

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

other sectors.
8 Z.1, March 13, 1998

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1981 10.3 11.6 10.0 7.2 6.5 5.0 13.1 13.8 8.0 18.0 11.9

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

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

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

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

1986 11.8 13.6 11.3 11.2 13.3 9.0 11.5 14.0 10.8 26.1 4.1

1987 9.0 8.0 9.3 11.9 15.9 4.6 6.4 7.8 12.1 18.3 2.6

1988 9.1 8.0 9.4 9.1 10.7 6.3 10.4 11.6 6.5 13.1 3.0

1989 7.3 7.0 7.3 8.5 9.9 6.0 6.7 8.0 5.7 10.5 4.0

1990 6.4 11.0 5.2 7.5 9.6 1.5 3.1 4.9 5.1 8.8 9.1

1991 4.3 11.1 2.3 4.8 6.4 -1.3 -1.7 -2.1 8.4 6.0 5.3

1992 4.6 10.9 2.6 4.5 5.2 0.5 0.7 1.8 2.0 8.7 8.0

1993 5.0 8.3 3.8 5.6 4.3 7.6 1.4 1.9 5.7 9.7 22.1

1994 4.6 4.7 4.6 7.8 5.8 14.5 3.8 5.3 -3.9 14.0 -3.6

1995 5.4 4.1 5.9 8.1 5.6 14.1 6.3 8.2 -4.4 11.8 19.1

1996 5.2 4.0 5.7 7.9 7.9 7.9 4.6 5.0 0.1 12.6 15.9

1997 5.3 0.6 6.9 7.0 7.2 4.4 7.1 8.0 5.6 12.8 10.0

1992 -- Q1 5.2 11.5 3.2 5.6 7.4 0.1 0.8 1.6 2.8 6.5 2.0

 Q2 4.2 11.6 1.7 2.3 2.4 -1.5 0.3 1.4 4.2 9.7 21.2

 Q3 4.6 10.3 2.7 4.8 5.7 1.4 0.2 1.3 3.6 10.3 8.9

 Q4 4.2 8.6 2.6 5.2 5.0 1.9 1.6 2.8 -2.8 7.0 0.3

1993 -- Q1 3.7 7.2 2.5 3.0 2.1 4.5 0.2 0.4 8.3 5.4 18.1

 Q2 6.0 10.3 4.4 5.6 5.3 4.8 1.6 2.4 9.6 6.1 20.7

 Q3 4.7 5.8 4.3 6.7 5.1 8.5 1.8 2.3 3.9 13.9 32.7

 Q4 5.2 9.0 3.9 6.6 4.6 11.8 2.0 2.4 0.6 12.1 10.7

1994 -- Q1 4.7 4.7 4.7 7.4 6.1 11.7 3.4 5.1 -0.3 14.9 -22.2

 Q2 4.1 3.9 4.2 7.1 4.9 14.8 3.5 5.0 -4.2 11.6 -7.6

 Q3 4.5 4.7 4.4 7.4 5.2 14.9 3.7 5.1 -4.6 11.5 4.0

 Q4 4.9 5.0 4.8 8.3 6.6 14.0 4.2 5.7 -6.6 15.1 11.9

1995 -- Q1 5.9 5.4 6.1 7.6 5.3 14.6 7.1 9.4 -3.4 7.3 18.5

 Q2 6.6 6.6 6.6 8.2 5.7 14.2 7.2 9.6 -1.8 11.3 11.7

 Q3 4.2 2.5 4.8 8.3 5.9 14.1 4.5 5.3 -8.4 12.2 22.3

 Q4 4.4 1.8 5.4 7.4 4.9 10.7 5.7 7.4 -4.3 14.6 19.0

1996 -- Q1 6.3 6.2 6.3 9.3 9.5 10.7 4.2 4.6 0.4 8.1 11.8

 Q2 5.0 1.7 6.2 8.2 7.3 9.9 4.9 5.5 2.0 16.7 7.9

 Q3 4.9 4.4 5.0 7.2 6.9 6.9 5.1 6.5 -5.6 9.7 22.7

 Q4 4.5 3.4 4.9 6.1 7.1 3.2 3.7 3.1 3.8 13.9 17.9

1997 -- Q1 5.0 2.1 6.0 6.9 6.4 5.8 5.6 6.4 3.8 6.8 5.1

 Q2 4.2 -2.6 6.6 6.6 6.2 4.9 6.3 6.7 7.4 13.6 10.8

 Q3 4.9 1.1 6.2 6.0 7.0 4.3 7.0 8.0 3.8 10.7 16.4

 Q4 6.5 1.8 8.1 7.8 8.3 2.5 8.8 10.3 6.9 18.2 6.5

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 13, 1998 9

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1981 408.6 85.5 323.2 98.6 59.2 17.7 196.9 125.2 27.6 104.3 23.5

1982 439.6 161.3 278.3 80.0 43.5 17.2 156.7 93.9 41.7 93.0 16.0

1983 573.0 185.2 387.8 174.6 104.1 50.0 165.8 91.2 47.3 104.5 17.3

1984 790.7 197.2 593.5 215.2 123.5 80.7 325.8 207.3 52.5 157.7 8.4

1985 962.7 225.7 737.0 291.9 159.6 82.8 281.5 185.1 163.6 205.0 1.2

1986 841.9 216.0 625.9 250.9 187.9 54.4 301.5 224.9 73.4 327.8 9.7

1987 717.8 143.9 573.9 297.0 255.4 30.4 185.8 142.5 91.1 291.6 6.3

1988 785.5 155.1 630.4 250.5 194.9 43.4 325.4 231.7 54.5 249.2 7.4

1989 685.4 146.4 539.1 258.0 200.7 44.2 230.0 175.1 51.1 225.0 10.2

1990 654.6 246.9 407.7 247.6 216.0 11.9 111.6 115.1 48.5 211.3 23.9

1991 467.8 278.2 189.6 171.5 158.7 -10.7 -65.2 -51.5 83.3 156.8 15.1

1992 523.1 304.0 219.1 171.0 138.6 3.9 27.0 43.0 21.1 240.2 24.1

1993 589.4 256.1 333.3 218.7 121.6 60.7 52.3 46.5 62.3 293.6 69.8

1994 575.2 155.9 419.4 322.8 170.2 124.9 141.9 134.3 -45.3 464.3 -14.0

1995 704.2 144.4 559.7 363.0 172.0 138.9 245.7 216.7 -49.0 448.4 71.1

1996 719.7 145.0 574.6 383.0 258.2 88.8 190.3 144.1 1.3 536.3 70.5

1997 758.8 23.1 735.7 364.1 251.0 53.8 311.7 244.7 59.9 614.3 51.5

1992 -- Q1 589.9 319.0 270.9 211.2 195.3 1.1 29.0 39.1 30.7 180.9 5.9

 Q2 478.5 332.6 145.9 87.7 64.7 -11.9 12.2 34.3 46.0 274.9 62.2

 Q3 533.2 303.7 229.5 182.4 156.1 11.2 8.0 30.6 39.1 297.3 27.4

 Q4 490.8 260.6 230.2 202.5 138.3 15.0 59.0 68.1 -31.3 207.7 0.9

1993 -- Q1 436.1 221.6 214.5 116.5 57.4 36.0 7.2 9.2 90.8 164.1 57.0

 Q2 714.2 323.9 390.4 221.7 150.2 39.0 61.2 59.8 107.5 186.6 68.2

 Q3 564.0 185.2 378.8 268.8 144.8 69.5 65.5 56.9 44.4 433.6 113.6

 Q4 643.2 293.8 349.4 267.8 134.0 98.2 75.1 59.9 6.4 389.9 40.4

1994 -- Q1 589.4 158.3 431.1 306.9 177.9 100.4 128.0 129.1 -3.8 494.9 -85.7

 Q2 517.4 131.6 385.8 301.5 145.1 130.4 133.3 127.0 -49.0 400.6 -27.8

 Q3 569.5 161.1 408.4 319.9 157.1 136.2 141.4 131.6 -52.9 407.8 14.3

 Q4 624.6 172.5 452.1 362.7 200.7 132.6 164.8 149.4 -75.5 553.9 43.0

1995 -- Q1 769.7 186.9 582.8 341.0 163.4 144.0 279.4 250.3 -37.6 276.7 68.8

 Q2 875.8 234.5 641.4 373.0 178.3 145.1 288.0 260.0 -19.7 435.6 45.7

 Q3 567.7 91.4 476.2 388.1 188.5 149.3 181.0 148.5 -92.8 484.9 89.3

 Q4 603.4 64.9 538.5 350.0 157.9 117.2 234.4 208.1 -45.9 596.5 80.4

1996 -- Q1 858.3 227.3 631.0 450.4 310.9 119.9 176.1 131.9 4.5 342.0 52.3

 Q2 694.9 62.7 632.2 406.0 244.4 114.7 204.9 159.9 21.2 721.7 36.1

 Q3 686.8 163.2 523.6 363.5 233.4 81.9 220.4 192.0 -60.3 436.8 105.7

 Q4 638.7 126.9 511.8 312.1 244.2 38.6 159.9 92.6 39.8 644.8 87.9

1997 -- Q1 724.2 81.2 643.0 357.9 224.3 70.8 244.5 193.6 40.6 325.9 26.3

 Q2 612.6 -97.1 709.6 350.4 220.2 60.0 279.1 205.7 80.0 661.0 56.4

 Q3 722.3 40.9 681.4 322.2 254.6 53.0 317.3 250.2 41.8 536.7 87.8

 Q4 976.1 67.4 908.8 425.8 304.8 31.5 405.9 329.3 77.0 933.8 35.5
10 Z.1, March 13, 1998

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1981 4365.0 820.5 3544.6 1483.5 974.5 373.1 1689.0 1024.6 372.1 682.4 220.7

1982 4786.7 981.8 3804.9 1551.0 1005.7 390.3 1840.1 1113.0 413.8 778.1 210.4

1983 5362.6 1167.0 4195.6 1709.6 1093.8 440.3 2024.9 1223.1 461.1 882.8 227.7

1984 6148.6 1364.2 4784.4 1921.9 1221.5 521.0 2348.8 1428.6 513.6 1052.4 235.5

1985 7129.4 1589.9 5539.5 2239.4 1411.2 603.8 2622.1 1605.6 677.9 1258.3 236.7

1986 7968.7 1805.9 6162.9 2494.9 1605.1 658.2 2916.6 1823.5 751.4 1593.6 238.3

1987 8670.1 1949.8 6720.3 2751.6 1824.2 688.6 3127.8 1991.3 840.9 1896.5 244.8

1988 9452.1 2104.9 7347.2 3023.9 2034.6 732.0 3427.8 2195.6 895.5 2145.8 252.4

1989 10154.6 2251.2 7903.3 3297.5 2238.7 793.3 3659.3 2372.5 946.5 2399.3 262.2

1990 10836.5 2498.1 8338.4 3579.2 2488.9 805.1 3764.1 2480.8 995.1 2613.7 285.9

1991 11301.1 2776.4 8524.7 3758.2 2655.1 794.5 3688.1 2423.1 1078.4 2770.5 301.1

1992 11827.3 3080.3 8747.0 3933.0 2797.6 798.3 3714.5 2463.9 1099.5 3026.3 315.8

1993 12431.6 3336.5 9095.1 4157.0 2924.5 859.0 3776.3 2519.9 1161.8 3325.3 385.8

1994 13013.0 3492.3 9520.7 4482.5 3097.7 983.9 3921.7 2657.7 1116.5 3797.3 371.8

1995 13717.2 3636.7 10080.4 4850.7 3275.0 1122.8 4162.2 2869.2 1067.6 4248.4 442.9

1996 14436.9 3781.8 10655.1 5204.6 3504.0 1211.6 4381.7 3042.4 1068.9 4784.7 513.4

1997 15194.1 3804.9 11389.2 5571.5 3757.6 1265.4 4689.0 3282.8 1128.7 5366.0 558.8

1992 -- Q1 11451.7 2856.1 8595.6 3811.9 2704.8 794.8 3697.7 2433.6 1086.1 2831.4 293.3

 Q2 11571.3 2939.3 8632.1 3834.6 2721.9 791.8 3699.8 2441.3 1097.6 2900.1 308.8

 Q3 11704.6 3015.2 8689.4 3881.1 2761.8 794.6 3700.9 2448.1 1107.4 2974.4 315.7

 Q4 11827.3 3080.3 8747.0 3933.0 2797.6 798.3 3714.5 2463.9 1099.5 3026.3 315.8

1993 -- Q1 11937.1 3135.7 8801.3 3962.7 2812.6 807.3 3716.4 2466.3 1122.2 3072.7 330.1

 Q2 12115.6 3216.7 8898.9 4018.7 2850.7 817.1 3731.1 2480.6 1149.1 3119.4 347.1

 Q3 12256.6 3263.0 8993.6 4086.7 2887.7 834.5 3746.7 2494.1 1160.2 3227.8 375.5

 Q4 12431.6 3336.5 9095.1 4157.0 2924.5 859.0 3776.3 2519.9 1161.8 3325.3 385.8

1994 -- Q1 12585.1 3376.0 9209.1 4234.1 2969.7 884.1 3814.2 2558.0 1160.9 3456.7 364.5

 Q2 12714.5 3408.9 9305.6 4310.3 3006.8 916.7 3846.7 2589.0 1148.6 3556.9 357.5

 Q3 12856.9 3449.2 9407.7 4391.1 3046.9 950.8 3881.2 2621.0 1135.4 3658.8 361.1

 Q4 13013.0 3492.3 9520.7 4482.5 3097.7 983.9 3921.7 2657.7 1116.5 3797.3 371.8

1995 -- Q1 13205.5 3539.1 9666.4 4569.0 3139.9 1019.9 3990.2 2719.0 1107.1 3869.1 389.0

 Q2 13424.4 3597.7 9826.7 4663.5 3185.7 1056.2 4061.0 2782.7 1102.2 3978.0 400.5

 Q3 13566.3 3620.5 9945.8 4761.8 3234.1 1093.5 4105.0 2818.6 1079.0 4099.2 422.8

 Q4 13717.2 3636.7 10080.4 4850.7 3275.0 1122.8 4162.2 2869.2 1067.6 4248.4 442.9

1996 -- Q1 13931.8 3693.6 10238.2 4964.4 3353.8 1152.8 4205.1 2901.1 1068.7 4333.9 456.0

 Q2 14105.5 3709.2 10396.2 5033.3 3382.3 1181.5 4288.9 2973.6 1074.0 4514.3 465.0

 Q3 14277.2 3750.0 10527.1 5125.3 3441.8 1201.9 4342.9 3020.5 1058.9 4623.5 491.4

 Q4 14436.9 3781.8 10655.1 5204.6 3504.0 1211.6 4381.7 3042.4 1068.9 4784.7 513.4

1997 -- Q1 14617.9 3802.1 10815.8 5295.7 3561.5 1229.3 4441.1 3089.1 1079.0 4866.2 520.0

 Q2 14771.0 3777.8 10993.3 5384.4 3617.7 1244.3 4509.8 3139.5 1099.0 5031.4 534.1

 Q3 14950.1 3788.0 11162.1 5465.0 3681.3 1257.5 4587.6 3200.5 1109.5 5132.5 549.9

 Q4 15194.1 3804.9 11389.2 5571.5 3757.6 1265.4 4689.0 3282.8 1128.7 5366.0 558.8

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 13, 1998 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1

 2 Domestic nonfinancial sectors 589.4 575.2 704.2 719.7 758.8 686.8 638.7 724.2 612.6 722.3 976.1 2

 3 Federal government 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 3

 4 Nonfederal sectors 333.3 419.4 559.7 574.6 735.7 523.6 511.8 643.0 709.6 681.4 908.8 4

 5 Household sector 218.7 322.8 363.0 383.0 364.1 363.5 312.1 357.9 350.4 322.2 425.8 5

 6 Nonfinancial corporate business 46.5 134.3 216.7 144.1 244.7 192.0 92.6 193.6 205.7 250.2 329.3 6

 7 Nonfarm noncorporate business 3.2 3.3 26.0 41.5 60.7 27.9 58.2 46.6 66.8 64.0 65.5 7

 8 Farm business 2.6 4.4 2.9 4.8 6.3 0.6 9.2 4.3 6.7 3.1 11.1 8

 9 State and local governments 62.3 -45.3 -49.0 1.3 59.9 -60.3 39.8 40.6 80.0 41.8 77.0 9

10 Rest of the world 69.8 -14.0 71.1 70.5 51.5 105.7 87.9 26.3 56.4 87.8 35.5 10

11 Financial sectors 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 11

12 Commercial banking 13.4 20.1 22.5 13.0 46.5 14.7 26.8 13.7 79.7 32.0 60.7 12

13 U.S.-chartered commercial banks 9.7 12.5 11.2 11.7 29.9 11.9 20.5 6.8 39.1 21.7 52.0 13

14 Foreign banking offices in U.S. -5.1 -2.6 -3.1 -0.7 -2.4 0.0 2.9 0.6 2.5 -5.3 -7.6 14

15 Bank holding companies 8.8 10.3 14.4 2.0 19.1 2.9 3.5 6.3 38.0 15.6 16.3 15

16 Savings institutions 11.3 12.8 2.6 25.5 19.8 25.8 23.0 -16.8 31.9 22.3 41.7 16

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

18 Life insurance companies 0.2 0.3 -0.1 1.1 0.2 -0.4 2.0 0.8 0.1 0.2 -0.3 18

19 Government-sponsored enterprises 80.6 172.1 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 19

20 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 20

21 ABS issuers 82.8 68.8 132.9 132.0 168.2 88.0 138.6 62.9 95.0 169.6 345.5 21

22 Finance companies -1.4 48.7 50.2 45.9 48.7 30.7 43.8 7.2 123.8 -2.9 66.6 22

23 Mortgage companies 0.0 -11.5 0.4 12.4 4.8 1.7 12.1 5.9 5.0 3.6 4.9 23

24 REITs 3.4 13.7 6.0 12.8 23.8 13.7 17.7 20.2 20.3 26.9 27.9 24

25 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.0 5.7 4.9 -2.9 34.9 -6.9 7.0 25

26 Funding corporations 6.3 23.1 34.9 64.1 80.7 33.7 123.0 129.4 -16.1 130.7 78.8 26

27 Total net lending 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 27

28 Domestic nonfederal nonfinancial sectors 43.0 241.8 -85.7 -17.9 -115.2 -222.3 -158.5 -205.8 -66.3 -175.8 -13.0 28

29 Household sector 2.4 278.5 -1.8 5.1 -101.7 -81.9 -22.8 -204.2 -30.0 -121.5 -51.0 29

30 Nonfinancial corporate business 9.1 17.7 -2.4 13.5 5.3 -9.1 -5.9 58.0 -51.5 20.0 -5.3 30

31 Nonfarm noncorporate business -1.1 0.6 0.3 0.4 0.7 0.4 0.4 0.5 0.7 0.8 0.9 31

32 State and local governments 32.6 -55.0 -81.8 -37.0 -19.6 -131.7 -130.2 -60.2 14.5 -75.1 42.4 32

33 Federal government -18.4 -27.5 -0.2 -7.7 4.9 -7.1 -4.1 1.9 5.6 3.0 9.1 33

34 Rest of the world 129.3 132.3 273.9 409.3 316.4 485.3 532.2 367.3 303.0 402.7 192.5 34

35 Financial sectors 798.8 678.9 1035.7 942.9 1218.5 973.4 1001.9 913.0 1087.5 1116.8 1756.8 35

36 Monetary authority 36.2 31.5 12.7 12.3 38.3 11.5 8.4 37.4 47.2 14.3 54.3 36

37 Commercial banking 142.2 163.4 265.9 187.5 324.3 196.1 248.3 308.1 309.2 209.8 469.9 37

38 U.S.-chartered commercial banks 149.6 148.1 186.5 119.6 275.0 119.5 158.9 195.9 301.1 209.5 393.5 38

39 Foreign banking offices in U.S. -9.8 11.2 75.4 63.3 39.6 71.1 80.5 104.0 1.1 -0.6 53.8 39

40 Bank holding companies -0.0 0.9 -0.3 3.9 5.4 4.8 10.5 2.2 5.1 -5.0 19.4 40

41 Banks in U.S.-affiliated areas 2.4 3.3 4.2 0.7 4.2 0.7 -1.6 6.1 1.8 5.8 3.2 41

42 Savings institutions -23.3 6.7 -7.6 19.9 -7.7 49.7 -47.9 -5.3 23.8 -42.1 -7.1 42

43 Credit unions 21.7 28.1 16.2 25.5 15.7 21.1 24.3 18.5 25.7 15.7 2.7 43

44 Bank personal trusts and estates 9.5 7.1 -18.8 3.9 9.2 7.8 7.2 8.2 8.9 9.4 10.3 44

45 Life insurance companies 100.9 66.7 99.2 72.5 121.1 123.2 118.1 94.3 175.0 107.0 108.1 45

46 Other insurance companies 27.7 24.9 21.5 22.5 23.3 14.2 27.7 -0.1 27.9 32.4 32.8 46

47 Private pension funds 49.5 45.5 61.4 46.5 66.9 41.3 31.0 52.4 58.5 66.2 90.5 47

48 State and local govt. retirement funds 22.7 22.3 27.5 45.9 48.3 45.5 41.9 3.6 39.2 90.6 59.7 48

49 Money market mutual funds 20.4 30.0 86.5 88.8 84.5 83.0 81.3 65.2 19.7 123.6 129.3 49

50 Mutual funds 159.5 -7.1 52.5 48.9 74.7 27.5 25.3 61.9 91.6 103.6 41.4 50

51 Closed-end funds 20.0 -3.7 10.5 2.2 0.8 2.2 2.2 2.7 1.3 0.3 -0.9 51

52 Government-sponsored enterprises 87.8 117.8 84.7 92.0 95.0 81.4 137.9 45.1 119.2 55.5 160.1 52

53 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 53

54 ABS issuers 80.2 61.7 111.1 101.8 129.8 62.0 89.6 39.3 80.2 107.0 292.7 54

55 Finance companies -20.9 48.3 49.9 18.4 22.2 13.2 -6.2 44.9 1.9 65.2 -23.2 55

56 Mortgage companies -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 56

57 REITs 0.6 4.7 2.2 3.5 5.0 3.4 3.9 5.0 5.0 5.0 5.0 57

58 Brokers and dealers 14.8 -44.2 90.1 -15.7 15.9 35.5 82.7 -14.5 -11.7 15.8 74.0 58

59 Funding corporations -35.3 -16.2 -24.6 17.2 30.4 8.6 -7.6 31.9 -33.1 15.6 107.2 59

(1) Excludes corporate equities and mutual fund shares.
12 Z.1, March 13, 1998

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 589.4 575.2 704.2 719.7 758.8 686.8 638.7 724.2 612.6 722.3 976.1 1

 2 Federal government 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 2

 3 Treasury securities 248.3 155.7 142.9 146.6 23.2 166.3 130.2 82.6 -97.3 41.9 65.6 3

 4 Budget agency securities and mortgages 7.8 0.2 1.5 -1.6 -0.1 -3.1 -3.3 -1.4 0.2 -0.9 1.7 4

 5 Nonfederal, by instrument 333.3 419.4 559.7 574.6 735.7 523.6 511.8 643.0 709.6 681.4 908.8 5

 6 Commercial paper 10.0 21.4 18.1 -0.9 13.7 -14.2 -24.1 7.2 20.3 14.5 12.8 6

 7 Municipal securities and loans 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 7

 8 Corporate bonds 75.2 23.3 73.3 72.5 90.7 67.8 89.9 79.4 86.1 122.9 74.4 8

 9 Bank loans n.e.c. 6.4 75.2 102.0 66.3 107.7 136.6 31.9 147.5 110.5 24.7 147.9 9

10 Other loans and advances -18.9 34.0 67.2 33.8 65.9 63.0 3.9 31.2 20.3 73.5 138.3 10

11 Mortgages 125.1 176.5 208.4 311.7 333.8 253.3 330.0 263.1 316.6 340.9 414.4 11

12 Home 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 12

13 Multifamily residential -6.6 2.0 10.7 17.8 21.0 12.0 27.6 10.8 21.3 15.1 36.6 13

14 Commercial -25.9 -6.8 20.2 29.2 52.1 0.7 51.2 20.4 64.6 60.0 63.2 14

15 Farm 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 15

16 Consumer credit 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 16

17 Nonfederal, by sector 333.3 419.4 559.7 574.6 735.7 523.6 511.8 643.0 709.6 681.4 908.8 17

18 Household sector 218.7 322.8 363.0 383.0 364.1 363.5 312.1 357.9 350.4 322.2 425.8 18

19 Nonfinancial business 52.3 141.9 245.7 190.3 311.7 220.4 159.9 244.5 279.1 317.3 405.9 19

20 Corporate 46.5 134.3 216.7 144.1 244.7 192.0 92.6 193.6 205.7 250.2 329.3 20

21 Nonfarm noncorporate 3.2 3.3 26.0 41.5 60.7 27.9 58.2 46.6 66.8 64.0 65.5 21

22 Farm 2.6 4.4 2.9 4.8 6.3 0.6 9.2 4.3 6.7 3.1 11.1 22

23 State and local governments 62.3 -45.3 -49.0 1.3 59.9 -60.3 39.8 40.6 80.0 41.8 77.0 23

24 Foreign borrowing in U.S. 69.8 -14.0 71.1 70.5 51.5 105.7 87.9 26.3 56.4 87.8 35.5 24

25 Commercial paper -9.6 -26.1 13.5 11.3 3.7 37.5 4.4 15.5 10.4 -11.6 0.7 25

26 Bonds 82.9 12.2 49.7 49.4 41.3 60.2 78.5 11.0 34.3 94.6 25.3 26

27 Bank loans n.e.c. 0.7 1.4 8.5 9.1 8.5 4.7 7.8 -0.7 11.5 7.3 15.7 27

28 Other loans and advances -4.2 -1.5 -0.5 0.8 -2.0 3.4 -2.7 0.5 0.2 -2.5 -6.1 28

29 Domestic and foreign 659.2 561.2 775.2 790.2 810.3 792.5 726.6 750.5 668.9 810.1 1011.7 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 1

 2 Federal government-related 165.3 287.5 204.1 231.5 213.4 222.9 252.8 105.7 286.2 161.0 300.6 2

 3 Govt.-sponsored enterprise securities 80.6 176.9 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 3

 4 Mortgage pool securities 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 4

 5 U.S. government loans 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 128.3 176.8 244.3 304.9 400.9 213.9 392.0 220.2 374.8 375.6 633.1 6

 7 Open market paper -5.5 40.5 42.7 92.2 166.7 84.4 162.0 175.9 77.8 168.2 244.6 7

 8 Corporate bonds 122.2 117.6 188.2 156.5 170.8 80.7 164.0 41.4 215.1 139.3 287.4 8

 9 Bank loans n.e.c. -14.4 -13.7 4.2 16.8 13.6 2.6 20.4 7.0 4.9 16.7 25.7 9

10 Other loans and advances 22.4 22.6 3.4 27.9 36.0 33.3 31.2 -20.1 63.0 37.5 63.3 10

11 Mortgages 3.6 9.8 5.9 11.4 14.0 12.9 14.3 16.0 14.0 14.0 12.0 11

12 By sector 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 12

13 Commercial banking 13.4 20.1 22.5 13.0 46.5 14.7 26.8 13.7 79.7 32.0 60.7 13

14 U.S.-chartered commercial banks 9.7 12.5 11.2 11.7 29.9 11.9 20.5 6.8 39.1 21.7 52.0 14

15 Foreign banking offices in U.S. -5.1 -2.6 -3.1 -0.7 -2.4 0.0 2.9 0.6 2.5 -5.3 -7.6 15

16 Bank holding companies 8.8 10.3 14.4 2.0 19.1 2.9 3.5 6.3 38.0 15.6 16.3 16

17 Savings institutions 11.3 12.8 2.6 25.5 19.8 25.8 23.0 -16.8 31.9 22.3 41.7 17

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

19 Life insurance companies 0.2 0.3 -0.1 1.1 0.2 -0.4 2.0 0.8 0.1 0.2 -0.3 19

20 Government-sponsored enterprises 80.6 172.1 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 20

21 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 21

22 ABS issuers 82.8 68.8 132.9 132.0 168.2 88.0 138.6 62.9 95.0 169.6 345.5 22

23 Finance companies -1.4 48.7 50.2 45.9 48.7 30.7 43.8 7.2 123.8 -2.9 66.6 23

24 Mortgage companies 0.0 -11.5 0.4 12.4 4.8 1.7 12.1 5.9 5.0 3.6 4.9 24

25 REITs 3.4 13.7 6.0 12.8 23.8 13.7 17.7 20.2 20.3 26.9 27.9 25

26 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.0 5.7 4.9 -2.9 34.9 -6.9 7.0 26

27 Funding corporations 6.3 23.1 34.9 64.1 80.7 33.7 123.0 129.4 -16.1 130.7 78.8 27
Z.1, March 13, 1998 13

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1

 2 Open market paper -5.1 35.7 74.3 102.6 184.1 107.7 142.3 198.6 108.5 171.1 258.1 2

 3 U.S. government securities 421.4 448.1 348.5 376.5 236.5 386.1 379.7 186.9 189.1 201.9 368.0 3

 4 Municipal securities 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 4

 5 Corporate and foreign bonds 280.3 153.2 311.1 278.4 302.8 208.7 332.4 131.8 335.5 356.8 387.1 5

 6 Bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 6

 7 Other loans and advances -0.8 50.3 70.1 62.5 99.8 99.7 32.4 11.7 83.6 108.5 195.6 7

 8 Mortgages 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 8

 9 Consumer credit 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 429.7 125.2 143.9 230.5 217.8 71.9 156.0 197.7 183.0 313.9 176.6 10

11 Corporate equities 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 11

12 Nonfinancial 21.3 -44.9 -58.3 -64.2 -79.9 -127.6 -56.0 -78.8 -90.4 -60.4 -90.0 12

 Foreign shares purchased by

13 U.S. residents 63.4 48.1 50.4 58.8 38.0 32.7 42.3 47.0 53.0 62.2 -10.4 13

14 Financial 53.0 21.4 4.4 -1.6 0.7 -5.1 -6.7 -23.9 -20.6 8.4 38.8 14

15 Mutual fund shares 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1

 2 Official foreign exchange 0.8 -5.8 8.8 -6.3 0.7 -26.6 0.7 -17.6 0.4 2.4 17.5 2

 3 SDR certificates 0.0 0.0 2.2 -0.5 -0.5 -1.8 0.0 -2.1 0.0 0.0 0.0 3

 4 Treasury currency 0.4 0.7 0.6 -0.0 0.0 2.3 -2.3 0.4 0.2 1.3 -1.9 4

 5 Foreign deposits -18.5 52.9 35.3 82.0 89.0 119.7 104.5 188.6 18.8 105.4 43.1 5

 6 Net interbank transactions 50.5 89.8 9.9 -51.6 -40.2 -97.2 17.6 -88.8 -43.7 -42.7 14.5 6

 7 Checkable deposits and currency 117.3 -9.7 -12.7 15.8 41.1 105.9 -53.3 85.3 64.2 -49.2 64.3 7

 8 Small time and savings deposits -70.3 -39.9 96.6 97.2 98.5 94.2 90.1 157.9 24.5 46.6 165.1 8

 9 Large time deposits -23.5 19.6 65.6 114.0 120.5 180.2 135.4 49.9 176.3 194.1 61.6 9

10 Money market fund shares 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 10

11 Security RPs 71.3 78.2 110.5 40.3 114.0 -15.9 83.3 32.8 193.7 115.9 113.6 11

12 Corporate equities 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 12

13 Mutual fund shares 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 13

14 Trade payables 52.0 93.7 105.2 68.1 75.7 -15.9 97.2 66.8 63.4 131.9 40.6 14

15 Security credit 61.4 -0.1 26.7 52.4 103.8 5.3 125.2 117.1 137.4 79.7 81.2 15

16 Life insurance reserves 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 16

17 Pension fund reserves 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 17

18 Taxes payable 11.4 2.6 4.6 14.0 20.1 12.5 16.6 30.4 1.8 29.9 18.1 18

19 Investment in bank personal trusts 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 19

20 Noncorporate proprietors’ equity 24.6 59.0 39.5 22.6 15.8 44.5 5.9 22.6 19.7 19.7 1.2 20

21 Miscellaneous 345.6 250.8 462.9 490.7 544.1 413.4 656.5 587.8 633.3 406.6 548.8 21

22 Total financial sources 2318.0 2084.3 2694.7 2925.1 3364.6 2566.9 3355.8 2994.4 3302.3 3349.2 3812.6 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.2 -0.5 -1.0 -0.6 1.3 -3.1 -0.3 -0.5 0.8 -2.4 23

24 Foreign deposits -5.7 43.0 25.7 55.8 68.3 86.3 37.3 178.0 -10.2 78.1 27.2 24

25 Net interbank liabilities 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 25

26 Security RPs 46.4 69.4 36.1 31.9 52.1 -90.6 132.6 -104.6 178.6 6.2 128.3 26

27 Taxes payable 15.8 16.6 17.8 16.3 20.5 20.3 21.6 12.2 28.3 11.2 30.3 27

28 Miscellaneous -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -1.5 -4.8 -6.0 0.5 -2.7 27.1 -21.4 -9.4 16.1 2.1 -19.5 29

30 Other -1.3 -2.8 -3.8 -4.0 -3.9 -4.7 -3.7 -2.6 -4.8 -3.4 -4.8 30

31 Trade credit -4.3 0.3 -29.1 -33.9 -33.4 -103.5 -42.7 15.2 -73.1 -17.2 -58.6 31

 Totals identified to sectors

32 as assets 2454.5 2111.1 2768.2 2983.6 3563.4 2875.4 3212.0 3068.4 3513.7 3604.6 4066.9 32
14 Z.1, March 13, 1998

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 6558.1 6947.0 7265.4 7636.1 8081.1 7676.2 7792.9 7933.5 8034.5 8124.4 8231.9 1

 2 Personal consumption expenditures (2) 4459.3 4717.0 4957.7 5207.6 5488.1 5227.4 5308.1 5405.7 5432.1 5527.4 5587.2 2

 3 Durable goods (3) 530.2 579.6 608.5 634.5 659.1 634.5 638.2 658.4 644.5 667.3 666.2 3

 4 Nondurable goods and services 3929.0 4137.4 4349.2 4573.1 4829.0 4592.9 4669.9 4747.3 4787.6 4860.1 4921.0 4

 5 Gross private domestic investment 876.2 1007.8 1038.2 1116.6 1240.9 1149.2 1151.1 1193.6 1242.0 1250.3 1277.9 5

 6 Fixed investment 855.7 946.6 1008.1 1090.7 1172.6 1112.1 1119.2 1127.5 1160.9 1201.3 1200.8 6

 7 Nonresidential plant and equipment 604.1 660.6 723.0 781.5 845.4 798.6 807.2 811.3 836.3 872.0 861.9 7

 8 Household sector (nonprofit organizations) 35.6 31.9 37.7 41.0 44.2 41.7 42.7 42.8 43.6 45.3 44.9 8

 9 Nonfinancial corporate business 418.1 461.2 521.7 564.9 607.6 577.4 583.3 586.3 604.7 630.6 608.8 9

10 Nonfarm noncorporate business 67.2 66.8 63.3 62.0 57.7 59.8 62.7 59.9 58.9 52.8 59.4 10

11 Farm business 18.7 20.8 21.6 23.2 24.8 24.0 23.6 23.4 25.0 26.4 24.4 11

12 Financial corporations 64.5 79.9 78.6 90.4 111.1 95.8 95.0 98.8 104.1 116.9 124.5 12

13 Residential construction 251.6 286.0 285.1 309.3 327.3 313.5 312.0 316.2 324.6 329.3 338.9 13

14 Household sector 218.4 249.1 244.0 267.0 279.1 269.8 268.8 271.6 278.4 280.1 286.5 14

15 Nonfinancial corporate business 1.7 1.9 2.3 2.3 2.4 2.3 2.3 2.3 2.3 2.4 2.4 15

16 Nonfarm noncorporate business 26.3 27.8 35.9 34.8 36.8 35.3 35.1 35.6 36.5 37.0 38.1 16

17 REITs 5.2 7.3 2.9 5.2 9.0 6.2 5.8 6.7 7.4 9.8 11.9 17

18 Change in business inventories 20.5 61.2 30.1 25.9 68.3 37.1 31.9 66.1 81.1 49.0 77.1 18

19 Nonfinancial corporate business 25.4 48.0 36.1 21.9 58.6 29.7 27.3 59.1 71.2 38.9 65.2 19

20 Nonfarm noncorporate business 1.3 2.5 1.9 1.2 3.1 1.6 1.4 3.1 3.7 2.0 3.4 20

21 Farm business -6.2 10.8 -8.0 2.9 6.7 5.8 3.2 3.9 6.2 8.1 8.5 21

22 Net U.S. exports of goods and services -60.7 -90.8 -86.0 -94.8 -100.8 -113.9 -88.6 -98.8 -88.7 -111.3 -104.2 22

23 Exports 658.6 721.2 818.4 870.9 958.0 863.7 904.6 922.2 960.3 965.8 983.8 23

24 - Imports 719.3 812.0 904.4 965.7 1058.8 977.6 993.2 1021.0 1049.0 1077.1 1088.0 24

 Government consumption expenditures and

25 gross investment 1283.4 1313.0 1355.6 1406.7 1452.8 1413.5 1422.3 1433.0 1449.1 1458.0 1471.0 25

26 Consumption expenditures (4) 1078.9 1107.1 1142.1 1182.5 1226.8 1189.9 1197.0 1209.7 1221.6 1230.8 1244.9 26

27 Federal 447.3 443.2 443.5 451.5 463.9 454.0 453.6 458.0 464.2 464.7 468.5 27

28 State and local 631.6 663.9 698.6 731.0 762.9 735.9 743.4 751.7 757.4 766.1 776.4 28

29 Gross investment (4) 204.5 205.9 213.5 224.3 226.0 223.6 225.3 223.3 227.5 227.2 226.1 29

30 Federal 71.1 67.0 66.1 68.5 60.0 67.6 63.9 58.1 61.9 61.0 58.9 30

31 State and local 133.4 138.9 147.4 155.8 166.1 156.0 161.4 165.2 165.6 166.2 167.2 31

 Memo:

32 Net U.S. factor income from rest of the world 18.7 8.2 5.2 1.7 -20.2 -6.9 3.2 -14.3 -20.7 -20.7 -25.3 32

33 U.S. receipts 150.8 176.5 222.8 234.3 263.2 235.4 248.8 248.2 261.6 269.4 273.7 33

34 - U.S. payments 132.1 168.3 217.6 232.6 283.5 242.3 245.6 262.5 282.3 290.1 299.0 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6576.8 6955.2 7270.7 7637.8 8060.8 7669.3 7796.1 7919.2 8013.8 8103.7 8206.6 35

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, March 13, 1998 15

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 5266.7 5590.6 5912.3 6254.4 6650.6 6303.2 6376.5 6509.9 6599.0 6699.6 6794.0 1

 2 Compensation of employees 3814.8 4011.9 4215.4 4426.9 4703.6 4460.9 4520.7 4606.3 4663.5 4725.3 4819.3 2

 3 Wages and other labor income 3474.7 3645.5 3836.4 4040.1 4294.0 4071.2 4126.0 4203.8 4256.7 4313.9 4401.5 3

 4 Employer social insurance contributions 335.7 353.0 366.0 385.7 408.4 388.6 393.6 401.3 405.6 410.2 416.6 4

 5 Wage accruals less disbursements 4.4 13.3 13.1 1.1 1.2 1.1 1.1 1.2 1.2 1.2 1.2 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 450.8 471.6 488.9 520.4 544.5 523.8 528.3 534.6 543.6 547.2 552.4 6

 7 Nonfarm 418.4 434.7 465.5 483.1 503.7 483.7 487.9 494.4 500.0 506.3 514.2 7

 8 Farm 32.4 36.9 23.4 37.2 40.7 40.1 40.4 40.2 43.6 40.9 38.2 8

 Rental income of persons (with capital

 9 consumption adjustment) 105.7 124.4 132.9 146.3 148.0 148.0 149.2 149.0 148.7 148.0 146.4 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 492.8 570.5 650.0 735.9 805.6 739.6 747.7 779.5 795.1 827.3 820.4 10

 Corporate profits with inventory

11 valuation adjustment 456.8 519.1 598.4 674.1 735.8 676.4 683.3 711.8 725.7 757.0 748.8 11

12 Profits before tax 465.4 535.1 622.6 676.6 730.2 679.1 680.0 708.3 719.8 753.4 739.2 12

13 Domestic nonfinancial 307.4 391.9 437.7 476.4 511.7 482.6 483.7 493.7 500.7 533.3 519.0 13

14 Farm 1.2 0.4 0.7 0.8 0.9 0.8 0.8 0.9 0.9 0.9 1.0 14

15 Foreign subsidiaries 73.8 73.4 86.8 95.9 99.4 91.8 107.5 97.3 100.8 99.9 99.7 15

16 Financial 83.0 69.4 97.5 103.5 118.2 103.9 88.0 116.4 117.4 119.3 119.5 16

 Less:

17 Profits tax liability 165.2 186.6 213.2 229.0 249.8 231.6 226.0 241.2 244.5 258.2 255.2 17

18 Domestic nonfinancial 104.5 128.3 138.9 154.2 165.7 156.2 158.5 158.8 161.3 173.5 169.2 18

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

20 Financial 60.2 57.8 73.8 74.2 83.5 74.8 67.0 81.8 82.7 84.1 85.5 20

 Equals:

21 Profits after tax 300.2 348.5 409.4 447.6 480.4 447.5 454.0 467.1 475.3 495.2 484.0 21

22 Dividends 195.8 216.3 264.4 304.8 336.1 305.7 309.1 326.8 333.0 339.1 345.6 22

23 Domestic nonfinancial 147.0 157.6 187.1 195.1 210.7 190.5 198.0 205.6 206.6 206.2 224.4 23

24 Farm 0.8 1.0 1.2 1.3 1.5 1.3 1.4 1.4 1.5 1.5 1.5 24

25 Foreign subsidiaries 20.8 31.9 27.5 34.0 38.8 40.1 27.5 34.1 39.4 47.1 34.7 25

26 Financial 27.2 25.8 48.6 74.4 85.1 73.8 82.2 85.7 85.5 84.3 85.0 26

27 Undistributed profits 104.5 132.3 145.0 142.8 144.3 141.8 144.9 140.3 142.3 156.1 138.4 27

28 Domestic nonfinancial 55.9 106.0 111.7 127.1 135.3 135.9 127.2 129.3 132.8 153.5 125.5 28

29 Farm -0.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 29

30 Foreign subsidiaries 53.0 41.6 59.3 62.0 60.6 51.7 80.0 63.2 61.4 52.8 65.0 30

31 Financial -4.4 -14.2 -24.9 -45.2 -50.5 -44.7 -61.2 -51.1 -50.8 -49.1 -51.0 31

32 Inventory valuation adjustment -8.6 -16.0 -24.2 -2.5 5.6 -2.7 3.3 3.5 5.9 3.6 9.6 32

33 Capital consumption adjustment 36.0 51.4 51.6 61.8 69.8 63.2 64.4 67.7 69.4 70.3 71.6 33

34 Domestic nonfinancial 45.3 60.1 60.0 70.8 79.3 72.3 73.8 77.2 78.8 80.0 81.2 34

35 Farm 1.0 0.8 0.5 0.3 0.4 0.3 0.2 0.2 0.5 0.4 0.6 35

36 Financial -10.4 -9.5 -8.9 -9.4 -10.0 -9.4 -9.6 -9.7 -9.9 -10.1 -10.2 36

37 Net interest 402.5 412.3 425.1 425.1 449.0 430.9 430.6 440.5 448.1 451.8 455.5 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5266.7 5590.6 5912.3 6254.4 6650.6 6303.2 6376.5 6509.9 6599.0 6699.6 6794.0 38

 Plus:

39 Business transfer payments to persons 22.1 23.8 25.0 26.0 27.1 26.1 26.4 26.7 26.9 27.2 27.5 39

40 Business transfer payments to rest of the world 6.0 6.8 7.3 7.6 8.3 7.7 7.8 7.7 8.1 8.7 8.7 40

41 Indirect business taxes and nontaxes 532.6 568.4 582.8 604.8 619.4 600.9 625.3 610.2 616.2 625.4 625.7 41

42 Private consumption of fixed capital 594.5 638.7 653.0 682.7 716.8 687.7 697.2 705.4 712.3 720.3 729.2 42

43 Government consumption of fixed capital 133.4 138.8 143.8 147.4 151.1 147.7 148.5 149.6 150.7 151.3 152.6 43

44 Statistical discrepancy 52.7 14.8 -28.2 -59.7 -86.3 -79.0 -59.6 -64.2 -73.5 -103.0 -104.5 44

 Less:

 Subsidies less current surplus of

45 government enterprises 31.1 26.6 25.2 25.4 26.1 25.0 26.0 26.1 25.9 25.8 26.6 45

46 Net U.S. factor income from rest of the world 18.7 8.2 5.2 1.7 -20.2 -6.9 3.2 -14.3 -20.7 -20.7 -25.3 46

 Equals:

47 Gross Domestic Product 6558.1 6947.0 7265.4 7636.1 8081.1 7676.2 7792.9 7933.5 8034.5 8124.4 8231.9 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
16 Z.1, March 13, 1998

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 949.5 1079.1 1165.5 1267.7 1392.9 1295.6 1303.2 1332.8 1397.1 1411.6 1430.0 1

 2 Gross private saving 979.2 1030.2 1093.1 1125.4 1162.5 1144.9 1131.4 1134.1 1178.2 1159.7 1177.9 2

 3 Personal saving 248.5 210.6 254.6 239.5 224.8 253.8 220.5 216.0 247.1 208.2 227.9 3

 4 Undistributed corporate profits 104.5 132.3 145.0 142.8 144.3 141.8 144.9 140.3 142.3 156.1 138.4 4

 5 Nonfinancial corp. inventory valuation adjustment -8.6 -16.0 -24.2 -2.5 5.6 -2.7 3.3 3.5 5.9 3.6 9.6 5

 6 Corporate capital consumption adjustment 36.0 51.4 51.6 61.8 69.8 63.2 64.4 67.7 69.4 70.3 71.6 6

 7 Private consumption of fixed capital 594.5 638.7 653.0 682.7 716.8 687.7 697.2 705.4 712.3 720.3 729.2 7

 8 Wage accruals less disbursements 4.4 13.3 13.1 1.1 1.2 1.1 1.1 1.2 1.2 1.2 1.2 8

 9 Gross government saving -29.8 48.9 72.4 142.2 230.4 150.7 171.8 198.7 218.9 251.9 252.1 9

10 Federal -182.7 -117.2 -103.6 -39.2 43.0 -28.3 -5.7 15.8 34.8 60.9 60.7 10

11 Consumption of fixed capital 67.9 69.5 70.9 71.2 71.6 71.2 71.3 71.4 71.5 71.6 71.8 11

12 Current surplus -250.7 -186.7 -174.4 -110.4 -28.5 -99.5 -77.0 -55.6 -36.7 -10.7 -11.1 12

13 State and local 153.0 166.1 176.0 181.4 187.3 179.0 177.5 182.9 184.1 191.0 191.4 13

14 Consumption of fixed capital 65.5 69.4 72.9 76.2 79.5 76.5 77.2 78.2 79.2 79.7 80.8 14

15 Current surplus 87.5 96.7 103.1 105.3 107.9 102.5 100.3 104.7 104.9 111.3 110.6 15

16 Capital grants received by the U.S. (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Gross investment 1002.1 1093.8 1137.3 1208.0 1306.6 1216.6 1243.6 1268.6 1323.6 1308.6 1325.5 17

18 Gross private domestic investment 876.2 1007.8 1038.2 1116.6 1240.9 1149.2 1151.1 1193.6 1242.0 1250.3 1277.9 18

19 Fixed investment 855.7 946.6 1008.1 1090.7 1172.6 1112.1 1119.2 1127.5 1160.9 1201.3 1200.8 19

20 Nonresidential 604.1 660.6 723.0 781.5 845.4 798.6 807.2 811.3 836.3 872.0 861.9 20

21 Residential 251.6 286.0 285.1 309.3 327.3 313.5 312.0 316.2 324.6 329.3 338.9 21

22 Change in business inventories 20.5 61.2 30.1 25.9 68.3 37.1 31.9 66.1 81.1 49.0 77.1 22

23 Gross government investment 204.5 205.9 213.5 224.3 226.0 223.6 225.3 223.3 227.5 227.2 226.1 23

24 Net foreign investment in U.S. -78.6 -119.9 -114.4 -132.9 -160.4 -156.2 -132.8 -148.3 -145.9 -168.9 -178.5 24

25 Statistical discrepancy (line 17 less line 1) 52.7 14.8 -28.2 -59.7 -86.3 -79.0 -59.6 -64.2 -73.5 -103.0 -104.5 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, March 13, 1998 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 447.7 507.0 458.0 476.3 523.9 349.9 403.5 441.1 496.2 558.2 600.1 1

 2 Foreign deposits -1.1 3.1 4.6 12.4 13.8 16.0 16.1 17.1 15.2 12.0 11.0 2

 3 Checkable deposits and currency 56.5 -24.2 -39.2 -38.3 -23.9 -21.6 -103.9 52.0 -10.0 -99.6 -38.2 3

 4 Time and savings deposits -106.6 -3.7 156.3 170.7 187.6 183.7 183.1 170.2 134.5 221.5 224.4 4

 5 Money market fund shares -0.3 13.5 100.4 79.1 104.8 87.7 100.1 142.3 2.6 206.8 67.4 5

 6 Securities 158.8 198.8 -60.1 -100.3 -245.0 -266.7 -274.0 -343.6 -211.0 -252.7 -172.7 6

 7 Open market paper 15.6 1.2 13.3 22.7 40.0 37.1 37.7 47.4 39.6 35.1 37.9 7

 8 U.S. savings bonds 14.7 8.0 5.1 2.0 -0.5 2.6 0.5 -3.6 -0.1 0.6 1.1 8

 9 Other Treasury securities 8.6 148.9 -43.6 -104.0 -236.6 -122.4 -87.5 -270.9 -235.8 -166.6 -273.1 9

10 Agency securities -34.4 145.2 24.7 123.4 85.9 205.0 110.1 91.0 131.3 23.8 97.6 10

11 Municipal securities -31.3 -50.2 -56.3 -22.6 25.8 -58.8 -27.1 30.5 53.4 -2.2 21.4 11

12 Corporate and foreign bonds 36.2 35.8 60.0 -12.2 -10.8 -111.1 -65.5 -116.2 -3.5 22.5 53.9 12

13 Corporate equities (2) -56.2 -157.5 -173.2 -290.2 -339.6 -340.3 -366.5 -292.1 -373.6 -399.2 -293.6 13

14 Mutual fund shares 205.7 67.4 109.9 180.5 190.9 121.4 124.4 170.4 177.7 233.4 182.0 14

15 Private life insurance reserves 35.7 34.3 44.8 43.8 56.7 60.4 66.9 40.7 75.2 64.0 46.8 15

16 Private insured pension reserves 73.9 81.0 65.7 39.9 93.8 54.9 75.3 80.3 126.6 89.7 78.7 16

17 Private noninsured pension reserves 98.4 78.8 96.1 84.7 83.4 82.8 92.5 73.9 86.3 79.9 93.8 17

18 Govt. insurance and pension reserves 83.6 86.6 72.3 102.3 121.7 82.8 109.0 88.3 126.8 141.1 130.8 18

19 Investment in bank personal trusts 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 19

20 Miscellaneous assets 47.8 21.3 66.9 69.4 104.6 50.7 118.7 96.6 123.7 66.7 131.3 20

21 Gross investment in tangible assets 891.6 989.2 1005.0 1066.5 1111.5 1072.3 1075.6 1098.7 1096.8 1119.0 1131.4 21

22 Residential structures 218.4 249.1 244.0 267.0 279.1 269.8 268.8 271.6 278.4 280.1 286.5 22

23 Other fixed assets (3) 147.8 147.3 158.5 161.0 163.5 160.7 164.0 161.7 164.0 161.5 166.7 23

24 Consumer durables 530.2 579.6 608.5 634.5 659.1 634.5 638.2 658.4 644.5 667.3 666.2 24

25 Inventories (3) -4.9 13.3 -6.0 4.0 9.8 7.4 4.6 7.0 9.9 10.1 11.9 25

26 Consumption of fixed capital 635.8 650.6 672.6 695.4 729.9 700.6 710.1 718.7 725.3 733.4 742.1 26

27 Residential structures 79.7 87.3 89.4 92.0 96.6 92.7 94.0 95.1 96.0 97.1 98.3 27

28 Other fixed assets (3) 125.8 107.0 100.8 101.8 106.6 102.6 103.9 105.3 105.9 107.1 108.1 28

29 Consumer durables 430.3 456.3 482.3 501.6 526.6 505.3 512.2 518.3 523.3 529.2 535.8 29

30 Net investment in tangible assets (4) 255.7 338.6 332.4 371.1 381.6 371.8 365.5 380.0 371.5 385.6 389.2 30

31 Residential structures 138.7 161.8 154.5 174.9 182.5 177.0 174.8 176.5 182.3 183.0 188.2 31

32 Other fixed assets (3) 22.0 40.3 57.7 59.2 56.9 58.1 60.2 56.4 58.1 54.4 58.7 32

33 Consumer durables 99.9 123.3 126.2 132.9 132.5 129.2 126.0 140.1 121.2 138.1 130.4 33

34 Inventories (3) -4.9 13.3 -6.0 4.0 9.8 7.4 4.6 7.0 9.9 10.1 11.9 34

35 Net increase in liabilities 257.8 346.0 421.3 463.2 486.1 395.0 423.0 449.0 489.7 473.7 531.9 35

36 Mortgage debt on nonfarm homes 155.9 178.3 174.9 261.2 256.6 237.5 248.7 228.9 225.6 260.5 311.3 36

37 Other mortgage debt (3) -27.2 -27.0 -9.4 27.1 33.6 2.3 58.6 2.3 42.7 42.9 46.7 37

38 Consumer credit 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 38

39 Policy loans 5.6 7.8 10.5 4.5 5.4 11.8 -5.9 5.9 6.9 3.0 6.0 39

40 Security credit 22.6 -1.1 3.5 15.8 34.3 -11.7 29.9 26.8 37.6 67.8 5.1 40

41 Other liabilities (3) 40.1 63.1 102.9 65.8 102.3 73.2 53.1 114.3 117.0 46.5 131.3 41

42 Personal saving (FOF measure) (5) 445.6 499.6 369.1 384.2 419.4 326.7 346.1 372.1 378.0 470.1 457.5 42

43 - Govt. insurance and pension reserves 83.6 86.6 72.3 102.3 121.7 82.8 109.0 88.3 126.8 141.1 130.8 43

44 - Net investment in consumer durables 99.9 123.3 126.2 132.9 132.5 129.2 126.0 140.1 121.2 138.1 130.4 44

45 - Net saving by farm corporations 0.9 -0.3 -0.5 -0.8 -0.7 -0.8 -0.9 -0.9 -0.6 -0.7 -0.5 45

46 = Personal saving 261.2 290.1 171.1 149.8 165.9 115.4 112.0 144.7 130.7 191.6 196.7 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 248.5 210.6 254.6 239.5 224.8 253.8 220.5 216.0 247.1 208.2 227.9 47

48 Difference (6) 12.7 79.4 -83.5 -89.8 -58.9 -138.4 -108.5 -71.3 -116.4 -16.6 -31.2 48

 Memo:

49 Disposable personal income 4829.2 5052.7 5355.7 5608.4 5885.6 5644.5 5695.8 5790.6 5849.9 5908.9 5992.8 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 9.2 9.9 6.9 6.9 7.1 5.8 6.1 6.4 6.5 8.0 7.6 50

51 NIPA concept, FOF data (line 46) 5.4 5.7 3.2 2.7 2.8 2.0 2.0 2.5 2.2 3.2 3.3 51

52 NIPA measure (line 47) 5.1 4.2 4.8 4.3 3.8 4.5 3.9 3.7 4.2 3.5 3.8 52

53 Difference (line 48) 0.3 1.6 -1.6 -1.6 -1.0 -2.5 -1.9 -1.2 -2.0 -0.3 -0.5 53

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

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

(3) Includes corporate farms.

(4) Line 21 less line 26.

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

(6) Household sector discrepancy with sign reversed.
18 Z.1, March 13, 1998

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 5519.2 5791.8 6150.8 6495.3 6874.2 6541.9 6618.4 6746.2 6829.1 6906.9 7014.6 1

 2 - Personal taxes and nontaxes 690.0 739.1 795.1 886.9 988.6 897.4 922.6 955.6 979.2 998.0 1021.8 2

 3 = Disposable personal income 4829.2 5052.7 5355.7 5608.4 5885.6 5644.5 5695.8 5790.6 5849.9 5908.9 5992.8 3

 4 - Personal outlays 4580.8 4842.1 5101.1 5368.8 5660.7 5390.7 5475.3 5574.6 5602.8 5700.7 5764.9 4

 5 = Personal saving, NIPA (2) 248.5 210.6 254.6 239.5 224.8 253.8 220.5 216.0 247.1 208.2 227.9 5

 6 + Government insurance and pension reserves 83.6 86.6 72.3 102.3 121.7 82.8 109.0 88.3 126.8 141.1 130.8 6

 7 + Net investment in consumer durables 99.9 123.3 126.2 132.9 132.5 129.2 126.0 140.1 121.2 138.1 130.4 7

 8 + Consumption of fixed capital 530.8 565.6 595.1 618.3 649.2 622.8 631.4 638.9 645.1 652.4 660.4 8

 9 = Gross saving 962.8 986.1 1048.2 1093.1 1128.2 1088.7 1086.9 1083.3 1140.1 1139.7 1149.6 9

10 Gross investment 975.5 1065.5 964.7 1003.3 1069.3 950.3 978.4 1011.9 1023.7 1123.2 1118.4 10

11 Capital expenditures 784.2 860.5 890.2 942.5 982.4 946.0 949.6 972.8 966.5 992.7 997.6 11

12 Residential construction 218.4 249.1 244.0 267.0 279.1 269.8 268.8 271.6 278.4 280.1 286.5 12

13 Consumer durable goods 530.2 579.6 608.5 634.5 659.1 634.5 638.2 658.4 644.5 667.3 666.2 13

14 Nonprofit plant and equipment 35.6 31.9 37.7 41.0 44.2 41.7 42.7 42.8 43.6 45.3 44.9 14

15 Net financial investment 191.3 205.1 74.5 60.8 86.9 4.3 28.8 39.1 57.2 130.5 120.8 15

16 Net acquisition of financial assets 440.5 531.4 450.2 461.4 490.5 356.0 368.3 424.2 456.3 522.5 559.0 16

17 Foreign deposits -1.1 3.1 4.6 12.4 13.8 16.0 16.1 17.1 15.2 12.0 11.0 17

18 Checkable deposits and currency 47.2 -31.0 -42.6 -42.0 -29.2 -25.2 -107.7 47.2 -14.9 -104.7 -44.4 18

19 Time and savings deposits -113.1 -11.9 150.0 166.3 182.5 179.3 178.7 165.6 129.7 216.5 218.4 19

20 Money market fund shares -0.6 13.4 100.3 78.9 104.4 87.5 99.8 142.0 2.3 206.4 67.0 20

21 Credit market instruments 2.4 278.5 -1.8 5.1 -101.7 -81.9 -22.8 -204.2 -30.0 -121.5 -51.0 21

22 Open market paper 15.6 1.2 13.3 22.7 40.0 37.1 37.7 47.4 39.6 35.1 37.9 22

23 U.S. government securities -11.5 301.4 -14.2 20.9 -151.9 84.6 22.6 -184.1 -105.3 -143.0 -175.3 23

24 Treasury 22.9 156.2 -38.9 -102.5 -237.9 -120.4 -87.5 -275.1 -236.6 -166.9 -273.0 24

25 Savings bonds 14.7 8.0 5.1 2.0 -0.5 2.6 0.5 -3.6 -0.1 0.6 1.1 25

26 Other 8.3 148.2 -44.0 -104.5 -237.4 -123.0 -88.0 -271.5 -236.5 -167.4 -274.0 26

27 Agency -34.4 145.2 24.7 123.4 85.9 205.0 110.1 91.0 131.3 23.8 97.6 27

28 Municipal securities -31.3 -50.2 -56.3 -22.6 25.8 -58.8 -27.1 30.5 53.4 -2.2 21.4 28

29 Corporate and foreign bonds 36.2 35.8 60.0 -12.2 -10.8 -111.1 -65.5 -116.2 -3.5 22.5 53.9 29

30 Mortgages -6.6 -9.7 -4.6 -3.7 -4.7 -33.6 9.6 18.2 -14.2 -33.8 11.1 30

31 Corporate equities (3) -56.2 -157.5 -173.2 -290.2 -339.6 -340.3 -366.5 -292.1 -373.6 -399.2 -293.6 31

32 Mutual fund shares 205.7 67.4 109.9 180.5 190.9 121.4 124.4 170.4 177.7 233.4 182.0 32

33 Security credit 26.0 6.7 18.6 35.3 47.9 33.3 70.8 36.2 68.3 16.6 70.4 33

34 Life insurance reserves 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 34

35 Pension fund reserves 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 35

36 Investment in bank personal trusts 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 36

37 Equity in noncorporate business 24.6 59.0 39.5 22.6 15.8 44.5 5.9 22.6 19.7 19.7 1.2 37

38 Miscellaneous assets 13.1 5.4 15.8 9.0 23.7 21.4 6.1 12.9 20.9 39.8 21.1 38

39 Net increase in liabilities 249.2 326.4 375.7 400.6 403.6 351.7 339.6 385.1 399.1 392.0 438.2 39

40 Credit market instruments 218.7 322.8 363.0 383.0 364.1 363.5 312.1 357.9 350.4 322.2 425.8 40

41 Home mortgages 121.6 170.2 172.0 258.2 251.0 233.4 244.2 224.3 220.2 254.6 304.8 41

42 Consumer credit 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 42

43 Municipal securities 11.9 14.5 13.8 19.1 29.0 16.8 20.8 19.5 33.4 27.8 35.1 43

44 Bank loans n.e.c. 9.8 13.4 15.7 -3.6 8.5 11.7 -18.7 29.2 15.3 -41.4 30.9 44

45 Other loans and advances 7.1 7.1 26.6 12.4 20.8 19.2 9.7 27.2 17.6 19.7 18.7 45

46 Commercial mortgages 7.7 -7.4 -4.0 8.1 1.0 0.6 17.5 -13.1 4.0 8.5 4.8 46

47 Security credit 22.6 -1.1 3.5 15.8 34.3 -11.7 29.9 26.8 37.6 67.8 5.1 47

48 Trade payables 7.4 4.2 8.5 1.4 3.0 -0.4 -2.8 -1.8 8.8 -0.2 5.0 48

 Deferred and unpaid

49 life insurance premiums 0.5 0.5 0.7 0.3 2.2 0.3 0.3 2.2 2.2 2.2 2.2 49

50 Discrepancy -12.7 -79.4 83.5 89.8 58.9 138.4 108.5 71.3 116.4 16.6 31.2 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 218.4 249.1 244.0 267.0 279.1 269.8 268.8 271.6 278.4 280.1 286.5 51

52 - Consumption of fixed capital 79.7 87.3 89.4 92.0 96.6 92.7 94.0 95.1 96.0 97.1 98.3 52

53 = Net investment 138.7 161.8 154.5 174.9 182.5 177.0 174.8 176.5 182.3 183.0 188.2 53

54 - Home mortgages 121.6 170.2 172.0 258.2 251.0 233.4 244.2 224.3 220.2 254.6 304.8 54

55 = Excess net investment 17.1 -8.4 -17.5 -83.3 -68.5 -56.3 -69.4 -47.8 -37.9 -71.6 -116.6 55

56 (B) Consumer durable goods expenditures 530.2 579.6 608.5 634.5 659.1 634.5 638.2 658.4 644.5 667.3 666.2 56

57 - Consumption of fixed capital 430.3 456.3 482.3 501.6 526.6 505.3 512.2 518.3 523.3 529.2 535.8 57

58 = Net investment 99.9 123.3 126.2 132.9 132.5 129.2 126.0 140.1 121.2 138.1 130.4 58

59 - Consumer credit 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 59

60 = Excess net investment 39.2 -1.6 -12.7 44.1 78.6 47.4 87.3 69.3 61.2 85.1 98.9 60

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

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

(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, March 13, 1998 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 813.8 924.1 995.3 1071.6 1128.3 1082.1 1088.3 1103.0 1117.8 1152.1 1140.4 1

 2 Gross saving 589.9 634.5 654.4 724.2 771.1 727.4 760.9 755.4 766.2 782.5 780.2 2

 3 Gross investment 690.6 632.5 649.6 706.1 745.5 785.2 751.0 732.0 784.8 724.9 740.2 3

 4 Capital expenditures 552.6 639.8 682.5 716.5 804.8 735.9 753.0 773.2 834.7 800.8 810.3 4

 5 Fixed investment 532.0 578.6 644.8 687.2 729.3 698.7 707.0 707.5 727.4 749.2 733.0 5

 6 Residential construction 28.0 29.7 38.2 37.1 39.2 37.6 37.4 37.9 38.8 39.4 40.5 6

 7 Plant and equipment 504.0 548.9 606.7 650.1 690.1 661.1 669.6 669.6 688.6 709.8 692.5 7

 8 Change in inventories 20.5 61.2 30.1 25.9 68.3 37.1 31.9 66.1 81.1 49.0 77.1 8

 9 Access rights from federal government 0.0 0.0 7.6 3.5 7.1 0.1 14.1 -0.4 26.1 2.6 0.2 9

10 Net financial investment 138.0 -7.3 -33.0 -10.4 -59.3 49.2 -1.9 -41.3 -49.8 -75.9 -70.1 10

11 Net acquisition of financial assets 382.0 325.6 445.2 452.3 389.6 473.0 441.7 377.7 429.1 387.3 364.1 11

12 Foreign deposits -1.4 1.1 1.1 10.4 6.8 3.9 28.8 3.4 15.4 4.2 4.3 12

13 Checkable deposits and currency 22.9 25.3 20.8 30.6 32.5 53.5 18.7 23.7 40.8 34.6 30.9 13

14 Time and savings deposits 28.8 1.6 4.8 7.2 1.9 30.8 -18.5 -25.3 34.9 -13.9 11.9 14

15 Money market fund shares -2.3 7.5 24.9 7.4 14.4 5.2 10.1 12.9 7.1 20.2 17.6 15

16 Security RPs -2.6 -0.3 0.2 1.4 2.0 1.3 -3.1 -0.7 -1.9 4.0 6.5 16

17 Credit market instruments 8.0 18.3 -2.1 14.0 6.0 -8.7 -5.4 58.6 -50.8 20.8 -4.4 17

18 Commercial paper 2.4 -0.6 1.1 10.8 3.4 12.2 23.6 -8.7 -9.5 12.8 18.8 18

19 U.S. government securities -1.0 3.5 -5.3 10.7 -0.7 12.3 0.5 15.8 -45.1 11.8 14.5 19

20 Municipal securities 8.9 2.0 -1.3 -7.6 -5.7 -25.7 -7.1 -9.6 12.4 -13.1 -12.7 20

21 Mortgages -9.2 4.0 5.0 7.4 8.0 7.9 7.9 7.9 8.0 8.0 8.0 21

22 Consumer credit 6.9 9.4 -1.6 -7.3 1.2 -15.4 -30.4 53.0 -16.6 1.3 -33.0 22

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

24 Trade receivables 49.9 85.9 110.4 69.5 62.5 45.3 91.9 4.3 114.0 88.8 42.7 24

25 Miscellaneous assets 271.8 184.3 280.5 308.6 260.5 338.4 316.0 298.0 266.7 225.7 251.7 25

26 Net increase in liabilities 244.0 333.0 478.2 462.7 448.8 423.8 443.7 418.9 478.9 463.3 434.2 26

27 Credit market instruments 52.3 141.9 245.7 190.3 311.7 220.4 159.9 244.5 279.1 317.3 405.9 27

28 Commercial paper 10.0 21.4 18.1 -0.9 13.7 -14.2 -24.1 7.2 20.3 14.5 12.8 28

29 Municipal securities -0.1 -5.1 -12.6 -17.5 -19.9 -20.4 -18.6 -21.2 -17.2 -18.2 -23.0 29

30 Corporate bonds 75.2 23.3 73.3 72.5 90.7 67.8 89.9 79.4 86.1 122.9 74.4 30

31 Bank loans n.e.c. -3.3 61.8 86.3 69.9 99.1 124.9 50.6 118.3 95.1 66.1 117.0 31

32 Other loans and advances -25.4 26.8 40.2 21.0 46.3 43.1 -6.2 8.9 2.4 54.2 119.7 32

33 Mortgages -4.1 13.6 40.4 45.4 81.8 19.3 68.4 52.0 92.4 77.8 104.9 33

34 Corporate equities 21.3 -44.9 -58.3 -64.2 -79.9 -127.6 -56.0 -78.8 -90.4 -60.4 -90.0 34

35 Trade payables 34.9 85.8 82.0 59.8 56.2 -25.9 84.4 43.7 53.2 96.1 31.6 35

36 Taxes payable 6.1 0.4 0.8 10.4 15.7 9.1 12.0 27.7 -1.8 24.2 12.8 36

37 Miscellaneous liabilities 111.9 78.1 178.8 251.8 141.2 311.9 248.0 164.9 242.9 83.9 73.2 37

38 Proprietors’ net investment 17.5 71.7 29.3 14.6 3.9 36.0 -4.6 16.9 -4.1 2.1 0.7 38

39 Discrepancy -100.7 2.0 4.9 18.1 25.6 -57.7 9.9 23.5 -18.7 57.7 40.0 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, March 13, 1998

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 307.4 391.9 437.7 476.4 511.7 482.6 483.7 493.7 500.7 533.3 519.0 1

 2 - Profit tax accruals 104.5 128.3 138.9 154.2 165.7 156.2 158.5 158.8 161.3 173.5 169.2 2

 3 - Dividends 147.0 157.6 187.1 195.1 210.7 190.5 198.0 205.6 206.6 206.2 224.4 3

 4 + Consumption of fixed capital 383.6 418.3 430.7 461.3 489.5 465.6 472.6 480.5 486.5 492.2 498.9 4

 5 = U.S. internal funds, book 439.5 524.3 542.4 588.4 624.8 601.5 599.8 609.8 619.3 645.8 624.4 5

 6 + Foreign earnings retained abroad 53.0 41.6 59.3 62.0 60.6 51.7 80.0 63.2 61.4 52.8 65.0 6

 7 + Inventory valuation adjustment (IVA) -8.6 -16.0 -24.2 -2.5 5.6 -2.7 3.3 3.5 5.9 3.6 9.6 7

 8 = Total internal funds + IVA 484.0 549.8 577.5 647.9 691.1 650.5 683.1 676.5 686.6 702.2 699.0 8

 9 Gross investment 584.6 547.8 572.6 629.8 665.5 708.2 673.2 653.1 705.3 644.5 659.0 9

10 Capital expenditures 445.2 511.1 567.7 592.5 675.7 609.6 627.0 647.3 704.3 674.4 676.6 10

11 Fixed investment (1) 419.8 463.1 524.0 567.2 610.0 579.7 585.6 588.6 607.0 633.0 611.2 11

12 Inventory change + IVA 25.4 48.0 36.1 21.9 58.6 29.7 27.3 59.1 71.2 38.9 65.2 12

13 Access rights from federal government 0.0 0.0 7.6 3.5 7.1 0.1 14.1 -0.4 26.1 2.6 0.2 13

14 Net financial investment 139.4 36.7 4.9 37.3 -10.2 98.7 46.3 5.8 0.9 -29.9 -17.5 14

15 Net acquisition of financial assets 357.3 278.3 408.2 422.8 352.2 443.2 411.2 343.8 393.3 349.5 322.3 15

16 Foreign deposits -1.4 1.1 1.1 10.4 6.8 3.9 28.8 3.4 15.4 4.2 4.3 16

17 Checkable deposits and currency 13.6 18.5 17.4 27.0 27.2 49.9 14.9 18.9 35.8 29.4 24.7 17

18 Time and savings deposits 22.3 -6.6 -1.5 2.8 -3.2 26.4 -22.9 -29.9 30.1 -18.9 5.9 18

19 Money market fund shares -2.5 7.4 24.8 7.2 14.1 5.0 9.8 12.6 6.8 19.8 17.2 19

20 Security RPs -2.6 -0.3 0.2 1.4 2.0 1.3 -3.1 -0.7 -1.9 4.0 6.5 20

21 Commercial paper 2.4 -0.6 1.1 10.8 3.4 12.2 23.6 -8.7 -9.5 12.8 18.8 21

22 U.S. government securities -1.3 2.8 -5.7 10.2 -1.5 11.7 0.0 15.2 -45.8 11.0 13.6 22

23 Municipal securities 8.9 2.0 -1.3 -7.6 -5.7 -25.7 -7.1 -9.6 12.4 -13.1 -12.7 23

24 Mortgages -7.8 4.1 5.1 7.5 8.0 8.0 8.0 8.0 8.0 8.0 8.0 24

25 Consumer credit 6.9 9.4 -1.6 -7.3 1.2 -15.4 -30.4 53.0 -16.6 1.3 -33.0 25

26 Trade receivables 50.7 71.9 98.9 61.3 53.5 37.1 83.7 -4.3 105.2 79.8 33.2 26

27 Mutual fund shares 6.8 2.1 4.6 3.3 3.0 3.3 3.3 3.0 3.0 3.0 3.0 27

28 Miscellaneous assets 261.3 166.6 265.1 295.9 243.6 325.4 302.5 282.9 250.4 208.2 233.0 28

29 U.S. direct investment abroad (2) 51.9 61.9 85.0 71.4 91.6 69.8 79.8 86.4 99.6 89.6 90.7 29

30 Insurance receivables 6.6 7.8 3.2 -2.0 -7.1 -2.6 -3.9 -5.2 -6.5 -7.8 -9.0 30

31 Equity in GSEs 0.0 0.1 0.0 2.2 4.6 2.6 2.9 3.7 4.3 4.9 5.6 31

32 Investment in finance co. subs. 0.6 3.1 4.6 4.6 2.2 3.2 4.8 1.4 -1.9 3.2 6.1 32

33 Other 202.1 93.7 172.2 219.7 152.3 252.4 218.8 196.6 154.8 118.2 139.6 33

34 Net increase in liabilities 217.9 241.6 403.3 385.5 362.4 344.6 364.9 338.1 392.4 379.4 339.8 34

35 Net funds raised in markets 67.8 89.4 158.4 79.9 164.8 64.4 36.6 114.8 115.3 189.8 239.3 35

36 Net new equity issues 21.3 -44.9 -58.3 -64.2 -79.9 -127.6 -56.0 -78.8 -90.4 -60.4 -90.0 36

37 Credit market instruments 46.5 134.3 216.7 144.1 244.7 192.0 92.6 193.6 205.7 250.2 329.3 37

38 Commercial paper 10.0 21.4 18.1 -0.9 13.7 -14.2 -24.1 7.2 20.3 14.5 12.8 38

39 Municipal securities (3) -0.1 -5.1 -12.6 -17.5 -19.9 -20.4 -18.6 -21.2 -17.2 -18.2 -23.0 39

40 Corporate bonds (2) 75.2 23.3 73.3 72.5 90.7 67.8 89.9 79.4 86.1 122.9 74.4 40

41 Bank loans n.e.c. -10.8 42.7 62.8 47.8 74.1 103.6 28.1 94.6 65.7 47.5 88.6 41

42 Other loans and advances -24.2 26.7 32.3 18.7 42.5 41.8 -5.5 1.7 2.4 46.0 119.9 42

43 Savings institutions -0.8 -0.3 1.2 1.5 1.5 3.2 -0.5 2.0 0.9 2.6 0.5 43

44 Finance companies -14.3 23.3 24.0 7.1 8.4 5.5 5.5 23.7 -12.5 49.7 -27.5 44

45 U.S. government 0.2 -0.1 1.9 -1.3 -0.3 -1.7 -0.0 -0.6 -0.1 -0.2 -0.1 45

46 Acceptance liabilities to banks -3.3 -2.1 -0.8 -0.7 -2.6 -1.4 2.2 -0.5 3.2 -5.3 -7.8 46

47 Rest of the world -15.8 1.6 0.0 4.1 12.4 46.7 -31.6 -4.9 7.1 6.8 40.5 47

48 ABS issuers 9.7 4.3 5.9 8.1 23.2 -10.5 19.0 -17.9 3.8 -7.5 114.3 48

49 Mortgages -3.6 25.2 42.8 23.4 43.5 13.4 22.8 31.9 48.3 37.5 56.5 49

50 Trade payables 36.4 77.3 73.8 52.7 47.3 -31.5 77.7 38.4 42.7 88.2 20.0 50

51 Taxes payable 5.4 -0.4 -0.0 9.6 15.0 8.3 11.2 27.0 -2.6 23.5 12.2 51

52 Miscellaneous liabilities 108.3 75.4 171.1 243.3 135.3 303.4 239.4 157.9 236.9 77.9 68.4 52

53 Foreign direct investment in U.S. 17.9 42.9 50.7 59.7 81.8 52.8 52.1 77.4 41.8 94.3 113.6 53

54 Pension fund contributions payable 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 87.5 32.4 116.6 179.8 49.7 246.8 183.5 76.7 191.3 -20.2 -49.0 55

56 Discrepancy -100.7 2.0 4.9 18.1 25.6 -57.7 9.9 23.5 -18.7 57.7 40.0 56

 Memo:

57 Trade receivables net of trade payables 14.2 -5.3 25.1 8.6 6.1 68.7 5.9 -42.7 62.5 -8.4 13.1 57

58 Financing gap (4) 14.3 2.8 49.6 6.5 45.2 10.8 23.8 34.0 79.1 25.1 42.6 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 103.2 100.5 109.1 101.1 107.2 101.8 104.0 105.6 112.8 103.9 106.8 59

60 Credit market borrowing/capital outlays (5) 10.2 25.5 36.6 24.2 36.5 31.4 14.8 30.1 29.5 37.3 49.4 60

61 Net funds raised/credit market borrowing 145.8 66.6 73.1 55.4 67.3 33.5 39.5 59.3 56.1 75.9 72.7 61

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 9 and 15, respectively.

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

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

(4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, March 13, 1998 21

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 473.9 495.3 534.2 557.9 575.9 559.4 564.2 569.1 573.5 577.9 583.2 1

 2 Gross saving = capital consumption 84.4 64.1 55.8 54.6 57.1 55.1 55.8 56.6 56.8 57.4 57.8 2

 3 Gross investment 84.4 64.1 55.8 54.6 57.1 55.1 55.8 56.6 56.8 57.4 57.8 3

 4 Capital expenditures 94.8 97.2 101.1 97.9 97.6 96.6 99.2 98.6 99.1 91.9 100.9 4

 5 Fixed investment (1) 93.5 94.6 99.2 96.8 94.5 95.0 97.8 95.5 95.4 89.8 97.5 5

 6 Change in inventories 1.3 2.5 1.9 1.2 3.1 1.6 1.4 3.1 3.7 2.0 3.4 6

 7 Net financial investment -10.5 -33.0 -45.3 -43.3 -40.5 -41.4 -43.5 -41.9 -42.3 -34.5 -43.2 7

 8 Net acquisition of financial assets 21.5 43.7 34.7 27.2 32.4 26.8 29.8 29.5 31.0 32.8 36.5 8

 9 Checkable deposits and currency 7.6 5.1 3.8 4.3 4.8 4.2 4.4 4.4 4.6 4.8 5.5 9

10 Time and savings deposits 6.5 8.2 6.3 4.4 5.1 4.4 4.4 4.6 4.8 5.0 6.0 10

11 Money market mutual funds 0.3 0.1 0.1 0.2 0.3 0.2 0.2 0.3 0.3 0.4 0.4 11

12 Treasury securities 0.3 0.7 0.4 0.5 0.7 0.5 0.5 0.6 0.7 0.8 0.9 12

13 Mortgages -1.5 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 -0.0 -0.0 0.0 13

14 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Trade receivables -0.8 14.0 11.5 8.2 9.0 8.2 8.2 8.6 8.8 9.0 9.6 15

16 Miscellaneous assets 9.0 15.7 12.7 9.8 12.5 9.3 12.2 11.0 11.8 12.9 14.1 16

17 Insurance receivables 0.8 6.0 5.0 3.0 4.1 3.0 3.0 4.0 4.0 4.0 4.4 17

18 Equity investment in GSEs (2) 0.2 0.2 0.0 0.7 -0.1 0.0 2.8 0.0 -0.2 -0.1 -0.1 18

19 Other 8.0 9.5 7.7 6.1 8.5 6.3 6.4 7.0 8.0 9.0 9.9 19

20 Net increase in liabilities 31.9 76.7 80.0 70.5 72.9 68.2 73.3 71.4 73.3 67.3 79.7 20

21 Credit market instruments 3.2 3.3 26.0 41.5 60.7 27.9 58.2 46.6 66.8 64.0 65.5 21

22 Bank loans n.e.c. 5.3 17.2 22.5 21.4 21.5 23.4 20.0 24.0 23.0 18.0 21.0 22

23 Other loans and advances -0.6 -0.1 7.6 0.7 4.2 0.8 -5.8 4.6 3.8 10.0 -1.5 23

24 Mortgages -1.5 -13.8 -4.1 19.4 35.0 3.7 44.0 18.0 40.0 36.0 46.1 24

25 Trade payables -2.5 7.5 7.2 5.8 7.0 5.9 6.0 6.4 7.0 7.0 7.6 25

26 Taxes payable 0.7 0.8 0.8 0.8 0.7 0.8 0.8 0.8 0.7 0.7 0.7 26

27 Miscellaneous liabilities 3.6 2.8 7.7 8.4 5.9 8.4 8.6 7.0 6.0 6.0 4.8 27

28 Proprietors’ net investment 26.9 62.4 38.3 14.0 -1.4 25.2 -0.2 10.6 -7.1 -10.4 1.1 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 32.4 36.9 23.4 37.2 40.7 40.1 40.4 40.2 43.6 40.9 38.2 1

 2 Net saving (corporate) 0.9 -0.3 -0.5 -0.8 -0.7 -0.8 -0.9 -0.9 -0.6 -0.7 -0.5 2

 3 Consumption of fixed capital 20.6 20.8 21.7 22.4 23.6 22.6 22.9 23.2 23.4 23.7 24.0 3

 4 Corporate 2.0 2.4 2.6 2.9 3.0 2.9 3.0 3.0 3.0 3.1 3.1 4

 5 Noncorporate 18.6 18.4 19.0 19.5 20.5 19.7 20.0 20.2 20.4 20.6 20.9 5

 6 Gross saving 21.6 20.5 21.1 21.7 22.9 21.8 22.0 22.2 22.8 22.9 23.5 6

 7 Gross investment 21.6 20.5 21.1 21.7 22.9 21.8 22.0 22.2 22.8 22.9 23.5 7

 8 Capital expenditures 12.5 31.6 13.7 26.1 31.5 29.8 26.8 27.3 31.2 34.5 32.9 8

 9 Fixed investment (2) 18.7 20.8 21.6 23.2 24.8 24.0 23.6 23.4 25.0 26.4 24.4 9

10 Change in inventories -6.2 10.8 -8.0 2.9 6.7 5.8 3.2 3.9 6.2 8.1 8.5 10

11 Net financial investment 9.1 -11.0 7.4 -4.4 -8.6 -8.0 -4.7 -5.1 -8.4 -11.5 -9.4 11

12 Net acquisition of financial assets 3.2 3.6 2.3 2.3 4.9 3.0 0.7 4.4 4.8 5.0 5.3 12

13 Checkable deposits and currency 1.7 1.7 -0.4 -0.6 0.4 -0.6 -0.6 0.3 0.3 0.3 0.7 13

14 Miscellaneous assets 1.5 2.0 2.7 2.9 4.5 3.6 1.3 4.0 4.5 4.7 4.6 14

15 Insurance receivables 1.4 2.0 2.8 3.6 4.4 3.7 3.9 4.1 4.3 4.5 4.7 15

16 Equity investment in GSEs (3) 0.1 0.0 -0.1 -0.6 0.1 -0.0 -2.5 -0.0 0.2 0.2 -0.0 16

17 Net increase in liabilities -5.9 14.7 -5.1 6.7 13.5 11.0 5.5 9.5 13.2 16.5 14.7 17

18 Credit market instruments 2.6 4.4 2.9 4.8 6.3 0.6 9.2 4.3 6.7 3.1 11.1 18

19 Bank loans n.e.c. 2.1 1.9 1.1 0.6 3.5 -2.1 2.5 -0.3 6.4 0.6 7.4 19

20 Other loans and advances -0.6 0.2 0.3 1.6 -0.5 0.5 5.1 2.5 -3.9 -1.8 1.3 20

21 Mortgages 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 21

22 Trade payables 1.0 1.0 1.0 1.3 1.8 -0.3 0.7 -1.1 3.5 0.9 4.0 22

23 Proprietors’ net investment -9.4 9.3 -9.0 0.7 5.4 10.7 -4.4 6.3 3.1 12.5 -0.4 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment, shown on table F.6, line 11.

(3) Equity in the Farm Credit System.
22 Z.1, March 13, 1998

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Receipts, NIPA basis 894.5 949.1 999.0 1043.3 1090.5 1046.7 1054.8 1070.9 1080.0 1099.0 1112.0 1

 2 Tax receipts 639.9 676.5 709.8 743.6 780.0 746.0 754.2 767.1 772.1 788.0 793.0 2

 3 Social insurance receipts 68.8 73.4 77.2 81.4 86.2 82.0 83.1 84.2 85.4 86.8 88.4 3

 4 Grants-in-aid received 185.8 199.2 212.0 218.3 224.2 218.7 217.5 219.6 222.5 224.2 230.6 4

 5 Expenditures, NIPA basis 807.0 852.4 895.9 938.0 982.6 944.2 954.5 966.2 975.1 987.7 1001.4 5

 6 Consumption expenditures 631.6 663.9 698.6 731.0 762.9 735.9 743.4 751.7 757.4 766.1 776.4 6

 7 Net interest and transfers 175.4 188.5 197.3 207.1 219.7 208.3 211.1 214.5 217.7 221.6 225.0 7

 8 Surplus, NIPA basis 87.5 96.7 103.1 105.3 107.9 102.5 100.3 104.7 104.9 111.3 110.6 8

 9 + Consumption of fixed capital 65.5 69.4 72.9 76.2 79.5 76.5 77.2 78.2 79.2 79.7 80.8 9

10 - Pension fund reserves 55.7 58.6 56.2 58.2 91.0 53.5 73.7 67.3 99.2 101.1 96.3 10

11 = Gross saving 97.3 107.5 119.7 123.2 96.4 125.5 103.8 115.6 84.9 89.9 95.1 11

12 Gross investment 119.9 126.0 144.5 159.7 150.3 173.0 70.7 141.2 128.4 154.1 177.7 12

13 Fixed investment 133.4 138.9 147.4 155.8 166.1 156.0 161.4 165.2 165.6 166.2 167.2 13

14 Net financial investment -13.5 -13.0 -2.9 4.0 -15.7 17.0 -90.7 -24.0 -37.2 -12.1 10.5 14

15 Net acq. of financial assets 49.4 -57.6 -49.7 6.8 45.4 -42.4 -47.7 19.0 43.0 30.6 89.2 15

16 Checkable deposits and currency 1.6 3.2 2.8 -2.7 1.7 2.4 -2.2 4.2 -2.2 8.1 -3.5 16

17 Time and savings deposits -4.9 6.3 9.5 8.3 8.0 5.1 5.4 -10.9 21.6 12.2 9.2 17

18 Security RPs 10.7 -15.1 -16.0 -0.9 8.6 -8.7 -5.5 12.5 -4.8 17.5 9.0 18

19 Credit market instruments 32.6 -55.0 -81.8 -37.0 -19.6 -131.7 -130.2 -60.2 14.5 -75.1 42.4 19

20 Open market paper 3.7 4.4 12.6 10.2 4.1 10.7 2.7 -5.7 10.8 2.7 8.7 20

21 U.S. government securities 29.7 -66.2 -101.3 -52.1 -28.5 -142.7 -145.1 -54.9 5.1 -89.6 25.6 21

22 Treasury 29.6 -77.8 -76.2 -1.8 -12.7 -16.3 -18.7 -15.7 4.4 -44.2 4.8 22

23 Agency 0.1 11.6 -25.1 -50.3 -15.8 -126.5 -126.4 -39.2 0.6 -45.4 20.8 23

24 Municipal securities -1.0 -0.9 -3.5 -3.2 -0.4 -0.5 -0.1 -0.0 0.0 0.1 -1.9 24

25 Corporate and foreign bonds 5.6 5.4 7.1 4.3 1.3 -3.4 5.4 -2.2 -5.6 7.0 5.9 25

26 Mortgages -5.4 2.2 3.3 3.8 3.9 4.3 6.8 2.6 4.3 4.7 4.0 26

27 Corporate equities 1.5 1.3 12.1 16.9 13.7 5.4 13.3 5.8 40.0 8.9 0.2 27

28 Mutual fund shares 6.5 7.8 5.9 2.0 2.6 2.0 2.2 2.1 2.7 2.6 3.0 28

29 Taxes receivable -3.2 -6.0 -9.4 -4.6 0.3 -3.9 -4.9 -1.3 -1.2 1.8 1.7 29

30 Miscellaneous assets 4.6 -0.1 27.1 24.9 30.2 87.1 74.4 66.7 -27.6 54.4 27.2 30

31 Net increase in liabilities 62.9 -44.6 -46.7 2.9 61.1 -59.4 43.0 43.0 80.2 42.7 78.6 31

32 Credit market instruments 62.3 -45.3 -49.0 1.3 59.9 -60.3 39.8 40.6 80.0 41.8 77.0 32

33 Municipal securities 62.9 -45.3 -49.4 0.9 61.1 -61.1 39.4 45.4 79.6 42.2 77.1 33

34 Short-term 1.8 -2.2 1.2 6.3 7.0 5.3 12.0 -4.2 5.9 10.2 16.3 34

35 Other 61.1 -43.2 -50.7 -5.3 54.1 -66.4 27.3 49.6 73.8 32.0 60.9 35

36 U.S. government loans -0.6 0.1 0.5 0.4 -1.2 0.8 0.4 -4.8 0.4 -0.4 -0.1 36

37 Trade payables 0.6 0.6 2.2 1.6 1.3 1.0 3.2 2.4 0.2 0.9 1.6 37

38 Discrepancy -22.6 -18.5 -24.7 -36.5 -53.9 -47.4 33.2 -25.6 -43.5 -64.1 -82.6 38

(1) Data for retirement funds are shown in table F.120.
Z.1, March 13, 1998 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Receipts, NIPA basis 1275.1 1374.7 1463.2 1587.6 1723.6 1598.7 1641.7 1675.2 1709.3 1741.8 1768.3 1

 2 Personal taxes 522.6 562.3 605.8 686.7 774.4 695.7 717.5 746.9 767.9 781.9 800.8 2

 3 Corporate profits tax accruals 138.3 156.7 182.1 194.5 212.1 196.7 192.0 204.8 207.7 219.3 216.6 3

 4 Indirect taxes 87.0 98.6 93.5 95.9 91.3 91.5 110.2 88.2 92.2 92.4 92.3 4

 5 Social insurance receipts 527.3 557.1 581.8 610.5 645.9 614.8 622.0 635.3 641.5 648.2 658.6 5

 6 Expenditures, NIPA basis 1525.8 1561.4 1637.6 1698.1 1752.2 1698.2 1718.7 1730.8 1746.0 1752.5 1779.4 6

 7 Consumption expenditures 447.3 443.2 443.5 451.5 463.9 454.0 453.6 458.0 464.2 464.7 468.5 7

 8 Transfers, grants, etc. 885.8 918.1 969.3 1019.5 1058.1 1017.6 1033.3 1043.9 1052.0 1056.6 1079.9 8

 9 Net interest 192.7 200.0 224.8 227.1 230.2 226.6 231.8 228.9 229.8 231.2 231.0 9

10 Surplus, NIPA basis -250.7 -186.7 -174.4 -110.4 -28.5 -99.5 -77.0 -55.6 -36.7 -10.7 -11.1 10

11 + Consumption of fixed capital 67.9 69.5 70.9 71.2 71.6 71.2 71.3 71.4 71.5 71.6 71.8 11

12 - Insurance and pension reserves 27.9 28.0 16.0 44.1 30.8 29.3 35.3 21.0 27.6 40.0 34.5 12

13 = Gross saving -210.7 -145.2 -119.6 -83.3 12.3 -57.6 -41.0 -5.2 7.2 20.9 26.2 13

14 Gross investment -221.3 -182.3 -116.4 -125.0 1.2 -94.2 -141.1 -21.2 29.9 18.0 -21.8 14

15 Fixed investment 71.1 67.0 66.1 68.5 60.0 67.6 63.9 58.1 61.9 61.0 58.9 15

16 Access rights sales -0.0 0.0 -7.6 -3.5 -7.1 -0.1 -14.1 0.4 -26.1 -2.6 -0.2 16

17 Net financial investment -292.4 -249.3 -174.8 -190.1 -51.6 -161.7 -190.9 -79.7 -5.8 -40.4 -80.5 17

18 Net acq. of financial assets -4.2 -60.5 -1.4 -1.1 1.7 7.1 -7.0 7.6 -46.5 7.7 38.0 18

19 Gold, SDRs, and official foreign exchange 1.0 -2.7 6.4 -2.9 2.5 -16.3 1.0 -11.2 0.6 2.7 17.8 19

20 Checkable deposits and currency 20.7 -21.7 -0.0 11.0 -0.5 35.1 12.2 10.2 -29.0 -1.0 17.6 20

21 Time and savings deposits -0.1 -0.1 0.3 1.4 1.0 -4.1 -3.7 0.2 3.4 -2.1 2.6 21

22 Credit market instruments -18.4 -27.5 -0.2 -7.7 4.9 -7.1 -4.1 1.9 5.6 3.0 9.1 22

23 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Mortgages -15.4 -14.0 -13.2 -7.5 -4.5 -9.8 -7.8 -8.6 -2.5 -4.9 -2.1 24

25 Other loans and advances -2.9 -13.5 13.0 -0.2 9.5 2.7 3.6 10.6 8.1 7.9 11.2 25

26 Trade receivables -2.4 -3.8 -1.6 1.2 1.4 2.7 4.6 -1.3 5.2 -2.6 4.3 26

27 Taxes receivable -1.3 -8.0 -3.8 2.3 -0.7 -3.9 -0.0 19.5 -25.3 16.8 -13.8 27

28 Miscellaneous assets -3.8 3.3 -2.5 -6.4 -6.9 0.7 -16.9 -11.8 -7.0 -9.2 0.4 28

29 Net increase in liabilities 288.2 188.8 173.4 189.0 53.3 168.7 183.9 87.3 -40.7 48.1 118.4 29

30 SDR certificates 0.0 0.0 2.2 -0.5 -0.5 -1.8 0.0 -2.1 0.0 0.0 0.0 30

31 Treasury currency 0.4 0.7 0.6 -0.0 0.0 2.3 -2.3 0.4 0.2 1.3 -1.9 31

32 Credit market instruments 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 32

33 Savings bonds 14.7 8.0 5.1 2.0 -0.5 2.6 0.5 -3.6 -0.1 0.6 1.1 33

34 Other Treasury securities 233.7 147.7 137.9 144.6 23.7 163.7 129.7 86.2 -97.2 41.3 64.6 34

35 Budget agency securities 7.8 0.2 1.5 -1.6 -0.1 -3.1 -3.3 -1.4 0.2 -0.9 1.7 35

36 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 36

37 Trade payables 3.0 0.4 5.7 3.6 2.2 5.3 4.4 4.1 6.2 -1.4 -0.3 37

38 Insurance and pension reserves 27.9 28.0 16.0 44.1 30.8 29.3 35.3 21.0 27.6 40.0 34.5 38

39 Miscellaneous liabilities 0.7 3.9 4.5 -3.2 -2.3 -29.6 19.6 -17.3 22.4 -32.8 18.6 39

40 Discrepancy 10.7 37.1 -3.2 41.7 11.0 36.6 100.1 16.0 -22.7 2.8 48.0 40

 Memo:

41 Change in cash balance (1) 19.2 -26.7 -5.7 12.9 -2.2 58.1 -12.9 1.0 -9.6 -0.9 0.7 41

(1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
24 Z.1, March 13, 1998

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 888.0 1017.6 1155.6 1238.1 1381.6 1255.3 1286.2 1318.7 1367.8 1404.1 1436.0 1

 2 U.S. imports from abroad 719.3 812.0 904.4 965.7 1058.8 977.6 993.2 1021.0 1049.0 1077.1 1088.0 2

 3 U.S. factor payments to foreign 132.1 168.3 217.6 232.6 283.5 242.3 245.6 262.5 282.3 290.1 299.0 3

 4 Net transfers to foreign 36.6 37.3 33.6 39.8 39.4 35.4 47.4 35.2 36.5 36.9 49.0 4

 5 Foreign outlays to U.S. 809.4 897.7 1041.2 1105.2 1221.2 1099.1 1153.4 1170.4 1221.9 1235.2 1257.5 5

 6 U.S. exports to foreign 658.6 721.2 818.4 870.9 958.0 863.7 904.6 922.2 960.3 965.8 983.8 6

 7 U.S. factor receipts from foreign 150.8 176.5 222.8 234.3 263.2 235.4 248.8 248.2 261.6 269.4 273.7 7

 8 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Gross saving (1) 78.6 119.9 114.4 132.9 160.4 156.2 132.8 148.3 145.9 168.9 178.5 9

10 Net financial investment 85.1 136.8 144.0 195.1 263.6 324.3 160.6 215.9 207.2 290.4 340.7 10

11 Net acquisition of financial assets 317.8 291.0 431.9 518.3 575.6 564.0 624.4 612.1 533.8 720.5 435.9 11

12 Gold and SDRs (2) -0.5 -0.4 -0.8 0.4 -0.4 3.4 -0.6 0.3 -0.5 -0.6 -0.6 12

13 Net interbank assets 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 13

14 U.S. checkable deposits and currency 18.6 25.2 13.4 19.9 30.2 22.1 37.3 18.1 26.8 21.5 54.6 14

15 U.S. time deposits 6.8 1.5 -6.6 10.9 7.5 27.3 12.1 9.7 11.7 10.2 -1.5 15

16 Security RPs 16.9 -12.0 21.0 3.2 6.9 0.3 -22.5 53.4 1.8 20.7 -48.5 16

17 Credit market instruments 129.3 132.3 273.9 409.3 316.4 485.3 532.2 367.3 303.0 402.7 192.5 17

18 Open market paper 5.9 6.0 18.6 11.1 20.4 20.9 28.0 -30.6 41.3 61.7 9.3 18

19 U.S. government securities 108.7 86.7 197.2 315.8 199.6 329.0 461.1 316.7 173.0 232.6 76.2 19

20 Official 53.0 36.8 72.7 115.6 -3.0 106.8 141.7 95.8 -45.9 37.4 -99.2 20

21 Treasury 49.0 30.8 69.0 111.3 -7.0 101.9 134.3 93.2 -48.4 26.7 -99.5 21

22 Agency 4.1 6.1 3.7 4.4 4.0 4.9 7.4 2.6 2.6 10.7 0.3 22

23 Private 55.7 49.9 124.5 200.1 202.6 222.2 319.5 220.9 218.9 195.2 175.4 23

24 Treasury 24.4 34.3 99.5 155.6 163.1 173.6 270.1 191.2 180.4 145.4 135.3 24

25 Agency 31.3 15.6 25.0 44.6 39.5 48.6 49.4 29.7 38.5 49.9 40.1 25

26 U.S. corporate bonds (3) 30.4 38.0 58.1 78.3 84.0 88.7 74.8 86.2 81.6 101.5 66.5 26

27 Loans to U.S. corporate business -15.8 1.6 0.0 4.1 12.4 46.7 -31.6 -4.9 7.1 6.8 40.5 27

28 U.S. corporate equities 20.9 0.9 16.6 12.2 65.1 -3.2 12.8 26.5 90.2 92.8 50.8 28

29 Trade receivables 4.5 2.1 0.6 6.4 3.5 12.6 9.2 7.3 3.6 3.4 -0.3 29

30 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Miscellaneous assets 75.6 48.6 102.7 108.0 175.0 122.4 43.4 218.7 129.2 160.5 191.7 31

32 Foreign direct investment in U.S. (4) 49.0 45.7 67.5 77.0 107.9 103.9 70.6 122.7 106.6 103.8 98.6 32

33 Other 26.6 2.9 35.2 31.0 67.1 18.5 -27.2 95.9 22.6 56.7 93.1 33

34 Net increase in liabilities 232.7 154.2 287.8 323.2 312.0 239.7 463.8 396.2 326.6 430.1 95.1 34

 U.S. official foreign exchange

35 and net IMF position 0.8 -5.8 8.8 -6.3 0.7 -26.6 0.7 -17.6 0.4 2.4 17.5 35

36 U.S. private deposits -18.5 52.9 35.3 82.0 89.0 119.7 104.5 188.6 18.8 105.4 43.1 36

37 Credit market instruments 69.8 -14.0 71.1 70.5 51.5 105.7 87.9 26.3 56.4 87.8 35.5 37

38 Commercial paper -9.6 -26.1 13.5 11.3 3.7 37.5 4.4 15.5 10.4 -11.6 0.7 38

39 Bonds 82.9 12.2 49.7 49.4 41.3 60.2 78.5 11.0 34.3 94.6 25.3 39

40 Bank loans n.e.c. 0.7 1.4 8.5 9.1 8.5 4.7 7.8 -0.7 11.5 7.3 15.7 40

41 Official -1.0 -0.2 0.4 0.3 -0.8 -0.5 -1.2 -3.5 0.2 0.8 -0.7 41

42 Banks 1.2 0.0 2.1 3.4 -0.5 -1.8 6.5 -2.2 -1.2 -1.2 2.6 42

43 Other 0.5 1.6 5.9 5.4 9.8 7.0 2.5 5.1 12.4 7.7 13.9 43

44 U.S. government loans -1.1 -1.3 -0.8 -1.0 -1.8 -2.0 -1.6 -1.7 -0.6 -3.5 -1.3 44

45 Acceptance liabilities to banks -3.1 -0.3 0.3 1.8 -0.2 5.4 -1.2 2.2 0.8 1.0 -4.8 45

46 Foreign corporate equities (5) 63.4 48.1 50.4 58.8 38.0 32.7 42.3 47.0 53.0 62.2 -10.4 46

47 Trade payables 3.3 3.6 5.7 -2.3 7.5 -1.5 8.6 5.1 0.1 7.4 17.5 47

48 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Miscellaneous liabilities 113.8 69.4 116.5 120.5 125.4 9.7 219.8 146.8 197.9 164.9 -8.1 49

50 U.S. equity in IBRD, etc. 1.1 1.4 1.5 1.8 1.6 1.7 2.3 1.7 1.6 1.7 1.3 50

51 U.S. government deposits 0.3 0.2 -0.1 -0.1 0.0 -0.3 0.4 0.1 0.1 0.0 -0.1 51

52 U.S. direct investment abroad (3,4) 77.9 69.3 86.7 87.8 119.4 44.4 123.5 107.0 148.0 91.1 131.7 52

53 Other 34.4 -1.4 28.4 31.0 4.3 -36.1 93.6 38.0 48.3 72.2 -141.2 53

54 Discrepancy (FOF basis) (6) -6.6 -16.9 -29.7 -62.3 -103.2 -168.1 -27.8 -67.6 -61.3 -121.5 -162.2 54

 Memo:

55 Net U.S. exports, NIPA basis -60.7 -90.8 -86.0 -94.8 -100.8 -113.9 -88.6 -98.8 -88.7 -111.3 -104.2 55

56 + Net U.S. factor income (7) 18.7 8.2 5.2 1.7 -20.2 -6.9 3.2 -14.3 -20.7 -20.7 -25.3 56

57 - Net transfer payments to foreign 36.6 37.3 33.6 39.8 39.4 35.4 47.4 35.2 36.5 36.9 49.0 57

58 + Net capital grants received 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 = Net foreign investment in U.S.

59 (NIPA basis) -78.6 -119.9 -114.4 -132.9 -160.4 -156.2 -132.8 -148.3 -145.9 -168.9 -178.5 59

(1) Line 1 minus line 5; also equal to line 59 with the sign reversed.

(2) U.S. net sales, sign reversed.

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

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 13, 1998 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.1 -2.6 -1.1 2.0 1.9 2.0 2.0 1.9 1.9 1.9 1.9 1

 2 Fixed nonresidential investment 0.2 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 42.1 28.2 19.8 23.3 38.8 52.7 43.6 5.3 48.1 23.2 78.7 3

 4 Gold and foreign exchange 0.4 -2.6 3.2 -3.8 -1.5 -13.6 0.3 -6.7 0.3 0.3 0.3 4

 5 SDR certificates 0.0 0.0 2.2 -0.5 -0.5 -1.8 0.0 -2.1 0.0 0.0 0.0 5

 6 Treasury currency 0.6 0.9 1.0 1.0 0.6 1.1 0.7 0.8 0.6 0.5 0.6 6

 7 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 3.3 14.6 -19.3 3.9 -2.9 3.9 7

 8 Fed. Res. loans to domestic banks -0.6 0.1 -0.1 -0.1 2.0 4.1 -6.3 15.7 -8.4 -6.3 6.9 8

 9 Security RPs 5.1 -2.6 3.3 7.7 2.3 34.9 22.9 -19.3 -4.2 21.0 11.6 9

10 Credit market instruments 36.2 31.5 12.7 12.3 38.3 11.5 8.4 37.4 47.2 14.3 54.3 10

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

12 U.S. government securities 36.2 31.5 12.7 12.3 38.3 11.5 8.4 37.4 47.2 14.3 54.3 12

13 Treasury 37.0 32.5 13.7 12.7 39.8 11.8 8.8 38.3 49.2 16.6 55.2 13

14 Agency -0.8 -1.0 -1.0 -0.4 -1.5 -0.3 -0.3 -0.9 -2.0 -2.3 -1.0 14

15 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets 2.6 2.6 -3.2 2.4 1.2 13.2 3.0 -1.1 8.6 -3.7 1.1 16

17 Net increase in liabilities 41.8 28.0 19.5 22.8 38.1 53.0 44.4 1.7 47.9 19.5 83.3 17

18 Depository institution reserves 2.9 -4.2 -1.2 -5.1 6.3 -10.1 -4.9 -9.7 18.3 1.2 15.5 18

19 Vault cash of commercial banks 0.8 5.5 2.4 4.6 -0.2 16.0 9.5 -13.2 -1.0 7.5 6.0 19

20 Checkable deposits and currency 37.1 25.3 17.0 23.5 30.1 46.3 32.3 36.1 22.0 18.7 43.7 20

21 Due to federal government 7.2 -7.7 -1.2 1.7 -2.3 22.6 3.7 4.8 1.1 -10.6 -4.6 21

22 Due to rest of the world 0.1 -0.1 0.2 -0.1 0.5 0.5 -0.2 3.2 -2.7 0.3 1.3 22

23 Currency outside banks 29.8 33.1 18.0 21.8 31.9 23.1 28.8 28.1 23.6 29.0 47.0 23

24 Miscellaneous liabilities 1.0 1.3 1.3 -0.2 1.8 0.8 7.5 -11.5 8.7 -7.9 18.1 24

25 Federal Reserve Bank stock 0.3 0.3 0.3 0.6 0.8 1.6 0.3 0.6 1.2 0.7 0.8 25

26 Other 0.6 1.1 1.0 -0.9 1.0 -0.8 7.2 -12.2 7.6 -8.6 17.2 26

27 Discrepancy -0.5 -3.1 -1.7 1.0 0.7 1.8 2.3 -2.1 1.3 -2.3 5.9 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
26 Z.1, March 13, 1998

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 36.6 34.1 39.7 41.7 45.7 41.8 42.3 40.4 40.8 39.8 61.8 1

 2 Fixed nonresidential investment 16.4 14.4 14.8 14.5 15.8 14.9 15.0 15.1 15.6 16.3 16.1 2

 3 Net acquisition of financial assets 246.4 237.6 339.1 217.7 466.8 137.0 303.4 406.8 531.3 284.7 644.6 3

 4 Vault cash 0.8 5.5 2.4 4.6 -0.2 16.0 9.5 -13.2 -1.0 7.5 6.0 4

 5 Reserves at Federal Reserve 2.5 -3.5 -1.1 -4.6 6.9 -9.2 -4.7 -8.9 19.1 1.3 16.0 5

 6 Checkable deposits and currency -0.3 0.4 0.2 -0.2 0.0 -0.3 -0.1 -0.1 0.2 -0.1 0.1 6

 7 Total bank credit 162.6 156.8 273.4 189.9 350.0 177.2 276.0 360.4 339.8 207.9 491.9 7

 8 U.S. government securities 72.5 -26.2 27.0 11.3 83.3 -16.0 47.6 96.3 12.0 39.3 185.5 8

 9 Treasury 27.8 -31.8 -11.7 -16.9 8.0 -24.6 -31.6 37.1 -38.3 -20.2 53.2 9

10 Agency 44.7 5.5 38.7 28.2 75.3 8.6 79.2 59.1 50.3 59.6 132.3 10

11 Municipal securities 1.7 -1.6 -4.2 0.9 2.4 -0.3 5.0 1.1 0.7 7.4 0.4 11

12 Corporate and foreign bonds 3.5 4.3 8.4 1.4 27.9 1.0 6.6 14.1 15.3 39.1 43.0 12

13 Total loans 83.6 183.7 239.8 174.2 235.1 191.0 212.6 249.2 308.6 123.5 259.3 13

14 Open market paper -1.9 -1.5 -0.1 0.8 -0.8 -2.3 8.4 -1.2 -0.4 0.1 -1.7 14

15 Bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 15

16 Mortgages 47.3 64.9 77.5 55.2 98.8 40.5 93.5 87.2 126.7 107.6 73.8 16

17 Consumer credit 32.8 63.1 43.2 24.8 -14.2 25.4 26.0 -44.8 24.0 -28.1 -7.9 17

18 Security credit 12.7 -5.7 4.6 1.3 21.7 -16.4 24.5 54.2 31.5 -4.7 5.7 18

19 Corporate equities 0.9 -1.4 2.1 1.8 -4.2 1.9 2.7 -18.1 -1.6 0.0 3.0 19

20 Mutual fund shares 0.5 -1.9 0.3 0.3 5.5 -0.3 1.5 17.9 4.9 -1.5 0.8 20

21 Customers’ liab. on acceptances (2) -6.4 -2.4 -0.6 1.0 -2.8 4.0 1.1 1.8 4.1 -4.4 -12.6 21

22 Miscellaneous assets 87.2 80.7 64.8 27.0 112.9 -50.9 21.6 66.8 169.1 72.4 143.1 22

23 Net increase in liabilities 241.1 255.2 300.5 203.7 488.9 81.4 302.4 433.9 515.7 314.4 691.7 23

24 Net interbank liabilities 46.9 88.5 8.7 -51.2 -46.3 -103.1 12.9 -65.9 -60.9 -51.4 -7.0 24

25 To monetary authority -2.9 -1.5 0.7 4.1 -1.6 7.4 8.3 -3.6 -4.5 -9.2 10.8 25

26 To domestic banks (3) 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 26

27 To foreign banks 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 27

28 Checkable deposits 74.1 -31.7 -45.9 -34.6 -19.9 34.9 -113.8 16.2 8.0 -97.4 -6.4 28

29 Federal government 12.1 -18.9 -4.7 9.7 -0.9 39.5 -12.8 -4.0 -14.0 11.7 2.7 29

30 Rest of the world -0.4 1.9 0.8 2.6 4.9 -8.0 6.3 0.9 10.2 -5.1 13.7 30

31 Private domestic 62.4 -14.7 -42.0 -46.9 -23.9 3.3 -107.3 19.3 11.8 -103.9 -22.7 31

32 Small time and savings deposits -12.0 -1.0 113.9 123.1 148.4 80.5 157.4 189.9 77.3 141.3 185.3 32

33 Large time deposits -21.0 21.3 54.8 105.3 107.9 150.6 137.8 37.5 167.6 181.9 44.4 33

34 Federal funds and security RPs (net) 41.6 78.1 30.4 41.0 88.8 16.4 43.3 65.5 70.3 87.4 132.0 34

35 Credit market instruments 13.4 20.1 22.5 13.0 46.5 14.7 26.8 13.7 79.7 32.0 60.7 35

36 Open market paper -2.5 3.1 -2.2 2.9 3.3 -1.1 -3.6 2.0 14.8 -4.1 0.3 36

37 Corporate bonds 7.2 7.7 18.5 7.8 23.8 10.7 18.6 11.8 35.3 16.5 31.6 37

38 Other loans and advances 8.6 9.3 6.2 2.3 19.5 5.1 11.7 -0.1 29.6 19.6 28.8 38

39 Corporate equity issues 7.3 -3.3 -8.7 -14.3 -27.8 -21.2 -14.8 -52.8 -30.8 -20.6 -6.9 39

40 Taxes payable 0.5 0.7 0.9 1.2 1.4 1.2 1.3 1.3 1.4 1.4 1.5 40

41 Miscellaneous liabilities 90.4 82.4 124.0 20.1 189.9 -92.5 51.4 228.4 203.2 39.8 288.1 41

42 Discrepancy 14.9 37.4 -13.6 13.1 52.0 -28.6 26.3 52.4 9.6 53.3 92.9 42

 Memo:

43 Credit market funds advanced (4) 142.2 163.4 265.9 187.5 324.3 196.1 248.3 308.1 309.2 209.8 469.9 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 13, 1998 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 19.6 8.4 10.8 3.5 5.2 -5.0 -1.2 5.9 5.2 6.4 3.5 1

 2 Fixed nonresidential investment 14.2 11.7 12.0 11.4 12.3 11.6 11.7 11.8 12.2 12.7 12.6 2

 3 Net acquisition of financial assets 166.7 160.1 203.9 123.9 295.8 124.8 113.3 298.4 305.8 227.4 351.4 3

 4 Vault cash and reserves at Federal Reserve 3.0 2.0 1.5 -0.3 4.9 6.6 2.9 -20.2 16.6 10.5 12.7 4

 5 Total bank credit 157.5 140.5 194.8 115.2 280.8 109.3 176.7 216.0 290.9 218.7 397.5 5

 6 U.S. government securities 56.8 -25.2 -17.1 -19.4 54.2 -27.9 -15.2 20.3 34.0 9.7 153.0 6

 7 Treasury 20.6 -27.0 -40.4 -34.7 -6.1 -23.6 -67.7 -16.6 -3.1 -40.3 35.5 7

 8 Agency 36.2 1.8 23.4 15.3 60.4 -4.3 52.6 36.9 37.2 50.0 117.5 8

 9 Mortgage pool securities 17.6 9.1 12.9 21.4 31.1 -6.1 34.5 29.4 17.9 30.0 47.3 9

10 Agency-issued CMOs 11.1 -14.4 -18.4 -11.5 17.5 -4.5 -1.2 11.6 3.1 14.8 40.5 10

11 Other agency securities 7.5 7.1 28.8 5.4 11.8 6.4 19.4 -4.1 16.1 5.2 29.7 11

12 Municipal securities 1.9 -2.0 -4.3 1.0 2.4 0.0 5.3 1.3 0.7 7.6 0.1 12

13 Corporate and foreign bonds 0.1 -0.6 3.3 -4.5 19.6 -9.6 -5.8 4.9 10.5 34.5 28.7 13

14 Private mortgage pool securities 0.9 -1.1 0.9 -0.4 -1.2 0.6 -0.9 -2.7 -0.5 -0.5 -1.1 14

15 Privately issued CMOs -1.8 1.7 3.5 -3.1 0.7 -12.9 -1.6 -1.8 -3.0 4.5 3.1 15

16 Other bonds 1.0 -1.2 -1.1 -1.0 20.2 2.7 -3.3 9.4 14.0 30.5 26.7 16

17 Total loans 97.3 171.5 210.5 136.0 203.1 145.2 188.1 189.6 242.4 168.5 212.0 17

18 Open market paper -1.0 -1.3 0.3 0.3 -0.6 -1.9 5.0 -0.9 -0.2 0.3 -1.5 18

19 Bank loans n.e.c. 8.8 46.2 77.0 58.2 109.3 89.3 52.3 119.8 93.4 77.2 146.8 19

20 Mortgages 52.6 68.1 81.7 57.5 104.4 40.3 93.6 93.0 136.7 109.4 78.7 20

21 Consumer credit 32.8 63.1 43.2 24.8 -14.2 25.4 26.0 -44.8 24.0 -28.1 -7.9 21

22 Security credit 4.1 -4.6 8.3 -4.8 4.2 -7.8 11.4 22.5 -11.5 9.6 -4.0 22

23 Corporate equities 0.9 -1.4 2.1 1.8 -4.2 2.0 2.7 -18.1 -1.6 0.0 3.0 23

24 Mutual fund shares 0.5 -1.9 0.3 0.3 5.5 -0.3 1.5 17.9 4.9 -1.5 0.8 24

25 Customers’ liab. on acceptances (1) -2.4 -0.2 2.4 1.6 -0.2 4.0 -2.2 2.3 2.1 -1.0 -4.3 25

26 Miscellaneous assets 8.6 17.9 5.3 7.4 10.3 5.0 -64.0 100.3 -3.8 -0.7 -54.5 26

27 Net increase in liabilities 175.7 199.4 189.7 142.6 352.8 111.0 149.4 354.5 320.4 285.1 451.3 27

28 Net interbank liabilities 29.1 79.0 -6.8 -55.7 -1.7 -76.5 3.6 7.6 17.4 -30.3 -1.6 28

29 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 3.3 14.6 -19.3 3.9 -2.9 3.9 29

30 Borrowing from Federal Reserve banks -0.6 0.1 -0.1 -0.1 2.0 4.1 -6.3 15.7 -8.4 -6.3 6.9 30

31 To domestic banking 13.3 5.6 -7.3 -23.5 -2.1 -24.2 -9.7 23.2 -11.0 -35.5 15.1 31

32 To foreign banks 18.7 74.8 -0.2 -36.3 1.9 -59.7 5.0 -12.0 32.9 14.4 -27.5 32

33 Checkable deposits 73.8 -32.2 -46.0 -34.4 -21.2 37.5 -115.3 16.6 3.9 -93.8 -11.4 33

34 Federal government 12.1 -18.9 -4.7 9.7 -0.9 39.5 -12.8 -4.0 -14.0 11.7 2.7 34

35 Rest of the world -0.3 1.5 0.9 3.3 4.5 -4.8 7.0 1.3 7.6 -3.7 12.7 35

36 Private domestic 61.9 -14.9 -42.1 -47.4 -24.7 2.8 -109.5 19.3 10.3 -101.8 -26.8 36

37 Small time and savings deposits -10.9 -0.6 113.4 122.8 144.1 81.6 153.7 147.9 88.9 154.8 184.7 37

38 Large time deposits -20.0 17.9 42.6 49.5 63.1 65.0 39.1 22.3 72.7 123.8 33.7 38

39 Federal funds and security RPs (net) 45.5 71.6 28.2 28.7 63.3 16.4 29.1 30.8 71.6 76.3 74.3 39

40 Acceptance liabilities -2.5 -0.3 2.3 1.7 -0.3 4.0 -1.9 2.2 2.2 -1.2 -4.3 40

41 Corporate bonds 3.6 3.4 2.7 7.7 10.7 2.7 10.7 4.7 7.3 3.2 27.6 41

42 Other loans and advances 8.6 9.3 6.2 2.3 19.5 5.1 11.7 -0.1 29.6 19.6 28.8 42

43 Corporate equity issues 1.9 1.8 2.6 3.2 3.1 2.9 3.3 0.6 3.5 1.8 6.6 43

44 Taxes payable 0.5 0.7 0.9 1.2 1.4 1.2 1.3 1.3 1.4 1.4 1.5 44

45 Miscellaneous liabilities 46.2 48.8 43.6 15.6 70.8 -29.0 14.1 120.6 21.9 29.5 111.4 45

46 Investment by bank holding companies 31.6 17.5 40.1 28.6 40.8 13.3 30.4 56.7 48.9 42.9 14.6 46

47 Other 14.6 31.3 3.5 -13.0 30.1 -42.4 -16.3 63.9 -27.0 -13.4 96.8 47

48 Discrepancy 14.4 35.9 -15.3 10.8 50.0 -30.5 23.2 50.2 7.6 51.3 90.8 48

 Memo:

49 Credit market funds advanced (2) 149.6 148.1 186.5 119.6 275.0 119.5 158.9 195.9 301.1 209.5 393.5 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
28 Z.1, March 13, 1998

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.3 2.2 2.6 2.8 2.9 2.8 2.8 2.8 2.9 2.9 2.9 1

 2 Fixed nonresidential investment 1.8 2.2 2.4 2.7 2.9 2.7 2.8 2.8 2.9 3.0 2.9 2

 3 Net acquisition of financial assets 32.9 47.5 76.6 48.5 101.8 -6.2 126.5 52.1 142.9 -10.8 223.0 3

 4 Reserves at Federal Reserve 0.3 -0.0 -0.1 0.3 1.8 0.3 1.9 -1.9 1.5 -1.7 9.3 4

 5 Total bank credit 2.8 12.1 74.7 70.0 59.6 62.4 90.4 136.1 42.0 -11.6 71.8 5

 6 U.S. government securities 13.9 -1.9 43.9 30.9 26.2 10.8 60.8 73.3 -22.1 30.4 23.2 6

 7 Treasury 6.5 -3.5 29.6 18.4 13.9 -0.7 35.4 53.1 -32.9 19.0 16.3 7

 8 Agency 7.4 1.5 14.3 12.4 12.3 11.5 25.3 20.2 10.8 11.4 6.9 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 1.4 5.1 4.6 3.2 3.1 8.3 6.9 2.1 -0.7 3.9 6.8 10

11 Total loans -12.5 9.0 26.2 36.0 30.3 43.3 22.8 60.8 64.8 -46.0 41.7 11

12 Open market paper -0.9 -0.2 -0.4 0.5 -0.2 -0.3 3.4 -0.2 -0.2 -0.2 -0.2 12

13 Bank loans n.e.c. -13.7 15.1 35.4 32.2 19.2 52.6 6.2 35.2 32.1 -28.7 38.2 13

14 Mortgages -6.5 -4.8 -5.1 -2.9 -6.1 -0.3 -0.0 -5.8 -10.0 -2.7 -6.1 14

15 Security credit 8.6 -1.2 -3.7 6.2 17.5 -8.6 13.2 31.6 42.9 -14.4 9.7 15

16 Corporate equities 0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 16

17 Customers’ liab. on acceptances (2) -4.0 -2.1 -2.9 -0.6 -2.5 0.0 3.2 -0.6 2.0 -3.3 -8.2 17

18 Miscellaneous assets 33.8 37.6 5.0 -21.2 43.0 -69.0 31.0 -81.6 97.4 5.9 150.2 18

19 Net increase in liabilities 34.3 49.2 78.4 50.6 104.2 -4.1 128.7 54.4 145.3 -8.4 225.5 19

20 Net interbank liabilities 16.9 11.2 18.7 -2.5 -44.9 -19.8 19.8 -79.4 -64.2 -26.6 -9.4 20

21 To foreign banks 29.2 25.8 15.1 -11.5 -31.4 -40.7 13.7 -98.8 -50.1 -1.1 24.4 21

22 To domestic banks -12.3 -14.6 3.6 9.0 -13.5 20.9 6.0 19.4 -14.1 -25.5 -33.8 22

23 Checkable deposits 0.0 0.4 -0.1 -0.7 0.9 -3.0 0.0 0.0 3.4 -2.4 2.5 23

24 Small time and savings deposits -0.8 -1.1 -0.7 0.1 4.3 -0.2 4.3 43.1 -10.7 -14.7 -0.4 24

25 Large time deposits -0.8 2.6 11.0 55.6 44.7 86.4 99.3 16.3 95.9 57.0 9.7 25

26 Federal funds and security RPs (net) -4.3 6.7 1.8 12.0 25.6 -0.6 13.8 33.9 -0.7 11.0 58.1 26

27 Acceptance liabilities -5.1 -2.6 -3.1 -0.7 -2.4 0.0 2.9 0.6 2.5 -5.3 -7.6 27

28 Miscellaneous liabilities 28.5 32.0 50.9 -13.3 76.1 -67.0 -11.4 40.0 119.0 -27.3 172.6 28

29 Foreign direct investment in U.S. 2.2 3.4 6.4 0.3 7.7 3.2 4.9 1.7 11.5 5.3 12.2 29

30 Due to affiliates -6.6 -0.5 6.7 13.7 14.3 26.3 20.1 59.6 -20.3 34.4 -16.4 30

31 Other 32.9 29.0 37.9 -27.3 54.0 -96.6 -36.4 -21.3 127.8 -67.1 176.7 31

32 Discrepancy 1.0 1.7 2.1 2.2 2.4 2.2 2.3 2.4 2.4 2.4 2.5 32

 Memo:

33 Credit market funds advanced (3) -9.8 11.2 75.4 63.3 39.6 71.1 80.5 104.0 1.1 -0.6 53.8 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 13, 1998 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 15.6 23.4 26.2 35.3 37.4 43.9 40.5 31.5 32.6 30.4 55.3 1

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

 3 Net acquisition of financial assets 45.1 26.2 52.6 44.0 64.5 16.2 63.5 49.7 79.1 62.4 66.7 3

 4 Credit market instruments -0.0 0.9 -0.3 3.9 5.4 4.8 10.5 2.2 5.1 -5.0 19.4 4

 5 U.S. government securities 0.1 1.0 -1.3 0.9 0.5 1.6 3.8 -3.3 -0.0 -4.3 9.7 5

 6 Treasury -0.8 -0.7 -1.2 0.6 -0.1 2.2 2.8 -1.8 -2.7 -0.9 5.1 6

 7 Agency 0.9 1.7 -0.2 0.3 0.6 -0.5 1.0 -1.5 2.7 -3.5 4.6 7

 8 Corporate and foreign bonds 1.7 -0.1 0.6 2.8 5.0 2.6 5.3 7.1 5.3 0.4 7.0 8

 9 Bank loans n.e.c. -1.8 -0.1 0.4 0.2 -0.0 0.6 1.4 -1.6 -0.2 -1.0 2.7 9

10 Miscellaneous assets 45.2 25.3 53.0 40.1 59.0 11.4 53.0 47.5 74.0 67.4 47.3 10

11 Investment in bank subsidiaries 31.6 17.5 40.1 28.6 40.8 13.3 30.4 56.7 48.9 42.9 14.6 11

12 Investment in nonbank subsidiaries 13.0 0.2 8.2 0.3 25.0 -7.8 -16.6 31.8 10.0 23.3 34.8 12

13 Other 0.5 7.7 4.6 11.3 -6.7 5.9 39.1 -41.0 15.1 1.2 -2.0 13

14 Net increase in liabilities 29.8 3.2 26.8 9.2 27.5 -27.3 23.4 18.6 46.9 32.4 11.9 14

15 Net interbank liabilities 0.9 -1.7 -3.2 7.0 0.3 -6.9 -10.4 5.9 -14.2 5.5 4.0 15

16 To domestic banks 3.2 6.2 0.6 11.2 -0.4 -1.0 7.9 -15.6 0.7 9.5 3.7 16

17 To foreign banks -2.3 -7.8 -3.8 -4.1 0.8 -5.8 -18.3 21.5 -14.8 -4.0 0.3 17

18 Federal funds and security RPs (net) 0.4 -0.2 0.4 0.4 0.0 0.6 0.4 0.8 -0.6 0.1 -0.3 18

19 Credit market instruments 8.8 10.3 14.4 2.0 19.1 2.9 3.5 6.3 38.0 15.6 16.3 19

20 Commercial paper 5.2 5.9 -1.4 1.9 6.0 -5.1 -4.5 -0.8 10.0 2.4 12.3 20

21 Corporate bonds 3.6 4.3 15.8 0.1 13.1 7.9 8.0 7.1 28.0 13.2 4.0 21

22 Corporate equity issues 5.4 -5.1 -11.3 -17.5 -30.9 -24.1 -18.0 -53.4 -34.3 -22.4 -13.5 22

23 Miscellaneous liabilities 14.2 -0.2 26.6 17.3 39.0 0.2 48.0 59.0 57.9 33.6 5.4 23

24 Equity, etc. 22.0 -7.6 12.7 -11.9 -13.1 -29.5 -15.8 -29.1 10.0 2.0 -35.2 24

25 Other -7.8 7.5 13.9 29.2 52.1 29.7 63.8 88.1 48.0 31.6 40.6 25

26 Discrepancy -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 1.7 3.7 5.9 1.3 4.8 2.1 0.0 6.5 3.5 5.6 3.5 3

 4 Checkable deposits and currency -0.3 0.4 0.2 -0.2 0.0 -0.3 -0.1 -0.1 0.2 -0.1 0.1 4

 5 Credit market instruments 2.4 3.3 4.2 0.7 4.2 0.7 -1.6 6.1 1.8 5.8 3.2 5

 6 U.S. government securities 1.7 -0.2 1.5 -1.0 2.3 -0.5 -1.8 5.9 0.1 3.6 -0.4 6

 7 Treasury 1.5 -0.6 0.2 -1.3 0.3 -2.4 -2.1 2.4 0.4 2.0 -3.7 7

 8 Agency 0.2 0.5 1.3 0.2 2.0 1.9 0.3 3.5 -0.3 1.6 3.4 8

 9 Municipal securities -0.2 0.4 0.1 -0.1 -0.0 -0.4 -0.3 -0.2 0.0 -0.2 0.3 9

10 Corporate and foreign bonds 0.2 -0.1 -0.1 -0.1 0.2 -0.3 0.2 0.0 0.2 0.4 0.4 10

11 Bank loans n.e.c. -0.5 1.7 1.8 1.4 1.2 1.3 0.3 0.3 1.5 1.2 1.7 11

12 Home mortgages 1.2 0.6 1.0 0.6 0.0 1.2 -0.2 -0.6 -0.2 0.4 0.6 12

13 Commercial mortgages 0.1 0.9 -0.0 -0.1 0.5 -0.7 0.2 0.7 0.2 0.5 0.5 13

14 Miscellaneous assets -0.4 -0.1 1.6 0.8 0.5 1.7 1.7 0.6 1.5 -0.1 0.2 14

15 Net increase in liabilities 1.3 3.5 5.5 1.4 4.4 1.8 0.9 6.3 3.1 5.3 3.0 15

16 Checkable deposits 0.3 0.1 0.2 0.5 0.4 0.3 1.4 -0.3 0.7 -1.2 2.5 16

17 Small time and savings deposits -0.2 0.8 1.2 0.2 0.0 -0.9 -0.6 -1.1 -1.0 1.2 1.0 17

18 Large time deposits -0.2 0.8 1.2 0.2 0.0 -0.9 -0.6 -1.1 -1.0 1.2 1.0 18

19 Miscellaneous liabilities 1.4 1.8 2.9 0.6 4.0 3.3 0.6 8.8 4.3 4.1 -1.3 19

20 Discrepancy -0.4 -0.2 -0.4 0.1 -0.4 -0.3 0.9 -0.2 -0.4 -0.4 -0.5 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, March 13, 1998

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 4.8 5.0 2.9 2.0 3.1 5.5 -6.7 2.1 2.1 4.1 4.2 1

 2 Fixed nonresidential investment 4.1 3.3 2.9 2.8 3.0 2.9 2.9 2.9 3.0 3.1 3.1 2

 3 Net acquisition of financial assets -39.9 -11.1 0.9 16.1 -11.8 123.7 -101.0 -50.1 29.4 -42.4 15.9 3

 4 Reserves at Federal Reserve 0.4 -0.6 -0.1 -0.5 -0.6 -0.9 -0.1 -0.8 -0.9 -0.1 -0.5 4

 5 Checkable deposits and currency 3.1 -1.5 1.6 -1.3 1.1 2.9 -0.5 -4.3 2.0 2.4 4.1 5

 6 Time and savings deposits -0.7 -1.8 -0.2 0.3 -0.4 1.6 -0.1 -0.1 -0.1 -0.5 -1.0 6

 7 Federal funds and security RPs -3.9 -4.1 4.8 -1.2 -0.8 2.6 0.4 -2.6 1.8 -5.3 2.9 7

 8 Credit market instruments -23.3 6.7 -7.6 19.9 -7.7 49.7 -47.9 -5.3 23.8 -42.1 -7.1 8

 9 Open market paper -0.3 -0.2 0.0 0.1 -0.3 -0.1 0.6 -1.2 -0.1 0.0 0.0 9

10 U.S. government securities -1.5 11.5 -4.1 -9.5 -4.1 -26.3 -18.1 -1.4 11.4 -23.5 -2.9 10

11 Treasury -5.7 -1.1 -8.7 -1.0 -2.8 -7.0 -1.3 -1.5 -2.6 -4.3 -2.8 11

12 Agency 4.2 12.6 4.7 -8.5 -1.3 -19.3 -16.8 0.1 14.1 -19.2 -0.1 12

13 Municipal securities 0.1 -0.1 -0.0 0.1 0.0 0.4 0.1 -0.6 0.4 0.2 0.2 13

14 Corporate and foreign bonds 9.1 -2.4 -8.2 -9.9 -10.2 -7.3 -30.7 -2.9 -2.8 -34.8 -0.1 14

15 Other loans and advances -1.6 -0.5 2.5 3.0 3.0 6.4 -1.0 4.0 1.7 5.2 1.1 15

16 Mortgages -29.5 -2.2 0.6 31.6 1.4 65.2 2.1 -7.8 10.7 2.8 -0.1 16

17 Consumer credit 0.5 0.6 1.6 4.6 2.5 11.4 -0.9 4.6 2.5 8.0 -5.3 17

18 Corporate equities 1.7 -1.8 0.7 0.6 0.2 0.0 0.6 -0.4 1.4 -0.6 0.2 18

19 Miscellaneous assets -17.2 -8.1 1.7 -1.8 -3.6 67.7 -53.4 -36.6 1.2 3.8 17.3 19

20 Net increase in liabilities -51.8 -17.8 -3.2 15.4 -12.9 122.8 -105.5 -48.9 23.1 -45.0 19.2 20

21 Deposits -67.4 -51.8 -5.7 -6.5 -27.2 66.0 -63.1 -11.4 -27.3 -58.3 -11.7 21

22 Checkable 4.4 -5.4 14.1 25.4 27.1 25.1 28.5 26.1 29.8 23.8 28.7 22

23 Small time and savings -68.2 -44.4 -29.0 -38.1 -65.3 12.7 -84.6 -46.0 -64.2 -94.1 -56.8 23

24 Large time -3.6 -2.1 9.2 6.3 11.0 28.2 -7.0 8.6 7.2 12.0 16.4 24

25 Security RPs 7.5 18.4 -0.0 -0.9 -2.1 -14.3 -11.2 7.8 1.0 3.5 -20.8 25

26 Credit market instruments 11.3 12.8 2.6 25.5 19.8 25.8 23.0 -16.8 31.9 22.3 41.7 26

27 Corporate bonds -1.5 -0.8 -0.0 -0.4 0.1 -1.4 -0.1 -0.3 -0.2 0.9 0.0 27

28 Bank loans n.e.c. -0.5 0.9 5.2 1.4 3.5 -1.1 5.8 4.1 -1.1 3.7 7.1 28

29 Other loans and advances 13.3 12.7 -2.6 24.5 16.2 28.3 17.3 -20.6 33.1 17.6 34.6 29

30 Taxes payable 0.6 -0.9 0.5 -0.1 0.4 0.2 0.2 -0.2 0.5 0.9 0.4 30

31 Miscellaneous liabilities -3.8 3.7 -0.6 -2.5 -3.7 45.1 -54.4 -28.3 17.1 -13.3 9.6 31

32 Investment by parent 0.4 -0.0 0.1 0.2 0.3 0.2 0.2 0.3 0.3 0.3 0.4 32

33 Other -4.2 3.7 -0.7 -2.7 -4.0 44.9 -54.7 -28.6 16.8 -13.6 9.3 33

34 Discrepancy -11.2 -5.0 -4.0 -1.5 -1.0 1.8 -14.2 0.3 -7.2 -1.6 4.4 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 13, 1998 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 3.7 3.8 3.7 3.7 3.7 3.7 3.8 3.7 3.8 3.7 3.7 1

 2 Fixed nonresidential investment 1.0 1.1 1.2 1.3 1.4 1.3 1.3 1.3 1.4 1.4 1.4 2

 3 Net acquisition of financial assets 17.0 11.9 17.1 19.5 24.8 2.7 24.5 31.5 21.9 15.0 30.7 3

 4 Checkable deposits and currency -0.1 0.0 0.9 0.1 0.0 -1.7 2.1 0.0 -0.4 -0.7 1.1 4

 5 Time and savings deposits -1.3 -8.9 0.4 -0.7 3.6 -3.6 -0.8 4.6 -2.6 -5.1 17.5 5

 6 Federal funds and security RPs -5.1 -2.3 0.2 -4.9 2.0 -12.9 0.8 10.7 -11.2 4.2 4.5 6

 7 Credit market instruments 21.7 28.1 16.2 25.5 15.7 21.1 24.3 18.5 25.7 15.7 2.7 7

 8 Open market paper -0.7 -0.1 -1.6 -0.3 -0.1 -0.3 0.5 -0.4 0.9 -1.0 0.1 8

 9 U.S. government securities 10.3 4.0 1.1 4.1 -4.0 -0.7 0.2 2.8 3.4 -6.4 -16.0 9

10 Treasury 2.6 -0.5 -3.8 -0.9 -1.7 -3.3 -3.3 1.6 -0.2 -8.0 -0.3 10

11 Agency 7.7 4.5 4.9 4.9 -2.3 2.6 3.5 1.2 3.6 1.6 -15.7 11

12 Home mortgages -0.1 6.1 4.4 9.5 10.3 6.7 11.8 4.5 14.0 15.2 7.4 12

13 Consumer credit 12.2 18.0 12.3 12.2 9.5 15.4 11.9 11.5 7.5 7.9 11.2 13

14 Mutual fund shares 0.1 -1.6 0.2 -0.3 -0.1 -0.7 -0.7 -0.1 -0.1 -0.1 -0.1 14

15 Miscellaneous assets 1.7 -3.4 -0.8 -0.2 3.5 0.5 -1.2 -2.2 10.5 0.9 4.9 15

16 Net increase in liabilities 13.3 9.5 13.4 16.4 21.4 0.1 20.3 29.2 17.9 11.0 27.5 16

17 Shares/deposits 12.6 7.9 15.4 16.3 20.8 2.1 21.7 24.8 17.4 5.3 35.7 17

18 Checkable 1.7 2.0 2.1 1.6 3.8 -0.2 -0.3 6.9 4.5 5.7 -1.8 18

19 Small time and savings 9.8 5.5 11.6 12.3 15.4 1.0 17.4 14.0 11.4 -0.5 36.7 19

20 Large time 1.1 0.4 1.7 2.4 1.6 1.4 4.6 3.9 1.5 0.1 0.8 20

21 Other loans and advances 0.2 0.2 -0.1 0.1 0.1 0.3 0.3 -0.2 0.2 0.2 0.3 21

22 Miscellaneous liabilities 0.5 1.4 -1.9 0.0 0.5 -2.3 -1.6 4.5 0.3 5.6 -8.5 22

23 Discrepancy -1.0 0.3 -1.2 -0.6 -1.0 -0.2 -1.7 0.1 -1.6 -1.6 -0.8 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 1.6 18.8 -47.7 9.8 17.8 15.8 15.2 17.0 18.6 19.5 16.1 1

 2 Deposits -1.1 1.8 1.2 8.5 10.3 9.7 9.6 9.9 10.2 10.4 10.7 2

 3 Checkable deposits and currency -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 3

 4 Time and savings deposits -1.1 1.6 -1.0 -1.1 0.0 -1.1 -0.8 -0.4 -0.2 0.2 0.5 4

 5 Money market fund shares 0.1 0.6 2.1 9.4 10.2 10.7 10.2 10.2 10.3 10.1 10.1 5

 6 Credit market instruments 9.5 7.1 -18.8 3.9 9.2 7.8 7.2 8.2 8.9 9.4 10.3 6

 7 Open market paper -3.2 3.5 0.2 -0.4 0.7 -0.6 -0.2 0.2 0.5 0.9 1.2 7

 8 U.S. government securities 1.2 -1.1 -5.3 4.5 7.0 6.1 5.9 6.4 6.8 7.1 7.5 8

 9 Treasury 0.3 -0.6 -3.3 2.9 0.0 4.0 3.8 4.1 -0.7 0.1 -3.5 9

10 Agency 0.9 -0.5 -2.0 1.6 6.9 2.2 2.1 2.3 7.5 7.0 11.0 10

11 Municipal securities 12.9 5.3 -11.1 0.6 1.1 2.7 1.7 1.5 1.3 0.8 0.7 11

12 Corporate and foreign bonds -1.1 -0.4 -3.1 -0.5 -0.3 0.0 -0.2 -0.2 -0.3 -0.4 -0.4 12

13 Mortgages -0.3 -0.2 0.5 -0.3 0.8 -0.5 -0.1 0.3 0.6 1.0 1.3 13

14 Corporate equities -55.2 -8.8 -17.9 -23.2 -19.6 -22.1 -20.0 -21.2 -17.9 -18.4 -20.9 14

15 Mutual fund shares 44.9 21.7 -11.1 16.4 14.3 15.3 14.0 16.0 13.5 14.8 12.9 15

16 Miscellaneous assets 3.5 -3.1 -1.1 4.1 3.6 5.1 4.4 4.1 3.8 3.3 3.1 16

17 Net increase in liabilities (2) 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 17

18 Discrepancy -0.7 -1.0 -2.0 2.8 8.6 3.4 4.7 6.5 7.7 9.4 10.8 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
32 Z.1, March 13, 1998

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 4.0 22.7 15.3 14.5 14.4 15.6 19.2 15.3 15.5 13.9 12.9 1

 2 Fixed nonresidential investment 22.1 18.8 24.6 18.7 20.2 19.1 19.2 19.3 20.0 20.9 20.6 2

 3 Net acquisition of financial assets 143.0 120.9 144.7 128.3 206.4 180.2 214.8 151.4 266.6 233.2 174.5 3

 4 Checkable deposits and currency 0.4 0.4 -0.5 -0.9 -0.2 -0.5 -1.7 -3.4 2.3 -1.4 1.7 4

 5 Money market fund shares 6.4 -15.3 6.6 17.9 17.4 15.4 25.4 16.0 24.7 12.2 16.8 5

 6 Credit market instruments 100.9 66.7 99.2 72.5 121.1 123.2 118.1 94.3 175.0 107.0 108.1 6

 7 Open market paper 3.6 5.9 -7.3 2.9 19.9 -5.7 -15.9 18.4 10.3 28.0 22.8 7

 8 U.S. government securities 47.7 8.4 9.8 -13.6 12.1 35.7 -27.3 -4.4 13.3 25.8 13.8 8

 9 Treasury 20.1 -2.9 1.0 -14.9 3.7 4.5 -34.3 -0.0 2.5 11.6 0.7 9

10 Agency 27.6 11.3 8.7 1.3 8.5 31.1 7.0 -4.3 10.8 14.2 13.2 10

11 Municipal securities 3.2 -1.9 -0.9 1.5 1.8 1.1 4.0 0.6 0.9 1.5 4.3 11

12 Corporate and foreign bonds 58.3 59.9 90.7 79.2 76.4 96.7 158.2 69.3 137.4 43.3 55.8 12

13 Policy loans 5.7 7.8 10.4 4.5 5.4 11.8 -5.9 5.9 6.9 3.0 6.0 13

14 Mortgages -17.6 -13.5 -3.4 -2.1 5.4 -16.4 5.0 4.6 6.2 5.4 5.5 14

15 Corporate equities 36.3 61.8 18.6 42.1 53.5 47.7 77.7 35.1 54.6 84.9 39.5 15

16 Mutual fund shares 6.3 -14.9 13.5 7.0 5.4 7.0 7.0 3.5 5.4 8.4 4.3 16

17 Miscellaneous assets -7.3 22.2 7.2 -10.2 9.2 -12.8 -11.8 5.8 4.7 22.1 4.1 17

18 Net increase in liabilities 125.2 120.2 122.4 101.0 173.6 131.4 192.9 137.5 223.1 183.4 150.5 18

19 Other loans and advances 0.2 0.3 -0.1 1.1 0.2 -0.4 2.0 0.8 0.1 0.2 -0.3 19

20 Life insurance reserves 35.7 34.3 44.8 43.8 56.7 60.4 66.9 40.7 75.2 64.0 46.8 20

21 Pension fund reserves (1) 73.9 81.0 65.7 39.9 93.8 54.9 75.3 80.3 126.6 89.7 78.7 21

22 Taxes payable 1.6 1.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 22

23 Miscellaneous liabilities 13.7 3.6 11.4 15.5 22.4 15.9 48.2 15.1 20.6 29.0 24.8 23

24 Discrepancy -35.9 3.2 -31.6 -31.5 -38.5 -52.3 -21.9 -17.9 -47.9 -56.7 -31.6 24

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -1.1 -3.4 1.4 0.8 0.7 0.7 1.5 0.9 0.8 0.7 0.5 1

 2 Fixed nonresidential investment 2.4 2.7 2.6 2.7 2.9 2.8 2.8 2.8 2.9 3.0 3.0 2

 3 Net acquisition of financial assets 31.7 28.2 36.9 16.0 38.6 34.8 1.0 36.7 28.1 46.4 43.2 3

 4 Checkable deposits and currency -0.4 -0.2 -0.2 -0.9 0.2 1.3 -0.6 1.2 -0.7 0.4 -0.3 4

 5 Security RPs -0.9 -2.3 8.1 -2.1 2.0 12.0 -5.4 10.6 -6.2 3.8 -0.4 5

 6 Credit market instruments 27.7 24.9 21.5 22.5 23.3 14.2 27.7 -0.1 27.9 32.4 32.8 6

 7 U.S. government securities 15.4 11.0 2.8 -9.7 7.4 -13.9 -4.9 1.2 5.5 11.3 11.5 7

 8 Treasury 14.2 9.4 0.5 -12.6 7.2 -15.4 -16.5 0.9 11.5 8.1 8.2 8

 9 Agency 1.3 1.6 2.3 2.8 0.2 1.4 11.7 0.3 -5.9 3.2 3.3 9

10 Municipal securities 10.4 7.4 7.0 14.4 9.0 5.0 28.5 1.3 11.1 11.7 11.9 10

11 Corporate and foreign bonds 3.3 7.2 12.7 18.3 6.9 23.2 4.7 -3.0 11.7 9.4 9.6 11

12 Commercial mortgages -1.4 -0.7 -1.0 -0.4 -0.1 -0.1 -0.6 0.3 -0.4 -0.0 -0.1 12

13 Corporate equities 0.8 1.1 -0.6 -6.8 2.5 3.0 -15.7 3.2 1.1 3.2 2.6 13

14 Trade receivables 1.7 2.2 4.4 -0.1 5.4 0.5 -9.7 16.3 2.2 0.2 3.0 14

15 Miscellaneous assets 2.8 2.3 3.7 3.4 5.3 3.7 4.6 5.5 3.8 6.4 5.5 15

16 Net increase in liabilities 24.6 23.7 31.0 19.4 22.3 32.4 5.5 17.9 12.6 36.9 21.8 16

17 Corporate equity issues 7.4 6.5 7.1 6.2 2.9 8.0 1.8 2.8 2.2 4.0 2.6 17

18 Taxes payable 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 18

19 Miscellaneous liabilities 15.8 16.4 23.0 12.3 18.5 23.5 2.8 14.3 9.6 32.0 18.3 19

20 Discrepancy -10.6 -10.5 -7.1 1.5 -18.5 -4.5 3.2 -20.8 -17.5 -11.8 -23.9 20
Z.1, March 13, 1998 33

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.5 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.1 1.5 0.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 2

 3 Net acquisition of financial assets 97.8 78.1 96.1 84.3 82.9 82.3 91.9 73.3 85.7 79.3 93.2 3

 4 Checkable deposits and currency 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits -8.4 -4.5 -15.1 -11.9 -11.7 -13.3 -10.4 -13.7 -12.0 -10.2 -10.9 5

 6 Money market fund shares 6.5 5.3 6.0 4.8 0.7 2.8 9.0 -5.7 2.8 -1.8 7.6 6

 7 Security RPs 3.6 -0.5 -0.0 3.0 1.3 1.8 4.4 0.6 0.1 3.3 1.3 7

 8 Credit market instruments 49.5 45.5 61.4 46.5 66.9 41.3 31.0 52.4 58.5 66.2 90.5 8

 9 Open market paper 3.6 -0.5 -0.0 3.0 1.3 1.8 4.4 0.6 0.1 3.3 1.3 9

10 U.S. government securities 23.7 49.9 33.1 19.3 31.0 17.0 8.5 23.7 27.3 28.7 44.4 10

11 Treasury 15.7 31.6 21.0 12.4 19.3 11.4 6.0 14.9 17.1 17.6 27.5 11

12 Agency 8.0 18.3 12.0 6.9 11.8 5.6 2.5 8.8 10.1 11.1 17.0 12

13 Municipal securities 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 13

14 Corporate and foreign bonds 22.2 -7.7 27.0 22.5 32.1 21.0 17.2 25.9 29.0 31.6 41.8 14

15 Mortgages -0.1 3.6 1.3 1.6 2.4 1.4 0.9 2.1 2.1 2.4 2.9 15

16 Corporate equities 15.5 -4.0 6.2 -2.3 -23.6 4.0 11.3 -18.2 -7.8 -22.6 -45.9 16

17 Mutual fund shares 21.1 20.1 24.1 28.3 37.4 23.9 24.6 40.6 33.9 43.1 32.2 17

18 Miscellaneous assets 9.8 16.0 13.5 15.9 11.9 21.9 22.0 17.4 10.4 1.4 18.6 18

19 Unallocated insurance contracts (2) 0.6 -4.9 -5.4 1.5 -5.6 0.4 17.6 1.2 -15.7 -13.0 5.0 19

20 Contributions receivable 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 6.2 20.8 15.1 10.6 13.7 17.7 0.6 12.4 22.3 10.5 9.7 21

22 Pension fund reserves (liabilities) (3) 98.4 78.8 96.1 84.7 83.4 82.8 92.5 73.9 86.3 79.9 93.8 22

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.7 1.1 1.2 1.3 1.4 1.3 1.4 1.4 1.4 1.4 1.4 1

 2 Fixed nonresidential investment 1.5 2.1 1.2 2.2 2.4 2.2 2.3 2.3 2.3 2.4 2.4 2

 3 Net acquisition of financial assets 54.9 57.6 56.2 57.3 90.0 52.6 72.7 66.3 98.2 100.1 95.3 3

 4 Checkable deposits and currency 0.5 -1.3 -2.0 0.4 0.6 -4.0 0.5 -2.0 5.1 -1.8 1.0 4

 5 Time and savings deposits 2.7 -3.6 -0.9 0.1 -2.1 1.3 2.3 11.4 -13.7 -0.7 -5.3 5

 6 Security RPs -0.1 5.8 6.3 0.7 1.9 2.6 3.5 0.9 16.0 -11.5 2.4 6

 7 Credit market instruments 22.7 22.3 27.5 45.9 48.3 45.5 41.9 3.6 39.2 90.6 59.7 7

 8 Open market paper -0.1 5.8 6.3 0.7 1.9 2.6 3.5 0.9 16.0 -11.5 2.4 8

 9 U.S. government securities 10.8 15.1 24.6 27.7 23.3 -3.1 19.5 13.9 4.6 52.0 22.7 9

10 Treasury 15.2 8.0 4.8 14.7 23.1 -6.3 4.3 7.9 21.7 44.7 17.9 10

11 Agency -4.4 7.1 19.8 13.0 0.3 3.2 15.3 6.0 -17.1 7.3 4.8 11

12 Municipal securities 0.2 -0.3 0.1 0.0 0.3 0.7 0.0 -0.2 -0.0 1.9 -0.2 12

13 Corporate and foreign bonds 13.7 1.2 -4.2 16.7 21.8 44.5 18.0 -11.8 17.7 47.3 33.9 13

14 Mortgages -1.9 0.7 0.7 0.8 0.9 0.8 0.8 0.8 0.9 0.9 0.9 14

15 Corporate equities 44.3 29.3 41.3 52.2 44.3 79.8 59.5 57.3 41.8 55.1 23.0 15

16 Miscellaneous assets -15.2 5.2 -16.0 -42.1 -3.0 -72.6 -34.9 -4.8 9.8 -31.5 14.5 16

17 Pension fund reserves (liabilities) (1) 55.7 58.6 56.2 58.2 91.0 53.5 73.7 67.3 99.2 101.1 96.3 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
34 Z.1, March 13, 1998

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 1

 2 Foreign deposits -10.3 5.7 4.0 3.4 0.1 13.5 22.4 -9.8 -1.6 11.1 0.6 2

 3 Checkable deposits and currency 1.4 -1.3 -1.0 2.4 2.6 -3.5 9.9 2.8 -0.1 -6.9 14.7 3

 4 Time and savings deposits -2.8 -0.5 20.9 30.4 28.6 51.1 61.4 66.8 28.0 34.1 -14.6 4

 5 Security RPs 0.4 2.4 19.0 16.0 22.8 15.1 25.9 42.9 -20.7 49.2 19.8 5

 6 Credit market instruments 20.4 30.0 86.5 88.8 84.5 83.0 81.3 65.2 19.7 123.6 129.3 6

 7 Open market paper -9.1 22.7 48.4 38.4 62.1 46.4 30.3 108.6 -0.0 96.1 43.8 7

 8 U.S. government securities 14.5 -3.9 17.5 31.3 -9.5 25.7 31.0 -69.9 6.2 -25.6 51.1 8

 9 Treasury 1.0 -13.3 3.8 20.3 -4.0 5.6 2.1 -30.9 1.3 -6.5 19.9 9

10 Agency 13.5 9.4 13.7 11.0 -5.5 20.1 28.9 -39.0 4.9 -19.1 31.2 10

11 Municipal securities 9.6 7.8 14.3 16.8 22.5 12.8 22.5 16.7 8.0 33.4 31.8 11

12 Corporate and foreign bonds 5.4 3.4 6.4 2.4 9.4 -1.9 -2.6 9.8 5.5 19.7 2.8 12

13 Miscellaneous assets 11.0 6.9 12.8 4.8 19.1 -14.1 -13.3 14.6 33.1 32.4 -3.9 13

14 Net share issues (liabilities) 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 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 -33.9 -45.3 -53.3 -80.7 -89.1 -83.8 -93.8 -85.0 -85.0 -82.2 -104.2 1

 2 Net acquisition of financial assets 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 2

 3 Security RPs 16.8 4.4 7.1 -2.7 14.4 25.3 -34.5 22.1 20.1 1.2 14.2 3

 4 Credit market instruments 159.5 -7.1 52.5 48.9 74.7 27.5 25.3 61.9 91.6 103.6 41.4 4

 5 Open market paper 16.8 4.4 7.1 -3.1 9.8 15.6 -17.9 13.1 22.6 -9.6 12.9 5

 6 U.S. government securities 49.2 -10.4 18.9 15.1 11.6 -7.7 4.7 21.3 18.5 43.0 -36.4 6

 7 Treasury 31.4 -6.8 11.2 8.9 4.8 -4.5 2.8 12.6 10.9 25.3 -29.7 7

 8 Agency 17.9 -3.6 7.7 6.2 6.8 -3.1 1.9 8.7 7.6 17.6 -6.7 8

 9 Municipal securities 42.9 -4.3 3.2 3.1 9.0 1.3 1.4 3.7 3.5 11.6 17.3 9

10 Corporate and foreign bonds 50.6 3.2 23.3 33.8 44.3 18.3 37.1 23.9 47.1 58.7 47.6 10

11 Corporate equities 115.3 100.8 87.4 193.0 167.2 139.2 179.0 166.0 121.6 194.0 187.4 11

12 Miscellaneous assets 0.3 2.5 0.5 -1.7 2.8 -20.2 6.5 3.4 7.6 4.8 -4.8 12

13 Net share issues (liabilities) 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 13

14 Discrepancy -33.9 -45.3 -53.3 -80.7 -89.1 -83.8 -93.8 -85.0 -85.0 -82.2 -104.2 14

 Memo:

15 Capital gains dividends 36.1 30.0 54.6 101.1 184.1 57.5 215.7 67.8 52.1 60.7 556.1 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 23.7 2.4 5.9 0.7 -1.2 0.7 0.7 0.7 -0.7 -1.7 -2.9 1

 2 Credit market instruments 20.0 -3.7 10.5 2.2 0.8 2.2 2.2 2.7 1.3 0.3 -0.9 2

 3 U.S. government securities 2.1 -1.0 -1.5 0.1 -0.8 0.1 0.1 0.1 -0.6 -1.0 -1.5 3

 4 Municipal securities 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 4

 5 Corporate and foreign bonds 5.8 -4.4 5.8 1.3 0.8 1.3 1.3 1.8 1.0 0.5 -0.2 5

 6 Corporate equities 3.7 6.1 -4.6 -1.5 -2.0 -1.5 -1.5 -2.0 -2.0 -2.0 -2.0 6

 7 Net share issues (liabilities) 23.7 2.4 5.9 0.7 -1.2 0.7 0.7 0.7 -0.7 -1.7 -2.9 7
Z.1, March 13, 1998 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.7 1.7 2.0 2.0 2.0 2.0 1.9 2.0 2.0 2.0 2.1 1

 2 Fixed nonresidential investment 0.5 0.5 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 78.8 150.7 115.1 91.7 110.2 83.8 134.6 21.1 178.3 66.4 174.9 3

 4 Checkable deposits and currency 0.9 -0.9 0.2 -0.8 1.2 -0.4 0.6 0.8 8.0 -3.9 -0.2 4

 5 Federal funds and security RPs -16.2 35.4 20.5 -11.8 -1.4 0.3 -36.0 6.4 24.5 1.6 -37.9 5

 6 Credit market instruments 87.8 117.8 84.7 92.0 95.0 81.4 137.9 45.1 119.2 55.5 160.1 6

 7 Open market paper -1.7 14.4 -0.8 9.6 -2.6 -4.6 36.7 31.2 10.8 -59.2 6.6 7

 8 U.S. government securities 11.2 63.4 63.4 46.7 66.1 63.8 20.5 50.8 59.4 105.1 48.9 8

 9 Treasury -7.1 0.4 6.1 -12.9 -3.1 8.3 -57.5 -8.1 -26.7 40.7 -18.4 9

10 Agency 18.4 63.1 57.4 59.6 69.2 55.5 78.0 58.9 86.1 64.4 67.3 10

11 Municipal securities -0.6 0.8 1.0 -0.3 1.1 -0.4 -0.0 1.2 -2.2 -1.1 6.5 11

12 Corporate and foreign bonds 11.1 8.5 5.5 5.6 2.8 -2.8 44.1 -3.2 0.2 -21.7 36.0 12

13 Other loans and advances 26.5 27.2 11.2 28.8 31.6 28.4 36.2 -20.9 57.4 34.0 55.7 13

14 Sallie Mae 1.8 3.6 0.9 -1.7 -4.9 -2.8 2.3 -4.9 -5.6 -4.4 -4.5 14

15 Farm Credit System 1.4 0.8 3.9 1.4 0.0 -2.2 1.5 3.0 0.2 0.6 -3.8 15

16 FHLB loans 23.3 22.8 6.4 29.1 36.4 33.4 32.3 -18.9 62.9 37.8 63.9 16

17 Mortgages 41.3 3.6 4.4 1.7 -3.9 -3.1 0.4 -14.0 -6.5 -1.6 6.6 17

18 Home 39.8 2.6 3.9 1.0 -3.6 -3.2 1.2 -12.9 -5.7 -1.9 6.3 18

19 Multifamily residential 1.7 0.9 0.6 -0.5 -1.2 -0.7 -0.9 -1.3 -1.9 -1.2 -0.7 19

20 Farm -0.2 0.1 -0.1 1.1 0.9 0.8 0.1 0.2 1.1 1.4 1.0 20

21 Miscellaneous assets 6.3 -1.7 9.7 12.3 15.4 2.5 32.2 -31.2 26.7 13.3 52.9 21

22 Net increase in liabilities 75.7 147.3 112.0 93.1 111.6 82.2 146.7 22.4 178.1 72.6 173.4 22

23 Credit market instruments 80.6 172.1 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 23

24 GSE issues (2) 80.6 176.9 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 24

25 U.S. government loans 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities -4.9 -24.9 6.1 2.7 12.7 2.2 23.4 31.3 -19.9 26.2 13.1 26

27 Discrepancy -1.9 -2.2 -1.5 3.0 3.0 -0.1 13.6 2.8 1.3 7.7 0.1 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 1

 2 Home mortgages 86.1 115.4 93.7 135.5 109.1 135.8 122.4 109.6 82.4 109.4 135.0 2

 3 Multifamily residential mortgages -1.4 -0.0 4.5 5.6 5.3 7.1 7.2 5.0 5.7 5.2 5.3 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 Net increase in pool securities (liabilities)(2) 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
36 Z.1, March 13, 1998

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.2 0.3 0.4 1.1 1.6 1.2 1.4 1.3 1.5 1.7 1.8 1

 2 Fixed nonresidential investment 0.2 0.6 1.7 6.3 3.7 0.7 6.6 -0.1 4.8 4.9 5.1 2

 3 Net acquisition of financial assets 82.8 68.5 131.6 126.7 166.1 88.5 133.4 64.3 91.7 166.4 342.2 3

 4 Agency securities (1) 14.7 0.6 2.3 -28.4 -46.7 -22.9 -55.1 -39.1 -36.4 -68.0 -43.2 4

 5 Other loans and advances 9.7 4.3 6.9 13.3 31.5 -6.5 24.0 -11.1 12.1 0.7 124.3 5

 6 Student loans 0.0 0.0 1.0 5.3 8.3 4.0 5.1 6.8 8.3 8.2 10.0 6

 7 Loans to business 9.7 4.3 5.9 8.1 23.2 -10.5 19.0 -17.9 3.8 -7.5 114.3 7

 8 Mortgages (2) 45.5 41.2 36.3 62.6 97.7 45.7 74.7 58.7 72.1 113.9 146.3 8

 9 Home 32.9 23.7 19.3 34.1 56.1 33.2 24.0 36.8 33.4 79.8 74.4 9

10 Multifamily residential 2.4 6.2 6.4 12.4 14.6 5.3 22.2 7.7 13.5 11.9 25.2 10

11 Commercial 10.3 11.3 10.6 16.1 27.1 7.2 28.5 14.3 25.1 22.1 46.7 11

12 Consumer credit 10.2 15.6 65.6 54.2 47.2 45.7 45.9 30.8 32.4 60.5 65.3 12

13 Trade credit 2.6 6.8 20.5 25.0 36.3 26.5 43.8 25.0 11.5 59.3 49.5 13

14 Net increase in liabilities 82.8 68.8 132.9 132.0 168.2 88.0 138.6 62.9 95.0 169.6 345.5 14

15 Commercial paper 4.7 12.4 37.3 45.4 89.4 51.4 62.0 47.6 35.0 110.5 164.2 15

16 Corporate bonds 78.1 56.4 95.6 86.6 78.9 36.6 76.6 15.3 60.0 59.1 181.3 16

17 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Memo:

 Securitized consumer leases

18 not included above (3) 0.0 0.3 1.3 5.3 2.1 -0.5 5.2 -1.4 3.3 3.2 3.3 18

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 14.9 24.6 27.5 29.0 29.5 28.3 29.9 29.4 29.5 29.5 29.4 1

 2 Fixed nonresidential investment 13.0 19.1 19.5 17.8 22.5 24.1 18.1 25.0 21.1 22.3 21.6 2

 3 Net acquisition of financial assets 6.3 42.3 72.7 42.2 54.9 40.1 53.2 36.5 61.4 47.1 74.4 3

 4 Checkable deposits and currency 1.4 1.6 1.7 1.9 2.1 1.9 1.9 2.0 2.0 2.1 2.1 4

 5 Credit market instruments -20.9 48.3 49.9 18.4 22.2 13.2 -6.2 44.9 1.9 65.2 -23.2 5

 6 Other loans and advances -15.9 25.9 26.7 7.9 9.3 6.1 6.1 26.3 -13.9 55.2 -30.5 6

 7 Mortgages -3.1 4.2 5.6 10.2 5.3 7.6 1.6 2.9 5.6 6.6 6.0 7

 8 Consumer credit -1.9 18.3 17.7 0.3 7.6 -0.6 -13.9 15.8 10.2 3.3 1.3 8

 9 Miscellaneous assets 25.7 -7.6 21.0 22.0 30.6 25.0 57.4 -10.4 57.5 -20.2 95.5 9

10 Net increase in liabilities 10.9 64.2 72.7 49.8 46.8 44.2 72.6 37.4 51.8 46.5 51.6 10

11 Credit market instruments -1.4 48.7 50.2 45.9 48.7 30.7 43.8 7.2 123.8 -2.9 66.6 11

12 Open market paper -0.1 22.5 -2.9 9.0 23.9 13.3 -0.2 42.6 41.2 -17.5 29.3 12

13 Corporate bonds 12.5 31.7 52.6 32.5 20.3 13.2 40.9 -31.5 82.5 6.1 24.4 13

14 Bank loans n.e.c. -13.7 -5.6 0.5 4.4 4.4 4.2 3.1 -3.8 0.1 8.5 12.9 14

15 Taxes payable 0.8 0.8 1.0 1.0 1.0 1.0 0.9 1.0 1.0 1.0 1.0 15

16 Miscellaneous liabilities 11.5 14.8 21.6 3.0 -2.8 12.6 27.9 29.2 -73.0 48.5 -16.0 16

17 Foreign direct investment in U.S. 23.6 3.2 15.4 7.5 33.3 22.2 12.6 49.1 38.0 29.4 16.7 17

18 Investment by parent 1.2 6.2 9.3 9.3 4.4 6.4 9.7 2.7 -3.9 6.3 12.2 18

19 Other -13.4 5.4 -3.1 -13.8 -40.4 -16.0 5.7 -22.6 -107.1 12.8 -45.0 19

20 Discrepancy 6.5 27.3 8.1 18.8 -1.1 8.4 31.2 5.3 -1.3 6.7 -15.1 20

 Memo:

21 Consumer leases not included above (2) 10.2 18.2 13.4 11.7 4.3 12.5 10.6 12.2 11.5 -9.4 2.9 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 13, 1998 37

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 1

 2 Home mortgages -0.5 -24.0 -4.5 8.2 5.2 4.8 4.0 -3.3 10.0 6.0 8.0 2

 3 Multifamily residential mortgages 0.1 0.0 1.1 -0.1 1.5 -1.3 0.1 3.0 0.0 1.2 1.7 3

 4 Commercial mortgages 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 5

 6 Bank loans n.e.c. 0.0 -11.5 0.4 12.4 4.8 1.7 12.1 5.9 5.0 3.6 4.9 6

 7 Investment by parent -0.1 -12.5 -3.8 -4.3 1.8 1.7 -7.9 -6.2 5.0 3.6 4.8 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 4.2 12.9 15.7 22.0 23.2 22.3 22.5 22.8 23.0 23.3 23.6 1

 2 Fixed nonresidential investment 1.1 14.6 7.8 20.9 35.8 24.7 23.4 26.9 29.6 39.1 47.6 2

 3 Multifamily residential investment 5.2 7.3 2.9 5.2 9.0 6.2 5.8 6.7 7.4 9.8 11.9 3

 4 Net acquisition of financial assets 3.6 4.6 3.4 1.6 4.1 1.6 2.7 2.0 2.8 5.2 6.3 4

 5 Mortgages 0.6 4.7 2.2 3.5 5.0 3.4 3.9 5.0 5.0 5.0 5.0 5

 6 Home 0.1 0.5 0.2 0.4 0.5 0.4 0.4 0.5 0.6 0.5 0.5 6

 7 Multifamily residential 0.4 3.1 1.4 2.3 3.3 2.2 2.5 3.3 3.3 3.3 3.3 7

 8 Commercial 0.1 1.1 0.5 0.8 1.2 0.8 0.9 1.2 1.2 1.2 1.2 8

 9 Miscellaneous assets 3.0 -0.1 1.3 -1.9 -0.9 -1.8 -1.2 -3.0 -2.2 0.2 1.3 9

10 Net increase in liabilities 18.7 32.5 16.8 28.4 57.8 31.1 37.7 42.3 47.2 63.9 77.7 10

11 Security RPs 2.1 4.7 1.2 1.6 1.0 1.7 2.3 0.4 0.6 1.3 1.7 11

12 Credit market instruments 3.4 13.7 6.0 12.8 23.8 13.7 17.7 20.2 20.3 26.9 27.9 12

13 Open market paper -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Corporate bonds 0.3 2.0 2.0 2.8 9.0 3.0 3.9 3.4 5.5 12.1 15.1 14

15 Bank loans n.e.c. -0.2 2.5 -1.9 -1.5 0.8 -2.2 -0.6 0.8 0.8 0.8 0.8 15

16 Mortgages 3.6 9.8 5.9 11.4 14.0 12.9 14.3 16.0 14.0 14.0 12.0 16

17 Corporate equity issues 13.2 11.1 8.3 12.3 32.7 13.2 17.2 21.7 26.1 35.2 47.7 17

18 Miscellaneous liabilities -0.1 2.9 1.4 1.6 0.3 2.5 0.6 0.1 0.1 0.3 0.4 18

19 Discrepancy 13.0 18.9 18.3 22.7 32.1 21.0 28.3 29.5 30.4 33.1 35.5 19
38 Z.1, March 13, 1998

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -0.3 6.6 2.1 3.8 3.9 3.6 3.7 3.8 3.8 3.9 3.9 1

 2 Fixed nonresidential investment 0.8 0.9 1.0 1.0 1.1 1.0 1.0 1.0 1.1 1.1 1.1 2

 3 Net acquisition of financial assets 97.0 -24.1 113.4 68.2 140.5 71.4 212.9 59.8 274.2 125.9 102.0 3

 4 Checkable deposits and currency 1.9 -0.3 1.7 1.9 5.6 -0.1 1.4 -3.1 12.9 3.6 8.9 4

 5 Credit market instruments 14.8 -44.2 90.1 -15.7 15.9 35.5 82.7 -14.5 -11.7 15.8 74.0 5

 6 Open market paper -0.3 -3.7 10.9 1.6 0.6 -7.4 22.5 6.1 3.0 -5.7 -1.1 6

 7 U.S. government securities -12.8 -30.2 70.0 -29.9 3.0 33.6 -0.6 -45.8 -17.2 -12.1 87.3 7

 8 Treasury -20.7 -14.4 61.0 -31.1 7.8 40.4 -35.4 -40.2 -16.9 -62.7 151.1 8

 9 Agency 7.8 -15.8 9.0 1.2 -4.8 -6.8 34.8 -5.6 -0.3 50.6 -63.8 9

10 Municipal securities 5.8 -1.7 -2.7 -1.9 2.4 -3.7 11.9 -3.2 5.3 -1.3 8.8 10

11 Corporate and foreign bonds 22.2 -8.7 12.0 14.5 9.8 13.1 49.0 28.4 -2.9 34.9 -21.0 11

12 Corporate equities 8.1 -3.4 7.7 -1.9 1.3 -14.0 26.5 2.5 -5.8 14.1 -5.8 12

13 Security credit 22.6 -1.1 3.5 15.8 34.3 -11.7 29.9 26.8 37.6 67.8 5.1 13

14 Miscellaneous assets 49.6 24.8 10.3 68.2 83.4 61.7 72.4 48.2 241.2 24.6 19.8 14

15 Net increase in liabilities 98.0 -29.1 112.8 66.2 138.4 69.8 210.7 57.3 272.4 124.0 99.9 15

16 Security RPs (net) 20.0 -23.0 79.0 -1.5 26.3 -19.7 48.9 -40.9 121.9 23.7 0.7 16

17 Corporate bonds 12.0 0.5 -5.0 -2.0 8.0 5.7 4.9 -2.9 34.9 -6.9 7.0 17

18 Corporate equity issues 1.3 4.7 -8.1 -6.5 -5.9 -5.8 -11.7 3.8 -17.4 -8.6 -1.6 18

19 Trade payables 2.7 -0.9 1.1 4.0 5.6 5.7 -0.7 13.4 -5.1 29.1 -14.9 19

20 Security credit 38.7 1.0 23.1 36.6 69.5 16.9 95.3 90.4 99.7 11.9 76.0 20

21 Customer credit balances (HH) 26.0 6.7 18.6 35.3 47.9 33.3 70.8 36.2 68.3 16.6 70.4 21

22 From banks 12.7 -5.7 4.6 1.3 21.7 -16.4 24.5 54.2 31.5 -4.7 5.7 22

23 Taxes payable 0.5 -0.2 -0.1 0.1 0.1 -0.5 0.7 -0.9 -0.6 0.9 0.9 23

24 Miscellaneous liabilities 15.6 1.6 12.6 27.5 22.9 58.9 62.7 -11.4 15.1 56.4 31.3 24

25 Foreign direct investment in U.S. 0.1 0.8 1.5 0.5 1.9 0.2 0.8 0.7 0.1 5.8 0.9 25

26 Due to affiliates 29.2 25.7 25.1 51.2 59.6 15.2 72.1 93.0 13.5 68.4 63.4 26

27 Other -13.7 -24.8 -14.0 -24.2 -38.6 43.4 -10.2 -105.1 1.5 -17.9 -33.0 27

28 Proprietors’ net investment 7.1 -12.7 10.2 8.0 11.9 8.5 10.5 5.7 23.8 17.6 0.5 28

29 Discrepancy -0.2 0.7 0.6 0.8 0.7 0.9 0.5 0.3 0.8 0.9 0.7 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -14.6 31.1 2.4 109.7 94.1 86.5 131.2 155.1 -35.1 98.9 157.7 1

 2 Money market fund shares 10.1 31.8 2.4 27.3 10.4 23.4 32.9 7.0 11.3 -3.5 26.9 2

 3 Credit market instruments -35.3 -16.2 -24.6 17.2 30.4 8.6 -7.6 31.9 -33.1 15.6 107.2 3

 4 Open market paper -39.3 -26.2 -34.3 -5.6 23.8 -18.7 -22.5 19.9 -37.1 17.4 95.2 4

 5 Corporate and foreign bonds 4.0 10.0 9.8 22.8 6.6 27.3 14.9 12.0 4.1 -1.7 11.9 5

 6 Miscellaneous assets (2) 10.6 15.6 24.5 65.2 53.3 54.5 106.0 116.2 -13.4 86.7 23.6 6

 7 Investment in foreign banking offices -6.6 -0.5 6.7 13.7 14.3 26.3 20.1 59.6 -20.3 34.4 -16.4 7

 8 Investment in brokers and dealers 17.2 16.1 17.8 51.5 39.0 28.2 85.8 56.7 6.9 52.3 40.0 8

 9 Net increase in liabilities -14.6 31.1 2.4 109.7 94.1 86.5 131.2 155.1 -35.1 98.9 157.7 9

10 Credit market instruments 6.3 23.1 34.9 64.1 80.7 33.7 123.0 129.4 -16.1 130.7 78.8 10

11 Open market paper -7.3 3.0 10.5 34.9 50.1 20.7 103.8 83.7 -13.2 79.2 50.8 11

12 Corporate bonds 13.6 20.0 24.4 29.2 30.6 12.9 19.2 45.7 -2.9 51.5 28.0 12

13 Miscellaneous liabilities -21.0 8.1 -32.6 45.6 13.4 52.9 8.3 25.7 -19.0 -31.9 78.9 13

14 Foreign direct investment in U.S. 4.3 -7.5 -10.4 1.1 -27.4 20.8 -17.0 -13.2 2.7 -44.0 -55.2 14

15 Securities loaned (net) 43.6 24.6 -5.5 59.9 59.9 63.2 43.3 49.8 202.8 -12.2 -0.9 15

16 Other -68.8 -9.0 -16.6 -15.4 -19.0 -31.1 -18.0 -10.9 -224.5 24.4 135.0 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 13, 1998 39

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 1.4 -5.3 9.6 -6.7 1.0 -30.0 1.3 -17.9 0.9 2.9 18.1 1

 2 U.S. gold stock and SDRs 0.5 0.4 0.8 -0.4 0.4 -3.4 0.6 -0.3 0.5 0.6 0.6 2

 3 Federal govt.: Exchange Stab. Fund 0.5 0.4 0.8 -0.4 0.4 -3.4 0.6 -0.3 0.5 0.6 0.6 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 4

 5 U.S. foreign exchange position 0.8 -5.8 8.8 -6.3 0.7 -26.6 0.7 -17.6 0.4 2.4 17.5 5

 6 Official foreign currency holdings 0.8 -5.3 6.3 -7.6 -2.9 -27.3 0.6 -13.4 0.6 0.5 0.6 6

 7 Treasury 0.4 -2.6 3.2 -3.8 -1.5 -13.6 0.3 -6.7 0.3 0.3 0.3 7

 8 Monetary authority 0.4 -2.6 3.2 -3.8 -1.5 -13.6 0.3 -6.7 0.3 0.3 0.3 8

 9 Net IMF position 0.0 -0.5 2.5 1.3 3.6 0.7 0.1 -4.2 -0.2 1.9 16.9 9

10 Federal government 0.1 -0.5 2.5 1.3 3.6 0.7 0.1 -4.2 -0.2 1.9 16.9 10

11 Monetary authority -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 2.2 -0.5 -0.5 -1.8 0.0 -2.1 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 2.2 -0.5 -0.5 -1.8 0.0 -2.1 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.4 0.7 0.6 -0.0 0.0 2.3 -2.3 0.4 0.2 1.3 -1.9 3

 4 Asset: Monetary authority 0.6 0.9 1.0 1.0 0.6 1.1 0.7 0.8 0.6 0.5 0.6 4

 5 Discrepancy (seigniorage) -0.2 -0.2 -0.5 -1.0 -0.6 1.3 -3.1 -0.3 -0.5 0.8 -2.4 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability -18.5 52.9 35.3 82.0 89.0 119.7 104.5 188.6 18.8 105.4 43.1 1

 Held by:

 2 Household sector -1.1 3.1 4.6 12.4 13.8 16.0 16.1 17.1 15.2 12.0 11.0 2

 3 Nonfinancial corporate business -1.4 1.1 1.1 10.4 6.8 3.9 28.8 3.4 15.4 4.2 4.3 3

 4 Money market mutual funds -10.3 5.7 4.0 3.4 0.1 13.5 22.4 -9.8 -1.6 11.1 0.6 4

 5 Discrepancy--unallocated assets -5.7 43.0 25.7 55.8 68.3 86.3 37.3 178.0 -10.2 78.1 27.2 5
40 Z.1, March 13, 1998

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 50.5 89.8 9.9 -51.6 -40.2 -97.2 17.6 -88.8 -43.7 -42.7 14.5 1

 2 Monetary authority 3.7 1.3 1.3 -0.5 6.1 5.9 4.7 -22.9 17.2 8.7 21.5 2

 3 Depository institution reserves 2.9 -4.2 -1.2 -5.1 6.3 -10.1 -4.9 -9.7 18.3 1.2 15.5 3

 4 Vault cash 0.8 5.5 2.4 4.6 -0.2 16.0 9.5 -13.2 -1.0 7.5 6.0 4

 5 Commercial banking 46.9 88.5 8.7 -51.2 -46.3 -103.1 12.9 -65.9 -60.9 -51.4 -7.0 5

 6 To monetary authority -2.9 -1.5 0.7 4.1 -1.6 7.4 8.3 -3.6 -4.5 -9.2 10.8 6

 7 To banks in foreign countries 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 7

 8 Liabilities, net 46.3 93.6 10.7 -46.8 -24.1 -93.6 1.3 -54.2 -43.0 0.4 0.5 8

 9 U.S.-chartered commercial banks 19.3 74.4 -2.7 -31.1 7.4 -48.8 3.9 19.9 25.9 10.1 -26.3 9

10 Due to foreign affiliates 6.6 52.6 -14.7 -1.9 56.0 18.4 45.1 27.0 22.6 -3.1 177.3 10

11 - Due from foreign affiliates -12.8 -21.7 -12.0 29.2 48.6 67.2 41.3 7.1 -3.3 -13.3 203.6 11

12 Foreign banking offices in U.S. 29.2 27.1 17.2 -11.5 -32.3 -39.0 15.7 -95.6 -54.2 -5.8 26.4 12

13 Due to foreign affiliates -1.7 1.4 15.5 10.6 -30.5 -5.1 67.1 -0.2 -2.2 -44.7 -75.0 13

14 - Due from foreign affiliates -30.9 -25.7 -1.7 22.1 1.7 33.9 51.4 95.3 51.9 -38.9 -101.5 14

15 Bank holding companies -2.3 -7.8 -3.8 -4.1 0.8 -5.8 -18.3 21.5 -14.8 -4.0 0.3 15

16 Due to foreign affiliates -2.3 -2.5 -1.1 -0.2 0.3 -1.8 0.8 -1.3 -0.3 3.4 -0.5 16

17 - Due from foreign affiliates -0.0 5.3 2.7 3.9 -0.4 4.0 19.1 -22.8 14.5 7.4 -0.8 17

18 Less: Deposits at foreign banks 0.7 0.8 -0.4 5.2 4.6 12.6 0.9 35.1 -11.0 -9.0 3.3 18

19 U.S.-chartered commercial banks 0.7 -0.4 -2.5 5.2 5.5 10.9 -1.1 31.9 -6.9 -4.3 1.3 19

20 Foreign banking offices in U.S. 0.0 1.3 2.1 -0.0 -0.9 1.7 2.0 3.2 -4.1 -4.7 2.1 20

21 To U.S. banking, net 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 21

22 U.S.-chartered commercial banks 13.3 5.6 -7.3 -23.5 -2.1 -24.2 -9.7 23.2 -11.0 -35.5 15.1 22

23 Liabilities 6.0 4.9 -8.1 -6.6 -10.0 -16.8 13.8 38.7 -17.1 -45.5 -16.3 23

24 To foreign offices in U.S. 1.9 8.1 -4.9 -3.0 6.1 -13.4 11.6 8.7 7.8 5.9 2.1 24

25 To bank holding companies -0.1 -0.4 -0.1 -0.3 -0.2 0.9 -2.0 3.1 -0.5 0.2 -3.5 25

26 Unallocated 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 26

 Less, due from:

27 Foreign offices in U.S. -10.5 -6.5 -1.3 6.0 -7.4 7.5 17.6 28.0 -6.3 -19.6 -31.7 27

28 Bank holding companies 3.2 5.8 0.5 10.9 -0.6 -0.2 5.9 -12.5 0.1 9.7 0.3 28

29 Foreign banking offices in U.S. -12.3 -14.6 3.6 9.0 -13.5 20.9 6.0 19.4 -14.1 -25.5 -33.8 29

30 Due to U.S. banks -10.5 -6.5 -1.3 6.0 -7.4 7.5 17.6 28.0 -6.3 -19.6 -31.7 30

31 - Due from U.S. banks 1.9 8.1 -4.9 -3.0 6.1 -13.4 11.6 8.7 7.8 5.9 2.1 31

32 Bank holding companies 3.2 6.2 0.6 11.2 -0.4 -1.0 7.9 -15.6 0.7 9.5 3.7 32

33 Due to U.S. banks 3.2 5.8 0.5 10.9 -0.6 -0.2 5.9 -12.5 0.1 9.7 0.3 33

34 - Due from U.S. banks -0.1 -0.4 -0.1 -0.3 -0.2 0.9 -2.0 3.1 -0.5 0.2 -3.5 34

35 Net change in assets 46.3 92.6 13.1 -48.3 -24.2 -92.9 13.4 -115.7 -19.3 8.8 29.4 35

36 Rest of the world 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 36

37 Domestic 0.7 -0.2 2.0 3.7 4.5 13.3 13.0 -26.5 12.7 -0.5 32.3 37

38 Monetary authority -2.9 -1.5 0.7 4.1 -1.6 7.4 8.3 -3.6 -4.5 -9.2 10.8 38

39 Federal Reserve float -2.3 -1.6 0.8 4.2 -3.6 3.3 14.6 -19.3 3.9 -2.9 3.9 39

40 Loans to member banks -0.6 0.1 -0.1 -0.1 2.0 4.1 -6.3 15.7 -8.4 -6.3 6.9 40

41 Commercial banking 3.3 1.9 1.4 -0.0 6.7 6.8 4.8 -22.1 18.1 8.8 22.0 41

42 Reserves at Federal Reserve 2.5 -3.5 -1.1 -4.6 6.9 -9.2 -4.7 -8.9 19.1 1.3 16.0 42

43 Vault cash 0.8 5.5 2.4 4.6 -0.2 16.0 9.5 -13.2 -1.0 7.5 6.0 43

44 Savings insts.: Reserves at Fed. Res. 0.4 -0.6 -0.1 -0.5 -0.6 -0.9 -0.1 -0.8 -0.9 -0.1 -0.5 44

45 Discrepancy--floats, etc. 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 45
Z.1, March 13, 1998 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 117.3 -9.7 -12.7 15.8 41.1 105.9 -53.3 85.3 64.2 -49.2 64.3 1

 2 Monetary authority 37.1 25.3 17.0 23.5 30.1 46.3 32.3 36.1 22.0 18.7 43.7 2

 3 Federal government cash and deposits 7.2 -7.7 -1.2 1.7 -2.3 22.6 3.7 4.8 1.1 -10.6 -4.6 3

 4 Deposits due to foreign 0.1 -0.1 0.2 -0.1 0.5 0.5 -0.2 3.2 -2.7 0.3 1.3 4

 5 Currency outside banks 29.8 33.1 18.0 21.8 31.9 23.1 28.8 28.1 23.6 29.0 47.0 5

 6 Commercial banking 74.1 -31.7 -45.9 -34.6 -19.9 34.9 -113.8 16.2 8.0 -97.4 -6.4 6

 7 Federal government deposits 12.1 -18.9 -4.7 9.7 -0.9 39.5 -12.8 -4.0 -14.0 11.7 2.7 7

 8 Deposits due to foreign -0.4 1.9 0.8 2.6 4.9 -8.0 6.3 0.9 10.2 -5.1 13.7 8

 9 Private domestic deposits 62.4 -14.7 -42.0 -46.9 -23.9 3.3 -107.3 19.3 11.8 -103.9 -22.7 9

10 Savings institutions 4.4 -5.4 14.1 25.4 27.1 25.1 28.5 26.1 29.8 23.8 28.7 10

11 Credit unions 1.7 2.0 2.1 1.6 3.8 -0.2 -0.3 6.9 4.5 5.7 -1.8 11

12 Net change in assets 117.3 -9.7 -12.7 15.8 41.1 105.9 -53.3 85.3 64.2 -49.2 64.3 12

13 Household sector 47.2 -31.0 -42.6 -42.0 -29.2 -25.2 -107.7 47.2 -14.9 -104.7 -44.4 13

14 Nonfinancial business 22.9 25.3 20.8 30.6 32.5 53.5 18.7 23.7 40.8 34.6 30.9 14

15 Corporate 13.6 18.5 17.4 27.0 27.2 49.9 14.9 18.9 35.8 29.4 24.7 15

16 Nonfarm noncorporate 7.6 5.1 3.8 4.3 4.8 4.2 4.4 4.4 4.6 4.8 5.5 16

17 Farm 1.7 1.7 -0.4 -0.6 0.4 -0.6 -0.6 0.3 0.3 0.3 0.7 17

18 State and local governments 1.6 3.2 2.8 -2.7 1.7 2.4 -2.2 4.2 -2.2 8.1 -3.5 18

19 Federal government 20.7 -21.7 -0.0 11.0 -0.5 35.1 12.2 10.2 -29.0 -1.0 17.6 19

20 Rest of the world 18.6 25.2 13.4 19.9 30.2 22.1 37.3 18.1 26.8 21.5 54.6 20

21 Checkable deposits -0.3 1.8 1.1 2.6 5.4 -7.5 6.1 4.1 7.5 -4.9 15.0 21

22 Currency 18.9 23.4 12.3 17.3 24.8 29.6 31.2 13.9 19.3 26.3 39.6 22

23 Financial sectors 8.9 -3.1 2.7 2.7 13.1 -4.3 13.5 -6.1 31.5 -6.4 33.3 23

24 Commercial banking -0.3 0.4 0.2 -0.2 0.0 -0.3 -0.1 -0.1 0.2 -0.1 0.1 24

25 Savings institutions 3.1 -1.5 1.6 -1.3 1.1 2.9 -0.5 -4.3 2.0 2.4 4.1 25

26 Credit unions -0.1 0.0 0.9 0.1 0.0 -1.7 2.1 0.0 -0.4 -0.7 1.1 26

27 Bank personal trusts and estates -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 27

28 Life insurance companies 0.4 0.4 -0.5 -0.9 -0.2 -0.5 -1.7 -3.4 2.3 -1.4 1.7 28

29 Other insurance companies -0.4 -0.2 -0.2 -0.9 0.2 1.3 -0.6 1.2 -0.7 0.4 -0.3 29

30 Private pension funds 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 30

31 State and local govt. retirement funds 0.5 -1.3 -2.0 0.4 0.6 -4.0 0.5 -2.0 5.1 -1.8 1.0 31

32 Money market mutual funds 1.4 -1.3 -1.0 2.4 2.6 -3.5 9.9 2.8 -0.1 -6.9 14.7 32

33 Government-sponsored enterprises 0.9 -0.9 0.2 -0.8 1.2 -0.4 0.6 0.8 8.0 -3.9 -0.2 33

34 Finance companies 1.4 1.6 1.7 1.9 2.1 1.9 1.9 2.0 2.0 2.1 2.1 34

35 Brokers and dealers 1.9 -0.3 1.7 1.9 5.6 -0.1 1.4 -3.1 12.9 3.6 8.9 35

36 Mail float -2.8 -7.6 -9.8 -3.6 -6.6 22.4 -25.0 -12.0 11.3 -1.3 -24.3 36
42 Z.1, March 13, 1998

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -93.9 -20.3 162.2 211.3 219.0 274.4 225.6 207.9 200.8 240.7 226.8 1

 2 Small time and savings deposits -70.3 -39.9 96.6 97.2 98.5 94.2 90.1 157.9 24.5 46.6 165.1 2

 3 Commercial banking -12.0 -1.0 113.9 123.1 148.4 80.5 157.4 189.9 77.3 141.3 185.3 3

 4 U.S.-chartered commercial banks -10.9 -0.6 113.4 122.8 144.1 81.6 153.7 147.9 88.9 154.8 184.7 4

 5 Foreign banking offices in U.S. -0.8 -1.1 -0.7 0.1 4.3 -0.2 4.3 43.1 -10.7 -14.7 -0.4 5

 6 Banks in U.S.-affiliated areas -0.2 0.8 1.2 0.2 0.0 -0.9 -0.6 -1.1 -1.0 1.2 1.0 6

 7 Savings institutions -68.2 -44.4 -29.0 -38.1 -65.3 12.7 -84.6 -46.0 -64.2 -94.1 -56.8 7

 8 Credit unions 9.8 5.5 11.6 12.3 15.4 1.0 17.4 14.0 11.4 -0.5 36.7 8

 9 Large time deposits (1) -23.5 19.6 65.6 114.0 120.5 180.2 135.4 49.9 176.3 194.1 61.6 9

10 Commercial banking -21.0 21.3 54.8 105.3 107.9 150.6 137.8 37.5 167.6 181.9 44.4 10

11 U.S.-chartered commercial banks -20.0 17.9 42.6 49.5 63.1 65.0 39.1 22.3 72.7 123.8 33.7 11

12 Foreign banking offices in U.S. -0.8 2.6 11.0 55.6 44.7 86.4 99.3 16.3 95.9 57.0 9.7 12

13 Banks in U.S.-affiliated areas -0.2 0.8 1.2 0.2 0.0 -0.9 -0.6 -1.1 -1.0 1.2 1.0 13

14 Savings institutions -3.6 -2.1 9.2 6.3 11.0 28.2 -7.0 8.6 7.2 12.0 16.4 14

15 Credit unions 1.1 0.4 1.7 2.4 1.6 1.4 4.6 3.9 1.5 0.1 0.8 15

16 Net change in assets -93.9 -20.3 162.2 211.3 219.0 274.4 225.6 207.9 200.8 240.7 226.8 16

17 Household sector -113.1 -11.9 150.0 166.3 182.5 179.3 178.7 165.6 129.7 216.5 218.4 17

18 Nonfinancial business 28.8 1.6 4.8 7.2 1.9 30.8 -18.5 -25.3 34.9 -13.9 11.9 18

19 Corporate 22.3 -6.6 -1.5 2.8 -3.2 26.4 -22.9 -29.9 30.1 -18.9 5.9 19

20 Nonfarm noncorporate 6.5 8.2 6.3 4.4 5.1 4.4 4.4 4.6 4.8 5.0 6.0 20

21 State and local governments -4.9 6.3 9.5 8.3 8.0 5.1 5.4 -10.9 21.6 12.2 9.2 21

22 Federal government -0.1 -0.1 0.3 1.4 1.0 -4.1 -3.7 0.2 3.4 -2.1 2.6 22

23 Rest of the world 6.8 1.5 -6.6 10.9 7.5 27.3 12.1 9.7 11.7 10.2 -1.5 23

24 Financial sectors -11.5 -17.7 4.2 17.1 18.0 35.9 51.6 68.6 -0.5 17.8 -13.8 24

25 Savings institutions -0.7 -1.8 -0.2 0.3 -0.4 1.6 -0.1 -0.1 -0.1 -0.5 -1.0 25

26 Credit unions -1.3 -8.9 0.4 -0.7 3.6 -3.6 -0.8 4.6 -2.6 -5.1 17.5 26

27 Bank personal trusts and estates -1.1 1.6 -1.0 -1.1 0.0 -1.1 -0.8 -0.4 -0.2 0.2 0.5 27

28 Private pension funds -8.4 -4.5 -15.1 -11.9 -11.7 -13.3 -10.4 -13.7 -12.0 -10.2 -10.9 28

29 State and local govt. retirement funds 2.7 -3.6 -0.9 0.1 -2.1 1.3 2.3 11.4 -13.7 -0.7 -5.3 29

30 Money market mutual funds -2.8 -0.5 20.9 30.4 28.6 51.1 61.4 66.8 28.0 34.1 -14.6 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 1

 2 Net purchases 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 2

 3 Household sector -0.6 13.4 100.3 78.9 104.4 87.5 99.8 142.0 2.3 206.4 67.0 3

 4 Nonfinancial corporate business -2.5 7.4 24.8 7.2 14.1 5.0 9.8 12.6 6.8 19.8 17.2 4

 5 Nonfarm noncorporate business 0.3 0.1 0.1 0.2 0.3 0.2 0.2 0.3 0.3 0.4 0.4 5

 6 Bank personal trusts and estates 0.1 0.6 2.1 9.4 10.2 10.7 10.2 10.2 10.3 10.1 10.1 6

 7 Life insurance companies 6.4 -15.3 6.6 17.9 17.4 15.4 25.4 16.0 24.7 12.2 16.8 7

 8 Private pension funds 6.5 5.3 6.0 4.8 0.7 2.8 9.0 -5.7 2.8 -1.8 7.6 8

 9 Funding corporations 10.1 31.8 2.4 27.3 10.4 23.4 32.9 7.0 11.3 -3.5 26.9 9
Z.1, March 13, 1998 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 71.3 78.2 110.5 40.3 114.0 -15.9 83.3 32.8 193.7 115.9 113.6 1

 2 Commercial banking (net) 41.6 78.1 30.4 41.0 88.8 16.4 43.3 65.5 70.3 87.4 132.0 2

 3 U.S.-chartered commercial banks 45.5 71.6 28.2 28.7 63.3 16.4 29.1 30.8 71.6 76.3 74.3 3

 4 Foreign banking offices in U.S. -4.3 6.7 1.8 12.0 25.6 -0.6 13.8 33.9 -0.7 11.0 58.1 4

 5 Bank holding companies 0.4 -0.2 0.4 0.4 0.0 0.6 0.4 0.8 -0.6 0.1 -0.3 5

 6 Savings institutions 7.5 18.4 -0.0 -0.9 -2.1 -14.3 -11.2 7.8 1.0 3.5 -20.8 6

 7 REITs 2.1 4.7 1.2 1.6 1.0 1.7 2.3 0.4 0.6 1.3 1.7 7

 8 Brokers and dealers (net) 20.0 -23.0 79.0 -1.5 26.3 -19.7 48.9 -40.9 121.9 23.7 0.7 8

 9 Net change in assets 24.8 8.9 74.5 8.4 61.9 74.7 -49.3 137.4 15.1 109.7 -14.8 9

10 Nonfinancial corporate business -2.6 -0.3 0.2 1.4 2.0 1.3 -3.1 -0.7 -1.9 4.0 6.5 10

11 State and local governments 10.7 -15.1 -16.0 -0.9 8.6 -8.7 -5.5 12.5 -4.8 17.5 9.0 11

12 Rest of the world 16.9 -12.0 21.0 3.2 6.9 0.3 -22.5 53.4 1.8 20.7 -48.5 12

13 Financial sectors -0.2 36.3 69.2 4.6 44.5 81.8 -18.2 72.2 20.1 67.5 18.3 13

14 Monetary authority 5.1 -2.6 3.3 7.7 2.3 34.9 22.9 -19.3 -4.2 21.0 11.6 14

15 Savings institutions -3.9 -4.1 4.8 -1.2 -0.8 2.6 0.4 -2.6 1.8 -5.3 2.9 15

16 Credit unions -5.1 -2.3 0.2 -4.9 2.0 -12.9 0.8 10.7 -11.2 4.2 4.5 16

17 Other insurance companies -0.9 -2.3 8.1 -2.1 2.0 12.0 -5.4 10.6 -6.2 3.8 -0.4 17

18 Private pension funds 3.6 -0.5 -0.0 3.0 1.3 1.8 4.4 0.6 0.1 3.3 1.3 18

19 State and local govt. retirement funds -0.1 5.8 6.3 0.7 1.9 2.6 3.5 0.9 16.0 -11.5 2.4 19

20 Money market mutual funds 0.4 2.4 19.0 16.0 22.8 15.1 25.9 42.9 -20.7 49.2 19.8 20

21 Mutual funds 16.8 4.4 7.1 -2.7 14.4 25.3 -34.5 22.1 20.1 1.2 14.2 21

22 Government-sponsored enterprises -16.2 35.4 20.5 -11.8 -1.4 0.3 -36.0 6.4 24.5 1.6 -37.9 22

23 Discrepancy--unallocated assets 46.4 69.4 36.1 31.9 52.1 -90.6 132.6 -104.6 178.6 6.2 128.3 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -5.1 35.7 74.3 102.6 184.1 107.7 142.3 198.6 108.5 171.1 258.1 1

 2 Commercial paper 2.5 38.6 75.1 101.6 186.8 103.7 141.4 195.8 103.8 177.6 270.1 2

 3 Nonfinancial corporate business 10.0 21.4 18.1 -0.9 13.7 -14.2 -24.1 7.2 20.3 14.5 12.8 3

 4 Foreign issues in U.S. -9.6 -26.1 13.5 11.3 3.7 37.5 4.4 15.5 10.4 -11.6 0.7 4

 5 Nonfinancial -3.1 -12.3 5.4 -1.9 -2.3 4.9 -0.8 -3.1 1.7 -6.3 -1.3 5

 6 Financial -6.5 -13.9 8.1 13.2 6.0 32.6 5.2 18.6 8.7 -5.2 1.9 6

 7 Financial sectors 2.1 43.3 43.4 91.3 169.4 80.4 161.1 173.2 73.1 174.6 256.6 7

 8 Commercial banking 5.2 5.9 -1.4 1.9 6.0 -5.1 -4.5 -0.8 10.0 2.4 12.3 8

 9 ABS issuers 4.7 12.4 37.3 45.4 89.4 51.4 62.0 47.6 35.0 110.5 164.2 9

10 Finance companies -0.1 22.5 -2.9 9.0 23.9 13.3 -0.2 42.6 41.2 -17.5 29.3 10

11 REITs -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations -7.3 3.0 10.5 34.9 50.1 20.7 103.8 83.7 -13.2 79.2 50.8 12

13 Bankers acceptances (1) -7.7 -2.9 -0.8 1.0 -2.7 4.0 1.0 2.8 4.8 -6.5 -11.9 13

14 Net purchases, by sector -5.1 35.7 74.3 102.6 184.1 107.7 142.3 198.6 108.5 171.1 258.1 14

15 Household sector 15.6 1.2 13.3 22.7 40.0 37.1 37.7 47.4 39.6 35.1 37.9 15

16 Nonfinancial corporate business 2.4 -0.6 1.1 10.8 3.4 12.2 23.6 -8.7 -9.5 12.8 18.8 16

17 State and local governments 3.7 4.4 12.6 10.2 4.1 10.7 2.7 -5.7 10.8 2.7 8.7 17

18 Rest of the world 5.9 6.0 18.6 11.1 20.4 20.9 28.0 -30.6 41.3 61.7 9.3 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -1.9 -1.5 -0.1 0.8 -0.8 -2.3 8.4 -1.2 -0.4 0.1 -1.7 20

21 Savings institutions -0.3 -0.2 0.0 0.1 -0.3 -0.1 0.6 -1.2 -0.1 0.0 0.0 21

22 Credit unions -0.7 -0.1 -1.6 -0.3 -0.1 -0.3 0.5 -0.4 0.9 -1.0 0.1 22

23 Bank personal trusts and estates -3.2 3.5 0.2 -0.4 0.7 -0.6 -0.2 0.2 0.5 0.9 1.2 23

24 Life insurance companies 3.6 5.9 -7.3 2.9 19.9 -5.7 -15.9 18.4 10.3 28.0 22.8 24

25 Private pension funds 3.6 -0.5 -0.0 3.0 1.3 1.8 4.4 0.6 0.1 3.3 1.3 25

26 State and local govt. retirement funds -0.1 5.8 6.3 0.7 1.9 2.6 3.5 0.9 16.0 -11.5 2.4 26

27 Money market mutual funds -9.1 22.7 48.4 38.4 62.1 46.4 30.3 108.6 -0.0 96.1 43.8 27

28 Mutual funds 16.8 4.4 7.1 -3.1 9.8 15.6 -17.9 13.1 22.6 -9.6 12.9 28

29 Government-sponsored enterprises -1.7 14.4 -0.8 9.6 -2.6 -4.6 36.7 31.2 10.8 -59.2 6.6 29

30 Brokers and dealers -0.3 -3.7 10.9 1.6 0.6 -7.4 22.5 6.1 3.0 -5.7 -1.1 30

31 Funding corporations -39.3 -26.2 -34.3 -5.6 23.8 -18.7 -22.5 19.9 -37.1 17.4 95.2 31

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, March 13, 1998

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 248.3 155.7 142.9 146.6 23.2 166.3 130.2 82.6 -97.3 41.9 65.6 1

 2 Savings bonds 14.7 8.0 5.1 2.0 -0.5 2.6 0.5 -3.6 -0.1 0.6 1.1 2

 3 Other Treasury issues 233.7 147.7 137.9 144.6 23.7 163.7 129.7 86.2 -97.2 41.3 64.6 3

 4 Net purchases 248.3 155.7 142.9 146.6 23.2 166.3 130.2 82.6 -97.3 41.9 65.6 4

 5 Household sector 22.9 156.2 -38.9 -102.5 -237.9 -120.4 -87.5 -275.1 -236.6 -166.9 -273.0 5

 6 Savings bonds 14.7 8.0 5.1 2.0 -0.5 2.6 0.5 -3.6 -0.1 0.6 1.1 6

 7 Other Treasury issues 8.3 148.2 -44.0 -104.5 -237.4 -123.0 -88.0 -271.5 -236.5 -167.4 -274.0 7

 8 Nonfinancial corporate business -11.8 2.0 -4.8 1.8 15.9 1.8 -16.5 51.8 -25.9 17.9 19.6 8

 9 Nonfarm noncorporate business 0.3 0.7 0.4 0.5 0.7 0.5 0.5 0.6 0.7 0.8 0.9 9

10 State and local governments 29.6 -77.8 -76.2 -1.8 -12.7 -16.3 -18.7 -15.7 4.4 -44.2 4.8 10

11 Rest of the world 73.3 65.0 168.5 266.8 156.0 275.5 404.4 284.4 131.9 172.1 35.8 11

12 Monetary authority 37.0 32.5 13.7 12.7 39.8 11.8 8.8 38.3 49.2 16.6 55.2 12

13 Commercial banking 27.8 -31.8 -11.7 -16.9 8.0 -24.6 -31.6 37.1 -38.3 -20.2 53.2 13

14 U.S.-chartered commercial banks 20.6 -27.0 -40.4 -34.7 -6.1 -23.6 -67.7 -16.6 -3.1 -40.3 35.5 14

15 Foreign banking offices in U.S. 6.5 -3.5 29.6 18.4 13.9 -0.7 35.4 53.1 -32.9 19.0 16.3 15

16 Bank holding companies -0.8 -0.7 -1.2 0.6 -0.1 2.2 2.8 -1.8 -2.7 -0.9 5.1 16

17 Banks in U.S.-affiliated areas 1.5 -0.6 0.2 -1.3 0.3 -2.4 -2.1 2.4 0.4 2.0 -3.7 17

18 Savings institutions -5.7 -1.1 -8.7 -1.0 -2.8 -7.0 -1.3 -1.5 -2.6 -4.3 -2.8 18

19 Credit unions 2.6 -0.5 -3.8 -0.9 -1.7 -3.3 -3.3 1.6 -0.2 -8.0 -0.3 19

20 Bank personal trusts and estates 0.3 -0.6 -3.3 2.9 0.0 4.0 3.8 4.1 -0.7 0.1 -3.5 20

21 Life insurance companies 20.1 -2.9 1.0 -14.9 3.7 4.5 -34.3 -0.0 2.5 11.6 0.7 21

22 Other insurance companies 14.2 9.4 0.5 -12.6 7.2 -15.4 -16.5 0.9 11.5 8.1 8.2 22

23 Private pension funds 15.7 31.6 21.0 12.4 19.3 11.4 6.0 14.9 17.1 17.6 27.5 23

24 State and local govt. retirement funds 15.2 8.0 4.8 14.7 23.1 -6.3 4.3 7.9 21.7 44.7 17.9 24

25 Money market mutual funds 1.0 -13.3 3.8 20.3 -4.0 5.6 2.1 -30.9 1.3 -6.5 19.9 25

26 Mutual funds 31.4 -6.8 11.2 8.9 4.8 -4.5 2.8 12.6 10.9 25.3 -29.7 26

27 Closed-end funds 2.1 -1.0 -1.5 0.1 -0.8 0.1 0.1 0.1 -0.6 -1.0 -1.5 27

28 Government-sponsored enterprises -7.1 0.4 6.1 -12.9 -3.1 8.3 -57.5 -8.1 -26.7 40.7 -18.4 28

29 Brokers and dealers -20.7 -14.4 61.0 -31.1 7.8 40.4 -35.4 -40.2 -16.9 -62.7 151.1 29

 Memo:

30 Federal government borrowing (1) 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 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 13, 1998 45

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 173.1 292.5 205.6 229.9 213.3 219.8 249.5 104.3 286.4 160.1 302.4 1

 2 Budget agencies 7.8 0.2 1.5 -1.6 -0.1 -3.1 -3.3 -1.4 0.2 -0.9 1.7 2

 3 Government-sponsored enterprises 80.6 176.9 105.9 90.4 99.0 80.0 123.3 -8.9 198.1 46.4 160.4 3

 4 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 4

 5 Net purchases 173.1 292.5 205.6 229.9 213.3 219.8 249.5 104.3 286.4 160.1 302.4 5

 6 Household sector -34.4 145.2 24.7 123.4 85.9 205.0 110.1 91.0 131.3 23.8 97.6 6

 7 Nonfinancial corporate business 10.5 0.8 -1.0 8.4 -17.3 9.9 16.5 -36.5 -19.9 -6.9 -6.0 7

 8 State and local governments 0.1 11.6 -25.1 -50.3 -15.8 -126.5 -126.4 -39.2 0.6 -45.4 20.8 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 35.4 21.7 28.7 48.9 43.6 53.5 56.8 32.3 41.1 60.5 40.4 10

11 Monetary authority -0.8 -1.0 -1.0 -0.4 -1.5 -0.3 -0.3 -0.9 -2.0 -2.3 -1.0 11

12 Commercial banking 44.7 5.5 38.7 28.2 75.3 8.6 79.2 59.1 50.3 59.6 132.3 12

13 U.S.-chartered commercial banks 36.2 1.8 23.4 15.3 60.4 -4.3 52.6 36.9 37.2 50.0 117.5 13

14 Foreign banking offices in U.S. 7.4 1.5 14.3 12.4 12.3 11.5 25.3 20.2 10.8 11.4 6.9 14

15 Bank holding companies 0.9 1.7 -0.2 0.3 0.6 -0.5 1.0 -1.5 2.7 -3.5 4.6 15

16 Banks in U.S.-affiliated areas 0.2 0.5 1.3 0.2 2.0 1.9 0.3 3.5 -0.3 1.6 3.4 16

17 Savings institutions 4.2 12.6 4.7 -8.5 -1.3 -19.3 -16.8 0.1 14.1 -19.2 -0.1 17

18 Credit unions 7.7 4.5 4.9 4.9 -2.3 2.6 3.5 1.2 3.6 1.6 -15.7 18

19 Bank personal trusts and estates 0.9 -0.5 -2.0 1.6 6.9 2.2 2.1 2.3 7.5 7.0 11.0 19

20 Life insurance companies 27.6 11.3 8.7 1.3 8.5 31.1 7.0 -4.3 10.8 14.2 13.2 20

21 Other insurance companies 1.3 1.6 2.3 2.8 0.2 1.4 11.7 0.3 -5.9 3.2 3.3 21

22 Private pension funds 8.0 18.3 12.0 6.9 11.8 5.6 2.5 8.8 10.1 11.1 17.0 22

23 State and local govt. retirement funds -4.4 7.1 19.8 13.0 0.3 3.2 15.3 6.0 -17.1 7.3 4.8 23

24 Money market mutual funds 13.5 9.4 13.7 11.0 -5.5 20.1 28.9 -39.0 4.9 -19.1 31.2 24

25 Mutual funds 17.9 -3.6 7.7 6.2 6.8 -3.1 1.9 8.7 7.6 17.6 -6.7 25

26 Government-sponsored enterprises 18.4 63.1 57.4 59.6 69.2 55.5 78.0 58.9 86.1 64.4 67.3 26

27 ABS issuers 14.7 0.6 2.3 -28.4 -46.7 -22.9 -55.1 -39.1 -36.4 -68.0 -43.2 27

28 Brokers and dealers 7.8 -15.8 9.0 1.2 -4.8 -6.8 34.8 -5.6 -0.3 50.6 -63.8 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
46 Z.1, March 13, 1998

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 1

 2 State and local governments 62.9 -45.3 -49.4 0.9 61.1 -61.1 39.4 45.4 79.6 42.2 77.1 2

 3 Short-term (1) 1.8 -2.2 1.2 6.3 7.0 5.3 12.0 -4.2 5.9 10.2 16.3 3

 4 Long-term 61.1 -43.2 -50.7 -5.3 54.1 -66.4 27.3 49.6 73.8 32.0 60.9 4

 5 Nonprofit organizations (2) 11.9 14.5 13.8 19.1 29.0 16.8 20.8 19.5 33.4 27.8 35.1 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) -0.1 -5.1 -12.6 -17.5 -19.9 -20.4 -18.6 -21.2 -17.2 -18.2 -23.0 6

 7 Net change in assets 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 7

 8 Household sector -31.3 -50.2 -56.3 -22.6 25.8 -58.8 -27.1 30.5 53.4 -2.2 21.4 8

 9 Nonfinancial corporate business 8.9 2.0 -1.3 -7.6 -5.7 -25.7 -7.1 -9.6 12.4 -13.1 -12.7 9

10 State and local governments -1.0 -0.9 -3.5 -3.2 -0.4 -0.5 -0.1 -0.0 0.0 0.1 -1.9 10

11 Commercial banking 1.7 -1.6 -4.2 0.9 2.4 -0.3 5.0 1.1 0.7 7.4 0.4 11

12 Savings institutions 0.1 -0.1 -0.0 0.1 0.0 0.4 0.1 -0.6 0.4 0.2 0.2 12

13 Bank personal trusts and estates 12.9 5.3 -11.1 0.6 1.1 2.7 1.7 1.5 1.3 0.8 0.7 13

14 Life insurance companies 3.2 -1.9 -0.9 1.5 1.8 1.1 4.0 0.6 0.9 1.5 4.3 14

15 Other insurance companies 10.4 7.4 7.0 14.4 9.0 5.0 28.5 1.3 11.1 11.7 11.9 15

16 Private pension funds 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 16

17 State and local govt. retirement funds 0.2 -0.3 0.1 0.0 0.3 0.7 0.0 -0.2 -0.0 1.9 -0.2 17

18 Money market mutual funds 9.6 7.8 14.3 16.8 22.5 12.8 22.5 16.7 8.0 33.4 31.8 18

19 Mutual funds 42.9 -4.3 3.2 3.1 9.0 1.3 1.4 3.7 3.5 11.6 17.3 19

20 Closed-end funds 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 20

21 Government-sponsored enterprises -0.6 0.8 1.0 -0.3 1.1 -0.4 -0.0 1.2 -2.2 -1.1 6.5 21

22 Brokers and dealers 5.8 -1.7 -2.7 -1.9 2.4 -3.7 11.9 -3.2 5.3 -1.3 8.8 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 280.3 153.2 311.1 278.4 302.8 208.7 332.4 131.8 335.5 356.8 387.1 1

 2 Nonfinancial corporate business 75.2 23.3 73.3 72.5 90.7 67.8 89.9 79.4 86.1 122.9 74.4 2

 3 Rest of the world (1) 82.9 12.2 49.7 49.4 41.3 60.2 78.5 11.0 34.3 94.6 25.3 3

 4 Financial sectors 122.2 117.6 188.2 156.5 170.8 80.7 164.0 41.4 215.1 139.3 287.4 4

 5 Commercial banking 7.2 7.7 18.5 7.8 23.8 10.7 18.6 11.8 35.3 16.5 31.6 5

 6 Savings institutions -1.5 -0.8 -0.0 -0.4 0.1 -1.4 -0.1 -0.3 -0.2 0.9 0.0 6

 7 ABS issuers 78.1 56.4 95.6 86.6 78.9 36.6 76.6 15.3 60.0 59.1 181.3 7

 8 Finance companies 12.5 31.7 52.6 32.5 20.3 13.2 40.9 -31.5 82.5 6.1 24.4 8

 9 REITs 0.3 2.0 2.0 2.8 9.0 3.0 3.9 3.4 5.5 12.1 15.1 9

10 Brokers and dealers 12.0 0.5 -5.0 -2.0 8.0 5.7 4.9 -2.9 34.9 -6.9 7.0 10

11 Funding corporations 13.6 20.0 24.4 29.2 30.6 12.9 19.2 45.7 -2.9 51.5 28.0 11

12 Net purchases 280.3 153.2 311.1 278.4 302.8 208.7 332.4 131.8 335.5 356.8 387.1 12

13 Household sector 36.2 35.8 60.0 -12.2 -10.8 -111.1 -65.5 -116.2 -3.5 22.5 53.9 13

14 State and local governments 5.6 5.4 7.1 4.3 1.3 -3.4 5.4 -2.2 -5.6 7.0 5.9 14

15 Rest of the world (2) 30.4 38.0 58.1 78.3 84.0 88.7 74.8 86.2 81.6 101.5 66.5 15

16 Commercial banking 3.5 4.3 8.4 1.4 27.9 1.0 6.6 14.1 15.3 39.1 43.0 16

17 Savings institutions 9.1 -2.4 -8.2 -9.9 -10.2 -7.3 -30.7 -2.9 -2.8 -34.8 -0.1 17

18 Bank personal trusts and estates -1.1 -0.4 -3.1 -0.5 -0.3 0.0 -0.2 -0.2 -0.3 -0.4 -0.4 18

19 Life insurance companies 58.3 59.9 90.7 79.2 76.4 96.7 158.2 69.3 137.4 43.3 55.8 19

20 Other insurance companies 3.3 7.2 12.7 18.3 6.9 23.2 4.7 -3.0 11.7 9.4 9.6 20

21 Private pension funds 22.2 -7.7 27.0 22.5 32.1 21.0 17.2 25.9 29.0 31.6 41.8 21

22 State and local govt. retirement funds 13.7 1.2 -4.2 16.7 21.8 44.5 18.0 -11.8 17.7 47.3 33.9 22

23 Money market mutual funds 5.4 3.4 6.4 2.4 9.4 -1.9 -2.6 9.8 5.5 19.7 2.8 23

24 Mutual funds 50.6 3.2 23.3 33.8 44.3 18.3 37.1 23.9 47.1 58.7 47.6 24

25 Closed-end funds 5.8 -4.4 5.8 1.3 0.8 1.3 1.3 1.8 1.0 0.5 -0.2 25

26 Government-sponsored enterprises 11.1 8.5 5.5 5.6 2.8 -2.8 44.1 -3.2 0.2 -21.7 36.0 26

27 Brokers and dealers 22.2 -8.7 12.0 14.5 9.8 13.1 49.0 28.4 -2.9 34.9 -21.0 27

28 Funding corporations 4.0 10.0 9.8 22.8 6.6 27.3 14.9 12.0 4.1 -1.7 11.9 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 13, 1998 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 1

 2 Nonfinancial corporate business 21.3 -44.9 -58.3 -64.2 -79.9 -127.6 -56.0 -78.8 -90.4 -60.4 -90.0 2

 3 Rest of the world (2) 63.4 48.1 50.4 58.8 38.0 32.7 42.3 47.0 53.0 62.2 -10.4 3

 4 Financial sectors 53.0 21.4 4.4 -1.6 0.7 -5.1 -6.7 -23.9 -20.6 8.4 38.8 4

 5 Commercial banking 7.3 -3.3 -8.7 -14.3 -27.8 -21.2 -14.8 -52.8 -30.8 -20.6 -6.9 5

 6 Other insurance companies 7.4 6.5 7.1 6.2 2.9 8.0 1.8 2.8 2.2 4.0 2.6 6

 7 Closed-end funds 23.7 2.4 5.9 0.7 -1.2 0.7 0.7 0.7 -0.7 -1.7 -2.9 7

 8 REITs 13.2 11.1 8.3 12.3 32.7 13.2 17.2 21.7 26.1 35.2 47.7 8

 9 Brokers and dealers 1.3 4.7 -8.1 -6.5 -5.9 -5.8 -11.7 3.8 -17.4 -8.6 -1.6 9

10 Net purchases 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 10

11 Household sector -56.2 -157.5 -173.2 -290.2 -339.6 -340.3 -366.5 -292.1 -373.6 -399.2 -293.6 11

12 State and local governments 1.5 1.3 12.1 16.9 13.7 5.4 13.3 5.8 40.0 8.9 0.2 12

13 Rest of the world (3) 20.9 0.9 16.6 12.2 65.1 -3.2 12.8 26.5 90.2 92.8 50.8 13

14 Commercial banking 0.9 -1.4 2.1 1.8 -4.2 1.9 2.7 -18.1 -1.6 0.0 3.0 14

15 Savings institutions 1.7 -1.8 0.7 0.6 0.2 0.0 0.6 -0.4 1.4 -0.6 0.2 15

16 Bank personal trusts and estates -55.2 -8.8 -17.9 -23.2 -19.6 -22.1 -20.0 -21.2 -17.9 -18.4 -20.9 16

17 Life insurance companies 36.3 61.8 18.6 42.1 53.5 47.7 77.7 35.1 54.6 84.9 39.5 17

18 Other insurance companies 0.8 1.1 -0.6 -6.8 2.5 3.0 -15.7 3.2 1.1 3.2 2.6 18

19 Private pension funds 15.5 -4.0 6.2 -2.3 -23.6 4.0 11.3 -18.2 -7.8 -22.6 -45.9 19

20 State and local govt. retirement funds 44.3 29.3 41.3 52.2 44.3 79.8 59.5 57.3 41.8 55.1 23.0 20

21 Mutual funds 115.3 100.8 87.4 193.0 167.2 139.2 179.0 166.0 121.6 194.0 187.4 21

22 Closed-end funds 3.7 6.1 -4.6 -1.5 -2.0 -1.5 -1.5 -2.0 -2.0 -2.0 -2.0 22

23 Brokers and dealers 8.1 -3.4 7.7 -1.9 1.3 -14.0 26.5 2.5 -5.8 14.1 -5.8 23

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 1

 2 Net purchases 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 2

 3 Household sector 205.7 67.4 109.9 180.5 190.9 121.4 124.4 170.4 177.7 233.4 182.0 3

 4 Nonfinancial corporate business 6.8 2.1 4.6 3.3 3.0 3.3 3.3 3.0 3.0 3.0 3.0 4

 5 State and local governments 6.5 7.8 5.9 2.0 2.6 2.0 2.2 2.1 2.7 2.6 3.0 5

 6 Commercial banking 0.5 -1.9 0.3 0.3 5.5 -0.3 1.5 17.9 4.9 -1.5 0.8 6

 7 Credit unions 0.1 -1.6 0.2 -0.3 -0.1 -0.7 -0.7 -0.1 -0.1 -0.1 -0.1 7

 8 Bank personal trusts and estates 44.9 21.7 -11.1 16.4 14.3 15.3 14.0 16.0 13.5 14.8 12.9 8

 9 Life insurance companies 6.3 -14.9 13.5 7.0 5.4 7.0 7.0 3.5 5.4 8.4 4.3 9

10 Private pension funds 21.1 20.1 24.1 28.3 37.4 23.9 24.6 40.6 33.9 43.1 32.2 10
48 Z.1, March 13, 1998

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 83.6 183.7 239.8 174.2 235.1 191.0 212.6 249.2 308.6 123.5 259.3 1

 - Loans elsewhere classified:

 2 Open market paper -1.9 -1.5 -0.1 0.8 -0.8 -2.3 8.4 -1.2 -0.4 0.1 -1.7 2

 3 Mortgages 47.3 64.9 77.5 55.2 98.8 40.5 93.5 87.2 126.7 107.6 73.8 3

 4 Consumer credit 32.8 63.1 43.2 24.8 -14.2 25.4 26.0 -44.8 24.0 -28.1 -7.9 4

 5 Security credit 12.7 -5.7 4.6 1.3 21.7 -16.4 24.5 54.2 31.5 -4.7 5.7 5

 6 = Banking sector total bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 6

 7 U.S.-chartered commercial banks 8.8 46.2 77.0 58.2 109.3 89.3 52.3 119.8 93.4 77.2 146.8 7

 8 Foreign banking offices in U.S. -13.7 15.1 35.4 32.2 19.2 52.6 6.2 35.2 32.1 -28.7 38.2 8

 9 Bank holding companies -1.8 -0.1 0.4 0.2 -0.0 0.6 1.4 -1.6 -0.2 -1.0 2.7 9

10 Banks in U.S.-affiliated areas -0.5 1.7 1.8 1.4 1.2 1.3 0.3 0.3 1.5 1.2 1.7 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. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 12

13 Net change in liabilities -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 13

14 Nonfinancial sectors 7.1 76.6 110.5 75.3 116.1 141.2 39.7 146.8 121.9 32.0 163.7 14

15 Household sector 9.8 13.4 15.7 -3.6 8.5 11.7 -18.7 29.2 15.3 -41.4 30.9 15

16 Corporate business -10.8 42.7 62.8 47.8 74.1 103.6 28.1 94.6 65.7 47.5 88.6 16

17 Nonfarm noncorporate business 5.3 17.2 22.5 21.4 21.5 23.4 20.0 24.0 23.0 18.0 21.0 17

18 Farm business 2.1 1.9 1.1 0.6 3.5 -2.1 2.5 -0.3 6.4 0.6 7.4 18

19 Rest of the world 0.7 1.4 8.5 9.1 8.5 4.7 7.8 -0.7 11.5 7.3 15.7 19

20 Foreign official institutions -1.0 -0.2 0.4 0.3 -0.8 -0.5 -1.2 -3.5 0.2 0.8 -0.7 20

21 Foreign banks 1.2 0.0 2.1 3.4 -0.5 -1.8 6.5 -2.2 -1.2 -1.2 2.6 21

22 Other foreign 0.5 1.6 5.9 5.4 9.8 7.0 2.5 5.1 12.4 7.7 13.9 22

23 Financial sectors -14.4 -13.7 4.2 16.8 13.6 2.6 20.4 7.0 4.9 16.7 25.7 23

24 Savings institutions -0.5 0.9 5.2 1.4 3.5 -1.1 5.8 4.1 -1.1 3.7 7.1 24

25 Finance companies -13.7 -5.6 0.5 4.4 4.4 4.2 3.1 -3.8 0.1 8.5 12.9 25

26 Mortgage companies 0.0 -11.5 0.4 12.4 4.8 1.7 12.1 5.9 5.0 3.6 4.9 26

27 REITs -0.2 2.5 -1.9 -1.5 0.8 -2.2 -0.6 0.8 0.8 0.8 0.8 27
Z.1, March 13, 1998 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances -0.8 50.3 70.1 62.5 99.8 99.7 32.4 11.7 83.6 108.5 195.6 1

 2 U.S. government loans -2.9 -13.5 12.9 -0.2 9.5 2.7 3.6 10.6 8.1 7.9 11.2 2

 3 Liab.: Household sector -1.2 -4.4 11.3 3.1 11.4 6.0 7.2 18.2 8.1 12.7 6.6 3

 4 Nonfinancial corporate business 0.2 -0.1 1.9 -1.3 -0.3 -1.7 -0.0 -0.6 -0.1 -0.2 -0.1 4

 5 Nonfarm noncorporate business 0.6 -2.5 1.2 -0.3 1.8 0.2 -1.8 0.0 0.8 -0.1 6.5 5

 6 Farm business -0.7 -0.6 -1.2 -1.1 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.4 6

 7 State and local governments -0.6 0.1 0.5 0.4 -1.2 0.8 0.4 -4.8 0.4 -0.4 -0.1 7

 8 Rest of the world -1.1 -1.3 -0.8 -1.0 -1.8 -2.0 -1.6 -1.7 -0.6 -3.5 -1.3 8

 9 Government-sponsored enterprises 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -15.8 1.6 0.0 4.1 12.4 46.7 -31.6 -4.9 7.1 6.8 40.5 10

11 Liab.: Nonfinancial corporate business -15.8 1.6 0.0 4.1 12.4 46.7 -31.6 -4.9 7.1 6.8 40.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -6.4 -2.4 -0.6 1.0 -2.8 4.0 1.1 1.8 4.1 -4.4 -12.6 12

13 Liab.: Nonfinancial corporate business -3.3 -2.1 -0.8 -0.7 -2.6 -1.4 2.2 -0.5 3.2 -5.3 -7.8 13

14 Rest of the world -3.1 -0.3 0.3 1.8 -0.2 5.4 -1.2 2.2 0.8 1.0 -4.8 14

15 Savings institution loans to business -1.6 -0.5 2.5 3.0 3.0 6.4 -1.0 4.0 1.7 5.2 1.1 15

16 Liab.: Nonfinancial corporate business -0.8 -0.3 1.2 1.5 1.5 3.2 -0.5 2.0 0.9 2.6 0.5 16

17 Nonfarm noncorporate business -0.8 -0.3 1.2 1.5 1.5 3.2 -0.5 2.0 0.9 2.6 0.5 17

18 Policy loans (Household liability) 5.6 7.8 10.5 4.5 5.4 11.8 -5.9 5.9 6.9 3.0 6.0 18

19 Asset: Federal government -0.0 -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 5.7 7.8 10.4 4.5 5.4 11.8 -5.9 5.9 6.9 3.0 6.0 20

21 Govt.-sponsored enterprises loans 26.5 27.2 11.2 28.8 31.6 28.4 36.2 -20.9 57.4 34.0 55.7 21

22 Liab.: Household sector (SLMA) 2.7 3.7 3.9 -0.6 -4.4 -2.7 3.4 -3.8 -5.8 -4.2 -3.9 22

23 Noncorporate business (FCS) 1.2 0.0 2.5 -1.2 0.0 -3.2 -4.1 -0.0 3.5 2.0 -5.5 23

24 Farm business (FCS) 0.2 0.8 1.4 2.7 0.0 0.9 5.6 3.0 -3.3 -1.3 1.7 24

25 Commercial banks (FHLB and SLMA) 8.6 9.3 6.2 2.3 19.5 5.1 11.7 -0.1 29.6 19.6 28.8 25

26 Savings institutions (FHLB and SLMA) 13.3 12.7 -2.6 24.5 16.2 28.3 17.3 -20.6 33.1 17.6 34.6 26

27 Credit unions (FHLB) 0.2 0.2 -0.1 0.1 0.1 0.3 0.3 -0.2 0.2 0.2 0.3 27

28 Life insurance companies (FHLB) 0.2 0.3 -0.1 1.1 0.2 -0.4 2.0 0.8 0.1 0.2 -0.3 28

29 Securitized loans held by ABS issuers 9.7 4.3 6.9 13.3 31.5 -6.5 24.0 -11.1 12.1 0.7 124.3 29

30 Liab.: Households (1) 0.0 0.0 1.0 5.3 8.3 4.0 5.1 6.8 8.3 8.2 10.0 30

31 Nonfinancial corporate business 9.7 4.3 5.9 8.1 23.2 -10.5 19.0 -17.9 3.8 -7.5 114.3 31

32 Finance company loans to business -15.9 25.9 26.7 7.9 9.3 6.1 6.1 26.3 -13.9 55.2 -30.5 32

33 Liab.: Nonfinancial corporate business -14.3 23.3 24.0 7.1 8.4 5.5 5.5 23.7 -12.5 49.7 -27.5 33

34 Nonfarm noncorporate business -1.6 2.6 2.7 0.8 0.9 0.6 0.6 2.6 -1.4 5.5 -3.1 34

(1) Student loans.
50 Z.1, March 13, 1998

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 1

 2 Home 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 2

 3 Multifamily residential -5.5 5.2 12.7 21.6 25.6 16.2 32.4 16.1 25.9 19.7 40.6 3

 4 Commercial -23.5 -0.3 24.1 36.9 61.4 9.3 60.8 31.1 74.0 69.4 71.3 4

 5 Farm 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 5

 6 Net borrowing 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 6

 7 Household sector 129.3 162.8 168.0 266.3 252.0 234.0 261.6 211.1 224.2 263.1 309.5 7

 8 Nonfinancial business -4.1 13.6 40.4 45.4 81.8 19.3 68.4 52.0 92.4 77.8 104.9 8

 9 Corporate -3.6 25.2 42.8 23.4 43.5 13.4 22.8 31.9 48.3 37.5 56.5 9

10 Nonfarm noncorporate -1.5 -13.8 -4.1 19.4 35.0 3.7 44.0 18.0 40.0 36.0 46.1 10

11 Farm 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 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 3.6 9.8 5.9 11.4 14.0 12.9 14.3 16.0 14.0 14.0 12.0 13

14 Net change in assets 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 14

15 Household sector -6.6 -9.7 -4.6 -3.7 -4.7 -33.6 9.6 18.2 -14.2 -33.8 11.1 15

16 Nonfinancial corporate business -7.8 4.1 5.1 7.5 8.0 8.0 8.0 8.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -1.5 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 -0.0 -0.0 0.0 17

18 State and local governments -5.4 2.2 3.3 3.8 3.9 4.3 6.8 2.6 4.3 4.7 4.0 18

19 Federal government -15.4 -14.0 -13.2 -7.5 -4.5 -9.8 -7.8 -8.6 -2.5 -4.9 -2.1 19

20 Commercial banking 47.3 64.9 77.5 55.2 98.8 40.5 93.5 87.2 126.7 107.6 73.8 20

21 Savings institutions (1) -29.5 -2.2 0.6 31.6 1.4 65.2 2.1 -7.8 10.7 2.8 -0.1 21

22 Credit unions -0.1 6.1 4.4 9.5 10.3 6.7 11.8 4.5 14.0 15.2 7.4 22

23 Bank personal trusts and estates -0.3 -0.2 0.5 -0.3 0.8 -0.5 -0.1 0.3 0.6 1.0 1.3 23

24 Life insurance companies -17.6 -13.5 -3.4 -2.1 5.4 -16.4 5.0 4.6 6.2 5.4 5.5 24

25 Other insurance companies -1.4 -0.7 -1.0 -0.4 -0.1 -0.1 -0.6 0.3 -0.4 -0.0 -0.1 25

26 Private pension funds -0.1 3.6 1.3 1.6 2.4 1.4 0.9 2.1 2.1 2.4 2.9 26

27 State and local govt. retirement funds -1.9 0.7 0.7 0.8 0.9 0.8 0.8 0.8 0.9 0.9 0.9 27

28 Government-sponsored enterprises (1) 41.3 3.6 4.4 1.7 -3.9 -3.1 0.4 -14.0 -6.5 -1.6 6.6 28

29 Federally related mortgage pools 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 29

30 ABS issuers 45.5 41.2 36.3 62.6 97.7 45.7 74.7 58.7 72.1 113.9 146.3 30

31 Finance companies -3.1 4.2 5.6 10.2 5.3 7.6 1.6 2.9 5.6 6.6 6.0 31

32 Mortgage companies -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 32

33 REITs 0.6 4.7 2.2 3.5 5.0 3.4 3.9 5.0 5.0 5.0 5.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 13, 1998 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 1

 2 Household sector 121.6 170.2 172.0 258.2 251.0 233.4 244.2 224.3 220.2 254.6 304.8 2

 3 Nonfinancial corporate business 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 3

 4 Nonfarm noncorporate business 34.3 8.1 2.9 3.0 5.6 4.2 4.5 4.7 5.4 5.9 6.5 4

 5 Net change in assets 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 5

 6 Household sector -8.6 -10.3 -7.5 -3.1 -3.4 -33.1 11.8 19.8 -14.4 -32.9 14.0 6

 7 Nonfinancial corporate business -5.8 1.6 2.8 3.2 2.9 3.8 3.1 3.7 2.7 2.8 2.5 7

 8 Nonfarm noncorporate business 0.2 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 State and local governments -6.0 1.0 3.2 2.3 2.7 3.4 3.1 2.3 2.9 2.8 2.7 9

10 Federal government -6.0 -3.9 -5.0 -2.9 -0.7 -3.4 -0.2 -5.4 -0.1 2.7 -0.1 10

11 Commercial banking 50.0 55.1 53.6 29.1 63.9 19.2 57.9 69.3 81.9 58.6 45.9 11

12 Savings institutions -19.6 7.6 4.7 31.4 5.3 62.3 0.4 -1.3 12.5 6.7 3.1 12

13 Credit unions -0.1 6.1 4.4 9.5 10.3 6.7 11.8 4.5 14.0 15.2 7.4 13

14 Bank personal trusts and estates -0.3 -0.2 0.5 -0.3 0.8 -0.5 -0.1 0.3 0.6 1.0 1.3 14

15 Life insurance companies -2.6 -1.6 0.3 -0.5 0.4 -4.3 2.3 0.1 0.2 1.0 0.4 15

16 Private pension funds -0.0 0.8 0.3 0.4 0.5 0.3 0.2 0.5 0.5 0.5 0.6 16

17 State and local govt. retirement funds 0.1 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 17

18 Government-sponsored enterprises 39.8 2.6 3.9 1.0 -3.6 -3.2 1.2 -12.9 -5.7 -1.9 6.3 18

19 Federally related mortgage pools 86.1 115.4 93.7 135.5 109.1 135.8 122.4 109.6 82.4 109.4 135.0 19

20 ABS issuers 32.9 23.7 19.3 34.1 56.1 33.2 24.0 36.8 33.4 79.8 74.4 20

21 Finance companies -3.1 4.2 5.6 13.4 6.9 12.7 6.8 4.7 4.7 8.6 9.5 21

22 Mortgage companies -0.5 -24.0 -4.5 8.2 5.2 4.8 4.0 -3.3 10.0 6.0 8.0 22

23 REITs 0.1 0.5 0.2 0.4 0.5 0.4 0.4 0.5 0.6 0.5 0.5 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -5.5 5.2 12.7 21.6 25.6 16.2 32.4 16.1 25.9 19.7 40.6 1

 2 Nonfinancial corporate business 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 2

 3 Nonfarm noncorporate business -7.3 1.3 9.8 16.9 20.0 11.1 26.7 9.9 20.4 14.1 35.7 3

 4 Federal government -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.2 3.2 1.9 3.8 4.6 4.2 4.7 5.3 4.6 4.6 4.0 5

 6 Net change in assets -5.5 5.2 12.7 21.6 25.6 16.2 32.4 16.1 25.9 19.7 40.6 6

 7 Household sector 0.8 0.2 0.6 -0.3 -0.4 -0.4 -0.4 -0.5 -0.6 -0.6 0.2 7

 8 Nonfinancial corporate business -0.2 0.2 0.2 1.0 1.0 1.0 1.1 1.2 1.2 1.3 0.5 8

 9 Nonfarm noncorporate business -1.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 9

10 State and local governments 0.4 0.7 0.6 1.8 0.7 1.7 3.5 -0.2 0.8 1.4 0.7 10

11 Federal government -4.5 -2.6 -4.7 -2.5 -2.2 -3.7 -4.2 -3.0 -0.6 -5.2 -0.2 11

12 Commercial banking 0.6 0.7 4.5 2.8 4.4 4.2 1.0 3.8 6.0 2.1 5.8 12

13 Savings institutions -2.4 -3.0 -2.4 -0.4 -2.0 2.5 1.1 -3.7 -2.3 1.1 -3.2 13

14 Life insurance companies -1.8 -1.5 -0.5 -0.2 0.6 -1.5 0.2 0.5 0.7 0.5 0.6 14

15 Private pension funds -0.0 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 15

16 State and local govt. retirement funds -0.1 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.3 0.3 16

17 Government-sponsored enterprises 1.7 0.9 0.6 -0.5 -1.2 -0.7 -0.9 -1.3 -1.9 -1.2 -0.7 17

18 Federally related mortgage pools -1.4 -0.0 4.5 5.6 5.3 7.1 7.2 5.0 5.7 5.2 5.3 18

19 ABS issuers 2.4 6.2 6.4 12.4 14.6 5.3 22.2 7.7 13.5 11.9 25.2 19

20 Finance companies 0.0 0.0 0.0 -0.6 -0.2 -0.4 -1.4 0.1 -0.3 -1.7 1.1 20

21 Mortgage companies 0.1 0.0 1.1 -0.1 1.5 -1.3 0.1 3.0 0.0 1.2 1.7 21

22 REITs 0.4 3.1 1.4 2.3 3.3 2.2 2.5 3.3 3.3 3.3 3.3 22
52 Z.1, March 13, 1998

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing -23.5 -0.3 24.1 36.9 61.4 9.3 60.8 31.1 74.0 69.4 71.3 1

 2 Household sector 7.7 -7.4 -4.0 8.1 1.0 0.6 17.5 -13.1 4.0 8.5 4.8 2

 3 Nonfinancial corporate business -5.0 23.7 41.0 21.6 41.6 11.6 20.9 30.0 46.4 35.6 54.6 3

 4 Nonfarm noncorporate business -28.5 -23.1 -16.8 -0.5 9.4 -11.5 12.7 3.5 14.3 16.0 3.9 4

 5 REITs 2.4 6.6 3.9 7.7 9.4 8.6 9.6 10.7 9.4 9.4 8.0 5

 6 Net change in assets -23.5 -0.3 24.1 36.9 61.4 9.3 60.8 31.1 74.0 69.4 71.3 6

 7 Household sector 0.8 -0.3 1.5 -0.8 -1.6 -0.8 -1.0 -1.1 -1.3 -1.4 -2.5 7

 8 Nonfinancial corporate business -1.7 2.3 2.2 3.3 4.0 3.2 3.8 3.1 4.1 3.9 5.0 8

 9 Nonfarm noncorporate business -0.5 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 9

10 State and local governments 0.2 0.5 -0.5 -0.2 0.6 -0.8 0.2 0.5 0.7 0.5 0.6 10

11 Federal government -4.5 -7.3 -3.1 -1.7 -0.6 -2.0 -3.1 -0.1 -0.4 -0.5 -1.5 11

12 Commercial banking -4.3 7.4 18.1 22.2 28.4 16.0 33.2 12.6 36.7 43.8 20.4 12

13 Savings institutions -7.5 -6.8 -1.8 0.6 -1.9 0.4 0.6 -2.9 0.5 -5.0 -0.0 13

14 Life insurance companies -13.4 -10.5 -3.3 -1.7 4.0 -10.8 1.2 3.5 5.1 3.3 4.0 14

15 Other insurance companies -1.4 -0.7 -1.0 -0.4 -0.1 -0.1 -0.6 0.3 -0.4 -0.0 -0.1 15

16 Private pension funds -0.0 2.6 0.9 1.2 1.7 1.0 0.7 1.5 1.5 1.8 2.1 16

17 State and local govt. retirement funds -1.9 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 10.3 11.3 10.6 16.1 27.1 7.2 28.5 14.3 25.1 22.1 46.7 18

19 Finance companies 0.0 0.0 0.0 -2.6 -1.4 -4.7 -3.7 -1.9 1.2 -0.2 -4.6 19

20 Mortgage companies 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 REITs 0.1 1.1 0.5 0.8 1.2 0.8 0.9 1.2 1.2 1.2 1.2 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 1

 2 Net change in assets 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 2

 3 Household sector 0.4 0.7 0.9 0.5 0.6 0.7 -0.8 -0.0 2.1 1.1 -0.6 3

 4 Nonfarm noncorporate business 0.1 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 State and local governments -0.0 -0.0 -0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.5 -0.3 -0.5 -0.5 -0.9 -0.6 -0.3 -0.2 -1.4 -1.9 -0.2 6

 7 Commercial banking 1.0 1.7 1.3 1.1 2.1 1.1 1.3 1.5 2.1 3.0 1.8 7

 8 Savings institutions -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Life insurance companies 0.3 0.1 0.1 0.4 0.5 0.2 1.3 0.4 0.2 0.7 0.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises -0.2 0.1 -0.1 1.1 0.9 0.8 0.1 0.2 1.1 1.4 1.0 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 12
Z.1, March 13, 1998 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 1

 2 Net change in assets 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 2

 3 Nonfinancial corporate business 6.9 9.4 -1.6 -7.3 1.2 -15.4 -30.4 53.0 -16.6 1.3 -33.0 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 32.8 63.1 43.2 24.8 -14.2 25.4 26.0 -44.8 24.0 -28.1 -7.9 5

 6 Savings institutions 0.5 0.6 1.6 4.6 2.5 11.4 -0.9 4.6 2.5 8.0 -5.3 6

 7 Credit unions 12.2 18.0 12.3 12.2 9.5 15.4 11.9 11.5 7.5 7.9 11.2 7

 8 ABS issuers 10.2 15.6 65.6 54.2 47.2 45.7 45.9 30.8 32.4 60.5 65.3 8

 9 Finance companies -1.9 18.3 17.7 0.3 7.6 -0.6 -13.9 15.8 10.2 3.3 1.3 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 52.0 93.7 105.2 68.1 75.7 -15.9 97.2 66.8 63.4 131.9 40.6 1

 2 Household sector 7.4 4.2 8.5 1.4 3.0 -0.4 -2.8 -1.8 8.8 -0.2 5.0 2

 3 Nonfinancial corporate business 36.4 77.3 73.8 52.7 47.3 -31.5 77.7 38.4 42.7 88.2 20.0 3

 4 Nonfarm noncorporate business -2.5 7.5 7.2 5.8 7.0 5.9 6.0 6.4 7.0 7.0 7.6 4

 5 Farm business 1.0 1.0 1.0 1.3 1.8 -0.3 0.7 -1.1 3.5 0.9 4.0 5

 6 State and local governments 0.6 0.6 2.2 1.6 1.3 1.0 3.2 2.4 0.2 0.9 1.6 6

 7 Federal government 3.0 0.4 5.7 3.6 2.2 5.3 4.4 4.1 6.2 -1.4 -0.3 7

 8 Rest of the world 3.3 3.6 5.7 -2.3 7.5 -1.5 8.6 5.1 0.1 7.4 17.5 8

 9 Brokers and dealers 2.7 -0.9 1.1 4.0 5.6 5.7 -0.7 13.4 -5.1 29.1 -14.9 9

10 Net change in trade receivables 56.2 93.3 134.3 102.0 109.1 87.7 139.9 51.6 136.5 149.1 99.2 10

11 Nonfinancial corporate business 50.7 71.9 98.9 61.3 53.5 37.1 83.7 -4.3 105.2 79.8 33.2 11

12 Nonfarm noncorporate business -0.8 14.0 11.5 8.2 9.0 8.2 8.2 8.6 8.8 9.0 9.6 12

13 Federal government -2.4 -3.8 -1.6 1.2 1.4 2.7 4.6 -1.3 5.2 -2.6 4.3 13

14 Rest of the world 4.5 2.1 0.6 6.4 3.5 12.6 9.2 7.3 3.6 3.4 -0.3 14

15 Other insurance companies 1.7 2.2 4.4 -0.1 5.4 0.5 -9.7 16.3 2.2 0.2 3.0 15

16 ABS issuers 2.6 6.8 20.5 25.0 36.3 26.5 43.8 25.0 11.5 59.3 49.5 16

17 Discrepancy -4.3 0.3 -29.1 -33.9 -33.4 -103.5 -42.7 15.2 -73.1 -17.2 -58.6 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 61.4 -0.1 26.7 52.4 103.8 5.3 125.2 117.1 137.4 79.7 81.2 1

 2 Household sector 22.6 -1.1 3.5 15.8 34.3 -11.7 29.9 26.8 37.6 67.8 5.1 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 38.7 1.0 23.1 36.6 69.5 16.9 95.3 90.4 99.7 11.9 76.0 4

 5 Customer credit balances (HH) 26.0 6.7 18.6 35.3 47.9 33.3 70.8 36.2 68.3 16.6 70.4 5

 6 From U.S.-chartered commercial banks 4.1 -4.6 8.3 -4.8 4.2 -7.8 11.4 22.5 -11.5 9.6 -4.0 6

 7 From foreign banking offices in U.S. 8.6 -1.2 -3.7 6.2 17.5 -8.6 13.2 31.6 42.9 -14.4 9.7 7

 8 Net change in assets 61.4 -0.1 26.7 52.4 103.8 5.3 125.2 117.1 137.4 79.7 81.2 8

 9 Household sector 26.0 6.7 18.6 35.3 47.9 33.3 70.8 36.2 68.3 16.6 70.4 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 12.7 -5.7 4.6 1.3 21.7 -16.4 24.5 54.2 31.5 -4.7 5.7 11

12 Brokers and dealers 22.6 -1.1 3.5 15.8 34.3 -11.7 29.9 26.8 37.6 67.8 5.1 12
54 Z.1, March 13, 1998

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 1

 2 Federal government 0.3 0.2 0.1 -0.3 0.4 -1.2 -0.2 -0.9 2.3 -1.2 1.2 2

 3 Life insurance companies 35.7 34.3 44.8 43.8 56.7 60.4 66.9 40.7 75.2 64.0 46.8 3

 4 Net change in assets (Households) 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 4

 Pension fund reserves:

 5 Net change in liabilities 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 5

 6 Federal government 27.6 27.8 15.9 44.4 30.4 30.5 35.5 21.9 25.3 41.2 33.3 6

 7 Life insurance companies 73.9 81.0 65.7 39.9 93.8 54.9 75.3 80.3 126.6 89.7 78.7 7

 8 Private pension funds (1) 98.4 78.8 96.1 84.7 83.4 82.8 92.5 73.9 86.3 79.9 93.8 8

 9 State and local govt. retirement funds 55.7 58.6 56.2 58.2 91.0 53.5 73.7 67.3 99.2 101.1 96.3 9

10 Net change in assets (Households) 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 11.4 2.6 4.6 14.0 20.1 12.5 16.6 30.4 1.8 29.9 18.1 1

 businesses

 2 Nonfinancial corporate business 5.4 -0.4 -0.0 9.6 15.0 8.3 11.2 27.0 -2.6 23.5 12.2 2

 3 Nonfarm noncorporate business 0.7 0.8 0.8 0.8 0.7 0.8 0.8 0.8 0.7 0.7 0.7 3

 4 U.S.-chartered commercial banks 0.5 0.7 0.9 1.2 1.4 1.2 1.3 1.3 1.4 1.4 1.5 4

 5 Savings institutions 0.6 -0.9 0.5 -0.1 0.4 0.2 0.2 -0.2 0.5 0.9 0.4 5

 6 Life insurance companies 1.6 1.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 6

 7 Other insurance companies 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 7

 8 Finance companies 0.8 0.8 1.0 1.0 1.0 1.0 0.9 1.0 1.0 1.0 1.0 8

 9 Brokers and dealers 0.5 -0.2 -0.1 0.1 0.1 -0.5 0.7 -0.9 -0.6 0.9 0.9 9

10 Net change in business taxes receivable -4.5 -14.0 -13.2 -2.3 -0.4 -7.8 -5.0 18.2 -26.5 18.7 -12.2 10

11 State and local governments -3.2 -6.0 -9.4 -4.6 0.3 -3.9 -4.9 -1.3 -1.2 1.8 1.7 11

12 Federal government -1.3 -8.0 -3.8 2.3 -0.7 -3.9 -0.0 19.5 -25.3 16.8 -13.8 12

13 Discrepancy 15.8 16.6 17.8 16.3 20.5 20.3 21.6 12.2 28.3 11.2 30.3 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 1

 2 Asset: Household sector 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 24.6 59.0 39.5 22.6 15.8 44.5 5.9 22.6 19.7 19.7 1.2 1

 2 Nonfarm noncorporate business 26.9 62.4 38.3 14.0 -1.4 25.2 -0.2 10.6 -7.1 -10.4 1.1 2

 3 Farm business -9.4 9.3 -9.0 0.7 5.4 10.7 -4.4 6.3 3.1 12.5 -0.4 3

 4 Brokers and dealers 7.1 -12.7 10.2 8.0 11.9 8.5 10.5 5.7 23.8 17.6 0.5 4
Z.1, March 13, 1998 55

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 345.6 250.8 462.9 490.7 544.1 413.4 656.5 587.8 633.3 406.6 548.8 1

 2 Household sector 0.5 0.5 0.7 0.3 2.2 0.3 0.3 2.2 2.2 2.2 2.2 2

 3 Nonfinancial corporate business 108.3 75.4 171.1 243.3 135.3 303.4 239.4 157.9 236.9 77.9 68.4 3

 4 Nonfarm noncorporate business 3.6 2.8 7.7 8.4 5.9 8.4 8.6 7.0 6.0 6.0 4.8 4

 5 Federal government 0.7 3.9 4.5 -3.2 -2.3 -29.6 19.6 -17.3 22.4 -32.8 18.6 5

 6 Rest of the world 113.8 69.4 116.5 120.5 125.4 9.7 219.8 146.8 197.9 164.9 -8.1 6

 7 Monetary authority 1.0 1.3 1.3 -0.2 1.8 0.8 7.5 -11.5 8.7 -7.9 18.1 7

 8 Commercial banking 90.4 82.4 124.0 20.1 189.9 -92.5 51.4 228.4 203.2 39.8 288.1 8

 9 Savings institutions -3.8 3.7 -0.6 -2.5 -3.7 45.1 -54.4 -28.3 17.1 -13.3 9.6 9

10 Credit unions 0.5 1.4 -1.9 0.0 0.5 -2.3 -1.6 4.5 0.3 5.6 -8.5 10

11 Life insurance companies 13.7 3.6 11.4 15.5 22.4 15.9 48.2 15.1 20.6 29.0 24.8 11

12 Other insurance companies 15.8 16.4 23.0 12.3 18.5 23.5 2.8 14.3 9.6 32.0 18.3 12

13 Government-sponsored enterprises -4.9 -24.9 6.1 2.7 12.7 2.2 23.4 31.3 -19.9 26.2 13.1 13

14 Finance companies 11.5 14.8 21.6 3.0 -2.8 12.6 27.9 29.2 -73.0 48.5 -16.0 14

15 Mortgage companies -0.1 -12.5 -3.8 -4.3 1.8 1.7 -7.9 -6.2 5.0 3.6 4.8 15

16 REITs -0.1 2.9 1.4 1.6 0.3 2.5 0.6 0.1 0.1 0.3 0.4 16

17 Brokers and dealers 15.6 1.6 12.6 27.5 22.9 58.9 62.7 -11.4 15.1 56.4 31.3 17

18 Funding corporations -21.0 8.1 -32.6 45.6 13.4 52.9 8.3 25.7 -19.0 -31.9 78.9 18

19 Net change in assets 535.7 396.5 573.5 611.5 827.2 653.5 637.5 777.1 954.6 688.3 888.6 19

20 Household sector 13.1 5.4 15.8 9.0 23.7 21.4 6.1 12.9 20.9 39.8 21.1 20

21 Nonfinancial corporate business 261.3 166.6 265.1 295.9 243.6 325.4 302.5 282.9 250.4 208.2 233.0 21

22 Nonfarm noncorporate business 9.0 15.7 12.7 9.8 12.5 9.3 12.2 11.0 11.8 12.9 14.1 22

23 Farm business 1.5 2.0 2.7 2.9 4.5 3.6 1.3 4.0 4.5 4.7 4.6 23

24 State and local governments 4.6 -0.1 27.1 24.9 30.2 87.1 74.4 66.7 -27.6 54.4 27.2 24

25 Federal government -3.8 3.3 -2.5 -6.4 -6.9 0.7 -16.9 -11.8 -7.0 -9.2 0.4 25

26 Rest of the world 75.6 48.6 102.7 108.0 175.0 122.4 43.4 218.7 129.2 160.5 191.7 26

27 Monetary authority 2.6 2.6 -3.2 2.4 1.2 13.2 3.0 -1.1 8.6 -3.7 1.1 27

28 Commercial banking 87.2 80.7 64.8 27.0 112.9 -50.9 21.6 66.8 169.1 72.4 143.1 28

29 Savings institutions -17.2 -8.1 1.7 -1.8 -3.6 67.7 -53.4 -36.6 1.2 3.8 17.3 29

30 Credit unions 1.7 -3.4 -0.8 -0.2 3.5 0.5 -1.2 -2.2 10.5 0.9 4.9 30

31 Bank personal trusts and estates 3.5 -3.1 -1.1 4.1 3.6 5.1 4.4 4.1 3.8 3.3 3.1 31

32 Life insurance companies -7.3 22.2 7.2 -10.2 9.2 -12.8 -11.8 5.8 4.7 22.1 4.1 32

33 Other insurance companies 2.8 2.3 3.7 3.4 5.3 3.7 4.6 5.5 3.8 6.4 5.5 33

34 Private pension funds 9.8 16.0 13.5 15.9 11.9 21.9 22.0 17.4 10.4 1.4 18.6 34

35 State and local govt. retirement funds -15.2 5.2 -16.0 -42.1 -3.0 -72.6 -34.9 -4.8 9.8 -31.5 14.5 35

36 Money market mutual funds 11.0 6.9 12.8 4.8 19.1 -14.1 -13.3 14.6 33.1 32.4 -3.9 36

37 Mutual funds 0.3 2.5 0.5 -1.7 2.8 -20.2 6.5 3.4 7.6 4.8 -4.8 37

38 Government-sponsored enterprises 6.3 -1.7 9.7 12.3 15.4 2.5 32.2 -31.2 26.7 13.3 52.9 38

39 Finance companies 25.7 -7.6 21.0 22.0 30.6 25.0 57.4 -10.4 57.5 -20.2 95.5 39

40 REITs 3.0 -0.1 1.3 -1.9 -0.9 -1.8 -1.2 -3.0 -2.2 0.2 1.3 40

41 Brokers and dealers 49.6 24.8 10.3 68.2 83.4 61.7 72.4 48.2 241.2 24.6 19.8 41

42 Funding corporations 10.6 15.6 24.5 65.2 53.3 54.5 106.0 116.2 -13.4 86.7 23.6 42

43 Discrepancy -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 43
56 Z.1, March 13, 1998

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 77.9 69.3 86.7 87.8 119.4 44.4 123.5 107.0 148.0 91.1 131.7 1

 2 Equity 24.6 20.5 36.6 21.6 48.1 19.2 21.1 45.0 40.1 36.4 70.7 2

 3 Reinvested earnings 30.7 30.1 54.0 57.9 64.0 54.6 68.8 63.8 63.7 60.5 67.8 3

 4 Intercompany accounts 22.7 18.6 -3.9 8.3 7.4 -29.4 33.5 -1.7 44.1 -5.9 -6.7 4

 5 Asset: Nonfinancial corporate business 51.9 61.9 85.0 71.4 91.6 69.8 79.8 86.4 99.6 89.6 90.7 5

 6 Commercial banking 2.0 2.3 1.0 3.3 4.8 4.3 5.4 3.7 3.7 6.4 5.4 6

 7 Life insurance companies -0.1 0.5 0.4 1.0 0.7 0.7 1.7 1.2 0.3 -0.3 1.6 7

 8 Other insurance companies 2.8 2.3 3.7 3.4 5.3 3.7 4.6 5.5 3.8 6.4 5.5 8

 9 Finance companies 20.4 1.0 -4.9 4.5 14.5 -37.8 27.0 9.0 38.7 -13.3 23.7 9

10 Brokers and dealers 1.0 1.3 1.5 4.2 2.5 3.7 4.9 1.2 1.9 2.2 4.9 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 17.9 42.9 50.7 59.7 81.8 52.8 52.1 77.4 41.8 94.3 113.6 11

12 Nonfarm noncorporate business 0.0 0.0 -0.1 0.0 0.0 -0.0 0.2 -0.0 -0.0 0.0 0.1 12

13 Commercial banking 2.2 3.4 6.4 0.3 7.7 3.2 4.9 1.7 11.5 5.3 12.2 13

14 Life insurance companies 0.2 1.0 1.9 2.0 4.0 1.9 3.2 2.5 8.4 3.0 2.2 14

15 Other insurance companies 0.7 1.8 2.2 5.7 6.7 2.7 13.9 4.6 4.2 10.0 8.1 15

16 Finance companies 23.6 3.2 15.4 7.5 33.3 22.2 12.6 49.1 38.0 29.4 16.7 16

17 Brokers and dealers 0.1 0.8 1.5 0.5 1.9 0.2 0.8 0.7 0.1 5.8 0.9 17

18 Funding corporations 4.3 -7.5 -10.4 1.1 -27.4 20.8 -17.0 -13.2 2.7 -44.0 -55.2 18

19 Asset: Rest of the world 49.0 45.7 67.5 77.0 107.9 103.9 70.6 122.7 106.6 103.8 98.6 19

20 Equity 29.7 37.2 45.1 53.0 47.8 52.0 63.6 47.2 34.2 45.1 64.9 20

21 Reinvested earnings -9.4 2.5 9.8 12.2 20.4 19.3 5.6 16.9 15.6 26.8 22.1 21

22 Intercompany accounts 28.8 5.9 12.6 11.7 39.7 32.6 1.4 58.6 56.8 31.9 11.6 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.1 1.4 1.5 1.8 1.6 1.7 2.3 1.7 1.6 1.7 1.3 23

24 Asset: Federal government 1.1 1.4 1.5 1.8 1.6 1.7 2.3 1.7 1.6 1.7 1.3 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.3 0.3 0.6 0.8 1.6 0.3 0.6 1.2 0.7 0.8 25

26 Asset: Commercial banking 0.3 0.3 0.3 0.6 0.8 1.6 0.3 0.6 1.2 0.7 0.8 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.7 1.9 2.0 3.6 6.4 3.9 4.8 6.3 6.2 6.6 6.4 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.1 0.0 2.2 4.6 2.6 2.9 3.7 4.3 4.9 5.6 28

29 Nonfarm noncorporate (BC) 0.2 0.2 0.0 0.7 -0.1 0.0 2.8 0.0 -0.2 -0.1 -0.1 29

30 Farm business (FICB and FLB) 0.1 0.0 -0.1 -0.6 0.1 -0.0 -2.5 -0.0 0.2 0.2 -0.0 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 1.3 1.6 1.6 0.8 1.3 0.5 1.5 1.8 2.1 1.5 -0.1 32

33 Savings institutions (FHLB) 0.0 -0.0 0.4 0.5 0.4 0.8 -0.1 0.8 -0.2 -1.6 2.7 33

34 Credit unions (FHLB) 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.8 -0.7 34

35 Life insurance companies (FHLB) 0.0 0.0 -0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.9 -0.9 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 31.6 17.5 40.1 28.6 40.8 13.3 30.4 56.7 48.9 42.9 14.6 36

37 Savings institutions 0.4 -0.0 0.1 0.2 0.3 0.2 0.2 0.3 0.3 0.3 0.4 37

38 Finance companies 0.6 3.1 4.6 4.6 2.2 3.2 4.8 1.4 -1.9 3.2 6.1 38

39 Mortgage companies -0.1 -12.5 -3.8 -4.3 1.8 1.7 -7.9 -6.2 5.0 3.6 4.8 39

40 Brokers and dealers 12.0 9.6 7.3 -0.3 20.6 -12.9 -13.7 36.4 6.6 16.1 23.5 40

41 Asset: Bank holding companies 44.7 17.7 48.3 28.9 65.7 5.5 13.9 88.5 58.9 66.1 49.3 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 0.6 3.1 4.6 4.6 2.2 3.2 4.8 1.4 -1.9 3.2 6.1 42

43 Asset: Nonfinancial corporate business 0.6 3.1 4.6 4.6 2.2 3.2 4.8 1.4 -1.9 3.2 6.1 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -6.6 -0.5 6.7 13.7 14.3 26.3 20.1 59.6 -20.3 34.4 -16.4 44

45 Brokers and dealers 17.2 16.1 17.8 51.5 39.0 28.2 85.8 56.7 6.9 52.3 40.0 45

46 Asset: Funding corporations 10.6 15.6 24.5 65.2 53.3 54.5 106.0 116.2 -13.4 86.7 23.6 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, March 13, 1998 57

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.3 0.2 -0.1 -0.1 0.0 -0.3 0.4 0.1 0.1 0.0 -0.1 1

 2 Asset: Federal government 0.3 0.2 -0.1 -0.1 0.0 -0.3 0.4 0.1 0.1 0.0 -0.1 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 -7.0 -7.8 3.3 -1.2 0.0 2.0 10.7 -11.1 -8.8 9.1 10.8 5

 6 Asset: Savings institutions -7.0 -7.8 3.3 -1.2 0.0 2.0 10.7 -11.1 -8.8 9.1 10.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.5 0.5 0.7 0.3 2.2 0.3 0.3 2.2 2.2 2.2 2.2 7

 8 Asset: Life insurance companies 0.5 0.5 0.7 0.3 2.2 0.3 0.3 2.2 2.2 2.2 2.2 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.7 6.7 6.1 7.0 13.2 4.6 20.3 6.1 17.3 18.5 10.8 9

10 Health 6.2 6.6 5.2 6.2 10.7 4.4 17.3 5.5 14.2 15.9 7.2 10

11 Policy dividend accumulation 0.5 0.1 0.8 0.8 2.5 0.2 3.0 0.6 3.1 2.6 3.6 11

12 Asset: Household sector 6.7 6.7 6.1 7.0 13.2 4.6 20.3 6.1 17.3 18.5 10.8 12

 Policy payables:

13 Liab.: Other insurance companies 15.2 14.5 20.8 6.6 11.8 20.8 -11.2 9.7 5.4 22.0 10.2 13

14 Asset: Household sector 6.3 -1.3 9.8 2.0 10.5 16.8 -14.1 6.8 3.6 21.3 10.2 14

15 Nonfinancial corporate business 6.6 7.8 3.2 -2.0 -7.1 -2.6 -3.9 -5.2 -6.5 -7.8 -9.0 15

16 Nonfarm noncorporate business 0.8 6.0 5.0 3.0 4.1 3.0 3.0 4.0 4.0 4.0 4.4 16

17 Farm business 1.4 2.0 2.8 3.6 4.4 3.7 3.9 4.1 4.3 4.5 4.7 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 0.6 -4.9 -5.4 1.5 -5.6 0.4 17.6 1.2 -15.7 -13.0 5.0 18

19 Asset: Private pension funds 0.6 -4.9 -5.4 1.5 -5.6 0.4 17.6 1.2 -15.7 -13.0 5.0 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 43.6 24.6 -5.5 59.9 59.9 63.2 43.3 49.8 202.8 -12.2 -0.9 22

23 Asset: Brokers and dealers 43.6 24.6 -5.5 59.9 59.9 63.2 43.3 49.8 202.8 -12.2 -0.9 23
58 Z.1, March 13, 1998

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 96.8 61.9 203.8 143.4 101.4 99.9 245.2 81.6 119.1 16.3 188.9 1

 2 Nonfinancial corporate business 87.5 32.4 116.6 179.8 49.7 246.8 183.5 76.7 191.3 -20.2 -49.0 2

 3 Nonfarm noncorporate business 3.6 2.7 7.7 8.4 5.9 8.5 8.4 7.0 6.0 6.0 4.7 3

 4 Federal government 0.7 3.9 4.5 -3.2 -2.3 -29.6 19.6 -17.3 22.4 -32.8 18.6 4

 5 Rest of the world 34.4 -1.4 28.4 31.0 4.3 -36.1 93.6 38.0 48.3 72.2 -141.2 5

 6 Monetary authority 0.6 1.1 1.0 -0.9 1.0 -0.8 7.2 -12.2 7.6 -8.6 17.2 6

 7 Commercial banking 63.2 61.9 70.9 -22.5 127.1 -135.4 -4.1 110.4 163.1 -42.8 277.6 7

 8 U.S.-chartered commercial banks 14.6 31.3 3.5 -13.0 30.1 -42.4 -16.3 63.9 -27.0 -13.4 96.8 8

 9 Foreign banking offices in U.S. 32.9 29.0 37.9 -27.3 54.0 -96.6 -36.4 -21.3 127.8 -67.1 176.7 9

10 Bank holding companies 14.2 -0.2 26.6 17.3 39.0 0.2 48.0 59.0 57.9 33.6 5.4 10

11 Banks in U.S.-affiliated areas 1.4 1.8 2.9 0.6 4.0 3.3 0.6 8.8 4.3 4.1 -1.3 11

12 Savings institutions -4.2 3.7 -0.7 -2.7 -4.0 44.9 -54.7 -28.6 16.8 -13.6 9.3 12

13 Credit unions 0.5 1.4 -1.9 0.0 0.5 -2.3 -1.6 4.5 0.3 5.6 -8.5 13

14 Life insurance companies 6.2 0.9 8.8 5.0 10.8 8.9 7.2 5.4 10.7 20.4 6.7 14

15 Government-sponsored enterprises 0.5 -19.0 0.8 0.3 6.3 -3.7 8.0 36.1 -17.3 10.5 -4.1 15

16 Finance companies -13.4 5.4 -3.1 -13.8 -40.4 -16.0 5.7 -22.6 -107.1 12.8 -45.0 16

17 REITs -0.1 2.9 1.4 1.6 0.3 2.5 0.6 0.1 0.1 0.3 0.4 17

18 Brokers and dealers -13.7 -24.8 -14.0 -24.2 -38.6 43.4 -10.2 -105.1 1.5 -17.9 -33.0 18

19 Funding corporations -68.8 -9.0 -16.6 -15.4 -19.0 -31.1 -18.0 -10.9 -224.5 24.4 135.0 19

20 Net change in assets 286.9 207.6 314.4 264.2 384.5 340.0 226.2 270.9 440.4 298.0 528.7 20

21 Nonfinancial corporate business 202.1 93.7 172.2 219.7 152.3 252.4 218.8 196.6 154.8 118.2 139.6 21

22 Nonfarm noncorporate business 8.0 9.5 7.7 6.1 8.5 6.3 6.4 7.0 8.0 9.0 9.9 22

23 State and local governments 4.6 -0.1 27.1 24.9 30.2 87.1 74.4 66.7 -27.6 54.4 27.2 23

24 Federal government -5.3 1.7 -3.8 -8.1 -8.5 -0.7 -19.6 -13.6 -8.7 -10.9 -0.9 24

25 Rest of the world 26.6 2.9 35.2 31.0 67.1 18.5 -27.2 95.9 22.6 56.7 93.1 25

26 Monetary authority 2.6 2.6 -3.2 2.4 1.2 13.2 3.0 -1.1 8.6 -3.7 1.1 26

27 Commercial banking 38.8 58.9 13.6 -6.6 40.2 -62.8 0.6 -27.7 103.4 -2.3 87.6 27

28 U.S.-chartered commercial banks 5.0 13.8 2.4 2.6 3.4 -1.4 -71.2 94.3 -10.7 -9.4 -60.7 28

29 Foreign banking offices in U.S. 33.8 37.6 5.0 -21.2 43.0 -69.0 31.0 -81.6 97.4 5.9 150.2 29

30 Bank holding companies 0.5 7.7 4.6 11.3 -6.7 5.9 39.1 -41.0 15.1 1.2 -2.0 30

31 Banks in U.S.-affiliated areas -0.4 -0.1 1.6 0.8 0.5 1.7 1.7 0.6 1.5 -0.1 0.2 31

32 Savings institutions -10.2 -0.3 -2.0 -1.1 -4.0 65.0 -64.0 -26.3 10.2 -3.7 3.8 32

33 Credit unions 1.7 -3.4 -0.9 -0.2 3.5 0.5 -1.3 -2.2 10.4 0.1 5.7 33

34 Bank personal trusts and estates 3.5 -3.1 -1.1 4.1 3.6 5.1 4.4 4.1 3.8 3.3 3.1 34

35 Life insurance companies -7.7 21.1 6.2 -11.7 6.3 -13.7 -14.0 2.4 2.2 19.3 1.2 35

36 Private pension funds 6.2 20.8 15.1 10.6 13.7 17.7 0.6 12.4 22.3 10.5 9.7 36

37 State and local govt. retirement funds -15.2 5.2 -16.0 -42.1 -3.0 -72.6 -34.9 -4.8 9.8 -31.5 14.5 37

38 Money market mutual funds 11.0 6.9 12.8 4.8 19.1 -14.1 -13.3 14.6 33.1 32.4 -3.9 38

39 Mutual funds 0.3 2.5 0.5 -1.7 2.8 -20.2 6.5 3.4 7.6 4.8 -4.8 39

40 Government-sponsored enterprises 6.3 -1.7 9.7 12.3 15.4 2.5 32.2 -31.2 26.7 13.3 52.9 40

41 Finance companies 5.3 -8.6 25.9 17.4 16.1 62.8 30.4 -19.5 18.8 -6.9 71.8 41

42 REITs 3.0 -0.1 1.3 -1.9 -0.9 -1.8 -1.2 -3.0 -2.2 0.2 1.3 42

43 Brokers and dealers 5.0 -1.0 14.2 4.1 21.0 -5.2 24.3 -2.8 36.5 34.6 15.8 43

44 Discrepancy -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 44
Z.1, March 13, 1998 59

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1993 1994 1995 1996 1997 1996 1997

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -193.6 -54.9 -58.4 0.2 -113.7 -230.5 202.3 -11.0 -139.1 -153.6 -151.0 1

 2 Household sector -12.7 -79.4 83.5 89.8 58.9 138.4 108.5 71.3 116.4 16.6 31.2 2

 3 Nonfinancial corporate business -100.7 2.0 4.9 18.1 25.6 -57.7 9.9 23.5 -18.7 57.7 40.0 3

 4 State and local governments -22.6 -18.5 -24.7 -36.5 -53.9 -47.4 33.2 -25.6 -43.5 -64.1 -82.6 4

 5 Federal government 10.7 37.1 -3.2 41.7 11.0 36.6 100.1 16.0 -22.7 2.8 48.0 5

 6 Rest of the world -6.6 -16.9 -29.7 -62.3 -103.2 -168.1 -27.8 -67.6 -61.3 -121.5 -162.2 6

 7 Financial sectors -61.7 20.7 -89.1 -50.7 -52.1 -132.1 -21.6 -28.6 -109.3 -45.1 -25.3 7

 8 Monetary authority -0.5 -3.1 -1.7 1.0 0.7 1.8 2.3 -2.1 1.3 -2.3 5.9 8

 9 Commercial banking 14.9 37.4 -13.6 13.1 52.0 -28.6 26.3 52.4 9.6 53.3 92.9 9

10 Savings institutions -11.2 -5.0 -4.0 -1.5 -1.0 1.8 -14.2 0.3 -7.2 -1.6 4.4 10

11 Credit unions -1.0 0.3 -1.2 -0.6 -1.0 -0.2 -1.7 0.1 -1.6 -1.6 -0.8 11

12 Bank personal trusts and estates -0.7 -1.0 -2.0 2.8 8.6 3.4 4.7 6.5 7.7 9.4 10.8 12

13 Life insurance companies -35.9 3.2 -31.6 -31.5 -38.5 -52.3 -21.9 -17.9 -47.9 -56.7 -31.6 13

14 Other insurance companies -10.6 -10.5 -7.1 1.5 -18.5 -4.5 3.2 -20.8 -17.5 -11.8 -23.9 14

15 Mutual funds -33.9 -45.3 -53.3 -80.7 -89.1 -83.8 -93.8 -85.0 -85.0 -82.2 -104.2 15

16 Government-sponsored enterprises -1.9 -2.2 -1.5 3.0 3.0 -0.1 13.6 2.8 1.3 7.7 0.1 16

17 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Finance companies 6.5 27.3 8.1 18.8 -1.1 8.4 31.2 5.3 -1.3 6.7 -15.1 18

19 REITs 13.0 18.9 18.3 22.7 32.1 21.0 28.3 29.5 30.4 33.1 35.5 19

20 Brokers and dealers -0.2 0.7 0.6 0.8 0.7 0.9 0.5 0.3 0.8 0.9 0.7 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -193.6 -54.9 -58.4 0.2 -113.7 -230.5 202.3 -11.0 -139.1 -153.6 -151.0 1

 2 Treasury currency -0.2 -0.2 -0.5 -1.0 -0.6 1.3 -3.1 -0.3 -0.5 0.8 -2.4 2

 3 Foreign deposits -5.7 43.0 25.7 55.8 68.3 86.3 37.3 178.0 -10.2 78.1 27.2 3

 4 Net interbank transactions 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 4

 5 Security RPs 46.4 69.4 36.1 31.9 52.1 -90.6 132.6 -104.6 178.6 6.2 128.3 5

 Mail floats:

 6 Federal government -1.5 -4.8 -6.0 0.5 -2.7 27.1 -21.4 -9.4 16.1 2.1 -19.5 6

 7 Other -1.3 -2.8 -3.8 -4.0 -3.9 -4.7 -3.7 -2.6 -4.8 -3.4 -4.8 7

 8 Trade credit -4.3 0.3 -29.1 -33.9 -33.4 -103.5 -42.7 15.2 -73.1 -17.2 -58.6 8

 9 Taxes payable 15.8 16.6 17.8 16.3 20.5 20.3 21.6 12.2 28.3 11.2 30.3 9

10 Miscellaneous -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 10

11 Nonfinancial -57.1 -28.1 15.1 58.6 85.1 77.9 58.5 63.0 72.3 101.8 103.3 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 52.7 14.8 -28.2 -59.7 -86.3 -79.0 -59.6 -64.2 -73.5 -103.0 -104.5 12

13 Private wage accruals less disbursements 4.4 13.3 13.1 1.1 1.2 1.1 1.1 1.2 1.2 1.2 1.2 13

14 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
60 Z.1, March 13, 1998

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1

 2 Domestic nonfinancial sectors 12431.6 13013.0 13717.2 13913.2 14065.4 14241.9 14436.9 14602.1 14727.9 14913.9 15194.1 2

 3 Federal government 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 3

 4 Nonfederal sectors 9095.1 9520.7 10080.4 10196.0 10371.6 10508.8 10655.1 10772.3 10967.3 11142.7 11389.2 4

 5 Household sector 4157.0 4482.5 4850.7 4911.3 4991.3 5101.0 5204.6 5240.0 5340.5 5439.4 5571.5 5

 6 Nonfinancial corporate business 2519.9 2657.7 2869.2 2916.0 2993.7 3028.4 3042.4 3104.9 3160.4 3209.7 3282.8 6

 7 Nonfarm noncorporate business 1118.5 1121.8 1147.9 1158.5 1167.8 1174.1 1189.3 1200.9 1217.6 1233.0 1250.1 7

 8 Farm business 137.9 142.2 145.1 142.8 148.2 149.5 149.9 148.3 153.4 155.4 156.2 8

 9 State and local governments 1161.8 1116.5 1067.6 1067.4 1070.7 1055.7 1068.9 1078.1 1095.4 1105.2 1128.7 9

10 Rest of the world 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 10

11 Financial sectors 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 11

12 Commercial banking 208.0 228.1 250.6 241.8 253.0 256.8 263.6 266.9 286.8 294.6 309.7 12

13 U.S.-chartered commercial banks 68.6 81.0 92.2 90.4 95.8 98.8 103.9 105.6 115.4 120.8 133.8 13

14 Foreign banking offices in U.S. 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.7 10.3 9.2 7.2 14

15 Bank holding companies 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.6 161.1 164.6 168.6 15

16 Savings institutions 99.6 112.4 115.0 117.8 128.3 134.8 140.5 136.3 144.3 149.8 160.3 16

17 Credit unions 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.6 17

18 Life insurance companies 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 1.9 1.8 18

19 Government-sponsored enterprises 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 19

20 Federally related mortgage pools 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 20

21 ABS issuers 485.3 554.1 687.0 717.3 756.6 781.2 819.1 829.8 852.5 908.8 998.4 21

22 Finance companies 385.1 433.7 483.9 491.1 506.3 513.7 529.8 528.4 557.8 532.7 554.5 22

23 Mortgage companies 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 34.3 35.2 36.4 23

24 REITs 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.9 60.0 66.7 73.7 24

25 Brokers and dealers 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 35.3 33.6 35.3 25

26 Funding corporations 180.3 211.0 248.6 261.3 282.0 291.0 312.7 348.6 350.0 363.4 373.8 26

27 Total credit market assets held by: 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 27

28 Domestic nonfederal nonfinancial sectors 2724.1 2998.6 2877.8 2851.2 2936.2 2896.5 2905.0 2825.6 2785.6 2725.9 2753.7 28

29 Household sector 1630.6 1941.9 1904.9 1864.9 1934.5 1941.3 1964.5 1911.7 1873.7 1829.4 1826.9 29

30 Nonfinancial corporate business 271.5 289.2 286.8 273.6 285.7 273.8 291.0 281.8 272.3 277.1 296.3 30

31 Nonfarm noncorporate business 37.0 37.6 37.9 38.0 38.1 38.2 38.3 38.5 38.6 38.8 39.0 31

32 State and local governments 784.9 729.9 648.1 674.8 677.8 643.2 611.1 593.6 600.9 580.5 591.5 32

33 Federal government 231.9 204.4 204.2 199.3 199.2 197.5 196.5 196.9 198.3 199.1 201.4 33

34 Rest of the world 1147.8 1254.8 1563.1 1656.7 1722.2 1844.8 1953.6 2051.1 2125.3 2227.3 2270.0 34

35 Financial sectors 12038.8 12724.3 13763.4 13989.0 14182.3 14417.4 14679.9 14907.6 15179.7 15443.9 15893.8 35

36 Monetary authority 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 412.7 431.4 36

37 Commercial banking 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3707.7 3775.7 3856.8 3912.9 4031.9 37

38 U.S.-chartered commercial banks 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.8 3218.1 3295.2 3351.9 3450.8 38

39 Foreign banking offices in U.S. 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 501.8 501.0 515.4 39

40 Bank holding companies 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 23.8 22.5 27.4 40

41 Banks in U.S.-affiliated areas 25.8 29.2 33.4 33.9 34.3 34.5 34.1 35.6 36.1 37.5 38.3 41

42 Savings institutions 914.1 920.8 913.3 921.8 932.7 945.2 933.2 931.9 937.8 927.3 925.5 42

43 Credit unions 218.7 246.8 263.0 267.0 276.9 282.6 288.5 291.2 299.2 303.6 304.2 43

44 Bank personal trusts and estates 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 237.4 239.7 242.3 44

45 Life insurance companies 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1654.3 1680.2 1724.1 1750.4 1775.4 45

46 Other insurance companies 422.7 446.4 468.7 473.1 480.7 484.2 491.2 491.2 498.1 506.2 514.4 46

47 Private pension funds 611.4 656.9 718.3 735.0 746.7 757.1 764.8 777.9 792.5 809.1 831.7 47

48 State and local govt. retirement funds 433.5 455.8 483.3 493.6 509.8 517.7 529.2 531.6 542.7 562.0 577.5 48

49 Money market mutual funds 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 656.5 678.7 718.8 49

50 Mutual funds 725.9 718.8 771.3 795.9 809.0 818.3 820.2 838.3 860.6 889.2 894.8 50

51 Closed-end funds 89.7 86.0 96.4 97.0 97.6 98.1 98.7 99.3 99.7 99.7 99.5 51

52 Government-sponsored enterprises 545.5 663.3 748.0 755.8 758.9 779.3 813.6 824.3 854.8 868.7 908.6 52

53 Federally related mortgage pools 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 53

54 ABS issuers 455.1 516.8 627.9 653.3 686.0 704.1 729.7 734.5 753.5 783.1 859.5 54

55 Finance companies 427.9 476.2 526.2 530.3 539.9 538.3 544.5 552.4 553.1 564.4 566.7 55

56 Mortgage companies 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 56

57 REITs 8.6 13.3 15.5 16.3 17.2 18.0 19.0 20.3 21.5 22.8 24.0 57

58 Brokers and dealers 137.5 93.3 183.4 156.2 138.2 147.1 167.7 164.1 161.2 165.1 183.6 58

59 Funding corporations 117.8 109.3 87.3 106.7 108.1 113.9 104.5 122.5 112.0 112.3 130.3 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 13, 1998 61

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 12431.6 13013.0 13717.2 13913.2 14065.4 14241.9 14436.9 14602.1 14727.9 14913.9 15194.1 1

 2 Federal government 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 2

 3 Treasury securities 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3745.1 3778.3 3

 4 Budget agency secur. and mortgages 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 26.1 26.5 4

 5 Nonfederal, by instrument 9095.1 9520.7 10080.4 10196.0 10371.6 10508.8 10655.1 10772.3 10967.3 11142.7 11389.2 5

 6 Commercial paper 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 176.6 168.6 6

 7 Municipal securities and loans 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 7

 8 Corporate bonds 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 1470.9 1489.5 8

 9 Bank loans n.e.c. 684.8 759.9 861.9 871.6 889.2 919.2 928.2 963.8 996.5 998.5 1035.8 9

10 Other loans and advances 629.3 669.6 736.9 746.4 757.3 769.4 770.6 782.9 786.9 801.3 836.5 10

11 Mortgages 4196.9 4373.4 4581.7 4657.7 4741.6 4815.7 4893.4 4946.6 5032.7 5129.1 5227.2 11

12 Home 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 12

13 Multifamily residential 266.4 268.4 279.2 282.7 290.8 293.8 300.7 303.4 308.7 312.5 321.6 13

14 Commercial 671.3 664.5 684.7 692.0 731.0 731.1 743.9 749.0 765.2 780.2 796.0 14

15 Farm 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 15

16 Consumer credit 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 16

17 Nonfederal, by sector 9095.1 9520.7 10080.4 10196.0 10371.6 10508.8 10655.1 10772.3 10967.3 11142.7 11389.2 17

18 Household sector 4157.0 4482.5 4850.7 4911.3 4991.3 5101.0 5204.6 5240.0 5340.5 5439.4 5571.5 18

19 Nonfinancial business 3776.3 3921.7 4162.2 4217.3 4309.6 4352.1 4381.7 4454.2 4531.4 4598.0 4689.0 19

20 Corporate 2519.9 2657.7 2869.2 2916.0 2993.7 3028.4 3042.4 3104.9 3160.4 3209.7 3282.8 20

21 Nonfarm noncorporate 1118.5 1121.8 1147.9 1158.5 1167.8 1174.1 1189.3 1200.9 1217.6 1233.0 1250.1 21

22 Farm 137.9 142.2 145.1 142.8 148.2 149.5 149.9 148.3 153.4 155.4 156.2 22

23 State and local governments 1161.8 1116.5 1067.6 1067.4 1070.7 1055.7 1068.9 1078.1 1095.4 1105.2 1128.7 23

 Foreign credit market debt

24 held in U.S. 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 24

25 Commercial paper 68.8 42.7 56.2 52.5 54.5 65.8 67.5 69.3 71.3 64.3 65.1 25

26 Bonds 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 352.7 376.3 382.6 26

27 Bank loans n.e.c. 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.4 48.2 52.1 27

28 Other loans and advances 62.3 60.8 60.2 60.6 60.9 61.0 61.0 60.9 61.2 59.9 59.0 28

29 Domestic and foreign 12817.3 13384.9 14160.1 14366.8 14528.0 14732.1 14950.3 15119.8 15259.5 15462.6 15752.9 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; levels, not seasonally adjusted

 1 By instrument 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 1

 2 Federal government-related 1885.2 2172.7 2376.8 2414.0 2489.4 2545.1 2608.3 2634.7 2706.2 2746.5 2821.7 2

 3 Govt.-sponsored enterprise securities 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 3

 4 Mortgage pool securities 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 4

 5 U.S. government loans 4.8 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 1440.0 1624.6 1871.5 1915.3 2022.5 2079.0 2176.4 2226.7 2323.2 2387.2 2544.3 6

 7 Open market paper 393.4 441.6 486.9 490.9 517.3 538.6 579.1 623.0 642.5 684.7 745.7 7

 8 Corporate bonds 866.2 983.9 1172.0 1205.7 1265.2 1288.8 1328.5 1334.4 1390.7 1396.0 1466.3 8

 9 Bank loans n.e.c. 62.6 48.9 53.1 58.6 63.9 64.2 69.8 71.3 72.9 76.5 83.4 9

10 Other loans and advances 108.9 131.6 135.0 133.6 146.8 155.1 162.9 157.9 173.7 183.0 198.9 10

11 Mortgages 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 47.0 50.0 11

12 By sector 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 12

13 Commercial banks 84.6 94.5 102.6 100.5 104.6 107.7 113.6 115.3 125.7 130.0 141.0 13

14 Bank holding companies 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.6 161.1 164.6 168.6 14

15 Savings institutions 99.6 112.4 115.0 117.8 128.3 134.8 140.5 136.3 144.3 149.8 160.3 15

16 Credit unions 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.6 16

17 Life insurance companies 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 1.9 1.8 17

18 Government-sponsored enterprises 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 18

19 Federally related mortgage pools 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 19

20 ABS issuers 485.3 554.1 687.0 717.3 756.6 781.2 819.1 829.8 852.5 908.8 998.4 20

21 Brokers and dealers 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 35.3 33.6 35.3 21

22 Finance companies 385.1 433.7 483.9 491.1 506.3 513.7 529.8 528.4 557.8 532.7 554.5 22

23 Mortgage companies 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 34.3 35.2 36.4 23

24 REITs 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.9 60.0 66.7 73.7 24

25 Funding corporations 180.3 211.0 248.6 261.3 282.0 291.0 312.7 348.6 350.0 363.4 373.8 25
62 Z.1, March 13, 1998

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1

 2 Open market paper 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 925.7 979.4 2

 3 U.S. government securities 5216.9 5665.0 6013.6 6131.2 6183.1 6278.2 6390.0 6464.5 6466.8 6517.7 6626.5 3

 4 Municipal securities 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 4

 5 Corporate and foreign bonds 2326.0 2479.1 2790.3 2851.1 2931.3 2986.8 3068.7 3097.2 3183.6 3243.2 3338.4 5

 6 Bank loans n.e.c. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 6

 7 Other loans and advances 805.3 862.0 932.1 940.5 965.0 985.4 994.5 1001.7 1021.8 1044.2 1094.4 7

 8 Mortgages 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 8

 9 Consumer credit 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 9

 Memo:

 Selected claims not included above:

10 Corporate equities 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 10

11 Mutual fund shares 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 11

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

Billions of dollars; levels, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1

 2 Official foreign exchange 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 46.1 48.9 2

 3 SDR certificates 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 3

 4 Treasury currency 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 18.7 18.2 4

 5 Foreign deposits 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 489.9 516.2 527.0 5

 6 Net interbank liabilities 189.3 280.1 290.7 266.6 250.0 225.8 240.8 210.2 197.1 186.9 198.9 6

 7 Checkable deposits and currency 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1220.0 1265.3 1234.2 1286.2 7

 8 Small time and savings deposits 2223.1 2183.2 2279.7 2342.4 2340.2 2357.9 2377.0 2427.1 2432.3 2437.0 2475.5 8

 9 Large time deposits 391.7 411.2 476.9 493.6 511.1 557.2 590.9 606.0 646.7 696.1 711.4 9

10 Money market fund shares 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 10

11 Security RPs 471.3 549.5 660.0 666.0 692.0 687.6 700.3 713.3 765.1 792.5 814.3 11

12 Mutual fund shares 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 12

13 Security credit 279.0 279.0 305.7 326.9 318.6 317.8 358.1 380.0 414.8 432.2 461.9 13

14 Life insurance reserves 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 14

15 Pension fund reserves 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 15

16 Trade payables 1047.8 1141.5 1246.7 1234.6 1269.7 1263.0 1314.8 1300.6 1322.2 1351.3 1390.5 16

17 Taxes payable 98.8 101.4 106.0 116.2 113.4 117.9 120.0 133.2 128.9 137.5 140.1 17

18 Investment in bank personal trusts 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 18

19 Miscellaneous 5144.1 5402.7 5792.0 5954.5 5943.3 6031.6 6163.8 6344.1 6276.2 6394.0 6441.0 19

20 Total liabilities 35348.6 37341.4 40762.9 41684.9 42379.7 43120.4 44378.5 45146.0 46506.6 47829.3 48859.7 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21.1 21.0 21.1 21

22 Corporate equities 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 22

23 Household equity in noncorp. bus. 3218.8 3419.1 3625.4 3670.1 3727.1 3792.1 3836.5 3914.9 4052.3 4111.8 4087.6 23

 - Liabilities not identified as assets:

24 Treasury currency -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 -7.0 -6.8 -7.4 24

25 Foreign deposits 233.2 276.2 301.2 319.5 326.1 347.7 354.1 398.6 396.0 415.6 422.4 25

26 Net interbank transactions -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 26

27 Security RPs -1.5 67.8 103.9 104.2 125.5 113.4 135.8 110.9 153.4 164.8 187.9 27

28 Taxes payable 40.8 48.8 60.8 45.8 61.0 67.7 73.2 70.6 72.5 82.3 93.2 28

29 Miscellaneous -867.0 -977.7 -1092.2 -1105.5 -1222.4 -1300.4 -1414.2 -1382.7 -1439.6 -1448.0 -1631.2 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 5.6 3.4 3.1 -0.0 -3.4 -1.7 -1.6 -9.7 -6.8 -7.8 -8.1 30

31 Other 40.7 38.0 34.2 29.6 31.8 23.1 30.1 25.6 27.9 19.5 26.2 31

32 Trade credit -245.3 -245.8 -274.9 -328.3 -338.5 -377.8 -308.7 -363.8 -390.0 -419.9 -353.2 32

33 Totals identified to sectors as assets 45648.4 47820.7 53620.4 55130.3 56268.0 57419.8 59446.2 60313.1 63501.4 65989.1 67225.5 33
Z.1, March 13, 1998 63

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 15770.4 16263.4 18557.6 19125.4 19495.9 19836.3 20646.6 20751.8 22332.1 23432.5 23744.2 1

 2 Foreign deposits 15.8 18.8 23.4 26.0 27.7 31.7 35.5 39.7 43.5 46.5 49.3 2

 3 Checkable deposits and currency 673.3 649.1 609.9 589.7 583.3 576.9 571.6 565.3 564.1 537.8 547.7 3

 4 Time and savings deposits 2291.1 2287.3 2443.6 2515.1 2530.7 2571.0 2614.3 2666.2 2699.2 2747.7 2802.0 4

 5 Money market fund shares 341.8 355.3 455.7 509.2 489.4 503.8 534.9 584.5 572.1 615.6 641.4 5

 6 Securities 5731.1 5942.2 7129.8 7373.7 7593.0 7701.4 8069.0 7928.6 8834.2 9381.5 9415.9 6

 7 Open market paper 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 113.1 122.6 7

 8 U.S. savings bonds 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 8

 9 Other Treasury securities 316.4 496.3 420.4 406.1 380.0 361.9 370.3 324.4 227.1 190.2 133.7 9

10 Agency securities 120.2 267.3 289.9 269.5 333.5 385.4 413.8 435.7 468.4 475.1 499.8 10

11 Municipal securities 552.6 502.2 445.7 436.0 440.0 426.4 423.1 422.4 439.1 439.1 448.9 11

12 Corporate and foreign bonds 312.9 348.8 408.3 411.3 436.8 414.9 396.1 358.1 359.5 338.1 349.3 12

13 Corporate equities (2) 3220.7 3048.9 4065.6 4245.0 4294.8 4337.2 4604.4 4525.6 5281.7 5709.9 5737.6 13

14 Mutual fund shares 990.9 1052.1 1255.0 1358.7 1457.5 1515.7 1591.6 1581.5 1767.8 1929.8 1937.5 14

15 Private life insurance reserves 457.2 491.5 536.3 540.8 548.3 563.4 580.1 590.3 609.1 625.1 636.8 15

16 Private insured pension reserves 836.4 884.5 997.6 1014.6 1025.8 1045.6 1083.6 1111.9 1192.1 1239.6 1268.4 16

17 Private noninsured pension reserves 2216.3 2317.2 2682.0 2765.1 2839.6 2901.5 3062.2 3100.5 3355.4 3563.4 3602.9 17

18 Govt. insurance and pension reserves 1622.9 1692.2 1934.8 2001.8 2049.7 2097.5 2181.6 2215.8 2406.6 2535.9 2596.7 18

19 Investment in bank personal trusts 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 19

20 Miscellaneous assets 893.2 925.8 977.1 995.6 996.7 1014.6 1041.8 1058.6 1086.1 1104.2 1132.5 20

21 Total liabilities 5820.3 6168.6 6592.8 6675.1 6778.7 6897.2 7026.5 7081.3 7221.1 7358.8 7515.4 21

22 Mortgage debt on nonfarm homes 3160.4 3338.8 3514.0 3578.6 3614.1 3684.3 3741.8 3786.5 3849.9 3926.2 3998.5 22

23 Other mortgage debt (3) 844.1 820.3 815.9 823.2 830.5 831.7 847.2 850.8 861.2 871.6 883.0 23

24 Consumer credit 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 24

25 Policy loans 78.6 86.4 96.9 98.7 99.9 102.9 101.4 102.9 104.6 105.4 106.8 25

26 Security credit 76.1 75.1 78.6 89.1 89.9 86.9 94.4 101.1 110.5 127.5 128.7 26

27 Other liabilities (3) 802.1 864.1 964.6 972.2 999.8 1017.8 1030.1 1053.7 1089.8 1100.9 1132.9 27

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

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

(3) Includes corporate farms.
64 Z.1, March 13, 1998

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 18411.8 19059.2 21528.0 22133.6 22553.9 22952.0 23795.3 23970.7 25679.5 26831.5 27108.7 1

 2 Deposits 3160.4 3133.9 3346.1 3451.5 3440.6 3490.7 3561.5 3658.6 3679.3 3745.4 3834.8 2

 3 Foreign deposits 15.8 18.8 23.4 26.0 27.7 31.7 35.5 39.7 43.5 46.5 49.3 3

 4 Checkable deposits and currency 570.8 539.8 497.2 476.1 468.8 461.5 455.3 447.7 445.3 417.8 426.1 4

 5 Time and savings deposits 2235.9 2223.9 2373.9 2444.3 2458.8 2498.0 2540.2 2591.0 2622.8 2670.0 2722.8 5

 6 Money market fund shares 337.9 351.3 451.6 505.0 485.2 499.5 530.6 580.1 567.7 611.1 636.7 6

 7 Credit market instruments 1630.6 1941.9 1904.9 1864.9 1934.5 1941.3 1964.5 1911.7 1873.7 1829.4 1826.9 7

 8 Open market paper 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 113.1 122.6 8

 9 U.S. government securities 595.3 929.6 880.9 847.0 885.4 919.3 956.3 931.6 866.6 836.0 804.3 9

10 Treasury 475.0 662.2 591.0 577.4 551.8 533.9 542.4 495.9 398.2 360.9 304.5 10

11 Savings bonds 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 11

12 Other Treasury 303.1 482.3 406.0 391.6 365.3 347.1 355.4 309.4 211.9 174.7 118.1 12

13 Agency 120.2 267.3 289.9 269.5 333.5 385.4 413.8 435.7 468.4 475.1 499.8 13

14 Municipal securities 552.6 502.2 445.7 436.0 440.0 426.4 423.1 422.4 439.1 439.1 448.9 14

15 Corporate and foreign bonds 312.9 348.8 408.3 411.3 436.8 414.9 396.1 358.1 359.5 338.1 349.3 15

16 Mortgages 124.4 114.7 110.1 109.4 108.5 107.5 106.4 105.2 104.2 103.1 101.8 16

17 Corporate equities (2) 3220.7 3048.9 4065.6 4245.0 4294.8 4337.2 4604.4 4525.6 5281.7 5709.9 5737.6 17

18 Mutual fund shares 990.9 1052.1 1255.0 1358.7 1457.5 1515.7 1591.6 1581.5 1767.8 1929.8 1937.5 18

19 Security credit 102.3 109.0 127.6 140.9 136.8 145.2 162.9 171.9 189.0 193.1 210.7 19

20 Life insurance reserves 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 20

21 Pension fund reserves 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 21

22 Investment in bank personal trusts 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 22

23 Equity in noncorporate business 3218.8 3419.1 3625.4 3670.1 3727.1 3792.1 3836.5 3914.9 4052.3 4111.8 4087.6 23

24 Miscellaneous assets 264.1 269.5 285.4 286.5 287.5 292.8 294.3 297.6 302.8 312.8 318.0 24

25 Total liabilities 4339.2 4668.3 5049.3 5119.8 5203.5 5310.3 5420.7 5462.9 5575.6 5692.0 5827.1 25

26 Credit market instruments 4157.0 4482.5 4850.7 4911.3 4991.3 5101.0 5204.6 5240.0 5340.5 5439.4 5571.5 26

27 Home mortgages 2924.5 3097.7 3275.0 3340.6 3376.4 3446.5 3504.0 3548.9 3612.0 3686.9 3757.6 27

28 Consumer credit 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 28

29 Municipal securities 111.1 125.6 139.4 142.8 149.1 153.3 158.5 163.4 171.8 178.7 187.5 29

30 Bank loans n.e.c. 27.4 40.0 55.7 53.0 54.2 55.9 52.1 57.8 64.1 52.3 61.2 30

31 Other loans and advances 126.6 133.7 160.3 161.5 165.4 170.2 172.7 179.5 183.8 188.8 193.5 31

32 Commercial mortgages 108.5 101.5 97.5 100.2 101.8 101.5 105.6 104.0 103.7 105.5 106.4 32

33 Security credit 76.1 75.1 78.6 89.1 89.9 86.9 94.4 101.1 110.5 127.5 128.7 33

34 Trade payables 89.8 94.0 102.4 101.8 104.7 104.6 103.9 103.4 105.6 105.6 106.8 34

 Deferred and unpaid

35 life insurance premiums 16.3 16.8 17.5 17.6 17.7 17.8 17.9 18.4 19.0 19.5 20.1 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 13, 1998 65

L.101 Nonfinancial Business (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4859.5 5185.2 5630.4 5738.7 5843.6 5962.5 6082.7 6160.2 6273.9 6372.3 6472.3 1

 2 Foreign deposits 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 30.1 31.1 32.2 2

 3 Checkable deposits and currency 305.6 330.9 351.7 341.9 349.9 364.8 382.3 374.4 383.5 393.9 414.8 3

 4 Time and savings deposits 129.3 130.9 135.6 133.5 139.7 147.4 142.8 136.5 145.2 141.7 144.7 4

 5 Money market fund shares 48.7 56.2 81.1 84.0 84.7 86.0 88.5 91.7 93.5 98.6 103.0 5

 6 Security RPs 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 3.1 4.1 5.8 6

 7 Credit market instruments 308.5 326.8 324.7 311.6 323.9 312.0 329.3 320.2 311.0 316.0 335.3 7

 8 Commercial paper 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 24.8 27.4 34.1 8

 9 U.S. government securities 81.2 84.7 79.4 78.4 86.9 80.6 80.7 84.6 73.4 76.3 80.0 9

10 Municipal securities 54.7 56.7 55.4 52.4 55.9 49.5 47.7 45.4 48.5 45.2 42.0 10

11 Mortgages 76.0 80.0 85.0 87.0 88.5 90.4 92.4 94.4 96.4 98.4 100.4 11

12 Consumer credit 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 68.7 78.9 12

13 Mutual fund shares 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 80.0 81.8 13

14 Trade receivables 1138.0 1224.0 1334.4 1367.9 1410.8 1432.9 1403.8 1432.1 1474.9 1507.8 1466.3 14

15 Miscellaneous assets 2884.2 3069.2 3339.8 3430.4 3461.7 3543.3 3648.2 3713.4 3759.6 3799.1 3888.5 15

16 Total liabilities 6869.7 7127.6 7565.5 7675.5 7790.1 7876.0 7981.6 8066.1 8181.2 8290.7 8392.1 16

17 Credit market instruments 3776.3 3921.7 4162.2 4217.3 4309.6 4352.1 4381.7 4454.2 4531.4 4598.0 4689.0 17

18 Commercial paper 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 176.6 168.6 18

19 Municipal securities 113.9 108.8 96.3 91.0 87.9 82.7 78.8 72.6 68.6 63.9 58.9 19

20 Corporate bonds 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 1470.9 1489.5 20

21 Bank loans n.e.c. 657.4 719.8 806.2 818.6 835.0 863.3 876.0 906.0 932.4 946.2 974.7 21

22 Other loans and advances 493.5 526.7 566.8 575.1 582.0 589.1 587.8 594.5 594.0 603.6 634.1 22

23 Mortgages 1163.9 1174.1 1209.3 1216.9 1263.5 1267.6 1283.8 1293.7 1316.9 1336.7 1363.2 23

24 Trade payables 797.6 883.3 965.3 954.4 984.1 974.4 1025.1 1004.7 1022.7 1042.4 1081.2 24

25 Taxes payable 74.5 74.9 75.7 84.9 81.4 85.1 86.1 98.5 93.3 100.5 101.8 25

26 Miscellaneous liabilities 2221.3 2247.7 2362.4 2418.9 2415.0 2464.4 2488.8 2508.7 2533.8 2549.8 2520.0 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
66 Z.1, March 13, 1998

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4289.0 4567.3 4975.5 5076.7 5174.2 5285.7 5398.3 5467.3 5572.0 5660.9 5750.5 1

 2 Foreign deposits 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 30.1 31.1 32.2 2

 3 Checkable deposits and currency 203.1 221.6 239.0 228.3 235.4 249.4 266.0 256.9 264.7 273.8 293.2 3

 4 Time and savings deposits 74.1 67.5 65.9 62.7 67.8 74.4 68.7 61.2 68.8 64.0 65.5 4

 5 Money market fund shares 44.8 52.2 77.0 79.9 80.5 81.8 84.2 87.4 89.1 94.0 98.3 5

 6 Security RPs 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 3.1 4.1 5.8 6

 7 Commercial paper 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 24.8 27.4 34.1 7

 8 U.S. government securities 67.9 70.7 65.0 63.9 72.2 65.8 65.8 69.6 58.1 60.9 64.3 8

 9 Municipal securities 54.7 56.7 55.4 52.4 55.9 49.5 47.7 45.4 48.5 45.2 42.0 9

10 Mortgages 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 73.0 75.0 77.0 10

11 Consumer credit 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 68.7 78.9 11

12 Trade receivables 1035.0 1107.0 1205.9 1237.4 1278.3 1298.3 1267.2 1293.2 1333.9 1364.5 1320.6 12

13 Mutual fund shares 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 80.0 81.8 13

14 Miscellaneous assets 2615.3 2782.6 3037.7 3125.5 3153.6 3231.9 3333.4 3394.8 3437.0 3472.1 3556.8 14

15 U.S. direct investment abroad (1) 598.4 670.3 749.9 774.2 787.4 805.8 815.3 839.0 865.4 889.0 906.9 15

16 Insurance receivables 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 175.8 173.9 171.6 16

17 Equity in GSEs 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 6.2 7.4 8.8 17

18 Investment in finance company subs. 17.8 20.9 25.5 25.3 28.1 28.9 30.2 30.5 30.0 30.8 32.3 18

19 Other 1827.6 1912.0 2079.6 2142.9 2154.9 2214.1 2305.1 2342.8 2359.6 2371.0 2437.2 19

20 Total liabilities 5388.6 5627.4 6022.0 6120.3 6215.0 6289.1 6375.8 6447.7 6535.7 6623.9 6703.8 20

21 Credit market instruments 2519.9 2657.7 2869.2 2916.0 2993.7 3028.4 3042.4 3104.9 3160.4 3209.7 3282.8 21

22 Commercial paper 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 176.6 168.6 22

23 Municipal securities (2) 113.9 108.8 96.3 91.0 87.9 82.7 78.8 72.6 68.6 63.9 58.9 23

24 Corporate bonds (1) 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 1470.9 1489.5 24

25 Bank loans n.e.c. 477.6 521.0 583.7 593.2 600.8 622.6 631.5 657.6 673.9 681.9 705.1 25

26 Other loans and advances 388.4 421.4 453.7 460.2 466.8 474.1 472.4 478.0 476.8 484.9 515.0 26

27 Savings institutions 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.4 8.6 9.2 9.4 27

28 Finance companies 224.1 247.4 271.4 273.2 275.1 271.3 278.5 283.7 280.5 287.6 286.9 28

29 Federal government 8.1 8.0 10.0 9.6 9.1 8.7 8.7 8.5 8.5 8.4 8.4 29

30 Acceptance liabilities to banks 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 14.1 13.5 10.8 30

31 Rest of the world 114.2 122.1 122.1 126.6 126.7 139.6 126.2 130.7 130.9 133.9 138.6 31

32 ABS issuers 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 32.3 60.9 32

33 Mortgages 192.5 214.3 251.8 255.8 297.0 299.7 304.4 309.3 321.6 331.3 345.7 33

34 Trade payables 719.3 796.5 870.3 858.0 884.8 873.3 923.0 901.9 916.3 933.7 970.3 34

35 Taxes payable 40.7 40.3 40.3 49.3 45.6 49.1 49.9 62.1 56.8 63.8 64.9 35

36 Miscellaneous liabilities 2108.7 2132.8 2242.2 2297.0 2291.0 2338.2 2360.5 2378.7 2402.3 2416.7 2385.8 36

37 Foreign direct investment in U.S. 497.8 543.3 587.9 603.3 630.4 644.8 647.3 669.9 686.2 691.1 709.4 37

38 Pension fund contributions payable 21.9 22.0 25.8 26.7 27.7 28.6 29.6 30.5 31.5 32.4 33.4 38

39 Other 1589.0 1567.5 1628.5 1666.9 1632.9 1664.8 1683.6 1678.3 1684.6 1693.2 1643.0 39

 Memo:

40 Trade receivables net of payables 315.8 310.4 335.6 379.4 393.5 424.9 344.2 391.3 417.6 430.8 350.3 40

41 Market value of equities 4126.0 4141.8 5481.1 5774.3 5995.3 6027.8 6367.4 6283.4 7286.7 7881.2 7793.7 41

42 Securities and mortgages 1536.1 1576.1 1674.4 1688.4 1744.3 1758.8 1782.0 1800.6 1830.3 1866.1 1894.1 42

43 Loans and short-term paper 983.8 1081.6 1194.8 1227.6 1249.3 1269.7 1260.4 1304.4 1330.1 1343.5 1388.7 43

44 Total short-term liabilities (3) 1743.8 1918.4 2105.4 2134.9 2179.7 2192.1 2233.2 2268.4 2303.1 2341.0 2423.9 44

45 Total liquid assets (4) 509.2 534.7 585.3 573.7 605.4 620.0 650.9 638.2 660.2 680.6 717.1 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 61.0 59.3 58.4 57.9 58.3 58.1 58.6 58.0 57.9 58.1 57.7 46

47 Short-term debt/credit market debt 39.0 40.7 41.6 42.1 41.7 41.9 41.4 42.0 42.1 41.9 42.3 47

48 Liquid assets/short-term liabilities 29.2 27.9 27.8 26.9 27.8 28.3 29.1 28.1 28.7 29.1 29.6 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 13, 1998 67

L.103 Nonfarm Noncorporate Business

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 513.9 557.6 592.4 598.8 605.4 612.1 619.6 627.0 634.7 642.9 652.0 1

 2 Checkable deposits and currency 87.2 92.3 96.1 97.2 98.2 99.3 100.4 101.5 102.6 103.8 105.2 2

 3 Time and savings deposits 55.2 63.4 69.7 70.8 71.9 73.0 74.1 75.2 76.4 77.7 79.2 3

 4 Money market fund shares 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.7 4

 5 Treasury securities 13.3 14.0 14.4 14.5 14.6 14.8 14.9 15.1 15.2 15.4 15.7 5

 6 Mortgages 23.7 23.6 23.5 23.5 23.5 23.4 23.4 23.4 23.4 23.4 23.4 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 103.0 117.0 128.5 130.5 132.6 134.6 136.7 138.8 141.0 143.3 145.7 8

 9 Miscellaneous assets 227.6 243.3 256.1 258.2 260.5 262.8 265.9 268.6 271.6 274.8 278.3 9

10 Insurance receivables 40.8 46.8 51.8 52.5 53.3 54.0 54.8 55.8 56.8 57.8 58.9 10

11 Equity investment in GSEs (1) 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 1.6 1.6 1.6 11

12 Other 186.1 195.6 203.3 204.7 206.2 207.8 209.4 211.2 213.2 215.4 217.9 12

13 Total liabilities 1329.0 1342.9 1382.2 1396.2 1409.2 1419.4 1438.4 1453.6 1473.7 1492.5 1512.8 13

14 Credit market instruments 1118.5 1121.8 1147.9 1158.5 1167.8 1174.1 1189.3 1200.9 1217.6 1233.0 1250.1 14

15 Bank loans n.e.c. 143.0 160.2 182.7 187.8 193.3 199.1 204.1 210.1 215.9 220.4 225.6 15

16 Other loans and advances 84.8 84.7 92.3 94.6 94.2 93.8 93.0 94.1 95.0 96.9 97.2 16

17 Mortgages 890.7 876.9 872.9 876.1 880.3 881.2 892.2 896.7 906.7 915.7 927.2 17

18 Trade payables 64.1 71.6 78.8 80.2 81.7 83.1 84.6 86.2 88.0 89.7 91.6 18

19 Taxes payable 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 36.6 36.7 36.9 19

20 Miscellaneous liabilities 112.5 114.9 120.2 122.0 124.0 126.1 128.3 130.0 131.5 133.0 134.2 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 56.6 60.2 62.6 63.2 63.9 64.7 64.9 66.0 67.2 68.4 69.8 1

 2 Checkable deposits and currency 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.1 16.2 16.2 16.4 2

 3 Miscellaneous assets 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 51.0 52.2 53.4 3

 4 Insurance receivables 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 49.5 50.6 51.7 4

 5 Equity investment in GSEs (2) 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 1.6 1.6 1.6 5

 6 Total liabilities 152.1 157.4 161.3 159.1 165.9 167.5 167.4 164.9 171.8 174.4 175.5 6

 7 Credit market instruments 137.9 142.2 145.1 142.8 148.2 149.5 149.9 148.3 153.4 155.4 156.2 7

 8 Bank loans n.e.c. 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.2 42.6 43.9 43.9 8

 9 Other loans and advances 20.3 20.6 20.8 20.3 21.1 21.3 22.4 22.4 22.2 21.8 21.9 9

10 Mortgages 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 10

11 Trade payables 14.2 15.2 16.2 16.2 17.7 17.9 17.4 16.5 18.4 19.0 19.3 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
68 Z.1, March 13, 1998

L.105 State and Local Governments (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1083.4 1025.8 976.1 990.8 1006.6 994.4 982.9 985.2 999.6 1005.6 1028.3 1

 2 Checkable deposits and currency 28.3 31.6 34.4 30.3 30.8 29.9 31.7 30.0 31.3 31.8 33.3 2

 3 Time and savings deposits 46.5 52.9 62.4 66.8 67.5 69.0 70.7 70.7 72.7 75.9 78.7 3

 4 Security RPs 133.7 118.6 102.7 104.6 105.4 103.2 101.8 104.9 103.7 108.1 110.4 4

 5 Credit market instruments 784.9 729.9 648.1 674.8 677.8 643.2 611.1 593.6 600.9 580.5 591.5 5

 6 Open market paper 17.9 22.3 34.9 39.4 41.8 44.4 45.1 43.7 46.4 47.1 49.2 6

 7 U.S. government securities 622.8 556.6 455.3 477.5 476.4 439.0 403.2 387.0 391.9 367.9 374.8 7

 8 Treasury 447.8 370.0 293.8 297.9 301.9 296.2 292.0 285.6 290.3 277.7 279.3 8

 9 Agency 175.0 186.6 161.5 179.6 174.4 142.8 111.2 101.4 101.6 90.2 95.4 9

10 Municipal securities 9.5 8.6 5.1 3.1 2.1 2.0 1.9 1.9 1.9 2.0 1.5 10

11 Corporate and foreign bonds 26.5 31.9 39.0 40.6 42.7 41.9 43.2 42.7 41.3 43.0 44.5 11

12 Mortgages 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.3 119.4 120.5 121.5 12

13 Corporate equities 9.3 10.6 26.2 33.7 40.9 43.1 49.6 51.8 70.2 77.7 79.9 13

14 Mutual fund shares 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 38.2 38.9 39.6 14

15 Taxes receivable 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 26.5 27.0 26.9 15

16 Miscellaneous assets 20.1 19.0 39.4 17.6 20.7 42.2 54.9 70.7 56.0 65.8 68.0 16

17 Total liabilities 1190.2 1145.5 1098.8 1098.4 1102.4 1087.7 1101.7 1111.5 1128.9 1138.9 1162.8 17

18 Credit market instruments 1161.8 1116.5 1067.6 1067.4 1070.7 1055.7 1068.9 1078.1 1095.4 1105.2 1128.7 18

19 Municipal securities 1152.6 1107.2 1057.8 1057.6 1060.8 1045.6 1058.7 1069.2 1086.4 1096.3 1119.8 19

20 Short-term 33.8 31.7 32.9 34.3 32.7 36.0 39.1 40.2 37.6 41.8 46.2 20

21 Other 1118.7 1075.6 1024.9 1023.3 1028.2 1009.6 1019.6 1029.0 1048.7 1054.5 1073.6 21

22 U.S. government loans 9.2 9.3 9.8 9.8 9.8 10.0 10.1 8.9 9.0 8.9 8.9 22

23 Trade payables 28.4 29.0 31.2 31.0 31.8 32.0 32.8 33.4 33.5 33.7 34.1 23

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

L.106 Federal Government

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 488.7 437.1 438.5 460.3 461.4 454.5 437.7 446.6 459.4 446.3 437.7 1

 2 Gold, SDRs, and official foreign exchange 40.2 41.4 53.8 53.3 52.9 45.1 44.9 38.3 38.9 38.6 42.0 2

 3 Checkable deposits and currency 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 57.8 49.3 41.6 3

 4 Time and savings deposits 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 3.3 2.8 3.4 4

 5 Credit market instruments 231.9 204.4 204.2 199.3 199.2 197.5 196.5 196.9 198.3 199.1 201.4 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 85.0 71.0 57.8 55.6 54.6 52.2 50.3 48.0 47.4 46.3 45.7 7

 8 Other loans and advances 146.9 133.4 146.4 143.7 144.6 145.3 146.2 148.8 150.9 152.9 155.7 8

 9 Trade receivables 28.4 24.7 23.1 23.9 22.7 23.3 24.3 24.7 25.4 24.7 25.7 9

10 Taxes receivable 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 29.9 28.2 20.0 10

11 Miscellaneous assets 116.2 119.5 117.1 115.6 114.7 114.9 110.6 107.7 105.9 103.6 103.7 11

12 Total liabilities 3799.1 3984.0 4152.7 4242.0 4231.6 4289.3 4345.6 4387.7 4330.7 4358.2 4397.8 12

13 SDR certificates 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 13

14 Treasury currency 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 18.7 18.2 14

15 Credit market instruments 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 15

16 Savings bonds 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 16

17 Other Treasury securities 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 3547.9 3558.9 3591.8 17

18 Budget agency securities 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 26.1 26.5 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 86.1 86.5 92.2 93.3 94.9 96.7 95.8 97.2 99.8 99.9 98.0 20

21 Insurance and pension reserves 344.7 372.7 388.7 396.6 407.3 423.9 432.8 426.6 436.1 455.0 463.6 21

22 Miscellaneous liabilities 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 4.2 4.0 22
Z.1, March 13, 1998 69

L.107 Rest of the World

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2704.8 2904.9 3465.9 3643.7 3746.7 3913.4 4151.8 4285.4 4328.4 4545.9 4654.2 1

 2 Net interbank assets 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 2

 3 U.S. checkable deposits and currency 178.2 203.5 216.8 213.3 221.8 227.4 236.7 241.2 247.9 253.3 266.9 3

 4 U.S. time deposits 54.7 56.3 49.6 52.3 50.7 57.5 60.6 63.0 65.9 68.4 68.1 4

 5 Security RPs 58.6 46.6 67.6 72.5 76.4 76.5 70.9 84.2 84.7 89.8 77.7 5

 6 Credit market instruments 1147.8 1254.8 1563.1 1656.7 1722.2 1844.8 1953.6 2051.1 2125.3 2227.3 2270.0 6

 7 Open market paper 18.8 24.9 43.4 31.0 42.3 47.5 54.5 46.9 57.2 72.7 75.0 7

 8 U.S. government securities 741.5 796.5 1028.1 1111.1 1146.3 1228.6 1325.1 1404.3 1447.5 1505.7 1524.7 8

 9 Official holdings 388.3 415.0 498.9 554.6 552.4 579.1 610.2 634.1 622.7 632.0 607.2 9

10 Treasury 371.2 393.4 471.5 527.1 523.7 549.2 579.0 602.2 590.1 596.8 571.9 10

11 Agency 17.1 21.6 27.4 27.5 28.7 29.9 31.2 31.9 32.5 35.2 35.3 11

12 Private holdings 353.1 381.5 529.2 556.6 593.9 649.4 714.9 770.1 824.8 873.7 917.5 12

13 Treasury 253.9 266.7 389.4 402.4 434.0 477.4 530.6 578.4 623.4 659.8 693.6 13

14 Agency 99.2 114.8 139.8 154.2 159.8 172.0 184.3 191.8 201.4 213.9 223.9 14

15 U.S. corporate bonds (1) 273.3 311.4 369.5 388.0 406.9 429.0 447.7 469.3 489.7 515.1 531.7 15

16 Loans to U.S. corporate business 114.2 122.1 122.1 126.6 126.7 139.6 126.2 130.7 130.9 133.9 138.6 16

17 U.S. corporate equities 373.5 368.9 509.0 544.2 565.1 576.7 623.0 639.5 764.6 845.3 881.7 17

18 Trade receivables 47.5 50.6 51.2 52.1 52.1 55.2 57.5 59.4 60.3 61.1 61.0 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 719.0 706.1 779.3 842.5 861.2 899.4 972.3 997.6 838.6 852.0 880.1 20

21 Foreign direct investment in U.S. (2) 550.9 585.0 654.5 670.2 688.1 714.6 729.1 759.4 786.5 813.0 837.0 21

22 Other 168.1 121.1 124.8 172.4 173.1 184.8 243.2 238.2 52.1 39.0 43.2 22

23 Total liabilities 1574.2 1702.3 1940.3 2052.2 2043.9 2082.3 2194.3 2322.2 2234.5 2286.1 2266.6 23

 U.S. official foreign exchange

24 and net IMF position 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 46.1 48.9 24

25 U.S. private deposits 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 489.9 516.2 527.0 25

26 Credit market instruments 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 26

27 Commercial paper 68.8 42.7 56.2 52.5 54.5 65.8 67.5 69.3 71.3 64.3 65.1 27

28 Bonds 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 352.7 376.3 382.6 28

29 Bank loans n.e.c. 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.4 48.2 52.1 29

30 Official 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 2.0 2.2 2.1 30

31 Banks 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.8 13.5 13.2 13.8 31

32 Other 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.7 30.9 32.8 36.3 32

33 U.S. government loans 54.1 52.9 52.1 51.7 52.0 51.4 51.0 50.6 50.5 49.6 49.3 33

34 Acceptance liabilities to banks 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 10.8 10.3 9.7 34

35 Trade payables 35.9 39.5 45.3 42.5 41.2 40.8 43.0 44.2 44.3 46.1 50.5 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 827.4 913.1 1029.2 1109.6 1093.5 1081.9 1146.1 1228.7 1122.0 1129.0 1081.4 37

38 U.S. equity in IBRD, etc. 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 31.0 31.3 38

39 U.S. government deposits 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 1.8 1.8 39

40 U.S. direct investment abroad (1,2) 714.8 797.8 884.3 908.5 933.6 945.8 970.8 999.6 1038.1 1062.3 1090.2 40

41 Other 85.7 86.8 115.0 170.6 129.3 105.2 143.8 197.2 51.5 33.9 -41.9 41

 Memo:

42 Market value of foreign equities 543.9 586.6 699.1 741.0 785.5 832.6 875.5 901.2 1058.9 1154.1 1183.9 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
70 Z.1, March 13, 1998

L.108 Monetary Authority (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 423.8 452.1 471.9 459.8 469.2 472.0 495.2 486.0 507.6 502.2 534.0 1

 2 Gold and foreign exchange 33.3 33.0 32.1 30.9 30.5 30.4 30.2 28.9 28.9 28.5 28.0 2

 3 SDR certificates 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 3

 4 Treasury currency 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 25.3 25.5 25.6 4

 5 Federal Reserve float 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 -0.3 0.7 5

 6 Fed. Res. loans to domestic banks 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 0.3 2.0 6

 7 Security RPs 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 16.6 13.9 23.8 7

 8 Credit market instruments 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 412.7 431.4 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 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 412.7 431.4 10

11 Treasury 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 410.9 411.8 430.7 11

12 Agency 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 1.5 0.9 0.7 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 9.6 9.8 10.7 9.8 10.2 10.2 11.2 10.6 12.8 12.3 13.2 14

15 Total liabilities 420.4 448.4 467.9 455.3 464.5 467.3 490.7 480.6 502.1 495.9 528.8 15

16 Depository institution reserves 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 23.2 21.8 30.8 16

17 Vault cash of commercial banks 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.2 38.4 38.5 45.0 17

18 Checkable deposits and currency 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 432.5 428.3 444.0 18

19 Due to federal government 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 16.7 7.9 5.7 19

20 Due to rest of the world 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 0.6 0.7 1.0 20

21 Currency outside banks 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 415.2 419.7 437.4 21

22 Miscellaneous liabilities 4.6 6.0 7.3 6.6 6.7 7.4 7.1 6.7 8.0 7.2 8.9 22

23 Federal Reserve Bank stock 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 5.2 5.4 23

24 Other 1.2 2.3 3.3 2.6 2.6 2.8 2.5 1.9 2.9 2.0 3.5 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 13, 1998 71

L.109 Commercial Banking (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3875.9 4150.1 4487.6 4503.5 4564.7 4606.6 4705.3 4786.8 4910.3 4990.4 5179.2 1

 2 Vault cash 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.2 38.4 38.5 45.0 2

 3 Reserves at Federal Reserve 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.8 21.4 20.0 29.1 3

 4 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.4 1.4 1.4 4

 5 Total bank credit 3174.4 3331.2 3604.6 3623.5 3668.7 3714.2 3794.5 3868.2 3957.4 4010.5 4144.5 5

 6 U.S. government securities 745.4 719.1 746.1 755.3 753.9 750.8 757.5 792.9 788.9 799.7 840.7 6

 7 Treasury 322.2 290.4 278.7 284.0 280.2 275.0 261.8 282.5 265.9 261.8 269.8 7

 8 Agency 423.2 428.7 467.5 471.3 473.7 475.9 495.7 510.4 523.0 537.9 571.0 8

 9 Municipal securities 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 94.3 96.2 96.7 9

10 Corporate and foreign bonds 98.2 102.5 110.9 109.7 110.4 110.7 112.3 118.8 122.6 132.4 143.1 10

11 Total loans 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.1 2853.2 2941.3 2972.5 3053.3 11

12 Open market paper 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 3.1 2.7 12

13 Bank loans n.e.c. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 13

14 Mortgages 947.8 1012.7 1090.2 1097.6 1109.9 1123.2 1145.4 1160.1 1196.5 1227.1 1244.2 14

15 Consumer credit 395.7 458.8 502.0 490.4 503.3 513.4 526.8 504.3 510.7 507.5 512.6 15

16 Security credit 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 111.6 122.5 16

17 Corporate equities 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 1.9 2.6 17

18 Mutual fund shares 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 7.9 8.1 18

19 Customers’ liab. on acceptances (2) 25.3 22.9 22.3 22.6 22.1 23.1 23.4 23.8 24.9 23.8 20.6 19

20 Miscellaneous assets 611.1 728.4 791.6 799.6 814.8 810.9 818.6 836.4 866.8 896.3 938.5 20

21 Total liabilities 3750.3 4049.0 4333.2 4330.2 4407.0 4441.4 4547.4 4633.5 4755.0 4842.9 5051.6 21

22 Net interbank liabilities 121.7 211.2 220.5 207.5 189.7 166.6 171.1 151.2 135.4 126.6 123.1 22

23 To monetary authority 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 0.1 2.8 23

24 To domestic banks (3) -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 24

25 To foreign banks 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 25

26 Checkable deposits 788.4 756.7 710.8 659.3 673.2 672.3 676.3 642.0 661.1 626.8 656.4 26

27 Federal government 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 33.5 27.8 27

28 Rest of the world 21.3 23.2 24.0 23.1 27.1 25.1 26.6 26.9 29.4 28.1 31.6 28

29 Private domestic 724.5 709.8 667.8 619.4 614.8 609.4 621.0 591.1 597.4 565.1 597.1 29

30 Small time and savings deposits 1377.2 1376.2 1490.1 1548.7 1557.9 1575.2 1613.2 1666.7 1684.4 1716.0 1761.6 30

31 Large time deposits 311.7 333.0 387.8 402.4 420.1 458.8 493.1 505.0 543.6 590.0 600.9 31

32 Federal funds and security RPs (net) 313.7 391.8 422.2 428.2 450.0 451.5 463.2 477.0 498.4 516.2 552.0 32

33 Credit market instruments 208.0 228.1 250.6 241.8 253.0 256.8 263.6 266.9 286.8 294.6 309.7 33

34 Open market paper 51.9 55.0 52.8 53.4 56.7 56.5 55.7 56.1 59.8 58.5 58.5 34

35 Corporate bonds 134.9 142.6 161.1 155.9 161.6 164.2 168.9 171.8 180.7 184.8 192.7 35

36 Other loans and advances 21.2 30.5 36.7 32.4 34.8 36.1 39.0 39.0 46.4 51.3 58.5 36

37 Taxes payable 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 5.0 5.4 37

38 Miscellaneous liabilities 628.4 750.1 848.4 839.1 859.7 856.6 863.0 920.3 940.5 967.7 1042.5 38

 Memo:

39 Credit market funds advanced (4) 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3707.7 3775.7 3856.8 3912.9 4031.9 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).
72 Z.1, March 13, 1998

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2916.5 3113.2 3315.5 3316.2 3352.3 3383.9 3439.5 3490.4 3563.1 3621.3 3742.2 1

 2 Vault cash and reserves at Federal Reserve 63.2 65.2 66.6 56.0 57.2 56.3 66.3 56.3 58.8 57.9 71.2 2

 3 Total bank credit 2780.9 2921.4 3116.3 3126.7 3155.1 3186.6 3231.5 3278.9 3353.4 3412.3 3512.3 3

 4 U.S. government securities 671.3 646.1 629.1 631.9 624.8 618.8 609.7 626.1 627.7 631.0 663.9 4

 5 Treasury 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.1 172.4 163.2 166.8 5

 6 Agency 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 455.3 467.8 497.1 6

 7 Mortgage pool securities 173.2 182.2 195.1 204.7 209.5 208.0 216.6 223.9 228.4 235.9 247.7 7

 8 Agency-issued CMOs 133.8 119.4 101.0 97.3 90.9 89.8 89.5 92.4 93.2 96.9 107.0 8

 9 Other agency securities 89.3 96.5 125.3 121.4 124.2 125.8 130.7 129.7 133.7 135.0 142.4 9

10 Municipal securities 98.9 97.0 92.7 92.2 91.9 92.1 93.7 93.5 93.8 95.7 96.1 10

11 Corporate and foreign bonds 66.6 66.0 69.3 69.4 68.7 66.3 64.8 67.4 70.0 78.6 85.8 11

12 Private mortgage pool securities 4.7 3.6 4.5 4.4 4.2 4.4 4.2 3.5 3.4 3.2 3.0 12

13 Privately issued CMOs 19.8 21.5 24.9 25.9 25.4 22.2 21.8 21.3 20.6 21.7 22.5 13

14 Other bonds 42.1 40.9 39.8 39.1 39.0 39.7 38.9 42.5 46.0 53.7 60.3 14

15 Total loans 1935.9 2107.4 2317.9 2325.6 2361.7 2401.1 2453.9 2482.5 2551.7 2597.2 2655.7 15

16 Open market paper 4.9 3.6 3.9 4.1 3.4 3.0 4.2 2.7 2.6 2.7 2.3 16

17 Bank loans n.e.c. 578.4 624.6 701.6 713.7 728.2 746.6 759.8 790.6 817.4 832.6 869.1 17

18 Mortgages 895.5 963.7 1045.4 1054.3 1067.5 1080.7 1102.9 1119.1 1158.0 1189.0 1207.3 18

19 Consumer credit 395.7 458.8 502.0 490.4 503.3 513.4 526.8 504.3 510.7 507.5 512.6 19

20 Security credit 61.4 56.8 65.1 63.0 59.4 57.4 60.2 65.9 63.0 65.4 64.4 20

21 Corporate equities 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 1.9 2.6 21

22 Mutual fund shares 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 7.9 8.1 22

23 Customers’ liab. on acceptances (1) 10.1 9.9 12.3 12.8 13.5 14.5 13.9 14.5 15.0 14.7 13.7 23

24 Miscellaneous assets 62.2 116.7 120.3 120.8 126.6 126.6 127.7 140.8 136.0 136.3 145.0 24

25 Total liabilities 3036.3 3271.5 3457.6 3441.1 3503.4 3530.6 3598.7 3654.3 3735.0 3808.4 3953.7 25

26 Net interbank liabilities -19.4 60.5 54.4 22.2 13.4 -7.1 0.4 -7.6 1.0 -7.4 -3.0 26

27 Federal Reserve float 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 -0.3 0.7 27

28 Borrowing from Federal Reserve banks 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 0.3 2.0 28

29 To domestic banks -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -41.8 -43.7 -44.6 -52.3 -45.5 29

30 To foreign banks -0.5 74.3 74.1 62.0 51.4 34.8 37.8 32.7 43.2 44.9 39.8 30

31 Checkable deposits 773.9 741.7 695.8 644.5 658.0 657.8 661.4 627.2 645.3 611.8 640.2 31

32 Federal government 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 33.5 27.8 32

33 Rest of the world 15.6 17.1 18.0 17.5 20.8 19.6 21.3 21.6 23.5 22.6 25.8 33

34 Private domestic 715.7 700.9 658.7 610.1 605.9 600.4 611.4 581.5 587.5 555.7 586.6 34

35 Small time and savings deposits 1358.6 1357.9 1471.3 1530.0 1539.5 1557.1 1594.2 1637.1 1657.7 1692.7 1738.2 35

36 Large time deposits 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.2 329.1 360.9 369.2 36

37 Federal funds and security RPs (net) 279.8 351.4 379.6 387.1 397.0 404.8 408.2 418.0 433.3 455.2 471.5 37

38 Acceptance liabilities 10.2 10.0 12.3 12.8 13.4 14.4 14.0 14.5 15.1 14.8 13.7 38

39 Corporate bonds 37.1 40.6 43.3 45.1 47.6 48.3 50.9 52.1 53.9 54.7 61.6 39

40 Other loans and advances 21.2 30.5 36.7 32.4 34.8 36.1 39.0 39.0 46.4 51.3 58.5 40

41 Taxes payable 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 5.0 5.4 41

42 Miscellaneous liabilities 377.6 463.0 505.0 497.2 517.1 519.1 520.6 555.4 548.6 569.2 598.4 42

43 Investment by bank holding companies 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.3 410.0 413.6 43

44 Other 91.0 158.9 160.7 148.7 155.2 153.9 147.7 168.3 149.3 159.2 184.7 44

 Memo:

45 Credit market funds advanced (2) 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.8 3218.1 3295.2 3351.9 3450.8 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, March 13, 1998 73

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 542.2 589.7 666.3 673.9 681.8 687.4 714.8 731.2 761.4 766.3 816.6 1

 2 Reserves at Federal Reserve 1.0 1.0 0.8 0.5 0.6 0.6 1.1 0.7 1.0 0.6 2.9 2

 3 Total bank credit 350.2 362.3 436.9 446.2 461.1 473.8 507.0 531.3 544.2 538.1 566.5 3

 4 U.S. government securities 57.6 55.7 99.6 106.9 112.5 115.2 130.4 148.8 143.2 150.8 156.6 4

 5 Treasury 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 85.8 90.5 94.6 5

 6 Agency 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.8 57.5 60.3 62.0 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 23.8 28.9 33.5 32.6 32.8 34.9 36.6 38.8 38.6 39.6 41.3 8

 9 Total loans 268.8 277.7 303.9 306.6 315.7 323.7 339.9 343.7 362.3 347.6 368.6 9

10 Open market paper 2.4 2.2 1.7 2.0 1.5 1.4 2.3 0.5 0.5 0.4 0.4 10

11 Bank loans n.e.c. 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.3 281.2 273.4 284.0 11

12 Mortgages 45.1 40.3 35.1 33.2 32.3 32.2 32.2 30.8 28.3 27.6 26.1 12

13 Security credit 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 52.3 46.2 58.0 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) 15.1 13.0 10.1 9.8 8.6 8.6 9.4 9.3 9.9 9.0 6.9 15

16 Miscellaneous assets 175.9 213.5 218.5 217.5 211.5 204.3 197.2 190.0 206.3 218.6 240.2 16

17 Total liabilities 553.7 602.8 681.3 689.4 697.8 704.0 731.9 748.9 779.7 785.2 836.1 17

18 Net interbank liabilities 151.2 162.4 181.0 190.2 179.8 179.0 178.6 165.3 144.4 142.5 133.7 18

19 To foreign banks 132.7 158.5 173.6 167.6 162.4 159.1 162.1 133.9 118.9 125.6 130.7 19

20 To domestic banks 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 25.5 16.9 3.0 20

21 Checkable deposits 8.3 8.8 8.7 8.6 8.7 8.0 8.0 8.0 8.9 8.3 8.9 21

22 Small time and savings deposits 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.4 16.8 13.1 13.0 22

23 Large time deposits 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.7 204.6 218.9 221.3 23

24 Federal funds and security RPs (net) 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 65.3 61.0 80.7 24

25 Acceptance liabilities 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.7 10.3 9.2 7.2 25

26 Miscellaneous liabilities 225.7 257.6 308.5 305.4 309.2 301.8 295.2 306.8 329.3 332.2 371.3 26

27 Foreign direct investment in U.S. 24.0 26.3 32.9 33.7 31.2 32.0 30.9 31.4 34.2 35.6 38.6 27

28 Due to affiliates 44.5 44.1 50.7 52.7 52.9 59.4 64.5 79.4 74.3 82.9 78.8 28

29 Other 157.1 187.3 224.9 219.0 225.2 210.4 199.9 196.1 220.8 213.7 253.9 29

 Memo:

30 Credit market funds advanced (3) 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 501.8 501.0 515.4 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
74 Z.1, March 13, 1998

L.112 Bank Holding Companies

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 387.9 414.1 466.8 474.2 490.9 494.9 510.8 523.2 543.0 558.6 575.3 1

 2 Credit market instruments 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 23.8 22.5 27.4 2

 3 U.S. government securities 8.4 9.4 8.1 7.5 7.6 8.0 9.0 8.1 8.1 7.0 9.5 3

 4 Treasury issues 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 2.9 2.7 4.0 4

 5 Agency 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 5.2 4.4 5.5 5

 6 Corporate and foreign bonds 7.2 7.1 7.7 7.3 8.5 9.2 10.5 12.3 13.6 13.7 15.5 6

 7 Bank loans n.e.c. 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 2.0 1.8 2.4 7

 8 Miscellaneous assets 370.4 395.8 448.7 457.4 472.8 475.6 488.9 500.7 519.2 536.1 547.9 8

 9 Investment in bank subsidiaries 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.3 410.0 413.6 9

10 Investment in nonbank subsidiaries 56.3 56.4 64.7 68.2 71.0 69.1 64.9 72.9 75.4 81.2 89.9 10

11 Other 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 44.6 44.9 44.4 11

12 Total liabilities 132.2 143.0 157.1 162.4 167.9 168.5 178.3 190.2 199.4 207.0 218.8 12

13 Net interbank liabilities -10.0 -11.7 -14.9 -4.9 -3.6 -5.3 -7.9 -6.4 -10.0 -8.6 -7.6 13

14 To domestic banks -3.3 2.9 3.5 14.6 13.0 12.7 14.7 10.8 11.0 13.3 14.3 14

15 To foreign banks -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 -20.9 -21.9 -21.9 15

16 Federal funds and security RPs (net) -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 -0.1 -0.1 -0.2 16

17 Credit market instruments 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.6 161.1 164.6 168.6 17

18 Commercial paper 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 34.4 34.5 37.6 18

19 Corporate bonds 97.7 102.0 117.9 110.8 114.0 116.0 118.0 119.7 126.7 130.0 131.0 19

20 Miscellaneous liabilities 19.6 22.0 24.6 26.3 23.5 24.9 36.3 45.0 48.4 51.1 57.9 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 29.4 33.1 39.0 39.1 39.8 40.3 40.3 41.9 42.8 44.2 45.1 1

 2 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.4 1.4 1.4 2

 3 Credit market instruments 25.8 29.2 33.4 33.9 34.3 34.5 34.1 35.6 36.1 37.5 38.3 3

 4 U.S. government securities 8.1 7.9 9.4 9.0 9.0 8.8 8.4 9.9 9.9 10.8 10.7 4

 5 Treasury 5.8 5.1 5.4 5.1 5.3 4.7 4.1 4.7 4.8 5.3 4.4 5

 6 Agency 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 5.1 5.5 6.3 6

 7 Municipal securities 0.2 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.5 0.4 0.5 7

 8 Corporate and foreign bonds 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.4 0.5 8

 9 Bank loans n.e.c. 9.7 11.3 13.1 13.7 14.2 14.5 14.6 14.7 15.1 15.4 15.8 9

10 Home mortgages 4.1 4.8 5.7 5.8 6.1 6.4 6.3 6.2 6.1 6.2 6.4 10

11 Commercial mortgages 3.1 4.0 4.0 4.2 4.1 3.9 3.9 4.1 4.2 4.3 4.4 11

12 Miscellaneous assets 2.6 2.4 4.0 3.8 3.9 4.4 4.8 4.9 5.3 5.3 5.3 12

13 Total liabilities 28.2 31.7 37.2 37.3 37.9 38.4 38.6 40.2 40.9 42.2 43.0 13

14 Checkable deposits 6.1 6.2 6.4 6.2 6.5 6.5 6.9 6.8 7.0 6.7 7.3 14

15 Small time and savings deposits 8.2 9.0 10.2 10.5 10.8 10.5 10.4 10.1 9.9 10.2 10.4 15

16 Large time deposits 8.2 9.0 10.2 10.4 10.8 10.5 10.4 10.1 9.9 10.2 10.4 16

17 Miscellaneous liabilities 5.6 7.4 10.3 10.2 9.9 10.7 10.9 13.1 14.2 15.2 14.9 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 13, 1998 75

L.114 Savings Institutions (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1020.2 1008.6 1012.8 1017.6 1024.5 1055.7 1031.7 1019.4 1029.7 1020.7 1025.4 1

 2 Reserves at Federal Reserve 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 1.8 1.8 1.7 2

 3 Checkable deposits and currency 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 13.6 14.2 15.3 3

 4 Time and savings deposits 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.4 1.3 1.2 1.0 4

 5 Federal funds and security RPs 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 9.8 8.5 9.2 5

 6 Credit market instruments 914.1 920.8 913.3 921.8 932.7 945.2 933.2 931.9 937.8 927.3 925.5 6

 7 Open market paper 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 175.5 187.0 183.0 182.6 184.5 178.0 173.4 173.1 175.9 170.1 169.3 8

 9 Treasury 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 16.3 15.3 14.6 9

10 Agency 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 159.6 154.8 154.8 10

11 Municipal securities 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 2.0 2.1 2.1 11

12 Corporate and foreign bonds 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 67.2 58.5 58.4 12

13 Other loans and advances 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.7 17.2 18.5 18.7 13

14 Mortgages 598.4 596.2 596.8 602.6 611.5 627.8 628.3 626.4 629.1 629.8 629.7 14

15 Consumer credit 37.9 38.5 40.1 40.7 42.1 44.9 44.7 45.9 46.5 48.5 47.2 15

16 Corporate equities 12.5 10.4 14.3 15.9 16.1 16.4 17.8 17.9 21.2 22.6 23.4 16

17 Miscellaneous assets 61.0 53.0 54.7 51.0 49.3 66.2 52.9 43.7 44.0 45.0 49.3 17

18 Total liabilities 1016.1 998.3 995.1 998.9 1006.2 1036.9 1010.5 998.3 1004.1 992.8 997.6 18

19 Deposits 785.4 733.6 727.9 728.1 720.6 737.1 721.4 718.5 711.7 697.1 694.2 19

20 Checkable 88.3 83.0 97.1 103.4 109.0 115.3 122.4 128.9 136.4 142.3 149.5 20

21 Small time and savings 624.1 579.7 550.7 543.0 530.5 533.7 512.5 501.0 485.0 461.5 447.3 21

22 Large time 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 90.3 93.3 97.4 22

23 Security RPs 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 45.9 46.7 41.5 23

24 Credit market instruments 99.6 112.4 115.0 117.8 128.3 134.8 140.5 136.3 144.3 149.8 160.3 24

25 Corporate bonds 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 2.6 2.8 2.8 25

26 Bank loans n.e.c. 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 16.7 17.6 19.4 26

27 Other loans and advances 87.3 100.0 97.4 99.7 110.5 117.6 121.9 116.7 125.0 129.4 138.0 27

28 Taxes payable 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 1.5 1.7 1.8 28

29 Miscellaneous liabilities 103.0 106.7 106.1 106.4 105.9 117.1 103.5 96.4 100.7 97.4 99.8 29

30 Investment by parent 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 4.8 4.9 5.0 30

31 Other 98.5 102.3 101.6 101.8 101.3 112.5 98.8 91.7 95.9 92.5 94.8 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
76 Z.1, March 13, 1998

L.115 Credit Unions

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 281.7 293.6 310.7 323.9 327.7 326.0 330.1 341.7 348.0 349.2 354.9 1

 2 Checkable deposits and currency 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.9 7.6 7.0 7.5 2

 3 Time and savings deposits 25.6 16.7 17.1 19.1 17.9 17.6 16.4 18.4 17.3 16.8 20.0 3

 4 Federal funds and security RPs 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.4 4.2 3.8 3.5 4

 5 Credit market instruments 218.7 246.8 263.0 267.0 276.9 282.6 288.5 291.2 299.2 303.6 304.2 5

 6 Open market paper 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 0.4 0.2 0.2 6

 7 U.S. government securities 58.9 62.9 64.1 67.2 69.2 68.4 68.1 69.7 70.6 68.3 64.1 7

 8 Treasury 22.6 22.1 18.3 19.3 19.1 18.2 17.4 17.8 17.8 15.8 15.7 8

 9 Agency 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.9 52.9 52.5 48.4 9

10 Home mortgages 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.4 80.6 84.4 86.2 10

11 Consumer credit 101.6 119.6 131.9 131.5 136.1 140.9 144.1 143.9 147.6 150.7 153.7 11

12 Mutual fund shares 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.6 2.5 2.5 2.5 12

13 Miscellaneous assets 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.3 17.0 15.4 17.3 13

14 Total liabilities 260.8 270.3 283.7 296.2 299.4 297.0 300.1 311.1 316.4 316.6 321.5 14

15 Shares/deposits 255.5 263.4 278.8 291.2 294.3 291.8 295.1 306.0 311.0 309.1 315.9 15

16 Checkable 26.8 28.8 30.9 31.0 32.6 32.5 32.5 34.2 35.3 36.7 36.3 16

17 Small time and savings 221.8 227.3 238.9 250.7 251.8 249.0 251.2 259.4 262.9 259.6 266.6 17

18 Large time 6.9 7.3 9.0 9.5 9.9 10.3 11.4 12.4 12.8 12.8 13.0 18

19 Other loans and advances 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.6 19

20 Miscellaneous liabilities 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.7 5.0 7.0 5.0 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 660.9 670.0 740.0 766.2 783.6 800.1 841.9 858.7 936.1 999.2 1012.0 1

 2 Deposits 39.5 41.4 42.6 44.1 46.2 48.6 51.0 53.5 56.0 58.6 61.3 2

 3 Checkable deposits and currency 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.8 3

 4 Time and savings deposits 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 8.8 8.8 9.0 4

 5 Money market fund shares 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 46.6 49.1 51.6 5

 6 Credit market instruments 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 237.4 239.7 242.3 6

 7 Open market paper 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 23.0 23.2 23.5 7

 8 U.S. government securities 73.1 72.0 66.7 67.0 68.2 69.7 71.2 72.8 74.5 76.3 78.1 8

 9 Treasury 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 40.3 40.3 39.4 9

10 Agency 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 34.2 36.0 38.7 10

11 Municipal securities 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 104.4 104.6 104.8 11

12 Corporate and foreign bonds 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 31.6 31.5 31.4 12

13 Mortgages 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 4.1 4.4 13

14 Corporate equities 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 243.1 261.2 259.3 14

15 Mutual fund shares 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 381.6 420.9 429.5 15

16 Miscellaneous assets 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 18.8 19.5 16

17 Total liabilities (2) 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 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 13, 1998 77

L.117 Life Insurance Companies

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1780.2 1884.1 2086.8 2121.0 2147.8 2199.2 2271.7 2320.3 2435.4 2529.7 2581.4 1

 2 Checkable deposits and currency 5.2 5.6 5.2 5.0 4.9 4.7 4.3 3.5 4.0 3.7 4.1 2

 3 Money market fund shares 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 50.9 54.0 56.5 3

 4 Credit market instruments 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1654.3 1680.2 1724.1 1750.4 1775.4 4

 5 Open market paper 46.9 52.8 45.5 54.2 56.6 54.6 48.4 55.3 58.1 64.6 68.3 5

 6 U.S. government securities 332.8 341.2 351.0 344.9 335.3 344.2 337.4 336.3 339.6 346.0 349.5 6

 7 Treasury 110.0 107.1 108.1 105.8 100.7 101.8 93.2 93.2 93.8 96.7 96.9 7

 8 Agency 222.8 234.1 242.9 239.1 234.6 242.4 244.1 243.1 245.8 249.3 252.6 8

 9 Municipal securities 14.7 12.8 11.9 12.3 12.1 12.4 13.4 13.5 13.7 14.1 15.2 9

10 Corporate and foreign bonds 719.5 779.4 870.1 879.6 885.5 909.7 949.3 966.6 1000.9 1011.8 1025.7 10

11 Policy loans 77.7 85.5 95.9 97.8 99.0 101.9 100.5 101.9 103.7 104.4 105.9 11

12 Mortgages 224.4 210.9 207.5 207.4 208.2 204.1 205.4 206.5 208.1 209.4 210.8 12

13 Corporate equities 226.0 272.2 344.2 361.5 380.9 398.9 437.5 454.7 509.9 563.0 582.2 13

14 Mutual fund shares 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.0 49.0 55.7 57.5 14

15 Miscellaneous assets 75.7 97.9 105.1 100.6 101.0 97.8 94.8 96.3 97.5 103.0 105.7 15

16 Total liabilities 1677.8 1773.5 1953.9 1975.9 1999.8 2040.7 2115.6 2155.2 2266.9 2345.5 2395.8 16

17 Other loans and advances 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 1.9 1.8 17

18 Life insurance reserves 457.2 491.5 536.3 540.8 548.3 563.4 580.1 590.3 609.1 625.1 636.8 18

19 Pension fund reserves (1) 836.4 884.5 997.6 1014.6 1025.8 1045.6 1083.6 1111.9 1192.1 1239.6 1268.4 19

20 Taxes payable 9.4 10.4 11.0 11.1 11.3 11.4 11.6 11.7 11.9 12.0 12.2 20

21 Miscellaneous liabilities 374.6 386.6 408.6 408.3 413.2 419.2 438.7 439.5 452.0 466.9 476.6 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; levels, not seasonally adjusted

 1 Total financial assets 642.5 678.9 741.2 751.1 758.0 768.8 780.0 791.1 813.2 831.4 844.5 1

 2 Checkable deposits and currency 5.2 5.0 4.9 4.8 3.8 4.1 3.9 4.2 4.1 4.2 4.1 2

 3 Security RPs 31.7 29.4 37.5 39.6 33.8 36.8 35.4 38.1 36.6 37.5 37.4 3

 4 Credit market instruments 422.7 446.4 468.7 473.1 480.7 484.2 491.2 491.2 498.1 506.2 514.4 4

 5 U.S. government securities 169.0 178.7 181.6 181.8 176.5 173.1 171.8 172.1 173.5 176.4 179.2 5

 6 Treasury 124.5 133.0 133.4 133.6 128.8 125.0 120.9 121.1 123.9 126.0 128.0 6

 7 Agency 44.5 45.8 48.2 48.3 47.7 48.1 51.0 51.1 49.6 50.4 51.2 7

 8 Municipal securities 146.1 153.8 161.0 163.0 167.0 168.2 175.4 175.7 178.5 181.4 184.4 8

 9 Corporate and foreign bonds 103.1 110.1 123.3 125.7 134.6 140.4 141.6 140.8 143.8 146.1 148.5 9

10 Commercial mortgages 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.4 2.4 2.3 10

11 Corporate equities 103.4 112.1 134.2 136.0 140.3 143.2 148.6 151.3 166.6 174.0 176.9 11

12 Trade receivables 50.7 52.9 57.3 58.4 59.5 59.6 57.2 61.3 61.8 61.9 62.6 12

13 Miscellaneous assets 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.1 46.0 47.6 49.0 13

14 Total liabilities 463.1 479.7 510.6 514.7 516.8 522.9 524.5 528.3 530.9 539.1 543.9 14

15 Taxes payable 7.0 7.9 8.8 9.0 9.2 9.4 9.7 9.9 10.1 10.3 10.6 15

16 Miscellaneous liabilities 456.1 471.9 501.9 505.7 507.5 513.4 514.8 518.4 520.8 528.8 533.4 16
78 Z.1, March 13, 1998

L.119 Private Pension Funds (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2193.4 2291.8 2657.3 2740.5 2814.6 2876.5 3036.8 3075.2 3330.4 3538.4 3577.8 1

 2 Checkable deposits and currency 3.0 3.2 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 2.9 2

 3 Time and savings deposits 69.0 64.5 49.4 46.8 43.5 40.2 37.6 34.2 31.2 28.6 25.9 3

 4 Money market fund shares 26.3 31.6 37.5 39.2 39.4 40.1 42.3 40.9 41.6 41.2 43.1 4

 5 Security RPs 38.1 37.6 37.6 38.4 39.1 39.5 40.6 40.8 40.8 41.6 41.9 5

 6 Credit market instruments 611.4 656.9 718.3 735.0 746.7 757.1 764.8 777.9 792.5 809.1 831.7 6

 7 Open market paper 38.1 37.6 37.6 38.4 39.1 39.5 40.6 40.8 40.8 41.6 41.9 7

 8 U.S. government securities 350.5 400.4 433.5 441.5 446.4 450.7 452.8 458.7 465.5 472.7 483.8 8

 9 Treasury 239.6 271.2 292.2 297.2 300.3 303.2 304.7 308.4 312.7 317.1 323.9 9

10 Agency 110.9 129.2 141.3 144.3 146.1 147.5 148.2 150.4 152.9 155.7 159.9 10

11 Municipal securities 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 11

12 Corporate and foreign bonds 207.8 200.0 227.1 234.4 240.0 245.3 249.6 256.1 263.3 271.2 281.7 12

13 Mortgages 14.5 18.0 19.3 19.9 20.3 20.7 20.9 21.4 22.0 22.6 23.3 13

14 Corporate equities 937.7 940.5 1179.4 1233.7 1278.6 1328.9 1447.3 1428.1 1619.7 1769.2 1765.4 14

15 Mutual fund shares 116.0 150.4 230.7 244.2 260.2 267.7 287.2 345.6 399.1 441.3 457.0 15

16 Miscellaneous assets 391.9 407.0 401.1 400.2 404.0 399.9 413.9 404.8 402.5 404.4 409.9 16

17 Unallocated insurance contracts (2) 206.6 210.0 215.2 214.1 217.4 219.5 231.4 228.7 232.1 236.5 241.3 17

18 Contributions receivable 21.9 22.0 25.8 26.7 27.7 28.6 29.6 30.5 31.5 32.4 33.4 18

19 Other 163.4 175.0 160.1 159.3 158.9 151.8 153.0 145.5 138.9 135.4 135.2 19

20 Pension fund reserves (liabilities) (3) 2216.3 2317.2 2682.0 2765.1 2839.6 2901.5 3062.2 3100.5 3355.4 3563.4 3602.9 20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1255.9 1294.3 1517.9 1575.1 1610.6 1641.2 1714.9 1753.6 1935.5 2046.6 2099.7 1

 2 Checkable deposits and currency 6.5 5.1 3.1 3.2 4.0 3.0 3.6 2.7 3.9 3.5 4.2 2

 3 Time and savings deposits 8.5 4.9 4.0 4.7 3.7 4.0 4.2 7.4 4.0 3.8 2.1 3

 4 Security RPs 20.5 26.2 32.5 30.8 32.7 32.4 33.2 33.3 38.4 34.7 35.1 4

 5 Credit market instruments 433.5 455.8 483.3 493.6 509.8 517.7 529.2 531.6 542.7 562.0 577.5 5

 6 Open market paper 20.5 26.2 32.5 30.8 32.7 32.4 33.2 33.3 38.4 34.7 35.1 6

 7 U.S. government securities 231.2 246.3 270.8 280.1 294.4 293.6 298.5 302.0 303.1 316.1 321.8 7

 8 Treasury 163.0 171.0 175.8 181.2 191.0 189.4 190.5 192.5 197.9 209.1 213.6 8

 9 Agency 68.2 75.2 95.0 98.8 103.4 104.2 108.0 109.5 105.2 107.0 108.2 9

10 Municipal securities 0.7 0.4 0.5 0.8 0.4 0.5 0.6 0.5 0.5 1.0 0.9 10

11 Corporate and foreign bonds 166.5 167.7 163.5 165.8 166.0 174.6 180.2 178.9 183.5 192.8 202.0 11

12 Mortgages 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 17.2 17.4 17.6 12

13 Corporate equities 531.0 542.6 753.5 808.2 838.4 877.0 955.7 985.3 1153.7 1254.3 1295.2 13

14 Miscellaneous assets 256.0 259.6 241.5 234.6 221.9 207.0 189.1 193.2 192.7 188.4 185.7 14

15 Pension fund reserves (liabilities) (1) 1278.2 1319.5 1546.1 1605.3 1642.4 1673.6 1748.8 1789.1 1970.5 2080.9 2133.1 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 13, 1998 79

L.121 Money Market Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 1

 2 Foreign deposits 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 20.2 23.0 23.2 2

 3 Checkable deposits and currency -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 -0.4 -2.2 1.5 3

 4 Time and savings deposits 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 106.4 115.0 111.3 4

 5 Security RPs 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 113.6 124.6 126.6 5

 6 Credit market instruments 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 656.5 678.7 718.8 6

 7 Open market paper 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 308.9 323.6 336.0 7

 8 U.S. government securities 147.2 143.3 160.8 182.0 170.2 178.2 192.0 174.2 168.1 163.5 182.5 8

 9 Treasury 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 74.8 75.0 86.2 9

10 Agency 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 93.3 88.5 96.3 10

11 Municipal securities 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 151.8 158.9 167.0 11

12 Corporate and foreign bonds 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 27.7 32.7 33.4 12

13 Miscellaneous assets 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 65.9 67.3 13

14 Total shares outstanding (liabilities) 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 1

 2 Security RPs 38.7 43.1 50.2 46.4 49.8 56.1 47.5 53.0 58.1 58.4 61.9 2

 3 Credit market instruments 725.9 718.8 771.3 795.9 809.0 818.3 820.2 838.3 860.6 889.2 894.8 3

 4 Open market paper 38.7 43.1 50.2 49.4 49.8 56.1 47.2 53.0 58.1 58.4 56.9 4

 5 U.S. government securities 306.6 296.2 315.1 328.9 331.0 329.1 330.2 335.6 340.2 350.9 341.8 5

 6 Treasury 200.9 194.1 205.3 213.4 214.6 213.5 214.2 217.3 220.0 226.4 219.0 6

 7 Agency 105.7 102.1 109.9 115.5 116.4 115.6 116.1 118.2 120.1 124.5 122.9 7

 8 Municipal securities 211.3 207.0 210.2 212.1 212.6 213.0 213.3 214.2 215.1 218.0 222.3 8

 9 Corporate and foreign bonds 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 247.2 261.9 273.8 9

10 Corporate equities 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1514.7 1793.6 2020.8 2049.4 10

11 Miscellaneous assets 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 7.4 8.6 7.4 11

12 Total shares outstanding (liabilities) 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 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; levels, not seasonally adjusted

 1 Total financial assets 116.1 117.8 134.4 136.8 138.2 139.6 142.3 142.6 149.5 153.7 153.7 1

 2 Credit market instruments 89.7 86.0 96.4 97.0 97.6 98.1 98.7 99.3 99.7 99.7 99.5 2

 3 U.S. government securities 13.7 12.8 11.2 11.3 11.3 11.3 11.4 11.4 11.2 11.0 10.6 3

 4 Municipal securities 51.8 53.4 59.6 59.8 60.0 60.2 60.4 60.6 60.8 61.0 61.2 4

 5 Corporate and foreign bonds 24.2 19.8 25.6 25.9 26.3 26.6 26.9 27.4 27.6 27.8 27.7 5

 6 Corporate equities 26.5 31.9 38.0 39.8 40.7 41.5 43.6 43.2 49.8 54.0 54.2 6

 Memo:

 7 Market value of equities 116.1 117.8 134.4 136.8 138.2 139.6 142.3 142.6 149.5 153.7 153.7 7
80 Z.1, March 13, 1998

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 631.1 781.8 896.9 906.8 934.0 954.9 988.6 993.9 1038.5 1055.1 1098.8 1

 2 Checkable deposits and currency 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.9 2.9 1.9 1.9 2

 3 Federal funds and security RPs 50.3 85.8 106.3 104.0 103.4 103.5 94.5 96.1 102.2 102.6 93.1 3

 4 Credit market instruments 545.5 663.3 748.0 755.8 758.9 779.3 813.6 824.3 854.8 868.7 908.6 4

 5 Open market paper 11.9 26.3 25.5 24.5 23.6 24.6 35.1 40.6 42.2 29.3 32.5 5

 6 U.S. government securities 116.9 180.3 243.8 254.0 246.6 260.4 264.2 279.2 295.1 319.4 330.2 6

 7 Treasury 51.6 51.9 58.0 54.2 34.5 34.5 18.8 19.1 13.5 21.7 15.6 7

 8 Agency 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.1 281.6 297.8 314.6 8

 9 Municipal securities 2.6 3.4 4.4 3.9 4.2 4.1 4.1 4.4 3.8 3.5 5.2 9

10 Corporate and foreign bonds 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.8 29.8 24.4 33.4 10

11 Other loans and advances 162.0 189.1 200.3 199.8 213.0 220.2 229.1 223.3 238.3 246.9 260.7 11

12 Sallie Mae 33.4 37.0 37.9 36.9 36.3 35.6 36.2 34.9 33.5 32.4 31.3 12

13 Farm Credit System 25.4 26.3 30.2 31.5 31.8 31.3 31.6 31.7 32.4 32.7 31.6 13

14 FHLB 103.1 125.9 132.3 131.4 144.9 153.3 161.4 156.6 172.4 181.8 197.8 14

15 Mortgages 241.0 244.6 249.0 250.5 251.3 250.6 250.7 247.2 245.5 245.1 246.8 15

16 Home 196.7 199.3 203.2 204.3 204.8 204.0 204.3 201.0 199.6 199.1 200.7 16

17 Multifamily residential 17.5 18.4 19.0 19.0 18.9 18.8 18.6 18.2 17.8 17.5 17.3 17

18 Farm 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 28.2 28.6 28.8 18

19 Miscellaneous assets 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.5 81.8 95.2 19

20 Total liabilities 614.4 761.7 873.6 882.8 909.5 930.1 966.7 972.3 1016.9 1035.0 1078.4 20

21 Credit market instruments 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 21

22 GSE issues (2) 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 22

23 U.S. government loans 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 85.9 61.1 67.1 68.4 63.4 64.0 69.8 77.7 72.7 79.2 82.5 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; levels, not seasonally adjusted

 1 Total financial assets 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 1

 2 Home mortgages 1334.3 1449.7 1543.4 1571.9 1614.3 1648.3 1678.9 1706.3 1726.9 1754.2 1788.0 2

 3 Multifamily residential mortgages 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 35.2 36.5 37.8 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 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 13, 1998 81

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 483.4 552.0 683.6 714.0 749.1 773.8 810.3 821.4 843.3 898.8 987.5 1

 2 Agency securities (1) 86.2 86.9 89.2 86.0 80.3 74.6 60.8 51.0 41.9 24.9 14.1 2

 3 Other loans and advances 19.5 23.7 30.6 32.7 39.6 38.0 44.0 41.2 44.2 44.4 75.5 3

 4 Student loans 0.0 0.0 1.0 2.5 4.0 5.0 6.3 8.0 10.0 12.1 14.6 4

 5 Loans to business 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 32.3 60.9 5

 6 Mortgages (2) 219.0 260.2 296.5 313.2 329.0 340.4 359.1 373.7 391.8 420.2 456.8 6

 7 Home 184.8 208.5 227.8 237.6 247.6 255.9 261.9 271.1 279.5 299.4 318.0 7

 8 Multifamily residential 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.6 39.0 42.0 48.3 8

 9 Commercial 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.0 73.3 78.8 90.5 9

10 Consumer credit 130.5 146.1 211.6 221.4 237.2 251.2 265.8 268.5 275.6 293.5 313.1 10

11 Trade receivables 28.4 35.2 55.7 60.6 63.1 69.7 80.7 86.9 89.8 115.7 128.1 11

12 Total liabilities 485.3 554.1 687.0 717.3 756.6 781.2 819.1 829.8 852.5 908.8 998.4 12

13 Commercial paper 51.6 63.9 101.2 110.2 114.7 126.8 146.7 158.1 163.3 210.4 256.1 13

14 Corporate bonds 433.8 490.2 585.8 607.1 642.0 654.5 672.4 671.7 689.3 698.4 742.2 14

 Memo:

 Securitized consumer leases

15 not included above (3) 1.9 2.2 3.5 3.3 7.6 7.4 8.7 8.4 9.2 10.0 10.8 15

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

L.127 Finance Companies (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 557.4 599.7 672.3 678.0 688.4 692.6 714.6 720.5 736.9 731.5 759.4 1

 2 Checkable deposits and currency 13.3 14.9 16.6 17.1 17.5 18.0 18.5 19.0 19.5 20.0 20.6 2

 3 Credit market instruments 427.9 476.2 526.2 530.3 539.9 538.3 544.5 552.4 553.1 564.4 566.7 3

 4 Other loans and advances 249.0 274.9 301.6 303.5 305.7 301.4 309.5 315.2 311.7 319.5 318.8 4

 5 Mortgages 62.7 66.9 72.4 74.3 80.4 82.2 82.7 83.4 84.8 86.4 87.9 5

 6 Consumer credit 116.1 134.4 152.1 152.5 153.9 154.6 152.4 153.8 156.7 158.4 160.0 6

 7 Miscellaneous assets 116.1 108.5 129.6 130.7 130.9 136.3 151.5 149.0 164.3 147.1 172.1 7

 8 Total liabilities 554.2 618.5 691.2 695.6 708.9 714.2 741.0 747.1 761.1 755.6 777.8 8

 9 Credit market instruments 385.1 433.7 483.9 491.1 506.3 513.7 529.8 528.4 557.8 532.7 554.5 9

10 Open market paper 149.1 171.6 168.6 168.2 169.6 173.1 177.6 185.3 193.7 189.6 201.5 10

11 Corporate bonds 215.6 247.4 300.0 307.5 319.0 322.3 332.5 324.6 345.3 322.8 328.9 11

12 Bank loans n.e.c. 20.4 14.8 15.3 15.4 17.7 18.3 19.7 18.4 18.8 20.4 24.1 12

13 Taxes payable 3.3 4.1 5.1 5.3 5.6 5.8 6.0 6.3 6.5 6.7 7.0 13

14 Miscellaneous liabilities 165.8 180.6 202.2 199.2 197.1 194.6 205.2 212.5 196.8 216.2 216.4 14

15 Foreign direct investment in U.S. 33.8 35.9 52.4 49.3 51.2 56.8 63.3 75.6 85.1 92.4 96.6 15

16 Investment by parent 35.6 41.8 51.1 50.5 56.3 57.9 60.3 61.0 60.0 61.6 64.7 16

17 Other 96.4 102.9 98.8 99.3 89.6 80.0 81.6 75.9 51.7 62.1 55.1 17

 Memo:

18 Consumer leases not included above (2) 49.3 67.5 80.8 83.4 86.7 89.9 92.5 95.6 98.5 96.1 96.8 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
82 Z.1, March 13, 1998

L.128 Mortgage Companies

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 1

 2 Home mortgages 52.2 28.3 23.8 36.7 29.8 31.0 32.0 31.2 33.7 35.2 37.2 2

 3 Multifamily residential mortgages 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.9 4.9 5.2 5.6 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 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 5

 6 Bank loans n.e.c. 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 34.3 35.2 36.4 6

 7 Investment by parent 30.2 17.7 13.9 21.9 11.2 11.6 9.7 8.1 9.4 10.3 11.5 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 17.4 22.1 25.5 25.7 26.1 26.5 27.1 27.6 28.3 29.6 31.2 1

 2 Mortgages 8.6 13.3 15.5 16.3 17.2 18.0 19.0 20.3 21.5 22.8 24.0 2

 3 Home 0.9 1.5 1.7 1.8 1.9 2.0 2.1 2.2 2.4 2.5 2.6 3

 4 Multifamily residential 5.6 8.7 10.1 10.7 11.2 11.8 12.4 13.2 14.0 14.8 15.7 4

 5 Commercial 2.1 3.2 3.7 3.9 4.1 4.3 4.5 4.8 5.1 5.4 5.7 5

 6 Miscellaneous assets 8.8 8.7 10.0 9.4 8.9 8.4 8.1 7.4 6.8 6.9 7.2 6

 7 Total liabilities 24.7 46.1 54.6 57.3 61.1 65.5 70.7 75.8 81.1 88.3 95.8 7

 8 Security RPs 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.6 12.8 13.1 13.5 8

 9 Credit market instruments 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.9 60.0 66.7 73.7 9

10 Open market paper 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 4.3 6.3 8.3 8.8 9.4 10.2 11.2 12.0 13.4 16.4 20.2 11

12 Bank loans n.e.c. 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 3.1 3.3 3.5 12

13 Mortgages 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 47.0 50.0 13

14 Miscellaneous liabilities 2.3 5.3 6.6 7.0 7.5 8.1 8.3 8.3 8.3 8.4 8.5 14
Z.1, March 13, 1998 83

L.130 Security Brokers and Dealers

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 478.8 454.7 568.1 569.4 565.3 583.1 636.4 651.3 719.9 751.3 776.8 1

 2 Checkable deposits and currency 12.3 12.0 13.7 12.9 15.3 15.3 15.7 14.9 18.1 19.0 21.2 2

 3 Credit market instruments 137.5 93.3 183.4 156.2 138.2 147.1 167.7 164.1 161.2 165.1 183.6 3

 4 Open market paper 14.9 11.2 22.1 16.8 19.9 18.1 23.7 25.2 26.0 24.5 24.3 4

 5 U.S. government securities 32.5 2.3 72.3 55.2 34.1 42.5 42.4 30.9 26.6 23.6 45.4 5

 6 Treasury -28.3 -42.7 18.3 5.2 -14.1 -4.0 -12.8 -22.9 -27.1 -42.8 -5.0 6

 7 Agency 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 53.7 66.4 50.4 7

 8 Municipal securities 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 11.4 11.0 13.2 8

 9 Corporate and foreign bonds 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 97.2 105.9 100.7 9

10 Corporate equities 24.2 20.1 34.2 28.2 31.9 29.1 37.9 39.1 44.0 50.8 50.8 10

11 Security credit 76.1 75.1 78.6 89.1 89.9 86.9 94.4 101.1 110.5 127.5 128.7 11

12 Miscellaneous assets 228.6 254.2 258.2 283.0 290.0 304.7 320.7 332.1 386.1 389.0 392.5 12

13 Total liabilities 441.9 420.9 535.4 534.8 530.5 547.2 596.5 608.4 674.9 703.7 729.0 13

14 Security RPs (net) 126.4 103.4 182.4 181.5 180.4 177.6 180.9 178.0 208.1 216.5 207.2 14

15 Corporate bonds 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 35.3 33.6 35.3 15

16 Trade payables 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 16.4 23.6 19.9 16

17 Security credit 202.9 203.9 227.1 237.8 228.8 230.8 263.7 278.9 304.3 304.7 333.2 17

18 Customer credit balances (HH) 102.3 109.0 127.6 140.9 136.8 145.2 162.9 171.9 189.0 193.1 210.7 18

19 From banks 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 111.6 122.5 19

20 Taxes payable 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 0.9 1.1 1.3 20

21 Miscellaneous liabilities 67.4 69.0 85.3 81.4 82.4 97.1 109.1 106.3 110.1 124.2 132.0 21

22 Foreign direct investment in U.S. 5.0 5.8 11.0 11.2 11.3 11.3 7.8 8.0 8.0 9.5 9.7 22

23 Due to affiliates 84.7 110.3 135.4 143.1 164.8 168.6 186.7 209.9 213.3 230.4 246.3 23

24 Other -22.3 -47.2 -61.2 -72.8 -93.7 -82.8 -85.3 -111.6 -111.2 -115.7 -124.0 24

L.131 Funding Corporations (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 329.2 368.0 373.0 414.3 432.2 457.4 482.8 531.5 520.5 541.6 572.2 1

 2 Money market fund shares 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 152.1 151.2 157.9 2

 3 Credit market instruments 117.8 109.3 87.3 106.7 108.1 113.9 104.5 122.5 112.0 112.3 130.3 3

 4 Open market paper 113.8 95.3 63.6 76.9 72.1 71.0 58.0 72.9 61.4 62.2 77.1 4

 5 Corporate and foreign bonds 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 50.6 50.1 53.1 5

 6 Miscellaneous assets (2) 125.4 141.0 165.5 179.3 190.6 204.2 230.7 259.8 256.4 278.1 284.0 6

 7 Investment in foreign banking offices 44.5 44.1 50.7 52.7 52.9 59.4 64.5 79.4 74.3 82.9 78.8 7

 8 Investment in brokers and dealers 80.8 96.9 114.8 126.6 137.8 144.8 166.3 180.4 182.1 195.2 205.2 8

 9 Total liabilities 329.2 368.0 373.0 414.3 432.2 457.4 482.8 531.5 520.5 541.6 572.2 9

10 Credit market instruments 180.3 211.0 248.6 261.3 282.0 291.0 312.7 348.6 350.0 363.4 373.8 10

11 Open market paper 140.3 151.1 164.2 159.1 176.4 182.2 199.1 223.6 225.7 226.3 229.6 11

12 Corporate bonds 40.0 60.0 84.4 102.2 105.6 108.8 113.6 125.0 124.3 137.2 144.2 12

13 Miscellaneous liabilities 148.9 157.0 124.4 153.0 150.2 166.4 170.0 182.9 170.5 178.2 198.4 13

14 Foreign direct investment in U.S. -54.9 -70.1 -83.1 -82.0 -91.4 -86.7 -82.0 -88.8 -93.5 -85.3 -89.8 14

15 Securities loaned (net) 197.1 221.7 216.2 242.6 249.5 265.2 276.1 288.5 339.2 336.2 335.9 15

16 Other 6.7 5.4 -8.6 -7.6 -7.9 -12.1 -24.0 -16.8 -75.2 -72.7 -47.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
84 Z.1, March 13, 1998

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 73.4 74.3 85.8 84.2 83.4 75.5 75.1 67.2 67.8 67.1 70.0 1

 2 U.S. gold stock and SDRs 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21.1 21.0 21.1 2

 3 Federal govt.: Exchange Stab. Fund 9.0 10.0 11.0 11.0 11.0 10.2 10.3 9.9 10.0 10.0 10.0 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.1 11.1 11.0 11.1 11.1 11.1 11.0 4

 5 U.S. foreign exchange position 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 46.1 48.9 5

 6 Official foreign currency holdings 41.5 41.2 49.1 46.9 46.1 38.9 38.3 32.4 32.9 32.1 30.8 6

 7 Treasury 19.2 19.2 28.0 26.9 26.5 19.4 19.0 14.5 15.0 14.5 13.8 7

 8 Monetary authority 22.3 22.0 21.1 20.0 19.6 19.5 19.3 18.0 18.0 17.6 17.0 8

 9 Net IMF position 11.8 12.0 14.6 15.2 15.3 15.4 15.4 13.8 13.8 14.0 18.1 9

10 Federal government 11.9 12.1 14.7 15.3 15.4 15.5 15.5 13.9 13.9 14.1 18.2 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; levels, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 1

 2 Asset: Monetary authority 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 2

 Treasury currency:

 3 Liab: Federal government 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 18.7 18.2 3

 4 Asset: Monetary authority 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 25.3 25.5 25.6 4

 5 Discrepancy (seigniorage) -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 -7.0 -6.8 -7.4 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; levels, not seasonally adjusted

 1 Total rest of the world liability 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 489.9 516.2 527.0 1

 Held by:

 2 Household sector 15.8 18.8 23.4 26.0 27.7 31.7 35.5 39.7 43.5 46.5 49.3 2

 3 Nonfinancial corporate business 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 30.1 31.1 32.2 3

 4 Money market mutual funds 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 20.2 23.0 23.2 4

 5 Discrepancy--unallocated assets 233.2 276.2 301.2 319.5 326.1 347.7 354.1 398.6 396.0 415.6 422.4 5
Z.1, March 13, 1998 85

L.203 Net Interbank Transactions

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 189.3 280.1 290.7 266.6 250.0 225.8 240.8 210.2 197.1 186.9 198.9 1

 2 Monetary authority 67.6 68.9 70.2 59.1 60.3 59.2 69.7 59.0 61.6 60.3 75.8 2

 3 Depository institution reserves 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 23.2 21.8 30.8 3

 4 Vault cash 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.2 38.4 38.5 45.0 4

 5 Commercial banking 121.7 211.2 220.5 207.5 189.7 166.6 171.1 151.2 135.4 126.6 123.1 5

 6 To monetary authority 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 0.1 2.8 6

 7 To banks in foreign countries, net 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 7

 8 Liabilities, net 135.4 229.0 239.7 223.3 209.5 191.3 192.9 173.8 162.8 168.0 168.8 8

 9 U.S.-chartered commercial banks 7.9 82.3 79.6 69.5 59.6 45.7 48.5 51.3 60.0 60.7 55.9 9

10 Due to foreign affiliates 90.8 143.4 128.7 113.3 110.9 115.5 126.8 133.6 139.2 138.4 182.8 10

11 - Due from foreign affiliates 82.9 61.1 49.1 43.8 51.3 69.8 78.4 82.3 79.2 77.8 126.9 11

12 Foreign banking offices in U.S. 134.3 161.4 178.6 173.4 166.4 163.6 167.1 139.7 123.7 129.3 134.8 12

13 Due to foreign affiliates 83.0 84.3 99.9 95.5 94.9 93.7 110.4 110.4 109.8 98.7 79.9 13

14 - Due from foreign affiliates -51.3 -77.0 -78.7 -77.9 -71.5 -70.0 -56.6 -29.3 -13.8 -30.6 -54.9 14

15 Bank holding companies -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 -20.9 -21.9 -21.9 15

16 Due to foreign affiliates 6.6 4.1 3.0 2.5 3.0 2.5 2.7 2.4 2.3 3.2 3.0 16

17 - Due from foreign affiliates 13.3 18.7 21.4 22.0 19.5 20.6 25.3 19.6 23.3 25.1 24.9 17

18 Less: Deposits at foreign banks 10.0 10.8 10.4 13.3 12.3 15.4 15.6 24.4 21.6 19.4 20.2 18

19 U.S. chartered commercial banks 8.4 8.0 5.4 7.4 8.2 10.9 10.6 18.6 16.9 15.8 16.1 19

20 Foreign banking offices in U.S. 1.6 2.9 5.0 5.8 4.1 4.5 5.0 5.8 4.8 3.6 4.1 20

21 To U.S. banking, net -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 21

22 U.S.-chartered commercial banks -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -41.8 -43.7 -44.6 -52.3 -45.5 22

23 Liabilities 44.8 50.7 43.3 40.3 38.1 31.1 38.3 43.4 41.8 28.7 26.6 23

24 To foreign offices in U.S. 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 48.7 49.6 54.6 24

25 To bank holding companies 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 1.2 1.2 0.3 25

26 Unallocated -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 26

 Less, due from:

27 Foreign offices in U.S. 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 74.3 66.5 57.5 27

28 Bank holding companies -1.9 3.8 4.4 15.5 13.8 13.7 15.2 12.1 12.1 14.6 14.6 28

29 Foreign banking offices in U.S. 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 25.5 16.9 3.0 29

30 Due to U.S. banks 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 74.3 66.5 57.5 30

31 - Due from U.S. banks 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 48.7 49.6 54.6 31

32 Bank holding companies -3.3 2.9 3.5 14.6 13.0 12.7 14.7 10.8 11.0 13.3 14.3 32

33 Due to U.S. banks -1.9 3.8 4.4 15.5 13.8 13.7 15.2 12.1 12.1 14.6 14.6 33

34 - Due from U.S. banks 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 1.2 1.2 0.3 34

35 Total assets 194.1 286.6 299.7 269.2 257.9 237.4 251.4 211.9 205.1 209.0 227.2 35

36 Rest of the world 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 36

37 Domestic 68.6 68.4 70.4 59.2 60.7 61.5 74.1 62.5 64.0 60.4 78.6 37

38 Monetary authority 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 0.1 2.8 38

39 Federal Reserve float 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 -0.3 0.7 39

40 Loans to member banks 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 0.3 2.0 40

41 Commercial banking 64.2 66.1 67.5 56.4 57.8 56.9 67.5 56.9 59.8 58.5 74.2 41

42 Reserves at Federal Reserve 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.8 21.4 20.0 29.1 42

43 Vault cash 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.2 38.4 38.5 45.0 43

44 Savings insts.: Reserves at Fed. Res. 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 1.8 1.8 1.7 44

45 Discrepancy--floats, etc. -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 45
86 Z.1, March 13, 1998

L.204 Checkable Deposits and Currency

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1220.0 1265.3 1234.2 1286.2 1

 2 Monetary authority 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 432.5 428.3 444.0 2

 3 Federal government cash and deposits 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 16.7 7.9 5.7 3

 4 Deposits due to foreign 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 0.6 0.7 1.0 4

 5 Currency outside banks 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 415.2 419.7 437.4 5

 6 Commercial banking 788.4 756.7 710.8 659.3 673.2 672.3 676.3 642.0 661.1 626.8 656.4 6

 7 Federal government deposits 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 33.5 27.8 7

 8 Deposits due to foreign 21.3 23.2 24.0 23.1 27.1 25.1 26.6 26.9 29.4 28.1 31.6 8

 9 Private domestic deposits 724.5 709.8 667.8 619.4 614.8 609.4 621.0 591.1 597.4 565.1 597.1 9

10 Savings institutions 88.3 83.0 97.1 103.4 109.0 115.3 122.4 128.9 136.4 142.3 149.5 10

11 Credit unions 26.8 28.8 30.9 31.0 32.6 32.5 32.5 34.2 35.3 36.7 36.3 11

12 Total assets 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1220.0 1265.3 1234.2 1286.2 12

13 Household sector 570.8 539.8 497.2 476.1 468.8 461.5 455.3 447.7 445.3 417.8 426.1 13

14 Nonfinancial business 305.6 330.9 351.7 341.9 349.9 364.8 382.3 374.4 383.5 393.9 414.8 14

15 Corporate 203.1 221.6 239.0 228.3 235.4 249.4 266.0 256.9 264.7 273.8 293.2 15

16 Nonfarm noncorporate 87.2 92.3 96.1 97.2 98.2 99.3 100.4 101.5 102.6 103.8 105.2 16

17 Farm 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.1 16.2 16.2 16.4 17

18 State and local governments 28.3 31.6 34.4 30.3 30.8 29.9 31.7 30.0 31.3 31.8 33.3 18

19 Federal government 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 57.8 49.3 41.6 19

20 Rest of the world 178.2 203.5 216.8 213.3 221.8 227.4 236.7 241.2 247.9 253.3 266.9 20

21 Checkable deposits 21.6 23.5 24.5 23.4 27.4 25.6 27.1 28.1 30.0 28.8 32.5 21

22 Currency 156.6 180.0 192.3 189.9 194.4 201.8 209.6 213.1 217.9 224.5 234.4 22

23 Financial sectors 70.1 67.0 69.7 68.0 69.8 68.4 72.4 70.8 78.4 76.5 85.4 23

24 Commercial banking 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.4 1.4 1.4 24

25 Savings institutions 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 13.6 14.2 15.3 25

26 Credit unions 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.9 7.6 7.0 7.5 26

27 Bank personal trusts and estates 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.8 27

28 Life insurance companies 5.2 5.6 5.2 5.0 4.9 4.7 4.3 3.5 4.0 3.7 4.1 28

29 Other insurance companies 5.2 5.0 4.9 4.8 3.8 4.1 3.9 4.2 4.1 4.2 4.1 29

30 Private pension funds 3.0 3.2 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 2.9 30

31 State and local govt. retirement funds 6.5 5.1 3.1 3.2 4.0 3.0 3.6 2.7 3.9 3.5 4.2 31

32 Money market mutual funds -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 -0.4 -2.2 1.5 32

33 Government-sponsored enterprises 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.9 2.9 1.9 1.9 33

34 Finance companies 13.3 14.9 16.6 17.1 17.5 18.0 18.5 19.0 19.5 20.0 20.6 34

35 Brokers and dealers 12.3 12.0 13.7 12.9 15.3 15.3 15.7 14.9 18.1 19.0 21.2 35

36 Mail float 46.4 41.4 37.2 29.5 28.4 21.4 28.5 15.9 21.1 11.7 18.1 36
Z.1, March 13, 1998 87

L.205 Time and Savings Deposits 

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2614.8 2594.4 2756.6 2836.0 2851.3 2915.1 2967.9 3033.1 3079.0 3133.1 3186.9 1

 2 Small time and savings deposits 2223.1 2183.2 2279.7 2342.4 2340.2 2357.9 2377.0 2427.1 2432.3 2437.0 2475.5 2

 3 Commercial banking 1377.2 1376.2 1490.1 1548.7 1557.9 1575.2 1613.2 1666.7 1684.4 1716.0 1761.6 3

 4 U.S.-chartered commercial banks 1358.6 1357.9 1471.3 1530.0 1539.5 1557.1 1594.2 1637.1 1657.7 1692.7 1738.2 4

 5 Foreign banking offices in U.S. 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.4 16.8 13.1 13.0 5

 6 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.5 10.8 10.5 10.4 10.1 9.9 10.2 10.4 6

 7 Savings institutions 624.1 579.7 550.7 543.0 530.5 533.7 512.5 501.0 485.0 461.5 447.3 7

 8 Credit unions 221.8 227.3 238.9 250.7 251.8 249.0 251.2 259.4 262.9 259.6 266.6 8

 9 Large time deposits (1) 391.7 411.2 476.9 493.6 511.1 557.2 590.9 606.0 646.7 696.1 711.4 9

10 Commercial banking 311.7 333.0 387.8 402.4 420.1 458.8 493.1 505.0 543.6 590.0 600.9 10

11 U.S.-chartered commercial banks 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.2 329.1 360.9 369.2 11

12 Foreign banking offices in U.S. 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.7 204.6 218.9 221.3 12

13 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.4 10.8 10.5 10.4 10.1 9.9 10.2 10.4 13

14 Savings institutions 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 90.3 93.3 97.4 14

15 Credit unions 6.9 7.3 9.0 9.5 9.9 10.3 11.4 12.4 12.8 12.8 13.0 15

16 Total assets 2614.8 2594.4 2756.6 2836.0 2851.3 2915.1 2967.9 3033.1 3079.0 3133.1 3186.9 16

17 Household sector 2235.9 2223.9 2373.9 2444.3 2458.8 2498.0 2540.2 2591.0 2622.8 2670.0 2722.8 17

18 Nonfinancial business 129.3 130.9 135.6 133.5 139.7 147.4 142.8 136.5 145.2 141.7 144.7 18

19 Corporate 74.1 67.5 65.9 62.7 67.8 74.4 68.7 61.2 68.8 64.0 65.5 19

20 Nonfarm noncorporate 55.2 63.4 69.7 70.8 71.9 73.0 74.1 75.2 76.4 77.7 79.2 20

21 State and local governments 46.5 52.9 62.4 66.8 67.5 69.0 70.7 70.7 72.7 75.9 78.7 21

22 Federal government 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 3.3 2.8 3.4 22

23 Rest of the world 54.7 56.3 49.6 52.3 50.7 57.5 60.6 63.0 65.9 68.4 68.1 23

24 Financial sectors 147.5 129.8 134.0 137.9 130.2 139.7 151.2 169.6 169.1 174.3 169.2 24

25 Savings institutions 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.4 1.3 1.2 1.0 25

26 Credit unions 25.6 16.7 17.1 19.1 17.9 17.6 16.4 18.4 17.3 16.8 20.0 26

27 Bank personal trusts and estates 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 8.8 8.8 9.0 27

28 Private pension funds 69.0 64.5 49.4 46.8 43.5 40.2 37.6 34.2 31.2 28.6 25.9 28

29 State and local govt. retirement funds 8.5 4.9 4.0 4.7 3.7 4.0 4.2 7.4 4.0 3.8 2.1 29

30 Money market mutual funds 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 106.4 115.0 111.3 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; levels, not seasonally adjusted

 1 Total assets 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 1

 2 Household sector 337.9 351.3 451.6 505.0 485.2 499.5 530.6 580.1 567.7 611.1 636.7 2

 3 Nonfinancial corporate business 44.8 52.2 77.0 79.9 80.5 81.8 84.2 87.4 89.1 94.0 98.3 3

 4 Nonfarm noncorporate business 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.5 4.6 4.7 4

 5 Bank personal trusts and estates 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 46.6 49.1 51.6 5

 6 Life insurance companies 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 50.9 54.0 56.5 6

 7 Private pension funds 26.3 31.6 37.5 39.2 39.4 40.1 42.3 40.9 41.6 41.2 43.1 7

 8 Funding corporations 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 152.1 151.2 157.9 8
88 Z.1, March 13, 1998

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 471.3 549.5 660.0 666.0 692.0 687.6 700.3 713.3 765.1 792.5 814.3 1

 2 Commercial banking (net) 313.7 391.8 422.2 428.2 450.0 451.5 463.2 477.0 498.4 516.2 552.0 2

 3 U.S.-chartered commercial banks 279.8 351.4 379.6 387.1 397.0 404.8 408.2 418.0 433.3 455.2 471.5 3

 4 Foreign banking offices in U.S. 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 65.3 61.0 80.7 4

 5 Bank holding companies -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 -0.1 -0.1 -0.2 5

 6 Savings institutions 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 45.9 46.7 41.5 6

 7 REITs 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.6 12.8 13.1 13.5 7

 8 Brokers and dealers (net) 126.4 103.4 182.4 181.5 180.4 177.6 180.9 178.0 208.1 216.5 207.2 8

 9 Total assets 472.8 481.7 556.1 561.8 566.6 574.1 564.5 602.4 611.8 627.7 626.4 9

10 Nonfinancial corporate business 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 3.1 4.1 5.8 10

11 State and local governments 133.7 118.6 102.7 104.6 105.4 103.2 101.8 104.9 103.7 108.1 110.4 11

12 Rest of the world 58.6 46.6 67.6 72.5 76.4 76.5 70.9 84.2 84.7 89.8 77.7 12

13 Financial sectors 277.9 314.2 383.4 382.4 380.5 389.9 388.0 409.6 420.3 425.6 432.6 13

14 Monetary authority 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 16.6 13.9 23.8 14

15 Savings institutions 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 9.8 8.5 9.2 15

16 Credit unions 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.4 4.2 3.8 3.5 16

17 Other insurance companies 31.7 29.4 37.5 39.6 33.8 36.8 35.4 38.1 36.6 37.5 37.4 17

18 Private pension funds 38.1 37.6 37.6 38.4 39.1 39.5 40.6 40.8 40.8 41.6 41.9 18

19 State and local govt. retirement funds 20.5 26.2 32.5 30.8 32.7 32.4 33.2 33.3 38.4 34.7 35.1 19

20 Money market mutual funds 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 113.6 124.6 126.6 20

21 Mutual funds 38.7 43.1 50.2 46.4 49.8 56.1 47.5 53.0 58.1 58.4 61.9 21

22 Government-sponsored enterprises 50.3 85.8 106.3 104.0 103.4 103.5 94.5 96.1 102.2 102.6 93.1 22

23 Discrepancy--unallocated assets -1.5 67.8 103.9 104.2 125.5 113.4 135.8 110.9 153.4 164.8 187.9 23

L.208 Open Market Paper

Billions of dollars; levels, not seasonally adjusted

 1 Total outstanding, all types 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 925.7 979.4 1

 2 Commercial paper 553.8 600.1 677.7 694.7 731.3 754.0 779.4 836.8 867.7 901.7 958.5 2

 3 Nonfinancial corporate business 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 176.6 168.6 3

 4 Foreign issues in U.S. 68.8 42.7 56.2 52.5 54.5 65.8 67.5 69.3 71.3 64.3 65.1 4

 5 Nonfinancial 27.5 15.2 20.6 16.5 15.1 18.3 18.7 15.9 15.7 19.8 20.0 5

 6 Financial 41.3 27.5 35.6 36.0 39.4 47.5 48.8 53.4 55.6 44.6 45.0 6

 7 Financial business 367.1 418.2 464.2 468.0 495.1 515.2 555.5 598.8 617.0 660.7 724.8 7

 8 Commercial banking 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 34.4 34.5 37.6 8

 9 ABS issuers 51.6 63.9 101.2 110.2 114.7 126.8 146.7 158.1 163.3 210.4 256.1 9

10 Finance companies 149.1 171.6 168.6 168.2 169.6 173.1 177.6 185.3 193.7 189.6 201.5 10

11 REITs 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations 140.3 151.1 164.2 159.1 176.4 182.2 199.1 223.6 225.7 226.3 229.6 12

13 Bankers acceptances (1) 26.3 23.4 22.6 22.9 22.2 23.3 23.6 24.2 25.4 24.0 20.9 13

14 Holdings, by sector 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 925.7 979.4 14

15 Household sector 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 113.1 122.6 15

16 Nonfinancial corporate business 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 24.8 27.4 34.1 16

17 State and local governments 17.9 22.3 34.9 39.4 41.8 44.4 45.1 43.7 46.4 47.1 49.2 17

18 Rest of the world 18.8 24.9 43.4 31.0 42.3 47.5 54.5 46.9 57.2 72.7 75.0 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) 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 3.1 2.7 20

21 Savings institutions 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 0.0 0.0 0.0 21

22 Credit unions 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 0.4 0.2 0.2 22

23 Bank personal trusts and estates 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 23.0 23.2 23.5 23

24 Life insurance companies 46.9 52.8 45.5 54.2 56.6 54.6 48.4 55.3 58.1 64.6 68.3 24

25 Private pension funds 38.1 37.6 37.6 38.4 39.1 39.5 40.6 40.8 40.8 41.6 41.9 25

26 State and local govt. retirement funds 20.5 26.2 32.5 30.8 32.7 32.4 33.2 33.3 38.4 34.7 35.1 26

27 Money market mutual funds 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 308.9 323.6 336.0 27

28 Mutual funds 38.7 43.1 50.2 49.4 49.8 56.1 47.2 53.0 58.1 58.4 56.9 28

29 Government-sponsored enterprises 11.9 26.3 25.5 24.5 23.6 24.6 35.1 40.6 42.2 29.3 32.5 29

30 Brokers and dealers 14.9 11.2 22.1 16.8 19.9 18.1 23.7 25.2 26.0 24.5 24.3 30

31 Funding corporations 113.8 95.3 63.6 76.9 72.1 71.0 58.0 72.9 61.4 62.2 77.1 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 13, 1998 89

L.209 Treasury Securities

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3745.1 3778.3 1

 2 Savings bonds 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 2

 3 Other Treasury issues 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 3547.9 3558.9 3591.8 3

 4 Total assets 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3745.1 3778.3 4

 5 Household sector 475.0 662.2 591.0 577.4 551.8 533.9 542.4 495.9 398.2 360.9 304.5 5

 6 Savings bonds 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 6

 7 Other Treasury issues 303.1 482.3 406.0 391.6 365.3 347.1 355.4 309.4 211.9 174.7 118.1 7

 8 Nonfarm noncorporate business 13.3 14.0 14.4 14.5 14.6 14.8 14.9 15.1 15.2 15.4 15.7 8

 9 Nonfinancial corporate business 48.8 50.8 46.1 46.8 51.5 42.6 38.4 51.4 44.9 49.4 54.3 9

10 State and local governments 447.8 370.0 293.8 297.9 301.9 296.2 292.0 285.6 290.3 277.7 279.3 10

11 Rest of the world 625.1 660.1 860.9 929.5 957.8 1026.6 1109.5 1180.6 1213.6 1256.6 1265.6 11

12 Monetary authority 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 410.9 411.8 430.7 12

13 Commercial banking 322.2 290.4 278.7 284.0 280.2 275.0 261.8 282.5 265.9 261.8 269.8 13

14 U.S.-chartered commercial banks 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.1 172.4 163.2 166.8 14

15 Foreign banking offices in U.S. 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 85.8 90.5 94.6 15

16 Bank holding companies 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 2.9 2.7 4.0 16

17 Banks in U.S.-affiliated areas 5.8 5.1 5.4 5.1 5.3 4.7 4.1 4.7 4.8 5.3 4.4 17

18 Savings institutions 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 16.3 15.3 14.6 18

19 Credit unions 22.6 22.1 18.3 19.3 19.1 18.2 17.4 17.8 17.8 15.8 15.7 19

20 Bank personal trusts and estates 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 40.3 40.3 39.4 20

21 Life insurance companies 110.0 107.1 108.1 105.8 100.7 101.8 93.2 93.2 93.8 96.7 96.9 21

22 Other insurance companies 124.5 133.0 133.4 133.6 128.8 125.0 120.9 121.1 123.9 126.0 128.0 22

23 Private pension funds 239.6 271.2 292.2 297.2 300.3 303.2 304.7 308.4 312.7 317.1 323.9 23

24 State and local govt. retirement funds 163.0 171.0 175.8 181.2 191.0 189.4 190.5 192.5 197.9 209.1 213.6 24

25 Money market mutual funds 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 74.8 75.0 86.2 25

26 Mutual funds 200.9 194.1 205.3 213.4 214.6 213.5 214.2 217.3 220.0 226.4 219.0 26

27 Closed-end funds 13.7 12.8 11.2 11.3 11.3 11.3 11.4 11.4 11.2 11.0 10.6 27

28 Government-sponsored enterprises 51.6 51.9 58.0 54.2 34.5 34.5 18.8 19.1 13.5 21.7 15.6 28

29 Brokers and dealers -28.3 -42.7 18.3 5.2 -14.1 -4.0 -12.8 -22.9 -27.1 -42.8 -5.0 29

 Memo:

30 Federal government debt (1) 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
90 Z.1, March 13, 1998

L.210 Agency Securities (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 2772.6 2848.2 1

 2 Budget agencies 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 26.1 26.5 2

 3 Government-sponsored enterprises 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 955.8 995.9 3

 4 Federally related mortgage pools 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 4

 5 Total assets 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 2772.6 2848.2 5

 6 Household sector 120.2 267.3 289.9 269.5 333.5 385.4 413.8 435.7 468.4 475.1 499.8 6

 7 Nonfinancial corporate business 19.1 19.9 18.9 17.0 20.7 23.2 27.3 18.2 13.2 11.5 10.0 7

 8 State and local governments 175.0 186.6 161.5 179.6 174.4 142.8 111.2 101.4 101.6 90.2 95.4 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 116.4 136.4 167.2 181.6 188.6 201.9 215.6 223.7 233.9 249.1 259.2 10

11 Monetary authority 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 1.5 0.9 0.7 11

12 Commercial banking 423.2 428.7 467.5 471.3 473.7 475.9 495.7 510.4 523.0 537.9 571.0 12

13 U.S.-chartered commercial banks 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 455.3 467.8 497.1 13

14 Foreign banking offices in U.S. 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.8 57.5 60.3 62.0 14

15 Bank holding companies 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 5.2 4.4 5.5 15

16 Banks in U.S.-affiliated areas 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 5.1 5.5 6.3 16

17 Savings institutions 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 159.6 154.8 154.8 17

18 Credit unions 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.9 52.9 52.5 48.4 18

19 Bank personal trusts and estates 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 34.2 36.0 38.7 19

20 Life insurance companies 222.8 234.1 242.9 239.1 234.6 242.4 244.1 243.1 245.8 249.3 252.6 20

21 Other insurance companies 44.5 45.8 48.2 48.3 47.7 48.1 51.0 51.1 49.6 50.4 51.2 21

22 Private pension funds 110.9 129.2 141.3 144.3 146.1 147.5 148.2 150.4 152.9 155.7 159.9 22

23 State and local govt. retirement funds 68.2 75.2 95.0 98.8 103.4 104.2 108.0 109.5 105.2 107.0 108.2 23

24 Money market mutual funds 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 93.3 88.5 96.3 24

25 Mutual funds 105.7 102.1 109.9 115.5 116.4 115.6 116.1 118.2 120.1 124.5 122.9 25

26 Government-sponsored enterprises 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.1 281.6 297.8 314.6 26

27 ABS issuers 86.2 86.9 89.2 86.0 80.3 74.6 60.8 51.0 41.9 24.9 14.1 27

28 Brokers and dealers 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 53.7 66.4 50.4 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, March 13, 1998 91

L.211 Municipal Securities and Loans

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 1

 2 State and local governments 1152.6 1107.2 1057.8 1057.6 1060.8 1045.6 1058.7 1069.2 1086.4 1096.3 1119.8 2

 3 Short-term (1) 33.8 31.7 32.9 34.3 32.7 36.0 39.1 40.2 37.6 41.8 46.2 3

 4 Long-term 1118.7 1075.6 1024.9 1023.3 1028.2 1009.6 1019.6 1029.0 1048.7 1054.5 1073.6 4

 5 Nonprofit organizations (2) 111.1 125.6 139.4 142.8 149.1 153.3 158.5 163.4 171.8 178.7 187.5 5

 6 Nonfinancial corporate business 113.9 108.8 96.3 91.0 87.9 82.7 78.8 72.6 68.6 63.9 58.9 6

 (industrial revenue bonds)

 7 Total assets 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 7

 8 Household sector 552.6 502.2 445.7 436.0 440.0 426.4 423.1 422.4 439.1 439.1 448.9 8

 9 Nonfinancial corporate business 54.7 56.7 55.4 52.4 55.9 49.5 47.7 45.4 48.5 45.2 42.0 9

10 State and local governments 9.5 8.6 5.1 3.1 2.1 2.0 1.9 1.9 1.9 2.0 1.5 10

11 Commercial banking 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 94.3 96.2 96.7 11

12 Savings institutions 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 2.0 2.1 2.1 12

13 Bank personal trusts and estates 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 104.4 104.6 104.8 13

14 Life insurance companies 14.7 12.8 11.9 12.3 12.1 12.4 13.4 13.5 13.7 14.1 15.2 14

15 Other insurance companies 146.1 153.8 161.0 163.0 167.0 168.2 175.4 175.7 178.5 181.4 184.4 15

16 Private pension funds 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 16

17 State and local govt. retirement funds 0.7 0.4 0.5 0.8 0.4 0.5 0.6 0.5 0.5 1.0 0.9 17

18 Money market mutual funds 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 151.8 158.9 167.0 18

19 Mutual funds 211.3 207.0 210.2 212.1 212.6 213.0 213.3 214.2 215.1 218.0 222.3 19

20 Closed-end funds 51.8 53.4 59.6 59.8 60.0 60.2 60.4 60.6 60.8 61.0 61.2 20

21 Government-sponsored enterprises 2.6 3.4 4.4 3.9 4.2 4.1 4.1 4.4 3.8 3.5 5.2 21

22 Brokers and dealers 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 11.4 11.0 13.2 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).

L.212 Corporate and Foreign Bonds

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 2326.0 2479.1 2790.3 2851.1 2931.3 2986.8 3068.7 3097.2 3183.6 3243.2 3338.4 1

 2 Nonfinancial corporate business 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 1470.9 1489.5 2

 3 Rest of the world (1) 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 352.7 376.3 382.6 3

 4 Financial sectors 866.2 983.9 1172.0 1205.7 1265.2 1288.8 1328.5 1334.4 1390.7 1396.0 1466.3 4

 5 Commercial banking 134.9 142.6 161.1 155.9 161.6 164.2 168.9 171.8 180.7 184.8 192.7 5

 6 Savings institutions 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 2.6 2.8 2.8 6

 7 ABS issuers 433.8 490.2 585.8 607.1 642.0 654.5 672.4 671.7 689.3 698.4 742.2 7

 8 Finance companies 215.6 247.4 300.0 307.5 319.0 322.3 332.5 324.6 345.3 322.8 328.9 8

 9 REITs 4.3 6.3 8.3 8.8 9.4 10.2 11.2 12.0 13.4 16.4 20.2 9

10 Brokers and dealers 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 35.3 33.6 35.3 10

11 Funding corporations 40.0 60.0 84.4 102.2 105.6 108.8 113.6 125.0 124.3 137.2 144.2 11

12 Total assets 2326.0 2479.1 2790.3 2851.1 2931.3 2986.8 3068.7 3097.2 3183.6 3243.2 3338.4 12

13 Household sector 312.9 348.8 408.3 411.3 436.8 414.9 396.1 358.1 359.5 338.1 349.3 13

14 State and local governments 26.5 31.9 39.0 40.6 42.7 41.9 43.2 42.7 41.3 43.0 44.5 14

15 Rest of the world (2) 273.3 311.4 369.5 388.0 406.9 429.0 447.7 469.3 489.7 515.1 531.7 15

16 Commercial banking 98.2 102.5 110.9 109.7 110.4 110.7 112.3 118.8 122.6 132.4 143.1 16

17 Savings institutions 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 67.2 58.5 58.4 17

18 Bank personal trusts and estates 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 31.6 31.5 31.4 18

19 Life insurance companies 719.5 779.4 870.1 879.6 885.5 909.7 949.3 966.6 1000.9 1011.8 1025.7 19

20 Other insurance companies 103.1 110.1 123.3 125.7 134.6 140.4 141.6 140.8 143.8 146.1 148.5 20

21 Private pension funds 207.8 200.0 227.1 234.4 240.0 245.3 249.6 256.1 263.3 271.2 281.7 21

22 State and local govt. retirement funds 166.5 167.7 163.5 165.8 166.0 174.6 180.2 178.9 183.5 192.8 202.0 22

23 Money market mutual funds 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 27.7 32.7 33.4 23

24 Mutual funds 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 247.2 261.9 273.8 24

25 Closed-end funds 24.2 19.8 25.6 25.9 26.3 26.6 26.9 27.4 27.6 27.8 27.7 25

26 Government-sponsored enterprises 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.8 29.8 24.4 33.4 26

27 Brokers and dealers 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 97.2 105.9 100.7 27

28 Funding corporations 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 50.6 50.1 53.1 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
92 Z.1, March 13, 1998

L.213 Corporate Equities (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 1

 2 Nonfinancial corporate business 4126.0 4141.8 5481.1 5774.3 5995.3 6027.8 6367.4 6283.4 7286.7 7881.2 7793.7 2

 3 Rest of the world (2) 543.9 586.6 699.1 741.0 785.5 832.6 875.5 901.2 1058.9 1154.1 1183.9 3

 4 Financial corporations 1587.7 1509.4 2151.2 2294.3 2324.3 2480.1 2818.3 2887.7 3374.2 3769.3 3981.0 4

 5 Holdings at market value 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 5

 6 Household sector 3220.7 3048.9 4065.6 4245.0 4294.8 4337.2 4604.4 4525.6 5281.7 5709.9 5737.6 6

 7 State and local governments 9.3 10.6 26.2 33.7 40.9 43.1 49.6 51.8 70.2 77.7 79.9 7

 8 Rest of the world (3) 373.5 368.9 509.0 544.2 565.1 576.7 623.0 639.5 764.6 845.3 881.7 8

 9 Commercial banking 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 1.9 2.6 9

10 Savings institutions 12.5 10.4 14.3 15.9 16.1 16.4 17.8 17.9 21.2 22.6 23.4 10

11 Bank personal trusts and estates 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 243.1 261.2 259.3 11

12 Life insurance companies 226.0 272.2 344.2 361.5 380.9 398.9 437.5 454.7 509.9 563.0 582.2 12

13 Other insurance companies 103.4 112.1 134.2 136.0 140.3 143.2 148.6 151.3 166.6 174.0 176.9 13

14 Private pension funds 937.7 940.5 1179.4 1233.7 1278.6 1328.9 1447.3 1428.1 1619.7 1769.2 1765.4 14

15 State and local govt. retirement funds 531.0 542.6 753.5 808.2 838.4 877.0 955.7 985.3 1153.7 1254.3 1295.2 15

16 Mutual funds 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1514.7 1793.6 2020.8 2049.4 16

17 Closed-end funds 26.5 31.9 38.0 39.8 40.7 41.5 43.6 43.2 49.8 54.0 54.2 17

18 Brokers and dealers 24.2 20.1 34.2 28.2 31.9 29.1 37.9 39.1 44.0 50.8 50.8 18

 Memo:

19 Market value of domestic corporations (4) 5555.3 5484.3 7421.0 7859.5 8101.0 8288.0 8948.8 8935.2 10398.6 11369.9 11490.2 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; levels, not seasonally adjusted

 1 Shares at market value 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 1

 2 Holdings at market value 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 2

 3 Household sector 990.9 1052.1 1255.0 1358.7 1457.5 1515.7 1591.6 1581.5 1767.8 1929.8 1937.5 3

 4 Nonfinancial corporate business 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 80.0 81.8 4

 5 State and local governments 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 38.2 38.9 39.6 5

 6 Commercial banking 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 7.9 8.1 6

 7 Credit unions 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.6 2.5 2.5 2.5 7

 8 Bank personal trusts and estates 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 381.6 420.9 429.5 8

 9 Life insurance companies 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.0 49.0 55.7 57.5 9

10 Private pension funds 116.0 150.4 230.7 244.2 260.2 267.7 287.2 345.6 399.1 441.3 457.0 10
Z.1, March 13, 1998 93

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.1 2853.2 2941.3 2972.5 3053.3 1

 - Loans elsewhere classified:

 2 Open market paper 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 3.1 2.7 2

 3 Mortgages 947.8 1012.7 1090.2 1097.6 1109.9 1123.2 1145.4 1160.1 1196.5 1227.1 1244.2 3

 4 Consumer credit 395.7 458.8 502.0 490.4 503.3 513.4 526.8 504.3 510.7 507.5 512.6 4

 5 Security credit 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 111.6 122.5 5

 6 = Banking sector total bank loans n.e.c. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 6

 7 U.S.-chartered commercial banks 578.4 624.6 701.6 713.7 728.2 746.6 759.8 790.6 817.4 832.6 869.1 7

 8 Foreign banking offices in U.S. 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.3 281.2 273.4 284.0 8

 9 Bank holding companies 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 2.0 1.8 2.4 9

10 Banks in U.S.-affiliated areas 9.7 11.3 13.1 13.7 14.2 14.5 14.6 14.7 15.1 15.4 15.8 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. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 12

13 Total liabilities 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 13

14 Nonfinancial sectors 709.4 786.0 896.5 908.4 929.7 960.9 971.8 1007.3 1042.9 1046.7 1087.9 14

15 Households 27.4 40.0 55.7 53.0 54.2 55.9 52.1 57.8 64.1 52.3 61.2 15

16 Corporate business 477.6 521.0 583.7 593.2 600.8 622.6 631.5 657.6 673.9 681.9 705.1 16

17 Nonfarm noncorporate business 143.0 160.2 182.7 187.8 193.3 199.1 204.1 210.1 215.9 220.4 225.6 17

18 Farm business 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.2 42.6 43.9 43.9 18

19 Rest of the world 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.4 48.2 52.1 19

20 Foreign official institutions 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 2.0 2.2 2.1 20

21 Foreign banks 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.8 13.5 13.2 13.8 21

22 Other foreign 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.7 30.9 32.8 36.3 22

23 Financial sectors 62.6 48.9 53.1 58.6 63.9 64.2 69.8 71.3 72.9 76.5 83.4 23

24 Savings institutions 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 16.7 17.6 19.4 24

25 Finance companies 20.4 14.8 15.3 15.4 17.7 18.3 19.7 18.4 18.8 20.4 24.1 25

26 Mortgage companies 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 34.3 35.2 36.4 26

27 REITs 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 3.1 3.3 3.5 27
94 Z.1, March 13, 1998

L.216 Other Loans and Advances

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 805.3 862.0 932.1 940.5 965.0 985.4 994.5 1001.7 1021.8 1044.2 1094.4 1

 2 U.S. government loans 146.0 132.6 145.5 142.7 143.7 144.3 145.3 147.9 149.9 151.9 154.7 2

 3 Liab.: Household sector 20.3 16.0 27.3 25.6 27.1 28.6 30.4 34.9 37.0 40.1 41.8 3

 4 Nonfinancial corporate business 8.1 8.0 10.0 9.6 9.1 8.7 8.7 8.5 8.5 8.4 8.4 4

 5 Nonfarm noncorporate business 40.7 38.2 39.4 39.5 39.5 39.5 39.1 39.1 39.3 39.3 40.9 5

 6 Farm business 8.7 8.2 7.0 6.6 6.2 6.1 5.9 5.8 5.7 5.6 5.5 6

 7 State and local governments 9.2 9.3 9.8 9.8 9.8 10.0 10.1 8.9 9.0 8.9 8.9 7

 8 Rest of the world 54.1 52.9 52.1 51.7 52.0 51.4 51.0 50.6 50.5 49.6 49.3 8

 9 Government-sponsored enterprises 4.8 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 114.2 122.1 122.1 126.6 126.7 139.6 126.2 130.7 130.9 133.9 138.6 10

11 Liab.: Nonfinancial corporate business 114.2 122.1 122.1 126.6 126.7 139.6 126.2 130.7 130.9 133.9 138.6 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 25.3 22.9 22.3 22.6 22.1 23.1 23.4 23.8 24.9 23.8 20.6 12

13 Liab.: Nonfinancial corporate business 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 14.1 13.5 10.8 13

14 Rest of the world 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 10.8 10.3 9.7 14

15 Savings institution loans to business 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.7 17.2 18.5 18.7 15

16 Liab.: Nonfinancial corporate business 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.4 8.6 9.2 9.4 16

17 Nonfarm noncorporate business 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.4 8.6 9.2 9.4 17

18 Policy loans (Household liability) 78.6 86.4 96.9 98.7 99.9 102.9 101.4 102.9 104.6 105.4 106.8 18

19 Asset: Federal government 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 0.9 0.9 19

20 Life insurance companies 77.7 85.5 95.9 97.8 99.0 101.9 100.5 101.9 103.7 104.4 105.9 20

21 Government-sponsored enterprise loans 162.0 189.1 200.3 199.8 213.0 220.2 229.1 223.3 238.3 246.9 260.7 21

22 Liab.: Household sector (SLMA) 27.6 31.3 35.2 34.7 34.4 33.8 34.6 33.7 32.2 31.2 30.2 22

23 Noncorporate business (FCS) 13.9 13.9 16.4 17.8 16.9 16.1 15.1 15.1 16.0 16.5 15.1 23

24 Farm business (FCS) 11.6 12.4 13.8 13.7 14.9 15.2 16.5 16.6 16.5 16.2 16.5 24

25 Commercial banks (FHLB and SLMA) 21.2 30.5 36.7 32.4 34.8 36.1 39.0 39.0 46.4 51.3 58.5 25

26 Savings institutions (FHLB and SLMA) 87.3 100.0 97.4 99.7 110.5 117.6 121.9 116.7 125.0 129.4 138.0 26

27 Credit unions (FHLB) 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.6 27

28 Life insurance companies (FHLB) 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 1.9 1.8 28

29 Securitized loans held by ABS issuers 19.5 23.7 30.6 32.7 39.6 38.0 44.0 41.2 44.2 44.4 75.5 29

30 Liab.: Households (1) 0.0 0.0 1.0 2.5 4.0 5.0 6.3 8.0 10.0 12.1 14.6 30

31 Nonfinancial corporate business 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 32.3 60.9 31

32 Finance company loans to business 249.0 274.9 301.6 303.5 305.7 301.4 309.5 315.2 311.7 319.5 318.8 32

33 Liab.: Nonfinancial corporate business 224.1 247.4 271.4 273.2 275.1 271.3 278.5 283.7 280.5 287.6 286.9 33

34 Nonfarm noncorporate business 24.9 27.5 30.2 30.4 30.6 30.1 30.9 31.5 31.2 32.0 31.9 34

(1) Student loans.
Z.1, March 13, 1998 95

L.217 Total Mortgages

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 1

 2 Home 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 2

 3 Multifamily residential 269.4 274.6 287.3 291.4 300.4 304.5 312.6 316.6 323.1 328.0 338.1 3

 4 Commercial 677.3 677.0 701.2 709.7 750.5 752.8 768.0 775.8 794.3 811.7 829.5 4

 5 Farm 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 5

 6 Total liabilities 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 6

 7 Household sector 3033.0 3199.2 3372.5 3440.8 3478.1 3548.0 3609.7 3652.9 3715.7 3792.4 3863.9 7

 8 Nonfinancial business 1163.9 1174.1 1209.3 1216.9 1263.5 1267.6 1283.8 1293.7 1316.9 1336.7 1363.2 8

 9 Corporate 192.5 214.3 251.8 255.8 297.0 299.7 304.4 309.3 321.6 331.3 345.7 9

10 Nonfarm noncorporate 890.7 876.9 872.9 876.1 880.3 881.2 892.2 896.7 906.7 915.7 927.2 10

11 Farm 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 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 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 47.0 50.0 13

14 Total assets 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 14

15 Household sector 124.4 114.7 110.1 109.4 108.5 107.5 106.4 105.2 104.2 103.1 101.8 15

16 Nonfinancial corporate business 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 73.0 75.0 77.0 16

17 Nonfarm noncorporate business 23.7 23.6 23.5 23.5 23.5 23.4 23.4 23.4 23.4 23.4 23.4 17

18 State and local governments 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.3 119.4 120.5 121.5 18

19 Federal government 85.0 71.0 57.8 55.6 54.6 52.2 50.3 48.0 47.4 46.3 45.7 19

20 Commercial banking 947.8 1012.7 1090.2 1097.6 1109.9 1123.2 1145.4 1160.1 1196.5 1227.1 1244.2 20

21 Savings institutions (1) 598.4 596.2 596.8 602.6 611.5 627.8 628.3 626.4 629.1 629.8 629.7 21

22 Credit unions 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.4 80.6 84.4 86.2 22

23 Bank personal trusts and estates 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 4.1 4.4 23

24 Life insurance companies 224.4 210.9 207.5 207.4 208.2 204.1 205.4 206.5 208.1 209.4 210.8 24

25 Other insurance companies 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.4 2.4 2.3 25

26 Private pension funds 14.5 18.0 19.3 19.9 20.3 20.7 20.9 21.4 22.0 22.6 23.3 26

27 State and local govt. retirement funds 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 17.2 17.4 17.6 27

28 Government-sponsored enterprises (1) 241.0 244.6 249.0 250.5 251.3 250.6 250.7 247.2 245.5 245.1 246.8 28

29 Federally related mortgage pools 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 29

30 ABS issuers 219.0 260.2 296.5 313.2 329.0 340.4 359.1 373.7 391.8 420.2 456.8 30

31 Finance companies 62.7 66.9 72.4 74.3 80.4 82.2 82.7 83.4 84.8 86.4 87.9 31

32 Mortgage companies 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 32

33 REITs 8.6 13.3 15.5 16.3 17.2 18.0 19.0 20.3 21.5 22.8 24.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
96 Z.1, March 13, 1998

L.218 Home Mortgages (1)

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 1

 2 Household sector 2924.5 3097.7 3275.0 3340.6 3376.4 3446.5 3504.0 3548.9 3612.0 3686.9 3757.6 2

 3 Nonfinancial corporate business 18.1 18.7 19.3 19.5 19.6 19.8 19.9 20.1 20.3 20.5 20.7 3

 4 Nonfarm noncorporate business 235.9 241.1 239.0 238.0 237.8 237.8 237.7 237.5 237.9 239.3 240.9 4

 5 Total assets 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 5

 6 Household sector 105.2 94.9 87.4 86.7 85.9 85.0 84.3 83.4 82.6 81.8 80.9 6

 7 Nonfinancial corporate business 36.9 38.5 41.3 42.0 42.8 43.7 44.5 45.4 46.1 46.8 47.4 7

 8 Nonfarm noncorporate business 9.7 9.7 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 8

 9 State and local governments 56.3 57.3 60.5 60.8 61.2 62.0 62.8 63.4 64.1 64.8 65.5 9

10 Federal government 33.0 29.1 24.1 22.6 22.1 21.2 21.2 19.8 19.8 20.5 20.5 10

11 Commercial banking 560.8 615.9 669.4 672.0 677.0 685.0 698.5 708.8 733.7 752.0 762.4 11

12 Savings institutions 470.0 477.6 482.4 489.6 498.0 513.6 513.7 513.4 516.5 518.2 519.0 12

13 Credit unions 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.4 80.6 84.4 86.2 13

14 Bank personal trusts and estates 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 4.1 4.4 14

15 Life insurance companies 8.6 7.0 7.3 7.3 7.3 6.2 6.8 6.8 6.8 7.1 7.2 15

16 Private pension funds 3.2 4.0 4.3 4.4 4.5 4.6 4.6 4.7 4.8 5.0 5.1 16

17 State and local govt. retirement funds 3.5 3.9 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.5 5.6 17

18 Government-sponsored enterprises 196.7 199.3 203.2 204.3 204.8 204.0 204.3 201.0 199.6 199.1 200.7 18

19 Federally related mortgage pools 1334.3 1449.7 1543.4 1571.9 1614.3 1648.3 1678.9 1706.3 1726.9 1754.2 1788.0 19

20 ABS issuers 184.8 208.5 227.8 237.6 247.6 255.9 261.9 271.1 279.5 299.4 318.0 20

21 Finance companies 62.7 66.9 72.4 74.3 47.3 50.4 52.1 53.3 54.5 56.6 59.0 21

22 Mortgage companies 52.2 28.3 23.8 36.7 29.8 31.0 32.0 31.2 33.7 35.2 37.2 22

23 REITs 0.9 1.5 1.7 1.8 1.9 2.0 2.1 2.2 2.4 2.5 2.6 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 269.4 274.6 287.3 291.4 300.4 304.5 312.6 316.6 323.1 328.0 338.1 1

 2 Nonfinancial corporate business 19.9 20.5 21.1 21.2 21.4 21.6 21.7 21.9 22.1 22.3 22.5 2

 3 Nonfarm noncorporate business 246.6 248.0 258.1 261.5 269.4 272.2 279.0 281.5 286.7 290.2 299.1 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 3.0 6.2 8.1 8.7 9.6 10.7 11.9 13.2 14.4 15.5 16.5 5

 6 Total assets 269.4 274.6 287.3 291.4 300.4 304.5 312.6 316.6 323.1 328.0 338.1 6

 7 Household sector 1.4 1.6 2.2 2.1 2.1 2.0 1.9 1.7 1.6 1.4 1.5 7

 8 Nonfinancial corporate business 0.1 0.3 0.5 0.7 0.9 1.2 1.5 1.7 2.1 2.4 2.5 8

 9 Nonfarm noncorporate business 7.0 7.0 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 9

10 State and local governments 42.8 43.5 44.1 44.4 44.6 45.0 45.9 45.9 46.1 46.4 46.6 10

11 Federal government 24.6 22.0 17.3 16.9 16.8 15.9 14.8 14.1 13.9 12.6 12.6 11

12 Commercial banking 38.7 39.3 43.8 44.7 45.4 46.4 46.7 47.6 49.1 49.6 51.1 12

13 Savings institutions 67.4 64.3 62.0 60.6 60.7 61.3 61.6 60.6 60.1 60.3 59.5 13

14 Life insurance companies 25.4 23.9 23.4 23.4 23.5 23.2 23.2 23.3 23.5 23.6 23.8 14

15 Private pension funds 0.7 0.9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 15

16 State and local govt. retirement funds 4.1 4.3 4.5 4.6 4.6 4.7 4.7 4.8 4.9 4.9 5.0 16

17 Government-sponsored enterprises 17.5 18.4 19.0 19.0 18.9 18.8 18.6 18.2 17.8 17.5 17.3 17

18 Federally related mortgage pools 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 35.2 36.5 37.8 18

19 ABS issuers 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.6 39.0 42.0 48.3 19

20 Finance companies 0.0 0.0 0.0 0.0 3.6 3.5 3.1 3.1 3.1 2.7 2.9 20

21 Mortgage companies 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.9 4.9 5.2 5.6 21

22 REITs 5.6 8.7 10.1 10.7 11.2 11.8 12.4 13.2 14.0 14.8 15.7 22
Z.1, March 13, 1998 97

L.220 Commercial Mortgages

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 677.3 677.0 701.2 709.7 750.5 752.8 768.0 775.8 794.3 811.7 829.5 1

 2 Household sector 108.5 101.5 97.5 100.2 101.8 101.5 105.6 104.0 103.7 105.5 106.4 2

 3 Nonfinancial corporate business 154.5 175.1 211.5 215.2 256.0 258.4 262.8 267.4 279.2 288.5 302.4 3

 4 Nonfarm noncorporate business 408.2 387.8 375.7 376.6 373.2 371.2 375.5 377.7 382.2 386.2 387.2 4

 5 REITs 6.0 12.5 16.5 17.8 19.6 21.7 24.1 26.8 29.1 31.5 33.5 5

 6 Total assets 677.3 677.0 701.2 709.7 750.5 752.8 768.0 775.8 794.3 811.7 829.5 6

 7 Household sector 3.9 3.6 5.1 5.0 4.8 4.6 4.3 4.1 3.7 3.4 2.8 7

 8 Nonfinancial corporate business 15.3 17.5 19.7 20.7 21.3 22.1 23.1 23.8 24.9 25.8 27.1 8

 9 Nonfarm noncorporate business 6.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 9

10 State and local governments 7.7 8.3 7.7 7.8 7.7 7.5 7.5 7.7 7.9 8.0 8.1 10

11 Federal government 20.5 13.2 10.2 10.0 9.8 9.3 8.5 8.5 8.4 8.2 7.9 11

12 Commercial banking 327.5 335.0 353.1 356.9 363.0 367.0 375.3 378.5 387.7 398.6 403.7 12

13 Savings institutions 60.8 53.9 52.1 52.1 52.5 52.6 52.7 52.0 52.1 50.9 50.9 13

14 Life insurance companies 180.9 170.4 167.1 167.0 167.8 165.1 165.4 166.3 167.5 168.4 169.4 14

15 Other insurance companies 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.4 2.4 2.3 15

16 Private pension funds 10.6 13.2 14.1 14.5 14.8 15.1 15.3 15.7 16.0 16.5 17.0 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 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.0 73.3 78.8 90.5 18

19 Finance companies 0.0 0.0 0.0 0.0 29.5 28.3 27.4 26.9 27.2 27.2 26.0 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 2.1 3.2 3.7 3.9 4.1 4.3 4.5 4.8 5.1 5.4 5.7 21

L.221 Farm Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities (Farm business) 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 1

 2 Total assets 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 2

 3 Household sector 13.9 14.6 15.5 15.6 15.8 15.9 16.0 16.1 16.3 16.5 16.6 3

 4 Nonfarm noncorporate business 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 4

 5 State and local governments 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 7.0 6.7 6.2 6.1 6.0 5.9 5.8 5.6 5.3 4.9 4.9 6

 7 Commercial banking 20.9 22.6 23.8 23.9 24.6 24.8 24.9 25.2 26.1 26.8 27.0 7

 8 Savings institutions 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 8

 9 Life insurance companies 9.5 9.6 9.6 9.6 9.6 9.7 10.0 10.1 10.2 10.4 10.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 28.2 28.6 28.8 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
98 Z.1, March 13, 1998

L.222 Consumer Credit

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 1

 2 Total assets 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 2

 3 Nonfinancial corporate business 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 68.7 78.9 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 395.7 458.8 502.0 490.4 503.3 513.4 526.8 504.3 510.7 507.5 512.6 5

 6 Savings institutions 37.9 38.5 40.1 40.7 42.1 44.9 44.7 45.9 46.5 48.5 47.2 6

 7 Credit unions 101.6 119.6 131.9 131.5 136.1 140.9 144.1 143.9 147.6 150.7 153.7 7

 8 ABS issuers 130.5 146.1 211.6 221.4 237.2 251.2 265.8 268.5 275.6 293.5 313.1 8

 9 Finance companies 116.1 134.4 152.1 152.5 153.9 154.6 152.4 153.8 156.7 158.4 160.0 9

L.223 Trade Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total trade payables 1047.8 1141.5 1246.7 1234.6 1269.7 1263.0 1314.8 1300.6 1322.2 1351.3 1390.5 1

 2 Household sector 89.8 94.0 102.4 101.8 104.7 104.6 103.9 103.4 105.6 105.6 106.8 2

 3 Nonfinancial corporate business 719.3 796.5 870.3 858.0 884.8 873.3 923.0 901.9 916.3 933.7 970.3 3

 4 Nonfarm noncorporate business 64.1 71.6 78.8 80.2 81.7 83.1 84.6 86.2 88.0 89.7 91.6 4

 5 Farm business 14.2 15.2 16.2 16.2 17.7 17.9 17.4 16.5 18.4 19.0 19.3 5

 6 State and local governments 28.4 29.0 31.2 31.0 31.8 32.0 32.8 33.4 33.5 33.7 34.1 6

 7 Federal government 86.1 86.5 92.2 93.3 94.9 96.7 95.8 97.2 99.8 99.9 98.0 7

 8 Rest of the world 35.9 39.5 45.3 42.5 41.2 40.8 43.0 44.2 44.3 46.1 50.5 8

 9 Brokers and dealers 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 16.4 23.6 19.9 9

10 Total trade receivables 1293.1 1387.3 1521.6 1562.9 1608.2 1640.7 1623.6 1664.4 1712.2 1771.2 1743.7 10

11 Nonfinancial corporate business 1035.0 1107.0 1205.9 1237.4 1278.3 1298.3 1267.2 1293.2 1333.9 1364.5 1320.6 11

12 Nonfarm noncorporate business 103.0 117.0 128.5 130.5 132.6 134.6 136.7 138.8 141.0 143.3 145.7 12

13 Federal government 28.4 24.7 23.1 23.9 22.7 23.3 24.3 24.7 25.4 24.7 25.7 13

14 Rest of the world 47.5 50.6 51.2 52.1 52.1 55.2 57.5 59.4 60.3 61.1 61.0 14

15 Other insurance companies 50.7 52.9 57.3 58.4 59.5 59.6 57.2 61.3 61.8 61.9 62.6 15

16 ABS issuers 28.4 35.2 55.7 60.6 63.1 69.7 80.7 86.9 89.8 115.7 128.1 16

17 Discrepancy -245.3 -245.8 -274.9 -328.3 -338.5 -377.8 -308.7 -363.8 -390.0 -419.9 -353.2 17

L.224 Security Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 279.0 279.0 305.7 326.9 318.6 317.8 358.1 380.0 414.8 432.2 461.9 1

 2 Household sector 76.1 75.1 78.6 89.1 89.9 86.9 94.4 101.1 110.5 127.5 128.7 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 202.9 203.9 227.1 237.8 228.8 230.8 263.7 278.9 304.3 304.7 333.2 4

 5 Customer credit balances (HH) 102.3 109.0 127.6 140.9 136.8 145.2 162.9 171.9 189.0 193.1 210.7 5

 6 From U.S.-chartered commercial banks 61.4 56.8 65.1 63.0 59.4 57.4 60.2 65.9 63.0 65.4 64.4 6

 7 From foreign banking offices in U.S. 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 52.3 46.2 58.0 7

 8 Total assets 279.0 279.0 305.7 326.9 318.6 317.8 358.1 380.0 414.8 432.2 461.9 8

 9 Household sector 102.3 109.0 127.6 140.9 136.8 145.2 162.9 171.9 189.0 193.1 210.7 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 111.6 122.5 11

12 Brokers and dealers 76.1 75.1 78.6 89.1 89.9 86.9 94.4 101.1 110.5 127.5 128.7 12
Z.1, March 13, 1998 99

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 1

 2 Federal government 13.6 13.8 13.9 13.7 14.0 13.7 13.7 13.4 14.0 13.7 14.0 2

 3 Life insurance companies 457.2 491.5 536.3 540.8 548.3 563.4 580.1 590.3 609.1 625.1 636.8 3

 4 Total assets (Households) 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 4

 Pension fund reserves:

 5 Total liabilities 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 5

 6 Federal government 331.1 358.9 374.8 382.9 393.2 410.2 419.2 413.2 422.1 441.2 449.6 6

 7 Life insurance companies 836.4 884.5 997.6 1014.6 1025.8 1045.6 1083.6 1111.9 1192.1 1239.6 1268.4 7

 8 Private pension funds (1) 2216.3 2317.2 2682.0 2765.1 2839.6 2901.5 3062.2 3100.5 3355.4 3563.4 3602.9 8

 9 State and local govt. retirement funds 1278.2 1319.5 1546.1 1605.3 1642.4 1673.6 1748.8 1789.1 1970.5 2080.9 2133.1 9

10 Total assets (Households) 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; levels, not seasonally adjusted

 1 Total taxes payable by all businesses 98.8 101.4 106.0 116.2 113.4 117.9 120.0 133.2 128.9 137.5 140.1 1

 2 Nonfinancial corporate business 40.7 40.3 40.3 49.3 45.6 49.1 49.9 62.1 56.8 63.8 64.9 2

 3 Nonfarm noncorporate business 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 36.6 36.7 36.9 3

 4 U.S.-chartered commercial banks 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 5.0 5.4 4

 5 Savings institutions 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 1.5 1.7 1.8 5

 6 Life insurance companies 9.4 10.4 11.0 11.1 11.3 11.4 11.6 11.7 11.9 12.0 12.2 6

 7 Other insurance companies 7.0 7.9 8.8 9.0 9.2 9.4 9.7 9.9 10.1 10.3 10.6 7

 8 Finance companies 3.3 4.1 5.1 5.3 5.6 5.8 6.0 6.3 6.5 6.7 7.0 8

 9 Brokers and dealers 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 0.9 1.1 1.3 9

10 Total business taxes receivable 58.0 52.6 45.2 70.4 52.3 50.2 46.8 62.5 56.4 55.2 46.9 10

11 State and local governments 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 26.5 27.0 26.9 11

12 Federal government 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 29.9 28.2 20.0 12

13 Discrepancy 40.8 48.8 60.8 45.8 61.0 67.7 73.2 70.6 72.5 82.3 93.2 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; levels, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 1

 2 Asset: Household sector 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 2
100 Z.1, March 13, 1998

L.229 Total Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 5144.1 5402.7 5792.0 5954.5 5943.3 6031.6 6163.8 6344.1 6276.2 6394.0 6441.0 1

 2 Household sector 16.3 16.8 17.5 17.6 17.7 17.8 17.9 18.4 19.0 19.5 20.1 2

 3 Nonfinancial corporate business 2108.7 2132.8 2242.2 2297.0 2291.0 2338.2 2360.5 2378.7 2402.3 2416.7 2385.8 3

 4 Nonfarm noncorporate business 112.5 114.9 120.2 122.0 124.0 126.1 128.3 130.0 131.5 133.0 134.2 4

 5 Federal government 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 4.2 4.0 5

 6 Rest of the world 827.4 913.1 1029.2 1109.6 1093.5 1081.9 1146.1 1228.7 1122.0 1129.0 1081.4 6

 7 Monetary authority 4.6 6.0 7.3 6.6 6.7 7.4 7.1 6.7 8.0 7.2 8.9 7

 8 Commercial banking 628.4 750.1 848.4 839.1 859.7 856.6 863.0 920.3 940.5 967.7 1042.5 8

 9 Savings institutions 103.0 106.7 106.1 106.4 105.9 117.1 103.5 96.4 100.7 97.4 99.8 9

10 Credit unions 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.7 5.0 7.0 5.0 10

11 Life insurance companies 374.6 386.6 408.6 408.3 413.2 419.2 438.7 439.5 452.0 466.9 476.6 11

12 Other insurance companies 456.1 471.9 501.9 505.7 507.5 513.4 514.8 518.4 520.8 528.8 533.4 12

13 Government-sponsored enterprises 85.9 61.1 67.1 68.4 63.4 64.0 69.8 77.7 72.7 79.2 82.5 13

14 Finance companies 165.8 180.6 202.2 199.2 197.1 194.6 205.2 212.5 196.8 216.2 216.4 14

15 Mortgage companies 30.2 17.7 13.9 21.9 11.2 11.6 9.7 8.1 9.4 10.3 11.5 15

16 REITs 2.3 5.3 6.6 7.0 7.5 8.1 8.3 8.3 8.3 8.4 8.5 16

17 Brokers and dealers 67.4 69.0 85.3 81.4 82.4 97.1 109.1 106.3 110.1 124.2 132.0 17

18 Funding corporations 148.9 157.0 124.4 153.0 150.2 166.4 170.0 182.9 170.5 178.2 198.4 18

19 Total assets 6011.1 6380.4 6884.2 7060.0 7165.7 7332.0 7578.0 7726.8 7715.9 7841.9 8072.2 19

20 Household sector 264.1 269.5 285.4 286.5 287.5 292.8 294.3 297.6 302.8 312.8 318.0 20

21 Nonfinancial corporate business 2615.3 2782.6 3037.7 3125.5 3153.6 3231.9 3333.4 3394.8 3437.0 3472.1 3556.8 21

22 Nonfarm noncorporate business 227.6 243.3 256.1 258.2 260.5 262.8 265.9 268.6 271.6 274.8 278.3 22

23 Farm business 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 51.0 52.2 53.4 23

24 State and local governments 20.1 19.0 39.4 17.6 20.7 42.2 54.9 70.7 56.0 65.8 68.0 24

25 Federal government 116.2 119.5 117.1 115.6 114.7 114.9 110.6 107.7 105.9 103.6 103.7 25

26 Rest of the world 719.0 706.1 779.3 842.5 861.2 899.4 972.3 997.6 838.6 852.0 880.1 26

27 Monetary authority 9.6 9.8 10.7 9.8 10.2 10.2 11.2 10.6 12.8 12.3 13.2 27

28 Commercial banking 611.1 728.4 791.6 799.6 814.8 810.9 818.6 836.4 866.8 896.3 938.5 28

29 Savings institutions 61.0 53.0 54.7 51.0 49.3 66.2 52.9 43.7 44.0 45.0 49.3 29

30 Credit unions 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.3 17.0 15.4 17.3 30

31 Bank personal trusts and estates 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 18.8 19.5 31

32 Life insurance companies 75.7 97.9 105.1 100.6 101.0 97.8 94.8 96.3 97.5 103.0 105.7 32

33 Other insurance companies 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.1 46.0 47.6 49.0 33

34 Private pension funds 391.9 407.0 401.1 400.2 404.0 399.9 413.9 404.8 402.5 404.4 409.9 34

35 State and local govt. retirement funds 256.0 259.6 241.5 234.6 221.9 207.0 189.1 193.2 192.7 188.4 185.7 35

36 Money market mutual funds 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 65.9 67.3 36

37 Mutual funds 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 7.4 8.6 7.4 37

38 Government-sponsored enterprises 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.5 81.8 95.2 38

39 Finance companies 116.1 108.5 129.6 130.7 130.9 136.3 151.5 149.0 164.3 147.1 172.1 39

40 REITs 8.8 8.7 10.0 9.4 8.9 8.4 8.1 7.4 6.8 6.9 7.2 40

41 Brokers and dealers 228.6 254.2 258.2 283.0 290.0 304.7 320.7 332.1 386.1 389.0 392.5 41

42 Funding corporations 125.4 141.0 165.5 179.3 190.6 204.2 230.7 259.8 256.4 278.1 284.0 42

43 Discrepancy -867.0 -977.7 -1092.2 -1105.5 -1222.4 -1300.4 -1414.2 -1382.7 -1439.6 -1448.0 -1631.2 43
Z.1, March 13, 1998 101

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 714.8 797.8 884.3 908.5 933.6 945.8 970.8 999.6 1038.1 1062.3 1090.2 1

 2 Asset: Nonfinancial corporate business 598.4 670.3 749.9 774.2 787.4 805.8 815.3 839.0 865.4 889.0 906.9 2

 3 Commercial banking 33.8 37.7 39.4 39.9 40.3 41.5 44.7 45.5 46.5 48.3 49.5 3

 4 Life insurance companies 4.9 5.0 5.5 5.7 5.9 6.1 6.6 6.9 7.0 6.9 7.3 4

 5 Other insurance companies 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.1 46.0 47.6 49.0 5

 6 Finance companies 44.6 45.8 41.2 39.0 48.5 39.0 46.0 48.2 57.9 54.6 60.5 6

 7 Brokers and dealers 4.3 5.8 9.6 10.4 11.7 12.6 14.6 14.8 15.3 15.9 17.1 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 497.8 543.3 587.9 603.3 630.4 644.8 647.3 669.9 686.2 691.1 709.4 8

 9 Nonfarm noncorporate business 5.2 4.8 2.4 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 9

10 Commercial banking 24.0 26.3 32.9 33.7 31.2 32.0 30.9 31.4 34.2 35.6 38.6 10

11 Life insurance companies 13.1 10.9 13.9 14.3 14.7 15.2 16.1 16.7 18.8 19.6 20.1 11

12 Other insurance companies 26.7 27.9 37.1 38.2 38.6 39.3 43.5 44.6 45.7 48.2 50.2 12

13 Finance companies 33.8 35.9 52.4 49.3 51.2 56.8 63.3 75.6 85.1 92.4 96.6 13

14 Brokers and dealers 5.0 5.8 11.0 11.2 11.3 11.3 7.8 8.0 8.0 9.5 9.7 14

15 Funding corporations -54.9 -70.1 -83.1 -82.0 -91.4 -86.7 -82.0 -88.8 -93.5 -85.3 -89.8 15

16 Asset: Rest of the world 550.9 585.0 654.5 670.2 688.1 714.6 729.1 759.4 786.5 813.0 837.0 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 31.0 31.3 17

18 Asset: Federal government 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 31.0 31.3 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 5.2 5.4 19

20 Asset: Commercial banking 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 5.2 5.4 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 16.3 18.2 20.3 20.8 21.7 22.7 23.9 25.4 27.0 28.6 30.3 21

22 Asset: Nonfin. corporate business (FNMA) 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 6.2 7.4 8.8 22

23 Nonfarm noncorporate (BC) 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 1.6 1.6 1.6 23

24 Farm business (FICB and FLB) 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 1.6 1.6 1.6 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) 2.7 4.3 5.8 6.0 6.2 6.3 6.7 7.1 7.6 8.0 8.0 26

27 Savings institutions (FHLB) 8.7 8.6 9.1 9.0 9.4 9.5 9.5 9.7 9.7 9.3 9.9 27

28 Credit unions (FHLB) 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.4 0.2 28

29 Life insurance companies (FHLB) 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.4 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.3 410.0 413.6 30

31 Savings institutions 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 4.8 4.9 5.0 31

32 Finance companies 17.8 20.9 25.5 25.3 28.1 28.9 30.2 30.5 30.0 30.8 32.3 32

33 Mortgage companies 30.2 17.7 13.9 21.9 11.2 11.6 9.7 8.1 9.4 10.3 11.5 33

34 Brokers and dealers 3.8 13.4 20.7 16.5 27.1 23.8 20.4 29.5 31.2 35.2 41.1 34

35 Asset: Bank holding companies 342.9 360.6 408.9 416.6 432.9 434.3 437.8 459.9 474.6 491.2 503.5 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 17.8 20.9 25.5 25.3 28.1 28.9 30.2 30.5 30.0 30.8 32.3 36

37 Asset: Nonfinancial corporate business 17.8 20.9 25.5 25.3 28.1 28.9 30.2 30.5 30.0 30.8 32.3 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 44.5 44.1 50.7 52.7 52.9 59.4 64.5 79.4 74.3 82.9 78.8 38

39 Brokers and dealers 80.8 96.9 114.8 126.6 137.8 144.8 166.3 180.4 182.1 195.2 205.2 39

40 Asset: Funding corporations 125.4 141.0 165.5 179.3 190.6 204.2 230.7 259.8 256.4 278.1 284.0 40
102 Z.1, March 13, 1998

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 1.8 1.8 1

 2 Asset: Federal government 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 1.8 1.8 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 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 13.0 15.3 18.0 5

 6 Asset: Savings institutions 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 13.0 15.3 18.0 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.3 16.8 17.5 17.6 17.7 17.8 17.9 18.4 19.0 19.5 20.1 7

 8 Asset: Life insurance companies 16.3 16.8 17.5 17.6 17.7 17.8 17.9 18.4 19.0 19.5 20.1 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 84.2 90.9 96.9 96.9 97.7 98.9 103.9 105.4 109.8 114.4 117.1 9

10 Health 51.4 58.0 63.2 63.2 64.0 65.1 69.4 70.8 74.3 78.3 80.1 10

11 Policy dividend accumulation 32.8 32.9 33.7 33.7 33.7 33.8 34.5 34.6 35.4 36.1 37.0 11

12 Asset: Household sector 84.2 90.9 96.9 96.9 97.7 98.9 103.9 105.4 109.8 114.4 117.1 12

 Policy payables:

13 Liab.: Other insurance companies 429.4 444.0 464.8 467.5 468.9 474.2 471.4 473.8 475.1 480.6 483.2 13

14 Asset: Household sector 179.9 178.7 188.5 189.6 189.8 194.0 190.4 192.1 193.0 198.4 200.9 14

15 Nonfinancial corporate business 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 175.8 173.9 171.6 15

16 Nonfarm noncorporate business 40.8 46.8 51.8 52.5 53.3 54.0 54.8 55.8 56.8 57.8 58.9 16

17 Farm business 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 49.5 50.6 51.7 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 206.6 210.0 215.2 214.1 217.4 219.5 231.4 228.7 232.1 236.5 241.3 18

19 Asset: Private pension funds 206.6 210.0 215.2 214.1 217.4 219.5 231.4 228.7 232.1 236.5 241.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 21.9 22.0 25.8 26.7 27.7 28.6 29.6 30.5 31.5 32.4 33.4 20

21 Asset: Private pension funds 21.9 22.0 25.8 26.7 27.7 28.6 29.6 30.5 31.5 32.4 33.4 21

 Securities borrowed (net):

22 Liab.: Funding corporations 197.1 221.7 216.2 242.6 249.5 265.2 276.1 288.5 339.2 336.2 335.9 22

23 Asset: Brokers and dealers 197.1 221.7 216.2 242.6 249.5 265.2 276.1 288.5 339.2 336.2 335.9 23
Z.1, March 13, 1998 103

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2366.6 2425.8 2543.6 2616.4 2519.8 2526.1 2557.1 2612.1 2406.3 2416.9 2376.1 1

 2 Nonfinancial corporate business 1589.0 1567.5 1628.5 1666.9 1632.9 1664.8 1683.6 1678.3 1684.6 1693.2 1643.0 2

 3 Nonfarm noncorporate business 107.3 110.0 117.8 119.9 122.0 124.1 126.2 127.9 129.4 130.9 132.1 3

 4 Federal government 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 4.2 4.0 4

 5 Rest of the world 85.7 86.8 115.0 170.6 129.3 105.2 143.8 197.2 51.5 33.9 -41.9 5

 6 Monetary authority 1.2 2.3 3.3 2.6 2.6 2.8 2.5 1.9 2.9 2.0 3.5 6

 7 Commercial banking 273.2 375.6 420.5 404.3 413.7 399.8 394.7 422.5 432.7 439.3 511.4 7

 8 U.S.-chartered commercial banks 91.0 158.9 160.7 148.7 155.2 153.9 147.7 168.3 149.3 159.2 184.7 8

 9 Foreign banking offices in U.S. 157.1 187.3 224.9 219.0 225.2 210.4 199.9 196.1 220.8 213.7 253.9 9

10 Bank holding companies 19.6 22.0 24.6 26.3 23.5 24.9 36.3 45.0 48.4 51.1 57.9 10

11 Banks in U.S.-affiliated areas 5.6 7.4 10.3 10.2 9.9 10.7 10.9 13.1 14.2 15.2 14.9 11

12 Savings institutions 98.5 102.3 101.6 101.8 101.3 112.5 98.8 91.7 95.9 92.5 94.8 12

13 Credit unions 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.7 5.0 7.0 5.0 13

14 Life insurance companies 70.7 74.7 82.5 82.9 83.4 85.7 87.3 88.7 91.4 96.5 98.1 14

15 Government-sponsored enterprises 45.8 26.8 27.6 30.1 26.9 26.0 28.0 37.0 32.7 35.3 34.2 15

16 Finance companies 96.4 102.9 98.8 99.3 89.6 80.0 81.6 75.9 51.7 62.1 55.1 16

17 REITs 2.3 5.3 6.6 7.0 7.5 8.1 8.3 8.3 8.3 8.4 8.5 17

18 Brokers and dealers -22.3 -47.2 -61.2 -72.8 -93.7 -82.8 -85.3 -111.6 -111.2 -115.7 -124.0 18

19 Funding corporations 6.7 5.4 -8.6 -7.6 -7.9 -12.1 -24.0 -16.8 -75.2 -72.7 -47.8 19

20 Total assets 3233.5 3403.4 3635.8 3721.9 3742.2 3826.5 3971.3 3994.8 3846.0 3864.9 4007.3 20

21 Nonfinancial corporate business 1827.6 1912.0 2079.6 2142.9 2154.9 2214.1 2305.1 2342.8 2359.6 2371.0 2437.2 21

22 Nonfarm noncorporate business 186.1 195.6 203.3 204.7 206.2 207.8 209.4 211.2 213.2 215.4 217.9 22

23 State and local governments 20.1 19.0 39.4 17.6 20.7 42.2 54.9 70.7 56.0 65.8 68.0 23

24 Federal government 89.3 91.1 87.2 85.2 84.2 84.0 79.1 75.7 73.5 70.8 70.6 24

25 Rest of the world 168.1 121.1 124.8 172.4 173.1 184.8 243.2 238.2 52.1 39.0 43.2 25

26 Monetary authority 9.6 9.8 10.7 9.8 10.2 10.2 11.2 10.6 12.8 12.3 13.2 26

27 Commercial banking 228.3 322.1 333.5 332.9 331.2 324.3 324.9 319.1 333.0 343.6 372.1 27

28 U.S.-chartered commercial banks 22.3 71.0 71.2 70.8 76.0 74.3 71.8 83.4 76.8 74.8 82.1 28

29 Foreign banking offices in U.S. 175.9 213.5 218.5 217.5 211.5 204.3 197.2 190.0 206.3 218.6 240.2 29

30 Bank holding companies 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 44.6 44.9 44.4 30

31 Banks in U.S.-affiliated areas 2.6 2.4 4.0 3.8 3.9 4.4 4.8 4.9 5.3 5.3 5.3 31

32 Savings institutions 28.6 28.4 26.4 24.6 25.1 41.3 25.3 18.8 21.3 20.4 21.3 32

33 Credit unions 18.1 14.7 13.8 16.4 15.1 13.6 13.6 13.1 16.8 15.0 17.0 33

34 Bank personal trusts and estates 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 18.8 19.5 34

35 Life insurance companies 54.5 76.0 82.0 77.1 77.3 73.8 70.2 70.8 71.3 76.2 78.2 35

36 Private pension funds 163.4 175.0 160.1 159.3 158.9 151.8 153.0 145.5 138.9 135.4 135.2 36

37 State and local govt. retirement funds 256.0 259.6 241.5 234.6 221.9 207.0 189.1 193.2 192.7 188.4 185.7 37

38 Mutual funds 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 7.4 8.6 7.4 38

39 Money market mutual funds 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 65.9 67.3 39

40 Government-sponsored enterprises 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.5 81.8 95.2 40

41 Finance companies 71.5 62.7 88.3 91.7 82.4 97.3 105.6 100.8 106.4 92.6 111.6 41

42 REITs 8.8 8.7 10.0 9.4 8.9 8.4 8.1 7.4 6.8 6.9 7.2 42

43 Brokers and dealers 27.2 26.7 32.3 30.1 28.8 26.8 30.0 28.7 31.6 36.9 39.5 43

44 Discrepancy -867.0 -977.7 -1092.2 -1105.5 -1222.4 -1300.4 -1414.2 -1382.7 -1439.6 -1448.0 -1631.2 44
104 Z.1, March 13, 1998

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Assets 19585.4 21413.7 23468.6 24176.8 25904.1 27042.7 28393.4 29377.9 32333.2 35212.9 39254.5 1

 2 Tangible assets 7724.4 8398.6 9107.9 9324.6 9469.9 9732.7 9981.6 10318.7 10805.1 11417.6 12145.8 2

 3 Real estate 6176.7 6712.6 7296.0 7405.8 7478.2 7665.7 7806.7 8020.1 8404.0 8918.0 9564.3 3

 4 Households (2,3) 5465.2 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.0 8109.0 8676.2 4

 5 Nonprofit organizations 711.5 758.2 801.1 797.3 762.2 716.9 701.7 738.3 772.9 809.0 888.1 5

 Equipment owned by nonprofit

 6 organizations (4) 40.8 44.6 48.5 52.6 56.6 62.0 67.0 72.2 77.7 84.4 89.1 6

 7 Consumer durable goods (4) 1506.9 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2323.4 2415.2 2492.4 7

 8 Financial assets 11861.0 13015.1 14360.7 14852.2 16434.3 17309.9 18411.8 19059.2 21528.0 23795.3 27108.7 8

 9 Deposits 2840.6 3029.2 3182.8 3241.5 3244.3 3226.7 3160.4 3133.9 3346.1 3561.5 3834.8 9

10 Foreign deposits 9.8 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 49.3 10

11 Checkable deposits and currency 436.5 414.6 404.1 385.6 426.6 523.6 570.8 539.8 497.2 455.3 426.1 11

12 Time and savings deposits 2147.4 2342.1 2428.8 2477.5 2423.7 2349.0 2235.9 2223.9 2373.9 2540.2 2722.8 12

13 Money market fund shares 246.9 261.8 338.0 364.9 379.5 338.6 337.9 351.3 451.6 530.6 636.7 13

14 Credit market instruments 1025.1 1226.8 1290.1 1492.9 1586.0 1639.9 1630.6 1941.9 1904.9 1964.5 1826.9 14

15 Open market paper 32.9 67.3 56.9 63.2 33.3 29.9 45.5 46.7 59.9 82.6 122.6 15

16 U.S. government securities 294.5 394.1 402.6 519.3 509.0 616.2 595.3 929.6 880.9 956.3 804.3 16

17 Treasury 259.5 342.2 322.5 393.6 381.0 458.5 475.0 662.2 591.0 542.4 304.5 17

18 Savings bonds 101.1 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 18

19 Other Treasury 158.4 232.6 204.8 267.4 242.8 301.2 303.1 482.3 406.0 355.4 118.1 19

20 Agency 35.0 52.0 80.1 125.7 128.0 157.8 120.2 267.3 289.9 413.8 499.8 20

21 Municipal securities 452.6 523.8 547.2 574.5 614.1 585.5 552.6 502.2 445.7 423.1 448.9 21

22 Corporate and foreign bonds 125.9 121.2 155.3 198.7 288.6 277.3 312.9 348.8 408.3 396.1 349.3 22

23 Mortgages 119.2 120.3 128.1 137.3 141.1 131.0 124.4 114.7 110.1 106.4 101.8 23

24 Corporate equities (2) 1384.2 1639.9 1963.6 1795.4 2577.9 2919.7 3220.7 3048.9 4065.6 4604.4 5737.6 24

25 Mutual fund shares (5) 381.7 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1255.0 1591.6 1937.5 25

26 Security credit 39.1 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 210.7 26

27 Life insurance reserves 301.0 326.6 355.3 380.9 406.8 434.8 470.8 505.3 550.2 593.8 650.8 27

28 Pension fund reserves 2432.4 2668.7 3137.5 3388.2 3876.9 4217.9 4662.0 4880.1 5600.5 6313.8 7453.9 28

29 Investment in bank personal trusts 442.1 470.3 541.4 551.7 639.3 660.6 691.3 699.4 767.4 872.0 1050.7 29

30 Equity in noncorporate business (6) 2839.8 3020.1 3161.4 3246.8 3195.4 3155.1 3218.8 3419.1 3625.4 3836.5 4087.6 30

31 Miscellaneous assets 174.9 191.3 206.2 224.4 234.1 251.0 264.1 269.5 285.4 294.3 318.0 31

32 Liabilities 2839.9 3124.4 3414.0 3703.4 3906.8 4084.7 4339.2 4668.3 5049.3 5420.7 5827.1 32

33 Credit market instruments 2751.6 3023.9 3297.5 3579.2 3758.2 3933.0 4157.0 4482.5 4850.7 5204.6 5571.5 33

34 Home mortgages 1824.2 2034.6 2238.7 2488.9 2655.1 2797.6 2924.5 3097.7 3275.0 3504.0 3757.6 34

35 Consumer credit 688.6 732.0 793.3 805.1 794.5 798.3 859.0 983.9 1122.8 1211.6 1265.4 35

36 Municipal securities (7) 78.2 79.5 81.9 83.9 89.9 99.1 111.1 125.6 139.4 158.5 187.5 36

37 Bank loans n.e.c. 31.9 30.0 20.4 17.9 13.1 17.6 27.4 40.0 55.7 52.1 61.2 37

38 Other loans and advances 84.4 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 193.5 38

39 Commercial mortgages (7) 44.4 59.0 72.8 82.5 95.5 100.9 108.5 101.5 97.5 105.6 106.4 39

40 Security credit 41.8 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 128.7 40

41 Trade payables (7) 31.4 41.5 57.6 68.9 77.7 82.5 89.8 94.0 102.4 103.9 106.8 41

 Deferred and unpaid

42 life insurance premiums 15.1 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 17.9 20.1 42

43 Net worth 16745.6 18289.3 20054.6 20473.4 21997.4 22958.0 24054.2 24709.6 27283.9 29792.2 33427.3 43

 Memo:

 Replacement-cost value of structures:

44 Residential 3876.6 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6020.5 6348.5 6706.2 44

45 Households 3636.3 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.0 6044.6 6396.5 45

46 Farm households 138.4 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.0 179.6 182.8 46

47 Nonprofit organizations 102.0 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.4 126.9 47

48 Nonresidential (nonprofits) 398.1 420.7 444.3 465.0 474.9 493.3 521.6 551.5 575.1 597.3 630.5 48

49 Disposable personal income 3374.5 3652.7 3906.1 4179.4 4356.8 4626.7 4829.2 5052.7 5355.7 5608.4 5885.6 49

 Household net worth as percentage of

50 disposable personal income 496.2 500.7 513.4 489.9 504.9 496.2 498.1 489.0 509.4 531.2 568.0 50

 Owners’ equity in household real

51 estate (8) 3641.0 3919.9 4256.2 4119.6 4060.9 4151.2 4180.5 4184.2 4356.0 4604.9 4918.6 51

 Owners’ equity as percentage of

52 household real estate (9) 66.6 65.8 65.5 62.3 60.5 59.7 58.8 57.5 57.1 56.8 56.7 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, March 13, 1998 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 8342.9 9074.0 9620.8 9816.9 9799.8 9787.7 10120.2 10752.6 11487.8 12274.3 13177.0 1

 2 Tangible assets 5440.1 5788.3 6101.7 6182.5 6035.7 5856.0 5831.2 6185.3 6512.3 6876.1 7426.5 2

 3 Real estate (1) 3083.4 3288.5 3471.9 3429.0 3246.9 3006.5 2874.4 3051.3 3187.1 3383.1 3824.2 3

 4 Equipment (2) 1567.7 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2222.2 2360.6 2423.7 4

 5 Inventories (2) 789.0 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1103.0 1132.3 1178.6 5

 6 Financial assets 2902.7 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 4975.5 5398.3 5750.5 6

 7 Foreign deposits 14.4 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.0 25.4 32.2 7

 8 Checkable deposits and currency 104.8 134.9 151.1 166.8 182.5 189.4 203.1 221.6 239.0 266.0 293.2 8

 9 Time and savings deposits 116.6 98.8 89.7 73.4 66.8 51.8 74.1 67.5 65.9 68.7 65.5 9

10 Money market fund shares 18.9 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 84.2 98.3 10

11 Security RPs 3.4 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.8 5.8 11

12 Commercial paper 15.0 13.6 14.3 13.8 14.7 17.0 19.4 18.8 19.9 30.7 34.1 12

13 U.S. government securities 34.4 34.0 60.6 40.9 48.5 69.2 67.9 70.7 65.0 65.8 64.3 13

14 Municipal securities 19.4 16.8 32.4 24.7 44.8 45.8 54.7 56.7 55.4 47.7 42.0 14

15 Mortgages 51.5 68.1 54.4 52.8 59.0 60.0 52.3 56.4 61.5 69.0 77.0 15

16 Consumer credit 54.0 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 16

17 Trade receivables 805.3 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1205.9 1267.2 1320.6 17

18 Mutual fund shares (1) 12.8 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 58.6 81.8 18

19 Miscellaneous assets 1652.1 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3037.7 3333.4 3556.8 19

20 Liabilities 3774.0 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6022.0 6375.8 6703.8 20

21 Credit market instruments 1991.3 2195.6 2372.5 2480.8 2423.1 2463.9 2519.9 2657.7 2869.2 3042.4 3282.8 21

22 Commercial paper 73.8 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 22

23 Municipal securities (3) 116.2 116.4 115.5 115.2 114.0 114.0 113.9 108.8 96.3 78.8 58.9 23

24 Corporate bonds (4) 784.1 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1489.5 24

25 Bank loans n.e.c. 485.1 517.9 542.8 545.5 507.7 488.4 477.6 521.0 583.7 631.5 705.1 25

26 Other loans and advances 322.6 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.4 515.0 26

27 Mortgages 209.5 215.5 227.1 222.0 205.8 187.3 192.5 214.3 251.8 304.4 345.7 27

28 Trade payables 522.4 576.1 597.9 626.3 649.4 682.8 719.3 796.5 870.3 923.0 970.3 28

29 Taxes payable 47.9 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 64.9 29

30 Miscellaneous liabilities 1212.4 1375.6 1524.1 1584.0 1728.4 1927.7 2108.7 2132.8 2242.2 2360.5 2385.8 30

31 Net worth (market value) 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5898.6 6473.2 31

 Memo:

 Replacement-cost value of structures:

32 Residential 62.6 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.4 81.9 84.9 32

33 Nonresidential 2207.1 2348.2 2464.2 2563.5 2592.8 2666.1 2805.0 2955.8 3086.8 3217.2 3400.6 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2014.6 2216.7 2673.1 2529.7 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 7793.7 34

35 Debt/net worth (percent) (5) 43.6 45.0 46.6 48.8 48.8 52.7 53.3 51.9 52.5 51.6 50.7 35

36 Debt/equities (percent) (6) 98.8 99.0 88.8 98.1 69.3 64.4 61.1 64.2 52.3 47.8 42.1 36

37 Equities/net worth (percent) (7) 44.1 45.4 52.5 49.7 70.4 81.8 87.2 80.8 100.3 107.9 120.4 37

 With tangible assets stated at historical cost:

38 Assets (8) 6210.9 6790.4 7199.3 7474.3 7725.2 8052.7 8604.5 9124.5 9853.8 10534.0 11229.3 38

39 Tangible assets 3308.2 3504.7 3680.1 3839.9 3961.0 4121.0 4315.5 4557.1 4878.3 5135.8 5478.8 39

40 Real estate 1321.0 1400.3 1474.5 1552.1 1622.6 1681.6 1753.3 1833.5 1933.6 2041.5 2169.5 40

41 Equipment 1204.7 1269.4 1341.8 1412.4 1471.7 1536.9 1621.5 1727.7 1863.8 2009.7 2178.3 41

42 Inventories 782.6 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1080.8 1084.5 1131.0 42

43 Net worth (historical cost) (9) 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3215.9 3497.1 3831.8 4158.3 4525.5 43

 Memo:

 Historical-cost value of structures:

44 Residential 23.8 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.1 33.6 35.1 44

45 Nonresidential 1164.8 1225.5 1286.2 1356.9 1420.1 1474.6 1538.6 1605.4 1687.7 1781.7 1883.2 45

46 Debt/net worth (percent) (10) 81.7 84.5 89.0 90.4 83.7 83.7 78.4 76.0 74.9 73.2 72.5 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.
106 Z.1, March 13, 1998

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Change in net worth (1) 1009.7 1543.7 1765.3 418.8 1524.0 960.6 1096.2 655.4 2574.3 2508.3 3635.1 1

 2 Net investment 414.1 530.4 398.1 582.9 377.0 520.0 444.7 499.9 369.6 385.0 420.1 2

 3 Net physical investment 247.8 265.8 251.1 218.6 156.9 198.0 253.4 294.8 295.1 324.2 333.2 3

 4 Capital expenditures 625.1 670.7 692.9 683.6 646.3 714.8 784.2 860.5 890.2 942.5 982.4 4

 5 - Consumption of fixed capital 377.3 404.8 441.8 465.0 489.4 516.8 530.8 565.6 595.1 618.3 649.2 5

 6 Net financial investment 166.4 264.6 147.0 364.3 220.1 321.9 191.3 205.1 74.5 60.8 86.9 6

 7 Net acquisition of financial assets 453.1 519.7 420.9 619.6 415.9 496.1 440.5 531.4 450.2 461.4 490.5 7

 8 - Net increase in liabilities 286.7 255.2 274.0 255.3 195.8 174.1 249.2 326.4 375.7 400.6 403.6 8

 Holding gains on assets stated

 9 at market value (2) 580.2 1017.3 1389.8 -124.9 1101.8 469.0 674.9 147.3 2292.1 2100.7 3348.3 9

10 Real estate 331.6 414.3 465.8 3.9 -13.1 81.4 3.0 64.2 238.2 349.1 491.1 10

11 Corporate equities 98.5 366.9 408.0 -142.2 815.8 318.2 357.2 -14.4 1189.9 828.9 1472.9 11

12 Mutual fund shares -12.8 9.9 36.5 -28.8 15.4 7.5 57.2 -6.1 93.0 156.1 155.1 12

13 Equity in noncorporate business 155.3 177.8 153.9 51.2 -73.5 -77.5 39.2 141.3 166.8 188.4 235.3 13

 Life insurance and

14 pension fund reserves 10.9 21.2 273.8 13.6 287.1 111.0 188.5 -28.0 486.4 486.1 841.5 14

 Investment in bank personal

15 trusts and estates -3.3 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 117.7 92.1 152.3 15

 Holding gains on assets stated

16 at current cost (2) 7.9 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -27.3 -40.8 -58.0 16

17 Consumer durable goods 7.0 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -29.1 -41.1 -55.3 17

18 Equipment 0.9 1.3 0.9 1.4 0.6 0.6 0.7 1.2 1.8 0.3 -2.7 18

19 Other factors (3) 7.5 -17.6 -29.1 -46.3 32.2 -21.8 -27.0 11.8 -60.0 63.5 -75.3 19

 Memo:

20 Net worth outstanding (4) 16745.6 18289.3 20054.6 20473.4 21997.4 22958.0 24054.2 24709.6 27283.9 29792.2 33427.3 20

21 Disposable personal income 3374.5 3652.7 3906.1 4179.4 4356.8 4626.7 4829.2 5052.7 5355.7 5608.4 5885.6 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 13, 1998 107

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 229.3 313.4 205.7 -0.6 -117.4 -292.1 53.7 393.6 340.6 432.7 574.6 1

 2 Net investment flow -2.0 -78.8 -126.7 -42.2 127.1 94.2 276.2 160.7 160.2 174.1 162.5 2

 3 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 168.9 213.6 201.0 252.6 3

 4 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 675.7 4

 5 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 410.2 5

 6 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -24.2 -2.5 5.6 6

 7 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0.0 0.0 0.0 7.6 3.5 7.1 7

 8 Net financial investment -39.4 -60.7 -113.9 -68.3 62.7 6.2 139.4 36.7 4.9 37.3 -10.2 8

 9 Net acquisition of financial assets 234.6 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 422.8 352.2 9

10 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 385.5 362.4 10

11 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -79.9 11

 Holding gains on assets stated

12 at market value (2) 101.2 155.7 143.7 -88.6 -217.1 -266.9 -169.6 131.9 81.6 134.9 372.3 12

13 Real estate 101.3 155.1 141.2 -87.6 -219.8 -268.1 -171.4 132.7 71.6 125.2 352.1 13

14 Mutual fund shares -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 77.9 62.5 43.4 105.5 13.6 -13.1 -10.9 47.9 26.6 20.1 -62.9 15

16 Equipment 40.2 57.2 49.9 60.8 27.8 22.1 19.6 25.5 25.1 20.7 -76.0 16

17 Inventories (3) 8.0 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 0.9 5.0 -6.6 17

18 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 0.0 18

19 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 -19.7 19

20 Other factors (4) 52.3 174.1 145.3 24.7 -41.1 -106.3 -42.1 53.1 72.2 103.8 102.7 20

 Memo:

21 Net worth outstanding (market value) 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5898.6 6473.2 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 153.1 161.8 67.8 78.3 150.6 47.5 272.9 281.2 334.7 326.5 367.2 22

23 Net investment flow -2.0 -78.8 -126.7 -42.2 127.1 94.2 276.2 160.7 160.2 174.1 162.5 23

24 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 168.9 213.6 201.0 252.6 24

25 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 675.7 25

26 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 410.2 26

27 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -24.2 -2.5 5.6 27

28 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0.0 0.0 0.0 7.6 3.5 7.1 28

29 Net financial investment -39.4 -60.7 -113.9 -68.3 62.7 6.2 139.4 36.7 4.9 37.3 -10.2 29

30 Net acquisition of financial assets 234.6 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 422.8 352.2 30

31 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 385.5 362.4 31

32 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -79.9 32

 Valuation adjustment on

33 reproducible assets (6) 11.3 1.4 -18.7 -7.1 -3.4 26.3 3.6 -8.6 24.5 -20.6 -2.8 33

34 Holding gains on mutual fund shares (2) -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 29.7 -2.0 -5.5 31.9 -6.9 -37.2 -34.9 7.5 0.7 -5.7 19.7 35

36 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 0.0 36

37 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 -19.7 37

38 Other factors (4) 114.2 240.7 216.1 96.8 31.1 -37.0 26.1 122.5 139.4 169.1 167.7 38

 Memo:

39 Net worth outstanding (historical cost) 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3215.9 3497.1 3831.8 4158.3 4525.5 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
108 Z.1, March 13, 1998

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.7 38.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 55.6 69.9 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 23.4 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 -0.1 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 3.1 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 1.0 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 21

22 Credit market instruments 7.3 11.0 10.8 16.5 16.9 24.7 13.7 22

23 Municipal securities 1.3 2.5 1.9 6.0 9.3 11.9 14.5 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 27

28 Miscellaneous liabilities (2) 17.2 17.5 14.5 27.4 17.8 15.8 13.6 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, March 13, 1998 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 942.0 1004.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 344.3 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 5.2 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 38.1 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 37.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 20

21 Credit market instruments 154.3 165.3 176.1 192.6 209.5 234.2 247.9 21

22 Municipal securities 79.5 81.9 83.9 89.9 99.1 111.1 125.6 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 26

27 Miscellaneous liabilities (2) 127.4 144.9 159.4 186.8 204.6 220.4 233.9 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
Z.1, March 13, 1998 Flow of Funds Matrix for 1997

(Billions of dollars; flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USU S U S U S U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving -- 1128.2 -- 771.1 -- 96.4 -- 12.3 -- 2007.9 -- 160.4 -- 42.8  2 Capital consumption -- 649.2 -- 490.9 -- 79.5 -- 71.6 -- 1291.2 -- -- -- 103.3  3 Net saving (1 less 2) -- 479.0 -- 280.2 -- 16.9 -- -59.3 -- 716.8 -- 160.4 -- -60.5  4 Gross investment (5 plus 11) 1069.3 -- 745.5 -- 150.3 -- 1.2 -- 1966.4 -- 263.6 -- 94.9 -- 2 5 Capital expenditures 982.4 -- 804.8 -- 166.1 -- 52.8 -- 2006.0 -- -- -- 120.0 -- 2 6 Consumer durables 659.1 -- -- -- -- -- -- -- 659.1 -- -- -- -- --  7 Residential construction 279.1 -- 39.2 -- -- -- -- -- 318.3 -- -- -- 9.0 --  8 Plant and equipment 44.2 -- 690.1 -- 166.1 -- 60.0 -- 960.3 -- -- -- 111.1 -- 1 9 Inventory change -- -- 68.3 -- -- -- -- -- 68.3 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 7.1 -- -- -- -7.1 -- 0.0 -- -- -- -- -- 11 Net financial investment 86.9 -- -59.3 -- -15.7 -- -51.6 -- -39.7 -- 263.6 -- -25.1 -- 12 Financial uses 490.5 -- 389.6 -- 45.4 -- 1.7 -- 927.2 -- 575.6 -- 2060.7 -- 313 Financial sources -- 403.6 -- 448.8 -- 61.1 -- 53.3 -- 966.8 -- 312.0 -- 2085.8 14 Gold and off. fgn. exchange -- -- -- -- -- -- 2.5 -- 2.5 -- -0.4 0.7 -1.5 -- 15 SDR certificates -- -- -- -- -- -- -- -0.5 -- -0.5 -- -- -0.5 -- 16 Treasury currency -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.6 -- 17 Foreign deposits 13.8 -- 6.8 -- -- -- -- -- 20.6 -- -- 89.0 0.1 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -28.7 -- 4.5 -40.2 19 Checkable dep. and currency -29.2 -- 32.5 -- 1.7 -- -0.5 -- 4.4 -- 30.2 -- 13.1 41.1 20 Time and savings deposits 182.5 -- 1.9 -- 8.0 -- 1.0 -- 193.5 -- 7.5 -- 18.0 219.0 21 Money market fund share 104.4 -- 14.4 -- -- -- -- -- 118.9 -- -- -- 38.8 157.6 22 Fed. funds and security RPs -- -- 2.0 -- 8.6 -- -- -- 10.5 -- 6.9 -- 44.5 114.0 23 Credit market instruments -101.7 364.1 6.0 311.7 -19.6 59.9 4.9 23.1 -110.3 758.8 316.4 51.5 1218.5 614.3 124 Open market paper 40.0 -- 3.4 13.7 4.1 -- -- -- 47.5 13.7 20.4 3.7 116.2 166.7 25 Treasury securities -237.9 -- 16.6 -- -12.7 -- -- 23.2 -234.0 23.2 156.0 -- 101.1 -- 26 Federal agency securities 85.9 -- -17.3 -- -15.8 -- 0.0 -0.1 52.8 -0.1 43.6 -- 116.9 213.4 27 Municipal securities 25.8 29.0 -5.7 -19.9 -0.4 61.1 -- -- 19.6 70.2 -- -- 50.6 -- 28 Corporate and fgn. bonds -10.8 -- -- 90.7 1.3 -- -- -- -9.6 90.7 84.0 41.3 228.4 170.8 29 Bank loans n.e.c. -- 8.5 -- 99.1 -- -- -- -- -- 107.7 -- 8.5 129.7 13.6 30 Other loans and advances -- 20.8 -- 46.3 -- -1.2 9.5 -- 9.5 65.9 12.4 -2.0 78.0 36.0 31 Mortgages -4.7 252.0 8.0 81.8 3.9 -- -4.5 0.0 2.7 333.8 -- -- 345.1 14.0 32 Consumer credit -- 53.8 1.2 -- -- -- -- -- 1.2 53.8 -- -- 52.6 -- 33 Corporate equities -339.6 -- -- -79.9 13.7 -- -- -- -325.9 -79.9 65.1 38.0 219.6 0.7 34 Mutual fund shares 190.9 -- 3.0 -- 2.6 -- -- -- 196.5 -- -- -- 62.6 259.0 35 Trade credit -- 3.0 62.5 56.2 -- 1.3 1.4 2.2 63.9 62.5 3.5 7.5 41.7 5.6 36 Security credit 47.9 34.3 -- -- -- -- -- -- 47.9 34.3 0.0 0.0 56.0 69.5 37 Life insurance reserves 57.0 -- -- -- -- -- -- 0.4 57.0 0.4 -- -- -- 56.7 38 Pension fund reserves 298.6 -- -- -- -- -- -- 30.4 298.6 30.4 -- -- -- 268.2 39 Taxes payable -- -- -- 15.7 0.3 -- -0.7 -- -0.4 15.7 -- -- -- 4.3 40 Inv. in bank personal trusts 26.4 -- -- -- -- -- -- -- 26.4 -- -- -- -- 26.4 41 Equity in noncorp. business 15.8 -- -- 3.9 -- -- -- -- 15.8 3.9 -- -- -- 11.9 42 Miscellaneous 23.7 2.2 260.5 141.2 30.2 -- -6.9 -2.3 307.5 141.1 175.0 125.4 344.7 277.6 43 Sector discrepancies (1 less 4) 58.9 -- 25.6 -- -53.9 -- 11.0 -- 41.6 -- -103.2 -- -52.1 -- -General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.