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

Thursday 

December 5, 2002 

FEDERAL RESERVE statistical release

Z.1 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Third Quarter 2002

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

Third Quarter 2002

Domestic nonfinancial debt rose at a 

seasonally adjusted annual rate of 6-1/2 percent in

the third quarter of 2002, down from the 8-1/4 

percent pace in the second quarter. Slower 

borrowing by the federal government, state and local

governments, and nonfinancial businesses more

than offset faster borrowing by households. Federal

debt growth slowed to a 7-1/2 percent rate in the 

third quarter, well below the 15-1/2 percent rate in

the previous quarter. Debt growth of state and local

governments also slowed in the third quarter, as a 

noticeable pickup in retirements outweighed strong

gross issuance. 

The 9-1/2 percent growth rate of household 

debt in the third quarter mainly reflected a jump in

mortgage borrowing that was boosted, in part, by

rapid growth in home equity loans. In contrast, 

growth in consumer credit was sluggish last quarter. 

Growth of nonfinancial business debt decreased to

an annual rate of only 2-1/4 percent in the third 

quarter; bank loans, corporate bonds, and 

commercial paper all contracted. Net equity

issuance by nonfinancial corporations returned to

firmly negative territory in the third quarter. Gross 

issuance was scant, likely reflecting unfavorable

conditions in equity markets. Businesses continued 

to take out commercial mortgages last quarter, 

although at a little slower pace than in the second 

quarter. 

The level of domestic nonfinancial debt

outstanding was $20.3 trillion at the end of the third

quarter of 2002. Debt of nonfederal sectors was 

$16.7 trillion, and federal debt was $3.6 trillion. 

Growth of Domestic Nonfinancial Debt

1

Percentage changes; quarterly data are seasonally adjusted annual rates 

Nonfederal

 Total Federal Total Households Business State and 

local govts. 

1992 4.6 10.9 2.6 5.3 -0.2 2.2 

1993 4.9 8.3 3.7 6.1 0.4 6.0 

1994 4.5 4.7 4.5 7.4 3.8 -4.0 

1995 5.4 4.1 5.9 7.4 7.2 -4.6 

1996 5.3 4.0 5.8 7.0 6.2 -0.6 

1997 5.6 0.6 7.3 6.4 9.0 5.3

1998 6.8 -1.4 9.6 8.2 11.8 7.2

1999 6.5 -1.9 9.0 8.3 10.9 4.4

2000 4.9 -8.0 8.4 8.3 9.8 2.2

2001 6.1 -0.2 7.6 8.6 6.3 8.1

2001:Q1 5.2 -1.8 6.8 7.2 6.2 7.5

:Q2 5.6 -6.4 8.3 9.0 7.5 7.9

:Q3 6.8 6.3 6.9 9.0 5.2 4.3

 :Q4 6.4 1.3 7.5 8.3 5.7 11.7

2002:Q1 4.8 1.2 5.6 9.1 1.8 4.5

 Q2 8.2 15.5 6.7 8.7 3.4 12.0 

 Q3 6.6 7.5 6.5 9.6 2.2 9.7 

1. Changes shown are on an end-of-period basis. 
Table of Contents 

Title Table Page

Flow of Funds Accounts, Third Quarter 2002 1 

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6 

Borrowing by Sector D.2 7 

Debt Outstanding by Sector D.3 8 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12 

Distribution of National Income F.7 13 

Gross Saving and Investment F.8 14 

Net Capital Transfers F.9 14

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 17 L.101 63 

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

Nonfarm Noncorporate Business F.103 19 L.103 65 

Farm Business F.104 19 L.104 65 

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

Federal Government F.106 21 L.106 66 

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

Monetary Authority F.108 23 L.108 68 

Commercial Banking F.109 24 L.109 69 

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

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

Bank Holding Companies F.112 27 L.112 72 

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

Savings Institutions F.114 28 L.114 73 

Credit Unions F.115 29 L.115 74 

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

Life Insurance Companies F.117 30 L.117 75 

Other Insurance Companies F.118 30 L.118 75 

Private Pension Funds F.119 31 L.119 76 

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77 

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

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

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

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

Finance Companies F.127 34 L.127 79 

Mortgage Companies F.128 35 L.128 80 

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

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

Funding Corporations F.131 36 L.131 81 

Instruments 

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

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

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

Net Interbank Transactions F.203 38 L.203 83 

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

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

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

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

Open Market Paper F.208 41 L.208 86 

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88 

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

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

Corporate Equities F.213 45 L.213 90 

Mutual Fund Shares F.214 45 L.214 90 

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

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

Total Mortgages F.217 48 L.217 93 

Home Mortgages F.218 49 L.218 94 

Multifamily Residential Mortgages F.219 49 L.219 94 

Commercial Mortgages F.220 50 L.220 95 

Farm Mortgages F.221 50 L.221 95 

Consumer Credit F.222 51 L.222 96 

Trade Credit F.223 51 L.223 96 

Security Credit F.224 51 L.224 96 

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

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

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

Proprietors' Equity in Noncorporate Business F.228 52 

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

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

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

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

Sector Discrepancies F.11 57 

Instrument Discrepancies F.12 57 
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Nonfarm Noncorporate Business B.103 104 R.103 107 

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

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

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

Flow of Funds Matrix for 2001 114 115 

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 116 

1 

Flow of Funds Accounts, Third Quarter 2002 

This publication presents the flow of funds 

accounts for 2002:Q3. 

Data revisions and other changes. The statistics in

the attached tables reflect the use of new or revised 

source data. Most significant revisions appear in recent 

quarters; however, new source information resulted in

changes to data for earlier periods. The revisions

include the following:

1. Source data for closed-end funds (tables F.123 and 

L.123), previously available only on an annual basis,

are now provided on a quarterly basis by the Investment

Company Institute for the period 1999:Q1 through 

2002:Q2. 

2. Exchange-traded funds (ETFs) (tables F.123 and 

L.123) include bond holdings as of 2002:Q3. An ETF

is an investment company registered with the Securities 

and Exchange Commission whose shares trade on the 

stock exchanges. Source data for ETFs are from the 

Investment Company Institute. 

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

Domestic debt comprises credit market funds borrowed

by U.S. entities from both domestic and foreign

sources, while foreign debt represents amounts

borrowed by foreign financial and nonfinancial entities 

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

government-sponsored enterprises, federally related 

mortgage pools, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer

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

advances; it excludes trade debt, loans for the purpose 

of carrying securities, and funds raised from equity

sources. 

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying forward 

year-end levels by seasonally adjusted flows. Growth

rates calculated from changes in unadjusted levels 

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

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked to

data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time. 

Specifically, outstandings in the flow of funds accounts

are related to the flows in the following way:

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

where “t” is the time period.

Discontinuities result from changes in

valuation, breaks in source data, and changes in

definitions. For most series, the value of the 

discontinuity is zero for nearly all time periods. 

However, in a few instances, the discontinuity is 

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

particular quarter, such as a period when there is a 

sharp increase or decrease in equity prices or a major 

break in source data. 

The discontinuities in a series can distort 

estimated rates of growth in assets and liabilities 

between periods. In order to minimize these 

distortions, percentage changes in assets and liabilities 

in flow of funds releases should be calculated as: 

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the 

principal sources of information available when the 

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 
2 

difference between its measured sources of funds and 

its measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured funds 

borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality of 

source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a quarter. 

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

the Board's Publications Services. Flow of funds data 

are also available electronically through the Internet at 

the following location: 

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

The Internet site also provides quarterly data beginning 

in 1952, organized in compressed files that correspond 

to the tables published in this release. There are files 

for quarterly data for seasonally adjusted flows, 

unadjusted flows, outstandings, balance sheets, and 

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

A Guide to the Flow of Funds Accounts is available. 

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

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

the principles underlying the accounts. The Guide can 

be purchased for $20.00 from the Board’s Publications 

Services. Publications Services accepts orders 

accompanied by checks as well as credit card orders. 

The Internet site for this release at the location shown 

above contains a link to an order form for the Guide 

that can be mailed or faxed to Publications Services. 

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244
3 

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 2002:Q3. 

Unadjusted flows since 2001. 

 2. Households and nonprofit 

 organizations sector 

 (tables F.100 and L.100) 

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

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

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

through 2002:Q3. The source for nonprofit organizations data (tables

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

Data for nonprofit organizations are available for 1987 through 1999. 

 3. Nonfarm nonfinancial 

 corporate business

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of

the Census Bureau through 2002:Q2;

Internal Revenue Service Statistics of

Income data through 1999; securities

offerings, mortgages, bank loans,

commercial paper, and other loans

through 2002:Q3. 

Statistics of Income data since 

1999. 

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103) 

Internal Revenue Service Statistics of

Income data through 1999; bank and 

finance company loans and mortgage

borrowing through 2002:Q3. 

Statistics of Income data since 

1999. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from

government-sponsored enterprises,

U.S. government loans to farms, and

equity in government-sponsored

enterprises through 2002:Q3;

preliminary data for checkable 

deposits and currency and trade 

payables through 2001. 

Consumption of fixed capital and

undistributed profits since 2000. 

6. State and local 

 governments

 (tables F.105 and L.105) 

Gross offerings and retirements of

municipal securities, deposits at 

banks, and nonmarketable U.S.

government security issues through 

2002:Q3; selected financial assets

through 1999:Q2 from the 

comprehensive annual financial

reports of state and local 

governments that account for most of

the holdings of the sector, and data 

from Standard & Poor's on local

government investment pools.

Selected financial asset items

since 1999:Q2. 
4 

7. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays

through 2002:Q:3; Treasury data for 

loan programs through 2002:Q3. 

None. 

 8. Rest of the world 

 (U.S. international 

 transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2002:Q2; NIPA estimates; data from 

bank Reports of Condition and 

Treasury International Capital 

System through 2002:Q3. 

Balance of payments data for 

2002:Q3. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2002:Q3. None. 

10. Commercial banking 

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113) 

All data through 2002:Q3 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., 

bank holding companies, and 

commercial banks in U.S.-affiliated 

areas. 

Data since 2001 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2002:Q3. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2002:Q3. None. 

13. Bank personal trusts and 

 estates 

 (tables F.116 and L.116) 

All data through 2000. Data since 2000. 

 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2002:Q2. Data since 2002:Q2. 

 

15. Other insurance companies 

 (tables F.118 and L.118) 

All data through 2002:Q2. 

 

Data since 2002:Q2. 

16. Private pension funds 

 (including FERS 

 Thrift Savings Plan) 

 (tables F.119 and L.119) 

Quarterly data through 2002:Q3; 

Internal Revenue Service/Department 

of Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

1998. 

Form 5500 data since 1998. 

17. State and local government 

 employee retirement funds 

 (tables F.120 and L.120) 

All data through 2002:Q2. Data since 2002:Q2. 

18. Money market mutual 

 funds 

 (tables F.121 and L.121) 

All data through 2002:Q3. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2002:Q3. None. 
5 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2002:Q2. Data since 2002:Q2. 

21. Exchange-traded funds 

 (tables F.123 and L.123) 

All data through 2002:Q3. None. 

22. Government-sponsored 

 enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, 

FHLBs, FCS, FICO, REFCORP, and 

Sallie Mae through 2002:Q3. 

None. 

23. Federally related mortgage 

 pools 

 (tables F.125 and L.125) 

All data through 2002:Q3. None. 

24. Issuers of asset-backed 

 securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, 

student loans, consumer leases, and 

trade credit securitization through 

2002:Q3. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2002:Q3. None. 

26. Mortgage companies 

 (tables F.128 and L.128) 

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

27. Real estate investment 

 trusts (REITs) 

 (tables F.129 and L.129) 

Data from SNL REIT DataSource 

through 2002:Q3. 

None. 

28. Security brokers and 

 dealers 

 (tables F.130 and L.130) 

Data for firms filing FOCUS and 

FOGS reports through 2002:Q3. 

None. 

29. Funding corporations 

 (tables F.131 and L.131) 

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

other sectors. 
6 Z.1, December 5, 2002

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

1964 7.3 2.4 9.3 10.4 9.4 12.2 8.9 8.0 7.2 13.6 12.9

1965 7.1 0.6 9.6 9.2 8.5 11.6 10.7 10.6 7.9 16.8 7.2

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

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

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

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

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

1971 9.5 8.3 9.8 9.2 8.5 11.7 10.1 7.8 10.9 8.7 9.7

1972 10.0 4.6 11.4 11.3 11.2 13.1 12.5 9.9 8.4 17.2 7.9

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

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

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

1976 10.8 15.6 9.6 11.2 12.4 10.6 8.6 7.7 8.4 9.0 21.5

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

1978 13.8 9.2 15.0 16.9 17.5 17.4 13.1 11.4 15.4 22.1 18.6

1979 12.2 5.8 13.7 15.2 16.2 13.8 13.5 11.1 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.5 11.0 0.6 10.0 8.3 6.9 14.5 14.0

1981 10.4 11.6 10.1 7.6 7.2 5.0 12.9 13.6 8.0 18.2 11.9

1982 10.1 19.7 7.9 5.6 4.7 4.6 9.2 9.1 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.2 10.3 12.8 9.1 8.0 11.4 13.4 8.2

1984 14.7 16.9 14.1 12.6 11.3 18.3 16.2 16.7 11.4 17.9 3.6

1985 15.7 16.5 15.4 15.8 14.0 15.9 11.5 12.7 31.8 19.4 0.5

1986 11.9 13.6 11.4 11.4 13.6 9.0 11.4 13.9 10.9 26.2 4.1

1987 9.0 8.0 9.3 10.4 13.4 4.6 7.7 8.9 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.8 11.7 6.3 9.8 11.0 6.4 13.2 3.0

1989 7.3 7.0 7.4 9.3 11.0 6.0 6.1 7.2 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.1 8.9 1.5 3.5 5.6 5.0 8.8 9.0

1991 4.3 11.1 2.2 5.2 7.0 -1.3 -2.3 -2.1 8.6 6.5 5.2

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

1993 4.9 8.3 3.7 6.1 5.5 7.3 0.4 1.3 6.0 9.7 21.9

1994 4.5 4.7 4.5 7.4 5.7 14.5 3.8 5.0 -4.0 14.0 -3.6

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

1996 5.3 4.0 5.8 7.0 6.7 8.1 6.2 6.3 -0.6 12.9 19.5

1997 5.6 0.6 7.3 6.4 6.7 4.7 9.0 9.4 5.3 13.7 13.2

1998 6.8 -1.4 9.6 8.2 8.9 5.9 11.8 11.6 7.2 19.9 7.1

1999 6.5 -1.9 9.0 8.3 9.0 7.4 10.9 10.3 4.4 16.4 3.9

2000 4.9 -8.0 8.4 8.3 8.2 9.6 9.8 9.5 2.2 10.6 9.7

2001 6.1 -0.2 7.6 8.6 9.7 6.9 6.3 5.3 8.1 11.4 -5.0

1997 -- Q1 4.9 1.8 6.0 6.7 6.4 5.2 6.3 6.1 1.3 8.1 5.8

 Q2 4.9 -0.3 6.7 5.7 5.6 4.9 8.6 8.8 4.3 14.1 13.7

 Q3 6.1 1.3 7.8 7.4 9.3 4.7 8.5 9.2 7.2 13.0 21.0

 Q4 5.9 -0.3 8.0 5.1 4.9 3.8 11.4 12.4 7.8 17.3 10.2

1998 -- Q1 6.9 -0.7 9.4 8.1 9.3 4.0 11.3 11.7 8.0 17.4 16.9

 Q2 7.3 -0.3 9.7 7.4 6.9 7.3 12.9 13.6 7.6 18.5 17.5

 Q3 5.8 -3.0 8.5 8.1 8.7 7.3 9.6 8.4 6.2 18.6 -2.6

 Q4 6.8 -1.6 9.3 8.2 9.6 4.5 11.3 10.8 6.2 19.9 -3.5

1999 -- Q1 7.1 -2.8 10.1 8.1 8.6 8.5 13.0 13.9 6.7 18.3 5.0

 Q2 5.5 -1.9 7.7 7.7 8.7 5.3 8.6 7.7 3.5 15.4 -3.1

 Q3 6.9 -2.4 9.5 9.2 10.1 6.8 11.0 10.1 4.6 15.7 10.9

 Q4 5.8 -0.6 7.6 7.1 7.5 8.2 9.2 8.1 2.4 12.5 2.6

2000 -- Q1 4.8 -6.9 8.0 7.3 6.7 8.8 10.3 10.4 0.3 8.0 16.6

 Q2 5.7 -10.0 9.8 9.1 9.0 9.7 12.4 12.4 1.3 11.6 -2.5

 Q3 4.2 -7.5 7.1 8.4 8.6 10.2 6.6 5.6 2.5 10.1 14.7

 Q4 4.5 -8.8 7.7 7.4 7.5 8.4 8.6 8.4 4.5 11.1 9.0

2001 -- Q1 5.2 -1.8 6.8 7.2 7.5 9.1 6.2 5.2 7.5 10.9 -1.1

 Q2 5.6 -6.4 8.3 9.0 11.1 4.7 7.5 6.7 7.9 9.6 -6.8

 Q3 6.8 6.3 6.9 9.0 9.9 4.3 5.2 4.0 4.3 12.6 -14.7

 Q4 6.4 1.3 7.5 8.3 9.2 9.0 5.7 5.0 11.7 10.7 2.3

2002 -- Q1 4.8 1.2 5.6 9.1 10.3 4.8 1.8 0.1 4.5 9.2 10.7

 Q2 8.2 15.5 6.7 8.7 11.0 4.4 3.4 2.0 12.0 9.0 2.1

 Q3 6.6 7.5 6.5 9.6 12.8 3.5 2.2 0.2 9.7 8.7 -5.1

1. Data shown are on an end-of-period basis.
Z.1, December 5, 2002 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1964 64.1 6.1 58.1 29.3 17.3 9.5 22.4 14.0 6.4 6.3 4.0

1965 67.1 1.6 65.5 28.5 17.2 10.1 29.5 20.0 7.6 8.9 2.5

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

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

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

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

1970 91.3 12.1 79.3 19.5 12.4 4.4 47.7 41.1 12.1 16.2 2.8

1971 135.3 24.9 110.5 42.2 24.6 15.6 51.8 28.1 16.4 11.1 5.1

1972 156.1 15.0 141.0 56.9 35.0 19.5 70.2 38.5 14.0 23.9 4.4

1973 183.9 6.9 176.9 69.4 40.5 22.5 93.4 75.0 14.1 47.0 6.3

1974 175.1 11.9 163.2 55.3 37.0 8.9 94.4 56.6 13.4 49.6 13.8

1975 193.5 85.6 107.8 56.8 39.5 7.8 39.9 18.7 11.1 2.1 14.1

1976 244.8 69.2 175.6 82.9 57.5 22.0 74.2 43.7 18.5 23.5 20.5

1977 321.2 56.3 264.8 127.8 85.9 35.4 117.1 73.3 19.9 53.6 13.5

1978 390.7 52.5 338.2 160.5 106.2 46.0 138.3 78.5 39.4 74.7 24.0

1979 391.9 35.8 356.1 169.2 115.9 42.7 160.3 84.1 26.6 91.1 15.0

1980 343.7 77.4 266.3 109.4 91.3 2.3 134.8 70.0 22.2 73.2 24.2

1981 410.0 85.5 324.5 106.4 67.0 17.7 190.5 123.7 27.6 105.1 23.5

1982 439.9 161.3 278.6 84.1 47.6 17.2 152.8 93.3 41.7 93.0 16.0

1983 573.6 185.2 388.4 176.8 106.3 50.0 164.3 89.6 47.3 104.4 17.3

1984 791.2 197.2 594.0 218.3 126.6 80.7 323.2 205.1 52.5 157.8 8.4

1985 963.0 225.7 737.3 307.2 175.0 82.8 266.5 181.8 163.6 204.0 1.2

1986 845.3 216.0 629.3 259.6 197.4 54.4 295.5 224.9 74.2 328.8 9.7

1987 719.0 143.9 575.1 262.6 220.4 30.4 222.0 163.3 90.4 290.6 6.3

1988 787.6 155.1 632.5 270.4 214.3 43.4 308.1 222.8 54.0 250.2 7.4

1989 687.5 146.4 541.2 283.8 225.5 44.2 207.3 160.1 50.1 225.0 10.2

1990 657.0 246.9 410.1 235.2 202.2 11.9 127.8 133.9 47.2 211.6 23.9

1991 465.3 278.2 187.1 186.8 176.1 -10.7 -85.1 -54.4 85.4 170.9 15.1

1992 524.2 304.0 220.2 201.6 174.4 6.1 -5.5 25.7 24.1 244.0 24.1

1993 579.4 256.1 323.3 242.1 157.8 58.4 15.0 33.2 66.2 294.4 69.8

1994 561.1 155.9 405.3 312.8 171.2 124.9 138.7 126.3 -46.2 468.3 -13.9

1995 705.8 144.4 561.4 337.0 163.0 138.9 275.9 227.1 -51.5 454.0 78.5

1996 733.3 144.9 588.3 339.8 224.4 91.3 255.3 183.1 -6.8 550.1 88.4

1997 804.4 23.1 781.3 332.7 240.4 57.5 392.5 291.6 56.1 662.2 71.8

1998 1042.4 -52.6 1095.0 454.8 339.1 75.0 559.9 392.1 80.3 1087.2 43.2

1999 1057.5 -71.2 1128.7 498.0 373.9 99.5 578.4 390.5 52.3 1073.3 25.2

2000 853.9 -295.9 1149.8 541.3 370.8 139.0 581.4 399.8 27.2 809.0 65.7

2001 1118.0 -5.6 1123.6 610.4 477.9 110.2 409.9 245.6 103.2 960.4 -37.4

1997 -- Q1 707.6 66.5 641.1 350.2 229.0 63.0 276.6 189.6 14.3 392.1 31.6

 Q2 717.8 -12.4 730.2 302.3 202.6 60.3 381.5 276.6 46.3 692.7 75.3

 Q3 909.2 50.0 859.2 397.3 343.4 58.7 384.1 294.0 77.8 660.6 119.6

 Q4 883.2 -11.7 894.8 281.0 186.4 48.2 527.9 406.2 85.9 903.6 60.6

1998 -- Q1 1052.6 -25.1 1077.7 450.5 353.4 50.6 537.8 395.5 89.4 948.9 102.5

 Q2 1125.1 -10.9 1136.0 419.4 268.7 94.1 630.2 473.1 86.4 1051.7 110.6

 Q3 908.0 -114.2 1022.1 465.4 344.5 94.9 484.5 302.5 72.2 1110.1 -17.4

 Q4 1083.8 -60.3 1144.1 484.1 389.9 60.3 586.9 397.5 73.1 1238.2 -22.9

1999 -- Q1 1157.5 -104.2 1261.7 489.6 356.1 114.4 691.7 525.3 80.4 1199.4 32.7

 Q2 918.9 -69.0 987.9 474.7 371.2 72.3 471.1 300.4 42.2 1052.7 -20.6

 Q3 1158.4 -89.5 1247.9 575.9 436.1 94.9 615.2 402.8 56.9 1117.3 71.3

 Q4 995.1 -22.1 1017.1 451.7 332.1 116.5 535.6 333.6 29.9 923.8 17.3

2000 -- Q1 837.9 -252.2 1090.1 476.9 304.4 127.6 609.1 435.6 4.1 609.3 112.4

 Q2 1010.2 -362.4 1372.6 601.3 412.4 143.7 754.5 534.6 16.8 904.3 -17.7

 Q3 751.4 -262.9 1014.2 571.4 404.6 153.8 411.6 248.9 31.3 809.5 102.9

 Q4 816.2 -306.1 1122.3 515.5 361.7 130.7 550.4 380.2 56.5 912.8 65.1

2001 -- Q1 949.1 -59.3 1008.4 506.5 366.8 144.5 405.7 237.7 96.3 915.8 -8.5

 Q2 1032.4 -215.8 1248.2 650.6 555.3 76.0 495.1 313.5 102.5 828.2 -50.5

 Q3 1276.8 209.3 1067.4 661.3 506.5 70.6 349.6 191.3 56.6 1118.6 -106.7

 Q4 1213.7 43.4 1170.2 623.3 483.0 149.9 389.2 239.8 157.7 979.1 16.0

2002 -- Q1 927.3 39.8 887.5 702.6 553.4 81.7 122.6 7.1 62.3 860.8 75.3

 Q2 1613.7 526.0 1087.7 679.8 604.3 76.4 239.5 98.3 168.4 866.3 15.0

 Q3 1329.4 265.7 1063.7 770.7 724.1 60.1 153.2 10.7 139.9 855.9 -36.8
8 Z.1, December 5, 2002

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

1964 939.9 259.9 680.0 309.3 201.3 87.4 275.0 187.5 95.6 53.0 35.0

1965 1007.1 261.5 745.6 337.8 218.5 97.5 304.6 207.6 103.2 61.9 37.5

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

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

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

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

1970 1422.3 299.5 1122.8 460.0 288.8 133.7 512.5 361.3 150.3 127.8 52.1

1971 1557.5 324.4 1233.1 502.8 312.8 149.2 563.6 389.5 166.7 138.9 56.6

1972 1713.5 339.4 1374.1 559.7 347.8 168.8 633.7 427.9 180.7 162.8 61.1

1973 1897.9 346.3 1551.6 630.2 387.5 193.0 726.5 492.6 194.8 209.8 67.4

1974 2072.3 358.2 1714.1 685.4 424.3 201.9 820.5 548.9 208.2 258.3 81.2

1975 2264.7 443.9 1820.8 739.2 463.9 207.0 862.2 569.4 219.4 260.4 95.6

1976 2508.3 513.1 1995.3 823.6 521.7 229.0 933.8 610.4 237.8 283.9 116.0

1977 2829.6 569.4 2260.2 951.4 607.6 264.4 1052.7 685.5 256.2 337.8 129.4

1978 3214.5 621.9 2592.6 1110.5 713.7 310.4 1186.5 759.5 295.6 412.5 157.6

1979 3606.5 657.7 2948.9 1280.6 831.2 353.1 1346.1 842.9 322.2 504.9 172.9

1980 3957.9 735.0 3222.9 1401.5 932.0 355.4 1477.0 909.1 344.4 578.1 197.2

1981 4366.4 820.5 3545.9 1512.7 1003.7 373.1 1661.2 1026.5 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1582.1 1036.8 390.3 1810.6 1116.6 413.8 778.1 212.6

1983 5364.8 1167.0 4197.8 1738.9 1123.1 440.3 1997.8 1229.1 461.1 882.7 229.8

1984 6151.2 1364.2 4787.0 1949.5 1249.1 521.0 2323.9 1437.1 513.6 1052.4 238.0

1985 7132.3 1589.9 5542.5 2277.5 1449.3 603.8 2587.0 1615.5 677.9 1257.3 239.3

1986 7975.1 1805.9 6169.3 2535.6 1646.6 658.2 2881.5 1839.5 752.1 1593.6 241.0

1987 8677.6 1949.8 6727.8 2752.2 1825.0 688.6 3134.5 2033.9 841.0 1895.5 247.4

1988 9461.7 2104.9 7356.8 3039.6 2049.9 732.0 3422.1 2234.2 895.0 2145.8 254.8

1989 10166.3 2251.2 7915.0 3333.8 2273.6 793.3 3636.1 2401.2 945.2 2399.3 265.0

1990 10850.6 2498.1 8352.4 3598.1 2505.0 805.1 3762.0 2533.3 992.3 2615.8 288.9

1991 11312.5 2776.4 8536.2 3788.5 2684.7 794.5 3670.0 2476.7 1077.7 2786.7 304.0

1992 11839.9 3080.3 8759.6 3990.1 2859.0 800.6 3667.7 2504.0 1101.8 3046.3 318.8

1993 12434.1 3336.5 9097.7 4234.6 3019.2 859.0 3695.1 2549.6 1167.9 3346.1 388.6

1994 13001.5 3492.3 9509.2 4547.1 3190.4 983.9 3840.4 2682.5 1121.7 3822.1 375.0

1995 13706.9 3636.7 10070.2 4884.1 3353.3 1122.8 4115.9 2909.1 1070.2 4278.8 453.7

1996 14440.2 3781.7 10658.5 5223.9 3577.7 1214.1 4371.2 3092.2 1063.4 4828.8 542.1

1997 15243.1 3804.8 11438.3 5556.9 3818.1 1271.6 4761.9 3382.0 1119.5 5458.0 607.9

1998 16285.5 3752.2 12533.3 6011.8 4157.2 1346.6 5321.7 3774.1 1199.8 6545.2 651.3

1999 17377.6 3681.0 13696.7 6510.0 4531.1 1446.1 5934.5 4199.0 1252.1 7618.5 676.7

2000 18250.6 3385.1 14865.5 7070.4 4901.8 1593.1 6515.9 4598.9 1279.3 8439.5 742.3

2001 19369.2 3379.5 15989.7 7680.8 5379.8 1703.3 6926.4 4845.1 1382.5 9397.2 704.9

1997 -- Q1 14617.1 3798.3 10818.8 5311.8 3635.0 1229.8 4440.1 3139.3 1067.0 4926.9 550.0

 Q2 14796.5 3795.2 11001.3 5387.3 3685.6 1244.9 4535.4 3208.5 1078.6 5100.0 568.8

 Q3 15022.3 3807.7 11214.6 5486.7 3771.5 1259.6 4629.9 3280.5 1098.0 5232.1 592.6

 Q4 15243.1 3804.8 11438.3 5556.9 3818.1 1271.6 4761.9 3382.0 1119.5 5458.0 607.9

1998 -- Q1 15506.3 3798.5 11707.7 5669.6 3906.4 1284.3 4896.3 3480.9 1141.8 5695.2 633.6

 Q2 15787.5 3795.8 11991.7 5774.4 3973.6 1307.8 5053.9 3599.1 1163.4 5958.2 661.2

 Q3 16014.5 3767.3 12247.3 5890.8 4059.7 1331.5 5175.0 3674.8 1181.5 6235.7 656.9

 Q4 16285.5 3752.2 12533.3 6011.8 4157.2 1346.6 5321.7 3774.1 1199.8 6545.2 651.3

1999 -- Q1 16576.6 3726.1 12850.5 6134.5 4246.2 1375.2 5496.1 3906.9 1219.9 6845.1 659.5

 Q2 16806.3 3708.9 13097.5 6253.2 4339.0 1393.3 5613.9 3982.0 1230.4 7108.3 654.3

 Q3 17128.9 3686.5 13442.4 6397.1 4448.0 1417.0 5800.6 4115.7 1244.7 7387.6 672.1

 Q4 17377.6 3681.0 13696.7 6510.0 4531.1 1446.1 5934.5 4199.0 1252.1 7618.5 676.7

2000 -- Q1 17587.1 3617.9 13969.2 6629.3 4607.2 1478.0 6086.8 4307.9 1253.1 7770.9 704.8

 Q2 17839.7 3527.3 14312.3 6779.6 4710.3 1513.9 6275.4 4441.6 1257.3 7996.9 700.3

 Q3 18038.6 3461.6 14577.0 6933.5 4811.4 1552.4 6378.3 4503.8 1265.2 8203.3 726.1

 Q4 18250.6 3385.1 14865.5 7070.4 4901.8 1593.1 6515.9 4598.9 1279.3 8439.5 742.3

2001 -- Q1 18487.9 3370.3 15117.6 7197.0 4993.5 1629.2 6617.3 4658.3 1303.4 8665.8 740.2

 Q2 18746.6 3316.3 15430.3 7359.6 5132.4 1648.2 6741.7 4737.3 1329.0 8872.8 727.6

 Q3 19065.8 3368.7 15697.1 7525.0 5259.0 1665.8 6829.1 4785.1 1343.1 9152.5 700.9

 Q4 19369.2 3379.5 15989.7 7680.8 5379.8 1703.3 6926.4 4845.1 1382.5 9397.2 704.9

2002 -- Q1 19601.0 3389.5 16211.6 7856.4 5518.1 1723.7 6957.0 4846.8 1398.1 9612.4 723.7

 Q2 20004.5 3521.0 16483.5 8026.4 5669.2 1742.8 7016.9 4871.4 1440.2 9829.0 727.5

 Q3 20336.8 3587.4 16749.4 8219.0 5850.2 1757.9 7055.2 4874.1 1475.2 10043.0 718.3

1. Data shown are on an end-of-period basis.
Z.1, December 5, 2002 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 2172.8 2155.9 1728.6 2041.0 1856.5 1810.1 2288.7 2208.7 1863.4 2495.1 2148.5 1

 2 Domestic nonfinancial sectors 1042.4 1057.5 853.9 1118.0 949.1 1032.4 1276.8 1213.7 927.3 1613.7 1329.4 2

 3 Federal government -52.6 -71.2 -295.9 -5.6 -59.3 -215.8 209.3 43.4 39.8 526.0 265.7 3

 4 Nonfederal sectors 1095.0 1128.7 1149.8 1123.6 1008.4 1248.2 1067.4 1170.2 887.5 1087.7 1063.7 4

 5 Household sector 454.8 498.0 541.3 610.4 506.5 650.6 661.3 623.3 702.6 679.8 770.7 5

 6 Nonfinancial corporate business 392.1 390.5 399.8 245.6 237.7 313.5 191.3 239.8 7.1 98.3 10.7 6

 7 Nonfarm noncorporate business 159.7 182.4 170.7 156.8 162.2 170.1 153.8 141.1 110.3 132.7 128.9 7

 8 Farm business 8.0 5.5 10.9 7.5 5.7 11.5 4.4 8.3 5.3 8.5 13.5 8

 9 State and local governments 80.3 52.3 27.2 103.2 96.3 102.5 56.6 157.7 62.3 168.4 139.9 9

10 Rest of the world 43.2 25.2 65.7 -37.4 -8.5 -50.5 -106.7 16.0 75.3 15.0 -36.8 10

11 Financial sectors 1087.2 1073.3 809.0 960.4 915.8 828.2 1118.6 979.1 860.8 866.3 855.9 11

12 Commercial banking 72.9 67.2 60.0 52.9 138.1 -10.5 39.7 44.1 24.3 13.3 111.3 12

13 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 42.6 -18.4 26.2 70.2 13.3 32.8 81.7 13

14 Foreign banking offices in U.S. -4.8 -0.4 -0.0 -0.9 -0.6 -2.0 -1.3 0.5 -0.5 -0.2 0.5 14

15 Bank holding companies 24.9 25.8 23.2 23.6 96.1 9.9 14.9 -26.5 11.5 -19.2 29.0 15

16 Savings institutions 52.2 48.0 27.3 7.4 55.5 3.4 39.4 -68.6 -33.1 -12.1 -10.2 16

17 Credit unions 0.6 2.2 0.0 1.5 -0.6 0.8 1.5 4.4 2.4 2.0 1.0 17

18 Life insurance companies 0.7 0.7 -0.7 0.6 -2.4 0.1 3.5 1.4 2.4 1.2 0.7 18

19 Government-sponsored enterprises 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 19

20 Federally related mortgage pools 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 20

21 ABS issuers 321.4 212.3 189.7 319.5 320.5 205.9 318.9 432.6 254.5 237.7 203.0 21

22 Finance companies 57.1 70.3 81.2 -0.2 -54.0 36.8 41.8 -25.3 -31.2 80.2 106.4 22

23 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.6 0.8 0.6 0.8 0.7 0.7 23

24 REITs 62.7 6.3 2.7 2.5 -6.1 10.5 -2.4 7.8 7.4 25.3 18.4 24

25 Brokers and dealers 7.2 -17.2 15.6 1.4 -23.7 35.6 12.6 -18.9 -15.7 17.5 15.0 25

26 Funding corporations 40.0 91.5 -0.4 -55.2 55.3 -129.6 -155.7 9.1 -42.2 12.4 -16.2 26

27 Total net lending 2172.8 2155.9 1728.6 2041.0 1856.5 1810.1 2288.7 2208.7 1863.4 2495.1 2148.5 27

28 Domestic nonfederal nonfinancial sectors 255.2 253.1 -100.1 -65.9 -115.9 -165.2 1.1 16.4 167.8 257.4 -233.8 28

29 Household sector 123.4 243.4 -103.1 -87.3 -135.5 -174.4 -5.6 -33.8 115.9 207.0 -250.3 29

30 Nonfinancial corporate business -16.0 -15.6 5.0 -18.8 -22.5 -24.6 -34.1 5.8 49.7 4.5 0.8 30

31 Nonfarm noncorporate business 13.3 -3.0 -1.2 2.2 3.2 0.3 3.3 2.0 3.3 3.3 -2.2 31

32 State and local governments 134.5 28.4 -0.8 38.1 38.9 33.5 37.4 42.4 -1.1 42.5 17.8 32

33 Federal government 13.5 5.8 7.3 6.0 4.4 9.4 3.3 7.0 4.7 8.9 7.3 33

34 Rest of the world 172.5 139.7 225.9 320.6 325.7 254.9 269.2 432.5 171.8 566.1 561.7 34

35 Financial sectors 1731.6 1757.3 1595.4 1780.3 1642.3 1711.1 2015.1 1752.8 1519.1 1662.7 1813.3 35

36 Monetary authority 21.1 25.7 33.7 39.9 39.0 26.9 8.4 85.1 81.6 43.4 67.3 36

37 Commercial banking 305.6 312.2 357.9 205.2 130.4 107.8 267.9 314.6 188.9 384.3 623.5 37

38 U.S.-chartered commercial banks 312.1 318.6 339.5 191.6 92.3 156.5 242.5 275.0 168.2 343.8 599.6 38

39 Foreign banking offices in U.S. -11.6 -17.0 23.9 -0.6 34.5 -50.1 21.1 -7.8 2.1 33.7 21.5 39

40 Bank holding companies -0.9 6.2 -12.2 4.2 7.3 -2.8 -1.4 13.6 12.0 1.9 -1.6 40

41 Banks in U.S.-affiliated areas 6.0 4.4 6.7 10.0 -3.6 4.2 5.7 33.9 6.6 4.9 4.0 41

42 Savings institutions 36.2 67.7 56.2 42.8 46.8 55.8 -4.7 73.1 12.3 -23.5 80.7 42

43 Credit unions 18.9 27.5 28.0 41.5 34.9 9.6 61.1 60.5 58.3 41.1 39.9 43

44 Bank personal trusts and estates -12.8 27.8 0.8 5.8 4.0 5.5 4.9 8.9 11.3 11.4 4.9 44

45 Life insurance companies 76.9 53.5 57.9 130.9 111.8 143.6 186.9 81.3 260.6 175.1 229.1 45

46 Other insurance companies 5.8 -3.0 -8.7 9.0 2.1 0.1 5.1 28.5 36.7 35.4 35.3 46

47 Private pension funds -23.4 17.0 33.4 20.3 20.7 44.7 10.4 5.3 27.4 45.9 35.5 47

48 State and local govt. retirement funds 72.1 46.9 54.6 -17.7 -70.7 77.0 -74.2 -2.7 70.5 -54.5 -33.0 48

49 Money market mutual funds 244.0 182.0 143.0 246.0 326.4 210.0 339.3 108.4 -296.8 -122.3 -42.1 49

50 Mutual funds 127.3 48.4 21.0 126.0 93.0 169.1 102.7 139.3 243.3 42.0 164.8 50

51 Closed-end funds 5.2 8.2 -6.3 6.8 -6.9 -4.9 24.4 14.8 20.9 2.2 11.6 51

52 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15.0 52

53 Government-sponsored enterprises 314.0 291.3 256.4 309.0 329.2 297.2 274.3 335.3 236.7 129.0 174.8 53

54 Federally related mortgage pools 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 54

55 ABS issuers 281.7 194.1 159.9 293.3 292.5 177.6 293.4 409.9 230.3 215.5 180.4 55

56 Finance companies 77.3 97.0 108.0 -5.7 8.9 112.1 -43.1 -100.5 -28.2 39.6 79.1 56

57 Mortgage companies 3.2 0.3 0.2 1.4 1.4 1.1 1.7 1.2 1.6 1.4 1.5 57

58 REITs -5.1 -2.6 -6.3 6.7 4.0 1.1 7.8 14.0 26.3 31.8 25.0 58

59 Brokers and dealers 6.8 -34.7 68.9 92.4 242.3 53.4 184.5 -110.5 -219.5 403.0 -191.4 59

60 Funding corporations -15.8 124.0 37.4 -111.9 -137.9 -182.9 -128.0 1.0 56.8 -84.3 139.1 60

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 5, 2002

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 1042.4 1057.5 853.9 1118.0 949.1 1032.4 1276.8 1213.7 927.3 1613.7 1329.4 1

 2 Federal government -52.6 -71.2 -295.9 -5.6 -59.3 -215.8 209.3 43.4 39.8 526.0 265.7 2

 3 Treasury securities -54.6 -71.0 -294.9 -5.0 -57.0 -216.9 209.7 44.2 41.6 524.2 264.2 3

 4 Budget agency securities and mortgages 2.0 -0.2 -1.0 -0.5 -2.2 1.1 -0.4 -0.7 -1.8 1.8 1.6 4

 5 Nonfederal, by instrument 1095.0 1128.7 1149.8 1123.6 1008.4 1248.2 1067.4 1170.2 887.5 1087.7 1063.7 5

 6 Commercial paper 24.4 37.4 48.1 -88.3 -199.2 -133.4 -66.1 45.5 -155.7 -93.0 -28.7 6

 7 Municipal securities and loans 96.8 68.2 35.3 117.6 102.9 107.3 70.0 190.1 70.3 181.2 152.8 7

 8 Corporate bonds 218.7 229.9 171.1 332.6 399.5 419.5 187.9 323.5 233.8 207.0 -23.4 8

 9 Bank loans n.e.c. 108.2 82.8 101.7 -82.3 -19.5 -121.0 -24.4 -164.5 -18.8 -192.8 -125.1 9

10 Other loans and advances 82.1 46.0 95.0 29.3 32.5 132.3 59.4 -107.3 -20.6 77.2 84.0 10

11 Mortgages 489.8 564.9 559.6 704.5 547.7 767.5 770.0 732.9 696.8 831.8 944.0 11

12 Home 387.7 424.6 413.7 530.3 423.4 607.8 559.3 530.6 601.1 657.4 786.2 12

13 Multifamily residential 23.4 35.7 35.2 47.9 37.6 40.8 56.5 56.5 29.2 44.3 35.8 13

14 Commercial 72.2 98.8 104.2 118.9 82.3 107.0 147.1 139.0 59.6 121.0 109.5 14

15 Farm 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 15

16 Consumer credit 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 16

17 Nonfederal, by sector 1095.0 1128.7 1149.8 1123.6 1008.4 1248.2 1067.4 1170.2 887.5 1087.7 1063.7 17

18 Household sector 454.8 498.0 541.3 610.4 506.5 650.6 661.3 623.3 702.6 679.8 770.7 18

19 Nonfinancial business 559.9 578.4 581.4 409.9 405.7 495.1 349.6 389.2 122.6 239.5 153.2 19

20 Corporate 392.1 390.5 399.8 245.6 237.7 313.5 191.3 239.8 7.1 98.3 10.7 20

21 Nonfarm noncorporate 159.7 182.4 170.7 156.8 162.2 170.1 153.8 141.1 110.3 132.7 128.9 21

22 Farm 8.0 5.5 10.9 7.5 5.7 11.5 4.4 8.3 5.3 8.5 13.5 22

23 State and local governments 80.3 52.3 27.2 103.2 96.3 102.5 56.6 157.7 62.3 168.4 139.9 23

24 Foreign borrowing in U.S. 43.2 25.2 65.7 -37.4 -8.5 -50.5 -106.7 16.0 75.3 15.0 -36.8 24

25 Commercial paper 7.8 16.3 31.7 -14.2 -33.8 -3.8 -25.2 5.9 64.8 36.3 3.8 25

26 Bonds 34.9 14.1 23.9 -12.1 21.4 -15.8 -83.9 29.7 -2.3 -41.0 -27.6 26

27 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 14.3 -31.4 4.2 -16.3 13.9 22.0 -11.7 27

28 Other loans and advances -6.0 -5.7 -1.3 -3.8 -10.4 0.5 -1.8 -3.3 -1.2 -2.3 -1.3 28

29 Domestic and foreign 1085.6 1082.6 919.6 1080.6 940.6 981.9 1170.1 1229.6 1002.6 1628.8 1292.6 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1087.2 1073.3 809.0 960.4 915.8 828.2 1118.6 979.1 860.8 866.3 855.9 1

 2 Federal government-related 470.9 592.0 433.5 629.3 432.6 674.6 818.4 591.8 691.1 487.9 425.6 2

 3 Govt.-sponsored enterprise securities 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 3

 4 Mortgage pool securities 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 4

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

 6 Private financial sectors 616.3 481.3 375.5 331.1 483.3 153.7 300.2 387.3 169.7 378.4 430.3 6

 7 Open market paper 161.0 176.2 127.7 -61.9 -83.8 -77.9 -72.2 -13.6 -178.3 -109.1 84.3 7

 8 Corporate bonds 310.2 207.1 199.3 343.0 459.7 223.2 313.9 375.3 345.1 431.9 194.7 8

 9 Bank loans n.e.c. 30.1 -14.2 -0.2 13.8 24.3 10.8 1.6 18.3 0.2 31.9 82.2 9

10 Other loans and advances 90.2 107.1 42.5 34.9 90.6 -18.7 58.8 8.9 -3.9 16.7 71.9 10

11 Mortgages 24.8 5.1 6.2 1.3 -7.5 16.2 -1.9 -1.6 6.6 7.0 -2.7 11

12 By sector 1087.2 1073.3 809.0 960.4 915.8 828.2 1118.6 979.1 860.8 866.3 855.9 12

13 Commercial banking 72.9 67.2 60.0 52.9 138.1 -10.5 39.7 44.1 24.3 13.3 111.3 13

14 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 42.6 -18.4 26.2 70.2 13.3 32.8 81.7 14

15 Foreign banking offices in U.S. -4.8 -0.4 -0.0 -0.9 -0.6 -2.0 -1.3 0.5 -0.5 -0.2 0.5 15

16 Bank holding companies 24.9 25.8 23.2 23.6 96.1 9.9 14.9 -26.5 11.5 -19.2 29.0 16

17 Savings institutions 52.2 48.0 27.3 7.4 55.5 3.4 39.4 -68.6 -33.1 -12.1 -10.2 17

18 Credit unions 0.6 2.2 0.0 1.5 -0.6 0.8 1.5 4.4 2.4 2.0 1.0 18

19 Life insurance companies 0.7 0.7 -0.7 0.6 -2.4 0.1 3.5 1.4 2.4 1.2 0.7 19

20 Government-sponsored enterprises 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 20

21 Federally related mortgage pools 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 21

22 ABS issuers 321.4 212.3 189.7 319.5 320.5 205.9 318.9 432.6 254.5 237.7 203.0 22

23 Finance companies 57.1 70.3 81.2 -0.2 -54.0 36.8 41.8 -25.3 -31.2 80.2 106.4 23

24 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.6 0.8 0.6 0.8 0.7 0.7 24

25 REITs 62.7 6.3 2.7 2.5 -6.1 10.5 -2.4 7.8 7.4 25.3 18.4 25

26 Brokers and dealers 7.2 -17.2 15.6 1.4 -23.7 35.6 12.6 -18.9 -15.7 17.5 15.0 26

27 Funding corporations 40.0 91.5 -0.4 -55.2 55.3 -129.6 -155.7 9.1 -42.2 12.4 -16.2 27
Z.1, December 5, 2002 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 2172.8 2155.9 1728.6 2041.0 1856.5 1810.1 2288.7 2208.7 1863.4 2495.1 2148.5 1

 2 Open market paper 193.1 229.9 207.6 -164.4 -316.8 -215.1 -163.5 37.8 -269.2 -165.8 59.4 2

 3 U.S. government securities 418.3 520.7 137.6 623.8 373.3 458.8 1027.8 635.2 730.9 1013.9 691.4 3

 4 Municipal securities 96.8 68.2 35.3 117.6 102.9 107.3 70.0 190.1 70.3 181.2 152.8 4

 5 Corporate and foreign bonds 563.7 451.2 394.3 663.5 880.6 626.9 417.9 728.4 576.6 597.9 143.7 5

 6 Bank loans n.e.c. 145.0 69.0 112.8 -75.8 19.2 -141.6 -18.6 -162.4 -4.6 -139.0 -54.7 6

 7 Other loans and advances 166.3 147.4 136.2 60.4 112.7 114.2 116.5 -101.8 -25.7 91.5 154.6 7

 8 Mortgages 514.6 570.0 565.9 705.8 540.2 783.7 768.0 731.3 703.4 838.8 941.2 8

 9 Consumer credit 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 114.4 158.1 194.6 286.7 230.8 407.2 133.4 375.5 438.3 284.0 -90.2 10

11 Corporate equities -165.1 -33.1 -40.4 85.3 114.8 133.6 -27.0 119.6 51.4 183.9 -133.1 11

12 Nonfinancial -267.0 -143.5 -159.7 -61.8 -25.0 -70.7 -126.6 -25.0 -8.7 18.5 -139.0 12

 Foreign shares purchased by

13 U.S. residents 101.3 114.3 103.6 106.8 86.1 222.9 43.5 74.7 -5.9 80.9 -68.2 13

14 Financial 0.6 -4.0 15.7 40.3 53.7 -18.5 56.1 69.9 65.9 84.5 74.1 14

15 Mutual fund shares 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 2172.8 2155.9 1728.6 2041.0 1856.5 1810.1 2288.7 2208.7 1863.4 2495.1 2148.5 1

 2 Official foreign exchange 6.6 -8.7 -0.4 4.3 -1.5 4.7 13.7 0.2 -3.0 12.9 5.6 2

 3 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 0.6 1.0 2.4 -0.0 -1.1 1.1 -0.0 0.0 -0.0 0.0 -0.0 4

 5 Foreign deposits 6.5 61.0 135.1 28.0 228.3 -175.9 41.5 17.9 -59.1 89.3 40.0 5

 6 Net interbank transactions -31.8 15.0 15.1 -31.7 -141.8 -25.4 -1.1 41.5 -1.2 -149.3 48.7 6

 7 Checkable deposits and currency 47.3 151.2 -71.4 202.6 164.1 155.2 212.1 278.9 3.2 285.9 284.6 7

 8 Small time and savings deposits 152.4 45.1 188.8 267.2 266.9 242.1 230.3 329.7 259.7 249.0 325.6 8

 9 Large time deposits 91.8 131.1 116.2 68.6 133.9 43.0 19.5 77.8 270.0 34.9 28.1 9

10 Money market fund shares 287.2 249.1 233.3 428.6 578.4 370.0 386.1 379.8 -315.7 103.4 -192.6 10

11 Security RPs 91.3 169.8 113.2 24.0 -94.3 114.0 215.6 -139.1 -55.8 252.8 -135.9 11

12 Corporate equities -165.1 -33.1 -40.4 85.3 114.8 133.6 -27.0 119.6 51.4 183.9 -133.1 12

13 Mutual fund shares 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 13

14 Trade payables 106.4 268.6 170.2 -19.3 186.4 -119.6 -47.3 -96.5 217.9 67.0 148.1 14

15 Security credit 103.2 104.4 146.1 3.1 -91.1 -73.9 561.3 -383.7 -190.7 -129.4 -118.2 15

16 Life insurance reserves 48.0 50.8 50.2 77.2 62.3 52.2 74.7 119.6 93.9 92.2 117.4 16

17 Pension fund reserves 217.4 181.8 209.0 209.1 295.9 209.1 180.3 150.8 134.1 145.5 263.4 17

18 Taxes payable 19.6 23.2 21.7 14.3 4.3 14.8 104.9 -67.0 20.4 62.4 -60.4 18

19 Investment in bank personal trusts -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 19

20 Noncorporate proprietors’ equity -57.8 -38.7 -10.2 -23.1 -19.7 -26.4 -44.6 -1.8 -13.2 -51.8 -75.9 20

21 Miscellaneous 956.9 1053.8 1164.9 666.0 748.6 867.3 857.0 190.9 132.6 523.3 752.1 21

22 Total financial sources 4286.6 4761.4 4460.0 4278.0 4434.1 3901.5 5258.0 3518.4 2821.3 4394.0 3509.7 22

 - Liabilities not identified as assets:

23 Treasury currency -0.1 -0.7 -1.2 -1.4 -3.6 -0.5 -1.4 -0.0 -2.4 -0.7 -1.3 23

24 Foreign deposits -8.5 42.6 55.9 10.3 182.1 -166.8 54.5 -28.7 -36.6 130.9 9.7 24

25 Net interbank liabilities 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 25

26 Security RPs 57.7 35.7 118.6 -52.2 -277.2 124.6 110.4 -166.8 -17.3 115.9 -349.8 26

27 Taxes payable 19.7 11.7 26.2 19.0 24.9 3.1 25.4 22.8 31.1 -30.3 74.6 27

28 Miscellaneous -158.9 -290.4 -398.1 -226.4 -253.8 -538.9 84.5 -197.6 -396.0 -86.9 152.8 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 2.6 -7.4 9.0 3.9 64.9 64.7 -23.0 -91.1 190.3 185.7 28.0 29

30 Other -3.1 -0.8 1.7 4.5 3.6 3.9 5.0 5.7 6.1 7.1 7.6 30

31 Trade credit -43.3 2.8 26.1 16.3 48.1 28.6 -49.3 37.8 3.1 -72.7 -1.6 31

 Totals identified to sectors

32 as assets 4416.7 4967.7 4601.5 4486.8 4623.2 4365.7 5044.4 3913.8 3003.6 4154.3 3577.6 32
12 Z.1, December 5, 2002

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 8781.6 9274.4 9824.7 10082.2 10028.0 10049.8 10097.8 10153.0 10313.1 10376.8 10503.8 1

 2 Personal consumption expenditures (2) 5856.0 6246.5 6683.7 6987.0 6904.7 6959.8 6983.7 7099.9 7174.2 7254.7 7360.5 2

 3 Durable goods 693.2 755.9 803.9 835.9 816.8 820.3 824.0 882.6 859.0 856.9 898.3 3

 4 Nondurable goods 1708.5 1830.1 1972.9 2041.3 2031.5 2044.8 2044.3 2044.4 2085.1 2108.3 2116.4 4

 5 Services 3454.3 3660.5 3906.9 4109.9 4056.4 4094.7 4115.4 4172.9 4230.1 4289.5 4345.8 5

 6 Gross private domestic investment 1538.8 1636.8 1755.4 1586.0 1671.1 1597.1 1575.0 1500.7 1559.4 1587.9 1594.2 6

 7 Fixed investment 1465.6 1577.2 1691.8 1646.3 1698.3 1654.2 1635.5 1597.2 1589.4 1584.5 1580.2 7

 8 Nonresidential 1101.3 1173.5 1265.8 1201.6 1258.3 1210.0 1188.1 1149.8 1126.8 1115.8 1110.0 8

 9 Household sector (nonprofit organizations) 59.9 60.1 65.8 66.8 69.5 67.5 66.9 63.3 61.5 60.2 58.8 9

10 Nonfinancial corporate business 751.0 822.1 890.7 849.4 892.9 860.0 836.7 807.9 803.3 789.6 793.8 10

11 Nonfarm noncorporate business 84.5 130.0 150.8 136.0 141.4 139.6 139.4 123.5 113.1 111.6 108.9 11

12 Farm business 29.4 25.4 28.1 30.0 29.4 28.4 31.5 30.9 29.6 30.2 32.3 12

13 Financial corporations 176.4 135.9 130.5 119.4 125.1 114.5 113.7 124.1 119.3 124.3 116.2 13

14 Residential 364.4 403.7 426.1 444.8 440.0 444.2 447.4 447.4 462.6 468.7 470.2 14

15 Household sector 310.8 341.8 359.5 380.7 376.6 381.2 383.7 381.3 395.1 399.4 402.4 15

16 Nonfinancial corporate business 2.7 3.2 3.4 3.4 3.4 3.4 3.4 3.4 3.5 3.6 3.6 16

17 Nonfarm noncorporate business 39.4 57.1 63.0 60.1 59.4 60.0 60.4 60.4 62.5 63.3 63.5 17

18 REITs 11.4 1.6 0.1 0.6 0.6 -0.4 -0.1 2.2 1.5 2.4 0.7 18

19 Change in private inventories 73.1 59.6 63.5 -60.3 -27.2 -57.1 -60.5 -96.5 -30.0 3.4 14.0 19

20 Nonfinancial corporate business 68.6 58.0 62.5 -58.9 -30.3 -51.4 -59.2 -94.5 -33.5 2.9 15.5 20

21 Nonfarm noncorporate business 3.6 3.1 3.3 -3.1 -1.6 -2.7 -3.1 -5.0 -1.8 0.2 0.8 21

22 Farm business 0.9 -1.5 -2.2 1.6 4.7 -3.0 1.8 3.0 5.3 0.4 -2.3 22

23 Net U.S. exports of goods and services -151.7 -249.9 -365.5 -348.9 -372.8 -365.6 -312.6 -344.5 -360.0 -425.6 -432.6 23

24 Exports 964.9 989.4 1101.2 1034.2 1100.0 1059.7 1005.8 971.1 977.5 1018.1 1035.4 24

25 - Imports 1116.7 1239.2 1466.6 1383.0 1472.8 1425.3 1318.4 1315.6 1337.5 1443.7 1468.0 25

 Government consumption expenditures and

26 gross investment 1538.5 1641.0 1751.0 1858.0 1825.1 1858.5 1851.7 1896.9 1939.5 1959.8 1981.7 26

27 Consumption expenditures (3) 1261.4 1336.3 1431.2 1522.2 1493.5 1515.5 1528.0 1551.8 1584.0 1611.6 1629.2 27

28 Federal 453.1 471.6 493.3 528.4 517.3 524.9 527.9 543.6 566.3 581.0 589.6 28

29 State and local 808.3 864.7 937.9 993.8 976.2 990.6 1000.1 1008.2 1017.7 1030.6 1039.6 29

30 Gross investment (3) 277.1 304.7 319.8 335.9 331.6 343.0 323.7 345.1 355.5 348.2 352.5 30

31 Federal 86.1 93.4 95.9 99.7 96.0 99.8 99.5 103.4 105.8 107.1 107.9 31

32 State and local 191.0 211.3 223.9 236.2 235.6 243.2 224.2 241.7 249.7 241.1 244.6 32

 Memo:

33 Net U.S. income receipts from rest of the world -3.5 22.7 23.4 22.0 9.9 31.1 11.5 35.3 1.9 -20.1 -12.9 33

34 U.S. income receipts 286.1 316.8 383.4 316.9 364.2 332.5 302.0 269.0 264.7 276.0 283.5 34

35 - U.S. income payments 289.6 294.1 360.0 295.0 354.3 301.4 290.5 233.7 262.8 296.1 296.4 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 8778.2 9297.1 9848.1 10104.1 10037.9 10080.9 10109.3 10188.3 10315.0 10356.7 10490.9 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, December 5, 2002 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 7041.6 7468.8 7984.4 8122.0 8092.0 8110.1 8089.1 8196.8 8276.3 8327.8 8391.5 1

 2 Compensation of employees 4989.8 5308.8 5723.4 5874.9 5878.8 5879.2 5880.5 5860.9 5916.2 5963.6 6024.7 2

 3 Wages and other labor income 4683.5 4980.7 5380.5 5521.0 5525.0 5525.1 5526.2 5507.8 5555.7 5601.0 5659.4 3

 4 Employer social insurance contributions 307.0 323.0 342.9 353.8 353.9 354.1 354.3 353.1 360.5 362.6 365.3 4

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

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 623.8 678.4 714.8 727.9 721.2 726.6 732.4 731.3 748.4 747.5 759.1 6

 7 Nonfarm 598.2 650.7 692.3 708.8 701.9 708.2 713.1 712.1 726.7 740.0 748.4 7

 8 Farm 25.6 27.7 22.6 19.1 19.3 18.4 19.3 19.2 21.7 7.5 10.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 138.6 149.2 146.6 137.9 137.0 134.3 140.8 139.3 141.3 153.5 145.0 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 777.5 805.8 788.1 731.6 706.5 721.4 687.1 811.4 797.6 785.1 770.9 10

 Corporate profits with inventory

11 valuation adjustment 739.5 757.9 767.3 675.1 696.9 714.1 663.2 626.3 641.3 652.3 653.3 11

12 Profits before tax 721.1 762.1 782.3 670.2 707.0 720.3 654.3 599.1 639.4 658.0 668.5 12

13 Domestic nonfinancial 460.1 458.9 436.0 326.9 360.9 366.5 347.9 232.4 287.3 322.3 338.2 13

14 Farm 0.3 1.3 1.9 1.8 1.8 1.7 1.9 1.9 2.0 2.1 2.1 14

15 Foreign subsidiaries 102.3 120.3 143.3 150.8 136.1 160.5 141.8 164.7 132.1 115.2 115.9 15

16 Financial 158.5 181.7 201.0 190.7 208.2 191.6 162.7 200.1 218.0 218.4 212.3 16

 Less:

17 Profits tax liability 238.9 247.8 259.4 199.3 217.3 213.1 196.2 170.6 202.4 213.7 214.8 17

18 Domestic nonfinancial 154.2 166.4 171.9 123.0 133.7 135.6 128.9 93.6 119.3 130.2 134.1 18

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

20 Financial 84.3 80.9 86.9 75.8 83.0 76.9 66.8 76.6 82.6 82.9 80.1 20

 Equals:

21 Profits after tax 482.3 514.3 522.9 470.9 489.7 507.2 458.1 428.5 437.0 444.3 453.7 21

22 Dividends 348.7 328.4 376.1 409.6 402.9 406.5 411.4 417.7 424.2 430.8 437.7 22

23 Domestic nonfinancial 240.8 237.3 258.0 277.0 275.2 266.8 282.3 283.7 291.5 278.6 271.7 23

24 Farm 1.4 1.9 1.7 1.5 1.5 1.5 1.5 1.5 1.6 1.6 1.6 24

25 Foreign subsidiaries 39.5 28.8 26.6 26.5 21.7 37.3 21.2 25.8 21.4 45.7 62.1 25

26 Financial 67.0 60.4 89.8 104.6 104.5 100.9 106.4 106.7 109.7 104.9 102.3 26

27 Undistributed profits 133.6 185.9 146.8 61.3 86.8 100.7 46.7 10.8 12.8 13.5 16.0 27

28 Domestic nonfinancial 65.1 55.2 6.1 -73.0 -48.0 -36.0 -63.2 -144.9 -123.6 -86.6 -67.6 28

29 Farm -1.6 -1.1 -0.2 -0.2 -0.3 -0.3 -0.2 -0.0 -0.0 -0.0 -0.1 29

30 Foreign subsidiaries 62.8 91.5 116.7 124.3 114.4 123.2 120.6 138.9 110.7 69.5 53.8 30

31 Financial 7.3 40.5 24.2 10.2 20.7 13.8 -10.5 16.8 25.7 30.6 29.9 31

32 Inventory valuation adjustment 18.4 -4.2 -15.0 5.0 -10.1 -6.2 8.9 27.2 1.9 -5.7 -15.2 32

33 Capital consumption adjustment 38.0 47.9 20.8 56.5 9.6 7.3 23.9 185.1 156.3 132.8 117.6 33

34 Domestic nonfinancial 50.8 61.4 37.6 72.2 30.3 29.7 42.8 185.9 159.8 139.1 124.9 34

35 Farm 1.1 1.1 1.3 1.5 1.4 1.4 1.5 1.5 1.5 1.5 1.5 35

36 Financial -13.9 -14.7 -18.1 -17.2 -22.1 -23.8 -20.4 -2.3 -5.0 -7.8 -8.8 36

37 Net interest 511.9 526.6 611.5 649.8 648.5 648.6 648.3 653.9 672.8 678.1 691.8 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 7041.6 7468.8 7984.4 8122.0 8092.0 8110.1 8089.1 8196.8 8276.3 8327.8 8391.5 38

 Plus:

39 Business transfer payments to persons 28.7 31.3 33.1 33.4 32.7 33.2 33.6 34.0 34.6 34.9 35.3 39

40 Business transfer payments to rest of the world 9.3 10.2 10.6 9.1 9.4 9.3 9.0 8.8 9.2 9.0 9.2 40

41 Indirect business tax and nontax accruals 681.3 713.0 753.6 774.8 770.6 776.0 772.7 779.8 786.2 795.1 807.9 41

42 Private consumption of fixed capital 884.3 947.3 1018.0 1106.8 1064.1 1095.0 1153.8 1114.4 1136.9 1161.2 1174.4 42

43 Government consumption of fixed capital 187.7 197.9 210.9 222.5 217.6 220.1 227.9 224.2 226.5 228.6 230.4 43

44 Statistical discrepancy -31.1 -38.7 -128.3 -117.2 -105.7 -113.0 -117.7 -132.3 -117.7 -164.8 -128.8 44

 Less:

 Subsidies less current surplus of

45 government enterprises 23.6 32.5 34.1 47.2 42.7 49.7 59.1 37.4 37.0 35.1 29.0 45

46 Net U.S. income receipts from rest of the world -3.5 22.7 23.4 22.0 9.9 31.1 11.5 35.3 1.9 -20.1 -12.9 46

 Equals:

47 Gross Domestic Product 8781.6 9274.4 9824.7 10082.2 10028.0 10049.8 10097.8 10153.0 10313.1 10376.8 10503.8 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 5, 2002

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1647.3 1704.2 1807.8 1662.4 1698.8 1670.6 1665.6 1614.3 1611.0 1603.7 1578.0 1

 2 Gross private saving 1375.1 1356.1 1372.1 1399.3 1324.1 1338.4 1535.5 1399.0 1579.9 1610.5 1589.8 2

 3 Personal saving 301.5 174.1 201.5 169.8 173.7 141.6 302.2 61.5 272.0 308.7 297.0 3

 4 Undistributed corporate profits 133.6 185.9 146.8 61.3 86.8 100.7 46.7 10.8 12.8 13.5 16.0 4

 5 Nonfinancial corp. inventory valuation adjustment 18.4 -4.2 -15.0 5.0 -10.1 -6.2 8.9 27.2 1.9 -5.7 -15.2 5

 6 Corporate capital consumption adjustment 38.0 47.9 20.8 56.5 9.6 7.3 23.9 185.1 156.3 132.8 117.6 6

 7 Private consumption of fixed capital 884.3 947.3 1018.0 1106.8 1064.1 1095.0 1153.8 1114.4 1136.9 1161.2 1174.4 7

 8 Corporate 620.2 665.5 721.1 789.1 755.9 772.3 835.6 792.6 808.3 826.1 836.1 8

 9 Noncorporate 264.2 281.9 296.9 317.7 308.2 322.6 318.2 321.9 328.6 335.1 338.3 9

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

11 Gross government saving 272.3 348.1 435.7 263.1 374.8 332.2 130.1 215.3 31.1 -6.8 -11.8 11

12 Federal 132.0 203.4 302.8 170.8 271.5 243.2 47.3 121.0 -43.0 -89.1 -88.2 12

13 Consumption of fixed capital 88.2 91.5 95.9 98.8 97.7 98.6 99.0 99.7 100.6 101.3 102.1 13

14 Current surplus or deficit (-), NIPA 43.8 111.9 206.8 72.0 173.8 144.6 -51.7 21.3 -143.6 -190.4 -190.3 14

15 State and local 140.2 144.7 132.9 92.3 103.3 89.0 82.8 94.3 74.1 82.3 76.4 15

16 Consumption of fixed capital 99.5 106.4 115.0 123.7 119.9 121.5 128.9 124.5 125.9 127.3 128.3 16

17 Current surplus or deficit (-), NIPA 40.8 38.3 17.9 -31.4 -16.6 -32.5 -46.1 -30.2 -51.8 -45.0 -51.9 17

18 Gross investment 1616.2 1665.5 1679.5 1545.2 1593.1 1557.6 1547.9 1482.0 1493.3 1438.9 1449.2 18

19 Gross private domestic investment 1538.8 1636.8 1755.4 1586.0 1671.1 1597.1 1575.0 1500.7 1559.4 1587.9 1594.2 19

20 Fixed investment 1465.6 1577.2 1691.8 1646.3 1698.3 1654.2 1635.5 1597.2 1589.4 1584.5 1580.2 20

21 Nonresidential 1101.3 1173.5 1265.8 1201.6 1258.3 1210.0 1188.1 1149.8 1126.8 1115.8 1110.0 21

22 Residential 364.4 403.7 426.1 444.8 440.0 444.2 447.4 447.4 462.6 468.7 470.2 22

23 Change in private inventories 73.1 59.6 63.5 -60.3 -27.2 -57.1 -60.5 -96.5 -30.0 3.4 14.0 23

24 Gross government investment 277.1 304.7 319.8 335.9 331.6 343.0 323.7 345.1 355.5 348.2 352.5 24

25 Net foreign investment in U.S. -199.7 -276.0 -395.7 -376.7 -409.6 -382.5 -350.8 -363.8 -421.6 -497.2 -497.5 25

26 Statistical discrepancy (line 18 less line 1) -31.1 -38.7 -128.3 -117.2 -105.7 -113.0 -117.7 -132.3 -117.7 -164.8 -128.8 26

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 32.4 32.4 35.9 35.4 36.7 35.9 34.4 34.7 35.8 29.7 35.6 1

 2 Federal -3.6 -7.4 -8.0 -12.9 -9.6 -12.8 -14.7 -14.3 -18.3 -21.8 -16.8 2

 3 Estate and gift taxes paid by persons 25.2 28.8 28.1 27.9 29.1 28.4 27.0 27.3 28.5 22.4 28.4 3

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

 5 - Federal investment grants to state and local govts. 28.8 31.9 36.1 40.8 38.6 41.2 41.7 41.6 46.8 44.2 45.2 5

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

 7 State and local 36.0 39.7 43.9 48.3 46.2 48.7 49.2 49.0 54.1 51.5 52.4 7

 8 Estate and gift taxes paid by persons 7.2 7.8 7.8 7.5 7.6 7.5 7.5 7.4 7.4 7.3 7.2 8

 9 + Federal investment grants to state and local govts. 28.8 31.9 36.1 40.8 38.6 41.2 41.7 41.6 46.8 44.2 45.2 9

10 Capital transfers received by the rest of the world (net) -0.7 3.4 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.7 -0.8 -0.8 10

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

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

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.
Z.1, December 5, 2002 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 891.5 703.2 543.5 724.9 627.4 836.3 1070.1 365.8 830.3 879.6 636.6 1

 2 Foreign deposits 0.1 5.2 15.0 -5.0 -6.0 -4.0 -3.6 -6.4 -32.0 -18.0 16.0 2

 3 Checkable deposits and currency 6.6 -18.7 -3.2 40.2 51.8 35.5 -21.5 94.9 33.8 64.7 56.0 3

 4 Time and savings deposits 175.6 78.8 286.4 221.1 276.4 291.6 206.0 110.3 428.8 284.3 389.2 4

 5 Money market fund shares 174.5 134.5 139.4 178.1 259.3 90.3 292.0 70.8 -208.6 43.5 -11.8 5

 6 Securities 77.4 75.6 -459.6 -194.5 -447.3 -47.3 -128.2 -155.1 335.8 218.4 -299.5 6

 7 Open market paper 7.5 4.1 4.9 -19.4 -22.0 -18.0 -15.0 -22.5 -33.8 -27.8 20.2 7

 8 U.S. government securities -6.5 165.7 -128.6 -170.4 -517.5 -183.1 186.3 -167.2 37.5 112.6 -190.5 8

 9 Municipal securities 17.9 37.9 31.9 40.7 82.9 31.7 -17.8 66.0 123.0 87.4 49.1 9

10 Corporate and foreign bonds 109.0 34.7 -16.5 59.7 321.6 -13.1 -159.3 89.5 -10.0 34.1 -133.6 10

11 Corporate equities (2) -331.6 -338.1 -509.7 -278.0 -391.1 -122.6 -258.8 -339.3 -159.1 -71.1 -89.4 11

12 Mutual fund shares 281.0 171.4 158.4 172.8 78.8 257.7 136.4 218.4 378.2 83.2 44.8 12

13 Life insurance reserves 48.0 50.8 50.2 77.2 62.3 52.2 74.7 119.6 93.9 92.2 117.4 13

14 Pension fund reserves 217.4 181.8 209.0 209.1 295.9 209.1 180.3 150.8 134.1 145.5 263.4 14

15 Investment in bank personal trusts -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 15

16 Miscellaneous and other assets 238.0 203.4 249.7 167.3 107.9 177.0 438.7 -54.4 18.2 22.2 85.2 16

17 Gross investment in tangible assets 1241.0 1367.0 1473.6 1535.4 1523.0 1518.2 1531.5 1569.0 1524.2 1522.1 1562.4 17

18 Residential fixed investment 350.2 398.9 422.5 440.8 436.0 441.2 444.1 441.8 457.5 462.7 465.9 18

19 Other fixed assets (3) 173.8 215.5 244.6 232.8 240.3 235.6 237.8 217.7 204.2 202.0 200.0 19

20 Consumer durables 712.4 751.0 805.4 863.3 843.5 847.2 851.0 911.5 859.0 856.9 898.0 20

21 Inventories (3) 4.5 1.6 1.1 -1.5 3.1 -5.7 -1.3 -2.0 3.5 0.6 -1.5 21

22 Consumption of fixed capital 790.6 833.5 882.7 934.4 899.2 928.8 969.0 940.7 958.8 978.7 988.7 22

23 Residential fixed investment 146.9 159.4 166.9 181.2 174.5 179.3 188.5 182.5 186.0 189.8 192.0 23

24 Other fixed assets (3) 137.9 144.2 152.8 160.1 154.5 162.6 162.3 161.0 163.5 166.6 167.3 24

25 Consumer durables 505.8 529.9 563.0 593.2 570.3 586.8 618.3 597.2 609.3 622.3 629.4 25

26 Net investment in tangible assets (4) 450.3 533.4 590.9 601.0 623.7 589.4 562.5 628.3 565.5 543.4 573.7 26

27 Residential fixed investment 203.3 239.5 255.6 259.6 261.6 261.8 255.6 259.3 271.5 272.8 273.9 27

28 Other fixed assets (3) 35.9 71.3 91.8 72.7 85.7 72.9 75.5 56.8 40.7 35.4 32.7 28

29 Consumer durables 206.6 221.1 242.4 270.1 273.3 260.3 232.6 314.3 249.7 234.6 268.6 29

30 Inventories (3) 4.5 1.6 1.1 -1.5 3.1 -5.7 -1.3 -2.0 3.5 0.6 -1.5 30

31 Net increase in liabilities 775.1 891.5 847.6 803.9 594.2 908.3 1132.8 580.4 858.5 780.7 867.1 31

32 Mortgage debt on nonfarm homes 386.3 422.5 411.7 528.2 420.0 605.2 557.8 529.9 601.3 656.7 784.3 32

33 Other mortgage debt (3) 86.5 108.5 98.0 118.1 89.4 135.8 122.1 125.3 89.7 120.3 110.5 33

34 Consumer credit 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 34

35 Policy loans 0.1 -5.1 2.8 2.2 4.0 0.6 5.4 -1.1 1.1 -0.2 2.7 35

36 Security credit 21.6 75.2 7.2 -38.8 -157.4 0.8 248.3 -246.8 -17.5 -85.0 -89.4 36

37 Other liabilities (3) 205.7 190.9 188.9 83.9 93.7 90.0 128.6 23.2 102.2 12.6 -1.1 37

38 Net capital transfers (5) -31.7 -35.7 -35.1 -34.6 -35.9 -35.1 -33.7 -33.9 -35.0 -28.9 -34.8 38

39 Personal saving, with consumer durables (FOF) 598.4 380.9 321.9 556.6 692.8 552.5 533.4 447.6 572.4 671.2 378.0 39

40 Less net investment in consumer durables 206.6 221.1 242.4 270.1 273.3 260.3 232.6 314.3 249.7 234.6 268.6 40

41 = Personal saving, without consumer durables (FOF) (6) 391.8 159.8 79.5 286.5 419.6 292.2 300.8 133.3 322.6 436.6 109.4 41

42 Personal saving (NIPA, excludes consumer durables) 301.5 174.1 201.5 169.8 173.7 141.6 302.2 61.5 272.0 308.7 297.0 42

43 Difference 90.2 -14.2 -122.0 116.7 245.9 150.6 -1.4 71.8 50.6 127.9 -187.6 43

 Memo:

44 Disposable personal income 6355.6 6627.4 7120.1 7393.2 7317.6 7340.1 7524.2 7391.1 7668.3 7786.6 7877.0 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 9.4 5.7 4.5 7.5 9.5 7.5 7.1 6.1 7.5 8.6 4.8 45

46 Without consumer durables (FOF) (line 41) 6.2 2.4 1.1 3.9 5.7 4.0 4.0 1.8 4.2 5.6 1.4 46

47 Without consumer durables (NIPA) (line 42) 4.7 2.6 2.8 2.3 2.4 1.9 4.0 0.8 3.5 4.0 3.8 47

48 Difference (line 43) 1.4 -0.2 -1.7 1.6 3.4 2.1 -0.0 1.0 0.7 1.6 -2.4 48

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

 (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).
16 Z.1, December 5, 2002

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 7426.0 7786.5 8406.6 8685.4 8658.1 8676.2 8706.2 8700.9 8810.4 8913.7 8995.0 1

 2 - Personal taxes and nontax payments 1070.5 1159.1 1286.4 1292.1 1340.5 1336.1 1182.0 1309.8 1142.1 1127.1 1118.0 2

 3 = Disposable personal income 6355.6 6627.4 7120.1 7393.2 7317.6 7340.1 7524.2 7391.1 7668.3 7786.6 7877.0 3

 4 - Personal outlays 6054.1 6453.3 6918.6 7223.5 7143.9 7198.5 7222.0 7329.6 7396.3 7477.9 7580.0 4

 5 = Personal saving, NIPA (2) 301.5 174.1 201.5 169.8 173.7 141.6 302.2 61.5 272.0 308.7 297.0 5

 6 + Government insurance and pension reserves (3) 4.4 3.8 1.8 3.3 3.1 6.5 0.4 3.0 1.3 1.7 -6.2 6

 7 + Net investment in consumer durables 206.6 221.1 242.4 270.1 273.3 260.3 232.6 314.3 249.7 234.6 268.6 7

 8 + Consumption of fixed capital 641.9 675.9 717.1 761.3 731.9 753.1 793.6 766.5 782.0 798.7 807.8 8

 9 + Net capital transfers (4) -31.7 -35.7 -35.1 -34.6 -35.9 -35.1 -33.7 -33.9 -35.0 -28.9 -34.8 9

10 = Gross saving and net capital transfers 1122.7 1039.1 1127.7 1169.8 1146.0 1126.5 1295.1 1111.4 1269.9 1314.8 1332.4 10

11 Gross investment 1209.0 1021.1 1002.8 1282.0 1387.7 1269.5 1292.0 1178.8 1317.8 1439.5 1149.4 11

12 Capital expenditures 1083.2 1152.9 1230.7 1310.8 1289.7 1295.9 1301.5 1356.2 1315.6 1316.5 1359.2 12

13 Residential 310.8 341.8 359.5 380.7 376.6 381.2 383.7 381.3 395.1 399.4 402.4 13

14 Consumer durable goods 712.4 751.0 805.4 863.3 843.5 847.2 851.0 911.5 859.0 856.9 898.0 14

15 Nonprofit nonresidential 59.9 60.1 65.8 66.8 69.5 67.5 66.9 63.3 61.5 60.2 58.8 15

16 Net financial investment 125.8 -131.8 -227.9 -28.8 98.0 -26.4 -9.5 -177.4 2.3 123.0 -209.8 16

17 Net acquisition of financial assets 609.5 447.6 328.4 548.5 450.7 628.7 910.0 204.5 695.3 724.0 480.3 17

18 Foreign deposits 0.1 5.2 15.0 -5.0 -6.0 -4.0 -3.6 -6.4 -32.0 -18.0 16.0 18

19 Checkable deposits and currency -27.3 -61.2 -23.3 24.2 36.5 19.3 -37.7 78.7 18.8 49.7 45.0 19

20 Time and savings deposits 166.5 55.5 262.4 200.8 254.0 272.8 182.9 93.4 423.4 280.5 396.1 20

21 Money market fund shares 164.9 126.1 129.9 168.4 247.0 83.8 285.3 57.5 -205.6 39.5 -5.2 21

22 Credit market instruments 123.4 243.4 -103.1 -87.3 -135.5 -174.4 -5.6 -33.8 115.9 207.0 -250.3 22

23 Open market paper 7.5 4.1 4.9 -19.4 -22.0 -18.0 -15.0 -22.5 -33.8 -27.8 20.2 23

24 U.S. government securities -12.2 166.6 -123.4 -168.9 -517.0 -178.1 185.9 -166.3 36.5 110.8 -187.2 24

25 Treasury -37.5 37.4 -167.5 -63.7 -77.8 -182.5 85.7 -80.1 68.1 139.7 91.7 25

26 Savings bonds 0.1 -0.2 -1.7 5.6 1.5 3.4 4.1 13.4 7.9 3.8 2.4 26

27 Other -37.7 37.6 -165.8 -69.3 -79.3 -185.9 81.6 -93.5 60.2 135.9 89.3 27

28 Agency 25.3 129.2 44.0 -105.2 -439.2 4.4 100.2 -86.1 -31.6 -28.9 -278.9 28

29 Municipal securities 18.2 38.1 31.0 40.3 81.9 31.5 -18.0 65.8 122.8 87.2 48.9 29

30 Corporate and foreign bonds 109.0 34.7 -16.5 59.7 321.6 -13.1 -159.3 89.5 -10.0 34.1 -133.6 30

31 Mortgages 0.9 -0.1 0.9 0.9 -0.0 3.2 0.8 -0.4 0.4 2.6 1.4 31

32 Corporate equities (5) -331.6 -338.1 -509.7 -278.0 -391.1 -122.6 -258.8 -339.3 -159.1 -71.1 -89.4 32

33 Mutual fund shares 281.0 171.4 158.4 172.8 78.8 257.7 136.4 218.4 378.2 83.2 44.8 33

34 Security credit 61.2 47.2 88.6 41.9 -1.6 3.5 327.5 -161.8 -107.3 -106.3 -39.7 34

35 Life insurance reserves 48.0 50.8 50.2 77.2 62.3 52.2 74.7 119.6 93.9 92.2 117.4 35

36 Pension fund reserves 217.4 181.8 209.0 209.1 295.9 209.1 180.3 150.8 134.1 145.5 263.4 36

37 Investment in bank personal trusts -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 37

38 Equity in noncorporate business -57.8 -38.7 -10.2 -23.1 -19.7 -26.4 -44.6 -1.8 -13.2 -51.8 -75.9 38

39 Miscellaneous assets 9.7 12.4 4.7 16.1 3.2 25.8 41.4 -6.0 21.9 46.9 37.4 39

40 Net increase in liabilities 483.8 579.4 556.3 577.3 352.7 655.1 919.5 381.9 693.0 601.0 690.1 40

41 Credit market instruments 454.8 498.0 541.3 610.4 506.5 650.6 661.3 623.3 702.6 679.8 770.7 41

42 Home mortgages (6) 339.1 373.9 370.8 477.9 366.8 555.3 506.5 483.0 553.4 604.3 724.1 42

43 Consumer credit 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 43

44 Municipal securities 12.0 10.4 5.8 11.3 4.4 2.3 11.7 26.7 8.3 10.7 10.1 44

45 Bank loans n.e.c. 6.1 -7.0 6.7 -16.8 -25.9 -23.3 40.0 -57.9 16.0 -38.4 -63.7 45

46 Other loans and advances 13.3 14.6 16.4 16.9 19.3 19.1 19.5 9.8 20.9 11.9 22.7 46

47 Commercial mortgages 9.4 6.6 2.7 10.8 -2.6 21.2 13.0 11.7 22.3 15.0 17.3 47

48 Security credit 21.6 75.2 7.2 -38.8 -157.4 0.8 248.3 -246.8 -17.5 -85.0 -89.4 48

49 Trade payables 8.7 4.1 7.7 6.1 6.9 4.7 6.7 6.0 6.7 6.8 7.0 49

 Deferred and unpaid

50 life insurance premiums -1.4 2.1 0.1 -0.4 -3.3 -1.0 3.2 -0.6 1.3 -0.5 1.8 50

51 Discrepancy -86.3 18.1 124.9 -112.2 -241.7 -143.0 3.2 -67.3 -47.9 -124.7 182.9 51

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

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

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, December 5, 2002 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 1142.1 1196.2 1205.3 1108.5 1135.5 1145.4 1135.1 1017.9 1090.7 1129.5 1153.7 1

 2 Gross saving and net capital transfers 865.1 913.9 907.7 951.5 878.7 925.0 966.5 1035.7 993.7 978.7 967.7 2

 3 Gross investment 928.7 1024.9 1085.5 969.0 927.3 954.7 999.5 994.7 937.6 932.9 951.6 3

 4 Capital expenditures 984.2 1099.1 1200.1 1018.8 1099.5 1034.6 1011.2 929.9 982.3 1002.0 1016.4 4

 5 Fixed investment 907.0 1037.8 1136.0 1078.8 1126.4 1091.4 1071.4 1026.1 1012.0 998.3 1002.1 5

 6 Residential 42.1 60.3 66.4 63.5 62.8 63.4 63.8 63.8 66.0 66.9 67.1 6

 7 Nonresidential 834.9 955.6 1047.4 988.1 1036.4 1000.8 980.3 935.0 918.7 904.1 907.7 7

 8 Change in inventories 73.1 59.6 63.5 -60.3 -27.2 -57.1 -60.5 -96.5 -30.0 3.4 14.0 8

 9 Access rights from federal government 4.1 1.7 0.6 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 9

10 Net financial investment -55.5 -74.2 -114.6 -49.8 -172.2 -80.0 -11.7 64.8 -44.7 -69.0 -64.8 10

11 Net acquisition of financial assets 787.4 1175.7 933.4 427.8 478.8 345.8 465.7 420.8 327.8 307.8 196.4 11

12 Foreign deposits 7.4 0.9 16.0 -10.4 -30.3 0.4 -10.2 -1.5 14.8 -4.2 13.6 12

13 Checkable deposits and currency 69.0 81.4 28.7 23.6 -30.7 -17.8 69.9 73.1 -50.6 -17.5 -19.6 13

14 Time and savings deposits 2.3 70.0 41.3 47.5 22.3 13.5 25.1 129.0 -3.7 -6.6 -21.2 14

15 Money market fund shares 36.1 31.5 49.9 106.9 142.5 119.1 38.0 128.1 -29.9 20.2 -24.8 15

16 Security RPs -0.4 1.6 2.4 -0.2 -3.2 0.8 -0.1 1.8 -1.1 -0.9 6.4 16

17 Credit market instruments -2.7 -18.6 3.8 -16.6 -19.3 -24.3 -30.7 7.8 53.0 7.9 -1.3 17

18 Commercial paper 3.3 8.2 13.8 -4.9 -15.9 0.9 -4.9 0.2 -2.1 -4.4 4.8 18

19 U.S. government securities 5.1 -3.3 -4.2 9.1 7.8 5.9 1.9 20.7 28.0 37.2 17.6 19

20 Municipal securities -2.0 -1.0 -1.3 -6.3 -26.0 -12.7 2.1 11.3 -3.8 5.9 -3.2 20

21 Mortgages -5.1 -28.0 -6.9 0.3 -0.3 2.1 -0.3 -0.3 -0.9 -1.7 -2.0 21

22 Consumer credit -4.1 5.4 2.4 -14.8 15.1 -20.5 -29.5 -24.2 31.8 -29.1 -18.5 22

23 Mutual fund shares 10.3 12.5 12.9 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 23

24 Trade receivables 115.2 243.1 105.3 -71.3 94.4 -189.7 -51.2 -138.7 167.5 95.9 127.6 24

25 Miscellaneous assets 550.1 753.2 673.0 353.4 308.3 449.0 430.1 226.3 183.0 218.2 120.9 25

26 Net increase in liabilities 842.9 1249.9 1048.0 477.5 651.0 425.8 477.4 356.0 372.5 376.8 261.2 26

27 Credit market instruments 559.9 578.4 581.4 409.9 405.7 495.1 349.6 389.2 122.6 239.5 153.2 27

28 Commercial paper 24.4 37.4 48.1 -88.3 -199.2 -133.4 -66.1 45.5 -155.7 -93.0 -28.7 28

29 Municipal securities 5.8 5.1 1.4 3.3 2.6 2.9 1.7 5.8 0.0 2.4 3.4 29

30 Corporate bonds 218.7 229.9 171.1 332.6 399.5 419.5 187.9 323.5 233.8 207.0 -23.4 30

31 Bank loans n.e.c. 102.1 89.8 95.0 -65.5 6.5 -97.6 -64.4 -106.5 -34.7 -154.4 -61.5 31

32 Other loans and advances 67.6 31.8 79.7 12.1 12.8 112.8 39.9 -117.2 -41.8 64.9 60.7 32

33 Mortgages 141.3 184.4 186.1 215.8 183.4 190.9 250.5 238.2 121.1 212.6 202.6 33

34 Corporate equities -267.0 -143.5 -159.7 -61.8 -25.0 -70.7 -126.6 -25.0 -8.7 18.5 -139.0 34

35 Trade payables 80.0 219.6 148.4 -60.7 111.7 -144.0 -58.7 -151.8 211.3 77.4 132.0 35

36 Taxes payable 13.8 16.2 14.5 6.9 0.9 7.2 95.9 -76.3 11.9 54.1 -69.5 36

37 Miscellaneous liabilities 520.6 629.0 506.6 219.7 191.0 193.3 243.4 251.0 65.1 37.5 232.9 37

38 Proprietors’ net investment -64.4 -49.8 -43.1 -36.4 -33.3 -55.1 -26.2 -31.1 -29.8 -50.3 -48.4 38

39 Discrepancy -63.6 -111.0 -177.9 -17.5 -48.6 -29.6 -32.9 41.0 56.1 45.8 16.1 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 5, 2002

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 460.1 458.9 436.0 326.9 360.9 366.5 347.9 232.4 287.3 322.3 338.2 1

 2 - Profit tax accruals 154.2 166.4 171.9 123.0 133.7 135.6 128.9 93.6 119.3 130.2 134.1 2

 3 - Dividends 240.8 237.3 258.0 277.0 275.2 266.8 282.3 283.7 291.5 278.6 271.7 3

 4 + Capital consumption allowance (1) 570.6 613.9 633.1 720.9 654.0 667.3 723.5 838.9 826.4 819.9 814.3 4

 5 = U.S. internal funds, book 635.7 669.1 639.2 647.9 606.0 631.3 660.2 694.0 702.8 733.4 746.6 5

 6 + Foreign earnings retained abroad 62.8 91.5 116.7 124.3 114.4 123.2 120.6 138.9 110.7 69.5 53.8 6

 7 + Inventory valuation adjustment (IVA) 18.4 -4.2 -15.0 5.0 -10.1 -6.2 8.9 27.2 1.9 -5.7 -15.2 7

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

 9 = Total internal funds + IVA 716.8 756.3 741.0 777.1 710.3 748.3 789.7 860.1 815.4 797.2 785.2 9

10 Gross investment 780.4 867.3 918.8 794.6 758.9 777.9 822.7 819.1 759.3 751.4 769.1 10

11 Capital expenditures 826.5 885.0 957.2 794.2 866.3 812.3 781.2 717.1 773.6 796.3 813.2 11

12 Fixed investment (3) 753.8 825.3 894.2 852.8 896.3 863.4 840.1 811.3 806.9 793.2 797.4 12

13 Inventory change + IVA 68.6 58.0 62.5 -58.9 -30.3 -51.4 -59.2 -94.5 -33.5 2.9 15.5 13

14 Access rights from federal government 4.1 1.7 0.6 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 14

15 Net financial investment -46.1 -17.7 -38.4 0.4 -107.4 -34.4 41.5 102.0 -14.3 -44.9 -44.0 15

16 Net acquisition of financial assets 569.9 969.9 761.4 287.8 335.4 193.3 331.8 290.6 222.5 202.4 88.5 16

17 Foreign deposits 7.4 0.9 16.0 -10.4 -30.3 0.4 -10.2 -1.5 14.8 -4.2 13.6 17

18 Checkable deposits and currency 35.2 38.9 8.6 7.6 -46.1 -33.9 53.7 56.9 -65.7 -32.6 -30.6 18

19 Time and savings deposits -6.8 46.8 17.3 27.2 -0.1 -5.3 2.0 112.1 -9.1 -10.4 -14.2 19

20 Money market fund shares 26.5 23.1 40.4 97.2 130.2 112.6 31.3 114.9 -26.9 16.2 -18.2 20

21 Security RPs -0.4 1.6 2.4 -0.2 -3.2 0.8 -0.1 1.8 -1.1 -0.9 6.4 21

22 Commercial paper 3.3 8.2 13.8 -4.9 -15.9 0.9 -4.9 0.2 -2.1 -4.4 4.8 22

23 U.S. government securities -0.6 -2.4 1.0 10.6 8.3 10.9 1.5 21.6 27.0 35.3 20.9 23

24 Municipal securities -1.6 -0.7 -2.1 -6.7 -27.0 -12.9 1.9 11.1 -4.0 5.7 -3.4 24

25 Mortgages -13.0 -26.0 -10.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 25

26 Consumer credit -4.1 5.4 2.4 -14.8 15.1 -20.5 -29.5 -24.2 31.8 -29.1 -18.5 26

27 Trade receivables 86.3 200.5 63.0 -86.4 79.3 -200.6 -64.0 -160.3 142.5 77.0 97.1 27

28 Mutual fund shares 10.3 12.5 12.9 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 28

29 Miscellaneous assets 427.4 661.2 595.8 276.7 233.3 349.1 358.3 166.0 123.5 158.0 38.8 29

30 U.S. direct investment abroad (4) 129.2 158.4 147.5 104.9 76.3 126.2 108.2 108.9 103.5 98.9 71.6 30

31 Insurance receivables 1.7 1.0 -0.3 10.3 3.3 10.6 26.5 0.9 12.0 21.4 26.1 31

32 Equity in GSEs -0.7 -0.6 0.0 -0.2 -1.3 1.7 -0.4 -0.9 -2.1 -0.9 -2.2 32

33 Investment in finance co. subs. -6.4 26.8 7.4 -1.7 -10.8 -7.6 -3.4 15.0 -33.3 1.4 -0.7 33

34 Other 303.6 475.6 441.3 163.3 165.7 218.2 227.4 42.1 43.5 37.2 -56.0 34

35 Net increase in liabilities 616.0 987.6 799.8 287.3 442.8 227.7 290.3 188.6 236.8 247.4 132.5 35

36 Net funds raised in markets 125.2 247.1 240.1 183.8 212.7 242.8 64.7 214.8 -1.6 116.8 -128.3 36

37 Net new equity issues -267.0 -143.5 -159.7 -61.8 -25.0 -70.7 -126.6 -25.0 -8.7 18.5 -139.0 37

38 Credit market instruments 392.1 390.5 399.8 245.6 237.7 313.5 191.3 239.8 7.1 98.3 10.7 38

39 Commercial paper 24.4 37.4 48.1 -88.3 -199.2 -133.4 -66.1 45.5 -155.7 -93.0 -28.7 39

40 Municipal securities (5) 5.8 5.1 1.4 3.3 2.6 2.9 1.7 5.8 0.0 2.4 3.4 40

41 Corporate bonds (4) 218.7 229.9 171.1 332.6 399.5 419.5 187.9 323.5 233.8 207.0 -23.4 41

42 Bank loans n.e.c. 72.0 60.8 62.4 -72.0 -15.6 -96.8 -71.9 -103.5 -36.4 -131.9 -43.6 42

43 Other loans and advances 54.3 23.4 66.9 11.8 12.0 94.9 49.6 -109.3 -40.4 58.9 53.9 43

44 Savings institutions 2.7 3.2 4.3 1.8 4.1 4.8 -0.3 -1.4 3.1 -0.3 2.1 44

45 Finance companies 33.1 48.8 57.0 -10.3 -4.8 81.2 -69.1 -48.5 -21.1 20.7 29.3 45

46 U.S. government -0.1 -0.3 -0.4 -0.2 0.3 -1.2 1.4 -1.3 -1.3 0.8 -1.8 46

47 Acceptance liabilities to banks -4.3 -2.2 -0.0 -0.3 8.3 -3.2 -7.0 0.8 -1.6 2.2 -1.2 47

48 Rest of the world -1.0 -22.7 -2.2 -1.6 -24.3 28.2 59.8 -70.2 -37.8 54.0 39.9 48

49 ABS issuers 23.8 -3.3 8.3 22.4 28.6 -15.0 64.8 11.4 18.2 -18.6 -14.4 49

50 Mortgages 17.0 34.0 49.9 58.2 38.3 26.6 90.1 77.7 5.8 54.9 49.2 50

51 Trade payables 57.6 178.5 112.5 -80.9 86.9 -173.6 -69.8 -166.9 195.0 65.3 120.6 51

52 Taxes payable 4.8 7.0 7.0 0.1 -7.0 -2.9 91.6 -81.2 4.1 48.4 -77.9 52

53 Miscellaneous liabilities 428.4 555.1 440.2 184.3 150.2 161.3 203.7 222.0 39.4 16.8 218.0 53

54 Foreign direct investment in U.S. 144.4 247.0 189.1 66.6 118.5 97.7 18.7 31.7 5.6 -40.7 33.5 54

55 Pension fund contributions payable 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 55

56 Other 262.5 312.9 249.9 116.4 30.5 62.3 183.8 189.0 32.5 56.3 183.2 56

57 Discrepancy -63.6 -111.0 -177.9 -17.5 -48.6 -29.6 -32.9 41.0 56.1 45.8 16.1 57

 Memo:

58 Financing gap (6) 172.5 220.2 333.0 141.4 270.4 187.2 112.1 -4.1 68.9 68.7 81.7 58

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

(2) Table F.9, line 6.

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

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

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

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, December 5, 2002 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 656.5 709.6 746.7 762.5 755.2 760.5 767.9 766.3 781.7 799.7 804.8 1

 2 Gross saving = capital consumption 125.0 132.5 141.0 148.0 143.2 150.8 149.2 148.9 151.0 153.7 154.3 2

 3 Gross investment 125.0 132.5 141.0 148.0 143.2 150.8 149.2 148.9 151.0 153.7 154.3 3

 4 Capital expenditures 127.5 190.2 217.0 192.9 199.2 196.9 196.7 179.0 173.8 175.0 173.2 4

 5 Fixed investment (1) 123.9 187.1 213.8 196.0 200.8 199.6 199.8 183.9 175.6 174.9 172.4 5

 6 Change in inventories 3.6 3.1 3.3 -3.1 -1.6 -2.7 -3.1 -5.0 -1.8 0.2 0.8 6

 7 Net financial investment -2.5 -57.7 -76.1 -44.9 -56.0 -46.1 -47.4 -30.1 -22.8 -21.3 -18.9 7

 8 Net acquisition of financial assets 215.2 205.0 171.9 138.1 142.4 149.4 131.3 129.5 103.3 100.9 102.7 8

 9 Checkable deposits and currency 32.1 41.9 20.0 15.6 15.0 15.8 15.8 15.8 15.8 15.8 11.8 9

10 Time and savings deposits 9.1 23.2 24.0 20.3 22.4 18.8 23.1 16.9 5.4 3.8 -6.9 10

11 Money market mutual funds 9.7 8.5 9.5 9.7 12.3 6.5 6.7 13.3 -3.0 4.0 -6.6 11

12 Treasury securities 5.7 -0.9 -5.2 -1.5 -0.5 -5.0 0.4 -0.9 1.0 1.8 -3.4 12

13 Municipal securities -0.4 -0.2 0.9 0.4 1.0 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages 7.9 -2.0 3.1 3.3 2.7 5.1 2.7 2.7 2.1 1.3 1.0 14

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

16 Trade receivables 28.9 42.6 42.3 15.1 15.1 10.9 12.8 21.6 25.0 18.9 30.5 16

17 Miscellaneous assets 122.2 91.8 77.3 75.2 74.4 97.1 69.6 59.9 56.8 55.0 76.1 17

18 Insurance receivables 0.4 0.2 -0.1 2.5 0.8 2.6 6.4 0.2 2.9 5.2 6.3 18

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

20 Other 121.9 91.6 77.4 72.9 73.7 94.9 63.3 59.7 53.8 50.0 69.7 20

21 Net increase in liabilities 217.7 262.7 248.0 183.1 198.4 195.5 178.7 159.6 126.1 122.2 121.6 21

22 Credit market instruments 159.7 182.4 170.7 156.8 162.2 170.1 153.8 141.1 110.3 132.7 128.9 22

23 Bank loans n.e.c. 28.9 29.9 29.9 6.4 20.7 -0.2 10.5 -5.3 3.9 -21.1 -17.4 23

24 Other loans and advances 13.0 7.8 11.1 0.3 0.7 17.8 -10.1 -7.3 -2.0 5.2 5.3 24

25 Mortgages 117.7 144.7 129.7 150.1 140.8 152.5 153.4 153.7 108.4 148.6 141.0 25

26 Trade payables 21.6 40.7 35.0 20.0 23.2 29.6 12.8 14.4 17.8 12.3 12.1 26

27 Taxes payable 9.0 9.3 7.5 6.8 7.9 10.1 4.4 4.9 7.8 5.7 8.3 27

28 Miscellaneous liabilities 92.3 73.9 66.3 35.4 40.8 32.1 39.7 29.0 25.8 20.7 14.9 28

29 Proprietors’ net investment -64.8 -43.5 -31.5 -35.9 -35.7 -46.3 -31.9 -29.9 -35.5 -49.2 -42.7 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 25.6 27.7 22.6 19.1 19.3 18.4 19.3 19.2 21.7 7.5 10.7 1

 2 Net saving (corporate) -0.5 0.0 1.1 1.3 1.1 1.1 1.4 1.4 1.4 1.5 1.5 2

 3 Consumption of fixed capital 23.8 25.1 24.7 25.1 24.2 24.9 26.2 25.3 25.8 26.4 26.7 3

 4 Corporate 3.4 3.7 3.9 4.1 3.9 4.0 4.2 4.1 4.2 4.2 4.3 4

 5 Noncorporate 20.4 21.4 20.8 21.1 20.3 20.9 22.0 21.2 21.7 22.1 22.4 5

 6 Gross saving 23.3 25.1 25.8 26.4 25.3 26.0 27.6 26.7 27.3 27.9 28.2 6

 7 Gross investment 23.3 25.1 25.8 26.4 25.3 26.0 27.6 26.7 27.3 27.9 28.2 7

 8 Capital expenditures 30.3 23.9 25.8 31.7 34.1 25.4 33.3 33.9 34.9 30.6 30.0 8

 9 Fixed investment (2) 29.4 25.4 28.1 30.0 29.4 28.4 31.5 30.9 29.6 30.2 32.3 9

10 Change in inventories 0.9 -1.5 -2.2 1.6 4.7 -3.0 1.8 3.0 5.3 0.4 -2.3 10

11 Net financial investment -6.9 1.2 -0.1 -5.3 -8.8 0.5 -5.7 -7.1 -7.6 -2.8 -1.9 11

12 Net acquisition of financial assets 2.3 0.8 0.1 1.9 1.0 3.1 2.6 0.7 1.9 4.5 5.3 12

13 Checkable deposits and currency 1.7 0.6 0.2 0.4 0.4 0.4 0.4 0.4 -0.7 -0.7 -0.8 13

14 Miscellaneous assets 0.5 0.2 -0.1 1.5 0.6 2.8 2.3 0.3 2.7 5.2 6.1 14

15 Insurance receivables 0.4 0.2 -0.1 1.4 0.8 2.4 2.1 0.2 2.8 4.9 6.0 15

16 Equity investment in GSEs (3) 0.1 -0.0 -0.0 0.1 -0.1 0.3 0.2 0.1 -0.1 0.3 0.1 16

17 Net increase in liabilities 9.2 -0.4 0.2 7.1 9.8 2.6 8.4 7.8 9.5 7.2 7.1 17

18 Credit market instruments 8.0 5.5 10.9 7.5 5.7 11.5 4.4 8.3 5.3 8.5 13.5 18

19 Bank loans n.e.c. 1.2 -0.9 2.7 -0.0 1.4 -0.6 -3.0 2.2 -2.3 -1.4 -0.5 19

20 Other loans and advances 0.3 0.6 1.7 0.0 0.1 0.2 0.4 -0.7 0.6 0.9 1.6 20

21 Mortgages 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 21

22 Trade payables 0.8 0.4 0.9 0.2 1.7 -0.0 -1.7 0.7 -1.5 -0.2 -0.7 22

23 Proprietors’ net investment 0.4 -6.3 -11.6 -0.5 2.4 -8.8 5.7 -1.3 5.7 -1.1 -5.7 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, December 5, 2002

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1074.4 1144.1 1214.2 1261.3 1247.3 1261.1 1253.7 1283.1 1277.4 1302.6 1313.2 1

 2 Personal tax and nontax receipts 235.5 255.8 277.5 281.2 282.6 276.3 281.6 284.3 266.0 265.2 269.9 2

 3 Corporate profits tax accruals 34.6 34.8 35.6 29.1 30.4 29.9 28.2 27.7 32.0 33.5 33.7 3

 4 Indirect business tax and nontax accruals 583.9 612.7 644.5 664.5 658.3 663.8 663.2 672.5 677.8 684.9 695.2 4

 5 Contributions for social insurance 10.2 9.7 9.2 9.2 9.2 9.2 9.3 9.2 9.3 9.4 9.4 5

 6 Federal grants-in-aid 210.3 231.0 247.5 277.4 266.8 281.9 271.4 289.4 292.3 309.6 305.0 6

 7 Current expenditures, NIPA basis 1033.7 1105.8 1196.3 1292.7 1263.9 1293.6 1299.8 1313.3 1329.2 1347.6 1365.1 7

 8 Consumption expenditures 808.3 864.7 937.9 993.8 976.2 990.6 1000.1 1008.2 1017.7 1030.6 1039.6 8

 9 Transfer payments to persons 235.3 252.8 271.3 304.5 292.4 301.5 308.5 315.4 323.4 330.7 338.8 9

10 Net interest paid 0.4 -0.7 -2.9 -2.1 -2.4 -2.2 -2.0 -1.8 -1.9 -2.0 -1.9 10

11 - Dividends received by government 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 11

12 Subsidies less current surplus of govt. enterprises -9.9 -10.5 -9.7 -3.1 -1.9 4.1 -6.4 -8.1 -9.6 -11.2 -10.9 12

13 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Current surplus or deficit (-), NIPA basis 40.8 38.3 17.9 -31.4 -16.6 -32.5 -46.1 -30.2 -51.8 -45.0 -51.9 14

15 + Consumption of fixed capital 99.5 106.4 115.0 123.7 119.9 121.5 128.9 124.5 125.9 127.3 128.3 15

16 + Net capital transfers (2) 36.0 39.7 43.9 48.3 46.2 48.7 49.2 49.0 54.1 51.5 52.4 16

17 = Gross saving and net capital transfers 176.2 184.4 176.8 140.6 149.5 137.7 132.0 143.3 128.2 133.8 128.8 17

18 Gross investment 227.1 207.4 207.6 161.7 167.9 162.1 159.1 157.8 151.5 170.9 148.0 18

19 Fixed investment 191.0 211.3 223.9 236.2 235.6 243.2 224.2 241.7 249.7 241.1 244.6 19

20 Net financial investment 36.1 -4.0 -16.3 -74.5 -67.7 -81.1 -65.1 -83.9 -98.2 -70.2 -96.6 20

21 Net acq. of financial assets 146.9 77.5 38.3 54.0 53.3 46.4 17.0 99.1 -9.9 122.2 67.3 21

22 Checkable deposits and currency -3.9 3.9 1.0 5.1 7.0 -9.9 4.9 18.3 11.6 9.6 -0.5 22

23 Time and savings deposits 12.8 11.0 9.4 7.7 -2.7 1.1 4.3 27.9 63.0 -19.4 30.1 23

24 Security RPs 7.2 5.0 9.7 -18.4 -11.0 -22.8 -39.2 -0.6 -38.0 30.2 -16.9 24

25 Credit market instruments 134.5 28.4 -0.8 38.1 38.9 33.5 37.4 42.4 -1.1 42.5 17.8 25

26 Open market paper 28.0 6.9 7.6 -26.5 -26.0 -37.2 -40.0 -2.8 -44.0 -15.7 21.8 26

27 U.S. government securities 93.5 8.5 -17.1 50.1 46.7 59.5 57.4 37.0 23.5 41.4 1.0 27

28 Treasury 30.0 -2.5 -30.6 20.3 8.9 16.8 24.8 30.9 15.7 28.1 7.0 28

29 Agency 63.6 11.0 13.5 29.8 37.8 42.7 32.6 6.1 7.8 13.3 -6.0 29

30 Municipal securities -1.4 -1.5 0.6 0.3 2.1 -0.6 0.4 -0.7 -0.8 -1.2 -1.6 30

31 Corporate and foreign bonds 10.2 10.1 3.7 9.4 11.5 7.2 14.8 4.1 15.3 13.1 -8.3 31

32 Mortgages 4.1 4.3 4.5 4.7 4.6 4.7 4.8 4.8 4.9 4.9 5.0 32

33 Corporate equities 9.4 3.5 -1.2 22.8 26.9 20.5 21.5 22.4 12.9 27.0 3.4 33

34 Mutual fund shares -12.3 4.3 0.8 5.1 9.4 7.9 -0.8 4.0 -4.0 -2.7 -7.0 34

35 Taxes receivable 7.3 9.8 10.6 5.2 7.0 9.1 2.2 2.6 10.2 10.2 13.3 35

36 Miscellaneous assets -8.0 11.6 8.6 -11.6 -22.3 6.9 -13.3 -17.9 -64.5 24.8 27.0 36

37 Net increase in liabilities 110.8 81.4 54.5 128.4 121.1 127.5 82.2 183.1 88.3 192.4 163.9 37

38 Credit market instruments 80.3 52.3 27.2 103.2 96.3 102.5 56.6 157.7 62.3 168.4 139.9 38

39 Municipal securities 79.1 52.7 28.2 103.0 95.8 102.1 56.5 157.6 62.0 168.1 139.3 39

40 Short-term -6.3 3.6 3.2 20.6 18.4 19.2 38.6 6.2 -6.8 26.8 32.1 40

41 Other 85.4 49.1 25.0 82.4 77.5 82.9 17.9 151.4 68.8 141.3 107.2 41

42 U.S. government loans 1.2 -0.4 -1.0 0.2 0.4 0.4 0.1 0.1 0.3 0.3 0.6 42

43 Trade payables 30.5 29.1 27.4 25.2 24.8 25.0 25.6 25.4 26.0 24.0 24.0 43

44 Discrepancy -50.9 -23.0 -30.8 -21.1 -18.4 -24.4 -27.1 -14.5 -23.3 -37.1 -19.2 44

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

(2) Table F.9, line 7.
Z.1, December 5, 2002 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1749.7 1867.2 2033.9 2008.4 2072.9 2072.3 1896.0 1992.3 1887.0 1889.0 1884.7 1

 2 Personal tax and nontax receipts 834.9 903.3 1009.0 1010.9 1057.9 1059.8 900.4 1025.5 876.1 861.9 848.1 2

 3 Corporate profits tax accruals 204.3 213.0 223.8 170.3 186.9 183.2 168.0 142.9 170.4 180.2 181.1 3

 4 Indirect business tax and nontax accruals 97.4 100.2 109.1 110.3 112.3 112.2 109.5 107.3 108.4 110.2 112.7 4

 5 Contributions for social insurance 613.1 650.7 692.1 716.9 715.8 717.1 718.1 716.6 732.1 736.7 742.8 5

 6 Current expenditures, NIPA basis 1705.9 1755.3 1827.1 1936.4 1899.1 1927.7 1947.7 1971.0 2030.6 2079.4 2075.0 6

 7 Consumption expenditures 453.1 471.6 493.3 528.4 517.3 524.9 527.9 543.6 566.3 581.0 589.6 7

 8 Transfers payments (net) 730.6 745.8 779.5 842.2 816.3 832.2 849.3 870.9 916.9 927.6 934.8 8

 9 Grants-in-aid to state and local governments 210.3 231.0 247.5 277.4 266.8 281.9 271.4 289.4 292.3 309.6 305.0 9

10 Net interest paid 278.5 263.8 263.0 238.1 254.1 243.1 233.6 221.6 208.5 214.9 205.7 10

11 Subsidies less current surplus of govt. enterprises 33.5 43.0 43.8 50.3 44.6 45.6 65.5 45.5 46.6 46.3 39.9 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis 43.8 111.9 206.8 72.0 173.8 144.6 -51.7 21.3 -143.6 -190.4 -190.3 13

14 + Consumption of fixed capital 88.2 91.5 95.9 98.8 97.7 98.6 99.0 99.7 100.6 101.3 102.1 14

15 - Insurance and pension reserves (1) 4.4 3.8 1.8 3.3 3.1 6.5 0.4 3.0 1.3 1.7 -6.2 15

16 + Net capital transfers (2) -3.6 -7.4 -8.0 -12.9 -9.6 -12.8 -14.7 -14.3 -18.3 -21.8 -16.8 16

17 = Gross saving and net capital transfers 124.0 192.2 293.0 154.6 258.9 223.9 32.2 103.6 -62.6 -112.6 -98.8 17

18 Gross investment 101.3 196.5 319.0 96.0 -11.1 297.8 29.4 67.7 -144.5 -342.5 -133.0 18

19 Fixed investment 86.1 93.4 95.9 99.7 96.0 99.8 99.5 103.4 105.8 107.1 107.9 19

20 Access rights sales -4.1 -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment 19.3 104.8 223.6 -3.4 -106.8 198.3 -69.8 -35.4 -250.0 -449.3 -240.6 21

22 Net acq. of financial assets -5.3 70.9 -68.7 54.4 4.8 14.0 158.8 40.1 -174.1 109.3 23.2 22

23 Gold, SDRs, and official foreign exchange 6.0 -7.1 -0.6 4.6 -1.2 5.0 13.9 0.5 -2.3 10.3 5.6 23

24 Checkable deposits and currency -16.7 66.2 -65.1 41.1 12.1 -20.2 41.1 131.3 -178.2 25.5 127.3 24

25 Time and savings deposits 1.3 0.7 1.0 4.2 8.2 5.9 7.2 -4.6 18.8 -21.5 34.3 25

26 Credit market instruments 13.5 5.8 7.3 6.0 4.4 9.4 3.3 7.0 4.7 8.9 7.3 26

27 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Mortgages -0.8 -0.1 -0.9 -1.1 -2.4 -0.6 -3.4 1.8 -0.1 -1.1 -1.8 28

29 Other loans and advances 14.3 5.9 8.2 7.1 6.8 9.9 6.7 5.2 4.8 9.9 9.1 29

30 Trade receivables 1.5 4.6 5.3 7.2 9.3 10.3 13.9 -4.5 -0.2 3.4 -0.8 30

31 Taxes receivable -7.5 1.7 -15.1 -10.0 -27.6 2.6 77.4 -92.4 -20.9 82.6 -148.3 31

32 Miscellaneous assets -3.5 -0.9 -1.4 1.3 -0.5 1.0 2.0 2.8 4.0 0.3 -2.1 32

33 Net increase in liabilities -24.6 -33.9 -292.3 57.9 111.6 -184.3 228.6 75.5 75.9 558.6 263.8 33

34 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Treasury currency 0.6 1.0 2.4 -0.0 -1.1 1.1 -0.0 0.0 -0.0 0.0 -0.0 35

36 Credit market instruments -52.6 -71.2 -295.9 -5.6 -59.3 -215.8 209.3 43.4 39.8 526.0 265.7 36

37 Savings bonds 0.1 -0.2 -1.7 5.6 1.5 3.4 4.1 13.4 7.9 3.8 2.4 37

38 Other Treasury securities -54.7 -70.8 -293.2 -10.6 -58.5 -220.3 205.6 30.8 33.8 520.4 261.7 38

39 Budget agency securities 2.0 -0.2 -1.0 -0.5 -2.2 1.1 -0.4 -0.7 -1.8 1.8 1.6 39

40 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Trade payables -8.0 -0.3 -19.1 9.0 57.4 -17.3 -0.4 -3.5 -4.3 -8.8 -9.9 41

42 Insurance and pension reserves (3) 42.5 42.5 22.3 62.2 113.9 43.7 41.0 50.3 31.7 33.5 32.9 42

43 Miscellaneous liabilities -7.1 -2.9 2.0 -7.8 0.6 4.1 -21.4 -14.7 8.7 7.9 -25.0 43

44 Discrepancy 22.7 -4.3 -26.0 58.7 269.9 -73.9 2.7 35.9 81.9 229.9 34.1 44

 Memo:

45 Change in cash balance (4) -12.8 59.4 -55.1 49.2 85.2 50.5 25.4 35.6 30.9 189.7 189.5 45

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

(2) Table F.9, line 2.

(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 5, 2002

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 1450.7 1582.2 1880.3 1727.8 1873.8 1774.7 1658.6 1603.9 1663.8 1791.3 1816.4 1

 2 U.S. imports 1116.7 1239.2 1466.6 1383.0 1472.8 1425.3 1318.4 1315.6 1337.5 1443.7 1468.0 2

 3 U.S. income payments to rest of world 289.6 294.1 360.0 295.0 354.3 301.4 290.5 233.7 262.8 296.1 296.4 3

 4 Net transfers to rest of world 44.5 48.9 53.7 49.8 46.7 48.0 49.7 54.6 63.5 51.5 52.0 4

 5 Foreign outlays to U.S. 1251.1 1306.2 1484.6 1351.1 1464.2 1392.2 1307.8 1240.1 1242.2 1294.1 1318.9 5

 6 U.S. exports 964.9 989.4 1101.2 1034.2 1100.0 1059.7 1005.8 971.1 977.5 1018.1 1035.4 6

 7 U.S. income receipts from rest of world 286.1 316.8 383.4 316.9 364.2 332.5 302.0 269.0 264.7 276.0 283.5 7

 8 Net capital transfers (1) -0.7 3.4 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.7 -0.8 -0.8 8

 9 Gross saving and net capital transfers (2) 199.0 279.4 394.9 375.9 408.8 381.7 350.0 363.0 420.9 496.4 496.7 9

10 Net financial investment 64.5 261.6 410.3 382.7 347.6 407.1 172.3 603.7 351.1 322.3 734.1 10

11 Net acquisition of financial assets 393.4 710.8 932.1 630.9 1034.8 571.1 341.9 575.8 387.8 588.1 857.8 11

12 Gold and SDRs (3) -0.1 0.0 -0.7 -0.6 -0.8 -0.6 -0.6 -0.6 -0.5 -0.4 -0.5 12

13 Net interbank assets -27.1 -5.7 20.8 -49.3 -166.7 -47.1 -27.3 44.1 -53.4 -147.0 29.2 13

14 U.S. checkable deposits and currency 14.8 39.9 -8.4 24.2 12.1 6.8 44.5 33.2 29.5 21.3 -0.1 14

15 U.S. time deposits 13.0 15.0 5.8 -14.5 -40.8 2.6 -7.7 -12.1 2.8 21.9 0.8 15

16 Security RPs -18.8 8.0 11.4 59.4 152.8 -12.1 -61.6 158.5 -90.3 125.8 182.2 16

17 Credit market instruments 172.5 139.7 225.9 320.6 325.7 254.9 269.2 432.5 171.8 566.1 561.7 17

18 Open market paper 37.6 -13.0 9.5 6.2 -5.6 9.2 -3.4 24.8 19.4 44.6 31.2 18

19 U.S. government securities 29.7 31.1 50.1 110.3 91.9 -47.2 77.9 318.5 8.6 221.9 400.6 19

20 Official -3.6 32.5 30.7 31.7 10.2 -43.5 62.4 97.6 26.9 87.0 20.1 20

21 Treasury -9.9 12.2 -10.2 10.7 -4.1 -83.2 63.2 67.0 -2.3 60.8 8.3 21

22 Agency 6.3 20.4 40.9 20.9 14.3 39.7 -0.9 30.5 29.2 26.2 11.9 22

23 Private 33.3 -1.4 19.5 78.6 81.7 -3.8 15.5 220.9 -18.3 135.0 380.5 23

24 Treasury 28.6 -44.5 -77.0 -7.7 -19.0 -58.7 -61.9 108.9 -29.1 5.5 241.1 24

25 Agency 4.7 43.1 96.4 86.3 100.6 55.0 77.4 112.0 10.9 129.4 139.4 25

26 U.S. corporate bonds (4) 106.1 144.4 168.4 205.7 263.7 264.7 135.0 159.4 181.6 245.6 89.9 26

27 Loans to U.S. corporate business -1.0 -22.7 -2.2 -1.6 -24.3 28.2 59.8 -70.2 -37.8 54.0 39.9 27

28 U.S. corporate equities 42.0 112.3 193.5 121.4 159.6 138.7 54.8 132.6 94.8 43.7 31.2 28

29 Trade receivables -6.5 -5.0 -0.5 -2.7 -5.3 -2.1 -0.0 -3.4 8.1 -0.5 -2.7 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 203.8 406.6 484.3 172.4 598.1 230.1 70.7 -209.2 224.9 -42.8 56.0 31

32 Foreign direct investment in U.S. (5) 179.0 289.5 307.7 130.8 174.4 204.4 56.8 87.6 64.9 3.9 59.0 32

33 Other 24.7 117.1 176.5 41.6 423.7 25.7 13.8 -296.8 160.0 -46.7 -3.0 33

34 Net increase in liabilities 328.9 449.2 521.8 248.2 687.2 164.0 169.6 -27.8 36.6 265.8 123.7 34

 U.S. official foreign exchange

35 and net IMF position 6.6 -8.7 -0.4 4.3 -1.5 4.7 13.7 0.2 -3.0 12.9 5.6 35

36 U.S. private deposits 6.5 61.0 135.1 28.0 228.3 -175.9 41.5 17.9 -59.1 89.3 40.0 36

37 Credit market instruments 43.2 25.2 65.7 -37.4 -8.5 -50.5 -106.7 16.0 75.3 15.0 -36.8 37

38 Commercial paper 7.8 16.3 31.7 -14.2 -33.8 -3.8 -25.2 5.9 64.8 36.3 3.8 38

39 Bonds 34.9 14.1 23.9 -12.1 21.4 -15.8 -83.9 29.7 -2.3 -41.0 -27.6 39

40 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 14.3 -31.4 4.2 -16.3 13.9 22.0 -11.7 40

41 Official 0.7 0.2 0.6 0.8 0.5 -1.3 3.5 0.5 -0.6 2.4 1.0 41

42 Banks -0.7 -3.2 3.4 -7.4 12.7 -29.2 1.1 -14.1 0.9 14.2 -7.4 42

43 Other 6.6 3.5 7.4 -0.7 1.1 -1.0 -0.3 -2.7 13.6 5.4 -5.3 43

44 U.S. government loans -1.0 -4.8 -0.6 -1.1 -2.0 1.0 -1.9 -1.8 -2.3 -1.4 -2.1 44

45 Acceptance liabilities to banks -5.0 -0.9 -0.7 -2.6 -8.4 -0.5 0.1 -1.6 1.2 -0.9 0.8 45

46 Foreign corporate equities (6) 101.3 114.3 103.6 106.8 86.1 222.9 43.5 74.7 -5.9 80.9 -68.2 46

47 Trade payables -3.9 4.2 0.8 -2.2 -12.2 20.0 -31.7 15.2 -10.3 -9.4 -9.4 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 175.2 253.3 217.0 148.8 394.9 142.6 209.3 -151.8 39.5 77.0 192.5 49

50 U.S. equity in IBRD, etc. 1.6 1.5 1.5 1.7 2.1 2.0 1.4 1.3 1.8 1.5 2.0 50

51 U.S. government deposits -0.1 0.6 0.0 -0.1 -0.4 0.1 0.1 -0.1 0.0 -0.1 -0.1 51

52 U.S. direct investment abroad (4,5) 142.6 188.9 178.3 127.8 94.1 140.5 166.9 109.9 117.1 117.5 77.5 52

53 Other 31.1 62.3 37.2 19.3 299.2 0.0 40.8 -262.9 -79.4 -41.9 113.1 53

54 Discrepancy (FOF basis) (7) 134.5 17.8 -15.4 -6.8 61.2 -25.4 177.8 -240.6 69.7 174.1 -237.4 54

 Memo:

55 Net U.S. exports, NIPA basis -151.7 -249.9 -365.5 -348.9 -372.8 -365.6 -312.6 -344.5 -360.0 -425.6 -432.6 55

56 + Net U.S. income receipts (8) -3.5 22.7 23.4 22.0 9.9 31.1 11.5 35.3 1.9 -20.1 -12.9 56

57 - Net transfer payments to foreign 44.5 48.9 53.7 49.8 46.7 48.0 49.7 54.6 63.5 51.5 52.0 57

 = Net foreign investment in U.S.

58 (NIPA basis) -199.7 -276.0 -395.7 -376.7 -409.6 -382.5 -350.8 -363.8 -421.6 -497.2 -497.5 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

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

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, December 5, 2002 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -2.1 0.3 4.6 0.6 0.7 0.7 0.6 0.5 0.8 0.8 0.9 1

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

 3 Net acquisition of financial assets 32.8 130.0 -60.9 47.0 32.5 70.9 98.7 -14.1 94.9 107.4 1.4 3

 4 Gold and foreign exchange 0.8 -1.6 0.9 0.3 0.4 0.3 0.3 0.3 -0.2 3.1 0.5 4

 5 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 0.7 1.7 3.6 1.4 2.5 1.6 1.4 0.0 2.4 0.7 1.3 6

 7 Federal Reserve float 0.9 -1.9 1.1 -0.9 -2.9 -2.2 -0.7 2.1 -1.8 1.0 2.5 7

 8 Fed. Res. loans to domestic banks -2.0 0.2 -0.1 -0.1 -0.4 0.5 -0.2 -0.2 -0.1 0.7 -0.0 8

 9 Security RPs 6.5 110.3 -97.3 6.9 -1.2 41.0 85.0 -97.3 10.0 55.2 -65.9 9

10 Credit market instruments 21.1 25.7 33.7 39.9 39.0 26.9 8.4 85.1 81.6 43.4 67.3 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 21.1 25.7 33.7 39.9 39.0 26.9 8.4 85.1 81.6 43.4 67.3 12

13 Treasury 21.4 25.8 33.7 40.0 39.5 26.9 8.4 85.1 81.6 43.4 67.3 13

14 Agency -0.3 -0.2 -0.1 -0.1 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets 4.9 -1.3 1.1 -0.4 -4.9 2.8 4.5 -4.1 3.0 3.3 -4.3 16

17 Net increase in liabilities 32.1 129.6 -61.3 46.5 33.5 67.9 97.4 -12.7 91.8 101.7 3.2 17

18 Depository institution reserves -4.5 -2.3 -5.0 -1.6 9.4 1.1 19.5 -36.2 33.3 -2.3 -3.6 18

19 Vault cash of commercial banks -2.9 24.5 -22.2 2.9 -3.0 5.3 0.3 9.1 -18.7 7.7 8.5 19

20 Checkable deposits and currency 38.3 108.7 -35.3 48.0 45.0 44.7 82.3 19.8 84.7 71.8 3.5 20

21 Due to federal government 0.5 22.3 -22.9 1.5 4.9 -11.2 20.8 -8.6 -1.9 -4.1 7.1 21

22 Due to rest of the world -0.3 -0.1 0.1 -0.2 -0.6 0.1 2.0 -2.2 0.7 -0.6 0.3 22

23 Currency outside banks 38.0 86.4 -12.5 46.7 40.7 55.9 59.5 30.6 85.9 76.4 -3.9 23

24 Miscellaneous liabilities 1.3 -1.3 1.1 -2.8 -17.9 16.7 -4.8 -5.4 -7.5 24.5 -5.2 24

25 Federal Reserve Bank stock 0.5 0.5 0.6 0.4 0.1 0.5 0.5 0.4 1.1 2.7 -0.3 25

26 Other 0.8 -1.8 0.6 -3.2 -18.1 16.3 -5.3 -5.9 -8.6 21.8 -5.0 26

27 Discrepancy -3.1 -0.7 3.8 -0.3 1.3 -2.7 -1.1 1.5 -2.6 -5.2 2.5 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, December 5, 2002

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 29.9 44.0 55.5 54.3 52.2 51.3 53.8 60.1 64.0 70.6 68.3 1

 2 Fixed nonresidential investment 29.0 28.9 27.2 25.3 26.6 25.5 25.0 24.3 23.9 23.7 23.6 2

 3 Net acquisition of financial assets 419.1 345.7 475.5 351.9 246.1 277.0 456.0 428.5 133.7 566.7 697.9 3

 4 Vault cash -2.9 24.5 -22.2 2.9 -3.0 5.3 0.3 9.1 -18.7 7.7 8.5 4

 5 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 9.2 -1.4 17.9 -34.5 33.1 -2.6 -5.7 5

 6 Checkable deposits and currency 0.6 0.3 -0.5 1.1 0.6 -0.6 3.2 1.0 -4.3 4.2 -0.1 6

 7 Total bank credit 336.1 301.5 411.9 216.0 210.5 30.7 269.8 353.1 122.0 438.6 632.4 7

 8 U.S. government securities 36.0 51.2 -22.1 33.7 -104.8 -37.0 158.1 118.5 110.9 279.4 170.0 8

 9 Treasury -56.0 14.8 -44.4 -21.9 -78.5 23.3 16.1 -48.4 -12.6 85.2 37.9 9

10 Agency 92.0 36.4 22.3 55.6 -26.3 -60.3 142.0 166.9 123.5 194.2 132.1 10

11 Municipal securities 8.2 5.9 3.4 6.1 -3.4 15.0 5.5 7.1 -3.2 -1.1 9.2 11

12 Corporate and foreign bonds 37.8 39.6 58.1 97.8 55.3 116.8 74.9 144.3 -10.9 -59.8 40.6 12

13 Total loans 253.2 200.5 369.7 70.5 251.5 -61.5 21.7 70.5 26.6 226.4 415.0 13

14 Open market paper -0.2 0.3 0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Bank loans n.e.c. 145.0 69.0 112.8 -75.8 19.2 -141.6 -18.6 -162.4 -4.6 -139.0 -54.7 15

16 Mortgages 91.7 158.4 164.6 129.8 141.3 120.6 71.3 185.8 74.3 272.4 373.0 16

17 Consumer credit -3.6 -9.2 41.7 16.6 23.0 37.7 -16.5 22.1 22.8 31.1 85.8 17

18 Security credit 20.3 -18.0 50.4 0.0 68.0 -78.2 -14.5 24.9 -65.9 61.9 10.9 18

19 Corporate equities 1.3 2.0 0.3 0.2 -1.6 -0.4 5.8 -3.1 -3.9 0.2 4.2 19

20 Mutual fund shares -0.4 2.3 2.5 7.8 13.6 -2.2 3.7 15.9 2.4 -6.3 -6.6 20

21 Customers’ liab. on acceptances (2) -9.3 -3.1 -0.7 -2.9 -0.2 -3.7 -6.9 -0.8 -0.4 1.3 -0.4 21

22 Miscellaneous assets 99.1 27.6 89.0 137.0 28.9 246.6 171.8 100.6 2.1 117.4 63.2 22

23 Net increase in liabilities 444.5 286.6 573.5 351.4 212.5 228.6 654.3 310.1 -93.8 638.9 740.6 23

24 Net interbank liabilities -24.4 -7.2 42.3 -33.1 -148.1 -31.8 -20.9 68.6 -15.8 -154.7 43.8 24

25 To monetary authority -1.1 -1.7 1.0 -1.0 -3.2 -1.7 -0.9 1.9 -1.9 1.7 2.4 25

26 To domestic banks (3) 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 26

27 To foreign banks -27.1 -5.7 20.8 -49.3 -166.7 -47.1 -27.3 44.1 -53.4 -147.0 29.2 27

28 Checkable deposits -33.5 3.4 -85.5 100.4 52.0 61.1 78.2 210.3 -152.1 151.4 231.6 28

29 Federal government -14.6 36.4 -33.2 43.5 72.1 55.8 -2.6 48.8 14.0 215.3 148.1 29

30 Rest of the world -1.5 13.4 -9.7 0.5 3.5 -4.5 9.7 -6.5 10.7 -6.8 -10.6 30

31 Private domestic -17.4 -46.4 -42.6 56.3 -23.6 9.8 71.2 168.0 -176.7 -57.1 94.0 31

32 Small time and savings deposits 183.7 72.0 211.6 249.4 221.2 228.7 213.8 333.9 225.1 255.6 341.4 32

33 Large time deposits 72.1 119.6 92.8 32.7 91.2 11.4 -36.2 64.3 209.5 19.4 -47.7 33

34 Federal funds and security RPs (net) 87.0 110.8 66.1 -40.5 -38.0 -95.3 3.8 -32.7 -249.8 77.4 79.9 34

35 Credit market instruments 72.9 67.2 60.0 52.9 138.1 -10.5 39.7 44.1 24.3 13.3 111.3 35

36 Open market paper -1.5 6.1 0.6 -8.3 30.0 -7.1 -7.7 -48.4 22.2 -50.4 12.4 36

37 Corporate bonds 27.6 20.4 32.6 37.0 79.5 9.0 27.3 32.1 -21.2 35.9 12.6 37

38 Other loans and advances 46.9 40.6 26.8 24.2 28.6 -12.4 20.1 60.4 23.3 27.8 86.3 38

39 Corporate equity issues -11.2 -10.2 -12.5 -8.1 -8.1 -7.9 -20.7 4.3 0.3 -14.2 -22.0 39

40 Taxes payable 1.7 1.9 2.1 2.4 2.3 2.4 2.4 2.5 2.6 2.6 2.7 40

41 Miscellaneous liabilities 96.3 -70.9 196.5 -4.7 -98.0 70.5 394.2 -385.3 -137.7 288.1 -0.4 41

42 Discrepancy 26.3 -44.0 126.3 28.5 -8.0 -22.7 227.1 -82.6 -187.3 119.2 87.4 42

 Memo:

43 Credit market funds advanced (4) 305.6 312.2 357.9 205.2 130.4 107.8 267.9 314.6 188.9 384.3 623.5 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, December 5, 2002 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -11.1 -14.0 -0.1 -10.9 -12.9 -9.3 -6.1 -15.2 -33.6 -7.3 -7.9 1

 2 Fixed nonresidential investment 23.0 22.5 20.8 18.9 19.8 19.0 18.6 18.1 17.8 17.6 17.6 2

 3 Net acquisition of financial assets 303.5 342.3 332.3 229.7 94.2 225.2 366.1 233.1 95.7 413.1 614.6 3

 4 Vault cash and reserves at Federal Reserve -5.7 18.9 -23.1 0.6 5.9 4.3 17.5 -25.4 14.7 3.5 3.0 4

 5 Total bank credit 329.5 316.6 350.2 209.0 133.9 162.9 292.9 246.4 162.3 352.4 598.3 5

 6 U.S. government securities 39.8 27.4 -16.8 42.3 -124.7 20.4 132.8 140.7 122.2 209.3 110.7 6

 7 Treasury -42.0 -2.0 -35.0 -31.4 -91.2 6.0 -10.7 -29.8 22.9 40.3 2.3 7

 8 Agency 81.7 29.4 18.2 73.7 -33.5 14.4 143.5 170.5 99.4 169.0 108.3 8

 9 Mortgage pool securities 53.8 -17.8 14.1 52.8 40.9 61.9 90.1 18.2 36.9 223.2 62.7 9

10 Agency-issued CMOs 8.9 5.0 -9.8 57.2 13.5 8.0 70.1 137.0 -7.4 -83.2 43.1 10

11 Other agency securities 19.1 42.2 13.9 -36.2 -87.9 -55.5 -16.7 15.3 69.8 29.0 2.5 11

12 Municipal securities 8.2 5.8 3.2 6.3 -2.1 15.0 5.6 6.6 -3.1 -1.1 9.1 12

13 Corporate and foreign bonds 32.4 43.6 52.2 64.5 63.2 49.5 66.5 78.8 12.5 -56.3 28.2 13

14 Private mortgage pool securities 0.9 0.6 -0.4 21.2 15.2 2.9 -2.6 69.3 -25.2 -20.8 -7.1 14

15 Privately issued CMOs 20.3 6.0 7.7 2.8 4.0 -12.8 -1.8 21.7 5.6 -14.7 37.1 15

16 Other bonds 11.2 37.0 44.9 40.5 43.9 59.5 70.9 -12.2 32.1 -20.8 -1.8 16

17 Total loans 248.2 235.5 308.7 88.0 185.5 80.5 78.4 7.5 32.1 206.7 452.8 17

18 Open market paper -0.1 -0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Bank loans n.e.c. 144.1 92.4 98.1 -61.6 -6.4 -81.4 -5.7 -152.8 -57.8 -110.8 -0.8 19

20 Mortgages 95.9 161.1 161.6 125.8 139.0 117.8 65.3 181.0 72.0 269.7 367.5 20

21 Consumer credit -3.6 -9.2 41.7 16.6 23.0 37.7 -16.5 22.1 22.8 31.1 85.8 21

22 Security credit 11.9 -8.8 7.1 7.2 30.0 6.5 35.3 -42.9 -4.9 16.8 0.2 22

23 Corporate equities 1.3 2.0 0.3 0.2 -1.6 -0.4 5.8 -3.1 -3.9 0.2 4.2 23

24 Mutual fund shares -0.4 2.3 2.5 7.8 13.6 -2.2 3.7 15.9 2.4 -6.3 -6.6 24

25 Customers’ liab. on acceptances (1) -4.6 -2.5 -0.7 -2.3 0.4 -2.5 -5.6 -1.4 -0.3 1.9 -0.8 25

26 Miscellaneous assets -15.8 9.2 5.9 22.4 -46.0 60.5 61.4 13.6 -80.9 55.2 14.2 26

27 Net increase in liabilities 360.5 329.8 473.7 280.3 112.9 223.5 610.7 174.3 -49.3 548.3 719.3 27

28 Net interbank liabilities 20.4 33.7 76.9 -1.6 -62.8 11.6 -58.5 103.3 -43.1 11.1 -18.2 28

29 Federal Reserve float 0.9 -1.9 1.1 -0.9 -2.9 -2.2 -0.7 2.1 -1.8 1.0 2.5 29

30 Borrowing from Federal Reserve banks -2.0 0.2 -0.1 -0.1 -0.4 0.5 -0.2 -0.2 -0.1 0.7 -0.0 30

31 To domestic banking -2.5 -14.3 30.5 16.5 61.1 -17.8 37.5 -14.9 76.9 -6.6 14.6 31

32 To foreign banks 24.0 49.7 45.4 -17.0 -120.6 31.2 -95.0 116.4 -118.1 16.1 -35.3 32

33 Checkable deposits -34.5 2.9 -85.0 97.0 54.1 60.4 76.5 196.9 -146.9 145.8 235.7 33

34 Federal government -14.6 36.4 -33.2 43.5 72.1 55.8 -2.6 48.8 14.0 215.3 148.1 34

35 Rest of the world -1.2 12.8 -9.3 2.9 4.2 5.9 10.1 -8.5 12.6 -3.9 -10.6 35

36 Private domestic -18.7 -46.4 -42.5 50.5 -22.2 -1.3 69.0 156.5 -173.4 -65.7 98.1 36

37 Small time and savings deposits 186.4 73.0 210.6 240.4 220.2 200.9 228.8 311.5 235.6 247.2 347.4 37

38 Large time deposits 34.8 61.6 87.9 -25.2 14.5 16.0 -6.1 -125.2 22.3 10.7 87.1 38

39 Federal funds and security RPs (net) 66.8 128.5 15.4 -29.5 -73.9 21.2 15.5 -80.7 -153.4 -3.8 -15.9 39

40 Acceptance liabilities -4.6 -2.5 -0.6 -2.3 0.1 -2.2 -5.3 -1.6 -0.7 1.9 -0.7 40

41 Corporate bonds 10.5 3.7 10.6 8.3 13.9 -3.7 11.4 11.4 -9.3 3.0 -3.9 41

42 Other loans and advances 46.9 40.6 26.8 24.2 28.6 -12.4 20.1 60.4 23.3 27.8 86.3 42

43 Corporate equity issues 3.8 3.6 4.0 7.2 3.2 5.4 1.9 18.3 4.9 7.9 3.6 43

44 Taxes payable 1.7 1.9 2.1 2.4 2.3 2.4 2.4 2.5 2.6 2.6 2.7 44

45 Miscellaneous liabilities 28.3 -17.2 124.9 -40.5 -87.3 -76.1 324.0 -322.5 15.4 94.0 -4.7 45

46 Investment by bank holding companies 55.3 2.9 53.6 60.7 65.5 41.5 102.4 33.2 30.7 64.2 81.9 46

47 Other -27.0 -20.1 71.3 -101.2 -152.9 -117.5 221.6 -355.8 -15.3 29.8 -86.6 47

48 Discrepancy 23.0 -48.9 120.5 21.0 -14.0 -30.0 219.8 -92.0 -196.3 110.3 79.2 48

 Memo:

49 Credit market funds advanced (2) 312.1 318.6 339.5 191.6 92.3 156.5 242.5 275.0 168.2 343.8 599.6 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, December 5, 2002

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.6 7.8 9.0 10.2 9.8 10.0 10.6 10.2 10.4 10.7 10.8 1

 2 Fixed nonresidential investment 5.5 5.9 6.0 6.0 6.3 6.1 5.9 5.8 5.7 5.6 5.6 2

 3 Net acquisition of financial assets -4.8 -55.5 38.4 4.8 -65.1 -33.9 -61.4 179.4 -36.5 75.4 -9.3 3

 4 Reserves at Federal Reserve -1.9 0.4 -1.0 0.2 0.3 -0.4 0.7 -0.0 -0.3 1.7 -0.2 4

 5 Total bank credit 1.5 -25.7 67.2 -7.2 73.0 -133.6 -27.4 59.3 -58.9 79.4 31.8 5

 6 U.S. government securities -5.0 14.6 -0.1 -12.2 26.0 -56.5 23.1 -41.4 -35.1 60.9 62.0 6

 7 Treasury -10.3 9.7 -0.5 9.8 15.5 17.1 25.6 -19.1 -39.1 46.6 37.1 7

 8 Agency 5.2 4.9 0.4 -22.0 10.5 -73.6 -2.5 -22.4 4.0 14.3 24.9 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 5.6 -4.6 8.3 30.6 -11.7 70.3 8.3 55.6 -17.9 0.7 11.7 10

11 Total loans 1.0 -35.7 59.0 -25.6 58.7 -147.4 -58.7 45.1 -5.8 17.7 -41.9 11

12 Open market paper -0.1 0.4 -0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. -1.7 -22.4 14.6 -19.1 20.8 -61.2 -13.4 -22.5 53.7 -28.7 -54.2 13

14 Mortgages -5.7 -4.5 1.2 0.7 -0.1 -1.5 4.6 -0.1 1.5 1.4 1.7 14

15 Security credit 8.4 -9.3 43.2 -7.2 37.9 -84.7 -49.9 67.8 -61.1 45.1 10.7 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) -4.7 -0.6 -0.0 -0.6 -0.5 -1.1 -1.4 0.6 -0.1 -0.6 0.4 17

18 Miscellaneous assets 0.3 -29.7 -27.7 12.4 -137.9 101.2 -33.3 119.5 22.7 -5.1 -41.3 18

19 Net increase in liabilities -2.0 -52.4 42.0 8.7 -61.3 -30.0 -57.3 183.6 -32.3 79.7 -4.8 19

20 Net interbank liabilities -55.0 -45.0 -40.8 -16.2 -65.1 7.1 6.3 -13.3 22.7 -167.0 55.5 20

21 To foreign banks -51.7 -51.2 -57.1 -35.5 -28.4 -90.5 31.6 -54.5 15.8 -150.8 45.9 21

22 To domestic banks -3.3 6.2 16.2 19.2 -36.6 97.7 -25.3 41.2 6.9 -16.2 9.7 22

23 Checkable deposits -0.2 0.6 -0.4 0.4 -2.0 -0.7 1.7 2.4 -4.0 -2.6 0.3 23

24 Small time and savings deposits -3.7 -1.8 -0.4 4.5 1.7 23.4 -17.5 10.4 -12.7 5.1 -5.8 24

25 Large time deposits 36.3 57.2 3.4 53.3 77.3 -9.1 -32.5 177.5 184.9 5.3 -134.5 25

26 Federal funds and security RPs (net) 19.7 -17.9 52.3 -11.0 28.9 -116.9 -12.5 56.6 -105.2 81.1 94.9 26

27 Acceptance liabilities -4.8 -0.4 -0.0 -0.9 -0.6 -2.0 -1.3 0.5 -0.5 -0.2 0.5 27

28 Miscellaneous liabilities 5.8 -45.0 27.9 -21.3 -101.4 68.2 -1.5 -50.5 -117.4 158.0 -15.7 28

29 Foreign direct investment in U.S. 5.5 19.4 9.7 8.4 0.4 20.1 3.8 9.4 0.8 0.2 -4.1 29

30 Due to affiliates 11.8 2.5 45.6 -30.8 14.6 -20.2 -94.9 -22.6 -18.8 84.5 -11.2 30

31 Other -11.4 -66.9 -27.5 1.1 -116.3 68.3 89.6 -37.3 -99.4 73.4 -0.4 31

32 Discrepancy 3.9 5.0 6.6 8.1 7.3 7.9 8.7 8.6 9.0 9.4 9.6 32

 Memo:

33 Credit market funds advanced (3) -11.6 -17.0 23.9 -0.6 34.5 -50.1 21.1 -7.8 2.1 33.7 21.5 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).
Z.1, December 5, 2002 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 34.2 49.9 46.5 54.8 55.1 50.3 49.1 64.9 86.9 67.0 65.2 1

 2 Fixed nonresidential investment 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 110.6 55.2 100.7 100.5 218.1 79.2 140.8 -36.1 68.3 66.9 89.7 3

 4 Credit market instruments -0.9 6.2 -12.2 4.2 7.3 -2.8 -1.4 13.6 12.0 1.9 -1.6 4

 5 U.S. government securities -1.9 6.6 -8.5 1.8 2.1 -0.7 -0.6 6.3 16.3 6.9 -3.6 5

 6 Treasury -3.1 7.9 -7.9 0.4 -0.3 0.7 -0.3 1.4 0.3 1.8 -1.3 6

 7 Agency 1.1 -1.3 -0.5 1.4 2.4 -1.4 -0.3 4.8 16.0 5.0 -2.3 7

 8 Corporate and foreign bonds -0.7 1.2 -2.8 2.1 0.8 -1.8 -0.7 10.1 -4.9 -4.9 1.8 8

 9 Bank loans n.e.c. 1.7 -1.6 -0.9 0.3 4.3 -0.2 -0.1 -2.8 0.6 -0.0 0.2 9

10 Miscellaneous assets 111.6 49.0 112.9 96.4 210.9 82.0 142.2 -49.7 56.3 65.0 91.3 10

11 Investment in bank subsidiaries 55.3 2.9 53.6 60.7 65.5 41.5 102.4 33.2 30.7 64.2 81.9 11

12 Investment in nonbank subsidiaries 44.1 17.3 38.4 29.8 150.5 38.5 17.5 -87.4 13.7 -18.2 -37.3 12

13 Other 12.1 28.9 20.9 5.9 -5.2 2.0 22.4 4.5 11.8 19.0 46.7 13

14 Net increase in liabilities 76.6 5.4 54.4 45.8 163.2 29.1 91.9 -100.8 -18.5 0.0 24.6 14

15 Net interbank liabilities 10.2 4.1 6.2 -15.3 -20.2 -50.6 31.2 -21.4 4.6 1.2 6.4 15

16 To domestic banks 9.6 8.2 -26.3 -18.5 -2.6 -62.8 -4.8 -3.7 -44.4 13.5 -12.1 16

17 To foreign banks 0.6 -4.1 32.5 3.2 -17.6 12.3 36.1 -17.7 49.0 -12.3 18.6 17

18 Federal funds and security RPs (net) 0.5 0.1 -1.6 -0.1 7.0 0.5 0.7 -8.6 8.8 0.1 1.0 18

19 Credit market instruments 24.9 25.8 23.2 23.6 96.1 9.9 14.9 -26.5 11.5 -19.2 29.0 19

20 Commercial paper 7.8 9.1 1.2 -5.1 30.5 -2.8 -1.0 -47.2 23.4 -52.1 12.6 20

21 Corporate bonds 17.1 16.7 22.0 28.7 65.6 12.7 15.9 20.7 -11.9 32.9 16.4 21

22 Corporate equity issues -15.0 -13.8 -16.5 -15.3 -11.4 -13.3 -22.5 -14.0 -4.6 -22.1 -25.6 22

23 Miscellaneous liabilities 56.0 -10.8 43.1 52.9 91.7 82.7 67.6 -30.3 -38.8 40.0 13.7 23

24 Equity, etc. 24.7 -38.6 10.3 -8.9 37.8 -9.3 22.6 -86.6 -49.1 -93.4 -5.7 24

25 Other 31.2 27.8 32.8 61.8 53.8 91.9 45.0 56.3 10.3 133.4 19.5 25

26 Discrepancy -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 9.8 3.7 4.0 17.0 -1.1 6.5 10.4 52.1 6.2 11.4 2.8 3

 4 Checkable deposits and currency 0.6 0.3 -0.5 1.1 0.6 -0.6 3.2 1.0 -4.3 4.2 -0.1 4

 5 Credit market instruments 6.0 4.4 6.7 10.0 -3.6 4.2 5.7 33.9 6.6 4.9 4.0 5

 6 U.S. government securities 3.2 2.6 3.3 1.8 -8.3 -0.2 2.9 12.9 7.5 2.3 0.9 6

 7 Treasury -0.7 -0.7 -1.0 -0.6 -2.6 -0.5 1.5 -1.0 3.3 -3.5 -0.2 7

 8 Agency 3.9 3.3 4.3 2.5 -5.7 0.3 1.3 13.9 4.2 5.8 1.1 8

 9 Municipal securities -0.1 0.1 0.1 -0.2 -1.4 -0.0 -0.1 0.6 -0.1 -0.0 0.1 9

10 Corporate and foreign bonds 0.5 -0.5 0.3 0.6 3.0 -1.2 0.9 -0.2 -0.6 0.7 -1.0 10

11 Bank loans n.e.c. 0.9 0.5 1.1 4.5 0.5 1.3 0.6 15.7 -1.1 0.6 0.2 11

12 Home mortgages 1.1 0.6 1.0 -0.9 -8.1 1.8 0.5 2.1 0.1 1.7 2.1 12

13 Commercial mortgages 0.4 1.2 0.8 4.2 10.6 2.5 0.9 2.8 0.7 -0.3 1.7 13

14 Miscellaneous assets 3.1 -1.0 -2.1 5.9 1.9 2.9 1.6 17.2 4.0 2.3 -1.1 14

15 Net increase in liabilities 9.4 3.8 3.4 16.4 -2.3 6.0 9.1 53.0 6.3 10.9 1.4 15

16 Checkable deposits 1.2 0.0 -0.1 3.1 -0.1 1.4 0.0 11.0 -1.2 8.2 -4.4 16

17 Small time and savings deposits 1.0 0.8 1.4 4.6 -0.6 4.4 2.5 11.9 2.2 3.3 -0.2 17

18 Large time deposits 1.0 0.8 1.4 4.6 -0.6 4.4 2.5 11.9 2.2 3.3 -0.2 18

19 Miscellaneous liabilities 6.3 2.2 0.7 4.2 -1.0 -4.3 4.2 18.0 3.0 -4.0 6.2 19

20 Discrepancy -0.4 0.1 -0.6 -0.5 -1.2 -0.5 -1.3 0.9 0.1 -0.5 -1.4 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, December 5, 2002

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 4.2 7.1 7.0 7.8 7.1 7.8 9.0 7.5 7.9 8.2 8.0 1

 2 Fixed nonresidential investment 3.9 3.9 3.6 3.3 3.4 3.3 3.2 3.2 3.1 3.1 3.1 2

 3 Net acquisition of financial assets 60.9 61.9 67.2 81.0 152.0 79.1 49.5 43.4 81.7 -49.8 132.2 3

 4 Reserves at Federal Reserve 0.1 2.8 -3.1 0.6 0.1 2.5 1.6 -1.7 0.2 0.2 2.1 4

 5 Checkable deposits and currency 3.2 -1.0 1.6 2.0 -0.3 5.9 -0.2 2.6 0.1 -0.5 4.0 5

 6 Time and savings deposits 0.5 -0.1 0.1 0.8 1.2 2.7 -0.6 -0.3 2.5 -0.3 3.3 6

 7 Federal funds and security RPs 5.5 -4.2 4.3 12.5 27.2 1.3 15.2 6.4 15.1 -24.9 16.1 7

 8 Credit market instruments 36.2 67.7 56.2 42.8 46.8 55.8 -4.7 73.1 12.3 -23.5 80.7 8

 9 Open market paper 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 -16.0 3.4 -8.1 23.7 16.6 19.5 -10.9 69.5 59.4 -9.3 -25.7 10

11 Treasury -4.4 -0.0 -1.4 2.7 -3.0 -2.1 -3.5 19.2 10.8 -5.4 -9.7 11

12 Agency -11.6 3.4 -6.7 21.0 19.6 21.5 -7.4 50.3 48.6 -3.9 -16.1 12

13 Municipal securities 0.4 0.5 0.2 1.3 2.7 0.5 0.3 1.7 0.4 0.8 0.6 13

14 Corporate and foreign bonds 29.9 23.3 -2.5 -25.6 -54.0 -11.0 -20.3 -17.0 -2.1 7.5 2.3 14

15 Other loans and advances 5.3 6.5 8.7 3.6 8.1 9.7 -0.7 -2.8 6.3 -0.5 4.1 15

16 Mortgages 12.1 24.1 54.9 35.3 69.5 37.7 14.1 19.6 -49.8 -21.4 112.3 16

17 Consumer credit 4.4 9.9 3.0 4.5 3.8 -0.7 12.8 2.1 -1.9 -0.6 -12.8 17

18 Corporate equities 1.5 -0.7 0.4 3.2 4.7 3.1 2.3 2.7 1.1 1.8 2.0 18

19 Miscellaneous assets 13.8 -2.7 7.7 19.1 72.3 7.8 35.8 -39.4 50.3 -2.6 24.0 19

20 Net increase in liabilities 57.7 60.8 66.3 78.3 147.5 77.9 47.7 40.3 85.0 -67.5 128.9 20

21 Deposits -2.6 6.1 27.5 46.8 92.8 40.6 51.1 2.8 115.6 23.6 75.6 21

22 Checkable 36.1 36.8 43.4 50.7 51.3 53.3 46.1 52.1 47.5 63.7 49.5 22

23 Small time and savings -54.3 -39.2 -35.8 -30.7 0.7 -29.4 -39.8 -54.5 11.0 -42.9 -49.7 23

24 Large time 15.7 8.5 19.9 26.9 40.8 16.7 44.8 5.2 57.1 2.8 75.8 24

25 Security RPs 9.5 21.4 -6.0 5.8 1.8 9.9 -59.8 71.2 22.9 -33.3 -35.3 25

26 Credit market instruments 52.2 48.0 27.3 7.4 55.5 3.4 39.4 -68.6 -33.1 -12.1 -10.2 26

27 Corporate bonds -0.2 0.2 3.5 -2.6 -14.0 14.5 -1.2 -9.7 -0.7 -2.0 -0.3 27

28 Bank loans n.e.c. 10.3 -15.7 7.4 1.5 4.6 -4.0 6.9 -1.5 -0.4 4.3 6.3 28

29 Other loans and advances 42.1 63.5 16.3 8.5 64.9 -7.2 33.7 -57.4 -32.0 -14.4 -16.2 29

30 Taxes payable 0.2 0.0 0.4 -0.7 -0.8 -0.9 0.1 -1.2 -0.8 -0.0 -0.3 30

31 Miscellaneous liabilities -1.5 -14.7 17.1 19.0 -1.9 24.9 16.9 36.1 -19.6 -45.7 99.0 31

32 Investment by parent 0.4 0.5 0.7 0.8 0.7 0.8 0.8 0.8 0.9 0.9 0.9 32

33 Other -1.9 -15.3 16.5 18.2 -2.6 24.2 16.1 35.2 -20.5 -46.6 98.1 33

34 Discrepancy -2.9 2.2 2.4 1.9 -0.9 3.3 3.9 1.2 8.1 -12.5 1.6 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 5, 2002 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.4 6.0 6.9 7.0 7.1 7.1 7.0 6.9 6.9 7.1 7.1 1

 2 Fixed nonresidential investment 2.5 2.6 2.5 2.5 2.6 2.5 2.4 2.4 2.3 2.3 2.3 2

 3 Net acquisition of financial assets 37.7 23.0 26.5 64.4 62.7 68.5 71.3 55.2 67.0 53.3 45.2 3

 4 Checkable deposits and currency 1.0 17.3 -14.2 7.6 8.1 17.3 27.6 -22.8 -2.7 4.3 -0.3 4

 5 Time and savings deposits 6.4 -6.8 0.5 8.4 9.6 -7.3 4.7 26.8 -3.8 9.3 -1.6 5

 6 Federal funds and security RPs 3.4 2.4 -5.3 -1.5 15.5 2.5 5.6 -29.6 8.7 4.2 6.4 6

 7 Credit market instruments 18.9 27.5 28.0 41.5 34.9 9.6 61.1 60.5 58.3 41.1 39.9 7

 8 Open market paper 0.2 1.5 -0.6 1.2 -0.4 1.8 -1.1 4.3 -0.3 2.1 -0.6 8

 9 U.S. government securities 4.9 -0.6 -1.8 18.8 17.9 -15.8 38.2 35.0 29.4 11.7 18.7 9

10 Treasury -2.5 -3.5 -1.4 -0.8 -1.0 -5.7 -0.5 3.9 0.7 1.1 0.9 10

11 Agency 7.3 2.9 -0.4 19.6 18.9 -10.2 38.7 31.1 28.8 10.6 17.8 11

12 Home mortgages 10.8 14.1 13.8 16.4 10.7 16.3 24.0 14.6 23.0 19.1 8.0 12

13 Consumer credit 3.0 12.5 16.5 5.1 6.6 7.4 -0.1 6.6 6.2 8.2 13.8 13

14 Mutual fund shares 1.2 -1.1 -0.3 1.5 -0.9 6.4 -1.9 2.6 -3.0 3.9 0.0 14

15 Miscellaneous assets 6.8 -16.4 18.0 6.9 -4.5 40.0 -25.8 17.7 9.5 -9.3 0.8 15

16 Net increase in liabilities 34.7 20.8 22.0 60.8 58.0 65.5 67.6 52.1 63.9 47.3 37.2 16

17 Shares/deposits 33.6 17.7 22.4 61.1 62.7 53.8 72.6 55.4 50.1 48.0 33.9 17

18 Checkable 6.4 2.3 5.9 3.5 15.8 -4.0 5.5 -3.4 23.1 -1.0 0.0 18

19 Small time and savings 23.1 12.3 13.0 48.6 44.9 42.8 56.3 50.3 23.6 36.3 33.9 19

20 Large time 4.1 3.1 3.5 9.0 2.0 14.9 10.8 8.4 3.5 12.7 0.0 20

21 Other loans and advances 0.6 2.2 0.0 1.5 -0.6 0.8 1.5 4.4 2.4 2.0 1.0 21

22 Miscellaneous liabilities 0.5 0.9 -0.4 -1.8 -4.1 10.9 -6.5 -7.7 11.4 -2.7 2.2 22

23 Discrepancy -0.1 1.1 -0.2 0.9 -0.2 1.7 0.9 1.4 1.6 -1.2 -3.2 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -45.8 -9.8 55.0 30.4 26.9 30.7 30.1 34.0 25.3 25.6 19.5 1

 2 Deposits 6.2 8.4 7.0 3.6 1.7 4.2 4.2 4.2 6.2 6.2 6.2 2

 3 Checkable deposits and currency -0.5 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Time and savings deposits -2.1 0.9 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 4

 5 Money market fund shares 8.8 7.5 6.9 3.4 1.5 4.0 4.0 4.0 6.0 6.0 6.0 5

 6 Credit market instruments -12.8 27.8 0.8 5.8 4.0 5.5 4.9 8.9 11.3 11.4 4.9 6

 7 Open market paper -4.5 0.6 -2.4 -1.7 -3.3 -1.6 -1.6 -0.4 -0.8 -1.2 -0.4 7

 8 U.S. government securities -4.4 5.7 -0.7 0.5 -0.3 0.4 1.2 0.8 1.6 2.4 1.2 8

 9 Treasury -3.1 -0.0 -1.0 -0.8 -0.8 -0.8 -0.8 -0.8 -0.4 -0.4 -0.8 9

10 Agency -1.4 5.7 0.3 1.3 0.5 1.2 2.0 1.6 2.0 2.8 2.0 10

11 Municipal securities -1.1 10.8 -1.2 2.9 3.5 2.0 2.0 4.0 6.0 4.0 6.0 11

12 Corporate and foreign bonds -2.6 11.3 5.0 4.0 4.0 4.6 3.2 4.4 4.4 6.0 -2.0 12

13 Mortgages -0.2 -0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 13

14 Corporate equities -74.3 -28.8 -2.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 14

15 Mutual fund shares 26.6 -14.7 48.5 21.2 21.2 21.2 21.2 21.1 8.0 8.0 8.0 15

16 Miscellaneous assets 8.4 -2.5 1.2 0.3 0.4 0.2 0.2 0.2 0.2 0.4 0.8 16

17 Net increase in liabilities (2) -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 17

18 Discrepancy -0.2 1.7 1.6 1.1 0.2 1.2 1.6 1.2 1.2 1.2 1.2 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, December 5, 2002

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -7.5 -2.4 -3.8 -3.2 -1.2 0.3 -9.7 -2.2 -2.4 -2.4 -5.7 1

 2 Fixed nonresidential investment 11.8 12.1 13.2 13.3 13.9 13.4 13.1 12.8 12.6 12.5 12.5 2

 3 Net acquisition of financial assets 187.0 169.3 203.5 250.6 359.9 211.8 288.2 142.4 338.5 259.0 368.3 3

 4 Checkable deposits and currency -2.7 0.0 -0.5 31.9 51.5 25.7 22.5 27.8 -7.1 -1.9 63.0 4

 5 Money market fund shares 17.6 23.4 8.5 43.0 49.5 48.2 23.9 50.3 -48.1 10.5 -55.8 5

 6 Credit market instruments 76.9 53.5 57.9 130.9 111.8 143.6 186.9 81.3 260.6 175.1 229.1 6

 7 Open market paper 7.5 2.0 -4.5 -11.9 -34.3 -3.4 13.4 -23.5 39.3 13.5 31.9 7

 8 U.S. government securities -23.7 -2.3 6.3 13.7 16.5 14.6 17.9 5.9 40.8 22.3 66.1 8

 9 Treasury -14.1 -9.3 -4.6 -4.4 -3.6 -4.1 -3.9 -6.1 5.1 4.3 16.7 9

10 Agency -9.6 7.0 11.0 18.1 20.1 18.8 21.8 12.0 35.6 18.0 49.4 10

11 Municipal securities 1.7 1.7 -1.0 -0.4 -0.1 -0.3 -0.1 -1.0 6.3 2.3 2.2 11

12 Corporate and foreign bonds 84.5 41.5 49.0 120.2 129.3 123.3 142.2 86.0 172.1 130.7 124.8 12

13 Policy loans 0.1 -5.0 2.9 2.2 4.0 0.6 5.4 -1.1 1.1 -0.2 2.6 13

14 Mortgages 6.8 15.7 5.2 7.1 -3.6 8.8 8.0 15.1 1.1 6.5 1.6 14

15 Corporate equities 115.3 111.9 105.9 70.3 93.6 64.0 71.0 52.6 52.8 41.6 35.2 15

16 Mutual fund shares -23.4 15.0 11.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 16

17 Miscellaneous assets 3.5 -34.6 20.7 -27.5 51.5 -71.7 -18.1 -71.8 78.3 31.7 94.8 17

18 Net increase in liabilities 173.1 152.9 195.1 248.5 282.9 203.2 291.3 216.6 310.5 265.1 345.7 18

19 Corporate equity issues -4.7 -6.0 -0.8 -0.9 -6.8 -5.0 -10.9 19.2 -7.4 -9.2 -9.2 19

20 Other loans and advances 0.7 0.7 -0.7 0.6 -2.4 0.1 3.5 1.4 2.4 1.2 0.7 20

21 Life insurance reserves 46.7 49.4 48.7 75.8 61.6 49.8 74.7 117.1 94.1 88.2 117.5 21

22 Pension fund reserves (1) 122.6 91.8 142.6 138.5 184.0 151.4 137.3 81.4 85.3 119.6 163.6 22

23 Taxes payable 1.2 1.3 1.6 2.0 1.8 1.9 2.0 2.1 2.2 2.3 2.4 23

24 Miscellaneous liabilities 6.6 15.7 3.6 32.4 44.6 4.9 84.7 -4.6 133.9 62.8 70.6 24

25 Discrepancy -33.3 -30.9 -25.4 -18.6 -92.2 -21.8 -19.7 59.4 -43.0 -8.8 -40.9 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 3.5 3.2 8.1 -4.5 6.3 -11.1 -19.9 6.7 6.6 4.9 6.5 1

 2 Fixed nonresidential investment 10.5 12.2 11.7 9.2 9.7 9.2 9.0 8.9 8.8 8.8 8.9 2

 3 Net acquisition of financial assets 16.5 -9.0 8.9 16.6 8.1 15.9 52.6 -10.3 64.7 69.6 93.8 3

 4 Checkable deposits and currency -0.2 0.2 -0.6 9.4 27.5 4.8 7.5 -2.2 15.5 1.0 5.1 4

 5 Security RPs 7.4 -14.4 10.0 -8.1 -42.0 -4.6 20.0 -5.8 -7.8 1.7 31.4 5

 6 Credit market instruments 5.8 -3.0 -8.7 9.0 2.1 0.1 5.1 28.5 36.7 35.4 35.3 6

 7 U.S. government securities -21.9 -3.9 0.0 10.1 8.2 -0.0 16.7 15.5 12.3 10.0 10.0 7

 8 Treasury -20.8 -9.7 -8.6 -0.0 -0.7 -0.0 -1.3 1.9 5.4 3.6 3.6 8

 9 Agency -1.2 5.9 8.6 10.1 8.9 -0.0 18.0 13.6 6.9 6.4 6.5 9

10 Municipal securities 16.5 -9.1 -14.9 -10.3 -12.5 -0.0 -24.8 -3.9 10.7 11.6 11.9 10

11 Corporate and foreign bonds 11.6 10.0 6.4 8.9 6.4 -0.0 13.1 16.2 13.7 13.8 13.4 11

12 Commercial mortgages -0.3 -0.0 -0.3 0.2 0.0 0.1 0.1 0.7 0.0 0.1 -0.0 12

13 Corporate equities -5.0 -1.7 0.7 -0.3 6.0 2.9 7.0 -17.2 -0.4 4.6 5.5 13

14 Trade receivables 1.6 2.0 1.0 5.3 12.1 9.0 11.5 -11.3 13.9 17.6 2.1 14

15 Miscellaneous assets 6.9 7.7 6.4 1.3 2.4 3.6 1.5 -2.4 6.7 9.4 14.4 15

16 Net increase in liabilities 2.9 8.0 3.6 29.8 21.3 20.2 70.3 7.2 56.3 60.1 83.4 16

17 Corporate equity issues -4.7 -7.8 -4.5 0.5 -1.8 -2.2 -6.6 12.6 16.2 -1.4 3.4 17

18 Taxes payable 2.0 2.0 2.3 2.7 2.6 2.7 2.8 2.9 3.0 3.2 3.3 18

19 Miscellaneous liabilities 5.6 13.8 5.8 26.5 20.6 19.7 74.1 -8.2 37.0 58.3 76.7 19

20 Discrepancy -20.7 8.1 -8.8 -0.5 9.8 -16.0 -11.2 15.4 -10.6 -13.5 -12.8 20
Z.1, December 5, 2002 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.8 0.8 0.9 0.8 0.8 0.8 0.9 0.8 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 2.0 1.9 1.9 1.6 1.7 1.6 1.6 1.5 1.4 1.4 1.3 2

 3 Net acquisition of financial assets -9.2 -12.0 -9.6 -17.6 -22.5 -14.3 -22.8 -10.7 -13.0 -24.4 41.5 3

 4 Checkable deposits and currency -1.0 1.0 0.4 -1.0 -0.9 0.0 -1.2 -1.8 0.2 0.8 0.3 4

 5 Time and savings deposits 28.3 -3.0 2.9 4.2 4.0 6.8 4.6 1.2 -0.2 -1.4 3.5 5

 6 Money market fund shares 1.9 11.7 4.6 -10.6 -9.6 -9.3 -12.0 -11.8 2.8 2.8 2.8 6

 7 Security RPs 1.2 -0.1 0.9 0.8 -3.5 7.8 1.4 -2.3 -4.2 3.0 10.0 7

 8 Credit market instruments -23.4 17.0 33.4 20.3 20.7 44.7 10.4 5.3 27.4 45.9 35.5 8

 9 Open market paper 3.0 3.2 -1.7 1.7 -12.5 10.1 14.3 -5.1 -5.8 22.4 16.1 9

10 U.S. government securities -47.6 11.3 15.1 7.4 17.6 15.7 -14.7 11.0 14.4 13.3 15.5 10

11 Treasury -31.0 -2.7 -1.4 -4.2 -10.8 0.6 -10.5 4.0 8.3 9.9 8.5 11

12 Agency -16.6 14.0 16.5 11.6 28.5 15.1 -4.2 7.0 6.1 3.4 7.0 12

13 Corporate and foreign bonds 21.5 1.6 18.8 9.8 14.2 17.4 9.7 -2.1 17.2 8.6 1.9 13

14 Mortgages -0.3 0.9 1.2 1.3 1.3 1.5 1.1 1.4 1.6 1.5 1.9 14

15 Corporate equities -26.5 -29.1 -49.9 -33.3 -30.5 -45.3 -66.7 9.4 -72.8 -89.5 -46.8 15

16 Mutual fund shares -3.5 1.6 1.2 -3.8 -2.9 -14.4 5.0 -2.9 8.4 17.2 6.9 16

17 Miscellaneous assets 13.8 -11.0 -3.1 5.8 0.2 -4.7 35.7 -7.8 25.3 -3.2 29.3 17

18 Unallocated insurance contracts (2) -14.8 -7.7 -11.8 2.4 -2.8 -9.9 11.4 11.0 19.5 5.7 10.7 18

19 Contributions receivable 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 19

20 Other 7.2 1.5 7.4 2.1 1.7 3.9 23.0 -20.1 4.5 -10.2 17.3 20

21 Pension fund reserves (liabilities) (3) -7.9 -10.9 -8.6 -16.8 -21.6 -13.5 -22.0 -10.0 -12.4 -23.9 41.9 21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.7 0.8 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1

 2 Fixed nonresidential investment 1.7 1.8 1.9 1.9 1.9 1.9 1.9 1.8 1.7 1.6 1.5 2

 3 Net acquisition of financial assets 60.4 58.8 53.1 25.6 19.3 28.9 23.1 30.9 28.5 19.7 24.4 3

 4 Checkable deposits and currency 4.7 -0.7 -0.1 0.4 -7.6 18.7 -0.9 -8.6 1.3 -5.5 6.0 4

 5 Time and savings deposits -0.4 -0.3 -0.6 -0.4 -1.0 1.2 -1.2 -0.7 2.4 -0.5 -4.5 5

 6 Security RPs 8.9 2.8 4.3 0.6 -8.7 17.2 -2.8 -3.3 0.2 -8.4 13.0 6

 7 Credit market instruments 72.1 46.9 54.6 -17.7 -70.7 77.0 -74.2 -2.7 70.5 -54.5 -33.0 7

 8 Open market paper 8.9 2.8 4.3 0.6 -8.7 17.2 -2.8 -3.3 0.2 -8.4 13.0 8

 9 U.S. government securities 19.9 16.4 22.1 -32.9 -29.0 94.0 -148.5 -48.0 27.0 -38.3 -27.4 9

10 Treasury 0.8 -6.6 -15.5 -18.3 -1.5 36.3 -66.8 -41.3 38.4 -39.0 -18.8 10

11 Agency 19.1 22.9 37.6 -14.5 -27.5 57.7 -81.6 -6.7 -11.4 0.7 -8.6 11

12 Municipal securities 1.7 -0.2 -1.5 -0.2 0.7 -0.7 -4.2 3.4 -3.9 0.4 -0.0 12

13 Corporate and foreign bonds 35.1 30.4 29.7 11.4 -36.2 -36.2 77.5 40.6 41.8 -14.5 -25.7 13

14 Mortgages 6.5 -2.6 -0.0 3.4 2.5 2.6 3.7 4.6 5.4 6.4 7.2 14

15 Corporate equities -28.2 -6.2 -18.4 22.3 55.8 -87.5 65.2 55.6 4.6 41.9 2.9 15

16 Miscellaneous assets 3.3 16.3 13.3 20.3 51.4 2.3 37.0 -9.4 -50.6 46.6 40.2 16

17 Pension fund reserves (liabilities) (1) 61.5 59.8 54.1 26.5 20.3 29.9 24.0 31.7 29.2 20.3 24.9 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, December 5, 2002

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 287.2 249.1 233.3 428.6 578.4 370.0 386.1 379.8 -315.7 103.4 -192.6 1

 2 Foreign deposits 7.4 12.2 48.2 33.1 82.5 -5.5 0.8 54.5 -5.3 -19.3 0.7 2

 3 Checkable deposits and currency -2.6 -1.2 4.5 2.3 -24.4 4.3 -27.8 57.2 -15.0 -18.6 -0.8 3

 4 Time and savings deposits 15.7 33.3 -18.0 77.1 145.8 -14.3 30.2 146.7 24.3 21.7 -87.3 4

 5 Security RPs 12.9 0.1 43.4 44.0 63.0 11.8 65.7 35.4 4.6 47.5 -3.2 5

 6 Credit market instruments 244.0 182.0 143.0 246.0 326.4 210.0 339.3 108.4 -296.8 -122.3 -42.1 6

 7 Open market paper 78.2 104.7 89.6 30.3 32.3 50.5 42.9 -4.7 -184.2 -20.8 -168.3 7

 8 U.S. government securities 95.0 17.3 -19.1 178.5 281.8 123.9 270.7 37.5 -13.4 -83.6 66.0 8

 9 Treasury 17.5 0.1 -13.3 45.3 29.3 45.4 66.7 39.6 13.0 3.3 -30.3 9

10 Agency 77.5 17.1 -5.8 133.2 252.5 78.5 203.9 -2.1 -26.4 -86.9 96.3 10

11 Municipal securities 26.0 17.5 34.3 36.2 13.4 42.3 47.6 41.5 -56.7 26.4 11.8 11

12 Corporate and foreign bonds 44.8 42.5 38.2 1.1 -1.1 -6.7 -21.9 34.1 -42.4 -44.3 48.4 12

13 Miscellaneous assets 9.6 22.6 12.2 26.1 -14.8 163.7 -22.2 -22.5 -27.4 194.5 -59.9 13

14 Net share issues (liabilities) 287.2 249.1 233.3 428.6 578.4 370.0 386.1 379.8 -315.7 103.4 -192.6 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -8.4 4.7 -4.1 -0.9 -1.1 -1.4 -1.9 0.7 0.3 -1.5 -0.6 1

 2 Net acquisition of financial assets 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 2

 3 Security RPs 13.1 9.9 25.6 -31.6 -71.8 -15.3 -27.9 -11.5 44.0 -18.1 -15.0 3

 4 Credit market instruments 127.3 48.4 21.0 126.0 93.0 169.1 102.7 139.3 243.3 42.0 164.8 4

 5 Open market paper 13.1 9.9 25.6 -31.6 -43.4 -46.4 -22.1 -14.7 58.7 -92.4 -24.4 5

 6 U.S. government securities 26.2 12.5 10.6 76.6 55.1 134.4 70.5 46.5 81.8 32.4 117.0 6

 7 Treasury 4.6 -23.7 6.4 -8.6 -19.9 -1.8 -23.9 11.2 19.8 7.8 28.3 7

 8 Agency 21.6 36.2 4.2 85.2 75.1 136.2 94.3 35.2 62.0 24.5 88.7 8

 9 Municipal securities 22.8 -3.2 -8.9 23.0 22.0 16.8 22.5 30.6 17.4 30.0 36.8 9

10 Corporate and foreign bonds 65.2 29.2 -6.2 58.1 59.3 64.3 31.8 76.9 85.3 72.0 35.5 10

11 Corporate equities 143.3 136.4 189.1 109.7 103.4 120.9 85.4 129.0 98.0 75.9 -107.0 11

12 Miscellaneous assets -4.2 -3.5 -0.7 -2.6 -8.6 -1.2 0.1 -0.9 1.6 0.2 0.0 12

13 Net share issues (liabilities) 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 13

14 Discrepancy -8.4 4.7 -4.1 -0.9 -1.1 -1.4 -1.9 0.7 0.3 -1.5 -0.6 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -7.1 -6.4 -6.9 5.9 -9.4 -9.0 30.2 11.6 22.0 16.7 19.3 1

 2 Credit market instruments 5.2 8.2 -6.3 6.8 -6.9 -4.9 24.4 14.8 20.9 2.2 11.6 2

 3 U.S. government securities -1.0 -1.2 -0.9 0.1 -3.7 0.4 -0.0 3.6 1.2 -9.2 -4.0 3

 4 Municipal securities 1.8 8.5 -2.9 10.9 8.4 1.1 26.9 7.3 10.3 4.2 7.3 4

 5 Corporate and foreign bonds 4.4 1.0 -2.5 -4.2 -11.6 -6.4 -2.6 3.9 9.4 7.3 8.3 5

 6 Corporate equities -12.3 -14.6 -0.6 -1.0 -2.4 -4.1 5.8 -3.2 1.0 14.4 7.7 6

 7 Net share issues (liabilities) -7.1 -6.4 -6.9 5.9 -9.4 -9.0 30.2 11.6 22.0 16.7 19.3 7

 Exchange-traded funds

 8 Net acquisition of financial assets 6.0 12.2 42.4 31.0 57.9 11.3 27.9 26.9 24.0 65.2 43.2 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15.0 9

10 U.S. government securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.4 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.6 11

12 Corporate equities 6.0 12.2 42.4 31.0 57.9 11.3 27.9 26.9 24.0 65.2 28.2 12

13 Net share issues (liabilities) 6.0 12.2 42.4 31.0 57.9 11.3 27.9 26.9 24.0 65.2 43.2 13
Z.1, December 5, 2002 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.1 2.8 2.8 3.0 3.1 3.3 2.8 2.9 2.8 3.0 2.9 1

 2 Fixed nonresidential investment 0.3 0.5 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5 2

 3 Net acquisition of financial assets 304.4 316.7 248.8 334.3 351.6 275.6 385.7 324.2 189.7 143.0 290.0 3

 4 Checkable deposits and currency 2.5 7.4 -9.7 1.7 -0.3 2.6 4.7 0.0 -0.8 6.4 20.6 4

 5 Federal funds and security RPs -13.4 12.7 -14.8 11.9 65.8 -38.2 43.9 -24.0 20.3 -78.4 49.4 5

 6 Credit market instruments 314.0 291.3 256.4 309.0 329.2 297.2 274.3 335.3 236.7 129.0 174.8 6

 7 Open market paper 26.9 -27.1 10.9 35.6 -22.2 22.5 4.6 137.4 -124.2 40.7 -25.7 7

 8 U.S. government securities 162.3 184.5 155.2 177.9 213.2 195.9 183.8 118.6 317.9 -37.2 63.8 8

 9 Treasury -0.7 5.8 10.2 -8.7 -36.3 40.7 -17.8 -21.5 3.4 -65.9 -38.8 9

10 Agency 163.1 178.7 145.0 186.6 249.6 155.2 201.7 140.1 314.5 28.7 102.5 10

11 Municipal securities 4.1 1.4 -1.8 6.0 4.7 8.3 0.2 10.9 -13.7 -4.5 11.7 11

12 Corporate and foreign bonds 20.7 23.7 25.8 15.5 25.6 40.4 -5.8 1.8 26.0 60.9 -19.9 12

13 Other loans and advances 92.3 113.6 41.3 40.1 92.5 -7.8 63.3 12.4 -1.6 23.8 79.4 13

14 Sallie Mae -1.4 5.1 -3.9 2.4 2.4 4.7 2.0 0.6 2.0 0.8 6.0 14

15 Farm Credit System 3.3 0.9 3.1 2.9 -0.4 6.1 2.6 3.1 0.2 6.4 1.6 15

16 FHLB loans 90.4 107.6 42.1 34.9 90.5 -18.5 58.8 8.8 -3.8 16.6 71.9 16

17 Mortgages 7.7 -4.8 25.0 33.9 15.3 38.0 28.1 54.2 32.2 45.3 65.5 17

18 Home 5.3 -10.3 15.8 20.2 4.7 22.8 15.4 37.8 19.8 34.4 49.7 18

19 Multifamily residential 0.2 4.4 7.3 9.4 7.8 9.1 8.8 12.0 8.3 7.3 8.9 19

20 Farm 2.2 1.1 2.0 4.3 2.8 6.1 3.9 4.4 4.1 3.7 6.9 20

21 Miscellaneous assets 1.3 5.4 16.8 11.6 -43.1 14.0 62.8 12.9 -66.5 86.0 45.2 21

22 Net increase in liabilities 298.6 312.1 241.5 323.4 342.8 263.9 378.5 308.5 179.0 133.4 273.1 22

23 Credit market instruments 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 23

24 GSE issues (2) 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 24

25 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 20.3 -6.0 7.4 32.6 80.6 -4.4 52.3 2.0 -12.2 -8.3 19.9 26

27 Discrepancy -4.1 -2.3 -5.2 -8.4 -6.3 -9.0 -5.0 -13.3 -8.3 -7.3 -14.5 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM 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 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 1

 2 Home mortgages 182.1 264.6 190.9 322.9 157.2 387.0 479.3 268.1 488.4 337.6 165.1 2

 3 Multifamily residential mortgages 10.5 9.2 8.5 15.6 13.1 19.2 13.0 17.2 11.4 8.6 7.4 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, December 5, 2002

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.6 2.4 1.7 1.6 1.5 1.8 1.7 1.5 1.5 1.5 1.4 1

 2 Fixed nonresidential investment 4.4 -0.5 -1.5 1.9 1.7 5.8 -0.7 0.8 0.1 0.3 0.5 2

 3 Net acquisition of financial assets 319.6 215.2 192.8 319.2 320.3 201.8 321.4 433.4 255.9 238.9 203.9 3

 4 Agency securities (1) 38.0 40.2 4.3 42.2 48.5 14.9 37.4 68.2 70.0 42.4 64.0 4

 5 Other loans and advances 27.6 -1.8 14.7 23.3 31.1 -13.0 65.6 9.5 25.3 -19.8 -12.8 5

 6 Student loans 3.8 1.5 6.5 0.9 2.5 2.0 0.8 -1.9 7.1 -1.2 1.6 6

 7 Loans to business 23.8 -3.3 8.3 22.4 28.6 -15.0 64.8 11.4 18.2 -18.6 -14.4 7

 8 Mortgages (2) 156.8 93.1 83.7 145.8 106.3 122.1 110.1 244.5 113.4 131.3 175.8 8

 9 Home 94.5 49.9 44.8 91.4 93.9 63.6 44.0 164.0 100.4 88.0 131.6 9

10 Multifamily residential 12.9 8.5 6.5 8.2 0.9 7.3 11.2 13.5 2.1 7.8 7.0 10

11 Commercial 49.4 34.7 32.4 46.2 11.5 51.2 54.9 67.0 10.9 35.5 37.2 11

12 Consumer credit 59.4 62.6 57.1 82.0 106.6 53.6 80.3 87.6 21.6 61.6 -46.7 12

13 Trade credit 37.9 21.1 33.0 25.9 27.8 24.2 28.0 23.5 25.6 23.4 23.5 13

14 Net increase in liabilities 321.4 212.3 189.7 319.5 320.5 205.9 318.9 432.6 254.5 237.7 203.0 14

15 Commercial paper 125.7 139.0 121.0 103.5 87.0 95.5 93.4 138.0 -9.2 -45.6 8.7 15

16 Corporate bonds 195.8 73.3 68.6 216.0 233.5 110.4 225.6 294.6 263.7 283.4 194.4 16

17 Discrepancy 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 1.8 -2.9 -3.2 0.3 0.2 4.1 -2.4 -0.8 -1.4 -1.2 -0.9 18

19 REIT assets (4) 2.9 -1.0 -2.2 -0.8 -2.4 -0.6 -1.9 1.8 -1.7 6.9 8.6 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 28.7 36.4 37.5 36.9 34.2 36.1 39.6 37.8 38.8 39.9 39.0 1

 2 Fixed nonresidential investment 29.4 44.3 41.7 33.0 35.1 29.1 34.7 33.1 34.2 34.8 36.3 2

 3 Net acquisition of financial assets 88.8 150.3 134.9 17.7 8.3 26.0 41.2 -4.7 -128.3 73.7 177.4 3

 4 Checkable deposits and currency 2.3 2.5 2.6 2.9 2.8 2.8 2.9 2.9 3.0 3.0 3.1 4

 5 Credit market instruments 77.3 97.0 108.0 -5.7 8.9 112.1 -43.1 -100.5 -28.2 39.6 79.1 5

 6 Other loans and advances 36.8 54.2 63.3 -11.5 -5.4 90.2 -76.8 -53.9 -23.5 23.0 32.6 6

 7 Mortgages 24.7 24.6 26.4 -11.0 24.9 23.3 10.1 -102.2 -5.9 11.3 7.9 7

 8 Consumer credit 15.8 18.2 18.2 16.8 -10.6 -1.4 23.6 55.6 1.2 5.3 38.6 8

 9 Miscellaneous assets 9.3 50.9 24.3 20.5 -3.4 -88.9 81.4 92.9 -103.1 31.1 95.2 9

10 Net increase in liabilities 75.8 138.0 164.9 20.1 -1.5 37.5 52.2 -7.9 -95.5 117.0 220.9 10

11 Credit market instruments 57.1 70.3 81.2 -0.2 -54.0 36.8 41.8 -25.3 -31.2 80.2 106.4 11

12 Open market paper 30.7 -2.9 8.4 -80.3 -210.2 -10.0 -11.5 -89.3 -60.8 -38.9 80.2 12

13 Corporate bonds 24.2 64.3 72.2 65.2 126.6 33.3 54.6 46.4 28.3 91.0 -49.1 13

14 Bank loans n.e.c. 2.2 8.9 0.5 14.9 29.6 13.5 -1.2 17.6 1.3 28.1 75.3 14

15 Taxes payable 0.8 0.8 1.0 1.2 1.1 1.1 1.2 1.2 1.3 1.4 1.4 15

16 Miscellaneous liabilities 17.8 66.9 82.8 19.1 51.5 -0.5 9.2 16.2 -65.6 35.4 113.1 16

17 Foreign direct investment in U.S. 2.6 13.2 14.9 7.8 19.9 8.0 -18.5 21.6 5.2 1.1 4.3 17

18 Investment by parent -12.8 53.5 14.7 -3.3 -21.5 -15.1 -6.7 30.1 -66.6 2.9 -1.5 18

19 Other 28.0 0.1 53.2 14.6 53.1 6.6 34.4 -35.5 -4.2 31.4 110.2 19

20 Discrepancy -13.8 -20.3 25.7 6.3 -10.6 18.5 15.8 1.5 37.4 48.4 46.3 20

 Memo:

21 Consumer leases not included above (2) -2.2 6.3 5.3 -4.6 -6.9 15.2 -7.7 -19.1 -23.9 -4.7 -31.6 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, December 5, 2002 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 3.2 0.3 0.2 1.4 1.4 1.1 1.7 1.2 1.6 1.4 1.5 1

 2 Home mortgages 3.1 0.3 0.2 1.3 1.4 1.0 1.6 1.1 1.5 1.2 1.3 2

 3 Multifamily residential mortgages 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 3.2 0.3 0.2 1.4 1.4 1.1 1.7 1.2 1.6 1.4 1.5 5

 6 Bank loans n.e.c. 1.6 0.2 0.1 0.7 0.7 0.6 0.8 0.6 0.8 0.7 0.7 6

 7 Investment by parent 1.6 0.2 0.1 0.7 0.7 0.6 0.9 0.6 0.8 0.7 0.8 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 8.2 8.4 0.0 -1.8 -1.0 0.6 -1.7 -5.2 -1.2 -1.4 0.3 1

 2 Fixed nonresidential investment 64.7 9.2 0.4 3.3 3.4 -2.1 -0.5 12.6 8.8 13.7 4.2 2

 3 Multifamily residential investment 11.4 1.6 0.1 0.6 0.6 -0.4 -0.1 2.2 1.5 2.4 0.7 3

 4 Net acquisition of financial assets 6.4 -2.3 -6.3 8.1 5.8 8.0 9.6 8.8 29.2 30.4 24.6 4

 5 Checkable deposits and currency 0.8 0.3 -0.0 0.9 -1.0 2.3 2.4 -0.2 1.8 0.7 -1.4 5

 6 Credit market instruments -5.1 -2.6 -6.3 6.7 4.0 1.1 7.8 14.0 26.3 31.8 25.0 6

 7 Agency securities -8.1 1.1 0.3 5.8 -2.6 14.3 3.4 7.9 22.6 13.5 7.8 7

 8 Corporate and foreign bonds -0.4 -0.3 -0.4 2.1 8.6 -9.0 3.0 5.7 1.4 4.7 5.7 8

 9 Mortgages 3.4 -3.3 -6.2 -1.1 -1.9 -4.2 1.3 0.4 2.3 13.6 11.4 9

10 Home 0.8 -2.4 -4.6 0.1 -0.4 -0.8 1.7 -0.1 3.0 8.0 13.7 10

11 Multifamily residential 0.1 -0.6 -0.2 -0.3 -0.7 0.2 0.2 -0.7 -0.1 0.4 -0.2 11

12 Commercial 2.5 -0.4 -1.4 -1.0 -0.8 -3.6 -0.6 1.2 -0.7 5.2 -2.1 12

13 Miscellaneous assets 10.7 -0.1 0.0 0.5 2.8 4.7 -0.5 -5.0 1.1 -2.1 1.1 13

14 Net increase in liabilities 86.4 17.7 3.0 15.5 19.2 2.7 12.7 27.5 45.6 49.6 50.2 14

15 Security RPs -9.8 0.5 -3.8 7.8 4.9 7.8 7.3 11.2 22.6 15.8 19.2 15

16 Credit market instruments 62.7 6.3 2.7 2.5 -6.1 10.5 -2.4 7.8 7.4 25.3 18.4 16

17 Open market paper 0.2 -0.1 0.0 0.7 -0.2 -0.5 4.4 -1.1 1.3 1.6 -0.5 17

18 Corporate bonds 21.7 8.9 4.8 3.8 12.2 -5.9 0.1 9.0 1.1 18.0 21.9 18

19 Bank loans n.e.c. 16.0 -7.6 -8.3 -3.3 -10.6 0.7 -4.9 1.6 -1.5 -1.3 -0.2 19

20 Mortgages 24.8 5.1 6.2 1.3 -7.5 16.2 -1.9 -1.6 6.6 7.0 -2.7 20

21 Corporate equity issues 19.8 6.6 2.2 5.1 1.4 3.2 7.5 8.5 12.9 9.6 8.6 21

22 Miscellaneous liabilities 13.6 4.4 1.8 0.1 18.9 -18.9 0.3 -0.1 2.6 -1.1 4.1 22

23 Discrepancy 11.9 17.7 8.9 1.7 8.4 -2.3 2.0 -1.3 4.8 1.6 20.9 23

 Memo:

24 Securitized assets included above 2.9 -1.0 -2.2 -0.8 -2.4 -0.6 -1.9 1.8 -1.7 6.9 8.6 24

25 Agency securities 0.1 -1.3 -0.2 -0.9 -0.4 -0.9 -0.9 -1.1 -1.4 -0.9 -0.9 25

26 Home mortgages 1.8 0.0 -0.9 -0.2 -1.8 -1.0 -0.9 3.0 -0.2 7.7 9.6 26

27 Multifamily residential mortgages 0.4 0.1 -0.5 0.1 -0.1 0.5 -0.1 -0.1 -0.1 0.0 -0.1 27

28 Commercial mortgages 0.6 0.1 -0.6 0.2 -0.0 0.9 -0.0 -0.0 -0.0 0.0 -0.0 28
36 Z.1, December 5, 2002

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 5.3 2.5 -9.1 7.1 -0.5 7.2 8.3 13.2 13.7 14.2 16.6 1

 2 Fixed nonresidential investment 15.7 18.7 26.8 23.1 24.2 23.3 22.9 22.1 21.6 21.4 21.2 2

 3 Net acquisition of financial assets 142.0 79.8 220.4 244.3 36.7 539.4 444.9 -44.0 -27.6 153.8 -286.1 3

 4 Checkable deposits and currency 3.7 3.3 1.6 16.8 2.5 24.4 66.6 -26.4 -16.3 10.6 -2.6 4

 5 Credit market instruments 6.8 -34.7 68.9 92.4 242.3 53.4 184.5 -110.5 -219.5 403.0 -191.4 5

 6 Open market paper 3.8 -2.0 13.2 9.0 21.7 0.8 23.8 -10.5 -2.1 12.6 -30.2 6

 7 U.S. government securities 21.7 -43.4 37.1 27.2 169.8 16.6 72.5 -150.2 -223.4 309.6 -159.2 7

 8 Treasury 21.2 -58.4 39.4 13.1 123.4 -67.6 136.1 -139.6 -199.5 237.0 -154.7 8

 9 Agency 0.5 15.0 -2.3 14.1 46.4 84.2 -63.6 -10.7 -23.9 72.5 -4.5 9

10 Municipal securities -0.1 -1.2 -0.7 7.7 5.5 4.1 9.3 12.1 -21.6 15.3 11.4 10

11 Corporate and foreign bonds -18.6 12.0 19.3 48.6 45.3 32.0 78.9 38.2 27.5 65.5 -13.5 11

12 Corporate equities -6.0 7.7 9.6 17.3 33.0 32.5 -47.9 51.4 -1.5 28.6 -9.8 12

13 Security credit 21.6 75.2 7.2 -38.8 -157.4 0.8 248.3 -246.8 -17.5 -85.0 -89.4 13

14 Miscellaneous assets 115.9 28.3 133.0 156.6 -83.7 428.3 -6.7 288.3 227.1 -203.4 7.0 14

15 Net increase in liabilities 146.2 88.1 243.3 255.9 55.1 551.7 454.7 -37.7 -22.2 157.0 -285.1 15

16 Security RPs (net) 4.6 37.1 56.9 51.0 -63.0 191.5 264.4 -188.9 148.5 193.0 -199.7 16

17 Corporate bonds 7.2 -17.2 15.6 1.4 -23.7 35.6 12.6 -18.9 -15.7 17.5 15.0 17

18 Corporate equity issues 2.5 7.6 -4.2 6.7 20.5 -8.8 28.6 -13.3 -2.0 17.8 30.8 18

19 Trade payables -1.0 11.9 5.1 3.3 -2.3 -8.1 11.3 12.3 -11.5 -23.0 4.4 19

20 Security credit 81.6 29.2 138.9 41.9 66.3 -74.7 313.0 -136.9 -173.3 -44.4 -28.9 20

21 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -1.6 3.5 327.5 -161.8 -107.3 -106.3 -39.7 21

22 From banks 20.3 -18.0 50.4 0.0 68.0 -78.2 -14.5 24.9 -65.9 61.9 10.9 22

23 Taxes payable -0.1 0.9 -0.1 -0.2 -3.6 0.4 0.5 1.8 0.1 -1.1 -0.3 23

24 Miscellaneous liabilities 44.7 7.5 -1.9 138.5 47.3 387.0 -157.2 276.9 15.1 -1.2 -78.9 24

25 Foreign direct investment in U.S. 1.7 3.6 5.1 -1.3 -6.0 -1.5 0.7 1.4 -0.7 -12.4 -12.2 25

26 Due to affiliates 97.4 61.8 38.6 46.2 213.9 10.9 -1.8 -38.0 65.9 -43.0 -18.7 26

27 Other -54.3 -57.9 -45.6 93.6 -160.6 377.6 -156.1 313.5 -50.2 54.2 -48.0 27

28 Proprietors’ net investment 6.6 11.1 33.0 13.3 13.6 28.7 -18.4 29.3 16.6 -1.5 -27.5 28

29 Discrepancy -6.2 -7.9 -13.0 -4.4 -6.3 -3.8 -4.7 -2.6 -2.5 -3.9 -3.5 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 102.7 247.3 124.8 -9.0 78.4 -112.8 -197.2 195.7 17.8 2.9 31.9 1

 2 Money market fund shares 57.9 48.9 33.5 117.5 147.6 124.2 46.8 151.5 -40.7 24.5 -115.6 2

 3 Credit market instruments -15.8 124.0 37.4 -111.9 -137.9 -182.9 -128.0 1.0 56.8 -84.3 139.1 3

 4 Open market paper -20.3 127.8 37.2 -152.8 -176.6 -221.5 -171.6 -41.4 10.6 -131.0 170.0 4

 5 Corporate and foreign bonds 4.5 -3.8 0.1 40.8 38.7 38.7 43.6 42.4 46.2 46.7 -30.9 5

 6 Miscellaneous assets (2) 60.7 74.4 54.0 -14.5 68.7 -54.1 -115.9 43.2 1.7 62.7 8.4 6

 7 Investment in foreign banking offices 11.8 2.5 45.6 -30.8 14.6 -20.2 -94.9 -22.6 -18.8 84.5 -11.2 7

 8 Investment in brokers and dealers 48.9 71.9 8.3 16.3 54.1 -33.9 -21.0 65.8 20.5 -21.8 19.6 8

 9 Net increase in liabilities 102.7 247.3 124.8 -9.0 78.4 -112.8 -197.2 195.7 17.8 2.9 31.9 9

10 Credit market instruments 40.0 91.5 -0.4 -55.2 55.3 -129.6 -155.7 9.1 -42.2 12.4 -16.2 10

11 Open market paper 6.0 34.1 -2.3 -77.4 9.7 -155.9 -150.8 -12.8 -131.9 24.1 -16.5 11

12 Corporate bonds 34.0 57.4 1.9 22.2 45.6 26.3 -5.0 21.9 89.7 -11.7 0.3 12

13 Miscellaneous liabilities 62.8 155.9 125.2 46.3 23.1 16.8 -41.4 186.6 60.0 -9.5 48.1 13

14 Foreign direct investment in U.S. 20.7 -17.0 54.3 40.7 13.4 75.5 39.8 34.0 43.9 50.3 24.6 14

15 Securities loaned (net) 70.0 16.3 88.7 70.1 -81.4 218.5 69.5 73.9 22.6 52.7 -9.2 15

16 Other -27.9 156.7 -17.8 -64.5 91.1 -277.2 -150.8 78.7 -6.5 -112.5 32.7 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, December 5, 2002 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 6.8 -8.7 0.3 4.9 -0.8 5.4 14.2 0.8 -2.5 13.4 6.1 1

 2 U.S. gold stock and SDRs 0.1 -0.0 0.7 0.6 0.8 0.6 0.6 0.6 0.5 0.4 0.5 2

 3 Federal govt.: Exchange Stab. Fund 0.1 -0.0 0.7 0.6 0.8 0.6 0.6 0.6 0.5 0.4 0.5 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 6.6 -8.7 -0.4 4.3 -1.5 4.7 13.7 0.2 -3.0 12.9 5.6 5

 6 Official foreign currency holdings 1.5 -3.3 1.9 0.7 0.8 0.7 0.7 0.6 -0.4 6.2 1.1 6

 7 Treasury 0.8 -1.6 0.9 0.3 0.4 0.3 0.3 0.3 -0.2 3.1 0.5 7

 8 Monetary authority 0.8 -1.6 0.9 0.3 0.4 0.3 0.3 0.3 -0.2 3.1 0.5 8

 9 Net IMF position 5.1 -5.5 -2.3 3.6 -2.3 4.1 13.0 -0.3 -2.5 6.7 4.5 9

10 Federal government 5.1 -5.5 -2.3 3.6 -2.3 4.1 13.0 -0.3 -2.5 6.7 4.5 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 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 1.0 2.4 -0.0 -1.1 1.1 -0.0 0.0 -0.0 0.0 -0.0 3

 4 Asset: Monetary authority 0.7 1.7 3.6 1.4 2.5 1.6 1.4 0.0 2.4 0.7 1.3 4

 5 Discrepancy (seigniorage) -0.1 -0.7 -1.2 -1.4 -3.6 -0.5 -1.4 -0.0 -2.4 -0.7 -1.3 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 6.5 61.0 135.1 28.0 228.3 -175.9 41.5 17.9 -59.1 89.3 40.0 1

 Held by:

 2 Household sector 0.1 5.2 15.0 -5.0 -6.0 -4.0 -3.6 -6.4 -32.0 -18.0 16.0 2

 3 Nonfinancial corporate business 7.4 0.9 16.0 -10.4 -30.3 0.4 -10.2 -1.5 14.8 -4.2 13.6 3

 4 Money market mutual funds 7.4 12.2 48.2 33.1 82.5 -5.5 0.8 54.5 -5.3 -19.3 0.7 4

 5 Discrepancy--unallocated assets -8.5 42.6 55.9 10.3 182.1 -166.8 54.5 -28.7 -36.6 130.9 9.7 5
38 Z.1, December 5, 2002

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -31.8 15.0 15.1 -31.7 -141.8 -25.4 -1.1 41.5 -1.2 -149.3 48.7 1

 2 Monetary authority -7.5 22.2 -27.1 1.4 6.4 6.4 19.8 -27.1 14.6 5.4 5.0 2

 3 Depository institution reserves -4.5 -2.3 -5.0 -1.6 9.4 1.1 19.5 -36.2 33.3 -2.3 -3.6 3

 4 Vault cash -2.9 24.5 -22.2 2.9 -3.0 5.3 0.3 9.1 -18.7 7.7 8.5 4

 5 Commercial banking -24.4 -7.2 42.3 -33.1 -148.1 -31.8 -20.9 68.6 -15.8 -154.7 43.8 5

 6 To monetary authority -1.1 -1.7 1.0 -1.0 -3.2 -1.7 -0.9 1.9 -1.9 1.7 2.4 6

 7 To banks in foreign countries -27.1 -5.7 20.8 -49.3 -166.7 -47.1 -27.3 44.1 -53.4 -147.0 29.2 7

 8 Liabilities, net -32.0 -7.0 21.8 -48.0 -171.8 -43.3 -27.7 50.8 -34.8 -120.0 35.0 8

 9 U.S.-chartered commercial banks 23.0 48.4 45.8 -15.7 -123.7 33.0 -95.6 123.4 -98.4 43.2 -28.5 9

10 Due to foreign affiliates 23.6 30.0 75.2 17.7 -129.9 47.3 15.1 138.4 -158.4 61.7 -65.2 10

11 - Due from foreign affiliates 0.5 -18.4 29.5 33.5 -6.2 14.3 110.7 15.1 -60.0 18.4 -36.7 11

12 Foreign banking offices in U.S. -55.7 -51.2 -56.5 -35.5 -30.4 -88.5 31.8 -54.9 14.7 -150.9 45.0 12

13 Due to foreign affiliates 33.3 14.9 -14.3 27.9 116.7 -120.8 42.4 73.1 -30.0 -0.4 43.9 13

14 - Due from foreign affiliates 88.9 66.1 42.2 63.3 147.0 -32.2 10.6 128.0 -44.7 150.5 -1.1 14

15 Bank holding companies 0.6 -4.1 32.5 3.2 -17.6 12.3 36.1 -17.7 49.0 -12.3 18.6 15

16 Due to foreign affiliates -0.1 5.5 30.9 12.1 3.1 35.1 33.1 -22.9 51.3 -19.3 1.7 16

17 - Due from foreign affiliates -0.7 9.6 -1.6 8.8 20.7 22.8 -3.0 -5.2 2.4 -7.1 -16.8 17

18 Less: Deposits at foreign banks -5.0 -1.3 1.0 1.3 -5.0 3.8 -0.4 6.7 18.6 27.0 5.8 18

19 U.S.-chartered commercial banks -1.0 -1.3 0.4 1.3 -3.1 1.8 -0.5 7.0 19.7 27.2 6.8 19

20 Foreign banking offices in U.S. -4.0 -0.0 0.6 -0.0 -1.9 2.0 0.2 -0.3 -1.1 -0.1 -0.9 20

21 To U.S. banking, net 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 21

22 U.S.-chartered commercial banks -2.5 -14.3 30.5 16.5 61.1 -17.8 37.5 -14.9 76.9 -6.6 14.6 22

23 Liabilities 6.4 16.3 11.2 1.5 23.7 -54.2 38.4 -1.8 65.5 -25.6 40.2 23

24 To foreign offices in U.S. 2.0 16.4 -9.1 -15.8 1.5 -74.1 32.9 -23.6 24.5 -17.3 27.4 24

25 To bank holding companies 0.6 -0.3 -0.1 0.1 0.4 2.9 -1.8 -0.8 1.6 1.0 0.6 25

26 Unallocated 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 26

 Less, due from:

27 Foreign offices in U.S. -1.3 22.6 7.1 3.4 -35.1 23.6 7.6 17.7 31.4 -33.5 37.0 27

28 Bank holding companies 10.2 8.0 -26.4 -18.4 -2.2 -60.0 -6.7 -4.6 -42.8 14.6 -11.5 28

29 Foreign banking offices in U.S. -3.3 6.2 16.2 19.2 -36.6 97.7 -25.3 41.2 6.9 -16.2 9.7 29

30 Due to U.S. banks -1.3 22.6 7.1 3.4 -35.1 23.6 7.6 17.7 31.4 -33.5 37.0 30

31 - Due from U.S. banks 2.0 16.4 -9.1 -15.8 1.5 -74.1 32.9 -23.6 24.5 -17.3 27.4 31

32 Bank holding companies 9.6 8.2 -26.3 -18.5 -2.6 -62.8 -4.8 -3.7 -44.4 13.5 -12.1 32

33 Due to U.S. banks 10.2 8.0 -26.4 -18.4 -2.2 -60.0 -6.7 -4.6 -42.8 14.6 -11.5 33

34 - Due from U.S. banks 0.6 -0.3 -0.1 0.1 0.4 2.9 -1.8 -0.8 1.6 1.0 0.6 34

35 Net change in assets -35.6 14.9 -5.3 -48.9 -163.6 -42.4 -8.4 18.9 -40.6 -139.9 36.6 35

36 Rest of the world -27.1 -5.7 20.8 -49.3 -166.7 -47.1 -27.3 44.1 -53.4 -147.0 29.2 36

37 Domestic -8.6 20.6 -26.1 0.4 3.1 4.7 18.9 -25.2 12.8 7.1 7.4 37

38 Monetary authority -1.1 -1.7 1.0 -1.0 -3.2 -1.7 -0.9 1.9 -1.9 1.7 2.4 38

39 Federal Reserve float 0.9 -1.9 1.1 -0.9 -2.9 -2.2 -0.7 2.1 -1.8 1.0 2.5 39

40 Loans to member banks -2.0 0.2 -0.1 -0.1 -0.4 0.5 -0.2 -0.2 -0.1 0.7 -0.0 40

41 Commercial banking -7.6 19.4 -24.1 0.7 6.2 4.0 18.2 -25.4 14.4 5.2 2.8 41

42 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 9.2 -1.4 17.9 -34.5 33.1 -2.6 -5.7 42

43 Vault cash -2.9 24.5 -22.2 2.9 -3.0 5.3 0.3 9.1 -18.7 7.7 8.5 43

44 Savings insts.: Reserves at Fed. Res. 0.1 2.8 -3.1 0.6 0.1 2.5 1.6 -1.7 0.2 0.2 2.1 44

45 Discrepancy--floats, etc. 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 45
Z.1, December 5, 2002 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 47.3 151.2 -71.4 202.6 164.1 155.2 212.1 278.9 3.2 285.9 284.6 1

 2 Monetary authority 38.3 108.7 -35.3 48.0 45.0 44.7 82.3 19.8 84.7 71.8 3.5 2

 3 Federal government cash and deposits 0.5 22.3 -22.9 1.5 4.9 -11.2 20.8 -8.6 -1.9 -4.1 7.1 3

 4 Deposits due to foreign -0.3 -0.1 0.1 -0.2 -0.6 0.1 2.0 -2.2 0.7 -0.6 0.3 4

 5 Currency outside banks 38.0 86.4 -12.5 46.7 40.7 55.9 59.5 30.6 85.9 76.4 -3.9 5

 6 Commercial banking -33.5 3.4 -85.5 100.4 52.0 61.1 78.2 210.3 -152.1 151.4 231.6 6

 7 Federal government deposits -14.6 36.4 -33.2 43.5 72.1 55.8 -2.6 48.8 14.0 215.3 148.1 7

 8 Deposits due to foreign -1.5 13.4 -9.7 0.5 3.5 -4.5 9.7 -6.5 10.7 -6.8 -10.6 8

 9 Private domestic deposits -17.4 -46.4 -42.6 56.3 -23.6 9.8 71.2 168.0 -176.7 -57.1 94.0 9

10 Savings institutions 36.1 36.8 43.4 50.7 51.3 53.3 46.1 52.1 47.5 63.7 49.5 10

11 Credit unions 6.4 2.3 5.9 3.5 15.8 -4.0 5.5 -3.4 23.1 -1.0 0.0 11

12 Net change in assets 47.3 151.2 -71.4 202.6 164.1 155.2 212.1 278.9 3.2 285.9 284.6 12

13 Household sector -27.3 -61.2 -23.3 24.2 36.5 19.3 -37.7 78.7 18.8 49.7 45.0 13

14 Nonfinancial business 69.0 81.4 28.7 23.6 -30.7 -17.8 69.9 73.1 -50.6 -17.5 -19.6 14

15 Corporate 35.2 38.9 8.6 7.6 -46.1 -33.9 53.7 56.9 -65.7 -32.6 -30.6 15

16 Nonfarm noncorporate 32.1 41.9 20.0 15.6 15.0 15.8 15.8 15.8 15.8 15.8 11.8 16

17 Farm 1.7 0.6 0.2 0.4 0.4 0.4 0.4 0.4 -0.7 -0.7 -0.8 17

18 State and local governments -3.9 3.9 1.0 5.1 7.0 -9.9 4.9 18.3 11.6 9.6 -0.5 18

19 Federal government -16.7 66.2 -65.1 41.1 12.1 -20.2 41.1 131.3 -178.2 25.5 127.3 19

20 Rest of the world 14.8 39.9 -8.4 24.2 12.1 6.8 44.5 33.2 29.5 21.3 -0.1 20

21 Checkable deposits -1.8 13.3 -9.5 0.4 2.9 -4.3 11.7 -8.7 11.4 -7.4 -10.3 21

22 Currency 16.6 26.6 1.1 23.8 9.2 11.1 32.8 42.0 18.1 28.7 10.2 22

23 Financial sectors 11.8 29.2 -15.0 76.0 58.6 108.3 107.3 29.7 -24.3 4.5 96.9 23

24 Commercial banking 0.6 0.3 -0.5 1.1 0.6 -0.6 3.2 1.0 -4.3 4.2 -0.1 24

25 Savings institutions 3.2 -1.0 1.6 2.0 -0.3 5.9 -0.2 2.6 0.1 -0.5 4.0 25

26 Credit unions 1.0 17.3 -14.2 7.6 8.1 17.3 27.6 -22.8 -2.7 4.3 -0.3 26

27 Bank personal trusts and estates -0.5 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Life insurance companies -2.7 0.0 -0.5 31.9 51.5 25.7 22.5 27.8 -7.1 -1.9 63.0 28

29 Other insurance companies -0.2 0.2 -0.6 9.4 27.5 4.8 7.5 -2.2 15.5 1.0 5.1 29

30 Private pension funds -1.0 1.0 0.4 -1.0 -0.9 0.0 -1.2 -1.8 0.2 0.8 0.3 30

31 State and local govt. retirement funds 4.7 -0.7 -0.1 0.4 -7.6 18.7 -0.9 -8.6 1.3 -5.5 6.0 31

32 Money market mutual funds -2.6 -1.2 4.5 2.3 -24.4 4.3 -27.8 57.2 -15.0 -18.6 -0.8 32

33 Government-sponsored enterprises 2.5 7.4 -9.7 1.7 -0.3 2.6 4.7 0.0 -0.8 6.4 20.6 33

34 Finance companies 2.3 2.5 2.6 2.9 2.8 2.8 2.9 2.9 3.0 3.0 3.1 34

35 REITs 0.8 0.3 -0.0 0.9 -1.0 2.3 2.4 -0.2 1.8 0.7 -1.4 35

36 Brokers and dealers 3.7 3.3 1.6 16.8 2.5 24.4 66.6 -26.4 -16.3 10.6 -2.6 36

37 Mail float -0.5 -8.2 10.7 8.5 68.5 68.7 -17.9 -85.4 196.5 192.8 35.5 37
40 Z.1, December 5, 2002

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 244.2 176.2 305.0 335.8 400.8 285.1 249.8 407.5 529.8 283.8 353.7 1

 2 Small time and savings deposits 152.4 45.1 188.8 267.2 266.9 242.1 230.3 329.7 259.7 249.0 325.6 2

 3 Commercial banking 183.7 72.0 211.6 249.4 221.2 228.7 213.8 333.9 225.1 255.6 341.4 3

 4 U.S.-chartered commercial banks 186.4 73.0 210.6 240.4 220.2 200.9 228.8 311.5 235.6 247.2 347.4 4

 5 Foreign banking offices in U.S. -3.7 -1.8 -0.4 4.5 1.7 23.4 -17.5 10.4 -12.7 5.1 -5.8 5

 6 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 -0.6 4.4 2.5 11.9 2.2 3.3 -0.2 6

 7 Savings institutions -54.3 -39.2 -35.8 -30.7 0.7 -29.4 -39.8 -54.5 11.0 -42.9 -49.7 7

 8 Credit unions 23.1 12.3 13.0 48.6 44.9 42.8 56.3 50.3 23.6 36.3 33.9 8

 9 Large time deposits (1) 91.8 131.1 116.2 68.6 133.9 43.0 19.5 77.8 270.0 34.9 28.1 9

10 Commercial banking 72.1 119.6 92.8 32.7 91.2 11.4 -36.2 64.3 209.5 19.4 -47.7 10

11 U.S.-chartered commercial banks 34.8 61.6 87.9 -25.2 14.5 16.0 -6.1 -125.2 22.3 10.7 87.1 11

12 Foreign banking offices in U.S. 36.3 57.2 3.4 53.3 77.3 -9.1 -32.5 177.5 184.9 5.3 -134.5 12

13 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 -0.6 4.4 2.5 11.9 2.2 3.3 -0.2 13

14 Savings institutions 15.7 8.5 19.9 26.9 40.8 16.7 44.8 5.2 57.1 2.8 75.8 14

15 Credit unions 4.1 3.1 3.5 9.0 2.0 14.9 10.8 8.4 3.5 12.7 0.0 15

16 Net change in assets 244.2 176.2 305.0 335.8 400.8 285.1 249.8 407.5 529.8 283.8 353.7 16

17 Household sector 166.5 55.5 262.4 200.8 254.0 272.8 182.9 93.4 423.4 280.5 396.1 17

18 Nonfinancial business 2.3 70.0 41.3 47.5 22.3 13.5 25.1 129.0 -3.7 -6.6 -21.2 18

19 Corporate -6.8 46.8 17.3 27.2 -0.1 -5.3 2.0 112.1 -9.1 -10.4 -14.2 19

20 Nonfarm noncorporate 9.1 23.2 24.0 20.3 22.4 18.8 23.1 16.9 5.4 3.8 -6.9 20

21 State and local governments 12.8 11.0 9.4 7.7 -2.7 1.1 4.3 27.9 63.0 -19.4 30.1 21

22 Federal government 1.3 0.7 1.0 4.2 8.2 5.9 7.2 -4.6 18.8 -21.5 34.3 22

23 Rest of the world 13.0 15.0 5.8 -14.5 -40.8 2.6 -7.7 -12.1 2.8 21.9 0.8 23

24 Financial sectors 48.3 24.0 -14.9 90.2 159.8 -10.8 37.9 173.9 25.4 29.0 -86.4 24

25 Savings institutions 0.5 -0.1 0.1 0.8 1.2 2.7 -0.6 -0.3 2.5 -0.3 3.3 25

26 Credit unions 6.4 -6.8 0.5 8.4 9.6 -7.3 4.7 26.8 -3.8 9.3 -1.6 26

27 Bank personal trusts and estates -2.1 0.9 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 27

28 Private pension funds 28.3 -3.0 2.9 4.2 4.0 6.8 4.6 1.2 -0.2 -1.4 3.5 28

29 State and local govt. retirement funds -0.4 -0.3 -0.6 -0.4 -1.0 1.2 -1.2 -0.7 2.4 -0.5 -4.5 29

30 Money market mutual funds 15.7 33.3 -18.0 77.1 145.8 -14.3 30.2 146.7 24.3 21.7 -87.3 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 287.2 249.1 233.3 428.6 578.4 370.0 386.1 379.8 -315.7 103.4 -192.6 1

 2 Net purchases 287.2 249.1 233.3 428.6 578.4 370.0 386.1 379.8 -315.7 103.4 -192.6 2

 3 Household sector 164.9 126.1 129.9 168.4 247.0 83.8 285.3 57.5 -205.6 39.5 -5.2 3

 4 Nonfinancial corporate business 26.5 23.1 40.4 97.2 130.2 112.6 31.3 114.9 -26.9 16.2 -18.2 4

 5 Nonfarm noncorporate business 9.7 8.5 9.5 9.7 12.3 6.5 6.7 13.3 -3.0 4.0 -6.6 5

 6 Bank personal trusts and estates 8.8 7.5 6.9 3.4 1.5 4.0 4.0 4.0 6.0 6.0 6.0 6

 7 Life insurance companies 17.6 23.4 8.5 43.0 49.5 48.2 23.9 50.3 -48.1 10.5 -55.8 7

 8 Private pension funds 1.9 11.7 4.6 -10.6 -9.6 -9.3 -12.0 -11.8 2.8 2.8 2.8 8

 9 Funding corporations 57.9 48.9 33.5 117.5 147.6 124.2 46.8 151.5 -40.7 24.5 -115.6 9
Z.1, December 5, 2002 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 91.3 169.8 113.2 24.0 -94.3 114.0 215.6 -139.1 -55.8 252.8 -135.9 1

 2 Commercial banking (net) 87.0 110.8 66.1 -40.5 -38.0 -95.3 3.8 -32.7 -249.8 77.4 79.9 2

 3 U.S.-chartered commercial banks 66.8 128.5 15.4 -29.5 -73.9 21.2 15.5 -80.7 -153.4 -3.8 -15.9 3

 4 Foreign banking offices in U.S. 19.7 -17.9 52.3 -11.0 28.9 -116.9 -12.5 56.6 -105.2 81.1 94.9 4

 5 Bank holding companies 0.5 0.1 -1.6 -0.1 7.0 0.5 0.7 -8.6 8.8 0.1 1.0 5

 6 Savings institutions 9.5 21.4 -6.0 5.8 1.8 9.9 -59.8 71.2 22.9 -33.3 -35.3 6

 7 REITs -9.8 0.5 -3.8 7.8 4.9 7.8 7.3 11.2 22.6 15.8 19.2 7

 8 Brokers and dealers (net) 4.6 37.1 56.9 51.0 -63.0 191.5 264.4 -188.9 148.5 193.0 -199.7 8

 9 Net change in assets 33.6 134.1 -5.4 76.3 182.9 -10.7 105.1 27.7 -38.5 136.9 213.9 9

10 Nonfinancial corporate business -0.4 1.6 2.4 -0.2 -3.2 0.8 -0.1 1.8 -1.1 -0.9 6.4 10

11 State and local governments 7.2 5.0 9.7 -18.4 -11.0 -22.8 -39.2 -0.6 -38.0 30.2 -16.9 11

12 Rest of the world -18.8 8.0 11.4 59.4 152.8 -12.1 -61.6 158.5 -90.3 125.8 182.2 12

13 Financial sectors 45.6 119.6 -28.8 35.5 44.3 23.5 206.0 -132.0 90.9 -18.3 42.2 13

14 Monetary authority 6.5 110.3 -97.3 6.9 -1.2 41.0 85.0 -97.3 10.0 55.2 -65.9 14

15 Savings institutions 5.5 -4.2 4.3 12.5 27.2 1.3 15.2 6.4 15.1 -24.9 16.1 15

16 Credit unions 3.4 2.4 -5.3 -1.5 15.5 2.5 5.6 -29.6 8.7 4.2 6.4 16

17 Other insurance companies 7.4 -14.4 10.0 -8.1 -42.0 -4.6 20.0 -5.8 -7.8 1.7 31.4 17

18 Private pension funds 1.2 -0.1 0.9 0.8 -3.5 7.8 1.4 -2.3 -4.2 3.0 10.0 18

19 State and local govt. retirement funds 8.9 2.8 4.3 0.6 -8.7 17.2 -2.8 -3.3 0.2 -8.4 13.0 19

20 Money market mutual funds 12.9 0.1 43.4 44.0 63.0 11.8 65.7 35.4 4.6 47.5 -3.2 20

21 Mutual funds 13.1 9.9 25.6 -31.6 -71.8 -15.3 -27.9 -11.5 44.0 -18.1 -15.0 21

22 Government-sponsored enterprises -13.4 12.7 -14.8 11.9 65.8 -38.2 43.9 -24.0 20.3 -78.4 49.4 22

23 Discrepancy--unallocated assets 57.7 35.7 118.6 -52.2 -277.2 124.6 110.4 -166.8 -17.3 115.9 -349.8 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 193.1 229.9 207.6 -164.4 -316.8 -215.1 -163.5 37.8 -269.2 -165.8 59.4 1

 2 Commercial paper 202.5 232.8 208.2 -161.2 -316.2 -210.8 -156.8 39.0 -268.0 -167.5 59.6 2

 3 Nonfinancial corporate business 24.4 37.4 48.1 -88.3 -199.2 -133.4 -66.1 45.5 -155.7 -93.0 -28.7 3

 4 Foreign issues in U.S. 7.8 16.3 31.7 -14.2 -33.8 -3.8 -25.2 5.9 64.8 36.3 3.8 4

 5 Nonfinancial -1.6 8.2 10.9 -23.3 -40.1 -22.8 -23.2 -7.3 9.6 25.5 -21.4 5

 6 Financial 9.4 8.1 20.8 9.1 6.3 19.0 -2.0 13.2 55.3 10.8 25.2 6

 7 Financial sectors 170.3 179.2 128.4 -58.7 -83.2 -73.6 -65.5 -12.4 -177.1 -110.8 84.5 7

 8 Commercial banking 7.8 9.1 1.2 -5.1 30.5 -2.8 -1.0 -47.2 23.4 -52.1 12.6 8

 9 ABS issuers 125.7 139.0 121.0 103.5 87.0 95.5 93.4 138.0 -9.2 -45.6 8.7 9

10 Finance companies 30.7 -2.9 8.4 -80.3 -210.2 -10.0 -11.5 -89.3 -60.8 -38.9 80.2 10

11 REITs 0.2 -0.1 0.0 0.7 -0.2 -0.5 4.4 -1.1 1.3 1.6 -0.5 11

12 Funding corporations 6.0 34.1 -2.3 -77.4 9.7 -155.9 -150.8 -12.8 -131.9 24.1 -16.5 12

13 Bankers acceptances (1) -9.4 -2.9 -0.7 -3.2 -0.6 -4.3 -6.7 -1.2 -1.2 1.7 -0.2 13

14 Net purchases, by sector 193.1 229.9 207.6 -164.4 -316.8 -215.1 -163.5 37.8 -269.2 -165.8 59.4 14

15 Household sector 7.5 4.1 4.9 -19.4 -22.0 -18.0 -15.0 -22.5 -33.8 -27.8 20.2 15

16 Nonfinancial corporate business 3.3 8.2 13.8 -4.9 -15.9 0.9 -4.9 0.2 -2.1 -4.4 4.8 16

17 State and local governments 28.0 6.9 7.6 -26.5 -26.0 -37.2 -40.0 -2.8 -44.0 -15.7 21.8 17

18 Rest of the world 37.6 -13.0 9.5 6.2 -5.6 9.2 -3.4 24.8 19.4 44.6 31.2 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.2 0.3 0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.2 1.5 -0.6 1.2 -0.4 1.8 -1.1 4.3 -0.3 2.1 -0.6 22

23 Bank personal trusts and estates -4.5 0.6 -2.4 -1.7 -3.3 -1.6 -1.6 -0.4 -0.8 -1.2 -0.4 23

24 Life insurance companies 7.5 2.0 -4.5 -11.9 -34.3 -3.4 13.4 -23.5 39.3 13.5 31.9 24

25 Private pension funds 3.0 3.2 -1.7 1.7 -12.5 10.1 14.3 -5.1 -5.8 22.4 16.1 25

26 State and local govt. retirement funds 8.9 2.8 4.3 0.6 -8.7 17.2 -2.8 -3.3 0.2 -8.4 13.0 26

27 Money market mutual funds 78.2 104.7 89.6 30.3 32.3 50.5 42.9 -4.7 -184.2 -20.8 -168.3 27

28 Mutual funds 13.1 9.9 25.6 -31.6 -43.4 -46.4 -22.1 -14.7 58.7 -92.4 -24.4 28

29 Government-sponsored enterprises 26.9 -27.1 10.9 35.6 -22.2 22.5 4.6 137.4 -124.2 40.7 -25.7 29

30 Brokers and dealers 3.8 -2.0 13.2 9.0 21.7 0.8 23.8 -10.5 -2.1 12.6 -30.2 30

31 Funding corporations -20.3 127.8 37.2 -152.8 -176.6 -221.5 -171.6 -41.4 10.6 -131.0 170.0 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, December 5, 2002

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -54.6 -71.0 -294.9 -5.0 -57.0 -216.9 209.7 44.2 41.6 524.2 264.2 1

 2 Savings bonds 0.1 -0.2 -1.7 5.6 1.5 3.4 4.1 13.4 7.9 3.8 2.4 2

 3 Other Treasury issues -54.7 -70.8 -293.2 -10.6 -58.5 -220.3 205.6 30.8 33.8 520.4 261.7 3

 4 Net purchases -54.6 -71.0 -294.9 -5.0 -57.0 -216.9 209.7 44.2 41.6 524.2 264.2 4

 5 Household sector -37.5 37.4 -167.5 -63.7 -77.8 -182.5 85.7 -80.1 68.1 139.7 91.7 5

 6 Savings bonds 0.1 -0.2 -1.7 5.6 1.5 3.4 4.1 13.4 7.9 3.8 2.4 6

 7 Other Treasury issues -37.7 37.6 -165.8 -69.3 -79.3 -185.9 81.6 -93.5 60.2 135.9 89.3 7

 8 Nonfinancial corporate business -3.2 -4.2 -1.7 3.5 3.1 4.3 -0.8 7.5 13.1 12.5 4.9 8

 9 Nonfarm noncorporate business 5.7 -0.9 -5.2 -1.5 -0.5 -5.0 0.4 -0.9 1.0 1.8 -3.4 9

10 State and local governments 30.0 -2.5 -30.6 20.3 8.9 16.8 24.8 30.9 15.7 28.1 7.0 10

11 Rest of the world 18.7 -32.3 -87.2 3.1 -23.1 -141.9 1.4 176.0 -31.5 66.3 249.4 11

12 Monetary authority 21.4 25.8 33.7 40.0 39.5 26.9 8.4 85.1 81.6 43.4 67.3 12

13 Commercial banking -56.0 14.8 -44.4 -21.9 -78.5 23.3 16.1 -48.4 -12.6 85.2 37.9 13

14 U.S.-chartered commercial banks -42.0 -2.0 -35.0 -31.4 -91.2 6.0 -10.7 -29.8 22.9 40.3 2.3 14

15 Foreign banking offices in U.S. -10.3 9.7 -0.5 9.8 15.5 17.1 25.6 -19.1 -39.1 46.6 37.1 15

16 Bank holding companies -3.1 7.9 -7.9 0.4 -0.3 0.7 -0.3 1.4 0.3 1.8 -1.3 16

17 Banks in U.S.-affiliated areas -0.7 -0.7 -1.0 -0.6 -2.6 -0.5 1.5 -1.0 3.3 -3.5 -0.2 17

18 Savings institutions -4.4 -0.0 -1.4 2.7 -3.0 -2.1 -3.5 19.2 10.8 -5.4 -9.7 18

19 Credit unions -2.5 -3.5 -1.4 -0.8 -1.0 -5.7 -0.5 3.9 0.7 1.1 0.9 19

20 Bank personal trusts and estates -3.1 -0.0 -1.0 -0.8 -0.8 -0.8 -0.8 -0.8 -0.4 -0.4 -0.8 20

21 Life insurance companies -14.1 -9.3 -4.6 -4.4 -3.6 -4.1 -3.9 -6.1 5.1 4.3 16.7 21

22 Other insurance companies -20.8 -9.7 -8.6 -0.0 -0.7 -0.0 -1.3 1.9 5.4 3.6 3.6 22

23 Private pension funds -31.0 -2.7 -1.4 -4.2 -10.8 0.6 -10.5 4.0 8.3 9.9 8.5 23

24 State and local govt. retirement funds 0.8 -6.6 -15.5 -18.3 -1.5 36.3 -66.8 -41.3 38.4 -39.0 -18.8 24

25 Money market mutual funds 17.5 0.1 -13.3 45.3 29.3 45.4 66.7 39.6 13.0 3.3 -30.3 25

26 Mutual funds 4.6 -23.7 6.4 -8.6 -19.9 -1.8 -23.9 11.2 19.8 7.8 28.3 26

27 Closed-end funds -1.0 -1.2 -0.9 0.1 -3.7 0.4 -0.0 3.6 1.2 -9.2 -4.0 27

28 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.4 28

29 Government-sponsored enterprises -0.7 5.8 10.2 -8.7 -36.3 40.7 -17.8 -21.5 3.4 -65.9 -38.8 29

30 Brokers and dealers 21.2 -58.4 39.4 13.1 123.4 -67.6 136.1 -139.6 -199.5 237.0 -154.7 30

 Memo:

31 Federal government borrowing (1) -52.6 -71.2 -295.9 -5.6 -59.3 -215.8 209.3 43.4 39.8 526.0 265.7 31

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, December 5, 2002 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 472.9 591.7 432.5 628.8 430.3 675.7 818.1 591.1 689.3 489.7 427.2 1

 2 Budget agencies 2.0 -0.2 -1.0 -0.5 -2.2 1.1 -0.4 -0.7 -1.8 1.8 1.6 2

 3 Government-sponsored enterprises 278.3 318.2 234.1 290.8 262.3 268.3 326.2 306.5 191.3 141.7 253.2 3

 4 Federally related mortgage pools 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 4

 5 Net purchases 472.9 591.7 432.5 628.8 430.3 675.7 818.1 591.1 689.3 489.7 427.2 5

 6 Household sector 25.3 129.2 44.0 -105.2 -439.2 4.4 100.2 -86.1 -31.6 -28.9 -278.9 6

 7 Nonfinancial corporate business 2.6 1.8 2.7 7.0 5.2 6.6 2.2 14.1 13.9 22.8 16.1 7

 8 State and local governments 63.6 11.0 13.5 29.8 37.8 42.7 32.6 6.1 7.8 13.3 -6.0 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 11.1 63.4 137.3 107.2 114.9 94.7 76.5 142.6 40.0 155.6 151.3 10

11 Monetary authority -0.3 -0.2 -0.1 -0.1 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 92.0 36.4 22.3 55.6 -26.3 -60.3 142.0 166.9 123.5 194.2 132.1 12

13 U.S.-chartered commercial banks 81.7 29.4 18.2 73.7 -33.5 14.4 143.5 170.5 99.4 169.0 108.3 13

14 Foreign banking offices in U.S. 5.2 4.9 0.4 -22.0 10.5 -73.6 -2.5 -22.4 4.0 14.3 24.9 14

15 Bank holding companies 1.1 -1.3 -0.5 1.4 2.4 -1.4 -0.3 4.8 16.0 5.0 -2.3 15

16 Banks in U.S.-affiliated areas 3.9 3.3 4.3 2.5 -5.7 0.3 1.3 13.9 4.2 5.8 1.1 16

17 Savings institutions -11.6 3.4 -6.7 21.0 19.6 21.5 -7.4 50.3 48.6 -3.9 -16.1 17

18 Credit unions 7.3 2.9 -0.4 19.6 18.9 -10.2 38.7 31.1 28.8 10.6 17.8 18

19 Bank personal trusts and estates -1.4 5.7 0.3 1.3 0.5 1.2 2.0 1.6 2.0 2.8 2.0 19

20 Life insurance companies -9.6 7.0 11.0 18.1 20.1 18.8 21.8 12.0 35.6 18.0 49.4 20

21 Other insurance companies -1.2 5.9 8.6 10.1 8.9 -0.0 18.0 13.6 6.9 6.4 6.5 21

22 Private pension funds -16.6 14.0 16.5 11.6 28.5 15.1 -4.2 7.0 6.1 3.4 7.0 22

23 State and local govt. retirement funds 19.1 22.9 37.6 -14.5 -27.5 57.7 -81.6 -6.7 -11.4 0.7 -8.6 23

24 Money market mutual funds 77.5 17.1 -5.8 133.2 252.5 78.5 203.9 -2.1 -26.4 -86.9 96.3 24

25 Mutual funds 21.6 36.2 4.2 85.2 75.1 136.2 94.3 35.2 62.0 24.5 88.7 25

26 Government-sponsored enterprises 163.1 178.7 145.0 186.6 249.6 155.2 201.7 140.1 314.5 28.7 102.5 26

27 ABS issuers 38.0 40.2 4.3 42.2 48.5 14.9 37.4 68.2 70.0 42.4 64.0 27

28 REITs -8.1 1.1 0.3 5.8 -2.6 14.3 3.4 7.9 22.6 13.5 7.8 28

29 Brokers and dealers 0.5 15.0 -2.3 14.1 46.4 84.2 -63.6 -10.7 -23.9 72.5 -4.5 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, December 5, 2002

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 96.8 68.2 35.3 117.6 102.9 107.3 70.0 190.1 70.3 181.2 152.8 1

 2 State and local governments 79.1 52.7 28.2 103.0 95.8 102.1 56.5 157.6 62.0 168.1 139.3 2

 3 Short-term (1) -6.3 3.6 3.2 20.6 18.4 19.2 38.6 6.2 -6.8 26.8 32.1 3

 4 Long-term 85.4 49.1 25.0 82.4 77.5 82.9 17.9 151.4 68.8 141.3 107.2 4

 5 Nonprofit organizations (2) 12.0 10.4 5.8 11.3 4.4 2.3 11.7 26.7 8.3 10.7 10.1 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.8 5.1 1.4 3.3 2.6 2.9 1.7 5.8 0.0 2.4 3.4 6

 7 Net change in assets 96.8 68.2 35.3 117.6 102.9 107.3 70.0 190.1 70.3 181.2 152.8 7

 8 Household sector 18.2 38.1 31.0 40.3 81.9 31.5 -18.0 65.8 122.8 87.2 48.9 8

 9 Nonfinancial corporate business -1.6 -0.7 -2.1 -6.7 -27.0 -12.9 1.9 11.1 -4.0 5.7 -3.4 9

10 Nonfarm noncorporate business -0.4 -0.2 0.9 0.4 1.0 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -1.4 -1.5 0.6 0.3 2.1 -0.6 0.4 -0.7 -0.8 -1.2 -1.6 11

12 Commercial banking 8.2 5.9 3.4 6.1 -3.4 15.0 5.5 7.1 -3.2 -1.1 9.2 12

13 Savings institutions 0.4 0.5 0.2 1.3 2.7 0.5 0.3 1.7 0.4 0.8 0.6 13

14 Bank personal trusts and estates -1.1 10.8 -1.2 2.9 3.5 2.0 2.0 4.0 6.0 4.0 6.0 14

15 Life insurance companies 1.7 1.7 -1.0 -0.4 -0.1 -0.3 -0.1 -1.0 6.3 2.3 2.2 15

16 Other insurance companies 16.5 -9.1 -14.9 -10.3 -12.5 -0.0 -24.8 -3.9 10.7 11.6 11.9 16

17 State and local govt. retirement funds 1.7 -0.2 -1.5 -0.2 0.7 -0.7 -4.2 3.4 -3.9 0.4 -0.0 17

18 Money market mutual funds 26.0 17.5 34.3 36.2 13.4 42.3 47.6 41.5 -56.7 26.4 11.8 18

19 Mutual funds 22.8 -3.2 -8.9 23.0 22.0 16.8 22.5 30.6 17.4 30.0 36.8 19

20 Closed-end funds 1.8 8.5 -2.9 10.9 8.4 1.1 26.9 7.3 10.3 4.2 7.3 20

21 Government-sponsored enterprises 4.1 1.4 -1.8 6.0 4.7 8.3 0.2 10.9 -13.7 -4.5 11.7 21

22 Brokers and dealers -0.1 -1.2 -0.7 7.7 5.5 4.1 9.3 12.1 -21.6 15.3 11.4 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 563.7 451.2 394.3 663.5 880.6 626.9 417.9 728.4 576.6 597.9 143.7 1

 2 Nonfinancial corporate business 218.7 229.9 171.1 332.6 399.5 419.5 187.9 323.5 233.8 207.0 -23.4 2

 3 Rest of the world (1) 34.9 14.1 23.9 -12.1 21.4 -15.8 -83.9 29.7 -2.3 -41.0 -27.6 3

 4 Financial sectors 310.2 207.1 199.3 343.0 459.7 223.2 313.9 375.3 345.1 431.9 194.7 4

 5 Commercial banking 27.6 20.4 32.6 37.0 79.5 9.0 27.3 32.1 -21.2 35.9 12.6 5

 6 Savings institutions -0.2 0.2 3.5 -2.6 -14.0 14.5 -1.2 -9.7 -0.7 -2.0 -0.3 6

 7 ABS issuers 195.8 73.3 68.6 216.0 233.5 110.4 225.6 294.6 263.7 283.4 194.4 7

 8 Finance companies 24.2 64.3 72.2 65.2 126.6 33.3 54.6 46.4 28.3 91.0 -49.1 8

 9 REITs 21.7 8.9 4.8 3.8 12.2 -5.9 0.1 9.0 1.1 18.0 21.9 9

10 Brokers and dealers 7.2 -17.2 15.6 1.4 -23.7 35.6 12.6 -18.9 -15.7 17.5 15.0 10

11 Funding corporations 34.0 57.4 1.9 22.2 45.6 26.3 -5.0 21.9 89.7 -11.7 0.3 11

12 Net purchases 563.7 451.2 394.3 663.5 880.6 626.9 417.9 728.4 576.6 597.9 143.7 12

13 Household sector 109.0 34.7 -16.5 59.7 321.6 -13.1 -159.3 89.5 -10.0 34.1 -133.6 13

14 State and local governments 10.2 10.1 3.7 9.4 11.5 7.2 14.8 4.1 15.3 13.1 -8.3 14

15 Rest of the world (2) 106.1 144.4 168.4 205.7 263.7 264.7 135.0 159.4 181.6 245.6 89.9 15

16 Commercial banking 37.8 39.6 58.1 97.8 55.3 116.8 74.9 144.3 -10.9 -59.8 40.6 16

17 Savings institutions 29.9 23.3 -2.5 -25.6 -54.0 -11.0 -20.3 -17.0 -2.1 7.5 2.3 17

18 Bank personal trusts and estates -2.6 11.3 5.0 4.0 4.0 4.6 3.2 4.4 4.4 6.0 -2.0 18

19 Life insurance companies 84.5 41.5 49.0 120.2 129.3 123.3 142.2 86.0 172.1 130.7 124.8 19

20 Other insurance companies 11.6 10.0 6.4 8.9 6.4 -0.0 13.1 16.2 13.7 13.8 13.4 20

21 Private pension funds 21.5 1.6 18.8 9.8 14.2 17.4 9.7 -2.1 17.2 8.6 1.9 21

22 State and local govt. retirement funds 35.1 30.4 29.7 11.4 -36.2 -36.2 77.5 40.6 41.8 -14.5 -25.7 22

23 Money market mutual funds 44.8 42.5 38.2 1.1 -1.1 -6.7 -21.9 34.1 -42.4 -44.3 48.4 23

24 Mutual funds 65.2 29.2 -6.2 58.1 59.3 64.3 31.8 76.9 85.3 72.0 35.5 24

25 Closed-end funds 4.4 1.0 -2.5 -4.2 -11.6 -6.4 -2.6 3.9 9.4 7.3 8.3 25

26 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.6 26

27 Government-sponsored enterprises 20.7 23.7 25.8 15.5 25.6 40.4 -5.8 1.8 26.0 60.9 -19.9 27

28 REITs -0.4 -0.3 -0.4 2.1 8.6 -9.0 3.0 5.7 1.4 4.7 5.7 28

29 Brokers and dealers -18.6 12.0 19.3 48.6 45.3 32.0 78.9 38.2 27.5 65.5 -13.5 29

30 Funding corporations 4.5 -3.8 0.1 40.8 38.7 38.7 43.6 42.4 46.2 46.7 -30.9 30

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, December 5, 2002 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -165.1 -33.1 -40.4 85.3 114.8 133.6 -27.0 119.6 51.4 183.9 -133.1 1

 2 Nonfinancial corporate business -267.0 -143.5 -159.7 -61.8 -25.0 -70.7 -126.6 -25.0 -8.7 18.5 -139.0 2

 3 Rest of the world (2) 101.3 114.3 103.6 106.8 86.1 222.9 43.5 74.7 -5.9 80.9 -68.2 3

 4 Financial sectors 0.6 -4.0 15.7 40.3 53.7 -18.5 56.1 69.9 65.9 84.5 74.1 4

 5 Commercial banking -11.2 -10.2 -12.5 -8.1 -8.1 -7.9 -20.7 4.3 0.3 -14.2 -22.0 5

 6 Life insurance companies -4.7 -6.0 -0.8 -0.9 -6.8 -5.0 -10.9 19.2 -7.4 -9.2 -9.2 6

 7 Other insurance companies -4.7 -7.8 -4.5 0.5 -1.8 -2.2 -6.6 12.6 16.2 -1.4 3.4 7

 8 Closed-end funds -7.1 -6.4 -6.9 5.9 -9.4 -9.0 30.2 11.6 22.0 16.7 19.3 8

 9 Exchange-traded funds 6.0 12.2 42.4 31.0 57.9 11.3 27.9 26.9 24.0 65.2 43.2 9

10 REITs 19.8 6.6 2.2 5.1 1.4 3.2 7.5 8.5 12.9 9.6 8.6 10

11 Brokers and dealers 2.5 7.6 -4.2 6.7 20.5 -8.8 28.6 -13.3 -2.0 17.8 30.8 11

12 Net purchases -165.1 -33.1 -40.4 85.3 114.8 133.6 -27.0 119.6 51.4 183.9 -133.1 12

13 Household sector -331.6 -338.1 -509.7 -278.0 -391.1 -122.6 -258.8 -339.3 -159.1 -71.1 -89.4 13

14 State and local governments 9.4 3.5 -1.2 22.8 26.9 20.5 21.5 22.4 12.9 27.0 3.4 14

15 Rest of the world (3) 42.0 112.3 193.5 121.4 159.6 138.7 54.8 132.6 94.8 43.7 31.2 15

16 Commercial banking 1.3 2.0 0.3 0.2 -1.6 -0.4 5.8 -3.1 -3.9 0.2 4.2 16

17 Savings institutions 1.5 -0.7 0.4 3.2 4.7 3.1 2.3 2.7 1.1 1.8 2.0 17

18 Bank personal trusts and estates -74.3 -28.8 -2.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 18

19 Life insurance companies 115.3 111.9 105.9 70.3 93.6 64.0 71.0 52.6 52.8 41.6 35.2 19

20 Other insurance companies -5.0 -1.7 0.7 -0.3 6.0 2.9 7.0 -17.2 -0.4 4.6 5.5 20

21 Private pension funds -26.5 -29.1 -49.9 -33.3 -30.5 -45.3 -66.7 9.4 -72.8 -89.5 -46.8 21

22 State and local govt. retirement funds -28.2 -6.2 -18.4 22.3 55.8 -87.5 65.2 55.6 4.6 41.9 2.9 22

23 Mutual funds 143.3 136.4 189.1 109.7 103.4 120.9 85.4 129.0 98.0 75.9 -107.0 23

24 Closed-end funds -12.3 -14.6 -0.6 -1.0 -2.4 -4.1 5.8 -3.2 1.0 14.4 7.7 24

25 Exchange-traded funds 6.0 12.2 42.4 31.0 57.9 11.3 27.9 26.9 24.0 65.2 28.2 25

26 Brokers and dealers -6.0 7.7 9.6 17.3 33.0 32.5 -47.9 51.4 -1.5 28.6 -9.8 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 1

 2 Net purchases 279.5 191.2 235.0 201.4 116.0 273.5 160.4 255.9 386.9 100.0 42.9 2

 3 Household sector 281.0 171.4 158.4 172.8 78.8 257.7 136.4 218.4 378.2 83.2 44.8 3

 4 Nonfinancial corporate business 10.3 12.5 12.9 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 4

 5 State and local governments -12.3 4.3 0.8 5.1 9.4 7.9 -0.8 4.0 -4.0 -2.7 -7.0 5

 6 Commercial banking -0.4 2.3 2.5 7.8 13.6 -2.2 3.7 15.9 2.4 -6.3 -6.6 6

 7 Credit unions 1.2 -1.1 -0.3 1.5 -0.9 6.4 -1.9 2.6 -3.0 3.9 0.0 7

 8 Bank personal trusts and estates 26.6 -14.7 48.5 21.2 21.2 21.2 21.2 21.1 8.0 8.0 8.0 8

 9 Life insurance companies -23.4 15.0 11.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 9

10 Private pension funds -3.5 1.6 1.2 -3.8 -2.9 -14.4 5.0 -2.9 8.4 17.2 6.9 10
46 Z.1, December 5, 2002

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 253.2 200.5 369.7 70.5 251.5 -61.5 21.7 70.5 26.6 226.4 415.0 1

 - Loans elsewhere classified:

 2 Open market paper -0.2 0.3 0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 91.7 158.4 164.6 129.8 141.3 120.6 71.3 185.8 74.3 272.4 373.0 3

 4 Consumer credit -3.6 -9.2 41.7 16.6 23.0 37.7 -16.5 22.1 22.8 31.1 85.8 4

 5 Security credit 20.3 -18.0 50.4 0.0 68.0 -78.2 -14.5 24.9 -65.9 61.9 10.9 5

 6 = Banking sector total bank loans n.e.c. 145.0 69.0 112.8 -75.8 19.2 -141.6 -18.6 -162.4 -4.6 -139.0 -54.7 6

 7 U.S.-chartered commercial banks 144.1 92.4 98.1 -61.6 -6.4 -81.4 -5.7 -152.8 -57.8 -110.8 -0.8 7

 8 Foreign banking offices in U.S. -1.7 -22.4 14.6 -19.1 20.8 -61.2 -13.4 -22.5 53.7 -28.7 -54.2 8

 9 Bank holding companies 1.7 -1.6 -0.9 0.3 4.3 -0.2 -0.1 -2.8 0.6 -0.0 0.2 9

10 Banks in U.S.-affiliated areas 0.9 0.5 1.1 4.5 0.5 1.3 0.6 15.7 -1.1 0.6 0.2 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 145.0 69.0 112.8 -75.8 19.2 -141.6 -18.6 -162.4 -4.6 -139.0 -54.7 12

13 Net change in liabilities 145.0 69.0 112.8 -75.8 19.2 -141.6 -18.6 -162.4 -4.6 -139.0 -54.7 13

14 Nonfinancial sectors 114.8 83.2 113.1 -89.6 -5.2 -152.4 -20.1 -180.7 -4.8 -170.8 -136.8 14

15 Household sector 6.1 -7.0 6.7 -16.8 -25.9 -23.3 40.0 -57.9 16.0 -38.4 -63.7 15

16 Corporate business 72.0 60.8 62.4 -72.0 -15.6 -96.8 -71.9 -103.5 -36.4 -131.9 -43.6 16

17 Nonfarm noncorporate business 28.9 29.9 29.9 6.4 20.7 -0.2 10.5 -5.3 3.9 -21.1 -17.4 17

18 Farm business 1.2 -0.9 2.7 -0.0 1.4 -0.6 -3.0 2.2 -2.3 -1.4 -0.5 18

19 Rest of the world 6.6 0.5 11.4 -7.3 14.3 -31.4 4.2 -16.3 13.9 22.0 -11.7 19

20 Foreign official institutions 0.7 0.2 0.6 0.8 0.5 -1.3 3.5 0.5 -0.6 2.4 1.0 20

21 Foreign banks -0.7 -3.2 3.4 -7.4 12.7 -29.2 1.1 -14.1 0.9 14.2 -7.4 21

22 Other foreign 6.6 3.5 7.4 -0.7 1.1 -1.0 -0.3 -2.7 13.6 5.4 -5.3 22

23 Financial sectors 30.1 -14.2 -0.2 13.8 24.3 10.8 1.6 18.3 0.2 31.9 82.2 23

24 Savings institutions 10.3 -15.7 7.4 1.5 4.6 -4.0 6.9 -1.5 -0.4 4.3 6.3 24

25 Finance companies 2.2 8.9 0.5 14.9 29.6 13.5 -1.2 17.6 1.3 28.1 75.3 25

26 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.6 0.8 0.6 0.8 0.7 0.7 26

27 REITs 16.0 -7.6 -8.3 -3.3 -10.6 0.7 -4.9 1.6 -1.5 -1.3 -0.2 27
Z.1, December 5, 2002 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 166.3 147.4 136.2 60.4 112.7 114.2 116.5 -101.8 -25.7 91.5 154.6 1

 2 U.S. government loans 14.4 5.9 8.2 7.1 6.8 9.9 6.7 5.1 4.8 9.9 9.1 2

 3 Liab.: Household sector 10.6 12.6 11.2 11.5 10.5 11.7 11.4 12.3 10.6 12.6 12.4 3

 4 Nonfinancial corporate business -0.1 -0.3 -0.4 -0.2 0.3 -1.2 1.4 -1.3 -1.3 0.8 -1.8 4

 5 Nonfarm noncorporate business 4.0 -0.9 -1.1 -3.2 -2.6 -2.2 -4.1 -4.0 -2.1 -2.1 0.3 5

 6 Farm business -0.3 -0.3 0.1 0.0 0.2 0.3 -0.2 -0.3 -0.3 -0.3 -0.3 6

 7 State and local governments 1.2 -0.4 -1.0 0.2 0.4 0.4 0.1 0.1 0.3 0.3 0.6 7

 8 Rest of the world -1.0 -4.8 -0.6 -1.1 -2.0 1.0 -1.9 -1.8 -2.3 -1.4 -2.1 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -1.0 -22.7 -2.2 -1.6 -24.3 28.2 59.8 -70.2 -37.8 54.0 39.9 10

11 Liab.: Nonfinancial corporate business -1.0 -22.7 -2.2 -1.6 -24.3 28.2 59.8 -70.2 -37.8 54.0 39.9 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -9.3 -3.1 -0.7 -2.9 -0.2 -3.7 -6.9 -0.8 -0.4 1.3 -0.4 12

13 Liab.: Nonfinancial corporate business -4.3 -2.2 -0.0 -0.3 8.3 -3.2 -7.0 0.8 -1.6 2.2 -1.2 13

14 Rest of the world -5.0 -0.9 -0.7 -2.6 -8.4 -0.5 0.1 -1.6 1.2 -0.9 0.8 14

15 Savings institution loans to business 5.3 6.5 8.7 3.6 8.1 9.7 -0.7 -2.8 6.3 -0.5 4.1 15

16 Liab.: Nonfinancial corporate business 2.7 3.2 4.3 1.8 4.1 4.8 -0.3 -1.4 3.1 -0.3 2.1 16

17 Nonfarm noncorporate business 2.7 3.2 4.3 1.8 4.1 4.8 -0.3 -1.4 3.1 -0.3 2.1 17

18 Policy loans (Household liability) 0.1 -5.1 2.8 2.2 4.0 0.6 5.4 -1.1 1.1 -0.2 2.7 18

19 Asset: Federal government -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 0.1 -5.0 2.9 2.2 4.0 0.6 5.4 -1.1 1.1 -0.2 2.6 20

21 Govt.-sponsored enterprises loans 92.3 113.6 41.3 40.1 92.5 -7.8 63.3 12.4 -1.6 23.8 79.4 21

22 Liab.: Household sector (SLMA) -1.2 5.6 -4.2 2.4 2.3 4.8 1.9 0.5 2.1 0.7 6.0 22

23 Noncorporate business (FCS) 2.7 0.0 1.5 2.9 -0.2 6.2 2.0 3.5 -0.7 5.3 -0.3 23

24 Farm business (FCS) 0.6 0.9 1.5 0.0 -0.1 -0.1 0.6 -0.4 0.9 1.2 1.9 24

25 Commercial banks (FHLB and SLMA) 46.9 40.6 26.8 24.2 28.6 -12.4 20.1 60.4 23.3 27.8 86.3 25

26 Savings institutions (FHLB and SLMA) 42.1 63.5 16.3 8.5 64.9 -7.2 33.7 -57.4 -32.0 -14.4 -16.2 26

27 Credit unions (FHLB) 0.6 2.2 0.0 1.5 -0.6 0.8 1.5 4.4 2.4 2.0 1.0 27

28 Life insurance companies (FHLB) 0.7 0.7 -0.7 0.6 -2.4 0.1 3.5 1.4 2.4 1.2 0.7 28

29 Securitized loans held by ABS issuers 27.6 -1.8 14.7 23.3 31.1 -13.0 65.6 9.5 25.3 -19.8 -12.8 29

30 Liab.: Households (1) 3.8 1.5 6.5 0.9 2.5 2.0 0.8 -1.9 7.1 -1.2 1.6 30

31 Nonfinancial corporate business 23.8 -3.3 8.3 22.4 28.6 -15.0 64.8 11.4 18.2 -18.6 -14.4 31

32 Finance company loans to business 36.8 54.2 63.3 -11.5 -5.4 90.2 -76.8 -53.9 -23.5 23.0 32.6 32

33 Liab.: Nonfinancial corporate business 33.1 48.8 57.0 -10.3 -4.8 81.2 -69.1 -48.5 -21.1 20.7 29.3 33

34 Nonfarm noncorporate business 3.7 5.4 6.3 -1.1 -0.5 9.0 -7.7 -5.4 -2.3 2.3 3.3 34

(1) Student loans.
48 Z.1, December 5, 2002

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 514.6 570.0 565.9 705.8 540.2 783.7 768.0 731.3 703.4 838.8 941.2 1

 2 Home 387.7 424.6 413.7 530.3 423.4 607.8 559.3 530.6 601.1 657.4 786.2 2

 3 Multifamily residential 31.5 37.4 37.3 48.3 35.1 46.1 55.9 56.0 31.4 46.6 34.9 3

 4 Commercial 88.8 102.2 108.3 119.7 77.3 117.9 145.8 138.0 64.0 125.7 107.6 4

 5 Farm 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 5

 6 Net borrowing 514.6 570.0 565.9 705.8 540.2 783.7 768.0 731.3 703.4 838.8 941.2 6

 7 Household sector 348.5 380.5 373.5 488.8 364.3 576.5 519.5 494.8 575.7 619.3 741.4 7

 8 Nonfinancial business 141.3 184.4 186.1 215.8 183.4 190.9 250.5 238.2 121.1 212.6 202.6 8

 9 Corporate 17.0 34.0 49.9 58.2 38.3 26.6 90.1 77.7 5.8 54.9 49.2 9

10 Nonfarm noncorporate 117.7 144.7 129.7 150.1 140.8 152.5 153.4 153.7 108.4 148.6 141.0 10

11 Farm 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 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 24.8 5.1 6.2 1.3 -7.5 16.2 -1.9 -1.6 6.6 7.0 -2.7 13

14 Net change in assets 514.6 570.0 565.9 705.8 540.2 783.7 768.0 731.3 703.4 838.8 941.2 14

15 Household sector 0.9 -0.1 0.9 0.9 -0.0 3.2 0.8 -0.4 0.4 2.6 1.4 15

16 Nonfinancial corporate business -13.0 -26.0 -10.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 16

17 Nonfarm noncorporate business 7.9 -2.0 3.1 3.3 2.7 5.1 2.7 2.7 2.1 1.3 1.0 17

18 State and local governments 4.1 4.3 4.5 4.7 4.6 4.7 4.8 4.8 4.9 4.9 5.0 18

19 Federal government -0.8 -0.1 -0.9 -1.1 -2.4 -0.6 -3.4 1.8 -0.1 -1.1 -1.8 19

20 Commercial banking 91.7 158.4 164.6 129.8 141.3 120.6 71.3 185.8 74.3 272.4 373.0 20

21 Savings institutions (1) 12.1 24.1 54.9 35.3 69.5 37.7 14.1 19.6 -49.8 -21.4 112.3 21

22 Credit unions 10.8 14.1 13.8 16.4 10.7 16.3 24.0 14.6 23.0 19.1 8.0 22

23 Bank personal trusts and estates -0.2 -0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 23

24 Life insurance companies 6.8 15.7 5.2 7.1 -3.6 8.8 8.0 15.1 1.1 6.5 1.6 24

25 Other insurance companies -0.3 -0.0 -0.3 0.2 0.0 0.1 0.1 0.7 0.0 0.1 -0.0 25

26 Private pension funds -0.3 0.9 1.2 1.3 1.3 1.5 1.1 1.4 1.6 1.5 1.9 26

27 State and local govt. retirement funds 6.5 -2.6 -0.0 3.4 2.5 2.6 3.7 4.6 5.4 6.4 7.2 27

28 Government-sponsored enterprises (1) 7.7 -4.8 25.0 33.9 15.3 38.0 28.1 54.2 32.2 45.3 65.5 28

29 Federally related mortgage pools 192.6 273.8 199.4 338.5 170.3 406.2 492.2 285.3 499.8 346.2 172.4 29

30 ABS issuers 156.8 93.1 83.7 145.8 106.3 122.1 110.1 244.5 113.4 131.3 175.8 30

31 Finance companies 24.7 24.6 26.4 -11.0 24.9 23.3 10.1 -102.2 -5.9 11.3 7.9 31

32 Mortgage companies 3.2 0.3 0.2 1.4 1.4 1.1 1.7 1.2 1.6 1.4 1.5 32

33 REITs 3.4 -3.3 -6.2 -1.1 -1.9 -4.2 1.3 0.4 2.3 13.6 11.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, December 5, 2002 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 387.7 424.6 413.7 530.3 423.4 607.8 559.3 530.6 601.1 657.4 786.2 1

 2 Household sector 339.1 373.9 370.8 477.9 366.8 555.3 506.5 483.0 553.4 604.3 724.1 2

 3 Nonfinancial corporate business 1.4 2.2 2.0 2.1 3.5 2.6 1.5 0.7 -0.2 0.7 1.9 3

 4 Nonfarm noncorporate business 47.2 48.6 40.9 50.3 53.1 49.8 51.3 46.9 47.9 52.4 60.2 4

 5 Net change in assets 387.7 424.6 413.7 530.3 423.4 607.8 559.3 530.6 601.1 657.4 786.2 5

 6 Household sector -1.1 -1.1 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 6

 7 Nonfinancial corporate business -2.7 -6.9 -4.9 -1.9 -1.9 -1.9 -1.9 -1.9 -1.9 -1.9 -1.9 7

 8 Nonfarm noncorporate business 2.9 -0.9 1.1 1.0 1.0 1.0 1.0 1.0 1.2 1.2 1.3 8

 9 State and local governments 3.3 3.5 3.7 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.0 9

10 Federal government -0.3 -0.4 -0.7 -0.6 -0.4 -0.6 -1.0 -0.3 -0.7 -1.6 -0.6 10

11 Commercial banking 51.5 82.6 86.1 58.2 78.0 62.3 -24.2 116.8 10.7 191.1 310.9 11

12 Savings institutions 12.8 14.7 46.0 26.4 51.9 27.8 4.9 20.8 -62.6 -31.4 92.8 12

13 Credit unions 10.8 14.1 13.8 16.4 10.7 16.3 24.0 14.6 23.0 19.1 8.0 13

14 Bank personal trusts and estates -0.2 -0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 14

15 Life insurance companies -0.6 -0.7 -1.0 0.0 -0.1 0.5 0.3 -0.6 0.0 0.9 0.0 15

16 Private pension funds 0.1 0.9 1.1 1.3 1.3 1.4 1.2 1.4 1.6 1.6 1.9 16

17 State and local govt. retirement funds 2.8 -0.9 -0.0 1.2 0.9 0.9 1.3 1.6 1.9 2.2 2.5 17

18 Government-sponsored enterprises 5.3 -10.3 15.8 20.2 4.7 22.8 15.4 37.8 19.8 34.4 49.7 18

19 Federally related mortgage pools 182.1 264.6 190.9 322.9 157.2 387.0 479.3 268.1 488.4 337.6 165.1 19

20 ABS issuers 94.5 49.9 44.8 91.4 93.9 63.6 44.0 164.0 100.4 88.0 131.6 20

21 Finance companies 22.5 18.2 22.4 -10.5 22.5 23.5 8.7 -96.6 11.7 3.6 6.8 21

22 Mortgage companies 3.1 0.3 0.2 1.3 1.4 1.0 1.6 1.1 1.5 1.2 1.3 22

23 REITs 0.8 -2.4 -4.6 0.1 -0.4 -0.8 1.7 -0.1 3.0 8.0 13.7 23

 Memo:

24 Home equity loans included above (2) 60.6 56.0 97.8 68.8 70.9 95.3 69.3 39.8 121.3 125.4 151.3 24

25 Commercial banking 2.9 12.7 45.5 23.6 2.4 40.5 25.8 25.9 40.4 82.0 48.6 25

26 Savings institutions 0.5 3.7 13.1 5.1 1.7 14.5 4.8 -0.5 3.7 2.2 8.2 26

27 Credit unions 0.7 3.7 7.3 4.2 2.7 3.2 12.4 -1.5 -2.8 11.2 0.0 27

28 ABS issuers 34.0 17.7 9.6 46.3 41.6 13.6 17.6 112.4 68.4 26.4 86.8 28

29 Finance companies 22.5 18.2 22.4 -10.5 22.5 23.5 8.7 -96.6 11.7 3.6 7.6 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 31.5 37.4 37.3 48.3 35.1 46.1 55.9 56.0 31.4 46.6 34.9 1

 2 Nonfinancial corporate business 1.1 1.3 1.4 1.4 1.3 1.4 1.4 1.4 1.4 1.4 1.4 2

 3 Nonfarm noncorporate business 22.3 34.5 33.9 46.5 36.3 39.4 55.2 55.1 27.8 42.9 34.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 8.2 1.7 2.1 0.4 -2.5 5.4 -0.6 -0.5 2.2 2.3 -0.9 5

 6 Net change in assets 31.5 37.4 37.3 48.3 35.1 46.1 55.9 56.0 31.4 46.6 34.9 6

 7 Household sector -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business 2.6 -0.8 1.0 1.5 0.9 3.3 0.9 0.9 0.3 -0.5 -0.8 9

10 State and local governments 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10

11 Federal government -0.3 -0.0 0.3 -0.2 -2.4 0.2 1.0 0.5 0.3 0.4 -2.0 11

12 Commercial banking 5.0 13.0 10.1 7.0 8.2 1.8 14.5 3.6 7.4 16.2 0.8 12

13 Savings institutions -2.5 2.3 1.9 3.3 6.3 2.3 4.0 0.7 2.3 3.4 10.6 13

14 Life insurance companies 1.1 1.1 0.9 2.0 -0.5 1.2 0.1 7.0 0.2 0.6 0.2 14

15 Private pension funds -0.1 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 15

16 State and local govt. retirement funds 1.8 -0.7 -0.0 0.9 0.7 0.7 1.0 1.3 1.5 1.8 2.0 16

17 Government-sponsored enterprises 0.2 4.4 7.3 9.4 7.8 9.1 8.8 12.0 8.3 7.3 8.9 17

18 Federally related mortgage pools 10.5 9.2 8.5 15.6 13.1 19.2 13.0 17.2 11.4 8.6 7.4 18

19 ABS issuers 12.9 8.5 6.5 8.2 0.9 7.3 11.2 13.5 2.1 7.8 7.0 19

20 Finance companies -0.3 0.2 0.1 -0.2 0.0 -0.1 0.2 -1.0 -3.4 -0.3 -0.0 20

21 Mortgage companies 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 21

22 REITs 0.1 -0.6 -0.2 -0.3 -0.7 0.2 0.2 -0.7 -0.1 0.4 -0.2 22
50 Z.1, December 5, 2002

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 88.8 102.2 108.3 119.7 77.3 117.9 145.8 138.0 64.0 125.7 107.6 1

 2 Household sector 9.4 6.6 2.7 10.8 -2.6 21.2 13.0 11.7 22.3 15.0 17.3 2

 3 Nonfinancial corporate business 14.6 30.5 46.6 54.7 33.5 22.6 87.2 75.7 4.6 52.7 45.8 3

 4 Nonfarm noncorporate business 48.3 61.6 54.9 53.3 51.4 63.3 46.9 51.6 32.7 53.3 46.4 4

 5 REITs 16.6 3.4 4.2 0.9 -5.0 10.9 -1.3 -1.1 4.4 4.7 -1.8 5

 6 Net change in assets 88.8 102.2 108.3 119.7 77.3 117.9 145.8 138.0 64.0 125.7 107.6 6

 7 Household sector 0.9 0.8 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business -10.0 -19.0 -5.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 8

 9 Nonfarm noncorporate business 2.0 -0.5 0.8 0.7 0.7 0.7 0.7 0.7 0.4 0.4 0.2 9

10 State and local governments -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government 0.1 0.6 -0.4 -0.1 0.7 -0.0 -3.2 1.9 0.7 0.3 1.0 11

12 Commercial banking 33.2 60.0 66.2 63.0 53.8 54.9 79.5 64.0 54.1 62.8 57.8 12

13 Savings institutions 1.8 7.1 6.9 5.6 11.2 7.6 5.3 -1.8 10.4 6.6 9.0 13

14 Life insurance companies 5.2 13.8 4.7 4.6 -2.7 6.5 7.0 7.6 0.9 5.0 1.2 14

15 Other insurance companies -0.3 -0.0 -0.3 0.2 0.0 0.1 0.1 0.7 0.0 0.1 -0.0 15

16 Private pension funds -0.3 0.0 0.1 -0.0 0.0 0.1 -0.1 -0.0 0.0 -0.0 0.1 16

17 State and local govt. retirement funds 1.9 -1.0 -0.0 1.2 0.9 1.0 1.4 1.7 2.0 2.4 2.6 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 49.4 34.7 32.4 46.2 11.5 51.2 54.9 67.0 10.9 35.5 37.2 19

20 Finance companies 2.5 6.1 3.9 -0.3 2.4 -0.1 1.3 -4.6 -14.2 8.1 1.2 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 2.5 -0.4 -1.4 -1.0 -0.8 -3.6 -0.6 1.2 -0.7 5.2 -2.1 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 1

 2 Net change in assets 6.5 5.8 6.5 7.5 4.3 11.9 7.0 6.8 6.9 9.1 12.4 2

 3 Household sector 1.1 0.2 1.5 1.2 0.3 3.6 1.1 -0.0 0.8 3.0 1.7 3

 4 Nonfarm noncorporate business 0.4 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 4

 5 State and local governments -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.3 -0.2 -0.1 -0.2 -0.2 -0.1 -0.2 -0.3 -0.4 -0.2 -0.2 6

 7 Commercial banking 2.1 2.8 2.2 1.5 1.3 1.6 1.5 1.5 2.1 2.3 3.6 7

 8 Savings institutions 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 -0.2 0.1 0.0 0.0 8

 9 Life insurance companies 1.1 1.5 0.6 0.5 -0.2 0.5 0.5 1.1 0.0 0.0 0.1 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 2.2 1.1 2.0 4.3 2.8 6.1 3.9 4.4 4.1 3.7 6.9 11

12 Federally related mortgage pools -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
Z.1, December 5, 2002 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 1

 2 Net change in assets 75.0 99.5 139.0 110.2 144.5 76.0 70.6 149.9 81.7 76.4 60.1 2

 3 Nonfinancial corporate business -4.1 5.4 2.4 -14.8 15.1 -20.5 -29.5 -24.2 31.8 -29.1 -18.5 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 -3.6 -9.2 41.7 16.6 23.0 37.7 -16.5 22.1 22.8 31.1 85.8 5

 6 Savings institutions 4.4 9.9 3.0 4.5 3.8 -0.7 12.8 2.1 -1.9 -0.6 -12.8 6

 7 Credit unions 3.0 12.5 16.5 5.1 6.6 7.4 -0.1 6.6 6.2 8.2 13.8 7

 8 ABS issuers 59.4 62.6 57.1 82.0 106.6 53.6 80.3 87.6 21.6 61.6 -46.7 8

 9 Finance companies 15.8 18.2 18.2 16.8 -10.6 -1.4 23.6 55.6 1.2 5.3 38.6 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 106.4 268.6 170.2 -19.3 186.4 -119.6 -47.3 -96.5 217.9 67.0 148.1 1

 2 Household sector 8.7 4.1 7.7 6.1 6.9 4.7 6.7 6.0 6.7 6.8 7.0 2

 3 Nonfinancial corporate business 57.6 178.5 112.5 -80.9 86.9 -173.6 -69.8 -166.9 195.0 65.3 120.6 3

 4 Nonfarm noncorporate business 21.6 40.7 35.0 20.0 23.2 29.6 12.8 14.4 17.8 12.3 12.1 4

 5 Farm business 0.8 0.4 0.9 0.2 1.7 -0.0 -1.7 0.7 -1.5 -0.2 -0.7 5

 6 State and local governments 30.5 29.1 27.4 25.2 24.8 25.0 25.6 25.4 26.0 24.0 24.0 6

 7 Federal government -8.0 -0.3 -19.1 9.0 57.4 -17.3 -0.4 -3.5 -4.3 -8.8 -9.9 7

 8 Rest of the world -3.9 4.2 0.8 -2.2 -12.2 20.0 -31.7 15.2 -10.3 -9.4 -9.4 8

 9 Brokers and dealers -1.0 11.9 5.1 3.3 -2.3 -8.1 11.3 12.3 -11.5 -23.0 4.4 9

10 Net change in trade receivables 149.6 265.8 144.1 -35.6 138.3 -148.2 2.1 -134.3 214.9 139.6 149.8 10

11 Nonfinancial corporate business 86.3 200.5 63.0 -86.4 79.3 -200.6 -64.0 -160.3 142.5 77.0 97.1 11

12 Nonfarm noncorporate business 28.9 42.6 42.3 15.1 15.1 10.9 12.8 21.6 25.0 18.9 30.5 12

13 Federal government 1.5 4.6 5.3 7.2 9.3 10.3 13.9 -4.5 -0.2 3.4 -0.8 13

14 Rest of the world -6.5 -5.0 -0.5 -2.7 -5.3 -2.1 -0.0 -3.4 8.1 -0.5 -2.7 14

15 Other insurance companies 1.6 2.0 1.0 5.3 12.1 9.0 11.5 -11.3 13.9 17.6 2.1 15

16 ABS issuers 37.9 21.1 33.0 25.9 27.8 24.2 28.0 23.5 25.6 23.4 23.5 16

17 Discrepancy -43.3 2.8 26.1 16.3 48.1 28.6 -49.3 37.8 3.1 -72.7 -1.6 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 103.2 104.4 146.1 3.1 -91.1 -73.9 561.3 -383.7 -190.7 -129.4 -118.2 1

 2 Household sector 21.6 75.2 7.2 -38.8 -157.4 0.8 248.3 -246.8 -17.5 -85.0 -89.4 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 81.6 29.2 138.9 41.9 66.3 -74.7 313.0 -136.9 -173.3 -44.4 -28.9 4

 5 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -1.6 3.5 327.5 -161.8 -107.3 -106.3 -39.7 5

 6 From U.S.-chartered commercial banks 11.9 -8.8 7.1 7.2 30.0 6.5 35.3 -42.9 -4.9 16.8 0.2 6

 7 From foreign banking offices in U.S. 8.4 -9.3 43.2 -7.2 37.9 -84.7 -49.9 67.8 -61.1 45.1 10.7 7

 8 Net change in assets 103.2 104.4 146.1 3.1 -91.1 -73.9 561.3 -383.7 -190.7 -129.4 -118.2 8

 9 Household sector 61.2 47.2 88.6 41.9 -1.6 3.5 327.5 -161.8 -107.3 -106.3 -39.7 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 20.3 -18.0 50.4 0.0 68.0 -78.2 -14.5 24.9 -65.9 61.9 10.9 11

12 Brokers and dealers 21.6 75.2 7.2 -38.8 -157.4 0.8 248.3 -246.8 -17.5 -85.0 -89.4 12
52 Z.1, December 5, 2002

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 48.0 50.8 50.2 77.2 62.3 52.2 74.7 119.6 93.9 92.2 117.4 1

 2 Federal government 1.3 1.4 1.4 1.4 0.6 2.4 0.0 2.5 -0.3 4.0 -0.1 2

 3 Life insurance companies 46.7 49.4 48.7 75.8 61.6 49.8 74.7 117.1 94.1 88.2 117.5 3

 4 Net change in assets (Households) 48.0 50.8 50.2 77.2 62.3 52.2 74.7 119.6 93.9 92.2 117.4 4

 Pension fund reserves:

 5 Net change in liabilities 217.4 181.8 209.0 209.1 295.9 209.1 180.3 150.8 134.1 145.5 263.4 5

 6 Federal government (1) 41.2 41.1 20.9 60.8 113.2 41.3 41.0 47.8 32.0 29.5 33.1 6

 7 Life insurance companies 122.6 91.8 142.6 138.5 184.0 151.4 137.3 81.4 85.3 119.6 163.6 7

 8 Private pension funds (2) -7.9 -10.9 -8.6 -16.8 -21.6 -13.5 -22.0 -10.0 -12.4 -23.9 41.9 8

 9 State and local govt. retirement funds 61.5 59.8 54.1 26.5 20.3 29.9 24.0 31.7 29.2 20.3 24.9 9

10 Net change in assets (Households) (3) 217.4 181.8 209.0 209.1 295.9 209.1 180.3 150.8 134.1 145.5 263.4 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 19.6 23.2 21.7 14.3 4.3 14.8 104.9 -67.0 20.4 62.4 -60.4 1

 businesses

 2 Nonfinancial corporate business 4.8 7.0 7.0 0.1 -7.0 -2.9 91.6 -81.2 4.1 48.4 -77.9 2

 3 Nonfarm noncorporate business 9.0 9.3 7.5 6.8 7.9 10.1 4.4 4.9 7.8 5.7 8.3 3

 4 U.S.-chartered commercial banks 1.7 1.9 2.1 2.4 2.3 2.4 2.4 2.5 2.6 2.6 2.7 4

 5 Savings institutions 0.2 0.0 0.4 -0.7 -0.8 -0.9 0.1 -1.2 -0.8 -0.0 -0.3 5

 6 Life insurance companies 1.2 1.3 1.6 2.0 1.8 1.9 2.0 2.1 2.2 2.3 2.4 6

 7 Other insurance companies 2.0 2.0 2.3 2.7 2.6 2.7 2.8 2.9 3.0 3.2 3.3 7

 8 Finance companies 0.8 0.8 1.0 1.2 1.1 1.1 1.2 1.2 1.3 1.4 1.4 8

 9 Brokers and dealers -0.1 0.9 -0.1 -0.2 -3.6 0.4 0.5 1.8 0.1 -1.1 -0.3 9

10 Net change in business taxes receivable -0.1 11.5 -4.5 -4.8 -20.6 11.7 79.5 -89.8 -10.7 92.8 -135.0 10

11 State and local governments 7.3 9.8 10.6 5.2 7.0 9.1 2.2 2.6 10.2 10.2 13.3 11

12 Federal government -7.5 1.7 -15.1 -10.0 -27.6 2.6 77.4 -92.4 -20.9 82.6 -148.3 12

13 Discrepancy 19.7 11.7 26.2 19.0 24.9 3.1 25.4 22.8 31.1 -30.3 74.6 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 -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 1

 2 Asset: Household sector -46.1 -8.1 56.6 31.5 27.1 31.9 31.7 35.2 26.5 26.8 20.7 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -57.8 -38.7 -10.2 -23.1 -19.7 -26.4 -44.6 -1.8 -13.2 -51.8 -75.9 1

 2 Nonfarm noncorporate business -64.8 -43.5 -31.5 -35.9 -35.7 -46.3 -31.9 -29.9 -35.5 -49.2 -42.7 2

 3 Farm business 0.4 -6.3 -11.6 -0.5 2.4 -8.8 5.7 -1.3 5.7 -1.1 -5.7 3

 4 Brokers and dealers 6.6 11.1 33.0 13.3 13.6 28.7 -18.4 29.3 16.6 -1.5 -27.5 4
Z.1, December 5, 2002 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 956.9 1053.8 1164.9 666.0 748.6 867.3 857.0 190.9 132.6 523.3 752.1 1

 2 Household sector -1.4 2.1 0.1 -0.4 -3.3 -1.0 3.2 -0.6 1.3 -0.5 1.8 2

 3 Nonfinancial corporate business 428.4 555.1 440.2 184.3 150.2 161.3 203.7 222.0 39.4 16.8 218.0 3

 4 Nonfarm noncorporate business 92.3 73.9 66.3 35.4 40.8 32.1 39.7 29.0 25.8 20.7 14.9 4

 5 Federal government -7.1 -2.9 2.0 -7.8 0.6 4.1 -21.4 -14.7 8.7 7.9 -25.0 5

 6 Rest of the world 175.2 253.3 217.0 148.8 394.9 142.6 209.3 -151.8 39.5 77.0 192.5 6

 7 Monetary authority 1.3 -1.3 1.1 -2.8 -17.9 16.7 -4.8 -5.4 -7.5 24.5 -5.2 7

 8 Commercial banking 96.3 -70.9 196.5 -4.7 -98.0 70.5 394.2 -385.3 -137.7 288.1 -0.4 8

 9 Savings institutions -1.5 -14.7 17.1 19.0 -1.9 24.9 16.9 36.1 -19.6 -45.7 99.0 9

10 Credit unions 0.5 0.9 -0.4 -1.8 -4.1 10.9 -6.5 -7.7 11.4 -2.7 2.2 10

11 Life insurance companies 6.6 15.7 3.6 32.4 44.6 4.9 84.7 -4.6 133.9 62.8 70.6 11

12 Other insurance companies 5.6 13.8 5.8 26.5 20.6 19.7 74.1 -8.2 37.0 58.3 76.7 12

13 Government-sponsored enterprises 20.3 -6.0 7.4 32.6 80.6 -4.4 52.3 2.0 -12.2 -8.3 19.9 13

14 Finance companies 17.8 66.9 82.8 19.1 51.5 -0.5 9.2 16.2 -65.6 35.4 113.1 14

15 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.6 0.9 0.6 0.8 0.7 0.8 15

16 REITs 13.6 4.4 1.8 0.1 18.9 -18.9 0.3 -0.1 2.6 -1.1 4.1 16

17 Brokers and dealers 44.7 7.5 -1.9 138.5 47.3 387.0 -157.2 276.9 15.1 -1.2 -78.9 17

18 Funding corporations 62.8 155.9 125.2 46.3 23.1 16.8 -41.4 186.6 60.0 -9.5 48.1 18

19 Net change in assets 1115.9 1344.1 1562.9 892.4 1002.3 1406.2 772.5 388.6 528.7 610.2 599.3 19

20 Household sector 9.7 12.4 4.7 16.1 3.2 25.8 41.4 -6.0 21.9 46.9 37.4 20

21 Nonfinancial corporate business 427.4 661.2 595.8 276.7 233.3 349.1 358.3 166.0 123.5 158.0 38.8 21

22 Nonfarm noncorporate business 122.2 91.8 77.3 75.2 74.4 97.1 69.6 59.9 56.8 55.0 76.1 22

23 Farm business 0.5 0.2 -0.1 1.5 0.6 2.8 2.3 0.3 2.7 5.2 6.1 23

24 State and local governments -8.0 11.6 8.6 -11.6 -22.3 6.9 -13.3 -17.9 -64.5 24.8 27.0 24

25 Federal government -3.5 -0.9 -1.4 1.3 -0.5 1.0 2.0 2.8 4.0 0.3 -2.1 25

26 Rest of the world 203.8 406.6 484.3 172.4 598.1 230.1 70.7 -209.2 224.9 -42.8 56.0 26

27 Monetary authority 4.9 -1.3 1.1 -0.4 -4.9 2.8 4.5 -4.1 3.0 3.3 -4.3 27

28 Commercial banking 99.1 27.6 89.0 137.0 28.9 246.6 171.8 100.6 2.1 117.4 63.2 28

29 Savings institutions 13.8 -2.7 7.7 19.1 72.3 7.8 35.8 -39.4 50.3 -2.6 24.0 29

30 Credit unions 6.8 -16.4 18.0 6.9 -4.5 40.0 -25.8 17.7 9.5 -9.3 0.8 30

31 Bank personal trusts and estates 8.4 -2.5 1.2 0.3 0.4 0.2 0.2 0.2 0.2 0.4 0.8 31

32 Life insurance companies 3.5 -34.6 20.7 -27.5 51.5 -71.7 -18.1 -71.8 78.3 31.7 94.8 32

33 Other insurance companies 6.9 7.7 6.4 1.3 2.4 3.6 1.5 -2.4 6.7 9.4 14.4 33

34 Private pension funds 13.8 -11.0 -3.1 5.8 0.2 -4.7 35.7 -7.8 25.3 -3.2 29.3 34

35 State and local govt. retirement funds 3.3 16.3 13.3 20.3 51.4 2.3 37.0 -9.4 -50.6 46.6 40.2 35

36 Money market mutual funds 9.6 22.6 12.2 26.1 -14.8 163.7 -22.2 -22.5 -27.4 194.5 -59.9 36

37 Mutual funds -4.2 -3.5 -0.7 -2.6 -8.6 -1.2 0.1 -0.9 1.6 0.2 0.0 37

38 Government-sponsored enterprises 1.3 5.4 16.8 11.6 -43.1 14.0 62.8 12.9 -66.5 86.0 45.2 38

39 Finance companies 9.3 50.9 24.3 20.5 -3.4 -88.9 81.4 92.9 -103.1 31.1 95.2 39

40 REITs 10.7 -0.1 0.0 0.5 2.8 4.7 -0.5 -5.0 1.1 -2.1 1.1 40

41 Brokers and dealers 115.9 28.3 133.0 156.6 -83.7 428.3 -6.7 288.3 227.1 -203.4 7.0 41

42 Funding corporations 60.7 74.4 54.0 -14.5 68.7 -54.1 -115.9 43.2 1.7 62.7 8.4 42

43 Discrepancy -158.9 -290.4 -398.1 -226.4 -253.8 -538.9 84.5 -197.6 -396.0 -86.9 152.8 43
54 Z.1, December 5, 2002

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 142.6 188.9 178.3 127.8 94.1 140.5 166.9 109.9 117.1 117.5 77.5 1

 2 Equity 72.4 79.2 66.1 49.8 28.3 55.6 71.2 44.2 38.0 24.6 11.5 2

 3 Reinvested earnings 44.2 86.4 109.4 58.6 32.2 60.0 78.0 64.2 84.2 112.0 94.4 3

 4 Intercompany accounts 26.0 23.3 2.8 19.4 33.5 24.8 17.6 1.5 -5.1 -19.1 -28.4 4

 5 Asset: Nonfinancial corporate business 129.2 158.4 147.5 104.9 76.3 126.2 108.2 108.9 103.5 98.9 71.6 5

 6 Commercial banking 2.0 4.5 10.9 0.9 2.3 1.2 2.0 -1.9 5.4 3.1 7.4 6

 7 Life insurance companies 0.7 2.4 2.2 2.9 3.3 3.8 0.7 3.7 1.0 2.6 1.5 7

 8 Other insurance companies 6.9 7.7 6.4 1.3 2.4 3.6 1.5 -2.4 6.7 9.4 14.4 8

 9 Finance companies 0.5 11.8 10.6 17.3 9.5 5.8 53.6 0.2 3.1 -1.2 -18.5 9

10 Brokers and dealers 3.4 4.1 0.7 0.6 0.3 -0.1 0.8 1.3 -2.6 4.6 1.0 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 144.4 247.0 189.1 66.6 118.5 97.7 18.7 31.7 5.6 -40.7 33.5 11

12 Nonfarm noncorporate business 0.2 0.2 0.1 0.1 -0.2 1.1 -0.3 0.0 0.8 0.1 0.8 12

13 Commercial banking 5.5 19.4 9.7 8.4 0.4 20.1 3.8 9.4 0.8 0.2 -4.1 13

14 Life insurance companies 2.7 11.7 27.9 8.1 16.1 10.7 5.6 -0.1 2.7 1.3 1.4 14

15 Other insurance companies 1.3 11.3 6.6 0.4 12.3 -7.2 7.1 -10.6 6.6 4.0 10.6 15

16 Finance companies 2.6 13.2 14.9 7.8 19.9 8.0 -18.5 21.6 5.2 1.1 4.3 16

17 Brokers and dealers 1.7 3.6 5.1 -1.3 -6.0 -1.5 0.7 1.4 -0.7 -12.4 -12.2 17

18 Funding corporations 20.7 -17.0 54.3 40.7 13.4 75.5 39.8 34.0 43.9 50.3 24.6 18

19 Asset: Rest of the world 179.0 289.5 307.7 130.8 174.4 204.4 56.8 87.6 64.9 3.9 59.0 19

20 Equity 147.1 221.6 245.9 107.7 82.1 177.8 50.8 120.3 43.9 34.4 57.3 20

21 Reinvested earnings 2.8 4.1 6.5 -19.7 0.4 -14.9 -18.8 -45.4 -21.2 20.2 23.2 21

22 Intercompany accounts 29.1 63.8 55.3 42.8 92.0 41.6 24.9 12.7 42.2 -50.8 -21.6 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.6 1.5 1.5 1.7 2.1 2.0 1.4 1.3 1.8 1.5 2.0 23

24 Asset: Federal government 1.6 1.5 1.5 1.7 2.1 2.0 1.4 1.3 1.8 1.5 2.0 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.5 0.5 0.6 0.4 0.1 0.5 0.5 0.4 1.1 2.7 -0.3 25

26 Asset: Commercial banking 0.5 0.5 0.6 0.4 0.1 0.5 0.5 0.4 1.1 2.7 -0.3 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 3.3 5.5 2.2 2.5 1.9 3.2 2.6 2.6 0.8 0.3 -9.0 27

28 Asset: Nonfin. corporate business (FNMA) -0.7 -0.6 0.0 -0.2 -1.3 1.7 -0.4 -0.9 -2.1 -0.9 -2.2 28

29 Nonfarm noncorporate (BC) -0.1 0.0 -0.0 -0.1 -0.1 -0.3 -0.1 0.0 0.1 -0.1 0.1 29

30 Farm business (FICB and FLB) 0.1 -0.0 -0.0 0.1 -0.1 0.3 0.2 0.1 -0.1 0.3 0.1 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) 2.0 3.0 0.8 1.4 1.3 0.5 0.7 3.0 2.2 4.7 -3.4 32

33 Savings institutions (FHLB) 1.8 2.7 1.3 1.2 1.8 1.2 1.7 0.1 0.2 -4.3 -3.3 33

34 Credit unions (FHLB) 0.1 0.2 0.1 0.2 0.2 0.1 0.3 0.2 0.4 0.4 -0.2 34

35 Life insurance companies (FHLB) 0.0 0.1 0.0 -0.1 -0.1 -0.4 0.1 0.1 0.1 0.2 -0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 55.3 2.9 53.6 60.7 65.5 41.5 102.4 33.2 30.7 64.2 81.9 36

37 Savings institutions 0.4 0.5 0.7 0.8 0.7 0.8 0.8 0.8 0.9 0.9 0.9 37

38 Finance companies -6.4 26.8 7.4 -1.7 -10.8 -7.6 -3.4 15.0 -33.3 1.4 -0.7 38

39 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.6 0.9 0.6 0.8 0.7 0.8 39

40 Brokers and dealers 48.5 -10.2 30.3 30.0 159.8 44.8 19.2 -103.8 45.4 -21.2 -38.2 40

41 Asset: Bank holding companies 99.4 20.2 92.0 90.4 216.0 80.0 119.9 -54.1 44.5 46.0 44.6 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -6.4 26.8 7.4 -1.7 -10.8 -7.6 -3.4 15.0 -33.3 1.4 -0.7 42

43 Asset: Nonfinancial corporate business -6.4 26.8 7.4 -1.7 -10.8 -7.6 -3.4 15.0 -33.3 1.4 -0.7 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 11.8 2.5 45.6 -30.8 14.6 -20.2 -94.9 -22.6 -18.8 84.5 -11.2 44

45 Brokers and dealers 48.9 71.9 8.3 16.3 54.1 -33.9 -21.0 65.8 20.5 -21.8 19.6 45

46 Asset: Funding corporations 60.7 74.4 54.0 -14.5 68.7 -54.1 -115.9 43.2 1.7 62.7 8.4 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, December 5, 2002 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.1 0.6 0.0 -0.1 -0.4 0.1 0.1 -0.1 0.0 -0.1 -0.1 1

 2 Asset: Federal government -0.1 0.6 0.0 -0.1 -0.4 0.1 0.1 -0.1 0.0 -0.1 -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 6.8 -7.8 -0.0 8.7 51.5 -15.2 12.9 -14.6 11.1 -8.7 9.5 5

 6 Asset: Savings institutions 6.8 -7.8 -0.0 8.7 51.5 -15.2 12.9 -14.6 11.1 -8.7 9.5 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -1.4 2.1 0.1 -0.4 -3.3 -1.0 3.2 -0.6 1.3 -0.5 1.8 7

 8 Asset: Life insurance companies -1.4 2.1 0.1 -0.4 -3.3 -1.0 3.2 -0.6 1.3 -0.5 1.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 7.9 11.4 5.0 4.1 -0.3 14.5 9.3 -7.0 9.2 24.2 9.7 9

10 Health 7.3 10.2 3.9 3.1 -2.4 10.9 7.7 -3.7 6.8 19.0 6.6 10

11 Policy dividend accumulation 0.7 1.2 1.1 1.0 2.1 3.6 1.6 -3.3 2.3 5.2 3.1 11

12 Asset: Household sector 7.9 11.4 5.0 4.1 -0.3 14.5 9.3 -7.0 9.2 24.2 9.7 12

 Policy payables:

13 Liab.: Other insurance companies 4.3 2.5 -0.8 26.1 8.3 26.9 67.0 2.3 30.4 54.3 66.1 13

14 Asset: Household sector 1.8 1.1 -0.3 11.9 3.5 11.3 32.1 1.0 12.7 22.8 27.7 14

15 Nonfinancial corporate business 1.7 1.0 -0.3 10.3 3.3 10.6 26.5 0.9 12.0 21.4 26.1 15

16 Nonfarm noncorporate business 0.4 0.2 -0.1 2.5 0.8 2.6 6.4 0.2 2.9 5.2 6.3 16

17 Farm business 0.4 0.2 -0.1 1.4 0.8 2.4 2.1 0.2 2.8 4.9 6.0 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -14.8 -7.7 -11.8 2.4 -2.8 -9.9 11.4 11.0 19.5 5.7 10.7 18

19 Asset: Private pension funds -14.8 -7.7 -11.8 2.4 -2.8 -9.9 11.4 11.0 19.5 5.7 10.7 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 20

21 Asset: Private pension funds 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21

 Securities borrowed (net):

22 Liab.: Funding corporations 70.0 16.3 88.7 70.1 -81.4 218.5 69.5 73.9 22.6 52.7 -9.2 22

23 Asset: Brokers and dealers 70.0 16.3 88.7 70.1 -81.4 218.5 69.5 73.9 22.6 52.7 -9.2 23
56 Z.1, December 5, 2002

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 382.1 433.9 438.9 216.3 229.3 263.3 453.5 -81.1 -161.2 158.5 480.8 1

 2 Nonfinancial corporate business 262.5 312.9 249.9 116.4 30.5 62.3 183.8 189.0 32.5 56.3 183.2 2

 3 Nonfarm noncorporate business 92.1 73.7 66.3 35.3 41.0 31.0 40.0 29.0 25.0 20.6 14.0 3

 4 Federal government -7.1 -2.9 2.0 -7.8 0.6 4.1 -21.4 -14.7 8.7 7.9 -25.0 4

 5 Rest of the world 31.1 62.3 37.2 19.3 299.2 0.0 40.8 -262.9 -79.4 -41.9 113.1 5

 6 Monetary authority 0.8 -1.8 0.6 -3.2 -18.1 16.3 -5.3 -5.9 -8.6 21.8 -5.0 6

 7 Commercial banking 23.8 -95.6 87.6 -43.0 -178.5 29.1 382.9 -405.3 -150.5 139.2 -67.1 7

 8 U.S.-chartered commercial banks -27.0 -20.1 71.3 -101.2 -152.9 -117.5 221.6 -355.8 -15.3 29.8 -86.6 8

 9 Foreign banking offices in U.S. -11.4 -66.9 -27.5 1.1 -116.3 68.3 89.6 -37.3 -99.4 73.4 -0.4 9

10 Bank holding companies 56.0 -10.8 43.1 52.9 91.7 82.7 67.6 -30.3 -38.8 40.0 13.7 10

11 Banks in U.S.-affiliated areas 6.3 2.2 0.7 4.2 -1.0 -4.3 4.2 18.0 3.0 -4.0 6.2 11

12 Savings institutions -1.9 -15.3 16.5 18.2 -2.6 24.2 16.1 35.2 -20.5 -46.6 98.1 12

13 Credit unions 0.5 0.9 -0.4 -1.8 -4.1 10.9 -6.5 -7.7 11.4 -2.7 2.2 13

14 Life insurance companies 10.8 0.2 -17.6 17.8 31.6 -10.4 58.4 -8.5 102.5 31.6 48.8 14

15 Government-sponsored enterprises 10.1 -3.7 5.2 21.4 27.2 7.6 36.8 14.1 -24.1 0.1 19.4 15

16 Finance companies 28.0 0.1 53.2 14.6 53.1 6.6 34.4 -35.5 -4.2 31.4 110.2 16

17 REITs 13.6 4.4 1.8 0.1 18.9 -18.9 0.3 -0.1 2.6 -1.1 4.1 17

18 Brokers and dealers -54.3 -57.9 -45.6 93.6 -160.6 377.6 -156.1 313.5 -50.2 54.2 -48.0 18

19 Funding corporations -27.9 156.7 -17.8 -64.5 91.1 -277.2 -150.8 78.7 -6.5 -112.5 32.7 19

20 Net change in assets 541.0 724.3 836.9 442.7 483.1 802.2 369.0 116.5 234.8 245.3 328.1 20

21 Nonfinancial corporate business 303.6 475.6 441.3 163.3 165.7 218.2 227.4 42.1 43.5 37.2 -56.0 21

22 Nonfarm noncorporate business 121.9 91.6 77.4 72.9 73.7 94.9 63.3 59.7 53.8 50.0 69.7 22

23 State and local governments -8.0 11.6 8.6 -11.6 -22.3 6.9 -13.3 -17.9 -64.5 24.8 27.0 23

24 Federal government -5.0 -3.0 -2.9 -0.3 -2.2 -1.1 0.5 1.6 2.2 -1.1 -4.0 24

25 Rest of the world 24.7 117.1 176.5 41.6 423.7 25.7 13.8 -296.8 160.0 -46.7 -3.0 25

26 Monetary authority 4.9 -1.3 1.1 -0.4 -4.9 2.8 4.5 -4.1 3.0 3.3 -4.3 26

27 Commercial banking -4.9 -0.6 -15.3 43.9 -190.9 164.4 48.8 153.2 -51.1 60.9 14.9 27

28 U.S.-chartered commercial banks -20.3 1.3 -6.4 19.7 -49.7 58.3 58.2 12.0 -89.6 44.7 10.5 28

29 Foreign banking offices in U.S. 0.3 -29.7 -27.7 12.4 -137.9 101.2 -33.3 119.5 22.7 -5.1 -41.3 29

30 Bank holding companies 12.1 28.9 20.9 5.9 -5.2 2.0 22.4 4.5 11.8 19.0 46.7 30

31 Banks in U.S.-affiliated areas 3.1 -1.0 -2.1 5.9 1.9 2.9 1.6 17.2 4.0 2.3 -1.1 31

32 Savings institutions 5.1 2.4 6.5 9.3 19.0 21.8 21.2 -24.9 39.0 10.4 17.7 32

33 Credit unions 6.7 -16.6 17.8 6.6 -4.8 39.9 -26.1 17.5 9.1 -9.8 1.0 33

34 Bank personal trusts and estates 8.4 -2.5 1.2 0.3 0.4 0.2 0.2 0.2 0.2 0.4 0.8 34

35 Life insurance companies 4.1 -39.3 18.4 -29.9 51.6 -74.0 -22.1 -74.9 75.9 29.3 91.5 35

36 Private pension funds 7.2 1.5 7.4 2.1 1.7 3.9 23.0 -20.1 4.5 -10.2 17.3 36

37 State and local govt. retirement funds 3.3 16.3 13.3 20.3 51.4 2.3 37.0 -9.4 -50.6 46.6 40.2 37

38 Money market mutual funds 9.6 22.6 12.2 26.1 -14.8 163.7 -22.2 -22.5 -27.4 194.5 -59.9 38

39 Mutual funds -4.2 -3.5 -0.7 -2.6 -8.6 -1.2 0.1 -0.9 1.6 0.2 0.0 39

40 Government-sponsored enterprises 1.3 5.4 16.8 11.6 -43.1 14.0 62.8 12.9 -66.5 86.0 45.2 40

41 Finance companies 8.8 39.1 13.7 3.3 -12.9 -94.6 27.8 92.7 -106.2 32.3 113.7 41

42 REITs 10.7 -0.1 0.0 0.5 2.8 4.7 -0.5 -5.0 1.1 -2.1 1.1 42

43 Brokers and dealers 42.6 7.9 43.7 85.8 -2.6 209.9 -77.0 213.1 207.1 -260.8 15.3 43

44 Discrepancy -158.9 -290.4 -398.1 -226.4 -253.8 -538.9 84.5 -197.6 -396.0 -86.9 152.8 44
Z.1, December 5, 2002 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -98.3 -172.8 -13.1 -91.6 -83.4 -351.2 331.3 -263.0 -64.5 404.4 60.9 1

 2 Household sector -86.3 18.1 124.9 -112.2 -241.7 -143.0 3.2 -67.3 -47.9 -124.7 182.9 2

 3 Nonfinancial corporate business -63.6 -111.0 -177.9 -17.5 -48.6 -29.6 -32.9 41.0 56.1 45.8 16.1 3

 4 State and local governments -50.9 -23.0 -30.8 -21.1 -18.4 -24.4 -27.1 -14.5 -23.3 -37.1 -19.2 4

 5 Federal government 22.7 -4.3 -26.0 58.7 269.9 -73.9 2.7 35.9 81.9 229.9 34.1 5

 6 Rest of the world 134.5 17.8 -15.4 -6.8 61.2 -25.4 177.8 -240.6 69.7 174.1 -237.4 6

 7 Financial sectors -54.7 -70.5 112.0 7.3 -105.9 -54.9 207.6 -17.6 -201.0 116.4 84.3 7

 8 Monetary authority -3.1 -0.7 3.8 -0.3 1.3 -2.7 -1.1 1.5 -2.6 -5.2 2.5 8

 9 Commercial banking 26.3 -44.0 126.3 28.5 -8.0 -22.7 227.1 -82.6 -187.3 119.2 87.4 9

10 Savings institutions -2.9 2.2 2.4 1.9 -0.9 3.3 3.9 1.2 8.1 -12.5 1.6 10

11 Credit unions -0.1 1.1 -0.2 0.9 -0.2 1.7 0.9 1.4 1.6 -1.2 -3.2 11

12 Bank personal trusts and estates -0.2 1.7 1.6 1.1 0.2 1.2 1.6 1.2 1.2 1.2 1.2 12

13 Life insurance companies -33.3 -30.9 -25.4 -18.6 -92.2 -21.8 -19.7 59.4 -43.0 -8.8 -40.9 13

14 Other insurance companies -20.7 8.1 -8.8 -0.5 9.8 -16.0 -11.2 15.4 -10.6 -13.5 -12.8 14

15 Mutual funds -8.4 4.7 -4.1 -0.9 -1.1 -1.4 -1.9 0.7 0.3 -1.5 -0.6 15

16 Government-sponsored enterprises -4.1 -2.3 -5.2 -8.4 -6.3 -9.0 -5.0 -13.3 -8.3 -7.3 -14.5 16

17 Issuers of asset-backed securities 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 17

18 Finance companies -13.8 -20.3 25.7 6.3 -10.6 18.5 15.8 1.5 37.4 48.4 46.3 18

19 REITs 11.9 17.7 8.9 1.7 8.4 -2.3 2.0 -1.3 4.8 1.6 20.9 19

20 Brokers and dealers -6.2 -7.9 -13.0 -4.4 -6.3 -3.8 -4.7 -2.6 -2.5 -3.9 -3.5 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -98.3 -172.8 -13.1 -91.6 -83.4 -351.2 331.3 -263.0 -64.5 404.4 60.9 1

 2 Treasury currency -0.1 -0.7 -1.2 -1.4 -3.6 -0.5 -1.4 -0.0 -2.4 -0.7 -1.3 2

 3 Foreign deposits -8.5 42.6 55.9 10.3 182.1 -166.8 54.5 -28.7 -36.6 130.9 9.7 3

 4 Net interbank transactions 3.8 0.1 20.4 17.2 21.8 17.0 7.4 22.6 39.4 -9.3 12.2 4

 5 Security RPs 57.7 35.7 118.6 -52.2 -277.2 124.6 110.4 -166.8 -17.3 115.9 -349.8 5

 Mail floats:

 6 Federal government 2.6 -7.4 9.0 3.9 64.9 64.7 -23.0 -91.1 190.3 185.7 28.0 6

 7 Other -3.1 -0.8 1.7 4.5 3.6 3.9 5.0 5.7 6.1 7.1 7.6 7

 8 Trade credit -43.3 2.8 26.1 16.3 48.1 28.6 -49.3 37.8 3.1 -72.7 -1.6 8

 9 Taxes payable 19.7 11.7 26.2 19.0 24.9 3.1 25.4 22.8 31.1 -30.3 74.6 9

10 Miscellaneous -158.9 -290.4 -398.1 -226.4 -253.8 -538.9 84.5 -197.6 -396.0 -86.9 152.8 10

11 Nonfinancial 31.8 33.5 128.3 117.2 105.7 113.0 117.7 132.4 117.7 164.7 128.8 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -31.1 -38.7 -128.3 -117.2 -105.7 -113.0 -117.7 -132.3 -117.7 -164.8 -128.8 12

13 Private wage accruals less disbursements -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13
58 Z.1, December 5, 2002

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total credit market debt owed by: 21309.1 23482.0 25672.8 27432.4 27886.9 28250.4 28811.9 29471.4 29916.6 30444.4 30983.6 1

 2 Domestic nonfinancial sectors 15243.1 16285.5 17377.6 18250.6 18498.8 18673.4 18988.9 19369.2 19601.0 19915.4 20257.3 2

 3 Federal government 3804.8 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 3

 4 Nonfederal sectors 11438.3 12533.3 13696.7 14865.5 15090.1 15422.0 15669.0 15989.7 16170.7 16464.1 16716.4 4

 5 Household sector 5556.9 6011.8 6510.0 7070.4 7139.3 7315.1 7486.9 7680.8 7794.2 7979.0 8178.3 5

 6 Nonfinancial corporate business 3382.0 3774.1 4199.0 4598.9 4686.1 4763.7 4798.1 4845.1 4865.2 4889.0 4885.2 6

 7 Nonfarm noncorporate business 1224.0 1383.7 1566.1 1736.8 1777.5 1820.1 1857.4 1893.6 1921.3 1954.6 1985.6 7

 8 Farm business 155.9 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.7 8

 9 State and local governments 1119.5 1199.8 1252.1 1279.3 1307.5 1337.8 1340.6 1382.5 1402.8 1449.6 1472.6 9

10 Rest of the world 607.9 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 719.1 10

11 Financial sectors 5458.0 6545.2 7618.5 8439.5 8647.8 8851.0 9121.3 9397.2 9591.4 9803.4 10007.3 11

12 Commercial banking 309.2 382.1 449.3 509.3 540.3 543.7 554.1 562.1 564.8 574.5 603.0 12

13 U.S.-chartered commercial banks 133.4 186.2 228.0 264.8 271.9 273.4 280.3 294.9 294.8 309.4 330.5 13

14 Foreign banking offices in U.S. 7.2 2.4 2.0 2.0 1.8 1.4 1.0 1.1 1.0 0.9 1.1 14

15 Bank holding companies 168.6 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.4 15

16 Savings institutions 160.3 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 274.5 16

17 Credit unions 0.6 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.3 17

18 Life insurance companies 1.8 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.2 18

19 Government-sponsored enterprises 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 19

20 Federally related mortgage pools 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 20

21 ABS issuers 1076.6 1398.0 1610.3 1812.0 1884.5 1937.3 2020.3 2131.4 2187.3 2248.2 2302.3 21

22 Finance companies 568.3 625.5 695.7 776.9 756.2 769.0 771.2 776.7 760.8 784.9 802.9 22

23 Mortgage companies 16.0 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 23

24 REITs 96.1 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 183.0 24

25 Brokers and dealers 35.3 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 25

26 Funding corporations 372.6 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.1 26

27 Total credit market assets held by: 21309.1 23482.0 25672.8 27432.4 27886.9 28250.4 28811.9 29471.4 29916.6 30444.4 30983.6 27

28 Domestic nonfederal nonfinancial sectors 3110.2 3357.4 3671.5 3542.8 3488.1 3426.6 3409.2 3463.3 3476.0 3519.6 3447.7 28

29 Household sector 2193.5 2308.9 2613.2 2481.5 2440.5 2370.4 2354.6 2380.6 2401.4 2425.1 2351.3 29

30 Nonfinancial corporate business 257.5 241.5 226.0 231.0 206.2 203.0 195.0 212.2 202.7 207.8 209.8 30

31 Nonfarm noncorporate business 54.2 67.5 64.4 63.2 64.0 64.1 64.9 65.4 66.2 67.1 66.5 31

32 State and local governments 605.0 739.4 767.8 767.0 777.4 789.1 794.6 805.1 805.6 819.7 820.1 32

33 Federal government 205.4 219.0 258.0 265.3 266.4 268.7 269.6 271.3 272.5 274.7 276.5 33

34 Rest of the world 2097.7 2278.2 2354.6 2621.1 2706.0 2766.8 2837.5 2954.4 3000.6 3139.1 3283.3 34

35 Financial sectors 15895.8 17627.4 19388.8 21003.3 21426.4 21788.2 22295.7 22782.4 23167.5 23511.0 23976.0 35

36 Monetary authority 431.4 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 36

37 Commercial banking 4031.9 4336.1 4648.3 5006.3 5013.8 5041.5 5100.6 5210.5 5231.3 5328.3 5476.1 37

38 U.S.-chartered commercial banks 3450.7 3761.4 4080.0 4419.5 4420.8 4463.5 4513.5 4610.1 4629.3 4719.7 4858.3 38

39 Foreign banking offices in U.S. 516.1 504.5 487.4 511.3 516.6 501.3 509.3 510.7 507.7 512.6 521.2 39

40 Bank holding companies 27.4 26.5 32.7 20.5 22.3 21.6 21.3 24.7 27.7 28.1 27.7 40

41 Banks in U.S.-affiliated areas 37.8 43.8 48.3 55.0 54.1 55.1 56.5 65.0 66.6 67.9 68.8 41

42 Savings institutions 928.5 964.7 1032.4 1088.6 1100.5 1116.1 1118.1 1131.4 1134.7 1130.9 1153.9 42

43 Credit unions 305.3 324.2 351.7 379.7 387.0 392.4 408.4 421.2 434.3 447.7 458.5 43

44 Bank personal trusts and estates 207.0 194.1 222.0 222.8 223.8 225.2 226.4 228.6 231.4 234.3 235.5 44

45 Life insurance companies 1751.1 1828.0 1886.0 1943.9 1969.6 2004.8 2054.8 2074.8 2136.9 2180.1 2241.0 45

46 Other insurance companies 515.3 521.1 518.2 509.4 510.0 510.0 511.3 518.4 527.6 536.4 545.3 46

47 Private pension funds 674.6 651.2 668.2 701.6 706.8 718.0 720.6 721.9 728.7 740.2 749.1 47

48 State and local govt. retirement funds 632.5 704.6 751.4 806.0 788.3 807.6 789.0 788.4 806.0 792.4 784.1 48

49 Money market mutual funds 721.9 965.9 1147.8 1290.9 1404.2 1414.3 1494.9 1536.9 1496.4 1419.3 1405.7 49

50 Mutual funds 901.1 1028.4 1076.8 1097.8 1113.9 1160.3 1188.2 1223.8 1276.8 1291.6 1335.0 50

51 Closed-end funds 93.3 98.5 106.8 100.5 98.7 97.5 103.6 107.3 112.5 113.1 116.0 51

52 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 52

53 Government-sponsored enterprises 938.3 1252.3 1543.5 1807.1 1877.7 1956.1 2026.1 2114.3 2163.8 2199.9 2245.5 53

54 Federally related mortgage pools 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 54

55 ABS issuers 937.7 1219.4 1413.6 1585.4 1650.9 1696.6 1773.3 1878.7 1928.5 1983.9 2032.4 55

56 Finance companies 568.2 645.5 742.5 850.5 848.0 878.5 859.5 844.8 832.4 845.6 856.9 56

57 Mortgage companies 32.1 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 57

58 REITs 50.6 45.5 42.9 36.6 37.6 37.9 39.8 43.3 49.9 57.9 64.1 58

59 Brokers and dealers 182.6 189.4 154.7 223.6 317.7 288.4 366.4 316.0 299.6 352.7 339.6 59

60 Funding corporations 166.7 152.3 276.0 313.4 283.7 235.7 184.9 203.0 208.6 186.6 206.3 60

(1) Excludes corporate equities and mutual fund shares.
Z.1, December 5, 2002 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 15243.1 16285.5 17377.6 18250.6 18498.8 18673.4 18988.9 19369.2 19601.0 19915.4 20257.3 1

 2 Federal government 3804.8 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 2

 3 Treasury securities 3778.3 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 3

 4 Budget agency secur. and mortgages 26.5 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 4

 5 Nonfederal, by instrument 11438.3 12533.3 13696.7 14865.5 15090.1 15422.0 15669.0 15989.7 16170.7 16464.1 16716.4 5

 6 Commercial paper 168.6 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 6

 7 Municipal securities and loans 1367.5 1464.3 1532.5 1567.8 1597.5 1629.8 1635.3 1685.4 1707.5 1758.2 1783.8 7

 8 Corporate bonds 1610.9 1829.6 2059.5 2230.6 2330.4 2435.3 2482.3 2563.2 2621.6 2673.4 2667.5 8

 9 Bank loans n.e.c. 1040.4 1148.6 1231.4 1333.1 1320.7 1293.6 1285.1 1251.4 1237.3 1192.1 1159.1 9

10 Other loans and advances 825.1 907.2 953.5 1059.6 1073.6 1103.6 1110.1 1088.8 1089.2 1105.6 1118.2 10

11 Mortgages 5154.3 5644.1 6243.4 6803.0 6929.3 7128.2 7324.4 7507.6 7670.4 7886.0 8125.1 11

12 Home 3978.3 4366.0 4790.6 5204.3 5299.4 5458.4 5602.1 5734.6 5873.4 6045.4 6245.2 12

13 Multifamily residential 284.6 308.0 343.9 379.2 388.6 398.8 412.9 427.0 434.3 445.4 454.4 13

14 Commercial 801.4 873.6 1006.5 1110.7 1131.3 1158.0 1194.8 1229.6 1244.5 1274.7 1302.1 14

15 Farm 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 15

16 Consumer credit 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 16

17 Nonfederal, by sector 11438.3 12533.3 13696.7 14865.5 15090.1 15422.0 15669.0 15989.7 16170.7 16464.1 16716.4 17

18 Household sector 5556.9 6011.8 6510.0 7070.4 7139.3 7315.1 7486.9 7680.8 7794.2 7979.0 8178.3 18

19 Nonfinancial business 4761.9 5321.7 5934.5 6515.9 6643.3 6769.0 6841.4 6926.4 6973.7 7035.5 7065.5 19

20 Corporate 3382.0 3774.1 4199.0 4598.9 4686.1 4763.7 4798.1 4845.1 4865.2 4889.0 4885.2 20

21 Nonfarm noncorporate 1224.0 1383.7 1566.1 1736.8 1777.5 1820.1 1857.4 1893.6 1921.3 1954.6 1985.6 21

22 Farm 155.9 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.7 22

23 State and local governments 1119.5 1199.8 1252.1 1279.3 1307.5 1337.8 1340.6 1382.5 1402.8 1449.6 1472.6 23

 Foreign credit market debt

24 held in U.S. 607.9 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 719.1 24

25 Commercial paper 65.1 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 25

26 Bonds 427.7 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 470.7 26

27 Bank loans n.e.c. 52.1 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 27

28 Other loans and advances 63.0 57.1 51.6 50.3 47.5 47.7 47.0 46.6 46.0 45.5 45.0 28

29 Domestic and foreign 15851.0 16936.8 18054.3 18993.0 19239.2 19399.4 19690.6 20074.1 20325.2 20641.0 20976.3 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 5458.0 6545.2 7618.5 8439.5 8647.8 8851.0 9121.3 9397.2 9591.4 9803.4 10007.3 1

 2 Federal government-related 2821.1 3292.0 3884.0 4317.4 4422.9 4591.6 4796.2 4944.1 5116.9 5238.9 5345.3 2

 3 Govt.-sponsored enterprise securities 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 3

 4 Mortgage pool securities 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 4

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

 6 Private financial sectors 2636.9 3253.2 3734.6 4122.0 4224.8 4259.4 4325.2 4453.1 4474.5 4564.5 4662.0 6

 7 Open market paper 745.7 906.7 1082.9 1210.7 1180.8 1144.5 1110.2 1148.8 1090.9 1046.9 1049.5 7

 8 Corporate bonds 1568.6 1878.7 2085.9 2297.2 2414.8 2478.7 2562.9 2640.2 2730.3 2845.8 2901.2 8

 9 Bank loans n.e.c. 77.3 107.5 93.2 93.0 97.3 100.4 100.2 106.8 105.1 113.5 133.2 9

10 Other loans and advances 198.5 288.7 395.8 438.3 450.9 450.7 467.2 473.2 462.4 470.8 491.2 10

11 Mortgages 46.8 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 86.9 11

12 By sector 5458.0 6545.2 7618.5 8439.5 8647.8 8851.0 9121.3 9397.2 9591.4 9803.4 10007.3 12

13 Commercial banks 140.6 188.6 230.0 266.7 273.8 274.7 281.4 296.0 295.8 310.4 331.6 13

14 Bank holding companies 168.6 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.4 14

15 Savings institutions 160.3 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 274.5 15

16 Credit unions 0.6 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.3 16

17 Life insurance companies 1.8 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.2 17

18 Government-sponsored enterprises 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 18

19 Federally related mortgage pools 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 19

20 ABS issuers 1076.6 1398.0 1610.3 1812.0 1884.5 1937.3 2020.3 2131.4 2187.3 2248.2 2302.3 20

21 Brokers and dealers 35.3 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 21

22 Finance companies 568.3 625.5 695.7 776.9 756.2 769.0 771.2 776.7 760.8 784.9 802.9 22

23 Mortgage companies 16.0 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 23

24 REITs 96.1 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 183.0 24

25 Funding corporations 372.6 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.1 25
60 Z.1, December 5, 2002

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 21309.1 23482.0 25672.8 27432.4 27886.9 28250.4 28811.9 29471.4 29916.6 30444.4 30983.6 1

 2 Open market paper 979.4 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 2

 3 U.S. government securities 6625.9 7044.2 7564.9 7702.5 7831.7 7842.9 8116.2 8323.6 8547.2 8690.2 8886.1 3

 4 Municipal securities 1367.5 1464.3 1532.5 1567.8 1597.5 1629.8 1635.3 1685.4 1707.5 1758.2 1783.8 4

 5 Corporate and foreign bonds 3607.2 4170.9 4622.0 5028.3 5251.1 5416.0 5526.2 5691.8 5839.7 5996.7 6039.4 5

 6 Bank loans n.e.c. 1169.8 1314.8 1383.8 1496.6 1492.1 1460.2 1452.6 1421.4 1409.1 1377.8 1361.6 6

 7 Other loans and advances 1086.5 1253.0 1400.9 1548.2 1572.0 1602.0 1624.4 1608.6 1597.6 1622.0 1654.4 7

 8 Mortgages 5201.1 5715.7 6320.1 6886.0 7010.3 7213.3 7409.0 7591.8 7756.2 7973.6 8212.0 8

 9 Consumer credit 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 9

 Memo:

 Selected claims not included above:

10 Corporate equities 13301.7 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 10

11 Mutual fund shares 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 11

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 21309.1 23482.0 25672.8 27432.4 27886.9 28250.4 28811.9 29471.4 29916.6 30444.4 30983.6 1

 2 Official foreign exchange 48.9 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 52.0 53.1 2

 3 SDR certificates 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 19.3 19.9 20.9 23.2 22.9 23.2 23.2 23.2 23.2 23.2 23.2 4

 5 Foreign deposits 618.5 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 916.5 926.5 5

 6 Net interbank liabilities 219.4 189.4 202.4 221.2 156.7 158.7 166.5 187.7 157.6 130.9 146.8 6

 7 Checkable deposits and currency 1286.1 1333.3 1484.5 1413.1 1404.9 1448.4 1485.1 1601.4 1567.2 1640.0 1698.0 7

 8 Small time and savings deposits 2474.2 2626.5 2671.6 2860.4 2962.7 2992.4 3047.6 3127.6 3229.6 3257.6 3338.5 8

 9 Large time deposits 713.4 805.3 936.4 1052.6 1077.0 1087.3 1094.2 1121.1 1178.9 1188.7 1197.7 9

10 Money market fund shares 1042.5 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 10

11 Security RPs 822.4 913.8 1083.6 1196.8 1187.4 1206.6 1253.9 1233.6 1220.4 1273.7 1233.1 11

12 Mutual fund shares 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 12

13 Security credit 469.1 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 746.2 714.7 13

14 Life insurance reserves 665.0 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 928.3 14

15 Pension fund reserves 7323.4 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8694.0 8822.2 8328.1 7737.4 15

16 Trade payables 1967.4 2073.8 2342.4 2512.6 2536.4 2498.4 2502.4 2493.4 2526.0 2533.2 2587.8 16

17 Taxes payable 151.1 170.7 193.9 215.6 223.3 222.5 251.4 229.9 241.3 252.9 240.3 17

18 Investment in bank personal trusts 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 18

19 Miscellaneous 6733.1 7633.7 8500.3 9427.9 9862.5 10140.3 10545.9 10091.1 10104.6 10369.1 10882.0 19

20 Total liabilities 49803.8 55402.6 61642.2 65281.9 65446.6 66733.3 66950.1 68339.8 69096.5 69120.9 69106.2 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.1 21.6 21.4 21.6 21.4 21.5 22.0 21.8 21.9 22.7 22.8 21

22 Corporate equities 13301.7 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 22

23 Household equity in noncorp. bus. 4052.7 4285.7 4544.3 4765.8 4807.7 4823.5 4865.8 4824.9 4845.0 4906.5 4947.4 23

 - Liabilities not identified as assets:

24 Treasury currency -6.3 -6.4 -7.1 -8.5 -9.4 -9.5 -9.8 -9.8 -10.4 -10.6 -10.9 24

25 Foreign deposits 535.0 542.8 585.7 627.4 673.0 631.3 644.9 694.1 685.0 717.7 720.1 25

26 Net interbank transactions -32.2 -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.8 18.3 16.2 26

27 Security RPs 172.9 230.6 266.4 385.0 341.4 376.2 396.6 346.3 355.6 390.2 292.4 27

28 Taxes payable 104.2 121.2 121.9 127.7 111.9 131.7 148.6 100.0 92.3 150.7 113.5 28

29 Miscellaneous -1376.7 -1956.2 -2436.0 -2968.9 -2919.9 -2862.5 -2692.6 -3203.2 -3178.9 -3223.2 -3030.3 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -8.1 -3.9 -9.8 -2.3 -2.8 -4.8 -5.9 -14.1 32.4 61.3 72.2 30

31 Other 26.2 23.1 22.3 24.0 21.1 25.5 19.2 28.6 26.3 31.4 25.8 31

32 Trade credit 128.1 84.8 91.7 117.7 84.6 63.8 48.7 134.0 87.8 40.3 39.2 32

33 Totals identified to sectors as assets 67636.1 76277.7 87182.4 89383.3 87322.3 89504.4 86957.2 90345.2 91115.7 89237.0 86798.1 33
Z.1, December 5, 2002 61

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 24335.3 27325.5 31795.3 30537.6 28649.1 29514.8 27477.7 29063.3 29245.2 27620.2 25728.2 1

 2 Foreign deposits 37.2 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 45.0 2

 3 Checkable deposits and currency 600.0 606.5 587.8 584.6 576.8 570.2 554.2 624.8 612.6 608.3 614.2 3

 4 Time and savings deposits 2651.7 2827.3 2906.1 3192.5 3288.0 3332.4 3384.7 3413.6 3548.6 3589.2 3689.2 4

 5 Money market fund shares 605.2 779.7 914.2 1053.6 1156.5 1106.5 1183.7 1231.7 1220.3 1153.1 1153.9 5

 6 Securities 10330.6 11739.0 14776.2 12896.9 11369.7 11867.7 10298.6 11242.8 11167.6 10126.8 8763.3 6

 7 Open market paper 56.1 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 7

 8 U.S. savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 8

 9 Other Treasury securities 618.6 586.1 694.4 490.5 467.9 369.7 380.4 410.0 418.8 401.4 415.9 9

10 Agency securities 213.7 231.6 351.6 387.9 273.9 274.6 301.5 278.8 268.0 260.4 192.6 10

11 Municipal securities 474.5 492.4 530.3 562.1 580.2 604.8 588.4 602.9 631.5 670.4 669.9 11

12 Corporate and foreign bonds 569.8 678.8 712.2 707.6 790.7 795.6 761.5 767.3 768.6 784.6 758.0 12

13 Corporate equities (2) 6228.9 7052.4 9053.1 7408.0 6221.2 6600.6 5384.0 6024.1 5849.4 4970.2 4021.4 13

14 Mutual fund shares 1982.4 2447.4 3180.6 3083.3 2783.9 2974.2 2637.6 2916.2 2994.6 2809.3 2469.4 14

15 Private life insurance reserves 632.7 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.6 15

16 Private insured pension reserves 1086.1 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 16

17 Private noninsured pension reserves 3793.6 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4236.5 4324.8 3984.1 3598.7 17

18 Govt. insurance and pension reserves 2476.0 2761.9 2981.3 3072.8 2962.6 3036.3 2899.0 3030.0 3047.7 2924.6 2756.0 18

19 Investment in bank personal trusts 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 19

20 Miscellaneous and other assets 1179.8 1407.0 1587.9 1767.6 1786.3 1815.8 1921.0 1897.5 1889.1 1888.5 1908.5 20

21 Total liabilities 7722.4 8496.9 9388.5 10255.3 10343.3 10587.6 10875.9 11059.2 11208.9 11422.8 11644.7 21

22 Mortgage debt on nonfarm homes 3970.3 4356.6 4779.1 5190.8 5285.0 5443.4 5586.7 5719.0 5857.9 6029.7 6229.0 22

23 Other mortgage debt (3) 923.8 1010.3 1118.8 1216.7 1241.1 1273.5 1305.2 1334.9 1359.6 1388.2 1416.8 23

24 Consumer credit 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 24

25 Policy loans 104.6 104.7 100.0 102.8 103.8 104.0 105.3 105.0 105.3 105.3 105.9 25

26 Security credit 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 26

27 Other liabilities (3) 1320.8 1525.9 1716.7 1916.8 1932.3 1962.6 1990.2 2000.6 2016.9 2028.5 2023.9 27

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

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

(3) Includes corporate farms.
62 Z.1, December 5, 2002

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 27537.7 30547.6 35081.8 33910.8 32033.3 32883.9 30864.6 32379.8 32564.3 30980.6 29110.6 1

 2 Deposits 3622.3 3927.5 4053.1 4437.0 4613.5 4590.0 4691.1 4825.4 4924.4 4883.2 4994.7 2

 3 Foreign deposits 37.2 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 45.0 3

 4 Checkable deposits and currency 436.8 409.5 348.3 325.0 313.3 302.6 282.6 349.2 333.1 325.1 328.3 4

 5 Time and savings deposits 2566.0 2732.5 2788.0 3050.5 3140.3 3180.1 3226.6 3251.3 3384.9 3424.5 3526.3 5

 6 Money market fund shares 582.3 747.1 873.2 1003.1 1102.8 1051.2 1126.8 1171.5 1160.9 1092.6 1095.1 6

 7 Credit market instruments 2193.5 2308.9 2613.2 2481.5 2440.5 2370.4 2354.6 2380.6 2401.4 2425.1 2351.3 7

 8 Open market paper 56.1 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 8

 9 U.S. government securities 986.6 966.4 1195.3 1031.2 894.8 799.3 837.6 848.8 848.0 823.4 771.5 9

10 Treasury 772.9 734.7 843.7 643.4 620.9 524.7 536.2 570.0 580.1 563.0 578.9 10

11 Savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 11

12 Other Treasury 586.4 548.1 657.3 458.6 436.2 339.2 349.8 379.7 388.2 370.3 385.7 12

13 Agency 213.7 231.6 351.6 387.9 273.9 274.6 301.5 278.8 268.0 260.4 192.6 13

14 Municipal securities 471.3 489.6 527.6 558.6 576.4 601.0 584.6 599.0 627.5 666.4 665.8 14

15 Corporate and foreign bonds 569.8 678.8 712.2 707.6 790.7 795.6 761.5 767.3 768.6 784.6 758.0 15

16 Mortgages 109.6 110.5 110.4 111.4 111.4 111.9 112.0 112.2 112.4 112.7 113.1 16

17 Corporate equities (2) 6228.9 7052.4 9053.1 7408.0 6221.2 6600.6 5384.0 6024.1 5849.4 4970.2 4021.4 17

18 Mutual fund shares 1982.4 2447.4 3180.6 3083.3 2783.9 2974.2 2637.6 2916.2 2994.6 2809.3 2469.4 18

19 Security credit 215.5 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.9 391.0 19

20 Life insurance reserves 665.0 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 928.3 20

21 Pension fund reserves 7323.4 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8694.0 8822.2 8328.1 7737.4 21

22 Investment in bank personal trusts 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 22

23 Equity in noncorporate business 4052.7 4285.7 4544.3 4765.8 4807.7 4823.5 4865.8 4824.9 4845.0 4906.5 4947.4 23

24 Miscellaneous assets 311.7 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 381.5 24

25 Total liabilities 5824.8 6308.5 6888.3 7463.7 7494.1 7671.1 7907.5 8041.0 8152.0 8317.1 8496.2 25

26 Credit market instruments 5556.9 6011.8 6510.0 7070.4 7139.3 7315.1 7486.9 7680.8 7794.2 7979.0 8178.3 26

27 Home mortgages (3) 3818.1 4157.2 4531.1 4901.8 4982.8 5128.7 5259.1 5379.8 5506.7 5665.4 5849.7 27

28 Consumer credit 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 28

29 Municipal securities 114.9 126.9 137.3 143.0 144.2 145.3 147.5 154.3 156.4 159.6 161.4 29

30 Bank loans n.e.c. 66.5 72.6 65.6 72.3 60.6 58.2 65.7 55.5 52.9 47.4 29.4 30

31 Other loans and advances 190.7 204.0 218.9 246.3 251.1 255.9 260.8 263.2 268.5 271.4 277.1 31

32 Commercial mortgages 95.1 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 32

33 Security credit 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 33

34 Trade payables 118.0 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 34

 Deferred and unpaid

35 life insurance premiums 18.6 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 19.8 35

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

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
Z.1, December 5, 2002 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 6644.3 7869.2 9352.7 10255.6 10299.0 10425.7 10468.0 10632.1 10689.7 10729.1 10710.0 1

 2 Foreign deposits 23.1 30.5 31.5 47.5 39.9 40.0 37.5 37.1 40.8 39.7 43.1 2

 3 Checkable deposits and currency 415.1 484.1 565.5 594.2 578.4 585.2 610.4 617.8 596.0 605.2 608.4 3

 4 Time and savings deposits 205.1 207.4 277.4 318.7 324.3 327.6 333.9 366.2 365.3 363.6 358.3 4

 5 Money market fund shares 110.7 146.9 178.4 228.3 263.9 293.7 303.2 335.2 327.7 332.8 326.6 5

 6 Security RPs 4.6 4.2 5.8 8.2 7.4 7.6 7.5 8.0 7.7 7.5 9.1 6

 7 Credit market instruments 311.7 309.0 290.4 294.2 270.2 267.1 260.0 277.6 268.9 274.8 276.4 7

 8 Commercial paper 36.1 39.4 47.6 61.4 53.2 54.7 54.5 56.4 51.7 52.4 54.7 8

 9 U.S. government securities 67.1 72.2 68.9 64.8 66.7 68.2 68.7 73.8 80.9 90.1 94.5 9

10 Municipal securities 30.6 28.6 27.6 26.4 19.8 16.7 17.2 20.0 19.1 20.6 19.8 10

11 Mortgages 99.0 93.9 65.9 59.1 59.0 59.5 59.4 59.4 59.1 58.7 58.2 11

12 Consumer credit 78.9 74.9 80.3 82.7 71.4 68.0 60.1 67.9 58.1 53.0 49.2 12

13 Mutual fund shares 69.1 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 13

14 Trade receivables 1571.5 1686.7 1929.8 2035.1 2079.8 2052.8 2058.2 1963.8 2029.6 2073.8 2123.5 14

15 Miscellaneous assets 3933.5 4904.9 5945.1 6600.2 6623.3 6733.8 6759.6 6918.6 6947.1 6941.1 6891.1 15

16 Total liabilities 8526.4 9646.0 10907.5 11965.4 12173.6 12317.6 12469.3 12581.9 12687.2 12803.7 12885.6 16

17 Credit market instruments 4761.9 5321.7 5934.5 6515.9 6643.3 6769.0 6841.4 6926.4 6973.7 7035.5 7065.5 17

18 Commercial paper 168.6 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 18

19 Municipal securities 142.0 147.8 152.8 154.2 154.7 155.6 156.2 157.4 157.3 158.1 159.0 19

20 Corporate bonds 1610.9 1829.6 2059.5 2230.6 2330.4 2435.3 2482.3 2563.2 2621.6 2673.4 2667.5 20

21 Bank loans n.e.c. 973.9 1076.0 1165.8 1260.8 1260.1 1235.4 1219.4 1195.9 1184.5 1144.6 1129.7 21

22 Other loans and advances 625.4 693.1 724.9 804.6 813.7 838.7 840.4 816.6 811.7 825.1 831.8 22

23 Mortgages 1241.1 1382.4 1601.2 1787.3 1831.3 1880.6 1941.9 2003.1 2031.1 2085.9 2135.3 23

24 Trade payables 1158.7 1238.8 1458.3 1606.7 1610.8 1563.9 1565.0 1546.0 1575.9 1582.6 1633.2 24

25 Taxes payable 109.0 122.8 139.0 153.5 160.3 157.6 184.2 160.4 169.7 179.2 164.3 25

26 Miscellaneous liabilities 2496.8 2962.7 3375.6 3689.4 3759.2 3827.1 3878.7 3949.1 3968.0 4006.5 4022.5 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, December 5, 2002

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 5808.7 6816.1 8093.8 8824.7 8832.3 8920.9 8929.7 9061.3 9092.5 9105.6 9059.5 1

 2 Foreign deposits 23.1 30.5 31.5 47.5 39.9 40.0 37.5 37.1 40.8 39.7 43.1 2

 3 Checkable deposits and currency 251.9 287.1 326.0 334.6 314.9 317.7 338.8 342.2 316.5 322.0 322.5 3

 4 Time and savings deposits 119.4 112.6 159.4 176.7 176.6 175.3 175.8 203.8 201.6 199.0 195.4 4

 5 Money market fund shares 87.8 114.3 137.3 177.7 210.3 238.4 246.3 275.0 268.3 272.3 267.7 5

 6 Security RPs 4.6 4.2 5.8 8.2 7.4 7.6 7.5 8.0 7.7 7.5 9.1 6

 7 Commercial paper 36.1 39.4 47.6 61.4 53.2 54.7 54.5 56.4 51.7 52.4 54.7 7

 8 U.S. government securities 34.8 34.2 31.8 32.9 35.0 37.7 38.1 43.5 50.2 59.1 64.3 8

 9 Municipal securities 27.4 25.7 25.0 22.9 16.1 12.9 13.4 16.1 15.1 16.6 15.7 9

10 Mortgages 80.2 67.3 41.2 31.2 30.5 29.7 29.0 28.2 27.5 26.7 26.0 10

11 Consumer credit 78.9 74.9 80.3 82.7 71.4 68.0 60.1 67.9 58.1 53.0 49.2 11

12 Trade receivables 1366.6 1452.9 1653.4 1716.4 1757.4 1727.6 1729.8 1630.0 1689.6 1729.1 1771.1 12

13 Mutual fund shares 69.1 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 13

14 Miscellaneous assets 3628.7 4477.5 5425.6 6003.5 6007.8 6093.4 6101.2 6245.2 6258.8 6237.7 6167.2 14

15 U.S. direct investment abroad (1) 933.1 1041.2 1188.9 1304.0 1325.6 1358.6 1387.4 1389.5 1417.3 1443.7 1463.3 15

16 Insurance receivables 188.1 189.8 190.8 190.4 191.3 193.9 200.5 200.8 203.8 209.1 215.7 16

17 Equity in GSEs 0.5 -0.2 -0.8 -0.8 -6.5 -4.2 -10.8 -8.1 -6.3 -10.4 -13.8 17

18 Investment in finance company subs. 23.5 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 18

19 Other 2483.5 3229.6 4002.8 4458.6 4448.9 4498.4 4478.2 4613.4 4602.7 4553.6 4460.7 19

20 Total liabilities 6628.8 7457.6 8407.3 9173.8 9324.4 9401.2 9500.9 9563.7 9630.3 9698.0 9737.1 20

21 Credit market instruments 3382.0 3774.1 4199.0 4598.9 4686.1 4763.7 4798.1 4845.1 4865.2 4889.0 4885.2 21

22 Commercial paper 168.6 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 22

23 Municipal securities (2) 142.0 147.8 152.8 154.2 154.7 155.6 156.2 157.4 157.3 158.1 159.0 23

24 Corporate bonds (1) 1610.9 1829.6 2059.5 2230.6 2330.4 2435.3 2482.3 2563.2 2621.6 2673.4 2667.5 24

25 Bank loans n.e.c. 692.7 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.1 25

26 Other loans and advances 507.7 562.0 585.4 652.3 660.9 681.8 687.5 664.1 659.2 671.4 678.0 26

27 Savings institutions 9.4 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 27

28 Finance companies 273.7 306.8 355.6 412.6 413.2 433.7 406.0 402.3 398.7 404.5 401.0 28

29 Federal government 8.4 8.3 8.0 7.6 7.6 7.3 7.7 7.4 7.0 7.2 6.8 29

30 Acceptance liabilities to banks 10.8 6.6 4.4 4.3 6.6 5.8 4.3 4.1 3.9 4.4 4.3 30

31 Rest of the world 143.3 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 31

32 ABS issuers 62.1 85.9 82.6 90.9 98.0 94.2 110.4 113.3 117.9 113.2 109.6 32

33 Mortgages 260.2 277.2 345.6 395.5 403.1 411.3 432.6 453.7 452.8 468.1 479.3 33

34 Trade payables 992.1 1049.7 1228.2 1340.7 1339.5 1284.1 1282.2 1259.8 1286.6 1289.1 1336.7 34

35 Taxes payable 59.2 64.1 71.0 78.0 82.9 77.6 103.1 78.1 85.4 93.5 76.5 35

36 Miscellaneous liabilities 2195.5 2569.7 2909.0 3156.3 3216.0 3275.8 3317.5 3380.7 3393.1 3426.4 3438.7 36

37 Foreign direct investment in U.S. 750.6 811.7 969.2 1132.8 1169.8 1182.0 1180.9 1196.6 1203.1 1179.8 1180.9 37

38 Pension fund contributions payable 93.5 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 38

39 Other 1351.3 1643.1 1829.8 1912.2 1934.5 1981.8 2024.4 2071.4 2077.0 2133.3 2144.2 39

 Memo:

40 Trade receivables net of payables 374.5 403.2 425.2 375.8 417.9 443.5 447.6 370.2 403.0 439.9 434.4 40

41 Market value of equities 9774.6 11606.7 15191.1 12684.2 10907.7 11606.7 9591.8 10782.8 10698.8 8989.8 7326.0 41

42 Securities and mortgages 2013.0 2254.5 2557.8 2780.2 2888.2 3002.2 3071.0 3174.3 3231.7 3299.5 3305.8 42

43 Loans and short-term paper 1369.0 1519.6 1641.2 1818.6 1797.9 1761.5 1727.0 1670.8 1633.5 1589.5 1579.4 43

44 Total short-term liabilities (3) 2420.3 2633.3 2940.4 3237.3 3220.2 3123.1 3112.3 3008.7 3005.5 2972.1 2992.6 44

45 Total liquid assets (4) 654.3 743.6 893.3 990.9 965.2 1002.2 1009.5 1089.9 1058.5 1059.0 1046.0 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.5 59.7 60.9 60.5 61.6 63.0 64.0 65.5 66.4 67.5 67.7 46

47 Short-term debt/credit market debt 40.5 40.3 39.1 39.5 38.4 37.0 36.0 34.5 33.6 32.5 32.3 47

48 Liquid assets/short-term liabilities 27.0 28.2 30.4 30.6 30.0 32.1 32.4 36.2 35.2 35.6 35.0 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, December 5, 2002 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 773.8 989.1 1194.1 1366.0 1401.6 1438.9 1471.8 1504.1 1530.0 1555.2 1580.8 1

 2 Checkable deposits and currency 146.2 178.3 220.3 240.3 244.0 248.0 251.9 255.9 259.8 263.8 266.7 2

 3 Time and savings deposits 85.7 94.8 118.0 142.0 147.6 152.3 158.1 162.3 163.7 164.6 162.9 3

 4 Money market fund shares 22.9 32.6 41.0 50.5 53.6 55.2 56.9 60.2 59.5 60.5 58.8 4

 5 Treasury securities 32.2 38.0 37.1 31.9 31.8 30.5 30.6 30.4 30.6 31.1 30.3 5

 6 Municipal securities 3.2 2.8 2.6 3.5 3.7 3.8 3.8 3.9 3.9 4.0 4.0 6

 7 Mortgages 18.7 26.7 24.7 27.8 28.5 29.8 30.5 31.1 31.7 32.0 32.2 7

 8 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Trade receivables 204.9 233.8 276.4 318.7 322.5 325.2 328.4 333.8 340.0 344.8 352.4 9

10 Miscellaneous assets 259.9 382.1 473.9 551.2 569.8 594.1 611.5 626.5 640.7 654.4 673.4 10

11 Insurance receivables 45.2 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.9 11

12 Equity investment in GSEs (1) 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 12

13 Other 213.0 334.9 426.4 503.8 522.2 546.0 561.8 576.7 590.1 602.6 620.1 13

14 Total liabilities 1722.9 2004.9 2310.9 2590.5 2649.2 2709.7 2761.2 2809.5 2850.1 2893.0 2932.9 14

15 Credit market instruments 1224.0 1383.7 1566.1 1736.8 1777.5 1820.1 1857.4 1893.6 1921.3 1954.6 1985.6 15

16 Bank loans n.e.c. 237.3 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 16

17 Other loans and advances 95.8 108.9 116.6 127.8 128.1 132.6 128.9 128.0 127.7 129.1 129.2 17

18 Mortgages 890.9 1008.6 1153.3 1283.0 1318.2 1356.3 1394.7 1433.1 1460.2 1497.3 1532.6 18

19 Trade payables 147.8 169.5 210.2 245.2 251.0 258.4 261.6 265.2 269.6 272.7 275.7 19

20 Taxes payable 49.8 58.7 68.0 75.5 77.5 80.0 81.1 82.3 84.3 85.7 87.8 20

21 Miscellaneous liabilities 301.3 393.0 466.6 533.1 543.2 551.3 561.2 568.4 574.9 580.1 583.8 21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 61.7 64.0 64.8 64.9 65.1 65.9 66.6 66.8 67.2 68.4 69.7 1

 2 Checkable deposits and currency 16.9 18.6 19.2 19.4 19.5 19.6 19.7 19.8 19.6 19.4 19.2 2

 3 Miscellaneous assets 44.8 45.4 45.6 45.5 45.6 46.3 46.9 47.0 47.6 48.9 50.5 3

 4 Insurance receivables 43.3 43.7 43.9 43.9 44.1 44.7 45.2 45.3 45.9 47.2 48.7 4

 5 Equity investment in GSEs (2) 1.5 1.7 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.8 5

 6 Total liabilities 174.7 183.5 189.4 201.1 200.0 206.7 207.2 208.7 206.8 212.7 215.5 6

 7 Credit market instruments 155.9 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.7 7

 8 Bank loans n.e.c. 43.9 45.1 44.2 46.9 45.0 47.9 47.3 46.9 44.2 46.8 46.7 8

 9 Other loans and advances 21.9 22.2 22.8 24.5 24.6 24.3 24.0 24.5 24.8 24.6 24.6 9

10 Mortgages 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 10

11 Trade payables 18.8 19.6 20.0 20.9 20.3 21.5 21.2 21.0 19.7 20.8 20.8 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, December 5, 2002

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1033.3 1180.3 1257.8 1296.0 1310.0 1324.9 1325.3 1350.0 1348.3 1382.4 1395.1 1

 2 Checkable deposits and currency 32.2 28.3 32.2 33.2 31.1 30.2 29.6 38.2 37.1 41.1 39.1 2

 3 Time and savings deposits 78.4 91.1 102.1 111.5 109.7 107.1 108.5 119.2 133.0 125.6 133.3 3

 4 Security RPs 151.4 158.5 163.5 173.3 170.5 164.8 155.0 154.9 145.4 152.9 148.7 4

 5 Credit market instruments 605.0 739.4 767.8 767.0 777.4 789.1 794.6 805.1 805.6 819.7 820.1 5

 6 Open market paper 74.0 102.0 108.9 116.5 110.0 100.7 90.7 90.0 79.0 75.1 80.5 6

 7 U.S. government securities 354.8 448.3 456.8 439.7 451.9 470.2 480.6 489.8 496.5 510.3 506.4 7

 8 Treasury 239.3 269.3 266.8 236.2 239.0 246.5 248.9 256.5 261.2 271.7 269.4 8

 9 Agency 115.4 179.0 190.0 203.5 212.9 223.6 231.8 233.3 235.3 238.6 237.1 9

10 Municipal securities 3.9 2.5 1.0 1.6 2.1 2.0 2.1 1.9 1.7 1.4 1.0 10

11 Corporate and foreign bonds 51.0 61.2 71.3 75.0 77.9 79.7 83.4 84.4 88.2 91.5 89.4 11

12 Mortgages 121.3 125.4 129.8 134.3 135.4 136.6 137.8 139.0 140.2 141.4 142.7 12

13 Corporate equities 79.0 102.0 115.0 115.1 111.1 121.1 111.3 126.3 131.8 123.8 107.1 13

14 Mutual fund shares 33.6 21.3 25.6 26.4 28.8 30.7 30.5 31.5 30.5 29.9 28.1 14

15 Taxes receivable 26.9 28.1 33.5 45.6 49.1 50.8 51.4 50.1 49.5 51.6 56.0 15

16 Miscellaneous assets 27.0 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 62.7 16

17 Total liabilities 1668.5 1779.3 1860.7 1915.2 1949.6 1986.2 1995.4 2043.7 2070.4 2123.3 2152.3 17

18 Credit market instruments 1119.5 1199.8 1252.1 1279.3 1307.5 1337.8 1340.6 1382.5 1402.8 1449.6 1472.6 18

19 Municipal securities 1110.6 1189.7 1242.4 1270.6 1298.7 1328.9 1331.7 1373.6 1393.8 1440.5 1463.4 19

20 Short-term 47.5 41.2 44.8 47.9 53.7 55.7 64.9 68.5 68.2 72.2 79.5 20

21 Other 1063.1 1148.5 1197.6 1222.7 1244.9 1273.3 1266.8 1305.1 1325.6 1368.4 1383.8 21

22 U.S. government loans 8.9 10.1 9.7 8.7 8.8 8.9 8.9 8.9 9.0 9.1 9.3 22

23 Trade payables 549.0 579.5 608.6 635.9 642.1 648.4 654.8 661.1 667.6 673.6 679.6 23

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

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 437.9 442.9 557.4 506.4 537.0 539.8 565.1 607.4 592.5 574.6 630.3 1

 2 Gold, SDRs, and official foreign exchange 42.0 51.0 44.4 41.0 38.7 39.5 44.6 43.1 42.2 47.6 48.8 2

 3 Checkable deposits and currency 41.6 23.2 87.9 24.3 30.7 49.0 50.6 66.9 25.2 53.5 77.7 3

 4 Time and savings deposits 3.4 4.7 5.4 6.3 8.4 9.9 11.7 10.5 15.2 9.9 18.4 4

 5 Credit market instruments 205.4 219.0 258.0 265.3 266.4 268.7 269.6 271.3 272.5 274.7 276.5 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 45.7 44.9 77.7 76.9 76.3 76.2 75.3 75.8 75.7 75.5 75.0 7

 8 Other loans and advances 159.7 174.1 180.2 188.4 190.1 192.6 194.3 195.6 196.8 199.2 201.5 8

 9 Trade receivables 20.8 22.3 22.9 28.1 31.7 33.8 37.6 35.4 36.6 37.0 37.3 9

10 Taxes receivable 20.0 21.4 38.5 42.4 62.3 39.9 51.4 79.8 99.5 50.6 70.8 10

11 Miscellaneous assets 104.8 101.3 100.4 99.0 98.9 99.1 99.6 100.3 101.3 101.4 100.9 11

12 Total liabilities 4546.8 4529.4 4498.3 4203.7 4251.1 4104.5 4186.5 4269.2 4308.1 4339.7 4437.8 12

13 SDR certificates 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 13

14 Treasury currency 19.3 19.9 20.9 23.2 22.9 23.2 23.2 23.2 23.2 23.2 23.2 14

15 Credit market instruments 3804.8 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 15

16 Savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 16

17 Other Treasury securities 3591.8 3537.0 3466.2 3173.0 3197.2 3038.9 3106.6 3162.4 3212.1 3231.9 3320.4 17

18 Budget agency securities 26.5 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 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 72.9 65.0 64.7 45.5 60.9 59.3 59.3 54.5 54.6 55.5 53.0 20

21 Insurance and pension reserves 634.0 676.5 719.0 741.3 749.8 762.1 775.4 803.6 791.5 801.3 812.4 21

22 Miscellaneous liabilities 6.6 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 22
Z.1, December 5, 2002 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4627.3 5199.6 5800.3 6516.1 6800.3 6904.9 6889.1 6960.2 6986.4 7167.6 7377.2 1

 2 Net interbank assets 173.0 145.9 140.3 161.1 101.5 99.2 100.8 111.8 78.9 53.8 69.0 2

 3 U.S. checkable deposits and currency 243.6 258.4 298.3 289.9 293.0 294.6 305.8 314.1 321.5 326.8 326.8 3

 4 U.S. time deposits 73.6 86.6 101.6 107.4 97.2 97.8 95.9 92.9 93.6 99.1 99.3 4

 5 Security RPs 90.8 72.0 79.9 91.3 129.5 126.5 111.1 150.7 128.2 159.6 205.2 5

 6 Credit market instruments 2097.7 2278.2 2354.6 2621.1 2706.0 2766.8 2837.5 2954.4 3000.6 3139.1 3283.3 6

 7 Open market paper 77.8 115.3 102.3 111.9 110.5 112.8 111.9 118.1 122.9 134.1 141.9 7

 8 U.S. government securities 1375.1 1412.8 1380.6 1471.4 1494.3 1482.5 1502.0 1594.4 1596.5 1652.0 1752.2 8

 9 Official holdings 648.2 669.8 693.8 749.9 752.5 741.6 757.2 798.8 805.6 827.3 832.3 9

10 Treasury 615.1 622.9 617.7 625.2 624.1 603.3 619.1 650.7 650.1 665.3 667.4 10

11 Agency 33.1 46.8 76.1 124.7 128.3 138.2 138.0 148.1 155.4 162.0 164.9 11

12 Private holdings 726.9 743.0 686.8 721.5 741.9 740.9 744.8 795.5 791.0 824.7 919.8 12

13 Treasury 550.6 562.0 462.8 401.0 396.2 381.5 366.1 388.8 381.5 382.9 443.2 13

14 Agency 176.3 181.0 224.1 320.5 345.7 359.4 378.7 406.7 409.5 441.8 476.7 14

15 U.S. corporate bonds (1) 501.6 607.8 752.1 920.6 986.5 1052.7 1086.4 1126.3 1171.7 1233.1 1255.5 15

16 Loans to U.S. corporate business 143.3 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 16

17 U.S. corporate equities 952.9 1250.3 1611.5 1625.5 1509.3 1601.1 1398.6 1533.8 1585.2 1418.8 1192.9 17

18 Trade receivables 59.0 52.5 47.5 47.0 45.7 45.2 45.2 44.3 46.4 46.2 45.6 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 936.7 1055.6 1166.6 1572.8 1918.0 1873.5 1994.2 1758.0 1732.1 1924.2 2155.2 20

21 Foreign direct investment in U.S. (2) 824.1 919.8 1100.8 1374.8 1419.0 1471.2 1485.7 1498.9 1515.6 1517.8 1532.5 21

22 Other 112.6 135.8 65.8 198.0 499.1 402.3 508.5 259.1 216.5 406.4 622.7 22

23 Total liabilities 2562.0 2788.3 3107.9 3479.4 3880.0 3899.2 4138.5 3628.3 3649.4 3773.9 4171.9 23

 U.S. official foreign exchange

24 and net IMF position 48.9 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 52.0 53.1 24

25 U.S. private deposits 618.5 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 916.5 926.5 25

26 Credit market instruments 607.9 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 719.1 26

27 Commercial paper 65.1 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 27

28 Bonds 427.7 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 470.7 28

29 Bank loans n.e.c. 52.1 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 29

30 Official 2.1 2.8 3.0 3.5 3.6 3.3 4.2 4.3 4.2 4.8 5.0 30

31 Banks 13.8 13.1 9.9 13.2 16.4 9.1 9.4 5.9 6.1 9.7 7.8 31

32 Other 36.3 42.8 46.4 53.8 54.1 53.8 53.7 53.1 56.5 57.8 56.5 32

33 U.S. government loans 53.2 52.4 47.8 47.2 46.7 46.9 46.5 46.0 45.4 45.1 44.6 33

34 Acceptance liabilities to banks 9.7 4.7 3.9 3.1 0.8 0.8 0.6 0.5 0.6 0.5 0.5 34

35 Trade payables 48.8 44.9 49.1 49.9 46.9 51.9 44.0 47.8 45.2 42.8 40.5 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 1237.9 1389.8 1628.4 1816.5 2168.4 2240.2 2495.9 1919.9 1940.2 2036.9 2432.8 37

38 U.S. equity in IBRD, etc. 30.8 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.4 38

39 U.S. government deposits 2.1 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.5 39

40 U.S. direct investment abroad (1,2) 1068.1 1196.2 1377.3 1515.3 1541.6 1578.3 1621.8 1623.1 1654.6 1685.8 1706.8 40

41 Other 136.9 159.2 214.7 263.3 588.4 623.0 834.7 257.1 245.5 310.7 685.1 41

 Memo:

42 Market value of foreign equities 1207.8 1476.2 2026.6 1832.4 1609.1 1652.0 1416.8 1564.7 1565.2 1536.3 1214.7 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, December 5, 2002

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 534.0 566.8 696.9 636.0 625.3 638.6 663.5 683.0 686.7 706.8 710.0 1

 2 Gold and foreign exchange 28.0 30.7 27.1 26.6 25.5 25.4 26.3 25.5 25.3 27.1 27.1 2

 3 SDR certificates 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 25.6 26.3 28.0 31.6 32.3 32.7 33.0 33.0 33.6 33.8 34.1 4

 5 Federal Reserve float 0.7 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 5

 6 Fed. Res. loans to domestic banks 2.0 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 6

 7 Security RPs 23.8 30.4 140.6 43.4 22.0 23.3 47.9 50.3 29.5 32.0 21.8 7

 8 Credit market instruments 431.4 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 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 431.4 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 10

11 Treasury 430.7 452.1 478.0 511.7 523.9 535.1 534.1 551.7 575.4 590.7 604.2 11

12 Agency 0.7 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 13.2 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 14

15 Total liabilities 528.8 560.9 690.5 629.2 618.7 631.3 655.9 675.7 678.6 697.3 701.0 15

16 Depository institution reserves 30.8 26.3 24.0 19.0 17.8 18.6 24.9 17.5 22.4 22.3 23.2 16

17 Vault cash of commercial banks 45.0 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.8 17

18 Checkable deposits and currency 443.5 481.8 590.4 555.2 556.1 567.3 586.3 603.1 613.3 629.8 630.5 18

19 Due to federal government 5.7 6.2 28.5 5.6 6.1 7.6 10.2 7.1 6.1 8.5 8.3 19

20 Due to rest of the world 0.5 0.2 0.1 0.3 0.1 0.1 0.6 0.1 0.3 0.1 0.2 20

21 Currency outside banks 437.4 475.4 561.8 549.3 549.9 559.5 575.4 596.0 606.9 621.1 622.0 21

22 Miscellaneous liabilities 9.5 10.7 9.4 10.6 8.8 8.2 8.0 7.7 8.0 8.6 9.5 22

23 Federal Reserve Bank stock 5.4 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 23

24 Other 4.0 4.8 3.0 3.6 1.8 1.0 0.8 0.4 0.4 0.3 1.2 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, December 5, 2002 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 5174.6 5628.6 5982.5 6468.7 6505.5 6561.8 6689.5 6830.7 6810.7 6960.0 7161.1 1

 2 Vault cash 45.0 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.8 2

 3 Reserves at Federal Reserve 29.1 24.4 19.3 17.4 16.1 16.3 22.2 15.2 20.1 19.9 20.2 3

 4 Checkable deposits and currency 1.4 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 4

 5 Total bank credit 4144.5 4483.6 4788.5 5200.8 5223.3 5234.5 5286.0 5411.3 5416.1 5521.2 5661.2 5

 6 U.S. government securities 841.2 877.3 928.5 906.4 887.3 874.2 911.8 940.1 974.2 1040.6 1081.9 6

 7 Treasury 270.1 214.1 228.9 184.5 172.0 174.0 176.1 162.7 165.9 183.8 192.1 7

 8 Agency 571.2 663.2 699.6 721.8 715.3 700.2 735.7 777.4 808.3 856.8 889.9 8

 9 Municipal securities 96.7 104.8 110.8 114.1 112.5 116.2 118.1 120.2 118.7 118.3 121.2 9

10 Corporate and foreign bonds 143.1 180.9 220.5 278.6 292.5 321.7 340.4 376.4 373.7 358.8 368.9 10

11 Total loans 3052.9 3304.6 3505.1 3874.8 3905.6 3895.5 3892.5 3944.4 3918.7 3980.3 4074.6 11

12 Open market paper 2.7 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. 1169.8 1314.8 1383.8 1496.6 1492.1 1460.2 1452.6 1421.4 1409.1 1377.8 1361.6 13

14 Mortgages 1245.3 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1961.9 14

15 Consumer credit 512.6 508.9 499.8 541.5 533.7 540.2 536.2 558.0 550.7 554.9 575.7 15

16 Security credit 122.5 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 16

17 Corporate equities 2.6 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 1.0 17

18 Mutual fund shares 8.1 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 18

19 Customers’ liab. on acceptances (2) 20.6 11.3 8.2 7.5 7.4 6.6 4.8 4.6 4.5 4.8 4.8 19

20 Miscellaneous assets 934.0 1065.2 1097.7 1196.9 1220.8 1265.6 1337.2 1349.6 1333.4 1374.8 1434.3 20

21 Total liabilities 5053.0 5505.7 5833.5 6407.1 6418.8 6469.7 6637.2 6768.5 6696.5 6893.5 7098.1 21

22 Net interbank liabilities 143.5 121.0 111.8 157.8 102.8 102.8 104.9 122.9 100.3 72.1 85.8 22

23 To monetary authority 2.8 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.0 0.6 23

24 To domestic banks (3) -32.2 -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.8 18.3 16.2 24

25 To foreign banks 173.0 145.9 140.3 161.1 101.5 99.2 100.8 111.8 78.9 53.8 69.0 25

26 Checkable deposits 656.4 622.9 626.4 540.9 515.0 535.0 539.8 627.1 565.1 605.6 650.6 26

27 Federal government 27.8 13.2 49.6 16.4 21.7 36.5 34.4 45.7 51.6 106.3 141.6 27

28 Rest of the world 31.7 30.2 43.6 33.9 34.8 33.7 36.1 34.5 37.2 35.4 32.8 28

29 Private domestic 597.0 579.6 533.2 490.6 458.5 464.8 469.3 546.9 476.4 463.9 476.2 29

30 Small time and savings deposits 1761.5 1945.2 2017.1 2228.7 2309.5 2342.4 2395.8 2478.1 2560.6 2598.0 2683.6 30

31 Large time deposits 601.0 673.1 792.6 885.4 899.2 901.5 894.5 918.1 960.7 966.7 956.7 31

32 Federal funds and security RPs (net) 552.2 639.2 750.0 816.1 820.1 787.7 780.1 788.3 726.4 736.5 747.9 32

33 Credit market instruments 309.2 382.1 449.3 509.3 540.3 543.7 554.1 562.1 564.8 574.5 603.0 33

34 Open market paper 58.5 56.9 63.1 63.6 71.2 69.4 67.5 55.4 60.9 48.4 51.5 34

35 Corporate bonds 192.6 220.2 240.6 273.2 293.1 295.3 302.1 310.2 304.8 313.8 317.0 35

36 Other loans and advances 58.1 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 234.6 36

37 Taxes payable 5.4 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 37

38 Miscellaneous liabilities 1023.7 1115.2 1077.4 1257.8 1220.3 1244.2 1355.1 1258.4 1204.6 1325.3 1355.1 38

 Memo:

39 Credit market funds advanced (4) 4031.9 4336.1 4648.3 5006.3 5013.8 5041.5 5100.6 5210.5 5231.3 5328.3 5476.1 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, December 5, 2002

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3742.2 4080.6 4431.2 4774.1 4784.6 4828.8 4918.9 5014.5 4998.5 5109.0 5273.5 1

 2 Vault cash and reserves at Federal Reserve 71.2 65.5 84.4 61.3 51.6 53.0 58.2 61.9 54.4 55.5 57.1 2

 3 Total bank credit 3512.2 3844.6 4164.5 4515.2 4522.5 4568.8 4625.4 4718.6 4737.3 4823.7 4954.1 3

 4 U.S. government securities 664.0 703.7 731.1 714.4 690.3 691.6 722.9 756.7 793.7 842.5 869.0 4

 5 Treasury 166.8 124.8 122.8 87.9 72.2 69.9 65.3 56.5 68.6 75.2 74.6 5

 6 Agency 497.2 578.9 608.3 626.5 618.1 621.7 657.6 700.2 725.1 767.3 794.4 6

 7 Mortgage pool securities 247.7 301.5 283.7 297.8 308.1 323.5 346.0 350.6 359.8 415.6 431.3 7

 8 Agency-issued CMOs 107.0 115.9 120.9 111.0 114.4 116.4 134.0 168.2 166.4 145.6 156.4 8

 9 Other agency securities 142.4 161.5 203.8 217.6 195.7 181.8 177.6 181.4 198.9 206.1 206.7 9

10 Municipal securities 96.1 104.4 110.2 113.4 112.2 115.9 117.8 119.7 118.2 117.9 120.7 10

11 Corporate and foreign bonds 85.8 118.2 161.8 214.0 229.8 242.2 258.8 278.5 281.6 267.5 274.6 11

12 Private mortgage pool securities 3.0 3.9 4.5 4.1 7.9 8.6 8.0 25.3 19.0 13.8 12.0 12

13 Privately issued CMOs 22.5 42.8 48.8 56.5 57.5 54.3 53.8 59.3 60.7 57.0 66.3 13

14 Other bonds 60.4 71.5 108.5 153.4 164.4 179.3 197.0 193.9 201.9 196.7 196.3 14

15 Total loans 2655.6 2902.3 3137.8 3446.5 3464.8 3492.3 3502.8 3533.6 3513.0 3572.6 3675.2 15

16 Open market paper 2.3 0.8 0.7 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Bank loans n.e.c. 867.9 1012.0 1104.3 1202.4 1194.9 1180.2 1173.1 1140.9 1118.9 1098.1 1092.3 17

18 Mortgages 1208.4 1304.3 1465.4 1627.0 1654.1 1688.0 1700.8 1752.8 1762.7 1834.7 1922.2 18

19 Consumer credit 512.6 508.9 499.8 541.5 533.7 540.2 536.2 558.0 550.7 554.9 575.7 19

20 Security credit 64.4 76.3 67.6 74.7 82.2 83.8 92.6 81.9 80.7 84.9 84.9 20

21 Corporate equities 2.6 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 1.0 21

22 Mutual fund shares 8.1 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 22

23 Customers’ liab. on acceptances (1) 13.7 9.1 6.6 5.9 6.0 5.3 3.9 3.6 3.5 4.0 3.8 23

24 Miscellaneous assets 145.2 161.5 175.6 191.7 204.5 201.6 231.3 230.4 203.3 225.8 258.5 24

25 Total liabilities 3959.7 4353.3 4685.6 5169.7 5177.6 5225.7 5372.8 5451.7 5392.2 5542.8 5724.8 25

26 Net interbank liabilities 2.9 25.2 56.9 137.5 112.1 124.2 103.7 134.6 115.1 128.6 113.1 26

27 Federal Reserve float 0.7 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 27

28 Borrowing from Federal Reserve banks 2.0 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 28

29 To domestic banks -50.2 -50.9 -67.3 -33.0 -20.9 -26.2 -16.2 -17.8 0.0 -3.1 -2.3 29

30 To foreign banks 50.4 74.4 124.1 169.5 132.8 150.6 120.3 152.5 115.6 131.7 114.8 30

31 Checkable deposits 640.3 605.8 608.7 523.7 498.4 518.1 522.6 606.5 545.8 584.9 630.9 31

32 Federal government 27.8 13.2 49.6 16.4 21.7 36.5 34.4 45.7 51.6 106.3 141.6 32

33 Rest of the world 26.0 24.8 37.6 28.3 29.4 30.8 33.4 31.2 34.4 33.4 30.8 33

34 Private domestic 586.5 567.9 521.5 479.0 447.3 450.8 454.8 529.5 459.8 445.2 458.5 34

35 Small time and savings deposits 1738.0 1924.4 1997.4 2208.0 2288.5 2314.4 2371.6 2448.3 2533.4 2568.8 2655.9 35

36 Large time deposits 369.3 404.1 465.7 553.6 548.2 551.7 552.2 528.4 524.2 528.1 551.8 36

37 Federal funds and security RPs (net) 471.7 538.4 667.0 682.4 678.9 670.4 672.0 665.6 629.3 614.1 607.3 37

38 Acceptance liabilities 13.7 9.1 6.6 6.0 6.0 5.4 4.1 3.7 3.5 4.0 3.8 38

39 Corporate bonds 61.6 72.1 75.8 86.4 89.9 89.0 91.8 94.7 92.3 93.1 92.1 39

40 Other loans and advances 58.1 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 234.6 40

41 Taxes payable 5.4 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 41

42 Miscellaneous liabilities 598.7 662.0 653.1 788.6 767.9 761.1 857.6 759.8 735.3 794.2 820.0 42

43 Investment by bank holding companies 413.6 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.3 43

44 Other 185.1 193.0 181.2 263.2 226.1 208.9 279.8 173.7 141.6 184.4 189.7 44

 Memo:

45 Credit market funds advanced (2) 3450.7 3761.4 4080.0 4419.5 4420.8 4463.5 4513.5 4610.1 4629.3 4719.7 4858.3 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, December 5, 2002 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 811.3 806.5 750.9 789.4 761.5 752.2 751.9 793.6 770.9 790.1 803.6 1

 2 Reserves at Federal Reserve 2.9 1.0 1.4 0.5 0.6 0.5 0.6 0.6 0.6 1.0 0.9 2

 3 Total bank credit 567.2 568.7 543.0 610.2 624.4 589.0 582.9 603.0 584.5 601.4 610.6 3

 4 U.S. government securities 157.3 152.2 166.9 166.7 173.2 159.1 164.9 154.5 145.7 161.0 176.5 4

 5 Treasury 95.1 84.8 94.5 94.0 97.9 102.2 108.6 103.8 94.1 105.7 115.0 5

 6 Agency 62.2 67.4 72.4 72.7 75.3 56.9 56.3 50.7 51.7 55.3 61.5 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 41.3 46.9 42.4 50.7 47.8 65.3 67.4 81.3 76.8 77.0 79.9 8

 9 Total loans 368.6 369.6 333.8 392.8 403.4 364.5 350.6 367.2 362.0 363.5 354.2 9

10 Open market paper 0.4 0.3 0.6 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Bank loans n.e.c. 284.0 282.4 260.0 274.6 276.4 258.9 258.3 256.1 265.9 255.2 244.8 11

12 Mortgages 26.1 20.4 15.9 17.1 17.1 16.7 17.9 17.9 18.3 18.6 19.0 12

13 Security credit 58.0 66.5 57.2 100.5 109.3 88.9 74.4 93.3 77.9 89.7 90.4 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) 6.9 2.2 1.6 1.6 1.5 1.2 0.9 1.0 1.0 0.9 1.0 15

16 Miscellaneous assets 234.3 234.5 204.9 177.1 135.1 161.5 167.5 188.9 184.9 186.8 191.1 16

17 Total liabilities 830.8 828.8 776.4 818.4 791.5 783.1 783.8 826.5 805.0 825.2 839.8 17

18 Net interbank liabilities 148.2 93.2 48.2 7.4 -17.2 -16.6 -1.9 -9.4 -13.7 -55.6 -28.0 18

19 To foreign banks 144.4 92.7 41.5 -15.5 -34.1 -57.2 -34.3 -51.0 -59.3 -97.5 -70.0 19

20 To domestic banks 3.8 0.4 6.7 22.9 16.9 40.6 32.4 41.6 45.6 41.8 41.9 20

21 Checkable deposits 8.8 8.6 9.1 8.7 8.2 8.1 8.5 9.1 8.1 7.5 7.5 21

22 Small time and savings deposits 13.1 9.4 7.5 7.2 7.6 13.4 9.0 11.6 8.5 9.7 8.3 22

23 Large time deposits 221.3 257.6 314.8 318.2 337.5 335.3 327.1 371.5 417.7 419.1 385.4 23

24 Federal funds and security RPs (net) 80.7 100.4 82.5 134.8 140.6 116.6 107.2 123.9 96.1 121.4 139.3 24

25 Acceptance liabilities 7.2 2.4 2.0 2.0 1.8 1.4 1.0 1.1 1.0 0.9 1.1 25

26 Miscellaneous liabilities 351.5 357.3 312.2 340.1 312.9 325.0 332.8 318.8 287.2 322.3 326.3 26

27 Foreign direct investment in U.S. 38.8 46.1 64.7 68.1 68.2 73.2 74.2 78.1 78.3 78.3 77.3 27

28 Due to affiliates 78.8 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 28

29 Other 233.9 220.6 154.5 133.3 102.4 114.5 145.1 132.8 105.8 119.7 127.4 29

 Memo:

30 Credit market funds advanced (3) 516.1 504.5 487.4 511.3 516.6 501.3 509.3 510.7 507.7 512.6 521.2 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, December 5, 2002

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 575.3 685.9 741.2 841.9 896.4 916.2 951.4 942.4 959.5 976.2 998.6 1

 2 Credit market instruments 27.4 26.5 32.7 20.5 22.3 21.6 21.3 24.7 27.7 28.1 27.7 2

 3 U.S. government securities 9.5 7.5 14.1 5.6 6.2 6.0 5.9 7.4 11.5 13.2 12.3 3

 4 Treasury issues 4.0 0.9 8.8 0.8 0.8 0.9 0.8 1.2 1.3 1.7 1.4 4

 5 Agency 5.5 6.6 5.4 4.8 5.4 5.1 5.0 6.2 10.2 11.5 10.9 5

 6 Corporate and foreign bonds 15.5 14.8 15.9 13.2 13.4 12.9 12.8 15.3 14.1 12.8 13.3 6

 7 Bank loans n.e.c. 2.4 4.1 2.6 1.6 2.7 2.7 2.6 1.9 2.1 2.1 2.1 7

 8 Miscellaneous assets 547.9 659.5 708.5 821.4 874.1 894.6 930.2 917.8 931.8 948.1 970.9 8

 9 Investment in bank subsidiaries 413.6 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.3 9

10 Investment in nonbank subsidiaries 89.9 134.0 151.3 189.7 227.3 237.0 241.3 219.5 222.9 218.4 209.0 10

11 Other 44.4 56.5 85.4 106.3 105.0 105.5 111.1 112.2 115.1 119.9 131.6 11

12 Total liabilities 218.8 270.6 314.6 358.7 390.0 399.6 417.0 413.4 421.1 444.4 452.0 12

13 Net interbank liabilities -7.6 2.7 6.7 12.9 7.9 -4.8 3.0 -2.3 -1.2 -0.9 0.7 13

14 To domestic banks 14.3 23.9 32.1 5.8 5.2 -10.6 -11.8 -12.7 -23.8 -20.4 -23.4 14

15 To foreign banks -21.9 -21.3 -25.4 7.1 2.7 5.8 14.8 10.4 22.6 19.5 24.2 15

16 Federal funds and security RPs (net) -0.2 0.4 0.5 -1.1 0.6 0.7 0.9 -1.2 1.0 1.0 1.3 16

17 Credit market instruments 168.6 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.4 17

18 Commercial paper 37.6 45.4 54.5 55.7 63.4 62.7 62.4 50.6 56.5 43.4 46.6 18

19 Corporate bonds 131.0 148.1 164.8 186.8 203.2 206.4 210.3 215.5 212.5 220.7 224.8 19

20 Miscellaneous liabilities 57.9 74.1 88.1 104.4 115.0 134.6 140.3 150.8 152.3 180.1 178.6 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 45.8 55.5 59.2 63.3 63.0 64.6 67.2 80.2 81.8 84.6 85.3 1

 2 Checkable deposits and currency 1.4 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 2

 3 Credit market instruments 37.8 43.8 48.3 55.0 54.1 55.1 56.5 65.0 66.6 67.9 68.8 3

 4 U.S. government securities 10.5 13.8 16.3 19.6 17.6 17.5 18.2 21.5 23.3 23.9 24.1 4

 5 Treasury 4.2 3.6 2.8 1.8 1.2 1.0 1.4 1.2 2.0 1.1 1.1 5

 6 Agency 6.3 10.2 13.5 17.8 16.4 16.5 16.8 20.3 21.3 22.8 23.1 6

 7 Municipal securities 0.5 0.5 0.6 0.7 0.4 0.4 0.3 0.5 0.4 0.4 0.5 7

 8 Corporate and foreign bonds 0.4 1.0 0.5 0.8 1.5 1.2 1.4 1.4 1.2 1.4 1.1 8

 9 Bank loans n.e.c. 15.5 16.3 16.9 18.0 18.1 18.4 18.6 22.5 22.2 22.4 22.4 9

10 Home mortgages 6.4 7.5 8.1 9.1 7.1 7.5 7.6 8.2 8.2 8.6 9.2 10

11 Commercial mortgages 4.4 4.8 6.0 6.8 9.5 10.1 10.3 11.0 11.2 11.1 11.5 11

12 Miscellaneous assets 6.6 9.7 8.7 6.6 7.1 7.8 8.2 12.5 13.5 14.1 13.8 12

13 Total liabilities 43.7 53.1 56.9 60.4 59.8 61.3 63.6 76.8 78.4 81.1 81.4 13

14 Checkable deposits 7.3 8.5 8.5 8.4 8.4 8.8 8.8 11.5 11.2 13.3 12.2 14

15 Small time and savings deposits 10.4 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 15

16 Large time deposits 10.4 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 16

17 Miscellaneous liabilities 15.6 21.9 24.1 24.8 24.5 23.4 24.5 29.0 29.7 28.7 30.3 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, December 5, 2002 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1028.6 1088.6 1150.5 1217.7 1254.0 1274.1 1287.6 1299.1 1318.3 1305.6 1338.4 1

 2 Reserves at Federal Reserve 1.8 1.9 4.7 1.7 1.7 2.3 2.7 2.3 2.3 2.4 2.9 2

 3 Checkable deposits and currency 15.2 18.4 17.4 19.0 18.9 20.4 20.3 21.0 21.0 20.9 21.9 3

 4 Time and savings deposits 1.0 1.5 1.3 1.4 1.7 2.4 2.3 2.2 2.8 2.7 3.5 4

 5 Federal funds and security RPs 9.2 14.8 10.6 14.9 21.7 22.0 25.8 27.4 31.2 24.9 29.0 5

 6 Credit market instruments 928.5 964.7 1032.4 1088.6 1100.5 1116.1 1118.1 1131.4 1134.7 1130.9 1153.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 169.8 153.8 157.2 149.2 153.3 158.2 155.5 172.8 187.7 185.3 178.9 8

 9 Treasury 14.6 10.2 10.1 8.7 8.0 7.5 6.6 11.4 14.1 12.7 10.3 9

10 Agency 155.3 143.7 147.1 140.4 145.3 150.7 148.9 161.4 173.6 172.6 168.6 10

11 Municipal securities 2.1 2.5 3.0 3.2 3.8 4.0 4.1 4.5 4.6 4.8 4.9 11

12 Corporate and foreign bonds 58.7 88.6 111.9 109.4 95.9 93.2 88.1 83.9 83.3 85.2 85.8 12

13 Other loans and advances 18.8 24.2 30.6 39.3 41.4 43.8 43.6 42.9 44.5 44.3 45.4 13

14 Mortgages 631.8 644.0 668.1 723.0 740.5 751.6 758.3 758.2 746.0 742.7 773.7 14

15 Consumer credit 47.2 51.6 61.5 64.6 65.5 65.3 68.5 69.1 68.6 68.5 65.2 15

16 Corporate equities 23.3 24.5 23.8 24.2 24.6 25.6 27.1 27.9 28.3 28.6 28.6 16

17 Miscellaneous assets 49.7 62.8 60.2 67.8 85.0 85.2 91.2 87.0 98.0 95.1 98.5 17

18 Total liabilities 1001.0 1058.8 1119.6 1185.8 1221.9 1241.4 1253.5 1264.1 1284.1 1267.0 1299.5 18

19 Deposits 695.8 693.2 699.3 726.7 749.3 755.6 769.2 773.6 801.3 803.1 823.8 19

20 Checkable 149.5 185.6 222.3 265.8 278.6 291.9 303.4 316.5 328.4 344.3 356.6 20

21 Small time and savings 448.2 393.9 354.7 318.9 318.4 307.3 298.1 288.2 289.8 274.9 264.3 21

22 Large time 98.1 113.7 122.2 142.1 152.2 156.4 167.6 168.9 183.2 183.9 202.9 22

23 Security RPs 41.8 51.3 72.7 66.7 67.1 69.6 54.6 72.4 78.1 69.8 61.0 23

24 Credit market instruments 160.3 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 274.5 24

25 Corporate bonds 2.8 2.6 2.7 6.3 2.8 6.4 6.1 3.6 3.5 2.9 2.9 25

26 Bank loans n.e.c. 19.4 29.7 14.0 21.5 22.6 21.6 23.4 23.0 22.9 24.0 25.5 26

27 Other loans and advances 138.0 180.1 243.7 260.0 269.7 266.4 276.1 268.5 254.2 248.4 246.1 27

28 Taxes payable 1.8 2.0 2.0 2.5 2.3 2.0 2.0 1.7 1.5 1.5 1.5 28

29 Miscellaneous liabilities 101.4 99.8 85.1 102.3 108.2 119.8 122.0 121.3 122.5 117.2 138.7 29

30 Investment by parent 5.0 5.4 6.0 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.1 30

31 Other 96.4 94.4 79.2 95.7 101.4 112.8 114.8 113.9 114.9 109.4 130.6 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, December 5, 2002

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 353.8 391.5 414.5 441.1 466.5 480.7 496.4 505.5 532.8 542.4 552.5 1

 2 Checkable deposits and currency 8.1 9.1 26.4 12.2 15.0 18.1 25.0 19.8 20.0 19.8 19.8 2

 3 Time and savings deposits 17.0 23.4 16.6 17.1 20.9 19.0 18.7 25.5 26.0 28.2 26.3 3

 4 Federal funds and security RPs 3.5 6.8 9.3 4.0 10.8 8.3 7.9 2.5 7.3 5.0 5.0 4

 5 Credit market instruments 305.3 324.2 351.7 379.7 387.0 392.4 408.4 421.2 434.3 447.7 458.5 5

 6 Open market paper 0.2 0.4 1.9 1.2 1.1 1.6 1.3 2.4 2.3 2.8 2.7 6

 7 U.S. government securities 66.7 71.5 70.9 69.2 76.4 72.8 80.6 88.0 98.3 101.5 104.3 7

 8 Treasury 15.6 13.1 9.6 8.2 8.0 6.6 6.4 7.4 7.6 7.9 8.1 8

 9 Agency 51.0 58.4 61.3 60.9 68.4 66.3 74.1 80.6 90.7 93.7 96.2 9

10 Home mortgages 86.0 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.5 10

11 Consumer credit 152.4 155.4 167.9 184.4 182.8 186.4 187.3 189.6 187.7 191.6 196.0 11

12 Mutual fund shares 2.4 3.6 2.5 2.2 2.0 3.6 3.1 3.7 3.0 4.0 4.0 12

13 Miscellaneous assets 17.6 24.3 8.0 25.9 30.8 39.3 33.3 32.8 42.2 37.7 38.8 13

14 Total liabilities 320.6 355.3 376.1 398.1 422.3 435.8 450.6 458.9 485.4 493.5 501.6 14

15 Shares/deposits 315.4 349.0 366.7 389.1 415.6 426.3 441.3 450.2 474.7 483.1 489.0 15

16 Checkable 36.6 43.0 45.4 51.3 55.2 54.2 55.6 54.7 60.5 60.2 60.2 16

17 Small time and savings 264.4 287.5 299.8 312.7 334.8 342.8 353.7 361.3 379.2 384.7 390.6 17

18 Large time 14.4 18.5 21.6 25.1 25.6 29.3 32.0 34.1 35.0 38.2 38.2 18

19 Other loans and advances 0.6 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.3 19

20 Miscellaneous liabilities 4.6 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 6.3 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 917.7 976.3 1104.1 1067.8 979.9 1035.0 926.7 996.3 1005.9 940.5 858.3 1

 2 Deposits 48.2 54.4 62.7 69.8 70.2 71.2 72.3 73.3 74.9 76.4 78.0 2

 3 Checkable deposits and currency 0.8 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 3

 4 Time and savings deposits 10.0 7.8 8.7 8.9 9.0 9.1 9.1 9.2 9.2 9.3 9.3 4

 5 Money market fund shares 37.4 46.2 53.7 60.6 61.0 62.0 63.0 64.0 65.5 67.0 68.5 5

 6 Credit market instruments 207.0 194.1 222.0 222.8 223.8 225.2 226.4 228.6 231.4 234.3 235.5 6

 7 Open market paper 21.0 16.5 17.1 14.7 13.9 13.5 13.1 13.0 12.8 12.5 12.4 7

 8 U.S. government securities 61.2 56.8 62.5 61.8 61.7 61.8 62.1 62.3 62.7 63.3 63.6 8

 9 Treasury 20.4 17.3 17.3 16.3 16.1 15.9 15.7 15.5 15.4 15.3 15.1 9

10 Agency 40.8 39.4 45.2 45.5 45.6 45.9 46.4 46.8 47.3 48.0 48.5 10

11 Municipal securities 90.7 89.5 100.3 99.1 100.0 100.5 101.0 102.0 103.5 104.5 106.0 11

12 Corporate and foreign bonds 31.1 28.5 39.8 44.9 45.9 47.0 47.8 48.9 50.0 51.5 51.0 12

13 Mortgages 3.0 2.8 2.2 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.5 13

14 Corporate equities 362.2 360.1 407.3 356.8 311.9 334.0 279.9 313.4 315.3 274.4 227.2 14

15 Mutual fund shares 285.7 344.7 391.5 396.8 352.2 382.7 326.1 359.1 362.4 333.3 295.3 15

16 Miscellaneous assets 14.6 23.0 20.5 21.7 21.8 21.9 21.9 22.0 22.0 22.1 22.3 16

17 Total liabilities (2) 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, December 5, 2002 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2514.8 2769.5 3067.9 3135.7 3103.0 3198.5 3135.8 3224.6 3308.4 3287.5 3269.2 1

 2 Checkable deposits and currency 8.1 5.4 5.5 5.0 17.8 24.3 29.9 36.8 35.1 34.6 50.4 2

 3 Money market fund shares 92.8 110.4 133.8 142.3 154.7 166.7 172.7 185.3 173.3 175.9 161.9 3

 4 Credit market instruments 1751.1 1828.0 1886.0 1943.9 1969.6 2004.8 2054.8 2074.8 2136.9 2180.1 2241.0 4

 5 Open market paper 65.9 73.4 75.8 71.2 60.4 58.9 65.5 59.3 66.1 68.9 80.5 5

 6 U.S. government securities 312.1 288.4 287.1 293.5 297.6 301.2 305.7 307.2 317.4 322.9 339.5 6

 7 Treasury 85.5 71.3 62.8 58.1 57.2 56.2 55.2 53.7 55.0 56.0 60.2 7

 8 Agency 226.7 217.0 224.4 235.4 240.4 245.1 250.5 253.5 262.4 266.9 279.3 8

 9 Municipal securities 16.7 18.4 20.1 19.1 19.1 19.0 19.0 18.7 20.3 20.9 21.4 9

10 Corporate and foreign bonds 1046.0 1130.4 1173.2 1222.2 1254.6 1285.4 1320.9 1342.4 1385.5 1418.1 1449.3 10

11 Policy loans 103.7 103.8 99.0 101.9 102.9 103.0 104.4 104.1 104.4 104.3 105.0 11

12 Mortgages 206.8 213.6 230.8 235.9 235.1 237.2 239.2 243.0 243.3 244.9 245.3 12

13 Corporate equities 558.6 733.2 964.5 940.8 849.9 906.0 793.3 855.2 870.4 799.8 701.7 13

14 Mutual fund shares 38.4 23.3 43.3 48.1 42.6 46.1 39.1 44.3 45.1 41.5 34.9 14

15 Miscellaneous assets 65.7 69.2 34.9 55.6 68.5 50.6 46.0 28.1 47.7 55.6 79.3 15

16 Total liabilities 2359.7 2599.7 2882.8 2942.8 2902.2 2994.5 2939.4 3034.8 3119.2 3104.3 3084.5 16

17 Other loans and advances 1.8 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.2 17

18 Life insurance reserves 632.7 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.6 18

19 Pension fund reserves (1) 1086.1 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 19

20 Taxes payable 13.7 14.9 16.2 17.8 18.2 18.7 19.2 19.7 20.3 20.9 21.5 20

21 Miscellaneous liabilities 625.4 649.5 683.5 683.8 683.3 689.4 697.1 704.4 741.4 744.8 747.8 21

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 843.5 876.4 875.1 866.1 844.5 855.4 851.5 863.0 881.6 885.0 894.0 1

 2 Checkable deposits and currency 4.2 4.0 4.3 3.7 10.6 11.8 13.6 13.1 17.0 17.2 18.5 2

 3 Security RPs 35.2 42.7 28.3 38.3 27.8 26.6 31.6 30.2 28.2 28.7 36.5 3

 4 Credit market instruments 515.3 521.1 518.2 509.4 510.0 510.0 511.3 518.4 527.6 536.4 545.3 4

 5 U.S. government securities 161.9 140.0 136.2 136.2 138.2 138.2 142.4 146.3 149.4 151.9 154.4 5

 6 Treasury 91.1 70.4 60.6 52.1 51.9 51.9 51.6 52.0 53.4 54.3 55.2 6

 7 Agency 70.8 69.7 75.5 84.1 86.3 86.3 90.8 94.2 96.0 97.6 99.2 7

 8 Municipal securities 191.6 208.1 199.0 184.1 181.0 181.0 174.8 173.8 176.5 179.4 182.3 8

 9 Corporate and foreign bonds 159.5 171.1 181.1 187.5 189.1 189.1 192.4 196.4 199.9 203.3 206.7 9

10 Commercial mortgages 2.2 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 10

11 Corporate equities 186.0 200.1 207.9 194.3 172.2 179.9 164.5 173.9 176.2 163.3 150.3 11

12 Trade receivables 59.9 61.5 63.6 64.6 67.6 69.8 72.7 69.9 73.4 77.8 78.3 12

13 Miscellaneous assets 42.8 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 61.6 65.2 13

14 Total liabilities 535.7 543.1 552.0 563.0 568.8 574.4 593.6 591.7 601.7 617.0 637.0 14

15 Taxes payable 13.4 15.4 17.4 19.7 20.3 21.0 21.7 22.4 23.2 23.9 24.8 15

16 Miscellaneous liabilities 522.3 527.7 534.6 543.3 548.5 553.4 571.9 569.3 578.5 593.1 612.3 16
76 Z.1, December 5, 2002

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3746.5 4177.8 4630.4 4515.4 4183.6 4319.2 3941.9 4171.7 4259.0 3917.3 3531.0 1

 2 Checkable deposits and currency 6.6 5.7 6.6 7.1 6.8 6.8 6.5 6.1 6.2 6.4 6.4 2

 3 Time and savings deposits 119.4 147.7 144.7 147.6 148.6 150.3 151.5 151.8 151.7 151.4 152.3 3

 4 Money market fund shares 61.4 63.4 75.1 79.6 77.2 74.9 71.9 69.0 69.7 70.4 71.1 4

 5 Security RPs 27.6 28.8 28.6 29.6 28.7 30.6 31.0 30.4 29.4 30.1 32.6 5

 6 Credit market instruments 674.6 651.2 668.2 701.6 706.8 718.0 720.6 721.9 728.7 740.2 749.1 6

 7 Open market paper 31.3 34.3 37.5 35.8 32.6 35.2 38.8 37.5 36.0 41.6 45.7 7

 8 U.S. government securities 354.9 307.3 318.5 333.7 338.1 342.0 338.3 341.1 344.7 348.0 351.9 8

 9 Treasury 143.5 112.5 109.8 108.4 105.7 105.9 103.2 104.2 106.3 108.8 110.9 9

10 Agency 211.4 194.8 208.8 225.2 232.4 236.1 235.1 236.9 238.4 239.2 241.0 10

11 Corporate and foreign bonds 278.7 300.3 301.9 320.7 324.3 328.6 331.1 330.5 334.8 337.0 337.5 11

12 Mortgages 9.7 9.3 10.3 11.5 11.8 12.1 12.4 12.8 13.2 13.6 14.0 12

13 Corporate equities 1696.4 1990.7 2325.7 2195.1 1953.6 2038.2 1748.7 1925.8 1965.8 1706.8 1414.8 13

14 Mutual fund shares 569.6 668.2 753.8 733.6 652.1 687.0 602.9 651.5 682.4 600.0 500.1 14

15 Miscellaneous assets 590.9 622.2 627.7 621.3 609.7 613.4 608.8 615.3 625.1 612.1 604.7 15

16 Unallocated insurance contracts (2) 381.9 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 16

17 Contributions receivable 93.5 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 17

18 Other 115.4 122.7 124.1 131.6 132.0 133.0 138.7 133.7 134.8 132.3 136.6 18

19 Pension fund reserves (liabilities) (3) 3793.6 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4236.5 4324.8 3984.1 3598.7 19

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1817.1 2054.1 2226.8 2289.6 2169.4 2229.5 2077.7 2179.6 2208.5 2074.8 1894.5 1

 2 Checkable deposits and currency 5.3 10.0 9.2 9.1 7.2 11.9 11.7 9.5 9.9 8.5 10.0 2

 3 Time and savings deposits 2.4 2.0 1.7 1.1 0.8 1.1 0.8 0.6 1.2 1.1 0.0 3

 4 Security RPs 28.6 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 46.5 4

 5 Credit market instruments 632.5 704.6 751.4 806.0 788.3 807.6 789.0 788.4 806.0 792.4 784.1 5

 6 Open market paper 28.6 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 46.5 6

 7 U.S. government securities 340.2 360.1 376.4 398.5 391.3 414.8 377.7 365.7 372.4 362.9 356.0 7

 8 Treasury 216.9 217.7 211.2 195.7 195.3 204.4 187.7 177.4 187.0 177.2 172.5 8

 9 Agency 123.3 142.4 165.3 202.8 196.0 210.4 190.0 188.3 185.5 185.7 183.5 9

10 Municipal securities 1.5 3.3 3.0 1.6 1.8 1.6 0.5 1.4 0.4 0.5 0.5 10

11 Corporate and foreign bonds 244.5 279.6 310.0 339.7 330.6 321.6 341.0 351.1 361.6 357.9 351.5 11

12 Mortgages 17.6 24.1 21.5 21.5 22.1 22.8 23.7 24.9 26.2 27.8 29.6 12

13 Corporate equities 1084.8 1233.9 1343.2 1335.1 1224.1 1255.1 1113.8 1221.9 1244.8 1116.7 937.0 13

14 Miscellaneous assets 63.5 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 116.9 14

15 Pension fund reserves (liabilities) (1) 1842.0 2085.4 2262.3 2331.5 2212.8 2274.2 2123.6 2226.4 2256.3 2123.3 1943.6 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, December 5, 2002 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1042.5 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 1

 2 Foreign deposits 23.2 30.6 42.9 91.1 111.7 110.4 110.6 124.2 122.9 118.0 118.2 2

 3 Checkable deposits and currency 1.5 -1.0 -2.2 2.2 -3.9 -2.8 -9.7 4.6 0.8 -3.9 -4.1 3

 4 Time and savings deposits 111.3 127.0 160.4 142.4 178.8 175.2 182.8 219.5 225.5 231.0 209.1 4

 5 Security RPs 126.6 139.5 139.6 183.0 206.2 208.2 223.7 227.0 235.9 246.9 245.1 5

 6 Credit market instruments 721.9 965.9 1147.8 1290.9 1404.2 1414.3 1494.9 1536.9 1496.4 1419.3 1405.7 6

 7 Open market paper 336.0 414.2 519.0 608.6 642.5 638.1 641.8 638.9 620.2 595.4 546.7 7

 8 U.S. government securities 182.5 277.5 294.7 275.6 344.6 361.3 432.3 454.1 449.6 413.3 433.8 8

 9 Treasury 86.2 103.6 103.8 90.4 96.3 93.4 113.4 135.7 137.8 123.3 119.7 9

10 Agency 96.3 173.8 190.9 185.2 248.3 267.9 318.9 318.4 311.8 290.1 314.1 10

11 Municipal securities 167.0 193.0 210.4 244.7 255.5 254.9 266.3 281.0 274.2 269.3 271.8 11

12 Corporate and foreign bonds 36.4 81.2 123.7 161.9 161.6 159.9 154.4 163.0 152.4 141.3 153.4 12

13 Miscellaneous assets 58.1 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 13

14 Total shares outstanding (liabilities) 1042.5 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 1

 2 Security RPs 57.8 70.9 80.8 106.4 88.4 84.6 77.6 74.8 85.8 81.2 77.5 2

 3 Credit market instruments 901.1 1028.4 1076.8 1097.8 1113.9 1160.3 1188.2 1223.8 1276.8 1291.6 1335.0 3

 4 Open market paper 57.8 70.9 80.8 106.4 88.4 80.9 77.6 74.8 81.6 62.8 58.9 4

 5 U.S. government securities 349.7 375.9 388.4 399.0 412.8 446.4 464.0 475.6 496.0 504.1 533.4 5

 6 Treasury 136.4 141.0 117.3 123.7 118.7 118.2 112.3 115.1 120.0 122.0 129.1 6

 7 Agency 213.3 234.9 271.1 275.3 294.1 328.1 351.7 360.5 376.0 382.1 404.3 7

 8 Municipal securities 219.8 242.6 239.4 230.5 236.0 240.2 245.8 253.4 257.8 265.3 274.5 8

 9 Corporate and foreign bonds 273.8 339.0 368.2 361.9 376.8 392.8 400.8 420.0 441.4 459.4 468.2 9

10 Corporate equities 2018.7 2506.2 3376.7 3226.9 2786.7 3013.6 2486.2 2836.1 2883.1 2552.5 2005.0 10

11 Miscellaneous assets 11.8 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 1.3 11

12 Total shares outstanding (liabilities) 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 143.1 145.7 147.2 135.8 129.0 128.9 131.4 137.6 143.3 143.5 143.1 1

 2 Credit market instruments 93.3 98.5 106.8 100.5 98.7 97.5 103.6 107.3 112.5 113.1 116.0 2

 3 U.S. government securities 9.8 8.8 7.6 6.7 5.7 5.8 5.8 6.7 7.0 4.7 3.7 3

 4 Municipal securities 57.4 59.2 67.6 64.7 66.8 67.1 73.8 75.6 78.2 79.3 81.1 4

 5 Corporate and foreign bonds 26.2 30.6 31.6 29.1 26.2 24.6 23.9 24.9 27.3 29.1 31.2 5

 6 Corporate equities 49.8 47.2 40.4 35.3 30.3 31.4 27.8 30.3 30.8 30.4 27.1 6

 7 Total shares outstanding (liabilities) 143.1 145.7 147.2 135.8 129.0 128.9 131.4 137.6 143.3 143.5 143.1 7

 Exchange-traded funds

 8 Total financial assets 6.7 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 82.1 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 9

10 U.S. government securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.1 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 11

12 Corporate equities 6.7 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 78.3 12

13 Total shares outstanding (liabilities) 6.7 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 82.1 13
78 Z.1, December 5, 2002

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1099.4 1403.8 1720.6 1969.4 2054.5 2123.4 2219.8 2300.8 2348.3 2384.0 2456.5 1

 2 Checkable deposits and currency 1.9 4.4 11.8 2.1 2.0 2.7 3.9 3.9 3.7 5.3 10.4 2

 3 Federal funds and security RPs 90.4 77.0 89.7 74.9 90.5 81.0 91.9 85.9 91.0 71.4 83.8 3

 4 Credit market instruments 938.3 1252.3 1543.5 1807.1 1877.7 1956.1 2026.1 2114.3 2163.8 2199.9 2245.5 4

 5 Open market paper 34.0 60.9 33.8 44.7 39.2 44.8 45.9 80.3 49.2 59.4 53.0 5

 6 U.S. government securities 352.4 514.7 699.2 854.4 905.9 954.9 1000.9 1030.5 1110.0 1100.7 1116.6 6

 7 Treasury 25.9 25.2 30.9 41.2 31.5 41.7 37.2 31.8 32.7 16.2 6.5 7

 8 Agency 326.5 489.6 668.3 813.3 874.4 913.2 963.7 998.7 1077.3 1084.5 1110.1 8

 9 Municipal securities 5.2 9.2 10.6 8.8 9.9 12.0 12.1 14.8 11.4 10.2 13.2 9

10 Corporate and foreign bonds 47.1 67.8 91.5 117.2 123.6 133.7 132.3 132.7 139.2 154.5 149.5 10

11 Other loans and advances 260.3 352.6 466.2 514.6 527.9 530.1 547.2 554.7 544.7 554.5 576.3 11

12 Sallie Mae 30.9 29.5 34.6 37.8 38.4 39.6 40.1 40.2 40.7 40.9 42.4 12

13 Farm Credit System 31.6 34.9 35.8 38.9 39.0 40.1 40.4 41.8 42.0 43.2 43.1 13

14 FHLB 197.8 288.2 395.7 437.9 450.5 450.3 466.8 472.7 462.0 470.4 490.7 14

15 Mortgages 239.4 247.1 242.3 267.3 271.2 280.7 287.7 301.2 309.3 320.6 337.0 15

16 Home 194.3 199.6 189.3 205.1 206.3 212.0 215.8 225.3 230.2 238.8 251.2 16

17 Multifamily residential 16.2 16.4 20.8 28.1 30.0 32.3 34.5 37.5 39.6 41.4 43.6 17

18 Farm 28.9 31.0 32.2 34.2 34.9 36.4 37.4 38.5 39.5 40.4 42.1 18

19 Miscellaneous assets 68.8 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 116.8 19

20 Total liabilities 1070.3 1368.9 1681.1 1922.5 2008.4 2074.3 2169.3 2247.1 2292.6 2324.8 2389.6 20

21 Credit market instruments 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 21

22 GSE issues (2) 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 75.1 95.3 89.3 96.7 119.7 118.5 131.9 133.1 130.8 127.5 129.1 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 Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 1

 2 Home mortgages 1788.1 1970.2 2234.7 2425.6 2464.9 2561.7 2681.5 2748.5 2870.6 2955.0 2996.3 2

 3 Multifamily residential mortgages 37.8 48.3 57.5 66.0 69.3 74.1 77.3 81.6 84.5 86.6 88.5 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total pool securities (liabilities)(2) 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, December 5, 2002 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1065.8 1385.4 1600.6 1805.4 1877.9 1929.6 2013.3 2124.6 2180.8 2242.1 2296.4 1

 2 Agency securities (1) 142.3 180.2 220.4 224.7 236.9 240.6 249.9 267.0 284.5 295.1 311.1 2

 3 Other loans and advances 76.2 103.8 102.0 120.7 128.5 125.3 141.6 144.0 150.4 145.4 142.2 3

 4 Student loans 14.1 17.9 19.4 29.9 30.5 31.0 31.2 30.7 32.5 32.2 32.6 4

 5 Loans to business 62.1 85.9 82.6 90.9 98.0 94.2 110.4 113.3 117.9 113.2 109.6 5

 6 Mortgages (2) 406.2 563.0 656.1 739.8 766.4 796.9 824.4 885.6 913.9 946.7 990.7 6

 7 Home 310.7 405.2 455.0 499.8 523.3 539.2 550.2 591.2 616.3 638.3 671.2 7

 8 Multifamily residential 20.9 33.8 42.3 48.8 49.0 50.8 53.6 57.0 57.5 59.5 61.2 8

 9 Commercial 74.6 124.0 158.8 191.2 194.1 206.9 220.6 237.4 240.1 248.9 258.3 9

10 Consumer credit 313.1 372.4 435.1 500.1 519.2 533.9 557.3 582.2 579.8 596.7 588.4 10

11 Trade receivables 128.1 165.9 187.0 220.0 227.0 233.0 240.0 245.9 252.3 258.1 264.0 11

12 Total liabilities 1076.6 1398.0 1610.3 1812.0 1884.5 1937.3 2020.3 2131.4 2187.3 2248.2 2302.3 12

13 Commercial paper 256.1 381.8 520.8 641.8 653.3 670.3 691.3 745.3 731.4 714.0 712.7 13

14 Corporate bonds 820.5 1016.2 1089.5 1170.1 1231.2 1267.0 1329.1 1386.2 1455.9 1534.3 1589.6 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 10.8 12.7 9.7 6.6 6.6 7.6 7.0 6.8 6.5 6.2 6.0 15

16 REIT assets (4) 11.1 13.9 12.9 10.7 10.1 10.0 9.5 10.0 9.5 11.3 13.4 16

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

(4) Included in table L.129.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 763.9 852.7 1003.0 1137.9 1140.1 1145.4 1136.3 1155.7 1123.8 1140.4 1165.3 1

 2 Checkable deposits and currency 20.6 22.8 25.3 27.9 28.6 29.3 30.0 30.8 31.5 32.3 33.0 2

 3 Credit market instruments 568.2 645.5 742.5 850.5 848.0 878.5 859.5 844.8 832.4 845.6 856.9 3

 4 Other loans and advances 304.1 340.9 395.1 458.4 459.1 481.9 451.1 447.0 443.0 449.4 445.5 4

 5 Mortgages 96.5 121.2 145.8 172.3 176.1 182.3 187.4 161.3 157.2 160.5 165.3 5

 6 Consumer credit 167.5 183.3 201.5 219.8 212.8 214.3 220.9 236.6 232.3 235.6 246.1 6

 7 Miscellaneous assets 175.1 184.4 235.3 259.6 263.5 237.7 246.8 280.1 259.9 262.5 275.3 7

 8 Total liabilities 780.8 856.6 994.6 1159.5 1159.3 1167.4 1161.0 1179.6 1155.9 1183.3 1219.1 8

 9 Credit market instruments 568.3 625.5 695.7 776.9 756.2 769.0 771.2 776.7 760.8 784.9 802.9 9

10 Open market paper 202.6 233.3 230.4 238.8 180.9 181.6 171.0 158.6 137.0 130.8 143.1 10

11 Corporate bonds 341.5 365.6 429.9 502.2 533.8 542.1 555.8 567.4 574.4 597.2 584.9 11

12 Bank loans n.e.c. 24.2 26.5 35.4 35.9 41.6 45.3 44.5 50.8 49.4 56.9 74.9 12

13 Taxes payable 6.5 7.3 8.1 9.1 9.3 9.6 9.9 10.2 10.6 10.9 11.2 13

14 Miscellaneous liabilities 206.0 223.8 290.7 373.5 393.7 388.8 379.9 392.6 384.5 387.5 405.0 14

15 Foreign direct investment in U.S. 35.7 37.2 49.8 65.3 70.3 72.3 67.7 71.5 72.8 73.1 74.2 15

16 Investment by parent 47.1 34.3 87.8 102.5 97.2 93.4 91.7 99.2 82.6 83.3 82.9 16

17 Other 123.2 152.3 153.1 205.6 226.2 223.1 220.5 221.9 229.2 231.2 247.9 17

 Memo:

18 Consumer leases not included above (2) 98.8 96.6 102.9 108.2 106.4 110.2 108.3 103.5 97.6 96.4 88.5 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, December 5, 2002

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 32.1 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 1

 2 Home mortgages 21.8 24.9 25.2 25.4 25.8 26.0 26.4 26.7 27.1 27.4 27.7 2

 3 Multifamily residential mortgages 5.2 5.3 5.3 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.5 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 32.1 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 5

 6 Bank loans n.e.c. 16.0 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 6

 7 Investment by parent 16.0 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 64.3 70.7 68.4 62.1 63.5 65.6 68.0 70.2 77.5 85.1 91.2 1

 2 Checkable deposits and currency 3.3 4.1 4.4 4.3 4.1 4.7 5.2 5.2 5.6 5.8 5.5 2

 3 Credit market instruments 50.6 45.5 42.9 36.6 37.6 37.9 39.8 43.3 49.9 57.9 64.1 3

 4 Agency securities 21.2 13.1 14.2 14.5 13.9 17.4 18.3 20.3 25.9 29.3 31.3 4

 5 Corporate and foreign bonds 6.5 6.1 5.7 5.3 7.4 5.2 5.9 7.4 7.7 8.9 10.3 5

 6 Mortgages 22.9 26.3 23.0 16.8 16.3 15.3 15.6 15.7 16.3 19.7 22.5 6

 7 Home 14.0 14.8 12.4 7.9 7.8 7.6 8.0 7.9 8.7 10.7 14.1 7

 8 Multifamily residential 2.1 2.1 1.6 1.3 1.2 1.2 1.3 1.1 1.1 1.2 1.1 8

 9 Commercial 6.9 9.4 9.0 7.6 7.4 6.5 6.4 6.6 6.5 7.8 7.3 9

10 Miscellaneous assets 10.5 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.7 10

11 Total liabilities 139.0 205.6 216.8 217.5 221.9 221.8 223.1 227.8 236.0 246.0 256.4 11

12 Security RPs 24.9 15.1 15.7 11.9 13.1 15.1 16.9 19.7 25.4 29.3 34.1 12

13 Credit market instruments 96.1 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 183.0 13

14 Open market paper 0.0 0.2 0.1 0.2 0.1 0.0 1.1 0.8 1.1 1.6 1.4 14

15 Corporate bonds 31.6 53.4 62.2 67.0 70.0 68.6 68.6 70.8 71.1 75.6 81.1 15

16 Bank loans n.e.c. 17.6 33.6 26.0 17.7 15.0 15.2 14.0 14.4 14.0 13.7 13.6 16

17 Mortgages 46.8 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 86.9 17

18 Miscellaneous liabilities 18.0 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.3 18

 Memo:

19 Securitized assets included above 11.1 13.9 12.9 10.7 10.1 10.0 9.5 10.0 9.5 11.3 13.4 19

20 Agency securities 4.9 5.0 3.7 3.5 3.4 3.1 2.9 2.6 2.3 2.0 1.8 20

21 Home mortgages 5.7 7.5 7.6 6.7 6.2 6.0 5.8 6.5 6.5 8.4 10.8 21

22 Multifamily residential mortgages 0.4 0.8 0.9 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 22

23 Commercial mortgages 0.0 0.6 0.7 0.1 0.1 0.4 0.4 0.4 0.3 0.4 0.3 23
Z.1, December 5, 2002 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 779.2 921.2 1001.0 1221.4 1211.5 1334.9 1462.6 1465.6 1441.4 1465.6 1413.8 1

 2 Checkable deposits and currency 21.7 25.4 28.7 30.3 31.0 37.1 53.7 47.1 43.1 45.7 45.0 2

 3 Credit market instruments 182.6 189.4 154.7 223.6 317.7 288.4 366.4 316.0 299.6 352.7 339.6 3

 4 Open market paper 24.3 28.0 26.0 39.2 44.6 44.8 50.8 48.2 47.6 50.8 43.3 4

 5 U.S. government securities 45.1 66.7 23.3 60.4 136.4 97.9 147.9 87.6 70.2 99.9 94.9 5

 6 Treasury -5.3 15.8 -42.6 -3.3 61.1 1.5 67.4 9.8 -1.7 10.0 6.1 6

 7 Agency 50.4 50.9 66.0 63.7 75.3 96.3 80.4 77.8 71.8 90.0 88.8 7

 8 Municipal securities 13.2 13.1 11.9 11.3 12.7 13.7 16.0 19.0 13.6 17.4 20.3 8

 9 Corporate and foreign bonds 100.0 81.4 93.4 112.7 124.0 132.0 151.7 161.3 168.2 184.5 181.2 9

10 Corporate equities 51.9 54.4 66.9 77.2 78.3 89.8 66.6 85.1 86.2 83.7 67.5 10

11 Security credit 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 11

12 Miscellaneous assets 391.8 499.3 522.8 655.1 588.8 723.6 717.9 821.0 820.5 812.7 813.2 12

13 Total liabilities 729.2 866.8 932.8 1150.4 1136.6 1258.1 1385.7 1383.1 1356.5 1377.5 1325.1 13

14 Security RPs (net) 203.5 208.2 245.2 302.2 287.1 334.2 402.3 353.2 390.4 438.1 390.2 14

15 Corporate bonds 35.3 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 15

16 Trade payables 19.9 18.9 30.9 35.9 35.3 33.3 36.1 39.2 36.3 30.6 31.7 16

17 Security credit 337.9 419.5 448.7 587.6 603.5 585.6 661.9 629.5 586.0 575.5 566.3 17

18 Customer credit balances (HH) 215.5 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.9 391.0 18

19 From banks 122.5 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 19

20 Taxes payable 1.3 1.3 2.2 2.1 1.2 1.3 1.4 1.9 1.9 1.6 1.6 20

21 Miscellaneous liabilities 131.1 176.4 180.5 181.7 174.4 259.7 237.0 317.0 303.4 288.9 288.8 21

22 Foreign direct investment in U.S. 8.5 10.7 10.9 19.1 17.6 17.2 17.4 14.5 14.4 11.3 8.2 22

23 Due to affiliates 254.5 351.9 413.7 452.3 505.8 508.5 508.0 498.5 515.0 504.2 499.6 23

24 Other -131.9 -186.2 -244.1 -289.7 -348.9 -266.0 -288.4 -196.1 -226.0 -226.7 -219.0 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 612.7 716.8 963.9 1088.7 1113.0 1082.6 1014.5 1081.2 1077.1 1076.9 1069.8 1

 2 Money market fund shares 157.9 215.8 264.7 298.2 335.1 366.1 377.8 415.7 405.5 411.7 382.8 2

 3 Credit market instruments 166.7 152.3 276.0 313.4 283.7 235.7 184.9 203.0 208.6 186.6 206.3 3

 4 Open market paper 133.6 114.7 242.3 279.5 240.1 182.5 120.7 128.2 122.3 88.6 116.0 4

 5 Corporate and foreign bonds 33.1 37.6 33.8 33.9 43.6 53.3 64.2 74.8 86.3 98.0 90.3 5

 6 Miscellaneous assets (2) 288.0 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 6

 7 Investment in foreign banking offices 78.8 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 7

 8 Investment in brokers and dealers 209.2 258.2 330.1 338.4 351.9 343.5 338.2 354.7 359.8 354.3 359.2 8

 9 Total liabilities 612.7 716.8 963.9 1088.7 1113.0 1082.6 1014.5 1081.2 1077.1 1076.9 1069.8 9

10 Credit market instruments 372.6 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.1 10

11 Open market paper 228.5 234.4 268.5 266.2 275.4 223.1 179.4 188.8 160.5 152.2 140.8 11

12 Corporate bonds 144.2 178.2 235.5 237.5 248.9 255.5 254.2 259.7 282.1 279.2 279.2 12

13 Miscellaneous liabilities 240.1 304.3 459.8 585.0 588.7 604.0 580.9 632.8 634.5 645.5 649.7 13

14 Foreign direct investment in U.S. -84.6 -63.9 -80.9 -26.6 -30.0 2.1 18.2 14.1 20.4 47.3 60.7 14

15 Securities loaned (net) 333.3 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 594.8 15

16 Other -8.6 -35.1 121.2 103.4 130.9 59.4 2.9 40.4 30.2 1.1 -5.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, December 5, 2002

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 70.0 81.8 71.5 67.6 64.2 64.8 71.0 68.7 67.6 74.7 75.9 1

 2 U.S. gold stock and SDRs 21.1 21.6 21.4 21.6 21.4 21.5 22.0 21.8 21.9 22.7 22.8 2

 3 Federal govt.: Exchange Stab. Fund 10.0 10.6 10.3 10.5 10.4 10.4 10.9 10.8 10.8 11.6 11.7 3

 4 Monetary authority (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 48.9 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 52.0 53.1 5

 6 Official foreign currency holdings 30.8 36.0 32.2 31.2 29.0 28.8 30.6 29.0 28.6 32.2 32.3 6

 7 Treasury 13.8 16.2 16.0 15.6 14.5 14.3 15.2 14.4 14.3 16.0 16.1 7

 8 Monetary authority 17.0 19.8 16.1 15.7 14.6 14.4 15.4 14.6 14.4 16.2 16.1 8

 9 Net IMF position 18.1 24.1 18.0 14.8 13.8 14.6 18.4 17.9 17.1 19.8 20.9 9

10 Federal government 18.2 24.2 18.0 14.9 13.9 14.7 18.5 17.9 17.2 19.9 21.0 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 9.2 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 19.3 19.9 20.9 23.2 22.9 23.2 23.2 23.2 23.2 23.2 23.2 3

 4 Asset: Monetary authority 25.6 26.3 28.0 31.6 32.3 32.7 33.0 33.0 33.6 33.8 34.1 4

 5 Discrepancy (seigniorage) -6.3 -6.4 -7.1 -8.5 -9.4 -9.5 -9.8 -9.8 -10.4 -10.6 -10.9 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 618.5 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 916.5 926.5 1

 Held by:

 2 Household sector 37.2 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 45.0 2

 3 Nonfinancial corporate business 23.1 30.5 31.5 47.5 39.9 40.0 37.5 37.1 40.8 39.7 43.1 3

 4 Money market mutual funds 23.2 30.6 42.9 91.1 111.7 110.4 110.6 124.2 122.9 118.0 118.2 4

 5 Discrepancy--unallocated assets 535.0 542.8 585.7 627.4 673.0 631.3 644.9 694.1 685.0 717.7 720.1 5
Z.1, December 5, 2002 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 219.4 189.4 202.4 221.2 156.7 158.7 166.5 187.7 157.6 130.9 146.8 1

 2 Monetary authority 75.8 68.4 90.6 63.4 53.8 55.8 61.6 64.8 57.3 58.9 61.0 2

 3 Depository institution reserves 30.8 26.3 24.0 19.0 17.8 18.6 24.9 17.5 22.4 22.3 23.2 3

 4 Vault cash 45.0 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.8 4

 5 Commercial banking 143.5 121.0 111.8 157.8 102.8 102.8 104.9 122.9 100.3 72.1 85.8 5

 6 To monetary authority 2.8 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.0 0.6 6

 7 To banks in foreign countries, net 173.0 145.9 140.3 161.1 101.5 99.2 100.8 111.8 78.9 53.8 69.0 7

 8 Liabilities, net 188.8 156.7 149.8 171.6 110.7 109.4 110.9 123.6 95.3 76.9 93.6 8

 9 U.S.-chartered commercial banks 62.0 85.1 133.5 179.3 141.8 160.1 129.6 163.5 131.6 154.5 139.2 9

10 Due to foreign affiliates 173.1 196.7 226.7 302.0 269.5 281.3 285.1 319.7 280.1 295.5 279.2 10

11 - Due from foreign affiliates 111.1 111.6 93.2 122.7 127.6 121.2 155.5 156.2 148.5 141.0 140.0 11

12 Foreign banking offices in U.S. 148.6 92.9 41.7 -14.8 -33.8 -56.4 -33.5 -50.3 -58.9 -97.1 -69.8 12

13 Due to foreign affiliates 99.7 133.0 147.9 133.6 162.8 132.6 143.2 161.5 154.0 153.9 164.9 13

14 - Due from foreign affiliates -48.8 40.1 106.2 148.4 196.6 189.1 176.7 211.8 212.9 251.0 234.7 14

15 Bank holding companies -21.9 -21.3 -25.4 7.1 2.7 5.8 14.8 10.4 22.6 19.5 24.2 15

16 Due to foreign affiliates 3.0 2.9 8.3 39.3 40.1 48.8 57.1 51.4 64.2 59.4 59.8 16

17 - Due from foreign affiliates 24.9 24.2 33.8 32.2 37.3 43.0 42.3 41.0 41.6 39.8 35.6 17

18 Less: Deposits at foreign banks 15.8 10.8 9.5 10.5 9.2 10.2 10.1 11.8 16.4 23.2 24.6 18

19 U.S. chartered commercial banks 11.7 10.6 9.4 9.8 9.0 9.4 9.3 11.1 16.0 22.8 24.5 19

20 Foreign banking offices in U.S. 4.1 0.2 0.2 0.7 0.2 0.7 0.8 0.7 0.4 0.4 0.1 20

21 To U.S. banking, net -32.2 -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.8 18.3 16.2 21

22 U.S.-chartered commercial banks -50.2 -50.9 -67.3 -33.0 -20.9 -26.2 -16.2 -17.8 0.0 -3.1 -2.3 22

23 Liabilities 22.0 30.2 44.4 59.4 65.5 50.7 59.1 59.6 78.2 69.8 75.0 23

24 To foreign offices in U.S. 53.8 55.8 72.2 63.1 63.7 45.5 53.7 47.9 55.3 50.1 57.2 24

25 To bank holding companies 0.3 0.9 0.6 0.6 0.7 1.4 0.9 0.7 1.1 1.4 1.5 25

26 Unallocated -32.2 -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.8 18.3 16.2 26

 Less, due from:

27 Foreign offices in U.S. 57.6 56.3 78.9 86.0 80.6 86.1 86.1 89.5 100.9 91.9 99.2 27

28 Bank holding companies 14.6 24.8 32.8 6.4 5.8 -9.2 -10.8 -12.0 -22.7 -19.0 -21.9 28

29 Foreign banking offices in U.S. 3.8 0.4 6.7 22.9 16.9 40.6 32.4 41.6 45.6 41.8 41.9 29

30 Due to U.S. banks 57.6 56.3 78.9 86.0 80.6 86.1 86.1 89.5 100.9 91.9 99.2 30

31 - Due from U.S. banks 53.8 55.8 72.2 63.1 63.7 45.5 53.7 47.9 55.3 50.1 57.2 31

32 Bank holding companies 14.3 23.9 32.1 5.8 5.2 -10.6 -11.8 -12.7 -23.8 -20.4 -23.4 32

33 Due to U.S. banks 14.6 24.8 32.8 6.4 5.8 -9.2 -10.8 -12.0 -22.7 -19.0 -21.9 33

34 - Due from U.S. banks 0.3 0.9 0.6 0.6 0.7 1.4 0.9 0.7 1.1 1.4 1.5 34

35 Total assets 251.6 215.9 230.8 225.5 155.5 154.8 162.0 176.7 135.8 112.6 130.6 35

36 Rest of the world 173.0 145.9 140.3 161.1 101.5 99.2 100.8 111.8 78.9 53.8 69.0 36

37 Domestic 78.6 70.0 90.6 64.4 54.0 55.6 61.1 64.8 56.9 58.8 61.6 37

38 Monetary authority 2.8 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.0 0.6 38

39 Federal Reserve float 0.7 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 39

40 Loans to member banks 2.0 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 40

41 Commercial banking 74.1 66.5 85.9 61.8 52.1 53.5 58.9 62.5 55.0 56.5 58.1 41

42 Reserves at Federal Reserve 29.1 24.4 19.3 17.4 16.1 16.3 22.2 15.2 20.1 19.9 20.2 42

43 Vault cash 45.0 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.8 43

44 Savings insts.: Reserves at Fed. Res. 1.8 1.9 4.7 1.7 1.7 2.3 2.7 2.3 2.3 2.4 2.9 44

45 Discrepancy--floats, etc. -32.2 -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.8 18.3 16.2 45
84 Z.1, December 5, 2002

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1286.1 1333.3 1484.5 1413.1 1404.9 1448.4 1485.1 1601.4 1567.2 1640.0 1698.0 1

 2 Monetary authority 443.5 481.8 590.4 555.2 556.1 567.3 586.3 603.1 613.3 629.8 630.5 2

 3 Federal government cash and deposits 5.7 6.2 28.5 5.6 6.1 7.6 10.2 7.1 6.1 8.5 8.3 3

 4 Deposits due to foreign 0.5 0.2 0.1 0.3 0.1 0.1 0.6 0.1 0.3 0.1 0.2 4

 5 Currency outside banks 437.4 475.4 561.8 549.3 549.9 559.5 575.4 596.0 606.9 621.1 622.0 5

 6 Commercial banking 656.4 622.9 626.4 540.9 515.0 535.0 539.8 627.1 565.1 605.6 650.6 6

 7 Federal government deposits 27.8 13.2 49.6 16.4 21.7 36.5 34.4 45.7 51.6 106.3 141.6 7

 8 Deposits due to foreign 31.7 30.2 43.6 33.9 34.8 33.7 36.1 34.5 37.2 35.4 32.8 8

 9 Private domestic deposits 597.0 579.6 533.2 490.6 458.5 464.8 469.3 546.9 476.4 463.9 476.2 9

10 Savings institutions 149.5 185.6 222.3 265.8 278.6 291.9 303.4 316.5 328.4 344.3 356.6 10

11 Credit unions 36.6 43.0 45.4 51.3 55.2 54.2 55.6 54.7 60.5 60.2 60.2 11

12 Total assets 1286.1 1333.3 1484.5 1413.1 1404.9 1448.4 1485.1 1601.4 1567.2 1640.0 1698.0 12

13 Household sector 436.8 409.5 348.3 325.0 313.3 302.6 282.6 349.2 333.1 325.1 328.3 13

14 Nonfinancial business 415.1 484.1 565.5 594.2 578.4 585.2 610.4 617.8 596.0 605.2 608.4 14

15 Corporate 251.9 287.1 326.0 334.6 314.9 317.7 338.8 342.2 316.5 322.0 322.5 15

16 Nonfarm noncorporate 146.2 178.3 220.3 240.3 244.0 248.0 251.9 255.9 259.8 263.8 266.7 16

17 Farm 16.9 18.6 19.2 19.4 19.5 19.6 19.7 19.8 19.6 19.4 19.2 17

18 State and local governments 32.2 28.3 32.2 33.2 31.1 30.2 29.6 38.2 37.1 41.1 39.1 18

19 Federal government 41.6 23.2 87.9 24.3 30.7 49.0 50.6 66.9 25.2 53.5 77.7 19

20 Rest of the world 243.6 258.4 298.3 289.9 293.0 294.6 305.8 314.1 321.5 326.8 326.8 20

21 Checkable deposits 32.2 30.4 43.7 34.2 34.9 33.8 36.8 34.6 37.4 35.6 33.0 21

22 Currency 211.4 228.0 254.6 255.7 258.0 260.8 269.0 279.5 284.0 291.2 293.8 22

23 Financial sectors 98.7 110.5 139.8 124.8 140.2 166.1 192.9 200.8 195.6 195.5 219.8 23

24 Commercial banking 1.4 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 24

25 Savings institutions 15.2 18.4 17.4 19.0 18.9 20.4 20.3 21.0 21.0 20.9 21.9 25

26 Credit unions 8.1 9.1 26.4 12.2 15.0 18.1 25.0 19.8 20.0 19.8 19.8 26

27 Bank personal trusts and estates 0.8 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 27

28 Life insurance companies 8.1 5.4 5.5 5.0 17.8 24.3 29.9 36.8 35.1 34.6 50.4 28

29 Other insurance companies 4.2 4.0 4.3 3.7 10.6 11.8 13.6 13.1 17.0 17.2 18.5 29

30 Private pension funds 6.6 5.7 6.6 7.1 6.8 6.8 6.5 6.1 6.2 6.4 6.4 30

31 State and local govt. retirement funds 5.3 10.0 9.2 9.1 7.2 11.9 11.7 9.5 9.9 8.5 10.0 31

32 Money market mutual funds 1.5 -1.0 -2.2 2.2 -3.9 -2.8 -9.7 4.6 0.8 -3.9 -4.1 32

33 Government-sponsored enterprises 1.9 4.4 11.8 2.1 2.0 2.7 3.9 3.9 3.7 5.3 10.4 33

34 Finance companies 20.6 22.8 25.3 27.9 28.6 29.3 30.0 30.8 31.5 32.3 33.0 34

35 REITs 3.3 4.1 4.4 4.3 4.1 4.7 5.2 5.2 5.6 5.8 5.5 35

36 Brokers and dealers 21.7 25.4 28.7 30.3 31.0 37.1 53.7 47.1 43.1 45.7 45.0 36

37 Mail float 18.1 19.3 12.5 21.7 18.3 20.6 13.3 14.5 58.7 92.8 98.0 37
Z.1, December 5, 2002 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3187.6 3431.8 3608.0 3912.9 4039.7 4079.7 4141.8 4248.8 4408.4 4446.4 4536.3 1

 2 Small time and savings deposits 2474.2 2626.5 2671.6 2860.4 2962.7 2992.4 3047.6 3127.6 3229.6 3257.6 3338.5 2

 3 Commercial banking 1761.5 1945.2 2017.1 2228.7 2309.5 2342.4 2395.8 2478.1 2560.6 2598.0 2683.6 3

 4 U.S.-chartered commercial banks 1738.0 1924.4 1997.4 2208.0 2288.5 2314.4 2371.6 2448.3 2533.4 2568.8 2655.9 4

 5 Foreign banking offices in U.S. 13.1 9.4 7.5 7.2 7.6 13.4 9.0 11.6 8.5 9.7 8.3 5

 6 Banks in U.S.-affiliated areas 10.4 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 6

 7 Savings institutions 448.2 393.9 354.7 318.9 318.4 307.3 298.1 288.2 289.8 274.9 264.3 7

 8 Credit unions 264.4 287.5 299.8 312.7 334.8 342.8 353.7 361.3 379.2 384.7 390.6 8

 9 Large time deposits (1) 713.4 805.3 936.4 1052.6 1077.0 1087.3 1094.2 1121.1 1178.9 1188.7 1197.7 9

10 Commercial banking 601.0 673.1 792.6 885.4 899.2 901.5 894.5 918.1 960.7 966.7 956.7 10

11 U.S.-chartered commercial banks 369.3 404.1 465.7 553.6 548.2 551.7 552.2 528.4 524.2 528.1 551.8 11

12 Foreign banking offices in U.S. 221.3 257.6 314.8 318.2 337.5 335.3 327.1 371.5 417.7 419.1 385.4 12

13 Banks in U.S.-affiliated areas 10.4 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 13

14 Savings institutions 98.1 113.7 122.2 142.1 152.2 156.4 167.6 168.9 183.2 183.9 202.9 14

15 Credit unions 14.4 18.5 21.6 25.1 25.6 29.3 32.0 34.1 35.0 38.2 38.2 15

16 Total assets 3187.6 3431.8 3608.0 3912.9 4039.7 4079.7 4141.8 4248.8 4408.4 4446.4 4536.3 16

17 Household sector 2566.0 2732.5 2788.0 3050.5 3140.3 3180.1 3226.6 3251.3 3384.9 3424.5 3526.3 17

18 Nonfinancial business 205.1 207.4 277.4 318.7 324.3 327.6 333.9 366.2 365.3 363.6 358.3 18

19 Corporate 119.4 112.6 159.4 176.7 176.6 175.3 175.8 203.8 201.6 199.0 195.4 19

20 Nonfarm noncorporate 85.7 94.8 118.0 142.0 147.6 152.3 158.1 162.3 163.7 164.6 162.9 20

21 State and local governments 78.4 91.1 102.1 111.5 109.7 107.1 108.5 119.2 133.0 125.6 133.3 21

22 Federal government 3.4 4.7 5.4 6.3 8.4 9.9 11.7 10.5 15.2 9.9 18.4 22

23 Rest of the world 73.6 86.6 101.6 107.4 97.2 97.8 95.9 92.9 93.6 99.1 99.3 23

24 Financial sectors 261.1 309.5 333.5 318.5 359.9 357.1 365.2 408.7 416.5 423.7 400.6 24

25 Savings institutions 1.0 1.5 1.3 1.4 1.7 2.4 2.3 2.2 2.8 2.7 3.5 25

26 Credit unions 17.0 23.4 16.6 17.1 20.9 19.0 18.7 25.5 26.0 28.2 26.3 26

27 Bank personal trusts and estates 10.0 7.8 8.7 8.9 9.0 9.1 9.1 9.2 9.2 9.3 9.3 27

28 Private pension funds 119.4 147.7 144.7 147.6 148.6 150.3 151.5 151.8 151.7 151.4 152.3 28

29 State and local govt. retirement funds 2.4 2.0 1.7 1.1 0.8 1.1 0.8 0.6 1.2 1.1 0.0 29

30 Money market mutual funds 111.3 127.0 160.4 142.4 178.8 175.2 182.8 219.5 225.5 231.0 209.1 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 1042.5 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 1

 2 Household sector 582.3 747.1 873.2 1003.1 1102.8 1051.2 1126.8 1171.5 1160.9 1092.6 1095.1 2

 3 Nonfinancial corporate business 87.8 114.3 137.3 177.7 210.3 238.4 246.3 275.0 268.3 272.3 267.7 3

 4 Nonfarm noncorporate business 22.9 32.6 41.0 50.5 53.6 55.2 56.9 60.2 59.5 60.5 58.8 4

 5 Bank personal trusts and estates 37.4 46.2 53.7 60.6 61.0 62.0 63.0 64.0 65.5 67.0 68.5 5

 6 Life insurance companies 92.8 110.4 133.8 142.3 154.7 166.7 172.7 185.3 173.3 175.9 161.9 6

 7 Private pension funds 61.4 63.4 75.1 79.6 77.2 74.9 71.9 69.0 69.7 70.4 71.1 7

 8 Funding corporations 157.9 215.8 264.7 298.2 335.1 366.1 377.8 415.7 405.5 411.7 382.8 8
86 Z.1, December 5, 2002

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 822.4 913.8 1083.6 1196.8 1187.4 1206.6 1253.9 1233.6 1220.4 1273.7 1233.1 1

 2 Commercial banking (net) 552.2 639.2 750.0 816.1 820.1 787.7 780.1 788.3 726.4 736.5 747.9 2

 3 U.S.-chartered commercial banks 471.7 538.4 667.0 682.4 678.9 670.4 672.0 665.6 629.3 614.1 607.3 3

 4 Foreign banking offices in U.S. 80.7 100.4 82.5 134.8 140.6 116.6 107.2 123.9 96.1 121.4 139.3 4

 5 Bank holding companies -0.2 0.4 0.5 -1.1 0.6 0.7 0.9 -1.2 1.0 1.0 1.3 5

 6 Savings institutions 41.8 51.3 72.7 66.7 67.1 69.6 54.6 72.4 78.1 69.8 61.0 6

 7 REITs 24.9 15.1 15.7 11.9 13.1 15.1 16.9 19.7 25.4 29.3 34.1 7

 8 Brokers and dealers (net) 203.5 208.2 245.2 302.2 287.1 334.2 402.3 353.2 390.4 438.1 390.2 8

 9 Total assets 649.5 683.1 817.2 811.9 846.0 830.4 857.2 887.3 864.8 883.5 940.7 9

10 Nonfinancial corporate business 4.6 4.2 5.8 8.2 7.4 7.6 7.5 8.0 7.7 7.5 9.1 10

11 State and local governments 151.4 158.5 163.5 173.3 170.5 164.8 155.0 154.9 145.4 152.9 148.7 11

12 Rest of the world 90.8 72.0 79.9 91.3 129.5 126.5 111.1 150.7 128.2 159.6 205.2 12

13 Financial sectors 402.7 448.4 568.0 539.1 538.6 531.5 583.6 573.7 583.6 563.5 577.8 13

14 Monetary authority 23.8 30.4 140.6 43.4 22.0 23.3 47.9 50.3 29.5 32.0 21.8 14

15 Savings institutions 9.2 14.8 10.6 14.9 21.7 22.0 25.8 27.4 31.2 24.9 29.0 15

16 Credit unions 3.5 6.8 9.3 4.0 10.8 8.3 7.9 2.5 7.3 5.0 5.0 16

17 Other insurance companies 35.2 42.7 28.3 38.3 27.8 26.6 31.6 30.2 28.2 28.7 36.5 17

18 Private pension funds 27.6 28.8 28.6 29.6 28.7 30.6 31.0 30.4 29.4 30.1 32.6 18

19 State and local govt. retirement funds 28.6 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 46.5 19

20 Money market mutual funds 126.6 139.5 139.6 183.0 206.2 208.2 223.7 227.0 235.9 246.9 245.1 20

21 Mutual funds 57.8 70.9 80.8 106.4 88.4 84.6 77.6 74.8 85.8 81.2 77.5 21

22 Government-sponsored enterprises 90.4 77.0 89.7 74.9 90.5 81.0 91.9 85.9 91.0 71.4 83.8 22

23 Discrepancy--unallocated assets 172.9 230.6 266.4 385.0 341.4 376.2 396.6 346.3 355.6 390.2 292.4 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 979.4 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 1

 2 Commercial paper 958.5 1161.0 1393.8 1602.1 1539.0 1471.1 1412.7 1440.9 1377.6 1320.6 1320.8 2

 3 Nonfinancial corporate business 168.6 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 3

 4 Foreign issues in U.S. 65.1 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 4

 5 Nonfinancial 20.0 18.5 26.7 37.6 27.9 20.5 17.2 14.3 17.4 21.3 18.8 5

 6 Financial 45.0 54.4 62.5 83.3 84.9 89.6 89.1 92.4 106.2 108.9 115.2 6

 7 Financial business 724.8 895.2 1074.3 1202.7 1173.0 1137.7 1105.1 1144.1 1086.4 1041.9 1044.6 7

 8 Commercial banking 37.6 45.4 54.5 55.7 63.4 62.7 62.4 50.6 56.5 43.4 46.6 8

 9 ABS issuers 256.1 381.8 520.8 641.8 653.3 670.3 691.3 745.3 731.4 714.0 712.7 9

10 Finance companies 202.6 233.3 230.4 238.8 180.9 181.6 171.0 158.6 137.0 130.8 143.1 10

11 REITs 0.0 0.2 0.1 0.2 0.1 0.0 1.1 0.8 1.1 1.6 1.4 11

12 Funding corporations 228.5 234.4 268.5 266.2 275.4 223.1 179.4 188.8 160.5 152.2 140.8 12

13 Bankers acceptances (1) 20.9 11.5 8.6 7.9 7.8 6.8 5.1 4.8 4.5 4.9 4.9 13

14 Holdings, by sector 979.4 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 14

15 Household sector 56.1 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 15

16 Nonfinancial corporate business 36.1 39.4 47.6 61.4 53.2 54.7 54.5 56.4 51.7 52.4 54.7 16

17 State and local governments 74.0 102.0 108.9 116.5 110.0 100.7 90.7 90.0 79.0 75.1 80.5 17

18 Rest of the world 77.8 115.3 102.3 111.9 110.5 112.8 111.9 118.1 122.9 134.1 141.9 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) 2.7 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.2 0.4 1.9 1.2 1.1 1.6 1.3 2.4 2.3 2.8 2.7 22

23 Bank personal trusts and estates 21.0 16.5 17.1 14.7 13.9 13.5 13.1 13.0 12.8 12.5 12.4 23

24 Life insurance companies 65.9 73.4 75.8 71.2 60.4 58.9 65.5 59.3 66.1 68.9 80.5 24

25 Private pension funds 31.3 34.3 37.5 35.8 32.6 35.2 38.8 37.5 36.0 41.6 45.7 25

26 State and local govt. retirement funds 28.6 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 46.5 26

27 Money market mutual funds 336.0 414.2 519.0 608.6 642.5 638.1 641.8 638.9 620.2 595.4 546.7 27

28 Mutual funds 57.8 70.9 80.8 106.4 88.4 80.9 77.6 74.8 81.6 62.8 58.9 28

29 Government-sponsored enterprises 34.0 60.9 33.8 44.7 39.2 44.8 45.9 80.3 49.2 59.4 53.0 29

30 Brokers and dealers 24.3 28.0 26.0 39.2 44.6 44.8 50.8 48.2 47.6 50.8 43.3 30

31 Funding corporations 133.6 114.7 242.3 279.5 240.1 182.5 120.7 128.2 122.3 88.6 116.0 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 5, 2002 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3778.3 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 1

 2 Savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 2

 3 Other Treasury issues 3591.8 3537.0 3466.2 3173.0 3197.2 3038.9 3106.6 3162.4 3212.1 3231.9 3320.4 3

 4 Total assets 3778.3 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 4

 5 Household sector 772.9 734.7 843.7 643.4 620.9 524.7 536.2 570.0 580.1 563.0 578.9 5

 6 Savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 6

 7 Other Treasury issues 586.4 548.1 657.3 458.6 436.2 339.2 349.8 379.7 388.2 370.3 385.7 7

 8 Nonfinancial corporate business 26.8 23.6 19.4 17.8 18.5 19.6 19.4 21.3 24.6 27.7 28.9 8

 9 Nonfarm noncorporate business 32.2 38.0 37.1 31.9 31.8 30.5 30.6 30.4 30.6 31.1 30.3 9

10 State and local governments 239.3 269.3 266.8 236.2 239.0 246.5 248.9 256.5 261.2 271.7 269.4 10

11 Rest of the world 1165.7 1185.0 1080.4 1026.1 1020.4 984.9 985.2 1039.5 1031.6 1048.2 1110.5 11

12 Monetary authority 430.7 452.1 478.0 511.7 523.9 535.1 534.1 551.7 575.4 590.7 604.2 12

13 Commercial banking 270.1 214.1 228.9 184.5 172.0 174.0 176.1 162.7 165.9 183.8 192.1 13

14 U.S.-chartered commercial banks 166.8 124.8 122.8 87.9 72.2 69.9 65.3 56.5 68.6 75.2 74.6 14

15 Foreign banking offices in U.S. 95.1 84.8 94.5 94.0 97.9 102.2 108.6 103.8 94.1 105.7 115.0 15

16 Bank holding companies 4.0 0.9 8.8 0.8 0.8 0.9 0.8 1.2 1.3 1.7 1.4 16

17 Banks in U.S.-affiliated areas 4.2 3.6 2.8 1.8 1.2 1.0 1.4 1.2 2.0 1.1 1.1 17

18 Savings institutions 14.6 10.2 10.1 8.7 8.0 7.5 6.6 11.4 14.1 12.7 10.3 18

19 Credit unions 15.6 13.1 9.6 8.2 8.0 6.6 6.4 7.4 7.6 7.9 8.1 19

20 Bank personal trusts and estates 20.4 17.3 17.3 16.3 16.1 15.9 15.7 15.5 15.4 15.3 15.1 20

21 Life insurance companies 85.5 71.3 62.8 58.1 57.2 56.2 55.2 53.7 55.0 56.0 60.2 21

22 Other insurance companies 91.1 70.4 60.6 52.1 51.9 51.9 51.6 52.0 53.4 54.3 55.2 22

23 Private pension funds 143.5 112.5 109.8 108.4 105.7 105.9 103.2 104.2 106.3 108.8 110.9 23

24 State and local govt. retirement funds 216.9 217.7 211.2 195.7 195.3 204.4 187.7 177.4 187.0 177.2 172.5 24

25 Money market mutual funds 86.2 103.6 103.8 90.4 96.3 93.4 113.4 135.7 137.8 123.3 119.7 25

26 Mutual funds 136.4 141.0 117.3 123.7 118.7 118.2 112.3 115.1 120.0 122.0 129.1 26

27 Closed-end funds 9.8 8.8 7.6 6.7 5.7 5.8 5.8 6.7 7.0 4.7 3.7 27

28 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.1 28

29 Government-sponsored enterprises 25.9 25.2 30.9 41.2 31.5 41.7 37.2 31.8 32.7 16.2 6.5 29

30 Brokers and dealers -5.3 15.8 -42.6 -3.3 61.1 1.5 67.4 9.8 -1.7 10.0 6.1 30

 Memo:

31 Federal government debt (1) 3804.8 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 31

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, December 5, 2002

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2847.6 3320.5 3912.2 4344.8 4449.7 4618.6 4823.1 4970.9 5143.2 5265.7 5372.4 1

 2 Budget agencies 26.5 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 2

 3 Government-sponsored enterprises 995.3 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2260.5 3

 4 Federally related mortgage pools 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 4

 5 Total assets 2847.6 3320.5 3912.2 4344.8 4449.7 4618.6 4823.1 4970.9 5143.2 5265.7 5372.4 5

 6 Household sector 213.7 231.6 351.6 387.9 273.9 274.6 301.5 278.8 268.0 260.4 192.6 6

 7 Nonfinancial corporate business 8.0 10.6 12.4 15.1 16.4 18.1 18.7 22.2 25.7 31.4 35.4 7

 8 State and local governments 115.4 179.0 190.0 203.5 212.9 223.6 231.8 233.3 235.3 238.6 237.1 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 209.4 227.8 300.2 445.2 474.0 497.6 516.8 554.9 564.9 603.8 641.6 10

11 Monetary authority 0.7 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 571.2 663.2 699.6 721.8 715.3 700.2 735.7 777.4 808.3 856.8 889.9 12

13 U.S.-chartered commercial banks 497.2 578.9 608.3 626.5 618.1 621.7 657.6 700.2 725.1 767.3 794.4 13

14 Foreign banking offices in U.S. 62.2 67.4 72.4 72.7 75.3 56.9 56.3 50.7 51.7 55.3 61.5 14

15 Bank holding companies 5.5 6.6 5.4 4.8 5.4 5.1 5.0 6.2 10.2 11.5 10.9 15

16 Banks in U.S.-affiliated areas 6.3 10.2 13.5 17.8 16.4 16.5 16.8 20.3 21.3 22.8 23.1 16

17 Savings institutions 155.3 143.7 147.1 140.4 145.3 150.7 148.9 161.4 173.6 172.6 168.6 17

18 Credit unions 51.0 58.4 61.3 60.9 68.4 66.3 74.1 80.6 90.7 93.7 96.2 18

19 Bank personal trusts and estates 40.8 39.4 45.2 45.5 45.6 45.9 46.4 46.8 47.3 48.0 48.5 19

20 Life insurance companies 226.7 217.0 224.4 235.4 240.4 245.1 250.5 253.5 262.4 266.9 279.3 20

21 Other insurance companies 70.8 69.7 75.5 84.1 86.3 86.3 90.8 94.2 96.0 97.6 99.2 21

22 Private pension funds 211.4 194.8 208.8 225.2 232.4 236.1 235.1 236.9 238.4 239.2 241.0 22

23 State and local govt. retirement funds 123.3 142.4 165.3 202.8 196.0 210.4 190.0 188.3 185.5 185.7 183.5 23

24 Money market mutual funds 96.3 173.8 190.9 185.2 248.3 267.9 318.9 318.4 311.8 290.1 314.1 24

25 Mutual funds 213.3 234.9 271.1 275.3 294.1 328.1 351.7 360.5 376.0 382.1 404.3 25

26 Government-sponsored enterprises 326.5 489.6 668.3 813.3 874.4 913.2 963.7 998.7 1077.3 1084.5 1110.1 26

27 ABS issuers 142.3 180.2 220.4 224.7 236.9 240.6 249.9 267.0 284.5 295.1 311.1 27

28 REITs 21.2 13.1 14.2 14.5 13.9 17.4 18.3 20.3 25.9 29.3 31.3 28

29 Brokers and dealers 50.4 50.9 66.0 63.7 75.3 96.3 80.4 77.8 71.8 90.0 88.8 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, December 5, 2002 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1367.5 1464.3 1532.5 1567.8 1597.5 1629.8 1635.3 1685.4 1707.5 1758.2 1783.8 1

 2 State and local governments 1110.6 1189.7 1242.4 1270.6 1298.7 1328.9 1331.7 1373.6 1393.8 1440.5 1463.4 2

 3 Short-term (1) 47.5 41.2 44.8 47.9 53.7 55.7 64.9 68.5 68.2 72.2 79.5 3

 4 Long-term 1063.1 1148.5 1197.6 1222.7 1244.9 1273.3 1266.8 1305.1 1325.6 1368.4 1383.8 4

 5 Nonprofit organizations (2) 114.9 126.9 137.3 143.0 144.2 145.3 147.5 154.3 156.4 159.6 161.4 5

 6 Nonfinancial corporate business 142.0 147.8 152.8 154.2 154.7 155.6 156.2 157.4 157.3 158.1 159.0 6

 (industrial revenue bonds)

 7 Total assets 1367.5 1464.3 1532.5 1567.8 1597.5 1629.8 1635.3 1685.4 1707.5 1758.2 1783.8 7

 8 Household sector 471.3 489.6 527.6 558.6 576.4 601.0 584.6 599.0 627.5 666.4 665.8 8

 9 Nonfinancial corporate business 27.4 25.7 25.0 22.9 16.1 12.9 13.4 16.1 15.1 16.6 15.7 9

10 Nonfarm noncorporate business 3.2 2.8 2.6 3.5 3.7 3.8 3.8 3.9 3.9 4.0 4.0 10

11 State and local governments 3.9 2.5 1.0 1.6 2.1 2.0 2.1 1.9 1.7 1.4 1.0 11

12 Commercial banking 96.7 104.8 110.8 114.1 112.5 116.2 118.1 120.2 118.7 118.3 121.2 12

13 Savings institutions 2.1 2.5 3.0 3.2 3.8 4.0 4.1 4.5 4.6 4.8 4.9 13

14 Bank personal trusts and estates 90.7 89.5 100.3 99.1 100.0 100.5 101.0 102.0 103.5 104.5 106.0 14

15 Life insurance companies 16.7 18.4 20.1 19.1 19.1 19.0 19.0 18.7 20.3 20.9 21.4 15

16 Other insurance companies 191.6 208.1 199.0 184.1 181.0 181.0 174.8 173.8 176.5 179.4 182.3 16

17 State and local govt. retirement funds 1.5 3.3 3.0 1.6 1.8 1.6 0.5 1.4 0.4 0.5 0.5 17

18 Money market mutual funds 167.0 193.0 210.4 244.7 255.5 254.9 266.3 281.0 274.2 269.3 271.8 18

19 Mutual funds 219.8 242.6 239.4 230.5 236.0 240.2 245.8 253.4 257.8 265.3 274.5 19

20 Closed-end funds 57.4 59.2 67.6 64.7 66.8 67.1 73.8 75.6 78.2 79.3 81.1 20

21 Government-sponsored enterprises 5.2 9.2 10.6 8.8 9.9 12.0 12.1 14.8 11.4 10.2 13.2 21

22 Brokers and dealers 13.2 13.1 11.9 11.3 12.7 13.7 16.0 19.0 13.6 17.4 20.3 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 3607.2 4170.9 4622.0 5028.3 5251.1 5416.0 5526.2 5691.8 5839.7 5996.7 6039.4 1

 2 Nonfinancial corporate business 1610.9 1829.6 2059.5 2230.6 2330.4 2435.3 2482.3 2563.2 2621.6 2673.4 2667.5 2

 3 Rest of the world (1) 427.7 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 470.7 3

 4 Financial sectors 1568.6 1878.7 2085.9 2297.2 2414.8 2478.7 2562.9 2640.2 2730.3 2845.8 2901.2 4

 5 Commercial banking 192.6 220.2 240.6 273.2 293.1 295.3 302.1 310.2 304.8 313.8 317.0 5

 6 Savings institutions 2.8 2.6 2.7 6.3 2.8 6.4 6.1 3.6 3.5 2.9 2.9 6

 7 ABS issuers 820.5 1016.2 1089.5 1170.1 1231.2 1267.0 1329.1 1386.2 1455.9 1534.3 1589.6 7

 8 Finance companies 341.5 365.6 429.9 502.2 533.8 542.1 555.8 567.4 574.4 597.2 584.9 8

 9 REITs 31.6 53.4 62.2 67.0 70.0 68.6 68.6 70.8 71.1 75.6 81.1 9

10 Brokers and dealers 35.3 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 10

11 Funding corporations 144.2 178.2 235.5 237.5 248.9 255.5 254.2 259.7 282.1 279.2 279.2 11

12 Total assets 3607.2 4170.9 4622.0 5028.3 5251.1 5416.0 5526.2 5691.8 5839.7 5996.7 6039.4 12

13 Household sector 569.8 678.8 712.2 707.6 790.7 795.6 761.5 767.3 768.6 784.6 758.0 13

14 State and local governments 51.0 61.2 71.3 75.0 77.9 79.7 83.4 84.4 88.2 91.5 89.4 14

15 Rest of the world (2) 501.6 607.8 752.1 920.6 986.5 1052.7 1086.4 1126.3 1171.7 1233.1 1255.5 15

16 Commercial banking 143.1 180.9 220.5 278.6 292.5 321.7 340.4 376.4 373.7 358.8 368.9 16

17 Savings institutions 58.7 88.6 111.9 109.4 95.9 93.2 88.1 83.9 83.3 85.2 85.8 17

18 Bank personal trusts and estates 31.1 28.5 39.8 44.9 45.9 47.0 47.8 48.9 50.0 51.5 51.0 18

19 Life insurance companies 1046.0 1130.4 1173.2 1222.2 1254.6 1285.4 1320.9 1342.4 1385.5 1418.1 1449.3 19

20 Other insurance companies 159.5 171.1 181.1 187.5 189.1 189.1 192.4 196.4 199.9 203.3 206.7 20

21 Private pension funds 278.7 300.3 301.9 320.7 324.3 328.6 331.1 330.5 334.8 337.0 337.5 21

22 State and local govt. retirement funds 244.5 279.6 310.0 339.7 330.6 321.6 341.0 351.1 361.6 357.9 351.5 22

23 Money market mutual funds 36.4 81.2 123.7 161.9 161.6 159.9 154.4 163.0 152.4 141.3 153.4 23

24 Mutual funds 273.8 339.0 368.2 361.9 376.8 392.8 400.8 420.0 441.4 459.4 468.2 24

25 Closed-end funds 26.2 30.6 31.6 29.1 26.2 24.6 23.9 24.9 27.3 29.1 31.2 25

26 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 26

27 Government-sponsored enterprises 47.1 67.8 91.5 117.2 123.6 133.7 132.3 132.7 139.2 154.5 149.5 27

28 REITs 6.5 6.1 5.7 5.3 7.4 5.2 5.9 7.4 7.7 8.9 10.3 28

29 Brokers and dealers 100.0 81.4 93.4 112.7 124.0 132.0 151.7 161.3 168.2 184.5 181.2 29

30 Funding corporations 33.1 37.6 33.8 33.9 43.6 53.3 64.2 74.8 86.3 98.0 90.3 30

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, December 5, 2002

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Issues at market value 13301.7 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 1

 2 Nonfinancial corporate business 9774.6 11606.7 15191.1 12684.2 10907.7 11606.7 9591.8 10782.8 10698.8 8989.8 7326.0 2

 3 Rest of the world (2) 1207.8 1476.2 2026.6 1832.4 1609.1 1652.0 1416.8 1564.7 1565.2 1536.3 1214.7 3

 4 Financial corporations 2319.3 2494.5 2363.4 3095.3 2830.7 3022.9 2664.7 2898.0 3000.1 2836.9 2419.4 4

 5 Holdings at market value 13301.7 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 5

 6 Household sector 6228.9 7052.4 9053.1 7408.0 6221.2 6600.6 5384.0 6024.1 5849.4 4970.2 4021.4 6

 7 State and local governments 79.0 102.0 115.0 115.1 111.1 121.1 111.3 126.3 131.8 123.8 107.1 7

 8 Rest of the world (3) 952.9 1250.3 1611.5 1625.5 1509.3 1601.1 1398.6 1533.8 1585.2 1418.8 1192.9 8

 9 Commercial banking 2.6 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 1.0 9

10 Savings institutions 23.3 24.5 23.8 24.2 24.6 25.6 27.1 27.9 28.3 28.6 28.6 10

11 Bank personal trusts and estates 362.2 360.1 407.3 356.8 311.9 334.0 279.9 313.4 315.3 274.4 227.2 11

12 Life insurance companies 558.6 733.2 964.5 940.8 849.9 906.0 793.3 855.2 870.4 799.8 701.7 12

13 Other insurance companies 186.0 200.1 207.9 194.3 172.2 179.9 164.5 173.9 176.2 163.3 150.3 13

14 Private pension funds 1696.4 1990.7 2325.7 2195.1 1953.6 2038.2 1748.7 1925.8 1965.8 1706.8 1414.8 14

15 State and local govt. retirement funds 1084.8 1233.9 1343.2 1335.1 1224.1 1255.1 1113.8 1221.9 1244.8 1116.7 937.0 15

16 Mutual funds 2018.7 2506.2 3376.7 3226.9 2786.7 3013.6 2486.2 2836.1 2883.1 2552.5 2005.0 16

17 Closed-end funds 49.8 47.2 40.4 35.3 30.3 31.4 27.8 30.3 30.8 30.4 27.1 17

18 Exchange-traded funds 6.7 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 78.3 18

19 Brokers and dealers 51.9 54.4 66.9 77.2 78.3 89.8 66.6 85.1 86.2 83.7 67.5 19

 Memo:

20 Market value of domestic corporations (4) 11796.9 13777.1 17194.3 15395.2 13383.2 14243.3 11926.1 13299.6 13309.0 11455.4 9421.1 20

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 1

 2 Holdings at market value 2989.4 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3418.9 2

 3 Household sector 1982.4 2447.4 3180.6 3083.3 2783.9 2974.2 2637.6 2916.2 2994.6 2809.3 2469.4 3

 4 Nonfinancial corporate business 69.1 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 4

 5 State and local governments 33.6 21.3 25.6 26.4 28.8 30.7 30.5 31.5 30.5 29.9 28.1 5

 6 Commercial banking 8.1 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 6

 7 Credit unions 2.4 3.6 2.5 2.2 2.0 3.6 3.1 3.7 3.0 4.0 4.0 7

 8 Bank personal trusts and estates 285.7 344.7 391.5 396.8 352.2 382.7 326.1 359.1 362.4 333.3 295.3 8

 9 Life insurance companies 38.4 23.3 43.3 48.1 42.6 46.1 39.1 44.3 45.1 41.5 34.9 9

10 Private pension funds 569.6 668.2 753.8 733.6 652.1 687.0 602.9 651.5 682.4 600.0 500.1 10
Z.1, December 5, 2002 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 3052.9 3304.6 3505.1 3874.8 3905.6 3895.5 3892.5 3944.4 3918.7 3980.3 4074.6 1

 - Loans elsewhere classified:

 2 Open market paper 2.7 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 1245.3 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1961.9 3

 4 Consumer credit 512.6 508.9 499.8 541.5 533.7 540.2 536.2 558.0 550.7 554.9 575.7 4

 5 Security credit 122.5 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 5

 6 = Banking sector total bank loans n.e.c. 1169.8 1314.8 1383.8 1496.6 1492.1 1460.2 1452.6 1421.4 1409.1 1377.8 1361.6 6

 7 U.S.-chartered commercial banks 867.9 1012.0 1104.3 1202.4 1194.9 1180.2 1173.1 1140.9 1118.9 1098.1 1092.3 7

 8 Foreign banking offices in U.S. 284.0 282.4 260.0 274.6 276.4 258.9 258.3 256.1 265.9 255.2 244.8 8

 9 Bank holding companies 2.4 4.1 2.6 1.6 2.7 2.7 2.6 1.9 2.1 2.1 2.1 9

10 Banks in U.S.-affiliated areas 15.5 16.3 16.9 18.0 18.1 18.4 18.6 22.5 22.2 22.4 22.4 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. 1169.8 1314.8 1383.8 1496.6 1492.1 1460.2 1452.6 1421.4 1409.1 1377.8 1361.6 12

13 Total liabilities 1169.8 1314.8 1383.8 1496.6 1492.1 1460.2 1452.6 1421.4 1409.1 1377.8 1361.6 13

14 Nonfinancial sectors 1092.5 1207.3 1290.6 1403.6 1394.8 1359.9 1352.4 1314.6 1304.1 1264.3 1228.4 14

15 Households 66.5 72.6 65.6 72.3 60.6 58.2 65.7 55.5 52.9 47.4 29.4 15

16 Corporate business 692.7 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.1 16

17 Nonfarm noncorporate business 237.3 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 17

18 Farm business 43.9 45.1 44.2 46.9 45.0 47.9 47.3 46.9 44.2 46.8 46.7 18

19 Rest of the world 52.1 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 19

20 Foreign official institutions 2.1 2.8 3.0 3.5 3.6 3.3 4.2 4.3 4.2 4.8 5.0 20

21 Foreign banks 13.8 13.1 9.9 13.2 16.4 9.1 9.4 5.9 6.1 9.7 7.8 21

22 Other foreign 36.3 42.8 46.4 53.8 54.1 53.8 53.7 53.1 56.5 57.8 56.5 22

23 Financial sectors 77.3 107.5 93.2 93.0 97.3 100.4 100.2 106.8 105.1 113.5 133.2 23

24 Savings institutions 19.4 29.7 14.0 21.5 22.6 21.6 23.4 23.0 22.9 24.0 25.5 24

25 Finance companies 24.2 26.5 35.4 35.9 41.6 45.3 44.5 50.8 49.4 56.9 74.9 25

26 Mortgage companies 16.0 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 26

27 REITs 17.6 33.6 26.0 17.7 15.0 15.2 14.0 14.4 14.0 13.7 13.6 27
92 Z.1, December 5, 2002

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 1086.5 1253.0 1400.9 1548.2 1572.0 1602.0 1624.4 1608.6 1597.6 1622.0 1654.4 1

 2 U.S. government loans 158.7 173.2 179.3 187.5 189.2 191.7 193.3 194.6 195.8 198.3 200.6 2

 3 Liab.: Household sector 41.8 52.4 65.0 76.2 78.8 81.8 84.6 87.7 90.3 93.5 96.6 3

 4 Nonfinancial corporate business 8.4 8.3 8.0 7.6 7.6 7.3 7.7 7.4 7.0 7.2 6.8 4

 5 Nonfarm noncorporate business 40.9 44.8 43.9 42.8 42.2 41.6 40.6 39.6 39.1 38.5 38.6 5

 6 Farm business 5.5 5.1 4.9 5.0 5.0 5.1 5.1 5.0 4.9 4.8 4.8 6

 7 State and local governments 8.9 10.1 9.7 8.7 8.8 8.9 8.9 8.9 9.0 9.1 9.3 7

 8 Rest of the world 53.2 52.4 47.8 47.2 46.7 46.9 46.5 46.0 45.4 45.1 44.6 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 143.3 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 10

11 Liab.: Nonfinancial corporate business 143.3 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 20.6 11.3 8.2 7.5 7.4 6.6 4.8 4.6 4.5 4.8 4.8 12

13 Liab.: Nonfinancial corporate business 10.8 6.6 4.4 4.3 6.6 5.8 4.3 4.1 3.9 4.4 4.3 13

14 Rest of the world 9.7 4.7 3.9 3.1 0.8 0.8 0.6 0.5 0.6 0.5 0.5 14

15 Savings institution loans to business 18.8 24.2 30.6 39.3 41.4 43.8 43.6 42.9 44.5 44.3 45.4 15

16 Liab.: Nonfinancial corporate business 9.4 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 16

17 Nonfarm noncorporate business 9.4 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 17

18 Policy loans (Household liability) 104.6 104.7 100.0 102.8 103.8 104.0 105.3 105.0 105.3 105.3 105.9 18

19 Asset: Federal government 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 103.7 103.8 99.0 101.9 102.9 103.0 104.4 104.1 104.4 104.3 105.0 20

21 Government-sponsored enterprise loans 260.3 352.6 466.2 514.6 527.9 530.1 547.2 554.7 544.7 554.5 576.3 21

22 Liab.: Household sector (SLMA) 30.2 29.0 34.5 37.4 38.0 39.2 39.7 39.8 40.3 40.5 42.0 22

23 Noncorporate business (FCS) 15.1 17.8 17.9 19.4 19.4 20.9 21.4 22.3 22.1 23.4 23.3 23

24 Farm business (FCS) 16.5 17.1 17.9 19.5 19.6 19.2 19.0 19.5 19.9 19.8 19.8 24

25 Commercial banks (FHLB and SLMA) 58.1 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 234.6 25

26 Savings institutions (FHLB and SLMA) 138.0 180.1 243.7 260.0 269.7 266.4 276.1 268.5 254.2 248.4 246.1 26

27 Credit unions (FHLB) 0.6 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.3 27

28 Life insurance companies (FHLB) 1.8 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.2 28

29 Securitized loans held by ABS issuers 76.2 103.8 102.0 120.7 128.5 125.3 141.6 144.0 150.4 145.4 142.2 29

30 Liab.: Households (1) 14.1 17.9 19.4 29.9 30.5 31.0 31.2 30.7 32.5 32.2 32.6 30

31 Nonfinancial corporate business 62.1 85.9 82.6 90.9 98.0 94.2 110.4 113.3 117.9 113.2 109.6 31

32 Finance company loans to business 304.1 340.9 395.1 458.4 459.1 481.9 451.1 447.0 443.0 449.4 445.5 32

33 Liab.: Nonfinancial corporate business 273.7 306.8 355.6 412.6 413.2 433.7 406.0 402.3 398.7 404.5 401.0 33

34 Nonfarm noncorporate business 30.4 34.1 39.5 45.8 45.9 48.2 45.1 44.7 44.3 44.9 44.6 34

(1) Student loans.
Z.1, December 5, 2002 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total mortgages 5201.1 5715.7 6320.1 6886.0 7010.3 7213.3 7409.0 7591.8 7756.2 7973.6 8212.0 1

 2 Home 3978.3 4366.0 4790.6 5204.3 5299.4 5458.4 5602.1 5734.6 5873.4 6045.4 6245.2 2

 3 Multifamily residential 300.1 331.6 369.3 406.6 415.3 426.9 440.8 454.8 462.7 474.3 483.1 3

 4 Commercial 832.7 921.6 1057.9 1166.3 1185.6 1215.1 1251.5 1286.0 1302.0 1333.4 1360.3 4

 5 Farm 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 5

 6 Total liabilities 5201.1 5715.7 6320.1 6886.0 7010.3 7213.3 7409.0 7591.8 7756.2 7973.6 8212.0 6

 7 Household sector 3913.2 4261.7 4642.2 5015.7 5098.0 5247.6 5382.5 5504.5 5639.2 5800.2 5989.8 7

 8 Nonfinancial business 1241.1 1382.4 1601.2 1787.3 1831.3 1880.6 1941.9 2003.1 2031.1 2085.9 2135.3 8

 9 Corporate 260.2 277.2 345.6 395.5 403.1 411.3 432.6 453.7 452.8 468.1 479.3 9

10 Nonfarm noncorporate 890.9 1008.6 1153.3 1283.0 1318.2 1356.3 1394.7 1433.1 1460.2 1497.3 1532.6 10

11 Farm 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 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 46.8 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 86.9 13

14 Total assets 5201.1 5715.7 6320.1 6886.0 7010.3 7213.3 7409.0 7591.8 7756.2 7973.6 8212.0 14

15 Household sector 109.6 110.5 110.4 111.4 111.4 111.9 112.0 112.2 112.4 112.7 113.1 15

16 Nonfinancial corporate business 80.2 67.3 41.2 31.2 30.5 29.7 29.0 28.2 27.5 26.7 26.0 16

17 Nonfarm noncorporate business 18.7 26.7 24.7 27.8 28.5 29.8 30.5 31.1 31.7 32.0 32.2 17

18 State and local governments 121.3 125.4 129.8 134.3 135.4 136.6 137.8 139.0 140.2 141.4 142.7 18

19 Federal government 45.7 44.9 77.7 76.9 76.3 76.2 75.3 75.8 75.7 75.5 75.0 19

20 Commercial banking 1245.3 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1961.9 20

21 Savings institutions (1) 631.8 644.0 668.1 723.0 740.5 751.6 758.3 758.2 746.0 742.7 773.7 21

22 Credit unions 86.0 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.5 22

23 Bank personal trusts and estates 3.0 2.8 2.2 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.5 23

24 Life insurance companies 206.8 213.6 230.8 235.9 235.1 237.2 239.2 243.0 243.3 244.9 245.3 24

25 Other insurance companies 2.2 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 25

26 Private pension funds 9.7 9.3 10.3 11.5 11.8 12.1 12.4 12.8 13.2 13.6 14.0 26

27 State and local govt. retirement funds 17.6 24.1 21.5 21.5 22.1 22.8 23.7 24.9 26.2 27.8 29.6 27

28 Government-sponsored enterprises (1) 239.4 247.1 242.3 267.3 271.2 280.7 287.7 301.2 309.3 320.6 337.0 28

29 Federally related mortgage pools 1825.8 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.8 29

30 ABS issuers 406.2 563.0 656.1 739.8 766.4 796.9 824.4 885.6 913.9 946.7 990.7 30

31 Finance companies 96.5 121.2 145.8 172.3 176.1 182.3 187.4 161.3 157.2 160.5 165.3 31

32 Mortgage companies 32.1 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 32

33 REITs 22.9 26.3 23.0 16.8 16.3 15.3 15.6 15.7 16.3 19.7 22.5 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, December 5, 2002

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 3978.3 4366.0 4790.6 5204.3 5299.4 5458.4 5602.1 5734.6 5873.4 6045.4 6245.2 1

 2 Household sector 3818.1 4157.2 4531.1 4901.8 4982.8 5128.7 5259.1 5379.8 5506.7 5665.4 5849.7 2

 3 Nonfinancial corporate business 8.0 9.4 11.5 13.5 14.4 15.0 15.4 15.6 15.5 15.7 16.2 3

 4 Nonfarm noncorporate business 152.2 199.4 248.0 289.0 302.3 314.7 327.5 339.3 351.2 364.3 379.4 4

 5 Total assets 3978.3 4366.0 4790.6 5204.3 5299.4 5458.4 5602.1 5734.6 5873.4 6045.4 6245.2 5

 6 Household sector 86.5 85.3 84.2 83.2 82.9 82.7 82.4 82.2 81.9 81.7 81.5 6

 7 Nonfinancial corporate business 29.8 27.1 20.2 15.3 14.9 14.4 13.9 13.4 13.0 12.5 12.0 7

 8 Nonfarm noncorporate business 7.0 10.0 9.0 10.1 10.4 10.6 10.9 11.1 11.4 11.7 12.0 8

 9 State and local governments 65.8 69.1 72.6 76.3 77.2 78.2 79.1 80.1 81.1 82.1 83.1 9

10 Federal government 19.1 18.8 18.4 17.7 17.6 17.4 17.2 17.1 16.9 16.5 16.4 10

11 Commercial banking 745.5 797.0 879.6 965.6 977.5 997.2 987.7 1023.9 1018.5 1070.5 1143.9 11

12 Savings institutions 520.7 533.5 548.2 594.2 607.3 616.0 620.4 620.6 605.2 599.4 625.4 12

13 Credit unions 86.0 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.5 13

14 Bank personal trusts and estates 3.0 2.8 2.2 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.5 14

15 Life insurance companies 7.2 6.6 5.9 4.9 4.9 5.0 5.1 4.9 4.9 5.2 5.2 15

16 Private pension funds 5.7 5.8 6.7 7.8 8.1 8.5 8.8 9.2 9.6 10.0 10.4 16

17 State and local govt. retirement funds 5.6 8.4 7.5 7.5 7.7 8.0 8.3 8.7 9.2 9.7 10.4 17

18 Government-sponsored enterprises 194.3 199.6 189.3 205.1 206.3 212.0 215.8 225.3 230.2 238.8 251.2 18

19 Federally related mortgage pools 1788.1 1970.2 2234.7 2425.6 2464.9 2561.7 2681.5 2748.5 2870.6 2955.0 2996.3 19

20 ABS issuers 310.7 405.2 455.0 499.8 523.3 539.2 550.2 591.2 616.3 638.3 671.2 20

21 Finance companies 67.5 90.0 108.2 130.6 133.8 140.1 144.8 120.1 120.4 121.8 126.3 21

22 Mortgage companies 21.8 24.9 25.2 25.4 25.8 26.0 26.4 26.7 27.1 27.4 27.7 22

23 REITs 14.0 14.8 12.4 7.9 7.8 7.6 8.0 7.9 8.7 10.7 14.1 23

 Memo:

24 Home equity loans included above (2) 416.2 476.7 532.8 630.6 645.9 670.1 690.0 699.4 727.0 758.9 799.6 24

25 Commercial banking 174.0 176.9 189.5 235.0 235.6 245.7 252.2 258.6 268.7 289.2 301.4 25

26 Savings institutions 55.5 55.9 59.7 72.8 73.2 76.8 78.0 77.9 78.8 79.4 81.4 26

27 Credit unions 29.0 29.7 33.4 40.7 41.4 42.2 45.3 44.9 44.2 47.0 47.0 27

28 ABS issuers 90.2 124.2 141.9 151.5 161.9 165.3 169.7 197.8 214.9 221.5 243.2 28

29 Finance companies 67.5 90.0 108.2 130.6 133.8 140.1 144.8 120.1 120.4 121.8 126.5 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 300.1 331.6 369.3 406.6 415.3 426.9 440.8 454.8 462.7 474.3 483.1 1

 2 Nonfinancial corporate business 22.5 23.5 24.7 25.9 26.2 26.5 26.9 27.3 27.7 28.1 28.5 2

 3 Nonfarm noncorporate business 262.1 284.4 319.2 353.2 362.4 372.2 386.0 399.7 406.6 417.3 425.9 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 15.4 23.6 25.3 27.4 26.7 28.1 27.9 27.8 28.3 28.9 28.7 5

 6 Total assets 300.1 331.6 369.3 406.6 415.3 426.9 440.8 454.8 462.7 474.3 483.1 6

 7 Household sector 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 1.4 1.1 0.9 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.6 8

 9 Nonfarm noncorporate business 6.2 8.8 8.0 9.0 9.2 10.0 10.2 10.4 10.5 10.4 10.2 9

10 State and local governments 46.5 47.4 48.3 49.3 49.6 49.8 50.1 50.3 50.6 50.8 51.1 10

11 Federal government 13.9 13.6 13.6 13.9 13.3 13.4 13.6 13.7 13.8 13.9 13.4 11

12 Commercial banking 49.7 54.6 67.7 77.8 79.9 80.3 83.9 84.9 86.7 90.7 90.9 12

13 Savings institutions 59.5 57.0 59.3 61.3 62.8 63.4 64.4 64.6 65.2 66.0 68.7 13

14 Life insurance companies 30.4 31.5 32.8 33.7 33.6 33.9 33.9 35.6 35.7 35.8 35.9 14

15 Private pension funds 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 15

16 State and local govt. retirement funds 5.0 6.7 6.0 6.0 6.2 6.4 6.6 7.0 7.3 7.8 8.3 16

17 Government-sponsored enterprises 16.2 16.4 20.8 28.1 30.0 32.3 34.5 37.5 39.6 41.4 43.6 17

18 Federally related mortgage pools 37.8 48.3 57.5 66.0 69.3 74.1 77.3 81.6 84.5 86.6 88.5 18

19 ABS issuers 20.9 33.8 42.3 48.8 49.0 50.8 53.6 57.0 57.5 59.5 61.2 19

20 Finance companies 2.8 2.5 2.8 2.9 2.9 2.9 2.9 2.7 1.8 1.8 1.7 20

21 Mortgage companies 5.2 5.3 5.3 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.5 21

22 REITs 2.1 2.1 1.6 1.3 1.2 1.2 1.3 1.1 1.1 1.2 1.1 22
Z.1, December 5, 2002 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 832.7 921.6 1057.9 1166.3 1185.6 1215.1 1251.5 1286.0 1302.0 1333.4 1360.3 1

 2 Household sector 95.1 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 2

 3 Nonfinancial corporate business 229.7 244.3 309.3 356.0 362.5 369.8 390.3 410.8 409.6 424.3 434.7 3

 4 Nonfarm noncorporate business 476.6 524.8 586.1 640.8 653.6 669.4 681.1 694.1 702.3 715.7 727.3 4

 5 REITs 31.4 48.0 51.4 55.6 54.3 57.0 56.7 56.4 57.5 58.7 58.2 5

 6 Total assets 832.7 921.6 1057.9 1166.3 1185.6 1215.1 1251.5 1286.0 1302.0 1333.4 1360.3 6

 7 Household sector 5.1 6.0 6.8 7.3 7.5 7.6 7.8 7.9 8.1 8.3 8.4 7

 8 Nonfinancial corporate business 49.1 39.1 20.1 15.1 14.9 14.6 14.4 14.1 13.9 13.6 13.4 8

 9 Nonfarm noncorporate business 4.9 6.9 6.4 7.2 7.3 7.5 7.7 7.8 7.9 8.0 8.1 9

10 State and local governments 7.7 7.6 7.5 7.4 7.3 7.3 7.3 7.2 7.2 7.2 7.1 10

11 Federal government 7.8 7.9 41.5 41.1 41.3 41.3 40.5 41.0 41.1 41.2 41.4 11

12 Commercial banking 423.1 456.3 516.3 582.6 596.0 609.8 629.6 645.6 659.2 674.9 689.3 12

13 Savings institutions 51.3 53.0 60.1 67.0 69.8 71.7 73.0 72.5 75.1 76.8 79.0 13

14 Life insurance companies 158.8 164.0 179.0 183.8 183.1 184.7 186.5 188.4 188.6 189.9 190.1 14

15 Other insurance companies 2.2 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 15

16 Private pension funds 3.0 2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 16

17 State and local govt. retirement funds 7.0 8.9 8.0 8.0 8.2 8.4 8.8 9.2 9.7 10.3 11.0 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 74.6 124.0 158.8 191.2 194.1 206.9 220.6 237.4 240.1 248.9 258.3 19

20 Finance companies 26.2 28.7 34.8 38.8 39.4 39.3 39.6 38.5 34.9 37.0 37.2 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 6.9 9.4 9.0 7.6 7.4 6.5 6.4 6.6 6.5 7.8 7.3 22

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 1

 2 Total assets 90.0 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.4 2

 3 Household sector 16.5 17.7 17.9 19.4 19.6 20.1 20.4 20.7 21.0 21.3 21.7 3

 4 Nonfarm noncorporate business 0.6 1.0 1.3 1.6 1.6 1.6 1.7 1.8 1.8 1.9 1.9 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 4.9 4.5 4.3 4.1 4.1 4.1 4.0 4.0 3.9 3.8 3.8 6

 7 Commercial banking 27.0 29.0 31.8 34.0 34.3 35.1 35.4 35.5 36.0 37.0 37.8 7

 8 Savings institutions 0.4 0.4 0.5 0.5 0.6 0.6 0.6 0.5 0.5 0.6 0.6 8

 9 Life insurance companies 10.5 11.5 13.0 13.6 13.5 13.7 13.8 14.1 14.1 14.1 14.1 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 28.9 31.0 32.2 34.2 34.9 36.4 37.4 38.5 39.5 40.4 42.1 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, December 5, 2002

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities (Households) 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 1

 2 Total assets 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 2

 3 Nonfinancial corporate business 78.9 74.9 80.3 82.7 71.4 68.0 60.1 67.9 58.1 53.0 49.2 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 512.6 508.9 499.8 541.5 533.7 540.2 536.2 558.0 550.7 554.9 575.7 5

 6 Savings institutions 47.2 51.6 61.5 64.6 65.5 65.3 68.5 69.1 68.6 68.5 65.2 6

 7 Credit unions 152.4 155.4 167.9 184.4 182.8 186.4 187.3 189.6 187.7 191.6 196.0 7

 8 ABS issuers 313.1 372.4 435.1 500.1 519.2 533.9 557.3 582.2 579.8 596.7 588.4 8

 9 Finance companies 167.5 183.3 201.5 219.8 212.8 214.3 220.9 236.6 232.3 235.6 246.1 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1967.4 2073.8 2342.4 2512.6 2536.4 2498.4 2502.4 2493.4 2526.0 2533.2 2587.8 1

 2 Household sector 118.0 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 2

 3 Nonfinancial corporate business 992.1 1049.7 1228.2 1340.7 1339.5 1284.1 1282.2 1259.8 1286.6 1289.1 1336.7 3

 4 Nonfarm noncorporate business 147.8 169.5 210.2 245.2 251.0 258.4 261.6 265.2 269.6 272.7 275.7 4

 5 Farm business 18.8 19.6 20.0 20.9 20.3 21.5 21.2 21.0 19.7 20.8 20.8 5

 6 State and local governments 549.0 579.5 608.6 635.9 642.1 648.4 654.8 661.1 667.6 673.6 679.6 6

 7 Federal government 72.9 65.0 64.7 45.5 60.9 59.3 59.3 54.5 54.6 55.5 53.0 7

 8 Rest of the world 48.8 44.9 49.1 49.9 46.9 51.9 44.0 47.8 45.2 42.8 40.5 8

 9 Brokers and dealers 19.9 18.9 30.9 35.9 35.3 33.3 36.1 39.2 36.3 30.6 31.7 9

10 Total trade receivables 1839.3 1988.9 2250.7 2394.9 2451.8 2434.7 2453.7 2359.3 2438.2 2493.0 2548.6 10

11 Nonfinancial corporate business 1366.6 1452.9 1653.4 1716.4 1757.4 1727.6 1729.8 1630.0 1689.6 1729.1 1771.1 11

12 Nonfarm noncorporate business 204.9 233.8 276.4 318.7 322.5 325.2 328.4 333.8 340.0 344.8 352.4 12

13 Federal government 20.8 22.3 22.9 28.1 31.7 33.8 37.6 35.4 36.6 37.0 37.3 13

14 Rest of the world 59.0 52.5 47.5 47.0 45.7 45.2 45.2 44.3 46.4 46.2 45.6 14

15 Other insurance companies 59.9 61.5 63.6 64.6 67.6 69.8 72.7 69.9 73.4 77.8 78.3 15

16 ABS issuers 128.1 165.9 187.0 220.0 227.0 233.0 240.0 245.9 252.3 258.1 264.0 16

17 Discrepancy 128.1 84.8 91.7 117.7 84.6 63.8 48.7 134.0 87.8 40.3 39.2 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 469.1 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 746.2 714.7 1

 2 Household sector 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 337.9 419.5 448.7 587.6 603.5 585.6 661.9 629.5 586.0 575.5 566.3 4

 5 Customer credit balances (HH) 215.5 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.9 391.0 5

 6 From U.S.-chartered commercial banks 64.4 76.3 67.6 74.7 82.2 83.8 92.6 81.9 80.7 84.9 84.9 6

 7 From foreign banking offices in U.S. 58.0 66.5 57.2 100.5 109.3 88.9 74.4 93.3 77.9 89.7 90.4 7

 8 Total assets 469.1 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 746.2 714.7 8

 9 Household sector 215.5 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.9 391.0 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 122.5 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 11

12 Brokers and dealers 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 12
Z.1, December 5, 2002 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Total liabilities 665.0 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 928.3 1

 2 Federal government 32.3 33.6 35.0 36.4 36.6 37.1 37.2 37.8 37.7 38.7 38.7 2

 3 Life insurance companies 632.7 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.6 3

 4 Total assets (Households) 665.0 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 928.3 4

 Pension fund reserves:

 5 Total liabilities 7323.4 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8694.0 8822.2 8328.1 7737.4 5

 6 Federal government (1) 601.7 642.9 684.0 704.9 713.3 724.9 738.2 765.8 753.7 762.6 773.7 6

 7 Life insurance companies 1086.1 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 7

 8 Private pension funds (2) 3793.6 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4236.5 4324.8 3984.1 3598.7 8

 9 State and local govt. retirement funds 1842.0 2085.4 2262.3 2331.5 2212.8 2274.2 2123.6 2226.4 2256.3 2123.3 1943.6 9

10 Total assets (Households) (3) 7323.4 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8694.0 8822.2 8328.1 7737.4 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 151.1 170.7 193.9 215.6 223.3 222.5 251.4 229.9 241.3 252.9 240.3 1

 2 Nonfinancial corporate business 59.2 64.1 71.0 78.0 82.9 77.6 103.1 78.1 85.4 93.5 76.5 2

 3 Nonfarm noncorporate business 49.8 58.7 68.0 75.5 77.5 80.0 81.1 82.3 84.3 85.7 87.8 3

 4 U.S.-chartered commercial banks 5.4 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 4

 5 Savings institutions 1.8 2.0 2.0 2.5 2.3 2.0 2.0 1.7 1.5 1.5 1.5 5

 6 Life insurance companies 13.7 14.9 16.2 17.8 18.2 18.7 19.2 19.7 20.3 20.9 21.5 6

 7 Other insurance companies 13.4 15.4 17.4 19.7 20.3 21.0 21.7 22.4 23.2 23.9 24.8 7

 8 Finance companies 6.5 7.3 8.1 9.1 9.3 9.6 9.9 10.2 10.6 10.9 11.2 8

 9 Brokers and dealers 1.3 1.3 2.2 2.1 1.2 1.3 1.4 1.9 1.9 1.6 1.6 9

10 Total business taxes receivable 46.9 49.5 72.0 87.9 111.5 90.7 102.8 129.9 149.0 102.2 126.8 10

11 State and local governments 26.9 28.1 33.5 45.6 49.1 50.8 51.4 50.1 49.5 51.6 56.0 11

12 Federal government 20.0 21.4 38.5 42.4 62.3 39.9 51.4 79.8 99.5 50.6 70.8 12

13 Discrepancy 104.2 121.2 121.9 127.7 111.9 131.7 148.6 100.0 92.3 150.7 113.5 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 1

 2 Asset: Household sector 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 2
98 Z.1, December 5, 2002

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 6733.1 7633.7 8500.3 9427.9 9862.5 10140.3 10545.9 10091.1 10104.6 10369.1 10882.0 1

 2 Household sector 18.6 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 19.8 2

 3 Nonfinancial corporate business 2195.5 2569.7 2909.0 3156.3 3216.0 3275.8 3317.5 3380.7 3393.1 3426.4 3438.7 3

 4 Nonfarm noncorporate business 301.3 393.0 466.6 533.1 543.2 551.3 561.2 568.4 574.9 580.1 583.8 4

 5 Federal government 6.6 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 5

 6 Rest of the world 1237.9 1389.8 1628.4 1816.5 2168.4 2240.2 2495.9 1919.9 1940.2 2036.9 2432.8 6

 7 Monetary authority 9.5 10.7 9.4 10.6 8.8 8.2 8.0 7.7 8.0 8.6 9.5 7

 8 Commercial banking 1023.7 1115.2 1077.4 1257.8 1220.3 1244.2 1355.1 1258.4 1204.6 1325.3 1355.1 8

 9 Savings institutions 101.4 99.8 85.1 102.3 108.2 119.8 122.0 121.3 122.5 117.2 138.7 9

10 Credit unions 4.6 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 6.3 10

11 Life insurance companies 625.4 649.5 683.5 683.8 683.3 689.4 697.1 704.4 741.4 744.8 747.8 11

12 Other insurance companies 522.3 527.7 534.6 543.3 548.5 553.4 571.9 569.3 578.5 593.1 612.3 12

13 Government-sponsored enterprises 75.1 95.3 89.3 96.7 119.7 118.5 131.9 133.1 130.8 127.5 129.1 13

14 Finance companies 206.0 223.8 290.7 373.5 393.7 388.8 379.9 392.6 384.5 387.5 405.0 14

15 Mortgage companies 16.0 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 15

16 REITs 18.0 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.3 16

17 Brokers and dealers 131.1 176.4 180.5 181.7 174.4 259.7 237.0 317.0 303.4 288.9 288.8 17

18 Funding corporations 240.1 304.3 459.8 585.0 588.7 604.0 580.9 632.8 634.5 645.5 649.7 18

19 Total assets 8109.8 9589.9 10936.3 12396.8 12782.3 13002.9 13238.5 13294.4 13283.5 13592.3 13912.2 19

20 Household sector 311.7 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 381.5 20

21 Nonfinancial corporate business 3628.7 4477.5 5425.6 6003.5 6007.8 6093.4 6101.2 6245.2 6258.8 6237.7 6167.2 21

22 Nonfarm noncorporate business 259.9 382.1 473.9 551.2 569.8 594.1 611.5 626.5 640.7 654.4 673.4 22

23 Farm business 44.8 45.4 45.6 45.5 45.6 46.3 46.9 47.0 47.6 48.9 50.5 23

24 State and local governments 27.0 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 62.7 24

25 Federal government 104.8 101.3 100.4 99.0 98.9 99.1 99.6 100.3 101.3 101.4 100.9 25

26 Rest of the world 936.7 1055.6 1166.6 1572.8 1918.0 1873.5 1994.2 1758.0 1732.1 1924.2 2155.2 26

27 Monetary authority 13.2 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 27

28 Commercial banking 934.0 1065.2 1097.7 1196.9 1220.8 1265.6 1337.2 1349.6 1333.4 1374.8 1434.3 28

29 Savings institutions 49.7 62.8 60.2 67.8 85.0 85.2 91.2 87.0 98.0 95.1 98.5 29

30 Credit unions 17.6 24.3 8.0 25.9 30.8 39.3 33.3 32.8 42.2 37.7 38.8 30

31 Bank personal trusts and estates 14.6 23.0 20.5 21.7 21.8 21.9 21.9 22.0 22.0 22.1 22.3 31

32 Life insurance companies 65.7 69.2 34.9 55.6 68.5 50.6 46.0 28.1 47.7 55.6 79.3 32

33 Other insurance companies 42.8 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 61.6 65.2 33

34 Private pension funds 590.9 622.2 627.7 621.3 609.7 613.4 608.8 615.3 625.1 612.1 604.7 34

35 State and local govt. retirement funds 63.5 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 116.9 35

36 Money market mutual funds 58.1 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 36

37 Mutual funds 11.8 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 1.3 37

38 Government-sponsored enterprises 68.8 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 116.8 38

39 Finance companies 175.1 184.4 235.3 259.6 263.5 237.7 246.8 280.1 259.9 262.5 275.3 39

40 REITs 10.5 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.7 40

41 Brokers and dealers 391.8 499.3 522.8 655.1 588.8 723.6 717.9 821.0 820.5 812.7 813.2 41

42 Funding corporations 288.0 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 42

43 Discrepancy -1376.7 -1956.2 -2436.0 -2968.9 -2919.9 -2862.5 -2692.6 -3203.2 -3178.9 -3223.2 -3030.3 43
Z.1, December 5, 2002 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 1068.1 1196.2 1377.3 1515.3 1541.6 1578.3 1621.8 1623.1 1654.6 1685.8 1706.8 1

 2 Asset: Nonfinancial corporate business 933.1 1041.2 1188.9 1304.0 1325.6 1358.6 1387.4 1389.5 1417.3 1443.7 1463.3 2

 3 Commercial banking 44.2 31.2 35.4 44.8 45.6 46.0 46.5 45.3 46.8 47.7 49.6 3

 4 Life insurance companies 8.6 11.1 15.6 16.9 17.7 18.7 18.9 19.4 19.6 20.3 20.7 4

 5 Other insurance companies 42.8 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 61.6 65.2 5

 6 Finance companies 35.1 58.0 73.9 81.2 83.6 85.0 98.5 98.2 99.0 98.7 94.1 6

 7 Brokers and dealers 4.2 7.7 10.4 12.6 12.7 12.6 12.8 13.3 12.6 13.8 14.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 750.6 811.7 969.2 1132.8 1169.8 1182.0 1180.9 1196.6 1203.1 1179.8 1180.9 8

 9 Nonfarm noncorporate business 3.9 3.4 3.4 3.6 3.5 3.8 3.7 3.7 3.9 3.9 4.2 9

10 Commercial banking 38.8 46.1 64.7 68.1 68.2 73.2 74.2 78.1 78.3 78.3 77.3 10

11 Life insurance companies 25.2 27.3 32.1 51.3 55.3 58.0 59.4 59.4 60.1 60.4 60.7 11

12 Other insurance companies 46.2 47.3 51.6 61.2 64.3 62.5 64.3 61.0 62.7 63.7 66.3 12

13 Finance companies 35.7 37.2 49.8 65.3 70.3 72.3 67.7 71.5 72.8 73.1 74.2 13

14 Brokers and dealers 8.5 10.7 10.9 19.1 17.6 17.2 17.4 14.5 14.4 11.3 8.2 14

15 Funding corporations -84.6 -63.9 -80.9 -26.6 -30.0 2.1 18.2 14.1 20.4 47.3 60.7 15

16 Asset: Rest of the world 824.1 919.8 1100.8 1374.8 1419.0 1471.2 1485.7 1498.9 1515.6 1517.8 1532.5 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 30.8 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.4 17

18 Asset: Federal government 30.8 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.4 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 5.4 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 19

20 Asset: Commercial banking 5.4 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 21.9 25.3 30.8 33.0 28.0 30.7 24.9 28.5 31.0 27.1 22.0 21

22 Asset: Nonfin. corporate business (FNMA) 0.5 -0.2 -0.8 -0.8 -6.5 -4.2 -10.8 -8.1 -6.3 -10.4 -13.8 22

23 Nonfarm noncorporate (BC) 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 23

24 Farm business (FICB and FLB) 1.5 1.7 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.8 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) 8.0 10.0 13.0 13.8 14.1 14.2 14.4 15.2 15.7 16.9 16.0 26

27 Savings institutions (FHLB) 9.9 11.8 14.5 15.7 16.2 16.5 16.9 17.0 17.0 15.9 15.1 27

28 Credit unions (FHLB) 0.2 0.3 0.5 0.6 0.7 0.7 0.8 0.9 1.0 1.1 1.0 28

29 Life insurance companies (FHLB) 0.2 0.2 0.3 0.4 0.3 0.2 0.3 0.3 0.3 0.4 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 413.6 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.3 30

31 Savings institutions 5.0 5.4 6.0 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.1 31

32 Finance companies 23.5 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 32

33 Mortgage companies 16.0 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 33

34 Brokers and dealers 45.3 93.8 83.6 113.9 153.8 165.0 169.8 143.9 155.2 149.9 140.3 34

35 Asset: Bank holding companies 503.5 603.0 623.1 715.1 769.2 789.2 819.1 805.6 816.7 828.2 839.3 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 23.5 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 36

37 Asset: Nonfinancial corporate business 23.5 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 78.8 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 38

39 Brokers and dealers 209.2 258.2 330.1 338.4 351.9 343.5 338.2 354.7 359.8 354.3 359.2 39

40 Asset: Funding corporations 288.0 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 40
100 Z.1, December 5, 2002

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.1 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.5 1

 2 Asset: Federal government 2.1 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.5 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 18.0 24.9 17.1 17.0 29.9 26.1 29.3 25.7 28.4 26.3 28.6 5

 6 Asset: Savings institutions 18.0 24.9 17.1 17.0 29.9 26.1 29.3 25.7 28.4 26.3 28.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 18.6 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 19.8 7

 8 Asset: Life insurance companies 18.6 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 19.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 112.2 120.1 131.9 136.8 136.8 140.4 142.7 141.0 143.3 149.3 151.7 9

10 Health 75.7 83.0 93.5 97.4 96.8 99.5 101.4 100.5 102.2 107.0 108.6 10

11 Policy dividend accumulation 36.4 37.1 38.4 39.5 40.0 40.9 41.3 40.4 41.0 42.3 43.1 11

12 Asset: Household sector 112.2 120.1 131.9 136.8 136.8 140.4 142.7 141.0 143.3 149.3 151.7 12

 Policy payables:

13 Liab.: Other insurance companies 476.2 480.4 482.9 482.1 484.2 490.9 507.7 508.2 515.8 529.4 546.0 13

14 Asset: Household sector 199.5 201.3 202.3 202.0 202.9 205.7 213.7 214.0 217.1 222.8 229.8 14

15 Nonfinancial corporate business 188.1 189.8 190.8 190.4 191.3 193.9 200.5 200.8 203.8 209.1 215.7 15

16 Nonfarm noncorporate business 45.2 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.9 16

17 Farm business 43.3 43.7 43.9 43.9 44.1 44.7 45.2 45.3 45.9 47.2 48.7 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 381.9 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 18

19 Asset: Private pension funds 381.9 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 93.5 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 20

21 Asset: Private pension funds 93.5 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 21

 Securities borrowed (net):

22 Liab.: Funding corporations 333.3 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 594.8 22

23 Asset: Brokers and dealers 333.3 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 594.8 23
Z.1, December 5, 2002 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2531.8 2937.9 3284.1 3563.0 3881.4 3998.8 4321.4 3822.0 3753.6 3939.9 4400.9 1

 2 Nonfinancial corporate business 1351.3 1643.1 1829.8 1912.2 1934.5 1981.8 2024.4 2071.4 2077.0 2133.3 2144.2 2

 3 Nonfarm noncorporate business 297.5 389.6 463.2 529.5 539.7 547.5 557.5 564.7 571.0 576.2 579.7 3

 4 Federal government 6.6 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 4

 5 Rest of the world 136.9 159.2 214.7 263.3 588.4 623.0 834.7 257.1 245.5 310.7 685.1 5

 6 Monetary authority 4.0 4.8 3.0 3.6 1.8 1.0 0.8 0.4 0.4 0.3 1.2 6

 7 Commercial banking 492.5 509.6 447.8 525.6 467.9 481.6 589.6 486.3 429.3 512.9 526.0 7

 8 U.S.-chartered commercial banks 185.1 193.0 181.2 263.2 226.1 208.9 279.8 173.7 141.6 184.4 189.7 8

 9 Foreign banking offices in U.S. 233.9 220.6 154.5 133.3 102.4 114.5 145.1 132.8 105.8 119.7 127.4 9

10 Bank holding companies 57.9 74.1 88.1 104.4 115.0 134.6 140.3 150.8 152.3 180.1 178.6 10

11 Banks in U.S.-affiliated areas 15.6 21.9 24.1 24.8 24.5 23.4 24.5 29.0 29.7 28.7 30.3 11

12 Savings institutions 96.4 94.4 79.2 95.7 101.4 112.8 114.8 113.9 114.9 109.4 130.6 12

13 Credit unions 4.6 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 6.3 13

14 Life insurance companies 106.2 117.5 126.1 117.3 125.2 122.6 137.2 135.0 160.7 168.6 180.8 14

15 Government-sponsored enterprises 35.1 45.2 41.4 46.7 61.7 61.7 77.7 79.0 71.4 74.2 78.5 15

16 Finance companies 123.2 152.3 153.1 205.6 226.2 223.1 220.5 221.9 229.2 231.2 247.9 16

17 REITs 18.0 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.3 17

18 Brokers and dealers -131.9 -186.2 -244.1 -289.7 -348.9 -266.0 -288.4 -196.1 -226.0 -226.7 -219.0 18

19 Funding corporations -8.6 -35.1 121.2 103.4 130.9 59.4 2.9 40.4 30.2 1.1 -5.8 19

20 Total assets 3908.5 4894.1 5720.1 6531.9 6801.3 6861.4 7014.0 7025.3 6932.5 7163.2 7431.2 20

21 Nonfinancial corporate business 2483.5 3229.6 4002.8 4458.6 4448.9 4498.4 4478.2 4613.4 4602.7 4553.6 4460.7 21

22 Nonfarm noncorporate business 213.0 334.9 426.4 503.8 522.2 546.0 561.8 576.7 590.1 602.6 620.1 22

23 State and local governments 27.0 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 62.7 23

24 Federal government 71.9 66.9 63.9 61.0 60.4 60.2 60.3 60.7 61.2 61.0 60.0 24

25 Rest of the world 112.6 135.8 65.8 198.0 499.1 402.3 508.5 259.1 216.5 406.4 622.7 25

26 Monetary authority 13.2 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 26

27 Commercial banking 372.9 415.1 419.7 416.2 384.9 409.1 449.9 476.2 446.6 473.6 521.1 27

28 U.S.-chartered commercial banks 87.6 114.3 120.8 126.2 137.8 134.3 163.1 162.6 133.1 152.9 184.6 28

29 Foreign banking offices in U.S. 234.3 234.5 204.9 177.1 135.1 161.5 167.5 188.9 184.9 186.8 191.1 29

30 Bank holding companies 44.4 56.5 85.4 106.3 105.0 105.5 111.1 112.2 115.1 119.9 131.6 30

31 Banks in U.S.-affiliated areas 6.6 9.7 8.7 6.6 7.1 7.8 8.2 12.5 13.5 14.1 13.8 31

32 Savings institutions 21.7 26.2 28.6 35.1 38.9 42.6 44.9 44.3 52.5 52.9 54.7 32

33 Credit unions 17.3 24.0 7.4 25.3 30.1 38.6 32.4 31.9 41.2 36.6 37.8 33

34 Bank personal trusts and estates 14.6 23.0 20.5 21.7 21.8 21.9 21.9 22.0 22.0 22.1 22.3 34

35 Life insurance companies 38.3 40.7 -0.5 18.8 31.7 13.2 7.7 -10.7 8.3 15.6 38.5 35

36 Private pension funds 115.4 122.7 124.1 131.6 132.0 133.0 138.7 133.7 134.8 132.3 136.6 36

37 State and local govt. retirement funds 63.5 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 116.9 37

38 Mutual funds 11.8 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 1.3 38

39 Money market mutual funds 58.1 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 39

40 Government-sponsored enterprises 68.8 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 116.8 40

41 Finance companies 140.0 126.4 161.4 178.3 179.9 152.6 148.3 181.9 160.9 163.8 181.2 41

42 REITs 10.5 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.7 42

43 Brokers and dealers 54.4 88.4 92.9 134.3 88.3 168.5 145.2 229.5 223.9 201.8 204.4 43

44 Discrepancy -1376.7 -1956.2 -2436.0 -2968.9 -2919.9 -2862.5 -2692.6 -3203.2 -3178.9 -3223.2 -3030.3 44
102 Z.1, December 5, 2002

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 39679.9 43654.9 49259.9 49423.7 47953.1 49120.6 47411.3 49112.2 49621.9 48443.2 46811.3 1

 2 Tangible assets 12142.2 13107.3 14178.1 15512.8 15919.8 16236.7 16546.7 16732.5 17057.6 17462.6 17700.7 2

 3 Real estate 9722.8 10582.6 11523.1 12695.5 13043.5 13352.4 13650.2 13782.6 14074.7 14441.3 14625.7 3

 4 Households (2,3) 8782.5 9526.0 10412.1 11479.2 11822.3 12128.8 12424.5 12578.6 12869.6 13233.5 13414.3 4

 5 Nonprofit organizations 940.3 1056.6 1111.0 1216.4 1221.2 1223.6 1225.6 1204.0 1205.1 1207.9 1211.4 5

 Equipment and software owned by

 6 nonprofit organizations (4) 90.6 97.2 104.5 113.4 115.6 117.3 118.6 120.1 121.0 121.5 122.1 6

 7 Consumer durable goods (4) 2328.8 2427.4 2550.6 2703.9 2760.7 2767.1 2777.9 2829.7 2861.9 2899.8 2953.0 7

 8 Financial assets 27537.7 30547.6 35081.8 33910.8 32033.3 32883.9 30864.6 32379.8 32564.3 30980.6 29110.6 8

 9 Deposits 3622.3 3927.5 4053.1 4437.0 4613.5 4590.0 4691.1 4825.4 4924.4 4883.2 4994.7 9

10 Foreign deposits 37.2 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 45.0 10

11 Checkable deposits and currency 436.8 409.5 348.3 325.0 313.3 302.6 282.6 349.2 333.1 325.1 328.3 11

12 Time and savings deposits 2566.0 2732.5 2788.0 3050.5 3140.3 3180.1 3226.6 3251.3 3384.9 3424.5 3526.3 12

13 Money market fund shares 582.3 747.1 873.2 1003.1 1102.8 1051.2 1126.8 1171.5 1160.9 1092.6 1095.1 13

14 Credit market instruments 2193.5 2308.9 2613.2 2481.5 2440.5 2370.4 2354.6 2380.6 2401.4 2425.1 2351.3 14

15 Open market paper 56.1 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 15

16 U.S. government securities 986.6 966.4 1195.3 1031.2 894.8 799.3 837.6 848.8 848.0 823.4 771.5 16

17 Treasury 772.9 734.7 843.7 643.4 620.9 524.7 536.2 570.0 580.1 563.0 578.9 17

18 Savings bonds 186.5 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 18

19 Other Treasury 586.4 548.1 657.3 458.6 436.2 339.2 349.8 379.7 388.2 370.3 385.7 19

20 Agency 213.7 231.6 351.6 387.9 273.9 274.6 301.5 278.8 268.0 260.4 192.6 20

21 Municipal securities 471.3 489.6 527.6 558.6 576.4 601.0 584.6 599.0 627.5 666.4 665.8 21

22 Corporate and foreign bonds 569.8 678.8 712.2 707.6 790.7 795.6 761.5 767.3 768.6 784.6 758.0 22

23 Mortgages 109.6 110.5 110.4 111.4 111.4 111.9 112.0 112.2 112.4 112.7 113.1 23

24 Corporate equities (2) 6228.9 7052.4 9053.1 7408.0 6221.2 6600.6 5384.0 6024.1 5849.4 4970.2 4021.4 24

25 Mutual fund shares (5) 1982.4 2447.4 3180.6 3083.3 2783.9 2974.2 2637.6 2916.2 2994.6 2809.3 2469.4 25

26 Security credit 215.5 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.9 391.0 26

27 Life insurance reserves 665.0 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 928.3 27

28 Pension fund reserves 7323.4 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8694.0 8822.2 8328.1 7737.4 28

29 Investment in bank personal trusts 942.5 1001.0 1130.4 1095.8 1007.9 1063.3 955.4 1025.3 1035.2 970.1 888.2 29

30 Equity in noncorporate business (6) 4052.7 4285.7 4544.3 4765.8 4807.7 4823.5 4865.8 4824.9 4845.0 4906.5 4947.4 30

31 Miscellaneous assets 311.7 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 381.5 31

32 Liabilities 5824.8 6308.5 6888.3 7463.7 7494.1 7671.1 7907.5 8041.0 8152.0 8317.1 8496.2 32

33 Credit market instruments 5556.9 6011.8 6510.0 7070.4 7139.3 7315.1 7486.9 7680.8 7794.2 7979.0 8178.3 33

34 Home mortgages (7) 3818.1 4157.2 4531.1 4901.8 4982.8 5128.7 5259.1 5379.8 5506.7 5665.4 5849.7 34

35 Consumer credit 1271.6 1346.6 1446.1 1593.1 1585.3 1608.1 1630.5 1703.3 1677.2 1700.3 1720.6 35

36 Municipal securities (8) 114.9 126.9 137.3 143.0 144.2 145.3 147.5 154.3 156.4 159.6 161.4 36

37 Bank loans n.e.c. 66.5 72.6 65.6 72.3 60.6 58.2 65.7 55.5 52.9 47.4 29.4 37

38 Other loans and advances 190.7 204.0 218.9 246.3 251.1 255.9 260.8 263.2 268.5 271.4 277.1 38

39 Commercial mortgages (8) 95.1 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 39

40 Security credit 131.2 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.7 148.4 40

41 Trade payables (8) 118.0 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 41

 Deferred and unpaid

42 life insurance premiums 18.6 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 19.8 42

43 Net worth 33855.1 37346.3 42371.6 41960.0 40459.0 41449.5 39503.8 41071.2 41469.9 40126.1 38315.1 43

 Memo:

 Replacement-cost value of structures:

44 Residential 6712.9 7158.6 7727.1 8267.8 8506.5 8650.5 8717.0 8753.0 8800.6 8933.1 8990.7 44

45 Households 6396.0 6826.9 7376.9 7900.2 8126.7 8265.9 8333.3 8371.7 8419.7 8550.2 8609.0 45

46 Farm households 188.7 198.3 211.1 222.7 231.4 234.8 234.0 232.1 231.6 232.6 231.7 46

47 Nonprofit organizations 128.2 133.5 139.1 144.9 148.3 149.8 149.7 149.2 149.2 150.3 150.0 47

48 Nonresidential (nonprofits) 664.8 709.7 761.6 816.9 840.6 853.9 859.1 861.2 857.9 863.6 867.2 48

49 Disposable personal income 5968.2 6355.6 6627.4 7120.1 7317.6 7340.1 7524.2 7391.1 7668.3 7786.6 7877.0 49

 Household net worth as percentage of

50 disposable personal income 567.3 587.6 639.3 589.3 552.9 564.7 525.0 555.7 540.8 515.3 486.4 50

 Owners’ equity in household real

51 estate (9) 4964.4 5368.8 5881.0 6577.3 6839.5 7000.1 7165.4 7198.8 7363.0 7568.1 7564.6 51

 Owners’ equity as percentage of

52 household real estate (10) 56.5 56.4 56.5 57.3 57.9 57.7 57.7 57.2 57.2 57.2 56.4 52

(1) Sector includes farm households.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 34.

(10) Line 51 divided by line 4.
Z.1, December 5, 2002 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 With tangible assets stated at either market value or replacement cost:

 1 Assets 13680.6 14967.8 16686.3 18129.9 18152.2 18249.0 18216.7 18202.3 18201.3 18275.1 18283.1 1

 2 Tangible assets 7871.9 8151.7 8592.5 9305.2 9319.9 9328.1 9287.0 9141.1 9108.8 9169.5 9223.6 2

 3 Real estate (1) 4100.9 4209.7 4391.9 4783.4 4785.1 4785.2 4774.0 4676.2 4673.5 4759.9 4851.1 3

 4 Equipment and software (2) 2641.4 2771.0 2942.2 3170.6 3186.4 3212.6 3207.4 3201.9 3176.8 3142.2 3093.9 4

 5 Inventories (2) 1129.6 1171.0 1258.4 1351.2 1348.4 1330.3 1305.6 1262.9 1258.5 1267.4 1278.6 5

 6 Financial assets 5808.7 6816.1 8093.8 8824.7 8832.3 8920.9 8929.7 9061.3 9092.5 9105.6 9059.5 6

 7 Foreign deposits 23.1 30.5 31.5 47.5 39.9 40.0 37.5 37.1 40.8 39.7 43.1 7

 8 Checkable deposits and currency 251.9 287.1 326.0 334.6 314.9 317.7 338.8 342.2 316.5 322.0 322.5 8

 9 Time and savings deposits 119.4 112.6 159.4 176.7 176.6 175.3 175.8 203.8 201.6 199.0 195.4 9

10 Money market fund shares 87.8 114.3 137.3 177.7 210.3 238.4 246.3 275.0 268.3 272.3 267.7 10

11 Security RPs 4.6 4.2 5.8 8.2 7.4 7.6 7.5 8.0 7.7 7.5 9.1 11

12 Commercial paper 36.1 39.4 47.6 61.4 53.2 54.7 54.5 56.4 51.7 52.4 54.7 12

13 U.S. government securities 34.8 34.2 31.8 32.9 35.0 37.7 38.1 43.5 50.2 59.1 64.3 13

14 Municipal securities 27.4 25.7 25.0 22.9 16.1 12.9 13.4 16.1 15.1 16.6 15.7 14

15 Mortgages 80.2 67.3 41.2 31.2 30.5 29.7 29.0 28.2 27.5 26.7 26.0 15

16 Consumer credit 78.9 74.9 80.3 82.7 71.4 68.0 60.1 67.9 58.1 53.0 49.2 16

17 Trade receivables 1366.6 1452.9 1653.4 1716.4 1757.4 1727.6 1729.8 1630.0 1689.6 1729.1 1771.1 17

18 Mutual fund shares (1) 69.1 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 18

19 Miscellaneous assets 3628.7 4477.5 5425.6 6003.5 6007.8 6093.4 6101.2 6245.2 6258.8 6237.7 6167.2 19

20 Liabilities 6628.8 7457.6 8407.3 9173.8 9324.4 9401.2 9500.9 9563.7 9630.3 9698.0 9737.1 20

21 Credit market instruments 3382.0 3774.1 4199.0 4598.9 4686.1 4763.7 4798.1 4845.1 4865.2 4889.0 4885.2 21

22 Commercial paper 168.6 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 22

23 Municipal securities (3) 142.0 147.8 152.8 154.2 154.7 155.6 156.2 157.4 157.3 158.1 159.0 23

24 Corporate bonds (4) 1610.9 1829.6 2059.5 2230.6 2330.4 2435.3 2482.3 2563.2 2621.6 2673.4 2667.5 24

25 Bank loans n.e.c. 692.7 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.1 25

26 Other loans and advances 507.7 562.0 585.4 652.3 660.9 681.8 687.5 664.1 659.2 671.4 678.0 26

27 Mortgages 260.2 277.2 345.6 395.5 403.1 411.3 432.6 453.7 452.8 468.1 479.3 27

28 Trade payables 992.1 1049.7 1228.2 1340.7 1339.5 1284.1 1282.2 1259.8 1286.6 1289.1 1336.7 28

29 Taxes payable 59.2 64.1 71.0 78.0 82.9 77.6 103.1 78.1 85.4 93.5 76.5 29

30 Miscellaneous liabilities 2195.5 2569.7 2909.0 3156.3 3216.0 3275.8 3317.5 3380.7 3393.1 3426.4 3438.7 30

31 Net worth (market value) 7051.9 7510.2 8279.1 8956.1 8827.8 8847.8 8715.8 8638.6 8570.9 8577.0 8546.0 31

 Memo:

 Replacement-cost value of structures:

32 Residential 86.5 91.8 96.6 102.2 104.8 106.1 106.4 106.4 106.7 107.8 108.0 32

33 Nonresidential 3456.2 3602.8 3794.4 4060.3 4161.9 4217.5 4237.1 4242.8 4218.7 4238.1 4246.0 33

 Market value of equities outstanding

34 (includes corporate farm equities) 9774.6 11606.7 15191.1 12684.2 10907.7 11606.7 9591.8 10782.8 10698.8 8989.8 7326.0 34

35 Debt/net worth (percent) (5) 48.0 50.3 50.7 51.3 53.1 53.8 55.1 56.1 56.8 57.0 57.2 35

36 Debt/equities (percent) (6) 34.6 32.5 27.6 36.3 43.0 41.0 50.0 44.9 45.5 54.4 66.7 36

37 Equities/net worth (percent) (7) 138.6 154.5 183.5 141.6 123.6 131.2 110.1 124.8 124.8 104.8 85.7 37

 With tangible assets stated at historical cost:

38 Assets (8) 11397.4 12746.6 14400.4 15556.8 15681.3 15818.7 15865.4 15989.4 16068.4 16111.5 16118.9 38

39 Tangible assets 5588.7 5930.5 6306.6 6732.1 6849.0 6897.8 6935.8 6928.2 6975.9 7006.0 7059.4 39

40 Real estate 2159.6 2288.9 2426.0 2571.3 2611.4 2654.1 2691.9 2727.5 2760.2 2794.3 2821.9 40

41 Equipment and software 2330.1 2504.3 2681.7 2891.0 2934.0 2966.9 2987.3 3011.7 3031.8 3049.6 3067.4 41

42 Inventories 1099.0 1137.3 1198.8 1269.9 1303.5 1276.8 1256.6 1189.0 1183.9 1162.1 1170.2 42

43 Net worth (historical cost) (9) 4768.6 5289.1 5993.1 6383.0 6356.9 6417.5 6364.5 6425.7 6438.1 6413.5 6381.7 43

 Memo:

 Historical-cost value of structures:

44 Residential 35.6 37.3 39.2 42.6 43.7 44.8 46.1 47.4 48.9 50.4 52.0 44

45 Nonresidential 1923.6 2054.0 2187.2 2337.6 2377.8 2417.0 2455.2 2489.0 2519.8 2547.9 2573.0 45

46 Debt/net worth (percent) (10) 70.9 71.4 70.1 72.0 73.7 74.2 75.4 75.4 75.6 76.2 76.5 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
104 Z.1, December 5, 2002

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 4900.5 5405.6 5940.1 6445.8 6535.4 6619.3 6721.4 6727.2 6785.1 6895.1 6983.1 1

 2 Tangible assets 4126.6 4416.6 4746.0 5079.8 5133.8 5180.3 5249.7 5223.1 5255.1 5339.9 5402.3 2

 3 Real estate (1) 3626.4 3878.6 4145.6 4517.4 4562.3 4598.7 4655.7 4616.7 4637.5 4708.4 4755.8 3

 4 Residential 2727.1 2909.6 3147.6 3439.5 3498.5 3538.3 3590.5 3570.0 3607.9 3663.5 3692.5 4

 5 Nonresidential 899.3 969.0 997.9 1077.9 1063.8 1060.4 1065.2 1046.7 1029.6 1044.9 1063.3 5

 6 Equipment and software (2) 440.8 476.3 534.2 491.3 500.6 511.6 525.3 539.9 551.4 564.8 579.2 6

 7 Residential (3) 65.5 67.6 69.3 72.9 73.8 74.5 75.2 75.9 75.8 76.0 76.3 7

 8 Nonresidential 375.3 408.7 464.9 418.5 426.8 437.1 450.1 464.1 475.6 488.9 502.9 8

 9 Inventories (2) 59.5 61.6 66.2 71.1 71.0 70.0 68.7 66.5 66.2 66.7 67.3 9

10 Financial assets 773.8 989.1 1194.1 1366.0 1401.6 1438.9 1471.8 1504.1 1530.0 1555.2 1580.8 10

11 Checkable deposits and currency 146.2 178.3 220.3 240.3 244.0 248.0 251.9 255.9 259.8 263.8 266.7 11

12 Time and savings deposits 85.7 94.8 118.0 142.0 147.6 152.3 158.1 162.3 163.7 164.6 162.9 12

13 Money market fund shares 22.9 32.6 41.0 50.5 53.6 55.2 56.9 60.2 59.5 60.5 58.8 13

14 Treasury securities 32.2 38.0 37.1 31.9 31.8 30.5 30.6 30.4 30.6 31.1 30.3 14

15 Municipal securities 3.2 2.8 2.6 3.5 3.7 3.8 3.8 3.9 3.9 4.0 4.0 15

16 Mortgages 18.7 26.7 24.7 27.8 28.5 29.8 30.5 31.1 31.7 32.0 32.2 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 204.9 233.8 276.4 318.7 322.5 325.2 328.4 333.8 340.0 344.8 352.4 18

19 Miscellaneous assets 259.9 382.1 473.9 551.2 569.8 594.1 611.5 626.5 640.7 654.4 673.4 19

20 Insurance receivables 45.2 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.9 20

21 Equity investment in GSEs (4) 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 21

22 Other 213.0 334.9 426.4 503.8 522.2 546.0 561.8 576.7 590.1 602.6 620.1 22

23 Liabilities 1722.9 2004.9 2310.9 2590.5 2649.2 2709.7 2761.2 2809.5 2850.1 2893.0 2932.9 23

24 Credit market instruments 1224.0 1383.7 1566.1 1736.8 1777.5 1820.1 1857.4 1893.6 1921.3 1954.6 1985.6 24

25 Bank loans n.e.c. 237.3 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 25

26 Other loans and advances 95.8 108.9 116.6 127.8 128.1 132.6 128.9 128.0 127.7 129.1 129.2 26

27 Mortgages 890.9 1008.6 1153.3 1283.0 1318.2 1356.3 1394.7 1433.1 1460.2 1497.3 1532.6 27

28 Trade payables 147.8 169.5 210.2 245.2 251.0 258.4 261.6 265.2 269.6 272.7 275.7 28

29 Taxes payable 49.8 58.7 68.0 75.5 77.5 80.0 81.1 82.3 84.3 85.7 87.8 29

30 Miscellaneous liabilities 301.3 393.0 466.6 533.1 543.2 551.3 561.2 568.4 574.9 580.1 583.8 30

31 Net worth (5) 3177.5 3400.8 3629.2 3855.3 3886.2 3909.5 3960.2 3917.7 3935.0 4002.1 4050.2 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1751.5 1834.1 1901.4 1936.2 1831.1 1818.9 1882.8 1977.3 2058.5 2054.4 2124.1 32

33 Nonresidential 666.1 627.6 662.2 667.4 648.8 645.0 652.7 665.5 686.6 697.7 712.9 33

34 Debt/net worth (percent) (6) 38.5 40.7 43.2 45.0 45.7 46.6 46.9 48.3 48.8 48.8 49.0 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 30.

(6) Line 24 divided by line 31.
Z.1, December 5, 2002 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 3758.8 3491.2 5025.3 -411.6 -1501.0 990.5 -1945.7 1567.4 398.7 -1343.8 -1811.1 1

 2 Net investment 410.7 567.1 345.2 285.7 200.7 -14.9 121.1 213.8 178.2 1.5 87.7 2

 3 Net physical investment 365.4 441.3 477.0 513.6 123.0 140.2 139.0 147.3 119.4 134.7 148.3 3

 4 Capital expenditures 980.8 1083.2 1152.9 1230.7 305.9 328.5 337.4 338.9 314.9 334.4 350.2 4

 5 - Consumption of fixed capital 615.4 641.9 675.9 717.1 183.0 188.3 198.4 191.6 195.5 199.7 201.9 5

 6 Net financial investment 45.3 125.8 -131.8 -227.9 77.7 -155.1 -18.0 66.5 58.8 -133.2 -60.5 6

 7 Net acquisition of financial assets 424.0 609.5 447.6 328.4 108.2 21.9 218.4 200.0 169.8 31.9 118.6 7

 8 - Net increase in liabilities 378.7 483.8 579.4 556.3 30.4 177.0 236.4 133.5 111.0 165.1 179.2 8

 Holding gains on assets stated

 9 at market value (2) 3463.2 3040.5 4723.6 -566.4 -1689.6 1067.4 -2020.2 1394.4 252.3 -1318.6 -1882.7 9

10 Real estate 373.1 633.2 698.3 904.4 295.2 238.7 217.4 66.5 237.5 297.0 106.0 10

11 Corporate equities 1678.2 1155.1 2338.9 -1135.3 -1076.5 418.9 -1162.0 713.7 -122.0 -852.0 -937.1 11

12 Mutual fund shares 190.2 183.9 561.8 -255.7 -324.5 113.0 -362.9 234.4 -21.2 -219.9 -342.6 12

13 Equity in noncorporate business 306.0 290.8 297.2 231.7 61.6 20.1 47.8 -47.2 39.3 72.1 53.6 13

 Life insurance and

14 pension fund reserves 791.9 673.0 689.9 -220.3 -550.6 229.2 -644.7 365.8 115.3 -544.0 -675.5 14

 Investment in bank personal

15 trusts and estates 123.8 104.5 137.6 -91.2 -94.7 47.5 -115.9 61.2 3.3 -71.9 -87.1 15

 Holding gains on assets stated

16 at current cost (2) -90.2 -109.7 -98.2 -87.9 -11.8 -58.9 -47.3 -26.7 -30.7 -21.4 -14.5 16

17 Consumer durable goods -89.4 -108.0 -97.9 -89.0 -11.5 -58.8 -47.3 -26.7 -30.2 -20.8 -13.9 17

18 Equipment and software -0.8 -1.7 -0.3 1.1 -0.3 -0.1 0.0 0.0 -0.5 -0.6 -0.6 18

19 Other factors (3) -24.9 -6.7 54.8 -43.0 -0.3 -3.2 0.8 -14.1 -1.1 -5.3 -1.6 19

 Memo:

20 Net worth outstanding (4) 33855.1 37346.3 42371.6 41960.0 40459.0 41449.5 39503.8 41071.2 41469.9 40126.1 38315.1 20

21 Disposable personal income 5968.2 6355.6 6627.4 7120.1 7317.6 7340.1 7524.2 7391.1 7668.3 7786.6 7877.0 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 43.
106 Z.1, December 5, 2002

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 705.9 458.4 768.8 677.0 -128.3 20.0 -132.0 -77.1 -67.7 6.1 -31.1 1

 2 Net investment 127.8 -28.7 173.8 177.9 6.3 34.1 -8.5 46.9 -4.2 38.1 -20.5 2

 3 Net physical investment 253.3 284.3 335.0 376.0 63.6 46.2 23.5 7.0 26.2 30.6 36.9 3

 4 Capital expenditures 760.2 826.5 885.0 957.2 216.6 203.1 195.3 179.3 193.4 199.1 203.3 4

 5 - Consumption of fixed capital 489.7 519.7 552.5 595.6 155.9 159.4 170.2 163.2 166.6 170.2 172.4 5

 6 - Inventory valuation adjustment 8.5 18.4 -4.2 -15.0 -3.0 -2.6 1.6 9.0 0.5 -1.8 -6.1 6

 7 - Access rights from fed. government 8.8 4.1 1.7 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Net financial investment -11.1 -46.1 -17.7 -38.4 -51.0 5.6 -0.3 46.2 -28.3 2.9 -22.7 8

 9 Net acquisition of financial assets 272.4 569.9 969.9 761.4 59.7 62.5 72.3 93.3 30.9 64.8 10.4 9

10 - Net increase in liabilities 283.5 616.0 987.6 799.8 110.7 56.9 72.6 47.1 59.2 61.8 33.1 10

11 Net corporate equity issues -114.4 -267.0 -143.5 -159.7 -6.3 -17.7 -31.7 -6.3 -2.2 4.6 -34.8 11

 Holding gains on assets stated

12 at market value (2) 396.5 61.9 108.4 289.3 -38.6 -18.9 -48.4 -102.8 -18.4 56.3 64.8 12

13 Real estate 379.0 45.8 87.5 301.9 -22.6 -26.3 -29.5 -114.2 -18.5 71.0 80.5 13

14 Mutual fund shares 17.5 16.1 20.9 -12.6 -16.1 7.4 -18.9 11.4 0.1 -14.8 -15.7 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 24.6 44.8 117.1 58.4 -18.3 -7.2 -26.6 -49.1 -33.5 -38.6 -57.3 15

16 Equipment and software 3.9 -8.6 13.1 49.9 -20.1 0.7 -18.3 -22.4 -37.9 -45.0 -58.6 16

17 Inventories (3) -9.6 -8.9 25.1 15.4 1.8 -7.9 -8.3 -10.0 4.4 6.4 1.2 17

18 Direct investment abroad -17.6 -21.1 -10.7 -32.4 0 0 0 -19.4 0 0 -0.0 18

19 - Foreign direct investment in U.S. -48.0 -83.3 -89.6 -25.5 0.0 -0.0 0.0 -2.7 -0.0 -0.0 -0.0 19

20 Other factors (4) 156.9 380.5 369.5 151.4 -77.7 12.0 -48.5 27.9 -11.6 -49.7 -18.0 20

 Memo:

21 Net worth outstanding (market value) 7051.9 7510.2 8279.1 8956.1 8827.8 8847.8 8715.8 8638.6 8570.9 8577.0 8546.0 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 414.4 520.4 704.1 389.9 -26.1 60.6 -52.9 61.2 12.3 -24.5 -31.8 22

23 Net investment flow 127.8 -28.7 173.8 177.9 6.3 34.1 -8.5 46.9 -4.2 38.1 -20.5 23

24 Net physical investment 253.3 284.3 335.0 376.0 63.6 46.2 23.5 7.0 26.2 30.6 36.9 24

25 Capital expenditures 760.2 826.5 885.0 957.2 216.6 203.1 195.3 179.3 193.4 199.1 203.3 25

26 - Consumption of fixed capital 489.7 519.7 552.5 595.6 155.9 159.4 170.2 163.2 166.6 170.2 172.4 26

27 - Inventory valuation adjustment 8.5 18.4 -4.2 -15.0 -3.0 -2.6 1.6 9.0 0.5 -1.8 -6.1 27

28 - Access rights from fed. government 8.8 4.1 1.7 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 28

29 Net financial investment -11.1 -46.1 -17.7 -38.4 -51.0 5.6 -0.3 46.2 -28.3 2.9 -22.7 29

30 Net acquisition of financial assets 272.4 569.9 969.9 761.4 59.7 62.5 72.3 93.3 30.9 64.8 10.4 30

31 - Net increase in liabilities 283.5 616.0 987.6 799.8 110.7 56.9 72.6 47.1 59.2 61.8 33.1 31

32 Net corporate equity issues -114.4 -267.0 -143.5 -159.7 -6.3 -17.7 -31.7 -6.3 -2.2 4.6 -34.8 32

 Valuation adjustment on

33 reproducible assets (6) -5.2 -0.5 -24.5 -14.8 34.3 -21.4 -14.3 -36.6 -1.7 -29.4 -8.9 33

34 Holding gains on mutual fund shares (2) 17.5 16.1 20.9 -12.6 -16.1 7.4 -18.9 11.4 0.1 -14.8 -15.7 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 30.3 62.3 78.9 -6.9 -0.0 0.0 -0.0 -16.7 0.0 0.0 0.0 35

36 Direct investment abroad -17.6 -21.1 -10.7 -32.4 0 0 0 -19.4 0 0 -0.0 36

37 - Foreign direct investment in U.S. -48.0 -83.3 -89.6 -25.5 0.0 -0.0 0.0 -2.7 -0.0 -0.0 -0.0 37

38 Other factors (4) 244.0 471.3 454.9 246.3 -50.7 40.5 -11.3 56.2 18.1 -18.5 13.3 38

 Memo:

39 Net worth outstanding (historical cost) 4768.6 5289.1 5993.1 6383.0 6356.9 6417.5 6364.5 6425.7 6438.1 6413.5 6381.7 39

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
Z.1, December 5, 2002 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 219.7 223.2 228.4 226.1 30.9 23.3 50.7 -42.5 17.3 67.1 48.1 1

 2 Net investment (2) -55.6 -64.8 -43.5 -31.5 -26.7 -5.4 -2.5 -1.3 -27.7 -6.2 -4.9 2

 3 Net physical investment 3.3 2.5 57.7 76.1 -3.6 17.7 16.2 14.6 -12.9 11.5 9.3 3

 4 Capital expenditures 121.8 127.5 190.2 217.0 32.2 55.4 53.5 51.8 24.8 49.9 47.9 4

 5 - Consumption of fixed capital 118.5 125.0 132.5 141.0 35.8 37.7 37.3 37.2 37.7 38.4 38.6 5

 6 Net acquisition of financial assets 130.7 215.2 205.0 171.9 35.6 37.3 32.8 32.4 25.8 25.2 25.7 6

 - Net increase in liabilities from:

 7 Credit market instruments 94.7 159.7 182.4 170.7 40.8 42.5 37.3 36.2 27.8 33.2 31.0 7

 8 Trade payables 31.0 21.6 40.7 35.0 5.8 7.4 3.2 3.6 4.5 3.1 3.0 8

 9 Taxes payable 7.3 9.0 9.3 7.5 2.0 2.5 1.1 1.2 2.0 1.4 2.1 9

10 Miscellaneous liabilities 56.5 92.3 73.9 66.3 10.2 8.0 9.9 7.3 6.4 5.2 3.7 10

 Holding gains on assets stated

11 at market value (real estate) (3) 281.9 279.9 252.3 338.6 50.9 30.9 41.6 -48.1 31.5 70.7 40.7 11

12 Residential 192.2 183.0 222.2 277.6 56.9 37.5 49.0 -21.6 36.4 54.3 28.1 12

13 Nonresidential 89.8 96.9 30.1 61.0 -6.0 -6.6 -7.3 -26.5 -5.0 16.4 12.7 13

 Holding gains on assets stated

14 at current cost (3) -12.2 1.6 12.5 -82.9 6.6 -2.6 9.9 7.6 14.2 3.3 13.3 14

15 Residential equipment and software -0.9 -0.4 -1.2 0.4 0.1 0.0 -0.0 -0.0 -0.8 -0.5 -0.4 15

16 Nonresidential equipment and software -10.3 3.4 12.2 -84.9 6.2 -2.3 10.4 8.6 14.8 3.4 13.3 16

17 Inventories -0.9 -1.5 1.6 1.6 0.3 -0.3 -0.5 -1.0 0.2 0.4 0.4 17

18 Other factors (4) 5.5 6.6 7.2 1.9 0.1 0.4 1.7 -0.6 -0.7 -0.7 -1.1 18

 Memo:

19 Net worth outstanding (5) 3177.5 3400.8 3629.2 3855.3 3886.2 3909.5 3960.2 3917.7 3935.0 4002.1 4050.2 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding during period less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.
108 Z.1, December 5, 2002

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 -6.6 1

 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 28.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 2.3 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 0.6 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 3.8 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 0.7 6

 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 46.0 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 6.7 1.5 7.5 4.1 8

 9 U.S. government securities 10.9 16.4 9.4 9.7 10.0 7.4 9.3 23.9 20.3 13.0 17.0 25.6 9

10 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 0.1 10

11 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 15.4 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 0.8 12

13 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 -67.4 13

14 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 -3.3 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 1.1 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 18

19 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 13.5 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 10.0 12.0 10.4 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 4.8 2.3 -3.6 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 0.1 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 9.4 6.6 24

25 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 25

26 Miscellaneous liabilities (2) 7.1 5.5 10.5 13.7 14.2 14.0 16.0 28.6 16.8 15.8 21.2 17.0 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, December 5, 2002 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Total financial assets 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1957.6 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 40.4 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 10.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 63.6 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 11.6 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 473.5 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 54.7 56.1 63.7 67.7 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 218.2 243.9 8

 9 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 1.5 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 152.2 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 8.3 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 769.3 12

13 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 42.7 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 51.5 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 137.3 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 34.1 36.4 32.8 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 0.7 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 104.5 111.2 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 214.2 231.2 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, December 5, 2002

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2613.8 2780.3 3000.6 2992.3 3053.4 3051.5 2878.3 2986.0 2872.1 2882.0 2892.9 1

 2 Personal tax and nontax receipts 1070.5 1159.1 1286.4 1292.1 1340.5 1336.1 1182.0 1309.8 1142.1 1127.1 1118.0 2

 3 Corporate profit tax accruals 238.9 247.8 259.4 199.3 217.3 213.1 196.2 170.6 202.4 213.7 214.8 3

 4 Indirect business tax and nontax accruals 681.3 713.0 753.6 774.8 770.6 776.0 772.7 779.8 786.2 795.1 807.9 4

 5 Contributions for social insurance 623.3 660.4 701.3 726.1 725.0 726.3 727.4 725.8 741.4 746.1 752.2 5

 6 Current expenditures, NIPA basis 2529.3 2630.1 2775.8 2951.7 2896.2 2939.4 2976.1 2994.9 3067.5 3117.4 3135.1 6

 7 Consumption expenditures 1261.4 1336.3 1431.2 1522.2 1493.5 1515.5 1528.0 1551.8 1584.0 1611.6 1629.2 7

 8 Transfer payments (net) 965.9 998.5 1050.8 1146.6 1108.7 1133.7 1157.8 1186.3 1240.3 1258.3 1273.6 8

 9 Net interest paid 278.8 263.1 260.1 236.0 251.7 240.9 231.6 219.8 206.6 212.9 203.8 9

10 - Dividends received by government 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 10

11 Subsidies less current surplus of govt. enterprises 23.6 32.5 34.1 47.2 42.7 49.7 59.1 37.4 37.0 35.1 29.0 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis 84.6 150.2 224.8 40.6 157.2 112.1 -97.8 -8.9 -195.4 -235.4 -242.2 13

14 + Consumption of fixed capital 187.7 197.9 210.9 222.5 217.6 220.1 227.9 224.2 226.5 228.6 230.4 14

15 - Insurance and pension fund reserves (2) 4.4 3.8 1.8 3.3 3.1 6.5 0.4 3.0 1.3 1.7 -6.2 15

16 + Net capital transfers (3) 32.4 32.4 35.9 35.4 36.7 35.9 34.4 34.7 35.8 29.7 35.6 16

17 = Gross saving and net capital transfers 300.2 376.6 469.8 295.3 408.4 361.6 164.1 246.9 65.6 21.2 30.0 17

18 Gross investment 328.5 403.9 526.6 257.7 156.8 459.9 188.5 225.5 7.0 -171.6 15.0 18

19 Fixed investment 277.1 304.7 319.8 335.9 331.6 343.0 323.7 345.1 355.5 348.2 352.5 19

20 Access rights sales -4.1 -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment 55.4 100.9 207.4 -77.9 -174.5 117.2 -134.9 -119.3 -348.2 -519.5 -337.2 21

22 Net acquisition of financial assets 110.4 151.3 1.3 87.8 48.8 43.3 151.0 108.3 -200.0 203.1 82.9 22

23 Gold, SDRs, and official foreign exchange 6.0 -7.1 -0.6 4.6 -1.2 5.0 13.9 0.5 -2.3 10.3 5.6 23

24 Checkable deposits and currency -20.6 70.1 -64.1 46.2 19.2 -30.1 46.0 149.5 -166.6 35.1 126.7 24

25 Time and savings deposits 14.1 11.6 10.4 11.8 5.5 7.0 11.6 23.3 81.8 -41.0 64.4 25

26 Security RPs 7.2 5.0 9.7 -18.4 -11.0 -22.8 -39.2 -0.6 -38.0 30.2 -16.9 26

27 Credit market instruments 116.8 37.0 38.2 23.5 34.0 25.8 15.9 18.4 -12.4 22.9 17.5 27

28 Open market paper 28.0 6.9 7.6 -26.5 -26.0 -37.2 -40.0 -2.8 -44.0 -15.7 21.8 28

29 U.S. government agency securities (4) 63.6 11.0 13.5 29.8 37.8 42.7 32.6 6.1 7.8 13.3 -6.0 29

30 Municipal securities -1.4 -1.5 0.6 0.3 2.1 -0.6 0.4 -0.7 -0.8 -1.2 -1.6 30

31 Corporate and foreign bonds 10.2 10.1 3.7 9.4 11.5 7.2 14.8 4.1 15.3 13.1 -8.3 31

32 Mortgages 3.3 4.2 3.7 3.6 2.3 4.1 1.4 6.6 4.7 3.9 3.2 32

33 Other loans and advances (5) 13.2 6.2 9.2 6.9 6.3 9.6 6.6 5.1 4.6 9.6 8.5 33

34 Corporate equities 9.4 3.5 -1.2 22.8 26.9 20.5 21.5 22.4 12.9 27.0 3.4 34

35 Mutual fund shares -12.3 4.3 0.8 5.1 9.4 7.9 -0.8 4.0 -4.0 -2.7 -7.0 35

36 Trade receivables 1.5 4.6 5.3 7.2 9.3 10.3 13.9 -4.5 -0.2 3.4 -0.8 36

37 Taxes receivable -0.1 11.5 -4.5 -4.8 -20.6 11.7 79.5 -89.8 -10.7 92.8 -135.0 37

38 Miscellaneous assets -11.5 10.7 7.2 -10.3 -22.8 7.9 -11.3 -15.0 -60.5 25.1 24.9 38

39 Net increase in liabilities 55.0 50.4 -206.1 165.7 223.3 -74.0 285.9 227.6 148.2 722.6 420.1 39

40 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Treasury currency 0.6 1.0 2.4 -0.0 -1.1 1.1 -0.0 0.0 -0.0 0.0 -0.0 41

42 Credit market instruments -3.5 -16.0 -237.0 77.1 27.6 -130.5 241.0 170.1 86.1 666.0 398.0 42

43 Savings bonds 0.1 -0.2 -1.7 5.6 1.5 3.4 4.1 13.4 7.9 3.8 2.4 43

44 Other Treasury securities (6) -84.7 -68.3 -262.6 -30.9 -67.4 -237.0 180.8 -0.1 18.1 492.3 254.7 44

45 Budget agency securities 2.0 -0.2 -1.0 -0.5 -2.2 1.1 -0.4 -0.7 -1.8 1.8 1.6 45

46 Municipal securities 79.1 52.7 28.2 103.0 95.8 102.1 56.5 157.6 62.0 168.1 139.3 46

47 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Trade payables 22.5 28.8 8.2 34.2 82.2 7.6 25.2 21.9 21.7 15.2 14.1 48

49 Insurance and pension reserves (7) 42.5 42.5 22.3 62.2 113.9 43.7 41.0 50.3 31.7 33.5 32.9 49

50 Miscellaneous liabilities -7.1 -2.9 2.0 -7.8 0.6 4.1 -21.4 -14.7 8.7 7.9 -25.0 50

51 Discrepancy -28.2 -27.3 -56.8 37.6 251.5 -98.3 -24.4 21.5 58.6 192.8 15.0 51

 Memo:

52 Current surplus less fixed investment (8) -192.6 -154.5 -95.0 -295.2 -174.4 -230.9 -421.5 -354.0 -550.9 -583.6 -594.7 52

53 Adjustment between NIPA and FOF (9) 248.0 255.4 302.4 217.3 -0.1 348.1 286.6 234.7 202.7 64.1 257.5 53

54 Items to be financed (10) 55.4 100.9 207.4 -77.9 -174.5 117.2 -134.9 -119.3 -348.2 -519.5 -337.2 54

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Table F.9, line 1.

(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(5) Excludes loans to state and local governments.

(6) Excludes Treasury securities owed to state and local governments.

(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(8) Line 13 less line 19

(9) Line 14 plus line 16 less sum of lines 15, 20, and 51.

(10) Line 52 plus line 53.
Z.1, December 5, 2002 111

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1343.8 1538.7 1557.6 1691.9 1599.2 1609.3 1632.7 1691.9 1670.6 1676.2 1746.8 1

 2 Gold, SDRs, and official foreign exchange 51.0 44.4 41.0 43.1 38.7 39.5 44.6 43.1 42.2 47.6 48.8 2

 3 Checkable deposits and currency 51.5 120.1 57.4 105.1 61.7 79.1 80.1 105.1 62.4 94.6 116.8 3

 4 Time and savings deposits 95.8 107.5 117.8 129.7 118.1 117.0 120.2 129.7 148.2 135.5 151.8 4

 5 Security RPs 158.5 163.5 173.3 154.9 170.5 164.8 155.0 154.9 145.4 152.9 148.7 5

 6 Credit market instruments 679.1 749.2 787.5 811.0 796.0 802.4 806.4 811.0 807.9 813.6 818.0 6

 7 Open market paper 102.0 108.9 116.5 90.0 110.0 100.7 90.7 90.0 79.0 75.1 80.5 7

 8 Agency securities (1) 179.0 190.0 203.5 233.3 212.9 223.6 231.8 233.3 235.3 238.6 237.1 8

 9 Municipal securities 2.5 1.0 1.6 1.9 2.1 2.0 2.1 1.9 1.7 1.4 1.0 9

10 Corporate and foreign bonds 61.2 71.3 75.0 84.4 77.9 79.7 83.4 84.4 88.2 91.5 89.4 10

11 Mortgages 170.3 207.5 211.2 214.8 211.7 212.8 213.1 214.8 216.0 216.9 217.7 11

12 Other loans and advances (2) 164.1 170.5 179.7 186.6 181.3 183.7 185.4 186.6 187.8 190.1 192.3 12

13 Corporate equities 102.0 115.0 115.1 126.3 111.1 121.1 111.3 126.3 131.8 123.8 107.1 13

14 Mutual fund shares 21.3 25.6 26.4 31.5 28.8 30.7 30.5 31.5 30.5 29.9 28.1 14

15 Trade receivables 22.3 22.9 28.1 35.4 31.7 33.8 37.6 35.4 36.6 37.0 37.3 15

16 Taxes receivable 49.5 72.0 87.9 129.9 111.5 90.7 102.8 129.9 149.0 102.2 126.8 16

17 Miscellaneous assets 112.7 118.5 123.0 125.0 131.3 130.2 144.1 125.0 116.7 139.2 163.5 17

18 Total liabilities 6029.3 6082.4 5874.1 6047.4 5952.8 5835.3 5924.1 6047.4 6108.2 6182.1 6311.4 18

19 SDR certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 19

20 Treasury currency 19.9 20.9 23.2 23.2 22.9 23.2 23.2 23.2 23.2 23.2 23.2 20

21 Credit market instruments 4672.6 4656.6 4419.5 4496.6 4468.4 4333.8 4402.8 4496.6 4562.9 4620.2 4734.8 21

22 Savings bonds 186.6 186.4 184.8 190.3 184.8 185.5 186.4 190.3 191.9 192.7 193.3 22

23 Other Treasury securities (3) 3267.8 3199.4 2936.9 2905.9 2958.2 2792.3 2857.8 2905.9 2950.9 2960.2 3051.0 23

24 Budget agency securities 28.5 28.3 27.3 26.8 26.8 27.0 27.0 26.8 26.3 26.8 27.2 24

25 Municipal securities 1189.7 1242.4 1270.6 1373.6 1298.7 1328.9 1331.7 1373.6 1393.8 1440.5 1463.4 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 644.4 673.2 681.4 715.7 703.0 707.7 714.1 715.7 722.2 729.1 732.6 27

28 Insurance and pension reserves 676.5 719.0 741.3 803.6 749.8 762.1 775.4 803.6 791.5 801.3 812.4 28

29 Miscellaneous liabilities 6.7 6.6 6.4 6.2 6.5 6.4 6.4 6.2 6.3 6.2 6.2 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
112 Z.1, December 5, 2002

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Net acquisition of financial assets 23.9 -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -56.7 -51.3 -47.6 1

 2 Checkable deposits and currency -1.0 -0.5 -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.6 0.6 0.2 -0.5 2

 3 Time and savings deposits 9.6 -5.5 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 15.1 4.7 3.2 -3.2 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 0.3 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 0.5 5

 6 Credit market instruments 41.6 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 10.8 13.7 -2.6 6

 7 Open market paper -2.5 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 -2.0 7

 8 U.S. government securities 29.7 21.1 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 -36.9 5.0 6.1 -0.3 8

 9 Treasury 7.9 0.6 -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 -20.2 -3.3 -0.9 -2.5 9

10 Agency 21.8 20.5 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 -16.7 8.4 7.0 2.1 10

11 Corporate and foreign bonds 8.8 11.2 13.8 20.8 14.0 2.7 17.4 3.1 26.5 16.4 5.0 6.0 -0.3 11

12 Mortgages 5.6 1.5 -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 -0.3 0.1 0.2 0.0 12

13 Corporate equities -22.4 0.2 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -54.6 -66.8 -71.1 -37.8 13

14 Mutual fund shares 0.0 0.4 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 3.3 2.4 -0.3 -2.0 14

15 Miscellaneous assets -4.2 -28.0 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 5.9 -9.0 1.8 -1.9 15

16 Unallocated insurance contracts (1) -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 -3.8 -3.6 -4.7 -2.2 16

17 Contributions receivable 4.4 2.8 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 8.0 -6.0 0.0 0.0 17

18 Other -6.8 -24.6 -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 1.8 0.6 6.5 0.3 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets 38.7 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 40.1 44.8 41.7 30.0 1

 2 Checkable deposits and currency 0.6 -0.3 -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 -1.5 0.4 0.2 -0.4 2

 3 Time and savings deposits 17.9 1.3 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -5.8 13.3 -7.7 -0.3 7.4 3

 4 Money market fund shares 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 10.8 13.1 1.9 11.7 4.6 -10.6 4

 5 Security RPs 1.8 0.4 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 0.6 -0.8 -0.4 0.3 5

 6 Credit market instruments 12.2 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 -3.3 6.3 19.7 22.9 6

 7 Open market paper 1.8 1.3 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 2.5 2.6 -3.1 3.7 7

 8 U.S. government securities 6.0 3.9 6.2 4.3 2.0 20.3 -1.5 2.1 -0.5 -10.8 6.3 9.0 7.8 8

 9 Treasury 4.0 1.8 6.1 5.2 3.8 10.2 0.6 1.9 0.4 -10.9 0.7 -0.5 -1.7 9

10 Agency 2.0 2.1 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 0.1 5.6 9.5 9.5 10

11 Corporate and foreign bonds 3.4 8.7 7.6 7.3 13.8 -9.1 -3.9 -0.2 7.4 5.1 -3.4 12.8 10.1 11

12 Mortgages 1.0 0.1 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 -0.0 0.8 1.0 1.3 12

13 Corporate equities -11.5 0.7 11.3 28.8 15.1 5.8 -18.4 -16.2 -36.9 28.0 37.7 21.2 4.5 13

14 Mutual fund shares 5.1 6.2 9.8 13.0 22.4 20.1 43.1 25.3 41.4 -6.8 -0.8 1.5 -1.8 14

15 Miscellaneous assets 9.7 9.9 27.3 8.8 4.6 15.0 32.6 24.2 14.7 7.8 -2.0 -4.8 7.7 15

16 Unallocated insurance contracts (2) 14.2 15.9 23.0 10.6 12.9 8.9 23.7 12.2 4.6 -11.0 -4.0 -7.0 4.7 16

17 Contributions receivable 2.8 3.2 3.9 4.4 4.9 5.5 4.4 4.3 3.6 13.4 1.2 1.2 1.3 17

18 Other -7.3 -9.2 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 5.5 0.8 1.0 1.8 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: 56.9 89.6 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.2 116.3 124.3 1

 2 Commercial banking 15.6 21.6 16.6 -0.5 -2.9 -1.1 6.5 0.7 0.1 -0.5 -3.4 8.9 3.1 2

 3 Saving institutions 7.3 -2.6 -3.8 -8.3 -9.1 -6.3 -1.9 -3.9 -6.0 -5.3 -3.1 -2.3 -1.8 3

 4 Credit unions 1.9 3.2 3.6 0.9 -0.3 -0.0 1.2 0.9 1.2 0.3 0.9 0.4 3.2 4

 5 Life insurance companies -1.3 4.4 7.1 4.9 12.6 13.2 11.2 10.3 47.5 24.6 40.8 19.5 9.0 5

 6 Money market mutual funds 9.0 12.9 -1.1 3.0 6.0 12.7 13.9 13.8 4.0 23.0 21.0 4.0 20.0 6

 7 Mutual funds 10.6 10.4 41.9 38.9 59.5 13.5 64.3 50.0 88.1 90.2 90.6 49.8 33.4 7

 8 Other self-directed accounts 13.9 39.7 3.1 19.5 -16.7 21.1 -36.6 -19.0 -66.4 -40.7 -34.6 35.9 57.3 8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, December 5, 2002 113

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Total financial assets 921.5 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2101.9 2004.0 1818.1 1

 2 Checkable deposits and currency 1.6 1.0 1.0 1.0 1.0 1.8 2.1 2.2 2.6 3.2 3.8 4.0 3.5 2

 3 Time and savings deposits 56.9 51.3 56.8 47.6 54.1 67.1 71.9 82.7 96.0 111.1 115.8 119.0 115.8 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 18.0 5

 6 Credit market instruments 318.0 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.0 483.8 497.4 494.8 6

 7 Open market paper 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 15.5 7

 8 U.S. government securities 184.0 205.1 209.0 209.4 219.8 260.6 267.3 252.0 264.2 227.4 232.4 238.5 238.2 8

 9 Treasury 93.0 93.6 84.7 73.7 68.1 78.2 80.2 75.6 79.3 59.1 55.8 54.9 52.4 9

10 Agency 91.0 111.5 124.3 135.8 151.7 182.4 187.1 176.4 185.0 168.3 176.6 183.7 185.8 10

11 Corporate and foreign bonds 99.0 110.1 123.9 144.7 158.7 161.4 178.8 181.9 208.4 224.8 229.8 235.9 235.5 11

12 Mortgages 18.2 19.7 13.0 9.9 8.5 4.7 4.9 5.0 5.6 5.3 5.4 5.6 5.6 12

13 Corporate equities 358.9 341.4 458.6 484.5 555.6 559.9 699.6 785.8 876.0 986.6 1157.3 1046.0 889.0 13

14 Mutual fund shares 6.8 6.8 11.4 15.6 22.3 39.0 54.8 63.8 81.4 101.0 129.0 123.7 107.6 14

15 Miscellaneous assets 162.7 134.3 144.3 135.5 143.5 158.2 158.3 176.4 182.6 194.9 196.2 196.4 189.4 15

16 Unallocated insurance contracts (1) 80.1 73.6 77.3 69.6 69.7 79.2 80.3 88.9 90.7 93.3 99.9 93.6 86.3 16

17 Contributions receivable 14.1 16.9 25.1 30.7 38.0 44.2 43.9 43.6 47.1 55.1 49.1 49.1 49.1 17

18 Other 68.4 43.8 41.9 35.2 35.8 34.8 34.2 43.9 44.8 46.6 47.2 53.7 54.0 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 712.8 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2292.4 2528.5 2511.4 2353.6 1

 2 Checkable deposits and currency 2.6 2.3 2.0 2.0 2.2 2.3 2.7 3.1 4.0 2.5 2.9 3.0 2.6 2

 3 Time and savings deposits 57.8 59.1 59.2 51.1 41.3 35.0 34.7 29.3 23.4 36.7 28.9 28.7 36.0 3

 4 Money market fund shares 17.8 17.8 18.8 19.8 26.3 31.6 37.5 48.4 61.4 63.4 75.1 79.6 69.0 4

 5 Security RPs 8.1 8.5 10.4 11.6 12.6 10.6 10.7 12.1 12.7 13.2 12.5 12.1 12.4 5

 6 Credit market instruments 107.6 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 178.2 184.5 204.2 227.1 6

 7 Open market paper 10.0 11.3 12.7 13.6 14.3 12.3 13.0 15.4 16.3 18.8 21.3 18.3 22.0 7

 8 U.S. government securities 53.8 57.7 63.9 68.2 70.2 90.5 89.0 91.1 90.7 79.9 86.1 95.1 102.9 8

 9 Treasury 34.3 36.1 42.2 47.5 51.2 61.4 62.0 63.8 64.3 53.4 54.0 53.6 51.8 9

10 Agency 19.5 21.6 21.7 20.7 18.9 29.1 27.1 27.3 26.4 26.5 32.1 41.6 51.1 10

11 Corporate and foreign bonds 38.8 47.5 55.1 62.4 76.2 67.1 63.2 63.0 70.4 75.5 72.1 84.9 95.0 11

12 Mortgages 5.1 5.2 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.1 4.9 5.9 7.2 12

13 Corporate equities 276.6 264.8 348.6 391.5 463.0 459.9 589.6 678.1 820.4 1004.1 1168.5 1149.1 1036.7 13

14 Mutual fund shares 26.2 33.7 55.0 80.6 119.9 166.9 272.0 348.5 488.2 567.1 624.8 609.9 543.9 14

15 Miscellaneous assets 216.1 226.8 257.1 266.1 278.0 304.7 346.8 379.1 408.3 427.2 431.5 424.9 425.9 15

16 Unallocated insurance contracts (2) 124.6 141.2 167.2 178.0 198.2 218.7 252.0 272.2 291.3 291.3 293.5 284.8 282.7 16

17 Contributions receivable 12.2 15.4 19.3 23.7 28.6 34.1 38.5 42.8 46.4 59.8 61.0 62.2 63.5 17

18 Other 79.4 70.2 70.6 64.4 51.3 51.9 56.4 64.1 70.6 76.1 76.9 77.9 79.7 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total held at: 546.0 637.0 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2613.0 2508.0 1

 2 Commercial banking 111.0 132.6 149.2 148.6 145.8 144.7 151.1 151.9 152.0 151.5 148.1 157.0 160.1 2

 3 Saving institutions 108.9 106.3 102.5 94.2 85.1 78.9 76.9 73.0 67.0 61.8 58.7 56.4 54.6 3

 4 Credit unions 24.3 27.5 31.1 32.1 31.8 31.8 33.0 33.8 35.0 35.3 36.2 36.7 39.9 4

 5 Life insurance companies 37.9 42.0 49.7 55.6 69.5 78.7 94.3 110.3 160.0 190.1 245.5 245.5 247.1 5

 6 Money market mutual funds 27.8 40.7 39.6 42.6 48.6 61.3 75.2 89.0 93.0 116.0 137.0 141.0 161.0 6

 7 Mutual funds 93.1 97.9 144.2 189.2 266.1 279.9 387.3 490.0 658.0 824.0 1082.0 1051.0 966.0 7

 8 Other self-directed accounts 143.1 190.0 259.6 310.6 346.2 380.8 470.2 518.9 563.0 771.3 943.5 925.4 879.2 8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories

 (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, December 5, 2002 Flow of Funds Matrix for 2001

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U SUSUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving and net cap. transfers -- 1169.8 -- 951.5 -- 140.6 -- 154.6 -- 2416.5 -- 375.9 -- 109.9  2 Capital consumption -- 761.3 -- 821.9 -- 123.7 -- 98.8 -- 1805.6 -- -- -- 116.8  3 Net saving (1 less 2) -- 443.1 -- 129.6 -- 16.9 -- 55.9 -- 645.6 -- 375.9 -- -7.0  4 Gross investment (5 plus 11) 1282.0 -- 969.0 -- 161.7 -- 96.0 -- 2508.7 -- 382.7 -- 102.6 --  5 Capital expenditures 1310.8 -- 1018.8 -- 236.2 -- 99.4 -- 2665.2 -- -- -- 120.0 --  6 Consumer durables 863.3 -- -- -- -- -- -- -- 863.3 -- -- -- -- --  7 Residential 380.7 -- 63.5 -- -- -- -- -- 444.2 -- -- -- 0.6 --  8 Nonresidential 66.8 -- 988.1 -- 236.2 -- 99.7 -- 1390.7 -- -- -- 119.4 --  9 Inventory change -- -- -60.3 -- -- -- -- -- -60.3 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.3 -- -- -- -0.3 -- 0.0 -- -- -- -- -- 11 Net financial investment -28.8 -- -49.8 -- -74.5 -- -3.4 -- -156.5 -- 382.7 -- -17.4 -- 12 Financial uses 548.5 -- 427.8 -- 54.0 -- 54.4 -- 1084.6 -- 630.9 -- 2771.2 -- 13 Financial sources -- 577.3 -- 477.5 -- 128.4 -- 57.9 -- 1241.1 -- 248.2 -- 2788.6 14 Gold and off. fgn. exchange -- -- -- -- -- -- 4.6 -- 4.6 -- -0.6 4.3 0.3 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 1.4 -- 17 Foreign deposits -5.0 -- -10.4 -- -- -- -- -- -15.4 -- -- 28.0 33.1 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -49.3 -- 0.4 -31.7 19 Checkable dep. and currency 24.2 -- 23.6 -- 5.1 -- 41.1 -- 94.0 -- 24.2 -- 76.0 202.6 20 Time and savings deposits 200.8 -- 47.5 -- 7.7 -- 4.2 -- 260.1 -- -14.5 -- 90.2 335.8 21 Money market fund shares 168.4 -- 106.9 -- -- -- -- -- 275.3 -- -- -- 153.2 428.6 22 Fed. funds and security RPs -- -- -0.2 -- -18.4 -- -- -- -18.6 -- 59.4 -- 35.5 24.0 23 Credit market instruments -87.3 610.4 -16.6 409.9 38.1 103.2 6.0 -5.6 -59.9 1118.0 320.6 -37.4 1780.3 960.4 24 Open market paper -19.4 -- -4.9 -88.3 -26.5 -- -- -- -50.8 -88.3 6.2 -14.2 -119.8 -61.9 25 Treasury securities -63.7 -- 2.0 -- 20.3 -- -- -5.0 -41.3 -5.0 3.1 -- 33.2 -- 26 Federal agency securities -105.2 -- 7.0 -- 29.8 -- 0.0 -0.5 -68.3 -0.5 107.2 -- 589.9 629.3 27 Municipal securities 40.3 11.3 -6.3 3.3 0.3 103.0 -- -- 34.3 117.6 -- -- 83.2 -- 28 Corporate and fgn. bonds 59.7 -- -- 332.6 9.4 -- -- -- 69.1 332.6 205.7 -12.1 388.7 343.0 29 Bank loans n.e.c. -- -16.8 -- -65.5 -- -- -- -- -- -82.3 -- -7.3 -75.8 13.8 30 Other loans and advances -- 16.9 -- 12.1 -- 0.2 7.1 -- 7.1 29.3 -1.6 -3.8 54.9 34.9 31 Mortgages 0.9 488.8 0.3 215.8 4.7 -- -1.1 0.0 4.8 704.5 -- -- 701.0 1.3 32 Consumer credit -- 110.2 -14.8 -- -- -- -- -- -14.8 110.2 -- -- 125.0 -- 33 Corporate equities -278.0 -- -- -61.8 22.8 -- -- -- -255.1 -61.8 121.4 106.8 219.0 40.3 34 Mutual fund shares 172.8 -- -5.2 -- 5.1 -- -- -- 172.8 -- -- -- 28.7 201.4 35 Trade credit -- 6.1 -71.3 -60.7 -- 25.2 7.2 9.0 -64.1 -20.4 -2.7 -2.2 31.2 3.3 36 Security credit 41.9 -38.8 -- -- -- -- -- -- 41.9 -38.8 0.0 0.0 -38.8 41.9 37 Life insurance reserves 77.2 -- -- -- -- -- -- 1.4 77.2 1.4 -- -- -- 75.8 38 Pension fund reserves 209.1 -- -- -- -- -- -- 60.8 209.1 60.8 -- -- -- 148.2 39 Taxes payable -- -- -- 6.9 5.2 -- -10.0 -- -4.8 6.9 -- -- -- 7.4 40 Inv. in bank personal trusts 31.5 -- -- -- -- -- -- -- 31.5 -- -- -- -- 31.5 41 Equity in noncorp. business -23.1 -- -- -36.4 -- -- -- -- -23.1 -36.4 -- -- -- 13.3 42 Miscellaneous 16.1 -0.4 353.4 219.7 -11.6 -- 1.3 -7.8 359.2 211.4 172.4 148.8 360.8 305.8 43 Sector discrepancies (1 less 4) -112.2 -- -17.5 -- -21.1 -- 58.7 -- -92.2 -- -6.8 -- 7.3 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, December 5, 2002 Flow of Funds Matrix for 2001

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Finan

Organizations Business Governments Government Sectors the World Sec

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 32379.8 -- 10632.1 -- 1350.0 -- 607.4 -- 44969.3 -- 6960.2 -- 38415.8  2 Total liabilities and equity -- 8041.0 -- 28252.1 -- 2043.7 -- 4269.2 -- 42605.9 -- 5193.0 --  3 Total liabilities -- 8041.0 -- 12581.9 -- 2043.7 -- 4269.2 -- 26935.8 -- 3628.3 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.8 -- 10.8 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 17.9 -- 17.9 -- -- 17.9 -0.1  6 Official foreign exchange -- -- -- -- -- -- 14.4 -- 14.4 -- -- 29.0 14.6  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 23.2 -- 23.2 -- -- 33.0  9 Foreign deposits 53.5 -- 37.1 -- -- -- -- -- 90.6 -- -- 908.9 124.2 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 111.8 -- 64.8 11 Checkable dep. and currency 349.2 -- 617.8 -- 38.2 -- 66.9 -- 1072.1 -- 314.1 -- 200.8 12 Time and savings deposits 3251.3 -- 366.2 -- 119.2 -- 10.5 -- 3747.1 -- 92.9 -- 408.7 13 Money market fund shares 1171.5 -- 335.2 -- -- -- -- -- 1506.7 -- -- -- 734.0 14 Fed. funds and security RPs -- -- 8.0 -- 154.9 -- -- -- 162.8 -- 150.7 -- 573.7 15 Credit market instruments 2380.6 7680.8 277.6 6926.4 805.1 1382.5 271.3 3379.5 3734.6 19369.2 2954.4 704.9 22782.4 16 Open market paper 53.3 -- 56.4 190.1 90.0 -- -- -- 199.7 190.1 118.1 106.7 1127.8 17 Treasury securities 570.0 -- 51.7 -- 256.5 -- -- 3352.7 878.2 3352.7 1039.5 -- 1435.1 18 Federal agency securities 278.8 -- 22.2 -- 233.3 -- 0.0 26.8 534.3 26.8 554.9 -- 3881.7 19 Municipal securities 599.0 154.3 20.0 157.4 1.9 1373.6 -- -- 620.9 1685.4 -- -- 1064.4 20 Corporate and fgn. bonds 767.3 -- -- 2563.2 84.4 -- -- -- 851.7 2563.2 1126.3 488.4 3713.8 21 Bank loans n.e.c. -- 55.5 -- 1195.9 -- -- -- -- -- 1251.4 -- 63.2 1421.4 22 Other loans and advances -- 263.2 -- 816.6 -- 8.9 195.6 -- 195.6 1088.8 115.7 46.6 1297.3 23 Mortgages 112.2 5504.5 59.4 2003.1 139.0 -- 75.8 0.0 386.4 7507.6 -- -- 7205.4 24 Consumer credit -- 1703.3 67.9 -- -- -- -- -- 67.9 1703.3 -- -- 1635.4 25 Corporate equities 6024.1 -- -- 10782.8 126.3 -- -- -- 6150.4 10782.8 1533.8 1564.7 7561.3 26 Mutual fund shares 2916.2 -- 107.8 -- 31.5 -- -- -- 3055.5 -- -- -- 1080.0 27 Trade credit -- 144.7 1963.8 1546.0 -- 661.1 35.4 54.5 1999.2 2406.4 44.3 47.8 315.8 28 Security credit 454.3 196.4 -- -- -- -- -- -- 454.3 196.4 0.0 0.0 371.5 29 Life insurance reserves 880.0 -- -- -- -- -- -- 37.8 880.0 37.8 -- -- -- 30 Pension fund reserves 8694.0 -- -- -- -- -- -- 765.8 8694.0 765.8 -- -- -- 31 Taxes payable -- -- -- 160.4 50.1 -- 79.8 -- 129.9 160.4 -- -- -- 32 Inv. in bank personal trusts 1025.3 -- -- -- -- -- -- -- 1025.3 -- -- -- -- 33 Equity in noncorp. business 4824.9 -- -- 4887.3 -- -- -- -- 4824.9 4887.3 -- -- -- 34 Miscellaneous 354.9 19.1 6918.6 3949.1 24.7 -- 100.3 6.2 7398.6 3974.5 1758.0 1919.9 4137.8 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
116 Z.1, December 5, 2002

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Assets 24094.0 25878.7 27018.3 28524.2 29470.1 32666.0 35542.1 39679.9 43654.9 49259.9 49423.7 49112.2 1

 2 Tangible assets 9254.7 9505.5 9830.7 10138.4 10449.5 11045.2 11492.5 12142.2 13107.3 14178.1 15512.8 16732.5 2

 3 Financial assets 14839.2 16373.2 17187.6 18385.8 19020.6 21620.9 24049.6 27537.7 30547.6 35081.8 33910.8 32379.8 3

 4 Deposits 3259.3 3253.3 3219.7 3156.1 3109.6 3298.0 3440.8 3622.3 3927.5 4053.1 4437.0 4825.4 4

 5 Credit market instruments 1556.3 1634.4 1684.8 1663.4 1950.7 1968.7 2176.6 2193.5 2308.9 2613.2 2481.5 2380.6 5

 6 Equity shares at market value 3135.6 4363.2 4896.2 5686.4 5673.2 7598.8 9171.2 11801.3 13736.2 17262.2 15263.7 13024.9 6

 7 Directly held 1781.4 2548.7 2869.2 3237.1 3081.7 4137.3 4861.5 6228.9 7052.4 9053.1 7408.0 6024.1 7

 8 Indirectly held 1354.2 1814.5 2026.9 2449.3 2591.5 3461.6 4309.7 5572.4 6683.9 8209.1 7855.7 7000.8 8

 9 Bank personal trusts and estates 214.1 271.7 268.7 262.0 263.6 365.2 439.3 555.1 599.2 698.6 645.5 559.6 9

10 Life insurance companies 57.8 93.8 113.3 163.5 199.6 274.7 373.3 510.5 665.4 904.4 882.8 806.5 10

11 Private pension funds 622.7 840.9 930.7 1100.5 1142.0 1501.8 1720.0 2083.4 2487.7 2896.5 2748.6 2412.9 11

12 Defined benefit plans 344.0 463.2 490.8 565.5 578.6 729.9 825.9 931.0 1056.7 1253.2 1136.0 962.8 12

13 Defined contribution plans 278.6 377.7 439.9 534.9 563.3 771.9 894.1 1152.4 1431.0 1643.3 1612.6 1450.1 13

14 State and local govt. retirement funds 284.6 379.1 428.5 497.3 507.6 678.9 828.5 1084.8 1233.9 1343.2 1335.1 1221.9 14

15 Mutual funds 175.1 229.0 285.7 426.0 478.7 641.1 948.6 1338.7 1697.6 2366.4 2243.6 1999.9 15

16 Other 6888.0 7122.3 7386.9 7879.9 8287.0 8755.3 9261.0 9920.7 10574.9 11153.3 11728.5 12148.9 16

17 Liabilities 3720.1 3935.5 4141.4 4415.1 4732.2 5081.3 5445.8 5824.8 6308.5 6888.3 7463.7 8041.0 17

18 Net worth 20373.8 21943.2 22876.8 24109.1 24737.9 27584.7 30096.3 33855.1 37346.3 42371.6 41960.0 41071.2 18

 Memo:

19 Equity shares excluding defined benefit plans 2507.0 3521.0 3976.8 4623.6 4587.0 6190.1 7516.8 9785.5 11445.6 14665.8 12792.6 10840.2 19

 (line 6 minus lines 12 and 14)

 Equity shares (line 6) as a percent of

20 Total assets (line 1) 13.0 16.9 18.1 19.9 19.3 23.3 25.8 29.7 31.5 35.0 30.9 26.5 20

21 Financial assets (line 3) 21.1 26.6 28.5 30.9 29.8 35.1 38.1 42.9 45.0 49.2 45.0 40.2 21

(1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households.

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.