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

Friday 

June 9, 2000 

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

First Quarter 2000

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

First Quarter 2000

Growth of domestic nonfinancial debt slowed to

a 5-1/2 percent annual rate in the first quarter of 2000,

owing to a resumption of large paydowns in federal

debt after a pause in the fourth quarter. Since its peak

in early 1998, federal debt held by the public has

dropped about 4-1/2 percent, or $177 billion.

Meanwhile, household and business borrowing

remained brisk. In the first quarter, household debt rose

at a 7-3/4 percent pace, somewhat slower than in recent

quarters as home mortgage borrowing decreased a bit.

Business debt expanded at a 10-1/2 percent annual rate

in the first quarter, as firms tapped all major sources of

credit in volume. Growth of state and local government

debt, at a 1-1/4 percent annual rate of increase, remained

subdued.

The level of domestic nonfinancial debt

outstanding was $17.7 trillion at the end of the first

quarter. Debt of nonfederal sectors was $14.1 trillion,

and federal debt was $3.6 trillion.

Figures for the growth and level of debt are found

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

flows, amounts outstanding, and selected sector

balance sheets are included in the remaining pages of

this release.

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1993 4.9 8.3 3.7 5.3 1.4 6.0 

1994 4.6 4.7 4.5 7.6 3.8 -4.0 

1995 5.5 4.1 6.0 7.9 6.8 -4.6 

1996 5.3 4.0 5.8 7.3 5.8 -0.6 

1997 5.6 0.6 7.3 6.5 8.7 5.3 

1998 6.8 -1.4 9.5 8.8 10.9 7.2 

1999 6.9 -1.9 9.5 9.2 11.0 4.4 

1999:Q1 7.9 -2.0 10.9 9.2 13.6 7.3 

:Q2 5.3 -3.0 7.8 8.4 8.1 2.9 

:Q3 7.0 -2.2 9.6 9.7 10.6 4.6 

:Q4 6.5 -0.4 8.4 8.1 10.0 2.5 

2000:Q1 5.5 -5.5 8.4 7.8 10.6 1.2

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

Title Table Page

Flow of Funds Accounts, First Quarter 2000 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 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 17 L.101 63

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

Nonfarm Noncorporate Business F.103 19 L.103 65

Farm Business F.104 19 L.104 65

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

Federal Government F.106 21 L.106 66

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

Monetary Authority F.108 23 L.108 68

Commercial Banking F.109 24 L.109 69

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

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

Bank Holding Companies F.112 27 L.112 72

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

Savings Institutions F.114 28 L.114 73

Credit Unions F.115 29 L.115 74

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

Life Insurance Companies F.117 30 L.117 75

Other Insurance Companies F.118 30 L.118 75

Private Pension Funds F.119 31 L.119 76

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77

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

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

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

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

Finance Companies F.127 34 L.127 79

Mortgage Companies F.128 35 L.128 80

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

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

Funding Corporations F.131 36 L.131 81

Instruments

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

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

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

Net Interbank Transactions F.203 38 L.203 83

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

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

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

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

Open Market Paper F.208 41 L.208 86

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88

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

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

Corporate Equities F.213 45 L.213 90

Mutual Fund Shares F.214 45 L.214 90

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

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

Total Mortgages F.217 48 L.217 93

Home Mortgages F.218 49 L.218 94

Multifamily Residential Mortgages F.219 49 L.219 94

Commercial Mortgages F.220 50 L.220 95

Farm Mortgages F.221 50 L.221 95

Consumer Credit F.222 51 L.222 96

Trade Credit F.223 51 L.223 96

Security Credit F.224 51 L.224 96

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52

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

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

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

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

Sector Discrepancies F.10 57

Instrument Discrepancies F.11 57
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

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

Flow of Funds Matrix for 1999 112 113

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 114

1

Flow of Funds Accounts, First Quarter 2000

An updated version of the Guide to the Flow of Funds Accounts has been published by the Federal

Reserve Board to replace the 1993 edition. 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 at the address shown on the next

page; Publications Services accepts orders accompanied by checks as well as credit card orders. The

Internet site for this release at the location shown on the next page contains a link to an order form for

the Guide that can be mailed or faxed to Publications Services.

 This publication presents the flow of funds

accounts for 2000:Q1.

Table changes. With this release, additional detail is

being added to the flow of funds accounts.

1. Figures for home equity loans, a component of

home mortgages, are now provided on lines 24 through

29 in tables F.218 and L.218. Home equity loans include

both the value of home equity lines of credit taken down

and home equity loans secured by junior liens. The

estimates are based on source data from lenders, each of

which is shown separately. Aside from relatively minor

revisions the data are consistent with estimates

published earlier in Federal Reserve Bulletin articles in

1994 and 1998. The quarterly data for home equity

loans are available from 1990:Q4 for levels and

1991:Q1 for flows.

2. Balance sheet data for households (B.100) and

nonfarm nonfinancial corporations (B.102) will now be

published at a quarterly frequency. The quarterly

estimates combine previously published figures for

financial assets and liabilities shown in tables L.100 and

L.102, with estimates for tangible assets. Estimates are

available for 1952:Q1 onward and can be downloaded

via the Internet site.

Data revisions and other changes. The statistics

shown in these tables reflect the use of new or revised

source data. Most significant revisions appear in recent

quarters; however, new source information resulted in

changes to data for earlier periods. The revisions

include the following:

3. Data for investment and depreciation flows for

all sectors have been revised as a result of the release of

revised annual estimates for fixed reproducible tangible

wealth by the Bureau of Economic Analysis of the

Department of Commerce (BEA). Saving and

investment flows for sectors are flow of funds

allocations of totals from the national income and

product accounts (NIPA) that reflect the distribution of

flows in the tangible wealth data.

4. Assets of the nonfarm nonfinancial corporate

business sector (tables F.102 and L.102) were revised

from 1997:Q1 onward to reflect new data from the

Internal Revenue Service (IRS) Statistics of Income

(SOI) for 1997.

5. In the nonfarm noncorporate business sector

(tables F.103 and L.103), data have been revised for

1997:Q1 onward, owing to benchmark statistics

available from the IRS/SOI for 1997.

6. Assets of the state and local governments

sector (tables F.105 and L.105) were revised from

1998:Q3 onward to reflect data from the comprehensive

annual financial reports of state and local governments

for 1999:Q2.

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.
2

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

difference between its measured sources of funds and its

measured uses of funds. For an instrument category, a

discrepancy is the difference between measured funds

borrowed through the financial instrument and

measured funds lent through that instrument. The size

of such discrepancies relative to the main asset or

liability components is one indication of the quality of

source data, especially on an annual basis. For quarterly

data, differences in seasonal adjustment procedures for

financial and nonfinancial components of the accounts

sometimes result in discrepancies that cancel in annual

data.

Availability of Data. Flow of funds statistics are

updated about ten weeks following the end of a quarter.

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

Board's Publications Services. Flow of funds data are

also available electronically through the Internet at the

following location:

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

The Internet site also provides quarterly data beginning

in 1952, organized in compressed files that correspond

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

quarterly data for seasonally adjusted flows, unadjusted

flows, outstandings, balance sheets, and debt (tables

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

data from January 1955 onward for the debt aggregate

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

Stock and Debt Measures.”

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 2000:Q1; revised

unadjusted flows.

Unadjusted flows since 1998.

 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 2000:Q1. The source for nonprofit organizations data (tables

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

Data for nonprofit organizations are available for 1987 through 1996.

 3. Nonfarm nonfinancial 

 corporate business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR) of

the Census Bureau through 1999:Q4;

Internal Revenue Service Statistics of

Income data through 1997; securities

offerings, mortgages, bank loans,

commercial paper, and other loans

through 2000:Q1.

Statistics of Income data since

1997; QFR data for 2000:Q1.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics of

Income data through 1997; bank and

finance company loans and mortgage

borrowing through 2000:Q1.

Statistics of Income data since

1997.

 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 2000:Q1;

preliminary data for checkable

deposits and currency and trade

payables through 1999.

Revised data for consumption of

fixed capital and undistributed

profits since 1998.
4

 6. State and local 

 governments

 (tables F.105 and L.105)

Gross offerings and retirements of

municipal securities, deposits at

banks, and nonmarketable U.S.

government securities issues through

2000:Q1; selected financial assets

through 1999:Q2 from the

comprehensive annual financial

reports of state and local

governments that account for most of

the holdings of the sector, and data

from Standard & Poor’s on local

government investment pools.

Selected financial asset items since

1999:Q2.

 7. Federal government

 (tables F.106 and L.106)

Data from the Monthly Treasury

Statement of Receipts and Outlays

through 2000:Q1; data from the

Federal Financing Bank through

1999:Q4; Treasury data for loan

programs through 1999:Q4.

Federal Financing Bank data and

Treasury data for loan programs

for 2000:Q1.

 8. Rest of the world

 (U.S. international 

 transactions)

 (tables F.107 and L.107)

Balance of payments data through

1999:Q4; NIPA estimates, data from

bank Reports of Condition, and

Treasury International Capital

System data through 2000:Q1.

Selected series from the balance of

payments for 2000:Q1.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 2000:Q1. None.

10. Commercial banking

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113)

All data through 2000:Q1 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 1998 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

 (tables F.114 and L.114)

All data through 2000:Q1. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 2000:Q1. None.

13. Bank personal trusts and 

 estates

 (tables F.116 and L.116)

All data through 1998. Data since 1998:Q4.

14. Life insurance companies

 (tables F.117 and L.117)

All data through 1999:Q3;

preliminary data for 1999:Q4. 

Final data since1999:Q4.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1999:Q3;

preliminary data for 1999:Q4. 

Final data since1999:Q4.
5

16. Private pension funds 

 (including FERS

 Thrift Savings Plan)

 (tables F. 119 and L.119)

Quarterly data through 2000:Q1;

Internal Revenue Service/Department

of Labor/Pension Benefit Guaranty

Corporation Form 5500 data through

1995.

Form 5500 data since 1995.

17. State and local government 

 employee retirement funds

 (tables F.120 and L.120)

All data through 1999:Q4. Data for 2000:Q1.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 2000:Q1. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 2000:Q1. None.

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1999. Data since 1999.

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FHLBs,

Fannie Mae, Freddie Mac, FCS,

FICO, REFCORP, and Sallie Mae

through 2000:Q1.

None.

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 2000:Q1. None.

23. Issuers of asset-backed 

 securities (ABSs)

 (tables F.126 and L.126)

All data from Trepp/PSA

Information Services of the

Muller Data Corporation and data for

private mortgage pools, consumer

credit, business loans, student loans,

consumer leases, and trade credit

securitization through 2000:Q1.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 2000:Q1. None.

25. Mortgage companies

 (tables F.128 and L.128)

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

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data from SNL REIT DataSource

through 2000:Q1.

None.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS and

FOGS reports through 2000:Q1.

None.

28. 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, June 9, 2000

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

1965 7.1 0.6 9.6 8.7 7.7 11.6 11.2 11.4 7.9 16.8 7.2

1966 6.7 1.4 8.5 6.1 5.1 6.1 11.7 12.3 6.7 17.7 5.1

1967 7.3 4.9 8.1 5.2 5.1 5.0 11.3 12.0 6.7 -1.8 9.8

1968 7.9 4.5 8.9 7.7 6.1 9.9 10.5 10.9 7.5 17.3 6.3

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

1970 6.9 4.2 7.6 4.0 3.8 3.4 10.5 10.5 8.7 14.5 5.7

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

1972 10.0 4.6 11.4 11.2 11.1 13.1 12.5 10.1 8.4 17.2 7.9

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

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

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

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

1977 12.8 11.0 13.3 16.1 17.5 15.5 12.1 12.2 8.4 18.9 11.6

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

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

1980 9.5 11.8 9.0 8.0 10.3 0.6 10.4 8.6 6.9 14.5 14.0

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

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

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

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

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

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

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

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

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

1990 6.5 11.0 5.2 7.3 9.3 1.5 3.3 5.3 5.0 8.8 9.1

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

1992 4.6 10.9 2.6 4.5 5.3 0.8 0.8 1.9 2.2 8.8 8.0

1993 4.9 8.3 3.7 5.3 4.4 7.3 1.4 1.9 6.0 9.7 22.1

1994 4.6 4.7 4.5 7.6 5.9 14.5 3.8 5.3 -4.0 14.0 -3.6

1995 5.5 4.1 6.0 7.9 5.7 14.1 6.8 8.8 -4.6 11.9 19.2

1996 5.3 4.0 5.8 7.3 7.2 7.9 5.8 5.4 -0.6 12.8 17.5

1997 5.6 0.6 7.3 6.5 6.8 4.3 8.7 8.7 5.3 13.5 11.1

1998 6.8 -1.4 9.5 8.8 9.9 5.4 10.9 12.3 7.2 19.7 5.9

1999 6.9 -1.9 9.5 9.2 10.1 7.1 11.0 12.6 4.4 16.7 2.4

1994 -- Q1 4.6 4.9 4.5 7.0 5.8 11.6 3.5 5.2 -1.4 15.4 -22.3

 Q2 3.8 4.0 3.7 6.8 4.9 14.8 3.3 4.7 -6.0 11.2 -7.5

 Q3 4.8 5.0 4.7 7.7 6.1 14.5 3.7 5.1 -3.2 11.4 4.0

 Q4 4.8 4.6 4.9 8.2 6.5 14.3 4.4 5.9 -5.5 15.2 12.0

1995 -- Q1 5.7 5.3 5.9 7.4 5.2 14.3 7.3 9.6 -5.2 8.1 18.5

 Q2 6.5 6.9 6.3 7.6 5.6 14.0 7.8 10.4 -4.3 10.9 12.1

 Q3 4.8 2.6 5.6 8.6 6.8 13.9 5.3 6.5 -6.1 11.9 22.2

 Q4 4.5 1.4 5.6 7.0 4.6 11.5 6.3 7.4 -3.1 14.6 19.1

1996 -- Q1 5.9 5.9 5.9 8.0 8.0 10.1 5.4 4.7 -1.6 9.0 11.9

 Q2 5.3 3.0 6.2 7.7 6.9 9.7 6.3 5.8 -1.3 15.8 10.1

 Q3 5.3 4.4 5.6 7.2 7.2 6.8 5.9 6.0 -3.2 9.9 24.9

 Q4 4.5 2.5 5.2 5.5 6.1 4.2 5.1 4.5 3.5 14.1 19.1

1997 -- Q1 5.0 1.8 6.1 7.0 6.6 5.2 6.2 5.9 1.8 7.8 5.7

 Q2 4.7 -0.4 6.5 5.7 5.3 4.6 8.0 7.5 4.1 13.2 12.2

 Q3 6.0 1.2 7.6 7.0 9.8 3.9 8.5 8.2 7.0 12.5 16.9

 Q4 6.2 -0.1 8.3 5.8 5.0 3.4 11.2 12.2 7.9 18.3 8.0

1998 -- Q1 7.2 -0.4 9.7 8.7 10.3 4.7 11.1 12.6 8.4 17.2 16.7

 Q2 6.8 -0.7 9.3 7.6 7.5 4.9 11.5 13.3 7.2 17.5 16.5

 Q3 5.8 -3.0 8.5 8.4 9.6 6.1 9.2 9.9 6.0 18.0 -3.2

 Q4 6.8 -1.4 9.3 9.2 10.7 5.3 10.1 11.2 6.4 20.9 -6.3

1999 -- Q1 7.9 -2.0 10.9 9.2 9.6 9.8 13.5 16.5 7.3 18.4 2.8

 Q2 5.3 -3.0 7.8 8.4 9.8 4.5 8.1 9.0 2.9 14.9 -6.0

 Q3 7.0 -2.2 9.6 9.7 11.0 5.5 10.6 11.6 4.6 15.2 10.4

 Q4 6.5 -0.4 8.4 8.1 8.6 7.8 10.0 11.0 2.5 14.5 2.5

2000 -- Q1 5.5 -5.5 8.4 7.8 7.0 10.0 10.6 12.0 1.2 7.8 18.5

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, June 9, 2000 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1964 64.1 6.1 58.1 26.5 14.5 9.5 25.2 16.7 6.4 6.3 4.0

1965 67.1 1.6 65.5 25.9 14.6 10.1 32.0 22.5 7.6 8.9 2.5

1966 67.3 3.6 63.7 19.9 10.6 5.9 36.9 27.0 6.9 11.0 1.9

1967 78.2 12.9 65.2 18.2 11.2 5.1 39.7 29.2 7.3 -1.3 3.9

1968 90.6 12.5 78.0 28.4 14.3 10.8 40.9 29.8 8.8 12.4 2.7

1969 88.9 -3.2 92.1 28.1 14.4 9.9 51.8 36.3 12.1 27.6 3.2

1970 91.3 12.1 79.3 17.0 9.9 4.4 50.2 35.0 12.1 16.2 2.8

1971 135.3 24.9 110.5 39.7 22.1 15.6 54.3 29.7 16.4 11.1 5.1

1972 156.1 15.0 141.1 54.8 32.9 19.5 72.3 40.0 14.0 23.9 4.4

1973 184.0 6.9 177.0 66.2 37.3 22.5 96.7 76.6 14.1 47.0 6.3

1974 175.0 11.9 163.1 47.4 29.1 8.9 102.3 60.3 13.4 48.5 13.8

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

1976 244.8 69.2 175.6 83.3 57.8 22.0 73.9 44.0 18.5 23.5 20.5

1977 321.2 56.3 264.8 129.3 87.3 35.4 115.7 74.8 19.9 53.6 13.5

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

1979 391.9 35.8 356.1 159.7 106.4 42.7 169.8 88.4 26.6 91.1 15.0

1980 343.7 77.4 266.3 101.2 83.1 2.3 143.0 72.9 22.2 73.2 24.2

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

1982 439.9 161.3 278.6 79.3 42.8 17.2 157.6 94.8 41.7 93.0 16.0

1983 573.7 185.2 388.5 174.6 104.1 50.0 166.5 91.9 47.3 104.5 17.3

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

1985 964.0 225.7 738.3 292.0 159.7 82.8 282.8 186.4 163.6 205.0 1.2

1986 844.3 216.0 628.3 248.6 186.4 54.4 305.5 228.9 74.2 327.8 9.7

1987 720.0 143.9 576.1 294.7 252.4 30.4 190.9 147.7 90.4 291.6 6.3

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

1989 687.5 146.4 541.2 254.0 195.7 44.2 237.0 182.1 50.1 225.0 10.2

1990 657.0 246.9 410.1 239.4 206.4 11.9 123.6 127.0 47.2 211.6 23.9

1991 465.3 278.2 187.0 161.2 150.4 -10.7 -59.5 -45.8 85.4 170.9 15.1

1992 524.2 304.0 220.2 165.9 138.6 6.1 30.2 46.2 24.1 244.0 24.1

1993 582.8 256.1 326.7 207.1 122.8 58.4 53.4 47.6 66.2 294.4 69.8

1994 568.0 155.9 412.2 313.6 172.0 124.9 144.8 137.2 -46.2 468.4 -13.9

1995 712.0 144.4 567.6 348.5 174.4 138.9 270.6 237.1 -51.5 453.9 71.1

1996 732.5 145.0 587.5 347.3 234.3 88.8 247.0 158.4 -6.8 545.8 77.2

1997 805.5 23.1 782.4 332.9 236.9 52.5 393.4 272.3 56.1 653.7 57.6

1998 1038.1 -52.6 1090.7 476.9 364.8 67.6 533.5 416.0 80.3 1073.9 33.6

1999 1120.4 -71.2 1191.6 542.9 411.0 94.4 595.9 479.5 52.8 1087.9 14.5

1994 -- Q1 568.1 162.5 405.7 289.3 167.4 99.5 132.3 132.7 -16.0 516.2 -85.9

 Q2 474.7 133.6 341.1 282.5 143.0 130.6 128.5 122.6 -69.9 391.0 -27.2

 Q3 607.1 169.0 438.1 329.0 180.0 133.3 145.7 135.2 -36.6 408.3 14.3

 Q4 622.2 158.3 463.9 353.6 197.5 136.2 172.7 158.2 -62.5 558.2 43.2

1995 -- Q1 745.1 186.4 558.7 329.0 159.3 140.8 288.2 260.3 -58.5 309.6 68.4

 Q2 854.1 245.5 608.6 342.5 173.5 143.1 313.9 289.0 -47.8 426.9 46.7

 Q3 640.6 94.5 546.1 394.1 216.1 146.4 218.7 185.9 -66.7 477.8 88.7

 Q4 608.3 51.3 557.0 328.2 148.9 125.2 261.7 213.4 -33.0 601.4 80.5

1996 -- Q1 808.1 213.6 594.4 381.2 259.2 113.2 230.7 138.9 -17.4 385.7 52.5

 Q2 740.5 109.6 630.9 375.4 229.7 111.7 269.0 173.3 -13.6 690.5 46.0

 Q3 744.2 162.3 581.9 356.3 241.0 79.8 259.2 182.4 -33.6 452.1 116.1

 Q4 637.3 94.5 542.8 276.5 207.4 50.4 228.9 139.0 37.4 655.1 94.3

1997 -- Q1 721.4 68.1 653.3 356.2 227.6 63.0 278.3 184.3 18.7 376.1 29.7

 Q2 688.2 -15.8 704.0 295.7 187.5 55.9 364.6 238.9 43.7 649.6 64.1

 Q3 886.6 45.6 841.0 368.8 350.7 48.1 396.6 264.3 75.7 634.0 91.8

 Q4 926.0 -5.5 931.5 310.9 181.7 43.1 534.3 401.5 86.2 955.2 44.8

1998 -- Q1 1096.5 -14.5 1111.0 474.0 379.8 58.9 542.8 425.8 94.2 937.7 95.0

 Q2 1059.6 -28.4 1087.9 425.3 286.2 62.1 580.6 466.3 82.0 993.0 97.9

 Q3 909.0 -113.5 1022.5 477.7 371.1 79.6 474.7 358.4 70.0 1067.9 -19.6

 Q4 1087.1 -54.1 1141.3 530.4 422.1 69.9 535.8 413.4 75.1 1296.9 -38.9

1999 -- Q1 1287.7 -75.2 1363.0 543.7 391.9 130.5 731.8 628.4 87.4 1199.2 17.0

 Q2 889.1 -112.2 1001.3 511.6 406.5 61.4 454.0 355.2 35.7 1016.1 -36.8

 Q3 1180.9 -83.1 1264.0 600.9 469.7 76.2 606.2 470.9 57.0 1075.2 62.2

 Q4 1123.7 -14.3 1138.0 515.5 376.2 109.5 591.5 463.6 31.0 1061.2 15.6

2000 -- Q1 956.6 -204.0 1160.6 502.5 314.2 143.1 643.5 518.8 14.6 596.0 114.2
8 Z.1, June 9, 2000

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

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

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

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

1967 1152.6 278.1 874.6 367.9 232.3 108.6 389.3 271.8 117.4 71.6 43.3

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

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

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

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

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

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

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

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

1976 2508.3 513.1 1995.3 802.3 500.4 229.0 955.2 614.2 237.8 283.9 116.0

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

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

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

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

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

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

1983 5364.9 1167.0 4197.9 1706.2 1090.5 440.3 2030.5 1228.8 461.1 882.8 227.7

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

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

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

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

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

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

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

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

1992 11839.9 3080.3 8759.6 3893.3 2762.2 800.6 3764.5 2513.9 1101.8 3046.3 316.0

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

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

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

1996 14456.3 3781.8 10674.6 5104.9 3461.2 1211.6 4506.2 3120.2 1063.4 4824.6 518.7

1997 15260.3 3804.9 11455.5 5441.9 3701.9 1264.1 4894.1 3386.8 1119.5 5445.2 570.1

1998 16298.4 3752.2 12546.2 5920.1 4068.0 1331.7 5426.2 3801.5 1199.8 6519.1 603.7

1999 17453.5 3681.0 13772.5 6464.4 4480.1 1426.2 6055.5 4314.4 1252.5 7607.0 618.2

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

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

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

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

1995 -- Q1 13198.1 3538.9 9659.1 4511.1 3111.9 1019.1 4041.0 2770.1 1107.1 3902.2 387.5

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

 Q3 13571.7 3623.9 9947.8 4698.7 3212.8 1091.5 4170.6 2885.2 1078.4 4128.4 421.3

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

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

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

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

 Q4 14456.3 3781.8 10674.6 5104.9 3461.2 1211.6 4506.2 3120.2 1063.4 4824.6 518.7

1997 -- Q1 14636.7 3798.8 10837.9 5196.0 3519.8 1227.3 4573.8 3164.2 1068.1 4918.6 526.0

 Q2 14808.7 3794.9 11013.9 5271.3 3568.1 1241.3 4663.5 3222.6 1079.0 5081.0 542.1

 Q3 15028.9 3806.2 11222.6 5363.9 3656.1 1253.3 4760.8 3286.8 1097.9 5206.4 558.9

 Q4 15260.3 3804.9 11455.5 5441.9 3701.9 1264.1 4894.1 3386.8 1119.5 5445.2 570.1

1998 -- Q1 15534.5 3801.2 11733.2 5560.8 3797.1 1278.8 5029.4 3493.0 1143.0 5679.6 593.9

 Q2 15799.4 3794.2 12005.2 5667.4 3869.0 1294.4 5174.3 3609.2 1163.5 5927.9 618.3

 Q3 16026.6 3765.8 12260.8 5787.2 3962.1 1314.3 5292.6 3698.5 1181.0 6194.9 613.4

 Q4 16298.4 3752.2 12546.2 5920.1 4068.0 1331.7 5426.2 3801.5 1199.8 6519.1 603.7

1999 -- Q1 16622.1 3733.4 12888.6 6056.7 4166.3 1364.4 5610.3 3959.7 1221.6 6818.9 607.9

 Q2 16844.5 3705.4 13139.1 6185.0 4268.3 1379.7 5723.5 4048.2 1230.6 7072.9 598.7

 Q3 17172.6 3684.6 13488.0 6335.4 4385.9 1398.8 5907.8 4198.7 1244.8 7341.7 614.3

 Q4 17453.5 3681.0 13772.5 6464.4 4480.1 1426.2 6055.5 4314.4 1252.5 7607.0 618.2

2000 -- Q1 17692.7 3630.0 14062.7 6590.2 4558.7 1461.9 6216.3 4444.0 1256.2 7756.1 648.3

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

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total net borrowing 1022.5 1237.0 1355.6 1516.8 2145.5 2222.8 2503.9 1868.5 2318.3 2200.5 1666.9 1

 2 Domestic nonfinancial sectors 568.0 712.0 732.5 805.5 1038.1 1120.4 1287.7 889.1 1180.9 1123.7 956.6 2

 3 Federal government 155.9 144.4 145.0 23.1 -52.6 -71.2 -75.2 -112.2 -83.1 -14.3 -204.0 3

 4 Nonfederal sectors 412.2 567.6 587.5 782.4 1090.7 1191.6 1363.0 1001.3 1264.0 1138.0 1160.6 4

 5 Household sector 313.6 348.5 347.3 332.9 476.9 542.9 543.7 511.6 600.9 515.5 502.5 5

 6 Nonfinancial corporate business 137.2 237.1 158.4 272.3 416.0 479.5 628.4 355.2 470.9 463.6 518.8 6

 7 Nonfarm noncorporate business 3.3 30.6 83.8 115.0 109.8 111.1 96.8 99.8 125.7 122.0 111.0 7

 8 Farm business 4.4 2.9 4.8 6.2 7.7 5.3 6.6 -1.0 9.5 5.9 13.8 8

 9 State and local governments -46.2 -51.5 -6.8 56.1 80.3 52.8 87.4 35.7 57.0 31.0 14.6 9

10 Rest of the world -13.9 71.1 77.2 57.6 33.6 14.5 17.0 -36.8 62.2 15.6 114.2 10

11 Financial sectors 468.4 453.9 545.8 653.7 1073.9 1087.9 1199.2 1016.1 1075.2 1061.2 596.0 11

12 Commercial banking 20.1 22.5 13.0 46.1 72.9 67.2 31.1 72.7 111.3 53.8 56.5 12

13 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.8 41.8 -3.5 61.0 87.2 22.5 49.2 13

14 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -0.4 -1.7 -0.0 -1.5 1.6 -1.0 14

15 Bank holding companies 10.3 14.4 2.0 19.0 24.9 25.8 36.3 11.7 25.6 29.7 8.3 15

16 Savings institutions 12.8 2.6 25.5 19.7 52.2 48.0 58.0 58.6 55.2 20.2 25.9 16

17 Credit unions 0.2 -0.1 0.1 0.1 0.6 2.2 1.5 1.4 2.8 3.3 -2.9 17

18 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.7 3.3 3.0 1.1 -4.4 -0.7 18

19 Government-sponsored enterprises 172.1 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 19

20 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 20

21 ABS issuers 76.5 142.4 150.8 202.2 321.4 234.0 285.5 309.2 224.6 116.7 161.4 21

22 Finance companies 48.7 50.2 45.9 48.7 43.0 62.4 71.2 88.4 -22.6 112.6 44.3 22

23 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 23

24 REITs 10.2 4.5 11.9 39.6 62.7 6.3 25.6 -19.7 7.9 11.3 11.5 24

25 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -17.2 -31.1 -17.4 16.9 -37.3 44.4 25

26 Funding corporations 23.1 34.9 64.1 80.7 40.7 92.2 166.5 -63.8 31.2 234.8 5.0 26

27 Total net lending 1022.5 1237.0 1355.6 1516.8 2145.5 2222.8 2503.9 1868.5 2318.3 2200.5 1666.9 27

28 Domestic nonfederal nonfinancial sectors 223.4 -98.4 12.0 -43.7 74.7 257.8 423.3 397.8 195.4 14.6 -120.5 28

29 Household sector 260.2 -3.0 60.3 -29.0 -73.8 185.4 246.4 288.3 186.3 20.7 -170.9 29

30 Nonfinancial corporate business 17.7 -8.8 -10.2 -12.7 14.0 27.4 42.0 25.0 52.2 -9.5 36.0 30

31 Nonfarm noncorporate business 0.6 4.7 -4.3 -2.1 0.1 1.5 2.8 1.2 0.8 1.4 2.6 31

32 State and local governments -55.0 -91.4 -33.7 0.1 134.5 43.4 132.2 83.3 -43.9 2.0 11.9 32

33 Federal government -27.4 -0.2 -7.4 5.1 13.5 9.6 17.0 6.9 11.4 3.2 7.1 33

34 Rest of the world 132.3 273.9 414.4 310.7 249.3 203.6 253.3 37.4 382.2 141.3 338.9 34

35 Financial sectors 694.1 1061.7 936.6 1244.6 1808.1 1751.9 1810.3 1426.4 1729.4 2041.4 1441.4 35

36 Monetary authority 31.5 12.7 12.3 38.3 21.1 25.7 71.8 62.4 34.1 -65.7 112.2 36

37 Commercial banking 163.4 265.9 187.5 324.3 305.2 308.3 68.9 135.4 435.5 593.1 382.4 37

38 U.S.-chartered commercial banks 148.1 186.5 119.6 274.9 312.0 317.6 134.1 231.5 410.7 494.2 417.6 38

39 Foreign banking offices in U.S. 11.2 75.4 63.3 40.2 -11.9 -20.1 -54.9 -105.7 30.6 49.7 1.9 39

40 Bank holding companies 0.9 -0.3 3.9 5.4 -0.9 6.2 -6.0 0.4 -12.4 42.6 -42.5 40

41 Banks in U.S.-affiliated areas 3.3 4.2 0.7 3.7 6.0 4.5 -4.4 9.2 6.6 6.6 5.4 41

42 Savings institutions 6.7 -7.6 19.9 -4.7 36.3 68.7 102.7 88.8 60.9 22.3 39.1 42

43 Credit unions 28.1 16.2 25.5 16.8 19.0 27.5 34.7 32.1 29.6 13.5 44.8 43

44 Bank personal trusts and estates 7.1 -8.3 -7.7 -25.0 -12.8 -8.4 -7.6 -8.4 -8.6 -9.1 -9.5 44

45 Life insurance companies 72.0 100.0 69.6 104.8 76.9 49.1 72.1 63.4 38.4 22.5 75.9 45

46 Other insurance companies 24.9 21.5 22.5 25.2 20.4 -3.8 -19.7 26.7 -14.4 -7.7 0.1 46

47 Private pension funds 46.1 56.0 52.3 65.5 118.6 96.8 60.6 150.1 45.4 131.0 62.1 47

48 State and local govt. retirement funds 30.9 33.6 37.3 63.8 66.0 50.5 76.5 27.3 38.5 59.8 -13.2 48

49 Money market mutual funds 30.0 86.5 88.8 87.5 244.0 182.0 227.6 -92.6 232.1 360.8 222.1 49

50 Mutual funds -7.1 52.5 48.9 80.9 124.8 48.1 103.0 119.9 -18.8 -11.7 -70.6 50

51 Closed-end funds -3.7 10.5 4.7 -2.9 4.5 3.1 3.1 3.1 3.1 3.1 3.1 51

52 Government-sponsored enterprises 117.8 86.7 84.2 94.3 260.8 234.5 157.2 259.2 287.5 234.1 100.4 52

53 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 53

54 ABS issuers 69.4 120.6 120.5 163.8 281.7 215.8 267.9 292.4 216.1 86.9 140.8 54

55 Finance companies 48.3 49.9 18.4 21.9 51.9 94.9 92.2 79.6 94.7 113.1 141.3 55

56 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 0.3 -9.1 10.2 -12.1 12.3 -6.0 56

57 REITs -0.7 1.4 4.4 20.2 -5.1 -2.6 1.7 -2.2 -2.7 -7.0 -16.3 57

58 Brokers and dealers -44.2 90.1 -15.7 14.9 6.8 -30.8 88.0 -193.7 16.3 -33.7 169.2 58

59 Funding corporations -17.8 -21.2 14.0 49.8 -7.9 118.4 19.5 98.4 8.0 347.6 -83.3 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, June 9, 2000

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 568.0 712.0 732.5 805.5 1038.1 1120.4 1287.7 889.1 1180.9 1123.7 956.6 1

 2 Federal government 155.9 144.4 145.0 23.1 -52.6 -71.2 -75.2 -112.2 -83.1 -14.3 -204.0 2

 3 Treasury securities 155.7 142.9 146.6 23.2 -54.6 -71.0 -73.7 -112.8 -83.2 -14.3 -201.9 3

 4 Budget agency securities and mortgages 0.2 1.5 -1.6 -0.1 2.0 -0.2 -1.5 0.6 0.0 0.0 -2.1 4

 5 Nonfederal, by instrument 412.2 567.6 587.5 782.4 1090.7 1191.6 1363.0 1001.3 1264.0 1138.0 1160.6 5

 6 Commercial paper 21.4 18.1 -0.9 13.7 24.4 37.4 58.3 -2.6 49.8 44.0 36.4 6

 7 Municipal securities and loans -35.9 -48.2 2.6 71.4 96.8 68.2 100.7 48.0 77.0 47.0 19.3 7

 8 Corporate bonds 23.3 91.1 116.3 150.5 218.7 229.9 274.0 287.6 202.8 155.2 189.0 8

 9 Bank loans n.e.c. 75.2 103.7 70.5 106.5 108.2 82.7 70.0 22.2 112.8 125.8 104.5 9

10 Other loans and advances 34.0 67.2 33.5 69.1 74.3 68.7 153.9 -14.5 79.0 56.2 172.0 10

11 Mortgages 169.3 196.7 276.9 318.7 500.6 610.4 575.4 599.2 666.4 600.4 496.4 11

12 Home 183.4 180.4 242.2 251.9 383.3 432.8 413.9 428.1 491.3 398.0 338.0 12

13 Multifamily residential -3.7 5.9 9.5 8.4 18.8 40.7 35.3 33.4 45.9 48.1 33.8 13

14 Commercial -12.7 8.9 22.7 55.2 92.3 131.3 122.6 128.7 122.1 151.8 120.7 14

15 Farm 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 15

16 Consumer credit 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 16

17 Nonfederal, by sector 412.2 567.6 587.5 782.4 1090.7 1191.6 1363.0 1001.3 1264.0 1138.0 1160.6 17

18 Household sector 313.6 348.5 347.3 332.9 476.9 542.9 543.7 511.6 600.9 515.5 502.5 18

19 Nonfinancial business 144.8 270.6 247.0 393.4 533.5 595.9 731.8 454.0 606.2 591.5 643.5 19

20 Corporate 137.2 237.1 158.4 272.3 416.0 479.5 628.4 355.2 470.9 463.6 518.8 20

21 Nonfarm noncorporate 3.3 30.6 83.8 115.0 109.8 111.1 96.8 99.8 125.7 122.0 111.0 21

22 Farm 4.4 2.9 4.8 6.2 7.7 5.3 6.6 -1.0 9.5 5.9 13.8 22

23 State and local governments -46.2 -51.5 -6.8 56.1 80.3 52.8 87.4 35.7 57.0 31.0 14.6 23

24 Foreign borrowing in U.S. -13.9 71.1 77.2 57.6 33.6 14.5 17.0 -36.8 62.2 15.6 114.2 24

25 Commercial paper -26.1 13.5 11.3 3.7 7.8 16.3 18.0 -27.5 41.1 33.6 56.8 25

26 Bonds 12.2 49.7 55.8 47.2 25.1 0.1 0.9 -12.6 29.4 -17.2 39.1 26

27 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.7 0.5 0.9 5.6 -6.6 2.3 15.4 27

28 Other loans and advances -1.4 -0.5 1.0 -1.8 -6.0 -2.4 -2.8 -2.3 -1.6 -3.0 2.9 28

29 Domestic and foreign 554.1 783.1 809.7 863.1 1071.6 1134.9 1304.7 852.3 1243.1 1139.3 1070.8 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 468.4 453.9 545.8 653.7 1073.9 1087.9 1199.2 1016.1 1075.2 1061.2 596.0 1

 2 Federal government-related 287.5 204.1 231.5 212.8 470.9 592.0 592.2 578.9 653.0 543.9 253.8 2

 3 Govt.-sponsored enterprise securities 176.9 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 3

 4 Mortgage pool securities 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 4

 5 U.S. government loans -4.8 0 0 0 0 0 0 0 0 0 0 5

 6 Private financial sectors 180.9 249.8 314.4 440.9 603.0 495.9 607.0 437.2 422.3 517.3 342.3 6

 7 Open market paper 40.5 42.7 92.2 166.7 161.0 176.2 78.3 57.8 89.8 478.9 130.2 7

 8 Corporate bonds 121.8 195.9 173.8 210.5 296.9 221.8 475.9 263.2 182.1 -34.0 164.1 8

 9 Bank loans n.e.c. -13.7 2.5 12.6 13.2 30.1 -14.3 -8.8 10.5 -6.2 -52.7 6.6 9

10 Other loans and advances 22.6 3.4 27.9 35.6 90.2 107.1 41.6 117.9 147.2 121.8 34.3 10

11 Mortgages 9.8 5.3 7.9 14.9 24.8 5.1 20.1 -12.3 9.4 3.2 7.0 11

12 By sector 468.4 453.9 545.8 653.7 1073.9 1087.9 1199.2 1016.1 1075.2 1061.2 596.0 12

13 Commercial banking 20.1 22.5 13.0 46.1 72.9 67.2 31.1 72.7 111.3 53.8 56.5 13

14 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.8 41.8 -3.5 61.0 87.2 22.5 49.2 14

15 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -0.4 -1.7 -0.0 -1.5 1.6 -1.0 15

16 Bank holding companies 10.3 14.4 2.0 19.0 24.9 25.8 36.3 11.7 25.6 29.7 8.3 16

17 Savings institutions 12.8 2.6 25.5 19.7 52.2 48.0 58.0 58.6 55.2 20.2 25.9 17

18 Credit unions 0.2 -0.1 0.1 0.1 0.6 2.2 1.5 1.4 2.8 3.3 -2.9 18

19 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.7 3.3 3.0 1.1 -4.4 -0.7 19

20 Government-sponsored enterprises 172.1 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 20

21 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 21

22 ABS issuers 76.5 142.4 150.8 202.2 321.4 234.0 285.5 309.2 224.6 116.7 161.4 22

23 Finance companies 48.7 50.2 45.9 48.7 43.0 62.4 71.2 88.4 -22.6 112.6 44.3 23

24 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 24

25 REITs 10.2 4.5 11.9 39.6 62.7 6.3 25.6 -19.7 7.9 11.3 11.5 25

26 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -17.2 -31.1 -17.4 16.9 -37.3 44.4 26

27 Funding corporations 23.1 34.9 64.1 80.7 40.7 92.2 166.5 -63.8 31.2 234.8 5.0 27
Z.1, June 9, 2000 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total 1022.5 1237.0 1355.6 1516.8 2145.5 2222.8 2503.9 1868.5 2318.3 2200.5 1666.9 1

 2 Open market paper 35.7 74.3 102.6 184.1 193.1 229.9 154.6 27.7 180.6 556.5 223.4 2

 3 U.S. government securities 448.1 348.5 376.5 235.9 418.3 520.8 517.0 466.8 569.8 529.6 49.8 3

 4 Municipal securities -35.9 -48.2 2.6 71.4 96.8 68.2 100.7 48.0 77.0 47.0 19.3 4

 5 Corporate and foreign bonds 157.3 336.7 345.8 408.2 540.7 451.8 750.7 538.2 414.3 104.1 392.2 5

 6 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 68.9 62.1 38.3 100.0 75.3 126.5 6

 7 Other loans and advances 50.4 70.1 62.5 102.8 158.5 173.3 192.7 101.1 224.6 175.0 209.2 7

 8 Mortgages 179.0 202.0 284.8 333.6 525.4 615.5 595.5 587.0 675.8 603.6 503.4 8

 9 Consumer credit 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 113.4 131.5 209.1 165.6 76.5 141.9 153.3 163.5 102.9 148.0 427.2 10

11 Corporate equities 12.8 -16.0 -28.5 -99.6 -198.1 -48.5 -99.9 -47.3 -20.4 -26.5 106.3 11

12 Nonfinancial -44.9 -58.3 -69.5 -114.4 -267.0 -143.5 -52.1 -338.4 -128.4 -55.0 62.8 12

 Foreign shares purchased by

13 U.S. residents 48.1 50.4 60.0 42.0 77.8 97.8 -33.4 270.9 108.4 45.2 63.0 13

14 Financial 9.6 -8.1 -19.0 -27.1 -8.9 -2.8 -14.5 20.2 -0.3 -16.7 -19.5 14

15 Mutual fund shares 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 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) 1022.5 1237.0 1355.6 1516.8 2145.5 2222.8 2503.9 1868.5 2318.3 2200.5 1666.9 1

 2 Official foreign exchange -5.8 8.8 -6.3 0.7 6.6 -8.7 -14.0 -5.4 -8.5 -7.0 0.8 2

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

 4 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 -0.0 0 2.1 2.0 -4.1 2.2 4

 5 Foreign deposits 52.9 35.3 85.9 106.8 -0.2 67.3 127.7 99.3 55.1 -12.9 52.0 5

 6 Net interbank transactions 89.8 10.0 -51.6 -19.7 -32.3 10.5 49.9 90.9 -35.9 -62.9 -100.6 6

 7 Checkable deposits and currency -9.7 -12.7 15.8 41.5 47.6 151.6 61.1 10.1 141.0 394.3 -224.2 7

 8 Small time and savings deposits -39.9 96.6 97.2 97.1 152.4 44.4 -68.0 100.0 141.9 3.6 113.8 8

 9 Large time deposits 19.6 65.6 114.0 122.5 92.1 130.3 -5.9 42.6 105.2 379.2 121.1 9

10 Money market fund shares 43.3 142.3 145.8 157.6 285.5 250.6 204.9 100.5 180.3 516.7 217.5 10

11 Security RPs 78.2 110.5 41.4 120.9 91.3 171.7 253.3 -27.9 114.6 346.7 275.4 11

12 Corporate equities 12.8 -16.0 -28.5 -99.6 -198.1 -48.5 -99.9 -47.3 -20.4 -26.5 106.3 12

13 Mutual fund shares 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 13

14 Trade payables 120.0 128.9 114.8 130.5 27.4 174.0 139.9 241.2 218.1 96.9 168.3 14

15 Security credit -0.1 26.7 52.4 111.0 103.3 93.5 -66.6 139.9 29.5 271.3 517.5 15

16 Life insurance reserves 35.5 45.8 44.5 59.3 53.3 58.6 40.8 75.6 65.5 52.4 49.2 16

17 Pension fund reserves 254.4 235.4 247.6 304.4 303.9 287.4 272.4 293.4 271.9 311.8 287.9 17

18 Taxes payable 2.6 6.2 16.0 15.6 11.8 14.0 -7.6 42.4 -3.1 24.4 0.5 18

19 Investment in bank personal trusts 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 19

20 Noncorporate proprietors’ equity 43.0 35.7 -2.3 -44.4 -45.6 -20.3 -7.9 8.9 -66.2 -15.8 -29.7 20

21 Miscellaneous 250.7 451.1 504.5 481.6 816.8 557.8 184.6 1189.7 356.1 501.0 475.0 21

22 Total financial sources 2088.9 2761.5 2975.5 3311.1 4087.9 4313.4 3786.0 4409.3 3950.3 5107.9 3980.3 22

 - Liabilities not identified as assets:

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

24 Foreign deposits 43.0 25.1 59.6 105.6 -8.1 47.5 61.8 86.2 9.5 32.4 -8.5 24

25 Net interbank liabilities -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 25

26 Security RPs 67.7 20.2 4.5 62.2 54.1 31.8 209.3 62.4 48.0 -192.6 571.0 26

27 Taxes payable 16.6 21.1 22.8 26.8 18.0 -2.6 -14.8 5.8 1.6 -3.1 -16.5 27

28 Miscellaneous -146.4 -204.8 -70.7 -63.8 -47.4 -358.5 -411.4 -430.5 -460.4 -131.6 -392.7 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -4.8 -6.0 0.5 -2.7 2.6 -7.4 -1.8 -41.4 23.0 -9.5 28.8 29

30 Other -2.8 -3.8 -4.0 -3.9 -3.1 -0.8 -1.9 -1.0 -0.5 0.1 0.8 30

31 Trade credit 27.4 15.6 -21.2 -29.3 -42.0 44.8 40.8 -15.5 93.8 60.3 0.4 31

 Totals identified to sectors

32 as assets 2091.1 2897.9 2988.3 3236.7 4111.2 4556.3 3846.8 4744.3 4236.0 5398.0 3761.8 32
12 Z.1, June 9, 2000

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross Domestic Product (GDP) 7054.3 7400.5 7813.2 8300.7 8759.9 9256.1 9072.7 9146.2 9297.9 9507.8 9697.7 1

 2 Personal consumption expenditures (2) 4716.4 4969.0 5237.5 5524.4 5848.6 6257.3 6090.8 6200.8 6303.7 6434.1 6602.5 2

 3 Durable goods (3) 560.8 589.7 616.5 642.9 698.2 758.6 739.0 751.6 761.8 782.1 818.6 3

 4 Nondurable goods 1438.0 1497.3 1574.1 1641.7 1708.8 1843.1 1787.8 1824.8 1853.9 1905.8 1957.2 4

 5 Services 2717.6 2882.0 3047.0 3239.8 3441.5 3655.6 3564.0 3624.3 3688.0 3746.2 3826.7 5

 6 Gross private domestic investment 1097.2 1143.8 1242.7 1383.7 1531.2 1622.6 1594.3 1585.4 1635.1 1675.8 1719.3 6

 7 Fixed investment 1034.6 1110.7 1212.7 1315.4 1460.1 1578.0 1543.3 1567.8 1594.3 1606.7 1685.3 7

 8 Nonresidential 748.6 825.1 899.5 986.1 1091.3 1166.7 1139.9 1155.4 1181.6 1190.0 1259.2 8

 9 Household sector (nonprofit organizations) 39.3 41.2 43.6 51.7 55.7 58.0 57.3 57.6 58.3 58.7 62.1 9

10 Nonfinancial corporate business 544.8 617.3 660.2 718.6 778.3 832.7 813.3 824.6 843.5 849.6 899.0 10

11 Nonfarm noncorporate business 47.8 52.9 61.8 50.8 66.8 109.5 87.4 118.6 112.8 119.3 130.1 11

12 Farm business 20.8 22.5 23.8 25.4 26.7 25.6 26.6 25.4 25.1 25.4 24.6 12

13 Financial corporations 98.5 92.6 113.8 152.4 185.5 137.9 161.2 106.9 144.8 138.9 144.4 13

14 Residential 286.0 285.6 313.3 329.2 368.7 411.3 403.4 412.4 412.7 416.7 426.1 14

15 Household sector 240.2 237.7 258.6 274.4 309.6 356.5 344.8 362.9 356.8 361.4 370.3 15

16 Nonfinancial corporate business 2.0 2.3 2.4 2.2 2.5 2.7 2.7 2.7 2.7 2.8 2.8 16

17 Nonfarm noncorporate business 36.5 43.0 47.9 41.3 45.2 50.5 49.5 50.6 50.6 51.1 52.3 17

18 REITs 7.3 2.7 4.4 11.3 11.4 1.6 6.4 -3.8 2.5 1.4 0.7 18

19 Change in private inventories 62.6 33.1 30.0 68.3 71.2 44.6 51.0 17.6 40.8 69.1 34.0 19

20 Nonfinancial corporate business 49.2 40.1 21.0 62.3 67.3 39.2 38.9 12.2 38.1 67.7 34.5 20

21 Nonfarm noncorporate business 2.6 2.1 1.1 3.3 3.5 2.1 2.0 0.6 2.0 3.6 1.8 21

22 Farm business 10.8 -9.2 7.9 2.8 0.3 3.4 10.1 4.8 0.7 -2.2 -2.3 22

23 Net U.S. exports of goods and services -87.1 -84.3 -89.0 -88.3 -149.6 -253.9 -201.6 -245.8 -278.1 -290.1 -330.9 23

24 Exports 725.1 818.6 874.2 968.0 966.3 998.3 966.9 978.2 1008.5 1039.5 1058.9 24

25 - Imports 812.2 902.8 963.1 1056.3 1115.9 1252.2 1168.5 1224.0 1286.6 1329.6 1389.8 25

 Government consumption expenditures and

26 gross investment 1327.8 1372.1 1422.0 1481.0 1529.7 1630.1 1589.2 1605.8 1637.2 1688.0 1706.8 26

27 Consumption expenditures (4) 1102.3 1133.9 1171.8 1222.9 1261.0 1332.2 1299.4 1313.6 1341.5 1374.3 1385.6 27

28 Federal 439.7 439.2 445.3 457.0 453.5 474.8 467.0 465.2 475.0 491.9 483.4 28

29 State and local 662.6 694.7 726.5 765.9 807.6 857.4 832.4 848.4 866.5 882.4 902.2 29

30 Gross investment (4) 225.5 238.2 250.2 258.1 268.7 297.9 289.8 292.2 295.7 313.7 321.2 30

31 Federal 81.3 82.3 86.3 80.8 85.2 95.9 90.4 96.4 94.9 101.7 96.6 31

32 State and local 144.2 155.8 163.8 177.3 183.5 202.0 199.4 195.8 200.8 212.0 224.6 32

 Memo:

33 Net U.S. income receipts from rest of the world 16.9 20.3 18.1 4.2 -9.9 -20.0 -14.4 -14.3 -15.5 -35.6 -42.5 33

34 U.S. income receipts 184.3 232.3 245.6 282.6 285.3 302.3 283.8 296.1 307.7 321.7 337.2 34

35 - U.S. income payments 167.4 211.9 227.5 278.4 295.2 322.3 298.2 310.4 323.2 357.3 379.7 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 7071.1 7420.9 7831.3 8305.0 8750.0 9236.2 9058.3 9131.9 9282.4 9472.2 9655.2 36

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, June 9, 2000 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 National Income 5556.7 5876.8 6210.2 6635.5 7038.9 7496.2 7339.2 7428.0 7526.8 7691.0 7827.9 1

 2 Compensation of employees 4016.2 4202.5 4395.4 4675.8 5011.2 5331.6 5217.4 5287.1 5373.5 5448.3 5546.1 2

 3 Wages and other labor income 3744.1 3921.6 4116.4 4389.8 4701.7 5007.9 4899.1 4965.6 5047.8 5119.3 5210.3 3

 4 Employer social insurance contributions 254.4 264.5 275.4 290.2 306.0 323.6 318.3 321.5 325.7 329.0 335.8 4

 5 Wage accruals less disbursements 17.6 16.4 3.6 -4.1 3.5 0 0 0 0 0 0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 476.6 497.7 544.8 578.6 606.1 658.6 640.0 655.3 654.0 685.0 685.4 6

 7 Nonfarm 444.7 475.5 510.5 549.1 581.1 627.3 607.5 621.2 633.0 647.4 661.7 7

 8 Farm 31.9 22.2 34.3 29.5 25.1 31.3 32.5 34.1 21.0 37.6 23.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 110.4 118.0 129.7 130.1 137.4 145.9 148.6 148.8 139.0 147.3 145.2 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 573.1 668.8 754.0 838.5 848.4 892.7 886.9 880.4 884.0 919.4 953.9 10

 Corporate profits with inventory

11 valuation adjustment 560.9 650.2 729.4 803.2 802.8 835.5 831.4 822.2 827.0 861.4 897.0 11

12 Profits before tax 573.4 668.5 726.4 795.9 781.9 848.5 818.1 835.8 853.7 886.3 923.7 12

13 Domestic nonfinancial 381.1 421.6 458.8 501.9 488.8 535.4 506.8 532.4 540.1 562.2 595.8 13

14 Farm 0.4 0.6 1.4 1.7 1.7 1.8 1.7 1.8 1.8 1.8 1.9 14

15 Foreign subsidiaries 77.2 92.0 100.9 108.1 100.1 103.3 104.3 103.3 108.1 97.6 99.0 15

16 Financial 114.7 154.3 165.3 184.2 191.3 208.0 205.3 198.3 203.7 224.7 227.0 16

 Less:

17 Profits tax liability 186.7 211.0 223.7 238.3 240.2 259.4 248.0 254.4 259.4 275.7 288.7 17

18 Domestic nonfinancial 128.4 136.3 149.6 158.4 152.0 167.1 157.4 166.4 168.8 175.6 187.0 18

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

20 Financial 57.8 74.2 73.6 79.4 87.8 91.8 90.1 87.5 90.1 99.6 101.1 20

 Equals:

21 Profits after tax 386.7 457.5 502.7 557.6 541.7 589.1 570.1 581.4 594.3 610.6 635.0 21

22 Dividends 234.9 254.2 297.7 333.7 348.6 364.7 356.4 361.5 367.3 373.5 380.0 22

23 Domestic nonfinancial 157.6 178.3 200.9 218.5 243.9 258.2 240.0 266.4 263.1 263.3 260.4 23

24 Farm 1.0 1.1 1.0 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1.6 24

25 Foreign subsidiaries 37.9 32.6 40.4 49.0 34.0 33.0 48.0 19.3 29.4 35.4 45.4 25

26 Financial 38.4 42.3 55.4 64.9 69.3 72.0 66.9 74.3 73.3 73.3 72.6 26

27 Undistributed profits 151.8 203.3 205.0 223.9 193.1 224.4 213.7 219.9 227.0 237.1 255.0 27

28 Domestic nonfinancial 95.1 107.0 108.3 125.0 92.9 110.1 109.3 99.6 108.2 123.3 148.3 28

29 Farm -1.1 -1.0 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 29

30 Foreign subsidiaries 39.3 59.5 60.5 59.1 66.1 70.3 56.3 84.0 78.7 62.2 53.6 30

31 Financial 18.5 37.8 36.4 39.9 34.3 44.2 48.3 36.5 40.3 51.8 53.3 31

32 Inventory valuation adjustment -12.5 -18.3 3.1 7.4 20.9 -13.0 13.3 -13.6 -26.7 -24.9 -26.7 32

33 Capital consumption adjustment 12.2 18.6 24.6 35.3 45.6 57.2 55.5 58.2 57.0 58.0 56.9 33

34 Domestic nonfinancial 33.0 38.5 45.8 52.0 65.5 78.8 75.6 79.0 79.0 81.5 82.1 34

35 Farm 0.5 0.1 0.0 0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.3 35

36 Financial -21.3 -20.1 -21.2 -16.9 -19.6 -21.4 -19.9 -20.6 -21.8 -23.3 -24.9 36

37 Net interest 380.5 389.8 386.3 412.5 435.7 467.5 446.3 456.4 476.3 491.0 497.3 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5556.7 5876.8 6210.2 6635.5 7038.9 7496.2 7339.2 7428.0 7526.8 7691.0 7827.9 38

 Plus:

39 Business transfer payments to persons 23.8 25.8 26.4 27.9 28.8 29.6 29.3 29.5 29.7 29.9 30.0 39

40 Business transfer payments to rest of the world 7.1 7.7 8.1 9.0 9.3 9.8 9.5 9.8 9.8 10.1 10.6 40

41 Indirect business tax and nontax accruals 575.3 594.6 620.0 645.8 677.1 716.3 696.6 706.8 718.3 743.6 753.3 41

42 Private consumption of fixed capital 714.6 743.6 782.0 828.5 878.4 939.7 911.9 926.8 958.8 961.3 980.7 42

43 Government consumption of fixed capital 160.3 168.2 174.3 180.5 186.2 196.1 192.0 194.5 197.2 200.5 203.3 43

44 Statistical discrepancy 58.4 26.4 33.0 -3.2 -47.7 -125.1 -99.2 -135.6 -140.9 -124.6 -127.9 44

 Less:

 Subsidies less current surplus of

45 government enterprises 25.1 22.2 22.6 19.0 20.8 26.5 21.0 27.9 17.3 39.6 22.7 45

46 Net U.S. income receipts from rest of the world 16.9 20.3 18.1 4.2 -9.9 -20.0 -14.4 -14.3 -15.5 -35.6 -42.5 46

 Equals:

47 Gross Domestic Product 7054.3 7400.5 7813.2 8300.7 8759.9 9256.1 9072.7 9146.2 9297.9 9507.8 9697.7 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, June 9, 2000

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1156.0 1257.6 1349.1 1521.3 1646.1 1727.1 1727.6 1709.5 1735.4 1735.9 1752.7 1

 2 Gross private saving 1199.4 1266.0 1290.3 1362.1 1371.3 1364.7 1389.4 1359.2 1355.6 1354.4 1306.5 2

 3 Personal saving 315.6 302.4 272.1 271.1 229.7 156.3 195.0 167.9 139.5 122.9 40.6 3

 4 Undistributed corporate profits 151.8 203.3 205.0 223.9 193.1 224.4 213.7 219.9 227.0 237.1 255.0 4

 5 Nonfinancial corp. inventory valuation adjustment -12.5 -18.3 3.1 7.4 20.9 -13.0 13.3 -13.6 -26.7 -24.9 -26.7 5

 6 Corporate capital consumption adjustment 12.2 18.6 24.6 35.3 45.6 57.2 55.5 58.2 57.0 58.0 56.9 6

 7 Private consumption of fixed capital 714.6 743.6 782.0 828.5 878.4 939.7 911.9 926.8 958.8 961.3 980.7 7

 8 Corporate 482.7 512.2 543.5 578.8 616.9 661.1 640.9 652.2 671.6 679.7 694.6 8

 9 Noncorporate 231.9 231.5 238.5 249.8 261.5 278.6 271.0 274.6 287.2 281.6 286.1 9

10 Wage accruals less disbursements 17.6 16.4 3.6 -4.1 3.5 0 0 0 0 0 0 10

11 Gross government saving -43.4 -8.5 58.8 159.2 274.9 362.4 338.2 350.3 379.8 381.5 446.2 11

12 Federal -130.9 -108.0 -51.6 37.9 134.4 206.3 187.2 208.3 225.0 204.6 279.5 12

13 Consumption of fixed capital 81.4 84.0 85.3 86.6 87.4 90.9 89.6 90.2 91.2 92.4 93.4 13

14 Current surplus or deficit (-), NIPA -212.3 -192.0 -136.9 -48.7 47.0 115.4 97.6 118.1 133.8 112.2 186.1 14

15 State and local 87.5 99.5 110.4 121.4 140.5 156.2 151.0 142.0 154.8 176.9 166.7 15

16 Consumption of fixed capital 78.9 84.2 89.0 94.0 98.8 105.2 102.4 104.3 106.0 108.1 109.9 16

17 Current surplus or deficit (-), NIPA 8.6 15.4 21.4 27.4 41.7 51.0 48.6 37.7 48.8 68.8 56.8 17

18 Gross investment 1214.5 1284.0 1382.2 1518.1 1598.4 1602.0 1628.4 1573.9 1594.5 1611.3 1624.8 18

19 Gross private domestic investment 1097.2 1143.8 1242.7 1383.7 1531.2 1622.6 1594.3 1585.4 1635.1 1675.8 1719.3 19

20 Fixed investment 1034.6 1110.7 1212.7 1315.4 1460.1 1578.0 1543.3 1567.8 1594.3 1606.7 1685.3 20

21 Nonresidential 748.6 825.1 899.5 986.1 1091.3 1166.7 1139.9 1155.4 1181.6 1190.0 1259.2 21

22 Residential 286.0 285.6 313.3 329.2 368.7 411.3 403.4 412.4 412.7 416.7 426.1 22

23 Change in private inventories 62.6 33.1 30.0 68.3 71.2 44.6 51.0 17.6 40.8 69.1 34.0 23

24 Gross government investment 225.5 238.2 250.2 258.1 268.7 297.9 289.8 292.2 295.7 313.7 321.2 24

25 Net foreign investment in U.S. -108.2 -97.9 -110.7 -123.7 -201.5 -318.5 -255.7 -303.7 -336.3 -378.2 -415.7 25

26 Statistical discrepancy (line 18 less line 1) 58.4 26.4 33.0 -3.2 -47.7 -125.1 -99.2 -135.6 -140.9 -124.6 -127.9 26

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, June 9, 2000 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 502.4 485.9 497.0 441.2 586.6 556.6 381.3 567.1 534.2 743.8 556.9 1

 2 Foreign deposits 3.1 4.6 12.4 6.3 -0.3 4.3 8.2 6.4 3.5 -0.8 5.1 2

 3 Checkable deposits and currency -24.2 -53.9 -50.7 -32.8 59.2 -14.2 29.8 -138.2 20.1 31.2 65.9 3

 4 Time and savings deposits -4.0 173.2 175.7 190.2 202.3 115.6 -118.7 146.4 225.5 209.1 254.0 4

 5 Money market fund shares 13.5 98.8 56.6 89.7 145.4 103.9 97.0 55.1 39.0 224.7 167.5 5

 6 Securities 151.4 -129.4 -107.2 -277.9 -275.0 -81.4 71.1 35.3 -172.8 -259.3 -495.3 6

 7 Open market paper 1.2 1.3 7.4 3.6 4.2 5.3 4.7 5.3 5.5 5.9 6.2 7

 8 U.S. government securities 290.2 -48.0 27.7 -161.8 -153.8 100.7 -199.9 197.7 118.5 286.4 -243.0 8

 9 Municipal securities -50.2 -43.5 -22.2 53.6 15.3 48.3 82.3 30.4 45.4 35.2 16.7 9

10 Corporate and foreign bonds 30.5 95.0 46.2 75.4 60.4 32.3 361.2 53.1 17.1 -302.1 52.4 10

11 Corporate equities (2) -187.6 -228.8 -347.2 -507.1 -462.7 -401.7 -379.4 -399.3 -426.4 -401.5 -587.4 11

12 Mutual fund shares 67.4 94.7 180.8 258.4 261.6 133.6 202.2 148.1 67.2 116.9 259.9 12

13 Life insurance reserves 35.5 45.8 44.5 59.3 53.3 58.6 40.8 75.6 65.5 52.4 49.2 13

14 Pension fund reserves 254.4 235.4 247.6 304.4 303.9 287.4 272.4 293.4 271.9 311.8 287.9 14

15 Investment in bank personal trusts 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 15

16 Miscellaneous assets 54.9 107.3 126.7 158.2 145.8 113.6 12.6 119.1 115.8 207.1 263.0 16

17 Gross investment in tangible assets 958.8 979.9 1061.1 1092.5 1206.1 1364.1 1316.8 1372.1 1368.2 1399.3 1457.5 17

18 Residential fixed investment 240.2 237.7 258.6 274.4 309.6 356.5 344.8 362.9 356.8 361.4 370.3 18

19 Other fixed assets (3) 144.4 159.6 177.1 169.2 194.4 243.6 220.9 252.2 246.8 254.5 269.2 19

20 Consumer durables 560.8 589.7 616.5 642.9 698.2 758.6 739.0 751.6 761.8 782.1 818.6 20

21 Inventories (3) 13.4 -7.1 9.0 6.0 3.9 5.4 12.1 5.4 2.7 1.4 -0.5 21

22 Consumption of fixed capital 690.6 709.3 729.6 755.7 784.7 840.7 815.3 829.0 859.8 858.5 875.8 22

23 Residential fixed investment 87.7 90.4 93.0 98.4 103.3 110.6 107.3 109.0 112.8 113.1 115.4 23

24 Other fixed assets (3) 155.2 154.6 161.3 170.2 178.8 192.5 186.3 189.7 198.4 195.5 199.4 24

25 Consumer durables 447.7 464.4 475.4 487.0 502.6 537.6 521.7 530.2 548.6 550.0 561.1 25

26 Net investment in tangible assets (4) 268.2 270.5 331.5 336.9 421.4 523.4 501.5 543.0 508.4 540.7 581.7 26

27 Residential fixed investment 152.5 147.3 165.6 176.0 206.3 245.9 237.6 253.8 244.0 248.3 254.9 27

28 Other fixed assets (3) -10.8 5.0 15.8 -1.0 15.7 51.1 34.6 62.4 48.4 59.0 69.8 28

29 Consumer durables 113.0 125.3 141.1 155.9 195.6 221.0 217.3 221.4 213.3 232.1 257.5 29

30 Inventories (3) 13.4 -7.1 9.0 6.0 3.9 5.4 12.1 5.4 2.7 1.4 -0.5 30

31 Net increase in liabilities 324.8 407.3 484.7 533.9 641.7 757.3 698.3 735.4 769.5 826.0 893.1 31

32 Mortgage debt on nonfarm homes 182.6 179.5 241.2 251.0 382.3 431.7 412.8 427.0 490.2 396.9 336.8 32

33 Other mortgage debt (3) -29.6 -8.5 53.6 83.7 79.3 89.8 76.7 82.1 102.5 97.9 83.9 33

34 Consumer credit 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 34

35 Policy loans 7.8 10.5 4.5 3.2 0.1 -5.3 -17.8 -2.9 1.3 -1.9 1.2 35

36 Security credit -1.1 3.5 15.8 36.8 21.6 69.7 31.6 95.3 5.7 146.1 236.3 36

37 Other liabilities (3) 40.2 83.5 80.8 106.7 90.7 77.0 64.6 72.6 93.5 77.5 91.8 37

38 Personal saving, with consumer durables (FOF) 445.7 349.1 343.8 244.2 366.3 322.7 184.5 374.7 273.0 458.6 245.4 38

39 Less net investment in consumer durables 113.0 125.3 141.1 155.9 195.6 221.0 217.3 221.4 213.3 232.1 257.5 39

40 = Personal saving, without consumer durables (FOF) (5) 332.7 223.8 202.7 88.3 170.7 101.7 -32.8 153.3 59.8 226.5 -12.1 40

41 Personal saving (NIPA, excludes consumer durables) 315.6 302.4 272.1 271.1 229.7 156.3 195.0 167.9 139.5 122.9 40.6 41

42 Difference (6) 17.1 -78.6 -69.4 -182.8 -59.0 -54.6 -227.8 -14.6 -79.7 103.7 -52.7 42

 Memo:

43 Disposable personal income 5165.5 5422.6 5677.7 5982.8 6286.3 6639.7 6505.4 6593.2 6671.0 6789.1 6879.8 43

 Personal saving as a percentage of disposable personal income:

44 With consumer durables (FOF) (line 38) 8.6 6.4 6.1 4.1 5.8 4.9 2.8 5.7 4.1 6.8 3.6 44

45 Without consumer durables (FOF) (line 40) 6.4 4.1 3.6 1.5 2.7 1.5 -0.5 2.3 0.9 3.3 -0.2 45

46 Without consumer durables (NIPA) (line 41) 6.1 5.6 4.8 4.5 3.7 2.4 3.0 2.5 2.1 1.8 0.6 46

47 Difference (line 42) 0.3 -1.4 -1.2 -3.1 -0.9 -0.8 -3.5 -0.2 -1.2 1.5 -0.8 47

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

(6) Household sector discrepancy with sign reversed.
16 Z.1, June 9, 2000

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Personal income 5888.1 6200.9 6547.4 6951.1 7358.9 7791.8 7630.2 7732.6 7831.4 7972.9 8092.5 1

 2 - Personal taxes and nontax payments 722.6 778.4 869.7 968.3 1072.6 1152.1 1124.8 1139.4 1160.4 1183.8 1212.7 2

 3 = Disposable personal income 5165.5 5422.6 5677.7 5982.8 6286.3 6639.7 6505.4 6593.2 6671.0 6789.1 6879.8 3

 4 - Personal outlays 4849.9 5120.2 5405.6 5711.7 6056.5 6483.3 6310.4 6425.3 6531.5 6666.2 6839.2 4

 5 = Personal saving, NIPA (2) 315.6 302.4 272.1 271.1 229.7 156.3 195.0 167.9 139.5 122.9 40.6 5

 6 + Government insurance and pension reserves (3) 1.6 3.6 3.4 3.4 4.4 3.8 3.2 4.5 2.7 5.0 -0.4 6

 7 + Net investment in consumer durables 113.0 125.3 141.1 155.9 195.6 221.0 217.3 221.4 213.3 232.1 257.5 7

 8 + Consumption of fixed capital 561.5 582.2 596.6 615.0 637.4 681.8 661.7 672.5 695.7 697.5 711.6 8

 9 = Gross saving 991.7 1013.5 1013.2 1045.4 1067.1 1063.0 1077.2 1066.3 1051.2 1057.5 1009.3 9

10 Gross investment 1007.7 932.2 940.5 859.2 1004.1 1005.0 846.6 1047.6 969.2 1156.6 957.5 10

11 Capital expenditures 840.3 868.6 918.7 969.0 1063.5 1173.1 1141.1 1172.0 1176.9 1202.2 1251.0 11

12 Residential 240.2 237.7 258.6 274.4 309.6 356.5 344.8 362.9 356.8 361.4 370.3 12

13 Consumer durable goods 560.8 589.7 616.5 642.9 698.2 758.6 739.0 751.6 761.8 782.1 818.6 13

14 Nonprofit nonresidential 39.3 41.2 43.6 51.7 55.7 58.0 57.3 57.6 58.3 58.7 62.1 14

15 Net financial investment 167.4 63.6 21.8 -109.8 -59.4 -168.1 -294.6 -124.4 -207.7 -45.6 -293.5 15

16 Net acquisition of financial assets 484.6 425.5 394.5 268.3 443.3 453.7 287.1 491.5 405.3 630.7 452.8 16

17 Foreign deposits 3.1 4.6 12.4 6.3 -0.3 4.3 8.2 6.4 3.5 -0.8 5.1 17

18 Checkable deposits and currency -29.8 -58.7 -59.1 -44.8 47.3 -22.4 23.3 -146.8 11.6 22.1 58.7 18

19 Time and savings deposits -12.2 164.5 165.0 169.5 186.2 103.5 -127.4 134.0 212.2 195.2 249.0 19

20 Money market fund shares 13.4 97.9 56.1 89.1 144.9 103.5 96.6 54.6 38.5 224.3 167.2 20

21 Credit market instruments 260.2 -3.0 60.3 -29.0 -73.8 185.4 246.4 288.3 186.3 20.7 -170.9 21

22 Open market paper 1.2 1.3 7.4 3.6 4.2 5.3 4.7 5.3 5.5 5.9 6.2 22

23 U.S. government securities 289.5 -49.6 28.9 -161.2 -153.9 100.1 -201.2 197.3 118.5 285.7 -243.9 23

24 Treasury 169.0 -41.9 -57.0 -168.1 -99.0 -43.0 -313.5 97.7 -136.4 180.1 -282.6 24

25 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -0.2 -0.0 0.0 -0.4 -0.3 -4.1 25

26 Other 161.0 -46.9 -59.0 -167.6 -99.2 -42.8 -313.5 97.7 -136.0 180.4 -278.5 26

27 Agency 120.5 -7.8 85.9 6.9 -54.9 143.1 112.3 99.6 254.9 105.7 38.7 27

28 Municipal securities -50.2 -43.5 -22.2 53.6 15.3 48.3 82.3 30.4 45.4 35.2 16.7 28

29 Corporate and foreign bonds 30.5 95.0 46.2 75.4 60.4 32.3 361.2 53.1 17.1 -302.1 52.4 29

30 Mortgages -10.7 -6.1 -0.0 -0.4 0.3 -0.6 -0.7 2.2 -0.1 -4.0 -2.3 30

31 Corporate equities (4) -187.6 -228.8 -347.2 -507.1 -462.7 -401.7 -379.4 -399.3 -426.4 -401.5 -587.4 31

32 Mutual fund shares 67.4 94.7 180.8 258.4 261.6 133.6 202.2 148.1 67.2 116.9 259.9 32

33 Security credit 6.7 18.6 35.3 52.6 61.2 42.0 -57.4 41.1 50.5 133.6 197.0 33

34 Life insurance reserves 35.5 45.8 44.5 59.3 53.3 58.6 40.8 75.6 65.5 52.4 49.2 34

35 Pension fund reserves 254.4 235.4 247.6 304.4 303.9 287.4 272.4 293.4 271.9 311.8 287.9 35

36 Investment in bank personal trusts 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 36

37 Equity in noncorporate business 43.0 35.7 -2.3 -44.4 -45.6 -20.3 -7.9 8.9 -66.2 -15.8 -29.7 37

38 Miscellaneous assets 12.8 14.8 9.7 10.3 15.3 10.9 1.2 13.2 25.1 4.1 7.4 38

39 Net increase in liabilities 317.2 362.0 372.6 378.1 502.7 621.7 581.6 615.9 613.1 676.3 746.3 39

40 Credit market instruments 313.6 348.5 347.3 332.9 476.9 542.9 543.7 511.6 600.9 515.5 502.5 40

41 Home mortgages (5) 172.0 174.4 234.3 236.9 364.8 411.0 391.9 406.5 469.7 376.2 314.2 41

42 Consumer credit 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 42

43 Municipal securities 3.6 0.7 6.6 10.0 12.0 10.4 7.0 9.0 13.9 11.8 1.9 43

44 Bank loans n.e.c. 13.4 17.4 0.6 8.1 6.3 -7.2 -14.7 0.0 -5.7 -8.6 7.5 44

45 Other loans and advances 7.1 26.6 12.4 18.1 13.3 14.3 10.7 14.4 28.1 4.1 14.8 45

46 Commercial mortgages -7.4 -9.6 4.7 7.4 12.9 20.0 18.4 20.3 18.7 22.6 21.0 46

47 Security credit -1.1 3.5 15.8 36.8 21.6 69.7 31.6 95.3 5.7 146.1 236.3 47

48 Trade payables 4.2 9.3 8.7 8.1 5.7 7.1 1.4 8.6 6.3 11.9 7.1 48

 Deferred and unpaid

49 life insurance premiums 0.5 0.7 0.8 0.3 -1.4 2.0 4.9 0.3 0.2 2.8 0.4 49

50 Discrepancy -16.1 81.4 72.7 186.2 63.0 58.0 230.6 18.7 82.0 -99.2 51.8 50

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

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

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

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

(5) 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, June 9, 2000 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Income before taxes 907.9 976.5 1062.8 1138.5 1153.9 1256.5 1210.5 1251.5 1253.7 1310.3 1343.5 1

 2 Gross saving 695.4 747.3 810.0 871.9 909.2 955.5 943.0 948.9 962.8 967.3 997.0 2

 3 Gross investment 754.8 825.0 822.4 795.5 857.2 925.9 911.9 923.6 932.8 935.5 963.7 3

 4 Capital expenditures 711.5 777.2 827.2 902.9 973.1 1070.1 1025.0 1063.1 1076.3 1116.0 1142.4 4

 5 Fixed investment 648.9 736.5 792.3 825.7 897.8 1023.8 972.3 1044.2 1031.9 1046.5 1108.0 5

 6 Residential 38.5 45.2 50.2 43.5 47.7 53.2 52.2 53.3 53.4 53.9 55.1 6

 7 Nonresidential 610.4 691.3 742.1 782.1 850.1 970.5 920.2 990.9 978.6 992.6 1052.9 7

 8 Change in inventories 62.6 33.1 30.0 68.3 71.2 44.6 51.0 17.6 40.8 69.1 34.0 8

 9 Access rights from federal government 0 7.6 4.8 8.9 4.1 1.7 1.7 1.3 3.6 0.4 0.4 9

10 Net financial investment 43.3 47.8 -4.7 -107.4 -115.9 -144.2 -113.1 -139.6 -143.5 -180.5 -178.7 10

11 Net acquisition of financial assets 343.6 504.9 491.2 270.1 445.6 659.3 818.9 629.2 698.1 491.0 660.7 11

12 Foreign deposits 1.1 1.6 10.5 -5.1 0.8 3.3 16.1 -10.9 7.3 0.6 1.3 12

13 Checkable deposits and currency 24.1 36.1 45.3 42.7 -6.1 45.6 54.1 84.8 -11.3 54.8 -44.2 13

14 Time and savings deposits 1.6 -15.8 11.4 13.5 11.1 11.9 7.3 8.3 19.6 12.4 3.5 14

15 Money market fund shares 7.5 25.7 10.4 24.5 45.6 36.3 24.6 1.2 28.3 91.1 8.0 15

16 Security RPs -0.3 0.3 1.5 0.7 -1.3 1.1 2.5 -4.0 7.7 -1.7 9.9 16

17 Credit market instruments 18.3 -4.1 -14.5 -14.8 14.0 29.0 44.8 26.2 53.0 -8.0 38.6 17

18 Commercial paper -0.6 1.3 11.4 4.6 -5.2 11.2 17.0 28.8 9.2 -10.2 10.3 18

19 U.S. government securities 3.5 11.4 -6.1 -41.3 1.0 -0.9 -14.5 9.5 4.8 -3.4 -11.5 19

20 Municipal securities 2.0 -19.9 -5.8 -3.6 2.3 -2.7 -11.8 -22.0 33.4 -10.4 -10.4 20

21 Mortgages 4.0 4.7 -6.7 24.4 19.9 16.0 16.5 15.8 15.8 15.8 11.7 21

22 Consumer credit 9.4 -1.6 -7.3 1.2 -4.1 5.4 37.6 -5.9 -10.2 0.3 38.5 22

23 Mutual fund shares 2.1 4.6 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 23

24 Trade receivables 85.9 90.3 104.3 120.5 35.7 108.8 86.9 228.3 107.6 12.4 134.3 24

25 Miscellaneous assets 203.5 366.2 319.1 96.5 338.4 425.2 584.5 297.1 487.8 331.3 511.2 25

26 Net increase in liabilities 300.4 457.1 495.9 377.5 561.4 803.5 932.1 768.7 841.7 671.4 839.4 26

27 Credit market instruments 144.8 270.6 247.0 393.4 533.5 595.9 731.8 454.0 606.2 591.5 643.5 27

28 Commercial paper 21.4 18.1 -0.9 13.7 24.4 37.4 58.3 -2.6 49.8 44.0 36.4 28

29 Municipal securities 6.8 3.1 3.1 4.2 5.8 5.1 6.6 3.5 5.9 4.2 2.7 29

30 Corporate bonds 23.3 91.1 116.3 150.5 218.7 229.9 274.0 287.6 202.8 155.2 189.0 30

31 Bank loans n.e.c. 61.8 86.3 69.9 98.4 102.0 89.9 84.7 22.1 118.5 134.3 97.0 31

32 Other loans and advances 26.8 40.2 20.8 52.2 59.8 54.3 143.0 -29.0 51.1 52.0 157.2 32

33 Mortgages 4.7 31.8 37.9 74.4 122.9 179.3 165.2 172.5 178.0 201.7 161.2 33

34 Corporate equities -44.9 -58.3 -69.5 -114.4 -267.0 -143.5 -52.1 -338.4 -128.4 -55.0 62.8 34

35 Trade payables 85.8 88.1 71.5 90.0 -2.7 122.0 114.7 158.4 169.4 45.6 105.0 35

36 Taxes payable 0.4 1.3 11.1 10.0 6.3 7.4 -12.9 36.8 -10.7 16.5 -5.1 36

37 Miscellaneous liabilities 63.2 134.4 250.4 60.3 340.3 247.1 171.4 457.7 252.7 106.5 80.9 37

38 Proprietors’ net investment 51.1 21.0 -14.7 -61.8 -49.0 -25.5 -20.9 0.2 -47.4 -33.8 -47.8 38

39 Discrepancy -59.3 -77.7 -12.5 76.4 52.0 29.6 31.2 25.3 30.0 31.8 33.3 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, June 9, 2000

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Profits before tax (book) 381.1 421.6 458.8 501.9 488.8 535.4 506.8 532.4 540.1 562.2 595.8 1

 2 - Profit tax accruals 128.4 136.3 149.6 158.4 152.0 167.1 157.4 166.4 168.8 175.6 187.0 2

 3 - Dividends 157.6 178.3 200.9 218.5 243.9 258.2 240.0 266.4 263.1 263.3 260.4 3

 4 + Consumption of fixed capital 444.9 472.8 505.3 539.7 582.4 629.7 610.9 622.8 639.0 646.2 658.0 4

 5 = U.S. internal funds, book 540.0 579.8 613.6 664.8 675.3 739.8 720.2 722.4 747.2 769.5 806.3 5

 6 + Foreign earnings retained abroad 39.3 59.5 60.5 59.1 66.1 70.3 56.3 84.0 78.7 62.2 53.6 6

 7 + Inventory valuation adjustment (IVA) -12.5 -18.3 3.1 7.4 20.9 -13.0 13.3 -13.6 -26.7 -24.9 -26.7 7

 8 = Total internal funds + IVA 566.8 621.0 677.1 731.2 762.3 797.1 789.8 792.8 799.2 806.8 833.2 8

 9 Gross investment 626.2 698.6 689.6 654.8 710.3 767.6 758.7 767.5 769.1 774.9 800.0 9

10 Capital expenditures 593.0 665.9 684.7 779.4 830.5 879.1 849.3 863.1 885.1 918.8 935.9 10

11 Fixed investment (1) 543.8 618.2 658.9 708.1 759.1 838.1 808.8 849.6 843.4 850.7 901.0 11

12 Inventory change + IVA 49.2 40.1 21.0 62.3 67.3 39.2 38.9 12.2 38.1 67.7 34.5 12

13 Access rights from federal government 0 7.6 4.8 8.9 4.1 1.7 1.7 1.3 3.6 0.4 0.4 13

14 Net financial investment 33.2 32.7 4.8 -124.5 -120.2 -111.5 -90.6 -95.6 -115.9 -143.9 -135.9 14

15 Net acquisition of financial assets 274.8 423.6 403.3 158.9 351.3 581.8 745.6 553.4 616.7 411.6 604.4 15

16 Foreign deposits 1.1 1.6 10.5 -5.1 0.8 3.3 16.1 -10.9 7.3 0.6 1.3 16

17 Checkable deposits and currency 18.5 31.3 36.8 30.7 -18.0 37.4 47.6 76.2 -19.9 45.7 -51.4 17

18 Time and savings deposits -6.6 -24.5 0.7 -7.3 -5.0 -0.2 -1.4 -4.1 6.3 -1.5 -1.6 18

19 Money market fund shares 7.4 24.8 9.9 23.9 45.1 35.9 24.3 0.7 27.8 90.6 7.6 19

20 Security RPs -0.3 0.3 1.5 0.7 -1.3 1.1 2.5 -4.0 7.7 -1.7 9.9 20

21 Commercial paper -0.6 1.3 11.4 4.6 -5.2 11.2 17.0 28.8 9.2 -10.2 10.3 21

22 U.S. government securities 2.8 9.8 -4.9 -40.8 0.9 -1.5 -15.8 9.1 4.8 -4.1 -12.4 22

23 Municipal securities 2.0 -19.9 -5.8 -3.6 2.3 -2.7 -11.8 -22.0 33.4 -10.4 -10.4 23

24 Mortgages 4.1 1.6 -3.6 25.9 20.0 15.0 15.0 15.0 15.0 15.0 10.0 24

25 Consumer credit 9.4 -1.6 -7.3 1.2 -4.1 5.4 37.6 -5.9 -10.2 0.3 38.5 25

26 Trade receivables 71.9 78.0 88.1 93.5 14.7 92.2 74.6 211.0 89.4 -6.3 121.5 26

27 Mutual fund shares 2.1 4.6 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 27

28 Miscellaneous assets 163.0 316.3 262.7 43.5 293.6 386.6 541.8 261.3 447.7 295.4 482.9 28

29 U.S. direct investment abroad (2) 79.0 91.1 77.6 90.2 113.9 134.4 150.8 112.7 168.1 106.1 113.6 29

30 Insurance receivables 5.7 8.2 2.6 1.9 6.9 0.3 -4.8 6.2 6.1 -6.3 1.3 30

31 Equity in GSEs 0.1 -0.2 -0.2 -1.1 -0.7 -0.6 0.2 -0.9 -0.9 -0.7 -0.1 31

32 Investment in finance co. subs. 3.1 4.6 4.6 2.2 -1.4 31.0 5.7 1.6 38.1 78.7 42.7 32

33 Other 75.1 212.5 178.1 -49.6 174.9 221.4 389.9 141.8 236.3 117.6 325.3 33

34 Net increase in liabilities 241.6 390.8 398.5 283.5 471.5 693.3 836.2 649.0 732.6 555.5 740.3 34

35 Net funds raised in markets 92.3 178.8 88.9 157.8 149.0 336.1 576.3 16.8 342.5 408.6 581.6 35

36 Net new equity issues -44.9 -58.3 -69.5 -114.4 -267.0 -143.5 -52.1 -338.4 -128.4 -55.0 62.8 36

37 Credit market instruments 137.2 237.1 158.4 272.3 416.0 479.5 628.4 355.2 470.9 463.6 518.8 37

38 Commercial paper 21.4 18.1 -0.9 13.7 24.4 37.4 58.3 -2.6 49.8 44.0 36.4 38

39 Municipal securities (3) 6.8 3.1 3.1 4.2 5.8 5.1 6.6 3.5 5.9 4.2 2.7 39

40 Corporate bonds (2) 23.3 91.1 116.3 150.5 218.7 229.9 274.0 287.6 202.8 155.2 189.0 40

41 Bank loans n.e.c. 42.7 66.8 39.4 71.4 80.9 72.9 66.9 11.2 99.3 114.2 77.1 41

42 Other loans and advances 26.7 32.3 18.5 48.5 47.3 45.5 136.6 -34.6 39.5 40.3 137.9 42

43 Savings institutions -0.3 1.2 1.5 1.6 2.7 3.2 2.4 3.4 2.4 4.8 5.6 43

44 Finance companies 23.3 24.0 7.1 8.1 26.1 51.9 50.9 37.7 59.7 59.1 101.5 44

45 U.S. government -0.1 1.9 -1.3 -0.3 -0.1 -0.3 -0.5 -0.3 -0.2 -0.3 -0.0 45

46 Acceptance liabilities to banks -2.1 -0.8 -0.7 -2.6 -4.3 -2.2 -3.8 -3.9 -2.6 1.6 2.5 46

47 Rest of the world 1.6 0.0 3.9 17.3 -1.0 -25.5 67.3 -94.9 -27.2 -47.3 -0.7 47

48 ABS issuers 4.3 5.9 8.1 24.4 23.8 18.4 20.3 23.4 7.4 22.4 29.0 48

49 Mortgages 16.2 25.8 -17.9 -16.0 39.0 88.8 85.9 90.1 73.6 105.6 75.6 49

50 Trade payables 77.3 81.0 49.5 65.1 -14.6 111.9 106.8 147.1 158.6 34.9 96.5 50

51 Taxes payable -0.4 -0.0 9.6 9.3 4.8 5.3 -15.2 34.7 -12.8 14.4 -7.6 51

52 Miscellaneous liabilities 72.4 131.0 250.5 51.2 332.2 240.1 168.3 450.3 244.3 97.6 69.9 52

53 Foreign direct investment in U.S. 46.6 55.4 74.5 110.1 163.1 243.5 111.7 370.0 162.7 329.7 48.0 53

54 Pension fund contributions payable 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 25.8 71.9 172.2 -62.7 165.4 -7.2 52.8 76.5 77.8 -235.9 18.1 55

56 Discrepancy -59.3 -77.7 -12.5 76.4 52.0 29.6 31.2 25.3 30.0 31.8 33.3 56

 Memo:

57 Trade receivables net of trade payables -5.3 -3.0 38.6 28.4 29.3 -19.7 -32.2 63.9 -69.2 -41.2 25.0 57

58 Financing gap (4) 65.5 104.4 68.1 107.3 134.2 152.2 115.8 154.3 164.6 174.3 156.3 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 112.1 118.0 111.1 116.1 119.9 120.6 116.1 121.4 122.0 122.6 119.4 59

60 Credit market borrowing/capital outlays (5) 22.7 34.7 23.2 35.3 51.4 53.8 75.2 40.5 51.6 49.1 53.9 60

61 Net funds raised/credit market borrowing 67.3 75.4 56.1 58.0 35.8 70.1 91.7 4.7 72.7 88.1 112.1 61

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

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

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

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

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, June 9, 2000 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net income with IVA and CCAdj 494.9 532.8 569.7 607.2 640.0 689.8 671.2 685.0 692.6 710.6 724.0 1

 2 Gross saving = capital consumption 108.3 105.6 110.8 117.7 123.6 133.5 129.0 131.5 138.2 135.1 137.8 2

 3 Gross investment 108.3 105.6 110.8 117.7 123.6 133.5 129.0 131.5 138.2 135.1 137.8 3

 4 Capital expenditures 86.9 98.0 110.8 95.4 115.6 162.0 139.0 169.8 165.4 174.0 184.2 4

 5 Fixed investment (1) 84.3 95.9 109.7 92.1 112.1 160.0 136.9 169.2 163.4 170.4 182.4 5

 6 Change in inventories 2.6 2.1 1.1 3.3 3.5 2.1 2.0 0.6 2.0 3.6 1.8 6

 7 Net financial investment 21.4 7.6 -0.0 22.3 8.0 -28.6 -9.9 -38.3 -27.2 -38.9 -46.4 7

 8 Net acquisition of financial assets 67.1 79.0 88.0 110.5 90.6 78.3 75.5 74.9 80.7 82.0 57.1 8

 9 Checkable deposits and currency 5.1 4.3 8.5 11.8 10.0 9.0 7.4 9.5 9.4 9.9 8.0 9

10 Time and savings deposits 8.2 8.7 10.7 20.8 16.1 12.1 8.7 12.4 13.3 13.9 5.0 10

11 Money market mutual funds 0.1 0.9 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.5 0.4 11

12 Treasury securities 0.7 1.6 -1.2 -0.6 0.1 0.6 1.3 0.4 0.0 0.6 0.9 12

13 Mortgages -0.1 3.1 -3.2 -1.5 -0.1 1.0 1.5 0.8 0.8 0.8 1.7 13

14 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 14

15 Trade receivables 14.0 12.3 16.2 27.0 21.0 16.6 12.3 17.3 18.2 18.7 12.8 15

16 Miscellaneous assets 39.1 48.1 56.4 52.6 43.0 38.6 44.0 34.0 38.7 37.7 28.3 16

17 Insurance receivables 1.4 2.0 0.6 0.5 1.7 0.1 -1.2 1.5 1.5 -1.5 0.3 17

18 Equity investment in GSEs (2) 0.2 0.0 0.7 0 -0.1 0.0 0.2 -0.3 -0.1 0.3 0.4 18

19 Other 37.5 46.1 55.1 52.1 41.4 38.5 45.0 32.8 37.3 38.9 27.6 19

20 Net increase in liabilities 45.6 71.4 88.0 88.2 82.6 106.9 85.4 113.2 108.0 120.9 103.5 20

21 Credit market instruments 3.3 30.6 83.8 115.0 109.8 111.1 96.8 99.8 125.7 122.0 111.0 21

22 Bank loans n.e.c. 17.2 18.5 29.8 23.5 19.9 17.9 17.1 16.9 17.6 20.1 15.8 22

23 Other loans and advances -0.1 7.6 0.7 4.2 12.3 8.1 4.0 9.5 10.7 8.3 13.5 23

24 Mortgages -13.8 4.5 53.2 87.3 77.7 85.0 75.7 73.4 97.4 93.6 81.6 24

25 Trade payables 7.5 6.2 20.8 23.5 11.1 9.8 9.2 11.6 9.3 9.0 8.6 25

26 Taxes payable 0.8 1.3 1.6 0.7 1.5 2.1 2.3 2.0 2.0 2.0 2.5 26

27 Miscellaneous liabilities -9.3 3.4 -0.1 9.1 8.1 7.0 3.1 7.4 8.4 9.0 11.0 27

28 Proprietors’ net investment 43.4 30.0 -18.1 -60.0 -47.9 -23.1 -26.0 -7.7 -37.5 -21.2 -29.6 28

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 31.9 22.2 34.3 29.5 25.1 31.3 32.5 34.1 21.0 37.6 23.7 1

 2 Net saving (corporate) -0.6 -0.8 -0.1 0.1 -0.4 -0.4 -0.4 -0.4 -0.5 -0.5 -0.5 2

 3 Consumption of fixed capital 20.8 21.6 22.3 22.9 23.7 25.4 24.6 25.0 25.9 25.9 26.5 3

 4 Corporate 2.6 3.2 3.2 3.2 3.6 3.8 3.7 3.8 3.9 3.9 4.0 4

 5 Noncorporate 18.2 18.4 19.1 19.7 20.1 21.6 20.9 21.3 22.0 22.0 22.5 5

 6 Gross saving 20.3 20.7 22.1 23.0 23.3 24.9 24.2 24.6 25.4 25.5 26.0 6

 7 Gross investment 20.3 20.7 22.1 23.0 23.3 24.9 24.2 24.6 25.4 25.5 26.0 7

 8 Capital expenditures 31.6 13.3 31.6 28.2 27.0 29.0 36.7 30.2 25.8 23.2 22.3 8

 9 Fixed investment (2) 20.8 22.5 23.8 25.4 26.7 25.6 26.6 25.4 25.1 25.4 24.6 9

10 Change in inventories 10.8 -9.2 7.9 2.8 0.3 3.4 10.1 4.8 0.7 -2.2 -2.3 10

11 Net financial investment -11.3 7.4 -9.5 -5.2 -3.7 -4.1 -12.6 -5.7 -0.4 2.3 3.6 11

12 Net acquisition of financial assets 1.8 2.3 -0.1 0.7 3.7 -0.8 -2.2 0.9 0.7 -2.6 -0.8 12

13 Checkable deposits and currency 0.4 0.5 -0.0 0.2 1.9 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 13

14 Miscellaneous assets 1.3 1.8 -0.1 0.4 1.7 0.0 -1.3 1.7 1.5 -1.8 -0.0 14

15 Insurance receivables 1.3 1.9 0.6 0.4 1.6 0.1 -1.1 1.4 1.4 -1.5 0.3 15

16 Equity investment in GSEs (3) 0.0 -0.1 -0.6 0 0.1 -0.0 -0.2 0.3 0.1 -0.3 -0.3 16

17 Net increase in liabilities 13.1 -5.1 9.4 5.9 7.4 3.3 10.4 6.6 1.1 -4.9 -4.5 17

18 Credit market instruments 4.4 2.9 4.8 6.2 7.7 5.3 6.6 -1.0 9.5 5.9 13.8 18

19 Bank loans n.e.c. 1.9 1.1 0.6 3.5 1.2 -0.9 0.7 -6.0 1.6 0.1 4.1 19

20 Other loans and advances 0.2 0.3 1.6 -0.5 0.3 0.7 2.3 -4.0 0.9 3.4 5.8 20

21 Mortgages 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 21

22 Trade payables 1.0 1.0 1.3 1.4 0.8 0.4 -1.3 -0.3 1.5 1.7 -0.1 22

23 Proprietors’ net investment 7.8 -9.0 3.4 -1.7 -1.1 -2.4 5.1 7.9 -9.9 -12.6 -18.2 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, June 9, 2000

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 873.8 917.9 960.4 1009.0 1070.4 1140.2 1110.0 1117.1 1148.0 1185.9 1195.9 1

 2 Personal tax and nontax receipts 174.8 186.6 199.6 217.4 236.9 251.9 246.9 247.3 252.4 261.1 263.1 2

 3 Corporate profits tax accruals 30.0 31.7 33.0 34.0 33.8 37.0 35.4 36.4 37.0 39.1 40.9 3

 4 Indirect business tax and nontax accruals 480.1 501.6 524.9 550.9 579.7 614.8 597.1 606.8 616.8 638.6 645.6 4

 5 Contributions for social insurance 14.5 13.6 12.4 11.0 10.7 11.1 10.7 10.9 11.2 11.5 11.9 5

 6 Federal grants-in-aid 174.5 184.5 190.4 195.7 209.3 225.5 219.9 215.7 230.6 235.6 234.4 6

 7 Current expenditures, NIPA basis 865.2 902.5 939.0 981.6 1028.7 1089.3 1061.4 1079.4 1099.2 1117.1 1139.1 7

 8 Consumption expenditures 662.6 694.7 726.5 765.9 807.6 857.4 832.4 848.4 866.5 882.4 902.2 8

 9 Transfer payments to persons 206.9 217.8 224.4 228.0 234.8 244.6 241.9 243.6 245.3 247.8 250.3 9

10 Net interest paid 4.4 0.5 0.9 -0.6 -2.0 -0.7 -1.0 -0.7 -0.6 -0.6 -0.4 10

11 - Dividends received by government 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 11

12 Subsidies less current surplus of govt. enterprises -8.5 -10.2 -12.5 -11.4 -11.3 -11.8 -11.6 -11.6 -11.7 -12.2 -12.6 12

13 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 13

14 Current surplus or deficit (-), NIPA basis 8.6 15.4 21.4 27.4 41.7 51.0 48.6 37.7 48.8 68.8 56.8 14

15 + Consumption of fixed capital 78.9 84.2 89.0 94.0 98.8 105.2 102.4 104.3 106.0 108.1 109.9 15

16 = Gross saving 87.5 99.5 110.4 121.4 140.5 156.2 151.0 142.0 154.8 176.9 166.7 16

17 Gross investment 105.1 146.4 153.6 115.3 219.6 207.6 212.2 204.5 184.3 229.4 231.3 17

18 Fixed investment 144.2 155.8 163.8 177.3 183.5 202.0 199.4 195.8 200.8 212.0 224.6 18

19 Net financial investment -39.1 -9.4 -10.3 -62.0 36.1 5.6 12.8 8.7 -16.5 17.4 6.7 19

20 Net acq. of financial assets -57.6 -31.7 13.8 25.4 146.9 87.5 130.3 70.5 69.6 79.5 54.5 20

21 Checkable deposits and currency 1.6 3.4 -5.5 4.4 -3.9 3.9 9.6 -10.0 14.4 1.6 -1.6 21

22 Time and savings deposits 6.5 6.6 10.6 5.8 12.8 10.9 -3.4 1.4 16.7 29.0 -17.1 22

23 Security RPs -15.1 -3.0 32.1 3.6 7.2 5.0 32.0 -11.1 11.5 -12.5 51.3 23

24 Credit market instruments -55.0 -91.4 -33.7 0.1 134.5 43.4 132.2 83.3 -43.9 2.0 11.9 24

25 Open market paper 4.4 17.1 20.3 14.3 28.0 1.9 16.0 4.9 -2.9 -10.3 6.9 25

26 U.S. government securities -66.2 -115.3 -68.1 -18.5 93.5 26.0 106.3 56.0 -59.6 1.3 -3.8 26

27 Treasury -77.8 -80.2 -32.8 -17.7 30.0 -2.5 14.3 18.7 -22.3 -20.7 -36.9 27

28 Agency 11.6 -35.1 -35.3 -0.8 63.6 28.5 92.0 37.3 -37.3 22.0 33.1 28

29 Municipal securities -0.9 -3.5 -0.5 -0.7 -1.4 -1.5 -1.6 -1.1 -1.7 -1.5 -1.7 29

30 Corporate and foreign bonds 5.4 7.1 10.7 1.3 10.2 12.6 7.2 19.3 15.9 8.1 6.1 30

31 Mortgages 2.2 3.3 3.8 3.7 4.1 4.3 4.2 4.3 4.3 4.4 4.4 31

32 Corporate equities 1.3 12.1 14.5 16.8 9.4 3.5 -25.9 -4.6 27.6 16.9 4.4 32

33 Mutual fund shares 7.8 5.9 6.0 -7.4 -12.3 4.3 -4.1 8.6 6.3 6.3 -10.7 33

34 Taxes receivable -6.0 -8.3 -5.3 -3.4 -1.0 4.8 2.8 4.0 5.0 7.6 10.3 34

35 Miscellaneous assets 1.3 42.9 -4.8 5.6 0.3 11.7 -12.8 -1.1 32.0 28.7 6.0 35

36 Net increase in liabilities -18.5 -22.3 24.1 87.5 110.8 81.8 117.5 61.8 86.0 62.1 47.8 36

37 Credit market instruments -46.2 -51.5 -6.8 56.1 80.3 52.8 87.4 35.7 57.0 31.0 14.6 37

38 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 52.7 87.1 35.6 57.2 30.9 14.6 38

39 Short-term -2.2 1.2 6.3 8.3 -6.3 3.6 2.9 6.8 3.3 1.4 7.1 39

40 Other -44.1 -53.2 -13.4 49.0 85.4 49.1 84.3 28.8 53.9 29.6 7.6 40

41 U.S. government loans 0.1 0.5 0.4 -1.2 1.2 0.1 0.3 0.1 -0.2 0.0 -0.0 41

42 Trade payables 27.7 29.2 30.9 31.4 30.5 29.1 30.1 26.1 29.1 31.1 33.2 42

43 Discrepancy -17.6 -46.9 -43.2 6.1 -79.2 -51.5 -61.2 -62.5 -29.5 -52.5 -64.6 43

(1) Data for retirement funds are shown in table F.120.
Z.1, June 9, 2000 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 1293.7 1383.7 1499.1 1627.2 1750.7 1871.2 1826.5 1853.0 1883.1 1922.2 1976.6 1

 2 Personal tax and nontax receipts 547.8 591.8 670.0 750.9 835.7 900.2 877.9 892.1 908.0 922.7 949.6 2

 3 Corporate profits tax accruals 156.7 179.3 190.6 204.2 206.5 222.4 212.6 218.0 222.4 236.6 247.8 3

 4 Indirect business tax and nontax accruals 95.2 93.0 95.1 94.9 97.4 101.5 99.5 100.0 101.5 105.0 107.7 4

 5 Contributions for social insurance 493.9 519.6 543.4 577.2 611.2 647.1 636.5 642.9 651.2 657.9 671.5 5

 6 Current expenditures, NIPA basis 1506.0 1575.7 1636.0 1675.9 1703.8 1755.8 1728.9 1734.9 1749.3 1810.0 1790.5 6

 7 Consumption expenditures 439.7 439.2 445.3 457.0 453.5 474.8 467.0 465.2 475.0 491.9 483.4 7

 8 Transfers payments (net) 618.6 652.1 691.7 716.6 730.4 754.5 743.4 749.7 754.8 770.1 773.5 8

 9 Grants-in-aid to state and local governments 174.5 184.5 190.4 195.7 209.3 225.5 219.9 215.7 230.6 235.6 234.4 9

10 Net interest paid 239.6 267.5 273.6 276.3 278.4 262.8 266.0 264.8 259.9 260.6 263.9 10

11 Subsidies less current surplus of govt. enterprises 33.6 32.4 35.1 30.4 32.1 38.2 32.6 39.5 29.0 51.8 35.3 11

12 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 12

13 Current surplus or deficit (-), NIPA basis -212.3 -192.0 -136.9 -48.7 47.0 115.4 97.6 118.1 133.8 112.2 186.1 13

14 + Consumption of fixed capital 81.4 84.0 85.3 86.6 87.4 90.9 89.6 90.2 91.2 92.4 93.4 14

15 - Insurance and pension reserves (1) 1.6 3.6 3.4 3.4 4.4 3.8 3.2 4.5 2.7 5.0 -0.4 15

16 = Gross saving -132.4 -111.6 -55.0 34.5 130.0 202.4 184.0 203.8 222.3 199.6 279.9 16

17 Gross investment -178.1 -97.9 -121.9 6.9 95.8 213.6 185.0 236.2 197.0 236.4 132.0 17

18 Fixed investment 81.3 82.3 86.3 80.8 85.2 95.9 90.4 96.4 94.9 101.7 96.6 18

19 Access rights sales 0 -7.6 -4.8 -8.9 -4.1 -1.7 -1.7 -1.3 -3.6 -0.4 -0.4 19

20 Net financial investment -259.4 -172.6 -203.4 -65.0 14.7 119.5 96.2 141.1 105.6 135.0 35.8 20

21 Net acq. of financial assets -60.5 -3.8 -4.9 -10.0 -3.1 84.7 41.6 81.6 47.6 167.8 -135.5 21

22 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.0 -7.1 -9.3 -4.8 -8.1 -6.4 1.7 22

23 Checkable deposits and currency -21.7 -0.0 11.0 -0.5 -16.7 66.2 31.9 43.0 47.2 142.7 -156.1 23

24 Time and savings deposits -0.1 0.3 1.4 1.0 1.3 0.7 -3.4 0.8 2.1 3.2 0.4 24

25 Credit market instruments -27.4 -0.2 -7.4 5.1 13.5 9.6 17.0 6.9 11.4 3.2 7.1 25

26 Agency securities 0 0 0 0 0 0 0 0 0 0 0 26

27 Mortgages -14.0 -13.2 -7.5 -4.5 -0.9 -0.1 -1.4 -0.3 1.6 -0.2 -3.9 27

28 Other loans and advances -13.4 13.0 0.1 9.6 14.4 9.7 18.4 7.1 9.8 3.4 11.0 28

29 Trade receivables -3.8 -1.6 0.9 -3.2 1.5 4.6 1.4 5.0 7.1 4.9 9.8 29

30 Taxes receivable -8.0 -6.6 -1.5 -7.8 -5.2 11.8 4.5 32.6 -9.7 19.9 6.6 30

31 Miscellaneous assets 3.2 -2.1 -6.4 -7.0 -3.5 -1.1 -0.4 -1.9 -2.4 0.4 -5.0 31

32 Net increase in liabilities 198.9 168.9 198.4 55.0 -17.8 -34.8 -54.6 -59.4 -58.1 32.8 -171.3 32

33 SDR certificates 0 2.2 -0.5 -0.5 0 -3.0 -4.0 0 -4.0 -4.0 0 33

34 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 -0.0 0 2.1 2.0 -4.1 2.2 34

35 Credit market instruments 155.9 144.4 145.0 23.1 -52.6 -71.2 -75.2 -112.2 -83.1 -14.3 -204.0 35

36 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -0.2 -0.0 0.0 -0.4 -0.3 -4.1 36

37 Other Treasury securities 147.7 137.9 144.6 23.7 -54.7 -70.8 -73.7 -112.8 -82.8 -14.0 -197.8 37

38 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -0.2 -1.5 0.6 0.0 0.0 -2.1 38

39 Multifamily residential mortgages 0 0 -0.0 -0.0 0 0 0 0 0 0 0 39

40 Trade payables -0.4 -4.6 1.3 -9.7 -2.6 -0.3 -3.4 3.4 -1.7 0.5 1.4 40

41 Insurance and pension reserves (2) 38.9 21.8 55.7 42.0 42.5 42.5 37.2 41.9 42.9 48.1 36.8 41

42 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -2.8 -9.2 5.3 -14.1 6.6 -7.6 42

43 Discrepancy 45.7 -13.7 66.9 27.6 34.2 -11.2 -0.9 -32.4 25.4 -36.7 147.9 43

 Memo:

44 Change in cash balance (3) -26.7 -5.7 12.9 -2.2 -12.8 59.4 26.6 2.4 72.3 136.4 -126.9 44

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

(2) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(3) Time and savings deposits (line 24) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, June 9, 2000

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Foreign income from U.S. 1017.6 1148.8 1230.4 1374.3 1453.2 1619.1 1506.4 1578.0 1652.5 1739.4 1811.8 1

 2 U.S. imports 812.2 902.8 963.1 1056.3 1115.9 1252.2 1168.5 1224.0 1286.6 1329.6 1389.8 2

 3 U.S. income payments to rest of world 167.4 211.9 227.5 278.4 295.2 322.3 298.2 310.4 323.2 357.3 379.7 3

 4 Net transfers to rest of world 38.0 34.0 39.8 39.6 42.1 44.6 39.7 43.6 42.7 52.5 42.3 4

 5 Foreign outlays to U.S. 909.3 1050.8 1119.7 1250.6 1251.6 1300.6 1250.7 1274.3 1316.2 1361.2 1396.1 5

 6 U.S. exports 725.1 818.6 874.2 968.0 966.3 998.3 966.9 978.2 1008.5 1039.5 1058.9 6

 7 U.S. income receipts from rest of world 184.3 232.3 245.6 282.6 285.3 302.3 283.8 296.1 307.7 321.7 337.2 7

 8 Gross saving (1) 108.2 97.9 110.7 123.7 201.5 318.5 255.7 303.7 336.3 378.2 415.7 8

 9 Net financial investment 130.2 137.3 194.8 286.7 210.4 378.0 295.0 478.4 378.1 360.7 385.9 9

10 Net acquisition of financial assets 301.0 448.2 545.6 642.2 472.5 699.8 492.7 1108.6 796.3 401.7 747.1 10

11 Gold and SDRs (2) -0.4 -0.8 0.4 -0.4 -0.1 0.0 2.3 -0.8 -0.7 -0.7 -0.8 11

12 Net interbank assets 92.7 11.1 -52.0 -4.3 -27.1 -14.1 -20.2 85.0 -36.2 -85.1 -39.7 12

13 U.S. checkable deposits and currency 25.3 13.4 19.9 29.9 14.6 35.7 15.2 33.9 51.9 42.0 -35.4 13

14 U.S. time deposits 1.5 -6.6 10.9 13.1 13.0 18.4 -5.5 1.5 19.3 58.4 -9.4 14

15 Security RPs -12.0 21.0 3.2 20.0 -18.8 14.8 57.3 -12.3 -5.6 19.9 -17.1 15

16 Credit market instruments 132.3 273.9 414.4 310.7 249.3 203.6 253.3 37.4 382.2 141.3 338.9 16

17 Open market paper 6.0 18.6 14.4 19.9 37.0 -14.1 -15.6 -40.1 22.4 -23.3 -10.6 17

18 U.S. government securities 86.7 197.2 312.4 189.6 90.9 84.3 64.1 42.9 182.4 47.9 168.8 18

19 Official 36.8 72.7 120.7 -2.2 -3.6 32.4 27.2 -3.7 59.2 47.0 97.9 19

20 Treasury 30.8 69.0 115.7 -6.7 -10.0 12.1 3.2 -26.8 51.9 20.1 65.5 20

21 Agency 6.1 3.7 5.0 4.5 6.3 20.4 24.0 23.2 7.3 26.9 32.4 21

22 Private 49.9 124.5 191.7 191.7 94.5 51.9 37.0 46.5 123.2 0.9 70.8 22

23 Treasury 34.3 99.5 155.0 146.4 46.2 -21.8 -35.1 -21.6 38.6 -68.8 -35.6 23

24 Agency 15.6 25.0 36.7 45.3 48.3 73.7 72.1 68.2 84.6 69.7 106.4 24

25 U.S. corporate bonds (3) 38.0 58.1 83.7 84.0 122.4 158.9 137.5 129.5 204.6 164.0 181.4 25

26 Loans to U.S. corporate business 1.6 0.0 3.9 17.3 -1.0 -25.5 67.3 -94.9 -27.2 -47.3 -0.7 26

27 U.S. corporate equities 0.9 16.6 11.1 66.8 43.8 94.3 37.0 116.6 89.8 133.7 250.7 27

28 Trade receivables 1.3 -0.2 5.9 3.5 -7.3 -7.3 -18.9 -3.2 -4.4 -2.8 -4.0 28

29 Security credit 0 0 0 0 0 0 0 0 0 0 0 29

30 Miscellaneous assets 59.4 119.8 131.6 203.0 205.1 354.4 172.2 850.4 300.1 95.0 263.8 30

31 Foreign direct investment in U.S. (4) 47.4 59.6 89.0 109.3 193.4 282.5 92.2 617.9 243.4 176.5 150.4 31

32 Other 12.0 60.2 42.6 93.7 11.8 71.9 80.0 232.4 56.7 -81.5 113.4 32

33 Net increase in liabilities 170.8 310.9 350.8 355.5 262.1 321.8 197.7 630.2 418.2 41.0 361.1 33

 U.S. official foreign exchange

34 and net IMF position -5.8 8.8 -6.3 0.7 6.6 -8.7 -14.0 -5.4 -8.5 -7.0 0.8 34

35 U.S. private deposits 52.9 35.3 85.9 106.8 -0.2 67.3 127.7 99.3 55.1 -12.9 52.0 35

36 Credit market instruments -13.9 71.1 77.2 57.6 33.6 14.5 17.0 -36.8 62.2 15.6 114.2 36

37 Commercial paper -26.1 13.5 11.3 3.7 7.8 16.3 18.0 -27.5 41.1 33.6 56.8 37

38 Bonds 12.2 49.7 55.8 47.2 25.1 0.1 0.9 -12.6 29.4 -17.2 39.1 38

39 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.7 0.5 0.9 5.6 -6.6 2.3 15.4 39

40 Official -0.2 0.4 0.3 -0.8 0.8 0.2 0.3 -0.4 0.7 0.1 -0.8 40

41 Banks 0.0 2.1 3.4 -0.5 -0.7 -3.1 -2.2 4.9 -10.4 -4.8 5.7 41

42 Other 1.6 5.9 5.4 9.8 6.7 3.5 2.7 1.1 3.1 7.0 10.6 42

43 U.S. government loans -1.1 -0.8 -0.7 -1.6 -1.0 -1.6 -2.5 -0.7 1.0 -3.9 3.3 43

44 Acceptance liabilities to banks -0.3 0.3 1.8 -0.2 -5.0 -0.9 -0.2 -1.6 -2.5 0.9 -0.4 44

45 Foreign corporate equities (5) 48.1 50.4 60.0 42.0 77.8 97.8 -33.4 270.9 108.4 45.2 63.0 45

46 Trade payables 3.6 5.8 -1.7 5.1 -2.4 4.3 -4.9 -4.7 22.1 4.8 10.0 46

47 Security debt 0 0 0 0 0 0 0 0 0 0 0 47

48 Miscellaneous liabilities 85.9 139.6 135.6 143.3 146.6 146.6 105.4 306.9 179.0 -4.8 121.1 48

49 U.S. equity in IBRD, etc. 1.4 1.5 1.8 1.6 1.6 1.5 1.6 1.8 1.3 1.1 1.4 49

50 U.S. government deposits 0.1 0.3 -0.1 -0.0 -0.1 0.5 0.5 0.4 0.5 0.5 0.6 50

51 U.S. direct investment abroad (3,4) 80.7 99.5 92.7 110.0 132.8 152.1 166.5 127.2 189.4 125.4 127.3 51

52 Other 3.6 38.3 41.2 31.8 12.4 -7.4 -63.2 177.4 -12.2 -131.8 -8.1 52

53 Discrepancy (FOF basis) (6) -22.0 -39.3 -84.1 -163.0 -8.9 -59.6 -39.3 -174.7 -41.8 17.5 29.8 53

 Memo:

54 Net U.S. exports, NIPA basis -87.1 -84.3 -89.0 -88.3 -149.6 -253.9 -201.6 -245.8 -278.1 -290.1 -330.9 54

55 + Net U.S. income receipts (7) 16.9 20.3 18.1 4.2 -9.9 -20.0 -14.4 -14.3 -15.5 -35.6 -42.5 55

56 - Net transfer payments to foreign 38.0 34.0 39.8 39.6 42.1 44.6 39.7 43.6 42.7 52.5 42.3 56

 = Net foreign investment in U.S.

57 (NIPA basis) -108.2 -97.9 -110.7 -123.7 -201.5 -318.5 -255.7 -303.7 -336.3 -378.2 -415.7 57

(1) Line 1 minus line 5; also equal to line 57 with the sign reversed.

(2) U.S. net sales, sign reversed.

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

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, June 9, 2000 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -2.7 -1.2 1.7 2.6 -2.1 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 1

 2 Fixed nonresidential investment 0.3 0.4 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 28.2 19.8 23.3 38.8 32.8 130.1 34.7 34.5 87.9 363.2 -310.9 3

 4 Gold and foreign exchange -2.6 3.2 -3.8 -1.5 0.8 -1.6 -7.0 0.1 0.3 0.1 -0.1 4

 5 SDR certificates 0 2.2 -0.5 -0.5 0 -3.0 -4.0 0 -4.0 -4.0 0 5

 6 Treasury currency 0.9 1.0 1.0 0.6 0.7 1.7 1.5 1.5 1.8 2.2 1.6 6

 7 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 -1.9 -10.1 4.6 -0.8 -1.2 0.1 7

 8 Fed. Res. loans to domestic banks 0.1 -0.1 -0.1 2.0 -2.0 0.2 0.9 -0.1 1.0 -1.0 0.0 8

 9 Security RPs -2.6 3.3 7.7 2.3 6.5 110.3 -5.1 -35.5 50.6 431.0 -422.2 9

10 Credit market instruments 31.5 12.7 12.3 38.3 21.1 25.7 71.8 62.4 34.1 -65.7 112.2 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 31.5 12.7 12.3 38.3 21.1 25.7 71.8 62.4 34.1 -65.7 112.2 12

13 Treasury 32.5 13.7 12.7 39.8 21.4 25.8 71.9 62.7 34.2 -65.5 112.4 13

14 Agency -1.0 -1.0 -0.4 -1.5 -0.3 -0.2 -0.1 -0.2 -0.1 -0.2 -0.1 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets 2.6 -3.2 2.4 1.2 4.9 -1.3 -13.4 1.5 4.8 1.8 -2.5 16

17 Net increase in liabilities 28.0 19.5 22.8 38.1 32.0 129.6 33.1 33.0 85.0 367.2 -317.1 17

18 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 -2.3 2.5 -2.0 3.9 -13.4 -3.8 18

19 Vault cash of commercial banks 5.5 2.4 4.6 -0.2 -2.9 24.5 18.1 5.0 -2.9 77.7 -91.7 19

20 Checkable deposits and currency 25.3 17.0 23.5 30.1 38.5 109.0 34.6 2.7 101.5 297.2 -212.8 20

21 Due to federal government -7.7 -1.2 1.7 -2.3 0.5 22.3 -0.2 -44.0 42.8 90.7 -94.8 21

22 Due to rest of the world -0.1 0.2 -0.1 0.5 0.0 0.3 0.3 1.3 -0.3 -0.3 0.6 22

23 Currency outside banks 33.1 18.0 21.8 31.9 38.0 86.4 34.5 45.3 59.0 206.8 -118.6 23

24 Miscellaneous liabilities 1.3 1.3 -0.2 1.8 1.0 -1.6 -22.1 27.4 -17.5 5.7 -8.8 24

25 Federal Reserve Bank stock 0.3 0.3 0.6 0.8 0.5 0.5 0.7 0.6 0.2 0.4 1.2 25

26 Other 1.1 1.0 -0.9 1.0 0.5 -2.1 -22.8 26.8 -17.7 5.3 -10.0 26

27 Discrepancy -3.2 -1.8 0.8 1.7 -3.0 -1.9 -3.1 -2.9 -4.3 2.6 -7.7 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, June 9, 2000

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 26.1 32.4 28.5 36.5 40.5 51.9 55.1 44.3 49.2 58.9 61.3 1

 2 Fixed nonresidential investment 19.5 18.2 22.4 26.5 30.9 33.0 32.2 32.7 33.4 33.6 35.6 2

 3 Net acquisition of financial assets 231.3 335.7 216.6 457.3 443.7 355.1 100.9 349.8 358.9 610.7 253.9 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 24.5 18.1 5.0 -2.9 77.7 -91.7 4

 5 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 -1.9 3.0 -2.1 4.4 -13.0 -3.2 5

 6 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.6 0.2 -1.5 -1.4 1.6 2.3 -1.3 6

 7 Total bank credit 156.8 273.4 189.9 350.0 335.8 295.6 33.0 141.6 417.7 589.9 470.6 7

 8 U.S. government securities -26.2 27.0 11.3 83.8 35.4 48.2 46.0 2.4 95.9 48.6 -9.6 8

 9 Treasury -31.8 -11.7 -16.9 8.3 -56.1 12.6 2.0 -8.3 24.2 32.4 -80.1 9

10 Agency 5.5 38.7 28.2 75.5 91.4 35.7 44.0 10.7 71.8 16.3 70.5 10

11 Municipal securities -1.6 -4.2 0.9 2.4 8.2 5.8 10.1 4.1 6.4 2.7 8.4 11

12 Corporate and foreign bonds 4.3 8.4 1.4 27.8 38.0 38.9 -66.4 94.1 45.5 82.4 -23.0 12

13 Total loans 183.7 239.8 174.2 234.7 253.4 200.3 42.4 43.9 266.2 448.6 488.8 13

14 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 0.3 -0.7 -0.5 1.1 1.1 0.4 14

15 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 68.9 62.1 38.3 100.0 75.3 126.5 15

16 Mortgages 64.9 77.5 55.2 99.9 91.7 158.4 15.8 78.4 228.2 311.2 220.6 16

17 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -9.2 6.1 -75.7 -36.5 69.4 57.0 17

18 Security credit -5.7 4.6 1.3 21.7 20.5 -18.1 -40.8 3.5 -26.7 -8.4 84.3 18

19 Corporate equities -1.4 2.1 1.8 0.6 1.3 1.2 1.6 -3.7 4.4 2.4 0.8 19

20 Mutual fund shares -1.9 0.3 0.3 0.8 -0.4 1.2 -0.8 0.8 -0.7 5.2 5.1 20

21 Customers’ liab. on acceptances (2) -2.4 -0.6 1.0 -2.8 -9.3 -3.1 -4.0 -5.6 -5.1 2.4 2.1 21

22 Miscellaneous assets 74.4 61.4 25.9 103.5 124.1 39.8 52.4 212.2 -56.8 -48.6 -122.6 22

23 Net increase in liabilities 255.1 300.6 203.7 490.5 469.1 292.3 60.3 362.6 186.5 559.7 381.9 23

24 Net interbank liabilities 88.5 8.7 -51.2 -25.8 -24.8 -11.7 29.3 87.9 -36.9 -127.2 -5.0 24

25 To monetary authority -1.5 0.7 4.1 -1.6 -1.1 -1.7 -9.2 4.5 0.2 -2.2 0.1 25

26 To domestic banks (3) -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 26

27 To foreign banks 92.7 11.1 -52.0 -4.3 -27.1 -14.1 -20.2 85.0 -36.2 -85.1 -39.7 27

28 Checkable deposits -31.7 -45.9 -34.6 -19.8 -33.4 3.1 -2.7 -36.5 4.2 47.6 -80.4 28

29 Federal government -18.9 -4.7 9.7 -0.9 -14.6 36.4 30.3 45.5 27.4 42.4 -32.5 29

30 Rest of the world 1.9 0.8 2.6 4.6 -2.0 13.1 5.1 20.3 33.4 -6.5 -8.6 30

31 Private domestic -14.7 -42.0 -46.9 -23.5 -16.8 -46.3 -38.1 -102.4 -56.5 11.6 -39.3 31

32 Small time and savings deposits -1.0 113.9 123.1 148.3 183.7 71.0 -6.4 120.4 140.4 29.5 180.7 32

33 Large time deposits 21.3 54.8 105.3 107.9 72.3 118.7 -10.0 29.0 97.3 358.5 96.2 33

34 Federal funds and security RPs (net) 78.1 30.4 41.0 89.0 87.0 110.6 112.1 27.4 129.4 173.4 110.1 34

35 Credit market instruments 20.1 22.5 13.0 46.1 72.9 67.2 31.1 72.7 111.3 53.8 56.5 35

36 Open market paper 3.1 -2.2 2.9 3.3 -1.5 6.1 -1.1 6.3 -18.4 37.8 -14.2 36

37 Corporate bonds 7.7 18.5 7.8 23.7 27.6 20.4 35.2 6.2 43.4 -3.1 33.2 37

38 Other loans and advances 9.3 6.2 2.3 19.1 46.9 40.6 -3.0 60.1 86.3 19.1 37.5 38

39 Corporate equity issues -3.3 -8.7 -14.3 -27.7 -11.2 -10.6 -14.7 3.2 -31.1 0.2 -26.1 39

40 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.9 1.8 1.9 1.9 2.0 2.1 40

41 Miscellaneous liabilities 82.4 124.0 20.1 171.2 120.9 -57.9 -80.2 56.7 -230.0 21.8 47.8 41

42 Discrepancy 30.6 -20.9 -6.9 43.1 35.0 -43.9 -17.8 24.4 -156.6 -25.8 153.7 42

 Memo:

43 Credit market funds advanced (4) 163.4 265.9 187.5 324.3 305.2 308.3 68.9 135.4 435.5 593.1 382.4 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, June 9, 2000 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -1.3 1.8 -11.6 -6.5 -0.3 -5.1 13.1 -19.6 -16.9 2.7 6.2 1

 2 Fixed nonresidential investment 16.4 15.0 18.3 21.4 24.5 26.2 25.6 25.9 26.5 26.7 28.3 2

 3 Net acquisition of financial assets 153.9 200.5 122.8 290.8 328.1 344.7 127.5 324.9 381.7 544.5 345.7 3

 4 Vault cash and reserves at Federal Reserve 2.0 1.5 -0.3 4.8 -5.7 22.1 23.0 0.3 4.3 61.0 -91.0 4

 5 Total bank credit 140.5 194.8 115.2 280.7 329.3 313.7 115.2 248.6 380.5 510.5 457.5 5

 6 U.S. government securities -25.2 -17.1 -19.4 54.3 39.6 27.4 38.6 31.8 42.9 -3.6 49.6 6

 7 Treasury -27.0 -40.4 -34.7 -6.1 -42.1 -1.9 2.4 -1.0 -5.3 -3.7 -25.7 7

 8 Agency 1.8 23.4 15.3 60.4 81.6 29.3 36.2 32.8 48.2 0.1 75.3 8

 9 Mortgage pool securities 9.1 12.9 21.4 31.1 53.7 -17.8 -55.3 -17.2 6.4 -5.1 24.7 9

10 Agency-issued CMOs -14.4 -18.4 -11.5 17.5 8.9 4.9 31.1 -9.4 11.9 -13.9 -1.5 10

11 Other agency securities 7.1 28.8 5.4 11.8 19.1 42.2 60.4 59.4 30.0 19.0 52.1 11

12 Municipal securities -2.0 -4.3 1.0 2.4 8.2 5.8 9.6 4.0 6.6 2.7 7.9 12

13 Corporate and foreign bonds -0.6 3.3 -4.5 19.6 32.4 43.3 -43.8 94.5 54.5 68.2 -21.4 13

14 Private mortgage pool securities -1.1 0.9 -0.4 -1.2 0.9 0.9 5.0 -4.3 -1.6 4.7 -5.3 14

15 Privately issued CMOs 1.7 3.5 -3.1 0.7 20.3 5.7 6.1 2.0 7.6 7.2 -9.5 15

16 Other bonds -1.2 -1.1 -1.0 20.2 11.1 36.7 -54.9 96.8 48.6 56.4 -6.6 16

17 Total loans 171.5 210.5 136.0 203.0 248.2 234.9 110.0 121.2 272.7 435.6 415.4 17

18 Open market paper -1.3 0.3 0.3 -0.6 -0.1 -0.1 -0.5 -0.6 0.4 0.3 -0.1 18

19 Bank loans n.e.c. 46.2 77.0 58.2 108.1 144.3 92.2 101.5 101.5 119.8 46.2 106.5 19

20 Mortgages 68.1 81.7 57.5 105.5 95.8 160.6 26.0 79.5 226.3 310.8 216.2 20

21 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -9.2 6.1 -75.7 -36.5 69.4 57.0 21

22 Security credit -4.6 8.3 -4.8 4.2 11.9 -8.7 -23.0 16.5 -37.4 9.0 35.8 22

23 Corporate equities -1.4 2.1 1.8 0.6 1.3 1.2 1.6 -3.7 4.4 2.4 0.8 23

24 Mutual fund shares -1.9 0.3 0.3 0.8 -0.4 1.2 -0.8 0.8 -0.7 5.2 5.1 24

25 Customers’ liab. on acceptances (1) -0.2 2.4 1.6 -0.2 -4.6 -2.5 -3.3 -3.4 -3.5 0.4 1.8 25

26 Miscellaneous assets 11.7 1.8 6.2 5.5 9.1 11.3 -7.4 79.4 0.3 -27.3 -22.6 26

27 Net increase in liabilities 199.4 189.7 142.6 359.0 385.2 328.3 117.6 391.5 265.3 539.0 518.4 27

28 Net interbank liabilities 79.0 -6.8 -55.7 4.2 20.4 25.6 67.8 94.9 -27.6 -32.8 94.9 28

29 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 -1.9 -10.1 4.6 -0.8 -1.2 0.1 29

30 Borrowing from Federal Reserve banks 0.1 -0.1 -0.1 2.0 -2.0 0.2 0.9 -0.1 1.0 -1.0 0.0 30

31 To domestic banking 5.6 -7.3 -23.5 -6.7 -2.6 -11.5 52.4 0.7 -36.0 -63.3 58.5 31

32 To foreign banks 74.8 -0.2 -36.3 12.6 24.0 38.8 24.6 89.6 8.2 32.7 36.4 32

33 Checkable deposits -32.2 -46.0 -34.4 -21.1 -34.4 2.8 -1.2 -34.3 4.3 42.4 -75.9 33

34 Federal government -18.9 -4.7 9.7 -0.9 -14.6 36.4 30.3 45.5 27.4 42.4 -32.5 34

35 Rest of the world 1.5 0.9 3.3 4.2 -1.7 12.5 3.2 22.8 33.5 -9.5 -6.7 35

36 Private domestic -14.9 -42.1 -47.4 -24.3 -18.1 -46.1 -34.6 -102.6 -56.6 9.5 -36.7 36

37 Small time and savings deposits -0.6 113.4 122.8 143.9 186.3 72.4 -2.4 126.9 138.7 26.5 181.7 37

38 Large time deposits 17.9 42.6 49.5 63.2 34.8 61.5 5.2 39.9 69.5 131.4 59.1 38

39 Federal funds and security RPs (net) 71.6 28.2 28.7 63.4 66.8 128.7 114.1 33.9 158.1 208.9 97.9 39

40 Acceptance liabilities -0.3 2.3 1.7 -0.3 -4.6 -2.5 -3.5 -3.5 -3.7 0.5 1.7 40

41 Corporate bonds 3.4 2.7 7.7 10.7 10.5 3.7 2.9 4.3 4.6 2.9 9.9 41

42 Other loans and advances 9.3 6.2 2.3 19.1 46.9 40.6 -3.0 60.1 86.3 19.1 37.5 42

43 Corporate equity issues 1.8 2.6 3.2 3.2 3.8 3.2 1.7 2.6 -2.9 11.4 2.2 43

44 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.9 1.8 1.9 1.9 2.0 2.1 44

45 Miscellaneous liabilities 48.8 43.6 15.6 71.2 53.0 -9.6 -65.9 64.9 -163.8 126.7 107.3 45

46 Investment by bank holding companies 17.5 40.1 28.6 40.7 55.3 10.5 29.8 -10.2 6.9 15.4 51.7 46

47 Other 31.3 3.5 -13.0 30.5 -2.4 -20.0 -95.7 75.1 -170.7 111.3 55.6 47

48 Discrepancy 27.7 -24.0 -10.1 40.4 32.2 -47.7 -22.3 21.0 -159.9 -29.5 150.6 48

 Memo:

49 Credit market funds advanced (2) 148.1 186.5 119.6 274.9 312.0 317.6 134.1 231.5 410.7 494.2 417.6 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, June 9, 2000

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 4.2 4.5 4.9 5.6 6.5 6.9 6.7 6.8 7.1 7.1 7.2 1

 2 Fixed nonresidential investment 2.7 2.7 3.6 4.7 5.9 6.3 6.1 6.2 6.4 6.4 6.8 2

 3 Net acquisition of financial assets 47.5 76.6 48.5 96.5 -4.8 -50.4 -119.9 -49.5 -56.8 24.8 -157.0 3

 4 Reserves at Federal Reserve -0.0 -0.1 0.3 1.8 -1.9 0.4 -1.8 2.6 -2.8 3.8 -3.9 4

 5 Total bank credit 12.1 74.7 70.0 60.2 1.4 -28.9 -71.9 -116.7 43.0 30.2 50.1 5

 6 U.S. government securities -1.9 43.9 30.9 26.8 -5.5 11.8 9.4 -26.0 50.2 13.7 -25.0 6

 7 Treasury -3.5 29.6 18.4 14.4 -10.3 7.5 1.0 -7.4 32.0 4.5 -21.8 7

 8 Agency 1.5 14.3 12.4 12.5 4.8 4.3 8.4 -18.6 18.2 9.2 -3.2 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 5.1 4.6 3.2 3.1 5.8 -5.2 -18.5 -5.4 -9.0 12.2 4.4 10

11 Total loans 9.0 26.2 36.0 30.3 1.1 -35.5 -62.9 -85.2 1.8 4.3 70.8 11

12 Open market paper -0.2 -0.4 0.5 -0.2 -0.1 0.4 -0.2 0.0 0.7 0.9 0.5 12

13 Bank loans n.e.c. 15.1 35.4 32.2 19.2 -1.9 -22.3 -35.3 -67.3 -9.4 22.9 19.3 13

14 Mortgages -4.8 -5.1 -2.9 -6.1 -5.5 -4.2 -9.7 -4.9 -0.2 -2.1 2.5 14

15 Security credit -1.2 -3.7 6.2 17.5 8.6 -9.4 -17.8 -13.1 10.7 -17.4 48.5 15

16 Corporate equities -0.0 0.0 -0.0 -0.0 0 0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -2.1 -2.9 -0.6 -2.5 -4.7 -0.6 -0.7 -2.1 -1.7 2.1 0.3 17

18 Miscellaneous assets 37.5 5.0 -21.2 37.0 0.4 -21.3 -45.5 66.7 -95.2 -11.3 -203.5 18

19 Net increase in liabilities 49.1 78.5 50.6 98.9 -2.0 -47.2 -116.9 -46.4 -53.6 28.0 -153.6 19

20 Net interbank liabilities 11.2 18.7 -2.5 -30.4 -55.4 -41.3 -56.4 -38.8 -11.3 -58.4 -141.8 20

21 To foreign banks 25.8 15.1 -11.5 -17.6 -51.7 -48.6 -57.3 -32.0 -39.7 -65.5 -105.6 21

22 To domestic banks -14.6 3.6 9.0 -12.7 -3.7 7.4 0.9 -6.9 28.3 7.1 -36.2 22

23 Checkable deposits 0.4 -0.1 -0.7 0.8 -0.2 0.4 1.1 -4.3 1.2 3.8 -3.2 23

24 Small time and savings deposits -1.1 -0.7 0.1 4.4 -3.6 -1.9 -1.6 -7.6 0.4 1.0 -1.3 24

25 Large time deposits 2.6 11.0 55.6 44.7 36.5 56.7 -12.8 -12.0 26.4 225.2 36.7 25

26 Federal funds and security RPs (net) 6.7 1.8 12.0 25.6 19.7 -18.3 -1.7 -5.8 -27.6 -38.0 11.4 26

27 Acceptance liabilities -2.6 -3.1 -0.7 -2.4 -4.8 -0.4 -1.7 -0.0 -1.5 1.6 -1.0 27

28 Miscellaneous liabilities 32.0 50.9 -13.3 56.2 5.7 -42.5 -43.8 22.1 -41.0 -107.1 -54.4 28

29 Foreign direct investment in U.S. 3.4 6.6 -0.1 6.7 5.7 21.6 2.8 55.5 3.9 24.3 0.6 29

30 Due to affiliates -0.5 6.7 13.7 14.3 11.8 2.5 -3.1 -5.3 56.0 -37.8 86.1 30

31 Other 29.0 37.6 -26.9 35.2 -11.8 -66.6 -43.5 -28.2 -101.0 -93.6 -141.2 31

32 Discrepancy 3.1 3.7 3.4 3.4 3.4 3.8 3.6 3.7 3.9 4.0 3.9 32

 Memo:

33 Credit market funds advanced (3) 11.2 75.4 63.3 40.2 -11.9 -20.1 -54.9 -105.7 30.6 49.7 1.9 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, June 9, 2000 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 23.2 25.9 35.0 37.2 34.2 49.9 35.0 56.8 58.8 48.8 47.6 1

 2 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 26.2 52.6 44.0 64.5 110.6 55.2 99.3 64.8 25.0 31.5 62.3 3

 4 Credit market instruments 0.9 -0.3 3.9 5.4 -0.9 6.2 -6.0 0.4 -12.4 42.6 -42.5 4

 5 U.S. government securities 1.0 -1.3 0.9 0.5 -1.9 6.6 -1.2 -7.8 -1.8 37.1 -33.9 5

 6 Treasury -0.7 -1.2 0.6 -0.1 -3.1 7.9 0.9 0.0 -1.1 31.6 -31.4 6

 7 Agency 1.7 -0.2 0.3 0.6 1.1 -1.3 -2.1 -7.8 -0.7 5.6 -2.5 7

 8 Corporate and foreign bonds -0.1 0.6 2.8 5.0 -0.7 1.2 -2.6 5.7 0.2 1.3 -5.5 8

 9 Bank loans n.e.c. -0.1 0.4 0.2 -0.0 1.7 -1.6 -2.1 2.5 -10.8 4.2 -3.1 9

10 Miscellaneous assets 25.3 53.0 40.1 59.0 111.6 49.0 105.3 64.4 37.4 -11.2 104.8 10

11 Investment in bank subsidiaries 17.5 40.1 28.6 40.7 55.3 10.5 29.8 -10.2 6.9 15.4 51.7 11

12 Investment in nonbank subsidiaries 0.2 8.2 0.3 25.0 44.1 9.7 74.1 57.1 -25.4 -67.1 149.3 12

13 Other 7.7 4.6 11.3 -6.7 12.1 28.8 1.4 17.6 55.9 40.5 -96.2 13

14 Net increase in liabilities 3.2 26.8 9.2 27.4 76.6 5.4 64.3 8.1 -33.7 -17.3 14.8 14

15 Net interbank liabilities -1.7 -3.2 7.0 0.3 10.2 4.0 17.9 31.8 2.0 -35.9 41.8 15

16 To domestic banks 6.2 0.6 11.2 -0.4 9.6 8.2 5.4 4.5 6.7 16.4 12.3 16

17 To foreign banks -7.8 -3.8 -4.1 0.8 0.6 -4.3 12.5 27.4 -4.7 -52.3 29.5 17

18 Federal funds and security RPs (net) -0.2 0.4 0.4 0.0 0.5 0.1 -0.3 -0.7 -1.1 2.6 0.8 18

19 Credit market instruments 10.3 14.4 2.0 19.0 24.9 25.8 36.3 11.7 25.6 29.7 8.3 19

20 Commercial paper 5.9 -1.4 1.9 6.0 7.8 9.1 4.0 9.8 -13.2 35.7 -14.9 20

21 Corporate bonds 4.3 15.8 0.1 13.0 17.1 16.8 32.2 2.0 38.8 -6.0 23.2 21

22 Corporate equity issues -5.1 -11.3 -17.5 -30.9 -15.0 -13.8 -16.4 0.6 -28.2 -11.2 -28.3 22

23 Miscellaneous liabilities -0.2 26.6 17.3 39.0 56.0 -10.8 26.8 -35.4 -32.1 -2.4 -7.9 23

24 Equity, etc. -7.6 12.7 -11.9 -13.1 24.7 -38.5 9.2 -40.9 -58.1 -64.4 0.7 24

25 Other 7.5 13.9 29.2 52.1 31.2 27.7 17.6 5.4 26.0 61.9 -8.6 25

26 Discrepancy -0.1 -0.2 -0.2 -0.2 -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 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 3.7 5.9 1.3 5.5 9.8 5.6 -5.9 9.5 8.9 10.0 2.8 3

 4 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.6 0.2 -1.5 -1.4 1.6 2.3 -1.3 4

 5 Credit market instruments 3.3 4.2 0.7 3.7 6.0 4.5 -4.4 9.2 6.6 6.6 5.4 5

 6 U.S. government securities -0.2 1.5 -1.0 2.1 3.2 2.4 -0.7 4.4 4.6 1.4 -0.3 6

 7 Treasury -0.6 0.2 -1.3 0.1 -0.7 -0.9 -2.3 0.1 -1.5 -0.0 -1.2 7

 8 Agency 0.5 1.3 0.2 2.0 3.9 3.3 1.6 4.3 6.0 1.4 0.8 8

 9 Municipal securities 0.4 0.1 -0.1 -0.0 -0.1 0.1 0.4 0.1 -0.2 0.0 0.5 9

10 Corporate and foreign bonds -0.1 -0.1 -0.1 0.1 0.5 -0.5 -1.5 -0.7 -0.2 0.6 -0.5 10

11 Bank loans n.e.c. 1.7 1.8 1.4 0.9 0.9 0.5 -2.0 1.6 0.3 2.1 3.8 11

12 Home mortgages 0.6 1.0 0.6 0.1 1.1 0.7 -2.1 2.4 1.1 1.5 1.5 12

13 Commercial mortgages 0.9 -0.0 -0.1 0.5 0.4 1.2 1.5 1.5 1.0 0.9 0.4 13

14 Miscellaneous assets -0.1 1.6 0.8 1.8 3.1 0.9 -0.0 1.6 0.7 1.1 -1.3 14

15 Net increase in liabilities 3.5 5.5 1.4 5.1 9.4 5.8 -4.7 9.4 8.5 9.9 2.3 15

16 Checkable deposits 0.1 0.2 0.5 0.4 1.2 -0.1 -2.6 2.1 -1.2 1.4 -1.4 16

17 Small time and savings deposits 0.8 1.2 0.2 -0.0 1.0 0.5 -2.4 1.1 1.4 1.9 0.4 17

18 Large time deposits 0.8 1.2 0.2 -0.0 1.0 0.5 -2.4 1.1 1.4 1.9 0.4 18

19 Miscellaneous liabilities 1.8 2.9 0.6 4.7 6.3 4.9 2.8 5.1 6.9 4.6 2.9 19

20 Discrepancy -0.2 -0.4 0.0 -0.4 -0.4 0.1 1.1 -0.2 -0.5 -0.2 -0.6 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, June 9, 2000

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 5.1 4.6 0.5 1.1 0.2 0.7 0.5 0.6 0.7 1.0 1.0 1

 2 Fixed nonresidential investment 3.6 3.0 3.5 3.8 4.2 4.5 4.4 4.5 4.6 4.6 4.9 2

 3 Net acquisition of financial assets -11.1 0.9 16.1 -8.4 60.8 63.0 86.5 54.8 83.7 27.0 37.9 3

 4 Reserves at Federal Reserve -0.6 -0.1 -0.5 -0.5 0.1 -0.4 -0.6 0.0 -0.6 -0.4 -0.7 4

 5 Checkable deposits and currency -1.5 1.6 -1.3 1.0 3.2 2.2 -13.5 4.8 2.6 15.2 -16.6 5

 6 Time and savings deposits -1.8 -0.2 0.3 -0.4 0.5 -0.1 -0.3 -0.3 0.0 0.1 2.3 6

 7 Federal funds and security RPs -4.1 4.8 -1.2 -0.8 5.5 -4.2 4.5 -13.6 -1.0 -6.7 3.7 7

 8 Credit market instruments 6.7 -7.6 19.9 -4.7 36.3 68.7 102.7 88.8 60.9 22.3 39.1 8

 9 Open market paper -0.2 0.0 0.1 -0.3 0 0 0 0 0 0 0 9

10 U.S. government securities 11.5 -4.1 -9.5 -3.6 -16.1 3.7 18.5 -2.3 -4.1 2.7 -21.0 10

11 Treasury -1.1 -8.7 -1.0 -2.8 -4.4 -0.0 1.7 0.1 -0.7 -1.2 -0.8 11

12 Agency 12.6 4.7 -8.5 -0.8 -11.7 3.7 16.7 -2.4 -3.4 3.9 -20.2 12

13 Municipal securities -0.1 -0.0 0.1 0.0 0.4 0.5 1.0 0.7 0.1 0.3 0.3 13

14 Corporate and foreign bonds -2.4 -8.2 -9.9 -9.9 29.9 23.3 62.9 22.0 -14.6 23.0 14.8 14

15 Other loans and advances -0.5 2.5 3.0 3.1 5.3 6.5 4.8 6.7 4.8 9.6 11.1 15

16 Mortgages -2.2 0.6 31.6 3.5 12.3 24.7 7.5 47.4 63.1 -19.2 44.2 16

17 Consumer credit 0.6 1.6 4.6 2.5 4.4 9.9 8.0 14.2 11.6 5.9 -10.2 17

18 Corporate equities -1.8 0.7 0.6 0.2 1.5 -0.7 -1.2 -0.2 -1.4 0.2 1.5 18

19 Miscellaneous assets -8.1 1.7 -1.8 -3.2 13.6 -2.6 -5.1 -24.6 23.2 -3.8 8.5 19

20 Net increase in liabilities -17.8 -3.2 15.4 -9.5 57.6 61.8 83.9 54.0 83.1 26.2 35.8 20

21 Deposits -51.8 -5.7 -6.5 -25.7 -2.6 6.8 -44.1 8.7 21.8 40.6 -6.2 21

22 Checkable -5.4 14.1 25.4 27.1 36.1 37.2 29.8 43.3 35.9 39.6 45.2 22

23 Small time and savings -44.4 -29.0 -38.1 -64.4 -54.3 -38.9 -73.9 -44.1 -17.8 -19.9 -78.2 23

24 Large time -2.1 9.2 6.3 11.7 15.7 8.5 -0.1 9.5 3.8 20.9 26.8 24

25 Security RPs 18.4 -0.0 -0.9 -1.9 9.5 21.4 50.6 7.2 24.6 3.3 3.3 25

26 Credit market instruments 12.8 2.6 25.5 19.7 52.2 48.0 58.0 58.6 55.2 20.2 25.9 26

27 Corporate bonds -0.8 -0.0 -0.4 0.1 -0.2 0.2 0.9 -0.5 1.4 -1.2 -0.0 27

28 Bank loans n.e.c. 0.9 5.2 1.4 3.5 10.3 -15.7 17.3 5.6 -3.2 -82.4 25.4 28

29 Other loans and advances 12.7 -2.6 24.5 16.2 42.1 63.5 39.8 53.5 57.0 103.8 0.5 29

30 Taxes payable -0.9 0.5 -0.1 0.4 0.2 0.0 -0.1 -0.5 1.3 -0.5 -1.4 30

31 Miscellaneous liabilities 3.7 -0.6 -2.5 -2.1 -1.6 -14.4 19.5 -20.0 -19.9 -37.5 14.2 31

32 Investment by parent -0.0 0.1 0.2 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.6 32

33 Other 3.7 -0.7 -2.7 -2.4 -2.1 -15.0 19.0 -20.5 -20.4 -38.1 13.6 33

34 Discrepancy -5.2 -2.5 -3.6 -3.8 -7.2 -5.0 -6.4 -4.7 -4.4 -4.4 -5.9 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, June 9, 2000 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 5.9 5.9 6.3 5.2 5.4 5.5 5.6 5.5 5.5 5.7 5.6 1

 2 Fixed nonresidential investment 1.5 1.4 1.9 2.2 2.7 2.9 2.8 2.8 2.9 2.9 3.1 2

 3 Net acquisition of financial assets 11.9 17.1 19.5 23.7 37.7 23.0 20.6 29.5 28.9 13.2 34.1 3

 4 Checkable deposits and currency 0 0.9 0.1 0.6 1.0 17.3 -1.1 0.9 29.1 40.3 -4.7 4

 5 Time and savings deposits -8.9 0.4 -0.7 0.6 6.4 -6.8 4.3 2.7 -25.7 -8.3 6.3 5

 6 Federal funds and security RPs -2.3 0.2 -4.9 2.0 3.4 2.4 -19.0 4.8 1.2 22.8 -20.2 6

 7 Credit market instruments 28.1 16.2 25.5 16.8 19.0 27.5 34.7 32.1 29.6 13.5 44.8 7

 8 Open market paper -0.1 -1.6 -0.3 -0.1 0.2 1.5 -0.2 2.0 0 4.1 -4.1 8

 9 U.S. government securities 4.0 1.1 4.1 -1.4 4.9 -0.6 11.3 9.2 -3.1 -19.8 12.9 9

10 Treasury -0.5 -3.8 -0.9 -1.8 -2.5 -3.5 -4.1 1.5 -6.8 -4.8 0.0 10

11 Agency 4.5 4.9 4.9 0.4 7.3 2.9 15.3 7.7 3.6 -15.0 12.8 11

12 Home mortgages 6.1 4.4 9.5 10.1 10.9 14.1 10.5 16.6 13.9 15.4 18.1 12

13 Consumer credit 18.0 12.3 12.2 8.2 3.0 12.5 13.2 4.3 18.8 13.8 17.9 13

14 Mutual fund shares -1.6 0.2 -0.3 -0.2 1.2 -1.1 0.5 0.5 0.5 -5.8 2.7 14

15 Miscellaneous assets -3.4 -0.8 -0.2 3.8 6.8 -16.3 1.3 -11.5 -5.8 -49.3 5.3 15

16 Net increase in liabilities 9.5 13.4 16.4 20.5 34.7 20.8 18.5 27.8 25.9 11.0 29.1 16

17 Shares/deposits 7.9 15.4 16.3 20.3 33.6 17.7 15.9 28.5 22.9 3.5 33.0 17

18 Checkable 2.0 2.1 1.6 4.1 6.4 2.3 -0.5 0.6 -0.6 9.9 23.7 18

19 Small time and savings 5.5 11.6 12.3 13.2 23.1 12.3 12.2 23.6 19.3 -6.1 11.2 19

20 Large time 0.4 1.7 2.4 2.9 4.1 3.1 4.2 4.2 4.2 -0.2 -2.0 20

21 Other loans and advances 0.2 -0.1 0.1 0.1 0.6 2.2 1.5 1.4 2.8 3.3 -2.9 21

22 Miscellaneous liabilities 1.4 -1.9 0.0 0.1 0.5 0.9 1.1 -2.0 0.2 4.2 -1.0 22

23 Discrepancy 2.0 0.8 1.4 -0.3 -0.3 0.4 0.6 0.9 -0.4 0.6 -2.6 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 18.8 5.3 -10.7 -51.1 -47.8 -30.8 -31.9 -25.5 -33.9 -31.7 -39.7 1

 2 Deposits 1.8 3.3 6.4 -2.9 6.2 3.5 -0.1 2.9 4.9 6.5 6.5 2

 3 Checkable deposits and currency -0.3 0.1 0.3 0.0 -0.5 0.1 0.0 0.1 0.1 0.3 0.3 3

 4 Time and savings deposits 1.6 -0.5 -1.6 1.0 -2.1 1.1 0.7 0.8 0.8 1.9 1.9 4

 5 Money market fund shares 0.6 3.7 7.8 -4.0 8.8 2.3 -0.8 2.0 4.0 4.2 4.3 5

 6 Credit market instruments 7.1 -8.3 -7.7 -25.0 -12.8 -8.4 -7.6 -8.4 -8.6 -9.1 -9.5 6

 7 Open market paper 3.5 0.7 -2.6 -0.2 -4.5 -0.4 -0.4 -0.4 -0.2 -0.8 -0.6 7

 8 U.S. government securities -1.1 -1.2 0.5 -10.1 -4.4 -5.6 -4.0 -5.2 -6.4 -6.8 -8.1 8

 9 Treasury -0.6 -1.1 0.8 -5.8 -2.9 -4.7 -3.2 -4.0 -5.6 -5.9 -7.3 9

10 Agency -0.5 -0.1 -0.3 -4.3 -1.5 -0.9 -0.8 -1.2 -0.8 -0.9 -0.7 10

11 Municipal securities 5.3 -5.9 -4.3 -13.3 -1.1 -1.1 -1.6 -1.2 -0.8 -0.7 -0.3 11

12 Corporate and foreign bonds -0.4 -1.7 -1.7 -0.8 -2.6 -1.3 -1.6 -1.6 -1.2 -0.9 -0.6 12

13 Mortgages -0.2 -0.1 0.3 -0.6 -0.2 -0.0 -0.0 -0.0 -0.0 0.0 0.0 13

14 Corporate equities -8.8 1.6 -17.3 -14.5 -59.0 -35.9 -32.0 -30.4 -42.0 -39.0 -47.5 14

15 Mutual fund shares 21.7 9.5 3.9 -7.2 9.4 8.7 8.0 8.4 9.2 9.0 8.4 15

16 Miscellaneous assets -3.1 -0.9 3.9 -1.4 8.4 1.3 -0.2 2.0 2.6 0.9 2.4 16

17 Net increase in liabilities (2) 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 17

18 Discrepancy -1.0 -1.3 2.1 -5.3 -0.2 -0.4 -0.1 -0.4 -0.4 -0.6 -0.7 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, June 9, 2000

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 6.7 -1.1 2.6 -7.0 -8.5 -8.6 -8.9 -8.8 -8.5 -8.4 -8.3 1

 2 Fixed nonresidential investment 11.4 14.7 11.4 11.8 12.2 13.0 12.7 12.9 13.2 13.2 14.0 2

 3 Net acquisition of financial assets 126.2 145.5 125.4 213.7 201.8 147.6 126.2 189.4 198.8 76.2 165.0 3

 4 Checkable deposits and currency 0.4 -0.5 -0.9 3.8 -2.7 0.0 -10.9 5.2 -0.3 6.1 -4.0 4

 5 Money market fund shares -15.3 6.6 39.1 32.6 17.6 33.4 22.3 16.6 41.3 53.5 5.7 5

 6 Credit market instruments 72.0 100.0 69.6 104.8 76.9 49.1 72.1 63.4 38.4 22.5 75.9 6

 7 Open market paper 5.9 -7.3 2.9 17.5 7.5 1.8 -24.2 -8.9 7.8 32.3 12.3 7

 8 U.S. government securities 8.4 9.8 -13.6 -1.4 -23.7 1.0 -4.3 8.1 -1.1 1.3 9.0 8

 9 Treasury -2.9 1.0 -14.9 1.6 -14.1 -3.9 -4.6 -4.8 -5.6 -0.7 -1.0 9

10 Agency 11.3 8.7 1.3 -3.0 -9.6 4.9 0.2 12.9 4.4 2.1 10.0 10

11 Municipal securities -1.9 -0.9 1.5 0.1 1.7 0.2 1.7 -3.1 1.3 1.1 4.6 11

12 Corporate and foreign bonds 59.9 90.7 79.2 86.8 84.5 37.3 101.2 48.3 22.6 -22.9 35.9 12

13 Policy loans 7.8 10.4 4.5 3.2 0.1 -5.3 -17.8 -2.9 1.3 -1.9 1.2 13

14 Mortgages -8.1 -2.6 -5.0 -1.3 6.8 14.2 15.6 21.9 6.6 12.6 12.9 14

15 Corporate equities 61.8 18.6 46.7 86.3 115.3 117.1 117.0 120.6 131.9 99.0 100.0 15

16 Mutual fund shares -14.9 13.5 2.4 -7.2 -23.4 15.0 15.0 15.0 15.0 15.0 12.0 16

17 Miscellaneous assets 22.2 7.2 -31.4 -6.7 18.3 -67.0 -89.2 -31.5 -27.4 -120.0 -24.5 17

18 Net increase in liabilities 118.4 118.9 92.1 186.0 187.9 130.7 126.8 175.0 184.6 36.4 155.1 18

19 Corporate equity issues -1.7 -3.6 -8.8 -4.0 -4.7 -6.0 -4.5 -3.2 -6.8 -9.5 -8.8 19

20 Other loans and advances 0.3 -0.1 1.1 0.2 0.7 0.7 3.3 3.0 1.1 -4.4 -0.7 20

21 Life insurance reserves 34.3 44.8 43.8 57.6 52.0 57.2 40.2 72.9 65.2 50.4 48.0 21

22 Pension fund reserves (1) 81.0 61.0 43.9 98.3 103.8 80.5 86.9 83.4 75.8 75.9 93.8 22

23 Taxes payable 1.0 1.6 1.6 1.7 1.8 1.8 1.6 1.9 1.9 1.8 1.8 23

24 Miscellaneous liabilities 3.6 15.1 10.5 32.2 34.3 -3.5 -0.6 17.0 47.4 -77.7 21.0 24

25 Discrepancy -12.6 -42.5 -42.1 -46.6 -34.7 -38.6 -21.0 -36.1 -35.8 -61.4 -32.2 25

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -3.7 3.6 1.9 4.4 -4.0 -5.2 -3.8 -4.8 -5.9 -6.2 -7.6 1

 2 Fixed nonresidential investment 7.3 11.3 7.6 9.4 10.3 11.2 10.9 11.1 11.4 11.5 12.1 2

 3 Net acquisition of financial assets 27.5 37.0 16.2 36.4 29.9 -13.7 -2.3 -9.5 -1.7 -41.3 4.6 3

 4 Checkable deposits and currency -0.2 -0.2 -0.9 0.3 0.2 0.1 -3.2 0.8 -1.0 3.7 -1.0 4

 5 Security RPs -2.3 8.1 -2.1 -0.2 7.6 -14.2 1.7 -41.5 7.4 -24.6 8.0 5

 6 Credit market instruments 24.9 21.5 22.5 25.2 20.4 -3.8 -19.7 26.7 -14.4 -7.7 0.1 6

 7 U.S. government securities 11.0 2.8 -9.7 3.8 -15.3 -1.0 -2.3 7.2 -4.1 -4.9 -2.3 7

 8 Treasury 9.4 0.5 -12.6 2.1 -18.0 -1.3 -1.1 3.7 -2.1 -5.6 -4.1 8

 9 Agency 1.6 2.3 2.8 1.7 2.6 0.2 -1.2 3.5 -2.1 0.8 1.9 9

10 Municipal securities 7.4 7.0 14.4 2.6 19.2 -1.5 -11.7 10.5 -5.7 1.0 1.4 10

11 Corporate and foreign bonds 7.2 12.7 18.3 18.9 16.7 -1.2 -5.5 8.9 -4.8 -3.5 1.0 11

12 Commercial mortgages -0.7 -1.0 -0.4 -0.2 -0.2 -0.0 -0.2 0.1 0.2 -0.2 -0.1 12

13 Corporate equities 1.1 -0.6 -6.8 3.0 -5.2 -3.3 2.8 -5.4 -5.8 -4.9 -5.6 13

14 Trade receivables 2.2 4.4 -0.1 2.7 1.6 2.0 9.7 7.0 2.3 -10.9 3.6 14

15 Miscellaneous assets 1.7 3.8 3.6 5.4 5.3 5.5 6.3 3.0 9.8 3.0 -0.5 15

16 Net increase in liabilities 13.7 21.8 8.7 -2.1 18.8 13.1 -13.7 26.8 40.7 -1.3 7.6 16

17 Corporate equity issues -3.5 -2.2 -4.8 -13.7 -4.7 -7.9 -6.8 -9.0 -7.1 -8.6 -8.0 17

18 Taxes payable 0.9 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 18

19 Miscellaneous liabilities 16.4 22.8 12.3 10.5 22.3 19.9 -8.1 34.7 46.7 6.3 14.6 19

20 Discrepancy -24.8 -22.9 -13.2 -43.5 -25.5 10.4 -26.1 20.3 25.2 22.3 -16.7 20
Z.1, June 9, 2000 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1

 2 Fixed nonresidential investment 1.2 0.7 0.8 0.9 1.1 1.1 1.1 1.1 1.1 1.1 1.2 2

 3 Net acquisition of financial assets 80.9 90.6 87.2 88.6 96.2 107.6 88.4 108.0 95.7 138.2 98.1 3

 4 Checkable deposits and currency 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.3 -0.2 -0.3 0.1 4

 5 Time and savings deposits -4.2 -9.4 -14.3 -13.2 0.2 2.0 2.0 4.6 0.9 0.7 10.1 5

 6 Money market fund shares 5.3 6.0 5.2 5.0 10.7 26.1 26.8 -2.6 49.2 31.0 21.9 6

 7 Security RPs -0.5 5.5 2.5 1.9 8.2 1.6 11.4 -1.1 0.2 -4.0 15.5 7

 8 Credit market instruments 46.1 56.0 52.3 65.5 118.6 96.8 60.6 150.1 45.4 131.0 62.1 8

 9 Open market paper -0.5 6.1 3.5 2.2 10.3 11.9 11.8 10.5 11.5 13.8 19.0 9

10 U.S. government securities 50.3 42.9 25.7 33.1 59.2 44.6 20.1 78.0 12.4 67.9 14.3 10

11 Treasury 21.1 18.7 12.6 15.0 13.9 16.5 7.6 26.7 6.5 25.0 -14.8 11

12 Agency 29.3 24.2 13.1 18.1 45.3 28.1 12.4 51.4 5.9 42.8 29.1 12

13 Municipal securities 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.0 0.2 0.1 13

14 Corporate and foreign bonds -7.5 5.6 21.2 27.7 45.4 37.3 27.2 56.6 20.5 45.0 27.2 14

15 Mortgages 3.6 1.4 1.8 2.4 3.7 2.9 1.5 4.8 1.0 4.1 1.6 15

16 Corporate equities -1.7 5.9 -9.6 -16.1 -52.7 -80.1 -56.2 -78.0 -45.7 -140.6 -85.0 16

17 Mutual fund shares 20.1 18.6 41.1 36.2 31.2 30.8 34.4 31.3 27.6 29.7 45.4 17

18 Miscellaneous assets 15.7 7.2 10.1 9.4 -19.8 30.6 9.5 4.1 18.2 90.7 27.9 18

19 Unallocated insurance contracts (2) -4.9 -0.7 -2.5 -4.3 -1.3 -4.1 -6.4 -6.2 8.8 -12.7 21.4 19

20 Contributions receivable 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 20.5 4.3 8.8 10.0 -22.3 30.9 12.1 6.5 5.5 99.6 2.8 21

22 Pension fund reserves (liabilities) (3) 81.8 90.9 87.7 89.1 96.9 108.3 89.2 108.8 96.4 138.9 98.8 22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.4 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 1.7 1.1 1.6 1.8 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2

 3 Net acquisition of financial assets 52.7 62.1 59.9 75.6 60.4 56.0 58.3 60.6 55.6 49.5 58.1 3

 4 Checkable deposits and currency 0.3 -2.5 3.3 -2.2 4.7 -0.7 -9.5 7.4 -8.3 7.4 2.5 4

 5 Time and savings deposits -3.7 2.0 -2.2 0.1 -0.4 -0.3 0.7 -2.1 0.6 -0.5 -1.1 5

 6 Security RPs 7.4 3.7 -3.3 0.4 8.9 2.8 14.0 -0.5 -2.4 0.2 9.8 6

 7 Credit market instruments 30.9 33.6 37.3 63.8 66.0 50.5 76.5 27.3 38.5 59.8 -13.2 7

 8 Open market paper 7.4 3.7 -3.3 0.4 8.9 2.8 14.0 -0.5 -2.4 0.2 3.4 8

 9 U.S. government securities 13.7 22.9 17.3 31.8 19.9 16.1 30.8 23.8 -12.8 22.6 -31.9 9

10 Treasury 5.8 -0.4 11.8 13.4 0.8 -6.7 2.7 16.5 -24.2 -21.8 -37.9 10

11 Agency 8.0 23.2 5.5 18.4 19.1 22.8 28.0 7.3 11.4 44.4 6.0 11

12 Municipal securities -0.3 0.7 -1.4 0.6 1.2 0.2 1.1 -1.2 0.8 0.2 0.5 12

13 Corporate and foreign bonds 9.4 5.6 23.8 30.1 35.1 30.3 29.5 4.1 51.7 35.7 13.7 13

14 Mortgages 0.7 0.7 0.8 0.9 1.0 1.1 1.0 1.1 1.1 1.1 1.1 14

15 Corporate equities 45.3 65.3 88.1 100.7 88.0 108.3 92.5 101.4 131.7 107.7 50.0 15

16 Miscellaneous assets -27.5 -39.9 -63.2 -87.3 -106.7 -104.6 -116.0 -72.9 -104.5 -125.2 10.1 16

17 Pension fund reserves (liabilities) (1) 53.9 62.7 60.9 76.7 61.9 57.4 59.8 62.1 57.0 50.9 59.6 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, June 9, 2000

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 43.3 142.3 145.8 157.6 285.5 250.6 204.9 100.5 180.3 516.7 217.5 1

 2 Foreign deposits 5.7 4.0 3.4 0.1 7.4 12.2 41.6 17.6 34.7 -45.0 54.1 2

 3 Checkable deposits and currency -1.3 -1.0 2.4 2.6 -2.6 -1.2 -20.1 17.2 -22.2 20.4 -3.2 3

 4 Time and savings deposits -0.5 20.9 30.4 28.6 15.7 33.3 51.1 -9.1 0.8 90.5 -10.8 4

 5 Security RPs 2.4 19.0 16.0 22.8 12.9 0.1 -34.8 24.1 -8.2 19.3 57.6 5

 6 Credit market instruments 30.0 86.5 88.8 87.5 244.0 182.0 227.6 -92.6 232.1 360.8 222.1 6

 7 Open market paper 22.7 48.4 38.4 62.1 78.2 104.7 202.1 -38.1 124.1 130.8 188.8 7

 8 U.S. government securities -3.9 17.5 31.3 -9.5 95.0 17.3 -15.4 -90.4 34.4 140.4 -77.2 8

 9 Treasury -13.3 3.8 20.3 -4.0 17.5 0.1 32.3 -69.9 22.2 15.9 -4.3 9

10 Agency 9.4 13.7 11.0 -5.5 77.5 17.1 -47.7 -20.4 12.1 124.5 -72.9 10

11 Municipal securities 7.8 14.3 16.8 22.5 26.0 17.5 14.0 3.8 7.8 44.3 30.7 11

12 Corporate and foreign bonds 3.4 6.4 2.4 12.5 44.8 42.5 26.8 32.0 65.9 45.3 79.7 12

13 Miscellaneous assets 6.9 12.8 4.8 16.0 7.9 24.2 -60.4 143.3 -56.9 70.6 -102.2 13

14 Net share issues (liabilities) 43.3 142.3 145.8 157.6 285.5 250.6 204.9 100.5 180.3 516.7 217.5 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 -11.2 9.3 5.6 7.3 10.5 11.0 11.0 11.0 11.0 11.0 11.0 1

 2 Net acquisition of financial assets 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 2

 3 Security RPs 4.4 7.1 -2.7 10.3 10.4 7.3 5.8 9.0 -0.9 15.5 4.7 3

 4 Credit market instruments -7.1 52.5 48.9 80.9 124.8 48.1 103.0 119.9 -18.8 -11.7 -70.6 4

 5 Open market paper 4.4 7.1 -3.1 10.6 10.4 7.3 9.0 -2.8 -16.9 40.1 0.1 5

 6 U.S. government securities -10.4 18.9 15.1 19.5 26.1 14.3 33.4 61.9 -16.6 -21.6 -26.4 6

 7 Treasury -6.8 11.2 8.9 11.0 5.2 7.3 17.1 30.2 -7.9 -10.1 -2.4 7

 8 Agency -3.6 7.7 6.2 8.4 21.0 7.0 16.3 31.7 -8.7 -11.5 -24.0 8

 9 Municipal securities -4.3 3.2 3.1 6.5 22.8 -2.8 20.4 10.3 -9.4 -32.6 -25.4 9

10 Corporate and foreign bonds 3.2 23.3 33.8 44.4 65.5 29.3 40.2 50.5 24.1 2.4 -18.9 10

11 Corporate equities 100.8 87.4 193.0 166.8 143.3 136.9 115.5 114.6 145.2 172.4 387.4 11

12 Miscellaneous assets 2.5 0.5 -1.7 7.1 -3.9 -1.9 29.0 -32.7 -2.2 -1.7 -0.6 12

13 Net share issues (liabilities) 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 13

14 Discrepancy -11.2 9.3 5.6 7.3 10.5 11.0 11.0 11.0 11.0 11.0 11.0 14

 Memo:

15 Capital gains dividends 30.0 54.6 101.1 183.2 165.0 237.5 111.0 146.7 180.2 512.0 112.0 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 2.4 5.9 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 1

 2 Credit market instruments -3.7 10.5 4.7 -2.9 4.5 3.1 3.1 3.1 3.1 3.1 3.1 2

 3 U.S. government securities -1.0 -1.5 0.2 -1.3 -0.9 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 3

 4 Municipal securities 1.6 6.2 2.1 -0.9 0.8 5.7 5.7 5.7 5.7 5.7 5.7 4

 5 Corporate and foreign bonds -4.4 5.8 2.4 -0.7 4.6 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 5

 6 Corporate equities 6.1 -4.6 -1.5 -5.4 -15.1 4.3 4.3 4.3 4.3 4.3 4.3 6

 7 Net share issues (liabilities) 2.4 5.9 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 7
Z.1, June 9, 2000 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.4 1.7 1.7 1.9 2.1 2.3 2.1 2.2 2.3 2.6 2.7 1

 2 Fixed nonresidential investment 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 150.7 115.1 91.7 110.8 304.4 316.7 170.2 294.0 399.0 403.8 131.7 3

 4 Checkable deposits and currency -0.9 0.2 -0.8 1.2 2.5 7.4 -6.5 -2.4 2.0 36.4 -44.2 4

 5 Federal funds and security RPs 35.4 20.5 -11.8 -4.1 -13.4 12.7 -26.3 -8.7 5.9 80.0 3.4 5

 6 Credit market instruments 117.8 86.7 84.2 94.3 260.8 234.5 157.2 259.2 287.5 234.1 100.4 6

 7 Open market paper 14.4 -0.8 9.6 -1.1 26.9 -27.1 -103.0 -11.0 6.0 -0.4 17.0 7

 8 U.S. government securities 63.4 63.4 46.7 69.1 132.5 149.9 228.4 158.8 119.4 93.0 63.4 8

 9 Treasury 0.3 6.1 -12.9 7.1 -0.7 5.8 18.7 -10.0 3.4 11.0 -22.1 9

10 Agency 63.1 57.4 59.6 62.0 133.2 144.1 209.6 168.8 116.0 82.0 85.4 10

11 Municipal securities 0.8 1.0 -0.3 -0.8 1.3 0.3 -6.0 3.0 -0.5 4.7 -6.8 11

12 Corporate and foreign bonds 8.5 5.5 5.6 0.3 0.5 3.2 4.6 -15.6 -6.5 30.2 1.3 12

13 Other loans and advances 27.2 11.2 28.8 31.2 92.3 113.6 49.6 124.1 166.1 114.5 29.1 13

14 Sallie Mae 3.6 0.9 -1.7 -5.3 -1.4 5.1 7.2 5.0 15.9 -7.6 -7.9 14

15 Farm Credit System 0.8 3.9 1.4 0 3.3 0.9 0.2 -0.0 3.0 0.4 2.8 15

16 FHLB loans 22.8 6.4 29.1 36.4 90.4 107.6 42.2 119.1 147.1 121.8 34.2 16

17 Mortgages 3.6 6.4 -6.1 -4.5 7.3 -5.4 -16.5 -0.2 3.0 -7.9 -3.6 17

18 Home 2.6 5.9 -6.7 -4.2 4.4 -11.1 -22.0 -10.3 -6.3 -5.9 -8.6 18

19 Multifamily residential 0.9 0.6 -0.5 -1.2 0.8 4.6 4.9 8.1 7.2 -1.9 5.2 19

20 Farm 0.1 -0.1 1.1 1.0 2.2 1.1 0.5 2.0 2.1 -0.1 -0.2 20

21 Miscellaneous assets -1.7 7.7 20.0 19.4 54.5 62.2 45.8 45.9 103.6 53.3 72.1 21

22 Net increase in liabilities 147.3 111.8 90.7 106.2 298.6 312.1 167.0 291.4 392.7 397.4 126.3 22

23 Credit market instruments 172.1 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 23

24 GSE issues (2) 176.9 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 24

25 U.S. government loans -4.8 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities -24.9 5.8 0.3 7.8 20.3 -6.0 -25.9 -13.3 -14.4 29.5 19.4 26

27 Discrepancy -2.3 -1.8 0.5 -3.0 -4.1 -2.7 -1.4 -0.9 -4.4 -4.2 -3.2 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 1

 2 Home mortgages 115.4 93.7 135.5 109.2 182.1 264.6 389.7 265.9 237.5 165.4 140.4 2

 3 Multifamily residential mortgages -0.0 4.5 5.6 5.3 10.5 9.2 9.5 8.3 8.4 10.7 6.5 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0 0 -0.0 0 0 4

 5 Net increase in pool securities (liabilities)(2) 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, June 9, 2000

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.2 0.3 0.7 0.9 1.2 1.2 1.2 1.3 1.2 1.2 1.1 1

 2 Fixed nonresidential investment 0.5 1.6 6.0 3.1 3.0 -1.7 -1.2 -1.6 -1.9 -2.1 -2.5 2

 3 Net acquisition of financial assets 76.2 141.1 145.5 200.1 319.6 236.9 287.9 312.1 227.7 120.0 165.0 3

 4 Agency securities (1) 19.9 23.0 4.7 3.7 39.7 42.3 64.8 68.7 39.6 -3.8 13.8 4

 5 Other loans and advances 4.3 6.9 13.3 32.2 27.6 19.9 17.9 24.6 8.6 28.4 42.6 5

 6 Student loans 0 1.0 5.3 7.8 3.8 1.5 -2.4 1.2 1.2 6.0 13.6 6

 7 Loans to business 4.3 5.9 8.1 24.4 23.8 18.4 20.3 23.4 7.4 22.4 29.0 7

 8 Mortgages (2) 29.7 25.1 48.3 80.6 155.1 91.0 126.0 98.2 70.6 69.0 62.3 8

 9 Home 22.3 18.4 31.8 54.5 94.5 49.9 72.4 69.2 28.9 29.0 34.0 9

10 Multifamily residential 1.5 2.2 4.1 5.0 12.4 8.2 13.2 7.0 6.3 6.4 5.4 10

11 Commercial 5.9 4.6 12.4 21.1 48.2 32.9 40.4 22.0 35.5 33.7 22.9 11

12 Consumer credit 15.6 65.6 54.2 47.2 59.4 62.6 59.2 100.9 97.2 -6.8 22.1 12

13 Trade credit 6.8 20.5 25.0 36.3 37.9 21.1 20.0 19.7 11.7 33.0 24.2 13

14 Net increase in liabilities 76.5 142.4 150.8 202.2 321.4 234.0 285.5 309.2 224.6 116.7 161.4 14

15 Commercial paper 12.4 37.3 45.4 89.4 125.7 139.0 91.8 136.9 155.1 172.2 117.3 15

16 Corporate bonds 64.1 105.1 105.4 112.9 195.8 95.0 193.7 172.3 69.5 -55.5 44.1 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 -0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 0.3 1.3 5.3 2.1 1.8 -2.9 -2.4 -2.9 -3.1 -3.3 -3.6 18

19 REIT assets (4) -3.6 -1.3 -0.3 3.7 2.9 -1.0 -1.9 -1.8 -0.8 0.4 0.6 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 19.5 20.6 25.0 27.6 29.4 30.3 30.1 29.6 31.0 30.5 30.8 1

 2 Fixed nonresidential investment 26.5 22.3 28.1 27.1 36.5 43.8 41.5 44.3 44.8 44.5 49.3 2

 3 Net acquisition of financial assets 42.3 72.7 42.2 52.8 70.2 145.8 184.4 92.6 82.2 224.1 146.6 3

 4 Checkable deposits and currency 1.6 1.7 1.9 2.1 2.3 2.5 2.4 2.4 2.5 2.5 2.6 4

 5 Credit market instruments 48.3 49.9 18.4 21.9 51.9 94.9 92.2 79.6 94.7 113.1 141.3 5

 6 Other loans and advances 25.9 26.7 7.9 9.0 29.0 57.6 56.5 41.9 66.3 65.7 112.8 6

 7 Mortgages 4.2 5.6 10.2 5.3 14.4 24.2 29.2 14.0 33.1 20.5 10.7 7

 8 Consumer credit 18.3 17.7 0.3 7.6 8.5 13.1 6.5 23.7 -4.7 26.9 17.7 8

 9 Miscellaneous assets -7.6 21.0 22.0 28.9 16.1 48.5 89.8 10.5 -15.0 108.4 2.7 9

10 Net increase in liabilities 64.2 72.7 49.8 46.6 61.6 135.9 140.4 105.6 37.2 260.3 203.5 10

11 Credit market instruments 48.7 50.2 45.9 48.7 43.0 62.4 71.2 88.4 -22.6 112.6 44.3 11

12 Open market paper 22.5 -2.9 9.0 23.9 30.0 -3.7 -34.7 21.9 -82.7 80.8 5.9 12

13 Corporate bonds 31.7 52.6 32.5 20.3 10.9 57.2 107.9 65.4 52.4 3.2 52.1 13

14 Bank loans n.e.c. -5.6 0.5 4.4 4.4 2.1 8.8 -2.0 1.0 7.6 28.6 -13.7 14

15 Taxes payable 0.8 0.7 0.8 0.8 0.9 0.9 0.8 0.9 0.9 0.9 0.9 15

16 Miscellaneous liabilities 14.8 21.8 3.2 -2.9 17.7 72.6 68.4 16.3 58.9 146.8 158.3 16

17 Foreign direct investment in U.S. 1.3 2.8 5.1 6.8 5.0 8.8 -5.6 20.5 14.6 5.6 9.2 17

18 Investment by parent 6.2 9.3 9.3 4.3 -2.9 62.1 11.4 3.2 76.3 157.4 85.5 18

19 Other 7.3 9.8 -11.2 -14.0 15.6 1.8 62.6 -7.3 -31.9 -16.2 63.7 19

20 Discrepancy 14.8 -1.6 4.5 -5.7 -15.8 -23.4 -55.4 -1.7 -58.8 22.3 38.5 20

 Memo:

21 Consumer leases not included above (2) 18.2 13.4 11.7 4.3 -3.5 5.0 2.5 6.8 9.8 0.7 13.7 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, June 9, 2000 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets -24.0 -3.4 8.2 -9.1 3.2 0.3 -9.1 10.2 -12.1 12.3 -6.0 1

 2 Home mortgages -24.0 -4.5 8.2 -10.2 3.1 0.3 -9.2 10.0 -12.0 12.3 -6.0 2

 3 Multifamily residential mortgages 0 1.1 -0.1 1.0 0.1 0.0 0.0 0.2 -0.1 0 0 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -24.0 -3.4 8.2 -9.1 3.2 0.3 -9.1 10.2 -12.1 12.3 -6.0 5

 6 Bank loans n.e.c. -11.5 -2.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 6

 7 Investment by parent -12.5 -1.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.7 3.0 4.1 7.0 9.1 10.4 9.7 10.5 10.5 10.9 11.1 1

 2 Fixed nonresidential investment 14.6 7.0 17.8 52.0 64.7 9.2 36.2 -21.6 14.2 8.1 4.1 2

 3 Multifamily residential investment 7.3 2.7 4.4 11.3 11.4 1.6 6.4 -3.8 2.5 1.4 0.7 3

 4 Net acquisition of financial assets 1.1 2.3 4.9 26.1 6.4 -2.3 1.8 -7.0 -1.8 -2.4 -14.1 4

 5 Checkable deposits and currency 0 0 2.2 1.1 0.8 0.3 -1.3 -0.2 2.6 0.1 0.4 5

 6 Credit market instruments -0.7 1.4 4.4 20.2 -5.1 -2.6 1.7 -2.2 -2.7 -7.0 -16.3 6

 7 Agency securities -6.4 -0.2 3.2 9.0 -8.1 1.1 7.2 -0.2 -1.1 -1.6 -0.4 7

 8 Corporate and foreign bonds 1.0 0.8 1.4 2.1 -0.4 -0.3 -1.9 -0.2 -1.2 2.0 -0.7 8

 9 Mortgages 4.7 0.8 -0.3 9.1 3.4 -3.3 -3.6 -1.9 -0.4 -7.3 -15.2 9

10 Home 2.8 1.9 1.1 6.0 0.8 -2.4 -5.9 -1.3 0.5 -2.8 -14.4 10

11 Multifamily residential 0.2 -0.6 -0.4 0.9 0.1 -0.6 -0.4 -0.4 -0.4 -1.1 -0.8 11

12 Commercial 1.7 -0.5 -1.0 2.2 2.5 -0.4 2.7 -0.2 -0.5 -3.5 0 12

13 Miscellaneous assets 1.8 1.0 -1.7 4.9 10.7 -0.1 1.4 -4.5 -1.7 4.5 1.7 13

14 Net increase in liabilities 29.0 15.8 29.5 92.2 86.4 17.7 42.7 -18.0 30.8 15.5 2.8 14

15 Security RPs 4.7 1.2 2.8 11.2 -9.8 0.5 4.0 0.7 -2.2 -0.4 -10.7 15

16 Credit market instruments 10.2 4.5 11.9 39.6 62.7 6.3 25.6 -19.7 7.9 11.3 11.5 16

17 Open market paper -0.6 -0.0 0.0 0.0 0.2 -0.1 0.0 -0.0 -0.1 -0.2 0 17

18 Corporate bonds -1.6 0.2 1.3 14.8 21.7 8.9 25.0 -6.2 3.2 13.4 6.6 18

19 Bank loans n.e.c. 2.5 -1.0 2.7 9.9 16.0 -7.6 -19.5 -1.3 -4.5 -5.1 -2.1 19

20 Mortgages 9.8 5.3 7.9 14.9 24.8 5.1 20.1 -12.3 9.4 3.2 7.0 20

21 Corporate equity issues 11.1 8.7 12.3 32.5 19.8 6.6 5.8 6.2 12.3 1.9 2.6 21

22 Miscellaneous liabilities 2.9 1.4 2.5 8.8 13.6 4.4 7.2 -5.2 12.9 2.7 -0.6 22

23 Discrepancy 8.7 6.7 6.6 9.7 12.8 19.6 8.0 24.9 26.4 19.3 23.2 23

 Memo:

24 Securitized assets included above -3.6 -1.3 -0.3 3.7 2.9 -1.0 -1.9 -1.8 -0.8 0.4 0.6 24

25 Agency securities -5.0 -2.3 0.3 0.4 0.1 -1.3 -2.2 -1.5 -1.0 -0.5 0.5 25

26 Home mortgages 1.4 0.9 -0.8 3.1 1.8 0.0 -0.6 -0.1 0.5 0.3 1.2 26

27 Multifamily residential mortgages 0 0 0.3 0.2 0.4 0.1 0.5 -0.2 -0.2 0.4 -0.6 27

28 Commercial mortgages 0 0 0 0.0 0.6 0.1 0.5 -0.1 -0.1 0.2 -0.5 28
36 Z.1, June 9, 2000

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 6.4 2.3 3.9 6.6 9.1 9.1 8.8 8.9 9.2 9.5 9.7 1

 2 Fixed nonresidential investment 10.3 10.8 12.1 13.2 17.0 18.1 17.7 17.9 18.3 18.5 19.5 2

 3 Net acquisition of financial assets -24.1 113.4 68.2 142.8 142.0 78.3 -109.3 103.2 6.7 312.6 559.6 3

 4 Checkable deposits and currency -0.3 1.7 1.9 6.0 3.7 3.0 -3.7 13.1 -3.7 6.1 -6.1 4

 5 Credit market instruments -44.2 90.1 -15.7 14.9 6.8 -30.8 88.0 -193.7 16.3 -33.7 169.2 5

 6 Open market paper -3.7 10.9 1.6 0.6 3.8 -0.4 3.2 -0.2 2.2 -6.7 17.8 6

 7 U.S. government securities -30.2 70.0 -29.9 2.7 21.7 -44.4 57.3 -220.2 38.5 -53.0 92.9 7

 8 Treasury -14.4 61.0 -31.1 7.5 21.2 -59.4 129.5 -227.6 -51.7 -87.6 155.5 8

 9 Agency -15.8 9.0 1.2 -4.8 0.5 15.0 -72.2 7.4 90.1 34.6 -62.6 9

10 Municipal securities -1.7 -2.7 -1.9 2.4 -0.1 -1.1 -3.1 7.9 -6.0 -3.2 -4.7 10

11 Corporate and foreign bonds -8.7 12.0 14.5 9.2 -18.6 15.0 30.7 18.8 -18.4 29.2 63.2 11

12 Corporate equities -3.4 7.7 -1.9 2.4 -6.0 7.5 23.9 16.9 -33.9 22.9 32.7 12

13 Security credit -1.1 3.5 15.8 36.8 21.6 69.7 31.6 95.3 5.7 146.1 236.3 13

14 Miscellaneous assets 24.8 10.3 68.2 82.8 115.9 29.0 -249.0 171.6 22.3 171.2 127.6 14

15 Net increase in liabilities -24.5 117.4 71.4 143.9 142.1 78.8 -109.3 103.6 7.7 313.4 560.0 15

16 Security RPs (net) -23.0 79.0 -1.5 22.7 4.5 39.2 86.6 -63.2 -37.1 170.4 172.7 16

17 Corporate bonds 0.5 -5.0 -2.0 8.1 7.2 -17.2 -31.1 -17.4 16.9 -37.3 44.4 17

18 Corporate equity issues 4.7 -8.1 -6.5 -5.9 2.5 7.7 -1.7 15.5 25.0 -8.1 13.3 18

19 Trade payables -0.9 1.1 4.0 5.7 -1.0 11.8 2.0 49.4 -7.0 3.0 11.6 19

20 Security credit 1.0 23.1 36.6 74.2 81.7 23.9 -98.2 44.5 23.8 125.2 281.3 20

21 Customer credit balances (HH) 6.7 18.6 35.3 52.6 61.2 42.0 -57.4 41.1 50.5 133.6 197.0 21

22 From banks -5.7 4.6 1.3 21.7 20.5 -18.1 -40.8 3.5 -26.7 -8.4 84.3 22

23 Taxes payable -0.2 -0.1 0.1 0.1 -0.1 0.9 0.1 0.4 0.4 2.7 1.1 23

24 Miscellaneous liabilities 1.6 12.6 28.4 21.8 43.8 7.4 -79.9 65.6 4.5 39.4 17.5 24

25 Foreign direct investment in U.S. 0.8 1.5 1.3 0.4 0.7 2.1 -0.0 0.9 -0.3 7.8 1.5 25

26 Due to affiliates 25.7 22.5 42.9 66.0 84.3 43.5 224.4 101.3 -54.3 -97.5 101.4 26

27 Other -24.8 -11.4 -15.8 -44.7 -41.2 -38.2 -304.3 -36.6 59.0 129.2 -85.5 27

28 Proprietors’ net investment -8.2 14.7 12.4 17.4 3.5 5.2 12.9 8.7 -18.8 18.0 18.1 28

29 Discrepancy -4.3 -4.4 -5.0 -5.6 -7.8 -8.5 -8.9 -8.7 -8.2 -8.2 -9.4 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 29.5 5.7 106.5 113.5 102.5 235.3 203.8 173.3 86.7 477.3 5.8 1

 2 Money market fund shares 31.8 2.4 27.3 10.4 57.9 48.9 35.4 28.7 18.9 112.6 10.5 2

 3 Credit market instruments -17.8 -21.2 14.0 49.8 -7.9 118.4 19.5 98.4 8.0 347.6 -83.3 3

 4 Open market paper -27.8 -30.9 1.2 50.7 -12.3 123.2 20.9 78.6 13.5 379.9 -43.4 4

 5 Corporate and foreign bonds 10.0 9.8 12.8 -0.9 4.5 -4.8 -1.4 19.8 -5.4 -32.3 -40.0 5

 6 Miscellaneous assets (2) 15.6 24.5 65.2 53.3 52.5 68.0 148.9 46.1 59.8 17.2 78.7 6

 7 Investment in foreign banking offices -0.5 6.7 13.7 14.3 11.8 2.5 -3.1 -5.3 56.0 -37.8 86.1 7

 8 Investment in brokers and dealers 16.1 17.8 51.5 38.9 40.8 65.5 152.0 51.4 3.8 55.0 -7.5 8

 9 Net increase in liabilities 29.5 5.7 106.5 113.5 102.5 235.3 203.8 173.3 86.7 477.3 5.8 9

10 Credit market instruments 23.1 34.9 64.1 80.7 40.7 92.2 166.5 -63.8 31.2 234.8 5.0 10

11 Open market paper 3.0 10.5 34.9 50.1 6.7 34.8 22.4 -107.3 35.9 188.3 21.2 11

12 Corporate bonds 20.0 24.4 29.2 30.6 34.0 57.4 144.2 43.4 -4.7 46.6 -16.3 12

13 Miscellaneous liabilities 6.5 -29.2 42.4 32.8 61.8 143.1 37.3 237.1 55.5 242.5 0.8 13

14 Foreign direct investment in U.S. -7.5 -10.4 1.1 -27.4 11.8 -24.2 -17.6 110.0 28.6 -217.7 73.7 14

15 Securities loaned (net) 24.6 -5.5 59.9 57.2 70.0 19.4 -173.2 107.8 53.0 90.0 108.1 15

16 Other -10.6 -13.3 -18.6 3.0 -20.0 147.9 228.2 19.3 -26.1 370.2 -181.0 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, June 9, 2000 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves -5.3 9.6 -6.7 1.0 6.8 -8.7 -16.3 -4.6 -7.8 -6.3 1.6 1

 2 U.S. gold stock and SDRs 0.4 0.8 -0.4 0.4 0.1 -0.0 -2.3 0.8 0.7 0.7 0.8 2

 3 Federal govt.: Exchange Stab. Fund 0.4 0.8 -0.4 0.4 0.1 -0.0 -2.3 0.8 0.7 0.7 0.8 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 4

 5 U.S. foreign exchange position -5.8 8.8 -6.3 0.7 6.6 -8.7 -14.0 -5.4 -8.5 -7.0 0.8 5

 6 Official foreign currency holdings -5.3 6.3 -7.6 -2.9 1.5 -3.3 -14.0 0.3 0.5 0.2 -0.2 6

 7 Treasury -2.6 3.2 -3.8 -1.5 0.8 -1.6 -7.0 0.1 0.3 0.1 -0.1 7

 8 Monetary authority -2.6 3.2 -3.8 -1.5 0.8 -1.6 -7.0 0.1 0.3 0.1 -0.1 8

 9 Net IMF position -0.5 2.5 1.3 3.6 5.1 -5.5 -0.0 -5.7 -9.1 -7.2 1.0 9

10 Federal government -0.5 2.5 1.3 3.6 5.1 -5.5 -0.0 -5.7 -9.1 -7.2 1.0 10

11 Monetary authority 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 2.2 -0.5 -0.5 0 -3.0 -4.0 0 -4.0 -4.0 0 1

 2 Asset: Monetary authority 0 2.2 -0.5 -0.5 0 -3.0 -4.0 0 -4.0 -4.0 0 2

 Treasury currency:

 3 Liab: Federal government 0.7 0.6 0.1 -0.0 -0.0 -0.0 0 2.1 2.0 -4.1 2.2 3

 4 Asset: Monetary authority 0.9 1.0 1.0 0.6 0.7 1.7 1.5 1.5 1.8 2.2 1.6 4

 5 Discrepancy (seigniorage) -0.2 -0.5 -0.9 -0.6 -0.7 -1.7 -1.5 0.6 0.2 -6.3 0.6 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 52.9 35.3 85.9 106.8 -0.2 67.3 127.7 99.3 55.1 -12.9 52.0 1

 Held by:

 2 Household sector 3.1 4.6 12.4 6.3 -0.3 4.3 8.2 6.4 3.5 -0.8 5.1 2

 3 Nonfinancial corporate business 1.1 1.6 10.5 -5.1 0.8 3.3 16.1 -10.9 7.3 0.6 1.3 3

 4 Money market mutual funds 5.7 4.0 3.4 0.1 7.4 12.2 41.6 17.6 34.7 -45.0 54.1 4

 5 Discrepancy--unallocated assets 43.0 25.1 59.6 105.6 -8.1 47.5 61.8 86.2 9.5 32.4 -8.5 5
38 Z.1, June 9, 2000

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 89.8 10.0 -51.6 -19.7 -32.3 10.5 49.9 90.9 -35.9 -62.9 -100.6 1

 2 Monetary authority 1.3 1.3 -0.5 6.1 -7.5 22.2 20.6 3.0 0.9 64.3 -95.6 2

 3 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 -2.3 2.5 -2.0 3.9 -13.4 -3.8 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 24.5 18.1 5.0 -2.9 77.7 -91.7 4

 5 Commercial banking 88.5 8.7 -51.2 -25.8 -24.8 -11.7 29.3 87.9 -36.9 -127.2 -5.0 5

 6 To monetary authority -1.5 0.7 4.1 -1.6 -1.1 -1.7 -9.2 4.5 0.2 -2.2 0.1 6

 7 To banks in foreign countries 92.7 11.1 -52.0 -4.3 -27.1 -14.1 -20.2 85.0 -36.2 -85.1 -39.7 7

 8 Liabilities, net 93.5 10.7 -46.8 -4.2 -32.0 -15.4 -23.2 86.3 -35.9 -88.9 -40.3 8

 9 U.S.-chartered commercial banks 74.4 -2.7 -31.1 13.6 23.0 37.5 21.9 90.5 8.6 28.9 35.9 9

10 Due to foreign affiliates 52.6 -14.7 -1.9 46.3 23.6 38.3 -15.4 57.7 7.8 103.2 5.1 10

11 - Due from foreign affiliates -21.7 -12.0 29.2 32.7 0.5 0.8 -37.3 -32.8 -0.9 74.2 -30.8 11

12 Foreign banking offices in U.S. 27.0 17.3 -11.5 -18.5 -55.7 -48.6 -57.6 -31.6 -39.8 -65.5 -105.8 12

13 Due to foreign affiliates 1.4 15.5 10.6 -10.7 33.3 8.4 -17.1 59.5 -44.2 35.2 45.3 13

14 - Due from foreign affiliates -25.6 -1.7 22.1 7.8 88.9 57.0 40.5 91.1 -4.4 100.7 151.1 14

15 Bank holding companies -7.8 -3.8 -4.1 0.8 0.6 -4.3 12.5 27.4 -4.7 -52.3 29.5 15

16 Due to foreign affiliates -2.5 -1.1 -0.2 0.3 -0.1 5.5 -0.4 18.5 1.8 2.0 -2.3 16

17 - Due from foreign affiliates 5.3 2.7 3.9 -0.4 -0.7 9.7 -13.0 -8.9 6.5 54.3 -31.9 17

18 Less: Deposits at foreign banks 0.8 -0.4 5.2 0.2 -5.0 -1.3 -3.0 1.3 0.3 -3.7 -0.7 18

19 U.S.-chartered commercial banks -0.4 -2.5 5.2 1.0 -1.0 -1.3 -2.7 0.9 0.4 -3.7 -0.4 19

20 Foreign banking offices in U.S. 1.3 2.1 -0.0 -0.9 -4.0 -0.0 -0.3 0.4 -0.1 0 -0.2 20

21 To U.S. banking, net -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 21

22 U.S.-chartered commercial banks 5.6 -7.3 -23.5 -6.7 -2.6 -11.5 52.4 0.7 -36.0 -63.3 58.5 22

23 Liabilities 4.9 -8.1 -6.6 -14.7 6.0 20.2 77.5 -5.0 -4.8 12.9 22.4 23

24 To foreign offices in U.S. 8.1 -4.9 -3.0 5.4 2.1 16.4 19.3 -11.1 4.9 52.4 -11.6 24

25 To bank holding companies -0.4 -0.1 -0.3 -0.2 0.6 -0.3 -0.4 7.7 -8.7 0.4 -0.6 25

26 Unallocated -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 26

 Less, due from:

27 Foreign offices in U.S. -6.5 -1.3 6.0 -7.4 -1.6 23.7 20.2 -17.9 33.2 59.4 -47.8 27

28 Bank holding companies 5.8 0.5 10.9 -0.6 10.2 8.0 4.9 12.2 -2.0 16.8 11.7 28

29 Foreign banking offices in U.S. -14.6 3.6 9.0 -12.7 -3.7 7.4 0.9 -6.9 28.3 7.1 -36.2 29

30 Due to U.S. banks -6.5 -1.3 6.0 -7.4 -1.6 23.7 20.2 -17.9 33.2 59.4 -47.8 30

31 - Due from U.S. banks 8.1 -4.9 -3.0 5.4 2.1 16.4 19.3 -11.1 4.9 52.4 -11.6 31

32 Bank holding companies 6.2 0.6 11.2 -0.4 9.6 8.2 5.4 4.5 6.7 16.4 12.3 32

33 Due to U.S. banks 5.8 0.5 10.9 -0.6 10.2 8.0 4.9 12.2 -2.0 16.8 11.7 33

34 - Due from U.S. banks -0.4 -0.1 -0.3 -0.2 0.6 -0.3 -0.4 7.7 -8.7 0.4 -0.6 34

35 Net change in assets 92.5 13.1 -48.3 0.2 -35.6 6.4 -8.8 92.5 -35.0 -23.0 -135.1 35

36 Rest of the world 92.7 11.1 -52.0 -4.3 -27.1 -14.1 -20.2 85.0 -36.2 -85.1 -39.7 36

37 Domestic -0.2 2.0 3.7 4.5 -8.6 20.5 11.4 7.5 1.2 62.1 -95.5 37

38 Monetary authority -1.5 0.7 4.1 -1.6 -1.1 -1.7 -9.2 4.5 0.2 -2.2 0.1 38

39 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 -1.9 -10.1 4.6 -0.8 -1.2 0.1 39

40 Loans to member banks 0.1 -0.1 -0.1 2.0 -2.0 0.2 0.9 -0.1 1.0 -1.0 0.0 40

41 Commercial banking 1.9 1.4 -0.0 6.6 -7.6 22.6 21.1 2.9 1.5 64.7 -94.9 41

42 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 -1.9 3.0 -2.1 4.4 -13.0 -3.2 42

43 Vault cash 5.5 2.4 4.6 -0.2 -2.9 24.5 18.1 5.0 -2.9 77.7 -91.7 43

44 Savings insts.: Reserves at Fed. Res. -0.6 -0.1 -0.5 -0.5 0.1 -0.4 -0.6 0.0 -0.6 -0.4 -0.7 44

45 Discrepancy--floats, etc. -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 45
Z.1, June 9, 2000 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -9.7 -12.7 15.8 41.5 47.6 151.6 61.1 10.1 141.0 394.3 -224.2 1

 2 Monetary authority 25.3 17.0 23.5 30.1 38.5 109.0 34.6 2.7 101.5 297.2 -212.8 2

 3 Federal government cash and deposits -7.7 -1.2 1.7 -2.3 0.5 22.3 -0.2 -44.0 42.8 90.7 -94.8 3

 4 Deposits due to foreign -0.1 0.2 -0.1 0.5 0.0 0.3 0.3 1.3 -0.3 -0.3 0.6 4

 5 Currency outside banks 33.1 18.0 21.8 31.9 38.0 86.4 34.5 45.3 59.0 206.8 -118.6 5

 6 Commercial banking -31.7 -45.9 -34.6 -19.8 -33.4 3.1 -2.7 -36.5 4.2 47.6 -80.4 6

 7 Federal government deposits -18.9 -4.7 9.7 -0.9 -14.6 36.4 30.3 45.5 27.4 42.4 -32.5 7

 8 Deposits due to foreign 1.9 0.8 2.6 4.6 -2.0 13.1 5.1 20.3 33.4 -6.5 -8.6 8

 9 Private domestic deposits -14.7 -42.0 -46.9 -23.5 -16.8 -46.3 -38.1 -102.4 -56.5 11.6 -39.3 9

10 Savings institutions -5.4 14.1 25.4 27.1 36.1 37.2 29.8 43.3 35.9 39.6 45.2 10

11 Credit unions 2.0 2.1 1.6 4.1 6.4 2.3 -0.5 0.6 -0.6 9.9 23.7 11

12 Net change in assets -9.7 -12.7 15.8 41.5 47.6 151.6 61.1 10.1 141.0 394.3 -224.2 12

13 Household sector -29.8 -58.7 -59.1 -44.8 47.3 -22.4 23.3 -146.8 11.6 22.1 58.7 13

14 Nonfinancial business 24.1 36.1 45.3 42.7 -6.1 45.6 54.1 84.8 -11.3 54.8 -44.2 14

15 Corporate 18.5 31.3 36.8 30.7 -18.0 37.4 47.6 76.2 -19.9 45.7 -51.4 15

16 Nonfarm noncorporate 5.1 4.3 8.5 11.8 10.0 9.0 7.4 9.5 9.4 9.9 8.0 16

17 Farm 0.4 0.5 -0.0 0.2 1.9 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 17

18 State and local governments 1.6 3.4 -5.5 4.4 -3.9 3.9 9.6 -10.0 14.4 1.6 -1.6 18

19 Federal government -21.7 -0.0 11.0 -0.5 -16.7 66.2 31.9 43.0 47.2 142.7 -156.1 19

20 Rest of the world 25.3 13.4 19.9 29.9 14.6 35.7 15.2 33.9 51.9 42.0 -35.4 20

21 Checkable deposits 1.8 1.1 2.6 5.1 -2.0 13.3 5.4 21.6 33.1 -6.8 -8.0 21

22 Currency 23.5 12.3 17.4 24.8 16.6 22.4 9.8 12.2 18.8 48.9 -27.4 22

23 Financial sectors -1.5 3.0 7.9 16.4 13.0 30.9 -69.2 47.6 4.7 140.5 -75.3 23

24 Commercial banking 0.4 0.2 -0.2 -0.1 0.6 0.2 -1.5 -1.4 1.6 2.3 -1.3 24

25 Savings institutions -1.5 1.6 -1.3 1.0 3.2 2.2 -13.5 4.8 2.6 15.2 -16.6 25

26 Credit unions 0 0.9 0.1 0.6 1.0 17.3 -1.1 0.9 29.1 40.3 -4.7 26

27 Bank personal trusts and estates -0.3 0.1 0.3 0.0 -0.5 0.1 0.0 0.1 0.1 0.3 0.3 27

28 Life insurance companies 0.4 -0.5 -0.9 3.8 -2.7 0.0 -10.9 5.2 -0.3 6.1 -4.0 28

29 Other insurance companies -0.2 -0.2 -0.9 0.3 0.2 0.1 -3.2 0.8 -1.0 3.7 -1.0 29

30 Private pension funds 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.3 -0.2 -0.3 0.1 30

31 State and local govt. retirement funds 0.3 -2.5 3.3 -2.2 4.7 -0.7 -9.5 7.4 -8.3 7.4 2.5 31

32 Money market mutual funds -1.3 -1.0 2.4 2.6 -2.6 -1.2 -20.1 17.2 -22.2 20.4 -3.2 32

33 Government-sponsored enterprises -0.9 0.2 -0.8 1.2 2.5 7.4 -6.5 -2.4 2.0 36.4 -44.2 33

34 Finance companies 1.6 1.7 1.9 2.1 2.3 2.5 2.4 2.4 2.5 2.5 2.6 34

35 REITs 0 0 2.2 1.1 0.8 0.3 -1.3 -0.2 2.6 0.1 0.4 35

36 Brokers and dealers -0.3 1.7 1.9 6.0 3.7 3.0 -3.7 13.1 -3.7 6.1 -6.1 36

37 Mail float -7.6 -9.8 -3.6 -6.6 -0.5 -8.2 -3.7 -42.4 22.5 -9.4 29.6 37
40 Z.1, June 9, 2000

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -20.3 162.2 211.3 219.6 244.5 174.7 -73.9 142.6 247.2 382.8 234.9 1

 2 Small time and savings deposits -39.9 96.6 97.2 97.1 152.4 44.4 -68.0 100.0 141.9 3.6 113.8 2

 3 Commercial banking -1.0 113.9 123.1 148.3 183.7 71.0 -6.4 120.4 140.4 29.5 180.7 3

 4 U.S.-chartered commercial banks -0.6 113.4 122.8 143.9 186.3 72.4 -2.4 126.9 138.7 26.5 181.7 4

 5 Foreign banking offices in U.S. -1.1 -0.7 0.1 4.4 -3.6 -1.9 -1.6 -7.6 0.4 1.0 -1.3 5

 6 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.0 0.5 -2.4 1.1 1.4 1.9 0.4 6

 7 Savings institutions -44.4 -29.0 -38.1 -64.4 -54.3 -38.9 -73.9 -44.1 -17.8 -19.9 -78.2 7

 8 Credit unions 5.5 11.6 12.3 13.2 23.1 12.3 12.2 23.6 19.3 -6.1 11.2 8

 9 Large time deposits (1) 19.6 65.6 114.0 122.5 92.1 130.3 -5.9 42.6 105.2 379.2 121.1 9

10 Commercial banking 21.3 54.8 105.3 107.9 72.3 118.7 -10.0 29.0 97.3 358.5 96.2 10

11 U.S.-chartered commercial banks 17.9 42.6 49.5 63.2 34.8 61.5 5.2 39.9 69.5 131.4 59.1 11

12 Foreign banking offices in U.S. 2.6 11.0 55.6 44.7 36.5 56.7 -12.8 -12.0 26.4 225.2 36.7 12

13 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.0 0.5 -2.4 1.1 1.4 1.9 0.4 13

14 Savings institutions -2.1 9.2 6.3 11.7 15.7 8.5 -0.1 9.5 3.8 20.9 26.8 14

15 Credit unions 0.4 1.7 2.4 2.9 4.1 3.1 4.2 4.2 4.2 -0.2 -2.0 15

16 Net change in assets -20.3 162.2 211.3 219.6 244.5 174.7 -73.9 142.6 247.2 382.8 234.9 16

17 Household sector -12.2 164.5 165.0 169.5 186.2 103.5 -127.4 134.0 212.2 195.2 249.0 17

18 Nonfinancial business 1.6 -15.8 11.4 13.5 11.1 11.9 7.3 8.3 19.6 12.4 3.5 18

19 Corporate -6.6 -24.5 0.7 -7.3 -5.0 -0.2 -1.4 -4.1 6.3 -1.5 -1.6 19

20 Nonfarm noncorporate 8.2 8.7 10.7 20.8 16.1 12.1 8.7 12.4 13.3 13.9 5.0 20

21 State and local governments 6.5 6.6 10.6 5.8 12.8 10.9 -3.4 1.4 16.7 29.0 -17.1 21

22 Federal government -0.1 0.3 1.4 1.0 1.3 0.7 -3.4 0.8 2.1 3.2 0.4 22

23 Rest of the world 1.5 -6.6 10.9 13.1 13.0 18.4 -5.5 1.5 19.3 58.4 -9.4 23

24 Financial sectors -17.6 13.3 11.9 16.8 20.2 29.2 58.5 -3.4 -22.7 84.5 8.7 24

25 Savings institutions -1.8 -0.2 0.3 -0.4 0.5 -0.1 -0.3 -0.3 0.0 0.1 2.3 25

26 Credit unions -8.9 0.4 -0.7 0.6 6.4 -6.8 4.3 2.7 -25.7 -8.3 6.3 26

27 Bank personal trusts and estates 1.6 -0.5 -1.6 1.0 -2.1 1.1 0.7 0.8 0.8 1.9 1.9 27

28 Private pension funds -4.2 -9.4 -14.3 -13.2 0.2 2.0 2.0 4.6 0.9 0.7 10.1 28

29 State and local govt. retirement funds -3.7 2.0 -2.2 0.1 -0.4 -0.3 0.7 -2.1 0.6 -0.5 -1.1 29

30 Money market mutual funds -0.5 20.9 30.4 28.6 15.7 33.3 51.1 -9.1 0.8 90.5 -10.8 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 43.3 142.3 145.8 157.6 285.5 250.6 204.9 100.5 180.3 516.7 217.5 1

 2 Net purchases 43.3 142.3 145.8 157.6 285.5 250.6 204.9 100.5 180.3 516.7 217.5 2

 3 Household sector 13.4 97.9 56.1 89.1 144.9 103.5 96.6 54.6 38.5 224.3 167.2 3

 4 Nonfinancial corporate business 7.4 24.8 9.9 23.9 45.1 35.9 24.3 0.7 27.8 90.6 7.6 4

 5 Nonfarm noncorporate business 0.1 0.9 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.5 0.4 5

 6 Bank personal trusts and estates 0.6 3.7 7.8 -4.0 8.8 2.3 -0.8 2.0 4.0 4.2 4.3 6

 7 Life insurance companies -15.3 6.6 39.1 32.6 17.6 33.4 22.3 16.6 41.3 53.5 5.7 7

 8 Private pension funds 5.3 6.0 5.2 5.0 10.7 26.1 26.8 -2.6 49.2 31.0 21.9 8

 9 Funding corporations 31.8 2.4 27.3 10.4 57.9 48.9 35.4 28.7 18.9 112.6 10.5 9
Z.1, June 9, 2000 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 78.2 110.5 41.4 120.9 91.3 171.7 253.3 -27.9 114.6 346.7 275.4 1

 2 Commercial banking (net) 78.1 30.4 41.0 89.0 87.0 110.6 112.1 27.4 129.4 173.4 110.1 2

 3 U.S.-chartered commercial banks 71.6 28.2 28.7 63.4 66.8 128.7 114.1 33.9 158.1 208.9 97.9 3

 4 Foreign banking offices in U.S. 6.7 1.8 12.0 25.6 19.7 -18.3 -1.7 -5.8 -27.6 -38.0 11.4 4

 5 Bank holding companies -0.2 0.4 0.4 0.0 0.5 0.1 -0.3 -0.7 -1.1 2.6 0.8 5

 6 Savings institutions 18.4 -0.0 -0.9 -1.9 9.5 21.4 50.6 7.2 24.6 3.3 3.3 6

 7 REITs 4.7 1.2 2.8 11.2 -9.8 0.5 4.0 0.7 -2.2 -0.4 -10.7 7

 8 Brokers and dealers (net) -23.0 79.0 -1.5 22.7 4.5 39.2 86.6 -63.2 -37.1 170.4 172.7 8

 9 Net change in assets 10.5 90.4 37.0 58.8 37.2 139.9 44.0 -90.3 66.6 539.3 -295.7 9

10 Nonfinancial corporate business -0.3 0.3 1.5 0.7 -1.3 1.1 2.5 -4.0 7.7 -1.7 9.9 10

11 State and local governments -15.1 -3.0 32.1 3.6 7.2 5.0 32.0 -11.1 11.5 -12.5 51.3 11

12 Rest of the world -12.0 21.0 3.2 20.0 -18.8 14.8 57.3 -12.3 -5.6 19.9 -17.1 12

13 Financial sectors 37.9 72.1 0.2 34.6 50.1 119.0 -47.8 -62.9 53.0 533.6 -339.7 13

14 Monetary authority -2.6 3.3 7.7 2.3 6.5 110.3 -5.1 -35.5 50.6 431.0 -422.2 14

15 Savings institutions -4.1 4.8 -1.2 -0.8 5.5 -4.2 4.5 -13.6 -1.0 -6.7 3.7 15

16 Credit unions -2.3 0.2 -4.9 2.0 3.4 2.4 -19.0 4.8 1.2 22.8 -20.2 16

17 Other insurance companies -2.3 8.1 -2.1 -0.2 7.6 -14.2 1.7 -41.5 7.4 -24.6 8.0 17

18 Private pension funds -0.5 5.5 2.5 1.9 8.2 1.6 11.4 -1.1 0.2 -4.0 15.5 18

19 State and local govt. retirement funds 7.4 3.7 -3.3 0.4 8.9 2.8 14.0 -0.5 -2.4 0.2 9.8 19

20 Money market mutual funds 2.4 19.0 16.0 22.8 12.9 0.1 -34.8 24.1 -8.2 19.3 57.6 20

21 Mutual funds 4.4 7.1 -2.7 10.3 10.4 7.3 5.8 9.0 -0.9 15.5 4.7 21

22 Government-sponsored enterprises 35.4 20.5 -11.8 -4.1 -13.4 12.7 -26.3 -8.7 5.9 80.0 3.4 22

23 Discrepancy--unallocated assets 67.7 20.2 4.5 62.2 54.1 31.8 209.3 62.4 48.0 -192.6 571.0 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 35.7 74.3 102.6 184.1 193.1 229.9 154.6 27.7 180.6 556.5 223.4 1

 2 Commercial paper 38.6 75.1 101.6 186.8 202.5 232.8 159.8 31.2 185.9 554.5 222.7 2

 3 Nonfinancial corporate business 21.4 18.1 -0.9 13.7 24.4 37.4 58.3 -2.6 49.8 44.0 36.4 3

 4 Foreign issues in U.S. -26.1 13.5 11.3 3.7 7.8 16.3 18.0 -27.5 41.1 33.6 56.8 4

 5 Nonfinancial -12.3 5.4 -1.9 -2.3 -1.6 8.2 1.1 -4.5 22.1 14.2 35.6 5

 6 Financial -13.9 8.1 13.2 6.0 9.4 8.1 16.9 -23.0 19.0 19.3 21.2 6

 7 Financial sectors 43.3 43.4 91.3 169.4 170.3 179.2 83.4 61.3 95.0 476.8 129.5 7

 8 Commercial banking 5.9 -1.4 1.9 6.0 7.8 9.1 4.0 9.8 -13.2 35.7 -14.9 8

 9 ABS issuers 12.4 37.3 45.4 89.4 125.7 139.0 91.8 136.9 155.1 172.2 117.3 9

10 Finance companies 22.5 -2.9 9.0 23.9 30.0 -3.7 -34.7 21.9 -82.7 80.8 5.9 10

11 REITs -0.6 -0.0 0.0 0.0 0.2 -0.1 0.0 -0.0 -0.1 -0.2 0 11

12 Funding corporations 3.0 10.5 34.9 50.1 6.7 34.8 22.4 -107.3 35.9 188.3 21.2 12

13 Bankers acceptances (1) -2.9 -0.8 1.0 -2.7 -9.4 -2.9 -5.1 -3.5 -5.2 2.1 0.7 13

14 Net purchases, by sector 35.7 74.3 102.6 184.1 193.1 229.9 154.6 27.7 180.6 556.5 223.4 14

15 Household sector 1.2 1.3 7.4 3.6 4.2 5.3 4.7 5.3 5.5 5.9 6.2 15

16 Nonfinancial corporate business -0.6 1.3 11.4 4.6 -5.2 11.2 17.0 28.8 9.2 -10.2 10.3 16

17 State and local governments 4.4 17.1 20.3 14.3 28.0 1.9 16.0 4.9 -2.9 -10.3 6.9 17

18 Rest of the world 6.0 18.6 14.4 19.9 37.0 -14.1 -15.6 -40.1 22.4 -23.3 -10.6 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -1.5 -0.1 0.8 -0.8 -0.2 0.3 -0.7 -0.5 1.1 1.1 0.4 20

21 Savings institutions -0.2 0.0 0.1 -0.3 0 0 0 0 0 0 0 21

22 Credit unions -0.1 -1.6 -0.3 -0.1 0.2 1.5 -0.2 2.0 0 4.1 -4.1 22

23 Bank personal trusts and estates 3.5 0.7 -2.6 -0.2 -4.5 -0.4 -0.4 -0.4 -0.2 -0.8 -0.6 23

24 Life insurance companies 5.9 -7.3 2.9 17.5 7.5 1.8 -24.2 -8.9 7.8 32.3 12.3 24

25 Private pension funds -0.5 6.1 3.5 2.2 10.3 11.9 11.8 10.5 11.5 13.8 19.0 25

26 State and local govt. retirement funds 7.4 3.7 -3.3 0.4 8.9 2.8 14.0 -0.5 -2.4 0.2 3.4 26

27 Money market mutual funds 22.7 48.4 38.4 62.1 78.2 104.7 202.1 -38.1 124.1 130.8 188.8 27

28 Mutual funds 4.4 7.1 -3.1 10.6 10.4 7.3 9.0 -2.8 -16.9 40.1 0.1 28

29 Government-sponsored enterprises 14.4 -0.8 9.6 -1.1 26.9 -27.1 -103.0 -11.0 6.0 -0.4 17.0 29

30 Brokers and dealers -3.7 10.9 1.6 0.6 3.8 -0.4 3.2 -0.2 2.2 -6.7 17.8 30

31 Funding corporations -27.8 -30.9 1.2 50.7 -12.3 123.2 20.9 78.6 13.5 379.9 -43.4 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, June 9, 2000

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 155.7 142.9 146.6 23.2 -54.6 -71.0 -73.7 -112.8 -83.2 -14.3 -201.9 1

 2 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -0.2 -0.0 0.0 -0.4 -0.3 -4.1 2

 3 Other Treasury issues 147.7 137.9 144.6 23.7 -54.7 -70.8 -73.7 -112.8 -82.8 -14.0 -197.8 3

 4 Net purchases 155.7 142.9 146.6 23.2 -54.6 -71.0 -73.7 -112.8 -83.2 -14.3 -201.9 4

 5 Household sector 169.0 -41.9 -57.0 -168.1 -99.0 -43.0 -313.5 97.7 -136.4 180.1 -282.6 5

 6 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -0.2 -0.0 0.0 -0.4 -0.3 -4.1 6

 7 Other Treasury issues 161.0 -46.9 -59.0 -167.6 -99.2 -42.8 -313.5 97.7 -136.0 180.4 -278.5 7

 8 Nonfinancial corporate business 2.0 6.3 -10.0 -20.2 -2.2 -3.8 -13.4 3.4 0.3 -5.3 -5.0 8

 9 Nonfarm noncorporate business 0.7 1.6 -1.2 -0.6 0.1 0.6 1.3 0.4 0.0 0.6 0.9 9

10 State and local governments -77.8 -80.2 -32.8 -17.7 30.0 -2.5 14.3 18.7 -22.3 -20.7 -36.9 10

11 Rest of the world 65.0 168.5 270.7 139.7 36.2 -9.7 -31.9 -48.5 90.4 -48.8 29.9 11

12 Monetary authority 32.5 13.7 12.7 39.8 21.4 25.8 71.9 62.7 34.2 -65.5 112.4 12

13 Commercial banking -31.8 -11.7 -16.9 8.3 -56.1 12.6 2.0 -8.3 24.2 32.4 -80.1 13

14 U.S.-chartered commercial banks -27.0 -40.4 -34.7 -6.1 -42.1 -1.9 2.4 -1.0 -5.3 -3.7 -25.7 14

15 Foreign banking offices in U.S. -3.5 29.6 18.4 14.4 -10.3 7.5 1.0 -7.4 32.0 4.5 -21.8 15

16 Bank holding companies -0.7 -1.2 0.6 -0.1 -3.1 7.9 0.9 0.0 -1.1 31.6 -31.4 16

17 Banks in U.S.-affiliated areas -0.6 0.2 -1.3 0.1 -0.7 -0.9 -2.3 0.1 -1.5 -0.0 -1.2 17

18 Savings institutions -1.1 -8.7 -1.0 -2.8 -4.4 -0.0 1.7 0.1 -0.7 -1.2 -0.8 18

19 Credit unions -0.5 -3.8 -0.9 -1.8 -2.5 -3.5 -4.1 1.5 -6.8 -4.8 0.0 19

20 Bank personal trusts and estates -0.6 -1.1 0.8 -5.8 -2.9 -4.7 -3.2 -4.0 -5.6 -5.9 -7.3 20

21 Life insurance companies -2.9 1.0 -14.9 1.6 -14.1 -3.9 -4.6 -4.8 -5.6 -0.7 -1.0 21

22 Other insurance companies 9.4 0.5 -12.6 2.1 -18.0 -1.3 -1.1 3.7 -2.1 -5.6 -4.1 22

23 Private pension funds 21.1 18.7 12.6 15.0 13.9 16.5 7.6 26.7 6.5 25.0 -14.8 23

24 State and local govt. retirement funds 5.8 -0.4 11.8 13.4 0.8 -6.7 2.7 16.5 -24.2 -21.8 -37.9 24

25 Money market mutual funds -13.3 3.8 20.3 -4.0 17.5 0.1 32.3 -69.9 22.2 15.9 -4.3 25

26 Mutual funds -6.8 11.2 8.9 11.0 5.2 7.3 17.1 30.2 -7.9 -10.1 -2.4 26

27 Closed-end funds -1.0 -1.5 0.2 -1.3 -0.9 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 27

28 Government-sponsored enterprises 0.3 6.1 -12.9 7.1 -0.7 5.8 18.7 -10.0 3.4 11.0 -22.1 28

29 Brokers and dealers -14.4 61.0 -31.1 7.5 21.2 -59.4 129.5 -227.6 -51.7 -87.6 155.5 29

 Memo:

30 Federal government borrowing (1) 155.9 144.4 145.0 23.1 -52.6 -71.2 -75.2 -112.2 -83.1 -14.3 -204.0 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, June 9, 2000 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 292.5 205.6 229.9 212.7 472.9 591.8 590.7 579.5 653.0 544.0 251.7 1

 2 Budget agencies 0.2 1.5 -1.6 -0.1 2.0 -0.2 -1.5 0.6 0.0 0.0 -2.1 2

 3 Government-sponsored enterprises 176.9 105.9 90.4 98.4 278.3 318.2 193.0 304.7 407.1 367.9 106.9 3

 4 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 4

 5 Net purchases 292.5 205.6 229.9 212.7 472.9 591.8 590.7 579.5 653.0 544.0 251.7 5

 6 Household sector 120.5 -7.8 85.9 6.9 -54.9 143.1 112.3 99.6 254.9 105.7 38.7 6

 7 Nonfinancial corporate business 0.8 3.5 5.1 -20.5 3.1 2.3 -2.4 5.7 4.5 1.2 -7.4 7

 8 State and local governments 11.6 -35.1 -35.3 -0.8 63.6 28.5 92.0 37.3 -37.3 22.0 33.1 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 21.7 28.7 41.7 49.8 54.7 94.0 96.1 91.3 92.0 96.7 138.8 10

11 Monetary authority -1.0 -1.0 -0.4 -1.5 -0.3 -0.2 -0.1 -0.2 -0.1 -0.2 -0.1 11

12 Commercial banking 5.5 38.7 28.2 75.5 91.4 35.7 44.0 10.7 71.8 16.3 70.5 12

13 U.S.-chartered commercial banks 1.8 23.4 15.3 60.4 81.6 29.3 36.2 32.8 48.2 0.1 75.3 13

14 Foreign banking offices in U.S. 1.5 14.3 12.4 12.5 4.8 4.3 8.4 -18.6 18.2 9.2 -3.2 14

15 Bank holding companies 1.7 -0.2 0.3 0.6 1.1 -1.3 -2.1 -7.8 -0.7 5.6 -2.5 15

16 Banks in U.S.-affiliated areas 0.5 1.3 0.2 2.0 3.9 3.3 1.6 4.3 6.0 1.4 0.8 16

17 Savings institutions 12.6 4.7 -8.5 -0.8 -11.7 3.7 16.7 -2.4 -3.4 3.9 -20.2 17

18 Credit unions 4.5 4.9 4.9 0.4 7.3 2.9 15.3 7.7 3.6 -15.0 12.8 18

19 Bank personal trusts and estates -0.5 -0.1 -0.3 -4.3 -1.5 -0.9 -0.8 -1.2 -0.8 -0.9 -0.7 19

20 Life insurance companies 11.3 8.7 1.3 -3.0 -9.6 4.9 0.2 12.9 4.4 2.1 10.0 20

21 Other insurance companies 1.6 2.3 2.8 1.7 2.6 0.2 -1.2 3.5 -2.1 0.8 1.9 21

22 Private pension funds 29.3 24.2 13.1 18.1 45.3 28.1 12.4 51.4 5.9 42.8 29.1 22

23 State and local govt. retirement funds 8.0 23.2 5.5 18.4 19.1 22.8 28.0 7.3 11.4 44.4 6.0 23

24 Money market mutual funds 9.4 13.7 11.0 -5.5 77.5 17.1 -47.7 -20.4 12.1 124.5 -72.9 24

25 Mutual funds -3.6 7.7 6.2 8.4 21.0 7.0 16.3 31.7 -8.7 -11.5 -24.0 25

26 Government-sponsored enterprises 63.1 57.4 59.6 62.0 133.2 144.1 209.6 168.8 116.0 82.0 85.4 26

27 ABS issuers 19.9 23.0 4.7 3.7 39.7 42.3 64.8 68.7 39.6 -3.8 13.8 27

28 REITs -6.4 -0.2 3.2 9.0 -8.1 1.1 7.2 -0.2 -1.1 -1.6 -0.4 28

29 Brokers and dealers -15.8 9.0 1.2 -4.8 0.5 15.0 -72.2 7.4 90.1 34.6 -62.6 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, June 9, 2000

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -35.9 -48.2 2.6 71.4 96.8 68.2 100.7 48.0 77.0 47.0 19.3 1

 2 State and local governments -46.3 -51.9 -7.2 57.3 79.1 52.7 87.1 35.6 57.2 30.9 14.6 2

 3 Short-term (1) -2.2 1.2 6.3 8.3 -6.3 3.6 2.9 6.8 3.3 1.4 7.1 3

 4 Long-term -44.1 -53.2 -13.4 49.0 85.4 49.1 84.3 28.8 53.9 29.6 7.6 4

 5 Nonprofit organizations (2) 3.6 0.7 6.6 10.0 12.0 10.4 7.0 9.0 13.9 11.8 1.9 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 6.8 3.1 3.1 4.2 5.8 5.1 6.6 3.5 5.9 4.2 2.7 6

 7 Net change in assets -35.9 -48.2 2.6 71.4 96.8 68.2 100.7 48.0 77.0 47.0 19.3 7

 8 Household sector -50.2 -43.5 -22.2 53.6 15.3 48.3 82.3 30.4 45.4 35.2 16.7 8

 9 Nonfinancial corporate business 2.0 -19.9 -5.8 -3.6 2.3 -2.7 -11.8 -22.0 33.4 -10.4 -10.4 9

10 State and local governments -0.9 -3.5 -0.5 -0.7 -1.4 -1.5 -1.6 -1.1 -1.7 -1.5 -1.7 10

11 Commercial banking -1.6 -4.2 0.9 2.4 8.2 5.8 10.1 4.1 6.4 2.7 8.4 11

12 Savings institutions -0.1 -0.0 0.1 0.0 0.4 0.5 1.0 0.7 0.1 0.3 0.3 12

13 Bank personal trusts and estates 5.3 -5.9 -4.3 -13.3 -1.1 -1.1 -1.6 -1.2 -0.8 -0.7 -0.3 13

14 Life insurance companies -1.9 -0.9 1.5 0.1 1.7 0.2 1.7 -3.1 1.3 1.1 4.6 14

15 Other insurance companies 7.4 7.0 14.4 2.6 19.2 -1.5 -11.7 10.5 -5.7 1.0 1.4 15

16 Private pension funds 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.0 0.2 0.1 16

17 State and local govt. retirement funds -0.3 0.7 -1.4 0.6 1.2 0.2 1.1 -1.2 0.8 0.2 0.5 17

18 Money market mutual funds 7.8 14.3 16.8 22.5 26.0 17.5 14.0 3.8 7.8 44.3 30.7 18

19 Mutual funds -4.3 3.2 3.1 6.5 22.8 -2.8 20.4 10.3 -9.4 -32.6 -25.4 19

20 Closed-end funds 1.6 6.2 2.1 -0.9 0.8 5.7 5.7 5.7 5.7 5.7 5.7 20

21 Government-sponsored enterprises 0.8 1.0 -0.3 -0.8 1.3 0.3 -6.0 3.0 -0.5 4.7 -6.8 21

22 Brokers and dealers -1.7 -2.7 -1.9 2.4 -0.1 -1.1 -3.1 7.9 -6.0 -3.2 -4.7 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 157.3 336.7 345.8 408.2 540.7 451.8 750.7 538.2 414.3 104.1 392.2 1

 2 Nonfinancial corporate business 23.3 91.1 116.3 150.5 218.7 229.9 274.0 287.6 202.8 155.2 189.0 2

 3 Rest of the world (1) 12.2 49.7 55.8 47.2 25.1 0.1 0.9 -12.6 29.4 -17.2 39.1 3

 4 Financial sectors 121.8 195.9 173.8 210.5 296.9 221.8 475.9 263.2 182.1 -34.0 164.1 4

 5 Commercial banking 7.7 18.5 7.8 23.7 27.6 20.4 35.2 6.2 43.4 -3.1 33.2 5

 6 Savings institutions -0.8 -0.0 -0.4 0.1 -0.2 0.2 0.9 -0.5 1.4 -1.2 -0.0 6

 7 ABS issuers 64.1 105.1 105.4 112.9 195.8 95.0 193.7 172.3 69.5 -55.5 44.1 7

 8 Finance companies 31.7 52.6 32.5 20.3 10.9 57.2 107.9 65.4 52.4 3.2 52.1 8

 9 REITs -1.6 0.2 1.3 14.8 21.7 8.9 25.0 -6.2 3.2 13.4 6.6 9

10 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -17.2 -31.1 -17.4 16.9 -37.3 44.4 10

11 Funding corporations 20.0 24.4 29.2 30.6 34.0 57.4 144.2 43.4 -4.7 46.6 -16.3 11

12 Net purchases 157.3 336.7 345.8 408.2 540.7 451.8 750.7 538.2 414.3 104.1 392.2 12

13 Household sector 30.5 95.0 46.2 75.4 60.4 32.3 361.2 53.1 17.1 -302.1 52.4 13

14 State and local governments 5.4 7.1 10.7 1.3 10.2 12.6 7.2 19.3 15.9 8.1 6.1 14

15 Rest of the world (2) 38.0 58.1 83.7 84.0 122.4 158.9 137.5 129.5 204.6 164.0 181.4 15

16 Commercial banking 4.3 8.4 1.4 27.8 38.0 38.9 -66.4 94.1 45.5 82.4 -23.0 16

17 Savings institutions -2.4 -8.2 -9.9 -9.9 29.9 23.3 62.9 22.0 -14.6 23.0 14.8 17

18 Bank personal trusts and estates -0.4 -1.7 -1.7 -0.8 -2.6 -1.3 -1.6 -1.6 -1.2 -0.9 -0.6 18

19 Life insurance companies 59.9 90.7 79.2 86.8 84.5 37.3 101.2 48.3 22.6 -22.9 35.9 19

20 Other insurance companies 7.2 12.7 18.3 18.9 16.7 -1.2 -5.5 8.9 -4.8 -3.5 1.0 20

21 Private pension funds -7.5 5.6 21.2 27.7 45.4 37.3 27.2 56.6 20.5 45.0 27.2 21

22 State and local govt. retirement funds 9.4 5.6 23.8 30.1 35.1 30.3 29.5 4.1 51.7 35.7 13.7 22

23 Money market mutual funds 3.4 6.4 2.4 12.5 44.8 42.5 26.8 32.0 65.9 45.3 79.7 23

24 Mutual funds 3.2 23.3 33.8 44.4 65.5 29.3 40.2 50.5 24.1 2.4 -18.9 24

25 Closed-end funds -4.4 5.8 2.4 -0.7 4.6 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 25

26 Government-sponsored enterprises 8.5 5.5 5.6 0.3 0.5 3.2 4.6 -15.6 -6.5 30.2 1.3 26

27 REITs 1.0 0.8 1.4 2.1 -0.4 -0.3 -1.9 -0.2 -1.2 2.0 -0.7 27

28 Brokers and dealers -8.7 12.0 14.5 9.2 -18.6 15.0 30.7 18.8 -18.4 29.2 63.2 28

29 Funding corporations 10.0 9.8 12.8 -0.9 4.5 -4.8 -1.4 19.8 -5.4 -32.3 -40.0 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, June 9, 2000 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 12.8 -16.0 -28.5 -99.6 -198.1 -48.5 -99.9 -47.3 -20.4 -26.5 106.3 1

 2 Nonfinancial corporate business -44.9 -58.3 -69.5 -114.4 -267.0 -143.5 -52.1 -338.4 -128.4 -55.0 62.8 2

 3 Rest of the world (2) 48.1 50.4 60.0 42.0 77.8 97.8 -33.4 270.9 108.4 45.2 63.0 3

 4 Financial sectors 9.6 -8.1 -19.0 -27.1 -8.9 -2.8 -14.5 20.2 -0.3 -16.7 -19.5 4

 5 Commercial banking -3.3 -8.7 -14.3 -27.7 -11.2 -10.6 -14.7 3.2 -31.1 0.2 -26.1 5

 6 Life insurance companies -1.7 -3.6 -8.8 -4.0 -4.7 -6.0 -4.5 -3.2 -6.8 -9.5 -8.8 6

 7 Other insurance companies -3.5 -2.2 -4.8 -13.7 -4.7 -7.9 -6.8 -9.0 -7.1 -8.6 -8.0 7

 8 Closed-end funds 2.4 5.9 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 8

 9 REITs 11.1 8.7 12.3 32.5 19.8 6.6 5.8 6.2 12.3 1.9 2.6 9

10 Brokers and dealers 4.7 -8.1 -6.5 -5.9 2.5 7.7 -1.7 15.5 25.0 -8.1 13.3 10

11 Net purchases 12.8 -16.0 -28.5 -99.6 -198.1 -48.5 -99.9 -47.3 -20.4 -26.5 106.3 11

12 Household sector -187.6 -228.8 -347.2 -507.1 -462.7 -401.7 -379.4 -399.3 -426.4 -401.5 -587.4 12

13 State and local governments 1.3 12.1 14.5 16.8 9.4 3.5 -25.9 -4.6 27.6 16.9 4.4 13

14 Rest of the world (3) 0.9 16.6 11.1 66.8 43.8 94.3 37.0 116.6 89.8 133.7 250.7 14

15 Commercial banking -1.4 2.1 1.8 0.6 1.3 1.2 1.6 -3.7 4.4 2.4 0.8 15

16 Savings institutions -1.8 0.7 0.6 0.2 1.5 -0.7 -1.2 -0.2 -1.4 0.2 1.5 16

17 Bank personal trusts and estates -8.8 1.6 -17.3 -14.5 -59.0 -35.9 -32.0 -30.4 -42.0 -39.0 -47.5 17

18 Life insurance companies 61.8 18.6 46.7 86.3 115.3 117.1 117.0 120.6 131.9 99.0 100.0 18

19 Other insurance companies 1.1 -0.6 -6.8 3.0 -5.2 -3.3 2.8 -5.4 -5.8 -4.9 -5.6 19

20 Private pension funds -1.7 5.9 -9.6 -16.1 -52.7 -80.1 -56.2 -78.0 -45.7 -140.6 -85.0 20

21 State and local govt. retirement funds 45.3 65.3 88.1 100.7 88.0 108.3 92.5 101.4 131.7 107.7 50.0 21

22 Mutual funds 100.8 87.4 193.0 166.8 143.3 136.9 115.5 114.6 145.2 172.4 387.4 22

23 Closed-end funds 6.1 -4.6 -1.5 -5.4 -15.1 4.3 4.3 4.3 4.3 4.3 4.3 23

24 Brokers and dealers -3.4 7.7 -1.9 2.4 -6.0 7.5 23.9 16.9 -33.9 22.9 32.7 24

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 1

 2 Net purchases 100.6 147.4 237.6 265.1 274.6 190.5 253.3 210.9 123.2 174.5 320.9 2

 3 Household sector 67.4 94.7 180.8 258.4 261.6 133.6 202.2 148.1 67.2 116.9 259.9 3

 4 Nonfinancial corporate business 2.1 4.6 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 4

 5 State and local governments 7.8 5.9 6.0 -7.4 -12.3 4.3 -4.1 8.6 6.3 6.3 -10.7 5

 6 Commercial banking -1.9 0.3 0.3 0.8 -0.4 1.2 -0.8 0.8 -0.7 5.2 5.1 6

 7 Credit unions -1.6 0.2 -0.3 -0.2 1.2 -1.1 0.5 0.5 0.5 -5.8 2.7 7

 8 Bank personal trusts and estates 21.7 9.5 3.9 -7.2 9.4 8.7 8.0 8.4 9.2 9.0 8.4 8

 9 Life insurance companies -14.9 13.5 2.4 -7.2 -23.4 15.0 15.0 15.0 15.0 15.0 12.0 9

10 Private pension funds 20.1 18.6 41.1 36.2 31.2 30.8 34.4 31.3 27.6 29.7 45.4 10
46 Z.1, June 9, 2000

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 183.7 239.8 174.2 234.7 253.4 200.3 42.4 43.9 266.2 448.6 488.8 1

 - Loans elsewhere classified:

 2 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 0.3 -0.7 -0.5 1.1 1.1 0.4 2

 3 Mortgages 64.9 77.5 55.2 99.9 91.7 158.4 15.8 78.4 228.2 311.2 220.6 3

 4 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -9.2 6.1 -75.7 -36.5 69.4 57.0 4

 5 Security credit -5.7 4.6 1.3 21.7 20.5 -18.1 -40.8 3.5 -26.7 -8.4 84.3 5

 6 = Banking sector total bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 68.9 62.1 38.3 100.0 75.3 126.5 6

 7 U.S.-chartered commercial banks 46.2 77.0 58.2 108.1 144.3 92.2 101.5 101.5 119.8 46.2 106.5 7

 8 Foreign banking offices in U.S. 15.1 35.4 32.2 19.2 -1.9 -22.3 -35.3 -67.3 -9.4 22.9 19.3 8

 9 Bank holding companies -0.1 0.4 0.2 -0.0 1.7 -1.6 -2.1 2.5 -10.8 4.2 -3.1 9

10 Banks in U.S.-affiliated areas 1.7 1.8 1.4 0.9 0.9 0.5 -2.0 1.6 0.3 2.1 3.8 10

11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11

12 = Total bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 68.9 62.1 38.3 100.0 75.3 126.5 12

13 Net change in liabilities 62.9 114.7 92.1 128.2 145.0 68.9 62.1 38.3 100.0 75.3 126.5 13

14 Nonfinancial sectors 76.6 112.2 79.5 115.0 115.0 83.2 70.9 27.8 106.2 128.0 119.9 14

15 Household sector 13.4 17.4 0.6 8.1 6.3 -7.2 -14.7 0.0 -5.7 -8.6 7.5 15

16 Corporate business 42.7 66.8 39.4 71.4 80.9 72.9 66.9 11.2 99.3 114.2 77.1 16

17 Nonfarm noncorporate business 17.2 18.5 29.8 23.5 19.9 17.9 17.1 16.9 17.6 20.1 15.8 17

18 Farm business 1.9 1.1 0.6 3.5 1.2 -0.9 0.7 -6.0 1.6 0.1 4.1 18

19 Rest of the world 1.4 8.5 9.1 8.5 6.7 0.5 0.9 5.6 -6.6 2.3 15.4 19

20 Foreign official institutions -0.2 0.4 0.3 -0.8 0.8 0.2 0.3 -0.4 0.7 0.1 -0.8 20

21 Foreign banks 0.0 2.1 3.4 -0.5 -0.7 -3.1 -2.2 4.9 -10.4 -4.8 5.7 21

22 Other foreign 1.6 5.9 5.4 9.8 6.7 3.5 2.7 1.1 3.1 7.0 10.6 22

23 Financial sectors -13.7 2.5 12.6 13.2 30.1 -14.3 -8.8 10.5 -6.2 -52.7 6.6 23

24 Savings institutions 0.9 5.2 1.4 3.5 10.3 -15.7 17.3 5.6 -3.2 -82.4 25.4 24

25 Finance companies -5.6 0.5 4.4 4.4 2.1 8.8 -2.0 1.0 7.6 28.6 -13.7 25

26 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 26

27 REITs 2.5 -1.0 2.7 9.9 16.0 -7.6 -19.5 -1.3 -4.5 -5.1 -2.1 27
Z.1, June 9, 2000 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 50.4 70.1 62.5 102.8 158.5 173.3 192.7 101.1 224.6 175.0 209.2 1

 2 U.S. government loans -13.4 13.0 0.0 9.6 14.4 9.7 18.4 7.1 9.8 3.4 10.9 2

 3 Liab.: Household sector -4.4 11.3 3.1 11.4 10.6 12.6 23.0 10.0 9.7 7.6 8.0 3

 4 Nonfinancial corporate business -0.1 1.9 -1.3 -0.3 -0.1 -0.3 -0.5 -0.3 -0.2 -0.3 -0.0 4

 5 Nonfarm noncorporate business -2.5 1.2 -0.3 1.8 4.0 -0.9 -1.2 -1.8 -0.5 -0.1 -0.2 5

 6 Farm business -0.6 -1.2 -1.1 -0.5 -0.3 -0.2 -0.7 -0.2 -0.0 0.0 -0.2 6

 7 State and local governments 0.1 0.5 0.4 -1.2 1.2 0.1 0.3 0.1 -0.2 0.0 -0.0 7

 8 Rest of the world -1.1 -0.8 -0.7 -1.6 -1.0 -1.6 -2.5 -0.7 1.0 -3.9 3.3 8

 9 Government-sponsored enterprises -4.8 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 1.6 0.0 3.9 17.3 -1.0 -25.5 67.3 -94.9 -27.2 -47.3 -0.7 10

11 Liab.: Nonfinancial corporate business 1.6 0.0 3.9 17.3 -1.0 -25.5 67.3 -94.9 -27.2 -47.3 -0.7 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.4 -0.6 1.0 -2.8 -9.3 -3.1 -4.0 -5.6 -5.1 2.4 2.1 12

13 Liab.: Nonfinancial corporate business -2.1 -0.8 -0.7 -2.6 -4.3 -2.2 -3.8 -3.9 -2.6 1.6 2.5 13

14 Rest of the world -0.3 0.3 1.8 -0.2 -5.0 -0.9 -0.2 -1.6 -2.5 0.9 -0.4 14

15 Savings institution loans to business -0.5 2.5 3.0 3.1 5.3 6.5 4.8 6.7 4.8 9.6 11.1 15

16 Liab.: Nonfinancial corporate business -0.3 1.2 1.5 1.6 2.7 3.2 2.4 3.4 2.4 4.8 5.6 16

17 Nonfarm noncorporate business -0.3 1.2 1.5 1.6 2.7 3.2 2.4 3.4 2.4 4.8 5.6 17

18 Policy loans (Household liability) 7.8 10.5 4.5 3.2 0.1 -5.3 -17.8 -2.9 1.3 -1.9 1.2 18

19 Asset: Federal government -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 7.8 10.4 4.5 3.2 0.1 -5.3 -17.8 -2.9 1.3 -1.9 1.2 20

21 Govt.-sponsored enterprises loans 27.2 11.2 28.8 31.2 92.3 113.6 49.6 124.1 166.1 114.5 29.1 21

22 Liab.: Household sector (SLMA) 3.7 3.9 -0.6 -4.4 -1.2 5.6 7.8 6.2 15.9 -7.6 -8.0 22

23 Noncorporate business (FCS) 0.0 2.5 -1.2 0 2.7 0.0 -2.8 3.8 2.1 -3.0 -3.2 23

24 Farm business (FCS) 0.8 1.4 2.7 0 0.6 0.9 3.0 -3.8 0.9 3.3 6.0 24

25 Commercial banks (FHLB and SLMA) 9.3 6.2 2.3 19.1 46.9 40.6 -3.0 60.1 86.3 19.1 37.5 25

26 Savings institutions (FHLB and SLMA) 12.7 -2.6 24.5 16.2 42.1 63.5 39.8 53.5 57.0 103.8 0.5 26

27 Credit unions (FHLB) 0.2 -0.1 0.1 0.1 0.6 2.2 1.5 1.4 2.8 3.3 -2.9 27

28 Life insurance companies (FHLB) 0.3 -0.1 1.1 0.2 0.7 0.7 3.3 3.0 1.1 -4.4 -0.7 28

29 Securitized loans held by ABS issuers 4.3 6.9 13.3 32.2 27.6 19.9 17.9 24.6 8.6 28.4 42.6 29

30 Liab.: Households (1) 0 1.0 5.3 7.8 3.8 1.5 -2.4 1.2 1.2 6.0 13.6 30

31 Nonfinancial corporate business 4.3 5.9 8.1 24.4 23.8 18.4 20.3 23.4 7.4 22.4 29.0 31

32 Finance company loans to business 25.9 26.7 7.9 9.0 29.0 57.6 56.5 41.9 66.3 65.7 112.8 32

33 Liab.: Nonfinancial corporate business 23.3 24.0 7.1 8.1 26.1 51.9 50.9 37.7 59.7 59.1 101.5 33

34 Nonfarm noncorporate business 2.6 2.7 0.8 0.9 2.9 5.8 5.7 4.2 6.6 6.6 11.3 34

(1) Student loans.
48 Z.1, June 9, 2000

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in mortgages 179.0 202.0 284.8 333.6 525.4 615.5 595.5 587.0 675.8 603.6 503.4 1

 2 Home 183.4 180.4 242.2 251.9 383.3 432.8 413.9 428.1 491.3 398.0 338.0 2

 3 Multifamily residential -0.5 7.7 12.1 13.3 27.0 42.4 42.0 29.4 49.0 49.2 36.1 3

 4 Commercial -6.2 12.4 27.9 65.2 108.9 134.7 136.1 120.5 128.4 154.0 125.4 4

 5 Farm 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 5

 6 Net borrowing 179.0 202.0 284.8 333.6 525.4 615.5 595.5 587.0 675.8 603.6 503.4 6

 7 Household sector 164.6 164.9 239.0 244.3 377.7 431.0 410.3 426.7 488.4 398.7 335.2 7

 8 Nonfinancial business 4.7 31.8 37.9 74.4 122.9 179.3 165.2 172.5 178.0 201.7 161.2 8

 9 Corporate 16.2 25.8 -17.9 -16.0 39.0 88.8 85.9 90.1 73.6 105.6 75.6 9

10 Nonfarm noncorporate -13.8 4.5 53.2 87.3 77.7 85.0 75.7 73.4 97.4 93.6 81.6 10

11 Farm 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 11

12 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 12

13 REITs 9.8 5.3 7.9 14.9 24.8 5.1 20.1 -12.3 9.4 3.2 7.0 13

14 Net change in assets 179.0 202.0 284.8 333.6 525.4 615.5 595.5 587.0 675.8 603.6 503.4 14

15 Household sector -10.7 -6.1 -0.0 -0.4 0.3 -0.6 -0.7 2.2 -0.1 -4.0 -2.3 15

16 Nonfinancial corporate business 4.1 1.6 -3.6 25.9 20.0 15.0 15.0 15.0 15.0 15.0 10.0 16

17 Nonfarm noncorporate business -0.1 3.1 -3.2 -1.5 -0.1 1.0 1.5 0.8 0.8 0.8 1.7 17

18 State and local governments 2.2 3.3 3.8 3.7 4.1 4.3 4.2 4.3 4.3 4.4 4.4 18

19 Federal government -14.0 -13.2 -7.5 -4.5 -0.9 -0.1 -1.4 -0.3 1.6 -0.2 -3.9 19

20 Commercial banking 64.9 77.5 55.2 99.9 91.7 158.4 15.8 78.4 228.2 311.2 220.6 20

21 Savings institutions (1) -2.2 0.6 31.6 3.5 12.3 24.7 7.5 47.4 63.1 -19.2 44.2 21

22 Credit unions 6.1 4.4 9.5 10.1 10.9 14.1 10.5 16.6 13.9 15.4 18.1 22

23 Bank personal trusts and estates -0.2 -0.1 0.3 -0.6 -0.2 -0.0 -0.0 -0.0 -0.0 0.0 0.0 23

24 Life insurance companies -8.1 -2.6 -5.0 -1.3 6.8 14.2 15.6 21.9 6.6 12.6 12.9 24

25 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.2 -0.0 -0.2 0.1 0.2 -0.2 -0.1 25

26 Private pension funds 3.6 1.4 1.8 2.4 3.7 2.9 1.5 4.8 1.0 4.1 1.6 26

27 State and local govt. retirement funds 0.7 0.7 0.8 0.9 1.0 1.1 1.0 1.1 1.1 1.1 1.1 27

28 Government-sponsored enterprises (1) 3.6 6.4 -6.1 -4.5 7.3 -5.4 -16.5 -0.2 3.0 -7.9 -3.6 28

29 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 273.8 399.2 274.3 245.9 176.0 146.9 29

30 ABS issuers 29.7 25.1 48.3 80.6 155.1 91.0 126.0 98.2 70.6 69.0 62.3 30

31 Finance companies 4.2 5.6 10.2 5.3 14.4 24.2 29.2 14.0 33.1 20.5 10.7 31

32 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 0.3 -9.1 10.2 -12.1 12.3 -6.0 32

33 REITs 4.7 0.8 -0.3 9.1 3.4 -3.3 -3.6 -1.9 -0.4 -7.3 -15.2 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, June 9, 2000 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 183.4 180.4 242.2 251.9 383.3 432.8 413.9 428.1 491.3 398.0 338.0 1

 2 Household sector 172.0 174.4 234.3 236.9 364.8 411.0 391.9 406.5 469.7 376.2 314.2 2

 3 Nonfinancial corporate business 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 3

 4 Nonfarm noncorporate business 10.7 5.0 6.9 14.1 17.5 20.7 21.0 20.5 20.6 20.7 22.7 4

 5 Net change in assets 183.4 180.4 242.2 251.9 383.3 432.8 413.9 428.1 491.3 398.0 338.0 5

 6 Household sector -10.9 -7.7 -1.2 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 6

 7 Nonfinancial corporate business 1.8 1.1 -9.3 5.3 4.4 4.4 4.4 4.4 4.4 4.4 4.4 7

 8 Nonfarm noncorporate business 0.0 1.2 -1.3 -1.0 -0.1 0.4 0.6 0.3 0.3 0.3 0.6 8

 9 State and local governments 1.0 3.2 2.3 3.0 3.3 3.5 3.4 3.5 3.5 3.6 3.6 9

10 Federal government -3.9 -5.0 -2.9 -2.1 -0.3 -0.4 -1.0 -0.9 1.3 -1.0 -0.3 10

11 Commercial banking 57.7 56.6 31.1 67.9 51.1 82.2 -41.0 12.7 145.7 211.6 115.6 11

12 Savings institutions 7.6 4.7 31.4 7.0 12.7 15.1 1.2 47.6 46.4 -34.6 39.4 12

13 Credit unions 6.1 4.4 9.5 10.1 10.9 14.1 10.5 16.6 13.9 15.4 18.1 13

14 Bank personal trusts and estates -0.2 -0.1 0.3 -0.6 -0.2 -0.0 -0.0 -0.0 -0.0 0.0 0.0 14

15 Life insurance companies -0.3 0.4 -1.9 0.2 -0.6 -0.7 1.5 1.3 0.6 -6.0 0.8 15

16 Private pension funds 0.8 0.3 0.4 0.5 0.8 0.6 0.3 1.1 0.2 0.9 0.3 16

17 State and local govt. retirement funds 0.4 0.5 0.6 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.9 17

18 Government-sponsored enterprises 2.6 5.9 -6.7 -4.2 4.4 -11.1 -22.0 -10.3 -6.3 -5.9 -8.6 18

19 Federally related mortgage pools 115.4 93.7 135.5 109.2 182.1 264.6 389.7 265.9 237.5 165.4 140.4 19

20 ABS issuers 22.3 18.4 31.8 54.5 94.5 49.9 72.4 69.2 28.9 29.0 34.0 20

21 Finance companies 4.2 5.6 13.4 6.9 16.8 12.5 9.3 8.4 26.9 5.6 10.3 21

22 Mortgage companies -24.0 -4.5 8.2 -10.2 3.1 0.3 -9.2 10.0 -12.0 12.3 -6.0 22

23 REITs 2.8 1.9 1.1 6.0 0.8 -2.4 -5.9 -1.3 0.5 -2.8 -14.4 23

 Memo:

24 Home equity loans included above (2) 16.2 24.9 46.0 72.3 54.9 50.4 25.6 42.9 86.0 46.9 76.8 24

25 Commercial banking 8.4 10.3 13.8 20.1 2.9 12.6 -3.4 -4.6 28.1 30.3 41.1 25

26 Savings institutions -0.4 1.1 1.7 3.2 0.5 3.8 2.7 9.4 2.7 0.5 10.2 26

27 Credit unions 1.6 2.0 2.6 3.5 0.7 3.7 2.2 1.0 8.2 3.4 10.6 27

28 ABS issuers 4.1 8.2 18.5 38.6 34.0 17.7 16.4 25.6 18.4 10.4 6.4 28

29 Finance companies 2.5 3.3 9.4 6.9 16.8 12.5 7.7 11.5 28.7 2.3 8.5 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.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -0.5 7.7 12.1 13.3 27.0 42.4 42.0 29.4 49.0 49.2 36.1 1

 2 Nonfinancial corporate business 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 2

 3 Nonfarm noncorporate business -4.5 5.0 8.5 7.5 17.8 39.6 34.3 32.3 44.8 47.0 32.7 3

 4 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 4

 5 REITs 3.2 1.8 2.6 4.9 8.2 1.7 6.6 -4.0 3.1 1.1 2.3 5

 6 Net change in assets -0.5 7.7 12.1 13.3 27.0 42.4 42.0 29.4 49.0 49.2 36.1 6

 7 Household sector -0.0 0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business 0.4 -0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 8

 9 Nonfarm noncorporate business -0.0 1.0 -0.9 0.1 -0.0 0.3 0.5 0.2 0.2 0.2 0.6 9

10 State and local governments 0.7 0.6 1.8 0.6 0.9 0.9 0.9 1.0 0.9 1.0 1.0 10

11 Federal government -2.6 -4.7 -2.5 -0.9 -0.3 0.0 -0.1 0.1 0.1 -0.1 0.3 11

12 Commercial banking 0.9 4.6 2.9 4.2 3.2 13.1 13.2 9.6 15.5 14.3 19.0 12

13 Savings institutions -3.0 -2.4 -0.4 -2.0 -2.5 2.3 -0.2 -6.8 9.0 7.4 -5.4 13

14 Life insurance companies 0.3 0.9 2.0 -0.3 1.1 0.8 -1.0 1.1 0.8 2.4 1.6 14

15 Private pension funds 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.2 0.1 15

16 State and local govt. retirement funds 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 0.9 0.6 -0.5 -1.2 0.8 4.6 4.9 8.1 7.2 -1.9 5.2 17

18 Federally related mortgage pools -0.0 4.5 5.6 5.3 10.5 9.2 9.5 8.3 8.4 10.7 6.5 18

19 ABS issuers 1.5 2.2 4.1 5.0 12.4 8.2 13.2 7.0 6.3 6.4 5.4 19

20 Finance companies 0 0 -0.6 -0.2 -0.2 2.4 0.4 -0.0 0.3 8.9 1.9 20

21 Mortgage companies 0 1.1 -0.1 1.0 0.1 0.0 0.0 0.2 -0.1 0 0 21

22 REITs 0.2 -0.6 -0.4 0.9 0.1 -0.6 -0.4 -0.4 -0.4 -1.1 -0.8 22
50 Z.1, June 9, 2000

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing -6.2 12.4 27.9 65.2 108.9 134.7 136.1 120.5 128.4 154.0 125.4 1

 2 Household sector -7.4 -9.6 4.7 7.4 12.9 20.0 18.4 20.3 18.7 22.6 21.0 2

 3 Nonfinancial corporate business 14.6 24.0 -19.8 -17.8 37.0 86.6 83.8 87.9 71.4 103.4 73.4 3

 4 Nonfarm noncorporate business -20.0 -5.5 37.8 65.6 42.4 24.7 20.4 20.5 32.0 25.9 26.3 4

 5 REITs 6.6 3.6 5.3 10.0 16.6 3.4 13.5 -8.2 6.3 2.1 4.7 5

 6 Net change in assets -6.2 12.4 27.9 65.2 108.9 134.7 136.1 120.5 128.4 154.0 125.4 6

 7 Household sector -0.1 0.6 0.6 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 7

 8 Nonfinancial corporate business 2.0 1.2 5.1 20.0 15.0 10.0 10.0 10.0 10.0 10.0 5.0 8

 9 Nonfarm noncorporate business -0.1 0.9 -0.8 -0.6 -0.0 0.2 0.4 0.2 0.2 0.2 0.5 9

10 State and local governments 0.5 -0.5 -0.2 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -7.3 -3.1 -1.7 -0.6 0.1 0.6 0.1 0.4 0.7 1.1 -3.5 11

12 Commercial banking 4.6 15.0 20.2 25.7 35.3 60.2 41.3 53.5 63.3 82.6 82.2 12

13 Savings institutions -6.8 -1.8 0.6 -1.5 2.1 7.2 6.4 6.6 7.7 8.0 10.1 13

14 Life insurance companies -8.5 -4.0 -5.6 -1.5 5.2 12.5 14.3 18.5 4.3 13.0 8.5 14

15 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.2 -0.0 -0.2 0.1 0.2 -0.2 -0.1 15

16 Private pension funds 2.6 1.0 1.3 1.7 2.7 2.1 1.1 3.5 0.7 3.0 1.1 16

17 State and local govt. retirement funds 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 5.9 4.6 12.4 21.1 48.2 32.9 40.4 22.0 35.5 33.7 22.9 18

19 Finance companies 0 0 -2.6 -1.4 -2.1 9.3 19.5 5.7 6.0 6.0 -1.5 19

20 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 20

21 REITs 1.7 -0.5 -1.0 2.2 2.5 -0.4 2.7 -0.2 -0.5 -3.5 0 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 1

 2 Net change in assets 2.2 1.6 2.6 3.2 6.2 5.5 3.6 9.0 7.0 2.5 3.9 2

 3 Household sector 0.3 0.8 0.6 0.6 1.1 0.2 0.2 3.1 0.8 -3.2 -1.5 3

 4 Nonfarm noncorporate business -0.0 0.1 -0.2 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 0 -0.0 0 -0.0 0 5

 6 Federal government -0.3 -0.5 -0.5 -0.9 -0.3 -0.2 -0.4 0.2 -0.5 -0.3 -0.3 6

 7 Commercial banking 1.7 1.3 1.1 2.1 2.0 2.8 2.3 2.6 3.6 2.7 3.7 7

 8 Savings institutions -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 8

 9 Life insurance companies 0.5 0.1 0.5 0.4 1.1 1.5 0.8 1.0 0.9 3.2 2.0 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises 0.1 -0.1 1.1 1.0 2.2 1.1 0.5 2.0 2.1 -0.1 -0.2 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0 0 -0.0 0 0 12
Z.1, June 9, 2000 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities (Households) 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 1

 2 Net change in assets 124.9 138.9 88.8 52.5 67.6 94.4 130.5 61.4 76.2 109.5 143.1 2

 3 Nonfinancial corporate business 9.4 -1.6 -7.3 1.2 -4.1 5.4 37.6 -5.9 -10.2 0.3 38.5 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 63.1 43.2 24.8 -14.2 -3.6 -9.2 6.1 -75.7 -36.5 69.4 57.0 5

 6 Savings institutions 0.6 1.6 4.6 2.5 4.4 9.9 8.0 14.2 11.6 5.9 -10.2 6

 7 Credit unions 18.0 12.3 12.2 8.2 3.0 12.5 13.2 4.3 18.8 13.8 17.9 7

 8 ABS issuers 15.6 65.6 54.2 47.2 59.4 62.6 59.2 100.9 97.2 -6.8 22.1 8

 9 Finance companies 18.3 17.7 0.3 7.6 8.5 13.1 6.5 23.7 -4.7 26.9 17.7 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 120.0 128.9 114.8 130.5 27.4 174.0 139.9 241.2 218.1 96.9 168.3 1

 2 Household sector 4.2 9.3 8.7 8.1 5.7 7.1 1.4 8.6 6.3 11.9 7.1 2

 3 Nonfinancial corporate business 77.3 81.0 49.5 65.1 -14.6 111.9 106.8 147.1 158.6 34.9 96.5 3

 4 Nonfarm noncorporate business 7.5 6.2 20.8 23.5 11.1 9.8 9.2 11.6 9.3 9.0 8.6 4

 5 Farm business 1.0 1.0 1.3 1.4 0.8 0.4 -1.3 -0.3 1.5 1.7 -0.1 5

 6 State and local governments 27.7 29.2 30.9 31.4 30.5 29.1 30.1 26.1 29.1 31.1 33.2 6

 7 Federal government -0.4 -4.6 1.3 -9.7 -2.6 -0.3 -3.4 3.4 -1.7 0.5 1.4 7

 8 Rest of the world 3.6 5.8 -1.7 5.1 -2.4 4.3 -4.9 -4.7 22.1 4.8 10.0 8

 9 Brokers and dealers -0.9 1.1 4.0 5.7 -1.0 11.8 2.0 49.4 -7.0 3.0 11.6 9

10 Net change in trade receivables 92.5 113.3 136.0 159.8 69.4 129.2 99.1 256.8 124.3 36.6 168.0 10

11 Nonfinancial corporate business 71.9 78.0 88.1 93.5 14.7 92.2 74.6 211.0 89.4 -6.3 121.5 11

12 Nonfarm noncorporate business 14.0 12.3 16.2 27.0 21.0 16.6 12.3 17.3 18.2 18.7 12.8 12

13 Federal government -3.8 -1.6 0.9 -3.2 1.5 4.6 1.4 5.0 7.1 4.9 9.8 13

14 Rest of the world 1.3 -0.2 5.9 3.5 -7.3 -7.3 -18.9 -3.2 -4.4 -2.8 -4.0 14

15 Other insurance companies 2.2 4.4 -0.1 2.7 1.6 2.0 9.7 7.0 2.3 -10.9 3.6 15

16 ABS issuers 6.8 20.5 25.0 36.3 37.9 21.1 20.0 19.7 11.7 33.0 24.2 16

17 Discrepancy 27.4 15.6 -21.2 -29.3 -42.0 44.8 40.8 -15.5 93.8 60.3 0.4 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -0.1 26.7 52.4 111.0 103.3 93.5 -66.6 139.9 29.5 271.3 517.5 1

 2 Household sector -1.1 3.5 15.8 36.8 21.6 69.7 31.6 95.3 5.7 146.1 236.3 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 1.0 23.1 36.6 74.2 81.7 23.9 -98.2 44.5 23.8 125.2 281.3 4

 5 Customer credit balances (HH) 6.7 18.6 35.3 52.6 61.2 42.0 -57.4 41.1 50.5 133.6 197.0 5

 6 From U.S.-chartered commercial banks -4.6 8.3 -4.8 4.2 11.9 -8.7 -23.0 16.5 -37.4 9.0 35.8 6

 7 From foreign banking offices in U.S. -1.2 -3.7 6.2 17.5 8.6 -9.4 -17.8 -13.1 10.7 -17.4 48.5 7

 8 Net change in assets -0.1 26.7 52.4 111.0 103.3 93.5 -66.6 139.9 29.5 271.3 517.5 8

 9 Household sector 6.7 18.6 35.3 52.6 61.2 42.0 -57.4 41.1 50.5 133.6 197.0 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking -5.7 4.6 1.3 21.7 20.5 -18.1 -40.8 3.5 -26.7 -8.4 84.3 11

12 Brokers and dealers -1.1 3.5 15.8 36.8 21.6 69.7 31.6 95.3 5.7 146.1 236.3 12
52 Z.1, June 9, 2000

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Net change in liabilities 35.5 45.8 44.5 59.3 53.3 58.6 40.8 75.6 65.5 52.4 49.2 1

 2 Federal government 1.3 1.0 0.6 1.7 1.3 1.4 0.7 2.7 0.2 2.0 1.2 2

 3 Life insurance companies 34.3 44.8 43.8 57.6 52.0 57.2 40.2 72.9 65.2 50.4 48.0 3

 4 Net change in assets (Households) 35.5 45.8 44.5 59.3 53.3 58.6 40.8 75.6 65.5 52.4 49.2 4

 Pension fund reserves:

 5 Net change in liabilities 254.4 235.4 247.6 304.4 303.9 287.4 272.4 293.4 271.9 311.8 287.9 5

 6 Federal government (1) 37.6 20.8 55.1 40.3 41.2 41.1 36.6 39.2 42.7 46.1 35.6 6

 7 Life insurance companies 81.0 61.0 43.9 98.3 103.8 80.5 86.9 83.4 75.8 75.9 93.8 7

 8 Private pension funds (2) 81.8 90.9 87.7 89.1 96.9 108.3 89.2 108.8 96.4 138.9 98.8 8

 9 State and local govt. retirement funds 53.9 62.7 60.9 76.7 61.9 57.4 59.8 62.1 57.0 50.9 59.6 9

10 Net change in assets (Households) 254.4 235.4 247.6 304.4 303.9 287.4 272.4 293.4 271.9 311.8 287.9 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 2.6 6.2 16.0 15.6 11.8 14.0 -7.6 42.4 -3.1 24.4 0.5 1

 businesses

 2 Nonfinancial corporate business -0.4 -0.0 9.6 9.3 4.8 5.3 -15.2 34.7 -12.8 14.4 -7.6 2

 3 Nonfarm noncorporate business 0.8 1.3 1.6 0.7 1.5 2.1 2.3 2.0 2.0 2.0 2.5 3

 4 U.S.-chartered commercial banks 0.7 0.9 1.2 1.4 1.7 1.9 1.8 1.9 1.9 2.0 2.1 4

 5 Savings institutions -0.9 0.5 -0.1 0.4 0.2 0.0 -0.1 -0.5 1.3 -0.5 -1.4 5

 6 Life insurance companies 1.0 1.6 1.6 1.7 1.8 1.8 1.6 1.9 1.9 1.8 1.8 6

 7 Other insurance companies 0.9 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 7

 8 Finance companies 0.8 0.7 0.8 0.8 0.9 0.9 0.8 0.9 0.9 0.9 0.9 8

 9 Brokers and dealers -0.2 -0.1 0.1 0.1 -0.1 0.9 0.1 0.4 0.4 2.7 1.1 9

10 Net change in business taxes receivable -14.0 -14.9 -6.9 -11.2 -6.2 16.7 7.3 36.5 -4.7 27.5 16.9 10

11 State and local governments -6.0 -8.3 -5.3 -3.4 -1.0 4.8 2.8 4.0 5.0 7.6 10.3 11

12 Federal government -8.0 -6.6 -1.5 -7.8 -5.2 11.8 4.5 32.6 -9.7 19.9 6.6 12

13 Discrepancy 16.6 21.1 22.8 26.8 18.0 -2.6 -14.8 5.8 1.6 -3.1 -16.5 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 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 1

 2 Asset: Household sector 17.8 4.0 -8.6 -56.3 -48.0 -31.1 -32.0 -25.9 -34.3 -32.3 -40.4 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 43.0 35.7 -2.3 -44.4 -45.6 -20.3 -7.9 8.9 -66.2 -15.8 -29.7 1

 2 Nonfarm noncorporate business 43.4 30.0 -18.1 -60.0 -47.9 -23.1 -26.0 -7.7 -37.5 -21.2 -29.6 2

 3 Farm business 7.8 -9.0 3.4 -1.7 -1.1 -2.4 5.1 7.9 -9.9 -12.6 -18.2 3

 4 Brokers and dealers -8.2 14.7 12.4 17.4 3.5 5.2 12.9 8.7 -18.8 18.0 18.1 4
Z.1, June 9, 2000 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 250.7 451.1 504.5 481.6 816.8 557.8 184.6 1189.7 356.1 501.0 475.0 1

 2 Household sector 0.5 0.7 0.8 0.3 -1.4 2.0 4.9 0.3 0.2 2.8 0.4 2

 3 Nonfinancial corporate business 72.4 131.0 250.5 51.2 332.2 240.1 168.3 450.3 244.3 97.6 69.9 3

 4 Nonfarm noncorporate business -9.3 3.4 -0.1 9.1 8.1 7.0 3.1 7.4 8.4 9.0 11.0 4

 5 Federal government 3.9 4.5 -3.2 0.2 -5.1 -2.8 -9.2 5.3 -14.1 6.6 -7.6 5

 6 Rest of the world 85.9 139.6 135.6 143.3 146.6 146.6 105.4 306.9 179.0 -4.8 121.1 6

 7 Monetary authority 1.3 1.3 -0.2 1.8 1.0 -1.6 -22.1 27.4 -17.5 5.7 -8.8 7

 8 Commercial banking 82.4 124.0 20.1 171.2 120.9 -57.9 -80.2 56.7 -230.0 21.8 47.8 8

 9 Savings institutions 3.7 -0.6 -2.5 -2.1 -1.6 -14.4 19.5 -20.0 -19.9 -37.5 14.2 9

10 Credit unions 1.4 -1.9 0.0 0.1 0.5 0.9 1.1 -2.0 0.2 4.2 -1.0 10

11 Life insurance companies 3.6 15.1 10.5 32.2 34.3 -3.5 -0.6 17.0 47.4 -77.7 21.0 11

12 Other insurance companies 16.4 22.8 12.3 10.5 22.3 19.9 -8.1 34.7 46.7 6.3 14.6 12

13 Government-sponsored enterprises -24.9 5.8 0.3 7.8 20.3 -6.0 -25.9 -13.3 -14.4 29.5 19.4 13

14 Finance companies 14.8 21.8 3.2 -2.9 17.7 72.6 68.4 16.3 58.9 146.8 158.3 14

15 Mortgage companies -12.5 -1.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 15

16 REITs 2.9 1.4 2.5 8.8 13.6 4.4 7.2 -5.2 12.9 2.7 -0.6 16

17 Brokers and dealers 1.6 12.6 28.4 21.8 43.8 7.4 -79.9 65.6 4.5 39.4 17.5 17

18 Funding corporations 6.5 -29.2 42.4 32.8 61.8 143.1 37.3 237.1 55.5 242.5 0.8 18

19 Net change in assets 397.1 656.0 575.3 545.5 864.1 916.3 596.0 1620.2 816.5 632.6 867.7 19

20 Household sector 12.8 14.8 9.7 10.3 15.3 10.9 1.2 13.2 25.1 4.1 7.4 20

21 Nonfinancial corporate business 163.0 316.3 262.7 43.5 293.6 386.6 541.8 261.3 447.7 295.4 482.9 21

22 Nonfarm noncorporate business 39.1 48.1 56.4 52.6 43.0 38.6 44.0 34.0 38.7 37.7 28.3 22

23 Farm business 1.3 1.8 -0.1 0.4 1.7 0.0 -1.3 1.7 1.5 -1.8 -0.0 23

24 State and local governments 1.3 42.9 -4.8 5.6 0.3 11.7 -12.8 -1.1 32.0 28.7 6.0 24

25 Federal government 3.2 -2.1 -6.4 -7.0 -3.5 -1.1 -0.4 -1.9 -2.4 0.4 -5.0 25

26 Rest of the world 59.4 119.8 131.6 203.0 205.1 354.4 172.2 850.4 300.1 95.0 263.8 26

27 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -1.3 -13.4 1.5 4.8 1.8 -2.5 27

28 Commercial banking 74.4 61.4 25.9 103.5 124.1 39.8 52.4 212.2 -56.8 -48.6 -122.6 28

29 Savings institutions -8.1 1.7 -1.8 -3.2 13.6 -2.6 -5.1 -24.6 23.2 -3.8 8.5 29

30 Credit unions -3.4 -0.8 -0.2 3.8 6.8 -16.3 1.3 -11.5 -5.8 -49.3 5.3 30

31 Bank personal trusts and estates -3.1 -0.9 3.9 -1.4 8.4 1.3 -0.2 2.0 2.6 0.9 2.4 31

32 Life insurance companies 22.2 7.2 -31.4 -6.7 18.3 -67.0 -89.2 -31.5 -27.4 -120.0 -24.5 32

33 Other insurance companies 1.7 3.8 3.6 5.4 5.3 5.5 6.3 3.0 9.8 3.0 -0.5 33

34 Private pension funds 15.7 7.2 10.1 9.4 -19.8 30.6 9.5 4.1 18.2 90.7 27.9 34

35 State and local govt. retirement funds -27.5 -39.9 -63.2 -87.3 -106.7 -104.6 -116.0 -72.9 -104.5 -125.2 10.1 35

36 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 24.2 -60.4 143.3 -56.9 70.6 -102.2 36

37 Mutual funds 2.5 0.5 -1.7 7.1 -3.9 -1.9 29.0 -32.7 -2.2 -1.7 -0.6 37

38 Government-sponsored enterprises -1.7 7.7 20.0 19.4 54.5 62.2 45.8 45.9 103.6 53.3 72.1 38

39 Finance companies -7.6 21.0 22.0 28.9 16.1 48.5 89.8 10.5 -15.0 108.4 2.7 39

40 REITs 1.8 1.0 -1.7 4.9 10.7 -0.1 1.4 -4.5 -1.7 4.5 1.7 40

41 Brokers and dealers 24.8 10.3 68.2 82.8 115.9 29.0 -249.0 171.6 22.3 171.2 127.6 41

42 Funding corporations 15.6 24.5 65.2 53.3 52.5 68.0 148.9 46.1 59.8 17.2 78.7 42

43 Discrepancy -146.4 -204.8 -70.7 -63.8 -47.4 -358.5 -411.4 -430.5 -460.4 -131.6 -392.7 43
54 Z.1, June 9, 2000

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 80.7 99.5 92.7 110.0 132.8 152.1 166.5 127.2 189.4 125.4 127.3 1

 2 Equity 33.7 40.5 27.5 43.9 60.3 56.4 79.2 31.7 91.0 23.6 42.9 2

 3 Reinvested earnings 31.5 54.6 55.5 61.6 61.5 77.6 56.4 79.3 86.4 88.2 65.0 3

 4 Intercompany accounts 15.5 4.4 9.7 4.4 11.0 18.2 30.9 16.2 12.0 13.6 19.4 4

 5 Asset: Nonfinancial corporate business 79.0 91.1 77.6 90.2 113.9 134.4 150.8 112.7 168.1 106.1 113.6 5

 6 Commercial banking 2.6 1.6 3.5 2.9 0.9 4.1 3.2 6.4 1.9 4.8 6.1 6

 7 Life insurance companies 0.6 0.4 0.8 1.8 2.1 0.2 0.9 0.1 -1.4 1.3 0.0 7

 8 Other insurance companies 1.7 3.8 3.6 5.4 5.3 5.5 6.3 3.0 9.8 3.0 -0.5 8

 9 Finance companies 0.7 2.5 7.3 9.1 7.8 5.0 1.6 4.6 9.1 4.6 4.5 9

10 Brokers and dealers -3.9 0.1 -0.1 0.5 2.8 2.9 3.7 0.6 1.9 5.6 3.5 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 46.6 55.4 74.5 110.1 163.1 243.5 111.7 370.0 162.7 329.7 48.0 11

12 Nonfarm noncorporate business 0.0 -0.1 0.3 0.5 0.2 -0.9 -4.3 0.2 0.1 0.4 3.1 12

13 Commercial banking 3.4 6.6 -0.1 6.7 5.7 21.6 2.8 55.5 3.9 24.3 0.6 13

14 Life insurance companies 1.0 1.8 1.0 6.4 2.0 12.4 1.2 41.7 2.5 4.1 3.0 14

15 Other insurance companies 1.8 2.0 5.7 5.7 4.8 19.2 4.0 19.0 31.3 22.3 11.2 15

16 Finance companies 1.3 2.8 5.1 6.8 5.0 8.8 -5.6 20.5 14.6 5.6 9.2 16

17 Brokers and dealers 0.8 1.5 1.3 0.4 0.7 2.1 -0.0 0.9 -0.3 7.8 1.5 17

18 Funding corporations -7.5 -10.4 1.1 -27.4 11.8 -24.2 -17.6 110.0 28.6 -217.7 73.7 18

19 Asset: Rest of the world 47.4 59.6 89.0 109.3 193.4 282.5 92.2 617.9 243.4 176.5 150.4 19

20 Equity 37.2 47.9 63.7 64.7 154.2 215.8 31.6 565.5 145.0 121.4 81.4 20

21 Reinvested earnings 6.2 10.3 11.0 20.3 12.8 26.0 21.1 17.3 23.4 42.2 28.5 21

22 Intercompany accounts 4.0 1.5 14.3 24.3 26.4 40.7 39.6 35.1 75.0 12.9 40.5 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.5 1.8 1.6 1.6 1.5 1.6 1.8 1.3 1.1 1.4 23

24 Asset: Federal government 1.4 1.5 1.8 1.6 1.6 1.5 1.6 1.8 1.3 1.1 1.4 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.3 0.6 0.8 0.5 0.5 0.7 0.6 0.2 0.4 1.2 25

26 Asset: Commercial banking 0.3 0.3 0.6 0.8 0.5 0.5 0.7 0.6 0.2 0.4 1.2 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.9 1.8 1.2 0.7 3.3 5.5 6.0 2.6 6.1 7.4 4.0 27

28 Asset: Nonfin. corporate business (FNMA) 0.1 -0.2 -0.2 -1.1 -0.7 -0.6 0.2 -0.9 -0.9 -0.7 -0.1 28

29 Nonfarm noncorporate (BC) 0.2 0.0 0.7 0 -0.1 0.0 0.2 -0.3 -0.1 0.3 0.4 29

30 Farm business (FICB and FLB) 0.0 -0.1 -0.6 0 0.1 -0.0 -0.2 0.3 0.1 -0.3 -0.3 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.6 1.6 0.8 1.3 2.0 3.0 2.4 1.9 4.4 3.3 1.7 32

33 Savings institutions (FHLB) -0.0 0.4 0.5 0.4 1.8 2.7 2.9 1.1 2.2 4.7 2.6 33

34 Credit unions (FHLB) 0.0 0.1 0.0 0.0 0.1 0.2 0.4 0.2 0.1 0.2 0.1 34

35 Life insurance companies (FHLB) 0.0 -0.0 0.1 0.0 0.0 0.1 0.2 0.1 0.2 -0.1 -0.3 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 17.5 40.1 28.6 40.7 55.3 10.5 29.8 -10.2 6.9 15.4 51.7 36

37 Savings institutions -0.0 0.1 0.2 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.6 37

38 Finance companies 3.1 4.6 4.6 2.2 -1.4 31.0 5.7 1.6 38.1 78.7 42.7 38

39 Mortgage companies -12.5 -1.2 4.1 -4.6 1.6 0.2 -4.6 5.1 -6.1 6.2 -3.0 39

40 Brokers and dealers 9.6 4.7 -8.6 27.0 43.5 -22.1 72.5 49.9 -58.0 -152.5 108.9 40

41 Asset: Bank holding companies 17.7 48.3 28.9 65.7 99.4 20.1 103.9 46.9 -18.5 -51.7 200.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 3.1 4.6 4.6 2.2 -1.4 31.0 5.7 1.6 38.1 78.7 42.7 42

43 Asset: Nonfinancial corporate business 3.1 4.6 4.6 2.2 -1.4 31.0 5.7 1.6 38.1 78.7 42.7 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -0.5 6.7 13.7 14.3 11.8 2.5 -3.1 -5.3 56.0 -37.8 86.1 44

45 Brokers and dealers 16.1 17.8 51.5 38.9 40.8 65.5 152.0 51.4 3.8 55.0 -7.5 45

46 Asset: Funding corporations 15.6 24.5 65.2 53.3 52.5 68.0 148.9 46.1 59.8 17.2 78.7 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, June 9, 2000 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.1 0.3 -0.1 -0.0 -0.1 0.5 0.5 0.4 0.5 0.5 0.6 1

 2 Asset: Federal government 0.1 0.3 -0.1 -0.0 -0.1 0.5 0.5 0.4 0.5 0.5 0.6 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0 0 0 0 0 0 0 0 0 0 0 3

 4 Asset: Household sector 0 0 0 0 0 0 0 0 0 0 0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -7.8 3.3 -1.2 0 6.8 -7.8 -13.5 -16.7 -5.8 4.8 -8.1 5

 6 Asset: Savings institutions -7.8 3.3 -1.2 0 6.8 -7.8 -13.5 -16.7 -5.8 4.8 -8.1 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.5 0.7 0.8 0.3 -1.4 2.0 4.9 0.3 0.2 2.8 0.4 7

 8 Asset: Life insurance companies 0.5 0.7 0.8 0.3 -1.4 2.0 4.9 0.3 0.2 2.8 0.4 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.7 6.1 7.0 8.3 7.9 10.6 6.3 6.7 18.6 10.8 6.0 9

10 Health 6.6 5.2 6.2 6.3 7.3 9.7 5.2 5.6 17.0 10.9 4.8 10

11 Policy dividend accumulation 0.1 0.8 0.8 2.0 0.7 0.9 1.1 1.0 1.6 -0.1 1.2 11

12 Asset: Household sector 6.7 6.1 7.0 8.3 7.9 10.6 6.3 6.7 18.6 10.8 6.0 12

 Policy payables:

13 Liab.: Other insurance companies 14.5 20.8 6.6 4.8 17.5 0.7 -12.1 15.7 15.4 -16.0 3.3 13

14 Asset: Household sector 6.1 8.7 2.7 2.0 7.3 0.3 -5.1 6.6 6.4 -6.7 1.4 14

15 Nonfinancial corporate business 5.7 8.2 2.6 1.9 6.9 0.3 -4.8 6.2 6.1 -6.3 1.3 15

16 Nonfarm noncorporate business 1.4 2.0 0.6 0.5 1.7 0.1 -1.2 1.5 1.5 -1.5 0.3 16

17 Farm business 1.3 1.9 0.6 0.4 1.6 0.1 -1.1 1.4 1.4 -1.5 0.3 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -4.9 -0.7 -2.5 -4.3 -1.3 -4.1 -6.4 -6.2 8.8 -12.7 21.4 18

19 Asset: Private pension funds -4.9 -0.7 -2.5 -4.3 -1.3 -4.1 -6.4 -6.2 8.8 -12.7 21.4 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 24.6 -5.5 59.9 57.2 70.0 19.4 -173.2 107.8 53.0 90.0 108.1 22

23 Asset: Brokers and dealers 24.6 -5.5 59.9 57.2 70.0 19.4 -173.2 107.8 53.0 90.0 108.1 23
56 Z.1, June 9, 2000

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 48.7 182.4 146.2 68.2 231.4 -28.5 -151.0 233.1 -258.2 62.1 -267.3 1

 2 Nonfinancial corporate business 25.8 71.9 172.2 -62.7 165.4 -7.2 52.8 76.5 77.8 -235.9 18.1 2

 3 Nonfarm noncorporate business -9.3 3.4 -0.4 8.5 7.9 7.9 7.4 7.2 8.3 8.6 7.9 3

 4 Federal government 3.9 4.5 -3.2 0.2 -5.1 -2.8 -9.2 5.3 -14.1 6.6 -7.6 4

 5 Rest of the world 3.6 38.3 41.2 31.8 12.4 -7.4 -63.2 177.4 -12.2 -131.8 -8.1 5

 6 Monetary authority 1.1 1.0 -0.9 1.0 0.5 -2.1 -22.8 26.8 -17.7 5.3 -10.0 6

 7 Commercial banking 61.9 70.6 -22.1 109.4 48.1 -92.5 -109.6 16.6 -296.8 19.9 -90.7 7

 8 U.S.-chartered commercial banks 31.3 3.5 -13.0 30.5 -2.4 -20.0 -95.7 75.1 -170.7 111.3 55.6 8

 9 Foreign banking offices in U.S. 29.0 37.6 -26.9 35.2 -11.8 -66.6 -43.5 -28.2 -101.0 -93.6 -141.2 9

10 Bank holding companies -0.2 26.6 17.3 39.0 56.0 -10.8 26.8 -35.4 -32.1 -2.4 -7.9 10

11 Banks in U.S.-affiliated areas 1.8 2.9 0.6 4.7 6.3 4.9 2.8 5.1 6.9 4.6 2.9 11

12 Savings institutions 3.7 -0.7 -2.7 -2.4 -2.1 -15.0 19.0 -20.5 -20.4 -38.1 13.6 12

13 Credit unions 1.4 -1.9 0.0 0.1 0.5 0.9 1.1 -2.0 0.2 4.2 -1.0 13

14 Life insurance companies 0.9 7.9 4.9 21.9 25.7 -22.4 -1.7 -25.1 17.4 -80.0 -9.4 14

15 Government-sponsored enterprises -19.0 0.8 0.3 7.1 10.1 -3.7 -18.4 0.8 -14.7 17.3 23.4 15

16 Finance companies 7.3 9.8 -11.2 -14.0 15.6 1.8 62.6 -7.3 -31.9 -16.2 63.7 16

17 REITs 2.9 1.4 2.5 8.8 13.6 4.4 7.2 -5.2 12.9 2.7 -0.6 17

18 Brokers and dealers -24.8 -11.4 -15.8 -44.7 -41.2 -38.2 -304.3 -36.6 59.0 129.2 -85.5 18

19 Funding corporations -10.6 -13.3 -18.6 3.0 -20.0 147.9 228.2 19.3 -26.1 370.2 -181.0 19

20 Net change in assets 195.1 387.2 217.0 132.0 278.8 330.0 260.4 663.6 202.2 193.6 125.4 20

21 Nonfinancial corporate business 75.1 212.5 178.1 -49.6 174.9 221.4 389.9 141.8 236.3 117.6 325.3 21

22 Nonfarm noncorporate business 37.5 46.1 55.1 52.1 41.4 38.5 45.0 32.8 37.3 38.9 27.6 22

23 State and local governments 1.3 42.9 -4.8 5.6 0.3 11.7 -12.8 -1.1 32.0 28.7 6.0 23

24 Federal government 1.7 -3.8 -8.1 -8.5 -5.0 -3.0 -2.4 -4.1 -4.2 -1.2 -6.9 24

25 Rest of the world 12.0 60.2 42.6 93.7 11.8 71.9 80.0 232.4 56.7 -81.5 113.4 25

26 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -1.3 -13.4 1.5 4.8 1.8 -2.5 26

27 Commercial banking 52.3 9.6 -7.9 32.7 21.2 12.1 -57.8 156.3 -44.7 -5.4 -332.6 27

28 U.S.-chartered commercial banks 7.2 -1.6 1.3 0.5 5.6 3.7 -13.7 70.5 -6.2 -35.8 -31.7 28

29 Foreign banking offices in U.S. 37.5 5.0 -21.2 37.0 0.4 -21.3 -45.5 66.7 -95.2 -11.3 -203.5 29

30 Bank holding companies 7.7 4.6 11.3 -6.7 12.1 28.8 1.4 17.6 55.9 40.5 -96.2 30

31 Banks in U.S.-affiliated areas -0.1 1.6 0.8 1.8 3.1 0.9 -0.0 1.6 0.7 1.1 -1.3 31

32 Savings institutions -0.3 -2.0 -1.1 -3.6 4.9 2.5 5.6 -9.0 26.7 -13.2 14.1 32

33 Credit unions -3.4 -0.9 -0.2 3.8 6.7 -16.5 1.0 -11.7 -5.9 -49.5 5.2 33

34 Bank personal trusts and estates -3.1 -0.9 3.9 -1.4 8.4 1.3 -0.2 2.0 2.6 0.9 2.4 34

35 Life insurance companies 21.0 6.1 -33.1 -8.8 17.6 -69.4 -95.2 -32.0 -26.4 -124.0 -24.6 35

36 Private pension funds 20.5 4.3 8.8 10.0 -22.3 30.9 12.1 6.5 5.5 99.6 2.8 36

37 State and local govt. retirement funds -27.5 -39.9 -63.2 -87.3 -106.7 -104.6 -116.0 -72.9 -104.5 -125.2 10.1 37

38 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 24.2 -60.4 143.3 -56.9 70.6 -102.2 38

39 Mutual funds 2.5 0.5 -1.7 7.1 -3.9 -1.9 29.0 -32.7 -2.2 -1.7 -0.6 39

40 Government-sponsored enterprises -1.7 7.7 20.0 19.4 54.5 62.2 45.8 45.9 103.6 53.3 72.1 40

41 Finance companies -8.3 18.6 14.6 19.8 8.3 43.5 88.3 5.9 -24.1 103.8 -1.8 41

42 REITs 1.8 1.0 -1.7 4.9 10.7 -0.1 1.4 -4.5 -1.7 4.5 1.7 42

43 Brokers and dealers 4.2 15.7 8.4 25.1 43.1 6.7 -79.5 63.2 -32.7 75.7 16.0 43

44 Discrepancy -146.4 -204.8 -70.7 -63.8 -47.4 -358.5 -411.4 -430.5 -460.4 -131.6 -392.7 44
Z.1, June 9, 2000 57

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 All sectors -77.9 -179.2 -49.5 81.5 21.0 -117.5 39.7 -199.4 -144.8 -165.6 346.2 1

 2 Household sector -16.1 81.4 72.7 186.2 63.0 58.0 230.6 18.7 82.0 -99.2 51.8 2

 3 Nonfinancial corporate business -59.3 -77.7 -12.5 76.4 52.0 29.6 31.2 25.3 30.0 31.8 33.3 3

 4 State and local governments -17.6 -46.9 -43.2 6.1 -79.2 -51.5 -61.2 -62.5 -29.5 -52.5 -64.6 4

 5 Federal government 45.7 -13.7 66.9 27.6 34.2 -11.2 -0.9 -32.4 25.4 -36.7 147.9 5

 6 Rest of the world -22.0 -39.3 -84.1 -163.0 -8.9 -59.6 -39.3 -174.7 -41.8 17.5 29.8 6

 7 Financial sectors -8.5 -83.0 -49.4 -51.8 -40.1 -82.9 -120.6 26.2 -210.8 -26.6 148.0 7

 8 Monetary authority -3.2 -1.8 0.8 1.7 -3.0 -1.9 -3.1 -2.9 -4.3 2.6 -7.7 8

 9 Commercial banking 30.6 -20.9 -6.9 43.1 35.0 -43.9 -17.8 24.4 -156.6 -25.8 153.7 9

10 Savings institutions -5.2 -2.5 -3.6 -3.8 -7.2 -5.0 -6.4 -4.7 -4.4 -4.4 -5.9 10

11 Credit unions 2.0 0.8 1.4 -0.3 -0.3 0.4 0.6 0.9 -0.4 0.6 -2.6 11

12 Bank personal trusts and estates -1.0 -1.3 2.1 -5.3 -0.2 -0.4 -0.1 -0.4 -0.4 -0.6 -0.7 12

13 Life insurance companies -12.6 -42.5 -42.1 -46.6 -34.7 -38.6 -21.0 -36.1 -35.8 -61.4 -32.2 13

14 Other insurance companies -24.8 -22.9 -13.2 -43.5 -25.5 10.4 -26.1 20.3 25.2 22.3 -16.7 14

15 Mutual funds -11.2 9.3 5.6 7.3 10.5 11.0 11.0 11.0 11.0 11.0 11.0 15

16 Government-sponsored enterprises -2.3 -1.8 0.5 -3.0 -4.1 -2.7 -1.4 -0.9 -4.4 -4.2 -3.2 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 -0.0 17

18 Finance companies 14.8 -1.6 4.5 -5.7 -15.8 -23.4 -55.4 -1.7 -58.8 22.3 38.5 18

19 REITs 8.7 6.7 6.6 9.7 12.8 19.6 8.0 24.9 26.4 19.3 23.2 19

20 Brokers and dealers -4.3 -4.4 -5.0 -5.6 -7.8 -8.5 -8.9 -8.7 -8.2 -8.2 -9.4 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -77.9 -179.2 -49.5 81.5 21.0 -117.5 39.7 -199.4 -144.8 -165.6 346.2 1

 2 Treasury currency -0.2 -0.5 -0.9 -0.6 -0.7 -1.7 -1.5 0.6 0.2 -6.3 0.6 2

 3 Foreign deposits 43.0 25.1 59.6 105.6 -8.1 47.5 61.8 86.2 9.5 32.4 -8.5 3

 4 Net interbank transactions -2.7 -3.1 -3.3 -19.9 3.4 4.1 58.7 -1.7 -1.0 -39.8 34.5 4

 5 Security RPs 67.7 20.2 4.5 62.2 54.1 31.8 209.3 62.4 48.0 -192.6 571.0 5

 Mail floats:

 6 Federal government -4.8 -6.0 0.5 -2.7 2.6 -7.4 -1.8 -41.4 23.0 -9.5 28.8 6

 7 Other -2.8 -3.8 -4.0 -3.9 -3.1 -0.8 -1.9 -1.0 -0.5 0.1 0.8 7

 8 Trade credit 27.4 15.6 -21.2 -29.3 -42.0 44.8 40.8 -15.5 93.8 60.3 0.4 8

 9 Taxes payable 16.6 21.1 22.8 26.8 18.0 -2.6 -14.8 5.8 1.6 -3.1 -16.5 9

10 Miscellaneous -146.4 -204.8 -70.7 -63.8 -47.4 -358.5 -411.4 -430.5 -460.4 -131.6 -392.7 10

11 Nonfinancial -75.7 -42.8 -36.7 7.2 44.3 125.4 100.5 135.7 140.9 124.4 127.7 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 58.4 26.4 33.0 -3.2 -47.7 -125.1 -99.2 -135.6 -140.9 -124.6 -127.9 12

13 Private wage accruals less disbursements 17.6 16.4 3.6 -4.1 3.5 0 0 0 0 0 0 13
58 Z.1, June 9, 2000

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total credit market debt owed by: 16169.3 17204.3 18444.0 19799.6 21275.7 23421.2 24030.7 24463.3 25075.1 25678.8 26078.6 1

 2 Domestic nonfinancial sectors 12437.5 13011.8 13723.8 14456.3 15260.3 16298.4 16613.9 16791.8 17113.5 17453.5 17686.5 2

 3 Federal government 3336.5 3492.3 3636.7 3781.8 3804.9 3752.2 3759.7 3651.7 3632.7 3681.0 3653.5 3

 4 Nonfederal sectors 9101.1 9519.5 10087.1 10674.6 11455.5 12546.2 12854.2 13140.1 13480.7 13772.5 14033.0 4

 5 Household sector 4108.0 4427.0 4782.8 5104.9 5441.9 5920.1 6000.0 6142.4 6308.8 6464.4 6532.8 5

 6 Nonfinancial corporate business 2568.7 2706.8 2936.6 3120.2 3386.8 3801.5 3983.3 4083.1 4220.0 4314.4 4472.9 6

 7 Nonfarm noncorporate business 1118.5 1121.8 1152.4 1236.1 1351.1 1460.9 1485.2 1510.2 1540.9 1572.0 1599.9 7

 8 Farm business 137.9 142.2 145.1 149.9 156.1 163.8 162.4 166.1 168.6 169.1 169.4 8

 9 State and local governments 1167.9 1121.7 1070.2 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.5 1258.1 9

10 Rest of the world 385.8 370.3 441.4 518.7 570.1 603.7 607.8 598.2 614.7 618.2 646.6 10

11 Financial sectors 3346.1 3822.2 4278.8 4824.6 5445.2 6519.1 6809.0 7073.3 7346.9 7607.0 7745.5 11

12 Commercial banking 208.0 228.1 250.6 263.6 309.2 382.1 390.0 408.2 436.1 449.3 463.6 12

13 U.S.-chartered commercial banks 68.6 81.0 92.2 103.9 133.4 186.2 185.3 200.6 222.4 228.0 240.3 13

14 Foreign banking offices in U.S. 16.0 13.4 10.4 9.6 7.2 2.4 2.1 2.1 1.8 2.0 2.0 14

15 Bank holding companies 123.4 133.6 148.0 150.0 168.6 193.5 202.6 205.5 211.9 219.3 221.4 15

16 Savings institutions 99.6 112.4 115.0 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 16

17 Credit unions 0.2 0.5 0.4 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 17

18 Life insurance companies 0.2 0.6 0.5 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 18

19 Government-sponsored enterprises 528.5 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 19

20 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 20

21 ABS issuers 493.6 570.1 712.5 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 21

22 Finance companies 385.1 433.7 483.9 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.4 22

23 Mortgage companies 30.2 18.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 23

24 REITs 29.9 40.0 44.6 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 24

25 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 42.5 34.8 30.4 34.6 25.3 36.4 25

26 Funding corporations 180.3 211.0 248.6 312.7 373.7 414.4 459.1 449.5 462.0 506.6 510.9 26

27 Total credit market assets held by: 16169.3 17204.3 18444.0 19799.6 21275.7 23421.2 24030.7 24463.3 25075.1 25678.8 26078.6 27

28 Domestic nonfederal nonfinancial sectors 2730.6 2986.7 2846.3 2903.6 2816.2 2862.6 2953.6 3006.2 3064.9 3118.0 3072.7 28

29 Household sector 1637.2 1930.0 1885.0 1990.6 1917.9 1815.8 1885.2 1907.8 1962.7 1998.8 1963.6 29

30 Nonfinancial corporate business 271.5 289.2 280.4 270.2 257.5 271.5 259.8 266.7 283.2 298.9 285.5 30

31 Nonfarm noncorporate business 37.0 37.6 42.3 38.0 35.9 35.9 36.6 36.9 37.1 37.5 38.1 31

32 State and local governments 784.9 729.9 638.6 604.8 605.0 739.4 772.1 794.8 781.9 782.8 785.4 32

33 Federal government 231.9 202.9 202.7 195.3 200.4 213.9 218.1 219.8 255.6 256.4 259.7 33

34 Rest of the world 1108.7 1216.0 1531.1 1926.6 2256.8 2534.3 2601.8 2609.8 2706.2 2737.9 2826.5 34

35 Financial sectors 12098.1 12798.8 13863.9 14774.1 16002.3 17810.4 18257.1 18627.5 19048.5 19566.5 19919.7 35

36 Monetary authority 336.7 368.2 380.8 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 36

37 Commercial banking 3090.8 3254.3 3520.1 3707.7 4031.9 4335.7 4338.4 4383.4 4488.3 4644.0 4724.7 37

38 U.S.-chartered commercial banks 2721.5 2869.6 3056.1 3175.8 3450.7 3761.2 3782.9 3847.6 3944.3 4078.9 4171.2 38

39 Foreign banking offices in U.S. 326.0 337.1 412.6 475.8 516.1 504.2 487.8 465.7 475.3 484.1 481.9 39

40 Bank holding companies 17.5 18.4 18.0 22.0 27.4 26.5 25.0 25.1 22.0 32.7 22.0 40

41 Banks in U.S.-affiliated areas 25.8 29.2 33.4 34.1 37.8 43.8 42.7 45.0 46.7 48.3 49.7 41

42 Savings institutions 914.1 920.8 913.3 933.2 928.5 964.8 990.8 1011.4 1030.8 1033.4 1044.0 42

43 Credit unions 218.7 246.8 263.0 288.5 305.3 324.2 330.2 341.0 348.5 351.7 360.1 43

44 Bank personal trusts and estates 240.9 248.0 239.7 232.0 207.0 194.1 192.2 190.1 188.0 185.7 183.3 44

45 Life insurance companies 1415.5 1487.5 1587.5 1657.0 1751.1 1828.0 1853.5 1869.6 1880.4 1881.7 1903.8 45

46 Other insurance companies 422.7 446.4 468.7 491.2 515.3 535.7 530.8 537.5 533.9 532.0 532.0 46

47 Private pension funds 614.8 660.9 716.9 769.2 834.7 953.4 968.5 1006.0 1017.4 1050.1 1065.7 47

48 State and local govt. retirement funds 466.5 497.4 531.0 568.2 632.0 698.0 717.2 724.0 733.6 748.6 745.3 48

49 Money market mutual funds 429.0 459.0 545.5 634.3 721.9 965.9 1036.2 1001.8 1049.7 1147.8 1217.1 49

50 Mutual funds 725.9 718.8 771.3 820.2 901.1 1025.9 1050.8 1083.8 1083.1 1074.0 1055.0 50

51 Closed-end funds 89.7 86.0 96.4 101.1 98.3 102.8 103.6 104.3 105.1 105.9 106.7 51

52 Government-sponsored enterprises 545.5 663.3 750.0 807.9 902.2 1163.0 1201.9 1267.0 1338.6 1397.5 1422.2 52

53 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 53

54 ABS issuers 463.4 532.8 653.4 773.9 937.7 1219.4 1280.1 1352.7 1409.8 1435.3 1463.9 54

55 Finance companies 427.9 476.2 526.2 544.5 566.4 618.4 639.9 660.9 678.2 713.3 747.0 55

56 Mortgage companies 60.4 36.5 33.0 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 56

57 REITs 25.4 24.6 26.0 30.4 50.6 45.5 45.9 45.3 44.7 42.9 38.8 57

58 Brokers and dealers 137.5 93.3 183.4 167.7 182.6 189.4 211.4 162.9 167.0 158.6 200.9 58

59 Funding corporations 116.1 106.0 87.4 101.4 146.5 140.0 154.4 182.2 183.5 258.1 250.9 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, June 9, 2000 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 12437.5 13011.8 13723.8 14456.3 15260.3 16298.4 16613.9 16791.8 17113.5 17453.5 17686.5 1

 2 Federal government 3336.5 3492.3 3636.7 3781.8 3804.9 3752.2 3759.7 3651.7 3632.7 3681.0 3653.5 2

 3 Treasury securities 3309.9 3465.6 3608.5 3755.1 3778.3 3723.7 3731.6 3623.4 3604.5 3652.8 3625.8 3

 4 Budget agency secur. and mortgages 26.6 26.7 28.2 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 4

 5 Nonfederal, by instrument 9101.1 9519.5 10087.1 10674.6 11455.5 12546.2 12854.2 13140.1 13480.7 13772.5 14033.0 5

 6 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 6

 7 Municipal securities and loans 1377.5 1341.7 1293.5 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 7

 8 Corporate bonds 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.7 8

 9 Bank loans n.e.c. 684.8 759.9 863.6 934.1 1040.5 1148.8 1165.2 1178.5 1202.9 1231.5 1256.8 9

10 Other loans and advances 629.3 669.6 736.9 770.4 839.5 913.8 957.4 953.5 967.1 982.8 1030.4 10

11 Mortgages 4202.9 4372.1 4568.8 4845.7 5164.4 5665.0 5799.4 5955.4 6162.0 6309.9 6422.8 11

12 Home 3146.5 3330.0 3510.4 3718.8 3970.7 4354.0 4446.5 4559.7 4689.6 4786.8 4860.2 12

13 Multifamily residential 263.3 259.6 265.5 278.7 287.1 305.9 315.0 323.3 334.8 346.9 355.3 13

14 Commercial 712.3 699.6 708.4 761.1 816.4 908.7 940.5 972.8 1036.2 1074.2 1104.4 14

15 Farm 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 15

16 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 16

17 Nonfederal, by sector 9101.1 9519.5 10087.1 10674.6 11455.5 12546.2 12854.2 13140.1 13480.7 13772.5 14033.0 17

18 Household sector 4108.0 4427.0 4782.8 5104.9 5441.9 5920.1 6000.0 6142.4 6308.8 6464.4 6532.8 18

19 Nonfinancial business 3825.1 3970.8 4234.1 4506.2 4894.1 5426.2 5631.0 5759.4 5929.5 6055.5 6242.1 19

20 Corporate 2568.7 2706.8 2936.6 3120.2 3386.8 3801.5 3983.3 4083.1 4220.0 4314.4 4472.9 20

21 Nonfarm noncorporate 1118.5 1121.8 1152.4 1236.1 1351.1 1460.9 1485.2 1510.2 1540.9 1572.0 1599.9 21

22 Farm 137.9 142.2 145.1 149.9 156.1 163.8 162.4 166.1 168.6 169.1 169.4 22

23 State and local governments 1167.9 1121.7 1070.2 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.5 1258.1 23

 Foreign credit market debt

24 held in U.S. 385.8 370.3 441.4 518.7 570.1 603.7 607.8 598.2 614.7 618.2 646.6 24

25 Commercial paper 68.8 42.7 56.2 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 25

26 Bonds 230.1 242.3 291.9 347.7 394.9 420.0 420.2 417.1 424.4 420.1 429.9 26

27 Bank loans n.e.c. 24.6 26.1 34.6 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 27

28 Other loans and advances 62.3 59.3 58.8 59.8 58.0 52.0 51.3 50.5 49.7 49.5 51.8 28

29 Domestic and foreign 12823.3 13382.1 14165.3 14975.0 15830.5 16902.1 17221.7 17390.0 17728.2 18071.8 18333.1 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 3346.1 3822.2 4278.8 4824.6 5445.2 6519.1 6809.0 7073.3 7346.9 7607.0 7745.5 1

 2 Federal government-related 1885.2 2172.7 2376.8 2608.3 2821.1 3292.0 3434.1 3580.7 3745.9 3884.0 3940.8 2

 3 Govt.-sponsored enterprise securities 523.7 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 3

 4 Mortgage pool securities 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 4

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

 6 Private financial sectors 1460.8 1649.5 1901.9 2216.3 2624.1 3227.1 3374.9 3492.6 3601.1 3723.0 3804.7 6

 7 Open market paper 393.4 441.6 486.9 579.1 745.7 906.7 926.4 940.9 963.4 1082.9 1115.7 7

 8 Corporate bonds 887.0 1008.8 1204.7 1378.4 1555.9 1852.8 1968.6 2042.8 2091.2 2074.6 2112.6 8

 9 Bank loans n.e.c. 62.6 48.9 51.4 64.0 77.2 107.2 104.1 106.8 105.2 92.9 93.6 9

10 Other loans and advances 108.9 131.6 135.0 162.9 198.5 288.7 299.1 328.6 365.4 395.8 404.4 10

11 Mortgages 8.9 18.7 24.1 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 11

12 By sector 3346.1 3822.2 4278.8 4824.6 5445.2 6519.1 6809.0 7073.3 7346.9 7607.0 7745.5 12

13 Commercial banks 84.6 94.5 102.6 113.6 140.6 188.6 187.5 202.7 224.2 230.0 242.2 13

14 Bank holding companies 123.4 133.6 148.0 150.0 168.6 193.5 202.6 205.5 211.9 219.3 221.4 14

15 Savings institutions 99.6 112.4 115.0 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 15

16 Credit unions 0.2 0.5 0.4 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 16

17 Life insurance companies 0.2 0.6 0.5 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 17

18 Government-sponsored enterprises 528.5 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 18

19 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 19

20 ABS issuers 493.6 570.1 712.5 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 20

21 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 42.5 34.8 30.4 34.6 25.3 36.4 21

22 Finance companies 385.1 433.7 483.9 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.4 22

23 Mortgage companies 30.2 18.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 23

24 REITs 29.9 40.0 44.6 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 24

25 Funding corporations 180.3 211.0 248.6 312.7 373.7 414.4 459.1 449.5 462.0 506.6 510.9 25
60 Z.1, June 9, 2000

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total 16169.3 17204.3 18444.0 19799.6 21275.7 23421.2 24030.7 24463.3 25075.1 25678.8 26078.6 1

 2 Open market paper 580.0 623.5 700.4 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 2

 3 U.S. government securities 5216.9 5665.0 6013.6 6390.0 6626.0 7044.3 7193.8 7232.4 7378.6 7565.0 7594.3 3

 4 Municipal securities 1377.5 1341.7 1293.5 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 4

 5 Corporate and foreign bonds 2346.8 2504.0 2840.7 3186.5 3561.7 4102.4 4286.9 4429.9 4536.2 4554.2 4649.2 5

 6 Bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.6 6

 7 Other loans and advances 805.3 860.5 930.6 993.1 1095.9 1254.4 1307.8 1332.6 1382.2 1428.1 1486.6 7

 8 Mortgages 4211.8 4390.9 4592.9 4877.7 5211.2 5736.7 5876.0 6029.0 6237.9 6386.6 6501.3 8

 9 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 9

 Memo:

 Selected claims not included above:

10 Corporate equities 6306.2 6333.3 8495.7 10255.8 13181.4 15413.4 15893.6 17018.0 16008.3 18876.7 19557.9 10

11 Mutual fund shares 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 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) 16169.3 17204.3 18444.0 19799.6 21275.7 23421.2 24030.7 24463.3 25075.1 25678.8 26078.6 1

 2 Official foreign exchange 53.4 53.2 63.7 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 2

 3 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 3

 4 Treasury currency 17.0 17.6 18.2 18.3 18.3 18.3 18.3 18.8 19.3 18.3 18.8 4

 5 Foreign deposits 271.8 373.9 418.8 516.1 618.8 639.9 671.8 696.6 710.4 707.2 720.2 5

 6 Net interbank liabilities 189.3 280.1 290.7 240.8 219.4 189.0 182.0 203.5 196.0 197.4 152.7 6

 7 Checkable deposits and currency 1251.7 1242.0 1229.3 1245.1 1286.6 1334.2 1311.4 1354.1 1354.9 1485.8 1393.5 7

 8 Small time and savings deposits 2223.1 2183.2 2279.7 2377.0 2474.1 2626.5 2637.6 2644.6 2665.9 2670.9 2728.5 8

 9 Large time deposits 391.7 411.2 476.9 590.9 713.4 805.5 804.3 809.0 837.5 935.8 966.1 9

10 Money market fund shares 559.6 602.9 745.3 891.1 1048.7 1334.2 1416.0 1398.1 1449.6 1584.8 1671.2 10

11 Security RPs 471.3 549.5 660.0 701.5 822.4 913.7 980.3 970.8 999.3 1085.4 1157.0 11

12 Mutual fund shares 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 12

13 Security credit 279.0 279.0 305.7 358.1 469.1 572.3 552.7 589.3 593.2 665.9 792.7 13

14 Life insurance reserves 484.8 520.3 566.2 610.6 665.0 718.3 730.9 749.8 766.2 779.3 791.6 14

15 Pension fund reserves 4673.7 4947.6 5766.9 6642.6 7895.8 9097.6 9275.8 9731.4 9479.4 10386.8 10395.6 15

16 Trade payables 1449.2 1569.1 1698.0 1812.8 1943.3 1970.7 1972.9 2032.7 2092.8 2144.7 2153.7 16

17 Taxes payable 98.8 101.4 107.6 123.6 139.2 151.0 157.9 160.5 163.6 165.0 174.2 17

18 Investment in bank personal trusts 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 18

19 Miscellaneous 5069.5 5289.3 5645.8 6017.1 6333.6 6868.7 6843.5 6954.3 6965.4 6821.6 7169.1 19

20 Total liabilities 35727.8 37809.6 41382.7 45222.6 49913.2 55341.8 56418.8 57944.8 58358.3 61053.1 62306.1 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 20.1 21.1 22.1 21.4 21.1 21.6 20.7 20.8 21.3 21.4 21.4 21

22 Corporate equities 6306.2 6333.3 8495.7 10255.8 13181.4 15413.4 15893.6 17018.0 16008.3 18876.7 19557.9 22

23 Household equity in noncorp. bus. 3219.0 3434.7 3672.2 3878.2 4149.8 4387.2 4442.5 4499.8 4557.5 4602.6 4639.6 23

 - Liabilities not identified as assets:

24 Treasury currency -5.1 -5.4 -5.8 -6.7 -7.3 -8.0 -8.4 -8.2 -8.2 -9.7 -9.6 24

25 Foreign deposits 233.2 325.4 360.2 431.4 532.9 545.9 561.4 582.9 585.3 593.4 591.3 25

26 Net interbank transactions -4.7 -6.5 -9.0 -10.6 -32.2 -27.0 -11.3 -10.6 -13.0 -25.0 -13.7 26

27 Security RPs -1.5 66.2 86.4 90.9 153.0 207.2 263.5 275.4 293.9 238.9 386.0 27

28 Taxes payable 40.8 48.8 62.4 76.7 92.3 101.5 88.9 110.2 92.5 93.1 82.8 28

29 Miscellaneous -649.3 -858.1 -1241.8 -1692.7 -2075.3 -2659.9 -2882.3 -2998.6 -3375.9 -3717.7 -3554.4 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 5.6 3.4 3.1 -1.6 -8.1 -3.9 -7.2 -12.4 -10.2 -9.9 -6.5 30

31 Other 40.7 38.0 34.2 30.1 26.2 23.1 18.9 22.1 14.5 22.3 18.7 31

32 Trade credit 156.1 182.6 198.2 176.7 137.0 94.3 48.7 29.2 49.7 139.2 83.9 32

33 Totals identified to sectors as assets 45457.3 47804.0 54084.9 60283.8 68447.0 76890.6 78703.5 81493.2 81316.7 87229.1 88946.4 33
Z.1, June 9, 2000 61

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 15852.3 16409.3 18916.4 21162.2 24390.6 27232.2 27894.1 28977.8 28290.9 31293.4 32044.3 1

 2 Foreign deposits 15.8 18.8 23.4 35.5 41.8 41.5 43.5 45.1 46.0 45.8 47.1 2

 3 Checkable deposits and currency 696.3 672.1 618.2 567.5 534.7 593.9 593.0 563.2 549.4 579.6 589.1 3

 4 Time and savings deposits 2291.0 2286.9 2460.1 2635.8 2826.1 3028.4 3023.5 3039.0 3083.8 3143.9 3233.0 4

 5 Money market fund shares 341.8 355.3 454.1 510.8 602.2 747.6 802.4 773.2 789.4 851.6 925.5 5

 6 Securities 5757.2 5951.4 7177.8 8123.6 9569.6 10550.1 10960.0 11539.8 11071.0 12842.3 13323.2 6

 7 Open market paper 45.5 46.7 48.0 55.4 59.0 63.2 64.4 65.7 67.1 68.5 70.1 7

 8 U.S. savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 8

 9 Other Treasury securities 426.4 616.0 530.5 515.3 369.3 242.1 189.0 138.9 118.1 199.2 153.0 9

10 Agency securities 5.9 131.2 122.3 208.5 211.3 156.2 176.9 203.1 270.0 298.9 300.9 10

11 Municipal securities 551.9 501.5 457.7 435.6 472.3 487.6 503.0 526.4 527.1 535.9 535.3 11

12 Corporate and foreign bonds 322.5 353.1 447.6 493.8 524.3 584.7 670.5 692.2 699.2 615.7 625.7 12

13 Corporate equities (2) 3242.1 3070.9 4121.6 4642.1 5689.6 6328.7 6568.6 6938.0 6472.3 7829.4 8266.7 13

14 Mutual fund shares 990.9 1052.1 1265.0 1586.0 2057.3 2501.0 2601.1 2789.0 2731.1 3108.2 3186.3 14

15 Private life insurance reserves 457.2 491.5 536.3 580.1 632.7 684.7 697.2 715.4 731.7 744.3 756.3 15

16 Private insured pension reserves 836.4 884.5 1002.0 1094.8 1233.5 1371.0 1405.0 1453.9 1419.6 1550.3 1599.2 16

17 Private noninsured pension reserves 2275.0 2377.5 2776.9 3176.9 3728.1 4354.7 4427.7 4647.0 4524.0 5019.5 5044.1 17

18 Govt. insurance and pension reserves 1589.9 1714.4 2017.9 2401.5 2966.5 3405.5 3476.8 3664.8 3570.2 3852.0 3787.6 18

19 Investment in bank personal trusts 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 19

20 Miscellaneous assets 900.5 957.4 1046.8 1164.0 1312.9 1453.9 1452.5 1476.6 1507.4 1547.4 1603.9 20

21 Total liabilities 5771.3 6101.1 6513.8 6974.2 7512.2 8153.5 8269.6 8473.1 8681.2 8913.4 9074.9 21

22 Mortgage debt on nonfarm homes 3128.5 3311.3 3491.1 3698.9 3950.0 4332.2 4424.4 4537.3 4666.9 4763.8 4836.9 22

23 Other mortgage debt (3) 844.1 820.3 818.8 880.6 967.8 1048.5 1067.6 1086.9 1113.8 1139.4 1159.9 23

24 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 24

25 Policy loans 78.6 86.4 96.9 101.4 104.6 104.7 100.6 99.9 100.2 99.7 100.0 25

26 Security credit 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 26

27 Other liabilities (3) 785.0 824.1 905.6 987.3 1094.5 1183.6 1197.0 1224.0 1244.3 1261.9 1280.4 27

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

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

(3) Includes corporate farms.
62 Z.1, June 9, 2000

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 18488.2 19198.1 21864.6 24225.6 27606.4 30592.5 31293.2 32418.4 31771.7 34807.0 35585.7 1

 2 Deposits 3182.8 3157.3 3365.5 3539.6 3761.4 4139.5 4186.7 4139.4 4182.0 4328.4 4499.1 2

 3 Foreign deposits 15.8 18.8 23.4 35.5 41.8 41.5 43.5 45.1 46.0 45.8 47.1 3

 4 Checkable deposits and currency 593.4 563.6 504.9 445.8 401.0 448.3 445.7 413.7 397.9 425.8 433.5 4

 5 Time and savings deposits 2235.8 2223.5 2388.0 2553.0 2722.5 2908.7 2901.7 2914.1 2955.6 3012.3 3100.1 5

 6 Money market fund shares 337.9 351.3 449.2 505.3 596.1 741.0 795.8 766.4 782.5 844.5 918.4 6

 7 Credit market instruments 1637.2 1930.0 1885.0 1990.6 1917.9 1815.8 1885.2 1907.8 1962.7 1998.8 1963.6 7

 8 Open market paper 45.5 46.7 48.0 55.4 59.0 63.2 64.4 65.7 67.1 68.5 70.1 8

 9 U.S. government securities 590.9 913.1 822.2 896.3 753.2 571.0 538.2 514.1 559.9 670.0 624.4 9

10 Treasury 585.0 782.0 699.9 687.9 541.9 414.8 361.2 311.0 289.9 371.1 323.5 10

11 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 11

12 Other Treasury 413.1 602.0 514.9 500.9 355.4 228.2 174.7 124.5 103.7 184.7 138.2 12

13 Agency 5.9 131.2 122.3 208.5 211.3 156.2 176.9 203.1 270.0 298.9 300.9 13

14 Municipal securities 551.9 501.5 457.7 435.6 472.3 487.6 503.0 526.4 527.1 535.9 535.3 14

15 Corporate and foreign bonds 322.5 353.1 447.6 493.8 524.3 584.7 670.5 692.2 699.2 615.7 625.7 15

16 Mortgages 126.3 115.6 109.5 109.4 109.0 109.3 109.2 109.4 109.4 108.6 108.1 16

17 Corporate equities (2) 3242.1 3070.9 4121.6 4642.1 5689.6 6328.7 6568.6 6938.0 6472.3 7829.4 8266.7 17

18 Mutual fund shares 990.9 1052.1 1265.0 1586.0 2057.3 2501.0 2601.1 2789.0 2731.1 3108.2 3186.3 18

19 Security credit 102.3 109.0 127.6 162.9 215.5 276.7 262.3 272.6 285.2 318.6 367.9 19

20 Life insurance reserves 484.8 520.3 566.2 610.6 665.0 718.3 730.9 749.8 766.2 779.3 791.6 20

21 Pension fund reserves 4673.7 4947.6 5766.9 6642.6 7895.8 9097.6 9275.8 9731.4 9479.4 10386.8 10395.6 21

22 Investment in bank personal trusts 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 22

23 Equity in noncorporate business 3219.0 3434.7 3672.2 3878.2 4149.8 4387.2 4442.5 4499.8 4557.5 4602.6 4639.6 23

24 Miscellaneous assets 264.1 276.9 291.7 301.4 311.7 326.9 327.6 330.9 337.2 338.2 340.1 24

25 Total liabilities 4290.2 4612.8 4982.2 5329.6 5711.8 6215.8 6305.2 6473.7 6643.1 6838.9 6968.3 25

26 Credit market instruments 4108.0 4427.0 4782.8 5104.9 5441.9 5920.1 6000.0 6142.4 6308.8 6464.4 6532.8 26

27 Home mortgages (3) 2892.6 3070.2 3252.0 3461.2 3701.9 4068.0 4155.4 4263.5 4388.2 4480.1 4547.6 27

28 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 28

29 Municipal securities 94.0 97.6 98.3 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 29

30 Bank loans n.e.c. 27.4 40.0 57.4 58.0 66.6 72.9 68.7 71.9 68.5 65.7 67.4 30

31 Other loans and advances 126.6 133.7 160.3 172.7 190.7 204.0 207.0 210.6 217.6 218.7 222.4 31

32 Commercial mortgages 108.5 101.5 91.9 96.6 103.7 116.6 120.8 124.3 130.0 136.6 141.2 32

33 Security credit 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 33

34 Trade payables 89.8 94.0 103.3 111.9 120.0 125.7 126.0 128.2 129.8 132.7 134.5 34

 Deferred and unpaid

35 life insurance premiums 16.3 16.8 17.5 18.3 18.6 17.2 18.5 18.6 18.6 19.3 19.4 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

(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, June 9, 2000 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 4780.6 5119.2 5682.1 6269.1 6735.5 7250.7 7447.4 7647.8 7796.2 7988.4 8131.9 1

 2 Foreign deposits 12.9 14.0 15.6 26.1 21.0 21.8 25.8 23.1 24.9 25.1 25.4 2

 3 Checkable deposits and currency 306.0 330.1 366.2 411.5 454.2 448.1 443.5 468.4 473.2 493.7 464.3 3

 4 Time and savings deposits 129.3 130.9 115.0 126.4 139.9 150.9 152.8 154.8 159.7 162.8 163.7 4

 5 Money market fund shares 48.7 56.2 81.9 92.3 116.8 162.4 168.6 168.9 175.9 198.7 200.7 5

 6 Security RPs 2.5 2.2 2.4 3.9 4.6 3.3 3.9 2.9 4.9 4.4 6.9 6

 7 Credit market instruments 308.5 326.8 322.7 308.2 293.4 307.4 296.4 303.6 320.3 336.4 323.6 7

 8 Commercial paper 19.4 18.8 20.1 31.5 36.1 30.9 30.1 35.6 39.3 42.1 39.2 8

 9 U.S. government securities 81.2 84.7 96.1 90.0 48.7 49.7 46.1 48.4 49.6 48.8 45.9 9

10 Municipal securities 54.7 56.7 36.8 31.0 27.4 29.7 26.8 21.3 29.6 27.0 24.4 10

11 Mortgages 76.0 80.0 84.6 77.9 102.3 122.2 126.3 130.3 134.2 138.2 141.1 11

12 Consumer credit 77.2 86.6 85.1 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 12

13 Mutual fund shares 29.8 31.1 45.7 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 13

14 Trade receivables 1138.0 1224.0 1314.2 1418.5 1539.0 1574.7 1618.3 1691.0 1727.1 1683.5 1738.4 14

15 Miscellaneous assets 2804.8 3004.1 3418.3 3822.3 4097.6 4491.0 4643.0 4733.1 4815.8 4969.8 5091.4 15

16 Total liabilities 6869.7 7115.6 7541.2 8023.2 8429.2 9020.8 9247.0 9440.0 9654.2 9814.9 10025.9 16

17 Credit market instruments 3825.1 3970.8 4234.1 4506.2 4894.1 5426.2 5631.0 5759.4 5929.5 6055.5 6242.1 17

18 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 18

19 Municipal securities 124.9 131.7 134.8 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 19

20 Corporate bonds 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.7 20

21 Bank loans n.e.c. 657.4 719.8 806.2 876.0 973.9 1075.9 1096.4 1106.6 1134.4 1165.8 1189.4 21

22 Other loans and advances 493.5 526.7 566.8 587.6 639.8 699.7 740.3 732.7 739.3 753.9 797.9 22

23 Mortgages 1201.8 1200.4 1224.9 1288.0 1358.8 1480.4 1523.2 1567.6 1643.9 1693.2 1734.0 23

24 Trade payables 797.6 883.3 971.5 1043.0 1133.0 1130.3 1125.8 1164.1 1211.6 1252.3 1245.4 24

25 Taxes payable 74.5 74.9 76.2 87.3 97.4 103.7 109.2 110.4 111.6 111.1 118.9 25

26 Miscellaneous liabilities 2172.4 2186.6 2259.4 2386.6 2304.8 2360.7 2381.0 2406.1 2401.5 2396.0 2419.5 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, June 9, 2000

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 4209.6 4479.4 4960.9 5460.1 5815.3 6236.2 6414.5 6596.0 6724.0 6896.4 7025.9 1

 2 Foreign deposits 12.9 14.0 15.6 26.1 21.0 21.8 25.8 23.1 24.9 25.1 25.4 2

 3 Checkable deposits and currency 203.1 221.6 252.9 289.8 320.5 302.5 296.2 319.0 321.6 339.9 308.7 3

 4 Time and savings deposits 74.1 67.5 42.9 43.6 36.3 31.3 31.0 29.9 31.5 31.1 30.7 4

 5 Money market fund shares 44.8 52.2 77.0 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 5

 6 Security RPs 2.5 2.2 2.4 3.9 4.6 3.3 3.9 2.9 4.9 4.4 6.9 6

 7 Commercial paper 19.4 18.8 20.1 31.5 36.1 30.9 30.1 35.6 39.3 42.1 39.2 7

 8 U.S. government securities 67.9 70.7 80.5 75.6 34.8 35.7 31.8 34.0 35.2 34.2 31.1 8

 9 Municipal securities 54.7 56.7 36.8 31.0 27.4 29.7 26.8 21.3 29.6 27.0 24.4 9

10 Mortgages 52.3 56.4 57.9 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 10

11 Consumer credit 77.2 86.6 85.1 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 11

12 Trade receivables 1035.0 1107.0 1184.9 1273.1 1366.6 1381.3 1421.8 1490.3 1521.8 1473.5 1525.2 12

13 Mutual fund shares 29.8 31.1 45.7 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 13

14 Miscellaneous assets 2535.9 2694.7 3059.0 3406.7 3629.0 3977.6 4119.0 4200.2 4272.8 4417.8 4532.4 14

15 U.S. direct investment abroad (1) 574.3 647.5 736.4 816.9 867.3 973.2 1014.0 1043.2 1085.9 1107.6 1140.8 15

16 Insurance receivables 169.7 175.4 183.6 186.2 188.1 195.0 193.8 195.3 196.9 195.3 195.6 16

17 Equity in GSEs 1.9 2.0 1.8 1.6 0.5 -0.2 -0.2 -0.4 -0.6 -0.8 -0.8 17

18 Investment in finance company subs. 17.8 20.9 25.5 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 18

19 Other 1772.3 1849.0 2111.7 2371.8 2540.8 2778.8 2879.0 2929.3 2948.5 3053.8 3124.1 19

20 Total liabilities 5388.6 5627.4 6009.5 6378.6 6628.8 7083.1 7282.6 7440.6 7616.1 7740.4 7919.2 20

21 Credit market instruments 2568.7 2706.8 2936.6 3120.2 3386.8 3801.5 3983.3 4083.1 4220.0 4314.4 4472.9 21

22 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 22

23 Municipal securities (2) 124.9 131.7 134.8 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 23

24 Corporate bonds (1) 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.7 24

25 Bank loans n.e.c. 477.6 521.0 587.7 627.2 698.1 778.9 797.7 801.6 824.1 851.8 873.3 25

26 Other loans and advances 388.4 421.4 453.7 472.2 520.6 567.9 607.2 597.8 602.6 613.4 652.7 26

27 Savings institutions 5.4 5.1 6.4 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 27

28 Finance companies 224.1 247.4 271.4 278.5 286.7 312.8 326.5 336.4 344.7 364.6 391.1 28

29 Federal government 8.1 8.0 10.0 8.7 8.4 8.3 8.2 8.1 8.1 8.0 8.0 29

30 Acceptance liabilities to banks 17.1 15.0 14.2 13.4 10.8 6.6 5.6 4.8 4.8 4.4 4.9 30

31 Rest of the world 114.2 122.1 122.1 126.0 143.3 142.3 163.2 138.1 132.2 116.7 120.5 31

32 ABS issuers 19.5 23.7 29.6 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 32

33 Mortgages 230.3 240.5 258.9 266.2 246.6 284.4 307.3 331.2 381.3 406.6 426.1 33

34 Trade payables 719.3 796.5 877.5 927.0 992.1 977.5 971.8 1006.1 1050.7 1089.3 1081.1 34

35 Taxes payable 40.7 40.3 40.3 49.9 59.2 64.1 69.0 69.7 70.4 69.4 76.5 35

36 Miscellaneous liabilities 2059.9 2083.7 2155.1 2281.5 2190.7 2240.1 2258.4 2281.7 2275.0 2267.2 2288.8 36

37 Foreign direct investment in U.S. 493.4 539.0 580.5 627.4 697.2 778.2 807.7 907.4 953.8 1020.6 1036.2 37

38 Pension fund contributions payable 21.9 22.0 25.7 29.5 33.3 37.1 38.0 39.0 39.9 40.9 41.8 38

39 Other 1544.7 1522.7 1549.0 1624.6 1460.2 1424.8 1412.7 1335.3 1281.3 1205.8 1210.7 39

 Memo:

40 Trade receivables net of payables 315.8 310.4 307.4 346.1 374.5 403.8 450.0 484.2 471.1 384.2 444.2 40

41 Market value of equities 4851.6 4811.9 6435.0 7618.6 9661.1 11561.0 11935.0 12816.7 12125.9 14517.7 15113.7 41

42 Securities and mortgages 1584.9 1625.2 1737.8 1864.4 1999.5 2261.7 2354.5 2451.4 2554.0 2618.9 2686.0 42

43 Loans and short-term paper 983.8 1081.6 1198.8 1255.8 1387.3 1539.8 1628.8 1631.7 1666.0 1695.5 1786.8 43

44 Total short-term liabilities (3) 1743.8 1918.4 2116.6 2232.6 2438.6 2581.3 2669.7 2707.5 2787.1 2854.2 2944.5 44

45 Total liquid assets (4) 509.2 534.7 574.0 648.3 660.6 702.1 702.6 729.7 750.5 809.5 777.6 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 61.7 60.0 59.2 59.8 59.0 59.5 59.1 60.0 60.5 60.7 60.1 46

47 Short-term debt/credit market debt 38.3 40.0 40.8 40.2 41.0 40.5 40.9 40.0 39.5 39.3 39.9 47

48 Liquid assets/short-term liabilities 29.2 27.9 27.1 29.0 27.1 27.2 26.3 27.0 26.9 28.4 26.4 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, June 9, 2000 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 513.9 581.0 660.0 748.0 858.5 949.1 968.0 986.7 1006.9 1027.4 1041.6 1

 2 Checkable deposits and currency 87.2 92.3 96.6 105.1 116.8 126.8 128.7 131.0 133.4 135.8 137.8 2

 3 Time and savings deposits 55.2 63.4 72.1 82.8 103.6 119.6 121.8 124.9 128.2 131.7 132.9 3

 4 Money market fund shares 3.9 4.0 4.9 5.5 6.1 6.6 6.7 6.8 6.9 7.0 7.1 4

 5 Treasury securities 13.3 14.0 15.6 14.4 13.8 14.0 14.3 14.4 14.4 14.6 14.8 5

 6 Mortgages 23.7 23.6 26.7 23.5 22.0 22.0 22.3 22.5 22.7 22.9 23.3 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 103.0 117.0 129.3 145.5 172.4 193.4 196.5 200.8 205.3 210.0 213.2 8

 9 Miscellaneous assets 227.6 266.7 314.8 371.2 423.8 466.8 477.8 486.3 495.9 505.4 512.5 9

10 Insurance receivables 40.8 42.2 44.2 44.8 45.2 46.9 46.6 47.0 47.3 47.0 47.0 10

11 Equity investment in GSEs (1) 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.6 1.5 1.6 1.7 11

12 Other 186.1 223.6 269.7 324.8 376.9 418.3 429.5 437.7 447.1 456.8 463.7 12

13 Total liabilities 1329.0 1330.9 1370.3 1477.3 1625.4 1754.3 1783.4 1813.7 1849.3 1885.4 1918.1 13

14 Credit market instruments 1118.5 1121.8 1152.4 1236.1 1351.1 1460.9 1485.2 1510.2 1540.9 1572.0 1599.9 14

15 Bank loans n.e.c. 143.0 160.2 178.7 208.5 232.0 251.9 256.1 260.4 264.8 269.8 273.8 15

16 Other loans and advances 84.8 84.7 92.3 93.0 97.3 109.5 110.6 113.1 115.0 117.7 121.2 16

17 Mortgages 890.7 876.9 881.4 934.6 1021.9 1099.6 1118.5 1136.8 1161.2 1184.5 1205.0 17

18 Trade payables 64.1 71.6 77.8 98.6 122.1 133.2 135.5 138.4 140.7 143.0 145.1 18

19 Taxes payable 33.8 34.6 35.9 37.5 38.1 39.6 40.2 40.7 41.2 41.7 42.3 19

20 Miscellaneous liabilities 112.5 102.9 104.3 105.1 114.1 120.6 122.5 124.4 126.5 128.7 130.8 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 57.0 58.8 61.2 61.1 61.7 65.4 64.9 65.1 65.3 64.6 64.4 1

 2 Checkable deposits and currency 15.7 16.2 16.7 16.7 16.9 18.8 18.6 18.4 18.2 18.0 17.8 2

 3 Miscellaneous assets 41.3 42.6 44.5 44.4 44.8 46.6 46.2 46.7 47.0 46.6 46.6 3

 4 Insurance receivables 39.1 40.4 42.3 42.9 43.3 44.9 44.6 45.0 45.4 45.0 45.1 4

 5 Equity investment in GSEs (2) 2.2 2.2 2.2 1.5 1.5 1.7 1.6 1.7 1.7 1.6 1.5 5

 6 Total liabilities 152.1 157.4 161.3 167.4 175.0 183.4 180.9 185.7 188.8 189.1 188.6 6

 7 Credit market instruments 137.9 142.2 145.1 149.9 156.1 163.8 162.4 166.1 168.6 169.1 169.4 7

 8 Bank loans n.e.c. 36.8 38.7 39.7 40.4 43.9 45.1 42.6 44.6 45.5 44.2 42.4 8

 9 Other loans and advances 20.3 20.6 20.8 22.4 21.9 22.2 22.5 21.8 21.8 22.9 24.0 9

10 Mortgages 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 10

11 Trade payables 14.2 15.2 16.2 17.4 18.8 19.6 18.5 19.6 20.2 20.0 19.2 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, June 9, 2000

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1083.4 1025.8 994.1 1007.9 1033.3 1180.3 1212.5 1232.0 1247.5 1267.8 1281.1 1

 2 Checkable deposits and currency 28.3 30.0 33.3 27.8 32.2 28.3 27.4 27.1 29.2 32.1 28.4 2

 3 Time and savings deposits 48.8 55.3 62.0 72.6 78.4 91.1 92.6 90.3 94.5 102.1 99.9 3

 4 Security RPs 133.7 118.6 115.7 147.8 151.4 158.5 166.5 163.8 166.6 163.5 176.4 4

 5 Credit market instruments 784.9 729.9 638.6 604.8 605.0 739.4 772.1 794.8 781.9 782.8 785.4 5

 6 Open market paper 17.9 22.3 39.4 59.7 74.0 102.0 106.0 107.2 106.5 103.9 105.6 6

 7 U.S. government securities 622.8 556.6 441.3 373.2 354.8 448.3 474.5 490.4 473.6 474.3 473.0 7

 8 Treasury 447.8 370.0 289.8 257.0 239.3 269.3 272.5 279.1 271.6 266.8 257.2 8

 9 Agency 175.0 186.6 151.5 116.2 115.4 179.0 202.0 211.3 202.0 207.5 215.8 9

10 Municipal securities 9.5 8.6 5.1 4.6 3.9 2.5 2.1 1.8 1.4 1.0 0.6 10

11 Corporate and foreign bonds 26.5 31.9 39.0 49.7 51.0 61.2 63.0 67.8 71.8 73.8 75.3 11

12 Mortgages 108.3 110.5 113.8 117.6 121.3 125.4 126.5 127.6 128.7 129.8 130.9 12

13 Corporate equities 9.3 10.6 26.2 46.8 79.0 102.0 96.9 102.9 101.0 115.0 115.7 13

14 Mutual fund shares 21.3 29.1 35.0 41.0 33.6 21.3 20.3 22.4 24.0 25.6 22.9 14

15 Taxes receivable 39.1 34.0 27.9 26.1 26.9 28.1 28.5 30.3 32.7 33.5 35.5 15

16 Miscellaneous assets 17.8 18.2 55.4 41.0 27.0 11.5 8.2 0.5 17.6 13.1 16.8 16

17 Total liabilities 1597.7 1579.2 1556.9 1581.0 1668.5 1779.3 1810.2 1831.7 1843.2 1861.1 1874.9 17

18 Credit market instruments 1167.9 1121.7 1070.2 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.5 1258.1 18

19 Municipal securities 1158.7 1112.4 1060.4 1053.3 1110.6 1189.7 1213.0 1228.0 1232.3 1242.4 1247.9 19

20 Short-term 33.8 31.7 32.9 39.1 47.5 41.2 42.1 40.0 41.7 44.8 46.4 20

21 Other 1124.9 1080.7 1027.5 1014.1 1063.1 1148.5 1170.9 1188.1 1190.6 1197.6 1201.5 21

22 U.S. government loans 9.2 9.3 9.8 10.1 8.9 10.1 10.2 10.2 10.1 10.2 10.2 22

23 Trade payables 429.7 457.5 486.7 517.6 549.0 579.5 587.0 593.5 600.8 608.6 616.9 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 488.7 435.8 437.7 436.9 432.4 437.2 464.4 475.7 533.1 559.2 542.7 1

 2 Gold, SDRs, and official foreign exchange 40.2 41.4 53.8 44.9 42.0 51.0 48.2 45.9 46.4 44.5 44.0 2

 3 Checkable deposits and currency 52.2 27.8 22.2 38.3 41.6 23.2 29.1 61.2 62.9 87.9 48.5 3

 4 Time and savings deposits 0.8 0.7 0.9 2.4 3.4 4.7 3.9 4.1 4.6 5.4 5.5 4

 5 Credit market instruments 231.9 202.9 202.7 195.3 200.4 213.9 218.1 219.8 255.6 256.4 259.7 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 85.0 71.0 57.8 50.3 45.7 44.9 44.6 44.5 77.8 77.7 76.8 7

 8 Other loans and advances 146.9 131.9 145.0 145.0 154.6 169.0 173.6 175.4 177.8 178.7 182.9 8

 9 Trade receivables 28.4 24.7 23.1 24.0 20.8 22.3 23.8 24.5 25.7 26.8 30.6 9

10 Taxes receivable 18.9 18.6 17.3 20.7 20.0 21.4 40.5 20.0 38.4 38.5 55.9 10

11 Miscellaneous assets 116.3 119.8 117.7 111.3 104.3 100.8 100.7 100.2 99.6 99.7 98.5 11

12 Total liabilities 3929.8 4124.9 4289.1 4491.4 4545.6 4533.0 4528.8 4433.8 4429.2 4500.8 4463.6 12

13 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 13

14 Treasury currency 17.0 17.6 18.2 18.3 18.3 18.3 18.3 18.8 19.3 18.3 18.8 14

15 Credit market instruments 3336.5 3492.3 3636.7 3781.8 3804.9 3752.2 3759.7 3651.7 3632.7 3681.0 3653.5 15

16 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 16

17 Other Treasury securities 3138.0 3285.6 3423.5 3568.1 3591.8 3537.1 3545.0 3436.9 3418.2 3466.3 3440.5 17

18 Budget agency securities 26.6 26.7 28.2 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 86.1 85.7 81.1 82.4 72.7 70.1 69.6 71.3 71.3 69.8 70.2 20

21 Insurance and pension reserves 475.5 514.4 536.2 591.9 634.0 676.5 666.3 677.1 691.9 719.0 708.2 21

22 Miscellaneous liabilities 6.8 6.8 6.7 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 22
Z.1, June 9, 2000 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2601.1 2856.3 3430.2 4132.1 4862.1 5618.4 5715.3 5908.6 6155.6 6276.9 6446.4 1

 2 Net interbank assets 125.4 218.2 229.3 177.3 173.0 145.9 132.8 150.8 145.8 131.8 113.0 2

 3 U.S. checkable deposits and currency 155.1 180.4 193.8 213.7 243.6 258.2 262.0 270.4 283.4 293.9 285.1 3

 4 U.S. time deposits 54.7 56.3 49.6 60.6 73.6 86.6 85.2 85.6 90.4 105.0 102.7 4

 5 Security RPs 58.6 46.6 67.6 70.9 90.8 72.0 86.3 83.3 81.9 86.8 82.6 5

 6 Credit market instruments 1108.7 1216.0 1531.1 1926.6 2256.8 2534.3 2601.8 2609.8 2706.2 2737.9 2826.5 6

 7 Open market paper 18.8 24.9 43.4 57.9 77.8 114.8 110.8 100.8 106.4 100.6 98.0 7

 8 U.S. government securities 702.4 757.7 996.1 1289.5 1498.5 1617.7 1633.7 1644.5 1690.1 1702.0 1744.2 8

 9 Official holdings 381.7 407.2 497.8 610.5 614.5 620.2 627.0 626.1 640.9 652.7 677.2 9

10 Treasury 373.1 396.9 482.8 590.7 589.8 589.0 589.8 583.1 596.0 601.1 617.4 10

11 Agency 8.6 10.3 15.0 19.8 24.7 31.3 37.3 43.0 44.9 51.6 59.7 11

12 Private holdings 320.7 350.5 498.3 679.0 884.0 997.5 1006.7 1018.3 1049.1 1049.4 1067.1 12

13 Treasury 221.5 235.7 358.5 502.6 662.2 727.3 718.6 713.2 722.8 705.6 696.7 13

14 Agency 99.2 114.8 139.8 176.5 221.8 270.1 288.1 305.2 326.3 343.8 370.4 14

15 U.S. corporate bonds (1) 273.3 311.4 369.5 453.2 537.2 659.6 694.0 726.4 777.5 818.5 863.9 15

16 Loans to U.S. corporate business 114.2 122.1 122.1 126.0 143.3 142.3 163.2 138.1 132.2 116.7 120.5 16

17 U.S. corporate equities 373.5 397.7 527.6 656.8 919.5 1115.4 1139.2 1252.4 1167.9 1314.6 1372.1 17

18 Trade receivables 47.5 49.8 49.5 55.7 58.5 51.9 47.1 46.4 45.2 44.5 43.2 18

19 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 677.4 691.5 781.7 970.6 1046.3 1354.2 1360.8 1410.0 1634.8 1562.2 1621.3 20

21 Foreign direct investment in U.S. (2) 546.4 564.7 619.4 674.3 764.0 878.7 901.4 1056.8 1118.7 1161.2 1198.7 21

22 Other 131.0 126.7 162.3 296.3 282.3 475.4 459.4 353.2 516.1 401.0 422.6 22

23 Total liabilities 1550.1 1701.1 1958.1 2243.9 2481.7 2669.6 2689.0 2690.6 2729.4 2453.7 2743.3 23

 U.S. official foreign exchange

24 and net IMF position 53.4 53.2 63.7 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 24

25 U.S. private deposits 271.8 373.9 418.8 516.1 618.8 639.9 671.8 696.6 710.4 707.2 720.2 25

26 Credit market instruments 385.8 370.3 441.4 518.7 570.1 603.7 607.8 598.2 614.7 618.2 646.6 26

27 Commercial paper 68.8 42.7 56.2 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 27

28 Bonds 230.1 242.3 291.9 347.7 394.9 420.0 420.2 417.1 424.4 420.1 429.9 28

29 Bank loans n.e.c. 24.6 26.1 34.6 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 29

30 Official 2.4 2.2 2.6 2.9 2.1 2.8 2.9 2.8 3.0 3.0 2.8 30

31 Banks 8.8 8.8 10.9 14.3 13.8 13.1 12.5 13.8 11.2 10.0 11.4 31

32 Other 13.5 15.2 21.1 26.5 36.3 43.0 43.6 43.9 44.7 46.5 49.1 32

33 U.S. government loans 54.1 51.4 50.6 49.9 48.2 47.2 46.6 46.4 46.6 45.7 48.0 33

34 Acceptance liabilities to banks 8.2 7.9 8.2 9.9 9.7 4.7 4.7 4.1 3.1 3.9 3.8 34

35 Trade payables 35.9 39.5 45.3 43.6 48.7 46.3 45.0 43.9 49.4 50.6 53.1 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 803.3 864.1 988.8 1111.8 1195.2 1319.6 1310.7 1301.0 1302.8 1027.6 1274.0 37

38 U.S. equity in IBRD, etc. 25.0 26.4 28.0 29.8 31.4 33.0 33.3 33.8 34.1 34.4 34.7 38

39 U.S. government deposits 1.9 2.3 2.5 2.4 2.4 2.2 2.3 2.4 2.6 2.7 2.8 39

40 U.S. direct investment abroad (1,2) 690.7 748.5 843.3 940.2 1004.2 1123.4 1168.4 1201.3 1249.4 1275.6 1311.0 40

41 Other 85.7 86.8 115.0 139.4 157.3 161.0 106.6 63.5 16.7 -285.1 -74.5 41

 Memo:

42 Market value of foreign equities 543.9 627.5 776.8 1002.9 1201.0 1407.1 1429.3 1564.7 1636.3 1939.5 1969.7 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, June 9, 2000

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 423.8 452.1 471.9 495.2 534.0 566.8 560.3 577.2 589.9 696.9 603.5 1

 2 Gold and foreign exchange 33.3 33.0 32.1 30.2 28.0 30.7 26.1 25.8 27.1 27.1 26.8 2

 3 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 3

 4 Treasury currency 22.1 23.0 24.0 25.0 25.6 26.3 26.6 27.0 27.5 28.0 28.4 4

 5 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 5

 6 Fed. Res. loans to domestic banks 0.1 0.2 0.1 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 6

 7 Security RPs 13.2 10.6 13.9 21.6 23.8 30.4 18.3 14.3 22.1 140.6 23.7 7

 8 Credit market instruments 336.7 368.2 380.8 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 336.7 368.2 380.8 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 10

11 Treasury 332.0 364.5 378.2 390.9 430.7 452.1 465.7 484.9 489.0 478.0 501.7 11

12 Agency 4.6 3.6 2.6 2.2 0.7 0.3 0.3 0.3 0.2 0.2 0.2 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 9.6 9.8 10.7 11.2 13.2 16.1 15.6 16.4 16.3 16.8 16.5 14

15 Total liabilities 420.4 448.4 467.9 490.7 528.8 560.8 553.9 570.5 582.5 690.4 595.5 15

16 Depository institution reserves 35.0 30.8 29.6 24.5 30.8 26.3 22.5 22.2 21.7 24.0 18.2 16

17 Vault cash of commercial banks 32.7 38.1 40.6 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 17

18 Checkable deposits and currency 348.2 373.5 390.5 413.9 444.0 482.6 485.8 499.7 511.2 591.6 533.4 18

19 Due to federal government 15.2 7.5 6.2 8.0 5.7 6.2 5.5 6.8 6.7 28.5 4.5 19

20 Due to rest of the world 0.4 0.3 0.5 0.5 1.0 1.0 1.1 1.4 1.3 1.3 1.4 20

21 Currency outside banks 332.6 365.7 383.7 405.5 437.4 475.4 479.2 491.5 503.1 561.8 527.4 21

22 Miscellaneous liabilities 4.6 6.0 7.3 7.1 8.9 9.9 7.0 8.1 8.6 8.3 8.7 22

23 Federal Reserve Bank stock 3.4 3.7 4.0 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 23

24 Other 1.2 2.3 3.3 2.5 3.5 3.9 0.9 1.8 2.3 1.8 2.0 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, June 9, 2000 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 3891.8 4159.7 4493.8 4710.4 5174.6 5642.2 5638.3 5704.6 5807.3 5991.9 6044.7 1

 2 Vault cash 32.7 38.1 40.6 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 2

 3 Reserves at Federal Reserve 31.5 28.0 26.9 22.3 29.1 24.4 20.8 20.4 20.1 22.5 16.9 3

 4 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 4

 5 Total bank credit 3174.4 3331.2 3604.6 3794.5 4144.5 4483.3 4474.5 4525.1 4618.7 4782.0 4882.2 5

 6 U.S. government securities 745.4 719.1 746.1 757.5 841.2 876.6 897.4 893.8 912.9 924.8 931.3 6

 7 Treasury 322.2 290.4 278.7 261.8 270.1 214.0 223.8 217.5 218.7 226.6 215.4 7

 8 Agency 423.2 428.7 467.5 495.7 571.2 662.6 673.6 676.3 694.2 698.3 715.9 8

 9 Municipal securities 99.2 97.6 93.4 94.2 96.7 104.8 106.5 107.6 109.4 110.7 111.9 9

10 Corporate and foreign bonds 98.2 102.5 110.9 112.3 143.1 181.1 164.4 188.0 199.3 219.9 214.2 10

11 Total loans 2223.5 2407.1 2646.9 2821.1 3052.9 3304.8 3289.6 3317.4 3380.9 3505.1 3602.1 11

12 Open market paper 7.3 5.8 5.7 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 12

13 Bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.6 13

14 Mortgages 947.8 1012.7 1090.2 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.4 1546.5 14

15 Consumer credit 395.7 458.8 502.0 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 15

16 Security credit 100.7 94.9 99.5 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.3 16

17 Corporate equities 4.3 2.9 5.0 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 17

18 Mutual fund shares 3.9 2.0 2.3 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 18

19 Customers’ liab. on acceptances (2) 25.3 22.9 22.3 23.4 20.6 11.3 10.2 9.0 7.9 8.2 8.7 19

20 Miscellaneous assets 627.0 738.0 797.8 823.7 934.0 1079.1 1092.5 1108.4 1118.0 1110.3 1099.8 20

21 Total liabilities 3750.3 4048.9 4333.2 4547.4 5053.0 5519.3 5494.5 5573.1 5639.5 5839.4 5916.7 21

22 Net interbank liabilities 121.7 211.2 220.5 171.1 143.5 120.6 120.9 140.8 133.3 106.9 99.3 22

23 To monetary authority 1.0 -0.5 0.2 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 23

24 To domestic banks (3) -4.7 -6.5 -9.0 -10.6 -32.2 -27.0 -11.3 -10.6 -13.0 -25.0 -13.7 24

25 To foreign banks 125.4 218.2 229.3 177.3 173.0 145.9 132.8 150.8 145.8 131.8 113.0 25

26 Checkable deposits 788.4 756.7 710.8 676.3 656.4 623.0 589.6 607.5 588.0 626.2 574.8 26

27 Federal government 42.6 23.8 19.0 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 27

28 Rest of the world 21.3 23.2 24.0 26.6 31.2 29.2 30.5 35.5 43.9 42.2 40.1 28

29 Private domestic 724.5 709.8 667.8 621.0 597.5 580.7 542.7 529.9 498.1 534.3 497.2 29

30 Small time and savings deposits 1377.2 1376.2 1490.1 1613.2 1761.5 1945.2 1958.5 1973.0 2004.6 2016.2 2077.1 30

31 Large time deposits 311.7 333.0 387.8 493.1 601.0 673.3 671.1 672.3 698.8 792.0 816.0 31

32 Federal funds and security RPs (net) 313.7 391.8 422.2 463.2 552.2 639.2 667.5 673.5 702.2 749.8 777.5 32

33 Credit market instruments 208.0 228.1 250.6 263.6 309.2 382.1 390.0 408.2 436.1 449.3 463.6 33

34 Open market paper 51.9 55.0 52.8 55.7 58.5 56.9 56.8 58.4 53.9 63.1 59.7 34

35 Corporate bonds 134.9 142.6 161.1 168.9 192.6 220.2 229.0 230.6 241.4 240.6 248.9 35

36 Other loans and advances 21.2 30.5 36.7 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 36

37 Taxes payable 1.2 1.9 2.8 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 37

38 Miscellaneous liabilities 628.4 750.1 848.4 863.0 1023.7 1128.7 1089.3 1090.0 1068.0 1090.1 1098.8 38

 Memo:

39 Credit market funds advanced (4) 3090.8 3254.3 3520.1 3707.7 4031.9 4335.7 4338.4 4383.4 4488.3 4644.0 4724.7 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, June 9, 2000

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2932.4 3122.9 3321.7 3444.5 3742.2 4094.2 4095.7 4160.8 4258.7 4433.5 4507.9 1

 2 Vault cash and reserves at Federal Reserve 63.2 65.2 66.6 66.3 71.2 65.5 58.8 59.8 60.6 87.6 51.6 2

 3 Total bank credit 2780.9 2921.4 3116.3 3231.5 3512.2 3844.4 3861.8 3933.2 4019.3 4161.3 4263.4 3

 4 U.S. government securities 671.3 646.1 629.1 609.7 664.0 703.5 722.4 726.2 732.0 730.9 752.2 4

 5 Treasury 275.0 248.0 207.6 173.0 166.8 124.7 134.6 130.2 124.0 122.8 125.3 5

 6 Agency 396.3 398.1 421.5 436.7 497.2 578.8 587.8 596.0 608.1 608.1 626.9 6

 7 Mortgage pool securities 173.2 182.2 195.1 216.6 247.7 301.4 287.5 283.3 284.9 283.6 289.8 7

 8 Agency-issued CMOs 133.8 119.4 101.0 89.5 107.0 115.9 123.6 121.3 124.2 120.8 120.4 8

 9 Other agency securities 89.3 96.5 125.3 130.7 142.4 161.5 176.6 191.5 199.0 203.7 216.8 9

10 Municipal securities 98.9 97.0 92.7 93.7 96.1 104.4 105.9 107.0 108.8 110.1 111.2 10

11 Corporate and foreign bonds 66.6 66.0 69.3 64.8 85.8 118.2 107.2 130.8 144.5 161.5 156.2 11

12 Private mortgage pool securities 4.7 3.6 4.5 4.2 3.0 3.9 5.1 4.1 3.7 4.8 3.5 12

13 Privately issued CMOs 19.8 21.5 24.9 21.8 22.5 42.8 44.3 44.8 46.7 48.5 46.1 13

14 Other bonds 42.1 40.9 39.8 38.9 60.4 71.5 57.8 82.0 94.1 108.2 106.6 14

15 Total loans 1935.9 2107.4 2317.9 2453.9 2655.6 2902.4 2909.6 2950.9 3017.8 3137.3 3221.1 15

16 Open market paper 4.9 3.6 3.9 4.2 2.3 0.8 0.7 0.5 0.7 0.7 0.7 16

17 Bank loans n.e.c. 578.4 624.6 701.6 759.8 867.9 1012.2 1038.1 1067.1 1091.5 1104.4 1131.9 17

18 Mortgages 895.5 963.7 1045.4 1102.9 1208.4 1304.2 1306.3 1330.8 1387.8 1464.8 1514.8 18

19 Consumer credit 395.7 458.8 502.0 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 19

20 Security credit 61.4 56.8 65.1 60.2 64.4 76.3 70.5 74.7 65.3 67.6 76.5 20

21 Corporate equities 4.3 2.9 5.0 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 21

22 Mutual fund shares 3.9 2.0 2.3 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 22

23 Customers’ liab. on acceptances (1) 10.1 9.9 12.3 13.9 13.7 9.1 8.2 7.4 6.5 6.6 7.1 23

24 Miscellaneous assets 78.1 126.4 126.6 132.8 145.2 175.2 166.9 160.5 172.3 177.9 185.8 24

25 Total liabilities 3036.3 3271.5 3457.6 3598.7 3959.7 4366.8 4357.4 4438.1 4499.1 4684.5 4794.7 25

26 Net interbank liabilities -19.4 60.5 54.4 0.4 2.9 25.1 30.9 54.6 39.7 48.7 61.7 26

27 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 27

28 Borrowing from Federal Reserve banks 0.1 0.2 0.1 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 28

29 To domestic banks -19.9 -13.3 -20.0 -41.8 -50.2 -51.0 -46.4 -45.7 -56.0 -64.5 -57.0 29

30 To foreign banks -0.5 74.3 74.1 37.8 50.4 74.4 77.9 99.7 95.1 113.2 118.7 30

31 Checkable deposits 773.9 741.7 695.8 661.4 640.3 605.9 572.9 591.3 571.7 608.6 558.4 31

32 Federal government 42.6 23.8 19.0 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 32

33 Rest of the world 15.6 17.1 18.0 21.3 25.5 23.8 24.6 30.3 38.7 36.3 34.6 33

34 Private domestic 715.7 700.9 658.7 611.4 587.0 568.9 531.9 518.9 487.1 522.8 486.3 34

35 Small time and savings deposits 1358.6 1357.9 1471.3 1594.2 1738.0 1924.4 1938.7 1954.8 1986.0 1996.8 2058.0 35

36 Large time deposits 196.1 214.0 256.5 306.1 369.3 404.1 405.7 409.6 429.2 465.6 480.4 36

37 Federal funds and security RPs (net) 279.8 351.4 379.6 408.2 471.7 538.5 569.4 571.4 616.7 667.3 693.7 37

38 Acceptance liabilities 10.2 10.0 12.3 14.0 13.7 9.1 8.3 7.4 6.5 6.6 7.0 38

39 Corporate bonds 37.1 40.6 43.3 50.9 61.6 72.1 72.9 74.0 75.1 75.8 78.3 39

40 Other loans and advances 21.2 30.5 36.7 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 40

41 Taxes payable 1.2 1.9 2.8 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 41

42 Miscellaneous liabilities 377.6 463.0 505.0 520.6 598.7 675.5 647.1 647.9 624.9 660.6 692.7 42

43 Investment by bank holding companies 286.6 304.2 344.3 372.9 413.6 469.0 476.4 473.9 475.6 479.4 492.3 43

44 Other 91.0 158.9 160.7 147.7 185.1 206.6 170.7 174.0 149.4 181.2 200.4 44

 Memo:

45 Credit market funds advanced (2) 2721.5 2869.6 3056.1 3175.8 3450.7 3761.2 3782.9 3847.6 3944.3 4078.9 4171.2 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, June 9, 2000 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 542.2 589.7 666.3 714.8 811.3 806.5 777.7 760.4 756.7 756.1 718.3 1

 2 Reserves at Federal Reserve 1.0 1.0 0.8 1.1 2.9 1.0 0.5 1.2 0.5 1.4 0.5 2

 3 Total bank credit 350.2 362.3 436.9 507.0 567.2 568.6 545.0 521.7 530.7 539.7 547.1 3

 4 U.S. government securities 57.6 55.7 99.6 130.4 157.3 151.8 154.1 147.6 160.2 163.6 157.3 4

 5 Treasury 36.1 32.7 62.3 80.7 95.1 84.8 85.0 83.2 91.2 92.3 86.9 5

 6 Agency 21.5 23.0 37.3 49.7 62.2 67.0 69.1 64.4 69.0 71.3 70.5 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 23.8 28.9 33.5 36.6 41.3 47.1 42.5 41.2 38.9 42.0 43.0 8

 9 Total loans 268.8 277.7 303.9 339.9 368.6 369.7 348.4 332.9 331.6 334.1 346.7 9

10 Open market paper 2.4 2.2 1.7 2.3 0.4 0.3 0.2 0.3 0.4 0.6 0.8 10

11 Bank loans n.e.c. 182.0 197.2 232.6 264.8 284.0 282.2 270.8 258.1 257.6 259.9 262.1 11

12 Mortgages 45.1 40.3 35.1 32.2 26.1 20.6 18.1 16.9 16.9 16.4 17.0 12

13 Security credit 39.3 38.1 34.4 40.6 58.0 66.6 59.2 57.6 56.8 57.2 66.8 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 15.1 13.0 10.1 9.4 6.9 2.2 2.0 1.6 1.4 1.6 1.6 15

16 Miscellaneous assets 175.9 213.5 218.5 197.2 234.3 234.6 230.2 235.9 224.1 213.3 169.1 16

17 Total liabilities 553.7 602.8 681.3 731.9 830.8 828.7 800.8 784.2 781.3 781.5 744.6 17

18 Net interbank liabilities 151.2 162.3 181.0 178.6 148.2 92.8 82.9 71.1 78.1 51.6 20.5 18

19 To foreign banks 132.7 158.5 173.6 162.1 144.4 92.7 73.1 62.4 63.1 44.1 12.4 19

20 To domestic banks 18.5 3.9 7.5 16.5 3.8 0.1 9.8 8.7 14.9 7.4 8.1 20

21 Checkable deposits 8.3 8.8 8.7 8.0 8.8 8.6 8.9 7.8 8.1 9.1 8.3 21

22 Small time and savings deposits 10.4 9.3 8.5 8.7 13.1 9.5 9.1 7.2 7.3 7.5 7.2 22

23 Large time deposits 107.4 110.0 121.0 176.6 221.3 257.8 254.6 251.6 258.2 314.5 323.7 23

24 Federal funds and security RPs (net) 34.7 41.4 43.2 55.1 80.7 100.4 97.9 102.0 85.6 82.1 83.1 24

25 Acceptance liabilities 16.0 13.4 10.4 9.6 7.2 2.4 2.1 2.1 1.8 2.0 2.0 25

26 Miscellaneous liabilities 225.7 257.6 308.5 295.2 351.5 357.2 345.3 342.3 342.2 314.8 299.8 26

27 Foreign direct investment in U.S. 24.0 26.3 32.7 30.3 37.3 44.6 45.3 59.2 60.2 66.3 66.4 27

28 Due to affiliates 44.5 44.1 50.7 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 28

29 Other 157.1 187.3 225.1 200.5 235.4 222.0 210.1 194.6 179.5 155.5 118.8 29

 Memo:

30 Credit market funds advanced (3) 326.0 337.1 412.6 475.8 516.1 504.2 487.8 465.7 475.3 484.1 481.9 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, June 9, 2000

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 387.9 414.1 466.8 510.8 575.3 685.9 710.8 727.0 733.2 741.1 756.7 1

 2 Credit market instruments 17.5 18.4 18.0 22.0 27.4 26.5 25.0 25.1 22.0 32.7 22.0 2

 3 U.S. government securities 8.4 9.4 8.1 9.0 9.5 7.5 7.2 5.3 4.8 14.1 5.7 3

 4 Treasury issues 5.3 4.6 3.4 4.0 4.0 0.9 1.1 1.2 0.9 8.8 0.9 4

 5 Agency 3.1 4.8 4.7 4.9 5.5 6.6 6.1 4.1 4.0 5.4 4.7 5

 6 Corporate and foreign bonds 7.2 7.1 7.7 10.5 15.5 14.8 14.1 15.6 15.6 15.9 14.6 6

 7 Bank loans n.e.c. 1.9 1.8 2.3 2.5 2.4 4.1 3.6 4.2 1.5 2.6 1.8 7

 8 Miscellaneous assets 370.4 395.8 448.7 488.9 547.9 659.5 685.8 701.9 711.2 708.4 734.6 8

 9 Investment in bank subsidiaries 286.6 304.2 344.3 372.9 413.6 469.0 476.4 473.9 475.6 479.4 492.3 9

10 Investment in nonbank subsidiaries 56.3 56.4 64.7 64.9 89.9 134.0 152.5 166.8 160.4 143.7 181.0 10

11 Other 27.5 35.2 39.8 51.1 44.4 56.5 56.9 61.3 75.2 85.4 61.3 11

12 Total liabilities 132.2 143.0 157.1 178.3 218.8 270.6 284.4 296.6 302.7 314.5 318.0 12

13 Net interbank liabilities -10.0 -11.7 -14.9 -7.9 -7.6 2.7 7.1 15.1 15.6 6.6 17.1 13

14 To domestic banks -3.3 2.9 3.5 14.7 14.3 23.9 25.3 26.4 28.1 32.2 35.2 14

15 To foreign banks -6.8 -14.6 -18.5 -22.6 -21.9 -21.3 -18.1 -11.3 -12.5 -25.5 -18.2 15

16 Federal funds and security RPs (net) -0.8 -0.9 -0.5 -0.2 -0.2 0.4 0.3 0.1 -0.1 0.5 0.7 16

17 Credit market instruments 123.4 133.6 148.0 150.0 168.6 193.5 202.6 205.5 211.9 219.3 221.4 17

18 Commercial paper 25.6 31.6 30.1 32.0 37.6 45.4 46.4 48.9 45.6 54.5 50.8 18

19 Corporate bonds 97.7 102.0 117.9 118.0 131.0 148.1 156.1 156.6 166.3 164.8 170.6 19

20 Miscellaneous liabilities 19.6 22.0 24.6 36.3 57.9 74.1 74.4 75.9 75.4 88.1 78.8 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 29.4 33.1 39.0 40.3 45.8 55.5 54.1 56.4 58.7 61.2 61.9 1

 2 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 2

 3 Credit market instruments 25.8 29.2 33.4 34.1 37.8 43.8 42.7 45.0 46.7 48.3 49.7 3

 4 U.S. government securities 8.1 7.9 9.4 8.4 10.5 13.8 13.6 14.7 15.8 16.2 16.1 4

 5 Treasury 5.8 5.1 5.4 4.1 4.2 3.6 3.0 3.0 2.6 2.6 2.3 5

 6 Agency 2.3 2.8 4.0 4.3 6.3 10.2 10.6 11.7 13.2 13.5 13.7 6

 7 Municipal securities 0.2 0.6 0.7 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 7

 8 Corporate and foreign bonds 0.6 0.5 0.4 0.3 0.4 1.0 0.6 0.4 0.3 0.5 0.4 8

 9 Bank loans n.e.c. 9.7 11.3 13.1 14.6 15.5 16.3 15.8 16.2 16.3 16.8 17.8 9

10 Home mortgages 4.1 4.8 5.7 6.3 6.4 7.5 6.9 7.5 7.8 8.2 8.6 10

11 Commercial mortgages 3.1 4.0 4.0 3.9 4.4 4.8 5.2 5.6 5.8 6.1 6.2 11

12 Miscellaneous assets 2.6 2.4 4.0 4.8 6.6 9.7 9.7 10.1 10.3 10.6 10.3 12

13 Total liabilities 28.2 31.7 37.2 38.6 43.7 53.1 51.9 54.3 56.4 58.9 59.5 13

14 Checkable deposits 6.1 6.2 6.4 6.9 7.3 8.5 7.9 8.4 8.1 8.4 8.1 14

15 Small time and savings deposits 8.2 9.0 10.2 10.4 10.4 11.4 10.7 11.0 11.4 11.9 12.0 15

16 Large time deposits 8.2 9.0 10.2 10.4 10.4 11.4 10.7 11.0 11.4 11.9 12.0 16

17 Miscellaneous liabilities 5.6 7.4 10.3 10.9 15.6 21.9 22.6 23.8 25.6 26.7 27.4 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, June 9, 2000 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1020.2 1008.6 1012.8 1031.7 1028.6 1088.4 1111.0 1127.8 1145.9 1151.4 1159.8 1

 2 Reserves at Federal Reserve 3.4 2.8 2.7 2.3 1.8 1.9 1.7 1.7 1.6 1.5 1.3 2

 3 Checkable deposits and currency 15.4 13.9 15.5 14.2 15.2 18.4 15.0 16.2 16.9 20.7 16.5 3

 4 Time and savings deposits 3.0 1.3 1.1 1.4 1.0 1.5 1.4 1.3 1.3 1.3 1.9 4

 5 Federal funds and security RPs 10.6 6.5 11.2 10.0 9.2 14.8 15.9 12.5 12.3 10.6 11.5 5

 6 Credit market instruments 914.1 920.8 913.3 933.2 928.5 964.8 990.8 1011.4 1030.8 1033.4 1044.0 6

 7 Open market paper 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 175.5 187.0 183.0 173.4 169.8 153.7 158.3 157.8 156.7 157.4 152.2 8

 9 Treasury 28.2 27.1 18.4 17.4 14.6 10.2 10.6 10.6 10.4 10.1 9.9 9

10 Agency 147.3 159.9 164.6 156.1 155.3 143.6 147.7 147.1 146.3 147.3 142.2 10

11 Municipal securities 2.1 2.0 2.0 2.1 2.1 2.5 2.7 2.9 2.9 3.0 3.1 11

12 Corporate and foreign bonds 89.1 86.7 78.5 68.6 58.7 88.6 104.4 109.9 106.2 112.0 115.6 12

13 Other loans and advances 10.8 10.3 12.8 15.7 18.8 24.2 25.4 27.0 28.2 30.7 33.4 13

14 Mortgages 598.4 596.2 596.8 628.3 631.8 644.2 646.4 656.7 676.6 668.9 680.7 14

15 Consumer credit 37.9 38.5 40.1 44.7 47.2 51.6 53.6 57.2 60.1 61.5 59.0 15

16 Corporate equities 12.5 10.4 14.3 17.8 23.3 24.5 25.1 24.9 24.2 23.8 23.7 16

17 Miscellaneous assets 61.0 53.0 54.7 52.9 49.7 62.6 61.0 59.7 58.9 60.1 60.8 17

18 Total liabilities 1016.1 998.3 995.1 1010.5 1001.0 1058.6 1079.6 1096.4 1114.7 1120.4 1128.8 18

19 Deposits 785.4 733.6 727.9 721.4 695.7 693.1 688.7 688.9 689.2 699.9 704.9 19

20 Checkable 88.3 83.0 97.1 122.4 149.5 185.6 193.0 203.9 212.8 222.7 234.0 20

21 Small time and savings 624.1 579.7 550.7 512.5 448.2 393.8 381.9 368.9 359.4 354.9 341.9 21

22 Large time 73.0 71.0 80.1 86.4 98.1 113.7 113.7 116.1 117.0 122.2 128.9 22

23 Security RPs 26.1 44.5 44.5 43.7 41.8 51.3 64.0 65.8 71.9 72.7 73.5 23

24 Credit market instruments 99.6 112.4 115.0 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 24

25 Corporate bonds 3.9 3.1 3.1 2.7 2.8 2.6 2.8 2.7 3.0 2.7 2.7 25

26 Bank loans n.e.c. 8.4 9.3 14.6 15.9 19.4 29.7 34.0 35.4 34.6 14.0 20.4 26

27 Other loans and advances 87.3 100.0 97.4 121.9 138.0 180.1 190.1 203.5 217.7 243.7 243.8 27

28 Taxes payable 1.9 1.0 1.6 1.4 1.8 2.0 1.9 1.8 2.1 2.0 1.7 28

29 Miscellaneous liabilities 103.0 106.7 106.1 103.5 101.4 99.8 98.1 98.3 96.0 85.4 81.8 29

30 Investment by parent 4.4 4.4 4.5 4.7 5.0 5.4 5.5 5.7 5.8 6.0 6.1 30

31 Other 98.5 102.3 101.6 98.8 96.4 94.4 92.6 92.6 90.2 79.4 75.7 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, June 9, 2000

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 281.7 293.6 310.7 330.1 353.8 391.5 402.8 410.3 411.9 414.5 429.5 1

 2 Checkable deposits and currency 6.5 6.5 7.4 7.5 8.1 9.1 9.2 9.0 15.6 26.4 25.6 2

 3 Time and savings deposits 25.6 16.7 17.1 16.4 17.0 23.4 25.8 26.2 19.3 16.6 19.6 3

 4 Federal funds and security RPs 8.5 6.2 6.4 1.4 3.5 6.8 7.3 7.1 4.6 9.3 9.6 4

 5 Credit market instruments 218.7 246.8 263.0 288.5 305.3 324.2 330.2 341.0 348.5 351.7 360.1 5

 6 Open market paper 2.2 2.1 0.6 0.3 0.2 0.4 0.3 0.8 0.8 1.9 0.8 6

 7 U.S. government securities 58.9 62.9 64.1 68.1 66.7 71.5 75.4 78.3 76.2 70.9 75.2 7

 8 Treasury 22.6 22.1 18.3 17.4 15.6 13.1 12.1 12.5 10.8 9.6 9.6 8

 9 Agency 36.3 40.9 45.7 50.7 51.0 58.4 63.2 65.8 65.4 61.3 65.5 9

10 Home mortgages 56.0 62.1 66.5 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.6 10

11 Consumer credit 101.6 119.6 131.9 144.1 152.4 155.4 155.8 158.2 164.1 167.9 169.5 11

12 Mutual fund shares 4.2 2.6 2.8 2.6 2.4 3.6 3.8 3.9 4.0 2.5 3.2 12

13 Miscellaneous assets 18.2 14.8 13.9 13.7 17.6 24.3 26.5 23.0 19.8 8.0 11.4 13

14 Total liabilities 260.8 270.3 283.7 300.1 320.6 355.3 366.1 373.1 374.0 376.1 389.8 14

15 Shares/deposits 255.5 263.4 278.8 295.1 315.4 349.0 359.6 366.3 366.4 366.7 381.8 15

16 Checkable 26.8 28.8 30.9 32.5 36.6 43.0 42.9 43.1 42.9 45.4 51.3 16

17 Small time and savings 221.8 227.3 238.9 251.2 264.4 287.5 297.2 302.7 301.9 299.8 309.4 17

18 Large time 6.9 7.3 9.0 11.4 14.4 18.5 19.5 20.6 21.6 21.6 21.1 18

19 Other loans and advances 0.2 0.5 0.4 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 19

20 Miscellaneous liabilities 5.1 6.4 4.5 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 660.9 670.0 774.9 841.6 917.7 976.3 987.9 1035.3 973.9 1092.3 1111.2 1

 2 Deposits 39.5 41.4 44.7 51.1 48.2 54.4 54.4 55.1 56.3 57.9 59.5 2

 3 Checkable deposits and currency 0.8 0.5 0.5 0.8 0.8 0.3 0.4 0.4 0.4 0.5 0.5 3

 4 Time and savings deposits 9.4 11.0 10.5 9.0 10.0 7.8 8.0 8.2 8.4 8.9 9.3 4

 5 Money market fund shares 29.3 29.9 33.6 41.4 37.4 46.2 46.0 46.5 47.5 48.6 49.6 5

 6 Credit market instruments 240.9 248.0 239.7 232.0 207.0 194.1 192.2 190.1 188.0 185.7 183.3 6

 7 Open market paper 19.5 23.0 23.7 21.1 21.0 16.5 16.4 16.3 16.3 16.1 15.9 7

 8 U.S. government securities 73.1 72.0 70.8 71.3 61.2 56.8 55.8 54.5 52.9 51.2 49.2 8

 9 Treasury 40.4 39.8 38.7 39.5 33.7 30.8 30.0 29.0 27.6 26.1 24.3 9

10 Agency 32.7 32.2 32.1 31.8 27.5 26.0 25.8 25.5 25.3 25.1 24.9 10

11 Municipal securities 108.9 114.2 108.3 104.0 90.7 89.5 89.1 88.8 88.6 88.4 88.4 11

12 Corporate and foreign bonds 35.8 35.3 33.6 31.9 31.1 28.5 28.1 27.7 27.4 27.2 27.1 12

13 Mortgages 3.6 3.4 3.3 3.6 3.0 2.8 2.8 2.8 2.8 2.8 2.8 13

14 Corporate equities 181.0 167.3 224.9 248.9 305.5 307.7 310.3 325.9 293.0 335.8 335.5 14

15 Mutual fund shares 183.5 200.4 253.5 293.6 342.4 397.1 408.0 440.7 412.5 488.6 507.9 15

16 Miscellaneous assets 16.0 12.9 12.1 16.0 14.6 23.0 23.0 23.5 24.2 24.4 25.0 16

17 Total liabilities (2) 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 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, June 9, 2000 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1754.9 1862.9 2063.6 2246.3 2514.8 2784.3 2839.2 2923.1 2915.6 3061.3 3141.1 1

 2 Checkable deposits and currency 5.2 5.6 5.2 4.3 8.1 5.4 2.7 4.0 3.9 5.4 4.4 2

 3 Money market fund shares 31.5 16.2 22.8 61.9 92.8 110.4 115.9 120.1 130.4 143.8 145.2 3

 4 Credit market instruments 1415.5 1487.5 1587.5 1657.0 1751.1 1828.0 1853.5 1869.6 1880.4 1881.7 1903.8 4

 5 Open market paper 46.9 52.8 45.5 48.4 65.9 73.4 70.7 68.6 71.7 75.5 81.7 5

 6 U.S. government securities 332.8 341.2 351.0 337.4 312.1 288.4 288.3 290.3 290.1 290.4 292.6 6

 7 Treasury 110.0 107.1 108.1 93.2 85.5 71.3 70.9 69.7 68.3 68.1 67.8 7

 8 Agency 222.8 234.1 242.9 244.1 226.7 217.0 217.5 220.7 221.8 222.3 224.8 8

 9 Municipal securities 14.7 12.8 11.9 13.4 16.7 18.4 18.8 18.0 18.4 18.6 19.8 9

10 Corporate and foreign bonds 719.5 779.4 870.1 949.3 1046.0 1130.4 1157.1 1169.2 1174.8 1169.1 1178.1 10

11 Policy loans 77.7 85.5 95.9 100.5 103.7 103.8 99.6 98.9 99.3 98.8 99.1 11

12 Mortgages 223.9 215.8 213.1 208.2 206.8 213.6 219.0 224.5 226.2 229.3 232.6 12

13 Corporate equities 201.2 246.1 315.4 414.1 558.6 733.2 777.0 841.5 818.4 969.8 1028.7 13

14 Mutual fund shares 25.9 9.6 27.7 35.3 38.4 23.3 28.0 33.8 35.2 43.3 47.8 14

15 Miscellaneous assets 75.7 97.9 105.1 73.7 65.7 84.0 62.0 54.1 47.3 17.3 11.1 15

16 Total liabilities 1677.8 1773.5 1953.9 2115.6 2359.7 2614.5 2665.4 2743.8 2737.5 2876.2 2949.4 16

17 Other loans and advances 0.2 0.6 0.5 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 17

18 Life insurance reserves 457.2 491.5 536.3 580.1 632.7 684.7 697.2 715.4 731.7 744.3 756.3 18

19 Pension fund reserves (1) 836.4 884.5 1002.0 1094.8 1233.5 1371.0 1405.0 1453.9 1419.6 1550.3 1599.2 19

20 Taxes payable 9.4 10.4 12.0 13.6 15.3 17.1 17.5 17.9 18.4 18.9 19.3 20

21 Miscellaneous liabilities 374.6 386.6 403.2 425.5 476.4 539.2 542.4 552.6 563.5 559.5 571.5 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 642.5 678.1 740.3 770.0 840.6 890.4 889.3 894.9 881.6 883.6 889.4 1

 2 Checkable deposits and currency 5.2 5.0 4.9 3.9 4.2 4.4 3.6 3.8 3.5 4.5 4.2 2

 3 Security RPs 31.7 29.4 37.5 35.4 35.2 42.8 43.3 32.9 34.7 28.6 30.6 3

 4 Credit market instruments 422.7 446.4 468.7 491.2 515.3 535.7 530.8 537.5 533.9 532.0 532.0 4

 5 U.S. government securities 169.0 178.7 181.6 171.8 161.9 146.6 146.0 147.8 146.8 145.6 145.0 5

 6 Treasury 124.5 133.0 133.4 120.9 91.1 73.2 72.9 73.8 73.3 71.9 70.9 6

 7 Agency 44.5 45.8 48.2 51.0 70.8 73.5 73.2 74.0 73.5 73.7 74.2 7

 8 Municipal securities 146.1 153.8 161.0 175.4 191.6 210.9 207.9 210.6 209.1 209.4 209.8 8

 9 Corporate and foreign bonds 103.1 110.1 123.3 141.6 159.5 176.2 174.8 177.1 175.9 175.0 175.2 9

10 Commercial mortgages 4.5 3.8 2.8 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.0 10

11 Corporate equities 103.4 112.1 134.2 148.6 186.0 201.4 201.6 208.1 193.8 204.9 210.5 11

12 Trade receivables 50.7 52.9 57.3 57.2 59.9 61.6 64.0 65.7 66.3 63.6 64.5 12

13 Miscellaneous assets 28.8 32.2 37.8 33.6 39.9 44.5 46.1 46.8 49.3 50.0 47.6 13

14 Total liabilities 463.1 479.7 510.7 520.1 532.7 561.8 560.1 569.0 581.0 582.8 586.7 14

15 Taxes payable 7.0 7.9 9.0 10.2 11.5 12.7 12.9 13.2 13.5 13.8 14.0 15

16 Miscellaneous liabilities 456.1 471.9 501.6 509.9 521.2 549.2 547.1 555.8 567.5 569.1 572.7 16
76 Z.1, June 9, 2000

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2252.1 2352.1 2755.1 3154.6 3705.6 4331.2 4404.6 4624.1 4500.9 4996.4 5020.8 1

 2 Checkable deposits and currency 3.1 3.3 4.0 4.0 3.8 3.7 3.6 3.6 3.5 3.5 3.5 2

 3 Time and savings deposits 69.1 64.9 55.5 41.2 28.0 28.2 28.7 29.8 30.0 30.2 32.7 3

 4 Money market fund shares 26.3 31.6 37.5 42.7 47.7 58.4 65.1 64.4 76.7 84.5 90.0 4

 5 Security RPs 38.1 37.6 43.1 45.6 47.5 55.7 58.6 58.3 58.3 57.3 61.2 5

 6 Credit market instruments 614.8 660.9 716.9 769.2 834.7 953.4 968.5 1006.0 1017.4 1050.1 1065.7 6

 7 Open market paper 39.8 39.4 45.4 49.0 51.2 61.4 64.4 67.0 69.9 73.3 78.1 7

 8 U.S. government securities 351.2 401.6 444.4 470.1 503.2 562.5 567.5 587.0 590.1 607.1 610.6 8

 9 Treasury 136.8 157.9 176.5 189.2 204.1 218.1 220.0 226.6 228.3 234.5 230.8 9

10 Agency 214.4 243.7 267.9 281.0 299.1 344.4 347.5 360.4 361.8 372.5 379.8 10

11 Municipal securities 0.6 0.7 0.9 0.9 1.1 1.2 1.2 1.3 1.3 1.3 1.4 11

12 Corporate and foreign bonds 208.7 201.2 206.8 228.0 255.7 301.0 307.8 322.0 327.1 338.3 345.1 12

13 Mortgages 14.5 18.0 19.4 21.2 23.6 27.2 27.6 28.8 29.1 30.1 30.5 13

14 Corporate equities 992.4 996.3 1238.4 1490.9 1863.9 2232.3 2228.7 2344.4 2211.9 2490.9 2377.8 14

15 Mutual fund shares 116.0 150.4 220.7 321.4 438.0 564.1 593.1 647.6 622.1 759.2 854.0 15

16 Miscellaneous assets 392.3 407.2 438.9 439.6 441.9 435.6 458.3 470.0 480.8 520.8 535.9 16

17 Unallocated insurance contracts (2) 206.6 210.0 210.8 220.2 234.5 261.7 261.6 266.0 267.3 279.6 291.7 17

18 Contributions receivable 21.9 22.0 25.7 29.5 33.3 37.1 38.0 39.0 39.9 40.9 41.8 18

19 Other 163.9 175.1 202.4 189.9 174.1 136.8 158.7 165.0 173.6 200.3 202.5 19

20 Pension fund reserves (liabilities) (3) 2275.0 2377.5 2776.9 3176.9 3728.1 4354.7 4427.7 4647.0 4524.0 5019.5 5044.1 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1102.7 1184.9 1464.6 1789.6 2307.6 2697.7 2778.4 2954.1 2843.6 3097.6 3043.1 1

 2 Checkable deposits and currency 6.5 6.7 4.2 7.5 5.3 10.0 7.6 9.5 7.4 9.2 9.9 2

 3 Time and savings deposits 6.2 2.5 4.5 2.3 2.4 2.0 2.2 1.7 1.8 1.7 1.4 3

 4 Security RPs 20.5 27.8 31.5 28.2 28.6 37.5 41.0 40.9 40.3 40.4 42.8 4

 5 Credit market instruments 466.5 497.4 531.0 568.2 632.0 698.0 717.2 724.0 733.6 748.6 745.3 5

 6 Open market paper 20.5 27.8 31.5 28.2 28.6 37.5 41.0 40.9 40.3 40.4 41.2 6

 7 U.S. government securities 254.5 268.3 291.1 308.4 340.2 360.1 367.8 373.7 370.5 376.2 368.2 7

 8 Treasury 186.3 192.1 191.7 203.5 216.9 217.7 218.4 222.5 216.5 211.0 201.5 8

 9 Agency 68.2 76.1 99.4 104.9 123.3 142.4 149.4 151.2 154.0 165.2 166.7 9

10 Municipal securities 1.4 1.1 1.8 0.5 1.1 2.3 2.5 2.2 2.5 2.5 2.6 10

11 Corporate and foreign bonds 175.6 185.0 190.6 214.4 244.5 279.6 287.0 288.0 300.9 309.9 313.3 11

12 Mortgages 14.5 15.2 15.9 16.7 17.6 18.6 18.8 19.1 19.4 19.6 19.9 12

13 Corporate equities 528.2 557.4 791.1 1031.6 1431.7 1758.4 1805.4 1960.8 1840.6 2057.3 2063.5 13

14 Miscellaneous assets 74.8 93.0 102.4 151.8 207.6 191.9 205.1 217.3 219.9 240.4 180.3 14

15 Pension fund reserves (liabilities) (1) 1114.4 1200.0 1481.7 1809.6 2332.5 2729.1 2810.6 2987.7 2878.3 3133.1 3079.4 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, June 9, 2000 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 559.6 602.9 745.3 891.1 1048.7 1334.2 1416.0 1398.1 1449.6 1584.8 1671.2 1

 2 Foreign deposits 10.0 15.7 19.7 23.1 23.2 30.6 41.0 45.4 54.1 42.9 56.4 2

 3 Checkable deposits and currency -1.2 -2.5 -3.5 -1.1 1.5 -1.0 -6.1 -1.8 -7.3 -2.2 -3.0 3

 4 Time and savings deposits 31.9 31.4 52.3 82.7 111.3 127.0 139.8 137.5 137.7 160.4 157.7 4

 5 Security RPs 66.4 68.8 87.8 103.8 126.6 139.5 135.5 139.3 138.3 139.6 158.3 5

 6 Credit market instruments 429.0 459.0 545.5 634.3 721.9 965.9 1036.2 1001.8 1049.7 1147.8 1217.1 6

 7 Open market paper 164.4 187.2 235.5 273.9 336.0 414.2 474.2 468.9 490.0 519.0 576.0 7

 8 U.S. government securities 147.2 143.3 160.8 192.0 182.5 277.5 270.0 240.8 249.4 294.7 271.7 8

 9 Treasury 79.4 66.1 70.0 90.2 86.2 103.6 108.1 84.0 89.6 103.8 98.9 9

10 Agency 67.8 77.2 90.8 101.8 96.3 173.8 161.9 156.8 159.8 190.9 172.7 10

11 Municipal securities 105.6 113.4 127.7 144.5 167.0 193.0 204.1 196.1 198.0 210.4 225.8 11

12 Corporate and foreign bonds 11.7 15.2 21.5 23.9 36.4 81.2 87.9 95.9 112.4 123.7 143.6 12

13 Miscellaneous assets 23.7 30.6 43.4 48.3 64.3 72.2 69.5 75.9 77.2 96.3 84.8 13

14 Total shares outstanding (liabilities) 559.6 602.9 745.3 891.1 1048.7 1334.2 1416.0 1398.1 1449.6 1584.8 1671.2 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 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 1

 2 Security RPs 38.7 43.1 50.2 47.5 57.8 68.2 69.6 71.9 71.7 75.5 76.7 2

 3 Credit market instruments 725.9 718.8 771.3 820.2 901.1 1025.9 1050.8 1083.8 1083.1 1074.0 1055.0 3

 4 Open market paper 38.7 43.1 50.2 47.2 57.8 68.2 69.6 71.9 71.7 75.5 74.2 4

 5 U.S. government securities 306.6 296.2 315.1 330.2 349.7 375.8 384.2 399.7 395.5 390.1 383.5 5

 6 Treasury 200.9 194.1 205.3 214.2 225.2 230.4 234.7 242.2 240.2 237.7 237.1 6

 7 Agency 105.7 102.1 109.9 116.1 124.5 145.5 149.5 157.5 155.3 152.4 146.4 7

 8 Municipal securities 211.3 207.0 210.2 213.3 219.8 242.6 247.7 250.2 247.9 239.7 233.4 8

 9 Corporate and foreign bonds 169.3 172.4 195.7 229.5 273.8 339.3 349.3 362.0 368.0 368.6 363.9 9

10 Corporate equities 607.4 709.6 1024.9 1470.0 2018.7 2508.5 2622.8 2886.5 2770.9 3396.9 3614.3 10

11 Miscellaneous assets 3.3 5.9 6.3 4.7 11.8 7.9 15.2 7.0 6.5 6.0 5.9 11

12 Total shares outstanding (liabilities) 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 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 Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 116.1 117.8 134.4 144.7 149.4 143.0 153.2 158.7 156.8 167.5 171.5 1

 2 Credit market instruments 89.7 86.0 96.4 101.1 98.3 102.8 103.6 104.3 105.1 105.9 106.7 2

 3 U.S. government securities 13.7 12.8 11.2 11.4 10.1 9.2 8.9 8.6 8.3 8.0 7.7 3

 4 Municipal securities 51.8 53.4 59.6 61.7 60.8 61.7 63.1 64.5 66.0 67.4 68.8 4

 5 Corporate and foreign bonds 24.2 19.8 25.6 28.1 27.3 31.9 31.6 31.2 30.9 30.5 30.2 5

 6 Corporate equities 26.5 31.9 38.0 43.6 51.1 40.2 49.6 54.4 51.7 61.6 64.8 6

 Memo:

 7 Market value of equities 116.1 117.8 134.4 144.7 149.4 143.0 153.2 158.7 156.8 167.5 171.5 7
78 Z.1, June 9, 2000

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 631.1 781.8 896.9 988.6 1099.4 1403.8 1446.4 1519.9 1619.6 1720.6 1753.5 1

 2 Checkable deposits and currency 2.1 1.3 1.5 0.7 1.9 4.4 2.8 2.2 2.7 11.8 0.7 2

 3 Federal funds and security RPs 50.3 85.8 106.3 94.5 90.4 77.0 70.4 68.3 69.7 89.7 90.6 3

 4 Credit market instruments 545.5 663.3 750.0 807.9 902.2 1163.0 1201.9 1267.0 1338.6 1397.5 1422.2 4

 5 Open market paper 11.9 26.3 25.5 35.1 34.0 60.9 35.2 32.4 33.9 33.8 38.1 5

 6 U.S. government securities 116.9 180.3 243.8 264.2 333.3 465.8 522.9 562.5 592.4 615.6 631.5 6

 7 Treasury 51.6 51.9 58.0 18.8 25.9 25.2 29.8 27.3 28.2 30.9 25.4 7

 8 Agency 65.3 128.4 185.8 245.4 307.4 440.6 493.0 535.2 564.2 584.7 606.1 8

 9 Municipal securities 2.6 3.4 4.4 4.1 3.3 4.6 3.1 3.8 3.7 4.9 3.2 9

10 Corporate and foreign bonds 11.1 19.5 25.0 30.6 30.9 31.4 32.5 28.7 27.0 34.6 34.9 10

11 Other loans and advances 162.0 189.1 200.3 229.1 260.3 352.6 364.6 396.0 437.2 466.2 473.1 11

12 Sallie Mae 33.4 37.0 37.9 36.2 30.9 29.5 31.3 32.5 36.5 34.6 32.6 12

13 Farm Credit System 25.4 26.3 30.2 31.6 31.6 34.9 34.6 34.9 35.4 35.8 36.2 13

14 FHLB 103.1 125.9 132.3 161.4 197.8 288.2 298.8 328.5 365.3 395.7 404.3 14

15 Mortgages 241.0 244.6 251.0 244.9 240.4 247.7 243.6 243.6 244.3 242.4 241.5 15

16 Home 196.7 199.3 205.2 198.5 194.3 198.6 193.2 190.6 189.0 187.5 185.4 16

17 Multifamily residential 17.5 18.4 19.0 18.6 17.3 18.1 19.3 21.3 23.1 22.7 24.0 17

18 Farm 26.8 26.9 26.8 27.9 28.9 31.0 31.2 31.7 32.2 32.2 32.1 18

19 Miscellaneous assets 33.2 31.5 39.2 85.5 104.9 159.5 171.3 182.4 208.6 221.6 240.0 19

20 Total liabilities 614.4 761.7 873.4 964.1 1070.3 1368.9 1410.7 1483.5 1581.7 1681.1 1712.6 20

21 Credit market instruments 528.5 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 21

22 GSE issues (2) 523.7 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 22

23 U.S. government loans 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 85.9 61.1 66.9 67.2 75.1 95.3 88.9 85.5 81.9 89.3 94.2 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 1

 2 Home mortgages 1334.3 1449.7 1543.4 1678.9 1788.1 1970.2 2061.6 2130.0 2191.3 2234.8 2263.2 2

 3 Multifamily residential mortgages 22.5 22.4 26.9 32.5 37.8 48.3 50.6 52.7 54.8 57.5 59.1 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, June 9, 2000 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 491.7 567.9 709.1 854.6 1065.8 1385.4 1451.0 1528.6 1588.6 1622.3 1657.0 1

 2 Agency securities (1) 89.9 109.8 132.8 137.4 141.1 180.8 197.0 214.2 224.1 223.2 226.6 2

 3 Other loans and advances 19.5 23.7 30.6 44.0 76.2 103.8 108.3 114.4 116.6 123.7 134.3 3

 4 Student loans 0.0 0.0 1.0 6.3 14.1 17.9 17.3 17.6 17.9 19.4 22.8 4

 5 Loans to business 19.5 23.7 29.6 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 5

 6 Mortgages (2) 223.5 253.2 278.3 326.7 407.3 562.4 593.9 618.4 636.1 653.3 668.9 6

 7 Home 183.7 206.0 224.3 256.2 310.7 405.2 423.3 440.6 447.8 455.0 463.5 7

 8 Multifamily residential 8.4 9.9 12.0 16.1 21.2 33.5 36.8 38.6 40.1 41.7 43.1 8

 9 Commercial 31.5 37.4 42.0 54.4 75.5 123.7 133.8 139.3 148.2 156.6 162.3 9

10 Consumer credit 130.5 146.1 211.6 265.8 313.1 372.4 380.9 405.6 433.0 435.1 434.0 10

11 Trade receivables 28.4 35.2 55.7 80.7 128.1 165.9 170.9 175.8 178.8 187.0 193.1 11

12 Total liabilities 493.6 570.1 712.5 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 12

13 Commercial paper 51.6 63.9 101.2 146.7 256.1 381.8 401.6 426.9 466.0 520.8 546.6 13

14 Corporate bonds 442.0 506.1 611.3 716.6 820.5 1016.2 1061.5 1113.0 1133.1 1111.2 1119.2 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 1.9 2.2 3.5 8.7 10.8 12.7 12.0 11.3 10.6 9.7 8.8 15

16 REIT assets (4) 12.5 9.0 7.6 7.4 11.1 13.9 13.5 13.0 12.8 12.9 13.0 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 557.4 599.7 672.3 714.6 757.4 827.6 871.1 898.0 906.0 973.5 1007.5 1

 2 Checkable deposits and currency 13.3 14.9 16.6 18.5 20.6 22.8 23.4 24.0 24.6 25.3 25.9 2

 3 Credit market instruments 427.9 476.2 526.2 544.5 566.4 618.4 639.9 660.9 678.2 713.3 747.0 3

 4 Other loans and advances 249.0 274.9 301.6 309.5 318.5 347.5 362.8 373.7 383.0 405.2 434.6 4

 5 Mortgages 62.7 66.9 72.4 82.7 87.9 102.3 109.2 113.5 122.3 126.5 128.8 5

 6 Consumer credit 116.1 134.4 152.1 152.4 160.0 168.5 167.8 173.6 173.0 181.6 183.7 6

 7 Miscellaneous assets 116.1 108.5 129.6 151.5 170.4 186.5 207.8 213.1 203.2 234.9 234.6 7

 8 Total liabilities 554.2 618.5 691.2 741.0 777.6 839.2 871.6 901.9 898.6 975.1 1023.4 8

 9 Credit market instruments 385.1 433.7 483.9 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.4 9

10 Open market paper 149.1 171.6 168.6 177.6 201.5 231.5 222.9 231.0 205.3 227.9 229.7 10

11 Corporate bonds 215.6 247.4 300.0 332.5 328.8 339.7 366.7 383.1 396.2 397.0 410.0 11

12 Bank loans n.e.c. 20.4 14.8 15.3 19.7 24.1 26.3 24.8 25.1 27.0 35.1 30.7 12

13 Taxes payable 3.3 4.1 4.9 5.6 6.4 7.3 7.5 7.7 7.9 8.2 8.4 13

14 Miscellaneous liabilities 165.8 180.6 202.4 205.6 216.7 234.4 249.7 255.0 262.1 307.1 344.7 14

15 Foreign direct investment in U.S. 33.8 20.0 24.8 29.7 35.3 40.5 39.1 44.3 47.9 49.3 51.6 15

16 Investment by parent 35.6 41.8 51.1 60.3 64.7 61.8 64.6 65.4 84.5 123.8 145.2 16

17 Other 96.4 118.8 126.5 115.6 116.8 132.1 146.0 145.3 129.7 133.9 147.9 17

 Memo:

18 Consumer leases not included above (2) 49.3 67.5 80.8 92.5 96.8 93.3 93.9 95.6 98.1 98.3 101.7 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, June 9, 2000

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 60.4 36.5 33.0 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 1

 2 Home mortgages 52.2 28.3 23.8 32.0 21.8 24.9 22.6 25.1 22.1 25.2 23.7 2

 3 Multifamily residential mortgages 3.1 3.1 4.2 4.1 5.2 5.3 5.3 5.4 5.3 5.3 5.3 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.4 36.5 33.0 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 5

 6 Bank loans n.e.c. 30.2 18.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 6

 7 Investment by parent 30.2 17.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 30.0 31.0 33.3 38.2 64.3 70.7 71.2 69.4 69.0 68.4 64.9 1

 2 Checkable deposits and currency 0.0 0.0 0.0 2.2 3.3 4.1 3.8 3.7 4.4 4.4 4.5 2

 3 Credit market instruments 25.4 24.6 26.0 30.4 50.6 45.5 45.9 45.3 44.7 42.9 38.8 3

 4 Agency securities 15.6 9.2 9.0 12.2 21.2 13.1 14.9 14.9 14.6 14.2 14.1 4

 5 Corporate and foreign bonds 1.2 2.1 2.9 4.3 6.5 6.1 5.6 5.5 5.2 5.7 5.6 5

 6 Mortgages 8.6 13.3 14.1 13.8 22.9 26.3 25.4 24.9 24.8 23.0 19.2 6

 7 Home 2.2 5.1 6.9 8.0 14.0 14.8 13.3 13.0 13.1 12.4 8.8 7

 8 Multifamily residential 1.9 2.1 1.6 1.2 2.1 2.1 2.0 1.9 1.8 1.6 1.4 8

 9 Commercial 4.5 6.1 5.6 4.6 6.9 9.4 10.0 10.0 9.9 9.0 9.0 9

10 Miscellaneous assets 4.6 6.4 7.3 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 10

11 Total liabilities 37.2 55.1 62.2 79.4 139.0 205.6 214.8 208.7 213.3 216.8 216.8 11

12 Security RPs 5.0 9.7 10.9 13.7 24.9 15.1 16.1 16.3 15.8 15.7 13.0 12

13 Credit market instruments 29.9 40.0 44.6 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 13

14 Open market paper 0.6 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 14

15 Corporate bonds 16.8 15.3 15.5 16.8 31.6 53.4 59.6 58.1 58.9 62.2 63.9 15

16 Bank loans n.e.c. 3.6 6.0 5.0 7.8 17.6 33.6 28.7 28.4 27.3 26.0 25.5 16

17 Mortgages 8.9 18.7 24.1 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 17

18 Miscellaneous liabilities 2.3 5.3 6.7 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 18

 Memo:

19 Securitized assets included above 12.5 9.0 7.6 7.4 11.1 13.9 13.5 13.0 12.8 12.9 13.0 19

20 Agency securities 11.4 6.4 4.2 4.5 4.9 5.0 4.4 4.0 3.8 3.7 3.8 20

21 Home mortgages 1.1 2.5 3.5 2.6 5.7 7.5 7.4 7.4 7.5 7.6 7.9 21

22 Multifamily residential mortgages 0.0 0.0 0.0 0.3 0.4 0.8 0.9 0.9 0.8 0.9 0.8 22

23 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.6 0.7 0.7 0.7 0.7 0.6 23
Z.1, June 9, 2000 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 478.8 454.7 568.1 636.4 779.2 921.2 893.9 919.7 921.4 999.5 1139.4 1

 2 Checkable deposits and currency 12.3 12.0 13.7 15.7 21.7 25.4 24.5 27.7 26.8 28.4 26.8 2

 3 Credit market instruments 137.5 93.3 183.4 167.7 182.6 189.4 211.4 162.9 167.0 158.6 200.9 3

 4 Open market paper 14.9 11.2 22.1 23.7 24.3 28.0 28.8 28.8 29.3 27.7 32.1 4

 5 U.S. government securities 32.5 2.3 72.3 42.4 45.1 66.7 81.1 26.0 35.6 22.4 45.6 5

 6 Treasury -28.3 -42.7 18.3 -12.8 -5.3 15.8 48.2 -8.7 -21.6 -43.5 -4.7 6

 7 Agency 60.8 45.0 54.0 55.2 50.4 50.9 32.9 34.7 57.3 65.9 50.2 7

 8 Municipal securities 17.1 15.5 12.7 10.8 13.2 13.1 12.4 14.3 12.8 12.0 10.9 8

 9 Corporate and foreign bonds 73.0 64.4 76.4 90.9 100.0 81.4 89.1 93.8 89.2 96.5 112.3 9

10 Corporate equities 24.2 20.1 34.2 37.9 51.9 54.4 61.0 69.8 55.3 66.4 74.3 10

11 Security credit 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 11

12 Miscellaneous assets 228.6 254.2 258.2 320.7 391.8 499.3 436.4 474.8 486.3 523.7 555.9 12

13 Total liabilities 441.9 420.9 535.5 597.5 729.6 865.8 835.7 855.5 855.9 931.8 1064.0 13

14 Security RPs (net) 126.4 103.4 182.4 180.9 203.5 208.1 232.7 215.2 209.4 247.2 292.9 14

15 Corporate bonds 33.7 34.3 29.3 27.3 35.3 42.5 34.8 30.4 34.6 25.3 36.4 15

16 Trade payables 10.1 9.1 10.3 14.3 19.9 18.9 19.4 31.8 30.0 30.8 33.7 16

17 Security credit 202.9 203.9 227.1 263.7 337.9 419.6 392.0 404.9 407.3 443.4 511.2 17

18 Customer credit balances (HH) 102.3 109.0 127.6 162.9 215.5 276.7 262.3 272.6 285.2 318.6 367.9 18

19 From banks 100.7 94.9 99.5 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.3 19

20 Taxes payable 1.4 1.2 1.1 1.3 1.3 1.3 1.3 1.4 1.5 2.2 2.4 20

21 Miscellaneous liabilities 67.4 69.0 85.4 110.1 131.5 175.5 155.5 171.9 173.0 182.9 187.3 21

22 Foreign direct investment in U.S. 5.0 5.8 11.1 8.8 8.9 9.8 9.8 10.0 9.9 11.9 12.3 22

23 Due to affiliates 84.7 110.3 132.9 175.7 241.7 326.0 382.1 407.4 393.8 369.4 394.8 23

24 Other -22.3 -47.2 -58.6 -74.4 -119.1 -160.3 -236.3 -245.5 -230.7 -198.4 -219.8 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 327.5 364.7 373.1 479.6 588.4 692.3 752.8 799.3 820.3 927.3 942.4 1

 2 Money market fund shares 86.0 117.8 120.2 147.5 157.9 215.8 224.6 231.8 236.6 264.7 267.3 2

 3 Credit market instruments 116.1 106.0 87.4 101.4 146.5 140.0 154.4 182.2 183.5 258.1 250.9 3

 4 Open market paper 112.1 92.0 63.6 64.8 110.8 99.9 114.6 137.5 140.2 222.8 225.6 4

 5 Corporate and foreign bonds 4.0 14.0 23.8 36.5 35.6 40.1 39.8 44.7 43.3 35.3 25.3 5

 6 Miscellaneous assets (2) 125.4 141.0 165.5 230.7 284.0 336.5 373.7 385.3 400.2 404.5 424.2 6

 7 Investment in foreign banking offices 44.5 44.1 50.7 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 7

 8 Investment in brokers and dealers 80.8 96.9 114.8 166.3 205.2 246.0 283.9 296.8 297.7 311.5 309.6 8

 9 Total liabilities 327.5 364.7 373.1 479.6 588.4 692.3 752.8 799.3 820.3 927.3 942.4 9

10 Credit market instruments 180.3 211.0 248.6 312.7 373.7 414.4 459.1 449.5 462.0 506.6 510.9 10

11 Open market paper 140.3 151.1 164.2 199.1 229.6 236.3 244.9 224.4 238.1 271.1 279.5 11

12 Corporate bonds 40.0 60.0 84.4 113.6 144.2 178.2 214.2 225.1 223.9 235.5 231.5 12

13 Miscellaneous liabilities 147.2 153.7 124.5 166.8 214.7 277.9 293.6 349.8 358.3 420.7 431.5 13

14 Foreign direct investment in U.S. -54.9 -70.1 -83.1 -82.0 -89.7 -77.9 -85.4 -64.2 -61.8 -102.1 -86.8 14

15 Securities loaned (net) 197.1 221.7 216.2 276.1 333.3 403.3 359.9 386.9 400.1 422.6 449.7 15

16 Other 5.0 2.1 -8.6 -27.2 -28.9 -47.4 19.1 27.2 19.9 100.2 68.6 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, June 9, 2000

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves 73.4 74.3 85.8 75.1 70.0 81.8 74.4 71.7 73.4 71.6 70.8 1

 2 U.S. gold stock and SDRs 20.1 21.1 22.1 21.4 21.1 21.6 20.7 20.8 21.3 21.4 21.4 2

 3 Federal govt.: Exchange Stab. Fund 9.0 10.0 11.0 10.3 10.0 10.6 9.7 9.7 10.3 10.4 10.3 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.4 53.2 63.7 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 5

 6 Official foreign currency holdings 41.5 41.2 49.1 38.3 30.8 36.0 30.4 29.5 32.1 32.2 31.5 6

 7 Treasury 19.2 19.2 28.0 19.0 13.8 16.2 15.2 14.7 16.0 16.0 15.7 7

 8 Monetary authority 22.3 22.0 21.1 19.3 17.0 19.8 15.2 14.8 16.1 16.1 15.8 8

 9 Net IMF position 11.8 12.0 14.6 15.4 18.1 24.1 23.2 21.5 20.0 18.0 17.9 9

10 Federal government 11.9 12.1 14.7 15.5 18.2 24.2 23.3 21.6 20.1 18.0 18.0 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 8.0 8.0 10.2 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 1

 2 Asset: Monetary authority 8.0 8.0 10.2 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 2

 Treasury currency:

 3 Liab: Federal government 17.0 17.6 18.2 18.3 18.3 18.3 18.3 18.8 19.3 18.3 18.8 3

 4 Asset: Monetary authority 22.1 23.0 24.0 25.0 25.6 26.3 26.6 27.0 27.5 28.0 28.4 4

 5 Discrepancy (seigniorage) -5.1 -5.4 -5.8 -6.7 -7.3 -8.0 -8.4 -8.2 -8.2 -9.7 -9.6 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 271.8 373.9 418.8 516.1 618.8 639.9 671.8 696.6 710.4 707.2 720.2 1

 Held by:

 2 Household sector 15.8 18.8 23.4 35.5 41.8 41.5 43.5 45.1 46.0 45.8 47.1 2

 3 Nonfinancial corporate business 12.9 14.0 15.6 26.1 21.0 21.8 25.8 23.1 24.9 25.1 25.4 3

 4 Money market mutual funds 10.0 15.7 19.7 23.1 23.2 30.6 41.0 45.4 54.1 42.9 56.4 4

 5 Discrepancy--unallocated assets 233.2 325.4 360.2 431.4 532.9 545.9 561.4 582.9 585.3 593.4 591.3 5
Z.1, June 9, 2000 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 189.3 280.1 290.7 240.8 219.4 189.0 182.0 203.5 196.0 197.4 152.7 1

 2 Monetary authority 67.6 68.9 70.2 69.7 75.8 68.4 61.1 62.7 62.7 90.6 53.4 2

 3 Depository institution reserves 35.0 30.8 29.6 24.5 30.8 26.3 22.5 22.2 21.7 24.0 18.2 3

 4 Vault cash 32.7 38.1 40.6 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 4

 5 Commercial banking 121.7 211.2 220.5 171.1 143.5 120.6 120.9 140.8 133.3 106.9 99.3 5

 6 To monetary authority 1.0 -0.5 0.2 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 6

 7 To banks in foreign countries, net 125.4 218.2 229.3 177.3 173.0 145.9 132.8 150.8 145.8 131.8 113.0 7

 8 Liabilities, net 135.4 229.0 239.7 192.9 188.8 156.7 142.9 161.2 156.2 141.3 122.3 8

 9 U.S.-chartered commercial banks 7.9 82.3 79.6 48.5 62.0 85.1 87.8 109.9 105.4 122.6 128.0 9

10 Due to foreign affiliates 90.8 143.4 128.7 126.8 173.1 196.7 192.8 207.3 209.2 235.0 236.3 10

11 - Due from foreign affiliates 82.9 61.1 49.1 78.4 111.1 111.6 105.0 97.4 103.8 112.4 108.3 11

12 Foreign banking offices in U.S. 134.3 161.3 178.6 167.1 148.6 92.9 73.2 62.6 63.3 44.3 12.5 12

13 Due to foreign affiliates 83.0 84.3 99.9 110.4 99.7 133.0 128.7 143.6 132.6 141.4 152.7 13

14 - Due from foreign affiliates -51.3 -77.0 -78.7 -56.6 -48.8 40.1 55.6 81.1 69.3 97.1 140.2 14

15 Bank holding companies -6.8 -14.6 -18.5 -22.6 -21.9 -21.3 -18.1 -11.3 -12.5 -25.5 -18.2 15

16 Due to foreign affiliates 6.6 4.1 3.0 2.7 3.0 2.9 2.8 7.4 7.9 8.3 7.8 16

17 - Due from foreign affiliates 13.3 18.7 21.4 25.3 24.9 24.2 20.9 18.7 20.3 33.9 25.9 17

18 Less: Deposits at foreign banks 10.0 10.8 10.4 15.6 15.8 10.8 10.1 10.4 10.5 9.5 9.4 18

19 U.S. chartered commercial banks 8.4 8.0 5.4 10.6 11.7 10.6 10.0 10.2 10.3 9.4 9.3 19

20 Foreign banking offices in U.S. 1.6 2.9 5.0 5.0 4.1 0.2 0.1 0.2 0.2 0.2 0.1 20

21 To U.S. banking, net -4.7 -6.5 -9.0 -10.6 -32.2 -27.0 -11.3 -10.6 -13.0 -25.0 -13.7 21

22 U.S.-chartered commercial banks -19.9 -13.3 -20.0 -41.8 -50.2 -51.0 -46.4 -45.7 -56.0 -64.5 -57.0 22

23 Liabilities 44.8 50.7 43.3 38.3 22.0 29.8 43.6 45.8 42.5 47.9 49.4 23

24 To foreign offices in U.S. 48.2 56.3 51.5 48.4 53.8 55.9 54.1 53.6 55.0 72.2 62.5 24

25 To bank holding companies 1.3 0.9 0.8 0.5 0.3 0.9 0.8 2.7 0.5 0.6 0.5 25

26 Unallocated -4.7 -6.5 -9.0 -10.6 -32.2 -27.0 -11.3 -10.6 -13.0 -25.0 -13.7 26

 Less, due from:

27 Foreign offices in U.S. 66.7 60.2 58.9 64.9 57.6 55.9 63.9 62.3 69.9 79.7 70.7 27

28 Bank holding companies -1.9 3.8 4.4 15.2 14.6 24.8 26.0 29.1 28.6 32.8 35.7 28

29 Foreign banking offices in U.S. 18.5 3.9 7.5 16.5 3.8 0.1 9.8 8.7 14.9 7.4 8.1 29

30 Due to U.S. banks 66.7 60.2 58.9 64.9 57.6 55.9 63.9 62.3 69.9 79.7 70.7 30

31 - Due from U.S. banks 48.2 56.3 51.5 48.4 53.8 55.9 54.1 53.6 55.0 72.2 62.5 31

32 Bank holding companies -3.3 2.9 3.5 14.7 14.3 23.9 25.3 26.4 28.1 32.2 35.2 32

33 Due to U.S. banks -1.9 3.8 4.4 15.2 14.6 24.8 26.0 29.1 28.6 32.8 35.7 33

34 - Due from U.S. banks 1.3 0.9 0.8 0.5 0.3 0.9 0.8 2.7 0.5 0.6 0.5 34

35 Total assets 194.1 286.6 299.7 251.4 251.6 215.9 193.3 214.0 209.0 222.4 166.4 35

36 Rest of the world 125.4 218.2 229.3 177.3 173.0 145.9 132.8 150.8 145.8 131.8 113.0 36

37 Domestic 68.6 68.4 70.4 74.1 78.6 70.0 60.5 63.2 63.2 90.6 53.4 37

38 Monetary authority 1.0 -0.5 0.2 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 38

39 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 39

40 Loans to member banks 0.1 0.2 0.1 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 40

41 Commercial banking 64.2 66.1 67.5 67.5 74.1 66.5 59.3 61.0 61.1 89.1 52.1 41

42 Reserves at Federal Reserve 31.5 28.0 26.9 22.3 29.1 24.4 20.8 20.4 20.1 22.5 16.9 42

43 Vault cash 32.7 38.1 40.6 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 43

44 Savings insts.: Reserves at Fed. Res. 3.4 2.8 2.7 2.3 1.8 1.9 1.7 1.7 1.6 1.5 1.3 44

45 Discrepancy--floats, etc. -4.7 -6.5 -9.0 -10.6 -32.2 -27.0 -11.3 -10.6 -13.0 -25.0 -13.7 45
84 Z.1, June 9, 2000

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1251.7 1242.0 1229.3 1245.1 1286.6 1334.2 1311.4 1354.1 1354.9 1485.8 1393.5 1

 2 Monetary authority 348.2 373.5 390.5 413.9 444.0 482.6 485.8 499.7 511.2 591.6 533.4 2

 3 Federal government cash and deposits 15.2 7.5 6.2 8.0 5.7 6.2 5.5 6.8 6.7 28.5 4.5 3

 4 Deposits due to foreign 0.4 0.3 0.5 0.5 1.0 1.0 1.1 1.4 1.3 1.3 1.4 4

 5 Currency outside banks 332.6 365.7 383.7 405.5 437.4 475.4 479.2 491.5 503.1 561.8 527.4 5

 6 Commercial banking 788.4 756.7 710.8 676.3 656.4 623.0 589.6 607.5 588.0 626.2 574.8 6

 7 Federal government deposits 42.6 23.8 19.0 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 7

 8 Deposits due to foreign 21.3 23.2 24.0 26.6 31.2 29.2 30.5 35.5 43.9 42.2 40.1 8

 9 Private domestic deposits 724.5 709.8 667.8 621.0 597.5 580.7 542.7 529.9 498.1 534.3 497.2 9

10 Savings institutions 88.3 83.0 97.1 122.4 149.5 185.6 193.0 203.9 212.8 222.7 234.0 10

11 Credit unions 26.8 28.8 30.9 32.5 36.6 43.0 42.9 43.1 42.9 45.4 51.3 11

12 Total assets 1251.7 1242.0 1229.3 1245.1 1286.6 1334.2 1311.4 1354.1 1354.9 1485.8 1393.5 12

13 Household sector 593.4 563.6 504.9 445.8 401.0 448.3 445.7 413.7 397.9 425.8 433.5 13

14 Nonfinancial business 306.0 330.1 366.2 411.5 454.2 448.1 443.5 468.4 473.2 493.7 464.3 14

15 Corporate 203.1 221.6 252.9 289.8 320.5 302.5 296.2 319.0 321.6 339.9 308.7 15

16 Nonfarm noncorporate 87.2 92.3 96.6 105.1 116.8 126.8 128.7 131.0 133.4 135.8 137.8 16

17 Farm 15.7 16.2 16.7 16.7 16.9 18.8 18.6 18.4 18.2 18.0 17.8 17

18 State and local governments 28.3 30.0 33.3 27.8 32.2 28.3 27.4 27.1 29.2 32.1 28.4 18

19 Federal government 52.2 27.8 22.2 38.3 41.6 23.2 29.1 61.2 62.9 87.9 48.5 19

20 Rest of the world 155.1 180.4 193.8 213.7 243.6 258.2 262.0 270.4 283.4 293.9 285.1 20

21 Checkable deposits 21.6 23.5 24.5 27.1 32.2 30.2 31.5 36.9 45.2 43.5 41.5 21

22 Currency 133.5 156.9 169.2 186.6 211.4 228.0 230.4 233.5 238.2 250.4 243.6 22

23 Financial sectors 70.2 68.7 71.7 79.5 96.0 108.9 92.0 103.5 104.0 139.9 121.4 23

24 Commercial banking 1.0 1.4 1.6 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 24

25 Savings institutions 15.4 13.9 15.5 14.2 15.2 18.4 15.0 16.2 16.9 20.7 16.5 25

26 Credit unions 6.5 6.5 7.4 7.5 8.1 9.1 9.2 9.0 15.6 26.4 25.6 26

27 Bank personal trusts and estates 0.8 0.5 0.5 0.8 0.8 0.3 0.4 0.4 0.4 0.5 0.5 27

28 Life insurance companies 5.2 5.6 5.2 4.3 8.1 5.4 2.7 4.0 3.9 5.4 4.4 28

29 Other insurance companies 5.2 5.0 4.9 3.9 4.2 4.4 3.6 3.8 3.5 4.5 4.2 29

30 Private pension funds 3.1 3.3 4.0 4.0 3.8 3.7 3.6 3.6 3.5 3.5 3.5 30

31 State and local govt. retirement funds 6.5 6.7 4.2 7.5 5.3 10.0 7.6 9.5 7.4 9.2 9.9 31

32 Money market mutual funds -1.2 -2.5 -3.5 -1.1 1.5 -1.0 -6.1 -1.8 -7.3 -2.2 -3.0 32

33 Government-sponsored enterprises 2.1 1.3 1.5 0.7 1.9 4.4 2.8 2.2 2.7 11.8 0.7 33

34 Finance companies 13.3 14.9 16.6 18.5 20.6 22.8 23.4 24.0 24.6 25.3 25.9 34

35 REITs 0.0 0.0 0.0 2.2 3.3 4.1 3.8 3.7 4.4 4.4 4.5 35

36 Brokers and dealers 12.3 12.0 13.7 15.7 21.7 25.4 24.5 27.7 26.8 28.4 26.8 36

37 Mail float 46.4 41.4 37.2 28.5 18.1 19.3 11.7 9.7 4.3 12.5 12.3 37
Z.1, June 9, 2000 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2614.8 2594.4 2756.6 2967.9 3187.5 3432.0 3441.9 3453.5 3503.4 3606.7 3694.5 1

 2 Small time and savings deposits 2223.1 2183.2 2279.7 2377.0 2474.1 2626.5 2637.6 2644.6 2665.9 2670.9 2728.5 2

 3 Commercial banking 1377.2 1376.2 1490.1 1613.2 1761.5 1945.2 1958.5 1973.0 2004.6 2016.2 2077.1 3

 4 U.S.-chartered commercial banks 1358.6 1357.9 1471.3 1594.2 1738.0 1924.4 1938.7 1954.8 1986.0 1996.8 2058.0 4

 5 Foreign banking offices in U.S. 10.4 9.3 8.5 8.7 13.1 9.5 9.1 7.2 7.3 7.5 7.2 5

 6 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.4 10.4 11.4 10.7 11.0 11.4 11.9 12.0 6

 7 Savings institutions 624.1 579.7 550.7 512.5 448.2 393.8 381.9 368.9 359.4 354.9 341.9 7

 8 Credit unions 221.8 227.3 238.9 251.2 264.4 287.5 297.2 302.7 301.9 299.8 309.4 8

 9 Large time deposits (1) 391.7 411.2 476.9 590.9 713.4 805.5 804.3 809.0 837.5 935.8 966.1 9

10 Commercial banking 311.7 333.0 387.8 493.1 601.0 673.3 671.1 672.3 698.8 792.0 816.0 10

11 U.S.-chartered commercial banks 196.1 214.0 256.5 306.1 369.3 404.1 405.7 409.6 429.2 465.6 480.4 11

12 Foreign banking offices in U.S. 107.4 110.0 121.0 176.6 221.3 257.8 254.6 251.6 258.2 314.5 323.7 12

13 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.4 10.4 11.4 10.7 11.0 11.4 11.9 12.0 13

14 Savings institutions 73.0 71.0 80.1 86.4 98.1 113.7 113.7 116.1 117.0 122.2 128.9 14

15 Credit unions 6.9 7.3 9.0 11.4 14.4 18.5 19.5 20.6 21.6 21.6 21.1 15

16 Total assets 2614.8 2594.4 2756.6 2967.9 3187.5 3432.0 3441.9 3453.5 3503.4 3606.7 3694.5 16

17 Household sector 2235.8 2223.5 2388.0 2553.0 2722.5 2908.7 2901.7 2914.1 2955.6 3012.3 3100.1 17

18 Nonfinancial business 129.3 130.9 115.0 126.4 139.9 150.9 152.8 154.8 159.7 162.8 163.7 18

19 Corporate 74.1 67.5 42.9 43.6 36.3 31.3 31.0 29.9 31.5 31.1 30.7 19

20 Nonfarm noncorporate 55.2 63.4 72.1 82.8 103.6 119.6 121.8 124.9 128.2 131.7 132.9 20

21 State and local governments 48.8 55.3 62.0 72.6 78.4 91.1 92.6 90.3 94.5 102.1 99.9 21

22 Federal government 0.8 0.7 0.9 2.4 3.4 4.7 3.9 4.1 4.6 5.4 5.5 22

23 Rest of the world 54.7 56.3 49.6 60.6 73.6 86.6 85.2 85.6 90.4 105.0 102.7 23

24 Financial sectors 145.3 127.8 141.0 152.9 169.7 189.9 205.9 204.7 198.6 219.1 222.7 24

25 Savings institutions 3.0 1.3 1.1 1.4 1.0 1.5 1.4 1.3 1.3 1.3 1.9 25

26 Credit unions 25.6 16.7 17.1 16.4 17.0 23.4 25.8 26.2 19.3 16.6 19.6 26

27 Bank personal trusts and estates 9.4 11.0 10.5 9.0 10.0 7.8 8.0 8.2 8.4 8.9 9.3 27

28 Private pension funds 69.1 64.9 55.5 41.2 28.0 28.2 28.7 29.8 30.0 30.2 32.7 28

29 State and local govt. retirement funds 6.2 2.5 4.5 2.3 2.4 2.0 2.2 1.7 1.8 1.7 1.4 29

30 Money market mutual funds 31.9 31.4 52.3 82.7 111.3 127.0 139.8 137.5 137.7 160.4 157.7 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 559.6 602.9 745.3 891.1 1048.7 1334.2 1416.0 1398.1 1449.6 1584.8 1671.2 1

 2 Household sector 337.9 351.3 449.2 505.3 596.1 741.0 795.8 766.4 782.5 844.5 918.4 2

 3 Nonfinancial corporate business 44.8 52.2 77.0 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 3

 4 Nonfarm noncorporate business 3.9 4.0 4.9 5.5 6.1 6.6 6.7 6.8 6.9 7.0 7.1 4

 5 Bank personal trusts and estates 29.3 29.9 33.6 41.4 37.4 46.2 46.0 46.5 47.5 48.6 49.6 5

 6 Life insurance companies 31.5 16.2 22.8 61.9 92.8 110.4 115.9 120.1 130.4 143.8 145.2 6

 7 Private pension funds 26.3 31.6 37.5 42.7 47.7 58.4 65.1 64.4 76.7 84.5 90.0 7

 8 Funding corporations 86.0 117.8 120.2 147.5 157.9 215.8 224.6 231.8 236.6 264.7 267.3 8
86 Z.1, June 9, 2000

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 471.3 549.5 660.0 701.5 822.4 913.7 980.3 970.8 999.3 1085.4 1157.0 1

 2 Commercial banking (net) 313.7 391.8 422.2 463.2 552.2 639.2 667.5 673.5 702.2 749.8 777.5 2

 3 U.S.-chartered commercial banks 279.8 351.4 379.6 408.2 471.7 538.5 569.4 571.4 616.7 667.3 693.7 3

 4 Foreign banking offices in U.S. 34.7 41.4 43.2 55.1 80.7 100.4 97.9 102.0 85.6 82.1 83.1 4

 5 Bank holding companies -0.8 -0.9 -0.5 -0.2 -0.2 0.4 0.3 0.1 -0.1 0.5 0.7 5

 6 Savings institutions 26.1 44.5 44.5 43.7 41.8 51.3 64.0 65.8 71.9 72.7 73.5 6

 7 REITs 5.0 9.7 10.9 13.7 24.9 15.1 16.1 16.3 15.8 15.7 13.0 7

 8 Brokers and dealers (net) 126.4 103.4 182.4 180.9 203.5 208.1 232.7 215.2 209.4 247.2 292.9 8

 9 Total assets 472.8 483.3 573.7 610.6 669.4 706.6 716.8 695.4 705.4 846.5 770.9 9

10 Nonfinancial corporate business 2.5 2.2 2.4 3.9 4.6 3.3 3.9 2.9 4.9 4.4 6.9 10

11 State and local governments 133.7 118.6 115.7 147.8 151.4 158.5 166.5 163.8 166.6 163.5 176.4 11

12 Rest of the world 58.6 46.6 67.6 70.9 90.8 72.0 86.3 83.3 81.9 86.8 82.6 12

13 Financial sectors 277.9 315.8 387.9 388.1 422.6 472.7 460.0 445.4 452.0 591.7 505.1 13

14 Monetary authority 13.2 10.6 13.9 21.6 23.8 30.4 18.3 14.3 22.1 140.6 23.7 14

15 Savings institutions 10.6 6.5 11.2 10.0 9.2 14.8 15.9 12.5 12.3 10.6 11.5 15

16 Credit unions 8.5 6.2 6.4 1.4 3.5 6.8 7.3 7.1 4.6 9.3 9.6 16

17 Other insurance companies 31.7 29.4 37.5 35.4 35.2 42.8 43.3 32.9 34.7 28.6 30.6 17

18 Private pension funds 38.1 37.6 43.1 45.6 47.5 55.7 58.6 58.3 58.3 57.3 61.2 18

19 State and local govt. retirement funds 20.5 27.8 31.5 28.2 28.6 37.5 41.0 40.9 40.3 40.4 42.8 19

20 Money market mutual funds 66.4 68.8 87.8 103.8 126.6 139.5 135.5 139.3 138.3 139.6 158.3 20

21 Mutual funds 38.7 43.1 50.2 47.5 57.8 68.2 69.6 71.9 71.7 75.5 76.7 21

22 Government-sponsored enterprises 50.3 85.8 106.3 94.5 90.4 77.0 70.4 68.3 69.7 89.7 90.6 22

23 Discrepancy--unallocated assets -1.5 66.2 86.4 90.9 153.0 207.2 263.5 275.4 293.9 238.9 386.0 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 580.0 623.5 700.4 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 1

 2 Commercial paper 553.8 600.1 677.7 779.4 958.5 1161.0 1217.2 1233.8 1276.2 1393.8 1469.1 2

 3 Nonfinancial corporate business 117.8 139.2 157.4 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 3

 4 Foreign issues in U.S. 68.8 42.7 56.2 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 4

 5 Nonfinancial 27.5 15.2 20.6 18.7 20.0 18.5 18.6 17.2 24.1 26.7 33.8 5

 6 Financial 41.3 27.5 35.6 48.8 45.0 54.4 58.7 52.9 57.7 62.5 67.8 6

 7 Financial business 367.1 418.2 464.2 555.5 724.8 895.2 916.0 931.4 955.1 1074.3 1106.7 7

 8 Commercial banking 25.6 31.6 30.1 32.0 37.6 45.4 46.4 48.9 45.6 54.5 50.8 8

 9 ABS issuers 51.6 63.9 101.2 146.7 256.1 381.8 401.6 426.9 466.0 520.8 546.6 9

10 Finance companies 149.1 171.6 168.6 177.6 201.5 231.5 222.9 231.0 205.3 227.9 229.7 10

11 REITs 0.6 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 11

12 Funding corporations 140.3 151.1 164.2 199.1 229.6 236.3 244.9 224.4 238.1 271.1 279.5 12

13 Bankers acceptances (1) 26.3 23.4 22.6 23.6 20.9 11.5 10.4 9.5 8.3 8.6 9.0 13

14 Holdings, by sector 580.0 623.5 700.4 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 14

15 Household sector 45.5 46.7 48.0 55.4 59.0 63.2 64.4 65.7 67.1 68.5 70.1 15

16 Nonfinancial corporate business 19.4 18.8 20.1 31.5 36.1 30.9 30.1 35.6 39.3 42.1 39.2 16

17 State and local governments 17.9 22.3 39.4 59.7 74.0 102.0 106.0 107.2 106.5 103.9 105.6 17

18 Rest of the world 18.8 24.9 43.4 57.9 77.8 114.8 110.8 100.8 106.4 100.6 98.0 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 7.3 5.8 5.7 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 20

21 Savings institutions 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 2.2 2.1 0.6 0.3 0.2 0.4 0.3 0.8 0.8 1.9 0.8 22

23 Bank personal trusts and estates 19.5 23.0 23.7 21.1 21.0 16.5 16.4 16.3 16.3 16.1 15.9 23

24 Life insurance companies 46.9 52.8 45.5 48.4 65.9 73.4 70.7 68.6 71.7 75.5 81.7 24

25 Private pension funds 39.8 39.4 45.4 49.0 51.2 61.4 64.4 67.0 69.9 73.3 78.1 25

26 State and local govt. retirement funds 20.5 27.8 31.5 28.2 28.6 37.5 41.0 40.9 40.3 40.4 41.2 26

27 Money market mutual funds 164.4 187.2 235.5 273.9 336.0 414.2 474.2 468.9 490.0 519.0 576.0 27

28 Mutual funds 38.7 43.1 50.2 47.2 57.8 68.2 69.6 71.9 71.7 75.5 74.2 28

29 Government-sponsored enterprises 11.9 26.3 25.5 35.1 34.0 60.9 35.2 32.4 33.9 33.8 38.1 29

30 Brokers and dealers 14.9 11.2 22.1 23.7 24.3 28.0 28.8 28.8 29.3 27.7 32.1 30

31 Funding corporations 112.1 92.0 63.6 64.8 110.8 99.9 114.6 137.5 140.2 222.8 225.6 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, June 9, 2000 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 3309.9 3465.6 3608.5 3755.1 3778.3 3723.7 3731.6 3623.4 3604.5 3652.8 3625.8 1

 2 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 2

 3 Other Treasury issues 3138.0 3285.6 3423.5 3568.1 3591.8 3537.1 3545.0 3436.9 3418.2 3466.3 3440.5 3

 4 Total assets 3309.9 3465.6 3608.5 3755.1 3778.3 3723.7 3731.6 3623.4 3604.5 3652.8 3625.8 4

 5 Household sector 585.0 782.0 699.9 687.9 541.9 414.8 361.2 311.0 289.9 371.1 323.5 5

 6 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 6

 7 Other Treasury issues 413.1 602.0 514.9 500.9 355.4 228.2 174.7 124.5 103.7 184.7 138.2 7

 8 Nonfinancial corporate business 48.8 50.8 57.1 47.1 26.8 24.6 21.3 22.1 22.2 20.9 19.6 8

 9 Nonfarm noncorporate business 13.3 14.0 15.6 14.4 13.8 14.0 14.3 14.4 14.4 14.6 14.8 9

10 State and local governments 447.8 370.0 289.8 257.0 239.3 269.3 272.5 279.1 271.6 266.8 257.2 10

11 Rest of the world 594.6 632.6 841.3 1093.3 1252.0 1316.3 1308.4 1296.2 1318.8 1306.6 1314.1 11

12 Monetary authority 332.0 364.5 378.2 390.9 430.7 452.1 465.7 484.9 489.0 478.0 501.7 12

13 Commercial banking 322.2 290.4 278.7 261.8 270.1 214.0 223.8 217.5 218.7 226.6 215.4 13

14 U.S.-chartered commercial banks 275.0 248.0 207.6 173.0 166.8 124.7 134.6 130.2 124.0 122.8 125.3 14

15 Foreign banking offices in U.S. 36.1 32.7 62.3 80.7 95.1 84.8 85.0 83.2 91.2 92.3 86.9 15

16 Bank holding companies 5.3 4.6 3.4 4.0 4.0 0.9 1.1 1.2 0.9 8.8 0.9 16

17 Banks in U.S.-affiliated areas 5.8 5.1 5.4 4.1 4.2 3.6 3.0 3.0 2.6 2.6 2.3 17

18 Savings institutions 28.2 27.1 18.4 17.4 14.6 10.2 10.6 10.6 10.4 10.1 9.9 18

19 Credit unions 22.6 22.1 18.3 17.4 15.6 13.1 12.1 12.5 10.8 9.6 9.6 19

20 Bank personal trusts and estates 40.4 39.8 38.7 39.5 33.7 30.8 30.0 29.0 27.6 26.1 24.3 20

21 Life insurance companies 110.0 107.1 108.1 93.2 85.5 71.3 70.9 69.7 68.3 68.1 67.8 21

22 Other insurance companies 124.5 133.0 133.4 120.9 91.1 73.2 72.9 73.8 73.3 71.9 70.9 22

23 Private pension funds 136.8 157.9 176.5 189.2 204.1 218.1 220.0 226.6 228.3 234.5 230.8 23

24 State and local govt. retirement funds 186.3 192.1 191.7 203.5 216.9 217.7 218.4 222.5 216.5 211.0 201.5 24

25 Money market mutual funds 79.4 66.1 70.0 90.2 86.2 103.6 108.1 84.0 89.6 103.8 98.9 25

26 Mutual funds 200.9 194.1 205.3 214.2 225.2 230.4 234.7 242.2 240.2 237.7 237.1 26

27 Closed-end funds 13.7 12.8 11.2 11.4 10.1 9.2 8.9 8.6 8.3 8.0 7.7 27

28 Government-sponsored enterprises 51.6 51.9 58.0 18.8 25.9 25.2 29.8 27.3 28.2 30.9 25.4 28

29 Brokers and dealers -28.3 -42.7 18.3 -12.8 -5.3 15.8 48.2 -8.7 -21.6 -43.5 -4.7 29

 Memo:

30 Federal government debt (1) 3336.5 3492.3 3636.7 3781.8 3804.9 3752.2 3759.7 3651.7 3632.7 3681.0 3653.5 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, June 9, 2000

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1907.0 2199.5 2405.0 2634.9 2847.6 3320.5 3462.2 3609.0 3774.1 3912.3 3968.5 1

 2 Budget agencies 26.6 26.7 28.2 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 2

 3 Government-sponsored enterprises 523.7 700.6 806.5 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.5 3

 4 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 4

 5 Total assets 1907.0 2199.5 2405.0 2634.9 2847.6 3320.5 3462.2 3609.0 3774.1 3912.3 3968.5 5

 6 Household sector 5.9 131.2 122.3 208.5 211.3 156.2 176.9 203.1 270.0 298.9 300.9 6

 7 Nonfinancial corporate business 19.1 19.9 23.4 28.5 8.0 11.1 10.5 11.9 13.0 13.4 11.5 7

 8 State and local governments 175.0 186.6 151.5 116.2 115.4 179.0 202.0 211.3 202.0 207.5 215.8 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 107.9 125.1 154.8 196.3 246.5 301.4 325.4 348.2 371.2 395.4 430.1 10

11 Monetary authority 4.6 3.6 2.6 2.2 0.7 0.3 0.3 0.3 0.2 0.2 0.2 11

12 Commercial banking 423.2 428.7 467.5 495.7 571.2 662.6 673.6 676.3 694.2 698.3 715.9 12

13 U.S.-chartered commercial banks 396.3 398.1 421.5 436.7 497.2 578.8 587.8 596.0 608.1 608.1 626.9 13

14 Foreign banking offices in U.S. 21.5 23.0 37.3 49.7 62.2 67.0 69.1 64.4 69.0 71.3 70.5 14

15 Bank holding companies 3.1 4.8 4.7 4.9 5.5 6.6 6.1 4.1 4.0 5.4 4.7 15

16 Banks in U.S.-affiliated areas 2.3 2.8 4.0 4.3 6.3 10.2 10.6 11.7 13.2 13.5 13.7 16

17 Savings institutions 147.3 159.9 164.6 156.1 155.3 143.6 147.7 147.1 146.3 147.3 142.2 17

18 Credit unions 36.3 40.9 45.7 50.7 51.0 58.4 63.2 65.8 65.4 61.3 65.5 18

19 Bank personal trusts and estates 32.7 32.2 32.1 31.8 27.5 26.0 25.8 25.5 25.3 25.1 24.9 19

20 Life insurance companies 222.8 234.1 242.9 244.1 226.7 217.0 217.5 220.7 221.8 222.3 224.8 20

21 Other insurance companies 44.5 45.8 48.2 51.0 70.8 73.5 73.2 74.0 73.5 73.7 74.2 21

22 Private pension funds 214.4 243.7 267.9 281.0 299.1 344.4 347.5 360.4 361.8 372.5 379.8 22

23 State and local govt. retirement funds 68.2 76.1 99.4 104.9 123.3 142.4 149.4 151.2 154.0 165.2 166.7 23

24 Money market mutual funds 67.8 77.2 90.8 101.8 96.3 173.8 161.9 156.8 159.8 190.9 172.7 24

25 Mutual funds 105.7 102.1 109.9 116.1 124.5 145.5 149.5 157.5 155.3 152.4 146.4 25

26 Government-sponsored enterprises 65.3 128.4 185.8 245.4 307.4 440.6 493.0 535.2 564.2 584.7 606.1 26

27 ABS issuers 89.9 109.8 132.8 137.4 141.1 180.8 197.0 214.2 224.1 223.2 226.6 27

28 REITs 15.6 9.2 9.0 12.2 21.2 13.1 14.9 14.9 14.6 14.2 14.1 28

29 Brokers and dealers 60.8 45.0 54.0 55.2 50.4 50.9 32.9 34.7 57.3 65.9 50.2 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, June 9, 2000 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1377.5 1341.7 1293.5 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 1

 2 State and local governments 1158.7 1112.4 1060.4 1053.3 1110.6 1189.7 1213.0 1228.0 1232.3 1242.4 1247.9 2

 3 Short-term (1) 33.8 31.7 32.9 39.1 47.5 41.2 42.1 40.0 41.7 44.8 46.4 3

 4 Long-term 1124.9 1080.7 1027.5 1014.1 1063.1 1148.5 1170.9 1188.1 1190.6 1197.6 1201.5 4

 5 Nonprofit organizations (2) 94.0 97.6 98.3 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 5

 6 Nonfinancial corporate business 124.9 131.7 134.8 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 6

 (industrial revenue bonds)

 7 Total assets 1377.5 1341.7 1293.5 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 7

 8 Household sector 551.9 501.5 457.7 435.6 472.3 487.6 503.0 526.4 527.1 535.9 535.3 8

 9 Nonfinancial corporate business 54.7 56.7 36.8 31.0 27.4 29.7 26.8 21.3 29.6 27.0 24.4 9

10 State and local governments 9.5 8.6 5.1 4.6 3.9 2.5 2.1 1.8 1.4 1.0 0.6 10

11 Commercial banking 99.2 97.6 93.4 94.2 96.7 104.8 106.5 107.6 109.4 110.7 111.9 11

12 Savings institutions 2.1 2.0 2.0 2.1 2.1 2.5 2.7 2.9 2.9 3.0 3.1 12

13 Bank personal trusts and estates 108.9 114.2 108.3 104.0 90.7 89.5 89.1 88.8 88.6 88.4 88.4 13

14 Life insurance companies 14.7 12.8 11.9 13.4 16.7 18.4 18.8 18.0 18.4 18.6 19.8 14

15 Other insurance companies 146.1 153.8 161.0 175.4 191.6 210.9 207.9 210.6 209.1 209.4 209.8 15

16 Private pension funds 0.6 0.7 0.9 0.9 1.1 1.2 1.2 1.3 1.3 1.3 1.4 16

17 State and local govt. retirement funds 1.4 1.1 1.8 0.5 1.1 2.3 2.5 2.2 2.5 2.5 2.6 17

18 Money market mutual funds 105.6 113.4 127.7 144.5 167.0 193.0 204.1 196.1 198.0 210.4 225.8 18

19 Mutual funds 211.3 207.0 210.2 213.3 219.8 242.6 247.7 250.2 247.9 239.7 233.4 19

20 Closed-end funds 51.8 53.4 59.6 61.7 60.8 61.7 63.1 64.5 66.0 67.4 68.8 20

21 Government-sponsored enterprises 2.6 3.4 4.4 4.1 3.3 4.6 3.1 3.8 3.7 4.9 3.2 21

22 Brokers and dealers 17.1 15.5 12.7 10.8 13.2 13.1 12.4 14.3 12.8 12.0 10.9 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 2346.8 2504.0 2840.7 3186.5 3561.7 4102.4 4286.9 4429.9 4536.2 4554.2 4649.2 1

 2 Nonfinancial corporate business 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.7 2

 3 Rest of the world (1) 230.1 242.3 291.9 347.7 394.9 420.0 420.2 417.1 424.4 420.1 429.9 3

 4 Financial sectors 887.0 1008.8 1204.7 1378.4 1555.9 1852.8 1968.6 2042.8 2091.2 2074.6 2112.6 4

 5 Commercial banking 134.9 142.6 161.1 168.9 192.6 220.2 229.0 230.6 241.4 240.6 248.9 5

 6 Savings institutions 3.9 3.1 3.1 2.7 2.8 2.6 2.8 2.7 3.0 2.7 2.7 6

 7 ABS issuers 442.0 506.1 611.3 716.6 820.5 1016.2 1061.5 1113.0 1133.1 1111.2 1119.2 7

 8 Finance companies 215.6 247.4 300.0 332.5 328.8 339.7 366.7 383.1 396.2 397.0 410.0 8

 9 REITs 16.8 15.3 15.5 16.8 31.6 53.4 59.6 58.1 58.9 62.2 63.9 9

10 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 42.5 34.8 30.4 34.6 25.3 36.4 10

11 Funding corporations 40.0 60.0 84.4 113.6 144.2 178.2 214.2 225.1 223.9 235.5 231.5 11

12 Total assets 2346.8 2504.0 2840.7 3186.5 3561.7 4102.4 4286.9 4429.9 4536.2 4554.2 4649.2 12

13 Household sector 322.5 353.1 447.6 493.8 524.3 584.7 670.5 692.2 699.2 615.7 625.7 13

14 State and local governments 26.5 31.9 39.0 49.7 51.0 61.2 63.0 67.8 71.8 73.8 75.3 14

15 Rest of the world (2) 273.3 311.4 369.5 453.2 537.2 659.6 694.0 726.4 777.5 818.5 863.9 15

16 Commercial banking 98.2 102.5 110.9 112.3 143.1 181.1 164.4 188.0 199.3 219.9 214.2 16

17 Savings institutions 89.1 86.7 78.5 68.6 58.7 88.6 104.4 109.9 106.2 112.0 115.6 17

18 Bank personal trusts and estates 35.8 35.3 33.6 31.9 31.1 28.5 28.1 27.7 27.4 27.2 27.1 18

19 Life insurance companies 719.5 779.4 870.1 949.3 1046.0 1130.4 1157.1 1169.2 1174.8 1169.1 1178.1 19

20 Other insurance companies 103.1 110.1 123.3 141.6 159.5 176.2 174.8 177.1 175.9 175.0 175.2 20

21 Private pension funds 208.7 201.2 206.8 228.0 255.7 301.0 307.8 322.0 327.1 338.3 345.1 21

22 State and local govt. retirement funds 175.6 185.0 190.6 214.4 244.5 279.6 287.0 288.0 300.9 309.9 313.3 22

23 Money market mutual funds 11.7 15.2 21.5 23.9 36.4 81.2 87.9 95.9 112.4 123.7 143.6 23

24 Mutual funds 169.3 172.4 195.7 229.5 273.8 339.3 349.3 362.0 368.0 368.6 363.9 24

25 Closed-end funds 24.2 19.8 25.6 28.1 27.3 31.9 31.6 31.2 30.9 30.5 30.2 25

26 Government-sponsored enterprises 11.1 19.5 25.0 30.6 30.9 31.4 32.5 28.7 27.0 34.6 34.9 26

27 REITs 1.2 2.1 2.9 4.3 6.5 6.1 5.6 5.5 5.2 5.7 5.6 27

28 Brokers and dealers 73.0 64.4 76.4 90.9 100.0 81.4 89.1 93.8 89.2 96.5 112.3 28

29 Funding corporations 4.0 14.0 23.8 36.5 35.6 40.1 39.8 44.7 43.3 35.3 25.3 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, June 9, 2000

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Issues at market value 6306.2 6333.3 8495.7 10255.8 13181.4 15413.4 15893.6 17018.0 16008.3 18876.7 19557.9 1

 2 Nonfinancial corporate business 4851.6 4811.9 6435.0 7618.6 9661.1 11561.0 11935.0 12816.7 12125.9 14517.7 15113.7 2

 3 Rest of the world (2) 543.9 627.5 776.8 1002.9 1201.0 1407.1 1429.3 1564.7 1636.3 1939.5 1969.7 3

 4 Financial corporations 910.7 893.9 1284.0 1634.3 2319.3 2445.2 2529.3 2636.5 2246.1 2419.5 2474.6 4

 5 Holdings at market value 6306.2 6333.3 8495.7 10255.8 13181.4 15413.4 15893.6 17018.0 16008.3 18876.7 19557.9 5

 6 Household sector 3242.1 3070.9 4121.6 4642.1 5689.6 6328.7 6568.6 6938.0 6472.3 7829.4 8266.7 6

 7 State and local governments 9.3 10.6 26.2 46.8 79.0 102.0 96.9 102.9 101.0 115.0 115.7 7

 8 Rest of the world (3) 373.5 397.7 527.6 656.8 919.5 1115.4 1139.2 1252.4 1167.9 1314.6 1372.1 8

 9 Commercial banking 4.3 2.9 5.0 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 9

10 Savings institutions 12.5 10.4 14.3 17.8 23.3 24.5 25.1 24.9 24.2 23.8 23.7 10

11 Bank personal trusts and estates 181.0 167.3 224.9 248.9 305.5 307.7 310.3 325.9 293.0 335.8 335.5 11

12 Life insurance companies 201.2 246.1 315.4 414.1 558.6 733.2 777.0 841.5 818.4 969.8 1028.7 12

13 Other insurance companies 103.4 112.1 134.2 148.6 186.0 201.4 201.6 208.1 193.8 204.9 210.5 13

14 Private pension funds 992.4 996.3 1238.4 1490.9 1863.9 2232.3 2228.7 2344.4 2211.9 2490.9 2377.8 14

15 State and local govt. retirement funds 528.2 557.4 791.1 1031.6 1431.7 1758.4 1805.4 1960.8 1840.6 2057.3 2063.5 15

16 Mutual funds 607.4 709.6 1024.9 1470.0 2018.7 2508.5 2622.8 2886.5 2770.9 3396.9 3614.3 16

17 Closed-end funds 26.5 31.9 38.0 43.6 51.1 40.2 49.6 54.4 51.7 61.6 64.8 17

18 Brokers and dealers 24.2 20.1 34.2 37.9 51.9 54.4 61.0 69.8 55.3 66.4 74.3 18

 Memo:

19 Market value of domestic corporations (4) 5603.9 5538.8 7507.6 9016.0 11688.8 13703.4 14144.6 15112.6 14063.9 16593.9 17228.1 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 1

 2 Holdings at market value 1375.4 1477.3 1852.8 2342.4 2989.4 3610.5 3758.4 4049.1 3932.1 4552.4 4751.9 2

 3 Household sector 990.9 1052.1 1265.0 1586.0 2057.3 2501.0 2601.1 2789.0 2731.1 3108.2 3186.3 3

 4 Nonfinancial corporate business 29.8 31.1 45.7 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 4

 5 State and local governments 21.3 29.1 35.0 41.0 33.6 21.3 20.3 22.4 24.0 25.6 22.9 5

 6 Commercial banking 3.9 2.0 2.3 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 6

 7 Credit unions 4.2 2.6 2.8 2.6 2.4 3.6 3.8 3.9 4.0 2.5 3.2 7

 8 Bank personal trusts and estates 183.5 200.4 253.5 293.6 342.4 397.1 408.0 440.7 412.5 488.6 507.9 8

 9 Life insurance companies 25.9 9.6 27.7 35.3 38.4 23.3 28.0 33.8 35.2 43.3 47.8 9

10 Private pension funds 116.0 150.4 220.7 321.4 438.0 564.1 593.1 647.6 622.1 759.2 854.0 10
Z.1, June 9, 2000 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 2223.5 2407.1 2646.9 2821.1 3052.9 3304.8 3289.6 3317.4 3380.9 3505.1 3602.1 1

 - Loans elsewhere classified:

 2 Open market paper 7.3 5.8 5.7 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 2

 3 Mortgages 947.8 1012.7 1090.2 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.4 1546.5 3

 4 Consumer credit 395.7 458.8 502.0 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 4

 5 Security credit 100.7 94.9 99.5 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.3 5

 6 = Banking sector total bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.6 6

 7 U.S.-chartered commercial banks 578.4 624.6 701.6 759.8 867.9 1012.2 1038.1 1067.1 1091.5 1104.4 1131.9 7

 8 Foreign banking offices in U.S. 182.0 197.2 232.6 264.8 284.0 282.2 270.8 258.1 257.6 259.9 262.1 8

 9 Bank holding companies 1.9 1.8 2.3 2.5 2.4 4.1 3.6 4.2 1.5 2.6 1.8 9

10 Banks in U.S.-affiliated areas 9.7 11.3 13.1 14.6 15.5 16.3 15.8 16.2 16.3 16.8 17.8 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.6 12

13 Total liabilities 772.0 834.9 949.6 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.6 13

14 Nonfinancial sectors 709.4 786.0 898.2 977.7 1092.7 1207.6 1224.2 1239.0 1261.7 1290.9 1320.0 14

15 Households 27.4 40.0 57.4 58.0 66.6 72.9 68.7 71.9 68.5 65.7 67.4 15

16 Corporate business 477.6 521.0 587.7 627.2 698.1 778.9 797.7 801.6 824.1 851.8 873.3 16

17 Nonfarm noncorporate business 143.0 160.2 178.7 208.5 232.0 251.9 256.1 260.4 264.8 269.8 273.8 17

18 Farm business 36.8 38.7 39.7 40.4 43.9 45.1 42.6 44.6 45.5 44.2 42.4 18

19 Rest of the world 24.6 26.1 34.6 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 19

20 Foreign official institutions 2.4 2.2 2.6 2.9 2.1 2.8 2.9 2.8 3.0 3.0 2.8 20

21 Foreign banks 8.8 8.8 10.9 14.3 13.8 13.1 12.5 13.8 11.2 10.0 11.4 21

22 Other foreign 13.5 15.2 21.1 26.5 36.3 43.0 43.6 43.9 44.7 46.5 49.1 22

23 Financial sectors 62.6 48.9 51.4 64.0 77.2 107.2 104.1 106.8 105.2 92.9 93.6 23

24 Savings institutions 8.4 9.3 14.6 15.9 19.4 29.7 34.0 35.4 34.6 14.0 20.4 24

25 Finance companies 20.4 14.8 15.3 19.7 24.1 26.3 24.8 25.1 27.0 35.1 30.7 25

26 Mortgage companies 30.2 18.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 26

27 REITs 3.6 6.0 5.0 7.8 17.6 33.6 28.7 28.4 27.3 26.0 25.5 27
92 Z.1, June 9, 2000

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 805.3 860.5 930.6 993.1 1095.9 1254.4 1307.8 1332.6 1382.2 1428.1 1486.6 1

 2 U.S. government loans 146.0 131.1 144.0 144.1 153.7 168.0 172.6 174.4 176.9 177.7 182.0 2

 3 Liab.: Household sector 20.3 16.0 27.3 30.4 41.8 52.4 58.2 60.7 63.1 65.0 67.0 3

 4 Nonfinancial corporate business 8.1 8.0 10.0 8.7 8.4 8.3 8.2 8.1 8.1 8.0 8.0 4

 5 Nonfarm noncorporate business 40.7 38.2 39.4 39.1 40.9 44.8 44.5 44.1 44.0 43.9 43.9 5

 6 Farm business 8.7 8.2 7.0 5.9 5.5 5.1 5.0 4.9 4.9 4.9 4.9 6

 7 State and local governments 9.2 9.3 9.8 10.1 8.9 10.1 10.2 10.2 10.1 10.2 10.2 7

 8 Rest of the world 54.1 51.4 50.6 49.9 48.2 47.2 46.6 46.4 46.6 45.7 48.0 8

 9 Government-sponsored enterprises 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 114.2 122.1 122.1 126.0 143.3 142.3 163.2 138.1 132.2 116.7 120.5 10

11 Liab.: Nonfinancial corporate business 114.2 122.1 122.1 126.0 143.3 142.3 163.2 138.1 132.2 116.7 120.5 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 25.3 22.9 22.3 23.4 20.6 11.3 10.2 9.0 7.9 8.2 8.7 12

13 Liab.: Nonfinancial corporate business 17.1 15.0 14.2 13.4 10.8 6.6 5.6 4.8 4.8 4.4 4.9 13

14 Rest of the world 8.2 7.9 8.2 9.9 9.7 4.7 4.7 4.1 3.1 3.9 3.8 14

15 Savings institution loans to business 10.8 10.3 12.8 15.7 18.8 24.2 25.4 27.0 28.2 30.7 33.4 15

16 Liab.: Nonfinancial corporate business 5.4 5.1 6.4 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 16

17 Nonfarm noncorporate business 5.4 5.1 6.4 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 17

18 Policy loans (Household liability) 78.6 86.4 96.9 101.4 104.6 104.7 100.6 99.9 100.2 99.7 100.0 18

19 Asset: Federal government 0.9 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 0.9 1.0 19

20 Life insurance companies 77.7 85.5 95.9 100.5 103.7 103.8 99.6 98.9 99.3 98.8 99.1 20

21 Government-sponsored enterprise loans 162.0 189.1 200.3 229.1 260.3 352.6 364.6 396.0 437.2 466.2 473.1 21

22 Liab.: Household sector (SLMA) 27.6 31.3 35.2 34.6 30.2 29.0 30.9 32.5 36.4 34.5 32.5 22

23 Noncorporate business (FCS) 13.9 13.9 16.4 15.1 15.1 17.8 17.1 18.1 18.6 17.9 17.1 23

24 Farm business (FCS) 11.6 12.4 13.8 16.5 16.5 17.1 17.5 16.9 16.8 17.9 19.1 24

25 Commercial banks (FHLB and SLMA) 21.2 30.5 36.7 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 25

26 Savings institutions (FHLB and SLMA) 87.3 100.0 97.4 121.9 138.0 180.1 190.1 203.5 217.7 243.7 243.8 26

27 Credit unions (FHLB) 0.2 0.5 0.4 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 27

28 Life insurance companies (FHLB) 0.2 0.6 0.5 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 28

29 Securitized loans held by ABS issuers 19.5 23.7 30.6 44.0 76.2 103.8 108.3 114.4 116.6 123.7 134.3 29

30 Liab.: Households (1) 0.0 0.0 1.0 6.3 14.1 17.9 17.3 17.6 17.9 19.4 22.8 30

31 Nonfinancial corporate business 19.5 23.7 29.6 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 31

32 Finance company loans to business 249.0 274.9 301.6 309.5 318.5 347.5 362.8 373.7 383.0 405.2 434.6 32

33 Liab.: Nonfinancial corporate business 224.1 247.4 271.4 278.5 286.7 312.8 326.5 336.4 344.7 364.6 391.1 33

34 Nonfarm noncorporate business 24.9 27.5 30.2 30.9 31.9 34.8 36.3 37.4 38.3 40.5 43.5 34

(1) Student loans.
Z.1, June 9, 2000 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total mortgages 4211.8 4390.9 4592.9 4877.7 5211.2 5736.7 5876.0 6029.0 6237.9 6386.6 6501.3 1

 2 Home 3146.5 3330.0 3510.4 3718.8 3970.7 4354.0 4446.5 4559.7 4689.6 4786.8 4860.2 2

 3 Multifamily residential 266.2 265.8 273.4 289.2 302.5 329.5 340.3 347.6 359.9 372.2 381.2 3

 4 Commercial 718.3 712.1 724.6 782.5 847.7 956.6 991.9 1022.1 1087.1 1125.6 1156.9 4

 5 Farm 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 5

 6 Total liabilities 4211.8 4390.9 4592.9 4877.7 5211.2 5736.7 5876.0 6029.0 6237.9 6386.6 6501.3 6

 7 Household sector 3001.1 3171.7 3344.0 3557.8 3805.6 4184.6 4276.2 4387.8 4518.2 4616.7 4688.8 7

 8 Nonfinancial business 1201.8 1200.4 1224.9 1288.0 1358.8 1480.4 1523.2 1567.6 1643.9 1693.2 1734.0 8

 9 Corporate 230.3 240.5 258.9 266.2 246.6 284.4 307.3 331.2 381.3 406.6 426.1 9

10 Nonfarm noncorporate 890.7 876.9 881.4 934.6 1021.9 1099.6 1118.5 1136.8 1161.2 1184.5 1205.0 10

11 Farm 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 8.9 18.7 24.1 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 13

14 Total assets 4211.8 4390.9 4592.9 4877.7 5211.2 5736.7 5876.0 6029.0 6237.9 6386.6 6501.3 14

15 Household sector 126.3 115.6 109.5 109.4 109.0 109.3 109.2 109.4 109.4 108.6 108.1 15

16 Nonfinancial corporate business 52.3 56.4 57.9 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 16

17 Nonfarm noncorporate business 23.7 23.6 26.7 23.5 22.0 22.0 22.3 22.5 22.7 22.9 23.3 17

18 State and local governments 108.3 110.5 113.8 117.6 121.3 125.4 126.5 127.6 128.7 129.8 130.9 18

19 Federal government 85.0 71.0 57.8 50.3 45.7 44.9 44.6 44.5 77.8 77.7 76.8 19

20 Commercial banking 947.8 1012.7 1090.2 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.4 1546.5 20

21 Savings institutions (1) 598.4 596.2 596.8 628.3 631.8 644.2 646.4 656.7 676.6 668.9 680.7 21

22 Credit unions 56.0 62.1 66.5 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.6 22

23 Bank personal trusts and estates 3.6 3.4 3.3 3.6 3.0 2.8 2.8 2.8 2.8 2.8 2.8 23

24 Life insurance companies 223.9 215.8 213.1 208.2 206.8 213.6 219.0 224.5 226.2 229.3 232.6 24

25 Other insurance companies 4.5 3.8 2.8 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.0 25

26 Private pension funds 14.5 18.0 19.4 21.2 23.6 27.2 27.6 28.8 29.1 30.1 30.5 26

27 State and local govt. retirement funds 14.5 15.2 15.9 16.7 17.6 18.6 18.8 19.1 19.4 19.6 19.9 27

28 Government-sponsored enterprises (1) 241.0 244.6 251.0 244.9 240.4 247.7 243.6 243.6 244.3 242.4 241.5 28

29 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 2018.4 2112.3 2182.7 2246.1 2292.3 2322.3 29

30 ABS issuers 223.5 253.2 278.3 326.7 407.3 562.4 593.9 618.4 636.1 653.3 668.9 30

31 Finance companies 62.7 66.9 72.4 82.7 87.9 102.3 109.2 113.5 122.3 126.5 128.8 31

32 Mortgage companies 60.4 36.5 33.0 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 32

33 REITs 8.6 13.3 14.1 13.8 22.9 26.3 25.4 24.9 24.8 23.0 19.2 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, June 9, 2000

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 3146.5 3330.0 3510.4 3718.8 3970.7 4354.0 4446.5 4559.7 4689.6 4786.8 4860.2 1

 2 Household sector 2892.6 3070.2 3252.0 3461.2 3701.9 4068.0 4155.4 4263.5 4388.2 4480.1 4547.6 2

 3 Nonfinancial corporate business 18.1 18.7 19.3 19.9 20.7 21.8 22.0 22.3 22.6 23.0 23.3 3

 4 Nonfarm noncorporate business 235.9 241.1 239.0 237.7 248.1 264.2 269.1 273.9 278.8 283.8 289.2 4

 5 Total assets 3146.5 3330.0 3510.4 3718.8 3970.7 4354.0 4446.5 4559.7 4689.6 4786.8 4860.2 5

 6 Household sector 107.4 96.5 88.8 87.6 86.5 85.3 85.1 84.8 84.5 84.2 83.9 6

 7 Nonfinancial corporate business 30.9 32.7 33.8 24.5 29.8 34.2 35.3 36.4 37.5 38.6 39.7 7

 8 Nonfarm noncorporate business 9.7 9.7 10.8 9.6 8.6 8.6 8.7 8.8 8.9 8.9 9.1 8

 9 State and local governments 56.3 57.3 60.5 62.8 65.8 69.1 70.0 70.8 71.7 72.6 73.5 9

10 Federal government 33.0 29.1 24.1 21.2 19.1 18.8 18.5 18.3 18.6 18.4 18.3 10

11 Commercial banking 532.2 590.0 646.5 677.6 745.5 796.6 782.1 789.5 826.4 878.9 903.8 11

12 Savings institutions 470.0 477.6 482.4 513.7 520.7 533.4 534.1 544.4 560.1 548.5 559.2 12

13 Credit unions 56.0 62.1 66.5 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.6 13

14 Bank personal trusts and estates 3.6 3.4 3.3 3.6 3.0 2.8 2.8 2.8 2.8 2.8 2.8 14

15 Life insurance companies 8.9 8.5 8.9 7.0 7.2 6.6 7.0 7.3 7.4 5.9 6.1 15

16 Private pension funds 3.2 4.0 4.3 4.7 5.2 6.0 6.1 6.3 6.4 6.6 6.7 16

17 State and local govt. retirement funds 3.5 3.9 4.4 5.0 5.6 6.3 6.5 6.7 6.9 7.1 7.4 17

18 Government-sponsored enterprises 196.7 199.3 205.2 198.5 194.3 198.6 193.2 190.6 189.0 187.5 185.4 18

19 Federally related mortgage pools 1334.3 1449.7 1543.4 1678.9 1788.1 1970.2 2061.6 2130.0 2191.3 2234.8 2263.2 19

20 ABS issuers 183.7 206.0 224.3 256.2 310.7 405.2 423.3 440.6 447.8 455.0 463.5 20

21 Finance companies 62.7 66.9 72.4 52.1 59.0 75.7 77.7 80.5 87.7 88.3 90.4 21

22 Mortgage companies 52.2 28.3 23.8 32.0 21.8 24.9 22.6 25.1 22.1 25.2 23.7 22

23 REITs 2.2 5.1 6.9 8.0 14.0 14.8 13.3 13.0 13.1 12.4 8.8 23

 Memo:

24 Home equity loans included above (2) 248.2 264.4 289.3 335.3 407.6 462.5 468.9 479.6 501.1 512.8 532.0 24

25 Commercial banking 121.3 129.7 140.0 153.8 174.0 176.9 176.0 174.9 181.9 189.5 199.7 25

26 Savings institutions 49.9 49.4 50.5 52.3 55.5 55.9 56.6 59.0 59.6 59.8 62.3 26

27 Credit unions 19.3 20.9 22.9 25.5 29.0 29.7 30.3 30.5 32.6 33.4 36.1 27

28 ABS issuers 20.8 24.9 33.1 51.6 90.2 124.2 128.3 134.7 139.3 141.9 143.5 28

29 Finance companies 37.0 39.5 42.7 52.1 59.0 75.7 77.7 80.5 87.7 88.3 90.4 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 266.2 265.8 273.4 289.2 302.5 329.5 340.3 347.6 359.9 372.2 381.2 1

 2 Nonfinancial corporate business 19.9 20.5 21.1 21.7 22.5 23.5 23.8 24.1 24.4 24.7 25.1 2

 3 Nonfarm noncorporate business 243.4 239.1 244.4 256.9 264.5 282.4 291.1 299.2 310.4 322.1 330.2 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 3.0 6.2 7.9 10.5 15.4 23.6 25.3 24.3 25.1 25.3 25.9 5

 6 Total assets 266.2 265.8 273.4 289.2 302.5 329.5 340.3 347.6 359.9 372.2 381.2 6

 7 Household sector 1.4 1.3 1.6 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 0.5 0.9 0.1 0.8 1.4 2.0 2.1 2.3 2.4 2.6 2.7 8

 9 Nonfarm noncorporate business 7.0 7.0 7.9 7.0 7.0 7.0 7.1 7.2 7.3 7.3 7.5 9

10 State and local governments 42.8 43.5 44.1 45.9 46.5 47.4 47.6 47.9 48.1 48.3 48.6 10

11 Federal government 24.6 22.0 17.3 14.8 13.9 13.6 13.6 13.6 13.6 13.6 13.7 11

12 Commercial banking 37.0 37.9 42.5 45.5 49.7 52.9 56.2 58.6 62.4 66.0 70.8 12

13 Savings institutions 67.4 64.3 62.0 61.6 59.5 57.0 57.0 55.3 57.5 59.4 58.0 13

14 Life insurance companies 27.5 27.8 28.7 30.8 30.4 31.5 31.5 31.8 32.0 32.6 33.0 14

15 Private pension funds 0.7 0.9 1.0 1.1 1.2 1.4 1.4 1.4 1.5 1.5 1.5 15

16 State and local govt. retirement funds 4.1 4.3 4.5 4.7 5.0 5.2 5.3 5.4 5.4 5.5 5.6 16

17 Government-sponsored enterprises 17.5 18.4 19.0 18.6 17.3 18.1 19.3 21.3 23.1 22.7 24.0 17

18 Federally related mortgage pools 22.5 22.4 26.9 32.5 37.8 48.3 50.6 52.7 54.8 57.5 59.1 18

19 ABS issuers 8.4 9.9 12.0 16.1 21.2 33.5 36.8 38.6 40.1 41.7 43.1 19

20 Finance companies 0.0 0.0 0.0 3.1 2.9 2.7 2.8 2.8 2.9 5.1 5.6 20

21 Mortgage companies 3.1 3.1 4.2 4.1 5.2 5.3 5.3 5.4 5.3 5.3 5.3 21

22 REITs 1.9 2.1 1.6 1.2 2.1 2.1 2.0 1.9 1.8 1.6 1.4 22
Z.1, June 9, 2000 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 718.3 712.1 724.6 782.5 847.7 956.6 991.9 1022.1 1087.1 1125.6 1156.9 1

 2 Household sector 108.5 101.5 91.9 96.6 103.7 116.6 120.8 124.3 130.0 136.6 141.2 2

 3 Nonfinancial corporate business 192.4 201.4 218.6 224.6 203.4 239.1 261.5 284.8 334.3 358.9 377.7 3

 4 Nonfarm noncorporate business 411.4 396.7 397.9 439.9 509.3 553.0 558.2 563.7 572.0 578.7 585.5 4

 5 REITs 6.0 12.5 16.1 21.4 31.4 48.0 51.3 49.3 50.9 51.4 52.6 5

 6 Total assets 718.3 712.1 724.6 782.5 847.7 956.6 991.9 1022.1 1087.1 1125.6 1156.9 6

 7 Household sector 3.2 3.1 3.7 4.3 4.5 4.8 4.8 4.9 5.0 5.0 5.1 7

 8 Nonfinancial corporate business 20.8 22.8 24.0 29.1 49.1 64.1 66.6 69.1 71.6 74.1 75.3 8

 9 Nonfarm noncorporate business 6.1 6.0 6.9 6.1 5.5 5.5 5.5 5.6 5.6 5.7 5.8 9

10 State and local governments 7.7 8.3 7.7 7.5 7.7 7.6 7.6 7.5 7.5 7.5 7.4 10

11 Federal government 20.5 13.2 10.2 8.5 7.9 8.0 8.0 8.1 41.2 41.5 40.6 11

12 Commercial banking 357.7 362.3 377.3 397.5 423.1 458.5 468.8 482.2 498.0 518.7 539.2 12

13 Savings institutions 60.8 53.9 52.1 52.7 51.3 53.3 54.9 56.6 58.5 60.5 63.0 13

14 Life insurance companies 178.4 169.8 165.9 160.3 158.8 164.0 168.8 173.5 174.6 177.8 179.9 14

15 Other insurance companies 4.5 3.8 2.8 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.0 15

16 Private pension funds 10.6 13.2 14.2 15.5 17.2 19.9 20.2 21.0 21.2 22.0 22.3 16

17 State and local govt. retirement funds 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 31.5 37.4 42.0 54.4 75.5 123.7 133.8 139.3 148.2 156.6 162.3 18

19 Finance companies 0.0 0.0 0.0 27.4 26.0 23.9 28.8 30.2 31.7 33.2 32.8 19

20 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 4.5 6.1 5.6 4.6 6.9 9.4 10.0 10.0 9.9 9.0 9.0 21

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 1

 2 Total assets 80.7 83.0 84.6 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.0 2

 3 Household sector 14.3 14.6 15.3 15.9 16.5 17.7 17.9 18.3 18.5 17.9 17.7 3

 4 Nonfarm noncorporate business 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 4

 5 State and local governments 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 7.0 6.7 6.2 5.8 4.9 4.5 4.4 4.4 4.3 4.3 4.2 6

 7 Commercial banking 20.9 22.6 23.8 24.9 27.0 29.0 29.5 30.5 31.4 31.8 32.7 7

 8 Savings institutions 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 8

 9 Life insurance companies 9.1 9.6 9.7 10.1 10.5 11.5 11.7 12.0 12.2 13.0 13.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.8 26.9 26.8 27.9 28.9 31.0 31.2 31.7 32.2 32.2 32.1 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, June 9, 2000

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities (Households) 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 1

 2 Total assets 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 2

 3 Nonfinancial corporate business 77.2 86.6 85.1 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 395.7 458.8 502.0 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 5

 6 Savings institutions 37.9 38.5 40.1 44.7 47.2 51.6 53.6 57.2 60.1 61.5 59.0 6

 7 Credit unions 101.6 119.6 131.9 144.1 152.4 155.4 155.8 158.2 164.1 167.9 169.5 7

 8 ABS issuers 130.5 146.1 211.6 265.8 313.1 372.4 380.9 405.6 433.0 435.1 434.0 8

 9 Finance companies 116.1 134.4 152.1 152.4 160.0 168.5 167.8 173.6 173.0 181.6 183.7 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1449.2 1569.1 1698.0 1812.8 1943.3 1970.7 1972.9 2032.7 2092.8 2144.7 2153.7 1

 2 Household sector 89.8 94.0 103.3 111.9 120.0 125.7 126.0 128.2 129.8 132.7 134.5 2

 3 Nonfinancial corporate business 719.3 796.5 877.5 927.0 992.1 977.5 971.8 1006.1 1050.7 1089.3 1081.1 3

 4 Nonfarm noncorporate business 64.1 71.6 77.8 98.6 122.1 133.2 135.5 138.4 140.7 143.0 145.1 4

 5 Farm business 14.2 15.2 16.2 17.4 18.8 19.6 18.5 19.6 20.2 20.0 19.2 5

 6 State and local governments 429.7 457.5 486.7 517.6 549.0 579.5 587.0 593.5 600.8 608.6 616.9 6

 7 Federal government 86.1 85.7 81.1 82.4 72.7 70.1 69.6 71.3 71.3 69.8 70.2 7

 8 Rest of the world 35.9 39.5 45.3 43.6 48.7 46.3 45.0 43.9 49.4 50.6 53.1 8

 9 Brokers and dealers 10.1 9.1 10.3 14.3 19.9 18.9 19.4 31.8 30.0 30.8 33.7 9

10 Total trade receivables 1293.1 1386.5 1499.8 1636.1 1806.3 1876.3 1924.2 2003.5 2043.1 2005.5 2069.9 10

11 Nonfinancial corporate business 1035.0 1107.0 1184.9 1273.1 1366.6 1381.3 1421.8 1490.3 1521.8 1473.5 1525.2 11

12 Nonfarm noncorporate business 103.0 117.0 129.3 145.5 172.4 193.4 196.5 200.8 205.3 210.0 213.2 12

13 Federal government 28.4 24.7 23.1 24.0 20.8 22.3 23.8 24.5 25.7 26.8 30.6 13

14 Rest of the world 47.5 49.8 49.5 55.7 58.5 51.9 47.1 46.4 45.2 44.5 43.2 14

15 Other insurance companies 50.7 52.9 57.3 57.2 59.9 61.6 64.0 65.7 66.3 63.6 64.5 15

16 ABS issuers 28.4 35.2 55.7 80.7 128.1 165.9 170.9 175.8 178.8 187.0 193.1 16

17 Discrepancy 156.1 182.6 198.2 176.7 137.0 94.3 48.7 29.2 49.7 139.2 83.9 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 279.0 279.0 305.7 358.1 469.1 572.3 552.7 589.3 593.2 665.9 792.7 1

 2 Household sector 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 202.9 203.9 227.1 263.7 337.9 419.6 392.0 404.9 407.3 443.4 511.2 4

 5 Customer credit balances (HH) 102.3 109.0 127.6 162.9 215.5 276.7 262.3 272.6 285.2 318.6 367.9 5

 6 From U.S.-chartered commercial banks 61.4 56.8 65.1 60.2 64.4 76.3 70.5 74.7 65.3 67.6 76.5 6

 7 From foreign banking offices in U.S. 39.3 38.1 34.4 40.6 58.0 66.6 59.2 57.6 56.8 57.2 66.8 7

 8 Total assets 279.0 279.0 305.7 358.1 469.1 572.3 552.7 589.3 593.2 665.9 792.7 8

 9 Household sector 102.3 109.0 127.6 162.9 215.5 276.7 262.3 272.6 285.2 318.6 367.9 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 100.7 94.9 99.5 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.3 11

12 Brokers and dealers 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 12
Z.1, June 9, 2000 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Total liabilities 484.8 520.3 566.2 610.6 665.0 718.3 730.9 749.8 766.2 779.3 791.6 1

 2 Federal government 27.6 28.9 29.9 30.5 32.3 33.6 33.7 34.4 34.5 35.0 35.2 2

 3 Life insurance companies 457.2 491.5 536.3 580.1 632.7 684.7 697.2 715.4 731.7 744.3 756.3 3

 4 Total assets (Households) 484.8 520.3 566.2 610.6 665.0 718.3 730.9 749.8 766.2 779.3 791.6 4

 Pension fund reserves:

 5 Total liabilities 4673.7 4947.6 5766.9 6642.6 7895.8 9097.6 9275.8 9731.4 9479.4 10386.8 10395.6 5

 6 Federal government (1) 447.9 485.5 506.3 561.4 601.7 642.9 632.6 642.7 657.5 684.0 673.0 6

 7 Life insurance companies 836.4 884.5 1002.0 1094.8 1233.5 1371.0 1405.0 1453.9 1419.6 1550.3 1599.2 7

 8 Private pension funds (2) 2275.0 2377.5 2776.9 3176.9 3728.1 4354.7 4427.7 4647.0 4524.0 5019.5 5044.1 8

 9 State and local govt. retirement funds 1114.4 1200.0 1481.7 1809.6 2332.5 2729.1 2810.6 2987.7 2878.3 3133.1 3079.4 9

10 Total assets (Households) 4673.7 4947.6 5766.9 6642.6 7895.8 9097.6 9275.8 9731.4 9479.4 10386.8 10395.6 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 98.8 101.4 107.6 123.6 139.2 151.0 157.9 160.5 163.6 165.0 174.2 1

 2 Nonfinancial corporate business 40.7 40.3 40.3 49.9 59.2 64.1 69.0 69.7 70.4 69.4 76.5 2

 3 Nonfarm noncorporate business 33.8 34.6 35.9 37.5 38.1 39.6 40.2 40.7 41.2 41.7 42.3 3

 4 U.S.-chartered commercial banks 1.2 1.9 2.8 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 4

 5 Savings institutions 1.9 1.0 1.6 1.4 1.8 2.0 1.9 1.8 2.1 2.0 1.7 5

 6 Life insurance companies 9.4 10.4 12.0 13.6 15.3 17.1 17.5 17.9 18.4 18.9 19.3 6

 7 Other insurance companies 7.0 7.9 9.0 10.2 11.5 12.7 12.9 13.2 13.5 13.8 14.0 7

 8 Finance companies 3.3 4.1 4.9 5.6 6.4 7.3 7.5 7.7 7.9 8.2 8.4 8

 9 Brokers and dealers 1.4 1.2 1.1 1.3 1.3 1.3 1.3 1.4 1.5 2.2 2.4 9

10 Total business taxes receivable 58.0 52.6 45.2 46.8 46.9 49.5 69.0 50.2 71.1 72.0 91.4 10

11 State and local governments 39.1 34.0 27.9 26.1 26.9 28.1 28.5 30.3 32.7 33.5 35.5 11

12 Federal government 18.9 18.6 17.3 20.7 20.0 21.4 40.5 20.0 38.4 38.5 55.9 12

13 Discrepancy 40.8 48.8 62.4 76.7 92.3 101.5 88.9 110.2 92.5 93.1 82.8 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 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 1

 2 Asset: Household sector 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 2
98 Z.1, June 9, 2000

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 5069.5 5289.3 5645.8 6017.1 6333.6 6868.7 6843.5 6954.3 6965.4 6821.6 7169.1 1

 2 Household sector 16.3 16.8 17.5 18.3 18.6 17.2 18.5 18.6 18.6 19.3 19.4 2

 3 Nonfinancial corporate business 2059.9 2083.7 2155.1 2281.5 2190.7 2240.1 2258.4 2281.7 2275.0 2267.2 2288.8 3

 4 Nonfarm noncorporate business 112.5 102.9 104.3 105.1 114.1 120.6 122.5 124.4 126.5 128.7 130.8 4

 5 Federal government 6.8 6.8 6.7 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 5

 6 Rest of the world 803.3 864.1 988.8 1111.8 1195.2 1319.6 1310.7 1301.0 1302.8 1027.6 1274.0 6

 7 Monetary authority 4.6 6.0 7.3 7.1 8.9 9.9 7.0 8.1 8.6 8.3 8.7 7

 8 Commercial banking 628.4 750.1 848.4 863.0 1023.7 1128.7 1089.3 1090.0 1068.0 1090.1 1098.8 8

 9 Savings institutions 103.0 106.7 106.1 103.5 101.4 99.8 98.1 98.3 96.0 85.4 81.8 9

10 Credit unions 5.1 6.4 4.5 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 10

11 Life insurance companies 374.6 386.6 403.2 425.5 476.4 539.2 542.4 552.6 563.5 559.5 571.5 11

12 Other insurance companies 456.1 471.9 501.6 509.9 521.2 549.2 547.1 555.8 567.5 569.1 572.7 12

13 Government-sponsored enterprises 85.9 61.1 66.9 67.2 75.1 95.3 88.9 85.5 81.9 89.3 94.2 13

14 Finance companies 165.8 180.6 202.4 205.6 216.7 234.4 249.7 255.0 262.1 307.1 344.7 14

15 Mortgage companies 30.2 17.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 15

16 REITs 2.3 5.3 6.7 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 16

17 Brokers and dealers 67.4 69.0 85.4 110.1 131.5 175.5 155.5 171.9 173.0 182.9 187.3 17

18 Funding corporations 147.2 153.7 124.5 166.8 214.7 277.9 293.6 349.8 358.3 420.7 431.5 18

19 Total assets 5718.8 6147.4 6887.7 7709.8 8408.9 9528.5 9725.8 9952.9 10341.3 10539.3 10723.5 19

20 Household sector 264.1 276.9 291.7 301.4 311.7 326.9 327.6 330.9 337.2 338.2 340.1 20

21 Nonfinancial corporate business 2535.9 2694.7 3059.0 3406.7 3629.0 3977.6 4119.0 4200.2 4272.8 4417.8 4532.4 21

22 Nonfarm noncorporate business 227.6 266.7 314.8 371.2 423.8 466.8 477.8 486.3 495.9 505.4 512.5 22

23 Farm business 41.3 42.6 44.5 44.4 44.8 46.6 46.2 46.7 47.0 46.6 46.6 23

24 State and local governments 17.8 18.2 55.4 41.0 27.0 11.5 8.2 0.5 17.6 13.1 16.8 24

25 Federal government 116.3 119.8 117.7 111.3 104.3 100.8 100.7 100.2 99.6 99.7 98.5 25

26 Rest of the world 677.4 691.5 781.7 970.6 1046.3 1354.2 1360.8 1410.0 1634.8 1562.2 1621.3 26

27 Monetary authority 9.6 9.8 10.7 11.2 13.2 16.1 15.6 16.4 16.3 16.8 16.5 27

28 Commercial banking 627.0 738.0 797.8 823.7 934.0 1079.1 1092.5 1108.4 1118.0 1110.3 1099.8 28

29 Savings institutions 61.0 53.0 54.7 52.9 49.7 62.6 61.0 59.7 58.9 60.1 60.8 29

30 Credit unions 18.2 14.8 13.9 13.7 17.6 24.3 26.5 23.0 19.8 8.0 11.4 30

31 Bank personal trusts and estates 16.0 12.9 12.1 16.0 14.6 23.0 23.0 23.5 24.2 24.4 25.0 31

32 Life insurance companies 75.7 97.9 105.1 73.7 65.7 84.0 62.0 54.1 47.3 17.3 11.1 32

33 Other insurance companies 28.8 32.2 37.8 33.6 39.9 44.5 46.1 46.8 49.3 50.0 47.6 33

34 Private pension funds 392.3 407.2 438.9 439.6 441.9 435.6 458.3 470.0 480.8 520.8 535.9 34

35 State and local govt. retirement funds 74.8 93.0 102.4 151.8 207.6 191.9 205.1 217.3 219.9 240.4 180.3 35

36 Money market mutual funds 23.7 30.6 43.4 48.3 64.3 72.2 69.5 75.9 77.2 96.3 84.8 36

37 Mutual funds 3.3 5.9 6.3 4.7 11.8 7.9 15.2 7.0 6.5 6.0 5.9 37

38 Government-sponsored enterprises 33.2 31.5 39.2 85.5 104.9 159.5 171.3 182.4 208.6 221.6 240.0 38

39 Finance companies 116.1 108.5 129.6 151.5 170.4 186.5 207.8 213.1 203.2 234.9 234.6 39

40 REITs 4.6 6.4 7.3 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 40

41 Brokers and dealers 228.6 254.2 258.2 320.7 391.8 499.3 436.4 474.8 486.3 523.7 555.9 41

42 Funding corporations 125.4 141.0 165.5 230.7 284.0 336.5 373.7 385.3 400.2 404.5 424.2 42

43 Discrepancy -649.3 -858.1 -1241.8 -1692.7 -2075.3 -2659.9 -2882.3 -2998.6 -3375.9 -3717.7 -3554.4 43
Z.1, June 9, 2000 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 690.7 748.5 843.3 940.2 1004.2 1123.4 1168.4 1201.3 1249.4 1275.6 1311.0 1

 2 Asset: Nonfinancial corporate business 574.3 647.5 736.4 816.9 867.3 973.2 1014.0 1043.2 1085.9 1107.6 1140.8 2

 3 Commercial banking 33.8 35.6 37.9 42.8 43.7 45.1 46.1 47.8 48.3 49.2 52.1 3

 4 Life insurance companies 4.9 4.8 5.6 6.6 8.7 10.8 11.1 11.1 10.7 11.1 11.2 4

 5 Other insurance companies 28.8 32.2 37.8 33.6 39.9 44.5 46.1 46.8 49.3 50.0 47.6 5

 6 Finance companies 44.6 25.9 22.8 27.9 35.3 43.2 43.6 44.8 47.1 48.2 49.4 6

 7 Brokers and dealers 4.3 2.6 2.8 12.4 9.4 6.5 7.5 7.6 8.1 9.5 9.9 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 493.4 539.0 580.5 627.4 697.2 778.2 807.7 907.4 953.8 1020.6 1036.2 8

 9 Nonfarm noncorporate business 5.2 4.8 2.8 4.0 4.5 3.1 3.2 3.2 3.3 3.4 3.4 9

10 Commercial banking 24.0 26.3 32.7 30.3 37.3 44.6 45.3 59.2 60.2 66.3 66.4 10

11 Life insurance companies 13.1 10.9 13.8 17.6 25.5 24.8 25.2 35.6 36.2 37.2 38.0 11

12 Other insurance companies 26.7 27.9 36.8 38.5 45.1 55.5 56.5 61.3 69.1 74.7 77.5 12

13 Finance companies 33.8 20.0 24.8 29.7 35.3 40.5 39.1 44.3 47.9 49.3 51.6 13

14 Brokers and dealers 5.0 5.8 11.1 8.8 8.9 9.8 9.8 10.0 9.9 11.9 12.3 14

15 Funding corporations -54.9 -70.1 -83.1 -82.0 -89.7 -77.9 -85.4 -64.2 -61.8 -102.1 -86.8 15

16 Asset: Rest of the world 546.4 564.7 619.4 674.3 764.0 878.7 901.4 1056.8 1118.7 1161.2 1198.7 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 25.0 26.4 28.0 29.8 31.4 33.0 33.3 33.8 34.1 34.4 34.7 17

18 Asset: Federal government 25.0 26.4 28.0 29.8 31.4 33.0 33.3 33.8 34.1 34.4 34.7 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.4 3.7 4.0 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 19

20 Asset: Commercial banking 3.4 3.7 4.0 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 16.3 18.2 20.1 21.3 21.9 25.3 26.8 27.4 28.9 30.8 31.8 21

22 Asset: Nonfin. corporate business (FNMA) 1.9 2.0 1.8 1.6 0.5 -0.2 -0.2 -0.4 -0.6 -0.8 -0.8 22

23 Nonfarm noncorporate (BC) 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.6 1.5 1.6 1.7 23

24 Farm business (FICB and FLB) 2.2 2.2 2.2 1.5 1.5 1.7 1.6 1.7 1.7 1.6 1.5 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 2.7 4.3 5.8 6.7 8.0 10.0 10.6 11.1 12.2 13.0 13.4 26

27 Savings institutions (FHLB) 8.7 8.6 9.1 9.5 9.9 11.8 12.5 12.8 13.3 14.5 15.1 27

28 Credit unions (FHLB) 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.5 0.6 28

29 Life insurance companies (FHLB) 0.0 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.3 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 286.6 304.2 344.3 372.9 413.6 469.0 476.4 473.9 475.6 479.4 492.3 30

31 Savings institutions 4.4 4.4 4.5 4.7 5.0 5.4 5.5 5.7 5.8 6.0 6.1 31

32 Finance companies 17.8 20.9 25.5 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 32

33 Mortgage companies 30.2 17.7 16.5 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 33

34 Brokers and dealers 3.8 13.4 18.1 9.5 36.5 80.0 98.1 110.6 96.1 58.0 85.2 34

35 Asset: Bank holding companies 342.9 360.6 408.9 437.8 503.5 603.0 628.9 640.6 636.0 623.1 673.3 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 17.8 20.9 25.5 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 36

37 Asset: Nonfinancial corporate business 17.8 20.9 25.5 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 44.5 44.1 50.7 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 38

39 Brokers and dealers 80.8 96.9 114.8 166.3 205.2 246.0 283.9 296.8 297.7 311.5 309.6 39

40 Asset: Funding corporations 125.4 141.0 165.5 230.7 284.0 336.5 373.7 385.3 400.2 404.5 424.2 40
100 Z.1, June 9, 2000

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.9 2.3 2.5 2.4 2.4 2.2 2.3 2.4 2.6 2.7 2.8 1

 2 Asset: Federal government 1.9 2.3 2.5 2.4 2.4 2.2 2.3 2.4 2.6 2.7 2.8 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 23.7 16.0 19.3 18.0 18.0 24.9 21.5 17.3 15.9 17.1 15.1 5

 6 Asset: Savings institutions 23.7 16.0 19.3 18.0 18.0 24.9 21.5 17.3 15.9 17.1 15.1 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.3 16.8 17.5 18.3 18.6 17.2 18.5 18.6 18.6 19.3 19.4 7

 8 Asset: Life insurance companies 16.3 16.8 17.5 18.3 18.6 17.2 18.5 18.6 18.6 19.3 19.4 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 84.2 90.9 96.9 103.9 112.2 120.1 122.0 123.7 128.4 131.1 132.6 9

10 Health 51.4 58.0 63.2 69.4 75.7 83.0 84.6 86.0 90.2 93.0 94.2 10

11 Policy dividend accumulation 32.8 32.9 33.7 34.5 36.4 37.1 37.5 37.7 38.1 38.1 38.4 11

12 Asset: Household sector 84.2 90.9 96.9 103.9 112.2 120.1 122.0 123.7 128.4 131.1 132.6 12

 Policy payables:

13 Liab.: Other insurance companies 429.4 444.0 464.8 471.4 476.2 493.6 490.6 494.5 498.4 494.4 495.2 13

14 Asset: Household sector 179.9 186.0 194.7 197.5 199.5 206.8 205.6 207.2 208.8 207.1 207.5 14

15 Nonfinancial corporate business 169.7 175.4 183.6 186.2 188.1 195.0 193.8 195.3 196.9 195.3 195.6 15

16 Nonfarm noncorporate business 40.8 42.2 44.2 44.8 45.2 46.9 46.6 47.0 47.3 47.0 47.0 16

17 Farm business 39.1 40.4 42.3 42.9 43.3 44.9 44.6 45.0 45.4 45.0 45.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 206.6 210.0 210.8 220.2 234.5 261.7 261.6 266.0 267.3 279.6 291.7 18

19 Asset: Private pension funds 206.6 210.0 210.8 220.2 234.5 261.7 261.6 266.0 267.3 279.6 291.7 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 21.9 22.0 25.7 29.5 33.3 37.1 38.0 39.0 39.9 40.9 41.8 20

21 Asset: Private pension funds 21.9 22.0 25.7 29.5 33.3 37.1 38.0 39.0 39.9 40.9 41.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 197.1 221.7 216.2 276.1 333.3 403.3 359.9 386.9 400.1 422.6 449.7 22

23 Asset: Brokers and dealers 197.1 221.7 216.2 276.1 333.3 403.3 359.9 386.9 400.1 422.6 449.7 23
Z.1, June 9, 2000 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2320.5 2381.6 2477.6 2508.4 2458.3 2471.9 2357.8 2221.6 2078.3 1816.0 1967.8 1

 2 Nonfinancial corporate business 1544.7 1522.7 1549.0 1624.6 1460.2 1424.8 1412.7 1335.3 1281.3 1205.8 1210.7 2

 3 Nonfarm noncorporate business 107.3 98.0 101.5 101.1 109.6 117.5 119.4 121.2 123.2 125.4 127.4 3

 4 Federal government 6.8 6.8 6.7 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 4

 5 Rest of the world 85.7 86.8 115.0 139.4 157.3 161.0 106.6 63.5 16.7 -285.1 -74.5 5

 6 Monetary authority 1.2 2.3 3.3 2.5 3.5 3.9 0.9 1.8 2.3 1.8 2.0 6

 7 Commercial banking 273.2 375.6 420.7 395.4 493.9 524.6 477.8 468.4 429.8 451.4 425.5 7

 8 U.S.-chartered commercial banks 91.0 158.9 160.7 147.7 185.1 206.6 170.7 174.0 149.4 181.2 200.4 8

 9 Foreign banking offices in U.S. 157.1 187.3 225.1 200.5 235.4 222.0 210.1 194.6 179.5 155.5 118.8 9

10 Bank holding companies 19.6 22.0 24.6 36.3 57.9 74.1 74.4 75.9 75.4 88.1 78.8 10

11 Banks in U.S.-affiliated areas 5.6 7.4 10.3 10.9 15.6 21.9 22.6 23.8 25.6 26.7 27.4 11

12 Savings institutions 98.5 102.3 101.6 98.8 96.4 94.4 92.6 92.6 90.2 79.4 75.7 12

13 Credit unions 5.1 6.4 4.5 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 13

14 Life insurance companies 70.7 74.7 81.6 83.8 104.2 132.6 133.5 127.3 131.6 111.6 109.3 14

15 Government-sponsored enterprises 45.8 26.8 27.6 28.0 35.1 45.2 40.6 40.8 37.1 41.4 47.3 15

16 Finance companies 96.4 118.8 126.5 115.6 116.8 132.1 146.0 145.3 129.7 133.9 147.9 16

17 REITs 2.3 5.3 6.7 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 17

18 Brokers and dealers -22.3 -47.2 -58.6 -74.4 -119.1 -160.3 -236.3 -245.5 -230.7 -198.4 -219.8 18

19 Funding corporations 5.0 2.1 -8.6 -27.2 -28.9 -47.4 19.1 27.2 19.9 100.2 68.6 19

20 Total assets 2969.8 3239.6 3719.4 4201.1 4533.6 5131.8 5240.2 5220.2 5454.2 5533.7 5522.1 20

21 Nonfinancial corporate business 1772.3 1849.0 2111.7 2371.8 2540.8 2778.8 2879.0 2929.3 2948.5 3053.8 3124.1 21

22 Nonfarm noncorporate business 186.1 223.6 269.7 324.8 376.9 418.3 429.5 437.7 447.1 456.8 463.7 22

23 State and local governments 17.8 18.2 55.4 41.0 27.0 11.5 8.2 0.5 17.6 13.1 16.8 23

24 Federal government 89.3 91.1 87.2 79.1 70.6 65.6 65.0 64.0 62.9 62.6 60.9 24

25 Rest of the world 131.0 126.7 162.3 296.3 282.3 475.4 459.4 353.2 516.1 401.0 422.6 25

26 Monetary authority 9.6 9.8 10.7 11.2 13.2 16.1 15.6 16.4 16.3 16.8 16.5 26

27 Commercial banking 244.1 333.8 341.2 331.8 373.4 415.1 400.8 402.6 415.1 418.6 354.3 27

28 U.S.-chartered commercial banks 38.1 82.8 78.9 78.7 88.1 114.2 104.0 95.3 105.5 109.3 113.5 28

29 Foreign banking offices in U.S. 175.9 213.5 218.5 197.2 234.3 234.6 230.2 235.9 224.1 213.3 169.1 29

30 Bank holding companies 27.5 35.2 39.8 51.1 44.4 56.5 56.9 61.3 75.2 85.4 61.3 30

31 Banks in U.S.-affiliated areas 2.6 2.4 4.0 4.8 6.6 9.7 9.7 10.1 10.3 10.6 10.3 31

32 Savings institutions 28.6 28.4 26.4 25.3 21.7 26.0 27.0 29.6 29.7 28.5 30.6 32

33 Credit unions 18.1 14.7 13.8 13.6 17.3 24.0 26.1 22.6 19.3 7.5 10.8 33

34 Bank personal trusts and estates 16.0 12.9 12.1 16.0 14.6 23.0 23.0 23.5 24.2 24.4 25.0 34

35 Life insurance companies 54.5 76.2 81.9 48.7 38.2 55.8 32.1 24.1 17.5 -13.5 -19.8 35

36 Private pension funds 163.9 175.1 202.4 189.9 174.1 136.8 158.7 165.0 173.6 200.3 202.5 36

37 State and local govt. retirement funds 74.8 93.0 102.4 151.8 207.6 191.9 205.1 217.3 219.9 240.4 180.3 37

38 Mutual funds 3.3 5.9 6.3 4.7 11.8 7.9 15.2 7.0 6.5 6.0 5.9 38

39 Money market mutual funds 23.7 30.6 43.4 48.3 64.3 72.2 69.5 75.9 77.2 96.3 84.8 39

40 Government-sponsored enterprises 33.2 31.5 39.2 85.5 104.9 159.5 171.3 182.4 208.6 221.6 240.0 40

41 Finance companies 71.5 82.7 106.8 123.7 135.1 143.2 164.1 168.3 156.1 186.7 185.2 41

42 REITs 4.6 6.4 7.3 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 42

43 Brokers and dealers 27.2 30.0 39.2 32.2 49.2 89.5 69.0 80.3 78.1 91.6 96.3 43

44 Discrepancy -649.3 -858.1 -1241.8 -1692.7 -2075.3 -2659.9 -2882.3 -2998.6 -3375.9 -3717.7 -3554.4 44
102 Z.1, June 9, 2000

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Assets 28396.4 29427.0 32561.7 35427.8 39524.0 43377.7 44266.6 45674.6 45329.1 48660.0 49632.8 1

 2 Tangible assets 9908.2 10228.9 10697.0 11202.1 11917.6 12785.2 12973.4 13256.2 13557.4 13853.0 14047.1 2

 3 Real estate 7818.3 8039.1 8425.3 8857.4 9504.2 10272.8 10443.1 10679.7 10939.1 11167.4 11329.3 3

 4 Households (2,3) 7103.8 7280.7 7630.0 8022.2 8563.7 9215.7 9373.5 9588.6 9832.3 10054.7 10208.7 4

 5 Nonprofit organizations 714.5 758.4 795.3 835.2 940.5 1057.1 1069.5 1091.1 1106.8 1112.7 1120.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 75.8 79.1 83.0 85.6 89.0 93.5 94.7 95.7 96.6 98.0 99.7 6

 7 Consumer durable goods (4) 2014.1 2110.7 2188.7 2259.2 2324.5 2418.8 2435.7 2480.8 2521.6 2587.6 2618.0 7

 8 Financial assets 18488.2 19198.1 21864.6 24225.6 27606.4 30592.5 31293.2 32418.4 31771.7 34807.0 35585.7 8

 9 Deposits 3182.8 3157.3 3365.5 3539.6 3761.4 4139.5 4186.7 4139.4 4182.0 4328.4 4499.1 9

10 Foreign deposits 15.8 18.8 23.4 35.5 41.8 41.5 43.5 45.1 46.0 45.8 47.1 10

11 Checkable deposits and currency 593.4 563.6 504.9 445.8 401.0 448.3 445.7 413.7 397.9 425.8 433.5 11

12 Time and savings deposits 2235.8 2223.5 2388.0 2553.0 2722.5 2908.7 2901.7 2914.1 2955.6 3012.3 3100.1 12

13 Money market fund shares 337.9 351.3 449.2 505.3 596.1 741.0 795.8 766.4 782.5 844.5 918.4 13

14 Credit market instruments 1637.2 1930.0 1885.0 1990.6 1917.9 1815.8 1885.2 1907.8 1962.7 1998.8 1963.6 14

15 Open market paper 45.5 46.7 48.0 55.4 59.0 63.2 64.4 65.7 67.1 68.5 70.1 15

16 U.S. government securities 590.9 913.1 822.2 896.3 753.2 571.0 538.2 514.1 559.9 670.0 624.4 16

17 Treasury 585.0 782.0 699.9 687.9 541.9 414.8 361.2 311.0 289.9 371.1 323.5 17

18 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 18

19 Other Treasury 413.1 602.0 514.9 500.9 355.4 228.2 174.7 124.5 103.7 184.7 138.2 19

20 Agency 5.9 131.2 122.3 208.5 211.3 156.2 176.9 203.1 270.0 298.9 300.9 20

21 Municipal securities 551.9 501.5 457.7 435.6 472.3 487.6 503.0 526.4 527.1 535.9 535.3 21

22 Corporate and foreign bonds 322.5 353.1 447.6 493.8 524.3 584.7 670.5 692.2 699.2 615.7 625.7 22

23 Mortgages 126.3 115.6 109.5 109.4 109.0 109.3 109.2 109.4 109.4 108.6 108.1 23

24 Corporate equities (2) 3242.1 3070.9 4121.6 4642.1 5689.6 6328.7 6568.6 6938.0 6472.3 7829.4 8266.7 24

25 Mutual fund shares (5) 990.9 1052.1 1265.0 1586.0 2057.3 2501.0 2601.1 2789.0 2731.1 3108.2 3186.3 25

26 Security credit 102.3 109.0 127.6 162.9 215.5 276.7 262.3 272.6 285.2 318.6 367.9 26

27 Life insurance reserves 484.8 520.3 566.2 610.6 665.0 718.3 730.9 749.8 766.2 779.3 791.6 27

28 Pension fund reserves 4673.7 4947.6 5766.9 6642.6 7895.8 9097.6 9275.8 9731.4 9479.4 10386.8 10395.6 28

29 Investment in bank personal trusts 691.3 699.4 803.0 871.7 942.5 1001.0 1012.5 1059.8 998.3 1116.6 1135.2 29

30 Equity in noncorporate business (6) 3219.0 3434.7 3672.2 3878.2 4149.8 4387.2 4442.5 4499.8 4557.5 4602.6 4639.6 30

31 Miscellaneous assets 264.1 276.9 291.7 301.4 311.7 326.9 327.6 330.9 337.2 338.2 340.1 31

32 Liabilities 4290.2 4612.8 4982.2 5329.6 5711.8 6215.8 6305.2 6473.7 6643.1 6838.9 6968.3 32

33 Credit market instruments 4108.0 4427.0 4782.8 5104.9 5441.9 5920.1 6000.0 6142.4 6308.8 6464.4 6532.8 33

34 Home mortgages (7) 2892.6 3070.2 3252.0 3461.2 3701.9 4068.0 4155.4 4263.5 4388.2 4480.1 4547.6 34

35 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.2 35

36 Municipal securities (8) 94.0 97.6 98.3 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 36

37 Bank loans n.e.c. 27.4 40.0 57.4 58.0 66.6 72.9 68.7 71.9 68.5 65.7 67.4 37

38 Other loans and advances 126.6 133.7 160.3 172.7 190.7 204.0 207.0 210.6 217.6 218.7 222.4 38

39 Commercial mortgages (8) 108.5 101.5 91.9 96.6 103.7 116.6 120.8 124.3 130.0 136.6 141.2 39

40 Security credit 76.1 75.1 78.6 94.4 131.2 152.8 160.7 184.5 185.9 222.4 281.5 40

41 Trade payables (8) 89.8 94.0 103.3 111.9 120.0 125.7 126.0 128.2 129.8 132.7 134.5 41

 Deferred and unpaid

42 life insurance premiums 16.3 16.8 17.5 18.3 18.6 17.2 18.5 18.6 18.6 19.3 19.4 42

43 Net worth 24106.2 24814.2 27579.5 30098.2 33812.2 37161.9 37961.4 39200.9 38686.0 41821.1 42664.5 43

 Memo:

 Replacement-cost value of structures:

44 Residential 5330.4 5748.2 6012.5 6352.4 6705.7 7168.0 7282.6 7414.4 7562.5 7669.5 7790.5 44

45 Households 5053.0 5459.1 5717.7 6049.9 6394.2 6842.5 6953.5 7081.9 7226.2 7330.9 7448.2 45

46 Farm households 161.1 169.6 174.0 178.9 184.4 191.9 194.3 196.6 199.2 200.8 203.3 46

47 Nonprofit organizations 116.3 119.6 120.8 123.7 127.1 133.6 134.8 135.9 137.2 137.8 139.0 47

48 Nonresidential (nonprofits) 537.0 572.0 596.2 624.2 663.2 706.6 713.4 721.9 732.2 742.8 755.0 48

49 Disposable personal income 4935.3 5165.5 5422.6 5677.7 5982.8 6286.3 6505.4 6593.2 6671.0 6789.1 6879.8 49

 Household net worth as percentage of

50 disposable personal income 488.4 480.4 508.6 530.1 565.2 591.2 583.5 594.6 579.9 616.0 620.1 50

 Owners’ equity in household real

51 estate (9) 4211.3 4210.5 4377.9 4561.0 4861.8 5147.7 5218.1 5325.1 5444.1 5574.6 5661.1 51

 Owners’ equity as percentage of

52 household real estate (10) 59.3 57.8 57.4 56.9 56.8 55.9 55.7 55.5 55.4 55.4 55.5 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) 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, June 9, 2000 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 With tangible assets stated at either market value or replacement cost:

 1 Assets 10169.8 10813.9 11642.9 12447.6 13414.3 14504.1 14758.6 15078.8 15317.4 15566.6 15783.6 1

 2 Tangible assets 5960.1 6334.5 6682.0 6987.5 7599.0 8268.0 8344.1 8482.9 8593.3 8670.2 8757.8 2

 3 Real estate (1) 2908.0 3087.3 3222.6 3381.6 3814.2 4288.9 4326.2 4414.5 4467.6 4473.0 4491.4 3

 4 Equipment and software (2) 2117.6 2240.3 2389.6 2515.2 2644.6 2799.1 2833.8 2870.1 2900.8 2948.4 2997.3 4

 5 Inventories (2) 934.5 1007.0 1069.8 1090.7 1140.3 1180.0 1184.1 1198.2 1224.9 1248.8 1269.0 5

 6 Financial assets 4209.6 4479.4 4960.9 5460.1 5815.3 6236.2 6414.5 6596.0 6724.0 6896.4 7025.9 6

 7 Foreign deposits 12.9 14.0 15.6 26.1 21.0 21.8 25.8 23.1 24.9 25.1 25.4 7

 8 Checkable deposits and currency 203.1 221.6 252.9 289.8 320.5 302.5 296.2 319.0 321.6 339.9 308.7 8

 9 Time and savings deposits 74.1 67.5 42.9 43.6 36.3 31.3 31.0 29.9 31.5 31.1 30.7 9

10 Money market fund shares 44.8 52.2 77.0 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 10

11 Security RPs 2.5 2.2 2.4 3.9 4.6 3.3 3.9 2.9 4.9 4.4 6.9 11

12 Commercial paper 19.4 18.8 20.1 31.5 36.1 30.9 30.1 35.6 39.3 42.1 39.2 12

13 U.S. government securities 67.9 70.7 80.5 75.6 34.8 35.7 31.8 34.0 35.2 34.2 31.1 13

14 Municipal securities 54.7 56.7 36.8 31.0 27.4 29.7 26.8 21.3 29.6 27.0 24.4 14

15 Mortgages 52.3 56.4 57.9 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 15

16 Consumer credit 77.2 86.6 85.1 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 16

17 Trade receivables 1035.0 1107.0 1184.9 1273.1 1366.6 1381.3 1421.8 1490.3 1521.8 1473.5 1525.2 17

18 Mutual fund shares (1) 29.8 31.1 45.7 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 18

19 Miscellaneous assets 2535.9 2694.7 3059.0 3406.7 3629.0 3977.6 4119.0 4200.2 4272.8 4417.8 4532.4 19

20 Liabilities 5388.6 5627.4 6009.5 6378.6 6628.8 7083.1 7282.6 7440.6 7616.1 7740.4 7919.2 20

21 Credit market instruments 2568.7 2706.8 2936.6 3120.2 3386.8 3801.5 3983.3 4083.1 4220.0 4314.4 4472.9 21

22 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 22

23 Municipal securities (3) 124.9 131.7 134.8 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 23

24 Corporate bonds (4) 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.7 24

25 Bank loans n.e.c. 477.6 521.0 587.7 627.2 698.1 778.9 797.7 801.6 824.1 851.8 873.3 25

26 Other loans and advances 388.4 421.4 453.7 472.2 520.6 567.9 607.2 597.8 602.6 613.4 652.7 26

27 Mortgages 230.3 240.5 258.9 266.2 246.6 284.4 307.3 331.2 381.3 406.6 426.1 27

28 Trade payables 719.3 796.5 877.5 927.0 992.1 977.5 971.8 1006.1 1050.7 1089.3 1081.1 28

29 Taxes payable 40.7 40.3 40.3 49.9 59.2 64.1 69.0 69.7 70.4 69.4 76.5 29

30 Miscellaneous liabilities 2059.9 2083.7 2155.1 2281.5 2190.7 2240.1 2258.4 2281.7 2275.0 2267.2 2288.8 30

31 Net worth (market value) 4781.2 5186.5 5633.4 6069.0 6785.5 7421.1 7476.0 7638.2 7701.3 7826.3 7864.4 31

 Memo:

 Replacement-cost value of structures:

32 Residential 73.7 76.0 78.2 81.6 85.4 91.7 92.7 93.8 95.1 95.9 97.0 32

33 Nonresidential 2808.8 2954.7 3091.5 3249.1 3416.1 3573.9 3599.0 3638.9 3692.2 3743.1 3793.7 33

 Market value of equities outstanding

34 (includes corporate farm equities) 4851.6 4811.9 6435.0 7618.6 9661.1 11561.0 11935.0 12816.7 12125.9 14517.7 15113.7 34

35 Debt/net worth (percent) (5) 53.7 52.2 52.1 51.4 49.9 51.2 53.3 53.5 54.8 55.1 56.9 35

36 Debt/equities (percent) (6) 52.9 56.3 45.6 41.0 35.1 32.9 33.4 31.9 34.8 29.7 29.6 36

37 Equities/net worth (percent) (7) 101.5 92.8 114.2 125.5 142.4 155.8 159.6 167.8 157.5 185.5 192.2 37

 With tangible assets stated at historical cost:

38 Assets (8) 8673.3 9193.0 9940.6 10735.2 11402.7 12142.1 12409.8 12675.1 12903.9 13164.5 13441.8 38

39 Tangible assets 4463.6 4713.6 4979.7 5275.1 5587.4 5906.0 5995.2 6079.1 6179.9 6268.1 6415.9 39

40 Real estate 1782.1 1854.4 1937.3 2044.3 2156.4 2271.5 2296.2 2324.9 2356.0 2386.1 2411.0 40

41 Equipment and software 1740.9 1863.2 2010.9 2163.1 2332.1 2520.5 2569.0 2625.8 2678.7 2737.1 2796.5 41

42 Inventories 940.6 996.0 1031.5 1067.7 1099.0 1114.0 1130.0 1128.3 1145.3 1144.9 1208.5 42

43 Net worth (historical cost) (9) 3284.7 3565.6 3931.1 4356.6 4774.0 5059.1 5127.2 5234.4 5287.8 5424.1 5522.5 43

 Memo:

 Historical-cost value of structures:

44 Residential 29.8 30.6 32.5 34.0 35.6 37.3 37.8 38.1 38.7 39.2 40.0 44

45 Nonresidential 1561.5 1626.7 1709.9 1810.8 1920.4 2036.6 2059.2 2088.1 2120.3 2149.0 2172.3 45

46 Debt/net worth (percent) (10) 78.2 75.9 74.7 71.6 70.9 75.1 77.7 78.0 79.8 79.5 81.0 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, June 9, 2000

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 1170.2 708.0 2765.3 2518.7 3714.0 3349.7 799.4 1239.5 -514.9 3135.1 843.4 1

 2 Net investment 408.5 446.3 350.0 343.9 244.1 366.7 89.5 -17.1 57.4 193.3 99.5 2

 3 Net physical investment 229.5 278.9 286.4 322.1 353.9 426.1 80.8 129.0 131.0 150.4 91.2 3

 4 Capital expenditures 762.3 840.3 868.6 918.7 969.0 1063.5 246.2 297.1 304.9 324.8 269.1 4

 5 - Consumption of fixed capital 532.8 561.5 582.2 596.6 615.0 637.4 165.4 168.1 173.9 174.4 177.9 5

 6 Net financial investment 179.0 167.4 63.6 21.8 -109.8 -59.4 8.7 -146.1 -73.6 42.9 8.4 6

 7 Net acquisition of financial assets 416.6 484.6 425.5 394.5 268.3 443.3 97.5 22.0 95.6 238.6 137.6 7

 8 - Net increase in liabilities 237.7 317.2 362.0 372.6 378.1 502.7 88.7 168.1 169.2 195.7 129.2 8

 Holding gains on assets stated

 9 at market value (2) 787.7 260.8 2510.9 2185.5 3606.0 3114.8 732.3 1269.9 -560.9 2955.0 756.7 9

10 Real estate 5.4 68.1 227.9 264.0 451.5 543.6 127.1 166.7 181.4 158.3 115.6 10

11 Corporate equities 431.7 16.3 1279.6 867.6 1554.7 1101.7 344.1 475.3 -364.5 1447.5 593.9 11

12 Mutual fund shares 57.8 -6.1 118.2 140.1 212.9 182.0 41.1 141.9 -73.4 364.0 4.7 12

13 Equity in noncorporate business 59.2 172.7 201.8 208.3 316.0 282.9 68.5 50.4 72.5 44.3 57.0 13

 Life insurance and

14 pension fund reserves 203.7 19.6 583.9 628.2 943.8 898.0 132.1 381.8 -324.0 814.5 -43.2 14

 Investment in bank personal

15 trusts and estates 29.8 -9.7 99.6 77.4 127.1 106.5 19.5 53.8 -52.9 126.4 28.8 15

 Holding gains on assets stated

16 at current cost (2) -4.7 -15.5 -45.6 -71.0 -91.3 -102.3 -17.4 -12.3 -12.6 -11.9 -11.3 16

17 Consumer durable goods -5.0 -16.5 -47.2 -70.7 -90.6 -101.2 -17.0 -11.7 -11.9 -11.6 -11.1 17

18 Equipment and software 0.3 1.0 1.6 -0.4 -0.8 -1.0 -0.4 -0.6 -0.6 -0.3 -0.2 18

19 Other factors (3) -21.3 16.5 -50.0 60.3 -44.8 -29.5 -5.0 -0.9 1.2 -1.3 -1.5 19

 Memo:

20 Net worth outstanding (4) 24106.2 24814.2 27579.5 30098.2 33812.2 37161.9 37961.4 39200.9 38686.0 41821.1 42664.5 20

21 Disposable personal income 4935.3 5165.5 5422.6 5677.7 5982.8 6286.3 6505.4 6593.2 6671.0 6789.1 6879.8 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, June 9, 2000 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1993 1994 1995 1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 76.9 405.4 446.8 435.6 716.5 635.6 54.9 162.2 63.1 125.0 38.1 1

 2 Net investment flow 280.5 181.8 216.7 152.7 36.4 -98.7 17.4 -9.7 27.5 49.2 55.0 2

 3 Net physical investment 144.6 193.6 242.3 217.3 275.3 288.5 74.2 83.9 87.5 93.8 94.9 3

 4 Capital expenditures 524.8 593.0 665.9 684.7 779.4 830.5 212.3 215.8 221.3 229.7 234.0 4

 5 - Consumption of fixed capital 384.2 411.9 434.3 459.5 487.7 517.0 133.8 135.9 140.0 141.2 144.0 5

 6 - Inventory valuation adjustment -4.0 -12.5 -18.3 3.1 7.4 20.9 3.9 -4.4 -7.1 -5.4 -5.1 6

 7 - Access rights from fed. government 0.0 0 7.6 4.8 8.9 4.1 0.4 0.3 0.9 0.1 0.1 7

 8 Net financial investment 114.6 33.2 32.7 4.8 -124.5 -120.2 -43.8 -9.0 -27.8 -30.9 -55.6 8

 9 Net acquisition of financial assets 332.6 274.8 423.6 403.3 158.9 351.3 165.3 153.2 155.3 108.0 129.5 9

10 - Net increase in liabilities 217.9 241.6 390.8 398.5 283.5 471.5 209.1 162.2 183.2 138.9 185.1 10

11 Corporate equity issues 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 -13.0 -84.6 -32.1 -13.8 15.7 11

 Holding gains on assets stated

12 at market value (2) -162.1 136.7 95.8 99.7 385.2 429.9 21.6 70.7 29.9 6.2 0.6 12

13 Real estate -163.9 137.5 85.8 88.8 367.7 415.3 17.0 63.5 36.9 -13.8 -3.3 13

14 Mutual fund shares 1.8 -0.8 10.0 10.9 17.5 14.6 4.6 7.1 -7.0 20.1 4.0 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) -12.9 33.1 34.5 26.4 -30.9 43.4 -15.2 -8.0 -12.3 -2.9 -3.5 15

16 Equipment and software 18.8 27.0 18.2 -7.0 -26.1 -24.1 -14.7 -14.6 -21.8 -5.1 -11.2 16

17 Inventories (3) 2.8 10.8 4.4 2.9 -5.4 -6.7 -1.7 6.7 10.1 1.5 6.6 17

18 Direct investment abroad -37.7 -5.8 -2.1 2.9 -39.8 -8.0 -0.2 -0.2 -0.7 1.1 1.5 18

19 - Foreign direct investment in U.S. -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 -1.5 -0.1 -0.1 0.5 0.4 19

20 Other factors (4) -28.7 53.9 99.9 156.9 325.9 261.0 31.1 109.3 18.0 72.5 -14.1 20

 Memo:

21 Net worth outstanding (market value) 4781.2 5186.5 5633.4 6069.0 6785.5 7421.1 7476.0 7638.2 7701.3 7826.3 7864.4 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 282.0 280.9 365.5 425.5 417.4 285.1 68.1 107.3 53.4 136.3 98.4 22

23 Net investment flow 280.5 181.8 216.7 152.7 36.4 -98.7 17.4 -9.7 27.5 49.2 55.0 23

24 Net physical investment 144.6 193.6 242.3 217.3 275.3 288.5 74.2 83.9 87.5 93.8 94.9 24

25 Capital expenditures 524.8 593.0 665.9 684.7 779.4 830.5 212.3 215.8 221.3 229.7 234.0 25

26 - Consumption of fixed capital 384.2 411.9 434.3 459.5 487.7 517.0 133.8 135.9 140.0 141.2 144.0 26

27 - Inventory valuation adjustment -4.0 -12.5 -18.3 3.1 7.4 20.9 3.9 -4.4 -7.1 -5.4 -5.1 27

28 - Access rights from fed. government 0.0 0 7.6 4.8 8.9 4.1 0.4 0.3 0.9 0.1 0.1 28

29 Net financial investment 114.6 33.2 32.7 4.8 -124.5 -120.2 -43.8 -9.0 -27.8 -30.9 -55.6 29

30 Net acquisition of financial assets 332.6 274.8 423.6 403.3 158.9 351.3 165.3 153.2 155.3 108.0 129.5 30

31 - Net increase in liabilities 217.9 241.6 390.8 398.5 283.5 471.5 209.1 162.2 183.2 138.9 185.1 31

32 Corporate equity issues 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 -13.0 -84.6 -32.1 -13.8 15.7 32

 Valuation adjustment on

33 reproducible assets (6) -5.2 -18.9 -43.0 8.1 -26.6 -25.3 -1.6 -14.9 -0.6 -22.4 35.8 33

34 Holding gains on mutual fund shares (2) 1.8 -0.8 10.0 10.9 17.5 14.6 4.6 7.1 -7.0 20.1 4.0 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) -34.5 -4.8 11.8 30.4 0.5 74.1 1.2 -0.1 -0.6 0.6 1.1 35

36 Direct investment abroad -37.7 -5.8 -2.1 2.9 -39.8 -8.0 -0.2 -0.2 -0.7 1.1 1.5 36

37 - Foreign direct investment in U.S. -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 -1.5 -0.1 -0.1 0.5 0.4 37

38 Other factors (4) 39.4 123.6 170.0 223.4 389.6 320.4 46.5 124.9 34.1 88.7 2.5 38

 Memo:

39 Net worth outstanding (historical cost) 3284.7 3565.6 3931.1 4356.6 4774.0 5059.1 5127.2 5234.4 5287.8 5424.1 5522.5 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
106 Z.1, June 9, 2000

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 74.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 138.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 10.9 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 11.3 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 2.1 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 85.1 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 7.4 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 43.0 45.2 9

10 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 0.8 0.7 10

11 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 24.5 31.3 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.5 12

13 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 -22.5 -12.0 13

14 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 -1.6 -0.0 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 18

19 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 63.6 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 24

25 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 9.3 8.7 25

26 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 51.8 43.4 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, June 9, 2000 107

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1387.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 34.8 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 56.3 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 10.3 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 499.2 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 237.6 282.8 8

 9 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 3.4 4.1 9

10 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 119.7 151.0 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 5.9 11

12 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 295.0 338.3 12

13 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 33.9 40.3 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 17

18 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 700.4 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 23

24 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 24

25 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 313.7 357.1 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
108 Z.1, June 9, 2000

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 1993.0 2117.1 2269.1 2440.5 2611.8 2786.0 2716.6 2754.4 2800.5 2872.5 2938.1 1

 2 Personal tax and nontax receipts 722.6 778.4 869.7 968.3 1072.6 1152.1 1124.8 1139.4 1160.4 1183.8 1212.7 2

 3 Corporate profit tax accruals 186.7 211.0 223.7 238.3 240.2 259.4 248.0 254.4 259.4 275.7 288.7 3

 4 Indirect business tax and nontax accruals 575.3 594.6 620.0 645.8 677.1 716.3 696.6 706.8 718.3 743.6 753.3 4

 5 Contributions for social insurance 508.5 533.2 555.8 588.2 622.0 658.2 647.2 653.8 662.4 669.4 683.4 5

 6 Current expenditures, NIPA basis 2196.7 2293.8 2384.6 2461.8 2523.2 2619.6 2570.4 2598.6 2617.9 2691.5 2695.2 6

 7 Consumption expenditures 1102.3 1133.9 1171.8 1222.9 1261.0 1332.2 1299.4 1313.6 1341.5 1374.3 1385.6 7

 8 Transfer payments (net) 825.5 869.9 916.0 944.5 965.2 999.1 985.3 993.3 1000.1 1017.9 1023.8 8

 9 Net interest paid 244.0 268.0 274.5 275.7 276.4 262.1 265.0 264.1 259.3 260.0 263.5 9

10 - Dividends received by government 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 10

11 Subsidies less current surplus of govt. enterprises 25.1 22.2 22.6 19.0 20.8 26.5 21.0 27.9 17.3 39.6 22.7 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -203.7 -176.6 -115.5 -21.3 88.7 166.4 146.2 155.8 182.6 181.0 242.9 13

14 + Consumption of fixed capital 160.3 168.2 174.3 180.5 186.2 196.1 192.0 194.5 197.2 200.5 203.3 14

15 - Insurance and pension fund reserves (2) 1.6 3.6 3.4 3.4 4.4 3.8 3.2 4.5 2.7 5.0 -0.4 15

16 = Gross saving -44.9 -12.1 55.4 155.8 270.5 358.6 335.0 345.8 377.1 376.5 446.6 16

17 Gross investment -73.0 48.5 31.7 122.1 315.5 421.2 397.2 440.7 381.3 465.8 363.3 17

18 Fixed investment 225.5 238.2 250.2 258.1 268.7 297.9 289.8 292.2 295.7 313.7 321.2 18

19 Access rights sales 0.0 -7.6 -4.8 -8.9 -4.1 -1.7 -1.7 -1.3 -3.6 -0.4 -0.4 19

20 Net financial investment -298.5 -182.0 -213.6 -127.0 50.9 125.1 109.1 149.8 89.1 152.4 42.5 20

21 Net acquisition of financial assets -40.4 44.3 41.3 34.4 112.7 174.6 157.4 133.3 139.6 268.0 -44.1 21

22 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.0 -7.1 -9.3 -4.8 -8.1 -6.4 1.7 22

23 Checkable deposits and currency -20.1 3.4 5.4 3.8 -20.6 70.0 41.4 33.0 61.6 144.2 -157.7 23

24 Time and savings deposits 6.4 6.9 12.0 6.8 14.1 11.6 -6.8 2.3 18.8 32.2 -16.7 24

25 Security RPs -15.1 -3.0 32.1 3.6 7.2 5.0 32.0 -11.1 11.5 -12.5 51.3 25

26 Credit market instruments -4.7 -11.8 -8.7 24.1 116.8 55.4 134.5 71.4 -10.1 25.8 55.8 26

27 Open market paper 4.4 17.1 20.3 14.3 28.0 1.9 16.0 4.9 -2.9 -10.3 6.9 27

28 U.S. government agency securities (3) 11.6 -35.1 -35.3 -0.8 63.6 28.5 92.0 37.3 -37.3 22.0 33.1 28

29 Municipal securities -0.9 -3.5 -0.5 -0.7 -1.4 -1.5 -1.6 -1.1 -1.7 -1.5 -1.7 29

30 Corporate and foreign bonds 5.4 7.1 10.7 1.3 10.2 12.6 7.2 19.3 15.9 8.1 6.1 30

31 Mortgages -11.8 -9.9 -3.7 -0.8 3.3 4.2 2.9 4.0 5.9 4.2 0.6 31

32 Other loans and advances (4) -13.4 12.6 -0.3 10.9 13.2 9.6 18.1 7.0 10.0 3.3 11.0 32

33 Corporate equities 1.3 12.1 14.5 16.8 9.4 3.5 -25.9 -4.6 27.6 16.9 4.4 33

34 Mutual fund shares 7.8 5.9 6.0 -7.4 -12.3 4.3 -4.1 8.6 6.3 6.3 -10.7 34

35 Trade receivables -3.8 -1.6 0.9 -3.2 1.5 4.6 1.4 5.0 7.1 4.9 9.8 35

36 Taxes receivable -14.0 -14.9 -6.9 -11.2 -6.2 16.7 7.3 36.5 -4.7 27.5 16.9 36

37 Miscellaneous assets 4.5 40.8 -11.2 -1.4 -3.2 10.6 -13.2 -3.0 29.6 29.1 1.0 37

38 Net increase in liabilities 258.1 226.3 255.0 161.4 61.8 49.5 48.3 -16.5 50.4 115.6 -86.6 38

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

40 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 -0.0 0.0 2.1 2.0 -4.1 2.2 40

41 Credit market instruments 187.3 172.7 170.6 98.1 -3.5 -16.0 -2.4 -95.3 -3.7 37.3 -152.5 41

42 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -0.2 -0.0 0.0 -0.4 -0.3 -4.1 42

43 Other Treasury securities (5) 225.5 218.1 177.4 41.4 -84.7 -68.3 -88.0 -131.4 -60.5 6.7 -160.9 43

44 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -0.2 -1.5 0.6 0.0 0.0 -2.1 44

45 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 52.7 87.1 35.6 57.2 30.9 14.6 45

46 Multifamily residential mortgages 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 Trade payables 27.4 24.6 32.2 21.7 27.9 28.8 26.7 29.5 27.4 31.6 34.6 47

48 Insurance and pension reserves (6) 38.9 21.8 55.7 42.0 42.5 42.5 37.2 41.9 42.9 48.1 36.8 48

49 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -2.8 -9.2 5.3 -14.1 6.6 -7.6 49

50 Discrepancy 28.0 -60.6 23.7 33.7 -45.0 -62.6 -62.2 -94.9 -4.2 -89.2 83.3 50

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(4) Excludes loans to state and local governments.

(5) Excludes Treasury securities owed to state and local governments.

(6) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
Z.1, June 9, 2000 109

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1999 1999 2000

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1082.3 1132.2 1177.7 1217.5 1338.1 1550.0 1394.2 1418.5 1498.9 1550.0 1556.3 1

 2 Gold, SDRs, and official foreign exchange 41.4 53.8 44.9 42.0 51.0 44.5 48.2 45.9 46.4 44.5 44.0 2

 3 Checkable deposits and currency 57.8 55.5 66.1 73.8 51.5 120.1 56.5 88.3 92.1 120.1 76.9 3

 4 Time and savings deposits 56.0 62.9 74.9 81.8 95.8 107.5 96.4 94.3 99.0 107.5 105.4 4

 5 Security RPs 118.6 115.7 147.8 151.4 158.5 163.5 166.5 163.8 166.6 163.5 176.4 5

 6 Credit market instruments 553.5 541.7 533.0 557.1 673.9 762.3 707.6 725.4 755.8 762.3 777.7 6

 7 Open market paper 22.3 39.4 59.7 74.0 102.0 103.9 106.0 107.2 106.5 103.9 105.6 7

 8 Agency securities (1) 186.6 151.5 116.2 115.4 179.0 207.5 202.0 211.3 202.0 207.5 215.8 8

 9 Municipal securities 8.6 5.1 4.6 3.9 2.5 1.0 2.1 1.8 1.4 1.0 0.6 9

10 Corporate and foreign bonds 31.9 39.0 49.7 51.0 61.2 73.8 63.0 67.8 71.8 73.8 75.3 10

11 Mortgages 181.5 171.6 167.9 167.1 170.3 207.5 171.1 172.0 206.4 207.5 207.6 11

12 Other loans and advances (2) 122.6 135.2 134.9 145.7 158.9 168.5 163.4 165.2 167.7 168.5 172.8 12

13 Corporate equities 10.6 26.2 46.8 79.0 102.0 115.0 96.9 102.9 101.0 115.0 115.7 13

14 Mutual fund shares 29.1 35.0 41.0 33.6 21.3 25.6 20.3 22.4 24.0 25.6 22.9 14

15 Trade receivables 24.7 23.1 24.0 20.8 22.3 26.8 23.8 24.5 25.7 26.8 30.6 15

16 Taxes receivable 52.6 45.2 46.8 46.9 49.5 72.0 69.0 50.2 71.1 72.0 91.4 16

17 Miscellaneous assets 138.0 173.1 152.3 131.3 112.2 112.8 108.9 100.7 117.2 112.8 115.3 17

18 Total liabilities 5324.7 5546.4 5805.2 5965.8 6032.8 6085.0 6056.3 5976.2 5990.6 6085.0 6071.1 18

19 SDR certificates 8.0 10.2 9.7 9.2 9.2 6.2 8.2 8.2 7.2 6.2 6.2 19

20 Treasury currency 17.6 18.2 18.3 18.3 18.3 18.3 18.3 18.8 19.3 18.3 18.8 20

21 Credit market instruments 4234.7 4407.4 4578.0 4676.1 4672.6 4656.6 4700.2 4600.6 4593.4 4656.6 4644.2 21

22 Savings bonds 179.9 185.0 187.0 186.5 186.6 186.4 186.5 186.5 186.2 186.4 185.3 22

23 Other Treasury securities (3) 2915.6 3133.7 3311.1 3352.5 3267.8 3199.5 3272.6 3157.9 3146.6 3199.5 3183.3 23

24 Budget agency securities 26.7 28.2 26.6 26.5 28.5 28.3 28.1 28.3 28.3 28.3 27.8 24

25 Municipal securities 1112.4 1060.4 1053.3 1110.6 1189.7 1242.4 1213.0 1228.0 1232.3 1242.4 1247.9 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 543.2 567.8 600.0 621.7 649.6 678.3 656.6 664.8 672.1 678.3 687.1 27

28 Insurance and pension reserves 514.4 536.2 591.9 634.0 676.5 719.0 666.3 677.1 691.9 719.0 708.2 28

29 Miscellaneous liabilities 6.8 6.7 7.3 6.6 6.7 6.6 6.7 6.7 6.7 6.6 6.6 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
110 Z.1, June 9, 2000

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 -12.4 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 0.7 -0.0 -0.0 -0.0 -0.0 2

 3 Time and savings deposits -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -0.2 -4.5 -5.4 5.5 4.1 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 6.4 5

 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 47.0 6

 7 Open market paper -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 6.4 7

 8 U.S. government securities 16.4 34.7 26.1 8.9 5.4 15.4 13.8 22.7 5.8 12.2 33.0 19.9 8

 9 Treasury 2.1 9.6 2.2 -7.2 -9.4 -3.9 1.1 6.8 1.7 3.7 9.9 6.9 9

10 Agency 14.3 25.1 23.9 16.2 14.8 19.3 12.6 15.9 4.0 8.5 23.1 12.9 10

11 Municipal securities -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.0 11

12 Corporate and foreign bonds 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 1.5 10.6 15.5 29.8 19.5 12

13 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.6 0.5 0.8 1.7 1.2 13

14 Corporate equities -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -10.9 -16.3 -28.4 -58.2 -79.3 14

15 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.1 6.7 6.3 5.9 6.0 15

16 Miscellaneous assets -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -13.8 -3.1 -6.5 -41.3 3.5 16

17 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -1.1 -0.7 -1.8 -2.8 -6.8 17

18 Contributions receivable -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 3.0 2.4 2.4 2.4 2.4 18

19 Other 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -15.7 -4.8 -7.1 -40.9 7.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.9 102.7 120.0 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 -0.1 0.1 -0.0 -0.1 -0.1 -0.2 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -7.0 -9.2 -9.7 -7.7 -5.4 -2.1 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 5.0 10.7 26.1 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 1.4 0.3 2.1 0.2 0.2 -0.3 -4.7 5

 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 49.8 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 1.2 0.3 2.7 1.2 0.5 1.7 5.5 7

 8 U.S. government securities 2.2 12.6 10.6 12.8 11.0 8.7 36.6 20.2 19.9 20.9 26.2 24.7 8

 9 Treasury 0.1 5.6 3.5 7.8 6.9 5.4 19.9 11.9 10.9 11.3 4.0 9.5 9

10 Agency 2.1 7.0 7.1 5.0 4.1 3.2 16.6 8.4 9.0 9.6 22.2 15.2 10

11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 11

12 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -5.9 4.1 10.5 12.3 15.6 17.8 12

13 Mortgages 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.7 1.4 1.6 1.9 1.7 13

14 Corporate equities 8.4 -6.5 5.7 16.3 33.8 20.1 9.6 16.7 6.8 12.3 5.5 -0.8 14

15 Mutual fund shares -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.5 34.4 29.9 25.3 24.8 15

16 Miscellaneous assets 22.0 5.0 27.2 21.0 19.3 21.3 23.0 21.0 13.2 15.9 21.5 27.1 16

17 Unallocated insurance contracts (2) 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 0.4 -1.8 -2.5 1.5 2.7 17

18 Contributions receivable -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 0.6 1.4 1.4 1.4 1.4 18

19 Other 9.6 3.0 23.1 9.1 19.4 19.0 22.2 20.0 13.5 17.0 18.6 23.0 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, June 9, 2000 111

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Total financial assets 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 2456.7 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.9 1.9 1.8 1.8 1.8 2

 3 Time and savings deposits 46.0 50.6 40.1 40.5 26.4 27.8 30.6 30.3 25.8 20.4 25.9 30.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.9 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 46.5 5

 6 Credit market instruments 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 621.9 6

 7 Open market paper 19.7 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 46.5 7

 8 U.S. government securities 155.6 190.2 216.3 225.3 230.7 246.1 259.8 282.5 288.3 300.4 333.5 353.3 8

 9 Treasury 85.6 95.1 97.3 90.1 80.7 76.8 77.9 84.8 86.5 90.1 100.0 107.0 9

10 Agency 70.0 95.1 119.0 135.2 150.0 169.2 181.9 197.8 201.8 210.3 233.4 246.3 10

11 Municipal securities 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.4 0.4 11

12 Corporate and foreign bonds 88.9 92.7 98.9 107.6 123.5 132.5 130.9 132.4 143.1 158.5 188.3 207.8 12

13 Mortgages 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.7 10.2 10.9 12.7 13.9 13

14 Corporate equities 298.1 346.4 318.9 426.1 442.0 503.1 499.5 625.8 761.7 947.8 1177.1 1350.9 14

15 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 26.0 34.4 53.7 79.5 110.3 147.8 15

16 Miscellaneous assets 163.4 164.8 139.1 149.7 142.5 150.8 153.5 169.7 180.5 189.7 202.3 257.9 16

17 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 66.1 67.3 75.2 86.7 106.4 113.9 17

18 Contributions receivable 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.7 16.1 18.5 20.9 23.3 18

19 Other 76.9 76.8 59.8 63.6 63.6 69.8 76.8 88.7 89.2 84.6 75.1 120.7 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.4 1933.0 2198.7 2539.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.0 2.1 2.1 2.0 1.9 1.7 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 34.3 25.1 15.4 7.6 2.3 0.2 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.7 58.4 84.5 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 13.1 13.4 15.5 15.7 15.9 15.5 10.8 5

 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 428.2 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.8 15.1 17.8 19.0 19.5 21.3 26.8 7

 8 U.S. government securities 49.5 62.1 72.7 85.5 96.5 105.2 141.7 161.9 181.9 202.8 229.0 253.7 8

 9 Treasury 30.7 36.3 39.8 47.6 54.5 60.0 79.9 91.8 102.7 114.0 118.0 127.5 9

10 Agency 18.7 25.8 32.9 37.9 42.0 45.2 61.8 70.2 79.2 88.8 111.0 126.2 10

11 Municipal securities 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.9 0.9 11

12 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 70.3 74.3 84.9 97.1 112.7 130.5 12

13 Mortgages 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.7 11.0 12.6 14.6 16.2 13

14 Corporate equities 215.9 282.9 276.1 364.8 412.8 489.3 496.8 612.6 729.2 916.1 1055.2 1140.0 14

15 Mutual fund shares 15.6 19.9 22.5 38.7 59.3 93.6 124.4 186.3 267.7 358.5 453.8 611.3 15

16 Miscellaneous assets 203.1 207.8 206.8 235.5 237.8 241.5 253.6 269.2 259.1 252.2 233.3 262.9 16

17 Unallocated insurance contracts (2) 105.8 110.0 115.0 129.3 128.4 136.9 143.9 143.5 145.1 147.9 155.4 165.7 17

18 Contributions receivable 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.0 13.4 14.8 16.2 17.6 18

19 Other 88.8 89.8 83.9 97.7 99.9 94.0 98.4 113.7 100.7 89.6 61.7 79.6 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, June 9, 2000 Flow of Funds Matrix for 1999

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving -- 1063.0 -- 955.5 -- 156.2 -- 202.4 -- 2377.2 -- 318.5 -- 108.6  2 Capital consumption -- 681.8 -- 709.7 -- 105.2 -- 90.9 -- 1587.6 -- -- -- 85.8  3 Net saving (1 less 2) -- 381.2 -- 245.8 -- 51.0 -- 111.6 -- 789.5 -- 318.5 -- 22.8  4 Gross investment (5 plus 11) 1005.0 -- 925.9 -- 207.6 -- 213.6 -- 2352.2 -- 378.0 -- 191.5 --  5 Capital expenditures 1173.1 -- 1070.1 -- 202.0 -- 94.1 -- 2539.3 -- -- -- 139.5 --  6 Consumer durables 758.6 -- -- -- -- -- -- -- 758.6 -- -- -- -- --  7 Residential 356.5 -- 53.2 -- -- -- -- -- 409.7 -- -- -- 1.6 --  8 Nonresidential 58.0 -- 970.5 -- 202.0 -- 95.9 -- 1326.4 -- -- -- 137.9 --  9 Inventory change -- -- 44.6 -- -- -- -- -- 44.6 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 1.7 -- -- -- -1.7 -- 0.0 -- -- -- -- -- 11 Net financial investment -168.1 -- -144.2 -- 5.6 -- 119.5 -- -187.1 -- 378.0 -- 52.0 -- 12 Financial uses 453.7 -- 659.3 -- 87.5 -- 84.7 -- 1285.1 -- 699.8 -- 2571.4 -- 13 Financial sources -- 621.7 -- 803.5 -- 81.8 -- -34.8 -- 1472.2 -- 321.8 -- 2519.4 14 Gold and off. fgn. exchange -- -- -- -- -- -- -7.1 -- -7.1 -- 0.0 -8.7 -1.6 -- 15 SDR certificates -- -- -- -- -- -- -- -3.0 -- -3.0 -- -- -3.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 1.7 -- 17 Foreign deposits 4.3 -- 3.3 -- -- -- -- -- 7.6 -- -- 67.3 12.2 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -14.1 -- 20.5 10.5 19 Checkable dep. and currency -22.4 -- 45.6 -- 3.9 -- 66.2 -- 93.2 -- 35.7 -- 30.9 151.6 20 Time and savings deposits 103.5 -- 11.9 -- 10.9 -- 0.7 -- 127.0 -- 18.4 -- 29.2 174.7 21 Money market fund shares 103.5 -- 36.3 -- -- -- -- -- 139.8 -- -- -- 110.8 250.6 22 Fed. funds and security RPs -- -- 1.1 -- 5.0 -- -- -- 6.1 -- 14.8 -- 119.0 171.7 23 Credit market instruments 185.4 542.9 29.0 595.9 43.4 52.8 9.6 -71.2 267.4 1120.4 203.6 14.5 1751.9 1087.9 24 Open market paper 5.3 -- 11.2 37.4 1.9 -- -- -- 18.4 37.4 -14.1 16.3 225.6 176.2 25 Treasury securities -43.0 -- -3.2 -- -2.5 -- -- -71.0 -48.7 -71.0 -9.7 -- -12.6 -- 26 Federal agency securities 143.1 -- 2.3 -- 28.5 -- 0.0 -0.2 173.9 -0.2 94.0 -- 323.9 592.0 27 Municipal securities 48.3 10.4 -2.7 5.1 -1.5 52.7 -- -- 44.2 68.2 -- -- 24.0 -- 28 Corporate and fgn. bonds 32.3 -- -- 229.9 12.6 -- -- -- 44.9 229.9 158.9 0.1 248.0 221.8 29 Bank loans n.e.c. -- -7.2 -- 89.9 -- -- -- -- -- 82.7 -- 0.5 68.9 -14.3 30 Other loans and advances -- 14.3 -- 54.3 -- 0.1 9.7 -- 9.7 68.7 -25.5 -2.4 189.2 107.1 31 Mortgages -0.6 431.0 16.0 179.3 4.3 -- -0.1 0.0 19.6 610.4 -- -- 595.9 5.1 32 Consumer credit -- 94.4 5.4 -- -- -- -- -- 5.4 94.4 -- -- 89.0 -- 33 Corporate equities -401.7 -- -- -143.5 3.5 -- -- -- -398.2 -143.5 94.3 97.8 255.4 -2.8 34 Mutual fund shares 133.6 -- -1.8 -- 4.3 -- -- -- 136.0 -- -- -- 54.4 190.5 35 Trade credit -- 7.1 108.8 122.0 -- 29.1 4.6 -0.3 113.4 157.9 -7.3 4.3 23.1 11.8 36 Security credit 42.0 69.7 -- -- -- -- -- -- 42.0 69.7 0.0 0.0 51.6 23.9 37 Life insurance reserves 58.6 -- -- -- -- -- -- 1.4 58.6 1.4 -- -- -- 57.2 38 Pension fund reserves 287.4 -- -- -- -- -- -- 41.1 287.4 41.1 -- -- -- 246.2 39 Taxes payable -- -- -- 7.4 4.8 -- 11.8 -- 16.7 7.4 -- -- -- 6.6 40 Inv. in bank personal trusts -31.1 -- -- -- -- -- -- -- -31.1 -- -- -- -- -31.1 41 Equity in noncorp. business -20.3 -- -- -25.5 -- -- -- -- -20.3 -25.5 -- -- -- 5.2 42 Miscellaneous 10.9 2.0 425.2 247.1 11.7 -- -1.1 -2.8 446.7 246.3 354.4 146.6 115.2 164.9 43 Sector discrepancies (1 less 4) 58.0 -- 29.6 -- -51.5 -- -11.2 -- 25.0 -- -59.6 -- -82.9 -- 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, June 9, 2000 Flow of Funds Matrix for 1999

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 34807.0 -- 7988.4 -- 1267.8 -- 559.2 -- 44622.3 -- 6276.9 -- 36329.9  2 Total liabilities and equity -- 6838.9 -- 28938.1 -- 1861.1 -- 4500.8 -- 42139.0 -- 4393.2 --  3 Total liabilities -- 6838.9 -- 9814.9 -- 1861.1 -- 4500.8 -- 23015.7 -- 2453.7 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.4 -- 10.4 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 18.0 -- 18.0 -- -- 18.0 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.0 -- 16.0 -- -- 32.2 16.1  7 SDR certificates -- -- -- -- -- -- -- 6.2 -- 6.2 -- -- 6.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 28.0  9 Foreign deposits 45.8 -- 25.1 -- -- -- -- -- 70.9 -- -- 707.2 42.9 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 131.8 -- 90.6 11 Checkable dep. and currency 425.8 -- 493.7 -- 32.1 -- 87.9 -- 1039.6 -- 293.9 -- 139.9 12 Time and savings deposits 3012.3 -- 162.8 -- 102.1 -- 5.4 -- 3282.5 -- 105.0 -- 219.1 13 Money market fund shares 844.5 -- 198.7 -- -- -- -- -- 1043.2 -- -- -- 541.5 14 Fed. funds and security RPs -- -- 4.4 -- 163.5 -- -- -- 168.0 -- 86.8 -- 591.7 15 Credit market instruments 1998.8 6464.4 336.4 6055.5 782.8 1252.5 256.4 3681.0 3374.4 17453.5 2737.9 618.2 19566.5 16 Open market paper 68.5 -- 42.1 230.3 103.9 -- -- -- 214.5 230.3 100.6 89.2 1087.3 17 Treasury securities 371.1 -- 35.4 -- 266.8 -- -- 3652.8 673.3 3652.8 1306.6 -- 1672.8 18 Federal agency securities 298.9 -- 13.4 -- 207.5 -- 0.0 28.3 519.8 28.3 395.4 -- 2997.1 19 Municipal securities 535.9 137.3 27.0 152.8 1.0 1242.4 -- -- 564.0 1532.5 -- -- 968.5 20 Corporate and fgn. bonds 615.7 -- -- 2059.5 73.8 -- -- -- 689.5 2059.5 818.5 420.1 3046.2 21 Bank loans n.e.c. -- 65.7 -- 1165.8 -- -- -- -- -- 1231.5 -- 59.4 1383.8 22 Other loans and advances -- 218.7 -- 753.9 -- 10.2 178.7 -- 178.7 982.8 116.7 49.5 1132.7 23 Mortgages 108.6 4616.7 138.2 1693.2 129.8 -- 77.7 0.0 454.3 6309.9 -- -- 5932.3 24 Consumer credit -- 1426.2 80.3 -- -- -- -- -- 80.3 1426.2 -- -- 1345.8 25 Corporate equities 7829.4 -- -- 14517.7 115.0 -- -- -- 7944.4 14517.7 1314.6 1939.5 9617.6 26 Mutual fund shares 3108.2 -- 113.9 -- 25.6 -- -- -- 3247.7 -- -- -- 1304.7 27 Trade credit -- 132.7 1683.5 1252.3 -- 608.6 26.8 69.8 1710.4 2063.4 44.5 50.6 250.6 28 Security credit 318.6 222.4 -- -- -- -- -- -- 318.6 222.4 0.0 0.0 347.2 29 Life insurance reserves 779.3 -- -- -- -- -- -- 35.0 779.3 35.0 -- -- -- 30 Pension fund reserves 10386.8 -- -- -- -- -- -- 684.0 10386.8 684.0 -- -- -- 31 Taxes payable -- -- -- 111.1 33.5 -- 38.5 -- 72.0 111.1 -- -- -- 32 Inv. in bank personal trusts 1116.6 -- -- -- -- -- -- -- 1116.6 -- -- -- -- 33 Equity in noncorp. business 4602.6 -- -- 4605.6 -- -- -- -- 4602.6 4605.6 -- -- -- 34 Miscellaneous 338.2 19.3 4969.8 2396.0 13.1 -- 99.7 6.6 5420.9 2421.9 1562.2 1027.6 3556.2 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
114 Z.1, June 9, 2000

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Assets 23609.8 24322.8 25921.9 26981.0 28396.4 29427.0 32561.7 35427.8 39524.0 43377.7 48660.0 1

 2 Tangible assets 9124.4 9325.8 9447.3 9686.5 9908.2 10228.9 10697.0 11202.1 11917.6 12785.2 13853.0 2

 3 Financial assets 14485.5 14997.0 16474.6 17294.5 18488.2 19198.1 21864.6 24225.6 27606.4 30592.5 34807.0 3

 4 Deposits 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3761.4 4139.5 4328.4 4

 5 Credit market instruments 1288.3 1502.8 1612.1 1655.9 1637.2 1930.0 1885.0 1990.6 1917.9 1815.8 1998.8 5

 6 Equity shares at market value 2754.5 2551.5 3557.6 3989.6 4629.1 4581.5 6148.7 7293.0 9207.6 10573.6 13196.2 6

 7 Directly held 1963.6 1806.5 2570.9 2873.2 3242.1 3070.9 4121.6 4642.1 5689.6 6328.7 7829.4 7

 8 Indirectly held 791.0 745.0 986.7 1116.4 1387.0 1510.7 2027.1 2650.9 3518.0 4244.9 5366.8 8

 9 Bank personal trusts and estates 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 536.7 583.6 700.3 9

10 Life insurance companies 68.4 66.8 99.1 116.6 156.7 185.2 246.5 325.2 433.8 553.3 751.1 10

11 Private pension funds 291.4 284.7 380.4 436.8 530.6 556.6 715.6 897.2 1158.2 1370.5 1596.2 11

12 Mutual funds 199.3 179.4 235.5 294.3 437.6 505.3 699.8 995.3 1389.3 1737.6 2319.3 12

13 Other 7236.8 7678.1 8037.5 8399.3 9039.0 9529.3 10465.4 11402.5 12719.6 14063.7 15283.6 13

14 Liabilities 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4982.2 5329.6 5711.8 6215.8 6838.9 14

15 Net worth 20212.5 20644.3 22050.4 22936.0 24106.2 24814.2 27579.5 30098.2 33812.2 37161.9 41821.1 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 11.7 10.5 13.7 14.8 16.3 15.6 18.9 20.6 23.3 24.4 27.1 16

17 Financial assets (line 3) 19.0 17.0 21.6 23.1 25.0 23.9 28.1 30.1 33.4 34.6 37.9 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

 In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.