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

Thursday 

March 6, 2003 

FEDERAL RESERVE statistical release

Z.1 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 2002

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

Fourth Quarter 2002

Domestic nonfinancial debt rose at a 

seasonally adjusted annual rate of 7-3/4 percent in the 

fourth quarter of 2002. Overall, borrowing by 

households remained robust, reflecting rapid growth 

of mortgage debt (its 13-3/4 percent pace was the 

fastest since early 1987), but little change in consumer 

credit. Debt of nonfinancial businesses increased at 

an annual rate of 4 percent in the fourth quarter, a 

little faster than earlier in the year. Bank loans and 

commercial paper outstanding both declined at about 

the third-quarter pace, but mortgage borrowing and net 

issuance of corporate bonds turned up noticeably in 

the fourth quarter. In the state and local government 

sector, debt growth climbed to a 14 percent annual 

rate last quarter, as both advance refunding of issues 

slated for retirement at some future date and issuance 

for capital projects were strong. Growth of federal 

government debt held by the public slowed to a 

seasonally adjusted annual rate of 5-1/2 percent last 

quarter. 

 For 2002 as a whole, domestic nonfinancial 

debt rose, 7 percent, almost a percentage point more 

than in the previous year. The pickup in the pace of 

borrowing last year was spread among households, 

state and local governments, and the federal sector. In 

contrast, nonfinancial business debt grew more slowly 

in 2002 than in 2001. 

 The level of domestic nonfinancial debt 

outstanding was $20-1/2 trillion at the end of 2002. 

Debt of nonfederal sectors was $17 trillion, and 

federal debt was $3-1/2 trillion. 

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 4.8 8.3 3.6 6.1 0.4 5.3

1994 4.5 4.7 4.5 7.4 3.8 -4.0 

1995 5.4 4.1 5.8 7.4 7.2 -5.5 

1996 5.3 4.0 5.8 7.0 6.2 -1.5 

1997 5.5 0.6 7.2 6.4 9.0 4.0 

 

1998 6.9 -1.4 9.6 8.2 12.1 6.3 

1999 6.4 -1.9 8.8 8.3 10.6 3.4 

2000 4.9 -8.0 8.3 8.4 9.7 1.3 

2001 6.2 -0.2 7.7 8.6 6.4 8.6 

2002 7.1 7.6 7.0 9.8 2.9 11.4 

2001:Q1 5.2 -1.8 6.8 7.2 6.2 7.3 

 :Q2 5.9 -6.4 8.6 9.2 7.9 9.6 

 :Q3 6.9 6.3 7.0 8.9 5.2 5.4 

 :Q4 6.3 1.3 7.4 8.3 5.7 10.9 

2002:Q1 5.0 1.2 5.8 9.2 2.2 5.1 

 Q2 8.3 15.5 6.8 8.7 3.4 13.9 

 Q3 6.5 7.5 6.3 9.4 1.9 10.6 

 Q4 7.7 5.5 8.2 10.7 4.0 14.1 

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

Table of Contents 

Title Table Page 

Flow of Funds Accounts, Fourth Quarter 2002 1 

Availability of Data for Latest Quarter 3 

Debt Growth by Sector D.1 6 

Borrowing by Sector D.2 7 

Debt Outstanding by Sector D.3 8 

Flows Levels

Title Table Page Table Page 

Summaries 

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12 

Distribution of National Income F.7 13 

Gross Saving and Investment F.8 14 

Net Capital Transfers F.9 14 

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

Title Table Page Table Page

Sectors 

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

Nonfinancial Business F.101 17 L.101 63 

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

Nonfarm Noncorporate Business F.103 19 L.103 65 

Farm Business F.104 19 L.104 65 

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

Federal Government F.106 21 L.106 66 

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

Monetary Authority F.108 23 L.108 68 

Commercial Banking F.109 24 L.109 69 

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

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

Bank Holding Companies F.112 27 L.112 72 

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

Savings Institutions F.114 28 L.114 73 

Credit Unions F.115 29 L.115 74 

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

Life Insurance Companies F.117 30 L.117 75 

Other Insurance Companies F.118 30 L.118 75 

Private Pension Funds F.119 31 L.119 76 

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77 

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

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

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

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

Finance Companies F.127 34 L.127 79 

Mortgage Companies F.128 35 L.128 80 

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

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

Funding Corporations F.131 36 L.131 81 

Instruments 

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

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

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

Net Interbank Transactions F.203 38 L.203 83 

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

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

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

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

Open Market Paper F.208 41 L.208 86 

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88 

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

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

Corporate Equities F.213 45 L.213 90 

Mutual Fund Shares F.214 45 L.214 90 

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

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

Total Mortgages F.217 48 L.217 93 

Home Mortgages F.218 49 L.218 94 

Multifamily Residential Mortgages F.219 49 L.219 94 

Commercial Mortgages F.220 50 L.220 95 

Farm Mortgages F.221 50 L.221 95 

Consumer Credit F.222 51 L.222 96 

Trade Credit F.223 51 L.223 96 

Security Credit F.224 51 L.224 96 

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52 

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

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

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

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

Sector Discrepancies F.11 57 

Instrument Discrepancies F.12 57 
Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

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

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

Nonfarm Noncorporate Business B.103 104 R.103 107 

Flows Levels

Title Table Page Table Page

Supplementary Tables 

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

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

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

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

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

Flow of Funds Matrix for 2002 114 115 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 116 

1 

Flow of Funds Accounts, Fourth Quarter 2002 

This publication presents the flow of funds 

accounts for 2002:Q4. 

Data revisions and other changes. The statistics in the 

attached tables reflect the use of new or revised source 

data. Most significant revisions appear in recent 

quarters; however, new source information resulted in 

changes to data for earlier periods. The revisions 

include the following: 

1. Assets of the nonfarm nonfinancial corporate 

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

from 2000:Q1 onward to reflect data from the Internal 

Revenue Service (IRS) Statistics of Income (SOI) for 

2000. 

2. In the nonfarm noncorporate business sector (tables 

F.103 and L.103), data have been revised from 2000:Q1 

onward, owing to benchmark statistics available from 

the IRS/SOI for 2000. 

3. State and local government issuance of municipal 

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

1992:Q1 forward to reflect improved source data. 

4. Seasonal factors were estimated for money market 

mutual funds’ flows of checkable deposits and currency, 

time and savings deposits, and agency securities (table 

F.121). 

5. Starting in 2001:Q4, source data for the bank 

personal trusts and estates sector (tables F.116 and 

L.116) are from the Reports of Condition filed by banks 

and savings institutions. The sector consists of personal 

trusts, estates, and non-managed personal agency 

accounts at banks, savings institutions, and national 

nondeposit noninsured trust companies. 

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

Domestic debt comprises credit market funds borrowed 

by U.S. entities from both domestic and foreign sources, 

while foreign debt represents amounts borrowed by 

foreign financial and nonfinancial entities in U.S. 

markets only. Financial sectors consist of 

government-sponsored enterprises, federally related 

mortgage pools, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

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

advances; it excludes trade debt, loans for the purpose of 

carrying securities, and funds raised from equity 

sources. 

Growth rates in table D.1 are calculated by 

dividing seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying forward 

year-end levels by seasonally adjusted flows. Growth 

rates calculated from changes in unadjusted levels 

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

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked to 

data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the flow of funds accounts 

are related to the flows in the following way: 

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

where “t” is the time period. 

Discontinuities result from changes in 

valuation, breaks in source data, and changes in 

definitions. For most series, the value of the 

discontinuity is zero for nearly all time periods. 

However, in a few instances, the discontinuity is 

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

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

increase or decrease in equity prices or a major break in 

source data. 

The discontinuities in a series can distort 

estimated rates of growth in assets and liabilities 

between periods. In order to minimize these distortions, 

percentage changes in assets and liabilities in flow of 

funds releases should be calculated as: 

Percentage change t

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

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on preliminary 

and incomplete information. A summary list of the 

principal sources of information available when the 

latest quarter’s data were compiled is provided in a table 

following this introduction. The distinction between 

“available” data and “missing” data is not between final 

and preliminary versions of data, but rather between 
2 

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). 

A Guide to the Flow of Funds Accounts is available. 

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

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

the principles underlying the accounts. The Guide can 

be purchased for $20.00 from the Board’s Publications 

Services. Publications Services accepts orders 

accompanied by checks as well as credit card orders. 

The Internet site for this release at the location shown 

above contains a link to an order form for the Guide that 

can be mailed or faxed to Publications Services. 

Subscription Information. The Federal Reserve Board 

charges for subscriptions to all statistical releases. 

Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244
3 

Availability of Data for Latest Quarter 

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA) 

Preliminary estimates, seasonally 

adjusted, for 2002:Q4. 

Unadjusted flows since 2001; 

profit data for 2002:Q4. 

 2. Households and nonprofit 

 organizations sector 

 (tables F.100 and L.100) 

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

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

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

2002:Q4. The source for nonprofit organizations data (tables F.100.a and 

L.100.a) is the Internal Revenue Service Statistics of Income. Data for 

nonprofit organizations are available for 1987 through 1999. 

 3. Nonfarm nonfinancial 

 corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2002:Q3; 

Internal Revenue Service Statistics of 

Income data through 2000; securities 

offerings, mortgages, bank loans, 

commercial paper, and other loans 

through 2002:Q4. 

Statistics of Income data since 

2000. 

 4. Nonfarm noncorporate 

 business 

 (tables F.103 and L.103) 

Internal Revenue Service Statistics of 

Income data through 2000; bank and 

finance company loans and mortgage 

borrowing through 2002:Q4. 

Statistics of Income data since 

2000. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from 

government-sponsored enterprises, 

U.S. government loans to farms, and 

equity in government-sponsored 

enterprises through 2002:Q4; 

preliminary data for checkable 

deposits and currency and trade 

payables through 2001. 

Consumption of fixed capital and 

undistributed profits since 2000. 

6. State and local 

 governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at 

banks, and nonmarketable U.S. 

government security issues through 

2002:Q4; selected financial assets 

through 1999:Q2 from the 

comprehensive annual financial 

reports of state and local governments 

that account for most of the holdings 

of the sector, and data from Standard 

& Poor’s on local government 

investment pools. 

Selected financial asset items since 

1999:Q2. 
4 

7. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays

through 2002:Q:4; Treasury data for 

loan programs through 2002:Q4. 

None. 

 8. Rest of the world 

 (U.S. international 

 transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2002:Q3; NIPA estimates; data from 

bank Reports of Condition and 

Treasury International Capital System 

through 2002:Q4. 

Balance of payments data for 

2002:Q4. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2002:Q4. None. 

10. Commercial banking 

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113) 

All data through 2002:Q4 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., 

bank holding companies, and 

commercial banks in U.S.-affiliated 

areas. 

Data since 2001 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2002:Q4. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2002:Q4. None. 

13. Bank personal trusts and 

 estates 

 (tables F.116 and L.116) 

All data through 2002. None. 

 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2002:Q3. Data since 2002:Q3. 

 

15. Other insurance companies 

 (tables F.118 and L.118) 

All data through 2002:Q3. 

 Data since 2002:Q3. 

16. Private pension funds 

 (including FERS 

 Thrift Savings Plan) 

 (tables F.119 and L.119) 

Quarterly data through 2002:Q4; 

Internal Revenue Service/Department 

of Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

1998. 

Form 5500 data since 1998. 

17. State and local government 

 employee retirement funds 

 (tables F.120 and L.120) 

All data through 2002:Q3. Data since 2002:Q3. 

18. Money market mutual 

 funds 

 (tables F.121 and L.121) 

All data through 2002:Q4. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2002:Q4. None. 
5 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2002:Q3. Data since 2002:Q3. 

21. Exchange-traded funds 

 (tables F.123 and L.123) 

All data through 2002:Q4. None. 

22. Government-sponsored 

 enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, 

FHLBs, FCS, FICO, and REFCORP, 

through 2002:Q4. 

Data for Sallie Mae for 2002:Q4. 

23. Federally related mortgage 

 pools 

 (tables F.125 and L.125) 

All data through 2002:Q4. None. 

24. Issuers of asset-backed 

 securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, 

student loans, consumer leases, and 

trade credit securitization through 

2002:Q4. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2002:Q4. None. 

26. Mortgage companies 

 (tables F.128 and L.128) 

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

27. Real estate investment 

 trusts (REITs) 

 (tables F.129 and L.129) 

Data from SNL REIT DataSource 

through 2002:Q3; preliminary data 

for 2002:Q4. 

Final data for 2002:Q4 

28. Security brokers and 

 dealers 

 (tables F.130 and L.130) 

Data for firms filing FOCUS and 

FOGS reports through 2002:Q4. 

None. 

29. Funding corporations 

 (tables F.131 and L.131) 

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

other sectors. 
6 Z.1, March 6, 2003

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

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

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

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

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

1969 7.2 -1.1 9.7 7.7 7.0 8.3 11.6 11.4 9.6 32.8 6.9

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

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

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

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

1974 9.2 3.4 10.5 8.8 9.7 4.6 13.0 11.5 6.9 23.6 20.5

1975 9.3 23.9 6.2 8.2 9.1 3.8 4.9 3.4 5.4 0.8 17.4

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 4.6 10.9 2.5 5.3 6.5 0.8 -0.2 1.0 1.6 8.8 7.9

1993 4.8 8.3 3.6 6.1 5.5 7.3 0.4 1.3 5.3 9.7 21.9

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

1995 5.4 4.1 5.8 7.4 5.1 14.1 7.2 8.5 -5.5 11.9 20.9

1996 5.3 4.0 5.8 7.0 6.7 8.1 6.2 6.3 -1.5 12.9 19.5

1997 5.5 0.6 7.2 6.4 6.7 4.7 9.0 9.4 4.0 13.7 13.2

1998 6.9 -1.4 9.6 8.2 8.9 5.9 12.1 12.1 6.3 19.9 7.1

1999 6.4 -1.9 8.8 8.3 9.0 7.4 10.6 10.0 3.4 16.4 3.9

2000 4.9 -8.0 8.3 8.4 8.3 9.6 9.7 9.1 1.3 10.6 9.7

2001 6.2 -0.2 7.7 8.6 9.8 6.8 6.4 5.5 8.6 11.4 -5.0

2002 7.1 7.6 7.0 9.8 12.4 3.3 2.9 1.3 11.4 9.8 3.2

1998 -- Q1 7.0 -0.7 9.5 8.1 9.3 4.0 11.7 12.3 6.9 17.4 16.9

 Q2 7.3 -0.3 9.8 7.4 6.9 7.3 13.1 14.0 7.0 18.5 17.5

 Q3 5.8 -3.0 8.6 8.1 8.7 7.3 9.9 8.9 5.1 18.6 -2.6

 Q4 6.8 -1.6 9.4 8.2 9.6 4.5 11.6 11.1 5.7 19.9 -3.5

1999 -- Q1 6.8 -2.8 9.7 8.1 8.6 8.5 12.4 13.1 5.6 18.3 5.0

 Q2 5.5 -1.9 7.7 7.7 8.7 5.3 8.7 7.8 2.7 15.4 -3.1

 Q3 6.8 -2.4 9.4 9.2 10.1 6.8 10.8 9.9 4.0 15.7 10.9

 Q4 5.6 -0.6 7.3 7.1 7.5 8.2 8.9 7.7 1.1 12.5 2.6

2000 -- Q1 4.8 -6.9 7.9 7.3 6.7 8.8 10.2 10.0 -0.4 8.0 16.6

 Q2 5.8 -10.0 9.9 9.2 9.1 9.7 12.3 12.0 0.8 11.6 -2.5

 Q3 4.1 -7.5 6.9 8.5 8.7 10.2 6.3 4.9 1.4 10.1 14.7

 Q4 4.5 -8.8 7.7 7.5 7.6 8.4 8.6 8.1 3.5 11.1 9.0

2001 -- Q1 5.2 -1.8 6.8 7.2 7.5 8.8 6.2 5.2 7.3 10.9 -1.1

 Q2 5.9 -6.4 8.6 9.2 11.1 4.9 7.9 7.3 9.6 9.6 -6.8

 Q3 6.9 6.3 7.0 8.9 9.9 4.0 5.2 4.1 5.4 12.5 -14.7

 Q4 6.3 1.3 7.4 8.3 9.2 9.0 5.7 5.0 10.9 10.7 2.3

2002 -- Q1 5.0 1.2 5.8 9.2 10.3 4.8 2.2 0.8 5.1 9.3 11.0

 Q2 8.3 15.5 6.8 8.7 10.9 4.7 3.4 1.9 13.9 9.1 2.1

 Q3 6.5 7.5 6.3 9.4 12.6 3.3 1.9 -0.2 10.6 8.7 -4.4

 Q4 7.7 5.5 8.2 10.7 13.7 0.1 4.0 2.6 14.1 10.9 4.1

1. Data shown are on an end-of-period basis.
Z.1, March 6, 2003 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

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

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

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

1968 90.5 12.5 78.0 31.3 17.2 10.8 37.9 26.8 8.8 12.4 2.7

1969 89.0 -3.2 92.2 31.9 18.2 9.9 48.1 32.6 12.1 27.6 3.2

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

1971 135.4 24.9 110.5 42.3 24.6 15.6 51.8 28.1 16.4 11.1 5.1

1972 156.0 15.0 141.0 56.9 35.0 19.5 70.2 38.5 14.0 23.9 4.4

1973 184.0 6.9 177.0 69.5 40.6 22.5 93.4 75.0 14.1 47.0 6.3

1974 175.5 11.9 163.6 55.7 37.4 8.9 94.4 56.6 13.4 49.6 13.8

1975 192.7 85.6 107.1 56.0 38.8 7.8 39.9 18.7 11.1 2.1 14.1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 517.0 304.0 213.0 201.6 174.4 6.1 -5.5 25.7 16.9 244.0 24.1

1993 570.9 256.1 314.8 242.1 157.8 58.4 15.0 33.2 57.7 294.4 69.8

1994 561.1 155.9 405.2 312.8 171.2 124.9 138.7 126.3 -46.3 468.3 -13.9

1995 696.4 144.4 552.0 337.0 163.0 138.9 275.9 227.1 -60.9 454.0 78.5

1996 724.2 144.9 579.3 339.8 224.4 91.3 255.3 183.1 -15.9 550.1 88.4

1997 789.9 23.1 766.8 332.7 240.4 57.5 392.5 291.6 41.5 662.2 71.8

1998 1046.2 -52.6 1098.8 454.8 339.1 75.0 576.3 408.6 67.7 1087.2 43.2

1999 1031.6 -71.2 1102.8 498.0 373.9 99.5 566.3 378.5 38.5 1073.3 25.2

2000 840.9 -295.9 1136.8 546.0 375.5 139.0 575.4 380.4 15.5 809.0 65.7

2001 1125.9 -5.6 1131.5 611.8 478.5 108.8 417.6 253.3 102.2 958.5 -37.4

2002 1363.7 257.5 1106.2 756.9 668.4 55.5 201.8 62.1 147.4 922.4 22.5

1998 -- Q1 1057.7 -25.1 1082.8 450.5 353.4 50.6 558.7 416.4 73.7 948.9 102.5

 Q2 1128.6 -10.9 1139.4 419.4 268.7 94.1 643.6 486.5 76.4 1051.7 110.6

 Q3 910.5 -114.2 1024.7 465.4 344.5 94.9 502.7 320.8 56.5 1110.1 -17.4

 Q4 1088.1 -60.3 1148.4 484.1 389.9 60.3 600.3 410.9 64.0 1238.2 -22.9

1999 -- Q1 1109.9 -104.2 1214.2 489.6 356.1 114.4 661.2 494.9 63.3 1199.4 32.7

 Q2 914.0 -69.0 983.0 474.7 371.2 72.3 476.7 306.1 31.6 1052.7 -20.6

 Q3 1141.2 -89.5 1230.7 575.9 436.1 94.9 608.9 396.5 46.0 1117.3 71.3

 Q4 961.2 -22.1 983.3 451.7 332.1 116.5 518.4 316.4 13.2 923.8 17.3

2000 -- Q1 826.0 -252.2 1078.1 477.4 304.8 127.6 605.6 421.1 -4.8 609.3 112.4

 Q2 1008.2 -362.4 1370.5 609.8 420.9 143.7 751.7 519.0 9.1 904.3 -17.7

 Q3 725.2 -262.9 988.1 576.3 409.5 153.8 395.6 219.7 16.2 809.5 102.9

 Q4 804.4 -306.1 1110.5 520.5 366.7 130.7 548.7 362.1 41.4 912.8 65.1

2001 -- Q1 942.4 -59.3 1001.7 507.1 367.6 140.3 406.9 239.0 87.6 915.9 -8.5

 Q2 1082.6 -215.8 1298.4 661.4 555.9 80.2 520.6 339.1 116.5 828.2 -50.5

 Q3 1285.8 209.3 1076.4 656.9 507.1 65.4 352.6 194.4 67.0 1113.5 -106.7

 Q4 1193.0 43.4 1149.5 621.7 483.6 149.4 390.2 240.8 137.6 976.5 16.0

2002 -- Q1 966.2 39.8 926.4 704.9 553.6 82.3 154.9 39.3 66.6 869.8 77.3

 Q2 1627.6 526.0 1101.6 684.1 604.1 80.8 234.8 93.6 182.7 870.0 15.1

 Q3 1298.0 265.7 1032.3 755.7 716.7 57.9 132.6 -10.5 144.0 852.1 -32.1

 Q4 1563.2 198.5 1364.7 883.1 799.3 1.0 285.0 125.8 196.5 1097.7 29.6
8 Z.1, March 6, 2003

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

1965 1007.2 261.5 745.6 337.9 218.6 97.5 304.6 207.6 103.2 61.9 37.5

1966 1074.7 265.1 809.6 360.4 231.9 103.4 339.1 232.1 110.0 72.9 39.5

1967 1152.7 278.1 874.7 380.7 245.1 108.6 376.6 259.1 117.4 71.6 43.3

1968 1242.8 290.6 952.2 412.3 262.2 119.3 413.8 285.1 126.1 84.0 46.1

1969 1332.3 287.4 1044.8 444.6 280.5 129.2 462.0 317.8 138.3 111.5 49.2

1970 1422.5 299.5 1123.0 460.2 289.0 133.7 512.5 361.3 150.3 127.8 52.1

1971 1557.7 324.4 1233.4 503.0 313.0 149.2 563.6 389.5 166.7 138.9 56.6

1972 1713.7 339.4 1374.3 559.9 348.0 168.8 633.7 427.9 180.7 162.8 61.1

1973 1898.2 346.3 1551.9 630.6 387.8 193.0 726.5 492.6 194.8 209.8 67.4

1974 2073.1 358.2 1714.8 686.1 425.1 201.9 820.5 548.9 208.2 258.3 81.2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1992 11832.7 3080.3 8752.4 3990.1 2859.0 800.6 3667.7 2504.0 1094.5 3046.3 318.8

1993 12418.5 3336.5 9082.0 4234.6 3019.2 859.0 3695.1 2549.6 1152.2 3346.1 388.6

1994 12985.8 3492.3 9493.5 4547.1 3190.4 983.9 3840.4 2682.5 1105.9 3822.1 375.0

1995 13681.7 3636.7 10045.0 4884.1 3353.3 1122.8 4115.9 2909.1 1045.0 4278.8 453.7

1996 14405.9 3781.7 10624.3 5223.9 3577.7 1214.1 4371.2 3092.2 1029.1 4828.8 542.1

1997 15194.3 3804.8 11389.5 5556.9 3818.1 1271.6 4761.9 3382.0 1070.7 5458.0 607.9

1998 16240.5 3752.2 12488.4 6011.8 4157.2 1346.6 5338.2 3790.6 1138.3 6545.2 651.3

1999 17306.8 3681.0 13625.8 6510.0 4531.1 1446.1 5938.9 4203.5 1176.9 7618.5 676.7

2000 18166.8 3385.1 14781.7 7075.1 4906.5 1593.1 6514.3 4583.9 1192.3 8439.5 742.3

2001 19293.3 3379.5 15913.8 7686.8 5385.1 1701.9 6932.5 4837.8 1294.5 9395.3 704.9

2002 20657.1 3637.0 17020.0 8443.8 6053.5 1757.4 7134.3 4899.8 1442.0 10317.7 727.4

1998 -- Q1 15458.7 3798.5 11660.2 5669.6 3906.4 1284.3 4901.6 3486.1 1089.1 5695.2 633.6

 Q2 15740.9 3795.8 11945.1 5774.4 3973.6 1307.8 5062.5 3607.7 1108.2 5958.2 661.2

 Q3 15968.5 3767.3 12201.3 5890.8 4059.7 1331.5 5188.1 3687.9 1122.3 6235.7 656.9

 Q4 16240.5 3752.2 12488.4 6011.8 4157.2 1346.6 5338.2 3790.6 1138.3 6545.2 651.3

1999 -- Q1 16519.8 3726.1 12793.6 6134.5 4246.2 1375.2 5505.0 3915.8 1154.2 6845.1 659.5

 Q2 16748.3 3708.9 13039.4 6253.2 4339.0 1393.3 5624.2 3992.3 1162.1 7108.3 654.3

 Q3 17066.5 3686.5 13380.0 6397.1 4448.0 1417.0 5809.3 4124.4 1173.6 7387.6 672.1

 Q4 17306.8 3681.0 13625.8 6510.0 4531.1 1446.1 5938.9 4203.5 1176.9 7618.5 676.7

2000 -- Q1 17513.3 3617.9 13895.4 6629.4 4607.3 1478.0 6090.3 4308.7 1175.7 7770.9 704.8

 Q2 17765.3 3527.3 14238.0 6781.8 4712.5 1513.9 6278.2 4438.5 1177.9 7996.9 700.3

 Q3 17957.7 3461.6 14496.1 6937.0 4814.9 1552.4 6377.1 4493.4 1182.0 8203.3 726.1

 Q4 18166.8 3385.1 14781.7 7075.1 4906.5 1593.1 6514.3 4583.9 1192.3 8439.5 742.3

2001 -- Q1 18402.4 3370.3 15032.1 7201.9 4998.4 1628.1 6616.0 4643.6 1214.2 8665.8 740.2

 Q2 18673.6 3316.3 15357.3 7367.2 5137.4 1648.2 6746.8 4729.0 1243.4 8872.8 727.6

 Q3 18995.1 3368.7 15626.4 7531.4 5264.2 1664.5 6834.9 4777.6 1260.1 9151.2 700.9

 Q4 19293.3 3379.5 15913.8 7686.8 5385.1 1701.9 6932.5 4837.8 1294.5 9395.3 704.9

2002 -- Q1 19534.9 3389.5 16145.4 7863.0 5523.5 1722.4 6971.2 4847.6 1311.2 9612.8 724.2

 Q2 19941.8 3521.0 16420.8 8034.1 5674.5 1742.6 7029.9 4871.0 1356.8 9830.3 728.0

 Q3 20266.3 3587.4 16678.9 8223.0 5853.7 1757.1 7063.1 4868.4 1392.8 10043.3 720.0

 Q4 20657.1 3637.0 17020.0 8443.8 6053.5 1757.4 7134.3 4899.8 1442.0 10317.7 727.4

1. Data shown are on an end-of-period basis.
Z.1, March 6, 2003 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 2176.7 2130.0 1715.6 2047.1 2308.6 2292.6 2185.4 1913.3 2512.7 2118.0 2690.5 1

 2 Domestic nonfinancial sectors 1046.2 1031.6 840.9 1125.9 1363.7 1285.8 1193.0 966.2 1627.6 1298.0 1563.2 2

 3 Federal government -52.6 -71.2 -295.9 -5.6 257.5 209.3 43.4 39.8 526.0 265.7 198.5 3

 4 Nonfederal sectors 1098.8 1102.8 1136.8 1131.5 1106.2 1076.4 1149.5 926.4 1101.6 1032.3 1364.7 4

 5 Household sector 454.8 498.0 546.0 611.8 756.9 656.9 621.7 704.9 684.1 755.7 883.1 5

 6 Nonfinancial corporate business 408.6 378.5 380.4 253.3 62.1 194.4 240.8 39.3 93.6 -10.5 125.8 6

 7 Nonfarm noncorporate business 159.7 182.4 184.1 156.8 131.8 153.8 141.1 110.3 132.7 128.8 155.2 7

 8 Farm business 8.0 5.5 10.9 7.5 8.0 4.4 8.3 5.3 8.5 14.2 4.0 8

 9 State and local governments 67.7 38.5 15.5 102.2 147.4 67.0 137.6 66.6 182.7 144.0 196.5 9

10 Rest of the world 43.2 25.2 65.7 -37.4 22.5 -106.7 16.0 77.3 15.1 -32.1 29.6 10

11 Financial sectors 1087.2 1073.3 809.0 958.5 922.4 1113.5 976.5 869.8 870.0 852.1 1097.7 11

12 Commercial banking 72.9 67.2 60.0 52.9 48.3 39.7 44.1 24.3 13.3 62.2 93.5 12

13 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 30.3 26.2 70.2 13.3 32.8 31.0 44.2 13

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

15 Bank holding companies 24.9 25.8 23.2 23.6 18.2 14.9 -26.5 11.5 -19.2 30.6 49.9 15

16 Savings institutions 52.2 48.0 27.3 7.4 -13.8 39.4 -68.6 -33.1 -12.1 37.1 -47.1 16

17 Credit unions 0.6 2.2 0.0 1.5 2.0 1.5 4.4 2.4 2.0 3.1 0.4 17

18 Life insurance companies 0.7 0.7 -0.7 0.6 2.0 3.5 1.4 2.4 1.2 2.0 2.5 18

19 Government-sponsored enterprises 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 19

20 Federally related mortgage pools 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 20

21 ABS issuers 321.4 212.3 189.7 317.6 263.9 313.9 430.0 263.6 241.6 194.1 356.3 21

22 Finance companies 57.1 70.3 81.2 -0.2 43.7 41.8 -25.3 -31.2 80.2 106.4 19.2 22

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

24 REITs 62.7 6.3 2.7 2.5 18.6 -2.4 7.8 7.4 25.3 26.6 15.1 24

25 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.8 12.6 -18.9 -15.7 17.5 15.2 -24.1 25

26 Funding corporations 40.0 91.5 -0.4 -55.2 -1.9 -155.7 9.1 -42.2 12.4 -16.4 38.7 26

27 Total net lending 2176.7 2130.0 1715.6 2047.1 2308.6 2292.6 2185.4 1913.3 2512.7 2118.0 2690.5 27

28 Domestic nonfederal nonfinancial sectors 259.1 227.3 -116.6 -24.1 84.6 70.5 92.5 155.9 272.5 -240.2 150.2 28

29 Household sector 127.3 217.3 -140.6 -52.7 55.7 53.8 18.2 101.3 223.4 -250.4 148.6 29

30 Nonfinancial corporate business -16.0 -15.6 23.4 -11.5 2.2 -44.5 29.9 52.3 3.2 -5.5 -41.3 30

31 Nonfarm noncorporate business 13.3 -2.9 1.3 2.0 0.9 3.3 2.0 3.3 3.3 -2.2 -1.0 31

32 State and local governments 134.5 28.4 -0.8 38.1 25.8 57.9 42.4 -1.1 42.5 17.8 43.8 32

33 Federal government 13.5 5.8 7.3 6.0 7.7 3.3 7.0 4.7 8.8 6.8 10.3 33

34 Rest of the world 172.5 139.7 225.9 320.6 416.9 269.2 432.5 171.8 542.6 450.0 503.0 34

35 Financial sectors 1731.6 1757.2 1599.0 1744.6 1799.5 1949.6 1653.4 1580.9 1688.8 1901.4 2027.0 35

36 Monetary authority 21.1 25.7 33.7 39.9 77.7 8.4 85.1 81.6 43.4 67.3 118.7 36

37 Commercial banking 305.6 312.2 357.9 205.2 410.0 267.9 314.6 188.9 384.3 624.0 442.6 37

38 U.S.-chartered commercial banks 312.1 318.6 339.5 191.6 393.7 242.5 275.0 168.2 343.8 599.9 462.8 38

39 Foreign banking offices in U.S. -11.6 -17.0 23.9 -0.6 6.6 21.1 -7.8 2.1 33.7 21.8 -31.3 39

40 Bank holding companies -0.9 6.2 -12.2 4.2 3.1 -1.4 13.6 12.0 1.9 -1.6 0.2 40

41 Banks in U.S.-affiliated areas 6.0 4.4 6.7 10.0 6.6 5.7 33.9 6.6 4.9 4.0 10.9 41

42 Savings institutions 36.2 67.7 56.2 42.8 35.5 -4.7 73.1 12.3 -23.5 79.7 73.4 42

43 Credit unions 18.9 27.5 28.0 41.5 44.1 61.1 60.5 58.3 41.1 39.9 37.3 43

44 Bank personal trusts and estates -12.8 27.8 0.8 -28.1 0.9 -28.0 -28.1 1.0 0.9 0.8 0.8 44

45 Life insurance companies 76.9 53.5 57.9 130.9 214.9 186.9 81.3 260.6 175.1 267.6 156.1 45

46 Other insurance companies 5.8 -3.0 -8.7 9.0 30.5 5.1 28.5 36.7 35.4 21.7 28.2 46

47 Private pension funds -23.4 17.0 33.4 20.3 31.0 10.4 5.3 27.4 46.2 35.9 14.4 47

48 State and local govt. retirement funds 72.1 46.9 54.6 -17.7 3.8 -74.2 -2.7 70.5 -54.5 -10.4 9.4 48

49 Money market mutual funds 244.0 182.0 143.0 246.0 -25.3 311.8 49.1 -241.3 -86.7 -74.4 301.2 49

50 Mutual funds 127.3 48.4 21.0 126.0 144.2 102.7 139.3 243.3 41.9 162.7 128.9 50

51 Closed-end funds 5.2 8.2 -6.3 7.1 4.0 23.9 16.6 21.6 -0.4 -3.3 -1.8 51

52 Exchange-traded funds 0.0 0.0 0.0 0.0 3.7 0.0 0.0 0.0 0.0 15.0 -0.1 52

53 Government-sponsored enterprises 314.0 291.3 256.4 309.0 222.4 274.3 335.3 236.7 129.0 204.4 319.5 53

54 Federally related mortgage pools 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 54

55 ABS issuers 281.7 194.1 159.9 291.4 241.2 288.3 407.3 239.4 219.4 171.5 334.5 55

56 Finance companies 77.3 97.0 108.0 -5.7 17.5 -43.3 -100.5 -28.2 39.6 80.0 -21.2 56

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

58 REITs -5.1 -2.6 -6.3 6.7 23.5 7.8 14.0 26.3 31.8 27.6 8.1 58

59 Brokers and dealers 6.8 -34.7 68.9 92.4 30.6 184.5 -110.5 -219.5 402.8 -208.6 147.5 59

60 Funding corporations -15.8 124.0 41.0 -112.2 -40.3 -127.4 -1.2 63.7 -84.5 226.6 -366.9 60

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 6, 2003

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 1046.2 1031.6 840.9 1125.9 1363.7 1285.8 1193.0 966.2 1627.6 1298.0 1563.2 1

 2 Federal government -52.6 -71.2 -295.9 -5.6 257.5 209.3 43.4 39.8 526.0 265.7 198.5 2

 3 Treasury securities -54.6 -71.0 -294.9 -5.0 257.0 209.7 44.2 41.6 524.2 264.2 198.1 3

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

 5 Nonfederal, by instrument 1098.8 1102.8 1136.8 1131.5 1106.2 1076.4 1149.5 926.4 1101.6 1032.3 1364.7 5

 6 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -66.1 45.5 -144.4 -81.7 -17.4 -13.2 6

 7 Municipal securities and loans 84.2 54.4 23.6 119.3 163.0 80.4 170.0 74.6 195.4 156.9 224.9 7

 8 Corporate bonds 235.2 217.8 161.3 340.5 133.2 191.4 325.0 253.7 191.4 -29.1 116.8 8

 9 Bank loans n.e.c. 108.2 82.8 101.7 -82.7 -92.1 -24.3 -166.0 -17.2 -192.8 -125.0 -33.6 9

10 Other loans and advances 82.1 46.0 95.0 29.3 34.9 59.4 -107.3 -19.2 77.2 77.6 4.0 10

11 Mortgages 489.8 564.9 568.2 704.7 876.0 770.2 733.0 696.6 831.3 911.3 1064.8 11

12 Home 387.7 424.6 418.4 530.9 723.0 560.0 531.1 601.3 657.3 778.7 854.7 12

13 Multifamily residential 23.4 35.7 34.0 47.9 41.6 56.5 56.5 29.3 44.4 29.5 63.3 13

14 Commercial 72.2 98.8 109.2 118.4 102.5 146.7 138.6 59.2 120.6 90.1 140.2 14

15 Farm 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 15

16 Consumer credit 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 16

17 Nonfederal, by sector 1098.8 1102.8 1136.8 1131.5 1106.2 1076.4 1149.5 926.4 1101.6 1032.3 1364.7 17

18 Household sector 454.8 498.0 546.0 611.8 756.9 656.9 621.7 704.9 684.1 755.7 883.1 18

19 Nonfinancial business 576.3 566.3 575.4 417.6 201.8 352.6 390.2 154.9 234.8 132.6 285.0 19

20 Corporate 408.6 378.5 380.4 253.3 62.1 194.4 240.8 39.3 93.6 -10.5 125.8 20

21 Nonfarm noncorporate 159.7 182.4 184.1 156.8 131.8 153.8 141.1 110.3 132.7 128.8 155.2 21

22 Farm 8.0 5.5 10.9 7.5 8.0 4.4 8.3 5.3 8.5 14.2 4.0 22

23 State and local governments 67.7 38.5 15.5 102.2 147.4 67.0 137.6 66.6 182.7 144.0 196.5 23

24 Foreign borrowing in U.S. 43.2 25.2 65.7 -37.4 22.5 -106.7 16.0 77.3 15.1 -32.1 29.6 24

25 Commercial paper 7.8 16.3 31.7 -14.2 36.1 -25.2 5.9 66.8 36.5 3.9 37.3 25

26 Bonds 34.9 14.1 23.9 -12.1 -16.7 -83.9 29.7 -2.3 -41.0 -22.5 -1.0 26

27 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 5.4 4.2 -16.3 13.9 22.0 -11.7 -2.8 27

28 Other loans and advances -6.0 -5.7 -1.3 -3.8 -2.3 -1.8 -3.3 -1.2 -2.4 -1.8 -3.9 28

29 Domestic and foreign 1089.4 1056.7 906.6 1088.5 1386.2 1179.1 1208.9 1043.4 1642.7 1265.9 1592.8 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1087.2 1073.3 809.0 958.5 922.4 1113.5 976.5 869.8 870.0 852.1 1097.7 1

 2 Federal government-related 470.9 592.0 433.5 629.3 560.6 818.4 591.8 691.1 487.8 420.9 642.5 2

 3 Govt.-sponsored enterprise securities 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 3

 4 Mortgage pool securities 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 4

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

 6 Private financial sectors 616.3 481.3 375.5 329.2 361.8 295.1 384.7 178.7 382.2 431.2 455.2 6

 7 Open market paper 161.0 176.2 127.7 -61.9 -69.9 -72.2 -13.6 -178.3 -109.1 84.3 -76.5 7

 8 Corporate bonds 310.2 207.1 199.3 341.1 399.0 308.8 372.7 354.1 435.8 188.6 617.6 8

 9 Bank loans n.e.c. 30.1 -14.2 -0.2 13.8 11.0 1.6 18.3 0.2 31.9 82.3 -70.6 9

10 Other loans and advances 90.2 107.1 42.5 34.9 16.9 58.8 8.9 -3.9 16.7 71.9 -17.2 10

11 Mortgages 24.8 5.1 6.2 1.3 4.9 -1.9 -1.6 6.6 7.0 4.1 1.9 11

12 By sector 1087.2 1073.3 809.0 958.5 922.4 1113.5 976.5 869.8 870.0 852.1 1097.7 12

13 Commercial banking 72.9 67.2 60.0 52.9 48.3 39.7 44.1 24.3 13.3 62.2 93.5 13

14 U.S.-chartered commercial banks 52.8 41.8 36.8 30.2 30.3 26.2 70.2 13.3 32.8 31.0 44.2 14

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

16 Bank holding companies 24.9 25.8 23.2 23.6 18.2 14.9 -26.5 11.5 -19.2 30.6 49.9 16

17 Savings institutions 52.2 48.0 27.3 7.4 -13.8 39.4 -68.6 -33.1 -12.1 37.1 -47.1 17

18 Credit unions 0.6 2.2 0.0 1.5 2.0 1.5 4.4 2.4 2.0 3.1 0.4 18

19 Life insurance companies 0.7 0.7 -0.7 0.6 2.0 3.5 1.4 2.4 1.2 2.0 2.5 19

20 Government-sponsored enterprises 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 20

21 Federally related mortgage pools 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 21

22 ABS issuers 321.4 212.3 189.7 317.6 263.9 313.9 430.0 263.6 241.6 194.1 356.3 22

23 Finance companies 57.1 70.3 81.2 -0.2 43.7 41.8 -25.3 -31.2 80.2 106.4 19.2 23

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

25 REITs 62.7 6.3 2.7 2.5 18.6 -2.4 7.8 7.4 25.3 26.6 15.1 25

26 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.8 12.6 -18.9 -15.7 17.5 15.2 -24.1 26

27 Funding corporations 40.0 91.5 -0.4 -55.2 -1.9 -155.7 9.1 -42.2 12.4 -16.4 38.7 27
Z.1, March 6, 2003 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 2176.7 2130.0 1715.6 2047.1 2308.6 2292.6 2185.4 1913.3 2512.7 2118.0 2690.5 1

 2 Open market paper 193.1 229.9 207.6 -164.4 -98.0 -163.5 37.8 -255.9 -154.3 70.8 -52.4 2

 3 U.S. government securities 418.3 520.7 137.6 623.8 818.1 1027.8 635.2 730.9 1013.8 686.7 841.0 3

 4 Municipal securities 84.2 54.4 23.6 119.3 163.0 80.4 170.0 74.6 195.4 156.9 224.9 4

 5 Corporate and foreign bonds 580.2 439.1 384.4 669.5 515.5 416.3 727.4 605.5 586.2 136.9 733.4 5

 6 Bank loans n.e.c. 145.0 69.0 112.8 -76.2 -75.8 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 6

 7 Other loans and advances 166.3 147.4 136.2 60.4 49.4 116.5 -101.8 -24.2 91.5 147.6 -17.2 7

 8 Mortgages 514.6 570.0 574.4 706.0 880.9 768.2 731.4 703.1 838.3 915.4 1066.7 8

 9 Consumer credit 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 165.9 191.2 236.1 301.9 228.6 151.8 397.9 437.6 282.4 -77.1 271.6 10

11 Corporate equities -113.7 -0.0 1.1 100.5 46.4 -8.6 142.0 50.7 182.4 -114.2 66.7 11

12 Nonfinancial -215.5 -110.4 -118.2 -47.4 -40.2 -108.6 -4.2 -8.0 17.9 -130.8 -39.9 12

 Foreign shares purchased by

13 U.S. residents 101.3 114.3 103.6 106.8 18.9 43.5 74.7 -5.9 79.7 -50.6 52.7 13

14 Financial 0.6 -4.0 15.7 41.1 67.7 56.5 71.5 64.6 84.8 67.3 54.0 14

15 Mutual fund shares 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 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) 2176.7 2130.0 1715.6 2047.1 2308.6 2292.6 2185.4 1913.3 2512.7 2118.0 2690.5 1

 2 Official foreign exchange 6.6 -8.7 -0.4 4.3 9.9 13.7 0.2 -3.0 12.9 24.6 4.9 2

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

 4 Treasury currency 0.6 1.0 2.4 1.3 1.0 2.2 0.0 0.9 0.6 2.4 0.0 4

 5 Foreign deposits 6.5 61.0 135.1 28.0 46.2 41.5 17.9 -59.1 53.3 68.7 122.1 5

 6 Net interbank transactions -31.8 15.0 15.1 -31.7 6.4 -1.1 41.5 12.9 -164.6 59.0 118.2 6

 7 Checkable deposits and currency 47.3 151.2 -71.4 204.3 45.4 215.0 278.1 -171.9 178.0 211.5 -36.1 7

 8 Small time and savings deposits 152.4 45.1 188.8 267.2 277.3 230.3 329.7 259.7 249.0 327.6 272.9 8

 9 Large time deposits 91.8 131.1 116.2 68.6 55.7 19.5 77.8 270.0 34.9 27.8 -110.1 9

10 Money market fund shares 287.2 249.1 233.3 428.6 -16.8 386.1 379.8 -315.7 103.4 -192.6 337.6 10

11 Security RPs 91.3 169.8 113.2 22.3 93.4 212.7 -138.3 119.4 362.4 -91.1 -17.1 11

12 Corporate equities -113.7 -0.0 1.1 100.5 46.4 -8.6 142.0 50.7 182.4 -114.2 66.7 12

13 Mutual fund shares 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 13

14 Trade payables 106.4 268.6 425.4 -67.3 114.8 -185.8 -160.9 182.1 27.2 160.2 89.8 14

15 Security credit 103.2 104.4 146.1 3.1 -101.3 561.3 -383.7 -190.7 -131.9 -69.6 -13.1 15

16 Life insurance reserves 48.0 50.8 50.2 77.2 100.8 74.7 119.6 93.9 92.2 119.7 97.5 16

17 Pension fund reserves 217.4 181.8 209.0 208.4 209.1 180.3 148.2 137.0 145.5 317.2 236.7 17

18 Taxes payable 19.6 30.7 32.8 17.5 29.0 104.9 -54.8 3.6 40.4 48.5 23.4 18

19 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 19

20 Noncorporate proprietors’ equity -57.8 -62.4 -11.5 -18.6 -37.8 -34.3 8.4 1.5 -32.9 -86.2 -33.7 20

21 Miscellaneous 889.0 1036.3 1413.5 774.6 579.4 935.6 317.6 207.1 640.1 942.1 528.1 21

22 Total financial sources 4274.0 4734.9 5002.2 4277.0 3947.2 5143.8 3506.7 2895.0 4403.2 3908.4 4582.1 22

 - Liabilities not identified as assets:

23 Treasury currency -0.1 -0.7 -1.2 -0.1 -0.6 0.9 -0.0 -1.5 -0.9 1.1 -1.1 23

24 Foreign deposits -8.5 42.6 55.9 11.1 56.8 55.3 -27.5 -33.6 94.8 50.8 115.0 24

25 Net interbank liabilities 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 25

26 Security RPs 57.7 35.7 122.6 -53.9 18.0 106.3 -166.2 157.9 224.3 -285.7 -24.7 26

27 Taxes payable 19.7 11.7 26.2 22.1 -17.4 25.4 35.0 14.3 -52.3 16.2 -47.6 27

28 Miscellaneous -226.9 -291.4 -370.5 -252.3 -28.9 37.0 -314.4 -300.9 33.8 98.3 53.1 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 2.6 -7.4 9.0 5.7 0.1 -20.1 -91.8 15.1 77.1 -40.3 -51.7 29

30 Other -3.1 -0.8 1.7 4.5 7.3 5.0 5.7 6.1 7.1 7.6 8.4 30

31 Trade credit -43.3 6.8 32.4 12.5 -48.9 -28.3 50.5 -36.3 -92.8 -27.0 -39.5 31

 Totals identified to sectors

32 as assets 4472.0 4938.4 5105.8 4510.2 3954.3 4955.0 3992.9 3033.9 4121.7 4074.1 4587.3 32
12 Z.1, March 6, 2003

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 8781.6 9274.4 9824.7 10082.2 10445.6 10097.8 10153.0 10313.1 10376.8 10506.2 10586.3 1

 2 Personal consumption expenditures (2) 5856.0 6246.5 6683.7 6987.0 7301.8 6983.7 7099.9 7174.2 7254.7 7360.7 7417.8 2

 3 Durable goods 693.2 755.9 803.9 835.9 871.7 824.0 882.6 859.0 856.9 897.8 873.2 3

 4 Nondurable goods 1708.5 1830.1 1972.9 2041.3 2115.0 2044.3 2044.4 2085.1 2108.2 2116.9 2149.6 4

 5 Services 3454.3 3660.5 3906.9 4109.9 4315.2 4115.4 4172.9 4230.1 4289.5 4346.0 4395.0 5

 6 Gross private domestic investment 1538.8 1636.8 1755.4 1586.0 1592.9 1575.0 1500.7 1559.4 1587.9 1597.2 1627.2 6

 7 Fixed investment 1465.6 1577.2 1691.8 1646.3 1589.3 1635.5 1597.2 1589.4 1584.5 1579.7 1603.7 7

 8 Nonresidential 1101.3 1173.5 1265.8 1201.6 1117.5 1188.1 1149.8 1126.8 1115.8 1109.8 1117.5 8

 9 Household sector (nonprofit organizations) 59.9 60.1 65.8 66.8 59.8 66.9 63.3 61.5 60.2 58.8 58.7 9

10 Nonfinancial corporate business 751.0 822.1 890.7 849.4 796.1 836.7 808.0 803.3 789.6 793.7 797.6 10

11 Nonfarm noncorporate business 84.5 130.0 150.8 136.0 108.3 139.4 123.5 113.1 111.5 97.6 110.8 11

12 Farm business 29.4 25.4 28.1 30.0 31.5 31.5 30.9 29.6 30.2 32.5 33.6 12

13 Financial corporations 176.4 135.9 130.5 119.4 121.9 113.7 124.2 119.3 124.3 127.1 116.8 13

14 Residential 364.4 403.7 426.1 444.8 471.9 447.4 447.4 462.6 468.7 469.9 486.2 14

15 Household sector 310.8 341.8 359.5 380.7 402.8 383.7 381.3 395.1 399.4 400.2 416.4 15

16 Nonfinancial corporate business 2.7 3.2 3.4 3.4 3.6 3.4 3.4 3.5 3.6 3.6 3.7 16

17 Nonfarm noncorporate business 39.4 57.1 63.0 60.1 63.7 60.4 60.4 62.5 63.3 63.5 65.7 17

18 REITs 11.4 1.6 0.1 0.6 1.8 -0.1 2.2 1.5 2.4 2.7 0.4 18

19 Change in private inventories 73.1 59.6 63.5 -60.3 3.6 -60.5 -96.5 -30.0 3.4 17.5 23.5 19

20 Nonfinancial corporate business 68.6 58.0 62.5 -58.9 3.0 -59.2 -94.5 -33.5 2.8 18.8 23.7 20

21 Nonfarm noncorporate business 3.6 3.1 3.3 -3.1 0.2 -3.1 -5.0 -1.8 0.2 1.0 1.2 21

22 Farm business 0.9 -1.5 -2.2 1.6 0.5 1.8 3.0 5.3 0.4 -2.3 -1.4 22

23 Net U.S. exports of goods and services -151.7 -249.9 -365.5 -348.9 -422.5 -312.6 -344.5 -360.0 -425.6 -432.9 -471.4 23

24 Exports 964.9 989.4 1101.2 1034.2 1015.8 1005.8 971.1 977.5 1018.1 1038.6 1028.9 24

25 - Imports 1116.7 1239.2 1466.6 1383.0 1438.3 1318.4 1315.6 1337.5 1443.7 1471.5 1500.3 25

 Government consumption expenditures and

26 gross investment 1538.5 1641.0 1751.0 1858.0 1973.3 1851.7 1896.9 1939.5 1959.8 1981.1 2012.7 26

27 Consumption expenditures (3) 1261.4 1336.3 1431.2 1522.2 1621.0 1528.0 1551.8 1584.0 1611.6 1629.4 1658.9 27

28 Federal 453.1 471.6 493.3 528.4 586.5 527.9 543.6 566.3 581.0 589.8 608.8 28

29 State and local 808.3 864.7 937.9 993.8 1034.5 1000.1 1008.2 1017.7 1030.6 1039.6 1050.1 29

30 Gross investment (3) 277.1 304.7 319.8 335.9 352.3 323.7 345.1 355.5 348.2 351.7 353.8 30

31 Federal 86.1 93.4 95.9 99.7 107.3 99.5 103.4 105.8 107.1 107.9 108.2 31

32 State and local 191.0 211.3 223.9 236.2 245.1 224.2 241.7 249.7 241.1 243.8 245.6 32

 Memo:

33 Net U.S. income receipts from rest of the world -3.5 22.7 23.4 22.0 -6.7 11.5 35.3 1.9 -20.1 -10.9 2.1 33

34 U.S. income receipts 286.1 316.8 383.4 316.9 279.4 302.0 269.0 264.7 276.0 287.3 289.4 34

35 - U.S. income payments 289.6 294.1 360.0 295.0 286.1 290.5 233.7 262.8 296.1 298.2 287.3 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 8778.2 9297.1 9848.1 10104.1 10438.8 10109.3 10188.3 10315.0 10356.7 10495.3 10588.4 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, March 6, 2003 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 7041.6 7468.8 7984.4 8122.0 8361.3 8089.1 8196.8 8276.3 8328.1 8387.9 8452.8 1

 2 Compensation of employees 4989.8 5308.8 5723.4 5874.9 6000.3 5880.5 5860.9 5916.2 5963.9 6026.5 6094.8 2

 3 Wages and other labor income 4683.5 4980.7 5380.5 5521.0 5636.1 5526.2 5507.8 5555.7 5601.4 5661.1 5726.2 3

 4 Employer social insurance contributions 307.0 323.0 342.9 353.8 364.3 354.3 353.1 360.5 362.5 365.4 368.6 4

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

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 623.8 678.4 714.8 727.9 756.6 732.4 731.3 748.4 747.5 758.7 771.6 6

 7 Nonfarm 598.2 650.7 692.3 708.8 743.7 713.1 712.1 726.7 740.0 748.0 759.9 7

 8 Farm 25.6 27.7 22.6 19.1 12.9 19.3 19.2 21.7 7.5 10.7 11.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 138.6 149.2 146.6 137.9 142.8 140.8 139.3 141.3 153.5 144.1 132.4 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 777.5 805.8 788.1 731.6 778.8 687.1 811.4 797.6 785.1 771.0 761.6 10

 Corporate profits with inventory

11 valuation adjustment 739.5 757.9 767.3 675.1 649.7 663.2 626.3 641.3 652.3 653.4 651.6 11

12 Profits before tax 721.1 762.1 782.3 670.2 657.2 654.3 599.1 639.4 658.0 668.5 662.9 12

13 Domestic nonfinancial 460.1 458.9 436.0 326.9 315.8 347.9 232.4 287.3 322.3 334.2 319.4 13

14 Farm 0.3 1.3 1.9 1.8 2.1 1.9 1.9 2.0 2.1 2.1 2.2 14

15 Foreign subsidiaries 102.3 120.3 143.3 150.8 122.5 141.8 164.7 132.1 115.2 116.1 126.5 15

16 Financial 158.5 181.7 201.0 190.7 216.8 162.7 200.1 218.0 218.4 216.1 214.8 16

 Less:

17 Profits tax liability 238.9 247.8 259.4 199.3 210.3 196.2 170.6 202.4 213.7 214.7 210.4 17

18 Domestic nonfinancial 154.2 166.4 171.9 123.0 127.5 128.9 93.6 119.3 130.2 132.8 127.8 18

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

20 Financial 84.3 80.9 86.9 75.8 82.2 66.8 76.6 82.6 82.9 81.3 82.0 20

 Equals:

21 Profits after tax 482.3 514.3 522.9 470.9 446.9 458.1 428.5 437.0 444.3 453.8 452.5 21

22 Dividends 348.7 328.4 376.1 409.6 434.2 411.4 417.7 424.2 430.8 437.7 444.0 22

23 Domestic nonfinancial 240.8 237.3 258.0 277.0 279.6 282.3 283.7 291.5 278.6 274.3 273.9 23

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

25 Foreign subsidiaries 39.5 28.8 26.6 26.5 47.3 21.2 25.8 21.4 45.7 58.5 63.5 25

26 Financial 67.0 60.4 89.8 104.6 105.7 106.4 106.7 109.7 104.9 103.3 105.0 26

27 Undistributed profits 133.6 185.9 146.8 61.3 12.7 46.7 10.8 12.8 13.5 16.1 8.5 27

28 Domestic nonfinancial 65.1 55.2 6.1 -73.0 -91.3 -63.2 -144.9 -123.6 -86.6 -72.9 -82.3 28

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

30 Foreign subsidiaries 62.8 91.5 116.7 124.3 75.2 120.6 138.9 110.7 69.5 57.6 63.0 30

31 Financial 7.3 40.5 24.2 10.2 28.9 -10.5 16.8 25.7 30.6 31.5 27.8 31

32 Inventory valuation adjustment 18.4 -4.2 -15.0 5.0 -7.6 8.9 27.2 1.9 -5.7 -15.1 -11.3 32

33 Capital consumption adjustment 38.0 47.9 20.8 56.5 129.2 23.9 185.1 156.3 132.8 117.6 110.0 33

34 Domestic nonfinancial 50.8 61.4 37.6 72.2 134.8 42.8 185.9 159.8 139.1 124.9 115.3 34

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

36 Financial -13.9 -14.7 -18.1 -17.2 -7.1 -20.4 -2.3 -5.0 -7.8 -8.8 -6.8 36

37 Net interest 511.9 526.6 611.5 649.8 682.7 648.3 653.9 672.8 678.1 687.6 692.4 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 7041.6 7468.8 7984.4 8122.0 8361.3 8089.1 8196.8 8276.3 8328.1 8387.9 8452.8 38

 Plus:

39 Business transfer payments to persons 28.7 31.3 33.1 33.4 35.1 33.6 34.0 34.6 34.9 35.3 35.6 39

40 Business transfer payments to rest of the world 9.3 10.2 10.6 9.1 9.1 9.0 8.8 9.2 9.0 9.2 8.9 40

41 Indirect business tax and nontax accruals 681.3 713.0 753.6 774.8 800.5 772.7 779.8 786.2 795.1 806.9 813.6 41

42 Private consumption of fixed capital 884.3 947.3 1018.0 1106.8 1163.8 1153.8 1114.4 1136.9 1161.2 1174.8 1182.3 42

43 Government consumption of fixed capital 187.7 197.9 210.9 222.5 229.6 227.9 224.2 226.5 228.6 230.5 232.6 43

44 Statistical discrepancy -31.1 -38.7 -128.3 -117.2 -127.9 -117.7 -132.3 -117.7 -165.2 -120.3 -108.5 44

 Less:

 Subsidies less current surplus of

45 government enterprises 23.6 32.5 34.1 47.2 32.5 59.1 37.4 37.0 35.1 29.1 28.9 45

46 Net U.S. income receipts from rest of the world -3.5 22.7 23.4 22.0 -6.7 11.5 35.3 1.9 -20.1 -10.9 2.1 46

 Equals:

47 Gross Domestic Product 8781.6 9274.4 9824.7 10082.2 10445.6 10097.8 10153.0 10313.1 10376.8 10506.2 10586.3 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, March 6, 2003

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1647.3 1704.2 1807.8 1662.4 1588.2 1665.6 1614.3 1611.0 1604.1 1573.7 1564.2 1

 2 Gross private saving 1375.1 1356.1 1372.1 1399.3 1604.9 1535.5 1399.0 1579.9 1616.0 1596.4 1627.1 2

 3 Personal saving 301.5 174.1 201.5 169.8 306.7 302.2 61.5 272.0 314.2 303.0 337.6 3

 4 Undistributed corporate profits 133.6 185.9 146.8 61.3 12.7 46.7 10.8 12.8 13.5 16.1 8.5 4

 5 Nonfinancial corp. inventory valuation adjustment 18.4 -4.2 -15.0 5.0 -7.6 8.9 27.2 1.9 -5.7 -15.1 -11.3 5

 6 Corporate capital consumption adjustment 38.0 47.9 20.8 56.5 129.2 23.9 185.1 156.3 132.8 117.6 110.0 6

 7 Private consumption of fixed capital 884.3 947.3 1018.0 1106.8 1163.8 1153.8 1114.4 1136.9 1161.2 1174.8 1182.3 7

 8 Corporate 620.2 665.5 721.1 789.1 827.4 835.6 792.6 808.3 826.1 836.1 839.1 8

 9 Noncorporate 264.2 281.9 296.9 317.7 336.4 318.2 321.9 328.6 335.1 338.7 343.2 9

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

11 Gross government saving 272.3 348.1 435.7 263.1 -16.6 130.1 215.3 31.1 -12.0 -22.7 -62.9 11

12 Federal 132.0 203.4 302.8 170.8 -94.8 47.3 121.0 -43.0 -94.3 -98.6 -143.1 12

13 Consumption of fixed capital 88.2 91.5 95.9 98.8 101.9 99.0 99.7 100.6 101.3 102.2 103.5 13

14 Current surplus or deficit (-), NIPA 43.8 111.9 206.8 72.0 -196.7 -51.7 21.3 -143.6 -195.6 -200.8 -246.6 14

15 State and local 140.2 144.7 132.9 92.3 78.1 82.8 94.3 74.1 82.4 75.9 80.2 15

16 Consumption of fixed capital 99.5 106.4 115.0 123.7 127.7 128.9 124.5 125.9 127.3 128.3 129.1 16

17 Current surplus or deficit (-), NIPA 40.8 38.3 17.9 -31.4 -49.5 -46.1 -30.2 -51.8 -44.9 -52.4 -48.9 17

18 Gross investment 1616.2 1665.5 1679.5 1545.2 1460.3 1547.9 1482.0 1493.3 1438.9 1453.3 1455.7 18

19 Gross private domestic investment 1538.8 1636.8 1755.4 1586.0 1592.9 1575.0 1500.7 1559.4 1587.9 1597.2 1627.2 19

20 Fixed investment 1465.6 1577.2 1691.8 1646.3 1589.3 1635.5 1597.2 1589.4 1584.5 1579.7 1603.7 20

21 Nonresidential 1101.3 1173.5 1265.8 1201.6 1117.5 1188.1 1149.8 1126.8 1115.8 1109.8 1117.5 21

22 Residential 364.4 403.7 426.1 444.8 471.9 447.4 447.4 462.6 468.7 469.9 486.2 22

23 Change in private inventories 73.1 59.6 63.5 -60.3 3.6 -60.5 -96.5 -30.0 3.4 17.5 23.5 23

24 Gross government investment 277.1 304.7 319.8 335.9 352.3 323.7 345.1 355.5 348.2 351.7 353.8 24

25 Net foreign investment in U.S. -199.7 -276.0 -395.7 -376.7 -484.9 -350.8 -363.8 -421.6 -497.2 -495.6 -525.3 25

26 Statistical discrepancy (line 18 less line 1) -31.1 -38.7 -128.3 -117.2 -127.9 -117.7 -132.3 -117.7 -165.2 -120.3 -108.5 26

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 32.4 32.4 35.9 35.4 32.9 34.4 34.7 35.8 29.7 35.6 30.4 1

 2 Federal -3.6 -7.4 -8.0 -12.9 -19.1 -14.7 -14.3 -18.3 -21.8 -16.8 -19.5 2

 3 Estate and gift taxes paid by persons 25.2 28.8 28.1 27.9 25.6 27.0 27.3 28.5 22.4 28.4 23.0 3

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

 5 - Federal investment grants to state and local govts. 28.8 31.9 36.1 40.8 44.7 41.7 41.6 46.8 44.2 45.2 42.5 5

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

 7 State and local 36.0 39.7 43.9 48.3 52.0 49.2 49.0 54.1 51.5 52.4 49.8 7

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

 9 + Federal investment grants to state and local govts. 28.8 31.9 36.1 40.8 44.7 41.7 41.6 46.8 44.2 45.2 42.5 9

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

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

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

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.
Z.1, March 6, 2003 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 946.8 694.0 585.1 730.8 827.1 1078.6 434.4 809.7 862.9 665.7 970.1 1

 2 Foreign deposits 0.1 5.2 15.0 -5.0 2.2 -3.6 -6.4 -32.0 -18.0 26.0 32.7 2

 3 Checkable deposits and currency 6.6 -39.4 -11.0 42.5 58.5 -44.7 105.5 23.0 73.2 56.9 80.9 3

 4 Time and savings deposits 175.6 101.3 307.1 226.7 306.8 226.6 126.3 457.9 216.0 372.7 180.6 4

 5 Money market fund shares 174.5 129.1 122.1 154.1 -35.3 248.0 66.8 -232.3 75.9 40.4 -25.2 5

 6 Securities 132.7 82.8 -449.4 -86.0 100.0 5.9 -23.4 332.7 241.5 -395.9 221.5 6

 7 Open market paper 7.5 4.1 4.9 -19.4 -6.7 -15.0 -22.5 -33.8 -27.8 20.2 14.5 7

 8 U.S. government securities -6.5 165.7 -129.3 -154.7 -104.3 209.7 -91.4 -17.0 108.5 -170.4 -338.4 8

 9 Municipal securities 5.3 24.1 11.1 43.2 110.2 10.1 34.1 127.8 111.6 38.4 163.0 9

10 Corporate and foreign bonds 125.5 22.6 -26.4 76.0 55.2 -151.1 97.6 25.1 30.5 -143.7 308.9 10

11 Corporate equities (2) -280.1 -305.0 -468.2 -231.2 -135.6 -209.3 -285.3 -155.9 -72.8 -187.4 -126.4 11

12 Mutual fund shares 281.0 171.4 158.4 200.1 181.3 161.6 244.0 386.6 91.5 46.9 200.0 12

13 Life insurance reserves 48.0 50.8 50.2 77.2 100.8 74.7 119.6 93.9 92.2 119.7 97.5 13

14 Pension fund reserves 217.4 181.8 209.0 208.4 209.1 180.3 148.2 137.0 145.5 317.2 236.7 14

15 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 15

16 Miscellaneous and other assets 238.0 190.5 285.6 172.6 87.3 448.7 -44.4 33.2 38.9 130.7 146.6 16

17 Gross investment in tangible assets 1241.0 1367.0 1473.6 1535.4 1538.4 1531.5 1568.9 1524.3 1522.1 1549.1 1558.2 17

18 Residential fixed investment 350.2 398.9 422.5 440.8 466.5 444.1 441.8 457.5 462.7 463.6 482.1 18

19 Other fixed assets (3) 173.8 215.5 244.6 232.8 199.6 237.8 217.7 204.2 201.9 189.0 203.1 19

20 Consumer durables 712.4 751.0 805.4 863.3 871.7 851.0 911.5 859.0 856.9 897.8 873.2 20

21 Inventories (3) 4.5 1.6 1.1 -1.5 0.7 -1.3 -2.0 3.5 0.6 -1.3 -0.2 21

22 Consumption of fixed capital 790.6 833.5 882.7 934.4 980.9 969.0 940.7 958.8 978.7 989.3 996.9 22

23 Residential fixed investment 146.9 159.4 166.9 181.2 190.3 188.5 182.5 186.0 189.8 192.0 193.2 23

24 Other fixed assets (3) 137.9 144.2 152.8 160.1 167.0 162.3 161.0 163.5 166.6 167.7 170.1 24

25 Consumer durables 505.8 529.9 563.0 593.2 623.7 618.3 597.2 609.3 622.3 629.6 633.6 25

26 Net investment in tangible assets (4) 450.3 533.4 590.9 601.0 557.5 562.5 628.3 565.5 543.3 559.8 561.4 26

27 Residential fixed investment 203.3 239.5 255.6 259.6 276.2 255.6 259.3 271.5 272.9 271.6 288.9 27

28 Other fixed assets (3) 35.9 71.3 91.8 72.7 32.6 75.5 56.7 40.7 35.3 21.3 33.1 28

29 Consumer durables 206.6 221.1 242.4 270.1 248.0 232.6 314.3 249.7 234.6 268.2 239.6 29

30 Inventories (3) 4.5 1.6 1.1 -1.5 0.7 -1.3 -2.0 3.5 0.6 -1.3 -0.2 30

31 Net increase in liabilities 775.1 899.0 927.4 805.8 894.6 1128.4 578.8 861.4 784.1 864.0 1069.0 31

32 Mortgage debt on nonfarm homes 386.3 422.5 416.4 528.8 722.3 558.5 530.4 601.5 656.5 776.8 854.5 32

33 Other mortgage debt (3) 86.5 108.5 111.4 118.1 115.7 122.1 125.3 89.7 120.3 111.4 141.5 33

34 Consumer credit 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 34

35 Policy loans 0.1 -5.1 2.8 2.2 2.1 5.4 -1.1 1.1 -0.2 1.9 5.4 35

36 Security credit 21.6 75.2 7.2 -38.8 -51.4 248.3 -246.8 -17.5 -85.7 -83.7 -18.5 36

37 Other liabilities (3) 205.7 198.4 250.6 86.6 50.4 128.7 21.6 104.4 12.4 -0.3 85.0 37

38 Net capital transfers (5) -31.7 -35.7 -35.1 -34.6 -32.1 -33.7 -33.9 -35.0 -28.9 -34.8 -29.6 38

39 Personal saving, with consumer durables (FOF) 653.7 364.2 283.6 560.5 522.0 546.3 517.8 548.8 650.9 396.3 492.0 39

40 Less net investment in consumer durables 206.6 221.1 242.4 270.1 248.0 232.6 314.3 249.7 234.6 268.2 239.6 40

41 = Personal saving, without consumer durables (FOF) (6) 447.0 143.1 41.3 290.4 274.0 313.6 203.5 299.1 416.3 128.0 252.5 41

42 Personal saving (NIPA, excludes consumer durables) 301.5 174.1 201.5 169.8 306.7 302.2 61.5 272.0 314.2 303.0 337.6 42

43 Difference 145.5 -30.9 -160.3 120.7 -32.7 11.5 142.0 27.1 102.1 -175.0 -85.1 43

 Memo:

44 Disposable personal income 6355.6 6627.4 7120.1 7393.2 7829.5 7524.2 7391.1 7668.3 7792.1 7886.0 7971.5 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 10.3 5.5 4.0 7.6 6.7 7.3 7.0 7.2 8.4 5.0 6.2 45

46 Without consumer durables (FOF) (line 41) 7.0 2.2 0.6 3.9 3.5 4.2 2.8 3.9 5.3 1.6 3.2 46

47 Without consumer durables (NIPA) (line 42) 4.7 2.6 2.8 2.3 3.9 4.0 0.8 3.5 4.0 3.8 4.2 47

48 Difference (line 43) 2.3 -0.5 -2.3 1.6 -0.4 0.2 1.9 0.4 1.3 -2.2 -1.1 48

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

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

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

 (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).
16 Z.1, March 6, 2003

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 7426.0 7786.5 8406.6 8685.4 8948.9 8706.2 8700.9 8810.4 8914.0 8993.3 9077.8 1

 2 - Personal taxes and nontax payments 1070.5 1159.1 1286.4 1292.1 1119.4 1182.0 1309.8 1142.1 1121.9 1107.3 1106.3 2

 3 = Disposable personal income 6355.6 6627.4 7120.1 7393.2 7829.5 7524.2 7391.1 7668.3 7792.1 7886.0 7971.5 3

 4 - Personal outlays 6054.1 6453.3 6918.6 7223.5 7522.8 7222.0 7329.6 7396.3 7477.9 7583.0 7633.9 4

 5 = Personal saving, NIPA (2) 301.5 174.1 201.5 169.8 306.7 302.2 61.5 272.0 314.2 303.0 337.6 5

 6 + Government insurance and pension reserves (3) 4.4 3.8 1.8 3.3 -1.4 0.4 3.0 1.3 1.7 -6.2 -2.4 6

 7 + Net investment in consumer durables 206.6 221.1 242.4 270.1 248.0 232.6 314.3 249.7 234.6 268.2 239.6 7

 8 + Consumption of fixed capital 641.9 675.9 717.1 761.3 800.5 793.6 766.5 782.0 798.7 808.0 813.2 8

 9 + Net capital transfers (4) -31.7 -35.7 -35.1 -34.6 -32.1 -33.7 -33.9 -35.0 -28.9 -34.8 -29.6 9

10 = Gross saving and net capital transfers 1122.7 1039.1 1127.7 1169.8 1321.7 1295.1 1111.4 1269.9 1320.3 1338.2 1358.4 10

11 Gross investment 1264.3 1004.4 964.5 1285.9 1288.9 1304.8 1248.9 1294.2 1419.2 1168.0 1274.1 11

12 Capital expenditures 1083.2 1152.9 1230.7 1310.8 1334.3 1301.5 1356.2 1315.6 1316.5 1356.8 1348.3 12

13 Residential 310.8 341.8 359.5 380.7 402.8 383.7 381.3 395.1 399.4 400.2 416.4 13

14 Consumer durable goods 712.4 751.0 805.4 863.3 871.7 851.0 911.5 859.0 856.9 897.8 873.2 14

15 Nonprofit nonresidential 59.9 60.1 65.8 66.8 59.8 66.9 63.3 61.5 60.2 58.8 58.7 15

16 Net financial investment 181.1 -148.5 -266.1 -24.9 -45.4 3.3 -107.2 -21.3 102.8 -188.8 -74.2 16

17 Net acquisition of financial assets 664.8 430.9 294.9 553.7 668.3 918.4 273.0 674.0 707.4 493.1 798.8 17

18 Foreign deposits 0.1 5.2 15.0 -5.0 2.2 -3.6 -6.4 -32.0 -18.0 26.0 32.7 18

19 Checkable deposits and currency -27.3 -79.3 -67.7 26.3 46.3 -61.2 89.0 7.7 57.8 45.6 74.0 19

20 Time and savings deposits 166.5 78.6 287.1 206.5 309.0 203.5 109.4 452.5 212.2 379.6 191.7 20

21 Money market fund shares 164.9 121.0 113.4 144.6 -36.4 241.3 53.5 -229.3 71.9 47.0 -35.1 21

22 Credit market instruments 127.3 217.3 -140.6 -52.7 55.7 53.8 18.2 101.3 223.4 -250.4 148.6 22

23 Open market paper 7.5 4.1 4.9 -19.4 -6.7 -15.0 -22.5 -33.8 -27.8 20.2 14.5 23

24 U.S. government securities -12.2 166.5 -132.2 -153.2 -103.9 209.3 -90.5 -18.0 106.7 -167.0 -337.0 24

25 Treasury -37.5 37.3 -176.0 -59.7 16.2 69.2 -75.8 71.3 167.2 97.2 -270.8 25

26 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 4.1 13.4 7.9 3.8 2.4 4.1 26

27 Other -37.7 37.5 -174.3 -65.2 11.7 65.1 -89.2 63.5 163.4 94.8 -274.8 27

28 Agency 25.3 129.2 43.7 -93.5 -120.1 140.1 -14.6 -89.4 -60.6 -264.2 -66.3 28

29 Municipal securities 5.6 24.2 11.3 43.0 110.0 9.9 33.9 127.6 111.4 38.2 162.8 29

30 Corporate and foreign bonds 125.5 22.6 -26.4 76.0 55.2 -151.1 97.6 25.1 30.5 -143.7 308.9 30

31 Mortgages 0.9 -0.1 1.7 0.9 1.1 0.8 -0.4 0.4 2.6 1.9 -0.5 31

32 Corporate equities (5) -280.1 -305.0 -468.2 -231.2 -135.6 -209.3 -285.3 -155.9 -72.8 -187.4 -126.4 32

33 Mutual fund shares 281.0 171.4 158.4 200.1 181.3 161.6 244.0 386.6 91.5 46.9 200.0 33

34 Security credit 61.2 47.2 88.6 41.9 -52.3 327.5 -161.8 -107.3 -108.0 3.3 2.7 34

35 Life insurance reserves 48.0 50.8 50.2 77.2 100.8 74.7 119.6 93.9 92.2 119.7 97.5 35

36 Pension fund reserves 217.4 181.8 209.0 208.4 209.1 180.3 148.2 137.0 145.5 317.2 236.7 36

37 Investment in bank personal trusts -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 37

38 Equity in noncorporate business -57.8 -62.4 -11.5 -18.6 -37.8 -34.3 8.4 1.5 -32.9 -86.2 -33.7 38

39 Miscellaneous assets 9.7 12.4 4.7 16.1 28.5 41.4 -6.0 21.9 46.9 33.9 11.4 39

40 Net increase in liabilities 483.8 579.4 561.0 578.6 713.7 915.1 380.2 695.3 604.6 681.9 873.0 40

41 Credit market instruments 454.8 498.0 546.0 611.8 756.9 656.9 621.7 704.9 684.1 755.7 883.1 41

42 Home mortgages (6) 339.1 373.9 375.5 478.5 668.4 507.1 483.6 553.6 604.1 716.7 799.3 42

43 Consumer credit 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 43

44 Municipal securities 12.0 10.4 5.8 13.8 12.9 11.7 26.7 8.3 10.7 10.1 22.6 44

45 Bank loans n.e.c. 6.1 -7.0 6.7 -17.2 -12.9 40.1 -59.5 17.6 -38.4 -63.8 33.2 45

46 Other loans and advances 13.3 14.6 16.4 16.9 14.3 19.5 9.8 20.9 11.9 17.3 7.0 46

47 Commercial mortgages 9.4 6.6 2.7 10.8 18.7 13.0 11.7 22.3 15.0 17.4 20.1 47

48 Security credit 21.6 75.2 7.2 -38.8 -51.4 248.3 -246.8 -17.5 -85.7 -83.7 -18.5 48

49 Trade payables 8.7 4.1 7.7 6.1 7.0 6.7 6.0 6.7 6.8 7.0 7.3 49

 Deferred and unpaid

50 life insurance premiums -1.4 2.1 0.1 -0.4 1.2 3.2 -0.6 1.3 -0.5 2.9 1.0 50

51 Discrepancy -141.6 34.8 163.1 -116.1 32.8 -9.7 -137.5 -24.3 -98.9 170.3 84.2 51

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

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

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, March 6, 2003 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 1142.1 1196.2 1205.3 1108.5 1125.5 1135.1 1017.9 1090.7 1129.6 1148.5 1133.4 1

 2 Gross saving and net capital transfers 865.1 913.9 907.7 951.5 975.3 966.5 1035.7 993.7 978.7 966.6 962.2 2

 3 Gross investment 928.7 1024.9 1097.8 975.4 926.0 1005.3 993.9 938.6 930.0 908.3 927.0 3

 4 Capital expenditures 984.2 1099.1 1200.1 1018.8 1007.0 1011.2 929.9 982.3 1001.9 1008.8 1035.2 4

 5 Fixed investment 907.0 1037.8 1136.0 1078.8 1003.1 1071.4 1026.1 1012.0 998.2 990.9 1011.4 5

 6 Residential 42.1 60.3 66.4 63.5 67.3 63.8 63.8 66.0 66.9 67.0 69.4 6

 7 Nonresidential 834.9 955.6 1047.4 988.1 908.5 980.3 935.0 918.7 904.1 896.6 914.7 7

 8 Change in inventories 73.1 59.6 63.5 -60.3 3.6 -60.5 -96.5 -30.0 3.4 17.5 23.5 8

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

10 Net financial investment -55.5 -74.2 -102.4 -43.4 -81.1 -5.9 64.0 -43.7 -71.9 -100.5 -108.1 10

11 Net acquisition of financial assets 787.4 1159.5 1457.0 521.3 363.2 409.1 523.7 393.6 391.7 249.6 417.8 11

12 Foreign deposits 7.4 0.9 16.0 -11.2 -2.6 -10.9 -2.8 11.8 -4.3 -8.8 -9.2 12

13 Checkable deposits and currency 69.0 99.5 73.1 21.0 -48.6 76.0 82.0 -49.4 -16.5 -25.0 -103.5 13

14 Time and savings deposits 2.3 47.0 20.5 42.1 -8.5 7.1 136.8 -3.5 -5.9 -3.9 -20.8 14

15 Money market fund shares 36.1 33.0 55.7 121.4 26.7 60.1 135.2 -18.7 9.2 -41.3 157.6 15

16 Security RPs -0.4 1.6 -1.6 -0.2 -0.3 1.2 1.9 -1.1 0.3 2.6 -2.8 16

17 Credit market instruments -2.7 -18.4 24.7 -9.5 3.1 -41.2 31.9 55.7 6.5 -7.6 -42.3 17

18 Commercial paper 3.3 8.2 10.2 -3.3 -0.1 -4.1 5.2 3.6 6.3 -5.7 -4.5 18

19 U.S. government securities 5.1 -3.2 4.7 9.0 14.5 1.8 20.1 30.0 35.4 3.9 -11.2 19

20 Municipal securities -2.0 -0.9 6.7 -0.9 1.4 -9.3 30.7 -3.4 -4.8 14.4 -0.5 20

21 Mortgages -5.1 -28.0 0.9 0.3 -1.8 -0.3 -0.3 -0.9 -1.7 -2.0 -2.8 21

22 Consumer credit -4.1 5.4 2.4 -14.7 -10.9 -29.3 -23.8 26.3 -28.6 -18.2 -23.2 22

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

24 Trade receivables 115.2 239.2 354.3 -115.5 127.1 -210.8 -215.7 174.1 73.0 159.9 101.7 24

25 Miscellaneous assets 550.1 744.3 901.3 478.5 271.4 532.9 359.4 229.9 334.5 178.9 342.1 25

26 Net increase in liabilities 842.9 1233.7 1559.4 564.7 444.2 415.0 459.7 437.4 463.6 350.1 525.9 26

27 Credit market instruments 576.3 566.3 575.4 417.6 201.8 352.6 390.2 154.9 234.8 132.6 285.0 27

28 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -66.1 45.5 -144.4 -81.7 -17.4 -13.2 28

29 Municipal securities 5.8 5.1 1.4 3.5 3.1 1.7 5.8 0.0 2.4 3.4 6.5 29

30 Corporate bonds 235.2 217.8 161.3 340.5 133.2 191.4 325.0 253.7 191.4 -29.1 116.8 30

31 Bank loans n.e.c. 102.1 89.8 95.0 -65.5 -79.3 -64.4 -106.5 -34.7 -154.4 -61.1 -66.8 31

32 Other loans and advances 67.6 31.8 79.7 12.1 20.1 39.9 -117.2 -40.4 64.9 59.6 -3.6 32

33 Mortgages 141.3 184.4 190.0 215.3 188.9 250.1 237.7 120.7 212.1 177.2 245.4 33

34 Corporate equities -215.5 -110.4 -118.2 -47.4 -40.2 -108.6 -4.2 -8.0 17.9 -130.8 -39.9 34

35 Trade payables 80.0 219.6 380.1 -91.7 105.9 -196.5 -212.4 173.7 36.5 131.3 82.1 35

36 Taxes payable 13.8 23.7 25.5 10.1 20.2 95.9 -64.1 -4.8 32.1 39.1 14.4 36

37 Miscellaneous liabilities 452.7 608.0 740.9 308.0 192.3 287.5 371.1 136.7 177.1 228.0 227.5 37

38 Proprietors’ net investment -64.4 -73.5 -44.4 -31.9 -35.8 -15.9 -20.9 -15.1 -34.8 -50.1 -43.2 38

39 Discrepancy -63.6 -111.0 -190.1 -23.9 49.3 -38.7 41.8 55.1 48.8 58.3 35.1 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 6, 2003

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 460.1 458.9 436.0 326.9 315.8 347.9 232.4 287.3 322.3 334.2 319.4 1

 2 - Profit tax accruals 154.2 166.4 171.9 123.0 127.5 128.9 93.6 119.3 130.2 132.8 127.8 2

 3 - Dividends 240.8 237.3 258.0 277.0 279.6 282.3 283.7 291.5 278.6 274.3 273.9 3

 4 + Capital consumption allowance (1) 570.6 613.9 633.1 720.9 817.0 723.5 838.9 826.4 819.9 814.3 807.5 4

 5 = U.S. internal funds, book 635.7 669.1 639.2 647.9 725.7 660.2 694.0 702.8 733.4 741.3 725.2 5

 6 + Foreign earnings retained abroad 62.8 91.5 116.7 124.3 75.2 120.6 138.9 110.7 69.5 57.6 63.0 6

 7 + Inventory valuation adjustment (IVA) 18.4 -4.2 -15.0 5.0 -7.6 8.9 27.2 1.9 -5.7 -15.1 -11.3 7

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

 9 = Total internal funds + IVA 716.8 756.3 741.0 777.1 793.3 789.7 860.1 815.4 797.2 783.8 776.9 9

10 Gross investment 780.4 867.3 931.0 801.0 744.0 828.5 818.3 760.3 748.4 725.5 741.8 10

11 Capital expenditures 826.5 885.0 957.2 794.2 802.9 781.2 717.1 773.6 796.3 816.4 825.2 11

12 Fixed investment (3) 753.8 825.3 894.2 852.8 799.7 840.1 811.4 806.9 793.2 797.3 801.3 12

13 Inventory change + IVA 68.6 58.0 62.5 -58.9 3.0 -59.2 -94.5 -33.5 2.8 18.8 23.7 13

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

15 Net financial investment -46.1 -17.7 -26.2 6.8 -58.9 47.3 101.2 -13.3 -47.9 -90.9 -83.4 15

16 Net acquisition of financial assets 569.9 969.9 1211.2 376.1 240.3 264.9 383.2 273.1 271.0 127.2 289.8 16

17 Foreign deposits 7.4 0.9 16.0 -11.2 -2.6 -10.9 -2.8 11.8 -4.3 -8.8 -9.2 17

18 Checkable deposits and currency 35.2 59.5 16.4 4.8 -60.8 59.5 65.6 -64.8 -31.9 -36.4 -110.4 18

19 Time and savings deposits -6.8 24.3 0.5 21.8 -6.3 -16.0 119.9 -8.9 -9.7 3.1 -9.6 19

20 Money market fund shares 26.5 24.9 47.1 111.8 25.6 53.4 121.9 -15.7 5.1 -34.7 147.7 20

21 Security RPs -0.4 1.6 -1.6 -0.2 -0.3 1.2 1.9 -1.1 0.3 2.6 -2.8 21

22 Commercial paper 3.3 8.2 10.2 -3.3 -0.1 -4.1 5.2 3.6 6.3 -5.7 -4.5 22

23 U.S. government securities -0.6 -2.4 1.7 10.5 15.0 1.4 21.0 29.0 33.6 7.3 -9.9 23

24 Municipal securities -1.6 -0.7 6.9 -1.1 1.2 -9.5 30.5 -3.6 -5.1 14.2 -0.7 24

25 Mortgages -13.0 -26.0 2.3 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 25

26 Consumer credit -4.1 5.4 2.4 -14.7 -10.9 -29.3 -23.8 26.3 -28.6 -18.2 -23.2 26

27 Trade receivables 86.3 200.5 284.7 -130.5 99.6 -223.6 -237.3 149.1 54.1 129.4 65.9 27

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

29 Miscellaneous assets 427.4 661.2 811.8 396.4 188.0 451.1 289.2 155.5 259.2 82.7 254.6 29

30 U.S. direct investment abroad (4) 129.2 158.4 147.5 104.9 91.8 108.2 108.9 103.5 116.8 84.9 62.1 30

31 Insurance receivables 1.7 1.0 -0.3 10.3 16.6 26.5 0.9 12.0 21.4 24.2 8.6 31

32 Equity in GSEs -0.7 -0.6 0.0 -0.2 -0.3 -0.4 -0.9 -2.1 -0.9 -2.2 4.0 32

33 Investment in finance co. subs. -6.4 26.8 7.4 -1.7 -5.8 -3.4 15.0 -33.3 1.4 -0.7 9.2 33

34 Other 303.6 475.6 657.3 283.1 85.8 320.1 165.3 75.4 120.5 -23.5 170.7 34

35 Net increase in liabilities 616.0 987.6 1237.4 369.3 299.1 217.6 282.1 286.4 318.9 218.1 373.2 35

36 Net funds raised in markets 193.1 268.1 262.2 205.9 21.9 85.7 236.6 31.3 111.5 -141.3 85.9 36

37 Net new equity issues -215.5 -110.4 -118.2 -47.4 -40.2 -108.6 -4.2 -8.0 17.9 -130.8 -39.9 37

38 Credit market instruments 408.6 378.5 380.4 253.3 62.1 194.4 240.8 39.3 93.6 -10.5 125.8 38

39 Commercial paper 24.4 37.4 48.1 -88.3 -64.2 -66.1 45.5 -144.4 -81.7 -17.4 -13.2 39

40 Municipal securities (5) 5.8 5.1 1.4 3.5 3.1 1.7 5.8 0.0 2.4 3.4 6.5 40

41 Corporate bonds (4) 235.2 217.8 161.3 340.5 133.2 191.4 325.0 253.7 191.4 -29.1 116.8 41

42 Bank loans n.e.c. 72.0 60.8 62.4 -72.0 -65.2 -71.9 -103.5 -36.4 -131.9 -43.3 -49.2 42

43 Other loans and advances 54.3 23.4 66.9 11.8 17.2 49.6 -109.3 -39.0 58.9 52.8 -3.9 43

44 Savings institutions 2.7 3.2 4.3 1.8 1.7 -0.3 -1.4 3.1 -0.3 2.0 2.1 44

45 Finance companies 33.1 48.8 57.0 -10.3 7.5 -69.1 -48.5 -21.1 20.7 29.3 1.1 45

46 U.S. government -0.1 -0.3 -0.4 -0.2 -0.3 1.4 -1.3 -1.3 0.8 -1.8 1.0 46

47 Acceptance liabilities to banks -4.3 -2.2 -0.0 -0.3 0.3 -7.0 0.8 -1.6 2.2 -1.2 1.9 47

48 Rest of the world -1.0 -22.7 -2.2 -1.6 10.1 59.8 -70.2 -37.8 54.0 39.9 -15.7 48

49 ABS issuers 23.8 -3.3 8.3 22.4 -2.2 64.8 11.4 19.7 -18.6 -15.4 5.7 49

50 Mortgages 17.0 34.0 40.4 57.7 37.9 89.6 77.3 5.4 54.4 23.1 68.8 50

51 Trade payables 57.6 178.5 313.3 -112.0 93.5 -207.6 -227.5 156.7 24.5 119.8 72.8 51

52 Taxes payable 4.8 7.0 7.0 3.2 12.8 91.6 -69.0 -12.6 26.4 30.7 6.9 52

53 Miscellaneous liabilities 360.4 534.1 654.9 272.3 171.0 247.9 342.1 110.9 156.5 208.8 207.6 53

54 Foreign direct investment in U.S. 144.4 247.0 189.1 66.6 17.1 18.7 31.7 5.3 -4.5 24.7 43.0 54

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

56 Other 194.6 291.8 464.6 204.4 152.5 227.9 309.1 104.4 159.7 182.8 163.2 56

57 Discrepancy -63.6 -111.0 -190.1 -23.9 49.3 -38.7 41.8 55.1 48.8 58.3 35.1 57

 Memo:

58 Financing gap (6) 172.5 220.2 333.0 141.4 84.8 112.1 -4.0 68.9 68.6 90.2 111.3 58

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

(2) Table F.9, line 6.

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

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

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

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, March 6, 2003 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 656.5 709.6 746.7 762.5 796.8 767.9 766.3 781.7 799.8 803.6 802.3 1

 2 Gross saving = capital consumption 125.0 132.5 141.0 148.0 154.0 149.2 148.9 151.0 153.7 154.6 156.8 2

 3 Gross investment 125.0 132.5 141.0 148.0 154.0 149.2 148.9 151.0 153.7 154.6 156.8 3

 4 Capital expenditures 127.5 190.2 217.0 192.9 172.1 196.7 178.9 173.8 175.0 162.1 177.7 4

 5 Fixed investment (1) 123.9 187.1 213.8 196.0 172.0 199.8 183.9 175.6 174.8 161.1 176.4 5

 6 Change in inventories 3.6 3.1 3.3 -3.1 0.2 -3.1 -5.0 -1.8 0.2 1.0 1.2 6

 7 Net financial investment -2.5 -57.7 -76.1 -44.9 -18.1 -47.5 -30.0 -22.8 -21.3 -7.5 -20.8 7

 8 Net acquisition of financial assets 215.2 188.8 245.7 143.0 119.3 141.3 139.5 118.3 115.9 117.2 125.7 8

 9 Checkable deposits and currency 32.1 39.3 56.5 15.5 12.7 15.8 15.8 15.8 15.8 11.8 7.3 9

10 Time and savings deposits 9.1 22.7 20.1 20.3 -2.2 23.1 16.9 5.4 3.8 -6.9 -11.1 10

11 Money market mutual funds 9.7 8.1 8.7 9.6 1.1 6.7 13.3 -3.0 4.0 -6.6 9.9 11

12 Treasury securities 5.7 -0.8 3.0 -1.5 -0.5 0.4 -0.9 1.0 1.8 -3.4 -1.4 12

13 Municipal securities -0.4 -0.1 -0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages 7.9 -2.0 -1.4 3.3 1.2 2.7 2.7 2.1 1.3 1.0 0.2 14

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

16 Trade receivables 28.9 38.7 69.6 15.0 27.5 12.8 21.6 25.0 18.9 30.5 35.7 16

17 Miscellaneous assets 122.2 82.9 89.6 80.6 79.3 79.6 69.9 71.8 70.0 90.6 84.9 17

18 Insurance receivables 0.4 0.2 -0.1 2.5 4.0 6.4 0.2 2.9 5.2 5.8 2.1 18

19 Equity investment in GSEs (2) -0.1 0.0 -0.0 -0.1 0.2 -0.1 0.0 0.1 -0.1 0.1 0.6 19

20 Other 121.9 82.6 89.7 78.2 75.2 73.3 69.7 68.8 65.0 84.7 82.2 20

21 Net increase in liabilities 217.7 246.5 321.8 187.9 137.4 188.7 169.5 141.1 137.1 124.7 146.6 21

22 Credit market instruments 159.7 182.4 184.1 156.8 131.8 153.8 141.1 110.3 132.7 128.8 155.2 22

23 Bank loans n.e.c. 28.9 29.9 29.9 6.4 -13.2 10.5 -5.3 3.9 -21.1 -17.4 -18.1 23

24 Other loans and advances 13.0 7.8 11.1 0.3 2.9 -10.1 -7.3 -2.0 5.2 5.2 3.2 24

25 Mortgages 117.7 144.7 143.1 150.1 142.0 153.4 153.7 108.4 148.6 141.0 170.1 25

26 Trade payables 21.6 40.7 66.0 20.3 12.9 12.8 14.4 17.8 12.3 12.1 9.3 26

27 Taxes payable 9.0 16.8 18.6 7.0 7.3 4.4 4.9 7.8 5.7 8.3 7.5 27

28 Miscellaneous liabilities 92.3 73.9 86.0 35.7 21.4 39.7 29.0 25.8 20.6 19.2 19.9 28

29 Proprietors’ net investment -64.8 -67.2 -32.8 -31.8 -35.9 -21.9 -19.9 -20.5 -34.1 -43.8 -45.3 29

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

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 25.6 27.7 22.6 19.1 12.9 19.3 19.2 21.7 7.5 10.7 11.7 1

 2 Net saving (corporate) -0.5 0.0 1.1 1.3 1.5 1.4 1.4 1.4 1.5 1.5 1.5 2

 3 Consumption of fixed capital 23.8 25.1 24.7 25.1 26.4 26.2 25.3 25.8 26.4 26.7 26.9 3

 4 Corporate 3.4 3.7 3.9 4.1 4.3 4.2 4.1 4.2 4.2 4.3 4.3 4

 5 Noncorporate 20.4 21.4 20.8 21.1 22.2 22.0 21.2 21.7 22.1 22.4 22.5 5

 6 Gross saving 23.3 25.1 25.8 26.4 27.9 27.6 26.7 27.3 27.9 28.2 28.4 6

 7 Gross investment 23.3 25.1 25.8 26.4 27.9 27.6 26.7 27.3 27.9 28.2 28.4 7

 8 Capital expenditures 30.3 23.9 25.8 31.7 32.0 33.3 33.9 34.9 30.6 30.2 32.2 8

 9 Fixed investment (2) 29.4 25.4 28.1 30.0 31.5 31.5 30.9 29.6 30.2 32.5 33.6 9

10 Change in inventories 0.9 -1.5 -2.2 1.6 0.5 1.8 3.0 5.3 0.4 -2.3 -1.4 10

11 Net financial investment -6.9 1.2 -0.1 -5.3 -4.1 -5.7 -7.1 -7.6 -2.8 -2.1 -3.9 11

12 Net acquisition of financial assets 2.3 0.8 0.1 2.1 3.7 2.9 1.0 2.3 4.8 5.2 2.3 12

13 Checkable deposits and currency 1.7 0.6 0.2 0.6 -0.4 0.6 0.6 -0.4 -0.4 -0.4 -0.4 13

14 Miscellaneous assets 0.5 0.2 -0.1 1.5 4.1 2.3 0.3 2.7 5.2 5.6 2.7 14

15 Insurance receivables 0.4 0.2 -0.1 1.4 3.8 2.1 0.2 2.8 4.9 5.6 2.0 15

16 Equity investment in GSEs (3) 0.1 -0.0 -0.0 0.1 0.2 0.2 0.1 -0.1 0.3 0.1 0.7 16

17 Net increase in liabilities 9.2 -0.4 0.2 7.4 7.7 8.7 8.1 9.9 7.6 7.3 6.2 17

18 Credit market instruments 8.0 5.5 10.9 7.5 8.0 4.4 8.3 5.3 8.5 14.2 4.0 18

19 Bank loans n.e.c. 1.2 -0.9 2.7 -0.0 -0.9 -3.0 2.2 -2.3 -1.4 -0.5 0.5 19

20 Other loans and advances 0.3 0.6 1.7 0.0 0.0 0.4 -0.7 0.6 0.9 1.6 -3.0 20

21 Mortgages 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 21

22 Trade payables 0.8 0.4 0.9 -0.0 -0.4 -1.7 0.8 -0.8 -0.3 -0.6 0.0 22

23 Proprietors’ net investment 0.4 -6.3 -11.6 -0.1 0.1 6.0 -1.0 5.4 -0.7 -6.4 2.1 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, March 6, 2003

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1074.4 1144.1 1214.2 1261.3 1307.0 1253.7 1283.1 1277.4 1302.7 1312.6 1335.2 1

 2 Personal tax and nontax receipts 235.5 255.8 277.5 281.2 268.8 281.6 284.3 266.0 265.3 269.9 274.0 2

 3 Corporate profits tax accruals 34.6 34.8 35.6 29.1 33.2 28.2 27.7 32.0 33.5 33.7 33.6 3

 4 Indirect business tax and nontax accruals 583.9 612.7 644.5 664.5 689.9 663.2 672.5 677.8 684.9 694.5 702.3 4

 5 Contributions for social insurance 10.2 9.7 9.2 9.2 9.4 9.3 9.2 9.3 9.4 9.4 9.5 5

 6 Federal grants-in-aid 210.3 231.0 247.5 277.4 305.7 271.4 289.4 292.3 309.6 305.0 315.8 6

 7 Current expenditures, NIPA basis 1033.7 1105.8 1196.3 1292.7 1356.5 1299.8 1313.3 1329.2 1347.6 1365.0 1384.1 7

 8 Consumption expenditures 808.3 864.7 937.9 993.8 1034.5 1000.1 1008.2 1017.7 1030.6 1039.6 1050.1 8

 9 Transfer payments to persons 235.3 252.8 271.3 304.5 335.6 308.5 315.4 323.4 330.7 338.7 349.5 9

10 Net interest paid 0.4 -0.7 -2.9 -2.1 -1.9 -2.0 -1.8 -1.9 -2.0 -2.0 -1.8 10

11 - Dividends received by government 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 0.5 0.5 0.5 11

12 Subsidies less current surplus of govt. enterprises -9.9 -10.5 -9.7 -3.1 -11.2 -6.4 -8.1 -9.6 -11.2 -10.8 -13.2 12

13 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Current surplus or deficit (-), NIPA basis 40.8 38.3 17.9 -31.4 -49.5 -46.1 -30.2 -51.8 -44.9 -52.4 -48.9 14

15 + Consumption of fixed capital 99.5 106.4 115.0 123.7 127.7 128.9 124.5 125.9 127.3 128.3 129.1 15

16 + Net capital transfers (2) 36.0 39.7 43.9 48.3 52.0 49.2 49.0 54.1 51.5 52.4 49.8 16

17 = Gross saving and net capital transfers 176.2 184.4 176.8 140.6 130.1 132.0 143.3 128.2 133.9 128.3 130.0 17

18 Gross investment 239.8 221.2 219.3 162.8 154.8 169.1 177.8 147.2 156.7 143.1 172.0 18

19 Fixed investment 191.0 211.3 223.9 236.2 245.1 224.2 241.7 249.7 241.1 243.8 245.6 19

20 Net financial investment 48.8 9.9 -4.6 -73.4 -90.3 -55.1 -63.9 -102.5 -84.4 -100.7 -73.6 20

21 Net acq. of financial assets 146.9 77.5 38.3 54.0 81.6 37.4 99.1 -9.9 122.2 67.3 146.9 21

22 Checkable deposits and currency -3.9 3.9 1.0 5.1 7.5 4.9 18.3 11.6 9.6 9.0 -0.1 22

23 Time and savings deposits 12.8 11.0 9.4 7.7 16.5 4.3 27.9 63.0 -19.4 24.4 -1.8 23

24 Security RPs 7.2 5.0 9.7 -18.4 0.4 -39.2 -0.6 -38.0 30.2 -16.9 26.2 24

25 Credit market instruments 134.5 28.4 -0.8 38.1 25.8 57.9 42.4 -1.1 42.5 17.8 43.8 25

26 Open market paper 28.0 6.9 7.6 -26.5 -3.8 -40.0 -2.8 -44.0 -15.7 21.8 22.8 26

27 U.S. government securities 93.5 8.5 -17.1 50.1 21.7 77.8 37.0 23.5 41.4 1.0 21.0 27

28 Treasury 30.0 -2.5 -30.6 20.3 17.7 45.2 30.9 15.7 28.1 7.0 19.8 28

29 Agency 63.6 11.0 13.5 29.8 4.1 32.6 6.1 7.8 13.3 -6.0 1.1 29

30 Municipal securities -1.4 -1.5 0.6 0.3 -1.4 0.4 -0.7 -0.8 -1.2 -1.6 -1.9 30

31 Corporate and foreign bonds 10.2 10.1 3.7 9.4 4.3 14.8 4.1 15.3 13.1 -8.3 -3.1 31

32 Mortgages 4.1 4.3 4.5 4.7 5.0 4.8 4.8 4.9 4.9 5.0 5.0 32

33 Corporate equities 9.4 3.5 -1.2 22.8 9.2 21.5 22.4 12.9 27.0 3.4 -6.6 33

34 Mutual fund shares -12.3 4.3 0.8 5.1 -5.5 -0.8 4.0 -4.0 -2.7 -7.0 -8.5 34

35 Taxes receivable 7.3 17.3 21.7 5.4 11.7 2.2 2.6 10.2 10.2 13.3 13.0 35

36 Miscellaneous assets -8.0 4.1 -2.4 -11.8 16.1 -13.3 -17.9 -64.5 24.8 23.3 80.9 36

37 Net increase in liabilities 98.2 67.6 42.8 127.4 171.9 92.6 163.0 92.6 206.7 168.0 220.5 37

38 Credit market instruments 67.7 38.5 15.5 102.2 147.4 67.0 137.6 66.6 182.7 144.0 196.5 38

39 Municipal securities 66.5 38.9 16.5 101.9 147.0 66.9 137.5 66.3 182.3 143.4 195.9 39

40 Short-term -6.3 2.6 1.4 23.7 24.5 43.2 10.9 -1.5 31.4 34.2 34.0 40

41 Other 72.7 36.3 15.1 78.3 122.5 23.7 126.6 67.8 151.0 109.2 161.9 41

42 U.S. government loans 1.2 -0.4 -1.0 0.2 0.5 0.1 0.1 0.3 0.3 0.6 0.6 42

43 Trade payables 30.5 29.1 27.4 25.2 24.5 25.6 25.4 26.0 24.0 24.0 24.0 43

44 Discrepancy -63.5 -36.8 -42.5 -22.2 -24.7 -37.1 -34.5 -19.0 -22.8 -14.8 -42.0 44

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

(2) Table F.9, line 7.
Z.1, March 6, 2003 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1749.7 1867.2 2033.9 2008.4 1878.7 1896.0 1992.3 1887.0 1883.7 1873.9 1870.4 1

 2 Personal tax and nontax receipts 834.9 903.3 1009.0 1010.9 850.6 900.4 1025.5 876.1 856.6 837.5 832.3 2

 3 Corporate profits tax accruals 204.3 213.0 223.8 170.3 177.1 168.0 142.9 170.4 180.2 181.0 176.8 3

 4 Indirect business tax and nontax accruals 97.4 100.2 109.1 110.3 110.6 109.5 107.3 108.4 110.2 112.4 111.3 4

 5 Contributions for social insurance 613.1 650.7 692.1 716.9 740.5 718.1 716.6 732.1 736.7 743.0 750.0 5

 6 Current expenditures, NIPA basis 1705.9 1755.3 1827.1 1936.4 2075.4 1947.7 1971.0 2030.6 2079.3 2074.7 2117.0 6

 7 Consumption expenditures 453.1 471.6 493.3 528.4 586.5 527.9 543.6 566.3 581.0 589.8 608.8 7

 8 Transfers payments (net) 730.6 745.8 779.5 842.2 931.6 849.3 870.9 916.9 927.6 934.1 947.9 8

 9 Grants-in-aid to state and local governments 210.3 231.0 247.5 277.4 305.7 271.4 289.4 292.3 309.6 305.0 315.8 9

10 Net interest paid 278.5 263.8 263.0 238.1 207.9 233.6 221.6 208.5 214.9 205.8 202.4 10

11 Subsidies less current surplus of govt. enterprises 33.5 43.0 43.8 50.3 43.7 65.5 45.5 46.6 46.3 39.9 42.1 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis 43.8 111.9 206.8 72.0 -196.7 -51.7 21.3 -143.6 -195.6 -200.8 -246.6 13

14 + Consumption of fixed capital 88.2 91.5 95.9 98.8 101.9 99.0 99.7 100.6 101.3 102.2 103.5 14

15 - Insurance and pension reserves (1) 4.4 3.8 1.8 3.3 -1.4 0.4 3.0 1.3 1.7 -6.2 -2.4 15

16 + Net capital transfers (2) -3.6 -7.4 -8.0 -12.9 -19.1 -14.7 -14.3 -18.3 -21.8 -16.8 -19.5 16

17 = Gross saving and net capital transfers 124.0 192.2 293.0 154.6 -112.5 32.2 103.6 -62.6 -117.8 -109.3 -160.1 17

18 Gross investment 101.3 196.5 295.5 111.7 -124.8 27.9 71.5 -150.2 -341.5 34.7 -42.4 18

19 Fixed investment 86.1 93.4 95.9 99.7 107.3 99.5 103.4 105.8 107.1 107.9 108.2 19

20 Access rights sales -4.1 -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment 19.3 104.8 200.2 12.3 -231.8 -71.3 -31.6 -255.7 -448.3 -72.9 -150.3 21

22 Net acq. of financial assets -5.3 70.9 -68.7 54.4 49.8 158.8 40.1 -177.0 112.1 205.7 58.5 22

23 Gold, SDRs, and official foreign exchange 6.0 -7.1 -0.6 4.6 8.8 13.9 0.5 -2.3 10.3 23.1 4.1 23

24 Checkable deposits and currency -16.7 66.2 -65.1 41.1 -18.7 41.1 131.3 -178.2 25.5 124.4 -46.6 24

25 Time and savings deposits 1.3 0.7 1.0 4.2 17.1 7.2 -4.6 18.8 -21.5 34.3 36.7 25

26 Credit market instruments 13.5 5.8 7.3 6.0 7.7 3.3 7.0 4.7 8.8 6.8 10.3 26

27 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Mortgages -0.8 -0.1 -0.9 -1.1 -0.4 -3.4 1.8 -0.1 -1.1 -1.8 1.5 28

29 Other loans and advances 14.3 5.9 8.2 7.1 8.0 6.7 5.2 4.8 9.9 8.6 8.8 29

30 Trade receivables 1.5 4.6 5.3 7.2 0.0 13.9 -4.5 -3.2 6.3 0.3 -3.3 30

31 Taxes receivable -7.5 1.7 -15.1 -10.0 34.7 77.4 -92.4 -20.9 82.5 18.9 58.1 31

32 Miscellaneous assets -3.5 -0.9 -1.4 1.3 0.3 2.0 2.8 4.0 0.3 -2.1 -0.8 32

33 Net increase in liabilities -24.6 -33.9 -268.8 42.2 281.6 230.1 71.7 78.6 560.4 278.6 208.8 33

34 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Treasury currency 0.6 1.0 2.4 1.3 1.0 2.2 0.0 0.9 0.6 2.4 0.0 35

36 Credit market instruments -52.6 -71.2 -295.9 -5.6 257.5 209.3 43.4 39.8 526.0 265.7 198.5 36

37 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 4.1 13.4 7.9 3.8 2.4 4.1 37

38 Other Treasury securities -54.7 -70.8 -293.2 -10.6 252.5 205.6 30.8 33.8 520.4 261.7 194.0 38

39 Budget agency securities 2.0 -0.2 -1.0 -0.5 0.5 -0.4 -0.7 -1.8 1.8 1.6 0.4 39

40 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Trade payables -8.0 -0.3 4.4 -7.9 -12.6 -1.1 -7.3 -2.5 -7.6 2.5 -42.6 41

42 Insurance and pension reserves (3) 42.5 42.5 22.3 62.2 36.1 41.0 50.3 31.7 33.5 32.9 46.3 42

43 Miscellaneous liabilities -7.1 -2.9 2.0 -7.8 -0.4 -21.4 -14.7 8.7 7.9 -25.0 6.6 43

44 Discrepancy 22.7 -4.3 -2.5 43.0 12.4 4.2 32.2 87.5 223.6 -143.9 -117.7 44

 Memo:

45 Change in cash balance (4) -12.8 59.4 -55.1 50.9 -1.6 28.3 34.9 -144.3 81.0 118.3 -61.6 45

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

(2) Table F.9, line 2.

(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, March 6, 2003

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1450.7 1582.2 1880.3 1727.8 1780.1 1658.6 1603.9 1663.8 1791.3 1821.5 1843.6 1

 2 U.S. imports 1116.7 1239.2 1466.6 1383.0 1438.3 1318.4 1315.6 1337.5 1443.7 1471.5 1500.3 2

 3 U.S. income payments to rest of world 289.6 294.1 360.0 295.0 286.1 290.5 233.7 262.8 296.1 298.2 287.3 3

 4 Net transfers to rest of world 44.5 48.9 53.7 49.8 55.7 49.7 54.6 63.5 51.5 51.8 56.0 4

 5 Foreign outlays to U.S. 1251.1 1306.2 1484.6 1351.1 1295.1 1307.8 1240.1 1242.2 1294.1 1325.9 1318.3 5

 6 U.S. exports 964.9 989.4 1101.2 1034.2 1015.8 1005.8 971.1 977.5 1018.1 1038.6 1028.9 6

 7 U.S. income receipts from rest of world 286.1 316.8 383.4 316.9 279.4 302.0 269.0 264.7 276.0 287.3 289.4 7

 8 Net capital transfers (1) -0.7 3.4 -0.8 -0.8 -0.8 -0.8 -0.8 -0.7 -0.8 -0.8 -0.8 8

 9 Gross saving and net capital transfers (2) 199.0 279.4 394.9 375.9 484.1 350.0 363.0 420.9 496.4 494.8 524.5 9

10 Net financial investment 64.5 261.6 410.3 382.7 459.7 172.3 603.7 351.1 293.7 690.6 503.2 10

11 Net acquisition of financial assets 393.4 710.8 932.1 630.9 655.8 341.9 575.8 375.7 531.2 1021.4 694.9 11

12 Gold and SDRs (3) -0.1 0.0 -0.7 -0.6 -0.8 -0.6 -0.6 -0.5 -0.4 -1.9 -0.5 12

13 Net interbank assets -27.1 -5.7 20.8 -49.3 -6.2 -27.3 44.1 -39.7 -162.1 38.3 138.5 13

14 U.S. checkable deposits and currency 14.8 39.9 -8.4 24.2 23.2 44.5 33.2 29.5 21.2 -0.1 42.0 14

15 U.S. time deposits 13.0 15.0 1.9 -17.3 9.1 -13.3 -8.7 6.3 26.3 -1.5 5.1 15

16 Security RPs -18.8 8.0 11.4 59.4 34.0 -61.6 158.5 -90.3 125.8 182.2 -81.6 16

17 Credit market instruments 172.5 139.7 225.9 320.6 416.9 269.2 432.5 171.8 542.6 450.0 503.0 17

18 Open market paper 37.6 -13.0 9.5 6.2 14.6 -3.4 24.8 19.4 44.6 -18.8 13.2 18

19 U.S. government securities 29.7 31.1 50.1 110.3 225.3 77.9 318.5 8.6 195.7 355.6 341.3 19

20 Official -3.6 32.5 30.7 31.7 79.9 62.4 97.6 26.9 87.0 49.2 156.7 20

21 Treasury -9.9 12.2 -10.2 10.7 45.0 63.2 67.0 -2.3 60.8 5.7 115.8 21

22 Agency 6.3 20.4 40.9 20.9 35.0 -0.9 30.5 29.2 26.2 43.5 41.0 22

23 Private 33.3 -1.4 19.5 78.6 145.3 15.5 220.9 -18.3 108.7 306.3 184.5 23

24 Treasury 28.6 -44.5 -77.0 -7.7 54.3 -61.9 108.9 -29.1 -20.5 218.8 47.9 24

25 Agency 4.7 43.1 96.4 86.3 91.1 77.4 112.0 10.9 129.2 87.6 136.7 25

26 U.S. corporate bonds (4) 106.1 144.4 168.4 205.7 166.9 135.0 159.4 181.6 248.3 73.3 164.2 26

27 Loans to U.S. corporate business -1.0 -22.7 -2.2 -1.6 10.1 59.8 -70.2 -37.8 54.0 39.9 -15.7 27

28 U.S. corporate equities 42.0 112.3 193.5 121.4 54.4 54.8 132.6 94.8 43.7 29.0 50.0 28

29 Trade receivables -6.5 -5.0 -0.5 -2.7 3.9 -0.0 -3.4 8.1 -0.2 3.5 4.3 29

30 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Miscellaneous assets 203.8 406.6 488.1 175.2 121.5 76.3 -212.6 195.6 -65.8 321.9 34.2 31

32 Foreign direct investment in U.S. (5) 179.0 289.5 307.7 130.8 46.0 56.8 87.6 64.9 -10.8 44.1 85.9 32

33 Other 24.7 117.1 180.4 44.4 75.4 19.4 -300.2 130.7 -55.0 277.7 -51.7 33

34 Net increase in liabilities 328.9 449.2 521.8 248.2 196.1 169.6 -27.8 24.6 237.5 330.8 191.7 34

 U.S. official foreign exchange

35 and net IMF position 6.6 -8.7 -0.4 4.3 9.9 13.7 0.2 -3.0 12.9 24.6 4.9 35

36 U.S. private deposits 6.5 61.0 135.1 28.0 46.2 41.5 17.9 -59.1 53.3 68.7 122.1 36

37 Credit market instruments 43.2 25.2 65.7 -37.4 22.5 -106.7 16.0 77.3 15.1 -32.1 29.6 37

38 Commercial paper 7.8 16.3 31.7 -14.2 36.1 -25.2 5.9 66.8 36.5 3.9 37.3 38

39 Bonds 34.9 14.1 23.9 -12.1 -16.7 -83.9 29.7 -2.3 -41.0 -22.5 -1.0 39

40 Bank loans n.e.c. 6.6 0.5 11.4 -7.3 5.4 4.2 -16.3 13.9 22.0 -11.7 -2.8 40

41 Official 0.7 0.2 0.6 0.8 0.8 3.5 0.5 -0.6 2.4 1.0 0.2 41

42 Banks -0.7 -3.2 3.4 -7.4 -0.8 1.1 -14.1 0.9 14.2 -7.4 -10.8 42

43 Other 6.6 3.5 7.4 -0.7 5.4 -0.3 -2.7 13.6 5.4 -5.3 7.8 43

44 U.S. government loans -1.0 -4.8 -0.6 -1.1 -2.3 -1.9 -1.8 -2.3 -1.5 -2.6 -2.7 44

45 Acceptance liabilities to banks -5.0 -0.9 -0.7 -2.6 -0.0 0.1 -1.6 1.2 -0.9 0.8 -1.3 45

46 Foreign corporate equities (6) 101.3 114.3 103.6 106.8 18.9 43.5 74.7 -5.9 79.7 -50.6 52.7 46

47 Trade payables -3.9 4.2 0.8 -2.2 -8.1 -31.7 15.2 -10.3 -9.4 -9.4 -3.2 47

48 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Miscellaneous liabilities 175.2 253.3 217.0 148.8 106.7 209.3 -151.8 25.5 85.9 329.7 -14.4 49

50 U.S. equity in IBRD, etc. 1.6 1.5 1.5 1.7 1.7 1.4 1.3 1.8 1.5 1.5 2.0 50

51 U.S. government deposits -0.1 0.6 0.0 -0.1 0.2 0.1 -0.1 0.0 -0.2 0.5 0.3 51

52 U.S. direct investment abroad (4,5) 142.6 188.9 178.3 127.8 115.0 166.9 109.9 117.1 137.0 109.9 96.2 52

53 Other 31.1 62.3 37.2 19.3 -10.2 40.8 -262.9 -93.4 -52.4 217.9 -112.9 53

54 Discrepancy (FOF basis) (7) 134.5 17.8 -15.4 -6.8 24.5 177.8 -240.6 69.7 202.7 -195.8 21.2 54

 Memo:

55 Net U.S. exports, NIPA basis -151.7 -249.9 -365.5 -348.9 -422.5 -312.6 -344.5 -360.0 -425.6 -432.9 -471.4 55

56 + Net U.S. income receipts (8) -3.5 22.7 23.4 22.0 -6.7 11.5 35.3 1.9 -20.1 -10.9 2.1 56

57 - Net transfer payments to foreign 44.5 48.9 53.7 49.8 55.7 49.7 54.6 63.5 51.5 51.8 56.0 57

 = Net foreign investment in U.S.

58 (NIPA basis) -199.7 -276.0 -395.7 -376.7 -484.9 -350.8 -363.8 -421.6 -497.2 -495.6 -525.3 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

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

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 6, 2003 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -2.1 0.3 4.6 0.6 0.9 0.6 0.5 0.8 0.8 0.9 1.0 1

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

 3 Net acquisition of financial assets 32.8 130.0 -60.9 47.0 70.7 98.7 -14.1 95.0 108.1 1.4 78.3 3

 4 Gold and foreign exchange 0.8 -1.6 0.9 0.3 1.9 0.3 0.3 -0.2 3.1 3.4 1.4 4

 5 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 0.7 1.7 3.6 1.4 1.6 1.4 0.0 2.5 1.5 1.3 1.1 6

 7 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 2.1 -1.8 1.0 2.5 0.1 7

 8 Fed. Res. loans to domestic banks -2.0 0.2 -0.1 -0.1 0.0 -0.2 -0.2 -0.1 0.7 -0.0 -0.5 8

 9 Security RPs 6.5 110.3 -97.3 6.9 -10.8 85.0 -97.3 10.0 55.2 -65.9 -42.3 9

10 Credit market instruments 21.1 25.7 33.7 39.9 77.7 8.4 85.1 81.6 43.4 67.3 118.7 10

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

12 U.S. government securities 21.1 25.7 33.7 39.9 77.7 8.4 85.1 81.6 43.4 67.3 118.7 12

13 Treasury 21.4 25.8 33.7 40.0 77.7 8.4 85.1 81.6 43.4 67.3 118.7 13

14 Agency -0.3 -0.2 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets 4.9 -1.3 1.1 -0.4 -0.2 4.5 -4.1 3.0 3.3 -7.1 -0.1 16

17 Net increase in liabilities 32.1 129.6 -61.3 46.5 69.6 97.4 -12.7 91.9 102.4 3.3 80.9 17

18 Depository institution reserves -4.5 -2.3 -5.0 -1.6 5.1 19.5 -36.2 33.3 -2.3 -3.6 -7.2 18

19 Vault cash of commercial banks -2.9 24.5 -22.2 2.9 0.5 0.3 9.1 -18.7 7.7 8.5 4.4 19

20 Checkable deposits and currency 38.3 108.7 -35.3 48.0 41.5 82.3 19.8 84.8 72.5 3.4 5.2 20

21 Due to federal government 0.5 22.3 -22.9 1.5 -2.3 20.8 -8.6 -1.9 -4.1 7.1 -10.2 21

22 Due to rest of the world -0.3 -0.1 0.1 -0.2 0.0 2.0 -2.2 0.7 -0.6 0.3 -0.2 22

23 Currency outside banks 38.0 86.4 -12.5 46.7 43.7 59.5 30.6 86.0 77.2 -3.9 15.6 23

24 Miscellaneous liabilities 1.3 -1.3 1.1 -2.8 22.6 -4.8 -5.4 -7.5 24.5 -5.2 78.4 24

25 Federal Reserve Bank stock 0.5 0.5 0.6 0.4 1.0 0.5 0.4 1.1 2.7 -0.3 0.5 25

26 Other 0.8 -1.8 0.6 -3.2 21.5 -5.3 -5.9 -8.6 21.7 -4.9 78.0 26

27 Discrepancy -3.1 -0.7 3.8 -0.3 -0.5 -1.1 1.5 -2.6 -5.2 2.5 3.3 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, March 6, 2003

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 29.9 44.0 55.5 54.3 66.6 53.8 60.1 64.0 70.6 66.7 64.9 1

 2 Fixed nonresidential investment 29.0 28.9 27.2 25.3 23.8 25.0 24.3 23.9 23.7 23.6 23.8 2

 3 Net acquisition of financial assets 419.1 345.7 475.5 351.9 502.5 456.0 428.5 129.3 569.3 702.6 609.0 3

 4 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.3 9.1 -18.7 7.7 8.5 4.4 4

 5 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 4.4 17.9 -34.5 33.5 -2.8 -4.9 -8.3 5

 6 Checkable deposits and currency 0.6 0.3 -0.5 1.1 -0.2 3.2 1.0 -4.3 4.2 -0.1 -0.4 6

 7 Total bank credit 336.1 301.5 411.9 216.0 413.1 269.8 353.1 122.0 438.6 628.5 463.3 7

 8 U.S. government securities 36.0 51.2 -22.1 33.7 182.1 158.1 118.5 110.9 279.4 169.9 168.3 8

 9 Treasury -56.0 14.8 -44.4 -21.9 43.0 16.1 -48.4 -12.6 85.2 37.9 61.4 9

10 Agency 92.0 36.4 22.3 55.6 139.2 142.0 166.9 123.5 194.2 132.1 106.9 10

11 Municipal securities 8.2 5.9 3.4 6.1 1.5 5.5 7.1 -3.2 -1.1 9.2 1.1 11

12 Corporate and foreign bonds 37.8 39.6 58.1 97.8 3.7 74.9 144.3 -10.9 -59.8 40.6 44.7 12

13 Total loans 253.2 200.5 369.7 70.5 224.7 21.7 70.5 26.6 226.4 415.5 230.5 13

14 Open market paper -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Bank loans n.e.c. 145.0 69.0 112.8 -76.2 -75.8 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 15

16 Mortgages 91.7 158.4 164.6 129.8 269.3 71.3 185.8 74.3 272.4 373.2 357.0 16

17 Consumer credit -3.6 -9.2 41.7 17.0 28.9 -16.6 23.7 21.2 31.1 85.8 -22.3 17

18 Security credit 20.3 -18.0 50.4 0.0 2.4 -14.5 24.9 -65.9 61.9 10.9 2.7 18

19 Corporate equities 1.3 2.0 0.3 0.2 -0.6 5.8 -3.1 -3.9 0.2 -0.2 1.4 19

20 Mutual fund shares -0.4 2.3 2.5 7.8 1.7 3.7 15.9 2.4 -6.3 -6.6 17.3 20

21 Customers’ liab. on acceptances (2) -9.3 -3.1 -0.7 -2.9 0.3 -6.9 -0.8 -0.4 1.3 -0.4 0.7 21

22 Miscellaneous assets 99.1 27.6 89.0 137.0 84.5 171.8 100.6 -2.8 120.2 71.0 149.4 22

23 Net increase in liabilities 444.5 286.6 573.5 351.4 499.9 654.3 310.1 -86.7 630.6 752.8 703.0 23

24 Net interbank liabilities -24.4 -7.2 42.3 -33.1 0.8 -20.9 68.6 -1.7 -170.0 54.0 121.0 24

25 To monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.9 1.9 -1.9 1.6 2.5 -0.5 25

26 To domestic banks (3) 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 26

27 To foreign banks -27.1 -5.7 20.8 -49.3 -6.2 -27.3 44.1 -39.7 -162.1 38.3 138.5 27

28 Checkable deposits -33.5 3.4 -85.5 102.2 -54.6 81.1 209.5 -327.2 42.8 158.6 -92.6 28

29 Federal government -14.6 36.4 -33.2 45.3 -16.4 0.3 48.0 -161.2 106.7 77.0 -88.1 29

30 Rest of the world -1.5 13.4 -9.7 0.5 1.6 9.7 -6.5 10.7 -6.9 -10.6 13.2 30

31 Private domestic -17.4 -46.4 -42.6 56.3 -39.8 71.2 168.0 -176.7 -57.0 92.2 -17.7 31

32 Small time and savings deposits 183.7 72.0 211.6 249.4 272.8 213.8 333.9 225.1 255.6 343.0 267.8 32

33 Large time deposits 72.1 119.6 92.8 32.7 2.6 -36.2 64.3 209.5 19.4 -47.5 -170.8 33

34 Federal funds and security RPs (net) 87.0 110.8 66.1 -42.3 115.5 0.9 -31.9 -74.6 186.0 151.4 199.3 34

35 Credit market instruments 72.9 67.2 60.0 52.9 48.3 39.7 44.1 24.3 13.3 62.2 93.5 35

36 Open market paper -1.5 6.1 0.6 -8.3 -2.2 -7.7 -48.4 22.2 -50.4 12.4 6.8 36

37 Corporate bonds 27.6 20.4 32.6 37.0 19.9 27.3 32.1 -21.2 35.9 14.2 50.9 37

38 Other loans and advances 46.9 40.6 26.8 24.2 30.6 20.1 60.4 23.3 27.8 35.6 35.7 38

39 Corporate equity issues -11.2 -10.2 -12.5 -8.1 -10.7 -20.7 4.3 0.3 -14.2 -22.0 -6.8 39

40 Taxes payable 1.7 1.9 2.1 2.4 2.6 2.4 2.5 2.6 2.6 2.7 2.7 40

41 Miscellaneous liabilities 96.3 -70.9 196.5 -4.7 122.4 394.2 -385.3 -144.8 295.1 50.5 288.9 41

42 Discrepancy 26.3 -44.0 126.3 28.5 40.2 227.1 -82.6 -175.8 108.2 93.3 135.1 42

 Memo:

43 Credit market funds advanced (4) 305.6 312.2 357.9 205.2 410.0 267.9 314.6 188.9 384.3 624.0 442.6 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, March 6, 2003 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -11.1 -14.0 -0.1 -10.9 -12.1 -6.1 -15.2 -33.6 -7.3 -9.5 2.0 1

 2 Fixed nonresidential investment 23.0 22.5 20.8 18.9 17.7 18.6 18.1 17.8 17.6 17.6 17.8 2

 3 Net acquisition of financial assets 303.5 342.3 332.3 229.7 388.2 366.1 233.1 96.1 412.8 615.7 428.1 3

 4 Vault cash and reserves at Federal Reserve -5.7 18.9 -23.1 0.6 4.2 17.5 -25.4 15.1 3.3 3.8 -5.1 4

 5 Total bank credit 329.5 316.6 350.2 209.0 391.7 292.9 246.4 162.3 352.4 594.2 458.0 5

 6 U.S. government securities 39.8 27.4 -16.8 42.3 149.8 132.8 140.7 122.2 209.3 110.7 156.9 6

 7 Treasury -42.0 -2.0 -35.0 -31.4 29.9 -10.7 -29.8 22.9 40.3 2.3 54.2 7

 8 Agency 81.7 29.4 18.2 73.7 119.9 143.5 170.5 99.4 169.0 108.4 102.7 8

 9 Mortgage pool securities 53.8 -17.8 14.1 52.8 84.0 90.1 18.2 36.9 223.2 62.7 13.1 9

10 Agency-issued CMOs 8.9 5.0 -9.8 57.2 -10.2 70.1 137.0 -7.4 -83.2 43.1 6.7 10

11 Other agency securities 19.1 42.2 13.9 -36.2 46.0 -16.7 15.3 69.8 29.0 2.5 82.9 11

12 Municipal securities 8.2 5.8 3.2 6.3 1.5 5.6 6.6 -3.1 -1.1 9.1 1.1 12

13 Corporate and foreign bonds 32.4 43.6 52.2 64.5 6.0 66.5 78.8 12.5 -56.3 28.2 39.8 13

14 Private mortgage pool securities 0.9 0.6 -0.4 21.2 -13.3 -2.6 69.3 -25.2 -20.8 -7.1 -0.1 14

15 Privately issued CMOs 20.3 6.0 7.7 2.8 9.1 -1.8 21.7 5.6 -14.7 37.1 8.5 15

16 Other bonds 11.2 37.0 44.9 40.5 10.2 70.9 -12.2 32.1 -20.8 -1.8 31.5 16

17 Total loans 248.2 235.5 308.7 88.0 233.4 78.4 7.5 32.1 206.7 453.0 241.6 17

18 Open market paper -0.1 -0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Bank loans n.e.c. 144.1 92.4 98.1 -62.0 -58.5 -5.6 -154.4 -56.2 -110.8 -0.7 -66.4 19

20 Mortgages 95.9 161.1 161.6 125.8 265.6 65.3 181.0 72.0 269.7 367.8 353.1 20

21 Consumer credit -3.6 -9.2 41.7 17.0 28.9 -16.6 23.7 21.2 31.1 85.8 -22.3 21

22 Security credit 11.9 -8.8 7.1 7.2 -2.7 35.3 -42.9 -4.9 16.8 0.2 -22.9 22

23 Corporate equities 1.3 2.0 0.3 0.2 -0.6 5.8 -3.1 -3.9 0.2 -0.2 1.4 23

24 Mutual fund shares -0.4 2.3 2.5 7.8 1.7 3.7 15.9 2.4 -6.3 -6.6 17.3 24

25 Customers’ liab. on acceptances (1) -4.6 -2.5 -0.7 -2.3 0.3 -5.6 -1.4 -0.3 1.9 -0.8 0.6 25

26 Miscellaneous assets -15.8 9.2 5.9 22.4 -8.1 61.4 13.6 -80.9 55.2 18.6 -25.5 26

27 Net increase in liabilities 360.5 329.8 473.7 280.3 449.4 610.7 174.3 -37.4 537.1 727.9 569.9 27

28 Net interbank liabilities 20.4 33.7 76.9 -1.6 31.8 -58.5 103.3 -31.2 -0.1 -9.9 168.5 28

29 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 2.1 -1.8 1.0 2.5 0.1 29

30 Borrowing from Federal Reserve banks -2.0 0.2 -0.1 -0.1 0.0 -0.2 -0.2 -0.1 0.7 -0.0 -0.5 30

31 To domestic banking -2.5 -14.3 30.5 16.5 22.6 37.5 -14.9 77.3 -6.8 17.4 2.3 31

32 To foreign banks 24.0 49.7 45.4 -17.0 8.8 -95.0 116.4 -106.7 5.1 -29.8 166.6 32

33 Checkable deposits -34.5 2.9 -85.0 98.7 -55.3 79.4 196.1 -322.0 37.2 162.7 -99.1 33

34 Federal government -14.6 36.4 -33.2 45.3 -16.4 0.3 48.0 -161.2 106.7 77.0 -88.1 34

35 Rest of the world -1.2 12.8 -9.3 2.9 2.0 10.1 -8.5 12.6 -3.9 -10.6 9.8 35

36 Private domestic -18.7 -46.4 -42.5 50.5 -40.9 69.0 156.5 -173.4 -65.5 96.3 -20.8 36

37 Small time and savings deposits 186.4 73.0 210.6 240.4 273.1 228.8 311.5 235.6 247.2 349.0 260.7 37

38 Large time deposits 34.8 61.6 87.9 -25.2 24.6 -6.1 -125.2 22.3 10.7 87.3 -22.1 38

39 Federal funds and security RPs (net) 66.8 128.5 15.4 -31.2 73.6 12.6 -79.9 21.8 104.8 55.3 112.3 39

40 Acceptance liabilities -4.6 -2.5 -0.6 -2.3 0.3 -5.3 -1.6 -0.7 1.9 -0.7 0.6 40

41 Corporate bonds 10.5 3.7 10.6 8.3 -0.6 11.4 11.4 -9.3 3.0 -3.9 7.9 41

42 Other loans and advances 46.9 40.6 26.8 24.2 30.6 20.1 60.4 23.3 27.8 35.6 35.7 42

43 Corporate equity issues 3.8 3.6 4.0 7.2 4.7 1.9 18.3 4.9 7.9 3.6 2.4 43

44 Taxes payable 1.7 1.9 2.1 2.4 2.6 2.4 2.5 2.6 2.6 2.7 2.7 44

45 Miscellaneous liabilities 28.3 -17.2 124.9 -40.5 64.0 324.0 -322.5 15.4 94.0 46.3 100.2 45

46 Investment by bank holding companies 55.3 2.9 53.6 60.7 52.5 102.4 33.2 30.7 64.2 82.2 32.7 46

47 Other -27.0 -20.1 71.3 -101.2 11.5 221.6 -355.8 -15.3 29.8 -35.9 67.5 47

48 Discrepancy 23.0 -48.9 120.5 20.9 31.4 219.8 -92.1 -184.8 99.4 85.1 126.1 48

 Memo:

49 Credit market funds advanced (2) 312.1 318.6 339.5 191.6 393.7 242.5 275.0 168.2 343.8 599.9 462.8 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, March 6, 2003

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.6 7.8 9.0 10.2 10.7 10.6 10.2 10.4 10.7 10.8 10.8 1

 2 Fixed nonresidential investment 5.5 5.9 6.0 6.0 5.7 5.9 5.8 5.7 5.6 5.6 5.7 2

 3 Net acquisition of financial assets -4.8 -55.5 38.4 4.8 23.2 -61.4 179.4 -41.3 78.2 -5.5 61.6 3

 4 Reserves at Federal Reserve -1.9 0.4 -1.0 0.2 0.6 0.7 -0.0 -0.3 1.7 -0.2 1.2 4

 5 Total bank credit 1.5 -25.7 67.2 -7.2 11.7 -27.4 59.3 -58.9 79.4 32.0 -5.9 5

 6 U.S. government securities -5.0 14.6 -0.1 -12.2 23.7 23.1 -41.4 -35.1 60.9 62.0 7.1 6

 7 Treasury -10.3 9.7 -0.5 9.8 12.9 25.6 -19.1 -39.1 46.6 37.0 6.8 7

 8 Agency 5.2 4.9 0.4 -22.0 10.9 -2.5 -22.4 4.0 14.3 24.9 0.3 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 5.6 -4.6 8.3 30.6 0.3 8.3 55.6 -17.9 0.7 11.7 6.7 10

11 Total loans 1.0 -35.7 59.0 -25.6 -12.3 -58.7 45.1 -5.8 17.7 -41.6 -19.7 11

12 Open market paper -0.1 0.4 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. -1.7 -22.4 14.6 -19.1 -18.5 -13.4 -22.5 53.7 -28.7 -53.9 -45.1 13

14 Mortgages -5.7 -4.5 1.2 0.7 1.1 4.6 -0.1 1.5 1.4 1.7 -0.1 14

15 Security credit 8.4 -9.3 43.2 -7.2 5.1 -49.9 67.8 -61.1 45.1 10.7 25.5 15

16 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Customers’ liab. on acceptances (2) -4.7 -0.6 -0.0 -0.6 -0.1 -1.4 0.6 -0.1 -0.6 0.4 0.1 17

18 Miscellaneous assets 0.3 -29.7 -27.7 12.4 11.0 -33.3 119.5 17.8 -2.2 -37.8 66.2 18

19 Net increase in liabilities -2.0 -52.4 42.0 8.7 27.6 -57.3 183.6 -37.1 82.6 -1.1 66.2 19

20 Net interbank liabilities -55.0 -45.0 -40.8 -16.2 -25.7 6.3 -13.3 24.9 -171.1 59.2 -15.7 20

21 To foreign banks -51.7 -51.2 -57.1 -35.5 -15.7 31.6 -54.5 18.0 -154.9 49.6 24.4 21

22 To domestic banks -3.3 6.2 16.2 19.2 -10.0 -25.3 41.2 6.9 -16.2 9.7 -40.1 22

23 Checkable deposits -0.2 0.6 -0.4 0.4 -0.7 1.7 2.4 -4.0 -2.6 0.3 3.6 23

24 Small time and savings deposits -3.7 -1.8 -0.4 4.5 -2.3 -17.5 10.4 -12.7 5.1 -5.8 4.4 24

25 Large time deposits 36.3 57.2 3.4 53.3 -23.9 -32.5 177.5 184.9 5.3 -134.5 -151.4 25

26 Federal funds and security RPs (net) 19.7 -17.9 52.3 -11.0 39.6 -12.5 56.6 -105.2 81.1 95.1 87.4 26

27 Acceptance liabilities -4.8 -0.4 -0.0 -0.9 -0.2 -1.3 0.5 -0.5 -0.2 0.5 -0.6 27

28 Miscellaneous liabilities 5.8 -45.0 27.9 -21.3 40.8 -1.5 -50.5 -124.4 165.0 -15.9 138.5 28

29 Foreign direct investment in U.S. 5.5 19.4 9.7 8.4 -4.8 3.8 9.4 0.8 -12.9 -1.1 -6.1 29

30 Due to affiliates 11.8 2.5 45.6 -30.8 24.7 -94.9 -22.6 -18.8 84.5 -11.2 44.2 30

31 Other -11.4 -66.9 -27.5 1.1 20.9 89.6 -37.3 -106.4 93.4 -3.6 100.4 31

32 Discrepancy 3.9 5.0 6.6 8.1 9.4 8.7 8.6 9.0 9.4 9.6 9.7 32

 Memo:

33 Credit market funds advanced (3) -11.6 -17.0 23.9 -0.6 6.6 21.1 -7.8 2.1 33.7 21.8 -31.3 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).
Z.1, March 6, 2003 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 34.2 49.9 46.5 54.8 67.8 49.1 64.9 86.9 67.0 65.2 51.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 110.6 55.2 100.7 100.5 82.8 140.8 -36.1 68.3 66.9 89.6 106.4 3

 4 Credit market instruments -0.9 6.2 -12.2 4.2 3.1 -1.4 13.6 12.0 1.9 -1.6 0.2 4

 5 U.S. government securities -1.9 6.6 -8.5 1.8 4.6 -0.6 6.3 16.3 6.9 -3.6 -1.1 5

 6 Treasury -3.1 7.9 -7.9 0.4 0.1 -0.3 1.4 0.3 1.8 -1.3 -0.5 6

 7 Agency 1.1 -1.3 -0.5 1.4 4.5 -0.3 4.8 16.0 5.0 -2.3 -0.7 7

 8 Corporate and foreign bonds -0.7 1.2 -2.8 2.1 -2.4 -0.7 10.1 -4.9 -4.9 1.8 -1.7 8

 9 Bank loans n.e.c. 1.7 -1.6 -0.9 0.3 0.9 -0.1 -2.8 0.6 -0.0 0.2 3.0 9

10 Miscellaneous assets 111.6 49.0 112.9 96.4 79.7 142.2 -49.7 56.3 65.0 91.2 106.3 10

11 Investment in bank subsidiaries 55.3 2.9 53.6 60.7 52.5 102.4 33.2 30.7 64.2 82.2 32.7 11

12 Investment in nonbank subsidiaries 44.1 17.3 38.4 29.8 -0.2 17.5 -87.4 13.7 -18.2 -37.4 41.2 12

13 Other 12.1 28.9 20.9 5.9 27.4 22.4 4.5 11.8 19.0 46.4 32.4 13

14 Net increase in liabilities 76.6 5.4 54.4 45.8 15.2 91.9 -100.8 -18.5 0.0 24.5 54.7 14

15 Net interbank liabilities 10.2 4.1 6.2 -15.3 -5.3 31.2 -21.4 4.6 1.2 4.7 -31.7 15

16 To domestic banks 9.6 8.2 -26.3 -18.5 -6.0 -4.8 -3.7 -44.4 13.5 -13.9 20.8 16

17 To foreign banks 0.6 -4.1 32.5 3.2 0.7 36.1 -17.7 49.0 -12.3 18.6 -52.5 17

18 Federal funds and security RPs (net) 0.5 0.1 -1.6 -0.1 2.4 0.7 -8.6 8.8 0.1 1.0 -0.4 18

19 Credit market instruments 24.9 25.8 23.2 23.6 18.2 14.9 -26.5 11.5 -19.2 30.6 49.9 19

20 Commercial paper 7.8 9.1 1.2 -5.1 -2.3 -1.0 -47.2 23.4 -52.1 12.6 6.9 20

21 Corporate bonds 17.1 16.7 22.0 28.7 20.5 15.9 20.7 -11.9 32.9 18.1 43.0 21

22 Corporate equity issues -15.0 -13.8 -16.5 -15.3 -15.4 -22.5 -14.0 -4.6 -22.1 -25.6 -9.2 22

23 Miscellaneous liabilities 56.0 -10.8 43.1 52.9 15.3 67.6 -30.3 -38.8 40.0 13.9 46.1 23

24 Equity, etc. 24.7 -38.6 10.3 -8.9 -44.4 22.6 -86.6 -49.1 -93.4 -5.8 -29.2 24

25 Other 31.2 27.8 32.8 61.8 59.7 45.0 56.3 10.3 133.4 19.7 75.4 25

26 Discrepancy -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 9.8 3.7 4.0 17.0 8.3 10.4 52.1 6.2 11.4 2.8 12.9 3

 4 Checkable deposits and currency 0.6 0.3 -0.5 1.1 -0.2 3.2 1.0 -4.3 4.2 -0.1 -0.4 4

 5 Credit market instruments 6.0 4.4 6.7 10.0 6.6 5.7 33.9 6.6 4.9 4.0 10.9 5

 6 U.S. government securities 3.2 2.6 3.3 1.8 4.0 2.9 12.9 7.5 2.3 0.9 5.5 6

 7 Treasury -0.7 -0.7 -1.0 -0.6 0.1 1.5 -1.0 3.3 -3.5 -0.2 0.8 7

 8 Agency 3.9 3.3 4.3 2.5 3.9 1.3 13.9 4.2 5.8 1.1 4.6 8

 9 Municipal securities -0.1 0.1 0.1 -0.2 0.0 -0.1 0.6 -0.1 -0.0 0.1 -0.0 9

10 Corporate and foreign bonds 0.5 -0.5 0.3 0.6 -0.3 0.9 -0.2 -0.6 0.7 -1.0 -0.1 10

11 Bank loans n.e.c. 0.9 0.5 1.1 4.5 0.3 0.6 15.7 -1.1 0.6 0.2 1.5 11

12 Home mortgages 1.1 0.6 1.0 -0.9 1.8 0.5 2.1 0.1 1.7 2.1 3.2 12

13 Commercial mortgages 0.4 1.2 0.8 4.2 0.7 0.9 2.8 0.7 -0.3 1.7 0.8 13

14 Miscellaneous assets 3.1 -1.0 -2.1 5.9 1.9 1.6 17.2 4.0 2.3 -1.1 2.4 14

15 Net increase in liabilities 9.4 3.8 3.4 16.4 7.7 9.1 53.0 6.3 10.9 1.4 12.2 15

16 Checkable deposits 1.2 0.0 -0.1 3.1 1.4 0.0 11.0 -1.2 8.2 -4.4 2.9 16

17 Small time and savings deposits 1.0 0.8 1.4 4.6 2.0 2.5 11.9 2.2 3.3 -0.2 2.6 17

18 Large time deposits 1.0 0.8 1.4 4.6 2.0 2.5 11.9 2.2 3.3 -0.2 2.6 18

19 Miscellaneous liabilities 6.3 2.2 0.7 4.2 2.3 4.2 18.0 3.0 -4.0 6.2 4.1 19

20 Discrepancy -0.4 0.1 -0.6 -0.5 -0.6 -1.3 0.9 0.1 -0.5 -1.4 -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, March 6, 2003

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 4.2 7.1 7.0 7.8 8.1 9.0 7.5 7.9 8.2 8.0 8.4 1

 2 Fixed nonresidential investment 3.9 3.9 3.6 3.3 3.1 3.2 3.2 3.1 3.1 3.1 3.1 2

 3 Net acquisition of financial assets 60.9 61.9 67.2 81.0 59.2 49.5 43.4 81.7 -49.8 131.8 73.1 3

 4 Reserves at Federal Reserve 0.1 2.8 -3.1 0.6 0.7 1.6 -1.7 -0.2 0.5 1.4 1.2 4

 5 Checkable deposits and currency 3.2 -1.0 1.6 2.0 3.7 -0.2 2.6 0.5 -0.7 4.7 10.2 5

 6 Time and savings deposits 0.5 -0.1 0.1 0.8 0.5 -0.6 -0.3 2.5 -0.3 3.3 -3.6 6

 7 Federal funds and security RPs 5.5 -4.2 4.3 12.5 -0.3 15.2 6.4 15.1 -24.9 16.1 -7.5 7

 8 Credit market instruments 36.2 67.7 56.2 42.8 35.5 -4.7 73.1 12.3 -23.5 79.7 73.4 8

 9 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities -16.0 3.4 -8.1 23.7 12.8 -10.9 69.5 59.4 -9.3 -26.1 27.3 10

11 Treasury -4.4 -0.0 -1.4 2.7 -2.2 -3.5 19.2 10.8 -5.4 -9.7 -4.5 11

12 Agency -11.6 3.4 -6.7 21.0 15.0 -7.4 50.3 48.6 -3.9 -16.4 31.7 12

13 Municipal securities 0.4 0.5 0.2 1.3 1.0 0.3 1.7 0.4 0.8 0.5 2.2 13

14 Corporate and foreign bonds 29.9 23.3 -2.5 -25.6 -4.4 -20.3 -17.0 -2.1 7.5 2.4 -25.3 14

15 Other loans and advances 5.3 6.5 8.7 3.6 3.5 -0.7 -2.8 6.3 -0.5 4.1 4.1 15

16 Mortgages 12.1 24.1 54.9 35.3 23.0 14.1 19.6 -49.8 -21.4 112.2 51.0 16

17 Consumer credit 4.4 9.9 3.0 4.5 -0.5 12.8 2.1 -1.9 -0.6 -13.4 14.0 17

18 Corporate equities 1.5 -0.7 0.4 3.2 2.0 2.3 2.7 1.1 1.8 2.1 2.9 18

19 Miscellaneous assets 13.8 -2.7 7.7 19.1 17.2 35.8 -39.4 50.3 -2.6 24.6 -3.4 19

20 Net increase in liabilities 57.7 60.8 66.3 78.3 54.1 47.7 40.3 85.0 -67.5 128.5 70.4 20

21 Deposits -2.6 6.1 27.5 46.8 67.2 51.1 2.8 115.6 23.6 75.4 54.0 21

22 Checkable 36.1 36.8 43.4 50.7 54.4 46.1 52.1 47.5 63.7 49.4 57.0 22

23 Small time and savings -54.3 -39.2 -35.8 -30.7 -31.6 -39.8 -54.5 11.0 -42.9 -49.3 -45.2 23

24 Large time 15.7 8.5 19.9 26.9 44.4 44.8 5.2 57.1 2.8 75.3 42.2 24

25 Security RPs 9.5 21.4 -6.0 5.8 -14.9 -59.8 71.2 22.9 -33.3 -35.3 -14.0 25

26 Credit market instruments 52.2 48.0 27.3 7.4 -13.8 39.4 -68.6 -33.1 -12.1 37.1 -47.1 26

27 Corporate bonds -0.2 0.2 3.5 -2.6 -0.2 -1.2 -9.7 -0.7 -2.0 -0.3 2.2 27

28 Bank loans n.e.c. 10.3 -15.7 7.4 1.5 4.2 6.9 -1.5 -0.4 4.3 6.3 6.4 28

29 Other loans and advances 42.1 63.5 16.3 8.5 -17.8 33.7 -57.4 -32.0 -14.4 31.1 -55.8 29

30 Taxes payable 0.2 0.0 0.4 -0.7 -0.3 0.1 -1.2 -0.8 -0.0 -0.3 0.1 30

31 Miscellaneous liabilities -1.5 -14.7 17.1 19.0 15.9 16.9 36.1 -19.6 -45.7 51.5 77.5 31

32 Investment by parent 0.4 0.5 0.7 0.8 0.9 0.8 0.8 0.9 0.9 0.9 0.9 32

33 Other -1.9 -15.3 16.5 18.2 15.0 16.1 35.2 -20.5 -46.6 50.6 76.6 33

34 Discrepancy -2.9 2.2 2.4 1.9 -0.1 3.9 1.2 8.1 -12.5 1.6 2.6 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 6, 2003 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.4 6.0 6.9 7.0 7.1 7.0 6.9 6.9 7.1 7.1 7.2 1

 2 Fixed nonresidential investment 2.5 2.6 2.5 2.5 2.3 2.4 2.4 2.3 2.3 2.3 2.3 2

 3 Net acquisition of financial assets 37.7 23.0 26.5 64.4 57.8 71.3 55.2 67.0 53.3 45.2 65.8 3

 4 Checkable deposits and currency 1.0 17.3 -14.2 7.6 2.2 27.6 -22.8 -2.7 4.3 -0.3 7.4 4

 5 Time and savings deposits 6.4 -6.8 0.5 8.4 3.2 4.7 26.8 -3.8 9.3 -1.6 9.0 5

 6 Federal funds and security RPs 3.4 2.4 -5.3 -1.5 -0.8 5.6 -29.6 8.7 4.2 6.4 -22.3 6

 7 Credit market instruments 18.9 27.5 28.0 41.5 44.1 61.1 60.5 58.3 41.1 39.9 37.3 7

 8 Open market paper 0.2 1.5 -0.6 1.2 1.2 -1.1 4.3 -0.3 2.1 -0.6 3.6 8

 9 U.S. government securities 4.9 -0.6 -1.8 18.8 18.1 38.2 35.0 29.4 11.7 18.7 12.5 9

10 Treasury -2.5 -3.5 -1.4 -0.8 1.0 -0.5 3.9 0.7 1.1 0.9 1.4 10

11 Agency 7.3 2.9 -0.4 19.6 17.1 38.7 31.1 28.8 10.6 17.8 11.1 11

12 Home mortgages 10.8 14.1 13.8 16.4 17.8 24.0 14.6 23.0 19.1 7.7 21.6 12

13 Consumer credit 3.0 12.5 16.5 5.1 7.0 -0.1 6.6 6.2 8.2 14.0 -0.4 13

14 Mutual fund shares 1.2 -1.1 -0.3 1.5 -0.2 -1.9 2.6 -3.0 3.9 0.0 -1.7 14

15 Miscellaneous assets 6.8 -16.4 18.0 6.9 9.3 -25.8 17.7 9.5 -9.3 0.8 36.1 15

16 Net increase in liabilities 34.7 20.8 22.0 60.8 52.8 67.6 52.1 63.9 47.3 37.2 62.8 16

17 Shares/deposits 33.6 17.7 22.4 61.1 48.8 72.6 55.4 50.1 48.0 33.9 63.2 17

18 Checkable 6.4 2.3 5.9 3.5 4.1 5.5 -3.4 23.1 -1.0 0.0 -5.8 18

19 Small time and savings 23.1 12.3 13.0 48.6 36.0 56.3 50.3 23.6 36.3 33.9 50.4 19

20 Large time 4.1 3.1 3.5 9.0 8.7 10.8 8.4 3.5 12.7 0.0 18.5 20

21 Other loans and advances 0.6 2.2 0.0 1.5 2.0 1.5 4.4 2.4 2.0 3.1 0.4 21

22 Miscellaneous liabilities 0.5 0.9 -0.4 -1.8 2.0 -6.5 -7.7 11.4 -2.7 0.2 -0.8 22

23 Discrepancy -0.1 1.1 -0.2 0.9 -0.3 0.9 1.4 1.6 -1.2 -3.2 1.8 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -45.8 -9.8 55.0 -63.5 -3.7 -61.3 -61.4 -4.0 -4.0 -4.1 -2.9 1

 2 Deposits 6.2 8.4 7.0 -4.6 0.1 -4.6 -4.6 0.1 0.1 0.1 0.1 2

 3 Checkable deposits and currency -0.5 -0.1 -0.1 0.5 -0.7 0.5 0.5 -0.7 -0.7 -0.7 -0.7 3

 4 Time and savings deposits -2.1 0.9 0.2 2.7 -0.6 2.7 2.7 -0.6 -0.6 -0.6 -0.6 4

 5 Money market fund shares 8.8 7.5 6.9 -7.9 1.3 -7.9 -7.9 1.3 1.3 1.3 1.3 5

 6 Credit market instruments -12.8 27.8 0.8 -28.1 0.9 -28.0 -28.1 1.0 0.9 0.8 0.8 6

 7 Open market paper -4.5 0.6 -2.4 -3.1 -0.2 -3.1 -3.1 -0.2 -0.2 -0.2 -0.2 7

 8 U.S. government securities -4.4 5.7 -0.7 -15.1 -1.3 -15.1 -15.1 -1.3 -1.3 -1.3 -1.3 8

 9 Treasury -3.1 -0.0 -1.0 -4.8 -0.4 -4.8 -4.8 -0.4 -0.4 -0.4 -0.4 9

10 Agency -1.4 5.7 0.3 -10.3 -0.9 -10.3 -10.3 -0.9 -0.9 -0.9 -0.9 10

11 Municipal securities -1.1 10.8 -1.2 -3.5 5.3 -3.5 -3.5 5.3 5.3 5.3 5.3 11

12 Corporate and foreign bonds -2.6 11.3 5.0 -6.6 -2.7 -6.6 -6.6 -2.7 -2.7 -2.7 -2.7 12

13 Mortgages -0.2 -0.6 0.1 0.2 -0.2 0.3 0.2 -0.2 -0.2 -0.3 -0.3 13

14 Corporate equities -74.3 -28.8 -2.5 -32.5 -1.7 -32.4 -31.8 -2.0 -2.0 -2.0 -0.8 14

15 Mutual fund shares 26.6 -14.7 48.5 -6.1 -0.4 -4.0 -4.6 -0.4 -0.4 -0.4 -0.4 15

16 Miscellaneous assets 8.4 -2.5 1.2 7.7 -2.6 7.7 7.7 -2.6 -2.6 -2.6 -2.6 16

17 Net increase in liabilities (2) -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 17

18 Discrepancy -0.2 1.7 1.6 3.7 1.4 4.0 3.7 0.3 1.6 2.0 1.6 18

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, March 6, 2003

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -7.5 -2.4 -3.8 -3.2 -2.5 -9.7 -2.2 -2.4 -2.4 -2.5 -2.6 1

 2 Fixed nonresidential investment 11.8 12.1 13.2 13.3 12.6 13.1 12.8 12.6 12.5 12.5 12.6 2

 3 Net acquisition of financial assets 187.0 169.3 203.5 250.6 303.7 288.2 142.4 338.5 259.0 379.1 238.4 3

 4 Checkable deposits and currency -2.7 0.0 -0.5 31.9 7.2 22.5 27.8 -7.1 -1.9 36.3 1.3 4

 5 Money market fund shares 17.6 23.4 8.5 43.0 -21.5 23.9 50.3 -48.1 10.5 -55.8 7.4 5

 6 Credit market instruments 76.9 53.5 57.9 130.9 214.9 186.9 81.3 260.6 175.1 267.6 156.1 6

 7 Open market paper 7.5 2.0 -4.5 -11.9 23.5 13.4 -23.5 39.3 13.5 30.0 11.1 7

 8 U.S. government securities -23.7 -2.3 6.3 13.7 38.2 17.9 5.9 40.8 22.3 78.9 11.1 8

 9 Treasury -14.1 -9.3 -4.6 -4.4 8.1 -3.9 -6.1 5.1 4.3 20.2 2.9 9

10 Agency -9.6 7.0 11.0 18.1 30.1 21.8 12.0 35.6 18.0 58.7 8.2 10

11 Municipal securities 1.7 1.7 -1.0 -0.4 2.9 -0.1 -1.0 6.3 2.3 2.7 0.4 11

12 Corporate and foreign bonds 84.5 41.5 49.0 120.2 143.9 142.2 86.0 172.1 130.7 151.3 121.4 12

13 Policy loans 0.1 -5.0 2.9 2.2 2.0 5.4 -1.1 1.1 -0.2 1.9 5.4 13

14 Mortgages 6.8 15.7 5.2 7.1 4.3 8.0 15.1 1.1 6.5 2.9 6.7 14

15 Corporate equities 115.3 111.9 105.9 70.3 56.0 71.0 52.6 52.8 41.6 71.4 58.0 15

16 Mutual fund shares -23.4 15.0 11.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 16

17 Miscellaneous assets 3.5 -34.6 20.7 -27.5 45.3 -18.1 -71.8 78.3 31.7 57.6 13.7 17

18 Net increase in liabilities 173.1 152.9 195.1 248.5 296.9 291.3 216.6 310.5 265.1 366.4 245.6 18

19 Corporate equity issues -4.7 -6.0 -0.8 -0.9 -7.8 -10.9 19.2 -7.4 -9.2 -9.2 -5.6 19

20 Other loans and advances 0.7 0.7 -0.7 0.6 2.0 3.5 1.4 2.4 1.2 2.0 2.5 20

21 Life insurance reserves 46.7 49.4 48.7 75.8 99.3 74.7 117.1 94.1 88.2 119.8 94.9 21

22 Pension fund reserves (1) 122.6 91.8 142.6 138.5 131.5 137.3 81.4 85.3 119.6 195.7 125.3 22

23 Taxes payable 1.2 1.3 1.6 2.0 2.4 2.0 2.1 2.2 2.3 2.4 2.5 23

24 Miscellaneous liabilities 6.6 15.7 3.6 32.4 69.6 84.7 -4.6 133.9 62.8 55.7 26.0 24

25 Discrepancy -33.3 -30.9 -25.4 -18.6 -21.9 -19.7 59.4 -43.0 -8.8 -27.6 -8.0 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 3.5 3.2 8.1 -4.5 6.0 -19.9 6.7 6.6 4.9 6.5 6.1 1

 2 Fixed nonresidential investment 10.5 12.2 11.7 9.2 8.8 9.0 8.9 8.8 8.8 8.9 9.0 2

 3 Net acquisition of financial assets 16.5 -9.0 8.9 16.6 68.2 52.6 -10.3 64.7 65.7 99.0 43.5 3

 4 Checkable deposits and currency -0.2 0.2 -0.6 9.4 12.8 7.5 -2.2 15.5 1.0 33.5 1.3 4

 5 Security RPs 7.4 -14.4 10.0 -8.1 8.4 20.0 -5.8 -7.8 1.7 37.9 2.0 5

 6 Credit market instruments 5.8 -3.0 -8.7 9.0 30.5 5.1 28.5 36.7 35.4 21.7 28.2 6

 7 U.S. government securities -21.9 -3.9 0.0 10.1 9.2 16.7 15.5 12.3 10.0 6.6 8.0 7

 8 Treasury -20.8 -9.7 -8.6 -0.0 3.6 -1.3 1.9 5.4 3.6 2.4 2.9 8

 9 Agency -1.2 5.9 8.6 10.1 5.6 18.0 13.6 6.9 6.4 4.1 5.1 9

10 Municipal securities 16.5 -9.1 -14.9 -10.3 9.6 -24.8 -3.9 10.7 11.6 6.8 9.4 10

11 Corporate and foreign bonds 11.6 10.0 6.4 8.9 11.6 13.1 16.2 13.7 13.8 8.3 10.7 11

12 Commercial mortgages -0.3 -0.0 -0.3 0.2 0.0 0.1 0.7 0.0 0.1 0.0 0.1 12

13 Corporate equities -5.0 -1.7 0.7 -0.3 1.2 7.0 -17.2 -0.4 4.6 0.6 0.2 13

14 Trade receivables 1.6 2.0 1.0 5.3 8.9 11.5 -11.3 13.9 17.6 -0.0 4.0 14

15 Miscellaneous assets 6.9 7.7 6.4 1.3 6.3 1.5 -2.4 6.7 5.4 5.3 7.8 15

16 Net increase in liabilities 2.9 8.0 3.6 29.8 48.8 70.3 7.2 56.3 42.1 68.3 28.4 16

17 Corporate equity issues -4.7 -7.8 -4.5 0.5 5.5 -6.6 12.6 16.2 -1.4 3.4 3.7 17

18 Taxes payable 2.0 2.0 2.3 2.7 3.2 2.8 2.9 3.0 3.2 3.3 3.4 18

19 Miscellaneous liabilities 5.6 13.8 5.8 26.5 40.1 74.1 -8.2 37.0 40.3 61.6 21.3 19

20 Discrepancy -20.7 8.1 -8.8 -0.5 -22.3 -11.2 15.4 -10.6 -27.5 -33.0 -18.0 20
Z.1, March 6, 2003 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.8 0.8 0.9 0.8 0.9 0.9 0.8 0.9 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 2.0 1.9 1.9 1.6 1.3 1.6 1.5 1.4 1.4 1.3 1.3 2

 3 Net acquisition of financial assets -9.2 -12.0 -9.6 -18.2 9.7 -22.8 -13.3 -10.1 -24.3 42.5 30.7 3

 4 Checkable deposits and currency -1.0 1.0 0.4 -1.0 0.4 -1.2 -1.8 0.2 0.8 0.3 0.2 4

 5 Time and savings deposits 28.3 -3.0 2.9 4.2 0.9 4.6 1.2 -0.2 -1.4 3.5 1.5 5

 6 Money market fund shares 1.9 11.7 4.6 -10.6 2.8 -12.0 -11.8 2.8 2.8 2.8 2.8 6

 7 Security RPs 1.2 -0.1 0.9 0.8 1.9 1.4 -2.3 -4.2 3.0 10.0 -1.3 7

 8 Credit market instruments -23.4 17.0 33.4 20.3 31.0 10.4 5.3 27.4 46.2 35.9 14.4 8

 9 Open market paper 3.0 3.2 -1.7 1.7 12.4 14.3 -5.1 -5.8 22.4 16.1 16.9 9

10 U.S. government securities -47.6 11.3 15.1 7.4 8.3 -14.7 11.0 14.4 13.6 15.2 -10.1 10

11 Treasury -31.0 -2.7 -1.4 -4.2 7.2 -10.5 4.0 8.3 9.9 8.3 2.1 11

12 Agency -16.6 14.0 16.5 11.6 1.1 -4.2 7.0 6.1 3.7 7.0 -12.2 12

13 Corporate and foreign bonds 21.5 1.6 18.8 9.8 8.5 9.7 -2.1 17.2 8.7 2.6 5.6 13

14 Mortgages -0.3 0.9 1.2 1.3 1.8 1.1 1.4 1.6 1.5 1.9 1.9 14

15 Corporate equities -26.5 -29.1 -49.9 -33.3 -53.8 -66.7 9.4 -72.8 -89.4 -46.7 -6.3 15

16 Mutual fund shares -3.5 1.6 1.2 -3.8 8.6 5.0 -2.9 8.4 17.2 7.4 1.3 16

17 Miscellaneous assets 13.8 -11.0 -3.1 5.2 18.0 35.7 -10.5 28.3 -3.5 29.3 18.1 17

18 Unallocated insurance contracts (2) -14.8 -7.7 -11.8 2.4 15.4 11.4 11.0 19.5 5.7 10.7 25.8 18

19 Contributions receivable 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 19

20 Other 7.2 1.5 7.4 1.5 1.3 23.0 -22.8 7.5 -10.5 17.3 -9.0 20

21 Pension fund reserves (liabilities) (3) -7.9 -10.9 -8.6 -17.5 10.2 -22.0 -12.7 -9.5 -23.9 42.9 31.1 21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.7 0.8 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1

 2 Fixed nonresidential investment 1.7 1.8 1.9 1.9 1.6 1.9 1.8 1.7 1.6 1.5 1.5 2

 3 Net acquisition of financial assets 60.4 58.8 53.1 25.6 32.4 23.1 30.9 28.5 19.7 45.0 36.3 3

 4 Checkable deposits and currency 4.7 -0.7 -0.1 0.4 -0.8 -0.9 -8.6 1.3 -5.5 -3.2 4.0 4

 5 Time and savings deposits -0.4 -0.3 -0.6 -0.4 0.6 -1.2 -0.7 2.4 -0.5 1.4 -0.7 5

 6 Security RPs 8.9 2.8 4.3 0.6 -1.6 -2.8 -3.3 0.2 -8.4 -2.5 4.4 6

 7 Credit market instruments 72.1 46.9 54.6 -17.7 3.8 -74.2 -2.7 70.5 -54.5 -10.4 9.4 7

 8 Open market paper 8.9 2.8 4.3 0.6 -1.6 -2.8 -3.3 0.2 -8.4 -2.5 4.4 8

 9 U.S. government securities 19.9 16.4 22.1 -32.9 -8.2 -148.5 -48.0 27.0 -38.3 -10.8 -10.7 9

10 Treasury 0.8 -6.6 -15.5 -18.3 -4.6 -66.8 -41.3 38.4 -39.0 -12.5 -5.2 10

11 Agency 19.1 22.9 37.6 -14.5 -3.6 -81.6 -6.7 -11.4 0.7 1.6 -5.4 11

12 Municipal securities 1.7 -0.2 -1.5 -0.2 -0.9 -4.2 3.4 -3.9 0.4 -0.1 -0.0 12

13 Corporate and foreign bonds 35.1 30.4 29.7 11.4 7.7 77.5 40.6 41.8 -14.5 -4.2 7.6 13

14 Mortgages 6.5 -2.6 -0.0 3.4 6.8 3.7 4.6 5.4 6.4 7.2 8.1 14

15 Corporate equities -28.2 -6.2 -18.4 22.3 29.5 65.2 55.6 4.6 41.9 76.7 -5.3 15

16 Miscellaneous assets 3.3 16.3 13.3 20.3 0.9 37.0 -9.4 -50.6 46.6 -17.0 24.5 16

17 Pension fund reserves (liabilities) (1) 61.5 59.8 54.1 26.5 32.9 24.0 31.7 29.2 20.3 45.5 36.7 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, March 6, 2003

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 287.2 249.1 233.3 428.6 -16.8 386.1 379.8 -315.7 103.4 -192.6 337.6 1

 2 Foreign deposits 7.4 12.2 48.2 33.1 -10.1 0.8 54.5 -5.3 -19.3 0.7 -16.3 2

 3 Checkable deposits and currency -2.6 -1.2 4.5 2.3 -5.8 -10.9 37.4 -4.8 -26.0 18.3 -10.8 3

 4 Time and savings deposits 15.7 33.3 -18.0 77.1 -14.8 30.7 117.1 -7.7 85.6 -83.4 -53.7 4

 5 Security RPs 12.9 0.1 43.4 44.0 46.2 65.7 35.4 4.6 47.5 -3.2 135.8 5

 6 Credit market instruments 244.0 182.0 143.0 246.0 -25.3 311.8 49.1 -241.3 -86.7 -74.4 301.2 6

 7 Open market paper 78.2 104.7 89.6 30.3 -44.9 42.9 -4.7 -184.2 -20.8 -168.3 193.6 7

 8 U.S. government securities 95.0 17.3 -19.1 178.5 10.1 243.2 -21.9 42.1 -48.0 33.7 12.8 8

 9 Treasury 17.5 0.1 -13.3 45.3 4.5 66.7 39.6 13.0 3.3 -30.3 31.9 9

10 Agency 77.5 17.1 -5.8 133.2 5.7 176.4 -61.4 29.1 -51.3 64.0 -19.1 10

11 Municipal securities 26.0 17.5 34.3 36.2 1.8 47.6 41.5 -56.7 26.4 11.8 25.8 11

12 Corporate and foreign bonds 44.8 42.5 38.2 1.1 7.7 -21.9 34.1 -42.4 -44.3 48.4 69.1 12

13 Miscellaneous assets 9.6 22.6 12.2 26.1 -7.0 -12.1 86.3 -61.1 102.3 -50.5 -18.6 13

14 Net share issues (liabilities) 287.2 249.1 233.3 428.6 -16.8 386.1 379.8 -315.7 103.4 -192.6 337.6 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -8.4 4.7 -4.1 -0.9 -1.0 -1.9 0.7 0.3 -1.5 -0.6 -2.2 1

 2 Net acquisition of financial assets 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 2

 3 Security RPs 13.1 9.9 25.6 -31.6 7.0 -27.9 -11.5 44.0 -18.1 -17.2 19.2 3

 4 Credit market instruments 127.3 48.4 21.0 126.0 144.2 102.7 139.3 243.3 41.9 162.7 128.9 4

 5 Open market paper 13.1 9.9 25.6 -31.6 -11.6 -22.1 -14.7 58.7 -92.4 -26.6 14.0 5

 6 U.S. government securities 26.2 12.5 10.6 76.6 79.9 70.5 46.5 81.8 32.4 120.2 85.1 6

 7 Treasury 4.6 -23.7 6.4 -8.6 19.3 -23.9 11.2 19.8 7.8 29.1 20.6 7

 8 Agency 21.6 36.2 4.2 85.2 60.5 94.3 35.2 62.0 24.5 91.1 64.5 8

 9 Municipal securities 22.8 -3.2 -8.9 23.0 25.0 22.5 30.6 17.4 30.0 41.6 11.0 9

10 Corporate and foreign bonds 65.2 29.2 -6.2 58.1 50.9 31.8 76.9 85.3 71.9 27.5 18.8 10

11 Corporate equities 143.3 136.4 189.1 109.7 31.1 85.4 129.0 98.0 75.9 -106.4 56.8 11

12 Miscellaneous assets -4.2 -3.5 -0.7 -2.6 -0.0 0.1 -0.9 1.6 0.2 -2.0 -0.0 12

13 Net share issues (liabilities) 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 13

14 Discrepancy -8.4 4.7 -4.1 -0.9 -1.0 -1.9 0.7 0.3 -1.5 -0.6 -2.2 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -7.1 -6.4 -6.9 6.7 17.0 30.6 13.3 20.5 15.7 16.0 15.9 1

 2 Credit market instruments 5.2 8.2 -6.3 7.1 4.0 23.9 16.6 21.6 -0.4 -3.3 -1.8 2

 3 U.S. government securities -1.0 -1.2 -0.9 0.1 -3.2 -0.0 3.6 1.2 -9.2 -0.0 -4.6 3

 4 Municipal securities 1.8 8.5 -2.9 10.9 6.1 26.4 7.3 10.1 3.8 5.8 4.8 4

 5 Corporate and foreign bonds 4.4 1.0 -2.5 -3.9 1.1 -2.5 5.7 10.3 5.1 -9.1 -2.0 5

 6 Corporate equities -12.3 -14.6 -0.6 -0.4 13.0 6.7 -3.4 -1.2 16.1 19.2 17.7 6

 7 Net share issues (liabilities) -7.1 -6.4 -6.9 6.7 17.0 30.6 13.3 20.5 15.7 16.0 15.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets 6.0 12.2 42.4 31.0 45.3 27.9 26.9 24.0 65.2 43.2 48.8 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 3.7 0.0 0.0 0.0 0.0 15.0 -0.1 9

10 U.S. government securities 0.0 0.0 0.0 0.0 2.0 0.0 0.0 0.0 0.0 8.4 -0.5 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 1.8 0.0 0.0 0.0 0.0 6.6 0.4 11

12 Corporate equities 6.0 12.2 42.4 31.0 41.6 27.9 26.9 24.0 65.2 28.2 48.8 12

13 Net share issues (liabilities) 6.0 12.2 42.4 31.0 45.3 27.9 26.9 24.0 65.2 43.2 48.8 13
Z.1, March 6, 2003 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.1 2.8 2.8 3.0 2.9 2.8 2.9 2.8 3.0 2.9 3.0 1

 2 Fixed nonresidential investment 0.3 0.5 0.7 0.6 0.5 0.6 0.6 0.6 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 304.4 316.7 248.8 334.3 246.8 385.7 324.2 189.7 143.0 283.2 371.2 3

 4 Checkable deposits and currency 2.5 7.4 -9.7 1.7 9.8 4.7 0.0 -0.8 6.4 20.2 13.5 4

 5 Federal funds and security RPs -13.4 12.7 -14.8 11.9 -8.8 43.9 -24.0 20.3 -78.4 45.1 -22.3 5

 6 Credit market instruments 314.0 291.3 256.4 309.0 222.4 274.3 335.3 236.7 129.0 204.4 319.5 6

 7 Open market paper 26.9 -27.1 10.9 35.6 -23.8 4.6 137.4 -124.2 40.7 -26.2 14.7 7

 8 U.S. government securities 162.3 184.5 155.2 177.9 153.8 183.8 118.6 317.9 -37.2 100.0 234.3 8

 9 Treasury -0.7 5.8 10.2 -8.7 -24.4 -17.8 -21.5 3.4 -65.9 -2.6 -32.4 9

10 Agency 163.1 178.7 145.0 186.6 178.1 201.7 140.1 314.5 28.7 102.5 266.8 10

11 Municipal securities 4.1 1.4 -1.8 6.0 -1.5 0.2 10.9 -13.7 -4.5 10.8 1.6 11

12 Corporate and foreign bonds 20.7 23.7 25.8 15.5 14.8 -5.8 1.8 26.0 60.9 -20.5 -7.0 12

13 Other loans and advances 92.3 113.6 41.3 40.1 19.4 63.3 12.4 -1.6 23.8 74.9 -19.4 13

14 Sallie Mae -1.4 5.1 -3.9 2.4 1.2 2.0 0.6 2.0 0.8 1.4 0.5 14

15 Farm Credit System 3.3 0.9 3.1 2.9 1.4 2.6 3.1 0.2 6.4 1.6 -2.7 15

16 FHLB loans 90.4 107.6 42.1 34.9 16.9 58.8 8.8 -3.8 16.6 71.9 -17.2 16

17 Mortgages 7.7 -4.8 25.0 33.9 59.6 28.1 54.2 32.2 45.3 65.5 95.3 17

18 Home 5.3 -10.3 15.8 20.2 45.2 15.4 37.8 19.8 34.4 49.7 77.1 18

19 Multifamily residential 0.2 4.4 7.3 9.4 9.7 8.8 12.0 8.3 7.3 8.9 14.1 19

20 Farm 2.2 1.1 2.0 4.3 4.7 3.9 4.4 4.1 3.7 6.9 4.1 20

21 Miscellaneous assets 1.3 5.4 16.8 11.6 23.4 62.8 12.9 -66.5 86.0 13.6 60.5 21

22 Net increase in liabilities 298.6 312.1 241.5 323.4 238.7 378.5 308.5 179.0 133.4 275.1 367.3 22

23 Credit market instruments 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 23

24 GSE issues (2) 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 24

25 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 20.3 -6.0 7.4 32.6 6.3 52.3 2.0 -12.2 -8.3 26.0 19.7 26

27 Discrepancy -4.1 -2.3 -5.2 -8.4 -5.7 -5.0 -13.3 -8.3 -7.3 -5.8 -1.5 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 1

 2 Home mortgages 182.1 264.6 190.9 322.9 315.2 479.3 268.1 488.4 337.4 164.4 270.6 2

 3 Multifamily residential mortgages 10.5 9.2 8.5 15.6 12.9 13.0 17.2 11.4 8.6 7.4 24.3 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, March 6, 2003

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.6 2.4 1.7 1.6 1.4 1.6 1.5 1.5 1.5 1.4 1.4 1

 2 Fixed nonresidential investment 4.4 -0.5 -1.5 1.8 0.4 -0.8 0.8 0.1 0.3 0.5 0.5 2

 3 Net acquisition of financial assets 319.6 215.2 192.8 317.3 265.0 316.3 430.8 265.0 242.8 195.1 357.2 3

 4 Agency securities (1) 38.0 40.2 4.3 42.2 67.6 37.4 68.2 70.0 42.4 87.8 70.0 4

 5 Other loans and advances 27.6 -1.8 14.7 23.3 -2.3 65.6 9.5 26.8 -19.8 -13.8 -2.3 5

 6 Student loans 3.8 1.5 6.5 0.9 -0.1 0.8 -1.9 7.1 -1.2 1.6 -8.0 6

 7 Loans to business 23.8 -3.3 8.3 22.4 -2.2 64.8 11.4 19.7 -18.6 -15.4 5.7 7

 8 Mortgages (2) 156.8 93.1 83.7 145.8 141.0 110.1 244.5 113.4 131.3 146.4 173.0 8

 9 Home 94.5 49.9 44.8 91.4 103.6 44.0 164.0 100.4 88.0 124.0 102.0 9

10 Multifamily residential 12.9 8.5 6.5 8.2 6.7 11.2 13.5 2.1 7.8 2.7 14.2 10

11 Commercial 49.4 34.7 32.4 46.2 30.7 54.9 67.0 10.9 35.5 19.8 56.8 11

12 Consumer credit 59.4 62.6 57.1 80.1 34.9 75.3 85.1 29.2 65.4 -48.8 93.9 12

13 Trade credit 37.9 21.1 33.0 25.9 23.8 28.0 23.5 25.6 23.4 23.5 22.6 13

14 Net increase in liabilities 321.4 212.3 189.7 317.6 263.9 313.9 430.0 263.6 241.6 194.1 356.3 14

15 Commercial paper 125.7 139.0 121.0 103.5 -19.6 93.4 138.0 -9.2 -45.6 8.7 -32.5 15

16 Corporate bonds 195.8 73.3 68.6 214.1 283.6 220.5 292.1 272.8 287.2 185.5 388.7 16

17 Discrepancy 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 1.8 -2.9 -3.2 0.3 -1.1 -2.4 -0.8 -1.4 -1.2 -0.9 -0.9 18

19 REIT assets (4) 2.9 -1.0 -2.2 -0.8 6.4 -1.9 1.8 -1.7 6.9 8.6 11.6 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 28.7 36.4 37.5 37.0 39.6 39.7 37.8 38.8 39.9 39.0 40.8 1

 2 Fixed nonresidential investment 29.4 44.3 41.7 33.0 35.8 34.8 33.1 34.2 34.8 36.3 38.1 2

 3 Net acquisition of financial assets 88.8 150.3 134.9 17.7 33.5 41.1 -4.7 -128.3 73.7 183.3 5.3 3

 4 Checkable deposits and currency 2.3 2.5 2.6 2.9 3.1 2.9 2.9 3.0 3.0 3.1 3.1 4

 5 Credit market instruments 77.3 97.0 108.0 -5.7 17.5 -43.3 -100.5 -28.2 39.6 80.0 -21.2 5

 6 Other loans and advances 36.8 54.2 63.3 -11.5 8.3 -76.8 -53.9 -23.5 23.0 32.6 1.3 6

 7 Mortgages 24.7 24.6 26.4 -11.0 13.2 10.1 -102.2 -5.9 11.3 8.8 38.6 7

 8 Consumer credit 15.8 18.2 18.2 16.8 -4.0 23.3 55.6 1.2 5.3 38.6 -61.0 8

 9 Miscellaneous assets 9.3 50.9 24.3 20.5 12.9 81.5 92.9 -103.1 31.1 100.3 23.4 9

10 Net increase in liabilities 75.8 138.0 164.9 20.1 63.4 52.0 -7.9 -95.5 117.0 227.3 4.7 10

11 Credit market instruments 57.1 70.3 81.2 -0.2 43.7 41.8 -25.3 -31.2 80.2 106.4 19.2 11

12 Open market paper 30.7 -2.9 8.4 -80.3 -17.1 -11.5 -89.3 -60.8 -38.9 80.2 -49.0 12

13 Corporate bonds 24.2 64.3 72.2 65.2 54.0 54.5 46.4 28.3 91.0 -49.2 145.9 13

14 Bank loans n.e.c. 2.2 8.9 0.5 14.9 6.8 -1.2 17.6 1.3 28.1 75.3 -77.7 14

15 Taxes payable 0.8 0.8 1.0 1.2 1.4 1.2 1.2 1.3 1.4 1.4 1.5 15

16 Miscellaneous liabilities 17.8 66.9 82.8 19.1 18.3 9.1 16.2 -65.6 35.4 119.5 -16.0 16

17 Foreign direct investment in U.S. 2.6 13.2 14.9 7.8 -6.7 -18.5 21.6 5.2 -4.8 -12.2 -14.9 17

18 Investment by parent -12.8 53.5 14.7 -3.3 -11.7 -6.7 30.1 -66.6 2.9 -1.5 18.4 18

19 Other 28.0 0.1 53.2 14.6 36.7 34.3 -35.5 -4.2 37.3 133.1 -19.5 19

20 Discrepancy -13.8 -20.3 25.7 6.3 33.6 15.8 1.5 37.4 48.4 46.7 2.1 20

 Memo:

21 Consumer leases not included above (2) -2.2 6.3 5.3 -4.6 -20.2 -7.7 -19.1 -23.9 -4.7 -31.6 -20.6 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 6, 2003 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 3.2 0.3 0.2 1.4 1.5 1.7 1.2 1.6 1.4 1.5 1.5 1

 2 Home mortgages 3.1 0.3 0.2 1.3 1.3 1.6 1.1 1.5 1.2 1.3 1.3 2

 3 Multifamily residential mortgages 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 3.2 0.3 0.2 1.4 1.5 1.7 1.2 1.6 1.4 1.5 1.5 5

 6 Bank loans n.e.c. 1.6 0.2 0.1 0.7 0.7 0.8 0.6 0.8 0.7 0.7 0.7 6

 7 Investment by parent 1.6 0.2 0.1 0.7 0.7 0.9 0.6 0.8 0.7 0.8 0.7 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 8.2 8.4 0.0 -1.8 -0.2 -1.7 -5.2 -1.2 -1.4 0.3 1.4 1

 2 Fixed nonresidential investment 64.7 9.2 0.4 3.3 10.0 -0.5 12.6 8.8 13.7 15.1 2.4 2

 3 Multifamily residential investment 11.4 1.6 0.1 0.6 1.8 -0.1 2.2 1.5 2.4 2.7 0.4 3

 4 Net acquisition of financial assets 6.4 -2.3 -6.3 8.1 23.9 9.6 8.8 29.2 30.4 28.9 7.0 4

 5 Checkable deposits and currency 0.8 0.3 -0.0 0.9 0.1 2.4 -0.2 1.8 0.7 -0.7 -1.2 5

 6 Credit market instruments -5.1 -2.6 -6.3 6.7 23.5 7.8 14.0 26.3 31.8 27.6 8.1 6

 7 Agency securities -8.1 1.1 0.3 5.8 9.0 3.4 7.9 22.6 13.5 7.8 -8.0 7

 8 Corporate and foreign bonds -0.4 -0.3 -0.4 2.1 3.7 3.0 5.7 1.4 4.7 6.3 2.2 8

 9 Mortgages 3.4 -3.3 -6.2 -1.1 10.9 1.3 0.4 2.3 13.6 13.5 14.0 9

10 Home 0.8 -2.4 -4.6 0.1 9.5 1.7 -0.1 3.0 8.0 13.7 13.1 10

11 Multifamily residential 0.1 -0.6 -0.2 -0.3 -0.1 0.2 -0.7 -0.1 0.4 -0.2 -0.5 11

12 Commercial 2.5 -0.4 -1.4 -1.0 1.5 -0.6 1.2 -0.7 5.2 -0.0 1.5 12

13 Miscellaneous assets 10.7 -0.1 0.0 0.5 0.3 -0.5 -5.0 1.1 -2.1 2.0 0.1 13

14 Net increase in liabilities 86.4 17.7 3.0 15.5 42.7 12.7 27.5 45.7 51.1 54.3 19.8 14

15 Security RPs -9.8 0.5 -3.8 7.8 13.9 7.3 11.2 22.6 15.8 19.2 -1.8 15

16 Credit market instruments 62.7 6.3 2.7 2.5 18.6 -2.4 7.8 7.4 25.3 26.6 15.1 16

17 Open market paper 0.2 -0.1 0.0 0.7 -0.1 4.4 -1.1 1.3 1.6 -0.5 -2.7 17

18 Corporate bonds 21.7 8.9 4.8 3.8 14.5 0.1 9.0 1.1 18.0 23.0 15.9 18

19 Bank loans n.e.c. 16.0 -7.6 -8.3 -3.3 -0.7 -4.9 1.6 -1.5 -1.3 -0.0 -0.1 19

20 Mortgages 24.8 5.1 6.2 1.3 4.9 -1.9 -1.6 6.6 7.0 4.1 1.9 20

21 Corporate equity issues 19.8 6.6 2.2 5.1 8.4 7.5 8.5 13.0 11.1 3.6 5.8 21

22 Miscellaneous liabilities 13.6 4.4 1.8 0.1 1.8 0.3 -0.1 2.6 -1.1 5.0 0.6 22

23 Discrepancy 11.9 17.7 8.9 1.7 6.8 2.0 -1.3 4.9 3.1 7.9 11.3 23

 Memo:

24 Securitized assets included above 2.9 -1.0 -2.2 -0.8 6.4 -1.9 1.8 -1.7 6.9 8.6 11.6 24

25 Agency securities 0.1 -1.3 -0.2 -0.9 -1.2 -0.9 -1.1 -1.4 -0.9 -0.9 -1.5 25

26 Home mortgages 1.8 0.0 -0.9 -0.2 7.6 -0.9 3.0 -0.2 7.7 9.6 13.0 26

27 Multifamily residential mortgages 0.4 0.1 -0.5 0.1 -0.0 -0.1 -0.1 -0.1 0.0 -0.1 0.0 27

28 Commercial mortgages 0.6 0.1 -0.6 0.2 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 28
36 Z.1, March 6, 2003

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.3 2.5 -9.1 7.1 15.3 8.3 13.2 13.7 14.2 16.6 16.6 1

 2 Fixed nonresidential investment 15.7 18.7 26.8 23.1 21.4 22.9 22.1 21.6 21.4 21.2 21.3 2

 3 Net acquisition of financial assets 142.0 79.8 220.4 244.3 -107.1 444.9 -44.0 -27.6 152.4 -260.9 -292.3 3

 4 Checkable deposits and currency 3.7 3.3 1.6 16.8 -3.2 66.6 -26.4 -16.3 10.5 -20.9 13.6 4

 5 Credit market instruments 6.8 -34.7 68.9 92.4 30.6 184.5 -110.5 -219.5 402.8 -208.6 147.5 5

 6 Open market paper 3.8 -2.0 13.2 9.0 -6.1 23.8 -10.5 -2.1 12.6 -25.8 -9.0 6

 7 U.S. government securities 21.7 -43.4 37.1 27.2 4.3 72.5 -150.2 -223.4 309.4 -183.0 114.3 7

 8 Treasury 21.2 -58.4 39.4 13.1 -9.7 136.1 -139.6 -199.5 236.8 -178.5 102.2 8

 9 Agency 0.5 15.0 -2.3 14.1 14.1 -63.6 -10.7 -23.9 72.5 -4.5 12.0 9

10 Municipal securities -0.1 -1.2 -0.7 7.7 2.0 9.3 12.1 -21.6 15.3 11.4 3.0 10

11 Corporate and foreign bonds -18.6 12.0 19.3 48.6 30.3 78.9 38.2 27.5 65.5 -11.1 39.2 11

12 Corporate equities -6.0 7.7 9.6 17.3 0.3 -47.9 51.4 -1.5 28.6 -2.3 -23.8 12

13 Security credit 21.6 75.2 7.2 -38.8 -51.4 248.3 -246.8 -17.5 -85.7 -83.7 -18.5 13

14 Miscellaneous assets 115.9 28.3 133.0 156.6 -83.3 -6.7 288.3 227.1 -203.8 54.6 -411.2 14

15 Net increase in liabilities 146.2 88.1 243.3 255.9 -104.8 454.7 -37.7 -22.2 155.6 -259.5 -293.2 15

16 Security RPs (net) 4.6 37.1 56.9 51.0 -21.2 264.4 -188.9 148.5 193.9 -226.4 -200.7 16

17 Corporate bonds 7.2 -17.2 15.6 1.4 -1.8 12.6 -18.9 -15.7 17.5 15.2 -24.1 17

18 Corporate equity issues 2.5 7.6 -4.2 6.7 10.0 28.6 -13.3 -2.0 17.5 32.4 -7.8 18

19 Trade payables -1.0 11.9 5.1 3.3 -1.9 11.3 12.3 -11.5 -23.1 4.7 22.3 19

20 Security credit 81.6 29.2 138.9 41.9 -50.0 313.0 -136.9 -173.3 -46.2 14.1 5.4 20

21 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -52.3 327.5 -161.8 -107.3 -108.0 3.3 2.7 21

22 From banks 20.3 -18.0 50.4 0.0 2.4 -14.5 24.9 -65.9 61.9 10.9 2.7 22

23 Taxes payable -0.1 0.9 -0.1 -0.2 -0.6 0.5 1.8 0.1 -1.1 -0.1 -1.2 23

24 Miscellaneous liabilities 44.7 7.5 -1.9 138.5 -37.4 -157.2 276.9 15.1 -4.8 -63.4 -96.6 24

25 Foreign direct investment in U.S. 1.7 3.6 5.1 -1.3 -5.4 0.7 1.4 -0.7 -15.8 -0.5 -4.5 25

26 Due to affiliates 97.4 61.8 38.6 46.2 24.9 -1.8 -38.0 65.9 -43.0 -19.0 95.8 26

27 Other -54.3 -57.9 -45.6 93.6 -57.0 -156.1 313.5 -50.2 53.9 -43.9 -187.9 27

28 Proprietors’ net investment 6.6 11.1 33.0 13.3 -2.0 -18.4 29.3 16.6 1.9 -36.1 9.5 28

29 Discrepancy -6.2 -7.9 -13.0 -4.4 -3.8 -4.7 -2.6 -2.5 -3.9 -3.2 -5.7 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 102.7 250.9 139.1 11.4 15.5 -162.7 202.3 41.8 -14.0 88.1 -53.7 1

 2 Money market fund shares 57.9 52.5 44.2 138.1 10.2 80.6 160.4 -23.7 7.8 -146.7 203.5 2

 3 Credit market instruments -15.8 124.0 41.0 -112.2 -40.3 -127.4 -1.2 63.7 -84.5 226.6 -366.9 3

 4 Open market paper -20.3 127.8 40.8 -153.1 -50.9 -170.9 -43.7 17.5 -131.2 257.5 -347.5 4

 5 Corporate and foreign bonds 4.5 -3.8 0.1 40.8 10.6 43.6 42.4 46.2 46.7 -30.9 -19.4 5

 6 Miscellaneous assets (2) 60.7 74.4 54.0 -14.5 45.6 -115.9 43.2 1.7 62.7 8.2 109.7 6

 7 Investment in foreign banking offices 11.8 2.5 45.6 -30.8 24.7 -94.9 -22.6 -18.8 84.5 -11.2 44.2 7

 8 Investment in brokers and dealers 48.9 71.9 8.3 16.3 20.9 -21.0 65.8 20.5 -21.8 19.4 65.5 8

 9 Net increase in liabilities 102.7 250.9 139.1 11.4 15.5 -162.7 202.3 41.8 -14.0 88.1 -53.7 9

10 Credit market instruments 40.0 91.5 -0.4 -55.2 -1.9 -155.7 9.1 -42.2 12.4 -16.4 38.7 10

11 Open market paper 6.0 34.1 -2.3 -77.4 -30.9 -150.8 -12.8 -131.9 24.1 -16.5 0.8 11

12 Corporate bonds 34.0 57.4 1.9 22.2 29.0 -5.0 21.9 89.7 -11.7 0.1 37.9 12

13 Miscellaneous liabilities 62.8 159.4 139.5 66.6 17.4 -6.9 193.2 84.0 -26.4 104.5 -92.4 13

14 Foreign direct investment in U.S. 20.7 -17.0 54.3 40.7 47.5 39.8 34.0 43.9 50.3 24.6 71.0 14

15 Securities loaned (net) 70.0 16.3 88.7 70.1 -19.7 69.5 73.9 22.6 52.5 12.5 -166.5 15

16 Other -27.9 160.2 -3.5 -44.2 -10.4 -116.2 85.3 17.4 -129.3 67.4 3.1 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, March 6, 2003 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 6.8 -8.7 0.3 4.9 10.7 14.2 0.8 -2.5 13.4 26.5 5.4 1

 2 U.S. gold stock and SDRs 0.1 -0.0 0.7 0.6 0.8 0.6 0.6 0.5 0.4 1.9 0.5 2

 3 Federal govt.: Exchange Stab. Fund 0.1 -0.0 0.7 0.6 0.8 0.6 0.6 0.5 0.4 1.9 0.5 3

 4 Monetary authority (2) -0.0 0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 4

 5 U.S. foreign exchange position 6.6 -8.7 -0.4 4.3 9.9 13.7 0.2 -3.0 12.9 24.6 4.9 5

 6 Official foreign currency holdings 1.5 -3.3 1.9 0.7 3.8 0.7 0.6 -0.4 6.2 6.8 2.7 6

 7 Treasury 0.8 -1.6 0.9 0.3 1.9 0.3 0.3 -0.2 3.1 3.4 1.4 7

 8 Monetary authority 0.8 -1.6 0.9 0.3 1.9 0.3 0.3 -0.2 3.1 3.4 1.4 8

 9 Net IMF position 5.1 -5.5 -2.3 3.6 6.1 13.0 -0.3 -2.5 6.7 17.8 2.2 9

10 Federal government 5.1 -5.5 -2.3 3.6 6.1 13.0 -0.3 -2.5 6.7 17.8 2.2 10

11 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 1.0 2.4 1.3 1.0 2.2 0.0 0.9 0.6 2.4 0.0 3

 4 Asset: Monetary authority 0.7 1.7 3.6 1.4 1.6 1.4 0.0 2.5 1.5 1.3 1.1 4

 5 Discrepancy (seigniorage) -0.1 -0.7 -1.2 -0.1 -0.6 0.9 -0.0 -1.5 -0.9 1.1 -1.1 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 6.5 61.0 135.1 28.0 46.2 41.5 17.9 -59.1 53.3 68.7 122.1 1

 Held by:

 2 Household sector 0.1 5.2 15.0 -5.0 2.2 -3.6 -6.4 -32.0 -18.0 26.0 32.7 2

 3 Nonfinancial corporate business 7.4 0.9 16.0 -11.2 -2.6 -10.9 -2.8 11.8 -4.3 -8.8 -9.2 3

 4 Money market mutual funds 7.4 12.2 48.2 33.1 -10.1 0.8 54.5 -5.3 -19.3 0.7 -16.3 4

 5 Discrepancy--unallocated assets -8.5 42.6 55.9 11.1 56.8 55.3 -27.5 -33.6 94.8 50.8 115.0 5
38 Z.1, March 6, 2003

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -31.8 15.0 15.1 -31.7 6.4 -1.1 41.5 12.9 -164.6 59.0 118.2 1

 2 Monetary authority -7.5 22.2 -27.1 1.4 5.6 19.8 -27.1 14.6 5.4 5.0 -2.8 2

 3 Depository institution reserves -4.5 -2.3 -5.0 -1.6 5.1 19.5 -36.2 33.3 -2.3 -3.6 -7.2 3

 4 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.3 9.1 -18.7 7.7 8.5 4.4 4

 5 Commercial banking -24.4 -7.2 42.3 -33.1 0.8 -20.9 68.6 -1.7 -170.0 54.0 121.0 5

 6 To monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.9 1.9 -1.9 1.6 2.5 -0.5 6

 7 To banks in foreign countries -27.1 -5.7 20.8 -49.3 -6.2 -27.3 44.1 -39.7 -162.1 38.3 138.5 7

 8 Liabilities, net -32.0 -7.0 21.8 -48.0 3.4 -27.7 50.8 -21.1 -135.0 44.1 125.6 8

 9 U.S.-chartered commercial banks 23.0 48.4 45.8 -15.7 19.1 -95.6 123.4 -86.9 32.3 -23.1 153.9 9

10 Due to foreign affiliates 23.6 30.0 75.2 17.7 4.2 15.1 138.4 -139.9 44.4 -60.5 172.9 10

11 - Due from foreign affiliates 0.5 -18.4 29.5 33.5 -14.8 110.7 15.1 -53.0 12.1 -37.4 19.0 11

12 Foreign banking offices in U.S. -55.7 -51.2 -56.5 -35.5 -16.3 31.8 -54.9 16.9 -155.0 48.6 24.2 12

13 Due to foreign affiliates 33.3 14.9 -14.3 27.9 14.2 42.4 73.1 -23.0 -7.3 43.8 43.3 13

14 - Due from foreign affiliates 88.9 66.1 42.2 63.3 30.5 10.6 128.0 -39.9 147.7 -4.8 19.1 14

15 Bank holding companies 0.6 -4.1 32.5 3.2 0.7 36.1 -17.7 49.0 -12.3 18.6 -52.5 15

16 Due to foreign affiliates -0.1 5.5 30.9 12.1 2.0 33.1 -22.9 51.3 -19.3 1.7 -25.5 16

17 - Due from foreign affiliates -0.7 9.6 -1.6 8.8 1.4 -3.0 -5.2 2.4 -7.1 -16.8 27.0 17

18 Less: Deposits at foreign banks -5.0 -1.3 1.0 1.3 9.7 -0.4 6.7 18.6 27.0 5.8 -12.8 18

19 U.S.-chartered commercial banks -1.0 -1.3 0.4 1.3 10.2 -0.5 7.0 19.7 27.2 6.8 -12.7 19

20 Foreign banking offices in U.S. -4.0 -0.0 0.6 -0.0 -0.6 0.2 -0.3 -1.1 -0.1 -0.9 -0.1 20

21 To U.S. banking, net 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 21

22 U.S.-chartered commercial banks -2.5 -14.3 30.5 16.5 22.6 37.5 -14.9 77.3 -6.8 17.4 2.3 22

23 Liabilities 6.4 16.3 11.2 1.5 18.9 38.4 -1.8 65.9 -25.8 41.2 -5.6 23

24 To foreign offices in U.S. 2.0 16.4 -9.1 -15.8 11.3 32.9 -23.6 24.5 -17.3 27.4 10.7 24

25 To bank holding companies 0.6 -0.3 -0.1 0.1 1.0 -1.8 -0.8 1.6 1.0 0.6 0.7 25

26 Unallocated 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 26

 Less, due from:

27 Foreign offices in U.S. -1.3 22.6 7.1 3.4 1.4 7.6 17.7 31.4 -33.5 37.0 -29.4 27

28 Bank holding companies 10.2 8.0 -26.4 -18.4 -5.0 -6.7 -4.6 -42.8 14.6 -13.3 21.5 28

29 Foreign banking offices in U.S. -3.3 6.2 16.2 19.2 -10.0 -25.3 41.2 6.9 -16.2 9.7 -40.1 29

30 Due to U.S. banks -1.3 22.6 7.1 3.4 1.4 7.6 17.7 31.4 -33.5 37.0 -29.4 30

31 - Due from U.S. banks 2.0 16.4 -9.1 -15.8 11.3 32.9 -23.6 24.5 -17.3 27.4 10.7 31

32 Bank holding companies 9.6 8.2 -26.3 -18.5 -6.0 -4.8 -3.7 -44.4 13.5 -13.9 20.8 32

33 Due to U.S. banks 10.2 8.0 -26.4 -18.4 -5.0 -6.7 -4.6 -42.8 14.6 -13.3 21.5 33

34 - Due from U.S. banks 0.6 -0.3 -0.1 0.1 1.0 -1.8 -0.8 1.6 1.0 0.6 0.7 34

35 Net change in assets -35.6 14.9 -5.3 -48.9 -0.2 -8.4 18.9 -26.9 -155.1 45.8 135.2 35

36 Rest of the world -27.1 -5.7 20.8 -49.3 -6.2 -27.3 44.1 -39.7 -162.1 38.3 138.5 36

37 Domestic -8.6 20.6 -26.1 0.4 6.0 18.9 -25.2 12.8 7.0 7.5 -3.3 37

38 Monetary authority -1.1 -1.7 1.0 -1.0 0.4 -0.9 1.9 -1.9 1.6 2.5 -0.5 38

39 Federal Reserve float 0.9 -1.9 1.1 -0.9 0.4 -0.7 2.1 -1.8 1.0 2.5 0.1 39

40 Loans to member banks -2.0 0.2 -0.1 -0.1 0.0 -0.2 -0.2 -0.1 0.7 -0.0 -0.5 40

41 Commercial banking -7.6 19.4 -24.1 0.7 4.9 18.2 -25.4 14.8 4.9 3.6 -4.0 41

42 Reserves at Federal Reserve -4.6 -5.1 -1.9 -2.2 4.4 17.9 -34.5 33.5 -2.8 -4.9 -8.3 42

43 Vault cash -2.9 24.5 -22.2 2.9 0.5 0.3 9.1 -18.7 7.7 8.5 4.4 43

44 Savings insts.: Reserves at Fed. Res. 0.1 2.8 -3.1 0.6 0.7 1.6 -1.7 -0.2 0.5 1.4 1.2 44

45 Discrepancy--floats, etc. 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 45
Z.1, March 6, 2003 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 47.3 151.2 -71.4 204.3 45.4 215.0 278.1 -171.9 178.0 211.5 -36.1 1

 2 Monetary authority 38.3 108.7 -35.3 48.0 41.5 82.3 19.8 84.8 72.5 3.4 5.2 2

 3 Federal government cash and deposits 0.5 22.3 -22.9 1.5 -2.3 20.8 -8.6 -1.9 -4.1 7.1 -10.2 3

 4 Deposits due to foreign -0.3 -0.1 0.1 -0.2 0.0 2.0 -2.2 0.7 -0.6 0.3 -0.2 4

 5 Currency outside banks 38.0 86.4 -12.5 46.7 43.7 59.5 30.6 86.0 77.2 -3.9 15.6 5

 6 Commercial banking -33.5 3.4 -85.5 102.2 -54.6 81.1 209.5 -327.2 42.8 158.6 -92.6 6

 7 Federal government deposits -14.6 36.4 -33.2 45.3 -16.4 0.3 48.0 -161.2 106.7 77.0 -88.1 7

 8 Deposits due to foreign -1.5 13.4 -9.7 0.5 1.6 9.7 -6.5 10.7 -6.9 -10.6 13.2 8

 9 Private domestic deposits -17.4 -46.4 -42.6 56.3 -39.8 71.2 168.0 -176.7 -57.0 92.2 -17.7 9

10 Savings institutions 36.1 36.8 43.4 50.7 54.4 46.1 52.1 47.5 63.7 49.4 57.0 10

11 Credit unions 6.4 2.3 5.9 3.5 4.1 5.5 -3.4 23.1 -1.0 0.0 -5.8 11

12 Net change in assets 47.3 151.2 -71.4 204.3 45.4 215.0 278.1 -171.9 178.0 211.5 -36.1 12

13 Household sector -27.3 -79.3 -67.7 26.3 46.3 -61.2 89.0 7.7 57.8 45.6 74.0 13

14 Nonfinancial business 69.0 99.5 73.1 21.0 -48.6 76.0 82.0 -49.4 -16.5 -25.0 -103.5 14

15 Corporate 35.2 59.5 16.4 4.8 -60.8 59.5 65.6 -64.8 -31.9 -36.4 -110.4 15

16 Nonfarm noncorporate 32.1 39.3 56.5 15.5 12.7 15.8 15.8 15.8 15.8 11.8 7.3 16

17 Farm 1.7 0.6 0.2 0.6 -0.4 0.6 0.6 -0.4 -0.4 -0.4 -0.4 17

18 State and local governments -3.9 3.9 1.0 5.1 7.5 4.9 18.3 11.6 9.6 9.0 -0.1 18

19 Federal government -16.7 66.2 -65.1 41.1 -18.7 41.1 131.3 -178.2 25.5 124.4 -46.6 19

20 Rest of the world 14.8 39.9 -8.4 24.2 23.2 44.5 33.2 29.5 21.2 -0.1 42.0 20

21 Checkable deposits -1.8 13.3 -9.5 0.4 1.6 11.7 -8.7 11.4 -7.5 -10.3 13.0 21

22 Currency 16.6 26.6 1.1 23.8 21.5 32.8 42.0 18.1 28.7 10.2 29.0 22

23 Financial sectors 11.8 29.2 -15.0 76.5 28.4 124.7 10.4 -14.3 -3.8 90.4 41.5 23

24 Commercial banking 0.6 0.3 -0.5 1.1 -0.2 3.2 1.0 -4.3 4.2 -0.1 -0.4 24

25 Savings institutions 3.2 -1.0 1.6 2.0 3.7 -0.2 2.6 0.5 -0.7 4.7 10.2 25

26 Credit unions 1.0 17.3 -14.2 7.6 2.2 27.6 -22.8 -2.7 4.3 -0.3 7.4 26

27 Bank personal trusts and estates -0.5 -0.1 -0.1 0.5 -0.7 0.5 0.5 -0.7 -0.7 -0.7 -0.7 27

28 Life insurance companies -2.7 0.0 -0.5 31.9 7.2 22.5 27.8 -7.1 -1.9 36.3 1.3 28

29 Other insurance companies -0.2 0.2 -0.6 9.4 12.8 7.5 -2.2 15.5 1.0 33.5 1.3 29

30 Private pension funds -1.0 1.0 0.4 -1.0 0.4 -1.2 -1.8 0.2 0.8 0.3 0.2 30

31 State and local govt. retirement funds 4.7 -0.7 -0.1 0.4 -0.8 -0.9 -8.6 1.3 -5.5 -3.2 4.0 31

32 Money market mutual funds -2.6 -1.2 4.5 2.3 -5.8 -10.9 37.4 -4.8 -26.0 18.3 -10.8 32

33 Government-sponsored enterprises 2.5 7.4 -9.7 1.7 9.8 4.7 0.0 -0.8 6.4 20.2 13.5 33

34 Finance companies 2.3 2.5 2.6 2.9 3.1 2.9 2.9 3.0 3.0 3.1 3.1 34

35 REITs 0.8 0.3 -0.0 0.9 0.1 2.4 -0.2 1.8 0.7 -0.7 -1.2 35

36 Brokers and dealers 3.7 3.3 1.6 16.8 -3.2 66.6 -26.4 -16.3 10.5 -20.9 13.6 36

37 Mail float -0.5 -8.2 10.7 10.2 7.3 -15.0 -86.2 21.3 84.2 -32.8 -43.3 37
40 Z.1, March 6, 2003

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 244.2 176.2 305.0 335.8 333.0 249.8 407.5 529.8 283.8 355.3 162.9 1

 2 Small time and savings deposits 152.4 45.1 188.8 267.2 277.3 230.3 329.7 259.7 249.0 327.6 272.9 2

 3 Commercial banking 183.7 72.0 211.6 249.4 272.8 213.8 333.9 225.1 255.6 343.0 267.8 3

 4 U.S.-chartered commercial banks 186.4 73.0 210.6 240.4 273.1 228.8 311.5 235.6 247.2 349.0 260.7 4

 5 Foreign banking offices in U.S. -3.7 -1.8 -0.4 4.5 -2.3 -17.5 10.4 -12.7 5.1 -5.8 4.4 5

 6 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 2.0 2.5 11.9 2.2 3.3 -0.2 2.6 6

 7 Savings institutions -54.3 -39.2 -35.8 -30.7 -31.6 -39.8 -54.5 11.0 -42.9 -49.3 -45.2 7

 8 Credit unions 23.1 12.3 13.0 48.6 36.0 56.3 50.3 23.6 36.3 33.9 50.4 8

 9 Large time deposits (1) 91.8 131.1 116.2 68.6 55.7 19.5 77.8 270.0 34.9 27.8 -110.1 9

10 Commercial banking 72.1 119.6 92.8 32.7 2.6 -36.2 64.3 209.5 19.4 -47.5 -170.8 10

11 U.S.-chartered commercial banks 34.8 61.6 87.9 -25.2 24.6 -6.1 -125.2 22.3 10.7 87.3 -22.1 11

12 Foreign banking offices in U.S. 36.3 57.2 3.4 53.3 -23.9 -32.5 177.5 184.9 5.3 -134.5 -151.4 12

13 Banks in U.S.-affiliated areas 1.0 0.8 1.4 4.6 2.0 2.5 11.9 2.2 3.3 -0.2 2.6 13

14 Savings institutions 15.7 8.5 19.9 26.9 44.4 44.8 5.2 57.1 2.8 75.3 42.2 14

15 Credit unions 4.1 3.1 3.5 9.0 8.7 10.8 8.4 3.5 12.7 0.0 18.5 15

16 Net change in assets 244.2 176.2 305.0 335.8 333.0 249.8 407.5 529.8 283.8 355.3 162.9 16

17 Household sector 166.5 78.6 287.1 206.5 309.0 203.5 109.4 452.5 212.2 379.6 191.7 17

18 Nonfinancial business 2.3 47.0 20.5 42.1 -8.5 7.1 136.8 -3.5 -5.9 -3.9 -20.8 18

19 Corporate -6.8 24.3 0.5 21.8 -6.3 -16.0 119.9 -8.9 -9.7 3.1 -9.6 19

20 Nonfarm noncorporate 9.1 22.7 20.1 20.3 -2.2 23.1 16.9 5.4 3.8 -6.9 -11.1 20

21 State and local governments 12.8 11.0 9.4 7.7 16.5 4.3 27.9 63.0 -19.4 24.4 -1.8 21

22 Federal government 1.3 0.7 1.0 4.2 17.1 7.2 -4.6 18.8 -21.5 34.3 36.7 22

23 Rest of the world 13.0 15.0 1.9 -17.3 9.1 -13.3 -8.7 6.3 26.3 -1.5 5.1 23

24 Financial sectors 48.3 24.0 -14.9 92.7 -10.2 40.9 146.8 -7.4 92.2 -77.5 -48.1 24

25 Savings institutions 0.5 -0.1 0.1 0.8 0.5 -0.6 -0.3 2.5 -0.3 3.3 -3.6 25

26 Credit unions 6.4 -6.8 0.5 8.4 3.2 4.7 26.8 -3.8 9.3 -1.6 9.0 26

27 Bank personal trusts and estates -2.1 0.9 0.2 2.7 -0.6 2.7 2.7 -0.6 -0.6 -0.6 -0.6 27

28 Private pension funds 28.3 -3.0 2.9 4.2 0.9 4.6 1.2 -0.2 -1.4 3.5 1.5 28

29 State and local govt. retirement funds -0.4 -0.3 -0.6 -0.4 0.6 -1.2 -0.7 2.4 -0.5 1.4 -0.7 29

30 Money market mutual funds 15.7 33.3 -18.0 77.1 -14.8 30.7 117.1 -7.7 85.6 -83.4 -53.7 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 287.2 249.1 233.3 428.6 -16.8 386.1 379.8 -315.7 103.4 -192.6 337.6 1

 2 Net purchases 287.2 249.1 233.3 428.6 -16.8 386.1 379.8 -315.7 103.4 -192.6 337.6 2

 3 Household sector 164.9 121.0 113.4 144.6 -36.4 241.3 53.5 -229.3 71.9 47.0 -35.1 3

 4 Nonfinancial corporate business 26.5 24.9 47.1 111.8 25.6 53.4 121.9 -15.7 5.1 -34.7 147.7 4

 5 Nonfarm noncorporate business 9.7 8.1 8.7 9.6 1.1 6.7 13.3 -3.0 4.0 -6.6 9.9 5

 6 Bank personal trusts and estates 8.8 7.5 6.9 -7.9 1.3 -7.9 -7.9 1.3 1.3 1.3 1.3 6

 7 Life insurance companies 17.6 23.4 8.5 43.0 -21.5 23.9 50.3 -48.1 10.5 -55.8 7.4 7

 8 Private pension funds 1.9 11.7 4.6 -10.6 2.8 -12.0 -11.8 2.8 2.8 2.8 2.8 8

 9 Funding corporations 57.9 52.5 44.2 138.1 10.2 80.6 160.4 -23.7 7.8 -146.7 203.5 9
Z.1, March 6, 2003 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 91.3 169.8 113.2 22.3 93.4 212.7 -138.3 119.4 362.4 -91.1 -17.1 1

 2 Commercial banking (net) 87.0 110.8 66.1 -42.3 115.5 0.9 -31.9 -74.6 186.0 151.4 199.3 2

 3 U.S.-chartered commercial banks 66.8 128.5 15.4 -31.2 73.6 12.6 -79.9 21.8 104.8 55.3 112.3 3

 4 Foreign banking offices in U.S. 19.7 -17.9 52.3 -11.0 39.6 -12.5 56.6 -105.2 81.1 95.1 87.4 4

 5 Bank holding companies 0.5 0.1 -1.6 -0.1 2.4 0.7 -8.6 8.8 0.1 1.0 -0.4 5

 6 Savings institutions 9.5 21.4 -6.0 5.8 -14.9 -59.8 71.2 22.9 -33.3 -35.3 -14.0 6

 7 REITs -9.8 0.5 -3.8 7.8 13.9 7.3 11.2 22.6 15.8 19.2 -1.8 7

 8 Brokers and dealers (net) 4.6 37.1 56.9 51.0 -21.2 264.4 -188.9 148.5 193.9 -226.4 -200.7 8

 9 Net change in assets 33.6 134.1 -9.3 76.2 75.4 106.4 27.9 -38.5 138.1 194.5 7.6 9

10 Nonfinancial corporate business -0.4 1.6 -1.6 -0.2 -0.3 1.2 1.9 -1.1 0.3 2.6 -2.8 10

11 State and local governments 7.2 5.0 9.7 -18.4 0.4 -39.2 -0.6 -38.0 30.2 -16.9 26.2 11

12 Rest of the world -18.8 8.0 11.4 59.4 34.0 -61.6 158.5 -90.3 125.8 182.2 -81.6 12

13 Financial sectors 45.6 119.6 -28.8 35.5 41.3 206.0 -132.0 90.9 -18.3 26.6 65.8 13

14 Monetary authority 6.5 110.3 -97.3 6.9 -10.8 85.0 -97.3 10.0 55.2 -65.9 -42.3 14

15 Savings institutions 5.5 -4.2 4.3 12.5 -0.3 15.2 6.4 15.1 -24.9 16.1 -7.5 15

16 Credit unions 3.4 2.4 -5.3 -1.5 -0.8 5.6 -29.6 8.7 4.2 6.4 -22.3 16

17 Other insurance companies 7.4 -14.4 10.0 -8.1 8.4 20.0 -5.8 -7.8 1.7 37.9 2.0 17

18 Private pension funds 1.2 -0.1 0.9 0.8 1.9 1.4 -2.3 -4.2 3.0 10.0 -1.3 18

19 State and local govt. retirement funds 8.9 2.8 4.3 0.6 -1.6 -2.8 -3.3 0.2 -8.4 -2.5 4.4 19

20 Money market mutual funds 12.9 0.1 43.4 44.0 46.2 65.7 35.4 4.6 47.5 -3.2 135.8 20

21 Mutual funds 13.1 9.9 25.6 -31.6 7.0 -27.9 -11.5 44.0 -18.1 -17.2 19.2 21

22 Government-sponsored enterprises -13.4 12.7 -14.8 11.9 -8.8 43.9 -24.0 20.3 -78.4 45.1 -22.3 22

23 Discrepancy--unallocated assets 57.7 35.7 122.6 -53.9 18.0 106.3 -166.2 157.9 224.3 -285.7 -24.7 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 193.1 229.9 207.6 -164.4 -98.0 -163.5 37.8 -255.9 -154.3 70.8 -52.4 1

 2 Commercial paper 202.5 232.8 208.2 -161.2 -98.0 -156.8 39.0 -254.7 -156.0 71.1 -52.3 2

 3 Nonfinancial corporate business 24.4 37.4 48.1 -88.3 -64.2 -66.1 45.5 -144.4 -81.7 -17.4 -13.2 3

 4 Foreign issues in U.S. 7.8 16.3 31.7 -14.2 36.1 -25.2 5.9 66.8 36.5 3.9 37.3 4

 5 Nonfinancial -1.6 8.2 10.9 -23.3 4.8 -23.2 -7.3 11.5 25.7 -21.3 3.4 5

 6 Financial 9.4 8.1 20.8 9.1 31.3 -2.0 13.2 55.3 10.8 25.2 33.8 6

 7 Financial sectors 170.3 179.2 128.4 -58.7 -70.0 -65.5 -12.4 -177.1 -110.8 84.5 -76.4 7

 8 Commercial banking 7.8 9.1 1.2 -5.1 -2.3 -1.0 -47.2 23.4 -52.1 12.6 6.9 8

 9 ABS issuers 125.7 139.0 121.0 103.5 -19.6 93.4 138.0 -9.2 -45.6 8.7 -32.5 9

10 Finance companies 30.7 -2.9 8.4 -80.3 -17.1 -11.5 -89.3 -60.8 -38.9 80.2 -49.0 10

11 REITs 0.2 -0.1 0.0 0.7 -0.1 4.4 -1.1 1.3 1.6 -0.5 -2.7 11

12 Funding corporations 6.0 34.1 -2.3 -77.4 -30.9 -150.8 -12.8 -131.9 24.1 -16.5 0.8 12

13 Bankers acceptances (1) -9.4 -2.9 -0.7 -3.2 0.1 -6.7 -1.2 -1.2 1.7 -0.2 -0.1 13

14 Net purchases, by sector 193.1 229.9 207.6 -164.4 -98.0 -163.5 37.8 -255.9 -154.3 70.8 -52.4 14

15 Household sector 7.5 4.1 4.9 -19.4 -6.7 -15.0 -22.5 -33.8 -27.8 20.2 14.5 15

16 Nonfinancial corporate business 3.3 8.2 10.2 -3.3 -0.1 -4.1 5.2 3.6 6.3 -5.7 -4.5 16

17 State and local governments 28.0 6.9 7.6 -26.5 -3.8 -40.0 -2.8 -44.0 -15.7 21.8 22.8 17

18 Rest of the world 37.6 -13.0 9.5 6.2 14.6 -3.4 24.8 19.4 44.6 -18.8 13.2 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.2 1.5 -0.6 1.2 1.2 -1.1 4.3 -0.3 2.1 -0.6 3.6 22

23 Bank personal trusts and estates -4.5 0.6 -2.4 -3.1 -0.2 -3.1 -3.1 -0.2 -0.2 -0.2 -0.2 23

24 Life insurance companies 7.5 2.0 -4.5 -11.9 23.5 13.4 -23.5 39.3 13.5 30.0 11.1 24

25 Private pension funds 3.0 3.2 -1.7 1.7 12.4 14.3 -5.1 -5.8 22.4 16.1 16.9 25

26 State and local govt. retirement funds 8.9 2.8 4.3 0.6 -1.6 -2.8 -3.3 0.2 -8.4 -2.5 4.4 26

27 Money market mutual funds 78.2 104.7 89.6 30.3 -44.9 42.9 -4.7 -184.2 -20.8 -168.3 193.6 27

28 Mutual funds 13.1 9.9 25.6 -31.6 -11.6 -22.1 -14.7 58.7 -92.4 -26.6 14.0 28

29 Government-sponsored enterprises 26.9 -27.1 10.9 35.6 -23.8 4.6 137.4 -124.2 40.7 -26.2 14.7 29

30 Brokers and dealers 3.8 -2.0 13.2 9.0 -6.1 23.8 -10.5 -2.1 12.6 -25.8 -9.0 30

31 Funding corporations -20.3 127.8 40.8 -153.1 -50.9 -170.9 -43.7 17.5 -131.2 257.5 -347.5 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 6, 2003

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -54.6 -71.0 -294.9 -5.0 257.0 209.7 44.2 41.6 524.2 264.2 198.1 1

 2 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 4.1 13.4 7.9 3.8 2.4 4.1 2

 3 Other Treasury issues -54.7 -70.8 -293.2 -10.6 252.5 205.6 30.8 33.8 520.4 261.7 194.0 3

 4 Net purchases -54.6 -71.0 -294.9 -5.0 257.0 209.7 44.2 41.6 524.2 264.2 198.1 4

 5 Household sector -37.5 37.3 -176.0 -59.7 16.2 69.2 -75.8 71.3 167.2 97.2 -270.8 5

 6 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 4.1 13.4 7.9 3.8 2.4 4.1 6

 7 Other Treasury issues -37.7 37.5 -174.3 -65.2 11.7 65.1 -89.2 63.5 163.4 94.8 -274.8 7

 8 Nonfinancial corporate business -3.2 -4.2 -1.3 3.5 2.5 -0.8 7.2 9.8 11.3 -1.7 -9.6 8

 9 Nonfarm noncorporate business 5.7 -0.8 3.0 -1.5 -0.5 0.4 -0.9 1.0 1.8 -3.4 -1.4 9

10 State and local governments 30.0 -2.5 -30.6 20.3 17.7 45.2 30.9 15.7 28.1 7.0 19.8 10

11 Rest of the world 18.7 -32.3 -87.2 3.1 99.2 1.4 176.0 -31.5 40.3 224.5 163.6 11

12 Monetary authority 21.4 25.8 33.7 40.0 77.7 8.4 85.1 81.6 43.4 67.3 118.7 12

13 Commercial banking -56.0 14.8 -44.4 -21.9 43.0 16.1 -48.4 -12.6 85.2 37.9 61.4 13

14 U.S.-chartered commercial banks -42.0 -2.0 -35.0 -31.4 29.9 -10.7 -29.8 22.9 40.3 2.3 54.2 14

15 Foreign banking offices in U.S. -10.3 9.7 -0.5 9.8 12.9 25.6 -19.1 -39.1 46.6 37.0 6.8 15

16 Bank holding companies -3.1 7.9 -7.9 0.4 0.1 -0.3 1.4 0.3 1.8 -1.3 -0.5 16

17 Banks in U.S.-affiliated areas -0.7 -0.7 -1.0 -0.6 0.1 1.5 -1.0 3.3 -3.5 -0.2 0.8 17

18 Savings institutions -4.4 -0.0 -1.4 2.7 -2.2 -3.5 19.2 10.8 -5.4 -9.7 -4.5 18

19 Credit unions -2.5 -3.5 -1.4 -0.8 1.0 -0.5 3.9 0.7 1.1 0.9 1.4 19

20 Bank personal trusts and estates -3.1 -0.0 -1.0 -4.8 -0.4 -4.8 -4.8 -0.4 -0.4 -0.4 -0.4 20

21 Life insurance companies -14.1 -9.3 -4.6 -4.4 8.1 -3.9 -6.1 5.1 4.3 20.2 2.9 21

22 Other insurance companies -20.8 -9.7 -8.6 -0.0 3.6 -1.3 1.9 5.4 3.6 2.4 2.9 22

23 Private pension funds -31.0 -2.7 -1.4 -4.2 7.2 -10.5 4.0 8.3 9.9 8.3 2.1 23

24 State and local govt. retirement funds 0.8 -6.6 -15.5 -18.3 -4.6 -66.8 -41.3 38.4 -39.0 -12.5 -5.2 24

25 Money market mutual funds 17.5 0.1 -13.3 45.3 4.5 66.7 39.6 13.0 3.3 -30.3 31.9 25

26 Mutual funds 4.6 -23.7 6.4 -8.6 19.3 -23.9 11.2 19.8 7.8 29.1 20.6 26

27 Closed-end funds -1.0 -1.2 -0.9 0.1 -3.2 -0.0 3.6 1.2 -9.2 -0.0 -4.6 27

28 Exchange-traded funds 0.0 0.0 0.0 0.0 2.0 0.0 0.0 0.0 0.0 8.4 -0.5 28

29 Government-sponsored enterprises -0.7 5.8 10.2 -8.7 -24.4 -17.8 -21.5 3.4 -65.9 -2.6 -32.4 29

30 Brokers and dealers 21.2 -58.4 39.4 13.1 -9.7 136.1 -139.6 -199.5 236.8 -178.5 102.2 30

 Memo:

31 Federal government borrowing (1) -52.6 -71.2 -295.9 -5.6 257.5 209.3 43.4 39.8 526.0 265.7 198.5 31

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, March 6, 2003 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 472.9 591.7 432.5 628.8 561.1 818.1 591.1 689.3 489.5 422.5 642.9 1

 2 Budget agencies 2.0 -0.2 -1.0 -0.5 0.5 -0.4 -0.7 -1.8 1.8 1.6 0.4 2

 3 Government-sponsored enterprises 278.3 318.2 234.1 290.8 232.4 326.2 306.5 191.3 141.7 249.1 347.6 3

 4 Federally related mortgage pools 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 4

 5 Net purchases 472.9 591.7 432.5 628.8 561.1 818.1 591.1 689.3 489.5 422.5 642.9 5

 6 Household sector 25.3 129.2 43.7 -93.5 -120.1 140.1 -14.6 -89.4 -60.6 -264.2 -66.3 6

 7 Nonfinancial corporate business 2.6 1.8 3.0 7.0 12.5 2.2 13.8 19.2 22.3 8.9 -0.3 7

 8 State and local governments 63.6 11.0 13.5 29.8 4.1 32.6 6.1 7.8 13.3 -6.0 1.1 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 11.1 63.4 137.3 107.2 126.1 76.5 142.6 40.0 155.4 131.1 177.6 10

11 Monetary authority -0.3 -0.2 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 92.0 36.4 22.3 55.6 139.2 142.0 166.9 123.5 194.2 132.1 106.9 12

13 U.S.-chartered commercial banks 81.7 29.4 18.2 73.7 119.9 143.5 170.5 99.4 169.0 108.4 102.7 13

14 Foreign banking offices in U.S. 5.2 4.9 0.4 -22.0 10.9 -2.5 -22.4 4.0 14.3 24.9 0.3 14

15 Bank holding companies 1.1 -1.3 -0.5 1.4 4.5 -0.3 4.8 16.0 5.0 -2.3 -0.7 15

16 Banks in U.S.-affiliated areas 3.9 3.3 4.3 2.5 3.9 1.3 13.9 4.2 5.8 1.1 4.6 16

17 Savings institutions -11.6 3.4 -6.7 21.0 15.0 -7.4 50.3 48.6 -3.9 -16.4 31.7 17

18 Credit unions 7.3 2.9 -0.4 19.6 17.1 38.7 31.1 28.8 10.6 17.8 11.1 18

19 Bank personal trusts and estates -1.4 5.7 0.3 -10.3 -0.9 -10.3 -10.3 -0.9 -0.9 -0.9 -0.9 19

20 Life insurance companies -9.6 7.0 11.0 18.1 30.1 21.8 12.0 35.6 18.0 58.7 8.2 20

21 Other insurance companies -1.2 5.9 8.6 10.1 5.6 18.0 13.6 6.9 6.4 4.1 5.1 21

22 Private pension funds -16.6 14.0 16.5 11.6 1.1 -4.2 7.0 6.1 3.7 7.0 -12.2 22

23 State and local govt. retirement funds 19.1 22.9 37.6 -14.5 -3.6 -81.6 -6.7 -11.4 0.7 1.6 -5.4 23

24 Money market mutual funds 77.5 17.1 -5.8 133.2 5.7 176.4 -61.4 29.1 -51.3 64.0 -19.1 24

25 Mutual funds 21.6 36.2 4.2 85.2 60.5 94.3 35.2 62.0 24.5 91.1 64.5 25

26 Government-sponsored enterprises 163.1 178.7 145.0 186.6 178.1 201.7 140.1 314.5 28.7 102.5 266.8 26

27 ABS issuers 38.0 40.2 4.3 42.2 67.6 37.4 68.2 70.0 42.4 87.8 70.0 27

28 REITs -8.1 1.1 0.3 5.8 9.0 3.4 7.9 22.6 13.5 7.8 -8.0 28

29 Brokers and dealers 0.5 15.0 -2.3 14.1 14.1 -63.6 -10.7 -23.9 72.5 -4.5 12.0 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, March 6, 2003

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 84.2 54.4 23.6 119.3 163.0 80.4 170.0 74.6 195.4 156.9 224.9 1

 2 State and local governments 66.5 38.9 16.5 101.9 147.0 66.9 137.5 66.3 182.3 143.4 195.9 2

 3 Short-term (1) -6.3 2.6 1.4 23.7 24.5 43.2 10.9 -1.5 31.4 34.2 34.0 3

 4 Long-term 72.7 36.3 15.1 78.3 122.5 23.7 126.6 67.8 151.0 109.2 161.9 4

 5 Nonprofit organizations (2) 12.0 10.4 5.8 13.8 12.9 11.7 26.7 8.3 10.7 10.1 22.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.8 5.1 1.4 3.5 3.1 1.7 5.8 0.0 2.4 3.4 6.5 6

 7 Net change in assets 84.2 54.4 23.6 119.3 163.0 80.4 170.0 74.6 195.4 156.9 224.9 7

 8 Household sector 5.6 24.2 11.3 43.0 110.0 9.9 33.9 127.6 111.4 38.2 162.8 8

 9 Nonfinancial corporate business -1.6 -0.7 6.9 -1.1 1.2 -9.5 30.5 -3.6 -5.1 14.2 -0.7 9

10 Nonfarm noncorporate business -0.4 -0.1 -0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -1.4 -1.5 0.6 0.3 -1.4 0.4 -0.7 -0.8 -1.2 -1.6 -1.9 11

12 Commercial banking 8.2 5.9 3.4 6.1 1.5 5.5 7.1 -3.2 -1.1 9.2 1.1 12

13 Savings institutions 0.4 0.5 0.2 1.3 1.0 0.3 1.7 0.4 0.8 0.5 2.2 13

14 Bank personal trusts and estates -1.1 10.8 -1.2 -3.5 5.3 -3.5 -3.5 5.3 5.3 5.3 5.3 14

15 Life insurance companies 1.7 1.7 -1.0 -0.4 2.9 -0.1 -1.0 6.3 2.3 2.7 0.4 15

16 Other insurance companies 16.5 -9.1 -14.9 -10.3 9.6 -24.8 -3.9 10.7 11.6 6.8 9.4 16

17 State and local govt. retirement funds 1.7 -0.2 -1.5 -0.2 -0.9 -4.2 3.4 -3.9 0.4 -0.1 -0.0 17

18 Money market mutual funds 26.0 17.5 34.3 36.2 1.8 47.6 41.5 -56.7 26.4 11.8 25.8 18

19 Mutual funds 22.8 -3.2 -8.9 23.0 25.0 22.5 30.6 17.4 30.0 41.6 11.0 19

20 Closed-end funds 1.8 8.5 -2.9 10.9 6.1 26.4 7.3 10.1 3.8 5.8 4.8 20

21 Government-sponsored enterprises 4.1 1.4 -1.8 6.0 -1.5 0.2 10.9 -13.7 -4.5 10.8 1.6 21

22 Brokers and dealers -0.1 -1.2 -0.7 7.7 2.0 9.3 12.1 -21.6 15.3 11.4 3.0 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 580.2 439.1 384.4 669.5 515.5 416.3 727.4 605.5 586.2 136.9 733.4 1

 2 Nonfinancial corporate business 235.2 217.8 161.3 340.5 133.2 191.4 325.0 253.7 191.4 -29.1 116.8 2

 3 Rest of the world (1) 34.9 14.1 23.9 -12.1 -16.7 -83.9 29.7 -2.3 -41.0 -22.5 -1.0 3

 4 Financial sectors 310.2 207.1 199.3 341.1 399.0 308.8 372.7 354.1 435.8 188.6 617.6 4

 5 Commercial banking 27.6 20.4 32.6 37.0 19.9 27.3 32.1 -21.2 35.9 14.2 50.9 5

 6 Savings institutions -0.2 0.2 3.5 -2.6 -0.2 -1.2 -9.7 -0.7 -2.0 -0.3 2.2 6

 7 ABS issuers 195.8 73.3 68.6 214.1 283.6 220.5 292.1 272.8 287.2 185.5 388.7 7

 8 Finance companies 24.2 64.3 72.2 65.2 54.0 54.5 46.4 28.3 91.0 -49.2 145.9 8

 9 REITs 21.7 8.9 4.8 3.8 14.5 0.1 9.0 1.1 18.0 23.0 15.9 9

10 Brokers and dealers 7.2 -17.2 15.6 1.4 -1.8 12.6 -18.9 -15.7 17.5 15.2 -24.1 10

11 Funding corporations 34.0 57.4 1.9 22.2 29.0 -5.0 21.9 89.7 -11.7 0.1 37.9 11

12 Net purchases 580.2 439.1 384.4 669.5 515.5 416.3 727.4 605.5 586.2 136.9 733.4 12

13 Household sector 125.5 22.6 -26.4 76.0 55.2 -151.1 97.6 25.1 30.5 -143.7 308.9 13

14 State and local governments 10.2 10.1 3.7 9.4 4.3 14.8 4.1 15.3 13.1 -8.3 -3.1 14

15 Rest of the world (2) 106.1 144.4 168.4 205.7 166.9 135.0 159.4 181.6 248.3 73.3 164.2 15

16 Commercial banking 37.8 39.6 58.1 97.8 3.7 74.9 144.3 -10.9 -59.8 40.6 44.7 16

17 Savings institutions 29.9 23.3 -2.5 -25.6 -4.4 -20.3 -17.0 -2.1 7.5 2.4 -25.3 17

18 Bank personal trusts and estates -2.6 11.3 5.0 -6.6 -2.7 -6.6 -6.6 -2.7 -2.7 -2.7 -2.7 18

19 Life insurance companies 84.5 41.5 49.0 120.2 143.9 142.2 86.0 172.1 130.7 151.3 121.4 19

20 Other insurance companies 11.6 10.0 6.4 8.9 11.6 13.1 16.2 13.7 13.8 8.3 10.7 20

21 Private pension funds 21.5 1.6 18.8 9.8 8.5 9.7 -2.1 17.2 8.7 2.6 5.6 21

22 State and local govt. retirement funds 35.1 30.4 29.7 11.4 7.7 77.5 40.6 41.8 -14.5 -4.2 7.6 22

23 Money market mutual funds 44.8 42.5 38.2 1.1 7.7 -21.9 34.1 -42.4 -44.3 48.4 69.1 23

24 Mutual funds 65.2 29.2 -6.2 58.1 50.9 31.8 76.9 85.3 71.9 27.5 18.8 24

25 Closed-end funds 4.4 1.0 -2.5 -3.9 1.1 -2.5 5.7 10.3 5.1 -9.1 -2.0 25

26 Exchange-traded funds 0.0 0.0 0.0 0.0 1.8 0.0 0.0 0.0 0.0 6.6 0.4 26

27 Government-sponsored enterprises 20.7 23.7 25.8 15.5 14.8 -5.8 1.8 26.0 60.9 -20.5 -7.0 27

28 REITs -0.4 -0.3 -0.4 2.1 3.7 3.0 5.7 1.4 4.7 6.3 2.2 28

29 Brokers and dealers -18.6 12.0 19.3 48.6 30.3 78.9 38.2 27.5 65.5 -11.1 39.2 29

30 Funding corporations 4.5 -3.8 0.1 40.8 10.6 43.6 42.4 46.2 46.7 -30.9 -19.4 30

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 6, 2003 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -113.7 -0.0 1.1 100.5 46.4 -8.6 142.0 50.7 182.4 -114.2 66.7 1

 2 Nonfinancial corporate business -215.5 -110.4 -118.2 -47.4 -40.2 -108.6 -4.2 -8.0 17.9 -130.8 -39.9 2

 3 Rest of the world (2) 101.3 114.3 103.6 106.8 18.9 43.5 74.7 -5.9 79.7 -50.6 52.7 3

 4 Financial sectors 0.6 -4.0 15.7 41.1 67.7 56.5 71.5 64.6 84.8 67.3 54.0 4

 5 Commercial banking -11.2 -10.2 -12.5 -8.1 -10.7 -20.7 4.3 0.3 -14.2 -22.0 -6.8 5

 6 Life insurance companies -4.7 -6.0 -0.8 -0.9 -7.8 -10.9 19.2 -7.4 -9.2 -9.2 -5.6 6

 7 Other insurance companies -4.7 -7.8 -4.5 0.5 5.5 -6.6 12.6 16.2 -1.4 3.4 3.7 7

 8 Closed-end funds -7.1 -6.4 -6.9 6.7 17.0 30.6 13.3 20.5 15.7 16.0 15.9 8

 9 Exchange-traded funds 6.0 12.2 42.4 31.0 45.3 27.9 26.9 24.0 65.2 43.2 48.8 9

10 REITs 19.8 6.6 2.2 5.1 8.4 7.5 8.5 13.0 11.1 3.6 5.8 10

11 Brokers and dealers 2.5 7.6 -4.2 6.7 10.0 28.6 -13.3 -2.0 17.5 32.4 -7.8 11

12 Net purchases -113.7 -0.0 1.1 100.5 46.4 -8.6 142.0 50.7 182.4 -114.2 66.7 12

13 Household sector -280.1 -305.0 -468.2 -231.2 -135.6 -209.3 -285.3 -155.9 -72.8 -187.4 -126.4 13

14 State and local governments 9.4 3.5 -1.2 22.8 9.2 21.5 22.4 12.9 27.0 3.4 -6.6 14

15 Rest of the world (3) 42.0 112.3 193.5 121.4 54.4 54.8 132.6 94.8 43.7 29.0 50.0 15

16 Commercial banking 1.3 2.0 0.3 0.2 -0.6 5.8 -3.1 -3.9 0.2 -0.2 1.4 16

17 Savings institutions 1.5 -0.7 0.4 3.2 2.0 2.3 2.7 1.1 1.8 2.1 2.9 17

18 Bank personal trusts and estates -74.3 -28.8 -2.5 -32.5 -1.7 -32.4 -31.8 -2.0 -2.0 -2.0 -0.8 18

19 Life insurance companies 115.3 111.9 105.9 70.3 56.0 71.0 52.6 52.8 41.6 71.4 58.0 19

20 Other insurance companies -5.0 -1.7 0.7 -0.3 1.2 7.0 -17.2 -0.4 4.6 0.6 0.2 20

21 Private pension funds -26.5 -29.1 -49.9 -33.3 -53.8 -66.7 9.4 -72.8 -89.4 -46.7 -6.3 21

22 State and local govt. retirement funds -28.2 -6.2 -18.4 22.3 29.5 65.2 55.6 4.6 41.9 76.7 -5.3 22

23 Mutual funds 143.3 136.4 189.1 109.7 31.1 85.4 129.0 98.0 75.9 -106.4 56.8 23

24 Closed-end funds -12.3 -14.6 -0.6 -0.4 13.0 6.7 -3.4 -1.2 16.1 19.2 17.7 24

25 Exchange-traded funds 6.0 12.2 42.4 31.0 41.6 27.9 26.9 24.0 65.2 28.2 48.8 25

26 Brokers and dealers -6.0 7.7 9.6 17.3 0.3 -47.9 51.4 -1.5 28.6 -2.3 -23.8 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 1

 2 Net purchases 279.5 191.2 235.0 201.4 182.2 160.4 255.9 386.9 100.0 37.1 204.9 2

 3 Household sector 281.0 171.4 158.4 200.1 181.3 161.6 244.0 386.6 91.5 46.9 200.0 3

 4 Nonfinancial corporate business 10.3 12.5 12.9 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 -5.2 4

 5 State and local governments -12.3 4.3 0.8 5.1 -5.5 -0.8 4.0 -4.0 -2.7 -7.0 -8.5 5

 6 Commercial banking -0.4 2.3 2.5 7.8 1.7 3.7 15.9 2.4 -6.3 -6.6 17.3 6

 7 Credit unions 1.2 -1.1 -0.3 1.5 -0.2 -1.9 2.6 -3.0 3.9 0.0 -1.7 7

 8 Bank personal trusts and estates 26.6 -14.7 48.5 -6.1 -0.4 -4.0 -4.6 -0.4 -0.4 -0.4 -0.4 8

 9 Life insurance companies -23.4 15.0 11.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 9

10 Private pension funds -3.5 1.6 1.2 -3.8 8.6 5.0 -2.9 8.4 17.2 7.4 1.3 10
46 Z.1, March 6, 2003

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 253.2 200.5 369.7 70.5 224.7 21.7 70.5 26.6 226.4 415.5 230.5 1

 - Loans elsewhere classified:

 2 Open market paper -0.2 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 91.7 158.4 164.6 129.8 269.3 71.3 185.8 74.3 272.4 373.2 357.0 3

 4 Consumer credit -3.6 -9.2 41.7 17.0 28.9 -16.6 23.7 21.2 31.1 85.8 -22.3 4

 5 Security credit 20.3 -18.0 50.4 0.0 2.4 -14.5 24.9 -65.9 61.9 10.9 2.7 5

 6 = Banking sector total bank loans n.e.c. 145.0 69.0 112.8 -76.2 -75.8 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 6

 7 U.S.-chartered commercial banks 144.1 92.4 98.1 -62.0 -58.5 -5.6 -154.4 -56.2 -110.8 -0.7 -66.4 7

 8 Foreign banking offices in U.S. -1.7 -22.4 14.6 -19.1 -18.5 -13.4 -22.5 53.7 -28.7 -53.9 -45.1 8

 9 Bank holding companies 1.7 -1.6 -0.9 0.3 0.9 -0.1 -2.8 0.6 -0.0 0.2 3.0 9

10 Banks in U.S.-affiliated areas 0.9 0.5 1.1 4.5 0.3 0.6 15.7 -1.1 0.6 0.2 1.5 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 145.0 69.0 112.8 -76.2 -75.8 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 12

13 Net change in liabilities 145.0 69.0 112.8 -76.2 -75.8 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 13

14 Nonfinancial sectors 114.8 83.2 113.1 -90.0 -86.8 -20.1 -182.3 -3.2 -170.8 -136.7 -36.3 14

15 Household sector 6.1 -7.0 6.7 -17.2 -12.9 40.1 -59.5 17.6 -38.4 -63.8 33.2 15

16 Corporate business 72.0 60.8 62.4 -72.0 -65.2 -71.9 -103.5 -36.4 -131.9 -43.3 -49.2 16

17 Nonfarm noncorporate business 28.9 29.9 29.9 6.4 -13.2 10.5 -5.3 3.9 -21.1 -17.4 -18.1 17

18 Farm business 1.2 -0.9 2.7 -0.0 -0.9 -3.0 2.2 -2.3 -1.4 -0.5 0.5 18

19 Rest of the world 6.6 0.5 11.4 -7.3 5.4 4.2 -16.3 13.9 22.0 -11.7 -2.8 19

20 Foreign official institutions 0.7 0.2 0.6 0.8 0.8 3.5 0.5 -0.6 2.4 1.0 0.2 20

21 Foreign banks -0.7 -3.2 3.4 -7.4 -0.8 1.1 -14.1 0.9 14.2 -7.4 -10.8 21

22 Other foreign 6.6 3.5 7.4 -0.7 5.4 -0.3 -2.7 13.6 5.4 -5.3 7.8 22

23 Financial sectors 30.1 -14.2 -0.2 13.8 11.0 1.6 18.3 0.2 31.9 82.3 -70.6 23

24 Savings institutions 10.3 -15.7 7.4 1.5 4.2 6.9 -1.5 -0.4 4.3 6.3 6.4 24

25 Finance companies 2.2 8.9 0.5 14.9 6.8 -1.2 17.6 1.3 28.1 75.3 -77.7 25

26 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.8 0.6 0.8 0.7 0.7 0.7 26

27 REITs 16.0 -7.6 -8.3 -3.3 -0.7 -4.9 1.6 -1.5 -1.3 -0.0 -0.1 27
Z.1, March 6, 2003 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 166.3 147.4 136.2 60.4 49.4 116.5 -101.8 -24.2 91.5 147.6 -17.2 1

 2 U.S. government loans 14.4 5.9 8.2 7.1 8.0 6.7 5.1 4.8 9.8 8.5 8.8 2

 3 Liab.: Household sector 10.6 12.6 11.2 11.5 11.2 11.4 12.3 10.6 12.6 12.4 9.0 3

 4 Nonfinancial corporate business -0.1 -0.3 -0.4 -0.2 -0.3 1.4 -1.3 -1.3 0.8 -1.8 1.0 4

 5 Nonfarm noncorporate business 4.0 -0.9 -1.1 -3.2 -0.7 -4.1 -4.0 -2.1 -2.1 0.3 1.0 5

 6 Farm business -0.3 -0.3 0.1 0.0 -0.3 -0.2 -0.3 -0.3 -0.3 -0.3 -0.2 6

 7 State and local governments 1.2 -0.4 -1.0 0.2 0.5 0.1 0.1 0.3 0.3 0.6 0.6 7

 8 Rest of the world -1.0 -4.8 -0.6 -1.1 -2.3 -1.9 -1.8 -2.3 -1.5 -2.6 -2.7 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -1.0 -22.7 -2.2 -1.6 10.1 59.8 -70.2 -37.8 54.0 39.9 -15.7 10

11 Liab.: Nonfinancial corporate business -1.0 -22.7 -2.2 -1.6 10.1 59.8 -70.2 -37.8 54.0 39.9 -15.7 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -9.3 -3.1 -0.7 -2.9 0.3 -6.9 -0.8 -0.4 1.3 -0.4 0.7 12

13 Liab.: Nonfinancial corporate business -4.3 -2.2 -0.0 -0.3 0.3 -7.0 0.8 -1.6 2.2 -1.2 1.9 13

14 Rest of the world -5.0 -0.9 -0.7 -2.6 -0.0 0.1 -1.6 1.2 -0.9 0.8 -1.3 14

15 Savings institution loans to business 5.3 6.5 8.7 3.6 3.5 -0.7 -2.8 6.3 -0.5 4.1 4.1 15

16 Liab.: Nonfinancial corporate business 2.7 3.2 4.3 1.8 1.7 -0.3 -1.4 3.1 -0.3 2.0 2.1 16

17 Nonfarm noncorporate business 2.7 3.2 4.3 1.8 1.7 -0.3 -1.4 3.1 -0.3 2.0 2.1 17

18 Policy loans (Household liability) 0.1 -5.1 2.8 2.2 2.1 5.4 -1.1 1.1 -0.2 1.9 5.4 18

19 Asset: Federal government -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 0.1 -5.0 2.9 2.2 2.0 5.4 -1.1 1.1 -0.2 1.9 5.4 20

21 Govt.-sponsored enterprises loans 92.3 113.6 41.3 40.1 19.4 63.3 12.4 -1.6 23.8 74.9 -19.4 21

22 Liab.: Household sector (SLMA) -1.2 5.6 -4.2 2.4 1.2 1.9 0.5 2.1 0.7 1.4 0.5 22

23 Noncorporate business (FCS) 2.7 0.0 1.5 2.9 1.1 2.0 3.5 -0.7 5.3 -0.3 0.0 23

24 Farm business (FCS) 0.6 0.9 1.5 0.0 0.3 0.6 -0.4 0.9 1.2 1.9 -2.7 24

25 Commercial banks (FHLB and SLMA) 46.9 40.6 26.8 24.2 30.6 20.1 60.4 23.3 27.8 35.6 35.7 25

26 Savings institutions (FHLB and SLMA) 42.1 63.5 16.3 8.5 -17.8 33.7 -57.4 -32.0 -14.4 31.1 -55.8 26

27 Credit unions (FHLB) 0.6 2.2 0.0 1.5 2.0 1.5 4.4 2.4 2.0 3.1 0.4 27

28 Life insurance companies (FHLB) 0.7 0.7 -0.7 0.6 2.0 3.5 1.4 2.4 1.2 2.0 2.5 28

29 Securitized loans held by ABS issuers 27.6 -1.8 14.7 23.3 -2.3 65.6 9.5 26.8 -19.8 -13.8 -2.3 29

30 Liab.: Households (1) 3.8 1.5 6.5 0.9 -0.1 0.8 -1.9 7.1 -1.2 1.6 -8.0 30

31 Nonfinancial corporate business 23.8 -3.3 8.3 22.4 -2.2 64.8 11.4 19.7 -18.6 -15.4 5.7 31

32 Finance company loans to business 36.8 54.2 63.3 -11.5 8.3 -76.8 -53.9 -23.5 23.0 32.6 1.3 32

33 Liab.: Nonfinancial corporate business 33.1 48.8 57.0 -10.3 7.5 -69.1 -48.5 -21.1 20.7 29.3 1.1 33

34 Nonfarm noncorporate business 3.7 5.4 6.3 -1.1 0.8 -7.7 -5.4 -2.3 2.3 3.3 0.1 34

(1) Student loans.
48 Z.1, March 6, 2003

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 514.6 570.0 574.4 706.0 880.9 768.2 731.4 703.1 838.3 915.4 1066.7 1

 2 Home 387.7 424.6 418.4 530.9 723.0 560.0 531.1 601.3 657.3 778.7 854.7 2

 3 Multifamily residential 31.5 37.4 36.1 48.3 43.2 55.9 56.0 31.4 46.7 30.9 64.0 3

 4 Commercial 88.8 102.2 113.4 119.3 105.8 145.4 137.5 63.6 125.2 92.8 141.5 4

 5 Farm 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 5

 6 Net borrowing 514.6 570.0 574.4 706.0 880.9 768.2 731.4 703.1 838.3 915.4 1066.7 6

 7 Household sector 348.5 380.5 378.2 489.4 687.1 520.1 495.3 575.9 619.1 734.1 819.4 7

 8 Nonfinancial business 141.3 184.4 190.0 215.3 188.9 250.1 237.7 120.7 212.1 177.2 245.4 8

 9 Corporate 17.0 34.0 40.4 57.7 37.9 89.6 77.3 5.4 54.4 23.1 68.8 9

10 Nonfarm noncorporate 117.7 144.7 143.1 150.1 142.0 153.4 153.7 108.4 148.6 141.0 170.1 10

11 Farm 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 24.8 5.1 6.2 1.3 4.9 -1.9 -1.6 6.6 7.0 4.1 1.9 13

14 Net change in assets 514.6 570.0 574.4 706.0 880.9 768.2 731.4 703.1 838.3 915.4 1066.7 14

15 Household sector 0.9 -0.1 1.7 0.9 1.1 0.8 -0.4 0.4 2.6 1.9 -0.5 15

16 Nonfinancial corporate business -13.0 -26.0 2.3 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 -3.0 16

17 Nonfarm noncorporate business 7.9 -2.0 -1.4 3.3 1.2 2.7 2.7 2.1 1.3 1.0 0.2 17

18 State and local governments 4.1 4.3 4.5 4.7 5.0 4.8 4.8 4.9 4.9 5.0 5.0 18

19 Federal government -0.8 -0.1 -0.9 -1.1 -0.4 -3.4 1.8 -0.1 -1.1 -1.8 1.5 19

20 Commercial banking 91.7 158.4 164.6 129.8 269.3 71.3 185.8 74.3 272.4 373.2 357.0 20

21 Savings institutions (1) 12.1 24.1 54.9 35.3 23.0 14.1 19.6 -49.8 -21.4 112.2 51.0 21

22 Credit unions 10.8 14.1 13.8 16.4 17.8 24.0 14.6 23.0 19.1 7.7 21.6 22

23 Bank personal trusts and estates -0.2 -0.6 0.1 0.2 -0.2 0.3 0.2 -0.2 -0.2 -0.3 -0.3 23

24 Life insurance companies 6.8 15.7 5.2 7.1 4.3 8.0 15.1 1.1 6.5 2.9 6.7 24

25 Other insurance companies -0.3 -0.0 -0.3 0.2 0.0 0.1 0.7 0.0 0.1 0.0 0.1 25

26 Private pension funds -0.3 0.9 1.2 1.3 1.8 1.1 1.4 1.6 1.5 1.9 1.9 26

27 State and local govt. retirement funds 6.5 -2.6 -0.0 3.4 6.8 3.7 4.6 5.4 6.4 7.2 8.1 27

28 Government-sponsored enterprises (1) 7.7 -4.8 25.0 33.9 59.6 28.1 54.2 32.2 45.3 65.5 95.3 28

29 Federally related mortgage pools 192.6 273.8 199.4 338.5 328.1 492.2 285.3 499.8 346.1 171.8 294.9 29

30 ABS issuers 156.8 93.1 83.7 145.8 141.0 110.1 244.5 113.4 131.3 146.4 173.0 30

31 Finance companies 24.7 24.6 26.4 -11.0 13.2 10.1 -102.2 -5.9 11.3 8.8 38.6 31

32 Mortgage companies 3.2 0.3 0.2 1.4 1.5 1.7 1.2 1.6 1.4 1.5 1.5 32

33 REITs 3.4 -3.3 -6.2 -1.1 10.9 1.3 0.4 2.3 13.6 13.5 14.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 6, 2003 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 387.7 424.6 418.4 530.9 723.0 560.0 531.1 601.3 657.3 778.7 854.7 1

 2 Household sector 339.1 373.9 375.5 478.5 668.4 507.1 483.6 553.6 604.1 716.7 799.3 2

 3 Nonfinancial corporate business 1.4 2.2 2.0 2.1 0.6 1.5 0.7 -0.2 0.7 1.9 0.2 3

 4 Nonfarm noncorporate business 47.2 48.6 40.9 50.3 53.9 51.3 46.9 47.9 52.4 60.1 55.2 4

 5 Net change in assets 387.7 424.6 418.4 530.9 723.0 560.0 531.1 601.3 657.3 778.7 854.7 5

 6 Household sector -1.1 -1.1 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 6

 7 Nonfinancial corporate business -2.7 -6.9 1.2 -1.4 -1.6 -1.4 -1.4 -1.5 -1.5 -1.5 -1.9 7

 8 Nonfarm noncorporate business 2.9 -0.9 -0.3 1.0 1.3 1.0 1.0 1.2 1.2 1.3 1.4 8

 9 State and local governments 3.3 3.5 3.7 3.8 4.0 3.9 3.9 4.0 4.0 4.0 4.1 9

10 Federal government -0.3 -0.4 -0.7 -0.6 -0.9 -1.0 -0.3 -0.7 -1.6 -0.6 -0.9 10

11 Commercial banking 51.5 82.6 86.1 58.2 198.6 -24.2 116.8 10.7 191.1 311.0 281.5 11

12 Savings institutions 12.8 14.7 46.0 26.4 10.8 4.9 20.8 -62.6 -31.4 92.6 44.6 12

13 Credit unions 10.8 14.1 13.8 16.4 17.8 24.0 14.6 23.0 19.1 7.7 21.6 13

14 Bank personal trusts and estates -0.2 -0.6 0.1 0.2 -0.2 0.3 0.2 -0.2 -0.2 -0.3 -0.3 14

15 Life insurance companies -0.6 -0.7 -1.0 0.0 0.3 0.3 -0.6 0.0 0.9 0.1 0.1 15

16 Private pension funds 0.1 0.9 1.1 1.3 1.7 1.2 1.4 1.6 1.6 1.9 1.9 16

17 State and local govt. retirement funds 2.8 -0.9 -0.0 1.2 2.4 1.3 1.6 1.9 2.2 2.5 2.8 17

18 Government-sponsored enterprises 5.3 -10.3 15.8 20.2 45.2 15.4 37.8 19.8 34.4 49.7 77.1 18

19 Federally related mortgage pools 182.1 264.6 190.9 322.9 315.2 479.3 268.1 488.4 337.4 164.4 270.6 19

20 ABS issuers 94.5 49.9 44.8 91.4 103.6 44.0 164.0 100.4 88.0 124.0 102.0 20

21 Finance companies 22.5 18.2 22.4 -10.5 14.9 8.7 -96.6 11.7 3.6 7.6 36.6 21

22 Mortgage companies 3.1 0.3 0.2 1.3 1.3 1.6 1.1 1.5 1.2 1.3 1.3 22

23 REITs 0.8 -2.4 -4.6 0.1 9.5 1.7 -0.1 3.0 8.0 13.7 13.1 23

 Memo:

24 Home equity loans included above (2) 60.6 56.0 97.8 68.8 129.3 69.3 39.8 121.3 125.4 148.5 122.1 24

25 Commercial banking 2.9 12.7 45.5 23.6 44.7 25.8 25.9 40.4 82.0 48.7 7.6 25

26 Savings institutions 0.5 3.7 13.1 5.1 0.6 4.8 -0.5 3.7 2.2 8.2 -11.6 26

27 Credit unions 0.7 3.7 7.3 4.2 1.7 12.4 -1.5 -2.8 11.2 0.0 -1.7 27

28 ABS issuers 34.0 17.7 9.6 46.3 67.5 17.6 112.4 68.4 26.4 84.0 91.2 28

29 Finance companies 22.5 18.2 22.4 -10.5 14.9 8.7 -96.6 11.7 3.6 7.6 36.6 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 31.5 37.4 36.1 48.3 43.2 55.9 56.0 31.4 46.7 30.9 64.0 1

 2 Nonfinancial corporate business 1.1 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 2

 3 Nonfarm noncorporate business 22.3 34.5 32.7 46.5 40.2 55.2 55.1 27.8 42.9 28.1 61.9 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 8.2 1.7 2.1 0.4 1.6 -0.6 -0.5 2.2 2.3 1.4 0.6 5

 6 Net change in assets 31.5 37.4 36.1 48.3 43.2 55.9 56.0 31.4 46.7 30.9 64.0 6

 7 Household sector -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business 2.6 -0.8 -0.3 1.5 -0.7 0.9 0.9 0.3 -0.5 -0.8 -1.6 9

10 State and local governments 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10

11 Federal government -0.3 -0.0 0.3 -0.2 -0.3 1.0 0.5 0.3 0.4 -2.0 -0.0 11

12 Commercial banking 5.0 13.0 10.1 7.0 9.3 14.5 3.6 7.4 16.2 0.8 13.0 12

13 Savings institutions -2.5 2.3 1.9 3.3 3.2 4.0 0.7 2.3 3.4 10.6 -3.3 13

14 Life insurance companies 1.1 1.1 0.9 2.0 0.5 0.1 7.0 0.2 0.6 0.4 1.0 14

15 Private pension funds -0.1 0.0 0.0 -0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 15

16 State and local govt. retirement funds 1.8 -0.7 -0.0 0.9 1.9 1.0 1.3 1.5 1.8 2.0 2.3 16

17 Government-sponsored enterprises 0.2 4.4 7.3 9.4 9.7 8.8 12.0 8.3 7.3 8.9 14.1 17

18 Federally related mortgage pools 10.5 9.2 8.5 15.6 12.9 13.0 17.2 11.4 8.6 7.4 24.3 18

19 ABS issuers 12.9 8.5 6.5 8.2 6.7 11.2 13.5 2.1 7.8 2.7 14.2 19

20 Finance companies -0.3 0.2 0.1 -0.2 -1.0 0.2 -1.0 -3.4 -0.3 -0.0 -0.4 20

21 Mortgage companies 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 21

22 REITs 0.1 -0.6 -0.2 -0.3 -0.1 0.2 -0.7 -0.1 0.4 -0.2 -0.5 22
50 Z.1, March 6, 2003

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 88.8 102.2 113.4 119.3 105.8 145.4 137.5 63.6 125.2 92.8 141.5 1

 2 Household sector 9.4 6.6 2.7 10.8 18.7 13.0 11.7 22.3 15.0 17.4 20.1 2

 3 Nonfinancial corporate business 14.6 30.5 37.0 54.3 35.9 86.7 75.2 4.2 52.3 19.8 67.1 3

 4 Nonfarm noncorporate business 48.3 61.6 69.5 53.3 48.0 46.9 51.6 32.7 53.2 52.9 53.0 4

 5 REITs 16.6 3.4 4.2 0.9 3.3 -1.3 -1.1 4.4 4.7 2.8 1.3 5

 6 Net change in assets 88.8 102.2 113.4 119.3 105.8 145.4 137.5 63.6 125.2 92.8 141.5 6

 7 Household sector 0.9 0.8 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business -10.0 -19.0 1.1 -1.5 -1.3 -1.5 -1.5 -1.5 -1.5 -1.5 -1.0 8

 9 Nonfarm noncorporate business 2.0 -0.5 -0.3 0.7 0.3 0.7 0.7 0.4 0.4 0.2 0.2 9

10 State and local governments -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government 0.1 0.6 -0.4 -0.1 1.2 -3.2 1.9 0.7 0.3 1.0 2.7 11

12 Commercial banking 33.2 60.0 66.2 63.0 58.8 79.5 64.0 54.1 62.8 57.8 60.6 12

13 Savings institutions 1.8 7.1 6.9 5.6 8.9 5.3 -1.8 10.4 6.6 8.9 9.7 13

14 Life insurance companies 5.2 13.8 4.7 4.6 3.3 7.0 7.6 0.9 5.0 2.2 5.1 14

15 Other insurance companies -0.3 -0.0 -0.3 0.2 0.0 0.1 0.7 0.0 0.1 0.0 0.1 15

16 Private pension funds -0.3 0.0 0.1 -0.0 0.0 -0.1 -0.0 0.0 -0.0 0.1 0.0 16

17 State and local govt. retirement funds 1.9 -1.0 -0.0 1.2 2.5 1.4 1.7 2.0 2.4 2.6 3.0 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 49.4 34.7 32.4 46.2 30.7 54.9 67.0 10.9 35.5 19.8 56.8 19

20 Finance companies 2.5 6.1 3.9 -0.3 -0.7 1.3 -4.6 -14.2 8.1 1.2 2.4 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 2.5 -0.4 -1.4 -1.0 1.5 -0.6 1.2 -0.7 5.2 -0.0 1.5 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 1

 2 Net change in assets 6.5 5.8 6.5 7.5 8.9 7.0 6.8 6.9 9.1 13.1 6.5 2

 3 Household sector 1.1 0.2 2.3 1.2 1.5 1.1 -0.0 0.8 3.0 2.3 -0.2 3

 4 Nonfarm noncorporate business 0.4 0.3 -0.6 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 4

 5 State and local governments -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.3 -0.2 -0.1 -0.2 -0.3 -0.2 -0.3 -0.4 -0.2 -0.2 -0.3 6

 7 Commercial banking 2.1 2.8 2.2 1.5 2.5 1.5 1.5 2.1 2.3 3.6 2.0 7

 8 Savings institutions 0.1 0.1 0.1 0.0 0.1 -0.0 -0.2 0.1 0.0 0.0 0.1 8

 9 Life insurance companies 1.1 1.5 0.6 0.5 0.2 0.5 1.1 0.0 0.0 0.2 0.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 2.2 1.1 2.0 4.3 4.7 3.9 4.4 4.1 3.7 6.9 4.1 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
Z.1, March 6, 2003 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 1

 2 Net change in assets 75.0 99.5 139.0 108.8 55.5 65.4 149.4 82.3 80.8 57.9 1.0 2

 3 Nonfinancial corporate business -4.1 5.4 2.4 -14.7 -10.9 -29.3 -23.8 26.3 -28.6 -18.2 -23.2 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking -3.6 -9.2 41.7 17.0 28.9 -16.6 23.7 21.2 31.1 85.8 -22.3 5

 6 Savings institutions 4.4 9.9 3.0 4.5 -0.5 12.8 2.1 -1.9 -0.6 -13.4 14.0 6

 7 Credit unions 3.0 12.5 16.5 5.1 7.0 -0.1 6.6 6.2 8.2 14.0 -0.4 7

 8 ABS issuers 59.4 62.6 57.1 80.1 34.9 75.3 85.1 29.2 65.4 -48.8 93.9 8

 9 Finance companies 15.8 18.2 18.2 16.8 -4.0 23.3 55.6 1.2 5.3 38.6 -61.0 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 106.4 268.6 425.4 -67.3 114.8 -185.8 -160.9 182.1 27.2 160.2 89.8 1

 2 Household sector 8.7 4.1 7.7 6.1 7.0 6.7 6.0 6.7 6.8 7.0 7.3 2

 3 Nonfinancial corporate business 57.6 178.5 313.3 -112.0 93.5 -207.6 -227.5 156.7 24.5 119.8 72.8 3

 4 Nonfarm noncorporate business 21.6 40.7 66.0 20.3 12.9 12.8 14.4 17.8 12.3 12.1 9.3 4

 5 Farm business 0.8 0.4 0.9 -0.0 -0.4 -1.7 0.8 -0.8 -0.3 -0.6 0.0 5

 6 State and local governments 30.5 29.1 27.4 25.2 24.5 25.6 25.4 26.0 24.0 24.0 24.0 6

 7 Federal government -8.0 -0.3 4.4 -7.9 -12.6 -1.1 -7.3 -2.5 -7.6 2.5 -42.6 7

 8 Rest of the world -3.9 4.2 0.8 -2.2 -8.1 -31.7 15.2 -10.3 -9.4 -9.4 -3.2 8

 9 Brokers and dealers -1.0 11.9 5.1 3.3 -1.9 11.3 12.3 -11.5 -23.1 4.7 22.3 9

10 Net change in trade receivables 149.6 261.9 393.1 -79.8 163.7 -157.6 -211.4 218.4 120.0 187.1 129.3 10

11 Nonfinancial corporate business 86.3 200.5 284.7 -130.5 99.6 -223.6 -237.3 149.1 54.1 129.4 65.9 11

12 Nonfarm noncorporate business 28.9 38.7 69.6 15.0 27.5 12.8 21.6 25.0 18.9 30.5 35.7 12

13 Federal government 1.5 4.6 5.3 7.2 0.0 13.9 -4.5 -3.2 6.3 0.3 -3.3 13

14 Rest of the world -6.5 -5.0 -0.5 -2.7 3.9 -0.0 -3.4 8.1 -0.2 3.5 4.3 14

15 Other insurance companies 1.6 2.0 1.0 5.3 8.9 11.5 -11.3 13.9 17.6 -0.0 4.0 15

16 ABS issuers 37.9 21.1 33.0 25.9 23.8 28.0 23.5 25.6 23.4 23.5 22.6 16

17 Discrepancy -43.3 6.8 32.4 12.5 -48.9 -28.3 50.5 -36.3 -92.8 -27.0 -39.5 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 103.2 104.4 146.1 3.1 -101.3 561.3 -383.7 -190.7 -131.9 -69.6 -13.1 1

 2 Household sector 21.6 75.2 7.2 -38.8 -51.4 248.3 -246.8 -17.5 -85.7 -83.7 -18.5 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 81.6 29.2 138.9 41.9 -50.0 313.0 -136.9 -173.3 -46.2 14.1 5.4 4

 5 Customer credit balances (HH) 61.2 47.2 88.6 41.9 -52.3 327.5 -161.8 -107.3 -108.0 3.3 2.7 5

 6 From U.S.-chartered commercial banks 11.9 -8.8 7.1 7.2 -2.7 35.3 -42.9 -4.9 16.8 0.2 -22.9 6

 7 From foreign banking offices in U.S. 8.4 -9.3 43.2 -7.2 5.1 -49.9 67.8 -61.1 45.1 10.7 25.5 7

 8 Net change in assets 103.2 104.4 146.1 3.1 -101.3 561.3 -383.7 -190.7 -131.9 -69.6 -13.1 8

 9 Household sector 61.2 47.2 88.6 41.9 -52.3 327.5 -161.8 -107.3 -108.0 3.3 2.7 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 20.3 -18.0 50.4 0.0 2.4 -14.5 24.9 -65.9 61.9 10.9 2.7 11

12 Brokers and dealers 21.6 75.2 7.2 -38.8 -51.4 248.3 -246.8 -17.5 -85.7 -83.7 -18.5 12
52 Z.1, March 6, 2003

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 48.0 50.8 50.2 77.2 100.8 74.7 119.6 93.9 92.2 119.7 97.5 1

 2 Federal government 1.3 1.4 1.4 1.4 1.6 0.0 2.5 -0.3 4.0 -0.1 2.7 2

 3 Life insurance companies 46.7 49.4 48.7 75.8 99.3 74.7 117.1 94.1 88.2 119.8 94.9 3

 4 Net change in assets (Households) 48.0 50.8 50.2 77.2 100.8 74.7 119.6 93.9 92.2 119.7 97.5 4

 Pension fund reserves:

 5 Net change in liabilities 217.4 181.8 209.0 208.4 209.1 180.3 148.2 137.0 145.5 317.2 236.7 5

 6 Federal government (1) 41.2 41.1 20.9 60.8 34.5 41.0 47.8 32.0 29.5 33.1 43.6 6

 7 Life insurance companies 122.6 91.8 142.6 138.5 131.5 137.3 81.4 85.3 119.6 195.7 125.3 7

 8 Private pension funds (2) -7.9 -10.9 -8.6 -17.5 10.2 -22.0 -12.7 -9.5 -23.9 42.9 31.1 8

 9 State and local govt. retirement funds 61.5 59.8 54.1 26.5 32.9 24.0 31.7 29.2 20.3 45.5 36.7 9

10 Net change in assets (Households) (3) 217.4 181.8 209.0 208.4 209.1 180.3 148.2 137.0 145.5 317.2 236.7 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 19.6 30.7 32.8 17.5 29.0 104.9 -54.8 3.6 40.4 48.5 23.4 1

 businesses

 2 Nonfinancial corporate business 4.8 7.0 7.0 3.2 12.8 91.6 -69.0 -12.6 26.4 30.7 6.9 2

 3 Nonfarm noncorporate business 9.0 16.8 18.6 7.0 7.3 4.4 4.9 7.8 5.7 8.3 7.5 3

 4 U.S.-chartered commercial banks 1.7 1.9 2.1 2.4 2.6 2.4 2.5 2.6 2.6 2.7 2.7 4

 5 Savings institutions 0.2 0.0 0.4 -0.7 -0.3 0.1 -1.2 -0.8 -0.0 -0.3 0.1 5

 6 Life insurance companies 1.2 1.3 1.6 2.0 2.4 2.0 2.1 2.2 2.3 2.4 2.5 6

 7 Other insurance companies 2.0 2.0 2.3 2.7 3.2 2.8 2.9 3.0 3.2 3.3 3.4 7

 8 Finance companies 0.8 0.8 1.0 1.2 1.4 1.2 1.2 1.3 1.4 1.4 1.5 8

 9 Brokers and dealers -0.1 0.9 -0.1 -0.2 -0.6 0.5 1.8 0.1 -1.1 -0.1 -1.2 9

10 Net change in business taxes receivable -0.1 19.1 6.6 -4.6 46.3 79.5 -89.8 -10.7 92.7 32.3 71.1 10

11 State and local governments 7.3 17.3 21.7 5.4 11.7 2.2 2.6 10.2 10.2 13.3 13.0 11

12 Federal government -7.5 1.7 -15.1 -10.0 34.7 77.4 -92.4 -20.9 82.5 18.9 58.1 12

13 Discrepancy 19.7 11.7 26.2 22.1 -17.4 25.4 35.0 14.3 -52.3 16.2 -47.6 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 1

 2 Asset: Household sector -46.1 -8.1 56.6 -59.9 -2.4 -57.3 -57.7 -3.7 -2.4 -2.1 -1.3 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -57.8 -62.4 -11.5 -18.6 -37.8 -34.3 8.4 1.5 -32.9 -86.2 -33.7 1

 2 Nonfarm noncorporate business -64.8 -67.2 -32.8 -31.8 -35.9 -21.9 -19.9 -20.5 -34.1 -43.8 -45.3 2

 3 Farm business 0.4 -6.3 -11.6 -0.1 0.1 6.0 -1.0 5.4 -0.7 -6.4 2.1 3

 4 Brokers and dealers 6.6 11.1 33.0 13.3 -2.0 -18.4 29.3 16.6 1.9 -36.1 9.5 4
Z.1, March 6, 2003 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 889.0 1036.3 1413.5 774.6 579.4 935.6 317.6 207.1 640.1 942.1 528.1 1

 2 Household sector -1.4 2.1 0.1 -0.4 1.2 3.2 -0.6 1.3 -0.5 2.9 1.0 2

 3 Nonfinancial corporate business 360.4 534.1 654.9 272.3 171.0 247.9 342.1 110.9 156.5 208.8 207.6 3

 4 Nonfarm noncorporate business 92.3 73.9 86.0 35.7 21.4 39.7 29.0 25.8 20.6 19.2 19.9 4

 5 Federal government -7.1 -2.9 2.0 -7.8 -0.4 -21.4 -14.7 8.7 7.9 -25.0 6.6 5

 6 Rest of the world 175.2 253.3 217.0 148.8 106.7 209.3 -151.8 25.5 85.9 329.7 -14.4 6

 7 Monetary authority 1.3 -1.3 1.1 -2.8 22.6 -4.8 -5.4 -7.5 24.5 -5.2 78.4 7

 8 Commercial banking 96.3 -70.9 196.5 -4.7 122.4 394.2 -385.3 -144.8 295.1 50.5 288.9 8

 9 Savings institutions -1.5 -14.7 17.1 19.0 15.9 16.9 36.1 -19.6 -45.7 51.5 77.5 9

10 Credit unions 0.5 0.9 -0.4 -1.8 2.0 -6.5 -7.7 11.4 -2.7 0.2 -0.8 10

11 Life insurance companies 6.6 15.7 3.6 32.4 69.6 84.7 -4.6 133.9 62.8 55.7 26.0 11

12 Other insurance companies 5.6 13.8 5.8 26.5 40.1 74.1 -8.2 37.0 40.3 61.6 21.3 12

13 Government-sponsored enterprises 20.3 -6.0 7.4 32.6 6.3 52.3 2.0 -12.2 -8.3 26.0 19.7 13

14 Finance companies 17.8 66.9 82.8 19.1 18.3 9.1 16.2 -65.6 35.4 119.5 -16.0 14

15 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.9 0.6 0.8 0.7 0.8 0.7 15

16 REITs 13.6 4.4 1.8 0.1 1.8 0.3 -0.1 2.6 -1.1 5.0 0.6 16

17 Brokers and dealers 44.7 7.5 -1.9 138.5 -37.4 -157.2 276.9 15.1 -4.8 -63.4 -96.6 17

18 Funding corporations 62.8 159.4 139.5 66.6 17.4 -6.9 193.2 84.0 -26.4 104.5 -92.4 18

19 Net change in assets 1115.9 1327.7 1784.0 1026.9 608.3 898.6 632.0 508.0 606.4 843.9 475.0 19

20 Household sector 9.7 12.4 4.7 16.1 28.5 41.4 -6.0 21.9 46.9 33.9 11.4 20

21 Nonfinancial corporate business 427.4 661.2 811.8 396.4 188.0 451.1 289.2 155.5 259.2 82.7 254.6 21

22 Nonfarm noncorporate business 122.2 82.9 89.6 80.6 79.3 79.6 69.9 71.8 70.0 90.6 84.9 22

23 Farm business 0.5 0.2 -0.1 1.5 4.1 2.3 0.3 2.7 5.2 5.6 2.7 23

24 State and local governments -8.0 4.1 -2.4 -11.8 16.1 -13.3 -17.9 -64.5 24.8 23.3 80.9 24

25 Federal government -3.5 -0.9 -1.4 1.3 0.3 2.0 2.8 4.0 0.3 -2.1 -0.8 25

26 Rest of the world 203.8 406.6 488.1 175.2 121.5 76.3 -212.6 195.6 -65.8 321.9 34.2 26

27 Monetary authority 4.9 -1.3 1.1 -0.4 -0.2 4.5 -4.1 3.0 3.3 -7.1 -0.1 27

28 Commercial banking 99.1 27.6 89.0 137.0 84.5 171.8 100.6 -2.8 120.2 71.0 149.4 28

29 Savings institutions 13.8 -2.7 7.7 19.1 17.2 35.8 -39.4 50.3 -2.6 24.6 -3.4 29

30 Credit unions 6.8 -16.4 18.0 6.9 9.3 -25.8 17.7 9.5 -9.3 0.8 36.1 30

31 Bank personal trusts and estates 8.4 -2.5 1.2 7.7 -2.6 7.7 7.7 -2.6 -2.6 -2.6 -2.6 31

32 Life insurance companies 3.5 -34.6 20.7 -27.5 45.3 -18.1 -71.8 78.3 31.7 57.6 13.7 32

33 Other insurance companies 6.9 7.7 6.4 1.3 6.3 1.5 -2.4 6.7 5.4 5.3 7.8 33

34 Private pension funds 13.8 -11.0 -3.1 5.2 18.0 35.7 -10.5 28.3 -3.5 29.3 18.1 34

35 State and local govt. retirement funds 3.3 16.3 13.3 20.3 0.9 37.0 -9.4 -50.6 46.6 -17.0 24.5 35

36 Money market mutual funds 9.6 22.6 12.2 26.1 -7.0 -12.1 86.3 -61.1 102.3 -50.5 -18.6 36

37 Mutual funds -4.2 -3.5 -0.7 -2.6 -0.0 0.1 -0.9 1.6 0.2 -2.0 -0.0 37

38 Government-sponsored enterprises 1.3 5.4 16.8 11.6 23.4 62.8 12.9 -66.5 86.0 13.6 60.5 38

39 Finance companies 9.3 50.9 24.3 20.5 12.9 81.5 92.9 -103.1 31.1 100.3 23.4 39

40 REITs 10.7 -0.1 0.0 0.5 0.3 -0.5 -5.0 1.1 -2.1 2.0 0.1 40

41 Brokers and dealers 115.9 28.3 133.0 156.6 -83.3 -6.7 288.3 227.1 -203.8 54.6 -411.2 41

42 Funding corporations 60.7 74.4 54.0 -14.5 45.6 -115.9 43.2 1.7 62.7 8.2 109.7 42

43 Discrepancy -226.9 -291.4 -370.5 -252.3 -28.9 37.0 -314.4 -300.9 33.8 98.3 53.1 43
54 Z.1, March 6, 2003

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 142.6 188.9 178.3 127.8 115.0 166.9 109.9 117.1 137.0 109.9 96.2 1

 2 Equity 72.4 79.2 66.1 49.8 24.7 71.2 44.2 38.0 13.8 29.7 17.2 2

 3 Reinvested earnings 44.2 86.4 109.4 58.6 113.6 78.0 64.2 84.2 142.4 108.6 119.3 3

 4 Intercompany accounts 26.0 23.3 2.8 19.4 -23.2 17.6 1.5 -5.1 -19.1 -28.4 -40.2 4

 5 Asset: Nonfinancial corporate business 129.2 158.4 147.5 104.9 91.8 108.2 108.9 103.5 116.8 84.9 62.1 5

 6 Commercial banking 2.0 4.5 10.9 0.9 2.3 2.0 -1.9 5.4 -0.7 3.4 1.0 6

 7 Life insurance companies 0.7 2.4 2.2 2.9 4.1 0.7 3.7 1.0 6.1 3.0 6.2 7

 8 Other insurance companies 6.9 7.7 6.4 1.3 6.3 1.5 -2.4 6.7 5.4 5.3 7.8 8

 9 Finance companies 0.5 11.8 10.6 17.3 8.9 53.6 0.2 3.1 8.6 9.4 14.5 9

10 Brokers and dealers 3.4 4.1 0.7 0.6 1.7 0.8 1.3 -2.6 0.9 3.9 4.6 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 144.4 247.0 189.1 66.6 17.1 18.7 31.7 5.3 -4.5 24.7 43.0 11

12 Nonfarm noncorporate business 0.2 0.2 0.1 0.1 0.2 -0.3 0.0 0.8 -0.0 0.1 -0.2 12

13 Commercial banking 5.5 19.4 9.7 8.4 -4.8 3.8 9.4 0.8 -12.9 -1.1 -6.1 13

14 Life insurance companies 2.7 11.7 27.9 8.1 0.0 5.6 -0.1 3.0 -9.2 8.2 -1.9 14

15 Other insurance companies 1.3 11.3 6.6 0.4 -1.9 7.1 -10.6 6.6 -14.0 0.3 -0.5 15

16 Finance companies 2.6 13.2 14.9 7.8 -6.7 -18.5 21.6 5.2 -4.8 -12.2 -14.9 16

17 Brokers and dealers 1.7 3.6 5.1 -1.3 -5.4 0.7 1.4 -0.7 -15.8 -0.5 -4.5 17

18 Funding corporations 20.7 -17.0 54.3 40.7 47.5 39.8 34.0 43.9 50.3 24.6 71.0 18

19 Asset: Rest of the world 179.0 289.5 307.7 130.8 46.0 56.8 87.6 64.9 -10.8 44.1 85.9 19

20 Equity 147.1 221.6 245.9 107.7 59.0 50.8 120.3 43.9 55.9 68.8 67.6 20

21 Reinvested earnings 2.8 4.1 6.5 -19.7 16.7 -18.8 -45.4 -21.2 4.9 25.6 57.5 21

22 Intercompany accounts 29.1 63.8 55.3 42.8 -29.7 24.9 12.7 42.2 -71.6 -50.2 -39.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.6 1.5 1.5 1.7 1.7 1.4 1.3 1.8 1.5 1.5 2.0 23

24 Asset: Federal government 1.6 1.5 1.5 1.7 1.7 1.4 1.3 1.8 1.5 1.5 2.0 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.5 0.5 0.6 0.4 1.0 0.5 0.4 1.1 2.7 -0.3 0.5 25

26 Asset: Commercial banking 0.5 0.5 0.6 0.4 1.0 0.5 0.4 1.1 2.7 -0.3 0.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 3.3 5.5 2.2 2.5 2.0 2.6 2.6 0.8 0.3 0.2 6.7 27

28 Asset: Nonfin. corporate business (FNMA) -0.7 -0.6 0.0 -0.2 -0.3 -0.4 -0.9 -2.1 -0.9 -2.2 4.0 28

29 Nonfarm noncorporate (BC) -0.1 0.0 -0.0 -0.1 0.2 -0.1 0.0 0.1 -0.1 0.1 0.6 29

30 Farm business (FICB and FLB) 0.1 -0.0 -0.0 0.1 0.2 0.2 0.1 -0.1 0.3 0.1 0.7 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 2.0 3.0 0.8 1.4 2.3 0.7 3.0 2.2 4.7 0.9 1.6 32

33 Savings institutions (FHLB) 1.8 2.7 1.3 1.2 -1.0 1.7 0.1 0.2 -4.3 1.1 -0.8 33

34 Credit unions (FHLB) 0.1 0.2 0.1 0.2 0.3 0.3 0.2 0.4 0.4 0.2 0.2 34

35 Life insurance companies (FHLB) 0.0 0.1 0.0 -0.1 0.2 0.1 0.1 0.1 0.2 0.1 0.4 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 55.3 2.9 53.6 60.7 52.5 102.4 33.2 30.7 64.2 82.2 32.7 36

37 Savings institutions 0.4 0.5 0.7 0.8 0.9 0.8 0.8 0.9 0.9 0.9 0.9 37

38 Finance companies -6.4 26.8 7.4 -1.7 -5.8 -3.4 15.0 -33.3 1.4 -0.7 9.2 38

39 Mortgage companies 1.6 0.2 0.1 0.7 0.7 0.9 0.6 0.8 0.7 0.8 0.7 39

40 Brokers and dealers 48.5 -10.2 30.3 30.0 4.0 19.2 -103.8 45.4 -21.2 -38.3 30.3 40

41 Asset: Bank holding companies 99.4 20.2 92.0 90.4 52.3 119.9 -54.1 44.5 46.0 44.8 73.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -6.4 26.8 7.4 -1.7 -5.8 -3.4 15.0 -33.3 1.4 -0.7 9.2 42

43 Asset: Nonfinancial corporate business -6.4 26.8 7.4 -1.7 -5.8 -3.4 15.0 -33.3 1.4 -0.7 9.2 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 11.8 2.5 45.6 -30.8 24.7 -94.9 -22.6 -18.8 84.5 -11.2 44.2 44

45 Brokers and dealers 48.9 71.9 8.3 16.3 20.9 -21.0 65.8 20.5 -21.8 19.4 65.5 45

46 Asset: Funding corporations 60.7 74.4 54.0 -14.5 45.6 -115.9 43.2 1.7 62.7 8.2 109.7 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, March 6, 2003 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.1 0.6 0.0 -0.1 0.2 0.1 -0.1 0.0 -0.2 0.5 0.3 1

 2 Asset: Federal government -0.1 0.6 0.0 -0.1 0.2 0.1 -0.1 0.0 -0.2 0.5 0.3 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 6.8 -7.8 -0.0 8.7 2.0 12.9 -14.6 11.1 -8.7 9.5 -3.9 5

 6 Asset: Savings institutions 6.8 -7.8 -0.0 8.7 2.0 12.9 -14.6 11.1 -8.7 9.5 -3.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -1.4 2.1 0.1 -0.4 1.2 3.2 -0.6 1.3 -0.5 2.9 1.0 7

 8 Asset: Life insurance companies -1.4 2.1 0.1 -0.4 1.2 3.2 -0.6 1.3 -0.5 2.9 1.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 7.9 11.4 5.0 4.1 11.0 9.3 -7.0 9.2 24.2 8.2 2.2 9

10 Health 7.3 10.2 3.9 3.1 7.8 7.7 -3.7 6.8 19.0 5.6 0.0 10

11 Policy dividend accumulation 0.7 1.2 1.1 1.0 3.1 1.6 -3.3 2.3 5.2 2.6 2.2 11

12 Asset: Household sector 7.9 11.4 5.0 4.1 11.0 9.3 -7.0 9.2 24.2 8.2 2.2 12

 Policy payables:

13 Liab.: Other insurance companies 4.3 2.5 -0.8 26.1 41.9 67.0 2.3 30.4 54.3 61.3 21.8 13

14 Asset: Household sector 1.8 1.1 -0.3 11.9 17.6 32.1 1.0 12.7 22.8 25.7 9.1 14

15 Nonfinancial corporate business 1.7 1.0 -0.3 10.3 16.6 26.5 0.9 12.0 21.4 24.2 8.6 15

16 Nonfarm noncorporate business 0.4 0.2 -0.1 2.5 4.0 6.4 0.2 2.9 5.2 5.8 2.1 16

17 Farm business 0.4 0.2 -0.1 1.4 3.8 2.1 0.2 2.8 4.9 5.6 2.0 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -14.8 -7.7 -11.8 2.4 15.4 11.4 11.0 19.5 5.7 10.7 25.8 18

19 Asset: Private pension funds -14.8 -7.7 -11.8 2.4 15.4 11.4 11.0 19.5 5.7 10.7 25.8 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 20

21 Asset: Private pension funds 21.4 -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21

 Securities borrowed (net):

22 Liab.: Funding corporations 70.0 16.3 88.7 70.1 -19.7 69.5 73.9 22.6 52.5 12.5 -166.5 22

23 Asset: Brokers and dealers 70.0 16.3 88.7 70.1 -19.7 69.5 73.9 22.6 52.5 12.5 -166.5 23
56 Z.1, March 6, 2003

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 314.2 416.4 687.5 324.9 268.3 532.1 45.6 -86.8 270.7 627.5 261.9 1

 2 Nonfinancial corporate business 194.6 291.8 464.6 204.4 152.5 227.9 309.1 104.4 159.7 182.8 163.2 2

 3 Nonfarm noncorporate business 92.1 73.7 85.9 35.6 21.2 40.0 29.0 25.0 20.6 19.0 20.1 3

 4 Federal government -7.1 -2.9 2.0 -7.8 -0.4 -21.4 -14.7 8.7 7.9 -25.0 6.6 4

 5 Rest of the world 31.1 62.3 37.2 19.3 -10.2 40.8 -262.9 -93.4 -52.4 217.9 -112.9 5

 6 Monetary authority 0.8 -1.8 0.6 -3.2 21.5 -5.3 -5.9 -8.6 21.7 -4.9 78.0 6

 7 Commercial banking 23.8 -95.6 87.6 -43.0 50.1 382.9 -405.3 -157.5 159.3 -19.4 218.1 7

 8 U.S.-chartered commercial banks -27.0 -20.1 71.3 -101.2 11.5 221.6 -355.8 -15.3 29.8 -35.9 67.5 8

 9 Foreign banking offices in U.S. -11.4 -66.9 -27.5 1.1 20.9 89.6 -37.3 -106.4 93.4 -3.6 100.4 9

10 Bank holding companies 56.0 -10.8 43.1 52.9 15.3 67.6 -30.3 -38.8 40.0 13.9 46.1 10

11 Banks in U.S.-affiliated areas 6.3 2.2 0.7 4.2 2.3 4.2 18.0 3.0 -4.0 6.2 4.1 11

12 Savings institutions -1.9 -15.3 16.5 18.2 15.0 16.1 35.2 -20.5 -46.6 50.6 76.6 12

13 Credit unions 0.5 0.9 -0.4 -1.8 2.0 -6.5 -7.7 11.4 -2.7 0.2 -0.8 13

14 Life insurance companies 10.8 0.2 -17.6 17.8 43.2 58.4 -8.5 102.2 42.1 28.5 -0.1 14

15 Government-sponsored enterprises 10.1 -3.7 5.2 21.4 2.3 36.8 14.1 -24.1 0.1 16.2 16.8 15

16 Finance companies 28.0 0.1 53.2 14.6 36.7 34.3 -35.5 -4.2 37.3 133.1 -19.5 16

17 REITs 13.6 4.4 1.8 0.1 1.8 0.3 -0.1 2.6 -1.1 5.0 0.6 17

18 Brokers and dealers -54.3 -57.9 -45.6 93.6 -57.0 -156.1 313.5 -50.2 53.9 -43.9 -187.9 18

19 Funding corporations -27.9 160.2 -3.5 -44.2 -10.4 -116.2 85.3 17.4 -129.3 67.4 3.1 19

20 Net change in assets 541.0 707.8 1058.0 577.2 297.2 495.1 360.0 214.1 236.9 529.2 208.7 20

21 Nonfinancial corporate business 303.6 475.6 657.3 283.1 85.8 320.1 165.3 75.4 120.5 -23.5 170.7 21

22 Nonfarm noncorporate business 121.9 82.6 89.7 78.2 75.2 73.3 69.7 68.8 65.0 84.7 82.2 22

23 State and local governments -8.0 4.1 -2.4 -11.8 16.1 -13.3 -17.9 -64.5 24.8 23.3 80.9 23

24 Federal government -5.0 -3.0 -2.9 -0.3 -1.5 0.5 1.6 2.2 -1.1 -4.0 -3.2 24

25 Rest of the world 24.7 117.1 180.4 44.4 75.4 19.4 -300.2 130.7 -55.0 277.7 -51.7 25

26 Monetary authority 4.9 -1.3 1.1 -0.4 -0.2 4.5 -4.1 3.0 3.3 -7.1 -0.1 26

27 Commercial banking -4.9 -0.6 -15.3 43.9 26.5 48.8 153.2 -55.9 67.6 22.1 72.4 27

28 U.S.-chartered commercial banks -20.3 1.3 -6.4 19.7 -13.8 58.2 12.0 -89.6 48.5 14.5 -28.6 28

29 Foreign banking offices in U.S. 0.3 -29.7 -27.7 12.4 11.0 -33.3 119.5 17.8 -2.2 -37.8 66.2 29

30 Bank holding companies 12.1 28.9 20.9 5.9 27.4 22.4 4.5 11.8 19.0 46.4 32.4 30

31 Banks in U.S.-affiliated areas 3.1 -1.0 -2.1 5.9 1.9 1.6 17.2 4.0 2.3 -1.1 2.4 31

32 Savings institutions 5.1 2.4 6.5 9.3 16.1 21.2 -24.9 39.0 10.4 14.0 1.2 32

33 Credit unions 6.7 -16.6 17.8 6.6 9.0 -26.1 17.5 9.1 -9.8 0.7 35.9 33

34 Bank personal trusts and estates 8.4 -2.5 1.2 7.7 -2.6 7.7 7.7 -2.6 -2.6 -2.6 -2.6 34

35 Life insurance companies 4.1 -39.3 18.4 -29.9 39.9 -22.1 -74.9 75.9 25.9 51.5 6.1 35

36 Private pension funds 7.2 1.5 7.4 1.5 1.3 23.0 -22.8 7.5 -10.5 17.3 -9.0 36

37 State and local govt. retirement funds 3.3 16.3 13.3 20.3 0.9 37.0 -9.4 -50.6 46.6 -17.0 24.5 37

38 Money market mutual funds 9.6 22.6 12.2 26.1 -7.0 -12.1 86.3 -61.1 102.3 -50.5 -18.6 38

39 Mutual funds -4.2 -3.5 -0.7 -2.6 -0.0 0.1 -0.9 1.6 0.2 -2.0 -0.0 39

40 Government-sponsored enterprises 1.3 5.4 16.8 11.6 23.4 62.8 12.9 -66.5 86.0 13.6 60.5 40

41 Finance companies 8.8 39.1 13.7 3.3 4.0 27.9 92.7 -106.2 22.5 90.9 8.9 41

42 REITs 10.7 -0.1 0.0 0.5 0.3 -0.5 -5.0 1.1 -2.1 2.0 0.1 42

43 Brokers and dealers 42.6 7.9 43.7 85.8 -65.3 -77.0 213.1 207.1 -257.3 38.3 -249.4 43

44 Discrepancy -226.9 -291.4 -370.5 -252.3 -28.9 37.0 -314.4 -300.9 33.8 98.3 53.1 44
Z.1, March 6, 2003 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -166.3 -169.9 24.7 -116.1 120.8 306.5 -353.8 -21.3 446.7 -45.5 103.3 1

 2 Household sector -141.6 34.8 163.1 -116.1 32.8 -9.7 -137.5 -24.3 -98.9 170.3 84.2 2

 3 Nonfinancial corporate business -63.6 -111.0 -190.1 -23.9 49.3 -38.7 41.8 55.1 48.8 58.3 35.1 3

 4 State and local governments -63.5 -36.8 -42.5 -22.2 -24.7 -37.1 -34.5 -19.0 -22.8 -14.8 -42.0 4

 5 Federal government 22.7 -4.3 -2.5 43.0 12.4 4.2 32.2 87.5 223.6 -143.9 -117.7 5

 6 Rest of the world 134.5 17.8 -15.4 -6.8 24.5 177.8 -240.6 69.7 202.7 -195.8 21.2 6

 7 Financial sectors -54.7 -70.5 112.0 9.9 26.5 210.1 -15.1 -190.3 93.3 80.6 122.4 7

 8 Monetary authority -3.1 -0.7 3.8 -0.3 -0.5 -1.1 1.5 -2.6 -5.2 2.5 3.3 8

 9 Commercial banking 26.3 -44.0 126.3 28.5 40.2 227.1 -82.6 -175.8 108.2 93.3 135.1 9

10 Savings institutions -2.9 2.2 2.4 1.9 -0.1 3.9 1.2 8.1 -12.5 1.6 2.6 10

11 Credit unions -0.1 1.1 -0.2 0.9 -0.3 0.9 1.4 1.6 -1.2 -3.2 1.8 11

12 Bank personal trusts and estates -0.2 1.7 1.6 3.7 1.4 4.0 3.7 0.3 1.6 2.0 1.6 12

13 Life insurance companies -33.3 -30.9 -25.4 -18.6 -21.9 -19.7 59.4 -43.0 -8.8 -27.6 -8.0 13

14 Other insurance companies -20.7 8.1 -8.8 -0.5 -22.3 -11.2 15.4 -10.6 -27.5 -33.0 -18.0 14

15 Mutual funds -8.4 4.7 -4.1 -0.9 -1.0 -1.9 0.7 0.3 -1.5 -0.6 -2.2 15

16 Government-sponsored enterprises -4.1 -2.3 -5.2 -8.4 -5.7 -5.0 -13.3 -8.3 -7.3 -5.8 -1.5 16

17 Issuers of asset-backed securities 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 17

18 Finance companies -13.8 -20.3 25.7 6.3 33.6 15.8 1.5 37.4 48.4 46.7 2.1 18

19 REITs 11.9 17.7 8.9 1.7 6.8 2.0 -1.3 4.9 3.1 7.9 11.3 19

20 Brokers and dealers -6.2 -7.9 -13.0 -4.4 -3.8 -4.7 -2.6 -2.5 -3.9 -3.2 -5.7 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -166.3 -169.9 24.7 -116.1 120.8 306.5 -353.8 -21.3 446.7 -45.5 103.3 1

 2 Treasury currency -0.1 -0.7 -1.2 -0.1 -0.6 0.9 -0.0 -1.5 -0.9 1.1 -1.1 2

 3 Foreign deposits -8.5 42.6 55.9 11.1 56.8 55.3 -27.5 -33.6 94.8 50.8 115.0 3

 4 Net interbank transactions 3.8 0.1 20.4 17.2 6.6 7.4 22.6 39.8 -9.5 13.2 -17.0 4

 5 Security RPs 57.7 35.7 122.6 -53.9 18.0 106.3 -166.2 157.9 224.3 -285.7 -24.7 5

 Mail floats:

 6 Federal government 2.6 -7.4 9.0 5.7 0.1 -20.1 -91.8 15.1 77.1 -40.3 -51.7 6

 7 Other -3.1 -0.8 1.7 4.5 7.3 5.0 5.7 6.1 7.1 7.6 8.4 7

 8 Trade credit -43.3 6.8 32.4 12.5 -48.9 -28.3 50.5 -36.3 -92.8 -27.0 -39.5 8

 9 Taxes payable 19.7 11.7 26.2 22.1 -17.4 25.4 35.0 14.3 -52.3 16.2 -47.6 9

10 Miscellaneous -226.9 -291.4 -370.5 -252.3 -28.9 37.0 -314.4 -300.9 33.8 98.3 53.1 10

11 Nonfinancial 31.8 33.5 128.3 117.2 127.9 117.7 132.4 117.7 165.2 120.3 108.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -31.1 -38.7 -128.3 -117.2 -127.9 -117.7 -132.3 -117.7 -165.2 -120.3 -108.5 12

13 Private wage accruals less disbursements -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13
58 Z.1, March 6, 2003

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 23437.1 25602.0 27348.6 27801.5 28177.5 28740.1 29393.6 29849.3 30378.5 30907.1 31702.2 1

 2 Domestic nonfinancial sectors 16240.5 17306.8 18166.8 18413.4 18600.5 18918.3 19293.3 19533.3 19848.3 20179.3 20657.1 2

 3 Federal government 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 3637.0 3

 4 Nonfederal sectors 12488.4 13625.8 14781.7 15004.6 15349.1 15598.3 15913.8 16103.0 16396.9 16638.5 17020.0 4

 5 Household sector 6011.8 6510.0 7075.1 7144.2 7322.8 7493.5 7686.8 7802.1 7987.8 8183.3 8443.8 5

 6 Nonfinancial corporate business 3790.6 4203.5 4583.9 4671.5 4755.4 4790.5 4837.8 4863.2 4883.0 4871.0 4899.8 6

 7 Nonfarm noncorporate business 1383.7 1566.1 1750.2 1790.9 1833.5 1870.8 1907.0 1934.7 1968.0 1999.0 2038.7 7

 8 Farm business 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.9 195.7 8

 9 State and local governments 1138.3 1176.9 1192.3 1218.4 1252.2 1257.6 1294.5 1315.8 1366.2 1390.3 1442.0 9

10 Rest of the world 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 720.2 727.4 10

11 Financial sectors 6545.2 7618.5 8439.5 8647.8 8851.0 9120.1 9395.3 9591.8 9804.7 10007.6 10317.7 11

12 Commercial banking 382.1 449.3 509.3 540.3 543.7 554.1 562.1 564.8 574.5 590.7 610.5 12

13 U.S.-chartered commercial banks 186.2 228.0 264.8 271.9 273.4 280.3 294.9 294.8 309.4 317.8 325.3 13

14 Foreign banking offices in U.S. 2.4 2.0 2.0 1.8 1.4 1.0 1.1 1.0 0.9 1.1 0.9 14

15 Bank holding companies 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.8 284.3 15

16 Savings institutions 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 286.4 281.3 16

17 Credit unions 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.8 6.9 17

18 Life insurance companies 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.5 5.1 18

19 Government-sponsored enterprises 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 19

20 Federally related mortgage pools 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 20

21 ABS issuers 1398.0 1610.3 1812.0 1884.5 1937.3 2019.1 2129.5 2187.7 2249.6 2301.5 2393.5 21

22 Finance companies 625.5 695.7 776.9 756.3 769.0 771.2 776.7 760.8 784.9 802.9 820.4 22

23 Mortgage companies 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 19.3 23

24 REITs 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 185.1 188.8 24

25 Brokers and dealers 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 40.6 25

26 Funding corporations 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.0 446.6 26

27 Total credit market assets held by: 23437.1 25602.0 27348.6 27801.5 28177.5 28740.1 29393.6 29849.3 30378.5 30907.1 31702.2 27

28 Domestic nonfederal nonfinancial sectors 3312.6 3600.8 3455.5 3407.2 3366.5 3359.6 3417.8 3442.6 3498.9 3417.2 3502.3 28

29 Household sector 2264.1 2542.4 2373.1 2333.5 2290.6 2282.7 2306.9 2337.9 2374.6 2292.7 2362.6 29

30 Nonfinancial corporate business 241.5 226.0 249.4 229.8 225.4 214.8 237.9 230.4 235.0 235.4 240.1 30

31 Nonfarm noncorporate business 67.5 64.6 65.9 66.5 66.6 67.4 67.9 68.7 69.6 69.0 68.8 31

32 State and local governments 739.4 767.8 767.0 777.4 784.0 794.6 805.1 805.6 819.7 820.1 830.9 32

33 Federal government 219.0 258.0 265.3 266.4 268.7 269.6 271.3 272.5 274.7 276.4 279.0 33

34 Rest of the world 2278.2 2354.6 2621.1 2706.0 2766.8 2837.5 2954.4 3000.6 3133.2 3249.5 3371.3 34

35 Financial sectors 17627.3 19388.7 21006.7 21421.8 21775.4 22273.4 22750.1 23133.5 23471.8 23964.0 24549.6 35

36 Monetary authority 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 629.4 36

37 Commercial banking 4336.1 4648.3 5006.3 5013.8 5041.5 5100.6 5210.5 5231.3 5328.3 5476.2 5620.5 37

38 U.S.-chartered commercial banks 3761.4 4080.0 4419.5 4420.8 4463.5 4513.5 4610.1 4629.3 4719.7 4858.4 5003.8 38

39 Foreign banking offices in U.S. 504.5 487.4 511.3 516.6 501.3 509.3 510.7 507.7 512.6 521.2 517.3 39

40 Bank holding companies 26.5 32.7 20.5 22.3 21.6 21.3 24.7 27.7 28.1 27.7 27.8 40

41 Banks in U.S.-affiliated areas 43.8 48.3 55.0 54.1 55.1 56.5 65.0 66.6 67.9 68.8 71.6 41

42 Savings institutions 964.7 1032.4 1088.6 1100.5 1116.1 1118.1 1131.4 1134.7 1130.9 1153.7 1166.9 42

43 Credit unions 324.2 351.7 379.7 387.0 392.4 408.4 421.2 434.3 447.7 458.5 465.3 43

44 Bank personal trusts and estates 194.1 222.0 222.8 215.8 208.8 201.8 194.7 195.0 195.2 195.4 195.6 44

45 Life insurance companies 1828.0 1886.0 1943.9 1969.6 2004.8 2054.8 2074.8 2136.9 2180.1 2250.7 2289.6 45

46 Other insurance companies 521.1 518.2 509.4 510.0 510.0 511.3 518.4 527.6 536.4 541.9 548.9 46

47 Private pension funds 651.2 668.2 701.6 706.8 718.0 720.6 721.9 728.7 740.3 749.3 752.9 47

48 State and local govt. retirement funds 704.6 751.4 806.0 788.3 807.6 789.0 788.4 806.0 792.4 789.8 792.1 48

49 Money market mutual funds 965.9 1147.8 1290.9 1404.2 1414.3 1494.9 1536.9 1496.4 1419.3 1405.7 1511.6 49

50 Mutual funds 1028.4 1076.8 1097.8 1113.9 1160.3 1188.2 1223.8 1276.8 1291.6 1334.5 1368.0 50

51 Closed-end funds 98.4 106.6 100.3 98.5 97.3 103.3 107.4 112.8 112.8 111.9 111.5 51

52 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 3.7 52

53 Government-sponsored enterprises 1252.3 1543.5 1807.1 1877.7 1956.1 2026.1 2114.3 2163.8 2199.9 2252.9 2336.7 53

54 Federally related mortgage pools 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 54

55 ABS issuers 1219.4 1413.6 1585.4 1650.9 1696.6 1772.1 1876.8 1928.9 1985.3 2031.5 2118.1 55

56 Finance companies 645.5 742.5 850.5 848.0 878.5 859.5 844.8 832.4 845.6 857.1 862.4 56

57 Mortgage companies 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 38.7 57

58 REITs 45.5 42.9 36.6 37.6 37.9 39.8 43.3 49.9 57.9 64.8 66.8 58

59 Brokers and dealers 189.4 154.7 223.6 317.7 288.4 366.4 316.0 299.6 352.6 335.2 346.6 59

60 Funding corporations 152.3 276.0 317.0 287.3 239.5 188.8 206.3 210.3 185.4 224.1 166.1 60

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 6, 2003 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 16240.5 17306.8 18166.8 18413.4 18600.5 18918.3 19293.3 19533.3 19848.3 20179.3 20657.1 1

 2 Federal government 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 3637.0 2

 3 Treasury securities 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 3609.8 3

 4 Budget agency secur. and mortgages 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 27.3 4

 5 Nonfederal, by instrument 12488.4 13625.8 14781.7 15004.6 15349.1 15598.3 15913.8 16103.0 16396.9 16638.5 17020.0 5

 6 Commercial paper 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 126.0 6

 7 Municipal securities and loans 1402.9 1457.2 1480.9 1508.4 1547.0 1555.1 1600.1 1623.3 1677.6 1704.2 1763.1 7

 8 Corporate bonds 1846.0 2063.9 2225.1 2325.4 2436.5 2484.4 2565.6 2629.0 2676.9 2669.6 2698.8 8

 9 Bank loans n.e.c. 1148.6 1231.4 1333.1 1321.7 1293.6 1285.1 1251.0 1237.3 1192.1 1159.1 1158.8 9

10 Other loans and advances 907.2 953.5 1059.6 1073.6 1103.6 1110.1 1088.8 1089.6 1106.0 1116.9 1123.7 10

11 Mortgages 5644.1 6243.4 6811.6 6937.9 7136.9 7333.1 7516.3 7679.1 7894.6 8125.5 8392.3 11

12 Home 4366.0 4790.6 5209.0 5304.3 5463.4 5607.3 5739.9 5878.8 6050.8 6248.7 6462.9 12

13 Multifamily residential 308.0 343.9 378.0 387.4 397.6 411.7 425.8 433.2 444.3 451.6 467.5 13

14 Commercial 873.6 1006.5 1115.8 1136.3 1162.9 1199.6 1234.2 1249.0 1279.1 1301.6 1336.7 14

15 Farm 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 15

16 Consumer credit 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 16

17 Nonfederal, by sector 12488.4 13625.8 14781.7 15004.6 15349.1 15598.3 15913.8 16103.0 16396.9 16638.5 17020.0 17

18 Household sector 6011.8 6510.0 7075.1 7144.2 7322.8 7493.5 7686.8 7802.1 7987.8 8183.3 8443.8 18

19 Nonfinancial business 5338.2 5938.9 6514.3 6642.0 6774.1 6847.3 6932.5 6985.1 7042.8 7064.9 7134.3 19

20 Corporate 3790.6 4203.5 4583.9 4671.5 4755.4 4790.5 4837.8 4863.2 4883.0 4871.0 4899.8 20

21 Nonfarm noncorporate 1383.7 1566.1 1750.2 1790.9 1833.5 1870.8 1907.0 1934.7 1968.0 1999.0 2038.7 21

22 Farm 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.9 195.7 22

23 State and local governments 1138.3 1176.9 1192.3 1218.4 1252.2 1257.6 1294.5 1315.8 1366.2 1390.3 1442.0 23

 Foreign credit market debt

24 held in U.S. 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 720.2 727.4 24

25 Commercial paper 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 142.8 25

26 Bonds 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 472.0 471.7 26

27 Bank loans n.e.c. 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 68.6 27

28 Other loans and advances 57.1 51.6 50.3 47.5 47.7 47.0 46.6 46.0 45.5 44.9 44.2 28

29 Domestic and foreign 16891.8 17983.5 18909.1 19153.7 19326.6 19620.0 19998.2 20257.5 20573.8 20899.5 21384.4 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 6545.2 7618.5 8439.5 8647.8 8851.0 9120.1 9395.3 9591.8 9804.7 10007.6 10317.7 1

 2 Federal government-related 3292.0 3884.0 4317.4 4422.9 4591.6 4796.2 4944.1 5116.9 5238.8 5344.1 5504.7 2

 3 Govt.-sponsored enterprise securities 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 3

 4 Mortgage pool securities 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 4

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

 6 Private financial sectors 3253.2 3734.6 4122.0 4224.9 4259.4 4323.9 4451.2 4474.9 4565.9 4663.6 4813.1 6

 7 Open market paper 906.7 1082.9 1210.7 1180.8 1144.5 1110.2 1148.8 1090.9 1046.9 1049.5 1078.9 7

 8 Corporate bonds 1878.7 2085.9 2297.2 2414.8 2478.8 2561.6 2638.3 2730.6 2847.1 2901.0 3037.3 8

 9 Bank loans n.e.c. 107.5 93.2 93.0 97.3 100.4 100.2 106.8 105.1 113.5 133.3 117.7 9

10 Other loans and advances 288.7 395.8 438.3 450.9 450.7 467.2 473.2 462.4 470.8 491.2 490.0 10

11 Mortgages 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 88.6 89.1 11

12 By sector 6545.2 7618.5 8439.5 8647.8 8851.0 9120.1 9395.3 9591.8 9804.7 10007.6 10317.7 12

13 Commercial banks 188.6 230.0 266.7 273.8 274.7 281.4 296.0 295.8 310.4 318.9 326.1 13

14 Bank holding companies 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.8 284.3 14

15 Savings institutions 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 286.4 281.3 15

16 Credit unions 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.8 6.9 16

17 Life insurance companies 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.5 5.1 17

18 Government-sponsored enterprises 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 18

19 Federally related mortgage pools 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 19

20 ABS issuers 1398.0 1610.3 1812.0 1884.5 1937.3 2019.1 2129.5 2187.7 2249.6 2301.5 2393.5 20

21 Brokers and dealers 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 40.6 21

22 Finance companies 625.5 695.7 776.9 756.3 769.0 771.2 776.7 760.8 784.9 802.9 820.4 22

23 Mortgage companies 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 19.3 23

24 REITs 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 185.1 188.8 24

25 Funding corporations 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.0 446.6 25
60 Z.1, March 6, 2003

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 23437.1 25602.0 27348.6 27801.5 28177.5 28740.1 29393.6 29849.3 30378.5 30907.1 31702.2 1

 2 Open market paper 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 1347.7 2

 3 U.S. government securities 7044.2 7564.9 7702.5 7831.7 7842.9 8116.2 8323.6 8547.2 8690.2 8884.9 9141.7 3

 4 Municipal securities 1402.9 1457.2 1480.9 1508.4 1547.0 1555.1 1600.1 1623.3 1677.6 1704.2 1763.1 4

 5 Corporate and foreign bonds 4187.4 4626.4 5022.9 5246.1 5417.3 5527.0 5692.3 5847.5 6001.6 6042.6 6207.8 5

 6 Bank loans n.e.c. 1314.8 1383.8 1496.6 1493.1 1460.2 1452.6 1421.0 1409.1 1377.8 1361.7 1345.1 6

 7 Other loans and advances 1253.0 1400.9 1548.2 1572.0 1602.0 1624.4 1608.6 1598.0 1622.3 1653.0 1658.0 7

 8 Mortgages 5715.7 6320.1 6894.5 7019.0 7222.0 7417.8 7600.5 7764.9 7982.2 8214.2 8481.4 8

 9 Consumer credit 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 9

 Memo:

 Selected claims not included above:

10 Corporate equities 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 11734.5 10

11 Mutual fund shares 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 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) 23437.1 25602.0 27348.6 27801.5 28177.5 28740.1 29393.6 29849.3 30378.5 30907.1 31702.2 1

 2 Official foreign exchange 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 47.2 53.1 55.8 2

 3 SDR certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 19.9 20.9 23.2 23.6 23.9 24.5 24.5 24.7 24.8 25.5 25.5 4

 5 Foreign deposits 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 907.4 924.6 955.2 5

 6 Net interbank liabilities 189.4 202.4 221.2 156.7 158.7 166.5 187.7 161.1 130.6 149.0 191.3 6

 7 Checkable deposits and currency 1333.3 1484.5 1413.1 1407.1 1449.6 1487.1 1603.2 1525.2 1571.0 1610.7 1648.6 7

 8 Small time and savings deposits 2626.5 2671.6 2860.4 2962.7 2992.4 3047.6 3127.6 3229.6 3257.6 3339.0 3404.9 8

 9 Large time deposits 805.3 936.4 1052.6 1077.0 1087.3 1094.2 1121.1 1178.9 1188.7 1197.7 1176.8 9

10 Money market fund shares 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 2223.9 10

11 Security RPs 913.8 1083.6 1196.8 1185.2 1205.4 1251.9 1231.8 1262.4 1343.1 1313.7 1325.2 11

12 Mutual fund shares 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 12

13 Security credit 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 745.6 726.3 724.5 13

14 Life insurance reserves 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 14

15 Pension fund reserves 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8693.4 8822.2 8328.1 7732.4 8053.3 15

16 Trade payables 2073.8 2342.4 2767.9 2781.8 2756.4 2725.7 2700.6 2724.3 2721.6 2779.2 2815.4 16

17 Taxes payable 170.7 201.4 234.2 242.1 241.2 270.1 251.7 258.9 265.0 279.6 280.7 17

18 Investment in bank personal trusts 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 18

19 Miscellaneous 7617.2 8499.5 9717.2 10183.9 10491.8 10919.8 10505.4 10539.1 10829.7 11304.4 11394.1 19

20 Total liabilities 55341.1 61578.0 65761.2 65940.1 67250.6 67456.6 68841.3 69612.6 69626.9 69642.2 71413.3 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.6 21.4 21.6 21.4 21.5 22.0 21.8 21.9 22.3 22.8 23.2 21

22 Corporate equities 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 11734.5 22

23 Household equity in noncorp. bus. 4285.7 4523.1 4753.2 4798.2 4817.0 4865.2 4837.2 4864.4 4933.7 4983.6 5021.8 23

 - Liabilities not identified as assets:

24 Treasury currency -6.4 -7.1 -8.5 -8.7 -8.8 -8.6 -8.6 -8.9 -9.1 -8.9 -9.1 24

25 Foreign deposits 542.8 585.7 627.4 673.3 631.6 645.4 694.9 686.5 710.2 722.9 751.7 25

26 Net interbank transactions -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.9 18.4 16.5 14.9 26

27 Security RPs 230.6 266.4 388.9 343.2 379.4 398.7 348.5 401.6 463.3 381.6 366.5 27

28 Taxes payable 121.2 129.4 146.3 130.6 150.5 167.3 121.8 109.9 162.8 152.8 156.8 28

29 Miscellaneous -1972.7 -2427.9 -2902.8 -2859.8 -2806.3 -2643.0 -3147.0 -3105.7 -3140.6 -3033.6 -3036.1 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -3.9 -9.8 -2.3 -0.7 -3.6 -4.0 -12.3 -9.6 -9.3 -14.8 -11.7 30

31 Other 23.1 22.3 24.0 21.1 25.5 19.2 28.6 26.3 31.4 25.8 35.9 31

32 Trade credit 84.8 95.6 128.0 88.3 61.8 52.0 140.5 85.7 33.0 25.5 91.6 32

33 Totals identified to sectors as assets 76232.7 87077.5 89751.1 87718.8 89936.9 87385.5 90768.3 91555.1 89685.8 87340.6 89832.3 33
Z.1, March 6, 2003 61

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 27280.6 31708.2 30450.5 28557.0 29439.0 27397.0 28966.9 29152.2 27547.6 25662.8 26563.8 1

 2 Foreign deposits 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 47.5 55.7 2

 3 Checkable deposits and currency 606.5 567.1 556.1 554.5 547.9 530.3 598.6 586.3 582.3 593.2 657.2 3

 4 Time and savings deposits 2827.3 2928.6 3235.7 3336.8 3379.4 3437.0 3462.4 3596.7 3636.2 3733.1 3769.2 4

 5 Money market fund shares 779.7 908.8 1030.9 1122.7 1071.8 1138.0 1185.1 1167.7 1108.6 1122.5 1149.8 5

 6 Securities 11694.2 14705.5 12794.9 11268.9 11817.2 10248.2 11207.4 11145.3 10117.4 8740.2 9103.3 6

 7 Open market paper 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 46.6 7

 8 U.S. savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 8

 9 Other Treasury securities 586.1 694.4 490.2 468.6 376.4 383.0 413.7 423.3 412.8 428.6 424.9 9

10 Agency securities 231.6 351.6 387.6 276.3 279.8 309.8 290.2 278.7 272.2 199.9 170.1 10

11 Municipal securities 431.0 455.0 466.1 478.4 512.3 502.8 509.3 539.1 584.0 580.8 619.5 11

12 Corporate and foreign bonds 695.4 716.7 702.3 788.6 802.6 770.5 778.3 788.4 803.6 774.4 833.5 12

13 Corporate equities (2) 7052.4 9053.1 7408.0 6228.9 6617.0 5405.5 6056.2 5882.7 4999.7 4010.5 4187.4 13

14 Mutual fund shares 2447.4 3180.6 3083.3 2776.3 2981.0 2631.3 2916.2 2996.4 2814.6 2509.7 2626.5 14

15 Private life insurance reserves 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.2 919.1 15

16 Private insured pension reserves 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 1480.9 16

17 Private noninsured pension reserves 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4235.8 4324.9 3984.1 3598.6 3754.7 17

18 Govt. insurance and pension reserves 2761.9 2981.3 3072.8 2962.6 3036.3 2899.0 3030.0 3047.7 2924.6 2751.0 2856.9 18

19 Investment in bank personal trusts 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 19

20 Miscellaneous and other assets 1407.0 1575.1 1790.6 1809.6 1839.1 1946.8 1925.8 1921.1 1925.3 1954.5 1976.1 20

21 Total liabilities 8496.9 9396.0 10342.6 10431.4 10678.4 10965.6 11148.5 11300.2 11514.8 11735.8 12043.1 21

22 Mortgage debt on nonfarm homes 4356.6 4779.1 5195.5 5289.9 5448.4 5591.8 5724.3 5863.2 6035.1 6232.5 6446.7 22

23 Other mortgage debt (3) 1010.3 1118.8 1230.1 1254.5 1286.9 1318.6 1348.3 1373.0 1401.6 1430.4 1464.0 23

24 Consumer credit 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 24

25 Policy loans 104.7 100.0 102.8 103.8 104.0 105.3 105.0 105.3 105.3 105.7 107.1 25

26 Security credit 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 26

27 Other liabilities (3) 1525.9 1724.2 1986.0 2003.0 2035.0 2062.6 2072.6 2089.4 2101.0 2096.6 2123.0 27

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

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

(3) Includes corporate farms.
62 Z.1, March 6, 2003

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 30502.8 34989.7 33753.5 31874.2 32744.0 30723.1 32232.8 32424.0 30863.3 29010.2 29930.4 1

 2 Deposits 3927.5 4053.0 4400.7 4578.1 4551.8 4645.6 4773.1 4865.2 4831.2 4960.0 5094.2 2

 3 Foreign deposits 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 47.5 55.7 3

 4 Checkable deposits and currency 409.5 330.3 262.6 257.1 246.4 224.7 288.9 272.7 264.9 272.9 335.2 4

 5 Time and savings deposits 2732.5 2811.1 3098.1 3193.7 3231.6 3283.4 3304.6 3437.5 3476.1 3574.7 3613.6 5

 6 Money market fund shares 747.1 868.1 981.5 1070.4 1017.8 1082.4 1126.1 1109.5 1049.3 1064.9 1089.7 6

 7 Credit market instruments 2264.1 2542.4 2373.1 2333.5 2290.6 2282.7 2306.9 2337.9 2374.6 2292.7 2362.6 7

 8 Open market paper 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 46.6 8

 9 U.S. government securities 966.4 1195.2 1022.3 889.6 802.9 840.3 855.6 855.0 838.3 783.3 751.7 9

10 Treasury 734.7 843.6 634.7 613.3 523.1 530.5 565.4 576.3 566.1 583.4 581.6 10

11 Savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 11

12 Other Treasury 548.1 657.2 450.0 428.5 337.7 344.1 375.1 384.4 373.4 390.1 386.8 12

13 Agency 231.6 351.6 387.6 276.3 279.8 309.8 290.2 278.7 272.2 199.9 170.1 13

14 Municipal securities 428.2 452.3 463.7 475.9 509.7 500.2 506.6 536.4 581.3 578.1 616.6 14

15 Corporate and foreign bonds 695.4 716.7 702.3 788.6 802.6 770.5 778.3 788.4 803.6 774.4 833.5 15

16 Mortgages 110.5 110.4 112.2 112.2 112.7 112.9 113.0 113.2 113.5 114.0 114.2 16

17 Corporate equities (2) 7052.4 9053.1 7408.0 6228.9 6617.0 5405.5 6056.2 5882.7 4999.7 4010.5 4187.4 17

18 Mutual fund shares 2447.4 3180.6 3083.3 2776.3 2981.0 2631.3 2916.2 2996.4 2814.6 2509.7 2626.5 18

19 Security credit 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.5 401.3 402.0 19

20 Life insurance reserves 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 20

21 Pension fund reserves 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8693.4 8822.2 8328.1 7732.4 8053.3 21

22 Investment in bank personal trusts 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 22

23 Equity in noncorporate business 4285.7 4523.1 4753.2 4798.2 4817.0 4865.2 4837.2 4864.4 4933.7 4983.6 5021.8 23

24 Miscellaneous assets 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 380.6 383.5 24

25 Total liabilities 6308.5 6888.3 7468.4 7499.1 7678.7 7914.0 8047.0 8159.9 8325.7 8502.8 8760.7 25

26 Credit market instruments 6011.8 6510.0 7075.1 7144.2 7322.8 7493.5 7686.8 7802.1 7987.8 8183.3 8443.8 26

27 Home mortgages (3) 4157.2 4531.1 4906.5 4987.7 5133.7 5264.3 5385.1 5512.0 5670.7 5853.2 6053.5 27

28 Consumer credit 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 28

29 Municipal securities 126.9 137.3 143.0 144.2 147.9 150.0 156.9 159.0 162.2 163.9 169.8 29

30 Bank loans n.e.c. 72.6 65.6 72.3 61.7 58.2 65.7 55.1 52.9 47.4 29.3 42.2 30

31 Other loans and advances 204.0 218.9 246.3 251.1 255.9 260.8 263.2 268.5 271.4 275.8 277.5 31

32 Commercial mortgages 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 143.4 32

33 Security credit 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 33

34 Trade payables 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 151.7 34

 Deferred and unpaid

35 life insurance premiums 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 20.0 20.3 35

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

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
Z.1, March 6, 2003 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 7869.2 9336.5 10763.0 10836.9 11015.1 11043.2 11233.1 11307.1 11367.5 11361.7 11509.1 1

 2 Foreign deposits 30.5 31.5 47.5 39.6 39.7 37.0 36.3 39.2 38.2 36.0 33.7 2

 3 Checkable deposits and currency 484.1 583.5 656.6 634.6 641.2 667.9 677.6 656.0 665.5 667.4 629.0 3

 4 Time and savings deposits 207.4 254.4 274.9 280.4 281.0 282.8 317.0 316.1 314.6 313.7 308.5 4

 5 Money market fund shares 146.9 179.9 235.6 276.5 308.2 323.2 357.0 352.4 354.7 344.3 383.7 5

 6 Security RPs 4.2 5.8 4.2 3.3 3.2 3.5 4.0 3.7 3.7 4.4 3.7 6

 7 Credit market instruments 309.0 290.6 315.3 296.3 292.0 282.2 305.8 299.1 304.5 304.4 308.9 7

 8 Commercial paper 39.4 47.6 57.8 49.6 51.3 51.3 54.5 51.2 54.5 54.2 54.4 8

 9 U.S. government securities 72.2 69.0 73.7 75.7 77.2 77.7 82.7 90.2 99.0 100.0 97.2 9

10 Municipal securities 28.6 27.7 34.4 32.9 28.2 25.8 33.5 32.7 31.5 35.1 34.9 10

11 Mortgages 93.9 65.9 66.8 66.8 67.3 67.2 67.2 66.9 66.5 66.0 65.3 11

12 Consumer credit 74.9 80.3 82.7 71.4 68.0 60.2 68.0 58.1 53.0 49.2 57.0 12

13 Mutual fund shares 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 77.6 13

14 Trade receivables 1686.7 1925.9 2280.1 2321.6 2312.7 2278.1 2164.6 2230.8 2269.4 2327.2 2291.8 14

15 Miscellaneous assets 4904.9 5936.1 6819.6 6872.7 7019.3 7070.8 7263.1 7303.3 7326.3 7290.9 7472.3 15

16 Total liabilities 9646.0 10915.0 12485.6 12724.3 12915.3 13047.0 13186.5 13305.8 13441.2 13542.3 13686.7 16

17 Credit market instruments 5338.2 5938.9 6514.3 6642.0 6774.1 6847.3 6932.5 6985.1 7042.8 7064.9 7134.3 17

18 Commercial paper 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 126.0 18

19 Municipal securities 147.8 152.8 154.2 154.7 155.8 156.4 157.7 157.5 158.3 159.3 160.8 19

20 Corporate bonds 1846.0 2063.9 2225.1 2325.4 2436.5 2484.4 2565.6 2629.0 2676.9 2669.6 2698.8 20

21 Bank loans n.e.c. 1076.0 1165.8 1260.8 1260.1 1235.4 1219.4 1195.9 1184.5 1144.6 1129.8 1116.6 21

22 Other loans and advances 693.1 724.9 804.6 813.7 838.7 840.4 816.6 812.1 825.5 831.9 836.8 22

23 Mortgages 1382.4 1601.2 1791.2 1835.1 1884.3 1945.4 2006.5 2034.5 2089.1 2132.2 2195.4 23

24 Trade payables 1238.8 1458.3 1838.5 1848.3 1814.2 1780.8 1746.7 1767.2 1763.7 1814.1 1852.6 24

25 Taxes payable 122.8 146.5 172.1 179.1 176.3 203.0 182.2 187.3 191.3 203.6 202.4 25

26 Miscellaneous liabilities 2946.2 3371.2 3960.8 4054.9 4150.7 4216.0 4325.2 4366.3 4443.4 4459.7 4497.4 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 6, 2003

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 6816.1 8093.8 9274.5 9312.6 9452.6 9444.6 9599.4 9643.3 9673.5 9637.1 9752.4 1

 2 Foreign deposits 30.5 31.5 47.5 39.6 39.7 37.0 36.3 39.2 38.2 36.0 33.7 2

 3 Checkable deposits and currency 287.1 346.7 363.1 337.2 339.7 362.3 367.9 342.4 348.1 347.1 307.0 3

 4 Time and savings deposits 112.6 136.9 137.3 137.2 133.2 129.2 159.1 156.9 154.5 155.3 152.8 4

 5 Money market fund shares 114.3 139.2 186.2 224.2 254.2 267.6 298.0 294.1 295.4 286.7 323.7 5

 6 Security RPs 4.2 5.8 4.2 3.3 3.2 3.5 4.0 3.7 3.7 4.4 3.7 6

 7 Commercial paper 39.4 47.6 57.8 49.6 51.3 51.3 54.5 51.2 54.5 54.2 54.4 7

 8 U.S. government securities 34.2 31.8 33.5 35.7 38.4 38.8 44.0 51.3 59.7 61.5 59.0 8

 9 Municipal securities 25.7 25.0 31.9 30.4 25.6 23.3 30.9 30.0 28.7 32.3 32.1 9

10 Mortgages 67.3 41.2 43.5 42.8 42.0 41.3 40.5 39.8 39.0 38.3 37.5 10

11 Consumer credit 74.9 80.3 82.7 71.4 68.0 60.2 68.0 58.1 53.0 49.2 57.0 11

12 Trade receivables 1452.9 1653.4 1938.1 1975.9 1964.2 1926.5 1807.6 1867.5 1901.3 1951.5 1907.2 12

13 Mutual fund shares 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 77.6 13

14 Miscellaneous assets 4477.5 5425.6 6219.5 6253.5 6375.1 6406.1 6580.9 6602.5 6606.7 6547.2 6706.7 14

15 U.S. direct investment abroad (1) 1041.2 1188.9 1304.0 1325.6 1358.6 1387.4 1389.5 1417.3 1448.1 1471.9 1481.3 15

16 Insurance receivables 189.8 190.8 190.4 191.3 193.9 200.5 200.8 203.8 209.1 215.2 217.3 16

17 Equity in GSEs -0.2 -0.8 -0.8 -6.5 -4.2 -10.8 -8.1 -6.3 -10.4 -13.8 -13.1 17

18 Investment in finance company subs. 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 43.8 18

19 Other 3229.6 4002.8 4674.6 4694.6 4780.1 4783.0 4949.1 4946.4 4918.3 4832.4 4977.5 19

20 Total liabilities 7457.6 8407.3 9611.4 9792.0 9915.6 9995.4 10085.1 10165.5 10252.1 10309.3 10404.3 20

21 Credit market instruments 3790.6 4203.5 4583.9 4671.5 4755.4 4790.5 4837.8 4863.2 4883.0 4871.0 4899.8 21

22 Commercial paper 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 126.0 22

23 Municipal securities (2) 147.8 152.8 154.2 154.7 155.8 156.4 157.7 157.5 158.3 159.3 160.8 23

24 Corporate bonds (1) 1846.0 2063.9 2225.1 2325.4 2436.5 2484.4 2565.6 2629.0 2676.9 2669.6 2698.8 24

25 Bank loans n.e.c. 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.2 751.3 25

26 Other loans and advances 562.0 585.4 652.3 660.9 681.8 687.5 664.1 659.6 671.7 678.1 681.3 26

27 Savings institutions 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 23.2 27

28 Finance companies 306.8 355.6 412.6 413.2 433.7 406.0 402.3 398.7 404.5 401.0 409.7 28

29 Federal government 8.3 8.0 7.6 7.6 7.3 7.7 7.4 7.0 7.2 6.8 7.0 29

30 Acceptance liabilities to banks 6.6 4.4 4.3 6.6 5.8 4.3 4.1 3.9 4.4 4.3 4.4 30

31 Rest of the world 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 125.8 31

32 ABS issuers 85.9 82.6 90.9 98.0 94.2 110.4 113.3 118.2 113.6 109.7 111.1 32

33 Mortgages 277.2 345.6 386.0 393.5 401.6 422.7 443.7 442.8 457.9 462.6 481.6 33

34 Trade payables 1049.7 1228.2 1541.4 1546.0 1503.3 1466.9 1429.4 1446.6 1439.0 1486.3 1522.9 34

35 Taxes payable 64.1 71.0 78.0 82.9 77.6 103.1 81.2 84.3 86.9 97.0 94.0 35

36 Miscellaneous liabilities 2553.2 2904.6 3408.0 3491.6 3579.4 3634.8 3736.7 3771.4 3843.3 3854.9 3887.6 36

37 Foreign direct investment in U.S. 811.7 969.2 1132.8 1169.8 1182.0 1180.9 1196.6 1203.1 1189.1 1188.3 1213.8 37

38 Pension fund contributions payable 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 113.9 38

39 Other 1626.6 1825.4 2163.9 2210.2 2285.3 2341.7 2427.5 2455.4 2541.0 2553.0 2559.9 39

 Memo:

40 Trade receivables net of payables 403.2 425.2 396.6 429.9 460.9 459.5 378.1 420.8 462.4 465.2 384.3 40

41 Market value of equities 11606.7 15191.1 12684.2 10915.3 11615.6 9592.1 10779.0 10688.5 8975.2 7296.4 7810.6 41

42 Securities and mortgages 2271.0 2562.3 2765.3 2873.6 2993.9 3063.5 3167.0 3229.3 3293.1 3291.5 3341.2 42

43 Loans and short-term paper 1519.6 1641.2 1818.6 1797.9 1761.5 1727.0 1670.8 1633.9 1589.9 1579.5 1558.6 43

44 Total short-term liabilities (3) 2633.3 2940.4 3438.0 3426.8 3342.4 3297.1 3181.4 3164.8 3115.7 3162.9 3175.5 44

45 Total liquid assets (4) 743.6 893.3 990.8 969.0 1003.3 1010.6 1102.5 1075.5 1073.4 1050.9 1044.0 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.9 61.0 60.3 61.5 63.0 63.9 65.5 66.4 67.4 67.6 68.2 46

47 Short-term debt/credit market debt 40.1 39.0 39.7 38.5 37.0 36.1 34.5 33.6 32.6 32.4 31.8 47

48 Liquid assets/short-term liabilities 28.2 30.4 28.8 28.3 30.0 30.7 34.7 34.0 34.5 33.2 32.9 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, March 6, 2003 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 989.1 1177.9 1423.7 1459.1 1496.5 1531.8 1566.7 1596.2 1625.2 1654.5 1685.9 1

 2 Checkable deposits and currency 178.3 217.6 274.1 277.8 281.8 285.7 289.7 293.6 297.6 300.5 302.3 2

 3 Time and savings deposits 94.8 117.5 137.6 143.1 147.8 153.6 157.8 159.2 160.1 158.4 155.6 3

 4 Money market fund shares 32.6 40.7 49.4 52.4 54.0 55.7 59.0 58.2 59.2 57.6 60.1 4

 5 Treasury securities 38.0 37.2 40.2 40.0 38.8 38.9 38.6 38.9 39.3 38.5 38.2 5

 6 Municipal securities 2.8 2.7 2.4 2.5 2.5 2.6 2.6 2.7 2.7 2.8 2.8 6

 7 Mortgages 26.7 24.7 23.3 24.0 25.3 25.9 26.6 27.2 27.5 27.7 27.8 7

 8 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Trade receivables 233.8 272.5 342.1 345.7 348.4 351.6 357.0 363.3 368.0 375.6 384.6 9

10 Miscellaneous assets 382.1 465.0 554.6 573.6 597.9 617.8 635.2 653.2 670.7 693.3 714.5 10

11 Insurance receivables 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.8 52.3 11

12 Equity investment in GSEs (1) 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.7 12

13 Other 334.9 417.5 507.2 526.0 549.7 568.0 585.4 602.6 618.9 640.1 660.6 13

14 Total liabilities 2004.9 2318.4 2673.1 2732.6 2793.1 2844.6 2892.9 2933.5 2976.4 3017.3 3066.2 14

15 Credit market instruments 1383.7 1566.1 1750.2 1790.9 1833.5 1870.8 1907.0 1934.7 1968.0 1999.0 2038.7 15

16 Bank loans n.e.c. 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 319.3 16

17 Other loans and advances 108.9 116.6 127.8 128.1 132.6 128.9 128.0 127.7 129.1 129.2 130.9 17

18 Mortgages 1008.6 1153.3 1296.4 1331.6 1369.7 1408.1 1446.5 1473.6 1510.7 1546.0 1588.5 18

19 Trade payables 169.5 210.2 276.2 282.2 289.6 292.8 296.4 300.9 303.9 307.0 309.3 19

20 Taxes payable 58.7 75.5 94.1 96.2 98.7 99.8 101.1 103.0 104.4 106.5 108.4 20

21 Miscellaneous liabilities 393.0 466.6 552.8 563.2 571.3 581.2 588.4 594.9 600.0 604.8 609.8 21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 64.0 64.8 64.9 65.2 66.1 66.8 67.0 67.6 68.8 70.1 70.7 1

 2 Checkable deposits and currency 18.6 19.2 19.4 19.6 19.7 19.9 20.1 20.0 19.9 19.8 19.7 2

 3 Miscellaneous assets 45.4 45.6 45.5 45.6 46.3 46.9 47.0 47.6 48.9 50.4 51.0 3

 4 Insurance receivables 43.7 43.9 43.9 44.1 44.7 45.2 45.3 45.9 47.2 48.6 49.1 4

 5 Equity investment in GSEs (2) 1.7 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.8 2.0 5

 6 Total liabilities 183.5 189.4 201.1 199.7 206.6 207.0 208.6 206.8 212.7 215.7 216.2 6

 7 Credit market instruments 163.9 169.4 180.2 179.7 185.2 185.9 187.7 187.1 191.8 194.9 195.7 7

 8 Bank loans n.e.c. 45.1 44.2 46.9 45.0 47.9 47.3 46.9 44.2 46.8 46.7 46.0 8

 9 Other loans and advances 22.2 22.8 24.5 24.6 24.3 24.0 24.5 24.8 24.6 24.6 24.5 9

10 Mortgages 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 10

11 Trade payables 19.6 20.0 20.9 20.0 21.3 21.0 20.9 19.7 20.8 20.8 20.5 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 6, 2003

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1180.3 1257.8 1296.0 1310.0 1319.8 1325.3 1350.0 1348.3 1382.4 1395.1 1431.6 1

 2 Checkable deposits and currency 28.3 32.2 33.2 31.1 30.2 29.6 38.2 37.1 41.1 41.5 45.7 2

 3 Time and savings deposits 91.1 102.1 111.5 109.7 107.1 108.5 119.2 133.0 125.6 131.9 135.7 3

 4 Security RPs 158.5 163.5 173.3 170.5 164.8 155.0 154.9 145.4 152.9 148.7 155.2 4

 5 Credit market instruments 739.4 767.8 767.0 777.4 784.0 794.6 805.1 805.6 819.7 820.1 830.9 5

 6 Open market paper 102.0 108.9 116.5 110.0 100.7 90.7 90.0 79.0 75.1 80.5 86.2 6

 7 U.S. government securities 448.3 456.8 439.7 451.9 465.1 480.6 489.8 496.5 510.3 506.4 511.5 7

 8 Treasury 269.3 266.8 236.2 239.0 241.4 248.9 256.5 261.2 271.7 269.4 274.2 8

 9 Agency 179.0 190.0 203.5 212.9 223.6 231.8 233.3 235.3 238.6 237.1 237.4 9

10 Municipal securities 2.5 1.0 1.6 2.1 2.0 2.1 1.9 1.7 1.4 1.0 0.5 10

11 Corporate and foreign bonds 61.2 71.3 75.0 77.9 79.7 83.4 84.4 88.2 91.5 89.4 88.7 11

12 Mortgages 125.4 129.8 134.3 135.4 136.6 137.8 139.0 140.2 141.4 142.7 143.9 12

13 Corporate equities 102.0 115.0 115.1 111.1 121.1 111.3 126.3 131.8 123.8 104.3 115.4 13

14 Mutual fund shares 21.3 25.6 26.4 28.8 30.7 30.5 31.5 30.5 29.9 28.1 26.0 14

15 Taxes receivable 28.1 33.5 45.6 49.1 50.8 51.4 50.1 49.5 51.6 56.0 59.5 15

16 Miscellaneous assets 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 64.6 63.2 16

17 Total liabilities 1717.8 1785.4 1828.3 1860.5 1900.6 1912.4 1955.6 1983.5 2039.9 2069.9 2127.6 17

18 Credit market instruments 1138.3 1176.9 1192.3 1218.4 1252.2 1257.6 1294.5 1315.8 1366.2 1390.3 1442.0 18

19 Municipal securities 1128.2 1167.1 1183.6 1209.6 1243.3 1248.7 1285.6 1306.8 1357.1 1381.0 1432.5 19

20 Short-term 41.2 43.7 45.1 51.3 53.6 63.9 68.8 69.8 74.8 82.8 93.3 20

21 Other 1087.1 1123.4 1138.5 1158.3 1189.8 1184.8 1216.8 1237.0 1282.3 1298.3 1339.3 21

22 U.S. government loans 10.1 9.7 8.7 8.8 8.9 8.9 8.9 9.0 9.1 9.3 9.4 22

23 Trade payables 579.5 608.6 635.9 642.1 648.4 654.8 661.1 667.6 673.6 679.6 685.6 23

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

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 442.9 557.4 506.4 537.0 539.8 565.1 607.4 591.8 570.9 630.4 605.6 1

 2 Gold, SDRs, and official foreign exchange 51.0 44.4 41.0 38.7 39.5 44.6 43.1 42.2 42.5 48.8 51.1 2

 3 Checkable deposits and currency 23.2 87.9 24.3 30.7 49.0 50.6 66.9 25.2 54.9 77.7 47.5 3

 4 Time and savings deposits 4.7 5.4 6.3 8.4 9.9 11.7 10.5 15.2 9.9 18.4 27.6 4

 5 Credit market instruments 219.0 258.0 265.3 266.4 268.7 269.6 271.3 272.5 274.7 276.4 279.0 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 44.9 77.7 76.9 76.3 76.2 75.3 75.8 75.7 75.5 75.0 75.4 7

 8 Other loans and advances 174.1 180.2 188.4 190.1 192.6 194.3 195.6 196.8 199.2 201.4 203.6 8

 9 Trade receivables 22.3 22.9 28.1 31.7 33.8 37.6 35.4 35.8 37.0 37.5 35.4 9

10 Taxes receivable 21.4 38.5 42.4 62.3 39.9 51.4 79.8 99.5 50.6 70.8 64.3 10

11 Miscellaneous assets 101.3 100.4 99.0 98.9 99.1 99.6 100.3 101.3 101.4 100.8 100.6 11

12 Total liabilities 4529.4 4498.3 4227.2 4259.6 4112.9 4195.3 4277.0 4316.5 4348.6 4450.4 4558.9 12

13 SDR certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 13

14 Treasury currency 19.9 20.9 23.2 23.6 23.9 24.5 24.5 24.7 24.8 25.5 25.5 14

15 Credit market instruments 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 3637.0 15

16 Savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 16

17 Other Treasury securities 3537.0 3466.2 3173.0 3197.2 3038.9 3106.6 3162.4 3212.1 3231.9 3320.4 3414.9 17

18 Budget agency securities 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 27.3 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 65.0 64.7 69.0 68.8 67.0 66.8 61.1 61.6 62.8 63.4 48.5 20

21 Insurance and pension reserves 676.5 719.0 741.3 749.8 762.1 775.4 803.6 791.5 801.3 812.4 839.7 21

22 Miscellaneous liabilities 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 6.0 22
Z.1, March 6, 2003 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5199.6 5800.3 6516.1 6800.3 6904.9 6889.1 6960.2 6983.4 7144.5 7379.9 7566.5 1

 2 Net interbank assets 145.9 140.3 161.1 101.5 99.2 100.8 111.8 82.3 53.4 70.9 105.6 2

 3 U.S. checkable deposits and currency 258.4 298.3 289.9 293.0 294.6 305.8 314.1 321.5 326.8 326.7 337.2 3

 4 U.S. time deposits 86.6 101.6 103.5 87.0 91.7 88.4 86.2 87.8 94.4 94.0 95.3 4

 5 Security RPs 72.0 79.9 91.3 129.5 126.5 111.1 150.7 128.2 159.6 205.2 184.8 5

 6 Credit market instruments 2278.2 2354.6 2621.1 2706.0 2766.8 2837.5 2954.4 3000.6 3133.2 3249.5 3371.3 6

 7 Open market paper 115.3 102.3 111.9 110.5 112.8 111.9 118.1 122.9 134.1 129.4 132.7 7

 8 U.S. government securities 1412.8 1380.6 1471.4 1494.3 1482.5 1502.0 1594.4 1596.5 1645.4 1734.3 1819.7 8

 9 Official holdings 669.8 693.8 749.9 752.5 741.6 757.2 798.8 805.6 827.3 839.6 878.8 9

10 Treasury 622.9 617.7 625.2 624.1 603.3 619.1 650.7 650.1 665.3 666.7 695.7 10

11 Agency 46.8 76.1 124.7 128.3 138.2 138.0 148.1 155.4 162.0 172.9 183.1 11

12 Private holdings 743.0 686.8 721.5 741.9 740.9 744.8 795.5 791.0 818.1 894.7 940.9 12

13 Treasury 562.0 462.8 401.0 396.2 381.5 366.1 388.8 381.5 376.4 431.1 443.0 13

14 Agency 181.0 224.1 320.5 345.7 359.4 378.7 406.7 409.5 441.8 463.7 497.8 14

15 U.S. corporate bonds (1) 607.8 752.1 920.6 986.5 1052.7 1086.4 1126.3 1171.7 1233.7 1252.1 1293.1 15

16 Loans to U.S. corporate business 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 125.8 16

17 U.S. corporate equities 1250.3 1611.5 1625.5 1509.3 1601.1 1398.6 1533.8 1585.2 1418.3 1192.4 1351.0 17

18 Trade receivables 52.5 47.5 47.0 45.7 45.2 45.2 44.3 46.4 46.3 47.2 48.3 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 1055.6 1166.6 1576.6 1928.1 1879.6 2001.7 1764.7 1731.5 1912.5 2194.0 2073.1 20

21 Foreign direct investment in U.S. (2) 919.8 1100.8 1374.8 1419.0 1471.2 1485.7 1498.9 1515.6 1514.4 1525.6 1545.0 21

22 Other 135.8 65.8 201.9 509.2 408.4 516.0 265.8 215.9 398.1 668.4 528.1 22

23 Total liabilities 2788.3 3107.9 3479.4 3880.0 3899.2 4138.5 3628.3 3646.4 3755.4 4116.6 4104.4 23

 U.S. official foreign exchange

24 and net IMF position 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 47.2 53.1 55.8 24

25 U.S. private deposits 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 907.4 924.6 955.2 25

26 Credit market instruments 651.3 676.7 742.3 740.4 726.1 701.7 704.9 724.2 725.6 720.2 727.4 26

27 Commercial paper 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 142.8 27

28 Bonds 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 472.0 471.7 28

29 Bank loans n.e.c. 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 68.6 29

30 Official 2.8 3.0 3.5 3.6 3.3 4.2 4.3 4.2 4.8 5.0 5.1 30

31 Banks 13.1 9.9 13.2 16.4 9.1 9.4 5.9 6.1 9.7 7.8 5.1 31

32 Other 42.8 46.4 53.8 54.1 53.8 53.7 53.1 56.5 57.8 56.5 58.4 32

33 U.S. government loans 52.4 47.8 47.2 46.7 46.9 46.5 46.0 45.4 45.1 44.4 43.7 33

34 Acceptance liabilities to banks 4.7 3.9 3.1 0.8 0.8 0.6 0.5 0.6 0.5 0.5 0.5 34

35 Trade payables 44.9 49.1 49.9 46.9 51.9 44.0 47.8 45.2 42.8 40.5 39.7 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 1389.8 1628.4 1816.5 2168.4 2240.2 2495.9 1919.9 1937.2 2032.3 2378.2 2326.4 37

38 U.S. equity in IBRD, etc. 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.2 38.7 38

39 U.S. government deposits 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.7 2.7 39

40 U.S. direct investment abroad (1,2) 1196.2 1377.3 1515.3 1541.6 1578.3 1621.8 1623.1 1654.6 1690.5 1720.7 1738.2 40

41 Other 159.2 214.7 263.3 588.4 623.0 834.7 257.1 242.5 301.3 616.6 546.7 41

 Memo:

42 Market value of foreign equities 1476.2 2026.6 1832.4 1609.1 1652.0 1416.8 1564.7 1565.2 1539.4 1218.8 1305.1 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, March 6, 2003

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 566.8 696.9 636.0 625.3 638.6 663.5 683.0 686.7 706.9 710.2 753.6 1

 2 Gold and foreign exchange 30.7 27.1 26.6 25.5 25.4 26.3 25.5 25.3 27.1 27.1 27.9 2

 3 SDR certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 26.3 28.0 31.6 32.3 32.7 33.0 33.0 33.6 34.0 34.3 34.6 4

 5 Federal Reserve float 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 0.4 5

 6 Fed. Res. loans to domestic banks 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 0.0 6

 7 Security RPs 30.4 140.6 43.4 22.0 23.3 47.9 50.3 29.5 32.0 21.8 39.5 7

 8 Credit market instruments 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 629.4 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 452.5 478.1 511.8 523.9 535.1 534.1 551.7 575.4 590.7 604.2 629.4 10

11 Treasury 452.1 478.0 511.7 523.9 535.1 534.1 551.7 575.4 590.7 604.2 629.4 11

12 Agency 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 19.6 14

15 Total liabilities 560.9 690.5 629.2 618.7 631.3 655.9 675.7 678.7 697.4 701.2 745.3 15

16 Depository institution reserves 26.3 24.0 19.0 17.8 18.6 24.9 17.5 22.4 22.3 23.2 22.5 16

17 Vault cash of commercial banks 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.9 47.8 17

18 Checkable deposits and currency 481.8 590.4 555.2 556.1 567.3 586.3 603.1 613.3 630.0 630.7 644.6 18

19 Due to federal government 6.2 28.5 5.6 6.1 7.6 10.2 7.1 6.1 8.5 8.3 4.8 19

20 Due to rest of the world 0.2 0.1 0.3 0.1 0.1 0.6 0.1 0.3 0.1 0.2 0.1 20

21 Currency outside banks 475.4 561.8 549.3 549.9 559.5 575.4 596.0 607.0 621.4 622.2 639.7 21

22 Miscellaneous liabilities 10.7 9.4 10.6 8.8 8.2 8.0 7.7 8.0 8.6 9.5 30.3 22

23 Federal Reserve Bank stock 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 8.4 23

24 Other 4.8 3.0 3.6 1.8 1.0 0.8 0.4 0.4 0.3 1.2 21.9 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, March 6, 2003 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5628.6 5982.5 6468.7 6505.5 6561.8 6689.5 6830.7 6809.6 6959.5 7161.8 7357.0 1

 2 Vault cash 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.9 47.8 2

 3 Reserves at Federal Reserve 24.4 19.3 17.4 16.1 16.3 22.2 15.2 20.2 20.0 20.5 19.5 3

 4 Checkable deposits and currency 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 2.6 4

 5 Total bank credit 4483.6 4788.5 5200.8 5223.3 5234.5 5286.0 5411.3 5416.1 5521.2 5660.3 5816.1 5

 6 U.S. government securities 877.3 928.5 906.4 887.3 874.2 911.8 940.1 974.2 1040.6 1081.9 1122.2 6

 7 Treasury 214.1 228.9 184.5 172.0 174.0 176.1 162.7 165.9 183.8 192.0 205.6 7

 8 Agency 663.2 699.6 721.8 715.3 700.2 735.7 777.4 808.3 856.8 889.9 916.6 8

 9 Municipal securities 104.8 110.8 114.1 112.5 116.2 118.1 120.2 118.7 118.3 121.2 121.7 9

10 Corporate and foreign bonds 180.9 220.5 278.6 292.5 321.7 340.4 376.4 373.7 358.8 368.9 380.1 10

11 Total loans 3304.6 3505.1 3874.8 3905.6 3895.5 3892.5 3944.4 3918.7 3980.3 4074.7 4169.1 11

12 Open market paper 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. 1314.8 1383.8 1496.6 1493.1 1460.2 1452.6 1421.0 1409.1 1377.8 1361.7 1345.1 13

14 Mortgages 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1962.0 2059.1 14

15 Consumer credit 508.9 499.8 541.5 532.7 540.2 536.2 558.4 550.7 554.9 575.7 587.4 15

16 Security credit 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 177.5 16

17 Corporate equities 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 0.0 3.4 17

18 Mutual fund shares 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 19.6 18

19 Customers’ liab. on acceptances (2) 11.3 8.2 7.5 7.4 6.6 4.8 4.6 4.5 4.8 4.8 4.9 19

20 Miscellaneous assets 1065.2 1097.7 1196.9 1220.8 1265.6 1337.2 1349.6 1332.2 1374.3 1435.7 1466.0 20

21 Total liabilities 5505.7 5833.5 6407.1 6418.8 6469.7 6637.2 6768.5 6698.3 6893.2 7100.9 7329.0 21

22 Net interbank liabilities 121.0 111.8 157.8 102.8 102.8 104.9 122.9 103.8 71.7 88.0 120.9 22

23 To monetary authority 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.1 0.6 0.5 23

24 To domestic banks (3) -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.9 18.4 16.5 14.9 24

25 To foreign banks 145.9 140.3 161.1 101.5 99.2 100.8 111.8 82.3 53.4 70.9 105.6 25

26 Checkable deposits 622.9 626.4 540.9 517.2 536.2 541.8 628.8 523.0 536.5 563.2 574.3 26

27 Federal government 13.2 49.6 16.4 23.9 37.7 36.4 47.5 9.5 37.1 54.6 31.1 27

28 Rest of the world 30.2 43.6 33.9 34.8 33.7 36.1 34.5 37.2 35.4 32.8 36.1 28

29 Private domestic 579.6 533.2 490.6 458.5 464.8 469.3 546.9 476.4 463.9 475.8 507.1 29

30 Small time and savings deposits 1945.2 2017.1 2228.7 2309.5 2342.4 2395.8 2478.1 2560.6 2598.0 2684.0 2751.0 30

31 Large time deposits 673.1 792.6 885.4 899.2 901.5 894.5 918.1 960.7 966.7 956.7 920.7 31

32 Federal funds and security RPs (net) 639.2 750.0 816.1 817.9 786.5 778.1 786.5 768.5 805.7 834.9 902.0 32

33 Credit market instruments 382.1 449.3 509.3 540.3 543.7 554.1 562.1 564.8 574.5 590.7 610.5 33

34 Open market paper 56.9 63.1 63.6 71.2 69.4 67.5 55.4 60.9 48.4 51.5 53.1 34

35 Corporate bonds 220.2 240.6 273.2 293.1 295.3 302.1 310.2 304.8 313.8 317.4 330.1 35

36 Other loans and advances 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 221.9 227.2 36

37 Taxes payable 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 16.2 37

38 Miscellaneous liabilities 1115.2 1077.4 1257.8 1220.3 1244.2 1355.1 1258.4 1202.8 1325.3 1367.8 1433.5 38

 Memo:

39 Credit market funds advanced (4) 4336.1 4648.3 5006.3 5013.8 5041.5 5100.6 5210.5 5231.3 5328.3 5476.2 5620.5 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, March 6, 2003

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4080.6 4431.2 4774.1 4784.6 4828.8 4918.9 5014.5 4998.6 5109.0 5273.8 5426.4 1

 2 Vault cash and reserves at Federal Reserve 65.5 84.4 61.3 51.6 53.0 58.2 61.9 54.5 55.5 57.4 66.1 2

 3 Total bank credit 3844.6 4164.5 4515.2 4522.5 4568.8 4625.4 4718.6 4737.3 4823.7 4953.1 5102.1 3

 4 U.S. government securities 703.7 731.1 714.4 690.3 691.6 722.9 756.7 793.7 842.5 869.0 906.4 4

 5 Treasury 124.8 122.8 87.9 72.2 69.9 65.3 56.5 68.6 75.2 74.6 86.4 5

 6 Agency 578.9 608.3 626.5 618.1 621.7 657.6 700.2 725.1 767.3 794.4 820.1 6

 7 Mortgage pool securities 301.5 283.7 297.8 308.1 323.5 346.0 350.6 359.8 415.6 431.3 434.6 7

 8 Agency-issued CMOs 115.9 120.9 111.0 114.4 116.4 134.0 168.2 166.4 145.6 156.4 158.0 8

 9 Other agency securities 161.5 203.8 217.6 195.7 181.8 177.6 181.4 198.9 206.1 206.7 227.5 9

10 Municipal securities 104.4 110.2 113.4 112.2 115.9 117.8 119.7 118.2 117.9 120.7 121.2 10

11 Corporate and foreign bonds 118.2 161.8 214.0 229.8 242.2 258.8 278.5 281.6 267.5 274.6 284.5 11

12 Private mortgage pool securities 3.9 4.5 4.1 7.9 8.6 8.0 25.3 19.0 13.8 12.0 12.0 12

13 Privately issued CMOs 42.8 48.8 56.5 57.5 54.3 53.8 59.3 60.7 57.0 66.3 68.4 13

14 Other bonds 71.5 108.5 153.4 164.4 179.3 197.0 193.9 201.9 196.7 196.3 204.2 14

15 Total loans 2902.3 3137.8 3446.5 3464.8 3492.3 3502.8 3533.6 3513.0 3572.6 3675.3 3766.9 15

16 Open market paper 0.8 0.7 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Bank loans n.e.c. 1012.0 1104.3 1202.4 1195.9 1180.2 1173.1 1140.5 1118.9 1098.1 1092.3 1081.9 17

18 Mortgages 1304.3 1465.4 1627.0 1654.1 1688.0 1700.8 1752.8 1762.7 1834.7 1922.3 2018.4 18

19 Consumer credit 508.9 499.8 541.5 532.7 540.2 536.2 558.4 550.7 554.9 575.7 587.4 19

20 Security credit 76.3 67.6 74.7 82.2 83.8 92.6 81.9 80.7 84.9 84.9 79.2 20

21 Corporate equities 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 0.0 3.4 21

22 Mutual fund shares 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 19.6 22

23 Customers’ liab. on acceptances (1) 9.1 6.6 5.9 6.0 5.3 3.9 3.6 3.5 4.0 3.8 3.9 23

24 Miscellaneous assets 161.5 175.6 191.7 204.5 201.6 231.3 230.4 203.3 225.8 259.5 254.3 24

25 Total liabilities 4353.3 4685.6 5169.7 5177.6 5225.7 5372.8 5451.7 5395.1 5543.0 5727.2 5917.4 25

26 Net interbank liabilities 25.2 56.9 137.5 112.1 124.2 103.7 134.6 118.1 128.7 115.3 163.6 26

27 Federal Reserve float 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 0.4 27

28 Borrowing from Federal Reserve banks 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 0.0 28

29 To domestic banks -50.9 -67.3 -33.0 -20.9 -26.2 -16.2 -17.8 0.1 -3.0 -1.5 1.9 29

30 To foreign banks 74.4 124.1 169.5 132.8 150.6 120.3 152.5 118.5 131.8 116.2 161.3 30

31 Checkable deposits 605.8 608.7 523.7 500.5 519.3 524.5 608.2 503.7 515.7 543.4 552.9 31

32 Federal government 13.2 49.6 16.4 23.9 37.7 36.4 47.5 9.5 37.1 54.6 31.1 32

33 Rest of the world 24.8 37.6 28.3 29.4 30.8 33.4 31.2 34.4 33.4 30.8 33.2 33

34 Private domestic 567.9 521.5 479.0 447.3 450.8 454.8 529.5 459.8 445.2 458.1 488.7 34

35 Small time and savings deposits 1924.4 1997.4 2208.0 2288.5 2314.4 2371.6 2448.3 2533.4 2568.8 2656.3 2721.5 35

36 Large time deposits 404.1 465.7 553.6 548.2 551.7 552.2 528.4 524.2 528.1 551.8 553.0 36

37 Federal funds and security RPs (net) 538.4 667.0 682.4 676.7 669.2 670.0 663.9 671.3 683.3 694.3 737.4 37

38 Acceptance liabilities 9.1 6.6 6.0 6.0 5.4 4.1 3.7 3.5 4.0 3.8 3.9 38

39 Corporate bonds 72.1 75.8 86.4 89.9 89.0 91.8 94.7 92.3 93.1 92.1 94.1 39

40 Other loans and advances 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 221.9 227.2 40

41 Taxes payable 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 16.2 41

42 Miscellaneous liabilities 662.0 653.1 788.6 767.9 761.1 857.6 759.8 735.3 794.2 832.7 847.5 42

43 Investment by bank holding companies 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.4 638.6 43

44 Other 193.0 181.2 263.2 226.1 208.9 279.8 173.7 141.6 184.4 202.3 208.9 44

 Memo:

45 Credit market funds advanced (2) 3761.4 4080.0 4419.5 4420.8 4463.5 4513.5 4610.1 4629.3 4719.7 4858.4 5003.8 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, March 6, 2003 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 806.5 750.9 789.4 761.5 752.2 751.9 793.6 769.7 789.6 804.0 816.8 1

 2 Reserves at Federal Reserve 1.0 1.4 0.5 0.6 0.5 0.6 0.6 0.6 1.0 0.9 1.2 2

 3 Total bank credit 568.7 543.0 610.2 624.4 589.0 582.9 603.0 584.5 601.4 610.6 614.7 3

 4 U.S. government securities 152.2 166.9 166.7 173.2 159.1 164.9 154.5 145.7 161.0 176.5 178.2 4

 5 Treasury 84.8 94.5 94.0 97.9 102.2 108.6 103.8 94.1 105.7 115.0 116.7 5

 6 Agency 67.4 72.4 72.7 75.3 56.9 56.3 50.7 51.7 55.3 61.5 61.6 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 46.9 42.4 50.7 47.8 65.3 67.4 81.3 76.8 77.0 79.9 81.6 8

 9 Total loans 369.6 333.8 392.8 403.4 364.5 350.6 367.2 362.0 363.5 354.3 354.9 9

10 Open market paper 0.3 0.6 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Bank loans n.e.c. 282.4 260.0 274.6 276.4 258.9 258.3 256.1 265.9 255.2 244.9 237.5 11

12 Mortgages 20.4 15.9 17.1 17.1 16.7 17.9 17.9 18.3 18.6 19.0 19.0 12

13 Security credit 66.5 57.2 100.5 109.3 88.9 74.4 93.3 77.9 89.7 90.4 98.3 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) 2.2 1.6 1.6 1.5 1.2 0.9 1.0 1.0 0.9 1.0 1.0 15

16 Miscellaneous assets 234.5 204.9 177.1 135.1 161.5 167.5 188.9 183.7 186.3 191.5 199.9 16

17 Total liabilities 828.8 776.4 818.4 791.5 783.1 783.8 826.5 803.8 824.7 840.2 854.2 17

18 Net interbank liabilities 93.2 48.2 7.4 -17.2 -16.6 -1.9 -9.4 -13.1 -56.1 -27.6 -35.1 18

19 To foreign banks 92.7 41.5 -15.5 -34.1 -57.2 -34.3 -51.0 -58.7 -97.9 -69.5 -66.7 19

20 To domestic banks 0.4 6.7 22.9 16.9 40.6 32.4 41.6 45.6 41.8 41.9 31.6 20

21 Checkable deposits 8.6 9.1 8.7 8.2 8.1 8.5 9.1 8.1 7.5 7.5 8.4 21

22 Small time and savings deposits 9.4 7.5 7.2 7.6 13.4 9.0 11.6 8.5 9.7 8.3 9.4 22

23 Large time deposits 257.6 314.8 318.2 337.5 335.3 327.1 371.5 417.7 419.1 385.4 347.6 23

24 Federal funds and security RPs (net) 100.4 82.5 134.8 140.6 116.6 107.2 123.9 96.1 121.4 139.3 163.4 24

25 Acceptance liabilities 2.4 2.0 2.0 1.8 1.4 1.0 1.1 1.0 0.9 1.1 0.9 25

26 Miscellaneous liabilities 357.3 312.2 340.1 312.9 325.0 332.8 318.8 285.5 322.3 326.2 359.5 26

27 Foreign direct investment in U.S. 46.1 64.7 68.1 68.2 73.2 74.2 78.1 78.3 75.1 74.8 73.2 27

28 Due to affiliates 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 132.6 28

29 Other 220.6 154.5 133.3 102.4 114.5 145.1 132.8 104.0 122.9 129.9 153.7 29

 Memo:

30 Credit market funds advanced (3) 504.5 487.4 511.3 516.6 501.3 509.3 510.7 507.7 512.6 521.2 517.3 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, March 6, 2003

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 685.9 741.2 841.9 896.4 916.2 951.4 942.4 959.5 976.2 998.6 1025.2 1

 2 Credit market instruments 26.5 32.7 20.5 22.3 21.6 21.3 24.7 27.7 28.1 27.7 27.8 2

 3 U.S. government securities 7.5 14.1 5.6 6.2 6.0 5.9 7.4 11.5 13.2 12.3 12.0 3

 4 Treasury issues 0.9 8.8 0.8 0.8 0.9 0.8 1.2 1.3 1.7 1.4 1.3 4

 5 Agency 6.6 5.4 4.8 5.4 5.1 5.0 6.2 10.2 11.5 10.9 10.7 5

 6 Corporate and foreign bonds 14.8 15.9 13.2 13.4 12.9 12.8 15.3 14.1 12.8 13.3 12.9 6

 7 Bank loans n.e.c. 4.1 2.6 1.6 2.7 2.7 2.6 1.9 2.1 2.1 2.1 2.9 7

 8 Miscellaneous assets 659.5 708.5 821.4 874.1 894.6 930.2 917.8 931.8 948.1 970.9 997.5 8

 9 Investment in bank subsidiaries 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.4 638.6 9

10 Investment in nonbank subsidiaries 134.0 151.3 189.7 227.3 237.0 241.3 219.5 222.9 218.4 209.0 219.3 10

11 Other 56.5 85.4 106.3 105.0 105.5 111.1 112.2 115.1 119.9 131.5 139.6 11

12 Total liabilities 270.6 314.6 358.7 390.0 399.6 417.0 413.4 421.1 444.4 452.0 473.0 12

13 Net interbank liabilities 2.7 6.7 12.9 7.9 -4.8 3.0 -2.3 -1.2 -0.9 0.3 -7.6 13

14 To domestic banks 23.9 32.1 5.8 5.2 -10.6 -11.8 -12.7 -23.8 -20.4 -23.9 -18.7 14

15 To foreign banks -21.3 -25.4 7.1 2.7 5.8 14.8 10.4 22.6 19.5 24.2 11.1 15

16 Federal funds and security RPs (net) 0.4 0.5 -1.1 0.6 0.7 0.9 -1.2 1.0 1.0 1.3 1.2 16

17 Credit market instruments 193.5 219.3 242.5 266.5 269.0 272.7 266.1 269.0 264.2 271.8 284.3 17

18 Commercial paper 45.4 54.5 55.7 63.4 62.7 62.4 50.6 56.5 43.4 46.6 48.3 18

19 Corporate bonds 148.1 164.8 186.8 203.2 206.4 210.3 215.5 212.5 220.7 225.3 236.0 19

20 Miscellaneous liabilities 74.1 88.1 104.4 115.0 134.6 140.3 150.8 152.3 180.1 178.6 195.1 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 55.5 59.2 63.3 63.0 64.6 67.2 80.2 81.8 84.6 85.3 88.6 1

 2 Checkable deposits and currency 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 2.6 2

 3 Credit market instruments 43.8 48.3 55.0 54.1 55.1 56.5 65.0 66.6 67.9 68.8 71.6 3

 4 U.S. government securities 13.8 16.3 19.6 17.6 17.5 18.2 21.5 23.3 23.9 24.1 25.5 4

 5 Treasury 3.6 2.8 1.8 1.2 1.0 1.4 1.2 2.0 1.1 1.1 1.3 5

 6 Agency 10.2 13.5 17.8 16.4 16.5 16.8 20.3 21.3 22.8 23.1 24.2 6

 7 Municipal securities 0.5 0.6 0.7 0.4 0.4 0.3 0.5 0.4 0.4 0.5 0.5 7

 8 Corporate and foreign bonds 1.0 0.5 0.8 1.5 1.2 1.4 1.4 1.2 1.4 1.1 1.1 8

 9 Bank loans n.e.c. 16.3 16.9 18.0 18.1 18.4 18.6 22.5 22.2 22.4 22.4 22.8 9

10 Home mortgages 7.5 8.1 9.1 7.1 7.5 7.6 8.2 8.2 8.6 9.2 10.0 10

11 Commercial mortgages 4.8 6.0 6.8 9.5 10.1 10.3 11.0 11.2 11.1 11.5 11.7 11

12 Miscellaneous assets 9.7 8.7 6.6 7.1 7.8 8.2 12.5 13.5 14.1 13.8 14.4 12

13 Total liabilities 53.1 56.9 60.4 59.8 61.3 63.6 76.8 78.4 81.1 81.4 84.5 13

14 Checkable deposits 8.5 8.5 8.4 8.4 8.8 8.8 11.5 11.2 13.3 12.2 12.9 14

15 Small time and savings deposits 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 20.1 15

16 Large time deposits 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 20.1 16

17 Miscellaneous liabilities 21.9 24.1 24.8 24.5 23.4 24.5 29.0 29.7 28.7 30.3 31.3 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, March 6, 2003 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1088.6 1150.5 1217.7 1254.0 1274.1 1287.6 1299.1 1318.3 1305.6 1338.3 1357.5 1

 2 Reserves at Federal Reserve 1.9 4.7 1.7 1.7 2.3 2.7 2.3 2.2 2.4 2.7 3.0 2

 3 Checkable deposits and currency 18.4 17.4 19.0 18.9 20.4 20.3 21.0 21.1 20.9 22.1 24.7 3

 4 Time and savings deposits 1.5 1.3 1.4 1.7 2.4 2.3 2.2 2.8 2.7 3.6 2.7 4

 5 Federal funds and security RPs 14.8 10.6 14.9 21.7 22.0 25.8 27.4 31.2 24.9 29.0 27.1 5

 6 Credit market instruments 964.7 1032.4 1088.6 1100.5 1116.1 1118.1 1131.4 1134.7 1130.9 1153.7 1166.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 153.8 157.2 149.2 153.3 158.2 155.5 172.8 187.7 185.3 178.8 185.6 8

 9 Treasury 10.2 10.1 8.7 8.0 7.5 6.6 11.4 14.1 12.7 10.3 9.2 9

10 Agency 143.7 147.1 140.4 145.3 150.7 148.9 161.4 173.6 172.6 168.5 176.5 10

11 Municipal securities 2.5 3.0 3.2 3.8 4.0 4.1 4.5 4.6 4.8 4.9 5.5 11

12 Corporate and foreign bonds 88.6 111.9 109.4 95.9 93.2 88.1 83.9 83.3 85.2 85.8 79.5 12

13 Other loans and advances 24.2 30.6 39.3 41.4 43.8 43.6 42.9 44.5 44.3 45.4 46.4 13

14 Mortgages 644.0 668.1 723.0 740.5 751.6 758.3 758.2 746.0 742.7 773.7 781.3 14

15 Consumer credit 51.6 61.5 64.6 65.5 65.3 68.5 69.1 68.6 68.5 65.1 68.6 15

16 Corporate equities 24.5 23.8 24.2 24.6 25.6 27.1 27.9 28.3 28.6 28.6 29.1 16

17 Miscellaneous assets 62.8 60.2 67.8 85.0 85.2 91.2 87.0 98.0 95.1 98.6 104.2 17

18 Total liabilities 1058.8 1119.6 1185.8 1221.9 1241.4 1253.5 1264.1 1284.1 1267.0 1299.4 1318.2 18

19 Deposits 693.2 699.3 726.7 749.3 755.6 769.2 773.6 801.3 803.1 823.8 840.7 19

20 Checkable 185.6 222.3 265.8 278.6 291.9 303.4 316.5 328.4 344.3 356.6 370.9 20

21 Small time and savings 393.9 354.7 318.9 318.4 307.3 298.1 288.2 289.8 274.9 264.4 256.6 21

22 Large time 113.7 122.2 142.1 152.2 156.4 167.6 168.9 183.2 183.9 202.7 213.3 22

23 Security RPs 51.3 72.7 66.7 67.1 69.6 54.6 72.4 78.1 69.8 61.0 57.5 23

24 Credit market instruments 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 286.4 281.3 24

25 Corporate bonds 2.6 2.7 6.3 2.8 6.4 6.1 3.6 3.5 2.9 2.9 3.4 25

26 Bank loans n.e.c. 29.7 14.0 21.5 22.6 21.6 23.4 23.0 22.9 24.0 25.5 27.1 26

27 Other loans and advances 180.1 243.7 260.0 269.7 266.4 276.1 268.5 254.2 248.4 257.9 250.7 27

28 Taxes payable 2.0 2.0 2.5 2.3 2.0 2.0 1.7 1.5 1.5 1.5 1.5 28

29 Miscellaneous liabilities 99.8 85.1 102.3 108.2 119.8 122.0 121.3 122.5 117.2 126.8 137.2 29

30 Investment by parent 5.4 6.0 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.1 8.3 30

31 Other 94.4 79.2 95.7 101.4 112.8 114.8 113.9 114.9 109.4 118.7 128.9 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 6, 2003

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 391.5 414.5 441.1 466.5 480.7 496.4 505.5 532.8 542.4 552.5 563.3 1

 2 Checkable deposits and currency 9.1 26.4 12.2 15.0 18.1 25.0 19.8 20.0 19.8 19.8 21.9 2

 3 Time and savings deposits 23.4 16.6 17.1 20.9 19.0 18.7 25.5 26.0 28.2 26.3 28.8 3

 4 Federal funds and security RPs 6.8 9.3 4.0 10.8 8.3 7.9 2.5 7.3 5.0 5.0 1.7 4

 5 Credit market instruments 324.2 351.7 379.7 387.0 392.4 408.4 421.2 434.3 447.7 458.5 465.3 5

 6 Open market paper 0.4 1.9 1.2 1.1 1.6 1.3 2.4 2.3 2.8 2.7 3.6 6

 7 U.S. government securities 71.5 70.9 69.2 76.4 72.8 80.6 88.0 98.3 101.5 104.3 106.0 7

 8 Treasury 13.1 9.6 8.2 8.0 6.6 6.4 7.4 7.6 7.9 8.1 8.4 8

 9 Agency 58.4 61.3 60.9 68.4 66.3 74.1 80.6 90.7 93.7 96.2 97.6 9

10 Home mortgages 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.4 159.1 10

11 Consumer credit 155.4 167.9 184.4 182.8 186.4 187.3 189.6 187.7 191.6 196.1 196.6 11

12 Mutual fund shares 3.6 2.5 2.2 2.0 3.6 3.1 3.7 3.0 4.0 4.0 3.5 12

13 Miscellaneous assets 24.3 8.0 25.9 30.8 39.3 33.3 32.8 42.2 37.7 38.8 42.0 13

14 Total liabilities 355.3 376.1 398.1 422.3 435.8 450.6 458.9 485.4 493.5 501.6 511.7 14

15 Shares/deposits 349.0 366.7 389.1 415.6 426.3 441.3 450.2 474.7 483.1 489.0 499.0 15

16 Checkable 43.0 45.4 51.3 55.2 54.2 55.6 54.7 60.5 60.2 60.2 58.8 16

17 Small time and savings 287.5 299.8 312.7 334.8 342.8 353.7 361.3 379.2 384.7 390.6 397.4 17

18 Large time 18.5 21.6 25.1 25.6 29.3 32.0 34.1 35.0 38.2 38.2 42.8 18

19 Other loans and advances 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.8 6.9 19

20 Miscellaneous liabilities 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 5.8 5.8 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 976.3 1104.1 1067.8 971.7 994.9 885.8 929.1 931.5 861.4 779.0 807.9 1

 2 Deposits 54.4 62.7 69.8 68.6 67.5 66.3 65.1 65.2 65.2 65.2 65.2 2

 3 Checkable deposits and currency 0.3 0.3 0.2 0.3 0.4 0.6 0.7 0.5 0.3 0.2 0.0 3

 4 Time and savings deposits 7.8 8.7 8.9 9.6 10.3 11.0 11.7 11.5 11.4 11.2 11.1 4

 5 Money market fund shares 46.2 53.7 60.6 58.7 56.7 54.7 52.8 53.1 53.4 53.8 54.1 5

 6 Credit market instruments 194.1 222.0 222.8 215.8 208.8 201.8 194.7 195.0 195.2 195.4 195.6 6

 7 Open market paper 16.5 17.1 14.7 14.0 13.2 12.4 11.6 11.6 11.5 11.5 11.4 7

 8 U.S. government securities 56.8 62.5 61.8 58.0 54.2 50.5 46.7 46.4 46.0 45.7 45.4 8

 9 Treasury 17.3 17.3 16.3 15.1 13.9 12.7 11.5 11.5 11.4 11.3 11.2 9

10 Agency 39.4 45.2 45.5 42.9 40.3 37.7 35.1 34.9 34.7 34.4 34.2 10

11 Municipal securities 89.5 100.3 99.1 98.2 97.4 96.5 95.6 96.9 98.3 99.6 100.9 11

12 Corporate and foreign bonds 28.5 39.8 44.9 43.2 41.6 39.9 38.3 37.6 36.9 36.3 35.6 12

13 Mortgages 2.8 2.2 2.3 2.4 2.4 2.5 2.5 2.5 2.5 2.4 2.3 13

14 Corporate equities 360.1 407.3 356.8 303.8 317.3 257.9 280.7 282.0 245.1 202.5 217.1 14

15 Mutual fund shares 344.7 391.5 396.8 359.9 375.9 332.4 359.1 360.6 327.9 288.4 303.1 15

16 Miscellaneous assets 23.0 20.5 21.7 23.6 25.6 27.5 29.4 28.8 28.1 27.5 26.8 16

17 Total liabilities (2) 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 17

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 6, 2003 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2769.5 3067.9 3135.7 3103.0 3198.5 3135.8 3224.6 3308.4 3287.5 3261.1 3366.0 1

 2 Checkable deposits and currency 5.4 5.5 5.0 17.8 24.3 29.9 36.8 35.1 34.6 43.7 44.0 2

 3 Money market fund shares 110.4 133.8 142.3 154.7 166.7 172.7 185.3 173.3 175.9 161.9 163.8 3

 4 Credit market instruments 1828.0 1886.0 1943.9 1969.6 2004.8 2054.8 2074.8 2136.9 2180.1 2250.7 2289.6 4

 5 Open market paper 73.4 75.8 71.2 60.4 58.9 65.5 59.3 66.1 68.9 80.0 82.8 5

 6 U.S. government securities 288.4 287.1 293.5 297.6 301.2 305.7 307.2 317.4 322.9 342.7 345.4 6

 7 Treasury 71.3 62.8 58.1 57.2 56.2 55.2 53.7 55.0 56.0 61.1 61.8 7

 8 Agency 217.0 224.4 235.4 240.4 245.1 250.5 253.5 262.4 266.9 281.6 283.6 8

 9 Municipal securities 18.4 20.1 19.1 19.1 19.0 19.0 18.7 20.3 20.9 21.5 21.6 9

10 Corporate and foreign bonds 1130.4 1173.2 1222.2 1254.6 1285.4 1320.9 1342.4 1385.5 1418.1 1456.0 1486.3 10

11 Policy loans 103.8 99.0 101.9 102.9 103.0 104.4 104.1 104.4 104.3 104.8 106.2 11

12 Mortgages 213.6 230.8 235.9 235.1 237.2 239.2 243.0 243.3 244.9 245.6 247.3 12

13 Corporate equities 733.2 964.5 940.8 849.9 906.0 793.3 855.2 870.4 799.8 700.0 757.2 13

14 Mutual fund shares 23.3 43.3 48.1 42.6 46.1 39.1 44.3 45.1 41.5 34.9 38.0 14

15 Miscellaneous assets 69.2 34.9 55.6 68.5 50.6 46.0 28.1 47.7 55.6 70.0 73.4 15

16 Total liabilities 2599.7 2882.8 2942.8 2902.2 2994.5 2939.4 3034.8 3119.2 3104.3 3080.6 3183.1 16

17 Other loans and advances 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.5 5.1 17

18 Life insurance reserves 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.2 919.1 18

19 Pension fund reserves (1) 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 1480.9 19

20 Taxes payable 14.9 16.2 17.8 18.2 18.7 19.2 19.7 20.3 20.9 21.5 22.1 20

21 Miscellaneous liabilities 649.5 683.5 683.8 683.3 689.4 697.1 704.4 741.4 744.8 744.0 755.8 21

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 876.4 875.1 866.1 844.5 855.4 851.5 863.0 881.6 884.0 890.6 912.1 1

 2 Checkable deposits and currency 4.0 4.3 3.7 10.6 11.8 13.6 13.1 17.0 17.2 25.6 25.9 2

 3 Security RPs 42.7 28.3 38.3 27.8 26.6 31.6 30.2 28.2 28.7 38.1 38.6 3

 4 Credit market instruments 521.1 518.2 509.4 510.0 510.0 511.3 518.4 527.6 536.4 541.9 548.9 4

 5 U.S. government securities 140.0 136.2 136.2 138.2 138.2 142.4 146.3 149.4 151.9 153.5 155.5 5

 6 Treasury 70.4 60.6 52.1 51.9 51.9 51.6 52.0 53.4 54.3 54.9 55.6 6

 7 Agency 69.7 75.5 84.1 86.3 86.3 90.8 94.2 96.0 97.6 98.6 99.9 7

 8 Municipal securities 208.1 199.0 184.1 181.0 181.0 174.8 173.8 176.5 179.4 181.1 183.4 8

 9 Corporate and foreign bonds 171.1 181.1 187.5 189.1 189.1 192.4 196.4 199.9 203.3 205.4 208.1 9

10 Commercial mortgages 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 1.9 10

11 Corporate equities 200.1 207.9 194.3 172.2 179.9 164.5 173.9 176.2 163.3 145.4 156.0 11

12 Trade receivables 61.5 63.6 64.6 67.6 69.8 72.7 69.9 73.4 77.8 77.7 78.8 12

13 Miscellaneous assets 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 60.6 61.9 63.9 13

14 Total liabilities 543.1 552.0 563.0 568.8 574.4 593.6 591.7 601.7 612.5 628.8 634.9 14

15 Taxes payable 15.4 17.4 19.7 20.3 21.0 21.7 22.4 23.2 23.9 24.8 25.6 15

16 Miscellaneous liabilities 527.7 534.6 543.3 548.5 553.4 571.9 569.3 578.5 588.6 604.0 609.3 16
76 Z.1, March 6, 2003

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4177.8 4630.4 4515.4 4183.6 4319.2 3941.9 4171.1 4259.1 3917.4 3530.9 3686.0 1

 2 Checkable deposits and currency 5.7 6.6 7.1 6.8 6.8 6.5 6.1 6.2 6.4 6.4 6.5 2

 3 Time and savings deposits 147.7 144.7 147.6 148.6 150.3 151.5 151.8 151.7 151.4 152.3 152.6 3

 4 Money market fund shares 63.4 75.1 79.6 77.2 74.9 71.9 69.0 69.7 70.4 71.1 71.8 4

 5 Security RPs 28.8 28.6 29.6 28.7 30.6 31.0 30.4 29.4 30.1 32.6 32.3 5

 6 Credit market instruments 651.2 668.2 701.6 706.8 718.0 720.6 721.9 728.7 740.3 749.3 752.9 6

 7 Open market paper 34.3 37.5 35.8 32.6 35.2 38.8 37.5 36.0 41.6 45.7 49.9 7

 8 U.S. government securities 307.3 318.5 333.7 338.1 342.0 338.3 341.1 344.7 348.1 351.9 349.4 8

 9 Treasury 112.5 109.8 108.4 105.7 105.9 103.2 104.2 106.3 108.8 110.9 111.4 9

10 Agency 194.8 208.8 225.2 232.4 236.1 235.1 236.9 238.4 239.3 241.0 238.0 10

11 Corporate and foreign bonds 300.3 301.9 320.7 324.3 328.6 331.1 330.5 334.8 337.0 337.7 339.1 11

12 Mortgages 9.3 10.3 11.5 11.8 12.1 12.4 12.8 13.2 13.6 14.1 14.5 12

13 Corporate equities 1990.7 2325.7 2195.1 1953.6 2038.2 1748.7 1925.8 1965.8 1706.8 1414.4 1515.1 13

14 Mutual fund shares 668.2 753.8 733.6 652.1 687.0 602.9 651.5 682.4 600.0 500.1 540.3 14

15 Miscellaneous assets 622.2 627.7 621.3 609.7 613.4 608.8 614.6 625.2 612.1 604.7 614.5 15

16 Unallocated insurance contracts (2) 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 366.3 16

17 Contributions receivable 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 113.9 17

18 Other 122.7 124.1 131.6 132.0 133.0 138.7 133.0 134.9 132.3 136.6 134.4 18

19 Pension fund reserves (liabilities) (3) 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4235.8 4324.9 3984.1 3598.6 3754.7 19

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2054.1 2226.8 2289.6 2169.4 2229.5 2077.7 2179.6 2208.5 2074.8 1889.6 1967.7 1

 2 Checkable deposits and currency 10.0 9.2 9.1 7.2 11.9 11.7 9.5 9.9 8.5 7.7 8.7 2

 3 Time and savings deposits 2.0 1.7 1.1 0.8 1.1 0.8 0.6 1.2 1.1 1.5 1.3 3

 4 Security RPs 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 42.6 43.8 4

 5 Credit market instruments 704.6 751.4 806.0 788.3 807.6 789.0 788.4 806.0 792.4 789.8 792.1 5

 6 Open market paper 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 42.6 43.8 6

 7 U.S. government securities 360.1 376.4 398.5 391.3 414.8 377.7 365.7 372.4 362.9 360.1 357.5 7

 8 Treasury 217.7 211.2 195.7 195.3 204.4 187.7 177.4 187.0 177.2 174.1 172.8 8

 9 Agency 142.4 165.3 202.8 196.0 210.4 190.0 188.3 185.5 185.7 186.1 184.7 9

10 Municipal securities 3.3 3.0 1.6 1.8 1.6 0.5 1.4 0.4 0.5 0.5 0.5 10

11 Corporate and foreign bonds 279.6 310.0 339.7 330.6 321.6 341.0 351.1 361.6 357.9 356.9 358.8 11

12 Mortgages 24.1 21.5 21.5 22.1 22.8 23.7 24.9 26.2 27.8 29.6 31.6 12

13 Corporate equities 1233.9 1343.2 1335.1 1224.1 1255.1 1113.8 1221.9 1244.8 1116.7 943.9 1011.6 13

14 Miscellaneous assets 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 104.1 110.3 14

15 Pension fund reserves (liabilities) (1) 2085.4 2262.3 2331.5 2212.8 2274.2 2123.6 2226.4 2256.3 2123.3 1938.7 2017.3 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 6, 2003 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 2223.9 1

 2 Foreign deposits 30.6 42.9 91.1 111.7 110.4 110.6 124.2 122.9 118.0 118.2 114.1 2

 3 Checkable deposits and currency -1.0 -2.2 2.2 -3.9 -2.8 -9.7 4.6 0.8 -3.9 -4.1 -1.3 3

 4 Time and savings deposits 127.0 160.4 142.4 178.8 175.2 182.8 219.5 225.5 231.0 209.1 204.6 4

 5 Security RPs 139.5 139.6 183.0 206.2 208.2 223.7 227.0 235.9 246.9 245.1 273.2 5

 6 Credit market instruments 965.9 1147.8 1290.9 1404.2 1414.3 1494.9 1536.9 1496.4 1419.3 1405.7 1511.6 6

 7 Open market paper 414.2 519.0 608.6 642.5 638.1 641.8 638.9 620.2 595.4 546.7 594.0 7

 8 U.S. government securities 277.5 294.7 275.6 344.6 361.3 432.3 454.1 449.6 413.3 433.8 464.2 8

 9 Treasury 103.6 103.8 90.4 96.3 93.4 113.4 135.7 137.8 123.3 119.7 140.2 9

10 Agency 173.8 190.9 185.2 248.3 267.9 318.9 318.4 311.8 290.1 314.1 324.1 10

11 Municipal securities 193.0 210.4 244.7 255.5 254.9 266.3 281.0 274.2 269.3 271.8 282.8 11

12 Corporate and foreign bonds 81.2 123.7 161.9 161.6 159.9 154.4 163.0 152.4 141.3 153.4 170.7 12

13 Miscellaneous assets 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 121.6 13

14 Total shares outstanding (liabilities) 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 2223.9 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 1

 2 Security RPs 70.9 80.8 106.4 88.4 84.6 77.6 74.8 85.8 81.2 76.9 81.7 2

 3 Credit market instruments 1028.4 1076.8 1097.8 1113.9 1160.3 1188.2 1223.8 1276.8 1291.6 1334.5 1368.0 3

 4 Open market paper 70.9 80.8 106.4 88.4 80.9 77.6 74.8 81.6 62.8 58.4 63.2 4

 5 U.S. government securities 375.9 388.4 399.0 412.8 446.4 464.0 475.6 496.0 504.1 534.2 555.5 5

 6 Treasury 141.0 117.3 123.7 118.7 118.2 112.3 115.1 120.0 122.0 129.3 134.4 6

 7 Agency 234.9 271.1 275.3 294.1 328.1 351.7 360.5 376.0 382.1 404.9 421.0 7

 8 Municipal securities 242.6 239.4 230.5 236.0 240.2 245.8 253.4 257.8 265.3 275.7 278.5 8

 9 Corporate and foreign bonds 339.0 368.2 361.9 376.8 392.8 400.8 420.0 441.4 459.3 466.2 470.9 9

10 Corporate equities 2506.2 3376.7 3226.9 2786.7 3013.6 2486.2 2836.1 2883.1 2552.5 2040.1 2184.0 10

11 Miscellaneous assets 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 0.8 0.8 11

12 Total shares outstanding (liabilities) 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 145.6 147.0 135.6 129.2 129.1 131.6 138.3 143.6 143.6 142.3 148.5 1

 2 Credit market instruments 98.4 106.6 100.3 98.5 97.3 103.3 107.4 112.8 112.8 111.9 111.5 2

 3 U.S. government securities 8.8 7.6 6.7 5.7 5.8 5.8 6.7 7.0 4.7 4.7 3.5 3

 4 Municipal securities 59.2 67.6 64.7 66.9 67.2 73.8 75.6 78.2 79.1 80.6 81.8 4

 5 Corporate and foreign bonds 30.5 31.4 29.0 25.9 24.3 23.7 25.1 27.7 28.9 26.7 26.2 5

 6 Corporate equities 47.2 40.4 35.3 30.6 31.8 28.3 30.9 30.8 30.8 30.4 37.0 6

 7 Total shares outstanding (liabilities) 145.6 147.0 135.6 129.2 129.1 131.6 138.3 143.6 143.6 142.3 148.5 7

 Exchange-traded funds

 8 Total financial assets 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 82.1 102.0 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 3.7 9

10 U.S. government securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.1 2.0 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 1.8 11

12 Corporate equities 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 78.3 98.2 12

13 Total shares outstanding (liabilities) 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 82.1 102.0 13
78 Z.1, March 6, 2003

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1403.8 1720.6 1969.4 2054.5 2123.4 2219.8 2300.8 2348.3 2384.0 2454.8 2547.6 1

 2 Checkable deposits and currency 4.4 11.8 2.1 2.0 2.7 3.9 3.9 3.7 5.3 10.3 13.7 2

 3 Federal funds and security RPs 77.0 89.7 74.9 90.5 81.0 91.9 85.9 91.0 71.4 82.7 77.1 3

 4 Credit market instruments 1252.3 1543.5 1807.1 1877.7 1956.1 2026.1 2114.3 2163.8 2199.9 2252.9 2336.7 4

 5 Open market paper 60.9 33.8 44.7 39.2 44.8 45.9 80.3 49.2 59.4 52.8 56.5 5

 6 U.S. government securities 514.7 699.2 854.4 905.9 954.9 1000.9 1030.5 1110.0 1100.7 1125.7 1184.3 6

 7 Treasury 25.2 30.9 41.2 31.5 41.7 37.2 31.8 32.7 16.2 15.6 7.5 7

 8 Agency 489.6 668.3 813.3 874.4 913.2 963.7 998.7 1077.3 1084.5 1110.1 1176.8 8

 9 Municipal securities 9.2 10.6 8.8 9.9 12.0 12.1 14.8 11.4 10.2 12.9 13.3 9

10 Corporate and foreign bonds 67.8 91.5 117.2 123.6 133.7 132.3 132.7 139.2 154.5 149.3 147.6 10

11 Other loans and advances 352.6 466.2 514.6 527.9 530.1 547.2 554.7 544.7 554.5 575.2 574.1 11

12 Sallie Mae 29.5 34.6 37.8 38.4 39.6 40.1 40.2 40.7 40.9 41.3 41.4 12

13 Farm Credit System 34.9 35.8 38.9 39.0 40.1 40.4 41.8 42.0 43.2 43.1 43.1 13

14 FHLB 288.2 395.7 437.9 450.5 450.3 466.8 472.7 462.0 470.4 490.7 489.6 14

15 Mortgages 247.1 242.3 267.3 271.2 280.7 287.7 301.2 309.3 320.6 337.0 360.8 15

16 Home 199.6 189.3 205.1 206.3 212.0 215.8 225.3 230.2 238.8 251.2 270.5 16

17 Multifamily residential 16.4 20.8 28.1 30.0 32.3 34.5 37.5 39.6 41.4 43.6 47.1 17

18 Farm 31.0 32.2 34.2 34.9 36.4 37.4 38.5 39.5 40.4 42.1 43.2 18

19 Miscellaneous assets 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 108.9 120.2 19

20 Total liabilities 1368.9 1681.1 1922.5 2008.4 2074.3 2169.3 2247.1 2292.6 2324.8 2390.1 2480.6 20

21 Credit market instruments 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 21

22 GSE issues (2) 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 95.3 89.3 96.7 119.7 118.5 131.9 133.1 130.8 127.5 130.6 134.2 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 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 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 1

 2 Home mortgages 1970.2 2234.7 2425.6 2464.9 2561.7 2681.5 2748.5 2870.6 2955.0 2996.1 3063.7 2

 3 Multifamily residential mortgages 48.3 57.5 66.0 69.3 74.1 77.3 81.6 84.5 86.6 88.5 94.5 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total pool securities (liabilities)(2) 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, March 6, 2003 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1385.4 1600.6 1805.4 1877.9 1929.6 2012.1 2122.7 2181.2 2243.4 2295.5 2387.7 1

 2 Agency securities (1) 180.2 220.4 224.7 236.9 240.6 249.9 267.0 284.5 295.1 317.0 334.5 2

 3 Other loans and advances 103.8 102.0 120.7 128.5 125.3 141.6 144.0 150.7 145.8 142.3 141.7 3

 4 Student loans 17.9 19.4 29.9 30.5 31.0 31.2 30.7 32.5 32.2 32.6 30.6 4

 5 Loans to business 85.9 82.6 90.9 98.0 94.2 110.4 113.3 118.2 113.6 109.7 111.1 5

 6 Mortgages (2) 563.0 656.1 739.8 766.4 796.9 824.4 885.6 913.9 946.7 983.3 1026.6 6

 7 Home 405.2 455.0 499.8 523.3 539.2 550.2 591.2 616.3 638.3 669.3 694.8 7

 8 Multifamily residential 33.8 42.3 48.8 49.0 50.8 53.6 57.0 57.5 59.5 60.2 63.7 8

 9 Commercial 124.0 158.8 191.2 194.1 206.9 220.6 237.4 240.1 248.9 253.9 268.1 9

10 Consumer credit 372.4 435.1 500.1 519.2 533.9 556.1 580.3 579.8 597.7 588.8 615.2 10

11 Trade receivables 165.9 187.0 220.0 227.0 233.0 240.0 245.9 252.3 258.1 264.0 269.7 11

12 Total liabilities 1398.0 1610.3 1812.0 1884.5 1937.3 2019.1 2129.5 2187.7 2249.6 2301.5 2393.5 12

13 Commercial paper 381.8 520.8 641.8 653.3 670.3 691.3 745.3 731.4 714.0 712.7 725.6 13

14 Corporate bonds 1016.2 1089.5 1170.1 1231.2 1267.0 1327.8 1384.3 1456.3 1535.6 1588.7 1667.8 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 12.7 9.7 6.6 6.6 7.6 7.0 6.8 6.5 6.2 6.0 5.7 15

16 REIT assets (4) 13.9 12.9 10.7 10.1 10.0 9.5 10.0 9.5 11.3 13.4 16.3 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 852.7 1003.0 1137.9 1140.2 1145.5 1136.3 1155.7 1123.8 1140.4 1166.8 1189.2 1

 2 Checkable deposits and currency 22.8 25.3 27.9 28.6 29.3 30.0 30.8 31.5 32.3 33.0 33.8 2

 3 Credit market instruments 645.5 742.5 850.5 848.0 878.5 859.5 844.8 832.4 845.6 857.1 862.4 3

 4 Other loans and advances 340.9 395.1 458.4 459.1 481.9 451.1 447.0 443.0 449.4 445.5 455.3 4

 5 Mortgages 121.2 145.8 172.3 176.1 182.3 187.4 161.3 157.2 160.5 165.5 174.5 5

 6 Consumer credit 183.3 201.5 219.8 212.8 214.3 220.9 236.6 232.3 235.6 246.1 232.6 6

 7 Miscellaneous assets 184.4 235.3 259.6 263.5 237.6 246.8 280.1 259.9 262.5 276.6 293.0 7

 8 Total liabilities 856.6 994.6 1159.5 1159.3 1167.5 1161.0 1179.6 1155.9 1183.3 1220.7 1242.9 8

 9 Credit market instruments 625.5 695.7 776.9 756.3 769.0 771.2 776.7 760.8 784.9 802.9 820.4 9

10 Open market paper 233.3 230.4 238.8 180.9 181.6 171.0 158.6 137.0 130.8 143.1 141.5 10

11 Corporate bonds 365.6 429.9 502.2 533.8 542.1 555.8 567.4 574.4 597.2 584.9 621.4 11

12 Bank loans n.e.c. 26.5 35.4 35.9 41.6 45.3 44.5 50.8 49.4 56.9 74.9 57.6 12

13 Taxes payable 7.3 8.1 9.1 9.3 9.6 9.9 10.2 10.6 10.9 11.2 11.6 13

14 Miscellaneous liabilities 223.8 290.7 373.5 393.7 388.8 379.9 392.6 384.5 387.5 406.6 410.9 14

15 Foreign direct investment in U.S. 37.2 49.8 65.3 70.3 72.3 67.7 71.5 72.8 71.6 68.6 64.9 15

16 Investment by parent 34.3 87.8 102.5 97.2 93.4 91.7 99.2 82.6 83.3 82.9 87.5 16

17 Other 152.3 153.1 205.6 226.2 223.1 220.5 221.9 229.2 232.6 255.1 258.5 17

 Memo:

18 Consumer leases not included above (2) 96.6 102.9 108.2 106.4 110.2 108.3 103.5 97.6 96.4 88.5 83.3 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, March 6, 2003

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 38.7 1

 2 Home mortgages 24.9 25.2 25.4 25.8 26.0 26.4 26.7 27.1 27.4 27.7 28.0 2

 3 Multifamily residential mortgages 5.3 5.3 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.5 5.6 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 38.7 5

 6 Bank loans n.e.c. 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 19.3 6

 7 Investment by parent 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 19.4 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 70.7 68.4 62.1 63.5 65.6 68.0 70.2 77.5 85.1 92.3 94.0 1

 2 Checkable deposits and currency 4.1 4.4 4.3 4.1 4.7 5.2 5.2 5.6 5.8 5.6 5.3 2

 3 Credit market instruments 45.5 42.9 36.6 37.6 37.9 39.8 43.3 49.9 57.9 64.8 66.8 3

 4 Agency securities 13.1 14.2 14.5 13.9 17.4 18.3 20.3 25.9 29.3 31.3 29.3 4

 5 Corporate and foreign bonds 6.1 5.7 5.3 7.4 5.2 5.9 7.4 7.7 8.9 10.5 11.0 5

 6 Mortgages 26.3 23.0 16.8 16.3 15.3 15.6 15.7 16.3 19.7 23.0 26.5 6

 7 Home 14.8 12.4 7.9 7.8 7.6 8.0 7.9 8.7 10.7 14.1 17.4 7

 8 Multifamily residential 2.1 1.6 1.3 1.2 1.2 1.3 1.1 1.1 1.2 1.1 1.0 8

 9 Commercial 9.4 9.0 7.6 7.4 6.5 6.4 6.6 6.5 7.8 7.8 8.1 9

10 Miscellaneous assets 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.9 21.9 10

11 Total liabilities 205.6 216.8 217.5 221.9 221.8 223.1 227.8 236.0 246.0 258.7 262.2 11

12 Security RPs 15.1 15.7 11.9 13.1 15.1 16.9 19.7 25.4 29.3 34.1 33.7 12

13 Credit market instruments 158.8 165.1 167.8 166.2 168.9 168.3 170.2 172.1 178.4 185.1 188.8 13

14 Open market paper 0.2 0.1 0.2 0.1 0.0 1.1 0.8 1.1 1.6 1.4 0.8 14

15 Corporate bonds 53.4 62.2 67.0 70.0 68.6 68.6 70.8 71.1 75.6 81.3 85.3 15

16 Bank loans n.e.c. 33.6 26.0 17.7 15.0 15.2 14.0 14.4 14.0 13.7 13.7 13.7 16

17 Mortgages 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 88.6 89.1 17

18 Miscellaneous liabilities 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.5 39.7 18

 Memo:

19 Securitized assets included above 13.9 12.9 10.7 10.1 10.0 9.5 10.0 9.5 11.3 13.4 16.3 19

20 Agency securities 5.0 3.7 3.5 3.4 3.1 2.9 2.6 2.3 2.0 1.8 1.4 20

21 Home mortgages 7.5 7.6 6.7 6.2 6.0 5.8 6.5 6.5 8.4 10.8 14.1 21

22 Multifamily residential mortgages 0.8 0.9 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 22

23 Commercial mortgages 0.6 0.7 0.1 0.1 0.4 0.4 0.4 0.3 0.4 0.3 0.3 23
Z.1, March 6, 2003 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 921.2 1001.0 1221.4 1211.5 1334.9 1462.6 1465.6 1441.4 1465.2 1419.7 1358.5 1

 2 Checkable deposits and currency 25.4 28.7 30.3 31.0 37.1 53.7 47.1 43.1 45.7 40.5 43.9 2

 3 Credit market instruments 189.4 154.7 223.6 317.7 288.4 366.4 316.0 299.6 352.6 335.2 346.6 3

 4 Open market paper 28.0 26.0 39.2 44.6 44.8 50.8 48.2 47.6 50.8 44.3 42.1 4

 5 U.S. government securities 66.7 23.3 60.4 136.4 97.9 147.9 87.6 70.2 99.9 88.9 91.9 5

 6 Treasury 15.8 -42.6 -3.3 61.1 1.5 67.4 9.8 -1.7 9.9 0.0 0.1 6

 7 Agency 50.9 66.0 63.7 75.3 96.3 80.4 77.8 71.8 90.0 88.8 91.8 7

 8 Municipal securities 13.1 11.9 11.3 12.7 13.7 16.0 19.0 13.6 17.4 20.3 21.0 8

 9 Corporate and foreign bonds 81.4 93.4 112.7 124.0 132.0 151.7 161.3 168.2 184.5 181.8 191.6 9

10 Corporate equities 54.4 66.9 77.2 78.3 89.8 66.6 85.1 86.2 83.7 69.4 71.9 10

11 Security credit 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 11

12 Miscellaneous assets 499.3 522.8 655.1 588.8 723.6 717.9 821.0 820.5 812.6 825.0 751.1 12

13 Total liabilities 866.8 932.8 1150.4 1136.6 1258.1 1385.7 1383.1 1356.5 1376.4 1332.1 1270.3 13

14 Security RPs (net) 208.2 245.2 302.2 287.1 334.2 402.3 353.2 390.4 438.3 383.7 332.0 14

15 Corporate bonds 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 40.6 15

16 Trade payables 18.9 30.9 35.9 35.3 33.3 36.1 39.2 36.3 30.6 31.8 37.3 16

17 Security credit 419.5 448.7 587.6 603.5 585.6 661.9 629.5 586.0 575.1 576.6 579.5 17

18 Customer credit balances (HH) 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.5 401.3 402.0 18

19 From banks 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 177.5 19

20 Taxes payable 1.3 2.2 2.1 1.2 1.3 1.4 1.9 1.9 1.6 1.6 1.3 20

21 Miscellaneous liabilities 176.4 180.5 181.7 174.4 259.7 237.0 317.0 303.4 287.9 291.8 279.5 21

22 Foreign direct investment in U.S. 10.7 10.9 19.1 17.6 17.2 17.4 14.5 14.4 10.4 10.3 9.1 22

23 Due to affiliates 351.9 413.7 452.3 505.8 508.5 508.0 498.5 515.0 504.2 499.5 523.5 23

24 Other -186.2 -244.1 -289.7 -348.9 -266.0 -288.4 -196.1 -226.0 -226.7 -218.0 -253.1 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 716.8 967.4 1106.5 1138.7 1110.5 1051.0 1119.4 1118.0 1110.6 1114.8 1135.0 1

 2 Money market fund shares 215.8 268.3 312.4 357.3 390.3 410.5 450.6 444.7 446.6 409.9 460.8 2

 3 Credit market instruments 152.3 276.0 317.0 287.3 239.5 188.8 206.3 210.3 185.4 224.1 166.1 3

 4 Open market paper 114.7 242.3 283.1 243.7 186.2 124.6 131.6 124.0 87.4 133.9 80.6 4

 5 Corporate and foreign bonds 37.6 33.8 33.9 43.6 53.3 64.2 74.8 86.3 98.0 90.3 85.4 5

 6 Miscellaneous assets (2) 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 508.1 6

 7 Investment in foreign banking offices 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 132.6 7

 8 Investment in brokers and dealers 258.2 330.1 338.4 351.9 343.5 338.2 354.7 359.8 354.3 359.2 375.6 8

 9 Total liabilities 716.8 967.4 1106.5 1138.7 1110.5 1051.0 1119.4 1118.0 1110.6 1114.8 1135.0 9

10 Credit market instruments 412.6 504.0 503.7 524.3 478.6 433.6 448.4 442.6 431.3 420.0 446.6 10

11 Open market paper 234.4 268.5 266.2 275.4 223.1 179.4 188.8 160.5 152.2 140.8 157.9 11

12 Corporate bonds 178.2 235.5 237.5 248.9 255.5 254.2 259.7 282.1 279.2 279.2 288.7 12

13 Miscellaneous liabilities 304.3 463.4 602.8 614.5 631.9 617.4 671.0 675.4 679.3 694.7 688.4 13

14 Foreign direct investment in U.S. -63.9 -80.9 -26.6 -30.0 2.1 18.2 14.1 20.4 47.3 60.7 61.5 14

15 Securities loaned (net) 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 600.2 558.6 15

16 Other -35.1 124.8 121.3 156.7 87.4 39.5 78.6 71.1 34.9 33.9 68.3 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, March 6, 2003

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 81.8 71.5 67.6 64.2 64.8 71.0 68.7 67.6 69.6 75.9 79.0 1

 2 U.S. gold stock and SDRs 21.6 21.4 21.6 21.4 21.5 22.0 21.8 21.9 22.3 22.8 23.2 2

 3 Federal govt.: Exchange Stab. Fund 10.6 10.3 10.5 10.4 10.4 10.9 10.8 10.8 11.3 11.7 12.2 3

 4 Monetary authority (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 60.1 50.1 46.1 42.8 43.4 49.0 46.8 45.7 47.2 53.1 55.8 5

 6 Official foreign currency holdings 36.0 32.2 31.2 29.0 28.8 30.6 29.0 28.6 30.7 32.3 33.8 6

 7 Treasury 16.2 16.0 15.6 14.5 14.3 15.2 14.4 14.3 14.6 16.1 16.9 7

 8 Monetary authority 19.8 16.1 15.7 14.6 14.4 15.4 14.6 14.4 16.2 16.1 16.9 8

 9 Net IMF position 24.1 18.0 14.8 13.8 14.6 18.4 17.9 17.1 16.5 20.9 22.0 9

10 Federal government 24.2 18.0 14.9 13.9 14.7 18.5 17.9 17.2 16.6 21.0 22.1 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 19.9 20.9 23.2 23.6 23.9 24.5 24.5 24.7 24.8 25.5 25.5 3

 4 Asset: Monetary authority 26.3 28.0 31.6 32.3 32.7 33.0 33.0 33.6 34.0 34.3 34.6 4

 5 Discrepancy (seigniorage) -6.4 -7.1 -8.5 -8.7 -8.8 -8.6 -8.6 -8.9 -9.1 -8.9 -9.1 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 642.3 703.6 824.5 881.6 837.6 848.0 908.9 894.1 907.4 924.6 955.2 1

 Held by:

 2 Household sector 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 47.5 55.7 2

 3 Nonfinancial corporate business 30.5 31.5 47.5 39.6 39.7 37.0 36.3 39.2 38.2 36.0 33.7 3

 4 Money market mutual funds 30.6 42.9 91.1 111.7 110.4 110.6 124.2 122.9 118.0 118.2 114.1 4

 5 Discrepancy--unallocated assets 542.8 585.7 627.4 673.3 631.6 645.4 694.9 686.5 710.2 722.9 751.7 5
Z.1, March 6, 2003 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 189.4 202.4 221.2 156.7 158.7 166.5 187.7 161.1 130.6 149.0 191.3 1

 2 Monetary authority 68.4 90.6 63.4 53.8 55.8 61.6 64.8 57.3 58.9 61.0 70.4 2

 3 Depository institution reserves 26.3 24.0 19.0 17.8 18.6 24.9 17.5 22.4 22.3 23.2 22.5 3

 4 Vault cash 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.9 47.8 4

 5 Commercial banking 121.0 111.8 157.8 102.8 102.8 104.9 122.9 103.8 71.7 88.0 120.9 5

 6 To monetary authority 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.1 0.6 0.5 6

 7 To banks in foreign countries, net 145.9 140.3 161.1 101.5 99.2 100.8 111.8 82.3 53.4 70.9 105.6 7

 8 Liabilities, net 156.7 149.8 171.6 110.7 109.4 110.9 123.6 98.7 76.6 95.6 127.0 8

 9 U.S.-chartered commercial banks 85.1 133.5 179.3 141.8 160.1 129.6 163.5 134.4 154.6 140.7 182.6 9

10 Due to foreign affiliates 196.7 226.7 302.0 269.5 281.3 285.1 319.7 284.7 295.8 280.7 323.9 10

11 - Due from foreign affiliates 111.6 93.2 122.7 127.6 121.2 155.5 156.2 150.3 141.2 140.0 141.3 11

12 Foreign banking offices in U.S. 92.9 41.7 -14.8 -33.8 -56.4 -33.5 -50.3 -58.3 -97.6 -69.4 -66.6 12

13 Due to foreign affiliates 133.0 147.9 133.6 162.8 132.6 143.2 161.5 155.7 153.9 164.9 175.7 13

14 - Due from foreign affiliates 40.1 106.2 148.4 196.6 189.1 176.7 211.8 214.1 251.5 234.2 242.3 14

15 Bank holding companies -21.3 -25.4 7.1 2.7 5.8 14.8 10.4 22.6 19.5 24.2 11.1 15

16 Due to foreign affiliates 2.9 8.3 39.3 40.1 48.8 57.1 51.4 64.2 59.4 59.8 53.4 16

17 - Due from foreign affiliates 24.2 33.8 32.2 37.3 43.0 42.3 41.0 41.6 39.8 35.6 42.4 17

18 Less: Deposits at foreign banks 10.8 9.5 10.5 9.2 10.2 10.1 11.8 16.4 23.2 24.6 21.4 18

19 U.S. chartered commercial banks 10.6 9.4 9.8 9.0 9.4 9.3 11.1 16.0 22.8 24.5 21.3 19

20 Foreign banking offices in U.S. 0.2 0.2 0.7 0.2 0.7 0.8 0.7 0.4 0.4 0.1 0.1 20

21 To U.S. banking, net -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.9 18.4 16.5 14.9 21

22 U.S.-chartered commercial banks -50.9 -67.3 -33.0 -20.9 -26.2 -16.2 -17.8 0.1 -3.0 -1.5 1.9 22

23 Liabilities 30.2 44.4 59.4 65.5 50.7 59.1 59.6 78.3 69.9 75.3 75.8 23

24 To foreign offices in U.S. 55.8 72.2 63.1 63.7 45.5 53.7 47.9 55.3 50.1 57.2 59.2 24

25 To bank holding companies 0.9 0.6 0.6 0.7 1.4 0.9 0.7 1.1 1.4 1.5 1.7 25

26 Unallocated -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.9 18.4 16.5 14.9 26

 Less, due from:

27 Foreign offices in U.S. 56.3 78.9 86.0 80.6 86.1 86.1 89.5 100.9 91.9 99.2 90.8 27

28 Bank holding companies 24.8 32.8 6.4 5.8 -9.2 -10.8 -12.0 -22.7 -19.0 -22.4 -17.0 28

29 Foreign banking offices in U.S. 0.4 6.7 22.9 16.9 40.6 32.4 41.6 45.6 41.8 41.9 31.6 29

30 Due to U.S. banks 56.3 78.9 86.0 80.6 86.1 86.1 89.5 100.9 91.9 99.2 90.8 30

31 - Due from U.S. banks 55.8 72.2 63.1 63.7 45.5 53.7 47.9 55.3 50.1 57.2 59.2 31

32 Bank holding companies 23.9 32.1 5.8 5.2 -10.6 -11.8 -12.7 -23.8 -20.4 -23.9 -18.7 32

33 Due to U.S. banks 24.8 32.8 6.4 5.8 -9.2 -10.8 -12.0 -22.7 -19.0 -22.4 -17.0 33

34 - Due from U.S. banks 0.9 0.6 0.6 0.7 1.4 0.9 0.7 1.1 1.4 1.5 1.7 34

35 Total assets 215.9 230.8 225.5 155.5 154.8 162.0 176.7 139.2 112.2 132.5 176.4 35

36 Rest of the world 145.9 140.3 161.1 101.5 99.2 100.8 111.8 82.3 53.4 70.9 105.6 36

37 Domestic 70.0 90.6 64.4 54.0 55.6 61.1 64.8 56.9 58.8 61.6 70.8 37

38 Monetary authority 1.7 -0.0 1.0 0.2 -0.2 -0.5 0.0 -0.5 -0.1 0.6 0.5 38

39 Federal Reserve float 1.6 -0.2 0.9 0.2 -0.4 -0.5 -0.0 -0.5 -0.2 0.4 0.4 39

40 Loans to member banks 0.0 0.2 0.1 0.0 0.2 0.1 0.0 0.0 0.2 0.2 0.0 40

41 Commercial banking 66.5 85.9 61.8 52.1 53.5 58.9 62.5 55.1 56.5 58.3 67.4 41

42 Reserves at Federal Reserve 24.4 19.3 17.4 16.1 16.3 22.2 15.2 20.2 20.0 20.5 19.5 42

43 Vault cash 42.1 66.6 44.4 36.0 37.2 36.7 47.3 34.9 36.5 37.9 47.8 43

44 Savings insts.: Reserves at Fed. Res. 1.9 4.7 1.7 1.7 2.3 2.7 2.3 2.2 2.4 2.7 3.0 44

45 Discrepancy--floats, etc. -26.5 -28.5 -4.3 1.1 3.8 4.5 11.1 21.9 18.4 16.5 14.9 45
84 Z.1, March 6, 2003

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1333.3 1484.5 1413.1 1407.1 1449.6 1487.1 1603.2 1525.2 1571.0 1610.7 1648.6 1

 2 Monetary authority 481.8 590.4 555.2 556.1 567.3 586.3 603.1 613.3 630.0 630.7 644.6 2

 3 Federal government cash and deposits 6.2 28.5 5.6 6.1 7.6 10.2 7.1 6.1 8.5 8.3 4.8 3

 4 Deposits due to foreign 0.2 0.1 0.3 0.1 0.1 0.6 0.1 0.3 0.1 0.2 0.1 4

 5 Currency outside banks 475.4 561.8 549.3 549.9 559.5 575.4 596.0 607.0 621.4 622.2 639.7 5

 6 Commercial banking 622.9 626.4 540.9 517.2 536.2 541.8 628.8 523.0 536.5 563.2 574.3 6

 7 Federal government deposits 13.2 49.6 16.4 23.9 37.7 36.4 47.5 9.5 37.1 54.6 31.1 7

 8 Deposits due to foreign 30.2 43.6 33.9 34.8 33.7 36.1 34.5 37.2 35.4 32.8 36.1 8

 9 Private domestic deposits 579.6 533.2 490.6 458.5 464.8 469.3 546.9 476.4 463.9 475.8 507.1 9

10 Savings institutions 185.6 222.3 265.8 278.6 291.9 303.4 316.5 328.4 344.3 356.6 370.9 10

11 Credit unions 43.0 45.4 51.3 55.2 54.2 55.6 54.7 60.5 60.2 60.2 58.8 11

12 Total assets 1333.3 1484.5 1413.1 1407.1 1449.6 1487.1 1603.2 1525.2 1571.0 1610.7 1648.6 12

13 Household sector 409.5 330.3 262.6 257.1 246.4 224.7 288.9 272.7 264.9 272.9 335.2 13

14 Nonfinancial business 484.1 583.5 656.6 634.6 641.2 667.9 677.6 656.0 665.5 667.4 629.0 14

15 Corporate 287.1 346.7 363.1 337.2 339.7 362.3 367.9 342.4 348.1 347.1 307.0 15

16 Nonfarm noncorporate 178.3 217.6 274.1 277.8 281.8 285.7 289.7 293.6 297.6 300.5 302.3 16

17 Farm 18.6 19.2 19.4 19.6 19.7 19.9 20.1 20.0 19.9 19.8 19.7 17

18 State and local governments 28.3 32.2 33.2 31.1 30.2 29.6 38.2 37.1 41.1 41.5 45.7 18

19 Federal government 23.2 87.9 24.3 30.7 49.0 50.6 66.9 25.2 54.9 77.7 47.5 19

20 Rest of the world 258.4 298.3 289.9 293.0 294.6 305.8 314.1 321.5 326.8 326.7 337.2 20

21 Checkable deposits 30.4 43.7 34.2 34.9 33.8 36.8 34.6 37.4 35.5 33.0 36.2 21

22 Currency 228.0 254.6 255.7 258.0 260.8 269.0 279.5 284.0 291.2 293.8 301.0 22

23 Financial sectors 110.5 139.8 124.8 140.3 166.4 193.3 201.3 196.1 195.7 213.6 229.7 23

24 Commercial banking 2.0 2.2 1.7 1.9 1.7 2.5 2.8 1.7 2.7 2.7 2.6 24

25 Savings institutions 18.4 17.4 19.0 18.9 20.4 20.3 21.0 21.1 20.9 22.1 24.7 25

26 Credit unions 9.1 26.4 12.2 15.0 18.1 25.0 19.8 20.0 19.8 19.8 21.9 26

27 Bank personal trusts and estates 0.3 0.3 0.2 0.3 0.4 0.6 0.7 0.5 0.3 0.2 0.0 27

28 Life insurance companies 5.4 5.5 5.0 17.8 24.3 29.9 36.8 35.1 34.6 43.7 44.0 28

29 Other insurance companies 4.0 4.3 3.7 10.6 11.8 13.6 13.1 17.0 17.2 25.6 25.9 29

30 Private pension funds 5.7 6.6 7.1 6.8 6.8 6.5 6.1 6.2 6.4 6.4 6.5 30

31 State and local govt. retirement funds 10.0 9.2 9.1 7.2 11.9 11.7 9.5 9.9 8.5 7.7 8.7 31

32 Money market mutual funds -1.0 -2.2 2.2 -3.9 -2.8 -9.7 4.6 0.8 -3.9 -4.1 -1.3 32

33 Government-sponsored enterprises 4.4 11.8 2.1 2.0 2.7 3.9 3.9 3.7 5.3 10.3 13.7 33

34 Finance companies 22.8 25.3 27.9 28.6 29.3 30.0 30.8 31.5 32.3 33.0 33.8 34

35 REITs 4.1 4.4 4.3 4.1 4.7 5.2 5.2 5.6 5.8 5.6 5.3 35

36 Brokers and dealers 25.4 28.7 30.3 31.0 37.1 53.7 47.1 43.1 45.7 40.5 43.9 36

37 Mail float 19.3 12.5 21.7 20.4 21.9 15.2 16.2 16.7 22.1 11.0 24.2 37
Z.1, March 6, 2003 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3431.8 3608.0 3912.9 4039.7 4079.7 4141.8 4248.8 4408.4 4446.4 4536.7 4581.7 1

 2 Small time and savings deposits 2626.5 2671.6 2860.4 2962.7 2992.4 3047.6 3127.6 3229.6 3257.6 3339.0 3404.9 2

 3 Commercial banking 1945.2 2017.1 2228.7 2309.5 2342.4 2395.8 2478.1 2560.6 2598.0 2684.0 2751.0 3

 4 U.S.-chartered commercial banks 1924.4 1997.4 2208.0 2288.5 2314.4 2371.6 2448.3 2533.4 2568.8 2656.3 2721.5 4

 5 Foreign banking offices in U.S. 9.4 7.5 7.2 7.6 13.4 9.0 11.6 8.5 9.7 8.3 9.4 5

 6 Banks in U.S.-affiliated areas 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 20.1 6

 7 Savings institutions 393.9 354.7 318.9 318.4 307.3 298.1 288.2 289.8 274.9 264.4 256.6 7

 8 Credit unions 287.5 299.8 312.7 334.8 342.8 353.7 361.3 379.2 384.7 390.6 397.4 8

 9 Large time deposits (1) 805.3 936.4 1052.6 1077.0 1087.3 1094.2 1121.1 1178.9 1188.7 1197.7 1176.8 9

10 Commercial banking 673.1 792.6 885.4 899.2 901.5 894.5 918.1 960.7 966.7 956.7 920.7 10

11 U.S.-chartered commercial banks 404.1 465.7 553.6 548.2 551.7 552.2 528.4 524.2 528.1 551.8 553.0 11

12 Foreign banking offices in U.S. 257.6 314.8 318.2 337.5 335.3 327.1 371.5 417.7 419.1 385.4 347.6 12

13 Banks in U.S.-affiliated areas 11.4 12.2 13.6 13.4 14.5 15.2 18.1 18.7 19.5 19.5 20.1 13

14 Savings institutions 113.7 122.2 142.1 152.2 156.4 167.6 168.9 183.2 183.9 202.7 213.3 14

15 Credit unions 18.5 21.6 25.1 25.6 29.3 32.0 34.1 35.0 38.2 38.2 42.8 15

16 Total assets 3431.8 3608.0 3912.9 4039.7 4079.7 4141.8 4248.8 4408.4 4446.4 4536.7 4581.7 16

17 Household sector 2732.5 2811.1 3098.1 3193.7 3231.6 3283.4 3304.6 3437.5 3476.1 3574.7 3613.6 17

18 Nonfinancial business 207.4 254.4 274.9 280.4 281.0 282.8 317.0 316.1 314.6 313.7 308.5 18

19 Corporate 112.6 136.9 137.3 137.2 133.2 129.2 159.1 156.9 154.5 155.3 152.8 19

20 Nonfarm noncorporate 94.8 117.5 137.6 143.1 147.8 153.6 157.8 159.2 160.1 158.4 155.6 20

21 State and local governments 91.1 102.1 111.5 109.7 107.1 108.5 119.2 133.0 125.6 131.9 135.7 21

22 Federal government 4.7 5.4 6.3 8.4 9.9 11.7 10.5 15.2 9.9 18.4 27.6 22

23 Rest of the world 86.6 101.6 103.5 87.0 91.7 88.4 86.2 87.8 94.4 94.0 95.3 23

24 Financial sectors 309.5 333.5 318.5 360.5 358.4 367.1 411.3 418.8 425.8 404.0 401.1 24

25 Savings institutions 1.5 1.3 1.4 1.7 2.4 2.3 2.2 2.8 2.7 3.6 2.7 25

26 Credit unions 23.4 16.6 17.1 20.9 19.0 18.7 25.5 26.0 28.2 26.3 28.8 26

27 Bank personal trusts and estates 7.8 8.7 8.9 9.6 10.3 11.0 11.7 11.5 11.4 11.2 11.1 27

28 Private pension funds 147.7 144.7 147.6 148.6 150.3 151.5 151.8 151.7 151.4 152.3 152.6 28

29 State and local govt. retirement funds 2.0 1.7 1.1 0.8 1.1 0.8 0.6 1.2 1.1 1.5 1.3 29

30 Money market mutual funds 127.0 160.4 142.4 178.8 175.2 182.8 219.5 225.5 231.0 209.1 204.6 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 1329.7 1578.8 1812.1 1994.7 2014.7 2115.4 2240.7 2202.6 2150.3 2105.9 2223.9 1

 2 Household sector 747.1 868.1 981.5 1070.4 1017.8 1082.4 1126.1 1109.5 1049.3 1064.9 1089.7 2

 3 Nonfinancial corporate business 114.3 139.2 186.2 224.2 254.2 267.6 298.0 294.1 295.4 286.7 323.7 3

 4 Nonfarm noncorporate business 32.6 40.7 49.4 52.4 54.0 55.7 59.0 58.2 59.2 57.6 60.1 4

 5 Bank personal trusts and estates 46.2 53.7 60.6 58.7 56.7 54.7 52.8 53.1 53.4 53.8 54.1 5

 6 Life insurance companies 110.4 133.8 142.3 154.7 166.7 172.7 185.3 173.3 175.9 161.9 163.8 6

 7 Private pension funds 63.4 75.1 79.6 77.2 74.9 71.9 69.0 69.7 70.4 71.1 71.8 7

 8 Funding corporations 215.8 268.3 312.4 357.3 390.3 410.5 450.6 444.7 446.6 409.9 460.8 8
86 Z.1, March 6, 2003

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 913.8 1083.6 1196.8 1185.2 1205.4 1251.9 1231.8 1262.4 1343.1 1313.7 1325.2 1

 2 Commercial banking (net) 639.2 750.0 816.1 817.9 786.5 778.1 786.5 768.5 805.7 834.9 902.0 2

 3 U.S.-chartered commercial banks 538.4 667.0 682.4 676.7 669.2 670.0 663.9 671.3 683.3 694.3 737.4 3

 4 Foreign banking offices in U.S. 100.4 82.5 134.8 140.6 116.6 107.2 123.9 96.1 121.4 139.3 163.4 4

 5 Bank holding companies 0.4 0.5 -1.1 0.6 0.7 0.9 -1.2 1.0 1.0 1.3 1.2 5

 6 Savings institutions 51.3 72.7 66.7 67.1 69.6 54.6 72.4 78.1 69.8 61.0 57.5 6

 7 REITs 15.1 15.7 11.9 13.1 15.1 16.9 19.7 25.4 29.3 34.1 33.7 7

 8 Brokers and dealers (net) 208.2 245.2 302.2 287.1 334.2 402.3 353.2 390.4 438.3 383.7 332.0 8

 9 Total assets 683.1 817.2 807.9 842.0 826.0 853.2 883.3 860.8 879.8 932.1 958.7 9

10 Nonfinancial corporate business 4.2 5.8 4.2 3.3 3.2 3.5 4.0 3.7 3.7 4.4 3.7 10

11 State and local governments 158.5 163.5 173.3 170.5 164.8 155.0 154.9 145.4 152.9 148.7 155.2 11

12 Rest of the world 72.0 79.9 91.3 129.5 126.5 111.1 150.7 128.2 159.6 205.2 184.8 12

13 Financial sectors 448.4 568.0 539.1 538.6 531.5 583.6 573.7 583.6 563.5 573.9 615.0 13

14 Monetary authority 30.4 140.6 43.4 22.0 23.3 47.9 50.3 29.5 32.0 21.8 39.5 14

15 Savings institutions 14.8 10.6 14.9 21.7 22.0 25.8 27.4 31.2 24.9 29.0 27.1 15

16 Credit unions 6.8 9.3 4.0 10.8 8.3 7.9 2.5 7.3 5.0 5.0 1.7 16

17 Other insurance companies 42.7 28.3 38.3 27.8 26.6 31.6 30.2 28.2 28.7 38.1 38.6 17

18 Private pension funds 28.8 28.6 29.6 28.7 30.6 31.0 30.4 29.4 30.1 32.6 32.3 18

19 State and local govt. retirement funds 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 42.6 43.8 19

20 Money market mutual funds 139.5 139.6 183.0 206.2 208.2 223.7 227.0 235.9 246.9 245.1 273.2 20

21 Mutual funds 70.9 80.8 106.4 88.4 84.6 77.6 74.8 85.8 81.2 76.9 81.7 21

22 Government-sponsored enterprises 77.0 89.7 74.9 90.5 81.0 91.9 85.9 91.0 71.4 82.7 77.1 22

23 Discrepancy--unallocated assets 230.6 266.4 388.9 343.2 379.4 398.7 348.5 401.6 463.3 381.6 366.5 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 1347.7 1

 2 Commercial paper 1161.0 1393.8 1602.1 1539.0 1471.1 1412.7 1440.9 1377.6 1320.6 1320.8 1342.9 2

 3 Nonfinancial corporate business 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 126.0 3

 4 Foreign issues in U.S. 72.9 89.2 120.9 112.8 110.1 106.3 106.7 123.6 130.2 134.0 142.8 4

 5 Nonfinancial 18.5 26.7 37.6 27.9 20.5 17.2 14.3 17.4 21.3 18.8 19.1 5

 6 Financial 54.4 62.5 83.3 84.9 89.6 89.1 92.4 106.2 108.9 115.2 123.7 6

 7 Financial business 895.2 1074.3 1202.7 1173.0 1137.7 1105.1 1144.1 1086.4 1041.9 1044.6 1074.1 7

 8 Commercial banking 45.4 54.5 55.7 63.4 62.7 62.4 50.6 56.5 43.4 46.6 48.3 8

 9 ABS issuers 381.8 520.8 641.8 653.3 670.3 691.3 745.3 731.4 714.0 712.7 725.6 9

10 Finance companies 233.3 230.4 238.8 180.9 181.6 171.0 158.6 137.0 130.8 143.1 141.5 10

11 REITs 0.2 0.1 0.2 0.1 0.0 1.1 0.8 1.1 1.6 1.4 0.8 11

12 Funding corporations 234.4 268.5 266.2 275.4 223.1 179.4 188.8 160.5 152.2 140.8 157.9 12

13 Bankers acceptances (1) 11.5 8.6 7.9 7.8 6.8 5.1 4.8 4.5 4.9 4.9 4.8 13

14 Holdings, by sector 1172.6 1402.4 1610.0 1546.8 1477.9 1417.8 1445.6 1382.0 1325.5 1325.7 1347.7 14

15 Household sector 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 46.6 15

16 Nonfinancial corporate business 39.4 47.6 57.8 49.6 51.3 51.3 54.5 51.2 54.5 54.2 54.4 16

17 State and local governments 102.0 108.9 116.5 110.0 100.7 90.7 90.0 79.0 75.1 80.5 86.2 17

18 Rest of the world 115.3 102.3 111.9 110.5 112.8 111.9 118.1 122.9 134.1 129.4 132.7 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.4 1.9 1.2 1.1 1.6 1.3 2.4 2.3 2.8 2.7 3.6 22

23 Bank personal trusts and estates 16.5 17.1 14.7 14.0 13.2 12.4 11.6 11.6 11.5 11.5 11.4 23

24 Life insurance companies 73.4 75.8 71.2 60.4 58.9 65.5 59.3 66.1 68.9 80.0 82.8 24

25 Private pension funds 34.3 37.5 35.8 32.6 35.2 38.8 37.5 36.0 41.6 45.7 49.9 25

26 State and local govt. retirement funds 37.5 40.4 44.7 42.5 46.8 46.1 45.3 45.4 43.3 42.6 43.8 26

27 Money market mutual funds 414.2 519.0 608.6 642.5 638.1 641.8 638.9 620.2 595.4 546.7 594.0 27

28 Mutual funds 70.9 80.8 106.4 88.4 80.9 77.6 74.8 81.6 62.8 58.4 63.2 28

29 Government-sponsored enterprises 60.9 33.8 44.7 39.2 44.8 45.9 80.3 49.2 59.4 52.8 56.5 29

30 Brokers and dealers 28.0 26.0 39.2 44.6 44.8 50.8 48.2 47.6 50.8 44.3 42.1 30

31 Funding corporations 114.7 242.3 283.1 243.7 186.2 124.6 131.6 124.0 87.4 133.9 80.6 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 6, 2003 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 3609.8 1

 2 Savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 2

 3 Other Treasury issues 3537.0 3466.2 3173.0 3197.2 3038.9 3106.6 3162.4 3212.1 3231.9 3320.4 3414.9 3

 4 Total assets 3723.7 3652.7 3357.8 3382.0 3224.3 3293.0 3352.7 3404.0 3424.6 3513.6 3609.8 4

 5 Household sector 734.7 843.6 634.7 613.3 523.1 530.5 565.4 576.3 566.1 583.4 581.6 5

 6 Savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 6

 7 Other Treasury issues 548.1 657.2 450.0 428.5 337.7 344.1 375.1 384.4 373.4 390.1 386.8 7

 8 Nonfinancial corporate business 23.6 19.4 18.1 18.9 20.0 19.8 21.6 24.0 26.9 26.4 24.0 8

 9 Nonfarm noncorporate business 38.0 37.2 40.2 40.0 38.8 38.9 38.6 38.9 39.3 38.5 38.2 9

10 State and local governments 269.3 266.8 236.2 239.0 241.4 248.9 256.5 261.2 271.7 269.4 274.2 10

11 Rest of the world 1185.0 1080.4 1026.1 1020.4 984.9 985.2 1039.5 1031.6 1041.7 1097.8 1138.7 11

12 Monetary authority 452.1 478.0 511.7 523.9 535.1 534.1 551.7 575.4 590.7 604.2 629.4 12

13 Commercial banking 214.1 228.9 184.5 172.0 174.0 176.1 162.7 165.9 183.8 192.0 205.6 13

14 U.S.-chartered commercial banks 124.8 122.8 87.9 72.2 69.9 65.3 56.5 68.6 75.2 74.6 86.4 14

15 Foreign banking offices in U.S. 84.8 94.5 94.0 97.9 102.2 108.6 103.8 94.1 105.7 115.0 116.7 15

16 Bank holding companies 0.9 8.8 0.8 0.8 0.9 0.8 1.2 1.3 1.7 1.4 1.3 16

17 Banks in U.S.-affiliated areas 3.6 2.8 1.8 1.2 1.0 1.4 1.2 2.0 1.1 1.1 1.3 17

18 Savings institutions 10.2 10.1 8.7 8.0 7.5 6.6 11.4 14.1 12.7 10.3 9.2 18

19 Credit unions 13.1 9.6 8.2 8.0 6.6 6.4 7.4 7.6 7.9 8.1 8.4 19

20 Bank personal trusts and estates 17.3 17.3 16.3 15.1 13.9 12.7 11.5 11.5 11.4 11.3 11.2 20

21 Life insurance companies 71.3 62.8 58.1 57.2 56.2 55.2 53.7 55.0 56.0 61.1 61.8 21

22 Other insurance companies 70.4 60.6 52.1 51.9 51.9 51.6 52.0 53.4 54.3 54.9 55.6 22

23 Private pension funds 112.5 109.8 108.4 105.7 105.9 103.2 104.2 106.3 108.8 110.9 111.4 23

24 State and local govt. retirement funds 217.7 211.2 195.7 195.3 204.4 187.7 177.4 187.0 177.2 174.1 172.8 24

25 Money market mutual funds 103.6 103.8 90.4 96.3 93.4 113.4 135.7 137.8 123.3 119.7 140.2 25

26 Mutual funds 141.0 117.3 123.7 118.7 118.2 112.3 115.1 120.0 122.0 129.3 134.4 26

27 Closed-end funds 8.8 7.6 6.7 5.7 5.8 5.8 6.7 7.0 4.7 4.7 3.5 27

28 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.1 2.0 28

29 Government-sponsored enterprises 25.2 30.9 41.2 31.5 41.7 37.2 31.8 32.7 16.2 15.6 7.5 29

30 Brokers and dealers 15.8 -42.6 -3.3 61.1 1.5 67.4 9.8 -1.7 9.9 0.0 0.1 30

 Memo:

31 Federal government debt (1) 3752.2 3681.0 3385.1 3408.8 3251.4 3320.0 3379.5 3430.3 3451.4 3540.8 3637.0 31

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, March 6, 2003

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3320.5 3912.2 4344.8 4449.7 4618.6 4823.1 4970.9 5143.2 5265.6 5371.2 5532.0 1

 2 Budget agencies 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 27.3 2

 3 Government-sponsored enterprises 1273.6 1591.7 1825.8 1888.7 1955.8 2037.4 2114.0 2161.8 2197.2 2259.5 2346.4 3

 4 Federally related mortgage pools 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 4

 5 Total assets 3320.5 3912.2 4344.8 4449.7 4618.6 4823.1 4970.9 5143.2 5265.6 5371.2 5532.0 5

 6 Household sector 231.6 351.6 387.6 276.3 279.8 309.8 290.2 278.7 272.2 199.9 170.1 6

 7 Nonfinancial corporate business 10.6 12.4 15.4 16.8 18.5 19.0 22.5 27.3 32.8 35.1 35.0 7

 8 State and local governments 179.0 190.0 203.5 212.9 223.6 231.8 233.3 235.3 238.6 237.1 237.4 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 227.8 300.2 445.2 474.0 497.6 516.8 554.9 564.9 603.8 636.5 680.9 10

11 Monetary authority 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 663.2 699.6 721.8 715.3 700.2 735.7 777.4 808.3 856.8 889.9 916.6 12

13 U.S.-chartered commercial banks 578.9 608.3 626.5 618.1 621.7 657.6 700.2 725.1 767.3 794.4 820.1 13

14 Foreign banking offices in U.S. 67.4 72.4 72.7 75.3 56.9 56.3 50.7 51.7 55.3 61.5 61.6 14

15 Bank holding companies 6.6 5.4 4.8 5.4 5.1 5.0 6.2 10.2 11.5 10.9 10.7 15

16 Banks in U.S.-affiliated areas 10.2 13.5 17.8 16.4 16.5 16.8 20.3 21.3 22.8 23.1 24.2 16

17 Savings institutions 143.7 147.1 140.4 145.3 150.7 148.9 161.4 173.6 172.6 168.5 176.5 17

18 Credit unions 58.4 61.3 60.9 68.4 66.3 74.1 80.6 90.7 93.7 96.2 97.6 18

19 Bank personal trusts and estates 39.4 45.2 45.5 42.9 40.3 37.7 35.1 34.9 34.7 34.4 34.2 19

20 Life insurance companies 217.0 224.4 235.4 240.4 245.1 250.5 253.5 262.4 266.9 281.6 283.6 20

21 Other insurance companies 69.7 75.5 84.1 86.3 86.3 90.8 94.2 96.0 97.6 98.6 99.9 21

22 Private pension funds 194.8 208.8 225.2 232.4 236.1 235.1 236.9 238.4 239.3 241.0 238.0 22

23 State and local govt. retirement funds 142.4 165.3 202.8 196.0 210.4 190.0 188.3 185.5 185.7 186.1 184.7 23

24 Money market mutual funds 173.8 190.9 185.2 248.3 267.9 318.9 318.4 311.8 290.1 314.1 324.1 24

25 Mutual funds 234.9 271.1 275.3 294.1 328.1 351.7 360.5 376.0 382.1 404.9 421.0 25

26 Government-sponsored enterprises 489.6 668.3 813.3 874.4 913.2 963.7 998.7 1077.3 1084.5 1110.1 1176.8 26

27 ABS issuers 180.2 220.4 224.7 236.9 240.6 249.9 267.0 284.5 295.1 317.0 334.5 27

28 REITs 13.1 14.2 14.5 13.9 17.4 18.3 20.3 25.9 29.3 31.3 29.3 28

29 Brokers and dealers 50.9 66.0 63.7 75.3 96.3 80.4 77.8 71.8 90.0 88.8 91.8 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, March 6, 2003 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1402.9 1457.2 1480.9 1508.4 1547.0 1555.1 1600.1 1623.3 1677.6 1704.2 1763.1 1

 2 State and local governments 1128.2 1167.1 1183.6 1209.6 1243.3 1248.7 1285.6 1306.8 1357.1 1381.0 1432.5 2

 3 Short-term (1) 41.2 43.7 45.1 51.3 53.6 63.9 68.8 69.8 74.8 82.8 93.3 3

 4 Long-term 1087.1 1123.4 1138.5 1158.3 1189.8 1184.8 1216.8 1237.0 1282.3 1298.3 1339.3 4

 5 Nonprofit organizations (2) 126.9 137.3 143.0 144.2 147.9 150.0 156.9 159.0 162.2 163.9 169.8 5

 6 Nonfinancial corporate business 147.8 152.8 154.2 154.7 155.8 156.4 157.7 157.5 158.3 159.3 160.8 6

 (industrial revenue bonds)

 7 Total assets 1402.9 1457.2 1480.9 1508.4 1547.0 1555.1 1600.1 1623.3 1677.6 1704.2 1763.1 7

 8 Household sector 428.2 452.3 463.7 475.9 509.7 500.2 506.6 536.4 581.3 578.1 616.6 8

 9 Nonfinancial corporate business 25.7 25.0 31.9 30.4 25.6 23.3 30.9 30.0 28.7 32.3 32.1 9

10 Nonfarm noncorporate business 2.8 2.7 2.4 2.5 2.5 2.6 2.6 2.7 2.7 2.8 2.8 10

11 State and local governments 2.5 1.0 1.6 2.1 2.0 2.1 1.9 1.7 1.4 1.0 0.5 11

12 Commercial banking 104.8 110.8 114.1 112.5 116.2 118.1 120.2 118.7 118.3 121.2 121.7 12

13 Savings institutions 2.5 3.0 3.2 3.8 4.0 4.1 4.5 4.6 4.8 4.9 5.5 13

14 Bank personal trusts and estates 89.5 100.3 99.1 98.2 97.4 96.5 95.6 96.9 98.3 99.6 100.9 14

15 Life insurance companies 18.4 20.1 19.1 19.1 19.0 19.0 18.7 20.3 20.9 21.5 21.6 15

16 Other insurance companies 208.1 199.0 184.1 181.0 181.0 174.8 173.8 176.5 179.4 181.1 183.4 16

17 State and local govt. retirement funds 3.3 3.0 1.6 1.8 1.6 0.5 1.4 0.4 0.5 0.5 0.5 17

18 Money market mutual funds 193.0 210.4 244.7 255.5 254.9 266.3 281.0 274.2 269.3 271.8 282.8 18

19 Mutual funds 242.6 239.4 230.5 236.0 240.2 245.8 253.4 257.8 265.3 275.7 278.5 19

20 Closed-end funds 59.2 67.6 64.7 66.9 67.2 73.8 75.6 78.2 79.1 80.6 81.8 20

21 Government-sponsored enterprises 9.2 10.6 8.8 9.9 12.0 12.1 14.8 11.4 10.2 12.9 13.3 21

22 Brokers and dealers 13.1 11.9 11.3 12.7 13.7 16.0 19.0 13.6 17.4 20.3 21.0 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 4187.4 4626.4 5022.9 5246.1 5417.3 5527.0 5692.3 5847.5 6001.6 6042.6 6207.8 1

 2 Nonfinancial corporate business 1846.0 2063.9 2225.1 2325.4 2436.5 2484.4 2565.6 2629.0 2676.9 2669.6 2698.8 2

 3 Rest of the world (1) 462.6 476.7 500.6 505.9 502.0 481.0 488.4 487.9 477.6 472.0 471.7 3

 4 Financial sectors 1878.7 2085.9 2297.2 2414.8 2478.8 2561.6 2638.3 2730.6 2847.1 2901.0 3037.3 4

 5 Commercial banking 220.2 240.6 273.2 293.1 295.3 302.1 310.2 304.8 313.8 317.4 330.1 5

 6 Savings institutions 2.6 2.7 6.3 2.8 6.4 6.1 3.6 3.5 2.9 2.9 3.4 6

 7 ABS issuers 1016.2 1089.5 1170.1 1231.2 1267.0 1327.8 1384.3 1456.3 1535.6 1588.7 1667.8 7

 8 Finance companies 365.6 429.9 502.2 533.8 542.1 555.8 567.4 574.4 597.2 584.9 621.4 8

 9 REITs 53.4 62.2 67.0 70.0 68.6 68.6 70.8 71.1 75.6 81.3 85.3 9

10 Brokers and dealers 42.5 25.3 40.9 35.0 43.9 47.1 42.3 38.4 42.8 46.6 40.6 10

11 Funding corporations 178.2 235.5 237.5 248.9 255.5 254.2 259.7 282.1 279.2 279.2 288.7 11

12 Total assets 4187.4 4626.4 5022.9 5246.1 5417.3 5527.0 5692.3 5847.5 6001.6 6042.6 6207.8 12

13 Household sector 695.4 716.7 702.3 788.6 802.6 770.5 778.3 788.4 803.6 774.4 833.5 13

14 State and local governments 61.2 71.3 75.0 77.9 79.7 83.4 84.4 88.2 91.5 89.4 88.7 14

15 Rest of the world (2) 607.8 752.1 920.6 986.5 1052.7 1086.4 1126.3 1171.7 1233.7 1252.1 1293.1 15

16 Commercial banking 180.9 220.5 278.6 292.5 321.7 340.4 376.4 373.7 358.8 368.9 380.1 16

17 Savings institutions 88.6 111.9 109.4 95.9 93.2 88.1 83.9 83.3 85.2 85.8 79.5 17

18 Bank personal trusts and estates 28.5 39.8 44.9 43.2 41.6 39.9 38.3 37.6 36.9 36.3 35.6 18

19 Life insurance companies 1130.4 1173.2 1222.2 1254.6 1285.4 1320.9 1342.4 1385.5 1418.1 1456.0 1486.3 19

20 Other insurance companies 171.1 181.1 187.5 189.1 189.1 192.4 196.4 199.9 203.3 205.4 208.1 20

21 Private pension funds 300.3 301.9 320.7 324.3 328.6 331.1 330.5 334.8 337.0 337.7 339.1 21

22 State and local govt. retirement funds 279.6 310.0 339.7 330.6 321.6 341.0 351.1 361.6 357.9 356.9 358.8 22

23 Money market mutual funds 81.2 123.7 161.9 161.6 159.9 154.4 163.0 152.4 141.3 153.4 170.7 23

24 Mutual funds 339.0 368.2 361.9 376.8 392.8 400.8 420.0 441.4 459.3 466.2 470.9 24

25 Closed-end funds 30.5 31.4 29.0 25.9 24.3 23.7 25.1 27.7 28.9 26.7 26.2 25

26 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 1.8 26

27 Government-sponsored enterprises 67.8 91.5 117.2 123.6 133.7 132.3 132.7 139.2 154.5 149.3 147.6 27

28 REITs 6.1 5.7 5.3 7.4 5.2 5.9 7.4 7.7 8.9 10.5 11.0 28

29 Brokers and dealers 81.4 93.4 112.7 124.0 132.0 151.7 161.3 168.2 184.5 181.8 191.6 29

30 Funding corporations 37.6 33.8 33.9 43.6 53.3 64.2 74.8 86.3 98.0 90.3 85.4 30

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 6, 2003

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 11734.5 1

 2 Nonfinancial corporate business 11606.7 15191.1 12684.2 10915.3 11615.6 9592.1 10779.0 10688.5 8975.2 7296.4 7810.6 2

 3 Rest of the world (2) 1476.2 2026.6 1832.4 1609.1 1652.0 1416.8 1564.7 1565.2 1539.4 1218.8 1305.1 3

 4 Financial corporations 2494.5 2363.4 3095.3 2823.1 3014.1 2664.5 2901.8 3010.4 2848.4 2444.9 2618.8 4

 5 Holdings at market value 15577.3 19581.2 17611.9 15347.5 16281.6 13673.4 15245.5 15264.1 13363.0 10960.1 11734.5 5

 6 Household sector 7052.4 9053.1 7408.0 6228.9 6617.0 5405.5 6056.2 5882.7 4999.7 4010.5 4187.4 6

 7 State and local governments 102.0 115.0 115.1 111.1 121.1 111.3 126.3 131.8 123.8 104.3 115.4 7

 8 Rest of the world (3) 1250.3 1611.5 1625.5 1509.3 1601.1 1398.6 1533.8 1585.2 1418.3 1192.4 1351.0 8

 9 Commercial banking 6.8 11.3 11.9 8.4 9.6 7.2 8.9 8.5 4.9 0.0 3.4 9

10 Savings institutions 24.5 23.8 24.2 24.6 25.6 27.1 27.9 28.3 28.6 28.6 29.1 10

11 Bank personal trusts and estates 360.1 407.3 356.8 303.8 317.3 257.9 280.7 282.0 245.1 202.5 217.1 11

12 Life insurance companies 733.2 964.5 940.8 849.9 906.0 793.3 855.2 870.4 799.8 700.0 757.2 12

13 Other insurance companies 200.1 207.9 194.3 172.2 179.9 164.5 173.9 176.2 163.3 145.4 156.0 13

14 Private pension funds 1990.7 2325.7 2195.1 1953.6 2038.2 1748.7 1925.8 1965.8 1706.8 1414.4 1515.1 14

15 State and local govt. retirement funds 1233.9 1343.2 1335.1 1224.1 1255.1 1113.8 1221.9 1244.8 1116.7 943.9 1011.6 15

16 Mutual funds 2506.2 3376.7 3226.9 2786.7 3013.6 2486.2 2836.1 2883.1 2552.5 2040.1 2184.0 16

17 Closed-end funds 47.2 40.4 35.3 30.6 31.8 28.3 30.9 30.8 30.8 30.4 37.0 17

18 Exchange-traded funds 15.6 33.9 65.6 66.0 75.6 64.3 83.0 88.2 89.0 78.3 98.2 18

19 Brokers and dealers 54.4 66.9 77.2 78.3 89.8 66.6 85.1 86.2 83.7 69.4 71.9 19

 Memo:

20 Market value of domestic corporations (4) 13777.1 17194.3 15395.2 13382.8 14242.9 11925.6 13299.1 13309.0 11451.8 9417.8 10062.8 20

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 1

 2 Holdings at market value 3613.1 4538.5 4434.6 3990.4 4259.5 3753.1 4135.5 4247.0 3926.6 3452.3 3634.6 2

 3 Household sector 2447.4 3180.6 3083.3 2776.3 2981.0 2631.3 2916.2 2996.4 2814.6 2509.7 2626.5 3

 4 Nonfinancial corporate business 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 77.6 4

 5 State and local governments 21.3 25.6 26.4 28.8 30.7 30.5 31.5 30.5 29.9 28.1 26.0 5

 6 Commercial banking 9.1 12.4 15.0 17.0 17.3 16.0 21.3 22.3 18.2 13.6 19.6 6

 7 Credit unions 3.6 2.5 2.2 2.0 3.6 3.1 3.7 3.0 4.0 4.0 3.5 7

 8 Bank personal trusts and estates 344.7 391.5 396.8 359.9 375.9 332.4 359.1 360.6 327.9 288.4 303.1 8

 9 Life insurance companies 23.3 43.3 48.1 42.6 46.1 39.1 44.3 45.1 41.5 34.9 38.0 9

10 Private pension funds 668.2 753.8 733.6 652.1 687.0 602.9 651.5 682.4 600.0 500.1 540.3 10
Z.1, March 6, 2003 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 3304.6 3505.1 3874.8 3905.6 3895.5 3892.5 3944.4 3918.7 3980.3 4074.7 4169.1 1

 - Loans elsewhere classified:

 2 Open market paper 1.1 1.4 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1962.0 2059.1 3

 4 Consumer credit 508.9 499.8 541.5 532.7 540.2 536.2 558.4 550.7 554.9 575.7 587.4 4

 5 Security credit 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 177.5 5

 6 = Banking sector total bank loans n.e.c. 1314.8 1383.8 1496.6 1493.1 1460.2 1452.6 1421.0 1409.1 1377.8 1361.7 1345.1 6

 7 U.S.-chartered commercial banks 1012.0 1104.3 1202.4 1195.9 1180.2 1173.1 1140.5 1118.9 1098.1 1092.3 1081.9 7

 8 Foreign banking offices in U.S. 282.4 260.0 274.6 276.4 258.9 258.3 256.1 265.9 255.2 244.9 237.5 8

 9 Bank holding companies 4.1 2.6 1.6 2.7 2.7 2.6 1.9 2.1 2.1 2.1 2.9 9

10 Banks in U.S.-affiliated areas 16.3 16.9 18.0 18.1 18.4 18.6 22.5 22.2 22.4 22.4 22.8 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. 1314.8 1383.8 1496.6 1493.1 1460.2 1452.6 1421.0 1409.1 1377.8 1361.7 1345.1 12

13 Total liabilities 1314.8 1383.8 1496.6 1493.1 1460.2 1452.6 1421.0 1409.1 1377.8 1361.7 1345.1 13

14 Nonfinancial sectors 1207.3 1290.6 1403.6 1395.8 1359.9 1352.4 1314.2 1304.1 1264.3 1228.4 1227.4 14

15 Households 72.6 65.6 72.3 61.7 58.2 65.7 55.1 52.9 47.4 29.3 42.2 15

16 Corporate business 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.2 751.3 16

17 Nonfarm noncorporate business 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 319.3 17

18 Farm business 45.1 44.2 46.9 45.0 47.9 47.3 46.9 44.2 46.8 46.7 46.0 18

19 Rest of the world 58.7 59.2 70.5 74.1 66.2 67.3 63.2 66.7 72.2 69.3 68.6 19

20 Foreign official institutions 2.8 3.0 3.5 3.6 3.3 4.2 4.3 4.2 4.8 5.0 5.1 20

21 Foreign banks 13.1 9.9 13.2 16.4 9.1 9.4 5.9 6.1 9.7 7.8 5.1 21

22 Other foreign 42.8 46.4 53.8 54.1 53.8 53.7 53.1 56.5 57.8 56.5 58.4 22

23 Financial sectors 107.5 93.2 93.0 97.3 100.4 100.2 106.8 105.1 113.5 133.3 117.7 23

24 Savings institutions 29.7 14.0 21.5 22.6 21.6 23.4 23.0 22.9 24.0 25.5 27.1 24

25 Finance companies 26.5 35.4 35.9 41.6 45.3 44.5 50.8 49.4 56.9 74.9 57.6 25

26 Mortgage companies 17.7 17.8 17.9 18.1 18.2 18.5 18.6 18.8 19.0 19.2 19.3 26

27 REITs 33.6 26.0 17.7 15.0 15.2 14.0 14.4 14.0 13.7 13.7 13.7 27
92 Z.1, March 6, 2003

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 1253.0 1400.9 1548.2 1572.0 1602.0 1624.4 1608.6 1598.0 1622.3 1653.0 1658.0 1

 2 U.S. government loans 173.2 179.3 187.5 189.2 191.7 193.3 194.6 195.8 198.3 200.4 202.6 2

 3 Liab.: Household sector 52.4 65.0 76.2 78.8 81.8 84.6 87.7 90.3 93.5 96.6 98.8 3

 4 Nonfinancial corporate business 8.3 8.0 7.6 7.6 7.3 7.7 7.4 7.0 7.2 6.8 7.0 4

 5 Nonfarm noncorporate business 44.8 43.9 42.8 42.2 41.6 40.6 39.6 39.1 38.5 38.6 38.9 5

 6 Farm business 5.1 4.9 5.0 5.0 5.1 5.1 5.0 4.9 4.8 4.8 4.7 6

 7 State and local governments 10.1 9.7 8.7 8.8 8.9 8.9 8.9 9.0 9.1 9.3 9.4 7

 8 Rest of the world 52.4 47.8 47.2 46.7 46.9 46.5 46.0 45.4 45.1 44.4 43.7 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 125.8 10

11 Liab.: Nonfinancial corporate business 142.3 119.5 117.3 114.8 118.9 137.2 115.7 109.5 119.9 133.7 125.8 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 11.3 8.2 7.5 7.4 6.6 4.8 4.6 4.5 4.8 4.8 4.9 12

13 Liab.: Nonfinancial corporate business 6.6 4.4 4.3 6.6 5.8 4.3 4.1 3.9 4.4 4.3 4.4 13

14 Rest of the world 4.7 3.9 3.1 0.8 0.8 0.6 0.5 0.6 0.5 0.5 0.5 14

15 Savings institution loans to business 24.2 30.6 39.3 41.4 43.8 43.6 42.9 44.5 44.3 45.4 46.4 15

16 Liab.: Nonfinancial corporate business 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 23.2 16

17 Nonfarm noncorporate business 12.1 15.3 19.7 20.7 21.9 21.8 21.5 22.2 22.2 22.7 23.2 17

18 Policy loans (Household liability) 104.7 100.0 102.8 103.8 104.0 105.3 105.0 105.3 105.3 105.7 107.1 18

19 Asset: Federal government 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 103.8 99.0 101.9 102.9 103.0 104.4 104.1 104.4 104.3 104.8 106.2 20

21 Government-sponsored enterprise loans 352.6 466.2 514.6 527.9 530.1 547.2 554.7 544.7 554.5 575.2 574.1 21

22 Liab.: Household sector (SLMA) 29.0 34.5 37.4 38.0 39.2 39.7 39.8 40.3 40.5 40.9 41.0 22

23 Noncorporate business (FCS) 17.8 17.9 19.4 19.4 20.9 21.4 22.3 22.1 23.4 23.3 23.3 23

24 Farm business (FCS) 17.1 17.9 19.5 19.6 19.2 19.0 19.5 19.9 19.8 19.8 19.8 24

25 Commercial banks (FHLB and SLMA) 104.9 145.6 172.4 176.1 179.0 184.4 196.6 199.0 212.3 221.9 227.2 25

26 Savings institutions (FHLB and SLMA) 180.1 243.7 260.0 269.7 266.4 276.1 268.5 254.2 248.4 257.9 250.7 26

27 Credit unions (FHLB) 1.1 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 6.8 6.9 27

28 Life insurance companies (FHLB) 2.5 3.2 2.5 1.9 1.9 2.8 3.1 3.7 4.0 4.5 5.1 28

29 Securitized loans held by ABS issuers 103.8 102.0 120.7 128.5 125.3 141.6 144.0 150.7 145.8 142.3 141.7 29

30 Liab.: Households (1) 17.9 19.4 29.9 30.5 31.0 31.2 30.7 32.5 32.2 32.6 30.6 30

31 Nonfinancial corporate business 85.9 82.6 90.9 98.0 94.2 110.4 113.3 118.2 113.6 109.7 111.1 31

32 Finance company loans to business 340.9 395.1 458.4 459.1 481.9 451.1 447.0 443.0 449.4 445.5 455.3 32

33 Liab.: Nonfinancial corporate business 306.8 355.6 412.6 413.2 433.7 406.0 402.3 398.7 404.5 401.0 409.7 33

34 Nonfarm noncorporate business 34.1 39.5 45.8 45.9 48.2 45.1 44.7 44.3 44.9 44.6 45.5 34

(1) Student loans.
Z.1, March 6, 2003 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 5715.7 6320.1 6894.5 7019.0 7222.0 7417.8 7600.5 7764.9 7982.2 8214.2 8481.4 1

 2 Home 4366.0 4790.6 5209.0 5304.3 5463.4 5607.3 5739.9 5878.8 6050.8 6248.7 6462.9 2

 3 Multifamily residential 331.6 369.3 405.3 414.1 425.7 439.6 453.6 461.5 473.2 480.9 496.9 3

 4 Commercial 921.6 1057.9 1171.3 1190.6 1219.9 1256.3 1290.6 1306.5 1337.8 1361.0 1396.4 4

 5 Farm 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 5

 6 Total liabilities 5715.7 6320.1 6894.5 7019.0 7222.0 7417.8 7600.5 7764.9 7982.2 8214.2 8481.4 6

 7 Household sector 4261.7 4642.2 5020.4 5102.8 5252.6 5387.7 5509.8 5644.6 5805.5 5993.4 6196.9 7

 8 Nonfinancial business 1382.4 1601.2 1791.2 1835.1 1884.3 1945.4 2006.5 2034.5 2089.1 2132.2 2195.4 8

 9 Corporate 277.2 345.6 386.0 393.5 401.6 422.7 443.7 442.8 457.9 462.6 481.6 9

10 Nonfarm noncorporate 1008.6 1153.3 1296.4 1331.6 1369.7 1408.1 1446.5 1473.6 1510.7 1546.0 1588.5 10

11 Farm 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 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 71.6 76.7 82.9 81.1 85.1 84.6 84.2 85.9 87.6 88.6 89.1 13

14 Total assets 5715.7 6320.1 6894.5 7019.0 7222.0 7417.8 7600.5 7764.9 7982.2 8214.2 8481.4 14

15 Household sector 110.5 110.4 112.2 112.2 112.7 112.9 113.0 113.2 113.5 114.0 114.2 15

16 Nonfinancial corporate business 67.3 41.2 43.5 42.8 42.0 41.3 40.5 39.8 39.0 38.3 37.5 16

17 Nonfarm noncorporate business 26.7 24.7 23.3 24.0 25.3 25.9 26.6 27.2 27.5 27.7 27.8 17

18 State and local governments 125.4 129.8 134.3 135.4 136.6 137.8 139.0 140.2 141.4 142.7 143.9 18

19 Federal government 44.9 77.7 76.9 76.3 76.2 75.3 75.8 75.7 75.5 75.0 75.4 19

20 Commercial banking 1337.0 1495.4 1660.1 1687.7 1722.4 1736.6 1789.8 1800.3 1873.1 1962.0 2059.1 20

21 Savings institutions (1) 644.0 668.1 723.0 740.5 751.6 758.3 758.2 746.0 742.7 773.7 781.3 21

22 Credit unions 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.4 159.1 22

23 Bank personal trusts and estates 2.8 2.2 2.3 2.4 2.4 2.5 2.5 2.5 2.5 2.4 2.3 23

24 Life insurance companies 213.6 230.8 235.9 235.1 237.2 239.2 243.0 243.3 244.9 245.6 247.3 24

25 Other insurance companies 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 1.9 25

26 Private pension funds 9.3 10.3 11.5 11.8 12.1 12.4 12.8 13.2 13.6 14.1 14.5 26

27 State and local govt. retirement funds 24.1 21.5 21.5 22.1 22.8 23.7 24.9 26.2 27.8 29.6 31.6 27

28 Government-sponsored enterprises (1) 247.1 242.3 267.3 271.2 280.7 287.7 301.2 309.3 320.6 337.0 360.8 28

29 Federally related mortgage pools 2018.4 2292.2 2491.6 2534.2 2635.7 2758.8 2830.1 2955.1 3041.6 3084.5 3158.3 29

30 ABS issuers 563.0 656.1 739.8 766.4 796.9 824.4 885.6 913.9 946.7 983.3 1026.6 30

31 Finance companies 121.2 145.8 172.3 176.1 182.3 187.4 161.3 157.2 160.5 165.5 174.5 31

32 Mortgage companies 35.3 35.6 35.9 36.2 36.5 36.9 37.2 37.6 38.0 38.3 38.7 32

33 REITs 26.3 23.0 16.8 16.3 15.3 15.6 15.7 16.3 19.7 23.0 26.5 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 6, 2003

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 4366.0 4790.6 5209.0 5304.3 5463.4 5607.3 5739.9 5878.8 6050.8 6248.7 6462.9 1

 2 Household sector 4157.2 4531.1 4906.5 4987.7 5133.7 5264.3 5385.1 5512.0 5670.7 5853.2 6053.5 2

 3 Nonfinancial corporate business 9.4 11.5 13.5 14.4 15.0 15.4 15.6 15.5 15.7 16.2 16.2 3

 4 Nonfarm noncorporate business 199.4 248.0 289.0 302.3 314.7 327.5 339.3 351.2 364.3 379.3 393.2 4

 5 Total assets 4366.0 4790.6 5209.0 5304.3 5463.4 5607.3 5739.9 5878.8 6050.8 6248.7 6462.9 5

 6 Household sector 85.3 84.2 83.2 82.9 82.7 82.4 82.2 81.9 81.7 81.5 81.2 6

 7 Nonfinancial corporate business 27.1 20.2 21.4 21.1 20.7 20.4 20.0 19.7 19.3 18.9 18.5 7

 8 Nonfarm noncorporate business 10.0 9.0 8.7 9.0 9.2 9.5 9.7 10.0 10.3 10.6 11.0 8

 9 State and local governments 69.1 72.6 76.3 77.2 78.2 79.1 80.1 81.1 82.1 83.1 84.1 9

10 Federal government 18.8 18.4 17.7 17.6 17.4 17.2 17.1 16.9 16.5 16.4 16.2 10

11 Commercial banking 797.0 879.6 965.6 977.5 997.2 987.7 1023.9 1018.5 1070.5 1144.0 1222.5 11

12 Savings institutions 533.5 548.2 594.2 607.3 616.0 620.4 620.6 605.2 599.4 625.4 631.4 12

13 Credit unions 96.9 111.0 124.9 126.7 131.6 139.1 141.3 146.0 151.7 155.4 159.1 13

14 Bank personal trusts and estates 2.8 2.2 2.3 2.4 2.4 2.5 2.5 2.5 2.5 2.4 2.3 14

15 Life insurance companies 6.6 5.9 4.9 4.9 5.0 5.1 4.9 4.9 5.2 5.2 5.2 15

16 Private pension funds 5.8 6.7 7.8 8.1 8.5 8.8 9.2 9.6 10.0 10.4 10.9 16

17 State and local govt. retirement funds 8.4 7.5 7.5 7.7 8.0 8.3 8.7 9.2 9.7 10.4 11.1 17

18 Government-sponsored enterprises 199.6 189.3 205.1 206.3 212.0 215.8 225.3 230.2 238.8 251.2 270.5 18

19 Federally related mortgage pools 1970.2 2234.7 2425.6 2464.9 2561.7 2681.5 2748.5 2870.6 2955.0 2996.1 3063.7 19

20 ABS issuers 405.2 455.0 499.8 523.3 539.2 550.2 591.2 616.3 638.3 669.3 694.8 20

21 Finance companies 90.0 108.2 130.6 133.8 140.1 144.8 120.1 120.4 121.8 126.5 135.0 21

22 Mortgage companies 24.9 25.2 25.4 25.8 26.0 26.4 26.7 27.1 27.4 27.7 28.0 22

23 REITs 14.8 12.4 7.9 7.8 7.6 8.0 7.9 8.7 10.7 14.1 17.4 23

 Memo:

24 Home equity loans included above (2) 476.7 532.8 630.6 645.9 670.1 690.0 699.4 727.0 758.9 798.9 828.7 24

25 Commercial banking 176.9 189.5 235.0 235.6 245.7 252.2 258.6 268.7 289.2 301.4 303.3 25

26 Savings institutions 55.9 59.7 72.8 73.2 76.8 78.0 77.9 78.8 79.4 81.4 78.5 26

27 Credit unions 29.7 33.4 40.7 41.4 42.2 45.3 44.9 44.2 47.0 47.0 46.6 27

28 ABS issuers 124.2 141.9 151.5 161.9 165.3 169.7 197.8 214.9 221.5 242.5 265.3 28

29 Finance companies 90.0 108.2 130.6 133.8 140.1 144.8 120.1 120.4 121.8 126.5 135.0 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 331.6 369.3 405.3 414.1 425.7 439.6 453.6 461.5 473.2 480.9 496.9 1

 2 Nonfinancial corporate business 23.5 24.7 25.9 26.2 26.5 26.9 27.3 27.7 28.1 28.5 28.8 2

 3 Nonfarm noncorporate business 284.4 319.2 352.0 361.2 371.0 384.8 398.5 405.5 416.2 423.2 438.6 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 23.6 25.3 27.4 26.7 28.1 27.9 27.8 28.3 28.9 29.2 29.4 5

 6 Total assets 331.6 369.3 405.3 414.1 425.7 439.6 453.6 461.5 473.2 480.9 496.9 6

 7 Household sector 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 1.1 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 8

 9 Nonfarm noncorporate business 8.8 8.0 7.7 8.0 8.8 9.0 9.2 9.3 9.1 8.9 8.5 9

10 State and local governments 47.4 48.3 49.3 49.6 49.8 50.1 50.3 50.6 50.8 51.1 51.3 10

11 Federal government 13.6 13.6 13.9 13.3 13.4 13.6 13.7 13.8 13.9 13.4 13.4 11

12 Commercial banking 54.6 67.7 77.8 79.9 80.3 83.9 84.9 86.7 90.7 90.9 94.2 12

13 Savings institutions 57.0 59.3 61.3 62.8 63.4 64.4 64.6 65.2 66.0 68.7 67.8 13

14 Life insurance companies 31.5 32.8 33.7 33.6 33.9 33.9 35.6 35.7 35.8 35.9 36.2 14

15 Private pension funds 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 15

16 State and local govt. retirement funds 6.7 6.0 6.0 6.2 6.4 6.6 7.0 7.3 7.8 8.3 8.9 16

17 Government-sponsored enterprises 16.4 20.8 28.1 30.0 32.3 34.5 37.5 39.6 41.4 43.6 47.1 17

18 Federally related mortgage pools 48.3 57.5 66.0 69.3 74.1 77.3 81.6 84.5 86.6 88.5 94.5 18

19 ABS issuers 33.8 42.3 48.8 49.0 50.8 53.6 57.0 57.5 59.5 60.2 63.7 19

20 Finance companies 2.5 2.8 2.9 2.9 2.9 2.9 2.7 1.8 1.8 1.7 1.7 20

21 Mortgage companies 5.3 5.3 5.4 5.4 5.4 5.4 5.4 5.5 5.5 5.5 5.6 21

22 REITs 2.1 1.6 1.3 1.2 1.2 1.3 1.1 1.1 1.2 1.1 1.0 22
Z.1, March 6, 2003 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 921.6 1057.9 1171.3 1190.6 1219.9 1256.3 1290.6 1306.5 1337.8 1361.0 1396.4 1

 2 Household sector 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 143.4 2

 3 Nonfinancial corporate business 244.3 309.3 346.5 352.9 360.0 380.4 400.8 399.5 414.1 418.0 436.6 3

 4 Nonfarm noncorporate business 524.8 586.1 655.4 668.2 684.0 695.7 708.7 716.9 730.2 743.5 756.7 4

 5 REITs 48.0 51.4 55.6 54.3 57.0 56.7 56.4 57.5 58.7 59.4 59.7 5

 6 Total assets 921.6 1057.9 1171.3 1190.6 1219.9 1256.3 1290.6 1306.5 1337.8 1361.0 1396.4 6

 7 Household sector 6.0 6.8 7.3 7.5 7.6 7.8 7.9 8.1 8.3 8.4 8.6 7

 8 Nonfinancial corporate business 39.1 20.1 21.2 20.9 20.5 20.1 19.8 19.4 19.1 18.7 18.4 8

 9 Nonfarm noncorporate business 6.9 6.4 6.1 6.3 6.4 6.6 6.8 6.9 7.0 7.0 7.1 9

10 State and local governments 7.6 7.5 7.4 7.3 7.3 7.3 7.2 7.2 7.2 7.1 7.1 10

11 Federal government 7.9 41.5 41.1 41.3 41.3 40.5 41.0 41.1 41.2 41.4 42.1 11

12 Commercial banking 456.3 516.3 582.6 596.0 609.8 629.6 645.6 659.2 674.9 689.3 704.5 12

13 Savings institutions 53.0 60.1 67.0 69.8 71.7 73.0 72.5 75.1 76.8 79.0 81.4 13

14 Life insurance companies 164.0 179.0 183.8 183.1 184.7 186.5 188.4 188.6 189.9 190.4 191.7 14

15 Other insurance companies 2.0 1.9 1.6 1.6 1.7 1.7 1.9 1.9 1.9 1.9 1.9 15

16 Private pension funds 2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 16

17 State and local govt. retirement funds 8.9 8.0 8.0 8.2 8.4 8.8 9.2 9.7 10.3 11.0 11.7 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 124.0 158.8 191.2 194.1 206.9 220.6 237.4 240.1 248.9 253.9 268.1 19

20 Finance companies 28.7 34.8 38.8 39.4 39.3 39.6 38.5 34.9 37.0 37.2 37.8 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 9.4 9.0 7.6 7.4 6.5 6.4 6.6 6.5 7.8 7.8 8.1 22

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 1

 2 Total assets 96.6 102.3 108.9 110.0 113.0 114.6 116.3 118.1 120.4 123.6 125.2 2

 3 Household sector 17.7 17.9 20.2 20.4 21.0 21.2 21.5 21.8 22.2 22.7 23.0 3

 4 Nonfarm noncorporate business 1.0 1.3 0.7 0.8 0.8 0.9 0.9 1.0 1.1 1.1 1.2 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 4.5 4.3 4.1 4.1 4.1 4.0 4.0 3.9 3.8 3.8 3.7 6

 7 Commercial banking 29.0 31.8 34.0 34.3 35.1 35.4 35.5 36.0 37.0 37.8 38.0 7

 8 Savings institutions 0.4 0.5 0.5 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.6 8

 9 Life insurance companies 11.5 13.0 13.6 13.5 13.7 13.8 14.1 14.1 14.1 14.1 14.3 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 31.0 32.2 34.2 34.9 36.4 37.4 38.5 39.5 40.4 42.1 43.2 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, March 6, 2003

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 1

 2 Total assets 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 2

 3 Nonfinancial corporate business 74.9 80.3 82.7 71.4 68.0 60.2 68.0 58.1 53.0 49.2 57.0 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 508.9 499.8 541.5 532.7 540.2 536.2 558.4 550.7 554.9 575.7 587.4 5

 6 Savings institutions 51.6 61.5 64.6 65.5 65.3 68.5 69.1 68.6 68.5 65.1 68.6 6

 7 Credit unions 155.4 167.9 184.4 182.8 186.4 187.3 189.6 187.7 191.6 196.1 196.6 7

 8 ABS issuers 372.4 435.1 500.1 519.2 533.9 556.1 580.3 579.8 597.7 588.8 615.2 8

 9 Finance companies 183.3 201.5 219.8 212.8 214.3 220.9 236.6 232.3 235.6 246.1 232.6 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 2073.8 2342.4 2767.9 2781.8 2756.4 2725.7 2700.6 2724.3 2721.6 2779.2 2815.4 1

 2 Household sector 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 151.7 2

 3 Nonfinancial corporate business 1049.7 1228.2 1541.4 1546.0 1503.3 1466.9 1429.4 1446.6 1439.0 1486.3 1522.9 3

 4 Nonfarm noncorporate business 169.5 210.2 276.2 282.2 289.6 292.8 296.4 300.9 303.9 307.0 309.3 4

 5 Farm business 19.6 20.0 20.9 20.0 21.3 21.0 20.9 19.7 20.8 20.8 20.5 5

 6 State and local governments 579.5 608.6 635.9 642.1 648.4 654.8 661.1 667.6 673.6 679.6 685.6 6

 7 Federal government 65.0 64.7 69.0 68.8 67.0 66.8 61.1 61.6 62.8 63.4 48.5 7

 8 Rest of the world 44.9 49.1 49.9 46.9 51.9 44.0 47.8 45.2 42.8 40.5 39.7 8

 9 Brokers and dealers 18.9 30.9 35.9 35.3 33.3 36.1 39.2 36.3 30.6 31.8 37.3 9

10 Total trade receivables 1988.9 2246.8 2639.9 2693.6 2694.5 2673.7 2560.1 2638.6 2688.6 2753.7 2723.8 10

11 Nonfinancial corporate business 1452.9 1653.4 1938.1 1975.9 1964.2 1926.5 1807.6 1867.5 1901.3 1951.5 1907.2 11

12 Nonfarm noncorporate business 233.8 272.5 342.1 345.7 348.4 351.6 357.0 363.3 368.0 375.6 384.6 12

13 Federal government 22.3 22.9 28.1 31.7 33.8 37.6 35.4 35.8 37.0 37.5 35.4 13

14 Rest of the world 52.5 47.5 47.0 45.7 45.2 45.2 44.3 46.4 46.3 47.2 48.3 14

15 Other insurance companies 61.5 63.6 64.6 67.6 69.8 72.7 69.9 73.4 77.8 77.7 78.8 15

16 ABS issuers 165.9 187.0 220.0 227.0 233.0 240.0 245.9 252.3 258.1 264.0 269.7 16

17 Discrepancy 84.8 95.6 128.0 88.3 61.8 52.0 140.5 85.7 33.0 25.5 91.6 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 745.6 726.3 724.5 1

 2 Household sector 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 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 419.5 448.7 587.6 603.5 585.6 661.9 629.5 586.0 575.1 576.6 579.5 4

 5 Customer credit balances (HH) 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.5 401.3 402.0 5

 6 From U.S.-chartered commercial banks 76.3 67.6 74.7 82.2 83.8 92.6 81.9 80.7 84.9 84.9 79.2 6

 7 From foreign banking offices in U.S. 66.5 57.2 100.5 109.3 88.9 74.4 93.3 77.9 89.7 90.4 98.3 7

 8 Total assets 572.2 676.6 822.7 799.3 781.5 919.9 825.9 778.0 745.6 726.3 724.5 8

 9 Household sector 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.5 401.3 402.0 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 142.8 124.8 175.2 191.5 172.7 167.1 175.2 158.5 174.6 175.3 177.5 11

12 Brokers and dealers 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 12
Z.1, March 6, 2003 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 1

 2 Federal government 33.6 35.0 36.4 36.6 37.1 37.2 37.8 37.7 38.7 38.7 39.4 2

 3 Life insurance companies 684.7 748.9 782.7 786.5 803.1 806.8 842.2 866.4 876.4 889.2 919.1 3

 4 Total assets (Households) 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 4

 Pension fund reserves:

 5 Total liabilities 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8693.4 8822.2 8328.1 7732.4 8053.3 5

 6 Federal government (1) 642.9 684.0 704.9 713.3 724.9 738.2 765.8 753.7 762.6 773.7 800.3 6

 7 Life insurance companies 1248.1 1431.0 1456.1 1412.3 1481.4 1413.4 1465.3 1487.4 1458.1 1421.4 1480.9 7

 8 Private pension funds (2) 4231.9 4687.9 4576.4 4245.6 4382.1 4005.8 4235.8 4324.9 3984.1 3598.6 3754.7 8

 9 State and local govt. retirement funds 2085.4 2262.3 2331.5 2212.8 2274.2 2123.6 2226.4 2256.3 2123.3 1938.7 2017.3 9

10 Total assets (Households) (3) 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8693.4 8822.2 8328.1 7732.4 8053.3 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 170.7 201.4 234.2 242.1 241.2 270.1 251.7 258.9 265.0 279.6 280.7 1

 2 Nonfinancial corporate business 64.1 71.0 78.0 82.9 77.6 103.1 81.2 84.3 86.9 97.0 94.0 2

 3 Nonfarm noncorporate business 58.7 75.5 94.1 96.2 98.7 99.8 101.1 103.0 104.4 106.5 108.4 3

 4 U.S.-chartered commercial banks 7.1 9.0 11.1 11.7 12.3 12.9 13.5 14.1 14.8 15.5 16.2 4

 5 Savings institutions 2.0 2.0 2.5 2.3 2.0 2.0 1.7 1.5 1.5 1.5 1.5 5

 6 Life insurance companies 14.9 16.2 17.8 18.2 18.7 19.2 19.7 20.3 20.9 21.5 22.1 6

 7 Other insurance companies 15.4 17.4 19.7 20.3 21.0 21.7 22.4 23.2 23.9 24.8 25.6 7

 8 Finance companies 7.3 8.1 9.1 9.3 9.6 9.9 10.2 10.6 10.9 11.2 11.6 8

 9 Brokers and dealers 1.3 2.2 2.1 1.2 1.3 1.4 1.9 1.9 1.6 1.6 1.3 9

10 Total business taxes receivable 49.5 72.0 87.9 111.5 90.7 102.8 129.9 149.0 102.2 126.8 123.9 10

11 State and local governments 28.1 33.5 45.6 49.1 50.8 51.4 50.1 49.5 51.6 56.0 59.5 11

12 Federal government 21.4 38.5 42.4 62.3 39.9 51.4 79.8 99.5 50.6 70.8 64.3 12

13 Discrepancy 121.2 129.4 146.3 130.6 150.5 167.3 121.8 109.9 162.8 152.8 156.8 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 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 1

 2 Asset: Household sector 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 2
98 Z.1, March 6, 2003

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 7617.2 8499.5 9717.2 10183.9 10491.8 10919.8 10505.4 10539.1 10829.7 11304.4 11394.1 1

 2 Household sector 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 20.0 20.3 2

 3 Nonfinancial corporate business 2553.2 2904.6 3408.0 3491.6 3579.4 3634.8 3736.7 3771.4 3843.3 3854.9 3887.6 3

 4 Nonfarm noncorporate business 393.0 466.6 552.8 563.2 571.3 581.2 588.4 594.9 600.0 604.8 609.8 4

 5 Federal government 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 6.0 5

 6 Rest of the world 1389.8 1628.4 1816.5 2168.4 2240.2 2495.9 1919.9 1937.2 2032.3 2378.2 2326.4 6

 7 Monetary authority 10.7 9.4 10.6 8.8 8.2 8.0 7.7 8.0 8.6 9.5 30.3 7

 8 Commercial banking 1115.2 1077.4 1257.8 1220.3 1244.2 1355.1 1258.4 1202.8 1325.3 1367.8 1433.5 8

 9 Savings institutions 99.8 85.1 102.3 108.2 119.8 122.0 121.3 122.5 117.2 126.8 137.2 9

10 Credit unions 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 5.8 5.8 10

11 Life insurance companies 649.5 683.5 683.8 683.3 689.4 697.1 704.4 741.4 744.8 744.0 755.8 11

12 Other insurance companies 527.7 534.6 543.3 548.5 553.4 571.9 569.3 578.5 588.6 604.0 609.3 12

13 Government-sponsored enterprises 95.3 89.3 96.7 119.7 118.5 131.9 133.1 130.8 127.5 130.6 134.2 13

14 Finance companies 223.8 290.7 373.5 393.7 388.8 379.9 392.6 384.5 387.5 406.6 410.9 14

15 Mortgage companies 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 19.4 15

16 REITs 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.5 39.7 16

17 Brokers and dealers 176.4 180.5 181.7 174.4 259.7 237.0 317.0 303.4 287.9 291.8 279.5 17

18 Funding corporations 304.3 463.4 602.8 614.5 631.9 617.4 671.0 675.4 679.3 694.7 688.4 18

19 Total assets 9589.9 10927.4 12620.0 13043.7 13298.1 13562.8 13652.3 13644.7 13970.3 14338.0 14430.1 19

20 Household sector 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 380.6 383.5 20

21 Nonfinancial corporate business 4477.5 5425.6 6219.5 6253.5 6375.1 6406.1 6580.9 6602.5 6606.7 6547.2 6706.7 21

22 Nonfarm noncorporate business 382.1 465.0 554.6 573.6 597.9 617.8 635.2 653.2 670.7 693.3 714.5 22

23 Farm business 45.4 45.6 45.5 45.6 46.3 46.9 47.0 47.6 48.9 50.4 51.0 23

24 State and local governments 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 64.6 63.2 24

25 Federal government 101.3 100.4 99.0 98.9 99.1 99.6 100.3 101.3 101.4 100.8 100.6 25

26 Rest of the world 1055.6 1166.6 1576.6 1928.1 1879.6 2001.7 1764.7 1731.5 1912.5 2194.0 2073.1 26

27 Monetary authority 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 19.6 27

28 Commercial banking 1065.2 1097.7 1196.9 1220.8 1265.6 1337.2 1349.6 1332.2 1374.3 1435.7 1466.0 28

29 Savings institutions 62.8 60.2 67.8 85.0 85.2 91.2 87.0 98.0 95.1 98.6 104.2 29

30 Credit unions 24.3 8.0 25.9 30.8 39.3 33.3 32.8 42.2 37.7 38.8 42.0 30

31 Bank personal trusts and estates 23.0 20.5 21.7 23.6 25.6 27.5 29.4 28.8 28.1 27.5 26.8 31

32 Life insurance companies 69.2 34.9 55.6 68.5 50.6 46.0 28.1 47.7 55.6 70.0 73.4 32

33 Other insurance companies 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 60.6 61.9 63.9 33

34 Private pension funds 622.2 627.7 621.3 609.7 613.4 608.8 614.6 625.2 612.1 604.7 614.5 34

35 State and local govt. retirement funds 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 104.1 110.3 35

36 Money market mutual funds 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 121.6 36

37 Mutual funds 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 0.8 0.8 37

38 Government-sponsored enterprises 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 108.9 120.2 38

39 Finance companies 184.4 235.3 259.6 263.5 237.6 246.8 280.1 259.9 262.5 276.6 293.0 39

40 REITs 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.9 21.9 40

41 Brokers and dealers 499.3 522.8 655.1 588.8 723.6 717.9 821.0 820.5 812.6 825.0 751.1 41

42 Funding corporations 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 508.1 42

43 Discrepancy -1972.7 -2427.9 -2902.8 -2859.8 -2806.3 -2643.0 -3147.0 -3105.7 -3140.6 -3033.6 -3036.1 43
Z.1, March 6, 2003 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 1196.2 1377.3 1515.3 1541.6 1578.3 1621.8 1623.1 1654.6 1690.5 1720.7 1738.2 1

 2 Asset: Nonfinancial corporate business 1041.2 1188.9 1304.0 1325.6 1358.6 1387.4 1389.5 1417.3 1448.1 1471.9 1481.3 2

 3 Commercial banking 31.2 35.4 44.8 45.6 46.0 46.5 45.3 46.8 46.8 47.6 47.5 3

 4 Life insurance companies 11.1 15.6 16.9 17.7 18.7 18.9 19.4 19.6 21.1 21.9 23.4 4

 5 Other insurance companies 47.0 53.0 55.8 56.4 57.3 57.7 57.5 59.2 60.6 61.9 63.9 5

 6 Finance companies 58.0 73.9 81.2 83.6 85.0 98.5 98.2 99.0 101.1 103.5 107.1 6

 7 Brokers and dealers 7.7 10.4 12.6 12.7 12.6 12.8 13.3 12.6 12.8 13.8 15.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 811.7 969.2 1132.8 1169.8 1182.0 1180.9 1196.6 1203.1 1189.1 1188.3 1213.8 8

 9 Nonfarm noncorporate business 3.4 3.4 3.6 3.5 3.8 3.7 3.7 3.9 3.9 3.9 3.9 9

10 Commercial banking 46.1 64.7 68.1 68.2 73.2 74.2 78.1 78.3 75.1 74.8 73.2 10

11 Life insurance companies 27.3 32.1 51.3 55.3 58.0 59.4 59.4 60.1 57.8 59.9 59.4 11

12 Other insurance companies 47.3 51.6 61.2 64.3 62.5 64.3 61.0 62.7 59.2 59.2 59.1 12

13 Finance companies 37.2 49.8 65.3 70.3 72.3 67.7 71.5 72.8 71.6 68.6 64.9 13

14 Brokers and dealers 10.7 10.9 19.1 17.6 17.2 17.4 14.5 14.4 10.4 10.3 9.1 14

15 Funding corporations -63.9 -80.9 -26.6 -30.0 2.1 18.2 14.1 20.4 47.3 60.7 61.5 15

16 Asset: Rest of the world 919.8 1100.8 1374.8 1419.0 1471.2 1485.7 1498.9 1515.6 1514.4 1525.6 1545.0 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.2 38.7 17

18 Asset: Federal government 32.4 33.9 35.4 35.9 36.4 36.7 37.1 37.5 37.9 38.2 38.7 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 8.4 19

20 Asset: Commercial banking 6.0 6.4 7.0 7.0 7.1 7.3 7.4 7.6 8.3 8.3 8.4 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 25.3 30.8 33.0 28.0 30.7 24.9 28.5 31.0 27.1 24.3 25.7 21

22 Asset: Nonfin. corporate business (FNMA) -0.2 -0.8 -0.8 -6.5 -4.2 -10.8 -8.1 -6.3 -10.4 -13.8 -13.1 22

23 Nonfarm noncorporate (BC) 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.7 23

24 Farm business (FICB and FLB) 1.7 1.6 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.8 2.0 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) 10.0 13.0 13.8 14.1 14.2 14.4 15.2 15.7 16.9 17.1 17.5 26

27 Savings institutions (FHLB) 11.8 14.5 15.7 16.2 16.5 16.9 17.0 17.0 15.9 16.2 16.0 27

28 Credit unions (FHLB) 0.3 0.5 0.6 0.7 0.7 0.8 0.9 1.0 1.1 1.1 1.2 28

29 Life insurance companies (FHLB) 0.2 0.3 0.4 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.5 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 469.0 471.9 525.4 541.8 552.2 577.8 586.1 593.8 609.8 630.4 638.6 30

31 Savings institutions 5.4 6.0 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.1 8.3 31

32 Finance companies 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 43.8 32

33 Mortgage companies 17.7 17.8 17.9 18.1 18.3 18.5 18.6 18.8 19.0 19.2 19.4 33

34 Brokers and dealers 93.8 83.6 113.9 153.8 165.0 169.8 143.9 155.2 149.9 140.3 147.9 34

35 Asset: Bank holding companies 603.0 623.1 715.1 769.2 789.2 819.1 805.6 816.7 828.2 839.4 857.9 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 43.8 36

37 Asset: Nonfinancial corporate business 17.1 43.9 51.3 48.6 46.7 45.9 49.6 41.3 41.6 41.5 43.8 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 90.6 93.0 138.7 142.3 137.3 113.5 107.9 103.2 124.3 121.5 132.6 38

39 Brokers and dealers 258.2 330.1 338.4 351.9 343.5 338.2 354.7 359.8 354.3 359.2 375.6 39

40 Asset: Funding corporations 348.7 423.1 477.1 494.2 480.7 451.7 462.5 463.0 478.6 480.7 508.1 40
100 Z.1, March 6, 2003

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.7 2.7 1

 2 Asset: Federal government 2.0 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.7 2.7 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 24.9 17.1 17.0 29.9 26.1 29.3 25.7 28.4 26.3 28.6 27.7 5

 6 Asset: Savings institutions 24.9 17.1 17.0 29.9 26.1 29.3 25.7 28.4 26.3 28.6 27.7 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 20.0 20.3 7

 8 Asset: Life insurance companies 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 20.0 20.3 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 120.1 131.9 136.8 136.8 140.4 142.7 141.0 143.3 149.3 151.4 151.9 9

10 Health 83.0 93.5 97.4 96.8 99.5 101.4 100.5 102.2 107.0 108.4 108.4 10

11 Policy dividend accumulation 37.1 38.4 39.5 40.0 40.9 41.3 40.4 41.0 42.3 43.0 43.6 11

12 Asset: Household sector 120.1 131.9 136.8 136.8 140.4 142.7 141.0 143.3 149.3 151.4 151.9 12

 Policy payables:

13 Liab.: Other insurance companies 480.4 482.9 482.1 484.2 490.9 507.7 508.2 515.8 529.4 544.7 550.2 13

14 Asset: Household sector 201.3 202.3 202.0 202.9 205.7 213.7 214.0 217.1 222.8 229.2 231.5 14

15 Nonfinancial corporate business 189.8 190.8 190.4 191.3 193.9 200.5 200.8 203.8 209.1 215.2 217.3 15

16 Nonfarm noncorporate business 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.8 52.3 16

17 Farm business 43.7 43.9 43.9 44.1 44.7 45.2 45.3 45.9 47.2 48.6 49.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 366.3 18

19 Asset: Private pension funds 384.6 393.5 378.4 366.0 368.4 357.8 369.0 377.4 366.6 354.5 366.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 113.9 20

21 Asset: Private pension funds 114.9 110.1 111.3 111.7 112.0 112.3 112.6 112.9 113.3 113.6 113.9 21

 Securities borrowed (net):

22 Liab.: Funding corporations 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 600.2 558.6 22

23 Asset: Brokers and dealers 403.3 419.5 508.2 487.8 542.4 559.8 578.3 583.9 597.1 600.2 558.6 23
Z.1, March 6, 2003 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2921.4 3283.2 3852.3 4202.9 4350.3 4695.3 4236.3 4188.0 4399.2 4810.0 4836.8 1

 2 Nonfinancial corporate business 1626.6 1825.4 2163.9 2210.2 2285.3 2341.7 2427.5 2455.4 2541.0 2553.0 2559.9 2

 3 Nonfarm noncorporate business 389.6 463.2 549.2 559.7 567.5 577.5 584.7 591.0 596.2 600.9 605.9 3

 4 Federal government 6.7 6.6 6.4 6.5 6.4 6.4 6.2 6.3 6.2 6.2 6.0 4

 5 Rest of the world 159.2 214.7 263.3 588.4 623.0 834.7 257.1 242.5 301.3 616.6 546.7 5

 6 Monetary authority 4.8 3.0 3.6 1.8 1.0 0.8 0.4 0.4 0.3 1.2 21.9 6

 7 Commercial banking 509.6 447.8 525.6 467.9 481.6 589.6 486.3 427.6 516.1 541.1 589.1 7

 8 U.S.-chartered commercial banks 193.0 181.2 263.2 226.1 208.9 279.8 173.7 141.6 184.4 202.3 208.9 8

 9 Foreign banking offices in U.S. 220.6 154.5 133.3 102.4 114.5 145.1 132.8 104.0 122.9 129.9 153.7 9

10 Bank holding companies 74.1 88.1 104.4 115.0 134.6 140.3 150.8 152.3 180.1 178.6 195.1 10

11 Banks in U.S.-affiliated areas 21.9 24.1 24.8 24.5 23.4 24.5 29.0 29.7 28.7 30.3 31.3 11

12 Savings institutions 94.4 79.2 95.7 101.4 112.8 114.8 113.9 114.9 109.4 118.7 128.9 12

13 Credit unions 5.2 6.0 5.6 3.5 6.0 5.5 3.8 5.2 4.4 5.8 5.8 13

14 Life insurance companies 117.5 126.1 117.3 125.2 122.6 137.2 135.0 160.6 171.1 178.3 178.2 14

15 Government-sponsored enterprises 45.2 41.4 46.7 61.7 61.7 77.7 79.0 71.4 74.2 77.7 80.8 15

16 Finance companies 152.3 153.1 205.6 226.2 223.1 220.5 221.9 229.2 232.6 255.1 258.5 16

17 REITs 31.6 36.0 37.8 42.6 37.8 37.9 37.9 38.6 38.3 39.5 39.7 17

18 Brokers and dealers -186.2 -244.1 -289.7 -348.9 -266.0 -288.4 -196.1 -226.0 -226.7 -218.0 -253.1 18

19 Funding corporations -35.1 124.8 121.3 156.7 87.4 39.5 78.6 71.1 34.9 33.9 68.3 19

20 Total assets 4894.1 5711.1 6755.1 7062.7 7156.6 7338.3 7383.2 7293.7 7539.8 7843.6 7872.8 20

21 Nonfinancial corporate business 3229.6 4002.8 4674.6 4694.6 4780.1 4783.0 4949.1 4946.4 4918.3 4832.4 4977.5 21

22 Nonfarm noncorporate business 334.9 417.5 507.2 526.0 549.7 568.0 585.4 602.6 618.9 640.1 660.6 22

23 State and local governments 11.5 18.1 24.0 32.4 31.1 44.5 24.7 15.4 37.8 64.6 63.2 23

24 Federal government 66.9 63.9 61.0 60.4 60.2 60.3 60.7 61.2 61.0 60.0 59.2 24

25 Rest of the world 135.8 65.8 201.9 509.2 408.4 516.0 265.8 215.9 398.1 668.4 528.1 25

26 Monetary authority 16.1 16.8 19.3 19.3 20.2 20.4 20.3 21.2 21.0 20.1 19.6 26

27 Commercial banking 415.1 419.7 416.2 384.9 409.1 449.9 476.2 445.3 474.1 523.2 534.7 27

28 U.S.-chartered commercial banks 114.3 120.8 126.2 137.8 134.3 163.1 162.6 133.1 153.8 186.5 180.8 28

29 Foreign banking offices in U.S. 234.5 204.9 177.1 135.1 161.5 167.5 188.9 183.7 186.3 191.5 199.9 29

30 Bank holding companies 56.5 85.4 106.3 105.0 105.5 111.1 112.2 115.1 119.9 131.5 139.6 30

31 Banks in U.S.-affiliated areas 9.7 8.7 6.6 7.1 7.8 8.2 12.5 13.5 14.1 13.8 14.4 31

32 Savings institutions 26.2 28.6 35.1 38.9 42.6 44.9 44.3 52.5 52.9 53.8 60.5 32

33 Credit unions 24.0 7.4 25.3 30.1 38.6 32.4 31.9 41.2 36.6 37.7 40.9 33

34 Bank personal trusts and estates 23.0 20.5 21.7 23.6 25.6 27.5 29.4 28.8 28.1 27.5 26.8 34

35 Life insurance companies 40.7 -0.5 18.8 31.7 13.2 7.7 -10.7 8.3 14.8 27.7 29.2 35

36 Private pension funds 122.7 124.1 131.6 132.0 133.0 138.7 133.0 134.9 132.3 136.6 134.4 36

37 State and local govt. retirement funds 66.1 81.0 93.5 106.4 106.9 116.2 113.8 101.2 112.9 104.1 110.3 37

38 Mutual funds 7.7 4.2 3.5 1.3 1.0 1.1 0.8 1.2 1.3 0.8 0.8 38

39 Money market mutual funds 67.7 90.4 102.5 97.7 109.4 113.2 128.6 121.0 138.9 131.8 121.6 39

40 Government-sponsored enterprises 70.1 75.5 85.2 84.2 83.6 97.9 96.8 89.8 107.4 108.9 120.2 40

41 Finance companies 126.4 161.4 178.3 179.9 152.6 148.3 181.9 160.9 161.4 173.1 185.9 41

42 REITs 21.2 21.1 21.1 21.8 23.0 22.9 21.6 21.9 21.4 21.9 21.9 42

43 Brokers and dealers 88.4 92.9 134.3 88.3 168.5 145.2 229.5 223.9 202.7 211.0 177.6 43

44 Discrepancy -1972.7 -2427.9 -2902.8 -2859.8 -2806.3 -2643.0 -3147.0 -3105.7 -3140.6 -3033.6 -3036.1 44
102 Z.1, March 6, 2003

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 43605.8 49162.9 49237.9 47758.0 48932.3 47210.1 48939.6 49459.2 48301.9 46764.3 47905.1 1

 2 Tangible assets 13103.1 14173.2 15484.4 15883.8 16188.3 16487.0 16706.8 17035.2 17438.6 17754.0 17974.7 2

 3 Real estate 10578.5 11518.2 12667.1 13007.5 13303.9 13590.5 13756.9 14052.3 14417.4 14679.1 14855.0 3

 4 Households (2,3) 9521.8 10407.2 11450.7 11786.3 12080.4 12364.9 12552.9 12847.3 13209.6 13467.7 13640.4 4

 5 Nonprofit organizations 1056.6 1111.0 1216.4 1221.2 1223.6 1225.6 1204.0 1205.1 1207.9 1211.4 1214.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 97.2 104.5 113.4 115.6 117.3 118.6 120.1 121.0 121.4 122.0 123.2 6

 7 Consumer durable goods (4) 2427.4 2550.6 2703.9 2760.7 2767.1 2777.9 2829.7 2861.9 2899.8 2952.9 2996.5 7

 8 Financial assets 30502.8 34989.7 33753.5 31874.2 32744.0 30723.1 32232.8 32424.0 30863.3 29010.2 29930.4 8

 9 Deposits 3927.5 4053.0 4400.7 4578.1 4551.8 4645.6 4773.1 4865.2 4831.2 4960.0 5094.2 9

10 Foreign deposits 38.3 43.5 58.5 57.0 56.0 55.1 53.5 45.5 41.0 47.5 55.7 10

11 Checkable deposits and currency 409.5 330.3 262.6 257.1 246.4 224.7 288.9 272.7 264.9 272.9 335.2 11

12 Time and savings deposits 2732.5 2811.1 3098.1 3193.7 3231.6 3283.4 3304.6 3437.5 3476.1 3574.7 3613.6 12

13 Money market fund shares 747.1 868.1 981.5 1070.4 1017.8 1082.4 1126.1 1109.5 1049.3 1064.9 1089.7 13

14 Credit market instruments 2264.1 2542.4 2373.1 2333.5 2290.6 2282.7 2306.9 2337.9 2374.6 2292.7 2362.6 14

15 Open market paper 63.7 67.7 72.7 67.2 62.7 58.9 53.3 44.8 37.9 42.9 46.6 15

16 U.S. government securities 966.4 1195.2 1022.3 889.6 802.9 840.3 855.6 855.0 838.3 783.3 751.7 16

17 Treasury 734.7 843.6 634.7 613.3 523.1 530.5 565.4 576.3 566.1 583.4 581.6 17

18 Savings bonds 186.6 186.4 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 18

19 Other Treasury 548.1 657.2 450.0 428.5 337.7 344.1 375.1 384.4 373.4 390.1 386.8 19

20 Agency 231.6 351.6 387.6 276.3 279.8 309.8 290.2 278.7 272.2 199.9 170.1 20

21 Municipal securities 428.2 452.3 463.7 475.9 509.7 500.2 506.6 536.4 581.3 578.1 616.6 21

22 Corporate and foreign bonds 695.4 716.7 702.3 788.6 802.6 770.5 778.3 788.4 803.6 774.4 833.5 22

23 Mortgages 110.5 110.4 112.2 112.2 112.7 112.9 113.0 113.2 113.5 114.0 114.2 23

24 Corporate equities (2) 7052.4 9053.1 7408.0 6228.9 6617.0 5405.5 6056.2 5882.7 4999.7 4010.5 4187.4 24

25 Mutual fund shares (5) 2447.4 3180.6 3083.3 2776.3 2981.0 2631.3 2916.2 2996.4 2814.6 2509.7 2626.5 25

26 Security credit 276.7 323.9 412.4 412.0 412.9 494.8 454.3 427.5 400.5 401.3 402.0 26

27 Life insurance reserves 718.3 783.9 819.1 823.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 27

28 Pension fund reserves 8208.4 9065.3 9069.0 8584.0 8862.6 8281.0 8693.4 8822.2 8328.1 7732.4 8053.3 28

29 Investment in bank personal trusts 1001.0 1130.4 1095.8 1000.5 1024.6 916.5 960.7 963.2 893.5 811.6 840.9 29

30 Equity in noncorporate business (6) 4285.7 4523.1 4753.2 4798.2 4817.0 4865.2 4837.2 4864.4 4933.7 4983.6 5021.8 30

31 Miscellaneous assets 321.4 334.2 338.9 339.6 346.1 356.4 354.9 360.4 372.1 380.6 383.5 31

32 Liabilities 6308.5 6888.3 7468.4 7499.1 7678.7 7914.0 8047.0 8159.9 8325.7 8502.8 8760.7 32

33 Credit market instruments 6011.8 6510.0 7075.1 7144.2 7322.8 7493.5 7686.8 7802.1 7987.8 8183.3 8443.8 33

34 Home mortgages (7) 4157.2 4531.1 4906.5 4987.7 5133.7 5264.3 5385.1 5512.0 5670.7 5853.2 6053.5 34

35 Consumer credit 1346.6 1446.1 1593.1 1584.4 1608.2 1629.3 1701.9 1677.2 1701.3 1720.9 1757.4 35

36 Municipal securities (8) 126.9 137.3 143.0 144.2 147.9 150.0 156.9 159.0 162.2 163.9 169.8 36

37 Bank loans n.e.c. 72.6 65.6 72.3 61.7 58.2 65.7 55.1 52.9 47.4 29.3 42.2 37

38 Other loans and advances 204.0 218.9 246.3 251.1 255.9 260.8 263.2 268.5 271.4 275.8 277.5 38

39 Commercial mortgages (8) 104.5 111.2 113.9 115.2 118.9 123.4 124.7 132.6 134.8 140.2 143.4 39

40 Security credit 152.8 227.9 235.1 195.8 196.0 258.1 196.4 192.0 170.6 149.6 145.0 40

41 Trade payables (8) 126.8 130.9 138.6 140.4 141.5 143.2 144.7 146.4 148.1 149.8 151.7 41

 Deferred and unpaid

42 life insurance premiums 17.2 19.4 19.6 18.7 18.5 19.3 19.1 19.4 19.3 20.0 20.3 42

43 Net worth 37297.3 42274.6 41769.5 40258.9 41253.5 39296.0 40892.6 41299.4 39976.2 38261.5 39144.4 43

 Memo:

 Replacement-cost value of structures:

44 Residential 7158.6 7727.1 8267.8 8507.0 8655.0 8722.9 8753.0 8804.4 8932.8 9007.9 9179.1 44

45 Households 6826.9 7376.9 7900.2 8127.2 8270.4 8339.1 8371.7 8423.6 8549.9 8625.6 8792.7 45

46 Farm households 198.3 211.1 222.7 231.4 234.8 234.0 232.1 231.6 232.6 232.1 234.3 46

47 Nonprofit organizations 133.5 139.1 144.9 148.3 149.8 149.7 149.2 149.2 150.3 150.3 152.1 47

48 Nonresidential (nonprofits) 709.7 761.6 816.9 840.6 853.9 859.1 861.2 857.9 863.6 868.2 876.8 48

49 Disposable personal income 6355.6 6627.4 7120.1 7317.6 7340.1 7524.2 7391.1 7668.3 7792.1 7886.0 7971.5 49

 Household net worth as percentage of

50 disposable personal income 586.8 637.9 586.6 550.2 562.0 522.3 553.3 538.6 513.0 485.2 491.1 50

 Owners’ equity in household real

51 estate (9) 5364.6 5876.1 6544.2 6798.7 6946.7 7100.6 7167.9 7335.2 7538.8 7614.6 7586.9 51

 Owners’ equity as percentage of

52 household real estate (10) 56.3 56.5 57.2 57.7 57.5 57.4 57.1 57.1 57.1 56.5 55.6 52

(1) Sector includes farm households.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 34.

(10) Line 51 divided by line 4.
Z.1, March 6, 2003 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets stated at either market value or replacement cost:

 1 Assets 14967.6 16667.8 18555.3 18627.2 18774.2 18743.6 18775.3 18812.7 18936.2 18975.1 19140.3 1

 2 Tangible assets 8151.5 8574.0 9280.8 9314.6 9321.7 9298.9 9175.9 9169.4 9262.7 9338.1 9387.9 2

 3 Real estate (1) 4209.7 4391.9 4805.2 4807.2 4807.4 4796.3 4698.7 4696.0 4787.2 4855.2 4886.5 3

 4 Equipment and software (2) 2770.7 2923.7 3124.5 3159.0 3184.0 3197.1 3214.3 3215.0 3208.1 3203.4 3212.8 4

 5 Inventories (2) 1171.0 1258.4 1351.2 1348.4 1330.3 1305.6 1262.9 1258.5 1267.4 1279.5 1288.7 5

 6 Financial assets 6816.1 8093.8 9274.5 9312.6 9452.6 9444.6 9599.4 9643.3 9673.5 9637.1 9752.4 6

 7 Foreign deposits 30.5 31.5 47.5 39.6 39.7 37.0 36.3 39.2 38.2 36.0 33.7 7

 8 Checkable deposits and currency 287.1 346.7 363.1 337.2 339.7 362.3 367.9 342.4 348.1 347.1 307.0 8

 9 Time and savings deposits 112.6 136.9 137.3 137.2 133.2 129.2 159.1 156.9 154.5 155.3 152.8 9

10 Money market fund shares 114.3 139.2 186.2 224.2 254.2 267.6 298.0 294.1 295.4 286.7 323.7 10

11 Security RPs 4.2 5.8 4.2 3.3 3.2 3.5 4.0 3.7 3.7 4.4 3.7 11

12 Commercial paper 39.4 47.6 57.8 49.6 51.3 51.3 54.5 51.2 54.5 54.2 54.4 12

13 U.S. government securities 34.2 31.8 33.5 35.7 38.4 38.8 44.0 51.3 59.7 61.5 59.0 13

14 Municipal securities 25.7 25.0 31.9 30.4 25.6 23.3 30.9 30.0 28.7 32.3 32.1 14

15 Mortgages 67.3 41.2 43.5 42.8 42.0 41.3 40.5 39.8 39.0 38.3 37.5 15

16 Consumer credit 74.9 80.3 82.7 71.4 68.0 60.2 68.0 58.1 53.0 49.2 57.0 16

17 Trade receivables 1452.9 1653.4 1938.1 1975.9 1964.2 1926.5 1807.6 1867.5 1901.3 1951.5 1907.2 17

18 Mutual fund shares (1) 95.5 128.9 129.2 111.8 117.9 97.7 107.8 106.6 90.5 73.5 77.6 18

19 Miscellaneous assets 4477.5 5425.6 6219.5 6253.5 6375.1 6406.1 6580.9 6602.5 6606.7 6547.2 6706.7 19

20 Liabilities 7457.6 8407.3 9611.4 9792.0 9915.6 9995.4 10085.1 10165.5 10252.1 10309.3 10404.3 20

21 Credit market instruments 3790.6 4203.5 4583.9 4671.5 4755.4 4790.5 4837.8 4863.2 4883.0 4871.0 4899.8 21

22 Commercial paper 193.0 230.3 278.4 253.2 223.3 201.3 190.1 167.5 148.4 142.2 126.0 22

23 Municipal securities (3) 147.8 152.8 154.2 154.7 155.8 156.4 157.7 157.5 158.3 159.3 160.8 23

24 Corporate bonds (4) 1846.0 2063.9 2225.1 2325.4 2436.5 2484.4 2565.6 2629.0 2676.9 2669.6 2698.8 24

25 Bank loans n.e.c. 764.7 825.5 887.9 883.8 856.4 838.3 816.5 806.8 769.7 759.2 751.3 25

26 Other loans and advances 562.0 585.4 652.3 660.9 681.8 687.5 664.1 659.6 671.7 678.1 681.3 26

27 Mortgages 277.2 345.6 386.0 393.5 401.6 422.7 443.7 442.8 457.9 462.6 481.6 27

28 Trade payables 1049.7 1228.2 1541.4 1546.0 1503.3 1466.9 1429.4 1446.6 1439.0 1486.3 1522.9 28

29 Taxes payable 64.1 71.0 78.0 82.9 77.6 103.1 81.2 84.3 86.9 97.0 94.0 29

30 Miscellaneous liabilities 2553.2 2904.6 3408.0 3491.6 3579.4 3634.8 3736.7 3771.4 3843.3 3854.9 3887.6 30

31 Net worth (market value) 7510.0 8260.6 8944.0 8835.2 8858.6 8748.2 8690.2 8647.2 8684.1 8665.8 8736.0 31

 Memo:

 Replacement-cost value of structures:

32 Residential 91.8 96.6 102.2 104.8 106.1 106.4 106.4 106.7 107.8 108.2 109.8 32

33 Nonresidential 3602.8 3794.4 4060.3 4161.9 4217.5 4237.1 4242.8 4218.7 4238.0 4251.0 4282.9 33

 Market value of equities outstanding

34 (includes corporate farm equities) 11606.7 15191.1 12684.2 10915.3 11615.6 9592.1 10779.0 10688.5 8975.2 7296.4 7810.6 34

35 Debt/net worth (percent) (5) 50.5 50.9 51.3 52.9 53.7 54.8 55.7 56.2 56.2 56.2 56.1 35

36 Debt/equities (percent) (6) 32.7 27.7 36.1 42.8 40.9 49.9 44.9 45.5 54.4 66.8 62.7 36

37 Equities/net worth (percent) (7) 154.5 183.9 141.8 123.5 131.1 109.6 124.0 123.6 103.4 84.2 89.4 37

 With tangible assets stated at historical cost:

38 Assets (8) 12746.6 14400.4 16006.9 16161.9 16351.4 16378.2 16525.8 16620.3 16678.0 16697.2 16854.7 38

39 Tangible assets 5930.5 6306.6 6732.4 6849.3 6898.8 6933.6 6926.5 6977.0 7004.5 7060.1 7102.3 39

40 Real estate 2288.9 2426.0 2571.3 2611.4 2654.1 2691.9 2727.5 2760.2 2794.3 2821.1 2848.5 40

41 Equipment and software 2504.3 2681.7 2891.0 2934.1 2966.9 2987.3 3011.7 3031.8 3049.6 3067.4 3086.9 41

42 Inventories 1137.3 1198.8 1270.2 1303.8 1277.9 1254.4 1187.2 1185.0 1160.6 1171.6 1166.9 42

43 Net worth (historical cost) (9) 5289.1 5993.1 6395.5 6369.9 6435.8 6382.8 6440.8 6454.7 6425.8 6387.9 6450.4 43

 Memo:

 Historical-cost value of structures:

44 Residential 37.3 39.2 42.6 43.7 44.8 46.1 47.4 48.9 50.4 52.0 53.7 44

45 Nonresidential 2054.0 2187.2 2337.6 2377.8 2417.0 2455.2 2489.0 2519.8 2547.9 2573.0 2597.0 45

46 Debt/net worth (percent) (10) 71.7 70.1 71.7 73.3 73.9 75.1 75.1 75.3 76.0 76.3 76.0 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, March 6, 2003

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 5405.6 5923.9 6497.3 6585.6 6667.6 6770.5 6784.2 6846.3 6959.8 7060.1 7145.7 1

 2 Tangible assets 4416.6 4746.0 5073.6 5126.5 5171.1 5238.7 5217.5 5250.1 5334.6 5405.6 5459.8 2

 3 Real estate (1) 3878.6 4145.6 4511.2 4555.0 4589.5 4644.7 4611.1 4632.4 4703.1 4759.0 4798.3 3

 4 Residential 2909.6 3147.6 3433.4 3491.2 3529.1 3579.5 3564.4 3602.8 3658.2 3698.6 3724.3 4

 5 Nonresidential 969.0 997.9 1077.9 1063.8 1060.4 1065.2 1046.7 1029.6 1044.9 1060.5 1074.0 5

 6 Equipment and software (2) 476.3 534.2 491.3 500.6 511.6 525.3 539.9 551.4 564.8 579.3 593.6 6

 7 Residential (3) 67.6 69.3 72.9 73.8 74.5 75.2 75.9 75.8 76.0 76.3 76.5 7

 8 Nonresidential 408.7 464.9 418.5 426.8 437.1 450.1 464.1 475.6 488.9 503.0 517.1 8

 9 Inventories (2) 61.6 66.2 71.1 71.0 70.0 68.7 66.5 66.2 66.7 67.3 67.8 9

10 Financial assets 989.1 1177.9 1423.7 1459.1 1496.5 1531.8 1566.7 1596.2 1625.2 1654.5 1685.9 10

11 Checkable deposits and currency 178.3 217.6 274.1 277.8 281.8 285.7 289.7 293.6 297.6 300.5 302.3 11

12 Time and savings deposits 94.8 117.5 137.6 143.1 147.8 153.6 157.8 159.2 160.1 158.4 155.6 12

13 Money market fund shares 32.6 40.7 49.4 52.4 54.0 55.7 59.0 58.2 59.2 57.6 60.1 13

14 Treasury securities 38.0 37.2 40.2 40.0 38.8 38.9 38.6 38.9 39.3 38.5 38.2 14

15 Municipal securities 2.8 2.7 2.4 2.5 2.5 2.6 2.6 2.7 2.7 2.8 2.8 15

16 Mortgages 26.7 24.7 23.3 24.0 25.3 25.9 26.6 27.2 27.5 27.7 27.8 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 233.8 272.5 342.1 345.7 348.4 351.6 357.0 363.3 368.0 375.6 384.6 18

19 Miscellaneous assets 382.1 465.0 554.6 573.6 597.9 617.8 635.2 653.2 670.7 693.3 714.5 19

20 Insurance receivables 45.6 45.9 45.8 46.0 46.6 48.2 48.3 49.0 50.3 51.8 52.3 20

21 Equity investment in GSEs (4) 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.7 21

22 Other 334.9 417.5 507.2 526.0 549.7 568.0 585.4 602.6 618.9 640.1 660.6 22

23 Liabilities 2004.9 2318.4 2673.1 2732.6 2793.1 2844.6 2892.9 2933.5 2976.4 3017.3 3066.2 23

24 Credit market instruments 1383.7 1566.1 1750.2 1790.9 1833.5 1870.8 1907.0 1934.7 1968.0 1999.0 2038.7 24

25 Bank loans n.e.c. 266.3 296.2 326.0 331.2 331.2 333.8 332.5 333.5 328.2 323.8 319.3 25

26 Other loans and advances 108.9 116.6 127.8 128.1 132.6 128.9 128.0 127.7 129.1 129.2 130.9 26

27 Mortgages 1008.6 1153.3 1296.4 1331.6 1369.7 1408.1 1446.5 1473.6 1510.7 1546.0 1588.5 27

28 Trade payables 169.5 210.2 276.2 282.2 289.6 292.8 296.4 300.9 303.9 307.0 309.3 28

29 Taxes payable 58.7 75.5 94.1 96.2 98.7 99.8 101.1 103.0 104.4 106.5 108.4 29

30 Miscellaneous liabilities 393.0 466.6 552.8 563.2 571.3 581.2 588.4 594.9 600.0 604.8 609.8 30

31 Net worth (5) 3400.8 3605.5 3824.2 3853.0 3874.4 3925.9 3891.3 3912.8 3983.4 4042.8 4079.5 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1834.1 1901.4 1936.2 1830.6 1814.5 1877.0 1977.3 2054.6 2054.7 2106.8 2062.2 32

33 Nonresidential 627.6 662.2 667.4 648.8 645.0 652.7 665.5 686.6 697.7 711.6 722.0 33

34 Debt/net worth (percent) (6) 40.7 43.4 45.8 46.5 47.3 47.7 49.0 49.4 49.4 49.4 50.0 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 30.

(6) Line 24 divided by line 31.
Z.1, March 6, 2003 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 3491.3 4977.3 -505.1 -1510.6 994.6 -1957.5 1596.6 406.7 -1323.2 -1714.7 882.9 1

 2 Net investment 622.4 328.5 247.4 196.8 1.9 121.8 204.3 179.4 19.6 90.0 199.4 2

 3 Net physical investment 441.3 477.0 513.6 123.0 140.2 139.0 147.3 119.4 134.7 147.6 132.1 3

 4 Capital expenditures 1083.2 1152.9 1230.7 305.9 328.5 337.4 338.9 314.9 334.4 349.6 335.4 4

 5 - Consumption of fixed capital 641.9 675.9 717.1 183.0 188.3 198.4 191.6 195.5 199.7 202.0 203.3 5

 6 Net financial investment 181.1 -148.5 -266.1 73.8 -138.4 -17.3 57.0 60.0 -115.1 -57.6 67.3 6

 7 Net acquisition of financial assets 664.8 430.9 294.9 104.5 41.3 218.0 190.0 172.9 50.8 119.5 325.2 7

 8 - Net increase in liabilities 483.8 579.4 561.0 30.7 179.7 235.3 133.0 112.9 165.8 177.0 257.9 8

 Holding gains on assets stated

 9 at market value (2) 2985.3 4692.3 -621.6 -1694.5 1055.4 -2032.1 1433.7 258.8 -1315.9 -1789.2 702.5 9

10 Real estate 629.4 697.6 880.9 288.4 226.9 206.8 101.2 240.5 295.6 183.3 107.5 10

11 Corporate equities 1103.6 2305.8 -1176.8 -1078.4 416.2 -1169.2 710.7 -121.6 -855.3 -952.9 196.8 11

12 Mutual fund shares 183.9 561.8 -255.7 -339.5 120.2 -382.2 234.2 -21.5 -218.4 -308.3 77.3 12

13 Equity in noncorporate business 290.8 299.7 241.6 65.3 23.1 51.0 -36.9 42.7 75.3 65.3 39.2 13

 Life insurance and

14 pension fund reserves 673.0 689.9 -220.3 -550.6 229.2 -644.7 365.8 115.3 -544.0 -695.1 252.2 14

 Investment in bank personal

15 trusts and estates 104.5 137.6 -91.2 -79.7 39.7 -93.8 58.6 3.4 -69.0 -81.4 29.6 15

 Holding gains on assets stated

16 at current cost (2) -109.7 -98.2 -87.9 -11.8 -58.9 -47.3 -26.7 -30.7 -21.5 -14.5 -16.4 16

17 Consumer durable goods -108.0 -97.9 -89.0 -11.5 -58.8 -47.3 -26.7 -30.2 -20.8 -13.9 -16.3 17

18 Equipment and software -1.7 -0.3 1.1 -0.3 -0.1 0.0 0.0 -0.5 -0.6 -0.6 -0.1 18

19 Other factors (3) -6.7 54.8 -43.0 -1.1 -3.8 0.2 -14.7 -0.9 -5.4 -1.0 -2.6 19

 Memo:

20 Net worth outstanding (4) 37297.3 42274.6 41769.5 40258.9 41253.5 39296.0 40892.6 41299.4 39976.2 38261.5 39144.4 20

21 Disposable personal income 6355.6 6627.4 7120.1 7317.6 7340.1 7524.2 7391.1 7668.3 7792.1 7886.0 7971.5 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 43.
106 Z.1, March 6, 2003

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 458.1 750.6 683.4 -108.8 23.4 -110.5 -57.9 -43.1 36.9 -18.2 70.2 1

 2 Net investment 22.7 206.9 231.7 8.3 42.0 -2.5 51.9 -3.8 37.2 -29.4 24.8 2

 3 Net physical investment 284.3 335.0 376.0 63.6 46.2 23.5 7.0 26.2 30.6 37.7 33.4 3

 4 Capital expenditures 826.5 885.0 957.2 216.6 203.1 195.3 179.3 193.4 199.1 204.1 206.3 4

 5 - Consumption of fixed capital 519.7 552.5 595.6 155.9 159.4 170.2 163.2 166.6 170.2 172.4 173.1 5

 6 - Inventory valuation adjustment 18.4 -4.2 -15.0 -3.0 -2.6 1.6 9.0 0.5 -1.8 -6.1 -0.2 6

 7 - Access rights from fed. government 4.1 1.7 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Net financial investment -46.1 -17.7 -26.2 -50.5 10.2 1.2 45.9 -28.0 2.2 -34.4 1.4 8

 9 Net acquisition of financial assets 569.9 969.9 1211.2 90.2 113.9 55.6 116.5 43.6 81.9 20.1 94.7 9

10 - Net increase in liabilities 616.0 987.6 1237.4 140.7 103.6 54.4 70.5 71.6 79.7 54.5 93.3 10

11 Net corporate equity issues -215.5 -110.4 -118.2 -4.7 -14.5 -27.2 -1.1 -2.0 4.5 -32.7 -10.0 11

 Holding gains on assets stated

12 at market value (2) 61.9 108.4 311.0 -38.3 -18.8 -48.4 -102.6 -18.4 61.1 42.4 26.5 12

13 Real estate 45.8 87.5 323.7 -22.2 -26.2 -29.4 -113.9 -18.5 75.8 58.2 21.1 13

14 Mutual fund shares 16.1 20.9 -12.6 -16.1 7.4 -18.9 11.4 0.1 -14.8 -15.7 5.4 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 44.5 98.9 30.8 0.4 -8.4 -8.3 -26.5 -7.7 -10.8 -13.8 0.4 15

16 Equipment and software -8.8 -5.2 22.3 -1.4 -0.6 0.0 0.2 -12.1 -17.3 -15.1 -2.7 16

17 Inventories (3) -8.9 25.1 15.4 1.8 -7.9 -8.3 -10.0 4.4 6.4 1.3 3.1 17

18 Direct investment abroad -21.1 -10.7 -32.4 0 0 0 -19.4 0 0 0 0.0 18

19 - Foreign direct investment in U.S. -83.3 -89.6 -25.5 0.0 -0.0 0.0 -2.7 -0.0 0.0 -0.0 0.0 19

20 Other factors (4) 329.0 336.4 109.9 -79.2 8.7 -51.3 19.2 -13.2 -50.6 -17.4 18.5 20

 Memo:

21 Net worth outstanding (market value) 7510.0 8260.6 8944.0 8835.2 8858.6 8748.2 8690.2 8647.2 8684.1 8665.8 8736.0 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 520.4 704.1 402.4 -25.6 65.9 -53.0 58.0 14.0 -28.9 -38.0 62.5 22

23 Net investment flow 22.7 206.9 231.7 8.3 42.0 -2.5 51.9 -3.8 37.2 -29.4 24.8 23

24 Net physical investment 284.3 335.0 376.0 63.6 46.2 23.5 7.0 26.2 30.6 37.7 33.4 24

25 Capital expenditures 826.5 885.0 957.2 216.6 203.1 195.3 179.3 193.4 199.1 204.1 206.3 25

26 - Consumption of fixed capital 519.7 552.5 595.6 155.9 159.4 170.2 163.2 166.6 170.2 172.4 173.1 26

27 - Inventory valuation adjustment 18.4 -4.2 -15.0 -3.0 -2.6 1.6 9.0 0.5 -1.8 -6.1 -0.2 27

28 - Access rights from fed. government 4.1 1.7 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 28

29 Net financial investment -46.1 -17.7 -26.2 -50.5 10.2 1.2 45.9 -28.0 2.2 -34.4 1.4 29

30 Net acquisition of financial assets 569.9 969.9 1211.2 90.2 113.9 55.6 116.5 43.6 81.9 20.1 94.7 30

31 - Net increase in liabilities 616.0 987.6 1237.4 140.7 103.6 54.4 70.5 71.6 79.7 54.5 93.3 31

32 Net corporate equity issues -215.5 -110.4 -118.2 -4.7 -14.5 -27.2 -1.1 -2.0 4.5 -32.7 -10.0 32

 Valuation adjustment on

33 reproducible assets (6) -0.5 -24.5 -14.5 34.3 -20.7 -17.5 -36.1 1.2 -32.0 -6.8 -16.1 33

34 Holding gains on mutual fund shares (2) 16.1 20.9 -12.6 -16.1 7.4 -18.9 11.4 0.1 -14.8 -15.7 5.4 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 62.3 78.9 -6.9 -0.0 0.0 -0.0 -16.7 0.0 -0.0 0.0 -0.0 35

36 Direct investment abroad -21.1 -10.7 -32.4 0 0 0 -19.4 0 0 0 0.0 36

37 - Foreign direct investment in U.S. -83.3 -89.6 -25.5 0.0 -0.0 0.0 -2.7 -0.0 0.0 -0.0 0.0 37

38 Other factors (4) 419.9 421.8 204.8 -52.2 37.1 -14.0 47.5 16.5 -19.3 13.9 48.5 38

 Memo:

39 Net worth outstanding (historical cost) 5289.1 5993.1 6395.5 6369.9 6435.8 6382.8 6440.8 6454.7 6425.8 6387.9 6450.4 39

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
Z.1, March 6, 2003 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1998 1999 2000 2001 2002

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 223.2 204.7 218.6 28.9 21.4 51.4 -34.6 21.5 70.6 59.4 36.7 1

 2 Net investment (2) -64.8 -67.2 -32.8 -27.6 -5.4 -0.0 1.2 -23.9 -2.4 -5.1 -4.4 2

 3 Net physical investment 2.5 57.7 76.1 -3.6 17.8 16.2 14.6 -12.9 11.5 6.5 13.1 3

 4 Capital expenditures 127.5 190.2 217.0 32.2 55.4 53.5 51.8 24.8 49.9 45.1 52.3 4

 5 - Consumption of fixed capital 125.0 132.5 141.0 35.8 37.7 37.3 37.2 37.7 38.4 38.6 39.2 5

 6 Net acquisition of financial assets 215.2 188.8 245.7 35.5 37.3 35.3 34.9 29.6 29.0 29.3 31.4 6

 - Net increase in liabilities from:

 7 Credit market instruments 159.7 182.4 184.1 40.8 42.5 37.3 36.2 27.8 33.2 31.0 39.7 7

 8 Trade payables 21.6 40.7 66.0 6.1 7.4 3.2 3.6 4.5 3.1 3.0 2.3 8

 9 Taxes payable 9.0 16.8 18.6 2.2 2.5 1.1 1.2 2.0 1.4 2.1 1.9 9

10 Miscellaneous liabilities 92.3 73.9 86.0 10.5 8.0 9.9 7.3 6.4 5.1 4.8 5.0 10

 Holding gains on assets stated

11 at market value (real estate) (3) 279.9 252.3 332.5 49.7 29.0 39.9 -42.8 32.0 70.5 52.1 32.2 11

12 Residential 183.0 222.2 271.4 55.7 35.6 47.2 -16.2 37.0 54.0 39.4 24.9 12

13 Nonresidential 96.9 30.1 61.0 -6.0 -6.6 -7.3 -26.5 -5.0 16.4 12.7 7.3 13

 Holding gains on assets stated

14 at current cost (3) 1.6 12.5 -82.9 6.6 -2.6 9.8 7.6 14.2 3.3 13.5 10.6 14

15 Residential equipment and software -0.4 -1.2 0.4 0.1 0.0 -0.0 -0.0 -0.8 -0.5 -0.4 -0.4 15

16 Nonresidential equipment and software 3.4 12.2 -84.9 6.2 -2.3 10.4 8.6 14.8 3.4 13.5 10.8 16

17 Inventories -1.5 1.6 1.6 0.3 -0.3 -0.5 -1.0 0.2 0.4 0.4 0.2 17

18 Other factors (4) 6.6 7.2 1.9 0.1 0.4 1.7 -0.6 -0.7 -0.6 -1.0 -1.6 18

 Memo:

19 Net worth outstanding (5) 3400.8 3605.5 3824.2 3853.0 3874.4 3925.9 3891.3 3912.8 3983.4 4042.8 4079.5 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding during period less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.
108 Z.1, March 6, 2003

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 -6.6 1

 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 28.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 2.3 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 0.6 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 3.8 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 0.7 6

 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 46.0 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 6.7 1.5 7.5 4.1 8

 9 U.S. government securities 10.9 16.4 9.4 9.7 10.0 7.4 9.3 23.9 20.3 13.0 17.0 25.6 9

10 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 0.1 10

11 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 15.4 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 0.8 12

13 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 -67.4 13

14 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 -3.3 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 1.1 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 18

19 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 13.5 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 10.0 12.0 10.4 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 4.8 2.3 -3.6 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 0.1 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 9.4 6.6 24

25 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 25

26 Miscellaneous liabilities (2) 7.1 5.5 10.5 13.7 14.2 14.0 16.0 28.6 16.8 15.8 21.2 17.0 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, March 6, 2003 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

 

 1 Total financial assets 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1957.6 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 40.4 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 10.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 63.6 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 11.6 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 473.5 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 54.7 56.1 63.7 67.7 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 218.2 243.9 8

 9 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 1.5 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 152.2 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 8.3 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 769.3 12

13 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 42.7 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 51.5 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 137.3 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 34.1 36.4 32.8 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 0.7 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 104.5 111.2 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 214.2 231.2 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, March 6, 2003

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2613.8 2780.3 3000.6 2992.3 2880.0 2878.3 2986.0 2872.1 2876.8 2881.4 2889.8 1

 2 Personal tax and nontax receipts 1070.5 1159.1 1286.4 1292.1 1119.4 1182.0 1309.8 1142.1 1121.9 1107.3 1106.3 2

 3 Corporate profit tax accruals 238.9 247.8 259.4 199.3 210.3 196.2 170.6 202.4 213.7 214.7 210.4 3

 4 Indirect business tax and nontax accruals 681.3 713.0 753.6 774.8 800.5 772.7 779.8 786.2 795.1 806.9 813.6 4

 5 Contributions for social insurance 623.3 660.4 701.3 726.1 749.9 727.4 725.8 741.4 746.1 752.4 759.5 5

 6 Current expenditures, NIPA basis 2529.3 2630.1 2775.8 2951.7 3126.2 2976.1 2994.9 3067.5 3117.4 3134.6 3185.3 6

 7 Consumption expenditures 1261.4 1336.3 1431.2 1522.2 1621.0 1528.0 1551.8 1584.0 1611.6 1629.4 1658.9 7

 8 Transfer payments (net) 965.9 998.5 1050.8 1146.6 1267.2 1157.8 1186.3 1240.3 1258.3 1272.8 1297.4 8

 9 Net interest paid 278.8 263.1 260.1 236.0 206.0 231.6 219.8 206.6 212.9 203.8 200.6 9

10 - Dividends received by government 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 0.5 0.5 0.5 10

11 Subsidies less current surplus of govt. enterprises 23.6 32.5 34.1 47.2 32.5 59.1 37.4 37.0 35.1 29.1 28.9 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis 84.6 150.2 224.8 40.6 -246.2 -97.8 -8.9 -195.4 -240.6 -253.2 -295.5 13

14 + Consumption of fixed capital 187.7 197.9 210.9 222.5 229.6 227.9 224.2 226.5 228.6 230.5 232.6 14

15 - Insurance and pension fund reserves (2) 4.4 3.8 1.8 3.3 -1.4 0.4 3.0 1.3 1.7 -6.2 -2.4 15

16 + Net capital transfers (3) 32.4 32.4 35.9 35.4 32.9 34.4 34.7 35.8 29.7 35.6 30.4 16

17 = Gross saving and net capital transfers 300.2 376.6 469.8 295.3 17.6 164.1 246.9 65.6 16.0 19.1 -30.1 17

18 Gross investment 341.1 417.7 514.8 274.4 29.9 197.0 249.3 -2.9 -184.8 177.8 129.6 18

19 Fixed investment 277.1 304.7 319.8 335.9 352.3 323.7 345.1 355.5 348.2 351.7 353.8 19

20 Access rights sales -4.1 -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment 68.1 114.7 195.6 -61.1 -322.1 -126.4 -95.5 -358.1 -532.7 -173.6 -223.9 21

22 Net acquisition of financial assets 110.4 151.3 1.3 87.8 113.3 151.0 108.3 -202.9 205.9 265.4 184.9 22

23 Gold, SDRs, and official foreign exchange 6.0 -7.1 -0.6 4.6 8.8 13.9 0.5 -2.3 10.3 23.1 4.1 23

24 Checkable deposits and currency -20.6 70.1 -64.1 46.2 -11.2 46.0 149.5 -166.6 35.1 133.4 -46.7 24

25 Time and savings deposits 14.1 11.6 10.4 11.8 33.6 11.6 23.3 81.8 -41.0 58.6 34.9 25

26 Security RPs 7.2 5.0 9.7 -18.4 0.4 -39.2 -0.6 -38.0 30.2 -16.9 26.2 26

27 Credit market instruments 116.8 37.0 38.2 23.5 15.3 15.9 18.4 -12.4 22.8 17.0 33.7 27

28 Open market paper 28.0 6.9 7.6 -26.5 -3.8 -40.0 -2.8 -44.0 -15.7 21.8 22.8 28

29 U.S. government agency securities (4) 63.6 11.0 13.5 29.8 4.1 32.6 6.1 7.8 13.3 -6.0 1.1 29

30 Municipal securities -1.4 -1.5 0.6 0.3 -1.4 0.4 -0.7 -0.8 -1.2 -1.6 -1.9 30

31 Corporate and foreign bonds 10.2 10.1 3.7 9.4 4.3 14.8 4.1 15.3 13.1 -8.3 -3.1 31

32 Mortgages 3.3 4.2 3.7 3.6 4.6 1.4 6.6 4.7 3.9 3.2 6.5 32

33 Other loans and advances (5) 13.2 6.2 9.2 6.9 7.6 6.6 5.1 4.6 9.5 8.0 8.2 33

34 Corporate equities 9.4 3.5 -1.2 22.8 9.2 21.5 22.4 12.9 27.0 3.4 -6.6 34

35 Mutual fund shares -12.3 4.3 0.8 5.1 -5.5 -0.8 4.0 -4.0 -2.7 -7.0 -8.5 35

36 Trade receivables 1.5 4.6 5.3 7.2 0.0 13.9 -4.5 -3.2 6.3 0.3 -3.3 36

37 Taxes receivable -0.1 19.1 6.6 -4.6 46.3 79.5 -89.8 -10.7 92.7 32.3 71.1 37

38 Miscellaneous assets -11.5 3.2 -3.9 -10.5 16.5 -11.3 -15.0 -60.5 25.1 21.2 80.1 38

39 Net increase in liabilities 42.4 36.6 -194.3 148.9 435.4 277.4 203.7 155.2 738.6 439.0 408.8 39

40 SDR certificates 0.0 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Treasury currency 0.6 1.0 2.4 1.3 1.0 2.2 0.0 0.9 0.6 2.4 0.0 41

42 Credit market instruments -16.1 -29.8 -248.7 76.0 386.8 231.0 150.0 90.4 680.2 402.1 374.5 42

43 Savings bonds 0.1 -0.2 -1.7 5.6 4.5 4.1 13.4 7.9 3.8 2.4 4.1 43

44 Other Treasury securities (6) -84.7 -68.3 -262.6 -30.9 234.8 160.4 -0.1 18.1 492.3 254.7 174.1 44

45 Budget agency securities 2.0 -0.2 -1.0 -0.5 0.5 -0.4 -0.7 -1.8 1.8 1.6 0.4 45

46 Municipal securities 66.5 38.9 16.5 101.9 147.0 66.9 137.5 66.3 182.3 143.4 195.9 46

47 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Trade payables 22.5 28.8 31.7 17.3 11.9 24.5 18.1 23.4 16.4 26.5 -18.6 48

49 Insurance and pension reserves (7) 42.5 42.5 22.3 62.2 36.1 41.0 50.3 31.7 33.5 32.9 46.3 49

50 Miscellaneous liabilities -7.1 -2.9 2.0 -7.8 -0.4 -21.4 -14.7 8.7 7.9 -25.0 6.6 50

51 Discrepancy -40.9 -41.1 -45.0 20.8 -12.3 -32.9 -2.4 68.5 200.8 -158.8 -159.7 51

 Memo:

52 Current surplus less fixed investment (8) -192.6 -154.5 -95.0 -295.2 -598.5 -421.5 -354.0 -550.9 -588.8 -604.9 -649.3 52

53 Adjustment between NIPA and FOF (9) 260.6 269.2 290.6 234.1 276.4 295.1 258.5 192.8 56.0 431.4 425.4 53

54 Items to be financed (10) 68.1 114.7 195.6 -61.1 -322.1 -126.4 -95.5 -358.1 -532.7 -173.6 -223.9 54

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Table F.9, line 1.

(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(5) Excludes loans to state and local governments.

(6) Excludes Treasury securities owed to state and local governments.

(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(8) Line 13 less line 19

(9) Line 14 plus line 16 less sum of lines 15, 20, and 51.

(10) Line 52 plus line 53.
Z.1, March 6, 2003 111

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1998 1999 2000 2001 2002 2001 2002

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1343.8 1538.7 1557.6 1691.9 1753.7 1632.7 1691.9 1669.9 1672.5 1746.9 1753.7 1

 2 Gold, SDRs, and official foreign exchange 51.0 44.4 41.0 43.1 51.1 44.6 43.1 42.2 42.5 48.8 51.1 2

 3 Checkable deposits and currency 51.5 120.1 57.4 105.1 93.3 80.1 105.1 62.4 96.0 119.1 93.3 3

 4 Time and savings deposits 95.8 107.5 117.8 129.7 163.3 120.2 129.7 148.2 135.5 150.3 163.3 4

 5 Security RPs 158.5 163.5 173.3 154.9 155.2 155.0 154.9 145.4 152.9 148.7 155.2 5

 6 Credit market instruments 679.1 749.2 787.5 811.0 826.3 806.4 811.0 807.9 813.6 817.9 826.3 6

 7 Open market paper 102.0 108.9 116.5 90.0 86.2 90.7 90.0 79.0 75.1 80.5 86.2 7

 8 Agency securities (1) 179.0 190.0 203.5 233.3 237.4 231.8 233.3 235.3 238.6 237.1 237.4 8

 9 Municipal securities 2.5 1.0 1.6 1.9 0.5 2.1 1.9 1.7 1.4 1.0 0.5 9

10 Corporate and foreign bonds 61.2 71.3 75.0 84.4 88.7 83.4 84.4 88.2 91.5 89.4 88.7 10

11 Mortgages 170.3 207.5 211.2 214.8 219.4 213.1 214.8 216.0 216.9 217.7 219.4 11

12 Other loans and advances (2) 164.1 170.5 179.7 186.6 194.2 185.4 186.6 187.8 190.1 192.1 194.2 12

13 Corporate equities 102.0 115.0 115.1 126.3 115.4 111.3 126.3 131.8 123.8 104.3 115.4 13

14 Mutual fund shares 21.3 25.6 26.4 31.5 26.0 30.5 31.5 30.5 29.9 28.1 26.0 14

15 Trade receivables 22.3 22.9 28.1 35.4 35.4 37.6 35.4 35.8 37.0 37.5 35.4 15

16 Taxes receivable 49.5 72.0 87.9 129.9 123.9 102.8 129.9 149.0 102.2 126.8 123.9 16

17 Miscellaneous assets 112.7 118.5 123.0 125.0 163.8 144.1 125.0 116.7 139.2 165.4 163.8 17

18 Total liabilities 5967.8 6007.2 5810.6 5967.2 6402.9 5849.9 5967.2 6029.8 6107.7 6241.7 6402.9 18

19 SDR certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 19

20 Treasury currency 19.9 20.9 23.2 24.5 25.5 24.5 24.5 24.7 24.8 25.5 25.5 20

21 Credit market instruments 4611.1 4581.3 4332.6 4408.6 4795.4 4319.8 4408.6 4475.9 4536.8 4652.5 4795.4 21

22 Savings bonds 186.6 186.4 184.8 190.3 194.9 186.4 190.3 191.9 192.7 193.3 194.9 22

23 Other Treasury securities (3) 3267.8 3199.4 2936.9 2905.9 3140.7 2857.8 2905.9 2950.9 2960.2 3051.0 3140.7 23

24 Budget agency securities 28.5 28.3 27.3 26.8 27.3 27.0 26.8 26.3 26.8 27.2 27.3 24

25 Municipal securities 1128.2 1167.1 1183.6 1285.6 1432.5 1248.7 1285.6 1306.8 1357.1 1381.0 1432.5 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 644.4 673.2 704.9 722.2 734.1 721.6 722.2 729.2 736.4 743.0 734.1 27

28 Insurance and pension reserves 676.5 719.0 741.3 803.6 839.7 775.4 803.6 791.5 801.3 812.4 839.7 28

29 Miscellaneous liabilities 6.7 6.6 6.4 6.2 6.0 6.4 6.2 6.3 6.2 6.2 6.0 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
112 Z.1, March 6, 2003

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

 

 1 Net acquisition of financial assets -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -56.7 -51.3 -47.6 -22.7 1

 2 Checkable deposits and currency -0.5 -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.6 0.6 0.2 -0.5 0.1 2

 3 Time and savings deposits -5.5 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 15.1 4.7 3.2 -3.2 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 0.0 4

 5 Security RPs -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 0.5 1.2 5

 6 Credit market instruments 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 10.8 13.7 -2.6 -7.8 6

 7 Open market paper -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 -2.0 1.3 7

 8 U.S. government securities 21.1 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 -36.9 5.0 6.1 -0.3 -4.0 8

 9 Treasury 0.6 -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 -20.2 -3.3 -0.9 -2.5 -1.7 9

10 Agency 20.5 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 -16.7 8.4 7.0 2.1 -2.3 10

11 Corporate and foreign bonds 11.2 13.8 20.8 14.0 2.7 17.4 3.1 26.5 16.4 5.0 6.0 -0.3 -5.2 11

12 Mortgages 1.5 -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 -0.3 0.1 0.2 0.0 0.1 12

13 Corporate equities 0.2 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -54.6 -66.8 -71.1 -37.8 -23.9 13

14 Mutual fund shares 0.4 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 3.3 2.4 -0.3 -2.0 -0.8 14

15 Miscellaneous assets -28.0 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 5.9 -9.0 1.8 -1.9 4.3 15

16 Unallocated insurance contracts (1) -6.2 -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 -3.8 -3.6 -4.7 -2.2 1.7 16

17 Contributions receivable 2.8 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 8.0 -6.0 0.0 0.0 0.0 17

18 Other -24.6 -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 1.8 0.6 6.5 0.3 2.6 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 40.1 44.8 41.7 29.3 32.4 1

 2 Checkable deposits and currency -0.3 -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 -1.5 0.4 0.2 -0.4 0.2 2

 3 Time and savings deposits 1.3 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -5.8 13.3 -7.7 -0.3 7.4 -3.3 3

 4 Money market fund shares -0.0 1.0 1.0 6.5 5.3 6.0 10.8 13.1 1.9 11.7 4.6 -10.6 2.8 4

 5 Security RPs 0.4 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 0.6 -0.8 -0.4 0.3 0.6 5

 6 Credit market instruments 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 -3.3 6.3 19.7 22.9 38.8 6

 7 Open market paper 1.3 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 2.5 2.6 -3.1 3.7 11.1 7

 8 U.S. government securities 3.9 6.2 4.3 2.0 20.3 -1.5 2.1 -0.5 -10.8 6.3 9.0 7.8 12.3 8

 9 Treasury 1.8 6.1 5.2 3.8 10.2 0.6 1.9 0.4 -10.9 0.7 -0.5 -1.7 8.8 9

10 Agency 2.1 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 0.1 5.6 9.5 9.5 3.4 10

11 Corporate and foreign bonds 8.7 7.6 7.3 13.8 -9.1 -3.9 -0.2 7.4 5.1 -3.4 12.8 10.1 13.8 11

12 Mortgages 0.1 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 -0.0 0.8 1.0 1.3 1.7 12

13 Corporate equities 0.7 11.3 28.8 15.1 5.8 -18.4 -16.2 -36.9 28.0 37.7 21.2 4.5 -29.9 13

14 Mutual fund shares 6.2 9.8 13.0 22.4 20.1 43.1 25.3 41.4 -6.8 -0.8 1.5 -1.8 9.4 14

15 Miscellaneous assets 9.9 27.3 8.8 4.6 15.0 32.6 24.2 14.7 7.8 -2.0 -4.8 7.1 13.7 15

16 Unallocated insurance contracts (2) 15.9 23.0 10.6 12.9 8.9 23.7 12.2 4.6 -11.0 -4.0 -7.0 4.7 13.7 16

17 Contributions receivable 3.2 3.9 4.4 4.9 5.5 4.4 4.3 3.6 13.4 1.2 1.2 1.3 1.3 17

18 Other -9.2 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 5.5 0.8 1.0 1.2 -1.3 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: 89.6 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.2 116.3 124.3 NA 1

 2 Commercial banking 21.6 16.6 -0.5 -2.9 -1.1 6.5 0.7 0.1 -0.5 -3.4 8.9 3.1 NA 2

 3 Saving institutions -2.6 -3.8 -8.3 -9.1 -6.3 -1.9 -3.9 -6.0 -5.3 -3.1 -2.3 -1.8 NA 3

 4 Credit unions 3.2 3.6 0.9 -0.3 -0.0 1.2 0.9 1.2 0.3 0.9 0.4 3.2 NA 4

 5 Life insurance companies 4.4 7.1 4.9 12.6 13.2 11.2 10.3 47.5 24.6 40.8 19.5 9.0 NA 5

 6 Money market mutual funds 12.9 -1.1 3.0 6.0 12.7 13.9 13.8 4.0 23.0 21.0 4.0 20.0 NA 6

 7 Mutual funds 10.4 41.9 38.9 59.5 13.5 64.3 50.0 88.1 90.2 90.6 49.8 33.4 NA 7

 8 Other self-directed accounts 39.7 3.1 19.5 -16.7 21.1 -36.6 -19.0 -66.4 -40.7 -34.6 35.9 57.3 NA 8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, March 6, 2003 113

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

 

 1 Total financial assets 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2101.9 2004.0 1818.1 1585.4 1

 2 Checkable deposits and currency 1.0 1.0 1.0 1.0 1.8 2.1 2.2 2.6 3.2 3.8 4.0 3.5 3.6 2

 3 Time and savings deposits 51.3 56.8 47.6 54.1 67.1 71.9 82.7 96.0 111.1 115.8 119.0 115.8 119.9 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 18.0 19.3 5

 6 Credit market instruments 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.0 483.8 497.4 494.8 487.0 6

 7 Open market paper 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 15.5 16.8 7

 8 U.S. government securities 205.1 209.0 209.4 219.8 260.6 267.3 252.0 264.2 227.4 232.4 238.5 238.2 234.2 8

 9 Treasury 93.6 84.7 73.7 68.1 78.2 80.2 75.6 79.3 59.1 55.8 54.9 52.4 50.7 9

10 Agency 111.5 124.3 135.8 151.7 182.4 187.1 176.4 185.0 168.3 176.6 183.7 185.8 183.5 10

11 Corporate and foreign bonds 110.1 123.9 144.7 158.7 161.4 178.8 181.9 208.4 224.8 229.8 235.9 235.5 230.3 11

12 Mortgages 19.7 13.0 9.9 8.5 4.7 4.9 5.0 5.6 5.3 5.4 5.6 5.6 5.7 12

13 Corporate equities 341.4 458.6 484.5 555.6 559.9 699.6 785.8 876.0 986.6 1157.3 1046.0 889.0 685.3 13

14 Mutual fund shares 6.8 11.4 15.6 22.3 39.0 54.8 63.8 81.4 101.0 129.0 123.7 107.6 84.9 14

15 Miscellaneous assets 134.3 144.3 135.5 143.5 158.2 158.3 176.4 182.6 194.9 196.2 196.4 189.4 185.4 15

16 Unallocated insurance contracts (1) 73.6 77.3 69.6 69.7 79.2 80.3 88.9 90.7 93.3 99.9 93.6 86.3 79.6 16

17 Contributions receivable 16.9 25.1 30.7 38.0 44.2 43.9 43.6 47.1 55.1 49.1 49.1 49.1 49.1 17

18 Other 43.8 41.9 35.2 35.8 34.8 34.2 43.9 44.8 46.6 47.2 53.7 54.0 56.6 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2292.4 2528.5 2511.4 2353.0 2100.6 1

 2 Checkable deposits and currency 2.3 2.0 2.0 2.2 2.3 2.7 3.1 4.0 2.5 2.9 3.0 2.6 2.9 2

 3 Time and savings deposits 59.1 59.2 51.1 41.3 35.0 34.7 29.3 23.4 36.7 28.9 28.7 36.0 32.8 3

 4 Money market fund shares 17.8 18.8 19.8 26.3 31.6 37.5 48.4 61.4 63.4 75.1 79.6 69.0 71.8 4

 5 Security RPs 8.5 10.4 11.6 12.6 10.6 10.7 12.1 12.7 13.2 12.5 12.1 12.4 13.0 5

 6 Credit market instruments 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 178.2 184.5 204.2 227.1 265.9 6

 7 Open market paper 11.3 12.7 13.6 14.3 12.3 13.0 15.4 16.3 18.8 21.3 18.3 22.0 33.1 7

 8 U.S. government securities 57.7 63.9 68.2 70.2 90.5 89.0 91.1 90.7 79.9 86.1 95.1 102.9 115.2 8

 9 Treasury 36.1 42.2 47.5 51.2 61.4 62.0 63.8 64.3 53.4 54.0 53.6 51.8 60.7 9

10 Agency 21.6 21.7 20.7 18.9 29.1 27.1 27.3 26.4 26.5 32.1 41.6 51.1 54.5 10

11 Corporate and foreign bonds 47.5 55.1 62.4 76.2 67.1 63.2 63.0 70.4 75.5 72.1 84.9 95.0 108.8 11

12 Mortgages 5.2 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.1 4.9 5.9 7.2 8.9 12

13 Corporate equities 264.8 348.6 391.5 463.0 459.9 589.6 678.1 820.4 1004.1 1168.5 1149.1 1036.7 829.7 13

14 Mutual fund shares 33.7 55.0 80.6 119.9 166.9 272.0 348.5 488.2 567.1 624.8 609.9 543.9 455.4 14

15 Miscellaneous assets 226.8 257.1 266.1 278.0 304.7 346.8 379.1 408.3 427.2 431.5 424.9 425.2 429.1 15

16 Unallocated insurance contracts (2) 141.2 167.2 178.0 198.2 218.7 252.0 272.2 291.3 291.3 293.5 284.8 282.7 286.6 16

17 Contributions receivable 15.4 19.3 23.7 28.6 34.1 38.5 42.8 46.4 59.8 61.0 62.2 63.5 64.8 17

18 Other 70.2 70.6 64.4 51.3 51.9 56.4 64.1 70.6 76.1 76.9 77.9 79.0 77.7 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total held at: 637.0 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2613.0 2508.0 NA 1

 2 Commercial banking 132.6 149.2 148.6 145.8 144.7 151.1 151.9 152.0 151.5 148.1 157.0 160.1 NA 2

 3 Saving institutions 106.3 102.5 94.2 85.1 78.9 76.9 73.0 67.0 61.8 58.7 56.4 54.6 NA 3

 4 Credit unions 27.5 31.1 32.1 31.8 31.8 33.0 33.8 35.0 35.3 36.2 36.7 39.9 NA 4

 5 Life insurance companies 42.0 49.7 55.6 69.5 78.7 94.3 110.3 160.0 190.1 245.5 245.5 247.1 NA 5

 6 Money market mutual funds 40.7 39.6 42.6 48.6 61.3 75.2 89.0 93.0 116.0 137.0 141.0 161.0 NA 6

 7 Mutual funds 97.9 144.2 189.2 266.1 279.9 387.3 490.0 658.0 824.0 1082.0 1051.0 966.0 NA 7

 8 Other self-directed accounts 190.0 259.6 310.6 346.2 380.8 470.2 518.9 563.0 771.3 943.5 925.4 879.2 NA 8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories

 (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, March 6, 2003 Flow of Funds Matrix for 2002

(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 SUS U S U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving and net cap. transfers -- 1321.7 -- 975.3 -- 130.1 -- -112.5 -- 2314.7 -- 484.1 -- 146.1  2 Capital consumption -- 800.5 -- 862.7 -- 127.7 -- 101.9 -- 1892.7 -- -- -- 124.3  3 Net saving (1 less 2) -- 553.3 -- 112.6 -- 2.5 -- -214.4 -- 454.0 -- 484.1 -- 21.8  4 Gross investment (5 plus 11) 1288.9 -- 926.0 -- 154.8 -- -124.8 -- 2244.8 -- 459.7 -- 119.6 --  5 Capital expenditures 1334.3 -- 1007.0 -- 245.1 -- 107.0 -- 2693.3 -- -- -- 123.6 --  6 Consumer durables 871.7 -- -- -- -- -- -- -- 871.7 -- -- -- -- --  7 Residential 402.8 -- 67.3 -- -- -- -- -- 470.1 -- -- -- 1.8 --  8 Nonresidential 59.8 -- 908.5 -- 245.1 -- 107.3 -- 1320.6 -- -- -- 121.9 --  9 Inventory change -- -- 3.6 -- -- -- -- -- 3.6 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.3 -- -- -- -0.3 -- 0.0 -- -- -- -- -- 11 Net financial investment -45.4 -- -81.1 -- -90.3 -- -231.8 -- -448.5 -- 459.7 -- -4.1 -- 12 Financial uses 668.3 -- 363.2 -- 81.6 -- 49.8 -- 1163.0 -- 655.8 -- 2135.5 -- 13 Financial sources -- 713.7 -- 444.2 -- 171.9 -- 281.6 -- 1611.5 -- 196.1 -- 2139.5 14 Gold and off. fgn. exchange -- -- -- -- -- -- 8.8 -- 8.8 -- -0.8 9.9 1.9 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- 1.0 -- 1.0 -- -- 1.6 -- 17 Foreign deposits 2.2 -- -2.6 -- -- -- -- -- -0.4 -- -- 46.2 -10.1 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -6.2 -- 6.0 6.4 19 Checkable dep. and currency 46.3 -- -48.6 -- 7.5 -- -18.7 -- -13.5 -- 23.2 -- 28.4 45.4 20 Time and savings deposits 309.0 -- -8.5 -- 16.5 -- 17.1 -- 334.1 -- 9.1 -- -10.2 333.0 21 Money market fund shares -36.4 -- 26.7 -- -- -- -- -- -9.7 -- -- -- -7.2 -16.8 22 Fed. funds and security RPs -- -- -0.3 -- 0.4 -- -- -- 0.1 -- 34.0 -- 41.3 93.4 23 Credit market instruments 55.7 756.9 3.1 201.8 25.8 147.4 7.7 257.5 92.2 1363.7 416.9 22.5 1799.5 922.4 24 Open market paper -6.7 -- -0.1 -64.2 -3.8 -- -- -- -10.6 -64.2 14.6 36.1 -101.9 -69.9 25 Treasury securities 16.2 -- 2.0 -- 17.7 -- -- 257.0 35.9 257.0 99.2 -- 121.9 -- 26 Federal agency securities -120.1 -- 12.5 -- 4.1 -- 0.0 0.5 -103.5 0.5 126.1 -- 538.5 560.6 27 Municipal securities 110.0 12.9 1.4 3.1 -1.4 147.0 -- -- 110.0 163.0 -- -- 52.9 -- 28 Corporate and fgn. bonds 55.2 -- -- 133.2 4.3 -- -- -- 59.5 133.2 166.9 -16.7 289.2 399.0 29 Bank loans n.e.c. -- -12.9 -- -79.3 -- -- -- -- -- -92.1 -- 5.4 -75.8 11.0 30 Other loans and advances -- 14.3 -- 20.1 -- 0.5 8.0 -- 8.0 34.9 10.1 -2.3 31.3 16.9 31 Mortgages 1.1 687.1 -1.8 188.9 5.0 -- -0.4 0.0 3.9 876.0 -- -- 877.0 4.9 32 Consumer credit -- 55.5 -10.9 -- -- -- -- -- -10.9 55.5 -- -- 66.4 -- 33 Corporate equities -135.6 -- -- -40.2 9.2 -- -- -- -126.4 -40.2 54.4 18.9 118.4 67.7 34 Mutual fund shares 181.3 -- -5.2 -- -5.5 -- -- -- 170.5 -- -- -- 11.7 182.2 35 Trade credit -- 7.0 127.1 105.9 -- 24.5 0.0 -12.6 127.2 124.8 3.9 -8.1 32.7 -1.9 36 Security credit -52.3 -51.4 -- -- -- -- -- -- -52.3 -51.4 0.0 0.0 -49.0 -50.0 37 Life insurance reserves 100.8 -- -- -- -- -- -- 1.6 100.8 1.6 -- -- -- 99.3 38 Pension fund reserves 209.1 -- -- -- -- -- -- 34.5 209.1 34.5 -- -- -- 174.6 39 Taxes payable -- -- -- 20.2 11.7 -- 34.7 -- 46.3 20.2 -- -- -- 8.8 40 Inv. in bank personal trusts -2.4 -- -- -- -- -- -- -- -2.4 -- -- -- -- -2.4 41 Equity in noncorp. business -37.8 -- -- -35.8 -- -- -- -- -37.8 -35.8 -- -- -- -2.0 42 Miscellaneous 28.5 1.2 271.4 192.3 16.1 -- 0.3 -0.4 316.4 193.1 121.5 106.7 170.5 279.6 43 Sector discrepancies (1 less 4) 32.8 -- 49.3 -- -24.7 -- 12.4 -- 69.8 -- 24.5 -- 26.5 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, March 6, 2003 Flow of Funds Matrix for 2002

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Finan

Organizations Business Governments Government Sectors the World Sec

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 29930.4 -- 11509.1 -- 1431.6 -- 605.6 -- 43476.8 -- 7566.5 -- 38789.1  2 Total liabilities and equity -- 8760.7 -- 26620.6 -- 2127.6 -- 4558.9 -- 42067.7 -- 5409.5 --  3 Total liabilities -- 8760.7 -- 13686.7 -- 2127.6 -- 4558.9 -- 29133.9 -- 4104.4 --  4 Monetary gold and SDRs -- -- -- -- -- -- 12.2 -- 12.2 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 22.1 -- 22.1 -- -- 22.0 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.9 -- 16.9 -- -- 33.8 16.9  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 25.5 -- 25.5 -- -- 34.6  9 Foreign deposits 55.7 -- 33.7 -- -- -- -- -- 89.3 -- -- 955.2 114.1 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 105.6 -- 70.8 11 Checkable dep. and currency 335.2 -- 629.0 -- 45.7 -- 47.5 -- 1057.5 -- 337.2 -- 229.7 12 Time and savings deposits 3613.6 -- 308.5 -- 135.7 -- 27.6 -- 4085.4 -- 95.3 -- 401.1 13 Money market fund shares 1089.7 -- 383.7 -- -- -- -- -- 1473.5 -- -- -- 750.4 14 Fed. funds and security RPs -- -- 3.7 -- 155.2 -- -- -- 158.9 -- 184.8 -- 615.0 15 Credit market instruments 2362.6 8443.8 308.9 7134.3 830.9 1442.0 279.0 3637.0 3781.3 20657.1 3371.3 727.4 24549.6 16 Open market paper 46.6 -- 54.4 126.0 86.2 -- -- -- 187.1 126.0 132.7 142.8 1027.9 17 Treasury securities 581.6 -- 62.2 -- 274.2 -- -- 3609.8 918.0 3609.8 1138.7 -- 1553.0 18 Federal agency securities 170.1 -- 35.0 -- 237.4 -- 0.0 27.3 442.4 27.3 680.9 -- 4408.6 19 Municipal securities 616.6 169.8 34.9 160.8 0.5 1432.5 -- -- 652.1 1763.1 -- -- 1111.0 20 Corporate and fgn. bonds 833.5 -- -- 2698.8 88.7 -- -- -- 922.2 2698.8 1293.1 471.7 3992.5 21 Bank loans n.e.c. -- 42.2 -- 1116.6 -- -- -- -- -- 1158.8 -- 68.6 1345.1 22 Other loans and advances -- 277.5 -- 836.8 -- 9.4 203.6 -- 203.6 1123.7 125.8 44.2 1328.6 23 Mortgages 114.2 6196.9 65.3 2195.4 143.9 -- 75.4 0.0 398.8 8392.3 -- -- 8082.6 24 Consumer credit -- 1757.4 57.0 -- -- -- -- -- 57.0 1757.4 -- -- 1700.3 25 Corporate equities 4187.4 -- -- 7810.6 115.4 -- -- -- 4302.8 7810.6 1351.0 1305.1 6080.7 26 Mutual fund shares 2626.5 -- 77.6 -- 26.0 -- -- -- 2730.1 -- -- -- 904.5 27 Trade credit -- 151.7 2291.8 1852.6 -- 685.6 35.4 48.5 2327.2 2738.4 48.3 39.7 348.4 28 Security credit 402.0 145.0 -- -- -- -- -- -- 402.0 145.0 0.0 0.0 322.5 29 Life insurance reserves 958.4 -- -- -- -- -- -- 39.4 958.4 39.4 -- -- -- 30 Pension fund reserves 8053.3 -- -- -- -- -- -- 800.3 8053.3 800.3 -- -- -- 31 Taxes payable -- -- -- 202.4 59.5 -- 64.3 -- 123.9 202.4 -- -- -- 32 Inv. in bank personal trusts 840.9 -- -- -- -- -- -- -- 840.9 -- -- -- -- 33 Equity in noncorp. business 5021.8 -- -- 5123.3 -- -- -- -- 5021.8 5123.3 -- -- -- 34 Miscellaneous 383.5 20.3 7472.3 4497.4 63.2 -- 100.6 6.0 8019.5 4523.7 2073.1 2326.4 4337.5 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
116 Z.1, March 6, 2003

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

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

 

 1 Assets 25879.0 27010.9 28508.5 29453.4 32640.8 35507.4 39630.8 43605.8 49162.9 49237.9 48939.6 47905.1 1

 2 Tangible assets 9505.9 9830.5 10138.4 10448.5 11045.1 11492.0 12141.7 13103.1 14173.2 15484.4 16706.8 17974.7 2

 3 Financial assets 16373.2 17180.4 18370.1 19004.8 21595.7 24015.4 27489.0 30502.8 34989.7 33753.5 32232.8 29930.4 3

 4 Deposits 3253.3 3219.7 3156.1 3109.6 3298.0 3440.8 3622.3 3927.5 4053.0 4400.7 4773.1 5094.2 4

 5 Credit market instruments 1634.4 1677.6 1647.7 1935.0 1943.5 2142.4 2144.9 2264.1 2542.4 2373.1 2306.9 2362.6 5

 6 Equity shares at market value 4363.2 4896.2 5686.4 5673.2 7598.8 9171.2 11801.3 13736.2 17262.2 15263.7 13024.3 9796.6 6

 7 Directly held 2548.7 2869.2 3237.1 3081.7 4137.3 4861.5 6228.9 7052.4 9053.1 7408.0 6056.2 4187.4 7

 8 Indirectly held 1814.5 2026.9 2449.3 2591.5 3461.6 4309.7 5572.4 6683.9 8209.1 7855.7 6968.1 5609.2 8

 9 Bank personal trusts and estates 271.7 268.7 262.0 263.6 365.2 439.3 555.1 599.2 698.6 645.5 527.0 399.3 9

10 Life insurance companies 93.8 113.3 163.5 199.6 274.7 373.3 510.5 665.4 904.4 882.8 806.5 660.2 10

11 Private pension funds 840.9 930.7 1100.5 1142.0 1501.8 1720.0 2083.4 2487.7 2896.5 2748.6 2412.9 1959.9 11

12 Defined benefit plans 463.2 490.8 565.5 578.6 729.9 825.9 931.0 1056.7 1253.2 1136.0 962.8 736.4 12

13 Defined contribution plans 377.7 439.9 534.9 563.3 771.9 894.1 1152.4 1431.0 1643.3 1612.6 1450.1 1223.5 13

14 State and local govt. retirement funds 379.1 428.5 497.3 507.6 678.9 828.5 1084.8 1233.9 1343.2 1335.1 1221.9 1011.6 14

15 Mutual funds 229.0 285.7 426.0 478.7 641.1 948.6 1338.7 1697.6 2366.4 2243.6 1999.9 1578.3 15

16 Other 7122.3 7386.9 7879.9 8287.0 8755.3 9261.0 9920.7 10574.9 11132.1 11715.9 12128.6 12677.1 16

17 Liabilities 3935.5 4141.4 4415.1 4732.2 5081.3 5445.8 5824.8 6308.5 6888.3 7468.4 8047.0 8760.7 17

18 Net worth 21943.5 22869.4 24093.4 24721.2 27559.5 30061.6 33806.0 37297.3 42274.6 41769.5 40892.6 39144.4 18

 Memo:

19 Equity shares excluding defined benefit plans 3521.0 3976.8 4623.6 4587.0 6190.1 7516.8 9785.5 11445.6 14665.8 12792.6 10839.6 8048.7 19

 (line 6 minus lines 12 and 14)

 Equity shares (line 6) as a percent of

20 Total assets (line 1) 16.9 18.1 19.9 19.3 23.3 25.8 29.8 31.5 35.1 31.0 26.6 20.5 20

21 Financial assets (line 3) 26.6 28.5 31.0 29.9 35.2 38.2 42.9 45.0 49.3 45.2 40.4 32.7 21

(1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households.

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.