Thursday

March 4, 2004

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts

of the United States

Flows and Outstandings

Fourth Quarter 2003

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

Fourth Quarter 2003

Domestic nonfinancial debt rose at a

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

fourth quarter of 2003, about half a percentage point

less than the pace in the third quarter. The slowdown in

debt growth was accounted for by the household sector;

slower growth of mortgage debt and consumer credit

pushed total household debt growth down from an

annual rate of 10 percent in the third quarter to a pace

of 8-1/4 percent last quarter. Growth of federal

government debt held by the public edged up to a

seasonally adjusted annual rate of 9 percent last quarter,

and growth of state and local government debt rose to

an 8 percent pace. Debt of nonfinancial businesses

increased at an annual rate of 3 percent, matching the

pace of the previous quarter. On balance, borrowing in

the form of bank loans and other types of loans by

financial institutions rose last quarter, while commercial

mortgage borrowing continued at about the thirdquarter pace. By contrast, commercial paper

outstanding contracted sharply last quarter and net

issuance of corporate bonds slowed further.

For 2003 as a whole, domestic nonfinancial

debt rose 8.1 percent, a percentage point more than in

the previous year. The pickup in the pace of borrowing

last year was widespread, reflecting faster debt growth

of the federal government, nonfinancial businesses, and

the household sector.

The level of domestic nonfinancial debt

outstanding was $22.4 trillion at the end of 2003. Debt

of nonfederal sectors was $18.4 trillion, and federal

debt was $4.0 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.

1994 4.6 4.7 4.6 7.7 3.8 -4.0

1995 5.3 4.1 5.7 7.3 7.2 -5.5

1996 5.3 4.0 5.8 7.1 6.2 -1.5

1997 5.4 0.6 7.1 6.1 9.0 4.0

1998 6.9 -1.4 9.7 8.2 12.2 6.3

1999 6.3 -1.9 8.8 8.2 10.6 3.4

2000 4.9 -8.0 8.4 8.7 9.5 1.3

2001 6.3 -0.2 7.7 9.1 6.0 8.9

2002 7.1 7.6 7.0 10.0 2.8 11.1

2003 8.1 10.9 7.5 10.4 3.9 8.2

2002:Q3 6.4 7.4 6.2 9.4 1.7 10.7

Q4 8.2 6.8 8.5 11.1 4.4 13.7

2003:Q1 6.5 4.5 6.9 9.9 3.5 5.7

Q2 11.3 20.4 9.4 11.8 5.9 12.3

Q3 7.0 8.2 6.8 9.9 3.0 6.1

Q4 6.6 9.0 6.1 8.3 3.0 7.9

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

Title Table Page

Flow of Funds Accounts, Fourth Quarter 2003 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

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

Federal Government Retirement Funds F.121 31 L.121 76

Money Market Mutual Funds F.122 32 L.122 77
Flows Levels

Title Table Page Table Page

Mutual Funds F.123 32 L.123 77

Closed-End and Exchange-Traded Funds F.124 32 L.124 77

Government-Sponsored Enterprises F.125 33 L.125 78

Federally Related Mortgage Pools F.126 33 L.126 78

Issuers of Asset-Backed Securities F.127 34 L.127 79

Finance Companies F.128 34 L.128 79

Mortgage Companies F.129 35 L.129 80

Real Estate Investment Trusts F.130 35 L.130 80

Security Brokers and Dealers F.131 36 L.131 81

Funding Corporations F.132 36 L.132 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

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 2003 114 115

Balance Sheet of Households and Nonprofit Organizations

with Equity Detail B.100.e 116

Flow of Funds Accounts, Fourth Quarter 2003

This publication presents the flow of funds

accounts for 2003: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.

In the nonfarm noncorporate business sector

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

1998:Q1 onward, owing to methodological changes and

benchmark statistics available from the Internal

Revenue Service Statistics of Income for 2001.

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, outstanding in the flow of funds accounts

are related to the flows in the following way:

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

where “t” is the time period.

Discontinuities result from changes in

valuation, breaks in source data, and changes in

definitions. For most series, the value of the

discontinuity is zero for nearly all time periods.

However, in a few instances, the discontinuity is

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

particular quarter, such as a period when there is a

sharp increase or decrease in equity prices or a major

break in source data.

The discontinuities in a series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated as:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

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

following this introduction. The distinction between

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

and preliminary versions of data, but rather between

those source estimates that are fully ready when the

latest quarterly publication is compiled and those that

are not yet completed. However, the items that are

shown as available are, in general, also preliminary in

the sense that they are subject to revision by source

agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data from

different sources, potential revisions in both financial

and nonfinancial series, and incomplete data in parts of

the accounts. The size of these uncertainties cannot be

quantified in precise statistical terms, but allowance for

them is explicitly made throughout the accounts by the

inclusion of “discrepancies” for various sectors and

instrument types. A discrepancy for a sector is the

difference between its measured sources of funds and

its measured uses of funds. For an instrument category,

a discrepancy is the difference between measured funds

borrowed through the financial instrument and

measured funds lent through that instrument. The size

of such discrepancies relative to the main asset or

liability components is one indication of the quality of

source data, especially on an annual basis. For

quarterly data, differences in seasonal adjustment

procedures for financial and nonfinancial components

of the accounts sometimes result in discrepancies that

cancel in annual data.

1
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

2
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 2003:Q4.

Unadjusted flows since 2001;

profit data for 2003: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 2003: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 2000.

3. Nonfarm nonfinancial

corporate business

(tables F.102 and L.102)

Quarterly Financial Report (QFR) of

the Census Bureau through 2003:Q3;

Internal Revenue Service Statistics of

Income (IRS/SOI) data through 2001;

securities offerings, mortgages, bank

loans, commercial paper, and other

loans through 2003:Q4.

Statistics of Income data since

2001.

4. Nonfarm noncorporate

business

(tables F.103 and L.103)

IRS/SOI data through 2001; bank and

finance company loans and mortgage

borrowing through 2003:Q4.

Statistics of Income data since

2001.

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 2003:Q4;

preliminary data for checkable deposits

and currency and trade payables

through 2003.

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 2003: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.

3
7. Federal government

(tables F.106 and L.106)

Data from the Monthly Treasury

Statement of Receipts and Outlays

through 2003:Q4; Treasury data for

loan programs through 2003:Q4.

None.

8. Rest of the world

(U.S. international

transactions)

(tables F.107 and L.107)

Balance of payments data through

2003:Q3; NIPA estimates; data from

bank Reports of Condition and

Treasury International Capital System

through 2003:Q4.

Balance of payments data for

2003:Q4

9. Monetary authority

(tables F.108 and L.108)

All data through 2003:Q4. None.

10. Commercial banking

(tables F.109 through F.113

and tables L.109 through

L.113)

All data through 2003: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 2002 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

(tables F.114 and L.114)

All data through 2003:Q4. None.

12. Credit unions

(tables F.115 and L.115)

All data through 2003:Q4. None.

13. Bank personal trusts and

estates

(tables F.116 and L.116)

All data through 2003:Q4. None.

14. Life insurance companies

(tables F.117 and L.117)

All data through 2003:Q3. Data for 2003:Q4.

15. Other insurance companies

(tables F.118 and L.118) All data through 2003:Q3. Data for 2003:Q4.

16. Private pension funds

(tables F.119 and L.119)

Quarterly data through 2003: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 2003:Q2. Data since 2003:Q2.

18. Federal government retirement

funds

(tables F.121 and L.121)

Data from the Monthly Treasury

Statement, the Thrift Savings Plan, and

the National Railroad Retirement

Investment Trust through 2003:Q4.

None.

4
19. Money market mutual

funds

(tables F.122 and L.122)

All data through 2003:Q4. None.

20. Mutual funds

(tables F.123 and L.123)

All data through 2003:Q4. None.

21. Closed-end funds

(tables F.124 and L.124)

All data through 2003:Q3. Data for 2003:Q4.

22. Exchange-traded funds

(tables F.124 and L.124)

All data through 2003:Q4. None.

23. Government-sponsored

enterprises

(tables F.125 and L.125)

Data for Fannie Mae, FHLBs, FCS,

Sallie Mae, FICO, and REFCORP

through 2003:Q3; preliminary data for

2003:Q4 for these GSEs.

Data since 2002:Q4 for Freddie

Mac; final data for 2003:Q4 for

the other GSEs.

24. Federally related mortgage

pools

(tables F.126 and L.126)

All data through 2003:Q4. None.

25. Issuers of asset-backed

securities (ABSs)

(tables F.127 and L.127)

All data for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

2003:Q4.

None.

26. Finance companies

(tables F.128 and L.128)

All data through 2003:Q4. None.

27. Mortgage companies

(tables F.129 and L.129)

Mortgage data through 1997:Q4. Data after 1997:Q4.

28. Real estate investment

trusts (REITs)

(tables F.130 and L.130)

Data from SNL REIT DataSource

through 2003:Q3; preliminary data for

2003:Q4.

Final data for 2003:Q4.

29. Security brokers and

dealers

(tables F.131 and L.131)

Data for firms filing FOCUS and

FOGS reports through 2003:Q4.

None.

30. Funding corporations

(tables F.132 and L.132)

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

other sectors.

5
6 Z.1, March 4, 2004

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

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 17.5 13.1 11.4 15.4 22.1 18.6

1979 12.2 5.8 13.7 15.2 16.2 13.9 13.5 11.1 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.5 11.0 1.0 10.0 8.3 6.9 14.5 14.0

1981 10.4 11.6 10.1 7.6 7.2 5.5 12.9 13.6 8.0 18.2 11.9

1982 10.1 19.7 7.9 5.6 4.7 5.0 9.2 9.1 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.2 10.3 12.1 9.1 8.0 11.4 13.4 8.2

1984 14.7 16.9 14.1 12.6 11.3 18.4 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 9.1 11.4 13.9 10.9 26.2 4.1

1987 9.0 8.0 9.3 10.4 13.4 4.8 7.7 8.9 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.8 11.7 6.7 9.8 11.0 6.4 13.2 3.0

1989 7.3 7.0 7.4 9.3 11.0 6.3 6.1 7.2 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.1 8.9 1.9 3.5 5.6 5.0 9.6 9.0

1991 4.3 11.1 2.2 5.2 7.0 -1.1 -2.2 -2.1 8.6 7.5 5.2

1992 4.6 10.9 2.5 5.3 6.5 1.1 -0.2 1.0 1.6 10.1 7.9

1993 4.8 8.3 3.6 5.9 5.5 7.4 0.4 1.4 5.3 9.4 21.9

1994 4.6 4.7 4.6 7.7 5.7 15.2 3.8 5.0 -4.0 13.7 -3.6

1995 5.3 4.1 5.7 7.3 5.1 14.4 7.2 8.5 -5.5 11.6 20.9

1996 5.3 4.0 5.8 7.1 6.7 8.9 6.2 6.3 -1.5 12.6 19.5

1997 5.4 0.6 7.1 6.1 6.7 4.9 9.0 9.4 4.0 12.8 13.2

1998 6.9 -1.4 9.7 8.2 8.6 7.3 12.2 11.6 6.3 19.8 5.1

1999 6.3 -1.9 8.8 8.2 9.1 7.8 10.6 9.8 3.4 16.1 2.0

2000 4.9 -8.0 8.4 8.7 8.3 10.7 9.5 8.7 1.3 10.6 8.7

2001 6.3 -0.2 7.7 9.1 10.0 8.0 6.0 4.9 8.9 11.0 -7.0

2002 7.1 7.6 7.0 10.0 12.5 4.4 2.8 0.8 11.1 9.6 0.9

2003 8.1 10.9 7.5 10.4 12.5 5.2 3.9 3.0 8.2 10.1 -2.1

1998 -- Q1 7.0 -0.7 9.6 8.0 8.1 6.2 12.0 11.8 7.1 17.2 15.9

 Q2 7.5 -0.3 10.0 8.2 8.0 9.3 12.9 12.5 6.4 19.3 14.5

 Q3 5.7 -3.1 8.5 7.8 7.9 8.1 10.1 8.6 5.3 18.1 -3.8

 Q4 6.8 -1.4 9.3 7.7 9.4 4.7 11.9 11.7 5.9 19.3 -5.9

1999 -- Q1 7.2 -2.7 10.2 9.1 9.5 11.0 12.3 12.6 6.0 18.8 3.1

 Q2 5.4 -2.0 7.5 7.6 8.3 7.4 8.6 8.3 1.8 15.4 -5.6

 Q3 6.7 -2.8 9.4 9.2 9.9 8.3 10.6 9.5 4.5 15.6 9.9

 Q4 5.4 -0.2 7.0 5.9 7.5 3.8 9.3 7.5 1.1 11.2 0.8

2000 -- Q1 5.2 -6.3 8.3 8.2 7.5 10.2 10.1 9.8 0.2 8.7 18.8

 Q2 5.3 -10.8 9.5 9.0 8.7 10.6 11.9 11.0 -0.5 11.6 -3.1

 Q3 3.9 -8.1 6.9 8.5 8.2 10.3 6.0 4.9 2.0 9.8 10.6

 Q4 4.9 -8.0 8.0 8.1 7.9 10.1 8.7 7.9 3.7 10.7 7.8

2001 -- Q1 5.8 -0.6 7.3 8.6 8.3 10.8 5.7 4.7 8.2 11.1 -1.9

 Q2 5.3 -8.0 8.3 9.2 10.9 6.6 7.3 6.5 8.4 9.4 -9.2

 Q3 6.6 5.5 6.8 8.5 9.5 4.4 5.2 4.1 6.1 12.1 -17.8

 Q4 6.7 2.5 7.6 8.9 9.7 9.3 5.3 4.0 11.7 9.7 0.3

2002 -- Q1 5.6 3.0 6.1 9.6 11.0 6.2 2.3 0.6 5.7 9.7 9.9

 Q2 7.5 12.4 6.5 8.7 10.6 5.5 2.8 0.6 12.5 8.9 0.5

 Q3 6.4 7.4 6.2 9.4 12.2 4.2 1.7 -0.6 10.7 8.3 -6.8

 Q4 8.2 6.8 8.5 11.1 14.0 1.4 4.4 2.7 13.7 10.3 0.1

2003 -- Q1 6.5 4.5 6.9 9.9 12.1 4.2 3.5 3.0 5.7 11.0 2.9

 Q2 11.3 20.4 9.4 11.8 13.8 6.1 5.9 5.8 12.3 8.1 -9.5

 Q3 7.0 8.2 6.8 9.9 11.5 6.1 3.0 1.3 6.1 10.3 -9.3

 Q4 6.6 9.0 6.1 8.3 10.5 3.9 3.0 1.6 7.9 9.5 7.8

1. Data shown are on an end-of-period basis.
Z.1, March 4, 2004 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

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 35.5 117.1 73.3 19.9 53.6 13.5

1978 390.7 52.5 338.2 160.5 106.2 46.4 138.3 78.5 39.4 74.7 24.0

1979 391.9 35.8 356.1 169.2 115.9 43.3 160.3 84.1 26.6 91.1 15.0

1980 343.7 77.4 266.3 109.4 91.3 3.4 134.8 70.0 22.2 73.2 24.2

1981 410.0 85.5 324.5 106.4 67.0 19.8 190.5 123.7 27.6 105.1 23.5

1982 439.9 161.3 278.6 84.1 47.6 18.8 152.8 93.3 41.7 93.0 16.0

1983 573.6 185.2 388.4 176.8 106.3 48.2 164.3 89.6 47.3 104.4 17.3

1984 791.2 197.2 594.0 218.3 126.6 81.7 323.2 205.1 52.5 157.8 8.4

1985 963.0 225.7 737.3 307.2 175.0 84.0 266.5 181.8 163.6 204.0 1.2

1986 845.3 216.0 629.3 259.6 197.4 55.8 295.5 224.9 74.2 328.8 9.7

1987 719.0 143.9 575.1 262.6 220.4 32.3 222.0 163.4 90.4 290.6 6.3

1988 787.6 155.1 632.5 270.4 214.3 46.6 308.1 222.9 54.0 250.2 7.4

1989 687.4 146.4 541.0 283.8 225.5 47.0 207.2 159.9 50.1 225.0 10.2

1990 656.9 246.9 410.0 235.2 202.2 15.1 127.7 133.8 47.2 229.3 23.9

1991 466.0 278.2 187.8 186.8 176.1 -8.8 -84.4 -53.7 85.4 196.2 15.1

1992 515.4 304.0 211.4 201.6 174.4 9.2 -7.1 24.1 16.9 286.0 24.1

1993 567.0 256.1 310.9 236.9 157.8 61.4 16.2 34.4 57.7 294.4 69.8

1994 573.6 155.9 417.7 325.1 171.2 134.8 138.9 126.5 -46.3 468.3 -13.9

1995 690.0 144.4 545.6 330.5 163.0 147.0 276.0 227.1 -60.9 454.0 78.5

1996 729.7 144.9 584.7 345.7 224.4 103.6 254.9 182.8 -15.9 550.1 88.4

1997 778.3 23.1 755.2 321.0 240.4 62.1 392.7 291.8 41.5 628.5 71.8

1998 1051.8 -52.6 1104.4 454.3 329.5 96.8 582.5 392.4 67.7 1094.4 31.2

1999 1026.6 -71.2 1097.8 492.8 376.0 112.1 566.4 371.6 38.5 1068.5 13.0

2000 852.2 -295.9 1148.1 566.9 376.7 165.2 565.7 362.0 15.5 815.3 57.0

2001 1135.9 -5.6 1141.5 645.4 488.3 137.7 390.3 223.6 105.8 935.4 -49.7

2002 1373.3 257.5 1115.8 775.7 673.9 81.4 196.2 39.3 143.9 911.2 5.9

2003 1672.8 396.0 1276.7 879.9 758.1 101.6 278.1 141.8 118.7 1044.7 -14.0

1998 -- Q1 1066.7 -26.9 1093.6 446.3 310.4 82.4 571.1 397.6 76.3 950.1 96.6

 Q2 1153.4 -12.9 1166.4 466.6 313.4 126.0 630.3 434.1 69.5 1113.7 91.6

 Q3 903.2 -116.2 1019.3 451.6 313.5 112.7 509.4 309.7 58.4 1094.9 -25.2

 Q4 1083.7 -54.4 1138.2 452.6 380.9 66.0 619.0 428.3 66.5 1219.0 -38.1

1999 -- Q1 1169.7 -101.2 1270.9 546.1 394.0 157.0 656.7 474.1 68.0 1244.8 19.9

 Q2 888.6 -75.0 963.6 468.3 351.1 108.7 475.1 325.0 20.3 1066.5 -35.9

 Q3 1123.7 -102.4 1226.1 577.5 427.5 123.8 596.2 379.2 52.4 1122.0 62.6

 Q4 924.5 -6.2 930.6 379.4 331.5 58.8 537.8 308.0 13.4 840.6 5.3

2000 -- Q1 903.6 -232.7 1136.3 534.4 341.0 156.8 600.1 410.3 1.8 668.6 122.9

 Q2 926.0 -389.6 1315.6 595.4 399.1 167.6 726.4 471.0 -6.2 912.6 -21.5

 Q3 696.3 -284.9 981.2 578.7 385.1 166.7 379.6 215.7 23.0 796.4 72.1

 Q4 882.9 -276.4 1159.3 559.2 381.7 169.8 556.9 350.9 43.3 883.5 54.6

2001 -- Q1 1060.2 -19.3 1079.5 611.4 407.6 186.1 370.2 212.8 97.8 947.8 -13.2

 Q2 985.3 -269.3 1254.6 668.3 543.5 116.2 483.8 298.7 102.5 822.0 -64.7

 Q3 1233.7 181.9 1051.8 627.8 489.1 79.4 348.7 192.4 75.3 1080.3 -123.0

 Q4 1264.5 84.3 1180.1 673.9 512.8 169.2 358.7 190.5 147.5 891.6 1.9

2002 -- Q1 1078.6 102.8 975.8 742.6 591.8 115.2 158.7 30.4 74.5 918.9 65.2

 Q2 1468.1 421.4 1046.7 688.4 589.2 104.1 194.2 27.8 164.1 862.4 3.1

 Q3 1285.6 261.5 1024.2 757.4 692.1 79.9 121.2 -30.9 145.5 823.2 -45.9

 Q4 1660.9 244.4 1416.5 914.5 822.4 26.2 310.7 129.9 191.4 1040.4 1.0

2003 -- Q1 1343.3 164.2 1179.0 845.3 733.7 82.0 251.9 145.1 81.9 1142.7 19.3

 Q2 2375.8 749.0 1626.7 1024.4 859.5 119.2 422.4 279.2 179.9 858.1 -63.9

 Q3 1515.6 317.5 1198.1 885.1 743.0 121.6 221.4 62.3 91.6 1122.6 -61.0

 Q4 1450.7 353.4 1097.3 758.9 696.5 77.9 216.8 80.6 121.6 1055.4 49.7
8 Z.1, March 4, 2004

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

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 2260.2 951.4 607.6 264.9 1052.7 685.5 256.2 337.8 129.4

1978 3214.5 621.9 2592.6 1110.5 713.7 311.3 1186.5 759.5 295.6 412.5 157.6

1979 3606.5 657.7 2948.9 1280.6 831.2 354.6 1346.1 842.9 322.2 504.9 172.9

1980 3957.9 735.0 3222.9 1401.5 932.0 358.0 1477.0 909.1 344.4 578.1 197.2

1981 4366.4 820.5 3545.9 1512.7 1003.7 377.9 1661.2 1026.5 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1582.1 1036.8 396.7 1810.6 1116.6 413.8 778.1 212.6

1983 5364.8 1167.0 4197.8 1738.9 1123.1 444.9 1997.8 1229.1 461.1 882.7 229.8

1984 6151.2 1364.2 4787.0 1949.5 1249.1 526.6 2323.9 1437.1 513.6 1052.4 238.0

1985 7132.3 1589.9 5542.5 2277.5 1449.3 610.6 2587.0 1615.5 677.9 1257.3 239.3

1986 7975.1 1805.9 6169.3 2535.6 1646.6 666.4 2881.5 1839.5 752.1 1593.6 241.0

1987 8677.6 1949.8 6727.8 2752.2 1825.0 698.6 3134.6 2033.9 841.0 1895.5 247.4

1988 9461.7 2104.9 7356.8 3039.6 2049.9 745.2 3422.2 2234.2 895.0 2145.8 254.8

1989 10166.2 2251.2 7914.9 3333.8 2273.6 809.3 3636.0 2401.1 945.2 2399.3 265.0

1990 10850.4 2498.1 8352.3 3598.1 2505.0 824.4 3761.9 2533.1 992.3 2632.3 288.9

1991 11313.1 2776.4 8536.8 3788.5 2684.7 815.6 3670.6 2477.3 1077.7 2828.5 304.0

1992 11831.7 3080.3 8751.3 3990.1 2859.0 824.8 3666.7 2502.9 1094.5 3130.0 318.8

1993 12413.5 3336.5 9077.0 4229.4 3019.2 886.2 3695.3 2549.8 1152.2 3429.8 388.6

1994 12993.3 3492.3 9501.0 4554.1 3190.4 1021.0 3840.9 2682.9 1105.9 3905.9 375.0

1995 13682.8 3636.7 10046.1 4884.7 3353.3 1168.0 4116.4 2909.6 1045.0 4362.5 453.7

1996 14412.5 3781.7 10630.8 5230.3 3577.7 1271.7 4371.3 3092.3 1029.1 4912.6 542.1

1997 15189.3 3804.8 11384.5 5551.6 3818.1 1333.8 4762.2 3382.3 1070.7 5532.0 607.9

1998 16241.1 3752.2 12488.9 6005.9 4147.6 1430.6 5344.7 3774.7 1138.3 6626.4 639.3

1999 17302.3 3681.0 13621.4 6499.0 4523.6 1542.7 5945.5 4180.7 1176.9 7694.9 652.5

2000 18165.7 3385.1 14780.6 7077.0 4900.4 1719.0 6511.2 4542.7 1192.3 8514.2 709.5

2001 19302.2 3379.5 15922.6 7722.4 5388.6 1856.7 6902.1 4766.9 1298.1 9447.0 659.7

2002 20675.5 3637.0 17038.4 8498.1 6062.5 1938.1 7098.3 4806.2 1442.0 10358.2 665.6

2003 22394.7 4033.1 18361.6 9401.2 6820.6 2039.7 7399.7 4971.2 1560.7 11402.9 651.6

1998 -- Q1 15456.0 3798.1 11657.9 5663.2 3895.7 1354.4 4905.0 3481.7 1089.7 5769.5 632.1

 Q2 15744.3 3794.8 11949.5 5779.8 3974.0 1385.9 5062.6 3590.2 1107.1 6048.0 655.0

 Q3 15970.1 3765.8 12204.3 5892.7 4052.4 1414.1 5189.9 3667.7 1121.7 6321.7 648.7

 Q4 16241.1 3752.2 12488.9 6005.9 4147.6 1430.6 5344.7 3774.7 1138.3 6626.4 639.3

1999 -- Q1 16535.2 3726.9 12808.3 6142.7 4246.1 1469.8 5510.3 3894.7 1155.4 6937.6 644.3

 Q2 16757.4 3708.1 13049.3 6259.8 4333.9 1497.0 5629.1 3976.0 1160.4 7204.2 635.3

 Q3 17071.2 3682.5 13388.7 6404.1 4440.8 1528.0 5811.0 4103.7 1173.5 7484.7 650.9

 Q4 17302.3 3681.0 13621.4 6499.0 4523.6 1542.7 5945.5 4180.7 1176.9 7694.9 652.5

2000 -- Q1 17528.2 3622.8 13905.4 6632.6 4608.9 1581.9 6095.5 4283.3 1177.3 7862.0 683.2

 Q2 17759.7 3525.4 14234.3 6781.5 4708.6 1623.7 6277.1 4401.1 1175.8 8090.2 677.8

 Q3 17944.9 3454.2 14490.7 6937.2 4804.9 1676.5 6372.0 4455.0 1181.5 8293.3 695.8

 Q4 18165.7 3385.1 14780.6 7077.0 4900.4 1719.0 6511.2 4542.7 1192.3 8514.2 709.5

2001 -- Q1 18430.7 3380.3 15050.4 7229.9 5002.3 1765.5 6603.8 4595.9 1216.8 8748.5 706.2

 Q2 18677.6 3313.0 15364.7 7397.0 5138.1 1794.5 6725.3 4671.2 1242.4 8954.0 690.0

 Q3 18986.0 3358.4 15627.6 7553.9 5260.4 1814.4 6812.5 4719.3 1261.2 9224.1 659.2

 Q4 19302.2 3379.5 15922.6 7722.4 5388.6 1856.7 6902.1 4766.9 1298.1 9447.0 659.7

2002 -- Q1 19571.8 3405.2 16166.6 7908.0 5536.6 1885.5 6941.8 4774.5 1316.7 9676.7 676.0

 Q2 19938.8 3510.6 16428.3 8080.1 5683.9 1911.5 6990.4 4781.5 1357.8 9892.3 676.8

 Q3 20260.2 3575.9 16684.3 8269.5 5856.9 1931.5 7020.7 4773.7 1394.2 10098.1 665.3

 Q4 20675.5 3637.0 17038.4 8498.1 6062.5 1938.1 7098.3 4806.2 1442.0 10358.2 665.6

2003 -- Q1 21011.3 3678.1 17333.2 8709.4 6245.9 1958.5 7161.3 4842.5 1462.5 10643.8 670.4

 Q2 21605.2 3865.3 17739.9 8965.5 6460.8 1988.3 7266.9 4912.3 1507.4 10858.4 654.4

 Q3 21984.1 3944.7 18039.4 9186.8 6646.5 2018.7 7322.3 4927.9 1530.3 11139.0 639.2

 Q4 22394.7 4033.1 18361.6 9401.2 6820.6 2039.7 7399.7 4971.2 1560.7 11402.9 651.6

1. Data shown are on an end-of-period basis.
Z.1, March 4, 2004 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 2108.0 1724.5 2021.6 2290.4 2703.5 2062.9 2702.3 2505.3 3170.0 2577.3 2555.8 1

 2 Domestic nonfinancial sectors 1026.6 852.2 1135.9 1373.3 1672.8 1285.6 1660.9 1343.3 2375.8 1515.6 1450.7 2

 3 Federal government -71.2 -295.9 -5.6 257.5 396.0 261.5 244.4 164.2 749.0 317.5 353.4 3

 4 Nonfederal sectors 1097.8 1148.1 1141.5 1115.8 1276.7 1024.2 1416.5 1179.0 1626.7 1198.1 1097.3 4

 5 Household sector 492.8 566.9 645.4 775.7 879.9 757.4 914.5 845.3 1024.4 885.1 758.9 5

 6 Nonfinancial corporate business 371.6 362.0 223.6 39.3 141.8 -30.9 129.9 145.1 279.2 62.3 80.6 6

 7 Nonfarm noncorporate business 189.4 192.9 159.2 149.0 130.9 137.6 178.6 99.4 142.7 153.0 128.5 7

 8 Farm business 5.5 10.9 7.5 7.9 5.5 14.4 2.2 7.4 0.6 6.1 7.8 8

 9 State and local governments 38.5 15.5 105.8 143.9 118.7 145.5 191.4 81.9 179.9 91.6 121.6 9

10 Rest of the world 13.0 57.0 -49.7 5.9 -14.0 -45.9 1.0 19.3 -63.9 -61.0 49.7 10

11 Financial sectors 1068.5 815.3 935.4 911.2 1044.7 823.2 1040.4 1142.7 858.1 1122.6 1055.4 11

12 Commercial banking 67.2 60.0 52.9 49.9 49.4 68.7 82.3 78.6 30.5 1.8 86.6 12

13 U.S.-chartered commercial banks 41.8 36.8 30.2 30.0 14.0 37.5 25.9 13.3 31.3 -7.0 18.2 13

14 Foreign banking offices in U.S. -0.4 -0.0 -0.9 -0.4 -0.1 0.5 -1.7 -0.3 -0.2 -0.0 0.3 14

15 Bank holding companies 25.8 23.2 23.6 20.3 35.5 30.6 58.2 65.7 -0.6 8.7 68.1 15

16 Savings institutions 48.0 27.3 7.4 -13.7 -0.6 15.8 -29.6 48.8 -25.6 -28.4 2.9 16

17 Credit unions 2.2 0.0 1.5 2.0 2.2 3.1 0.4 2.8 1.6 3.3 1.0 17

18 Life insurance companies 0.7 -0.7 0.6 2.0 2.9 2.0 2.5 4.4 1.5 3.1 2.5 18

19 Government-sponsored enterprises 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 19

20 Federally related mortgage pools 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 20

21 ABS issuers 207.2 195.3 293.5 256.4 280.6 204.7 353.3 334.9 306.9 237.7 243.0 21

22 Finance companies 70.7 82.0 1.5 43.1 109.6 80.4 29.6 37.4 192.6 107.5 100.8 22

23 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 REITs 6.3 2.7 2.5 19.8 23.4 27.7 18.6 17.5 12.9 36.4 26.9 24

25 Brokers and dealers -17.2 15.6 1.4 -1.7 6.4 15.2 -24.0 38.4 -16.2 9.9 -6.6 25

26 Funding corporations 91.5 -0.4 -55.2 -0.6 -2.1 -20.0 4.0 101.0 -92.0 -19.5 2.1 26

27 Total net lending 2108.0 1724.5 2021.6 2290.4 2703.5 2062.9 2702.3 2505.3 3170.0 2577.3 2555.8 27

28 Domestic nonfederal nonfinancial sectors 251.8 -22.8 44.0 95.2 109.8 -106.7 172.5 -174.2 77.2 325.5 204.8 28

29 Household sector 244.8 -48.4 -26.3 43.6 77.2 -149.1 120.9 -125.1 -37.3 314.2 156.8 29

30 Nonfinancial corporate business -18.5 25.1 2.6 22.1 24.8 14.4 14.8 32.3 57.7 15.5 -12.3 30

31 Nonfarm noncorporate business -2.9 1.3 7.1 3.7 1.4 2.8 4.0 -0.2 4.1 0.8 0.9 31

32 State and local governments 28.4 -0.8 60.6 25.8 6.5 25.1 32.8 -81.2 52.7 -5.0 59.4 32

33 Federal government 6.4 11.6 6.0 9.8 -3.8 31.1 2.4 -17.4 -8.8 20.1 -9.1 33

34 Rest of the world 96.6 129.5 234.6 362.7 611.2 378.9 371.5 406.7 745.1 445.0 848.0 34

35 Financial sectors 1753.2 1606.2 1737.0 1822.7 1986.3 1759.6 2156.0 2290.2 2356.4 1786.7 1512.0 35

36 Monetary authority 25.7 33.7 39.9 77.7 37.2 76.5 107.3 23.7 36.3 39.8 49.2 36

37 Commercial banking 312.2 357.9 205.2 404.4 300.1 592.8 460.8 351.5 613.9 -2.1 237.3 37

38 U.S.-chartered commercial banks 318.6 339.5 191.6 393.8 323.3 559.3 501.7 327.1 540.3 116.5 309.1 38

39 Foreign banking offices in U.S. -17.0 23.9 -0.6 6.2 -43.0 31.2 -30.9 4.4 17.1 -113.2 -80.4 39

40 Bank holding companies 6.2 -12.2 4.2 3.1 8.6 -1.6 0.2 20.8 39.7 -26.1 0.2 40

41 Banks in U.S.-affiliated areas 4.4 6.7 10.0 1.3 11.3 4.0 -10.2 -0.7 16.8 20.6 8.4 41

42 Savings institutions 67.7 56.2 42.8 35.4 126.8 65.0 76.2 195.0 95.3 62.3 154.4 42

43 Credit unions 27.5 28.0 41.5 42.7 53.0 6.5 43.1 44.2 75.9 92.5 -0.7 43

44 Bank personal trusts and estates 27.8 0.8 -28.1 0.9 -2.4 0.8 0.8 -2.7 -2.5 -2.5 -2.0 44

45 Life insurance companies 53.5 57.9 130.9 233.0 198.1 270.0 172.0 302.1 238.0 115.4 136.7 45

46 Other insurance companies -3.0 -8.7 9.0 39.9 54.2 21.7 65.6 56.2 49.7 68.7 42.0 46

47 Private pension funds 14.1 31.3 6.7 27.4 0.8 40.2 0.2 7.3 24.3 -31.8 3.4 47

48 State and local govt. retirement funds 46.9 54.6 -17.7 14.1 13.0 -10.4 50.7 0.1 22.4 11.4 18.3 48

49 Federal government retirement funds 2.9 2.1 9.7 13.0 6.6 18.2 20.6 28.5 2.3 -0.4 -4.1 49

50 Money market mutual funds 182.0 143.0 246.0 -25.3 -113.1 -92.4 264.9 -164.1 250.9 -242.9 -296.5 50

51 Mutual funds 48.4 21.0 126.0 141.6 140.9 165.5 117.7 211.8 253.5 -4.1 102.4 51

52 Closed-end funds 9.6 -5.6 3.2 8.6 45.1 -3.3 17.8 26.2 60.1 42.5 51.3 52

53 Exchange-traded funds 0.0 0.0 0.0 3.7 0.7 15.0 -0.1 -1.1 0.4 1.6 2.0 53

54 Government-sponsored enterprises 291.2 253.6 307.8 214.3 262.1 190.6 284.1 300.0 122.3 617.8 8.4 54

55 Federally related mortgage pools 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 55

56 ABS issuers 189.0 165.5 267.4 233.7 259.8 182.1 331.5 311.1 286.3 217.8 223.8 56

57 Finance companies 97.1 108.6 -4.8 21.2 75.8 69.3 9.9 -0.4 59.5 180.4 63.5 57

58 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 REITs -2.6 -7.1 6.7 23.1 14.3 27.7 6.7 -8.6 31.0 18.6 16.2 59

60 Brokers and dealers -34.7 68.9 92.4 28.4 77.1 -181.9 140.8 65.9 -85.2 24.1 303.4 60

61 Funding corporations 124.0 45.1 -86.1 -43.1 106.2 129.1 -296.6 259.9 -24.0 244.2 -55.2 61

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 4, 2004

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 1026.6 852.2 1135.9 1373.3 1672.8 1285.6 1660.9 1343.3 2375.8 1515.6 1450.7 1

 2 Federal government -71.2 -295.9 -5.6 257.5 396.0 261.5 244.4 164.2 749.0 317.5 353.4 2

 3 Treasury securities -71.0 -294.9 -5.0 257.0 398.4 259.9 244.0 165.8 748.5 317.5 362.0 3

 4 Budget agency securities and mortgages -0.2 -1.0 -0.5 0.5 -2.4 1.6 0.4 -1.6 0.5 0.1 -8.6 4

 5 Nonfederal, by instrument 1097.8 1148.1 1141.5 1115.8 1276.7 1024.2 1416.5 1179.0 1626.7 1198.1 1097.3 5

 6 Commercial paper 37.4 48.1 -88.3 -64.2 -40.0 -17.4 -13.2 -9.3 -81.4 4.8 -74.3 6

 7 Municipal securities and loans 54.4 23.6 122.9 159.4 136.3 160.0 215.4 103.5 193.7 112.1 135.8 7

 8 Corporate bonds 221.7 162.6 348.5 132.3 162.3 -20.3 99.8 186.8 297.0 96.1 69.2 8

 9 Bank loans n.e.c. 82.9 101.8 -82.0 -87.1 -79.7 -106.2 -28.4 -83.1 -43.3 -105.2 -87.2 9

10 Other loans and advances 26.1 84.5 5.6 18.6 -1.9 38.7 35.4 -24.1 17.7 -26.4 25.2 10

11 Mortgages 563.3 562.4 697.1 875.5 998.2 889.5 1081.3 923.2 1124.0 995.0 950.7 11

12 Home 424.4 418.2 533.2 724.0 820.0 750.3 880.3 792.0 929.0 802.2 756.7 12

13 Multifamily residential 35.2 30.1 44.4 41.1 45.1 31.0 65.5 33.3 52.8 49.3 44.8 13

14 Commercial 98.0 107.5 112.1 101.9 125.8 95.2 130.8 89.2 133.6 138.1 142.2 14

15 Farm 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 15

16 Consumer credit 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 16

17 Nonfederal, by sector 1097.8 1148.1 1141.5 1115.8 1276.7 1024.2 1416.5 1179.0 1626.7 1198.1 1097.3 17

18 Household sector 492.8 566.9 645.4 775.7 879.9 757.4 914.5 845.3 1024.4 885.1 758.9 18

19 Nonfinancial business 566.4 565.7 390.3 196.2 278.1 121.2 310.7 251.9 422.4 221.4 216.8 19

20 Corporate 371.6 362.0 223.6 39.3 141.8 -30.9 129.9 145.1 279.2 62.3 80.6 20

21 Nonfarm noncorporate 189.4 192.9 159.2 149.0 130.9 137.6 178.6 99.4 142.7 153.0 128.5 21

22 Farm 5.5 10.9 7.5 7.9 5.5 14.4 2.2 7.4 0.6 6.1 7.8 22

23 State and local governments 38.5 15.5 105.8 143.9 118.7 145.5 191.4 81.9 179.9 91.6 121.6 23

24 Foreign borrowing in U.S. 13.0 57.0 -49.7 5.9 -14.0 -45.9 1.0 19.3 -63.9 -61.0 49.7 24

25 Commercial paper 16.3 31.7 -14.2 36.1 22.3 3.9 37.3 52.0 72.9 -56.0 20.2 25

26 Bonds 1.9 15.2 -24.5 -33.5 -25.1 -35.3 -30.1 -28.9 -102.2 -4.9 35.6 26

27 Bank loans n.e.c. 0.5 11.4 -7.3 5.3 -7.7 -11.7 -2.9 -4.0 -31.4 5.3 -0.7 27

28 Other loans and advances -5.7 -1.3 -3.8 -2.1 -3.4 -2.9 -3.3 0.2 -3.1 -5.4 -5.3 28

29 Domestic and foreign 1039.6 909.2 1086.2 1379.2 1658.8 1239.7 1661.9 1362.6 2311.9 1454.6 1500.4 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1068.5 815.3 935.4 911.2 1044.7 823.2 1040.4 1142.7 858.1 1122.6 1055.4 1

 2 Federal government-related 592.0 433.5 629.3 554.0 573.0 425.6 603.3 478.9 445.9 770.9 596.2 2

 3 Govt.-sponsored enterprise securities 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 3

 4 Mortgage pool securities 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 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 476.5 381.8 306.1 357.2 471.7 397.6 437.1 663.9 412.2 351.8 459.1 6

 7 Open market paper 176.2 131.7 -45.3 -63.5 -63.8 32.7 -83.9 1.3 -67.5 -30.4 -158.6 7

 8 Corporate bonds 202.4 201.8 302.1 397.0 513.5 226.5 638.0 592.9 462.6 389.9 608.5 8

 9 Bank loans n.e.c. -14.4 -0.4 13.1 1.1 -7.0 76.2 -103.7 -35.3 15.4 13.4 -21.3 9

10 Other loans and advances 107.1 42.5 34.9 16.6 24.7 57.0 -18.1 108.4 -1.7 -28.9 21.0 10

11 Mortgages 5.1 6.2 1.3 5.9 4.3 5.3 4.7 -3.5 3.3 7.8 9.6 11

12 By sector 1068.5 815.3 935.4 911.2 1044.7 823.2 1040.4 1142.7 858.1 1122.6 1055.4 12

13 Commercial banking 67.2 60.0 52.9 49.9 49.4 68.7 82.3 78.6 30.5 1.8 86.6 13

14 U.S.-chartered commercial banks 41.8 36.8 30.2 30.0 14.0 37.5 25.9 13.3 31.3 -7.0 18.2 14

15 Foreign banking offices in U.S. -0.4 -0.0 -0.9 -0.4 -0.1 0.5 -1.7 -0.3 -0.2 -0.0 0.3 15

16 Bank holding companies 25.8 23.2 23.6 20.3 35.5 30.6 58.2 65.7 -0.6 8.7 68.1 16

17 Savings institutions 48.0 27.3 7.4 -13.7 -0.6 15.8 -29.6 48.8 -25.6 -28.4 2.9 17

18 Credit unions 2.2 0.0 1.5 2.0 2.2 3.1 0.4 2.8 1.6 3.3 1.0 18

19 Life insurance companies 0.7 -0.7 0.6 2.0 2.9 2.0 2.5 4.4 1.5 3.1 2.5 19

20 Government-sponsored enterprises 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 20

21 Federally related mortgage pools 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 21

22 ABS issuers 207.2 195.3 293.5 256.4 280.6 204.7 353.3 334.9 306.9 237.7 243.0 22

23 Finance companies 70.7 82.0 1.5 43.1 109.6 80.4 29.6 37.4 192.6 107.5 100.8 23

24 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 REITs 6.3 2.7 2.5 19.8 23.4 27.7 18.6 17.5 12.9 36.4 26.9 25

26 Brokers and dealers -17.2 15.6 1.4 -1.7 6.4 15.2 -24.0 38.4 -16.2 9.9 -6.6 26

27 Funding corporations 91.5 -0.4 -55.2 -0.6 -2.1 -20.0 4.0 101.0 -92.0 -19.5 2.1 27
Z.1, March 4, 2004 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 2108.0 1724.5 2021.6 2290.4 2703.5 2062.9 2702.3 2505.3 3170.0 2577.3 2555.8 1

 2 Open market paper 229.9 211.6 -147.8 -91.5 -81.6 19.2 -59.8 44.1 -76.0 -81.6 -212.7 2

 3 U.S. government securities 520.7 137.6 623.8 811.5 969.0 687.1 847.7 643.1 1194.9 1088.4 949.6 3

 4 Municipal securities 54.4 23.6 122.9 159.4 136.3 160.0 215.4 103.5 193.7 112.1 135.8 4

 5 Corporate and foreign bonds 426.1 379.5 626.2 495.8 650.6 170.9 707.7 750.8 657.4 481.1 713.3 5

 6 Bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.4 -41.7 -134.9 -122.4 -59.3 -86.5 -109.3 6

 7 Other loans and advances 127.5 125.6 36.7 33.1 19.4 92.8 14.1 84.6 12.9 -60.7 40.9 7

 8 Mortgages 568.4 568.6 698.4 881.3 1002.5 894.7 1085.9 919.8 1127.3 1002.7 960.3 8

 9 Consumer credit 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 192.7 240.3 300.4 229.7 396.0 -54.6 289.0 287.7 440.8 415.1 440.4 10

11 Corporate equities 1.5 5.3 99.0 47.0 107.8 -120.3 87.8 112.1 107.5 127.8 83.6 11

12 Nonfinancial -110.4 -118.2 -47.4 -41.6 -49.1 -140.8 -30.5 -67.0 -50.2 -44.9 -34.2 12

 Foreign shares purchased by

13 U.S. residents 114.3 106.7 109.1 17.7 85.8 -51.3 51.6 137.5 67.6 120.2 17.7 13

14 Financial -2.4 16.8 37.3 70.9 71.1 71.8 66.7 41.6 90.1 52.5 100.1 14

15 Mutual fund shares 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 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) 2108.0 1724.5 2021.6 2290.4 2703.5 2062.9 2702.3 2505.3 3170.0 2577.3 2555.8 1

 2 Official foreign exchange -8.7 -0.4 4.3 9.9 1.1 24.6 4.9 4.9 0.6 7.1 -8.2 2

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

 4 Treasury currency 1.0 2.4 1.3 1.0 0.6 2.4 0.0 0.6 1.6 0.1 -0.0 4

 5 Foreign deposits 61.1 134.2 30.7 23.9 -28.2 53.0 20.3 -16.9 159.7 -242.1 -13.4 5

 6 Net interbank transactions 15.0 15.1 -28.0 17.3 0.1 28.5 132.9 12.6 -180.2 102.5 65.5 6

 7 Checkable deposits and currency 151.2 -71.4 204.3 43.5 34.3 178.6 39.7 220.2 79.7 -110.9 -51.8 7

 8 Small time and savings deposits 45.1 188.8 267.2 271.1 229.5 309.5 258.1 258.9 456.8 84.4 118.0 8

 9 Large time deposits 131.1 116.2 68.6 50.4 62.0 26.5 -120.9 176.5 49.1 -22.0 44.6 9

10 Money market fund shares 249.1 233.3 428.6 -16.8 -207.8 -124.0 201.5 -394.2 213.5 -223.1 -427.7 10

11 Security RPs 169.8 113.2 22.3 105.0 326.1 -122.4 -2.1 39.6 526.2 126.2 612.3 11

12 Corporate equities 1.5 5.3 99.0 47.0 107.8 -120.3 87.8 112.1 107.5 127.8 83.6 12

13 Mutual fund shares 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 13

14 Trade payables 262.5 402.3 -83.8 63.1 315.7 64.2 -135.0 323.9 262.2 350.1 326.6 14

15 Security credit 104.4 146.1 3.1 -87.0 121.6 -62.4 46.1 220.6 698.8 -108.4 -324.6 15

16 Life insurance reserves 50.8 50.2 77.2 60.1 56.7 60.8 54.2 73.8 56.9 44.7 51.4 16

17 Pension fund reserves 181.8 209.1 210.9 215.2 232.7 288.9 233.4 213.3 218.8 214.1 284.7 17

18 Taxes payable 22.9 25.9 14.5 29.1 34.2 67.7 -4.4 69.2 34.5 17.0 16.1 18

19 Investment in bank personal trusts -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 19

20 Noncorporate proprietors’ equity -72.8 -0.5 -9.3 -55.6 -35.1 -97.6 -50.7 -50.0 -10.0 -49.4 -31.0 20

21 Miscellaneous 1133.4 1419.7 610.3 512.4 948.7 1088.9 404.1 961.7 501.9 1741.7 588.8 21

22 Total financial sources 4787.3 5001.5 4084.3 3760.1 5165.5 3793.1 4072.2 4881.0 6654.8 4898.0 4222.1 22

 - Liabilities not identified as assets:

23 Treasury currency -0.7 -1.2 -0.1 -0.6 -0.3 1.1 -1.1 -0.2 0.5 -0.8 -0.7 23

24 Foreign deposits 42.8 78.5 11.1 18.2 -2.8 23.5 37.3 -11.8 214.7 -203.0 -11.1 24

25 Net interbank liabilities 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 25

26 Security RPs 35.7 122.6 -59.0 6.0 206.2 -335.7 -139.4 198.9 333.7 17.2 274.9 26

27 Taxes payable 10.8 32.6 24.2 15.9 1.4 44.8 -23.0 3.9 16.2 -12.6 -1.9 27

28 Miscellaneous -279.8 -506.8 -525.2 -17.5 -62.9 103.3 407.2 -501.7 -304.2 504.6 49.2 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -7.4 9.0 5.7 0.1 -107.5 -47.1 42.1 70.5 -113.0 -171.4 -216.1 29

30 Other -0.8 1.7 4.5 7.3 10.0 7.6 8.5 8.9 9.7 10.4 11.0 30

31 Trade credit -2.9 10.8 -4.6 -17.4 38.1 -41.7 10.9 29.9 33.3 55.4 28.1 31

 Totals identified to sectors

32 as assets 4989.7 5234.2 4610.5 3741.0 5088.2 4038.6 3756.2 5049.9 6495.0 4659.0 4148.8 32
12 Z.1, March 4, 2004

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 9268.4 9817.0 10100.8 10480.9 10985.5 10542.0 10623.8 10735.9 10846.8 11106.9 11252.3 1

 2 Personal consumption expenditures (2) 6282.5 6739.4 7045.4 7385.3 7753.2 7428.2 7501.2 7600.7 7673.6 7836.3 7902.3 2

 3 Durable goods 817.6 863.3 881.9 911.3 941.2 913.6 907.3 898.2 926.2 975.1 965.1 3

 4 Nondurable goods 1804.8 1947.2 2013.6 2086.0 2209.4 2090.5 2119.2 2175.7 2170.8 2230.0 2261.2 4

 5 Services 3660.0 3928.8 4149.8 4388.0 4602.7 4424.1 4474.7 4526.8 4576.6 4631.2 4676.0 5

 6 Gross private domestic investment 1625.6 1735.5 1607.2 1589.3 1671.4 1608.3 1614.8 1605.2 1624.4 1689.0 1767.0 6

 7 Fixed investment 1558.8 1679.0 1643.4 1583.9 1672.3 1579.7 1594.6 1606.2 1630.1 1699.5 1753.3 7

 8 Nonresidential 1133.9 1232.1 1174.1 1080.2 1109.7 1073.4 1074.3 1071.8 1086.9 1124.4 1155.5 8

 9 Household sector (nonprofit organizations) 58.7 64.6 65.6 58.2 58.7 57.5 57.3 57.2 58.0 59.4 60.4 9

10 Nonfinancial corporate business 795.5 867.6 830.6 770.0 791.0 768.8 766.2 765.1 776.2 800.9 821.8 10

11 Nonfarm noncorporate business 125.6 147.2 133.0 102.9 104.9 92.3 102.1 108.4 105.0 106.9 99.2 11

12 Farm business 24.5 27.3 29.3 30.4 31.1 31.4 32.2 30.9 30.1 31.2 32.1 12

13 Financial corporations 129.6 125.5 115.5 118.6 124.0 123.3 116.5 110.3 117.6 126.1 142.0 13

14 Residential 424.9 446.9 469.2 503.7 562.6 506.3 520.3 534.4 543.2 575.1 597.8 14

15 Household sector 359.8 377.1 401.7 429.7 480.8 431.1 444.6 457.8 464.6 491.6 509.2 15

16 Nonfinancial corporate business 3.3 3.6 3.6 3.8 4.3 3.9 4.0 4.1 4.1 4.4 4.6 16

17 Nonfarm noncorporate business 60.1 66.1 63.4 68.0 76.0 68.4 70.3 72.2 73.4 77.7 80.7 17

18 REITs 1.6 0.1 0.6 2.1 1.5 2.9 1.5 0.3 1.1 1.5 3.3 18

19 Change in private inventories 66.9 56.5 -36.1 5.4 -0.9 28.6 20.2 -1.0 -5.7 -10.5 13.7 19

20 Nonfinancial corporate business 66.1 54.9 -34.4 8.3 1.3 33.0 23.8 -1.1 -2.9 -5.9 15.2 20

21 Nonfarm noncorporate business 3.5 2.9 -1.8 0.4 0.1 1.7 1.3 -0.1 -0.2 -0.3 0.8 21

22 Farm business -2.7 -1.3 0.1 -3.4 -2.3 -6.1 -4.8 0.2 -2.7 -4.3 -2.3 22

23 Net U.S. exports of goods and services -260.5 -379.5 -366.6 -426.3 -494.9 -436.0 -476.1 -487.5 -505.5 -490.5 -495.9 23

24 Exports 991.3 1096.3 1035.1 1006.8 1049.0 1025.3 1017.2 1021.0 1020.2 1048.5 1106.3 24

25 - Imports 1251.8 1475.8 1401.7 1433.1 1543.9 1461.3 1493.3 1508.5 1525.7 1539.0 1602.2 25

 Government consumption expenditures and

26 gross investment 1620.8 1721.7 1814.7 1932.5 2055.7 1941.5 1983.9 2017.5 2054.3 2072.1 2078.9 26

27 Consumption expenditures (3) 1334.0 1417.1 1497.8 1595.4 1707.9 1600.5 1644.9 1681.7 1709.8 1718.6 1721.4 27

28 Federal 475.1 499.3 531.7 590.8 662.6 590.4 620.7 635.9 668.9 672.3 673.2 28

29 State and local 858.9 917.8 966.1 1004.7 1045.3 1010.1 1024.2 1045.8 1040.9 1046.3 1048.2 29

30 Gross investment (3) 286.8 304.6 317.0 337.1 347.8 341.0 339.0 335.8 344.5 353.5 357.5 30

31 Federal 80.8 79.5 81.2 88.7 95.0 91.4 89.3 87.1 95.8 97.3 99.9 31

32 State and local 206.1 225.1 235.8 248.4 252.8 249.6 249.7 248.7 248.7 256.2 257.6 32

 Memo:

33 Net U.S. income receipts from rest of the world 33.8 39.0 35.2 21.5 34.1 18.4 37.9 27.8 33.3 37.8 37.6 33

34 U.S. income receipts 320.8 382.7 319.0 299.1 304.5 308.3 304.8 296.8 299.5 312.1 309.6 34

35 - U.S. income payments 287.1 343.7 283.8 277.7 270.4 289.9 266.9 269.0 266.2 274.3 272.0 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 9302.2 9856.0 10135.9 10502.3 11019.6 10560.4 10661.7 10763.7 10880.1 11144.7 11289.9 36

(1) This table corresponds to NIPA table 1.1.5 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 4, 2004 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 8236.8 8795.4 8981.4 9290.8 9681.5 9314.9 9376.9 9434.8 9585.0 9781.7 9928.0 1

 2 Compensation of employees 5357.2 5782.7 5940.5 6019.1 6187.9 6031.2 6057.8 6115.9 6164.8 6213.7 6260.5 2

 3 Wages and other labor income 5028.7 5439.2 5585.6 5655.0 5810.1 5666.1 5691.1 5739.6 5789.6 5834.9 5879.5 3

 4 Employer social insurance contributions 323.4 343.5 354.9 364.1 377.8 365.1 366.7 374.9 376.6 378.8 381.0 4

 5 Wage accruals less disbursements 5.2 0.0 0.0 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 678.3 728.4 770.7 797.7 847.3 803.2 812.2 813.5 838.8 860.9 875.8 6

 7 Nonfarm 649.7 705.7 745.7 783.4 827.8 789.7 795.9 800.5 818.8 839.4 852.4 7

 8 Farm 28.6 22.7 25.0 14.3 19.5 13.5 16.3 13.0 20.0 21.5 23.4 8

 Rental income of persons (with capital

 9 consumption adjustment) 147.4 150.3 163.1 173.0 163.7 172.7 159.0 163.2 153.4 157.0 181.0 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 851.3 818.0 770.4 904.2 1061.2 899.9 935.0 927.1 1022.8 1124.3 1170.8 10

 Corporate profits with inventory

11 valuation adjustment 776.8 759.4 705.9 742.8 833.1 745.2 784.3 780.8 793.6 864.2 893.7 11

12 Profits before tax 775.9 773.4 696.8 745.0 844.4 756.3 795.1 808.9 792.4 866.0 910.5 12

13 Domestic nonfinancial 456.7 422.0 307.8 334.4 417.4 354.0 382.6 396.2 381.1 431.3 460.8 13

14 Farm 1.3 1.9 1.8 2.1 2.2 2.1 2.1 2.2 2.3 2.3 2.3 14

15 Foreign subsidiaries 121.6 145.8 161.5 153.4 155.5 151.2 167.0 148.7 148.5 157.8 167.2 15

16 Financial 196.3 203.8 225.7 255.2 269.3 249.0 243.4 261.8 260.5 274.6 280.2 16

 Less:

17 Taxes on corporate income 258.6 265.2 201.2 195.1 220.5 198.6 202.9 213.9 211.4 230.6 226.2 17

18 Domestic nonfinancial 170.8 169.7 108.2 101.0 124.9 106.7 113.9 119.2 117.1 132.9 130.4 18

19 Farm 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.6 19

20 Financial 87.4 95.0 92.4 93.5 95.0 91.3 88.4 94.1 93.7 97.0 95.1 20

 Equals:

21 Profits after tax 517.3 508.3 495.6 550.0 623.9 557.7 592.2 595.0 581.0 635.4 684.3 21

22 Net dividends 337.4 378.0 373.2 398.3 430.9 404.3 413.1 420.3 427.5 434.3 441.5 22

23 Domestic nonfinancial 222.7 249.7 246.7 255.6 268.0 245.1 264.1 264.1 273.1 269.1 265.6 23

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

25 Foreign subsidiaries 41.7 29.5 35.3 39.3 48.9 57.7 37.5 44.6 39.1 51.6 60.5 25

26 Financial 71.0 97.1 89.8 101.8 112.3 99.9 109.9 109.9 113.6 111.9 113.8 26

27 Undistributed profits 179.9 130.3 122.4 151.7 193.0 153.4 179.1 174.7 153.5 201.1 242.8 27

28 Domestic nonfinancial 63.2 2.6 -47.1 -22.2 24.5 2.2 4.6 12.9 -9.1 29.3 64.8 28

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

30 Foreign subsidiaries 79.8 116.3 126.2 114.1 106.6 93.5 129.5 104.1 109.4 106.2 106.7 30

31 Financial 38.0 11.7 43.6 59.9 62.0 57.8 45.1 57.8 53.2 65.7 71.3 31

32 Inventory valuation adjustment 0.9 -14.1 9.1 -2.2 -11.4 -11.1 -10.8 -28.1 1.2 -1.8 -16.8 32

33 Capital consumption adjustment 74.5 58.6 64.5 161.5 228.2 154.7 150.7 146.3 229.2 260.1 277.1 33

34 Domestic nonfinancial 77.5 65.3 75.4 156.0 207.7 149.6 143.9 138.1 208.6 233.9 250.2 34

35 Farm 1.1 1.3 1.5 1.5 1.6 1.5 1.5 1.6 1.5 1.6 1.7 35

36 Financial -4.2 -8.0 -12.4 4.0 18.9 3.6 5.3 6.6 19.1 24.6 25.2 36

37 Net interest and miscellaneous payments 495.4 559.1 568.5 582.4 580.7 585.7 589.7 589.3 581.7 579.9 571.7 37

38 Taxes on production and imports 674.0 708.9 729.9 760.1 789.0 767.4 769.5 774.2 782.1 791.4 808.1 38

39 Less: Subsidies 44.2 44.3 55.3 38.3 48.3 38.3 36.7 44.8 56.9 46.3 45.1 39

40 Business current transfer payments (net) 67.4 87.1 92.5 89.9 95.2 87.8 86.2 90.2 92.5 97.1 101.1 40

41 Current surplus of government enterprises 10.1 5.4 1.2 2.8 5.0 5.3 4.2 6.2 5.8 3.7 4.1 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 8236.8 8795.4 8981.4 9290.8 9681.5 9314.9 9376.9 9434.8 9585.0 9781.7 9928.0 42

 Plus:

43 Private consumption of fixed capital 914.3 990.8 1061.1 1077.8 1089.6 1084.2 1087.1 1090.4 1086.0 1089.9 1092.0 43

44 Government consumption of fixed capital 187.0 197.0 205.9 210.8 218.2 211.6 213.3 215.3 217.4 219.2 221.0 44

45 Statistical discrepancy -35.8 -127.2 -112.3 -77.0 28.3 -50.1 -15.6 23.2 -8.4 53.9 44.3 45

 Less:

46 Net U.S. income receipts from rest of the world 33.8 39.0 35.2 21.5 34.1 18.4 37.9 27.8 33.3 37.8 37.6 46

 Equals:

47 Gross Domestic Product 9268.4 9817.0 10100.8 10480.9 10985.5 10542.0 10623.8 10735.9 10846.8 11106.9 11252.3 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.
14 Z.1, March 4, 2004

F.8 Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1674.3 1770.6 1658.1 1539.3 1463.3 1525.3 1469.0 1388.5 1437.0 1470.2 1557.7 1

 2 Net saving 573.1 582.8 391.1 250.6 155.5 229.5 168.6 82.8 133.6 161.1 244.7 2

 3 Net private saving 419.0 343.3 323.3 494.0 575.4 465.9 465.4 443.9 572.8 647.4 637.5 3

 4 Personal saving 158.6 168.4 127.2 183.2 165.6 168.9 146.4 151.0 188.9 188.0 134.4 4

 5 Undistributed corporate profits w/IVA & CCA 255.3 174.9 196.1 310.9 409.8 297.0 319.0 292.9 383.9 459.4 503.1 5

 6 Undistributed profits 179.9 130.3 122.4 151.7 193.0 153.4 179.1 174.7 153.5 201.1 242.8 6

 7 Inventory valuation adjustment 0.9 -14.1 9.1 -2.2 -11.4 -11.1 -10.8 -28.1 1.2 -1.8 -16.8 7

 8 Capital consumption adjustment 74.5 58.6 64.5 161.5 228.2 154.7 150.7 146.3 229.2 260.1 277.1 8

 9 Wage accruals less disbursements 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Net government saving 154.1 239.5 67.9 -243.4 -419.9 -236.4 -296.8 -361.1 -439.2 -486.3 -392.8 10

11 Federal 103.6 189.5 50.6 -240.1 -419.2 -243.0 -296.4 -320.5 -424.6 -499.4 -432.3 11

12 State and local 50.4 50.0 17.3 -3.3 -0.7 6.6 -0.4 -40.6 -14.6 13.1 39.5 12

13 Consumption of fixed captal 1101.2 1187.8 1266.9 1288.6 1307.8 1295.8 1300.4 1305.7 1303.4 1309.1 1313.0 13

14 Private 914.3 990.8 1061.1 1077.8 1089.6 1084.2 1087.1 1090.4 1086.0 1089.9 1092.0 14

15 Domestic business 769.8 836.1 893.6 902.6 905.9 907.8 908.4 908.0 902.8 905.1 907.7 15

16 Households and institutions 144.5 154.8 167.5 175.2 183.7 176.4 178.7 182.4 183.2 184.8 184.3 16

17 Government 187.0 197.0 205.9 210.8 218.2 211.6 213.3 215.3 217.4 219.2 221.0 17

18 Federal 84.8 87.2 88.3 89.1 90.9 89.1 89.8 90.0 90.5 91.3 91.8 18

19 State and local 102.1 109.8 117.6 121.8 127.3 122.5 123.5 125.3 126.9 127.9 129.2 19

 Gross domestic investment, capital account

20 transactions, and net lending, NIPAs 1638.6 1643.4 1545.8 1462.3 1491.6 1475.2 1453.4 1411.7 1428.6 1524.1 1602.0 20

21 Gross domestic investment 1912.5 2040.0 1924.2 1926.4 2019.2 1949.3 1953.8 1941.0 1968.9 2042.5 2124.5 21

22 Gross private domestic investment 1625.6 1735.5 1607.2 1589.3 1671.4 1608.3 1614.8 1605.2 1624.4 1689.0 1767.0 22

23 Fixed investment 1558.8 1679.0 1643.4 1583.9 1672.3 1579.7 1594.6 1606.2 1630.1 1699.5 1753.3 23

24 Nonresidential 1133.9 1232.1 1174.1 1080.2 1109.7 1073.4 1074.3 1071.8 1086.9 1124.4 1155.5 24

25 Residential 424.9 446.9 469.2 503.7 562.6 506.3 520.3 534.4 543.2 575.1 597.8 25

26 Change in private inventories 66.9 56.5 -36.1 5.4 -0.9 28.6 20.2 -1.0 -5.7 -10.5 13.7 26

27 Gross government investment 286.8 304.6 317.0 337.1 347.8 341.0 339.0 335.8 344.5 353.5 357.5 27

28 Capital account transactions (net) 4.9 0.8 1.1 1.3 2.0 1.5 1.4 1.6 1.3 3.2 1.8 28

29 Net lending or net borrowing (-), NIPAs -278.8 -397.4 -379.5 -465.4 -529.6 -475.6 -501.8 -530.9 -541.6 -521.6 -524.3 29

30 Statistical discrepancy (line 20 less line 1) -35.8 -127.2 -112.3 -77.0 28.3 -50.1 -15.6 23.2 -8.4 53.9 44.3 30

(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) 32.5 35.6 35.6 32.9 29.1 35.6 30.1 30.5 25.9 28.7 31.2 1

 2 Federal -7.4 -8.1 -12.9 -18.7 -22.8 -16.5 -19.8 -13.8 -28.4 -29.6 -19.4 2

 3 Estate and gift taxes paid by persons 28.8 28.1 27.9 25.6 22.1 28.4 23.0 23.5 18.7 21.7 24.6 3

 4 - Capital transfers paid to the rest of the world (net) 4.2 0.0 0.0 0.2 0.1 0.3 0.4 0.4 0.1 0.1 -0.0 4

 5 - Federal investment grants to state and local govts. 31.9 36.2 40.8 44.1 44.7 44.6 42.5 36.9 46.9 51.2 43.7 5

 6 - Investment grants to business 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.4 6

 7 State and local 39.9 43.7 48.5 51.7 51.9 52.1 50.0 44.2 54.2 58.3 50.7 7

 8 Estate and gift taxes paid by persons 7.9 7.5 7.7 7.6 7.2 7.5 7.4 7.4 7.3 7.1 7.0 8

 9 + Federal investment grants to state and local govts. 31.9 36.2 40.8 44.1 44.7 44.6 42.5 36.9 46.9 51.2 43.7 9

10 Capital transfers received by rest of the world (net) (2) 4.9 0.8 1.1 1.3 2.0 1.5 1.4 1.6 1.3 3.2 1.8 10

11 Capital transfers received from U.S. government (net) 4.2 0.0 0.0 0.2 0.1 0.3 0.4 0.4 0.1 0.1 -0.0 11

12 - Migrants’ transfers received by persons (net) -0.7 -0.8 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 12

13 - Acquisition of nonproduced nonfinancial assets (net) 0.0 0.0 0.1 0.0 -0.7 -0.1 0.1 -0.1 -0.1 -2.0 -0.7 13

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

(2) Corresponds to NIPA table 4.1, line 32 in the Survey of Current Business, Department of Commerce.
Z.1, March 4, 2004 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 709.6 677.9 880.4 719.6 909.9 646.0 723.4 778.2 1585.3 802.2 474.0 1

 2 Foreign deposits 5.2 15.0 -5.0 10.7 3.5 26.0 12.7 26.1 -23.5 -17.9 29.3 2

 3 Checkable deposits and currency -35.8 -63.8 90.8 -23.0 -53.4 -51.6 86.7 -136.8 90.7 -140.2 -27.4 3

 4 Time and savings deposits 101.3 308.7 257.8 295.8 342.6 388.8 62.8 407.5 400.4 272.2 290.5 4

 5 Money market fund shares 118.3 154.2 158.2 -37.9 -98.4 75.5 -149.0 -190.8 179.9 -91.8 -290.9 5

 6 Securities 107.0 -347.1 -57.1 91.4 188.9 -281.8 234.0 162.8 124.4 347.2 121.2 6

 7 Open market paper 4.1 4.8 -30.8 5.8 -1.6 20.2 14.5 24.4 -30.0 6.1 -6.7 7

 8 U.S. government securities 164.5 -129.5 -161.6 -232.5 134.6 -224.9 -445.9 -194.8 169.5 448.6 115.1 8

 9 Municipal securities 23.5 10.2 52.3 106.6 62.5 41.0 160.3 24.7 32.8 60.5 131.8 9

10 Corporate and foreign bonds 51.9 65.8 117.8 165.3 -116.6 14.6 396.7 19.9 -207.0 -199.2 -80.1 10

11 Corporate equities (2) -308.1 -470.0 -231.7 -72.5 -183.1 -145.2 -14.5 106.6 -175.2 -273.3 -390.5 11

12 Mutual fund shares 171.2 171.6 196.8 118.8 293.1 12.6 122.9 182.0 334.4 304.5 351.5 12

13 Life insurance reserves 50.8 50.2 77.2 60.1 56.7 60.8 54.2 73.8 56.9 44.7 51.4 13

14 Pension fund reserves 181.8 209.1 210.9 215.2 232.7 288.9 233.4 213.3 218.8 214.1 284.7 14

15 Investment in bank personal trusts -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 15

16 Miscellaneous and other assets 189.1 295.1 207.4 109.6 263.5 141.5 190.0 249.0 564.2 200.3 40.7 16

17 Gross investment in tangible assets 1380.5 1489.2 1554.6 1558.2 1655.7 1574.1 1576.7 1588.3 1628.5 1710.2 1695.9 17

18 Residential fixed investment 419.9 443.2 465.1 497.7 556.8 499.5 514.8 530.0 538.0 569.2 589.9 18

19 Other fixed assets (3) 208.8 239.1 228.0 191.5 194.7 181.2 191.5 196.5 193.0 197.4 191.7 19

20 Consumer durables 751.0 805.4 863.3 871.9 906.5 897.8 873.9 861.7 900.3 948.1 915.8 20

21 Inventories (3) 0.8 1.6 -1.7 -2.9 -2.2 -4.4 -3.6 0.1 -2.9 -4.6 -1.5 21

22 Consumption of fixed capital 837.0 890.7 936.8 974.3 991.0 981.5 987.1 992.1 988.4 993.1 990.5 22

23 Residential fixed investment 173.8 184.9 195.6 200.6 202.2 201.8 201.5 202.3 201.8 202.7 201.9 23

24 Other fixed assets (3) 133.4 142.7 148.0 149.9 154.5 150.1 151.9 154.3 154.1 154.6 154.9 24

25 Consumer durables 529.9 563.0 593.2 623.7 634.4 629.6 633.8 635.5 632.5 635.7 633.7 25

26 Net investment in tangible assets (4) 543.5 598.6 617.8 584.0 664.7 592.6 589.5 596.2 640.0 717.1 705.4 26

27 Residential fixed investment 246.1 258.3 269.5 297.1 354.6 297.7 313.4 327.7 336.1 366.5 388.0 27

28 Other fixed assets (3) 75.5 96.3 80.0 41.6 40.2 31.1 39.7 42.2 38.9 42.8 36.8 28

29 Consumer durables 221.1 242.4 270.1 248.2 272.1 268.2 240.1 226.2 267.8 312.4 282.1 29

30 Inventories (3) 0.8 1.6 -1.7 -2.9 -2.2 -4.4 -3.6 0.1 -2.9 -4.6 -1.5 30

31 Net increase in liabilities 887.1 927.0 828.7 942.9 1152.7 886.6 1133.1 1112.8 1620.7 1068.4 803.1 31

32 Mortgage debt on nonfarm homes 422.2 416.2 531.1 723.3 818.2 748.3 880.0 790.6 927.2 800.7 754.4 32

33 Other mortgage debt (3) 101.2 114.9 107.4 102.0 109.2 97.9 116.1 87.3 109.8 121.8 117.7 33

34 Consumer credit 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 34

35 Policy loans -5.1 2.8 2.2 1.1 -0.2 1.9 1.4 -1.7 1.3 -1.8 1.3 35

36 Security credit 75.2 7.2 -38.8 -48.2 32.6 -83.7 -5.7 45.3 355.7 -83.4 -187.4 36

37 Other liabilities (3) 181.4 220.6 89.1 83.3 91.4 42.2 114.9 109.3 107.5 109.4 39.2 37

38 Net capital transfers (5) -37.4 -36.5 -36.7 -34.2 -30.4 -37.0 -31.6 -32.0 -27.1 -29.9 -32.8 38

39 Personal saving, with consumer durables (FOF) 403.4 385.9 706.3 394.9 452.4 389.0 211.5 293.6 631.8 480.8 409.1 39

40 Less net investment in consumer durables 221.1 242.4 270.1 248.2 272.1 268.2 240.1 226.2 267.8 312.4 282.1 40

41 = Personal saving, without consumer durables (FOF) (6) 182.3 143.6 436.1 146.7 180.3 120.8 -28.6 67.5 364.0 168.5 127.0 41

42 Personal saving (NIPA, excludes consumer durables) 158.6 168.4 127.2 183.2 165.6 168.9 146.4 151.0 188.9 188.0 134.4 42

43 Difference 23.7 -24.9 308.9 -36.4 14.7 -48.1 -175.0 -83.5 175.1 -19.5 -7.4 43

 Memo:

44 Disposable personal income 6695.0 7194.0 7469.4 7857.2 8202.9 7891.0 7935.6 8039.3 8145.7 8306.5 8319.9 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 6.0 5.4 9.5 5.0 5.5 4.9 2.7 3.7 7.8 5.8 4.9 45

46 Without consumer durables (FOF) (line 41) 2.7 2.0 5.8 1.9 2.2 1.5 -0.4 0.8 4.5 2.0 1.5 46

47 Without consumer durables (NIPA) (line 42) 2.4 2.3 1.7 2.3 2.0 2.1 1.8 1.9 2.3 2.3 1.6 47

48 Difference (line 43) 0.4 -0.3 4.1 -0.5 0.2 -0.6 -2.2 -1.0 2.1 -0.2 -0.1 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 4, 2004

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 7802.4 8429.7 8713.1 8910.3 9191.6 8944.0 8981.3 9048.7 9145.9 9242.5 9329.3 1

 2 - Personal current taxes 1107.5 1235.7 1243.7 1053.1 988.8 1053.0 1045.7 1009.4 1000.2 936.0 1009.4 2

 3 = Disposable personal income 6695.0 7194.0 7469.4 7857.2 8202.9 7891.0 7935.6 8039.3 8145.7 8306.5 8319.9 3

 4 - Personal outlays 6536.4 7025.6 7342.2 7674.0 8037.3 7722.1 7789.2 7888.3 7956.8 8118.5 8185.5 4

 5 = Personal saving, NIPA (2) 158.6 168.4 127.2 183.2 165.6 168.9 146.4 151.0 188.9 188.0 134.4 5

 6 + Government insurance and pension reserves (3) 3.8 1.8 3.3 -1.7 0.1 -0.7 -7.9 -5.7 -1.8 0.5 7.3 6

 7 + Net investment in consumer durables 221.1 242.4 270.1 248.2 272.1 268.2 240.1 226.2 267.8 312.4 282.1 7

 8 + Consumption of fixed capital 670.8 713.0 754.3 787.5 799.9 794.3 798.9 801.2 797.4 801.3 799.5 8

 9 + Net capital transfers (4) -37.4 -36.5 -36.7 -34.2 -30.4 -37.0 -31.6 -32.0 -27.1 -29.9 -32.8 9

10 = Gross saving and net capital transfers 1016.9 1089.1 1118.2 1182.8 1207.2 1193.7 1145.9 1140.7 1225.2 1272.2 1190.6 10

11 Gross investment 1036.8 1061.4 1422.6 1146.7 1220.3 1144.8 977.4 1061.4 1400.6 1250.7 1174.3 11

12 Capital expenditures 1169.5 1247.1 1330.6 1359.9 1446.0 1386.4 1375.8 1376.7 1422.9 1499.0 1485.4 12

13 Residential 359.8 377.1 401.7 429.7 480.8 431.1 444.6 457.8 464.6 491.6 509.2 13

14 Consumer durable goods 751.0 805.4 863.3 871.9 906.5 897.8 873.9 861.7 900.3 948.1 915.8 14

15 Nonprofit nonresidential 58.7 64.6 65.6 58.2 58.7 57.5 57.3 57.2 58.0 59.4 60.4 15

16 Net financial investment -132.7 -185.7 92.0 -213.2 -225.7 -241.6 -398.4 -315.4 -22.2 -248.3 -311.1 16

17 Net acquisition of financial assets 441.6 392.3 702.1 522.2 695.9 442.0 517.6 585.5 1366.9 561.6 269.4 17

18 Foreign deposits 5.2 15.0 -5.0 10.7 3.5 26.0 12.7 26.1 -23.5 -17.9 29.3 18

19 Checkable deposits and currency -75.1 -120.4 89.7 -36.2 -64.4 -63.8 79.0 -145.7 76.9 -153.0 -35.6 19

20 Time and savings deposits 82.2 288.6 250.7 293.6 340.9 390.7 63.9 411.7 396.4 271.3 284.2 20

21 Money market fund shares 110.2 145.6 148.6 -40.2 -90.2 82.1 -164.0 -185.3 185.0 -79.4 -281.0 21

22 Credit market instruments 244.8 -48.4 -26.3 43.6 77.2 -149.1 120.9 -125.1 -37.3 314.2 156.8 22

23 Open market paper 4.1 4.8 -30.8 5.8 -1.6 20.2 14.5 24.4 -30.0 6.1 -6.7 23

24 U.S. government securities 165.3 -132.5 -164.3 -234.9 132.2 -226.6 -449.5 -194.6 164.6 446.6 112.4 24

25 Treasury 37.4 -187.5 -89.8 -69.2 -39.9 10.7 -277.9 -52.0 374.4 -161.0 -321.1 25

26 Savings bonds -0.2 -1.7 5.6 4.5 8.9 2.7 3.1 9.5 10.5 10.2 5.5 26

27 Other 37.5 -185.8 -95.3 -73.8 -48.9 8.0 -281.0 -61.6 363.9 -171.2 -326.6 27

28 Agency 128.0 55.1 -74.5 -165.6 172.2 -237.3 -171.6 -142.6 -209.7 607.6 433.5 28

29 Municipal securities 23.6 10.4 51.3 106.4 62.3 40.8 160.1 24.5 32.6 60.3 131.6 29

30 Corporate and foreign bonds 51.9 65.8 117.8 165.3 -116.6 14.6 396.7 19.9 -207.0 -199.2 -80.1 30

31 Mortgages -0.1 3.0 -0.4 1.0 0.8 2.0 -0.9 0.7 2.5 0.5 -0.4 31

32 Corporate equities (5) -308.1 -470.0 -231.7 -72.5 -183.1 -145.2 -14.5 106.6 -175.2 -273.3 -390.5 32

33 Mutual fund shares 171.2 171.6 196.8 118.8 293.1 12.6 122.9 182.0 334.4 304.5 351.5 33

34 Security credit 47.2 88.6 41.9 -41.6 53.5 3.3 45.6 67.8 342.0 -46.8 -148.8 34

35 Life insurance reserves 50.8 50.2 77.2 60.1 56.7 60.8 54.2 73.8 56.9 44.7 51.4 35

36 Pension fund reserves 181.8 209.1 210.9 215.2 232.7 288.9 233.4 213.3 218.8 214.1 284.7 36

37 Investment in bank personal trusts -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 37

38 Equity in noncorporate business -72.8 -0.5 -9.3 -55.6 -35.1 -97.6 -50.7 -50.0 -10.0 -49.4 -31.0 38

39 Miscellaneous assets 12.4 6.5 18.5 28.7 37.2 35.5 15.6 37.0 29.1 58.9 24.0 39

40 Net increase in liabilities 574.3 578.1 610.1 735.4 921.5 683.6 916.0 900.8 1389.2 809.9 580.5 40

41 Credit market instruments 492.8 566.9 645.4 775.7 879.9 757.4 914.5 845.3 1024.4 885.1 758.9 41

42 Home mortgages (6) 376.0 376.7 488.3 673.9 758.1 692.1 822.4 733.7 859.5 743.0 696.5 42

43 Consumer credit 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 43

44 Municipal securities 10.4 5.8 13.8 12.9 14.5 11.5 19.1 19.3 11.0 17.7 10.0 44

45 Bank loans n.e.c. -6.9 6.8 -16.5 -3.1 -4.7 -46.2 55.8 1.6 33.0 -10.5 -42.7 45

46 Other loans and advances -5.4 2.0 0.6 0.1 -1.0 1.3 0.3 -2.5 0.5 -2.6 0.7 46

47 Commercial mortgages 6.6 10.4 21.5 10.5 11.3 18.8 -9.4 11.2 1.3 15.9 16.6 47

48 Security credit 75.2 7.2 -38.8 -48.2 32.6 -83.7 -5.7 45.3 355.7 -83.4 -187.4 48

49 Trade payables 4.1 3.8 4.0 7.0 7.9 7.0 7.3 7.5 7.8 8.0 8.3 49

 Deferred and unpaid

50 life insurance premiums 2.1 0.1 -0.4 0.9 1.2 2.9 -0.1 2.8 1.2 0.1 0.7 50

51 Discrepancy -19.9 27.7 -304.4 36.2 -13.1 48.9 168.6 79.3 -175.4 21.5 16.3 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, the National Railroad Retirement Investment Trust, 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 4, 2004 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 1195.9 1211.9 1142.4 1198.1 1327.1 1223.1 1255.5 1272.0 1278.5 1352.2 1405.7 1

 2 Gross saving and net capital transfers 907.4 912.3 953.3 1046.9 1136.8 1040.1 1075.0 1037.1 1116.8 1177.0 1216.2 2

 3 Gross investment 1015.2 1077.3 1108.4 1007.9 1108.0 1019.0 1009.7 988.3 1076.0 1155.1 1212.7 3

 4 Capital expenditures 1077.7 1168.8 1024.0 980.9 1006.6 993.7 995.2 979.9 983.4 1010.8 1052.4 4

 5 Fixed investment 1009.1 1111.7 1059.9 975.2 1007.2 964.8 974.7 980.6 988.8 1021.0 1038.4 5

 6 Residential 63.5 69.7 66.9 71.9 80.3 72.2 74.2 76.2 77.5 82.1 85.3 6

 7 Nonresidential 945.7 1042.0 992.9 903.4 927.0 892.5 900.5 904.4 911.3 939.0 953.2 7

 8 Change in inventories 66.9 56.5 -36.1 5.4 -0.9 28.6 20.2 -1.0 -5.7 -10.5 13.7 8

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

10 Net financial investment -62.6 -91.5 84.3 27.0 101.4 25.3 14.5 8.4 92.6 144.3 160.3 10

11 Net acquisition of financial assets 1154.8 1455.2 345.1 383.0 770.4 372.3 438.3 755.7 769.8 762.8 793.3 11

12 Foreign deposits 0.9 -7.4 -8.5 5.1 11.1 2.8 -13.3 21.1 18.2 3.7 1.2 12

13 Checkable deposits and currency 95.3 107.1 -44.9 41.4 127.1 99.2 -27.1 110.4 72.9 197.0 128.1 13

14 Time and savings deposits 43.3 20.5 1.7 -5.8 -4.8 -67.7 114.7 28.3 27.5 -45.5 -29.4 14

15 Money market fund shares 36.6 45.2 120.1 29.2 -61.0 -54.2 178.4 -43.9 -67.3 -116.6 -16.0 15

16 Security RPs 1.6 -1.6 -0.2 2.2 1.8 -1.4 3.1 -1.3 3.0 1.9 3.6 16

17 Credit market instruments -21.4 26.4 9.7 25.8 26.2 17.2 18.8 32.1 61.8 16.3 -11.4 17

18 Commercial paper 8.2 10.2 2.5 6.4 7.4 18.1 12.0 7.8 7.4 8.2 6.3 18

19 U.S. government securities -3.2 4.7 2.8 17.2 22.0 2.2 7.3 12.2 33.4 22.8 19.8 19

20 Municipal securities -0.9 6.7 -1.6 -0.4 3.5 19.6 -8.9 -1.8 0.3 8.6 6.8 20

21 Mortgages -28.0 0.9 6.4 2.7 0.7 3.0 2.2 1.7 1.0 0.5 -0.2 21

22 Consumer credit 2.5 4.0 -0.4 -0.1 -7.5 -25.6 6.3 12.3 19.7 -23.7 -44.1 22

23 Mutual fund shares 17.2 5.0 -2.1 9.3 9.3 9.3 9.3 9.3 9.3 9.3 9.3 23

24 Trade receivables 242.9 352.6 -114.6 51.0 252.1 84.8 -160.2 263.4 203.3 269.9 277.6 24

25 Miscellaneous assets 738.4 907.5 383.8 224.8 408.7 282.2 314.5 336.4 441.2 426.7 430.3 25

26 Net increase in liabilities 1217.3 1546.8 260.8 356.0 669.0 347.0 423.8 747.3 677.3 618.5 633.1 26

27 Credit market instruments 566.4 565.7 390.3 196.2 278.1 121.2 310.7 251.9 422.4 221.4 216.8 27

28 Commercial paper 37.4 48.1 -88.3 -64.2 -40.0 -17.4 -13.2 -9.3 -81.4 4.8 -74.3 28

29 Municipal securities 5.1 1.4 3.5 3.1 3.3 3.6 5.5 2.7 3.0 3.1 4.3 29

30 Corporate bonds 221.7 162.6 348.5 132.3 162.3 -20.3 99.8 186.8 297.0 96.1 69.2 30

31 Bank loans n.e.c. 89.8 95.0 -65.5 -84.0 -75.0 -60.0 -84.2 -84.6 -76.3 -94.7 -44.5 31

32 Other loans and advances 31.8 83.5 4.8 18.0 -1.1 36.7 34.5 -22.0 16.9 -24.0 24.5 32

33 Mortgages 180.7 175.2 187.4 191.1 228.8 178.5 268.3 178.3 263.2 236.1 237.6 33

34 Corporate equities -110.4 -118.2 -47.4 -41.6 -49.1 -140.8 -30.5 -67.0 -50.2 -44.9 -34.2 34

35 Trade payables 213.6 360.8 -117.9 44.0 261.0 41.8 -180.4 293.5 203.0 283.0 264.6 35

36 Taxes payable 15.9 18.6 7.1 20.2 23.1 58.2 -13.5 58.0 22.5 5.0 6.7 36

37 Miscellaneous liabilities 614.8 759.4 49.1 188.6 204.4 331.8 397.2 260.5 127.9 214.6 214.7 37

38 Proprietors’ net investment -83.1 -39.5 -20.4 -51.5 -48.6 -65.2 -59.7 -49.7 -48.4 -60.6 -35.6 38

39 Discrepancy -107.8 -164.9 -155.1 39.0 28.8 21.1 65.3 48.8 40.8 21.9 3.5 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 4, 2004

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 456.7 422.0 307.8 334.4 417.4 354.0 382.6 396.2 381.1 431.3 460.8 1

 2 - Taxes on corporate income 170.8 169.7 108.2 101.0 124.9 106.7 113.9 119.2 117.1 132.9 130.4 2

 3 - Net dividends 222.7 249.7 246.7 255.6 268.0 245.1 264.1 264.1 273.1 269.1 265.6 3

 4 + Capital consumption allowance (1) 597.2 628.8 681.4 769.0 824.3 766.8 762.1 755.8 822.8 850.0 868.5 4

 5 = U.S. internal funds, book 660.4 631.4 634.3 746.8 848.8 768.9 766.6 768.8 813.7 879.3 933.4 5

 6 + Foreign earnings retained abroad 79.8 116.3 126.2 114.1 106.6 93.5 129.5 104.1 109.4 106.2 106.7 6

 7 + Inventory valuation adjustment (IVA) 0.9 -14.1 9.1 -2.2 -11.4 -11.1 -10.8 -28.1 1.2 -1.8 -16.8 7

 8 + Net capital transfers (2) 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.4 8

 9 = Total internal funds + IVA 741.2 733.6 769.6 858.6 944.1 851.3 885.3 844.8 924.3 983.7 1023.7 9

10 Gross investment 848.9 898.5 924.7 819.6 915.4 830.2 820.1 795.9 883.5 961.9 1020.2 10

11 Capital expenditures 866.7 926.7 800.1 782.5 796.9 806.0 794.3 768.3 777.8 799.7 841.9 11

12 Fixed investment (3) 798.8 871.2 834.2 773.9 795.3 772.7 770.2 769.2 780.4 805.3 826.4 12

13 Inventory change + IVA 66.1 54.9 -34.4 8.3 1.3 33.0 23.8 -1.1 -2.9 -5.9 15.2 13

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

15 Net financial investment -17.7 -28.2 124.6 37.1 118.4 24.3 25.8 27.6 105.6 162.2 178.3 15

16 Net acquisition of financial assets 969.9 1209.2 187.3 237.1 604.9 233.6 292.3 612.6 599.8 582.8 624.4 16

17 Foreign deposits 0.9 -7.4 -8.5 5.1 11.1 2.8 -13.3 21.1 18.2 3.7 1.2 17

18 Checkable deposits and currency 56.0 50.5 -46.0 28.2 116.1 87.0 -34.8 101.4 59.0 184.3 119.9 18

19 Time and savings deposits 24.3 0.5 -5.4 -8.0 -6.5 -65.7 115.8 32.5 23.5 -46.4 -35.7 19

20 Money market fund shares 28.4 36.5 110.5 26.9 -52.7 -47.6 163.5 -38.5 -62.2 -104.1 -6.1 20

21 Security RPs 1.6 -1.6 -0.2 2.2 1.8 -1.4 3.1 -1.3 3.0 1.9 3.6 21

22 Commercial paper 8.2 10.2 2.5 6.4 7.4 18.1 12.0 7.8 7.4 8.2 6.3 22

23 U.S. government securities -2.4 1.7 0.1 14.9 19.7 0.5 3.6 12.3 28.6 20.7 17.1 23

24 Municipal securities -0.7 6.9 -2.6 -0.6 3.3 19.4 -9.1 -2.0 0.1 8.4 6.6 24

25 Mortgages -26.0 2.3 3.0 1.5 1.9 2.0 2.0 1.9 1.9 1.9 1.9 25

26 Consumer credit 2.5 4.0 -0.4 -0.1 -7.5 -25.6 6.3 12.3 19.7 -23.7 -44.1 26

27 Trade receivables 203.4 283.0 -116.4 28.2 201.7 68.8 -172.7 226.8 154.5 204.1 227.2 27

28 Mutual fund shares 17.2 5.0 -2.1 9.3 9.3 9.3 9.3 9.3 9.3 9.3 9.3 28

29 Miscellaneous assets 656.6 817.7 252.7 123.1 299.4 165.9 206.6 228.9 336.8 314.5 317.3 29

30 U.S. direct investment abroad (4) 194.4 128.4 97.0 117.0 126.7 105.7 98.7 112.9 105.7 144.7 143.7 30

31 Insurance receivables 1.0 -0.3 10.3 17.4 22.4 24.2 12.0 24.2 17.6 28.8 18.9 31

32 Equity in GSEs -0.6 0.0 -0.2 -0.3 -0.0 -2.2 4.0 -0.3 1.9 -0.4 -1.1 32

33 Investment in finance co. subs. 26.8 7.4 -1.6 -5.4 6.3 -0.7 10.8 -1.9 18.0 -0.2 9.4 33

34 Other 434.9 682.2 147.2 -5.6 144.0 38.9 81.1 94.1 193.7 141.6 146.5 34

35 Net increase in liabilities 987.6 1237.4 62.7 200.0 486.5 209.3 266.5 585.0 494.2 420.6 446.1 35

36 Net funds raised in markets 261.2 243.8 176.2 -2.3 92.7 -171.7 99.4 78.1 229.0 17.4 46.4 36

37 Net new equity issues -110.4 -118.2 -47.4 -41.6 -49.1 -140.8 -30.5 -67.0 -50.2 -44.9 -34.2 37

38 Credit market instruments 371.6 362.0 223.6 39.3 141.8 -30.9 129.9 145.1 279.2 62.3 80.6 38

39 Commercial paper 37.4 48.1 -88.3 -64.2 -40.0 -17.4 -13.2 -9.3 -81.4 4.8 -74.3 39

40 Municipal securities (5) 5.1 1.4 3.5 3.1 3.3 3.6 5.5 2.7 3.0 3.1 4.3 40

41 Corporate bonds (4) 221.7 162.6 348.5 132.3 162.3 -20.3 99.8 186.8 297.0 96.1 69.2 41

42 Bank loans n.e.c. 44.1 48.0 -103.3 -96.5 -49.4 -71.4 -76.9 -60.3 -41.1 -71.7 -24.4 42

43 Other loans and advances 23.4 70.7 4.5 14.5 -5.2 31.4 29.5 -20.1 14.7 -42.4 27.1 43

44 Savings institutions 3.2 4.3 1.8 1.7 5.1 2.0 1.8 2.3 1.6 18.5 -2.1 44

45 Finance companies 48.8 57.0 -10.3 7.5 -8.9 21.6 16.1 -12.9 -4.1 -1.3 -17.3 45

46 U.S. government -0.3 -0.4 -0.2 -0.3 0.7 -1.8 1.0 1.2 0.6 0.4 0.8 46

47 Acceptance liabilities to banks -2.2 -0.0 -0.3 0.3 -0.2 0.7 1.0 -0.4 -1.5 0.6 0.5 47

48 Rest of the world -22.7 -2.2 -1.6 10.1 -0.8 24.9 4.8 -40.3 34.6 -37.7 40.0 48

49 ABS issuers -3.3 12.1 15.1 -4.8 -1.0 -16.0 4.9 30.1 -16.5 -22.9 5.2 49

50 Mortgages 39.9 31.2 58.7 50.1 70.8 43.2 85.1 45.3 87.0 72.4 78.6 50

51 Trade payables 178.5 313.3 -110.3 22.1 212.4 29.0 -197.7 244.8 162.2 224.0 218.7 51

52 Taxes payable 7.0 7.0 3.1 12.1 13.4 39.3 -12.3 38.6 12.9 0.3 1.7 52

53 Miscellaneous liabilities 541.0 673.4 -6.2 168.1 167.9 312.7 377.0 223.5 90.1 178.9 179.3 53

54 Foreign direct investment in U.S. 247.0 181.1 71.4 22.7 49.4 44.6 21.2 32.7 26.3 68.7 69.9 54

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

56 Other 298.7 491.0 -78.9 144.1 117.2 266.8 354.5 189.5 62.5 108.8 108.0 56

57 Discrepancy -107.8 -164.9 -155.1 39.0 28.8 21.1 65.3 48.8 40.8 21.9 3.5 57

 Memo:

58 Financing gap (6) 205.3 309.4 156.7 37.9 -40.5 48.1 38.4 27.7 -37.1 -77.9 -74.7 58

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

(2) Table F.9, line 6.

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

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

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

(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, March 4, 2004 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 710.6 767.3 809.6 849.5 890.2 855.6 856.6 862.8 877.3 899.3 921.5 1

 2 Gross saving = capital consumption 148.7 160.3 164.8 168.9 173.0 169.2 170.1 172.8 172.9 173.6 172.7 2

 3 Gross investment 148.7 160.3 164.8 168.9 173.0 169.2 170.1 172.8 172.9 173.6 172.7 3

 4 Capital expenditures 189.2 216.2 194.6 171.4 180.9 162.4 173.6 180.5 178.2 184.2 180.7 4

 5 Fixed investment (1) 185.8 213.3 196.4 170.9 180.9 160.6 172.3 180.6 178.4 184.6 179.9 5

 6 Change in inventories 3.5 2.9 -1.8 0.4 0.1 1.7 1.3 -0.1 -0.2 -0.3 0.8 6

 7 Net financial investment -40.6 -55.9 -29.7 -2.5 -7.9 6.8 -3.5 -7.8 -5.3 -10.6 -8.0 7

 8 Net acquisition of financial assets 184.1 246.0 155.7 141.4 159.6 132.7 142.8 137.5 165.4 172.2 163.3 8

 9 Checkable deposits and currency 38.7 56.4 0.5 12.8 10.9 11.8 7.3 8.9 13.8 12.7 8.1 9

10 Time and savings deposits 19.1 20.1 7.1 2.2 1.7 -1.9 -1.1 -4.3 4.0 0.9 6.3 10

11 Money market mutual funds 8.1 8.7 9.6 2.3 -8.2 -6.6 14.9 -5.5 -5.1 -12.4 -9.9 11

12 Treasury securities -0.8 3.0 2.7 2.3 2.4 1.6 3.6 -0.2 4.8 2.1 2.7 12

13 Municipal securities -0.1 -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages -2.0 -1.4 3.3 1.2 -1.2 1.0 0.2 -0.3 -0.9 -1.5 -2.1 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 39.4 69.6 1.8 22.8 50.4 16.0 12.5 36.6 48.8 65.8 50.4 16

17 Miscellaneous assets 81.7 89.9 129.6 97.6 103.5 110.6 105.1 101.9 99.9 104.5 107.5 17

18 Insurance receivables 0.2 -0.1 2.5 4.2 5.4 5.8 2.9 5.8 4.2 6.9 4.5 18

19 Equity investment in GSEs (2) 0.0 -0.0 -0.1 0.0 0.4 0.1 0.1 0.3 -0.2 0.5 0.9 19

20 Other 81.4 90.0 127.3 93.4 97.7 104.7 102.2 95.9 95.9 97.1 102.1 20

21 Net increase in liabilities 224.7 301.8 185.4 143.9 167.5 125.9 146.3 145.2 170.7 182.9 171.3 21

22 Credit market instruments 189.4 192.9 159.2 149.0 130.9 137.6 178.6 99.4 142.7 153.0 128.5 22

23 Bank loans n.e.c. 46.5 44.3 37.8 13.4 -25.2 10.9 -5.9 -22.9 -30.6 -25.8 -21.6 23

24 Other loans and advances 7.8 11.1 0.3 3.2 5.6 4.4 6.0 -2.0 5.6 20.5 -1.9 24

25 Mortgages 135.1 137.5 121.2 132.5 150.6 122.3 178.5 124.3 167.7 158.3 152.0 25

26 Trade payables 34.7 46.6 -4.9 21.0 46.7 12.9 18.2 41.6 43.0 57.9 44.4 26

27 Taxes payable 8.9 11.7 4.0 8.1 9.7 18.9 -1.2 19.4 9.7 4.7 5.0 27

28 Miscellaneous liabilities 73.9 86.0 55.3 20.6 36.5 19.1 20.2 37.0 37.8 35.7 35.4 28

29 Proprietors’ net investment -82.3 -35.4 -28.2 -54.8 -56.3 -62.7 -69.4 -52.1 -62.4 -68.5 -42.0 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 28.6 22.7 25.0 14.3 19.5 13.5 16.3 13.0 20.0 21.5 23.4 1

 2 Net saving (corporate) 0.0 1.1 1.3 1.5 1.5 1.5 1.5 1.4 1.5 1.5 1.5 2

 3 Consumption of fixed capital 17.6 17.4 17.6 18.0 18.2 18.1 18.1 18.2 18.1 18.2 18.2 3

 4 Corporate 4.2 4.3 4.5 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 4

 5 Noncorporate 13.4 13.1 13.1 12.8 12.9 12.9 12.9 13.0 12.9 12.9 13.0 5

 6 Gross saving 17.6 18.5 18.9 19.4 19.6 19.6 19.6 19.6 19.6 19.6 19.7 6

 7 Gross investment 17.6 18.5 18.9 19.4 19.6 19.6 19.6 19.6 19.6 19.6 19.7 7

 8 Capital expenditures 21.8 25.9 29.4 27.0 28.8 25.3 27.4 31.1 27.4 26.9 29.8 8

 9 Fixed investment (2) 24.5 27.3 29.3 30.4 31.1 31.4 32.2 30.9 30.1 31.2 32.1 9

10 Change in inventories -2.7 -1.3 0.1 -3.4 -2.3 -6.1 -4.8 0.2 -2.7 -4.3 -2.3 10

11 Net financial investment -4.3 -7.5 -10.5 -7.6 -9.2 -5.8 -7.8 -11.5 -7.8 -7.3 -10.1 11

12 Net acquisition of financial assets 0.8 0.1 2.1 4.5 5.9 6.0 3.2 5.6 4.6 7.8 5.6 12

13 Checkable deposits and currency 0.6 0.2 0.6 0.4 0.1 0.4 0.4 0.1 0.1 0.1 0.1 13

14 Miscellaneous assets 0.2 -0.1 1.5 4.1 5.8 5.6 2.8 5.5 4.5 7.7 5.5 14

15 Insurance receivables 0.2 -0.1 1.4 4.0 5.2 5.6 2.8 5.6 4.1 6.6 4.3 15

16 Equity investment in GSEs (3) -0.0 -0.0 0.1 0.1 0.6 0.1 0.1 -0.1 0.5 1.1 1.2 16

17 Net increase in liabilities 5.1 7.6 12.7 12.1 15.0 11.8 11.0 17.0 12.4 15.1 15.7 17

18 Credit market instruments 5.5 10.9 7.5 7.9 5.5 14.4 2.2 7.4 0.6 6.1 7.8 18

19 Bank loans n.e.c. -0.9 2.7 -0.0 -0.9 -0.4 0.5 -1.5 -1.4 -4.6 2.8 1.5 19

20 Other loans and advances 0.6 1.7 0.0 0.4 -1.5 0.9 -1.1 0.2 -3.4 -2.1 -0.8 20

21 Mortgages 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 21

22 Trade payables 0.4 0.9 -2.6 0.9 1.9 -0.1 -0.8 7.2 -2.2 1.0 1.5 22

23 Proprietors’ net investment -0.8 -4.2 7.8 3.3 7.7 -2.6 9.7 2.4 14.0 7.9 6.4 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 4, 2004

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1236.7 1319.5 1382.7 1424.6 1500.2 1442.7 1456.6 1441.2 1478.0 1527.9 1553.7 1

 2 Personal current taxes 214.5 236.6 243.7 221.9 226.0 229.4 230.3 215.1 205.6 239.7 243.7 2

 3 Taxes on production and imports 590.2 621.1 643.9 672.5 700.9 679.5 680.5 685.9 694.4 705.1 718.3 3

 4 Taxes on corporate income 35.8 35.6 30.2 31.1 36.8 31.6 32.5 33.9 35.0 38.8 39.7 4

 5 Contributions for govt. social insurance 9.8 11.0 13.2 13.5 13.9 13.5 13.6 13.7 13.8 13.9 14.0 5

 6 Income receipts on assets 85.3 92.2 95.7 95.5 93.9 95.4 95.0 94.4 93.9 93.8 93.3 6

 7 Current transfer receipts 290.8 315.4 350.8 384.2 422.3 387.0 398.2 391.6 427.9 430.4 439.1 7

 8 Current surplus of government enterprises 10.4 7.7 5.4 5.9 6.5 6.3 6.5 6.6 7.4 6.2 5.6 8

 9 Current expenditures, NIPA basis 1186.3 1269.5 1365.4 1427.9 1500.9 1436.1 1457.0 1481.8 1492.6 1514.8 1514.2 9

10 Consumption expenditures 858.9 917.8 966.1 1004.7 1045.3 1010.1 1024.2 1045.8 1040.9 1046.3 1048.2 10

11 Govt. social benefit payments to persons 252.4 271.7 305.1 332.3 362.1 333.8 342.1 343.7 358.4 375.7 370.4 11

12 Interest payments 74.6 79.6 86.6 90.0 93.2 90.4 91.0 92.0 92.7 93.5 94.4 12

13 Subsidies 0.4 0.6 7.7 1.0 0.4 1.8 -0.3 0.3 0.6 -0.7 1.2 13

14 - 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 14

15 Net state and local govt. saving, NIPA basis 50.4 50.0 17.3 -3.3 -0.7 6.6 -0.4 -40.6 -14.6 13.1 39.5 15

16 + Consumption of fixed capital 102.1 109.8 117.6 121.8 127.3 122.5 123.5 125.3 126.9 127.9 129.2 16

17 + Net capital transfers (2) 39.9 43.7 48.5 51.7 51.9 52.1 50.0 44.2 54.2 58.3 50.7 17

18 = Gross saving and net capital transfers 192.4 203.5 183.4 170.1 178.5 181.2 173.1 128.9 166.5 199.3 219.4 18

19 Gross investment 215.9 220.5 196.3 166.7 180.1 154.7 150.2 133.6 162.4 201.5 223.0 19

20 Fixed investment 206.1 225.1 235.8 248.4 252.8 249.6 249.7 248.7 248.7 256.2 257.6 20

21 Net financial investment 9.9 -4.6 -39.5 -81.7 -72.7 -94.9 -99.5 -115.1 -86.3 -54.7 -34.6 21

22 Net acq. of financial assets 77.5 38.3 91.5 86.6 70.0 74.6 115.9 -9.3 117.6 60.9 110.9 22

23 Checkable deposits and currency 3.9 1.0 5.1 8.5 6.2 8.8 3.9 -0.5 4.1 6.8 14.5 23

24 Time and savings deposits 11.0 9.4 7.7 17.1 22.3 21.9 2.1 46.2 13.2 12.9 16.8 24

25 Security RPs 5.0 9.7 -13.4 -2.1 32.4 -16.9 16.2 11.0 37.5 34.1 46.8 25

26 Credit market instruments 28.4 -0.8 60.6 25.8 6.5 25.1 32.8 -81.2 52.7 -5.0 59.4 26

27 Open market paper 6.9 7.6 -26.5 -3.8 -32.4 21.8 22.8 -18.6 -13.5 -44.8 -52.7 27

28 U.S. government securities 8.5 -17.1 70.1 24.2 30.9 8.3 9.9 -49.8 49.9 34.9 88.7 28

29 Treasury -2.5 -19.1 50.2 22.1 23.6 12.3 13.9 -37.8 37.9 23.7 70.7 29

30 Agency 11.0 2.0 19.9 2.1 7.3 -4.0 -4.0 -12.0 12.0 11.2 18.0 30

31 Municipal securities -1.5 0.6 0.3 -1.4 3.8 -1.6 -1.9 2.6 1.7 5.1 5.6 31

32 Corporate and foreign bonds 10.1 3.7 11.9 1.8 -1.0 -8.3 -3.1 -20.6 9.5 -5.4 12.5 32

33 Mortgages 4.3 4.5 4.7 5.0 5.2 5.0 5.0 5.1 5.2 5.2 5.3 33

34 Corporate equities 3.5 -1.2 22.8 6.7 -6.2 3.4 -6.6 -7.7 -6.5 -3.6 -6.9 34

35 Mutual fund shares 4.3 0.8 5.1 2.0 -3.0 3.0 1.5 9.0 -3.4 -5.6 -11.9 35

36 Taxes receivable 10.5 14.8 3.6 10.4 19.5 21.8 3.1 25.6 17.3 16.6 18.3 36

37 Miscellaneous assets 11.0 4.4 -0.0 18.4 -7.6 7.5 62.9 -11.6 2.7 4.6 -26.2 37

38 Net increase in liabilities 67.6 42.8 131.0 168.4 142.7 169.5 215.4 105.9 203.9 115.6 145.6 38

39 Credit market instruments 38.5 15.5 105.8 143.9 118.7 145.5 191.4 81.9 179.9 91.6 121.6 39

40 Municipal securities 38.9 16.5 105.5 143.4 118.5 144.9 190.7 81.4 179.6 91.3 121.5 40

41 Short-term 2.6 1.4 23.8 25.2 7.0 32.8 37.7 -7.3 4.2 10.2 20.8 41

42 Other 36.3 15.1 81.7 118.2 111.5 112.1 153.1 88.8 175.5 81.1 100.7 42

43 U.S. government loans -0.4 -1.0 0.2 0.5 0.3 0.6 0.6 0.4 0.3 0.2 0.1 43

44 Trade payables 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 24.0 44

45 Discrepancy -23.5 -16.9 -12.9 3.4 -1.6 26.5 22.8 -4.6 4.1 -2.2 -3.6 45

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 7.
Z.1, March 4, 2004 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1891.2 2053.9 2017.9 1860.7 1843.8 1859.8 1859.8 1863.6 1864.0 1784.4 1863.0 1

 2 Personal current taxes 893.0 999.1 1000.0 831.2 762.7 823.6 815.4 794.3 794.6 696.3 765.7 2

 3 Taxes on production and imports 83.9 87.8 86.0 87.6 88.0 87.9 89.0 88.3 87.7 86.3 89.8 3

 4 Taxes on corporate income 212.9 219.5 161.8 154.8 176.0 157.5 161.7 171.0 167.9 182.8 182.1 4

 5 Taxes from the rest of the world 5.9 7.3 7.2 7.2 6.8 7.0 6.7 6.8 6.9 6.7 6.9 5

 6 Contributions for govt. social insurance 651.7 691.7 715.4 736.7 761.1 738.6 741.9 755.1 758.5 763.1 767.7 6

 7 Income receipts on assets 21.5 25.2 24.4 20.6 24.1 20.5 22.1 22.5 23.7 24.9 25.2 7

 8 Current transfer receipts 22.7 25.7 27.4 25.8 26.6 25.7 25.3 26.0 26.3 26.8 27.1 8

 9 Current surplus of government enterprises -0.4 -2.3 -4.2 -3.1 -1.5 -1.0 -2.3 -0.4 -1.6 -2.5 -1.5 9

10 Current expenditures, NIPA basis 1787.5 1864.4 1967.3 2100.7 2263.0 2102.8 2156.2 2184.1 2288.6 2283.8 2295.3 10

11 Consumption expenditures 475.1 499.3 531.7 590.8 662.6 590.4 620.7 635.9 668.9 672.3 673.2 11

12 Government social benefits 738.0 772.5 840.2 920.0 972.1 928.4 935.4 951.5 969.7 979.7 987.6 12

13 Other current transfer payments 248.0 265.6 290.3 323.4 362.3 320.8 335.4 335.9 369.8 369.2 374.3 13

14 Interest payments 282.7 283.3 257.5 229.4 218.0 226.7 227.7 217.7 222.5 215.6 216.3 14

15 Subsidies 43.8 43.7 47.6 37.2 47.9 36.5 37.0 44.5 56.3 47.0 43.9 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 16

17 Net federal government saving, NIPA basis 103.6 189.5 50.6 -240.1 -419.2 -243.0 -296.4 -320.5 -424.6 -499.4 -432.3 17

18 + Consumption of fixed capital 84.8 87.2 88.3 89.1 90.9 89.1 89.8 90.0 90.5 91.3 91.8 18

19 - Insurance and pension reserves (1) 3.8 1.8 3.3 -1.7 0.1 -0.7 -7.9 -5.7 -1.8 0.5 7.3 19

20 + Net capital transfers (2) -7.4 -8.1 -12.9 -18.7 -22.8 -16.5 -19.8 -13.8 -28.4 -29.6 -19.4 20

21 = Gross saving and net capital transfers 177.3 266.8 122.7 -168.0 -351.2 -169.7 -218.5 -238.6 -360.6 -438.2 -367.3 21

22 Gross investment 184.5 276.9 78.2 -177.8 -353.8 0.2 -208.9 -102.8 -675.3 -282.1 -354.7 22

23 Fixed investment 80.8 79.5 81.2 88.7 95.0 91.4 89.3 87.1 95.8 97.3 99.9 23

24 Access rights sales -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 24

25 Net financial investment 105.4 198.0 -2.7 -266.2 -448.5 -90.9 -297.9 -189.6 -770.8 -379.1 -454.3 25

26 Net acq. of financial assets 71.4 -70.7 51.2 17.5 -7.4 178.6 -37.1 -44.2 13.0 16.8 -15.0 26

27 Gold, SDRs, and official foreign exchange -7.1 -0.6 4.6 8.8 -0.8 23.1 4.1 0.1 0.5 5.6 -9.5 27

28 Checkable deposits and currency 66.2 -65.1 41.1 -18.7 8.2 95.0 -96.8 -24.4 -11.5 43.7 25.1 28

29 Time and savings deposits 0.7 1.0 4.2 17.1 -25.2 34.3 36.7 -36.7 37.5 -74.8 -26.8 29

30 Credit market instruments 6.4 11.6 6.0 9.8 -3.8 31.1 2.4 -17.4 -8.8 20.1 -9.1 30

31 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Other loans and advances -7.1 -3.6 -5.9 -3.4 -2.7 -3.5 0.1 0.5 -3.0 -3.2 -4.9 32

33 Mortgages -0.1 -0.9 -1.1 0.5 -2.5 -1.8 5.0 -9.4 0.2 -1.5 0.8 33

34 Consumer credit (3) 13.6 16.1 13.1 12.7 1.3 36.4 -2.7 -8.6 -5.9 24.8 -5.0 34

35 Trade receivables 4.6 5.3 7.3 -2.4 -0.5 -3.8 2.1 -10.5 -5.0 8.0 5.7 35

36 Taxes receivable 1.6 -21.5 -13.4 2.8 13.4 1.0 15.5 39.8 1.0 13.0 -0.3 36

37 Miscellaneous assets -0.9 -1.4 1.3 0.3 1.3 -2.1 -1.0 4.9 -0.7 1.3 -0.2 37

38 Net increase in liabilities -34.0 -268.7 53.9 283.7 441.1 269.5 260.8 145.4 783.8 396.0 439.3 38

39 SDR certificates -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury currency 1.0 2.4 1.3 1.0 0.6 2.4 0.0 0.6 1.6 0.1 -0.0 40

41 Credit market instruments -71.2 -295.9 -5.6 257.5 396.0 261.5 244.4 164.2 749.0 317.5 353.4 41

42 Savings bonds -0.2 -1.7 5.6 4.5 8.9 2.7 3.1 9.5 10.5 10.2 5.5 42

43 Other Treasury securities -70.8 -293.2 -10.6 252.5 389.5 257.1 240.9 156.3 738.0 307.3 356.5 43

44 Budget agency securities -0.2 -1.0 -0.5 0.5 -2.4 1.6 0.4 -1.6 0.5 0.1 -8.6 44

45 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 45

46 Trade payables -0.4 4.4 3.8 -0.5 21.3 -4.0 2.9 -0.1 -2.0 48.0 39.3 46

47 Insurance reserves 1.4 1.4 1.4 1.6 1.1 -0.1 2.7 0.1 1.7 0.5 2.2 47

48 Miscellaneous liabilities (4) 38.2 22.9 53.0 24.1 22.1 9.7 10.8 -19.3 33.4 29.8 44.5 48

49 Nonmarketable securities held by pension plans 41.1 20.9 60.8 24.5 24.7 34.7 4.2 -9.7 33.9 29.6 44.8 49

50 Other -2.9 2.0 -7.8 -0.4 -2.6 -25.0 6.6 -9.7 -0.5 0.3 -0.3 50

51 Discrepancy -7.2 -10.1 44.5 9.8 2.6 -169.9 -9.7 -135.7 314.7 -156.0 -12.5 51

 Memo:

52 Change in cash balance (5) 59.4 -55.1 50.9 -1.6 -124.5 82.2 -18.0 9.4 -87.0 -202.5 -217.7 52

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.9, line 2.

(3) Student loans.

(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement

 and disability fund.

(5) Time and savings deposits (line 29) 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 4, 2004

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1586.0 1875.6 1732.5 1770.1 1881.1 1807.7 1822.4 1847.1 1860.0 1879.0 1938.4 1

 2 U.S. imports 1251.8 1475.8 1401.7 1433.1 1543.9 1461.3 1493.3 1508.5 1525.7 1539.0 1602.2 2

 3 U.S. income payments to rest of world 287.1 343.7 283.8 277.7 270.4 289.9 266.9 269.0 266.2 274.3 272.0 3

 4 Current taxes and trans. payments to rest of world 47.2 56.1 47.1 59.3 66.9 56.5 62.2 69.6 68.1 65.7 64.2 4

 5 Foreign outlays to U.S. 1312.1 1479.0 1354.1 1306.0 1353.5 1333.6 1322.0 1317.8 1319.7 1360.6 1415.9 5

 6 U.S. exports 991.3 1096.3 1035.1 1006.8 1049.0 1025.3 1017.2 1021.0 1020.2 1048.5 1106.3 6

 7 U.S. income receipts from rest of world 320.8 382.7 319.0 299.1 304.5 308.3 304.8 296.8 299.5 312.1 309.6 7

 8 Net capital transfers (1) 4.9 0.8 1.1 1.3 2.0 1.5 1.4 1.6 1.3 3.2 1.8 8

 9 Gross saving and net capital transfers (2) 278.8 397.4 379.5 465.4 529.6 475.6 501.8 530.9 541.6 521.6 524.3 9

10 Net financial investment 231.7 455.5 414.5 526.7 553.5 683.3 608.8 561.1 593.8 490.1 569.7 10

11 Net acquisition of financial assets 708.5 942.2 640.3 680.0 820.6 991.8 634.0 880.6 476.8 846.3 1078.5 11

12 Gold and SDRs (3) 0.0 -0.7 -0.6 -0.8 0.6 -1.9 -0.5 3.6 -0.4 -0.8 0.1 12

13 Net interbank assets -5.7 20.8 -45.6 4.2 5.0 23.1 169.1 -46.6 -162.3 61.4 167.5 13

14 U.S. checkable deposits and currency 39.9 -4.2 24.2 23.2 26.9 -0.1 42.0 32.0 57.5 -30.2 48.3 14

15 U.S. time deposits 15.0 1.9 -20.1 12.0 -8.5 -0.7 10.5 29.9 -8.7 -141.6 86.5 15

16 Security RPs 8.0 11.4 59.4 39.4 93.9 182.2 -60.1 -114.7 95.9 248.4 145.9 16

17 Credit market instruments 96.6 129.5 234.6 362.7 611.2 378.9 371.5 406.7 745.1 445.0 848.0 17

18 Open market paper -13.0 9.5 6.2 17.3 17.3 2.7 19.1 17.2 55.6 -29.2 25.7 18

19 U.S. government securities 31.1 50.2 109.4 246.1 287.0 366.3 245.0 174.6 376.2 98.6 498.6 19

20 Official 32.5 30.7 31.7 73.5 158.2 49.2 133.0 127.1 154.6 78.4 272.9 20

21 Treasury 12.2 -10.2 10.7 43.1 127.5 5.7 110.5 89.2 141.4 65.1 214.4 21

22 Agency 20.4 40.9 20.9 30.4 30.7 43.5 22.5 37.9 13.2 13.4 58.4 22

23 Private -1.4 19.5 77.7 172.5 128.8 317.1 112.0 47.5 221.7 20.2 225.7 23

24 Treasury -44.5 -76.9 -7.4 96.2 147.3 230.0 50.8 56.2 228.8 198.0 106.2 24

25 Agency 43.1 96.4 85.2 76.3 -18.5 87.1 61.1 -8.6 -7.1 -177.9 119.5 25

26 U.S. corporate bonds (4) 101.3 72.0 120.6 89.3 307.7 -15.0 102.6 255.2 278.8 413.3 283.7 26

27 Loans to U.S. corporate business -22.7 -2.2 -1.6 10.1 -0.8 24.9 4.8 -40.3 34.6 -37.7 40.0 27

28 U.S. corporate equities 112.3 193.6 121.4 53.2 35.5 27.7 47.5 -10.3 82.3 -13.2 83.5 28

29 Trade receivables -5.1 -0.4 -3.1 3.1 -3.1 1.4 1.3 1.0 -0.1 -6.5 -6.7 29

30 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Miscellaneous assets 447.6 590.3 270.2 183.1 58.9 381.2 52.7 579.0 -332.5 283.9 -294.6 31

32 Foreign direct investment in U.S. (5) 289.4 321.3 151.6 39.6 98.0 56.8 61.1 137.5 89.6 32.6 132.4 32

33 Other 158.1 269.1 118.6 143.4 -39.1 324.4 -8.4 441.4 -422.1 251.3 -426.9 33

34 Net increase in liabilities 476.8 486.7 225.8 153.3 267.0 308.5 25.2 319.5 -117.0 356.3 508.8 34

 U.S. official foreign exchange

35 and net IMF position -8.7 -0.4 4.3 9.9 1.1 24.6 4.9 4.9 0.6 7.1 -8.2 35

36 U.S. private deposits 61.1 134.2 30.7 23.9 -28.2 53.0 20.3 -16.9 159.7 -242.1 -13.4 36

37 Credit market instruments 13.0 57.0 -49.7 5.9 -14.0 -45.9 1.0 19.3 -63.9 -61.0 49.7 37

38 Commercial paper 16.3 31.7 -14.2 36.1 22.3 3.9 37.3 52.0 72.9 -56.0 20.2 38

39 Bonds 1.9 15.2 -24.5 -33.5 -25.1 -35.3 -30.1 -28.9 -102.2 -4.9 35.6 39

40 Bank loans n.e.c. 0.5 11.4 -7.3 5.3 -7.7 -11.7 -2.9 -4.0 -31.4 5.3 -0.7 40

41 Official 0.2 0.6 0.8 0.8 -0.5 1.0 0.2 -1.5 -0.1 -1.2 0.6 41

42 Banks -3.2 3.4 -7.4 -0.8 -1.5 -7.4 -10.8 1.5 -2.3 -4.1 -0.9 42

43 Other 3.5 7.4 -0.7 5.3 -5.7 -5.3 7.7 -3.9 -29.1 10.6 -0.5 43

44 U.S. government loans -4.8 -0.6 -1.1 -1.8 -3.4 -1.8 -1.4 -1.1 -3.9 -3.5 -5.2 44

45 Acceptance liabilities to banks -0.9 -0.7 -2.6 -0.4 0.0 -1.1 -1.9 1.3 0.8 -1.9 -0.2 45

46 Foreign corporate equities (6) 114.3 106.7 109.1 17.7 85.8 -51.3 51.6 137.5 67.6 120.2 17.7 46

47 Trade payables 4.2 0.8 -2.2 -10.1 10.7 -9.4 -11.5 34.6 2.3 -1.8 7.8 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 292.9 188.4 133.6 106.2 211.6 337.6 -41.1 140.1 -283.4 533.8 455.3 49

50 U.S. equity in IBRD, etc. 1.5 1.5 1.7 1.7 1.5 1.5 2.0 1.5 1.9 1.4 1.2 50

51 U.S. government deposits 0.6 0.0 -0.1 0.1 0.1 0.4 0.1 -0.1 0.3 -0.1 0.2 51

52 U.S. direct investment abroad (4,5) 224.9 159.2 120.0 137.8 138.0 126.5 126.7 137.6 119.5 150.1 144.7 52

53 Other 65.9 27.6 12.0 -33.5 72.0 209.2 -169.9 1.1 -405.0 382.4 309.1 53

54 Discrepancy (FOF basis) (7) 47.0 -58.1 -35.0 -61.3 -23.9 -207.7 -107.0 -30.2 -52.2 31.5 -45.3 54

 Memo:

55 Net U.S. exports, NIPA basis -260.5 -379.5 -366.6 -426.3 -494.9 -436.0 -476.1 -487.5 -505.5 -490.5 -495.9 55

56 + Net U.S. income receipts (8) 33.8 39.0 35.2 21.5 34.1 18.4 37.9 27.8 33.3 37.8 37.6 56

57 - Net transfer payments to foreign 47.2 56.1 47.1 59.3 66.9 56.5 62.2 69.6 68.1 65.7 64.2 57

58 = Balance on current account, NIPAs -273.9 -396.6 -378.5 -464.1 -527.6 -474.1 -500.4 -529.3 -540.3 -518.4 -522.5 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. 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 4, 2004 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.8 5.3 1.1 -1.8 -0.8 -1.8 -1.7 -0.8 -0.8 -0.8 -0.8 1

 2 Fixed nonresidential investment 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 130.0 -60.9 47.0 70.7 43.3 18.5 101.8 79.0 47.3 40.3 6.5 3

 4 Gold and foreign exchange -1.6 0.9 0.3 1.9 1.3 3.4 1.3 1.2 0.5 2.3 1.3 4

 5 SDR certificates -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 1.7 3.6 1.4 1.6 0.9 1.3 1.1 0.8 1.1 0.9 0.7 6

 7 Federal Reserve float -1.9 1.1 -0.9 0.4 -0.7 2.5 0.1 -6.5 2.7 0.1 0.7 7

 8 Fed. Res. loans to domestic banks 0.2 -0.1 -0.1 0.0 0.0 -0.0 -0.5 -0.0 3.0 -2.4 -0.4 8

 9 Security RPs 110.3 -97.3 6.9 -10.8 4.3 -58.0 -7.5 60.3 4.2 0.0 -47.5 9

10 Credit market instruments 25.7 33.7 39.9 77.7 37.2 76.5 107.3 23.7 36.3 39.8 49.2 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 25.7 33.7 39.9 77.7 37.2 76.5 107.3 23.7 36.3 39.8 49.2 12

13 Treasury 25.8 33.7 40.0 77.7 37.3 76.5 107.3 23.7 36.3 39.8 49.2 13

14 Agency -0.2 -0.1 -0.1 0.0 -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 -1.3 1.1 -0.4 -0.2 0.3 -7.1 -0.1 -0.5 -0.4 -0.5 2.6 16

17 Net increase in liabilities 129.6 -61.3 46.5 69.6 42.8 20.4 104.4 74.5 49.2 35.6 11.9 17

18 Depository institution reserves -2.3 -5.0 -1.6 5.1 0.5 -2.7 -8.7 29.7 3.0 -1.0 -29.6 18

19 Vault cash of commercial banks 24.5 -22.2 2.9 0.5 0.1 6.9 -0.6 3.2 4.7 5.2 -12.5 19

20 Checkable deposits and currency 108.7 -35.3 48.0 41.5 37.9 1.4 23.4 77.7 26.0 9.4 38.4 20

21 Due to federal government 22.3 -22.9 1.5 -2.3 1.3 -6.5 -4.0 12.5 -3.0 -10.2 5.7 21

22 Due to rest of the world -0.1 0.1 -0.2 0.0 0.1 0.3 -0.2 0.6 2.8 -3.4 0.3 22

23 Currency outside banks 86.4 -12.5 46.7 43.7 36.6 7.7 27.6 64.6 26.2 23.0 32.4 23

24 Miscellaneous liabilities -1.3 1.1 -2.8 22.6 4.3 14.8 90.2 -36.0 15.5 22.0 15.5 24

25 Federal Reserve Bank stock 0.5 0.6 0.4 1.0 0.5 -0.3 0.5 0.5 0.6 0.4 0.4 25

26 Other -1.8 0.6 -3.2 21.5 3.8 15.1 89.8 -36.5 14.9 21.7 15.1 26

27 Discrepancy -0.2 4.5 0.2 -3.2 -1.6 -0.3 0.6 -5.6 0.8 -5.9 4.2 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 4, 2004

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 45.7 62.6 60.5 67.0 82.1 69.8 66.8 74.0 76.6 88.9 88.8 1

 2 Fixed nonresidential investment 27.9 26.5 24.7 22.9 23.6 22.8 22.9 22.8 23.1 24.0 24.7 2

 3 Net acquisition of financial assets 345.7 475.5 350.2 476.4 476.0 613.2 508.4 713.9 740.0 -75.9 525.9 3

 4 Vault cash 24.5 -22.2 2.9 0.5 0.1 6.9 -0.6 3.2 4.7 5.2 -12.5 4

 5 Reserves at Federal Reserve -5.1 -1.9 -2.2 4.4 -0.4 -0.6 -9.9 30.4 3.3 -3.8 -31.6 5

 6 Checkable deposits and currency 0.3 -0.5 1.1 -0.3 -0.0 -0.1 -0.9 2.2 -0.3 -2.4 0.3 6

 7 Total bank credit 301.5 411.9 216.0 408.3 331.9 604.5 486.6 438.6 617.8 20.5 250.8 7

 8 U.S. government securities 51.2 -22.1 33.7 183.6 87.6 172.1 180.7 190.4 254.1 -263.1 169.0 8

 9 Treasury 14.8 -44.4 -21.9 43.2 4.0 40.0 68.7 9.3 -41.1 5.6 42.1 9

10 Agency 36.4 22.3 55.6 140.5 83.6 132.1 112.0 181.2 295.2 -268.7 126.9 10

11 Municipal securities 5.9 3.4 6.1 1.5 10.8 7.6 0.3 10.6 17.1 15.0 0.4 11

12 Corporate and foreign bonds 39.6 58.1 97.8 2.7 49.3 40.6 40.7 54.8 9.9 39.5 93.2 12

13 Total loans 200.5 369.7 70.5 219.4 188.1 390.9 246.0 202.3 334.7 229.5 -13.9 13

14 Open market paper 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.4 -41.7 -134.9 -122.4 -59.3 -86.5 -109.3 15

16 Mortgages 158.4 164.6 129.8 268.5 197.7 341.6 386.3 210.3 342.8 268.4 -30.5 16

17 Consumer credit -9.2 41.7 17.0 28.7 49.3 73.0 -11.5 6.9 50.1 25.9 114.1 17

18 Security credit -18.0 50.4 0.0 2.8 35.5 18.0 6.3 107.5 1.1 21.8 11.7 18

19 Corporate equities 2.0 0.3 0.2 -0.6 2.3 -0.2 1.4 0.6 -0.1 8.6 0.1 19

20 Mutual fund shares 2.3 2.5 7.8 1.7 -6.2 -6.6 17.3 -20.1 2.2 -8.9 2.0 20

21 Customers’ liab. on acceptances (2) -3.1 -0.7 -2.9 -0.0 -0.2 -0.4 -0.8 0.9 -0.7 -1.3 0.3 21

22 Miscellaneous assets 27.6 89.0 135.3 63.6 144.5 2.9 34.0 238.6 115.3 -94.2 318.5 22

23 Net increase in liabilities 286.6 573.5 353.2 500.1 484.4 630.3 722.0 587.3 705.2 138.0 507.0 23

24 Net interbank liabilities -7.2 42.3 -29.4 11.8 -0.5 24.3 142.2 -20.2 -187.8 98.3 107.6 24

25 To monetary authority -1.7 1.0 -1.0 0.4 -0.7 2.5 -0.5 -6.5 5.6 -2.3 0.3 25

26 To domestic banks (3) 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 26

27 To foreign banks -5.7 20.8 -45.6 4.2 5.0 23.1 169.1 -46.6 -162.3 61.4 167.5 27

28 Checkable deposits 3.4 -85.5 102.2 -57.4 -68.6 131.3 -38.7 64.6 -9.5 -171.4 -158.3 28

29 Federal government 36.4 -33.2 45.3 -16.4 -100.5 54.4 -50.8 33.5 -121.5 -117.6 -196.6 29

30 Rest of the world 13.4 -9.7 0.5 1.6 10.2 -10.6 13.2 11.7 48.9 -37.8 18.0 30

31 Private domestic -46.4 -42.6 56.3 -42.6 21.7 87.4 -1.1 19.3 63.1 -16.0 20.3 31

32 Small time and savings deposits 72.0 211.6 249.4 269.7 230.5 331.2 254.7 245.2 438.4 72.6 165.7 32

33 Large time deposits 119.6 92.8 32.7 -2.5 18.9 -57.8 -172.1 125.9 -27.4 -25.5 2.5 33

34 Federal funds and security RPs (net) 110.8 66.1 -42.3 115.5 167.2 127.3 169.8 62.6 399.2 -66.7 273.7 34

35 Credit market instruments 67.2 60.0 52.9 49.9 49.4 68.7 82.3 78.6 30.5 1.8 86.6 35

36 Open market paper 6.1 0.6 -8.3 -2.5 -6.2 12.3 5.7 -14.0 -20.8 4.0 5.8 36

37 Corporate bonds 20.4 32.6 37.0 22.0 47.0 14.2 59.3 83.0 27.1 6.1 71.9 37

38 Other loans and advances 40.6 26.8 24.2 30.3 8.6 42.1 17.4 9.6 24.2 -8.3 9.0 38

39 Corporate equity issues -10.2 -12.5 -8.1 -10.7 -1.8 -22.0 -6.7 -2.6 10.6 -0.4 -14.9 39

40 Taxes payable 1.9 2.1 2.4 2.6 2.9 2.7 2.7 2.8 2.9 2.9 3.0 40

41 Miscellaneous liabilities -70.9 196.5 -6.5 121.2 86.6 24.6 287.7 30.5 48.3 226.4 41.1 41

42 Discrepancy -41.2 134.1 38.8 67.8 66.9 64.1 257.5 -75.4 18.6 278.9 45.3 42

 Memo:

43 Credit market funds advanced (4) 312.2 357.9 205.2 404.4 300.1 592.8 460.8 351.5 613.9 -2.1 237.3 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 4, 2004 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -12.0 7.2 -4.3 -10.9 5.4 -7.1 3.0 7.7 -7.7 17.7 4.1 1

 2 Fixed nonresidential investment 21.6 20.2 18.4 17.1 17.6 17.0 17.0 17.0 17.2 17.9 18.4 2

 3 Net acquisition of financial assets 342.3 332.3 229.7 388.9 405.7 512.0 467.1 582.9 663.3 -14.8 391.3 3

 4 Vault cash and reserves at Federal Reserve 18.9 -23.1 0.6 4.2 0.1 6.5 -11.6 33.9 7.9 -3.7 -37.8 4

 5 Total bank credit 316.6 350.2 209.0 391.9 331.9 553.6 497.0 355.3 595.3 96.8 280.0 5

 6 U.S. government securities 27.4 -16.8 42.3 151.0 92.2 112.9 168.3 174.0 229.7 -236.6 201.5 6

 7 Treasury -2.0 -35.0 -31.4 29.9 7.1 4.5 60.6 -6.1 -48.8 17.4 65.9 7

 8 Agency 29.4 18.2 73.7 121.1 85.1 108.4 107.8 180.1 278.5 -254.0 135.7 8

 9 Mortgage pool securities -17.8 14.1 52.8 84.3 56.6 62.7 14.3 125.1 239.8 -215.5 76.9 9

10 Agency-issued CMOs 5.0 -9.8 57.2 -9.2 2.4 43.1 10.8 81.7 -0.7 -83.4 11.8 10

11 Other agency securities 42.2 13.9 -36.2 46.0 26.1 2.5 82.6 -26.7 39.3 44.9 46.9 11

12 Municipal securities 5.8 3.2 6.3 1.5 10.7 7.5 0.3 10.4 17.0 14.6 0.6 12

13 Corporate and foreign bonds 43.6 52.2 64.5 5.0 47.0 28.2 35.9 20.0 -27.1 82.2 113.0 13

14 Private mortgage pool securities 0.6 -0.4 21.2 -13.3 0.2 -7.1 -0.1 -5.6 -1.0 4.5 3.0 14

15 Privately issued CMOs 6.0 7.7 2.8 8.1 25.2 37.1 4.5 43.0 1.2 22.8 33.8 15

16 Other bonds 37.0 44.9 40.5 10.2 21.6 -1.8 31.5 -17.4 -27.3 54.8 76.3 16

17 Total loans 235.5 308.7 88.0 233.2 185.9 411.9 273.7 170.3 373.5 236.9 -37.3 17

18 Open market paper -0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Bank loans n.e.c. 92.4 98.1 -62.0 -58.6 -70.9 2.5 -77.6 -91.6 -66.5 -14.2 -111.1 19

20 Mortgages 161.1 161.6 125.8 265.7 195.2 336.2 385.7 206.0 337.7 245.9 -9.0 20

21 Consumer credit -9.2 41.7 17.0 28.7 49.3 73.0 -11.5 6.9 50.1 25.9 114.1 21

22 Security credit -8.8 7.1 7.2 -2.7 12.3 0.2 -22.9 49.1 52.2 -20.7 -31.4 22

23 Corporate equities 2.0 0.3 0.2 -0.6 2.3 -0.2 1.4 0.6 -0.1 8.6 0.1 23

24 Mutual fund shares 2.3 2.5 7.8 1.7 -6.2 -6.6 17.3 -20.1 2.2 -8.9 2.0 24

25 Customers’ liab. on acceptances (1) -2.5 -0.7 -2.3 0.3 -0.2 -0.8 0.6 1.4 -0.6 -1.3 -0.1 25

26 Miscellaneous assets 9.2 5.9 22.4 -7.6 73.9 -47.2 -18.8 192.3 60.8 -106.6 149.2 26

27 Net increase in liabilities 329.8 473.7 283.9 476.5 476.5 592.6 730.6 508.4 698.6 255.8 443.1 27

28 Net interbank liabilities 33.7 76.9 2.0 57.1 29.0 -48.0 284.1 -66.4 -146.8 165.2 164.1 28

29 Federal Reserve float -1.9 1.1 -0.9 0.4 -0.7 2.5 0.1 -6.5 2.7 0.1 0.7 29

30 Borrowing from Federal Reserve banks 0.2 -0.1 -0.1 0.0 0.0 -0.0 -0.5 -0.0 3.0 -2.4 -0.4 30

31 To domestic banking -14.3 30.5 16.5 20.8 -66.8 11.7 -2.5 -59.7 -168.3 8.4 -47.8 31

32 To foreign banks 49.7 45.4 -13.6 35.9 96.6 -62.2 287.0 -0.2 15.9 159.1 211.6 32

33 Checkable deposits 2.9 -85.0 98.7 -55.6 -71.3 135.3 -34.9 64.3 -23.0 -163.4 -163.0 33

34 Federal government 36.4 -33.2 45.3 -16.4 -100.5 54.4 -50.8 33.5 -121.5 -117.6 -196.6 34

35 Rest of the world 12.8 -9.3 2.9 2.0 10.5 -10.6 9.8 14.1 47.5 -36.3 17.0 35

36 Private domestic -46.4 -42.5 50.5 -41.2 18.7 91.5 6.1 16.7 51.1 -9.5 16.6 36

37 Small time and savings deposits 73.0 210.6 240.4 273.6 228.2 337.3 262.4 248.5 437.3 67.0 160.1 37

38 Large time deposits 61.6 87.9 -25.2 24.3 2.9 77.0 -3.8 91.4 9.0 -31.6 -57.1 38

39 Federal funds and security RPs (net) 128.5 15.4 -31.2 73.6 168.2 35.2 84.3 -78.9 383.6 60.0 307.9 39

40 Acceptance liabilities -2.5 -0.6 -2.3 0.3 -0.2 -0.7 0.6 1.3 -0.7 -1.3 -0.1 40

41 Corporate bonds 3.7 10.6 8.3 -0.6 5.5 -3.9 8.0 2.4 7.7 2.6 9.3 41

42 Other loans and advances 40.6 26.8 24.2 30.3 8.6 42.1 17.4 9.6 24.2 -8.3 9.0 42

43 Corporate equity issues 3.6 4.0 7.2 4.7 7.2 3.6 2.4 3.6 10.9 10.2 4.0 43

44 Taxes payable 1.9 2.1 2.4 2.6 2.9 2.7 2.7 2.8 2.9 2.9 3.0 44

45 Miscellaneous liabilities -17.2 124.9 -40.5 66.1 95.4 12.0 107.5 229.7 -6.5 152.4 6.0 45

46 Investment by bank holding companies 2.9 53.6 60.7 53.1 49.8 82.2 35.4 43.2 67.9 50.5 37.7 46

47 Other -20.1 71.3 -101.2 13.0 45.6 -70.2 72.1 186.5 -74.4 101.9 -31.7 47

48 Discrepancy -46.1 128.4 31.5 59.7 58.6 56.5 249.5 -83.8 10.4 270.5 37.5 48

 Memo:

49 Credit market funds advanced (2) 318.6 339.5 191.6 393.8 323.3 559.3 501.7 327.1 540.3 116.5 309.1 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 4, 2004

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.5 8.7 9.7 9.9 10.0 9.9 10.0 10.0 10.0 10.0 10.0 1

 2 Fixed nonresidential investment 5.7 5.8 5.9 5.5 5.6 5.4 5.5 5.4 5.5 5.7 5.9 2

 3 Net acquisition of financial assets -55.5 38.4 3.1 9.2 -67.9 8.8 -27.1 2.7 -132.4 -145.5 3.7 3

 4 Reserves at Federal Reserve 0.4 -1.0 0.2 0.6 -0.4 -0.2 1.2 -0.4 0.1 5.1 -6.3 4

 5 Total bank credit -25.7 67.2 -7.2 12.0 -19.8 48.6 -0.4 63.3 -33.9 -70.8 -37.8 5

 6 U.S. government securities 14.6 -0.1 -12.2 23.7 -13.6 62.0 7.2 16.3 13.0 -50.8 -32.8 6

 7 Treasury 9.7 -0.5 9.8 12.9 -6.5 37.0 6.9 14.5 0.6 -17.6 -23.6 7

 8 Agency 4.9 0.4 -22.0 10.9 -7.1 24.9 0.3 1.8 12.4 -33.2 -9.2 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 -4.6 8.3 30.6 0.3 1.3 11.7 6.8 17.5 13.0 -6.8 -18.5 10

11 Total loans -35.7 59.0 -25.6 -12.0 -7.5 -25.1 -14.3 29.5 -59.8 -13.1 13.4 11

12 Open market paper 0.4 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. -22.4 14.6 -19.1 -18.6 -29.0 -44.6 -43.3 -28.7 -10.1 -73.4 -3.7 13

14 Mortgages -4.5 1.2 0.7 1.1 -1.8 1.7 -0.1 -0.2 1.4 17.8 -26.0 14

15 Security credit -9.3 43.2 -7.2 5.5 23.2 17.8 29.1 58.4 -51.1 42.4 43.1 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) -0.6 -0.0 -0.6 -0.4 -0.0 0.4 -1.4 -0.4 -0.1 0.0 0.5 17

18 Miscellaneous assets -29.7 -27.7 10.7 -3.1 -47.7 -40.1 -26.4 -59.7 -98.4 -79.8 47.3 18

19 Net increase in liabilities -52.4 42.0 7.1 13.6 -63.0 13.2 -22.5 7.4 -127.6 -140.6 8.7 19

20 Net interbank liabilities -45.0 -40.8 -16.1 -42.3 -40.5 67.6 -119.3 50.3 -76.1 -78.5 -57.7 20

21 To foreign banks -51.2 -57.1 -35.3 -32.3 -46.8 66.7 -65.4 -9.6 -39.0 -97.4 -41.2 21

22 To domestic banks 6.2 16.2 19.2 -10.0 6.3 1.0 -53.8 59.9 -37.1 18.9 -16.5 22

23 Checkable deposits 0.6 -0.4 0.4 -0.7 1.0 0.3 3.6 -1.9 8.2 -4.9 2.5 23

24 Small time and savings deposits -1.8 -0.4 4.5 -2.3 0.9 -5.8 4.4 -2.7 1.0 3.0 2.4 24

25 Large time deposits 57.2 3.4 53.3 -25.1 14.6 -134.5 -156.2 35.0 -36.5 3.5 56.4 25

26 Federal funds and security RPs (net) -17.9 52.3 -11.0 39.5 -1.9 91.1 85.8 121.5 5.2 -100.4 -33.8 26

27 Acceptance liabilities -0.4 -0.0 -0.9 -0.4 -0.1 0.5 -1.7 -0.3 -0.2 -0.0 0.3 27

28 Miscellaneous liabilities -45.0 27.9 -23.1 44.8 -37.0 -5.9 160.8 -194.5 -29.0 36.7 38.6 28

29 Foreign direct investment in U.S. 19.4 9.7 8.4 -1.5 3.3 0.9 5.1 12.8 -4.1 2.5 1.9 29

30 Due to affiliates 2.5 45.6 -30.8 24.7 -1.7 -11.2 44.2 -17.0 -14.0 -25.8 50.0 30

31 Other -66.9 -27.5 -0.7 21.7 -38.6 4.3 111.4 -190.2 -10.9 60.0 -13.3 31

32 Discrepancy 5.0 6.5 7.8 8.8 9.2 9.0 9.1 9.2 9.2 9.2 9.1 32

 Memo:

33 Credit market funds advanced (3) -17.0 23.9 -0.6 6.2 -43.0 31.2 -30.9 4.4 17.1 -113.2 -80.4 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 4, 2004 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 49.9 46.5 54.8 67.8 66.4 66.7 53.5 56.1 74.1 61.0 74.5 1

 2 Fixed nonresidential investment 0.3 0.3 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 55.2 100.7 100.5 83.4 125.8 89.6 108.9 122.6 192.3 65.9 122.4 3

 4 Credit market instruments 6.2 -12.2 4.2 3.1 8.6 -1.6 0.2 20.8 39.7 -26.1 0.2 4

 5 U.S. government securities 6.6 -8.5 1.8 4.6 2.3 -3.6 -1.1 3.0 2.0 7.7 -3.3 5

 6 Treasury 7.9 -7.9 0.4 0.1 1.4 -1.3 -0.5 0.1 4.1 2.5 -1.1 6

 7 Agency -1.3 -0.5 1.4 4.5 0.9 -2.3 -0.7 2.8 -2.1 5.2 -2.3 7

 8 Corporate and foreign bonds 1.2 -2.8 2.1 -2.4 1.3 1.8 -1.7 18.8 21.4 -34.5 -0.5 8

 9 Bank loans n.e.c. -1.6 -0.9 0.3 0.9 5.0 0.2 3.0 -1.1 16.2 0.7 4.1 9

10 Miscellaneous assets 49.0 112.9 96.4 80.3 117.2 91.2 108.7 101.8 152.6 92.0 122.2 10

11 Investment in bank subsidiaries 2.9 53.6 60.7 53.1 49.8 82.2 35.4 43.2 67.9 50.5 37.7 11

12 Investment in nonbank subsidiaries 17.3 38.4 29.8 -0.2 45.0 -37.4 41.2 33.9 79.3 30.3 36.4 12

13 Other 28.9 20.9 5.9 27.3 22.4 46.4 32.1 24.7 5.4 11.3 48.1 13

14 Net increase in liabilities 5.4 54.4 45.8 15.7 59.5 23.0 55.5 66.6 118.3 5.1 48.0 14

15 Net interbank liabilities 4.1 6.2 -15.3 -3.0 10.9 4.7 -22.6 -4.2 35.1 11.6 1.3 15

16 To domestic banks 8.2 -26.3 -18.6 -3.6 55.8 -13.9 29.9 32.7 174.2 11.9 4.3 16

17 To foreign banks -4.1 32.5 3.3 0.6 -44.8 18.6 -52.5 -36.8 -139.1 -0.3 -3.0 17

18 Federal funds and security RPs (net) 0.1 -1.6 -0.1 2.4 0.9 1.0 -0.4 20.0 10.4 -26.4 -0.4 18

19 Credit market instruments 25.8 23.2 23.6 20.3 35.5 30.6 58.2 65.7 -0.6 8.7 68.1 19

20 Commercial paper 9.1 1.2 -5.1 -2.3 -6.0 12.6 6.9 -15.0 -19.9 5.3 5.6 20

21 Corporate bonds 16.7 22.0 28.7 22.6 41.5 18.1 51.3 80.7 19.3 3.5 62.5 21

22 Corporate equity issues -13.8 -16.5 -15.3 -15.4 -9.0 -25.6 -9.1 -6.2 -0.2 -10.6 -18.9 22

23 Miscellaneous liabilities -10.8 43.1 52.9 11.5 21.2 12.3 29.3 -8.6 73.6 21.7 -2.1 23

24 Equity, etc. -38.6 10.3 -8.9 -44.0 -38.1 -7.3 -28.9 -53.0 -22.8 -21.5 -55.2 24

25 Other 27.8 32.8 61.8 55.4 59.3 19.7 58.3 44.4 96.4 43.2 53.0 25

26 Discrepancy -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 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 0.2 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 3.7 4.0 17.0 -5.0 12.3 2.8 -40.5 5.6 16.8 18.4 8.5 3

 4 Checkable deposits and currency 0.3 -0.5 1.1 -0.3 -0.0 -0.1 -0.9 2.2 -0.3 -2.4 0.3 4

 5 Credit market instruments 4.4 6.7 10.0 1.3 11.3 4.0 -10.2 -0.7 16.8 20.6 8.4 5

 6 U.S. government securities 2.6 3.3 1.8 4.3 6.7 0.9 6.4 -2.8 9.4 16.6 3.6 6

 7 Treasury -0.7 -1.0 -0.6 0.3 2.0 -0.2 1.7 0.7 3.0 3.3 0.9 7

 8 Agency 3.3 4.3 2.5 3.9 4.7 1.1 4.6 -3.5 6.4 13.3 2.7 8

 9 Municipal securities 0.1 0.1 -0.2 0.0 0.1 0.1 -0.0 0.2 0.0 0.4 -0.2 9

10 Corporate and foreign bonds -0.5 0.3 0.6 -0.3 -0.3 -1.0 -0.2 -1.6 2.6 -1.3 -0.9 10

11 Bank loans n.e.c. 0.5 1.1 4.5 -4.4 0.5 0.2 -17.1 -1.0 1.1 0.3 1.4 11

12 Home mortgages 0.6 1.0 -0.9 1.4 2.7 2.1 1.7 4.0 2.4 1.6 2.7 12

13 Commercial mortgages 1.2 0.8 4.2 0.3 1.6 1.7 -1.0 0.5 1.3 3.1 1.7 13

14 Miscellaneous assets -1.0 -2.1 5.9 -6.1 1.1 -1.1 -29.4 4.1 0.3 0.2 -0.2 14

15 Net increase in liabilities 3.8 3.4 16.4 -5.8 11.4 1.4 -41.5 4.8 15.9 17.7 7.2 15

16 Checkable deposits 0.0 -0.1 3.1 -1.2 1.6 -4.4 -7.3 2.1 5.3 -3.1 2.3 16

17 Small time and savings deposits 0.8 1.4 4.6 -1.7 1.4 -0.2 -12.1 -0.6 0.2 2.6 3.2 17

18 Large time deposits 0.8 1.4 4.6 -1.7 1.4 -0.2 -12.1 -0.6 0.2 2.6 3.2 18

19 Miscellaneous liabilities 2.2 0.7 4.2 -1.2 7.1 6.2 -9.9 3.9 10.3 15.6 -1.5 19

20 Discrepancy 0.1 -0.6 -0.5 -0.7 -0.9 -1.4 -1.0 -0.8 -0.9 -0.7 -1.3 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 4, 2004

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.2 7.3 8.6 9.5 9.8 8.4 9.8 9.8 9.8 9.8 9.8 1

 2 Fixed nonresidential investment 3.7 3.5 3.2 3.0 3.1 3.0 3.0 2.9 3.0 3.1 3.2 2

 3 Net acquisition of financial assets 61.9 67.2 81.0 59.1 115.4 120.8 76.9 203.2 127.7 117.9 13.0 3

 4 Reserves at Federal Reserve 2.8 -3.1 0.6 0.7 0.9 -2.1 1.2 -0.7 -0.3 2.8 2.0 4

 5 Checkable deposits and currency -1.0 1.6 2.0 3.7 -0.4 8.2 10.2 -3.2 14.2 -6.2 -6.4 5

 6 Time and savings deposits -0.1 0.1 0.8 0.4 0.0 3.3 -3.9 0.2 0.2 -0.1 -0.2 6

 7 Federal funds and security RPs -4.2 4.3 12.5 -0.3 -6.1 16.1 -7.5 10.5 -16.5 -3.4 -15.2 7

 8 Credit market instruments 67.7 56.2 42.8 35.4 126.8 65.0 76.2 195.0 95.3 62.3 154.4 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 3.4 -8.1 23.7 12.5 26.2 -26.1 26.1 40.0 27.9 8.7 28.3 10

11 Treasury -0.0 -1.4 2.7 -2.2 3.0 -9.7 -4.5 0.0 3.0 5.2 4.0 11

12 Agency 3.4 -6.7 21.0 14.7 23.2 -16.4 30.5 39.9 24.9 3.6 24.3 12

13 Municipal securities 0.5 0.2 1.3 1.0 0.8 0.5 2.2 0.3 0.9 2.3 -0.3 13

14 Corporate and foreign bonds 23.3 -2.5 -25.6 -4.0 -8.8 2.4 -23.9 8.1 -25.9 -27.3 10.0 14

15 Other loans and advances 6.5 8.7 3.6 3.3 10.1 4.1 3.6 4.5 3.1 37.0 -4.2 15

16 Mortgages 24.1 54.9 35.3 23.1 89.3 96.9 55.2 142.5 68.8 45.9 100.0 16

17 Consumer credit 9.9 3.0 4.5 -0.6 9.2 -12.9 13.0 -0.3 20.6 -4.3 20.6 17

18 Corporate equities -0.7 0.4 3.2 2.0 -1.0 2.1 2.9 1.7 2.7 -3.6 -4.6 18

19 Miscellaneous assets -2.7 7.7 19.1 17.2 -4.8 28.3 -2.2 -0.4 32.0 66.2 -117.0 19

20 Net increase in liabilities 60.8 66.3 78.3 54.0 113.5 117.5 74.2 200.0 131.5 115.8 6.7 20

21 Deposits 6.1 27.5 46.8 67.0 59.3 70.5 58.6 72.1 88.2 55.0 21.9 21

22 Checkable 36.8 43.4 50.7 54.4 57.4 49.4 57.0 53.2 61.4 57.6 57.6 22

23 Small time and savings -39.2 -35.8 -30.7 -31.6 -30.5 -54.2 -40.0 -26.6 -25.7 -5.2 -64.6 23

24 Large time 8.5 19.9 26.9 44.2 32.4 75.3 41.6 45.5 52.5 2.6 28.9 24

25 Security RPs 21.4 -6.0 5.8 -15.0 20.1 -35.3 -14.3 13.4 15.3 3.8 47.8 25

26 Credit market instruments 48.0 27.3 7.4 -13.7 -0.6 15.8 -29.6 48.8 -25.6 -28.4 2.9 26

27 Corporate bonds 0.2 3.5 -2.6 -0.2 1.7 -0.3 2.2 5.4 0.3 0.6 0.5 27

28 Bank loans n.e.c. -15.7 7.4 1.5 4.2 -13.2 6.3 6.5 -48.2 3.2 -1.9 -6.1 28

29 Other loans and advances 63.5 16.3 8.5 -17.7 11.0 9.8 -38.3 91.6 -29.0 -27.1 8.5 29

30 Taxes payable 0.0 0.4 -0.7 -0.3 -0.2 -0.3 0.1 -0.4 -0.0 0.7 -1.1 30

31 Miscellaneous liabilities -14.7 17.1 19.0 15.9 34.9 66.7 59.4 66.1 53.7 84.8 -64.9 31

32 Investment by parent 0.5 0.7 0.8 0.9 1.0 0.9 0.9 1.0 1.0 1.0 1.1 32

33 Other -15.3 16.5 18.2 15.0 33.9 65.8 58.4 65.1 52.7 83.7 -65.9 33

34 Discrepancy 2.4 2.9 2.8 1.4 4.8 2.2 4.1 3.7 10.6 4.6 0.3 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 4, 2004 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.0 6.9 7.0 10.1 11.4 10.7 11.5 11.4 11.4 11.4 11.4 1

 2 Fixed nonresidential investment 2.5 2.4 2.4 2.2 2.3 2.2 2.2 2.2 2.3 2.3 2.4 2

 3 Net acquisition of financial assets 23.0 26.5 64.4 55.3 56.6 48.0 55.8 67.0 95.7 19.3 44.3 3

 4 Checkable deposits and currency 17.3 0.3 10.1 1.6 3.2 0.6 -10.0 73.0 -17.0 -26.1 -17.1 4

 5 Time and savings deposits -6.8 -1.1 7.4 1.6 1.8 13.7 -1.0 9.9 -2.7 1.2 -1.0 5

 6 Federal funds and security RPs 2.4 -5.3 -1.5 -0.8 -0.1 7.0 -3.9 -8.4 5.7 -4.8 6.8 6

 7 Credit market instruments 27.5 28.0 41.5 42.7 53.0 6.5 43.1 44.2 75.9 92.5 -0.7 7

 8 Open market paper 1.5 -0.6 1.2 1.2 -2.0 -2.7 3.6 -2.9 1.9 -1.2 -5.8 8

 9 U.S. government securities -0.6 -1.8 18.8 17.1 19.3 -13.3 19.0 25.1 44.2 47.1 -39.2 9

10 Treasury -3.5 -1.4 -0.8 0.4 1.1 0.1 -1.3 -2.0 5.9 1.5 -0.7 10

11 Agency 2.9 -0.4 19.6 16.8 18.2 -13.4 20.2 27.2 38.3 45.7 -38.5 11

12 Home mortgages 14.1 13.8 16.4 18.2 21.6 10.8 22.4 15.9 17.8 26.7 26.1 12

13 Consumer credit 12.5 16.5 5.1 6.2 14.0 11.8 -1.9 6.1 12.0 19.8 18.1 13

14 Mutual fund shares -1.1 -0.3 1.5 -0.2 0.5 0.0 -1.7 -0.5 4.5 1.9 -3.7 14

15 Miscellaneous assets -16.4 4.9 5.4 10.4 -1.8 20.2 29.3 -51.2 29.3 -45.3 60.0 15

16 Net increase in liabilities 20.8 22.0 60.8 50.1 51.3 36.8 52.2 62.3 92.4 13.4 37.1 16

17 Shares/deposits 17.7 22.4 61.1 46.7 48.0 37.8 50.9 70.0 70.0 11.4 40.6 17

18 Checkable 2.3 5.9 3.5 5.0 7.6 -3.5 -2.1 24.7 1.9 -6.4 10.4 18

19 Small time and savings 12.3 13.0 48.6 33.1 29.6 32.4 43.4 40.2 44.1 17.0 16.9 19

20 Large time 3.1 3.5 9.0 8.7 10.8 9.0 9.6 5.1 24.0 0.8 13.3 20

21 Other loans and advances 2.2 0.0 1.5 2.0 2.2 3.1 0.4 2.8 1.6 3.3 1.0 21

22 Miscellaneous liabilities 0.9 -0.4 -1.8 1.4 1.2 -4.1 0.9 -10.4 20.8 -1.4 -4.4 22

23 Discrepancy 1.2 -0.1 1.0 2.7 3.8 -2.7 5.6 4.5 5.9 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 -9.8 55.0 -63.5 -3.7 -26.7 -4.1 -2.9 -27.0 -26.9 -26.9 -26.0 1

 2 Deposits 8.4 7.0 -4.6 0.1 -0.1 0.1 0.1 -0.2 -0.2 -0.2 0.1 2

 3 Checkable deposits and currency -0.1 -0.1 0.5 -0.7 0.4 -0.7 -0.7 0.4 0.4 0.4 0.4 3

 4 Time and savings deposits 0.9 0.2 2.7 -0.6 8.7 -0.6 -0.6 8.7 8.7 8.7 8.7 4

 5 Money market fund shares 7.5 6.9 -7.9 1.3 -9.2 1.3 1.3 -9.2 -9.2 -9.2 -9.0 5

 6 Credit market instruments 27.8 0.8 -28.1 0.9 -2.4 0.8 0.8 -2.7 -2.5 -2.5 -2.0 6

 7 Open market paper 0.6 -2.4 -3.1 -0.2 -0.4 -0.2 -0.2 -0.4 -0.4 -0.4 -0.4 7

 8 U.S. government securities 5.7 -0.7 -15.1 -1.3 -2.9 -1.3 -1.3 -2.9 -2.9 -2.9 -2.7 8

 9 Treasury -0.0 -1.0 -4.8 -0.4 -0.3 -0.4 -0.4 -0.3 -0.3 -0.3 -0.2 9

10 Agency 5.7 0.3 -10.3 -0.9 -2.6 -0.9 -0.9 -2.6 -2.6 -2.6 -2.5 10

11 Municipal securities 10.8 -1.2 -3.5 5.3 -2.6 5.3 5.3 -2.6 -2.6 -2.6 -2.4 11

12 Corporate and foreign bonds 11.3 5.0 -6.6 -2.7 3.9 -2.7 -2.7 3.7 3.9 3.9 4.0 12

13 Mortgages -0.6 0.1 0.2 -0.2 -0.4 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4 13

14 Corporate equities -28.8 -2.5 -32.5 -39.4 -18.7 -39.6 -38.9 -18.7 -18.7 -18.7 -18.7 14

15 Mutual fund shares -14.7 48.5 -6.1 37.3 -15.0 37.2 37.7 -15.0 -15.0 -15.0 -15.0 15

16 Miscellaneous assets -2.5 1.2 7.7 -2.6 9.5 -2.6 -2.6 9.5 9.5 9.5 9.6 16

17 Net increase in liabilities (2) -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 17

18 Discrepancy 1.7 1.6 3.7 1.4 0.4 2.0 1.6 0.4 0.4 0.4 0.5 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 4, 2004

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -2.5 -3.2 -2.1 -0.7 -1.2 -1.2 -2.7 -0.7 -2.8 -0.7 -0.7 1

 2 Fixed nonresidential investment 11.7 12.8 12.9 12.1 12.5 12.1 12.1 12.1 12.2 12.7 13.1 2

 3 Net acquisition of financial assets 169.3 203.5 250.6 279.8 277.3 350.0 166.6 444.5 298.1 168.9 197.7 3

 4 Checkable deposits and currency 0.0 -0.5 31.9 -1.6 7.3 36.3 -33.7 34.2 -1.6 5.4 -8.9 4

 5 Money market fund shares 21.4 10.5 31.0 -13.5 -8.3 -55.8 7.4 -28.2 2.7 -4.2 -3.5 5

 6 Credit market instruments 53.5 57.9 130.9 233.0 198.1 270.0 172.0 302.1 238.0 115.4 136.7 6

 7 Open market paper 2.0 -4.5 -11.9 14.7 2.5 20.9 -20.1 43.5 -12.3 -16.1 -5.3 7

 8 U.S. government securities -2.3 6.3 13.7 102.2 36.7 110.1 99.8 53.2 47.8 24.0 21.8 8

 9 Treasury -9.3 -4.6 -4.4 24.8 6.6 26.3 24.8 11.8 8.4 4.2 2.1 9

10 Agency 7.0 11.0 18.1 77.4 30.1 83.8 75.0 41.4 39.4 19.8 19.7 10

11 Municipal securities 1.7 -1.0 -0.4 1.2 1.5 1.5 0.7 1.3 2.7 1.3 0.7 11

12 Corporate and foreign bonds 41.5 49.0 120.2 106.8 147.8 132.3 73.9 201.4 186.1 96.5 107.3 12

13 Policy loans -5.0 2.9 2.2 1.0 -0.3 1.9 1.4 -1.7 1.3 -1.9 1.2 13

14 Mortgages 15.7 5.2 7.1 7.0 9.9 3.3 16.3 4.5 12.4 11.6 11.0 14

15 Corporate equities 116.3 111.2 70.0 52.5 58.3 70.6 46.3 62.9 58.3 54.8 57.2 15

16 Mutual fund shares 10.5 5.7 2.3 2.8 7.6 2.8 3.0 4.8 10.0 7.6 8.0 16

17 Miscellaneous assets -32.6 18.7 -15.5 6.7 14.4 26.2 -28.4 68.7 -9.2 -10.2 8.3 17

18 Net increase in liabilities 152.9 195.1 248.5 259.7 248.3 346.4 116.7 397.2 246.6 165.1 184.3 18

19 Corporate equity issues -6.0 -0.8 -0.9 -6.5 -4.5 -9.2 -0.2 -6.6 -3.8 -6.3 -1.5 19

20 Other loans and advances 0.7 -0.7 0.6 2.0 2.9 2.0 2.5 4.4 1.5 3.1 2.5 20

21 Life insurance reserves 49.4 48.7 75.8 58.5 55.6 60.9 51.5 73.7 55.2 44.1 49.2 21

22 Pension fund reserves (1) 91.8 142.6 138.5 148.5 118.4 194.7 141.9 136.5 121.9 91.0 124.3 22

23 Taxes payable 1.3 1.6 2.0 2.4 2.8 2.4 2.5 2.6 2.7 2.8 2.9 23

24 Miscellaneous liabilities 15.7 3.6 32.4 54.7 73.2 95.7 -81.5 186.5 69.1 30.2 6.8 24

25 Discrepancy -30.5 -24.4 -17.2 -32.9 -42.8 -16.8 -64.7 -60.1 -66.5 -17.2 -27.3 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 6.5 -1.8 -11.5 -1.0 5.1 -1.0 -1.0 0.3 4.4 6.8 9.0 1

 2 Fixed nonresidential investment 11.7 11.3 8.9 8.5 8.9 8.5 8.5 8.5 8.6 9.0 9.3 2

 3 Net acquisition of financial assets -9.0 8.9 16.6 75.2 91.6 98.0 72.5 90.7 123.7 86.9 65.1 3

 4 Checkable deposits and currency 0.2 -0.6 9.4 12.8 8.1 33.5 1.3 17.0 23.8 -4.1 -4.3 4

 5 Security RPs -14.4 10.0 -8.1 14.2 11.9 37.9 25.0 -9.4 27.0 8.8 21.0 5

 6 Credit market instruments -3.0 -8.7 9.0 39.9 54.2 21.7 65.6 56.2 49.7 68.7 42.0 6

 7 U.S. government securities -3.9 0.0 10.1 28.2 16.4 22.9 36.9 15.3 14.9 21.5 13.7 7

 8 Treasury -9.7 -8.6 -0.0 9.2 4.9 7.3 12.2 5.7 5.3 7.6 1.3 8

 9 Agency 5.9 8.6 10.1 19.0 11.4 15.5 24.7 9.6 9.7 13.9 12.4 9

10 Municipal securities -9.1 -14.9 -10.3 9.2 17.6 3.1 17.4 18.0 15.9 22.6 13.9 10

11 Corporate and foreign bonds 10.0 6.4 8.9 2.4 20.3 -4.3 11.0 23.0 19.1 24.7 14.3 11

12 Commercial mortgages -0.0 -0.3 0.2 0.1 -0.1 0.0 0.3 0.0 -0.2 -0.0 0.0 12

13 Corporate equities -1.7 0.7 -0.3 -1.1 2.1 0.6 -9.2 -1.7 2.9 6.4 0.8 13

14 Trade receivables 2.0 1.0 5.3 4.9 7.9 -0.0 -11.7 17.9 9.4 2.6 1.6 14

15 Miscellaneous assets 7.7 6.4 1.3 4.5 7.5 4.4 1.5 10.6 10.9 4.5 3.9 15

16 Net increase in liabilities 8.0 3.6 29.8 52.2 61.7 67.3 43.1 49.5 68.4 72.6 56.3 16

17 Corporate equity issues -7.8 -4.5 0.5 6.2 3.4 4.4 5.5 -1.1 18.3 -3.4 -0.4 17

18 Taxes payable 2.0 2.3 2.7 3.2 3.7 3.3 3.4 3.5 3.6 3.8 3.9 18

19 Miscellaneous liabilities 13.8 5.8 26.5 42.8 54.6 59.6 34.2 47.0 46.4 72.3 52.8 19

20 Discrepancy 11.9 -18.3 -7.3 -32.5 -33.6 -40.2 -38.9 -49.4 -59.5 -16.4 -9.2 20
Z.1, March 4, 2004 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.9 1.9 1.6 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 2

 3 Net acquisition of financial assets -19.3 -16.9 -24.9 -6.6 42.2 12.5 10.7 16.6 22.9 52.2 77.3 3

 4 Checkable deposits and currency 1.0 0.4 -1.0 0.4 0.3 0.3 0.3 0.7 1.2 0.0 -0.9 4

 5 Time and savings deposits -3.0 2.9 4.2 0.9 3.7 3.5 1.5 3.4 4.5 3.3 3.6 5

 6 Money market fund shares 11.7 4.6 -10.6 2.8 2.9 2.8 2.8 2.9 2.9 2.9 3.0 6

 7 Security RPs -0.1 0.9 0.8 1.9 -1.3 10.0 -1.3 -1.3 -1.3 -1.3 -1.2 7

 8 Credit market instruments 14.1 31.3 6.7 27.4 0.8 40.2 0.2 7.3 24.3 -31.8 3.4 8

 9 Open market paper 3.2 -1.7 -2.2 10.9 -4.0 33.1 -5.0 -0.8 -7.6 -1.2 -6.3 9

10 U.S. government securities 8.3 13.1 1.2 6.9 -5.7 7.6 -6.2 -3.9 6.0 -27.1 2.2 10

11 Treasury -5.7 -3.3 -10.5 1.2 -0.4 -4.9 3.3 0.2 3.6 -8.5 3.1 11

12 Agency 14.0 16.5 11.6 5.6 -5.2 12.5 -9.5 -4.0 2.5 -18.5 -0.9 12

13 Corporate and foreign bonds 1.7 18.7 6.4 8.0 8.5 -2.5 9.7 10.5 23.3 -5.4 5.5 13

14 Mortgages 0.9 1.2 1.3 1.7 2.0 1.9 1.7 1.6 2.5 1.9 2.0 14

15 Corporate equities -33.5 -55.1 -32.7 -66.8 21.3 -58.5 -39.1 -19.0 9.2 60.2 35.0 15

16 Mutual fund shares 1.6 1.2 -3.8 11.0 1.9 7.4 11.1 6.1 -8.6 -6.5 16.6 16

17 Miscellaneous assets -11.0 -3.1 11.6 15.9 12.6 6.9 35.1 16.4 -9.3 25.3 17.9 17

18 Unallocated insurance contracts (2) -7.7 -11.8 2.4 13.0 9.7 10.7 16.0 11.3 -5.1 16.9 15.5 18

19 Contributions receivable -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 19

20 Other 1.5 7.4 7.9 1.6 1.6 -5.1 17.8 3.8 -5.5 7.0 1.1 20

21 Pension fund reserves (liabilities) (3) -18.2 -15.9 -24.1 -6.1 42.7 12.9 11.2 17.1 23.3 52.6 77.8 21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(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 1.8 1.8 1.9 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 2

 3 Net acquisition of financial assets 58.8 53.1 25.6 26.7 22.2 27.0 31.8 16.9 26.1 22.0 23.9 3

 4 Checkable deposits and currency -0.7 -0.1 0.4 -1.9 1.6 -3.2 -0.1 6.2 0.4 0.4 -0.7 4

 5 Time and savings deposits -0.3 -0.6 -0.4 0.1 0.3 1.4 -2.9 1.3 0.0 0.0 -0.1 5

 6 Security RPs 2.8 4.3 0.6 0.2 2.9 -2.5 11.5 1.6 2.2 1.7 6.1 6

 7 Credit market instruments 46.9 54.6 -17.7 14.1 13.0 -10.4 50.7 0.1 22.4 11.4 18.3 7

 8 Open market paper 2.8 4.3 0.6 0.2 -2.1 -2.5 11.5 1.6 2.2 1.7 -13.9 8

 9 U.S. government securities 16.4 22.1 -32.9 -1.4 2.8 -10.8 16.5 1.0 23.7 -9.4 -4.3 9

10 Treasury -6.6 -15.5 -18.3 -1.1 -5.3 -12.5 8.8 3.8 21.3 -21.9 -24.4 10

11 Agency 22.9 37.6 -14.5 -0.3 8.1 1.6 7.7 -2.8 2.4 12.5 20.1 11

12 Municipal securities -0.2 -1.5 -0.2 -0.9 0.1 -0.1 -0.1 0.6 -0.6 0.4 0.2 12

13 Corporate and foreign bonds 30.4 29.7 11.4 9.4 2.0 -4.2 14.6 -12.0 -12.7 8.0 24.7 13

14 Mortgages -2.6 -0.0 3.4 6.8 10.2 7.2 8.1 8.9 9.8 10.7 11.6 14

15 Corporate equities -6.2 -18.4 22.3 20.0 19.0 49.9 -16.6 18.6 15.3 12.5 29.5 15

16 Miscellaneous assets 16.3 13.3 20.3 -5.7 -14.6 -8.1 -10.9 -11.0 -14.1 -4.0 -29.1 16

17 Pension fund reserves (liabilities) (1) 59.8 54.1 26.5 27.3 22.8 27.6 32.3 17.4 26.7 22.5 24.5 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.

F.121 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 48.5 28.2 69.9 45.4 48.8 53.8 48.0 42.3 47.0 47.9 58.2 1

 2 Credit market instruments 2.9 2.1 9.7 13.0 6.6 18.2 20.6 28.5 2.3 -0.4 -4.1 2

 3 U.S. government securities 2.9 2.1 8.9 11.8 6.0 17.0 17.4 24.1 2.3 0.6 -3.2 3

 4 Treasury 2.9 2.0 7.2 9.4 4.8 14.5 11.0 15.2 2.3 2.8 -1.2 4

 5 Agency -0.0 0.1 1.7 2.4 1.2 2.5 6.4 8.9 0.0 -2.2 -2.0 5

 6 Corporate and foreign bonds -0.0 0.0 0.8 1.2 0.6 1.2 3.2 4.4 0.0 -1.0 -1.0 6

 7 Corporate equities 4.4 5.2 -0.6 7.9 17.6 0.9 23.2 23.5 10.7 18.7 17.4 7

 8 Miscellaneous assets 41.1 20.9 60.8 24.5 24.7 34.7 4.2 -9.7 33.9 29.6 44.8 8

 9 Pension fund reserves (liabilities) (2) 48.5 28.2 69.9 45.4 48.8 53.8 48.0 42.3 47.0 47.9 58.2 9

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Liabilities of the sector are assets of the household sector.
32 Z.1, March 4, 2004

F.122 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 249.1 233.3 428.6 -16.8 -207.8 -124.0 201.5 -394.2 213.5 -223.1 -427.7 1

 2 Foreign deposits 12.2 48.2 33.1 -10.1 -39.9 0.7 -16.4 -52.2 -49.7 -25.0 -32.8 2

 3 Checkable deposits and currency -1.2 4.5 2.3 -5.8 -0.6 2.3 -7.0 13.8 -23.7 7.6 -0.2 3

 4 Time and savings deposits 33.3 -18.0 77.1 -14.8 -47.7 -63.8 -83.9 -67.5 29.3 26.9 -179.6 4

 5 Security RPs 0.1 43.4 44.0 46.2 -21.8 11.1 122.0 -66.3 -21.8 -98.3 99.4 5

 6 Credit market instruments 182.0 143.0 246.0 -25.3 -113.1 -92.4 264.9 -164.1 250.9 -242.9 -296.5 6

 7 Open market paper 104.7 89.6 30.3 -44.9 -135.1 -176.5 156.0 -280.9 0.1 -167.9 -91.6 7

 8 U.S. government securities 17.3 -19.1 178.5 10.1 -7.8 23.4 33.1 35.7 140.1 -31.2 -175.8 8

 9 Treasury 0.1 -13.3 45.3 4.5 -10.0 -27.9 29.4 35.4 48.9 -55.5 -68.7 9

10 Agency 17.1 -5.8 133.2 5.7 2.2 51.3 3.7 0.3 91.2 24.3 -107.1 10

11 Municipal securities 17.5 34.3 36.2 1.8 14.6 9.8 9.6 32.4 72.2 -13.4 -32.9 11

12 Corporate and foreign bonds 42.5 38.2 1.1 7.7 15.2 50.8 66.2 48.8 38.5 -30.4 3.9 12

13 Miscellaneous assets 22.6 12.2 26.1 -7.0 15.4 18.1 -78.1 -57.8 28.6 108.6 -18.0 13

14 Net share issues (liabilities) 249.1 233.3 428.6 -16.8 -207.8 -124.0 201.5 -394.2 213.5 -223.1 -427.7 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 4.1 -1.5 -7.4 -3.3 -2.6 -1.2 -2.6 -2.6 -2.6 -2.6 -2.6 1

 2 Net acquisition of financial assets 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 2

 3 Security RPs 9.9 25.6 -31.6 10.0 8.8 -17.2 31.2 5.1 3.8 -13.8 40.1 3

 4 Credit market instruments 48.4 21.0 126.0 141.6 140.9 165.5 117.7 211.8 253.5 -4.1 102.4 4

 5 Open market paper 9.9 25.6 -31.6 -8.6 9.1 -23.7 25.1 29.9 -6.9 -18.7 32.2 5

 6 U.S. government securities 12.5 10.6 76.6 75.3 40.6 120.2 67.0 77.5 107.3 -21.8 -0.4 6

 7 Treasury -23.7 6.4 -8.6 18.2 14.0 29.1 16.2 30.8 38.0 -13.3 0.4 7

 8 Agency 36.2 4.2 85.2 57.1 26.7 91.1 50.8 46.8 69.3 -8.5 -0.9 8

 9 Municipal securities -3.2 -8.9 23.0 24.0 13.7 41.6 6.9 19.6 38.8 -8.9 5.2 9

10 Corporate and foreign bonds 29.2 -6.2 58.1 50.9 77.4 27.5 18.8 84.7 114.2 45.2 65.4 10

11 Corporate equities 136.4 189.1 109.7 31.1 136.4 -80.7 51.8 -44.2 75.6 299.9 214.3 11

12 Miscellaneous assets -3.5 -0.7 -2.6 0.1 2.1 -2.0 0.6 2.9 0.4 5.3 -0.0 12

13 Net share issues (liabilities) 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 13

14 Discrepancy 4.1 -1.5 -7.4 -3.3 -2.6 -1.2 -2.6 -2.6 -2.6 -2.6 -2.6 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.124 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 -4.8 -5.5 1.9 18.0 53.2 19.5 20.4 31.5 61.2 59.6 60.4 1

 2 Credit market instruments 9.6 -5.6 3.2 8.6 45.1 -3.3 17.8 26.2 60.1 42.5 51.3 2

 3 U.S. government securities -1.2 -0.9 0.1 -1.2 0.0 -0.0 3.4 -6.3 2.9 1.3 2.1 3

 4 Municipal securities 9.0 -2.0 7.0 11.3 3.7 8.8 19.8 4.1 -1.2 8.4 3.6 4

 5 Corporate and foreign bonds 1.8 -2.7 -3.8 -1.6 41.4 -12.1 -5.4 28.4 58.5 32.9 45.7 5

 6 Corporate equities -14.5 0.1 -1.3 9.4 8.1 22.8 2.6 5.3 1.1 17.0 9.1 6

 7 Net share issues (liabilities) -4.8 -5.5 1.9 18.0 53.2 19.5 20.4 31.5 61.2 59.6 60.4 7

 Exchange-traded funds

 8 Net acquisition of financial assets 12.2 42.4 31.0 45.3 15.8 43.2 48.8 6.0 15.0 -24.1 66.3 8

 9 Credit market instruments 0.0 0.0 0.0 3.7 0.7 15.0 -0.1 -1.1 0.4 1.6 2.0 9

10 U.S. government securities 0.0 0.0 0.0 2.0 0.1 8.4 -0.5 -1.8 -1.0 2.0 1.2 10

11 Corporate and foreign bonds 0.0 0.0 0.0 1.8 0.6 6.6 0.4 0.7 1.5 -0.4 0.8 11

12 Corporate equities 12.2 42.4 31.0 41.6 15.1 28.2 48.8 7.2 14.6 -25.6 64.2 12

13 Net share issues (liabilities) 12.2 42.4 31.0 45.3 15.8 43.2 48.8 6.0 15.0 -24.1 66.3 13
Z.1, March 4, 2004 33

F.125 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.8 2.8 3.0 3.1 3.1 3.3 3.1 3.1 3.1 3.1 3.1 1

 2 Fixed nonresidential investment 0.4 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 316.7 241.7 334.3 242.4 276.1 283.2 353.8 217.2 242.3 568.8 76.0 3

 4 Checkable deposits and currency 7.4 -9.7 1.7 10.2 0.5 20.2 14.9 16.7 -14.3 0.4 -0.8 4

 5 Federal funds and security RPs 12.7 -14.8 11.9 -1.1 -6.7 45.1 8.7 -46.5 52.7 -64.4 31.6 5

 6 Credit market instruments 291.2 253.6 307.8 214.3 262.1 190.6 284.1 300.0 122.3 617.8 8.4 6

 7 Open market paper -27.1 10.9 35.6 -28.1 -2.8 -26.2 -2.6 -4.4 16.5 -34.9 11.7 7

 8 U.S. government securities 184.5 155.2 177.9 158.2 141.3 99.1 251.8 69.9 -44.4 572.0 -32.3 8

 9 Treasury 5.8 10.2 -8.7 -24.7 0.7 -3.4 -33.9 3.4 -0.5 -0.4 0.5 9

10 Agency 178.7 145.0 186.6 182.8 140.5 102.5 285.6 66.5 -44.0 572.3 -32.9 10

11 Municipal securities 1.4 -1.8 6.0 -1.7 2.8 11.6 1.0 1.2 4.3 5.3 0.3 11

12 Corporate and foreign bonds 23.7 25.8 15.5 7.0 17.6 -20.5 -38.5 41.8 32.2 -5.1 1.3 12

13 Other loans and advances 108.1 45.3 37.7 18.5 24.2 57.9 -17.7 104.9 -1.4 -29.2 22.4 13

14 Sallie Mae -0.3 0.1 -0.0 -0.4 0.1 0.1 -0.3 -0.1 -0.1 0.6 0.0 14

15 Farm Credit System 0.9 3.1 2.9 2.0 -0.5 0.9 0.6 -3.4 0.4 -0.3 1.4 15

16 FHLB loans 107.6 42.1 34.9 16.9 24.6 56.9 -17.9 108.4 -1.7 -29.5 21.0 16

17 Mortgages -4.8 22.2 32.7 62.9 86.2 68.1 106.2 92.9 131.1 126.1 -5.2 17

18 Home -10.3 15.8 20.2 49.4 80.9 53.1 88.2 85.3 117.9 125.6 -5.1 18

19 Multifamily residential 4.3 4.5 8.2 8.5 1.9 8.2 12.4 4.9 7.5 -0.9 -3.7 19

20 Farm 1.1 2.0 4.3 5.1 3.4 6.9 5.6 2.7 5.7 1.4 3.7 20

21 Consumer credit (2) 5.4 -3.9 2.4 -2.6 -7.1 0.5 -16.2 -6.3 -16.0 -16.3 10.2 21

22 Miscellaneous assets 5.5 12.5 12.8 19.1 20.1 27.4 46.1 -53.1 81.6 15.0 36.9 22

23 Net increase in liabilities 312.1 234.4 323.4 233.2 265.7 275.1 345.5 208.0 233.9 556.4 64.6 23

24 Credit market instruments 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 24

25 GSE issues (3) 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 25

26 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 26

27 Miscellaneous liabilities -6.0 0.3 32.6 7.4 22.9 26.0 24.0 12.6 34.0 118.9 -73.7 27

28 Discrepancy -2.3 -5.2 -8.4 -6.7 -7.8 -5.4 -5.7 -6.6 -5.8 -9.8 -8.8 28

(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) SLMA student loans.

(3) Such issues are classified as U.S. government securities.

F.126 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 1

 2 Home mortgages 264.6 190.9 322.9 315.2 316.4 169.1 257.6 275.1 237.2 309.3 444.2 2

 3 Multifamily residential mortgages 9.2 8.5 15.6 12.9 13.7 7.4 24.3 8.4 8.9 24.1 13.7 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) 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 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 4, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.3 1.6 1.5 1.3 1.3 1.3 1.3 1.4 1.3 1.3 1.2 1

 2 Fixed nonresidential investment -1.6 -2.2 1.1 -0.3 1.0 -0.2 -0.2 3.1 0.4 0.4 0.1 2

 3 Net acquisition of financial assets 210.1 198.5 293.2 257.5 280.9 205.6 354.1 333.1 307.8 238.6 244.1 3

 4 Agency securities (1) 41.5 4.4 37.9 68.8 70.5 79.7 95.4 64.1 68.3 179.7 -30.2 4

 5 Other loans and advances -3.3 12.1 15.1 -4.8 -1.0 -16.0 4.9 30.1 -16.5 -22.9 5.2 5

 6 Mortgages (2) 91.8 80.1 136.0 132.3 200.6 152.2 139.5 152.6 235.8 107.0 307.1 6

 7 Home 49.9 44.8 91.4 100.4 151.2 124.0 89.2 134.0 174.4 65.6 230.8 7

 8 Multifamily residential 8.1 5.6 6.0 5.5 8.0 5.4 9.8 2.4 8.2 6.7 14.9 8

 9 Commercial 33.9 29.7 38.6 26.4 41.4 22.8 40.5 16.2 53.3 34.7 61.5 9

10 Consumer credit 59.0 68.9 78.4 37.4 -10.3 -33.9 91.7 64.3 -1.4 -45.9 -58.3 10

11 Trade credit 21.1 33.0 25.9 23.8 21.1 23.5 22.6 22.0 21.5 20.8 20.2 11

12 Net increase in liabilities 207.2 195.3 293.5 256.4 280.6 204.7 353.3 334.9 306.9 237.7 243.0 12

13 Commercial paper 139.0 125.0 120.0 -13.0 -35.6 -13.6 -25.5 -47.1 14.0 33.2 -142.5 13

14 Corporate bonds 68.2 70.3 173.5 269.4 316.2 218.3 378.7 382.0 292.9 204.5 385.4 14

15 Discrepancy 1.0 0.7 0.6 0.6 0.0 0.6 0.6 -0.0 0.0 0.0 0.0 15

 Memo:

 Securitized assets not included above

16 Consumer leases (3) -2.9 -3.2 0.3 -1.1 -0.3 -0.9 -0.9 1.8 -0.9 -0.9 -1.1 16

17 REIT assets (4) -1.0 -2.2 -1.2 6.0 13.2 8.6 10.6 3.6 13.0 23.4 12.9 17

(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.130.

F.128 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 35.4 36.8 59.0 63.0 66.9 58.1 61.4 63.9 66.8 68.4 68.7 1

 2 Fixed nonresidential investment 42.0 39.9 31.8 33.9 39.0 34.2 35.3 32.8 37.3 41.0 44.8 2

 3 Net acquisition of financial assets 150.9 136.9 19.4 35.9 184.8 137.3 26.3 36.9 235.1 384.3 83.0 3

 4 Checkable deposits and currency 2.5 2.6 2.9 3.1 3.3 3.1 3.1 3.2 3.2 3.3 3.3 4

 5 Credit market instruments 97.1 108.6 -4.8 21.2 75.8 69.3 9.9 -0.4 59.5 180.4 63.5 5

 6 Other loans and advances 54.2 63.3 -11.5 8.3 -9.9 24.0 17.9 -14.4 -4.5 -1.4 -19.2 6

 7 Mortgages 24.6 26.4 -11.0 13.2 32.9 14.8 44.5 6.4 24.0 40.5 60.6 7

 8 Consumer credit 18.3 18.9 17.6 -0.3 52.8 30.6 -52.5 7.6 40.0 141.4 22.2 8

 9 Miscellaneous assets 51.4 25.6 21.3 11.7 105.8 64.9 13.3 34.1 172.4 200.6 16.1 9

10 Net increase in liabilities 138.8 166.4 21.8 66.2 215.9 181.4 26.8 39.8 327.8 383.1 112.8 10

11 Credit market instruments 70.7 82.0 1.5 43.1 109.6 80.4 29.6 37.4 192.6 107.5 100.8 11

12 Open market paper -2.9 8.4 -80.3 -17.1 -4.3 54.6 -28.4 -30.5 64.3 -46.3 -4.7 12

13 Corporate bonds 64.7 73.0 66.9 63.0 105.7 -43.8 169.6 56.7 112.2 138.9 115.0 13

14 Bank loans n.e.c. 8.9 0.5 14.9 -2.8 8.1 69.6 -111.6 11.2 16.1 14.8 -9.6 14

15 Taxes payable 0.8 1.0 1.2 1.4 1.6 1.4 1.5 1.5 1.6 1.6 1.7 15

16 Miscellaneous liabilities 67.3 83.4 19.1 21.6 104.7 99.6 -4.2 0.8 133.7 274.0 10.4 16

17 Foreign direct investment in U.S. 13.2 14.9 7.8 -3.6 20.7 -18.8 3.8 61.5 4.8 3.6 12.9 17

18 Investment by parent 53.5 14.7 -3.3 -10.9 12.7 -1.3 21.5 -3.8 36.0 -0.3 18.7 18

19 Other 0.5 53.8 14.7 36.1 71.4 119.8 -29.6 -56.9 92.9 270.7 -21.2 19

20 Discrepancy -18.7 26.4 29.6 59.4 59.0 68.1 26.7 34.0 122.2 26.1 53.8 20

 Memo:

21 Consumer leases not included above (2) 6.3 5.3 -4.6 -20.2 -14.4 -31.6 -20.6 -5.9 -20.6 -5.2 -26.0 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.127.
Z.1, March 4, 2004 35

F.129 Mortgage Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 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 6

 7 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 8.4 0.2 12.9 13.0 6.8 12.9 5.6 6.0 6.2 6.4 8.6 1

 2 Fixed nonresidential investment 9.2 0.4 3.3 11.9 8.8 16.7 8.6 1.8 6.2 8.4 18.7 2

 3 Multifamily residential investment 1.6 0.1 0.6 2.1 1.5 2.9 1.5 0.3 1.1 1.5 3.3 3

 4 Net acquisition of financial assets -2.3 -6.3 8.1 22.7 22.1 29.2 1.8 -0.3 32.8 28.3 27.5 4

 5 Checkable deposits and currency 0.3 -0.0 0.9 -0.6 1.6 -0.6 -4.3 4.9 -0.5 6.1 -4.1 5

 6 Credit market instruments -2.6 -7.1 6.7 23.1 14.3 27.7 6.7 -8.6 31.0 18.6 16.2 6

 7 Agency securities 1.1 0.3 5.7 8.0 -5.1 7.7 -11.7 -14.9 7.0 -15.7 3.3 7

 8 Corporate and foreign bonds -0.3 -0.8 2.1 4.6 1.3 6.4 5.8 3.2 -4.1 7.8 -1.7 8

 9 Mortgages -3.3 -6.6 -1.1 10.5 18.1 13.5 12.5 3.1 28.1 26.5 14.6 9

10 Home -2.4 -4.6 0.1 9.5 17.8 13.7 13.1 4.0 27.4 25.4 14.2 10

11 Multifamily residential -0.6 -0.4 -0.3 -0.2 -0.0 -0.2 -0.8 0.0 0.0 -0.1 -0.1 11

12 Commercial -0.4 -1.7 -1.0 1.2 0.4 -0.0 0.2 -0.9 0.6 1.2 0.5 12

13 Miscellaneous assets -0.1 0.9 0.5 0.2 6.2 2.1 -0.5 3.4 2.4 3.6 15.4 13

14 Net increase in liabilities 17.7 2.7 16.5 43.0 40.0 55.6 19.4 6.9 49.4 45.1 58.8 14

15 Security RPs 0.5 -3.8 7.8 13.5 2.3 19.2 -3.7 -11.1 18.3 -6.1 8.1 15

16 Credit market instruments 6.3 2.7 2.5 19.8 23.4 27.7 18.6 17.5 12.9 36.4 26.9 16

17 Open market paper -0.1 0.0 0.7 0.1 -0.2 -0.5 -2.0 1.6 -3.8 1.2 0.1 17

18 Corporate bonds 8.9 4.8 3.8 14.0 21.2 22.7 14.4 17.8 17.2 26.9 22.8 18

19 Bank loans n.e.c. -7.6 -8.3 -3.3 -0.3 -1.9 0.3 1.5 1.6 -3.9 0.5 -5.6 19

20 Mortgages 5.1 6.2 1.3 5.9 4.3 5.3 4.7 -3.5 3.3 7.8 9.6 20

21 Corporate equity issues 6.6 2.0 6.1 8.4 13.3 3.6 5.8 2.3 16.3 18.1 16.6 21

22 Miscellaneous liabilities 4.4 1.8 0.1 1.4 1.0 5.1 -1.2 -1.9 1.9 -3.3 7.3 22

23 Discrepancy 17.7 8.8 17.3 19.2 14.5 19.6 13.1 11.0 15.4 13.4 18.0 23

 Memo:

24 Securitized assets included above -1.0 -2.2 -1.2 6.0 13.2 8.6 10.6 3.6 13.0 23.4 12.9 24

25 Agency securities -1.3 -0.2 -0.9 -1.2 -1.0 -0.9 -1.6 -1.4 -1.0 -1.4 -0.2 25

26 Home mortgages 0.0 -0.9 -0.2 7.3 14.3 9.6 12.2 5.0 14.1 24.9 13.1 26

27 Multifamily residential mortgages 0.1 -0.5 -0.1 -0.0 -0.0 -0.1 -0.1 -0.1 -0.0 -0.0 0.1 27

28 Commercial mortgages 0.1 -0.6 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 28
36 Z.1, March 4, 2004

F.131 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 3.0 -15.5 8.4 16.2 13.5 15.2 12.9 13.0 13.0 13.0 15.1 1

 2 Fixed nonresidential investment 18.0 26.1 22.6 20.7 21.2 20.5 20.5 20.5 20.8 21.5 22.0 2

 3 Net acquisition of financial assets 79.8 220.4 244.3 -130.2 266.7 -231.9 -380.3 260.5 530.3 144.6 131.6 3

 4 Checkable deposits and currency 3.3 1.6 16.8 -2.9 2.7 -20.9 15.0 -0.2 -2.4 1.1 12.2 4

 5 Credit market instruments -34.7 68.9 92.4 28.4 77.1 -181.9 140.8 65.9 -85.2 24.1 303.4 5

 6 Open market paper -2.0 13.2 9.0 -4.7 4.1 -25.8 -3.4 12.8 -19.3 16.8 6.1 6

 7 U.S. government securities -43.4 37.1 27.2 0.3 33.6 -156.3 100.3 110.6 -163.7 -40.1 227.4 7

 8 Treasury -58.4 39.4 13.1 -13.7 41.7 -151.8 88.3 -34.5 -208.8 174.2 235.8 8

 9 Agency 15.0 -2.3 14.1 14.1 -8.1 -4.5 12.0 145.1 45.2 -214.3 -8.4 9

10 Municipal securities -1.2 -0.7 7.7 2.0 3.8 11.4 3.0 -7.3 11.7 7.8 3.1 10

11 Corporate and foreign bonds 12.0 19.3 48.6 30.7 35.5 -11.1 40.9 -50.2 86.1 39.5 66.8 11

12 Corporate equities 7.7 9.6 17.3 3.2 0.9 -2.3 -12.0 -12.7 35.5 -12.2 -6.9 12

13 Security credit 75.2 7.2 -38.8 -48.2 32.6 -83.7 -5.7 45.3 355.7 -83.4 -187.4 13

14 Miscellaneous assets 28.3 133.0 156.6 -110.8 153.5 57.0 -518.5 162.2 226.6 215.0 10.3 14

15 Net increase in liabilities 87.2 249.4 253.8 -130.3 270.4 -230.7 -378.9 264.5 534.6 148.8 133.8 15

16 Security RPs (net) 37.1 56.9 51.0 -9.0 136.5 -233.6 -153.9 -25.3 93.5 195.3 282.7 16

17 Corporate bonds -17.2 15.6 1.4 -1.7 6.4 15.2 -24.0 38.4 -16.2 9.9 -6.6 17

18 Corporate equity issues 7.6 -4.2 6.7 10.2 -8.2 32.4 -6.9 12.1 -27.6 9.0 -26.3 18

19 Trade payables 11.9 5.1 3.3 -1.8 -9.3 4.7 22.6 -35.7 27.0 -11.1 -17.4 19

20 Security credit 29.2 138.9 41.9 -38.9 89.1 21.3 51.8 175.3 343.1 -25.0 -137.1 20

21 Customer credit balances (HH) 47.2 88.6 41.9 -41.6 53.5 3.3 45.6 67.8 342.0 -46.8 -148.8 21

22 From banks -18.0 50.4 0.0 2.8 35.5 18.0 6.3 107.5 1.1 21.8 11.7 22

23 Taxes payable 0.9 -0.1 -0.2 -0.5 0.4 -0.1 -1.1 1.1 1.2 0.2 -1.0 23

24 Miscellaneous liabilities 7.5 -1.9 138.5 -84.5 42.1 -38.3 -276.5 98.9 75.3 -40.7 35.0 24

25 Foreign direct investment in U.S. 3.6 5.1 -1.3 -5.2 7.4 -4.4 0.2 0.2 13.5 2.3 13.8 25

26 Due to affiliates 61.9 60.2 62.9 6.7 57.0 -18.3 14.8 206.9 30.9 -11.9 2.1 26

27 Other -58.0 -67.2 76.9 -86.1 -22.3 -15.6 -291.5 -108.2 30.9 -31.1 19.2 27

28 Proprietors’ net investment 10.2 39.0 11.2 -4.1 13.5 -32.4 9.0 -0.3 38.4 11.2 4.6 28

29 Discrepancy -7.6 -12.6 -4.6 -4.5 -4.0 -4.1 -6.2 -3.5 -3.5 -4.2 -4.7 29

F.132 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 260.2 141.1 62.7 -12.4 81.8 37.0 -91.5 284.6 32.0 160.5 -150.1 1

 2 Money market fund shares 61.7 20.6 147.4 3.6 -42.1 -100.3 175.5 -130.3 99.5 -16.7 -121.0 2

 3 Credit market instruments 124.0 45.1 -86.1 -43.1 106.2 129.1 -296.6 259.9 -24.0 244.2 -55.2 3

 4 Open market paper 127.8 44.9 -126.9 -57.7 58.3 160.1 -293.2 214.8 -69.6 200.1 -112.1 4

 5 Corporate and foreign bonds -3.8 0.1 40.8 14.6 47.9 -30.9 -3.4 45.1 45.5 44.2 56.9 5

 6 Miscellaneous assets (2) 74.4 75.5 1.5 27.1 17.7 8.2 29.6 155.0 -43.4 -67.1 26.1 6

 7 Investment in foreign banking offices 2.5 45.6 -30.8 24.7 -1.7 -11.2 44.2 -17.0 -14.0 -25.8 50.0 7

 8 Investment in brokers and dealers 71.9 29.8 32.3 2.4 19.4 19.4 -14.7 172.1 -29.4 -41.3 -23.9 8

 9 Net increase in liabilities 260.2 141.1 62.7 -12.4 81.8 37.0 -91.5 284.6 32.0 160.5 -150.1 9

10 Credit market instruments 91.5 -0.4 -55.2 -0.6 -2.1 -20.0 4.0 101.0 -92.0 -19.5 2.1 10

11 Open market paper 34.1 -2.3 -77.4 -31.0 -17.5 -20.1 -33.7 91.3 -121.3 -22.6 -17.4 11

12 Corporate bonds 57.4 1.9 22.2 30.5 15.4 0.1 37.8 9.6 29.3 3.1 19.5 12

13 Miscellaneous liabilities 168.7 141.5 117.9 -11.8 83.9 57.0 -95.6 183.7 124.0 180.0 -152.2 13

14 Foreign direct investment in U.S. -17.0 75.8 56.7 27.6 19.8 28.2 25.5 54.1 48.5 -47.5 24.0 14

15 Securities loaned (net) 16.3 88.7 70.1 -2.9 99.6 12.5 -99.2 -30.9 245.1 174.9 9.4 15

16 Other 169.5 -23.0 -8.9 -36.6 -35.5 16.3 -21.9 160.5 -169.6 52.7 -185.6 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 4, 2004 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves -8.7 0.3 4.9 10.7 0.5 26.5 5.4 1.3 1.0 7.9 -8.3 1

 2 U.S. gold stock and SDRs -0.0 0.7 0.6 0.8 -0.6 1.9 0.5 -3.6 0.4 0.8 -0.1 2

 3 Federal govt.: Exchange Stab. Fund -0.0 0.7 0.6 0.8 -0.6 1.9 0.5 -3.6 0.4 0.8 -0.1 3

 4 Monetary authority (2) 0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 4

 5 U.S. foreign exchange position -8.7 -0.4 4.3 9.9 1.1 24.6 4.9 4.9 0.6 7.1 -8.2 5

 6 Official foreign currency holdings -3.3 1.9 0.7 3.8 2.6 6.8 2.7 2.3 1.0 4.7 2.5 6

 7 Treasury -1.6 0.9 0.3 1.9 1.3 3.4 1.3 1.2 0.5 2.3 1.3 7

 8 Monetary authority -1.6 0.9 0.3 1.9 1.3 3.4 1.3 1.2 0.5 2.3 1.3 8

 9 Net IMF position -5.5 -2.3 3.6 6.1 -1.5 17.8 2.2 2.6 -0.4 2.4 -10.7 9

10 Federal government -5.5 -2.3 3.6 6.1 -1.5 17.8 2.2 2.6 -0.4 2.4 -10.7 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 -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 1.0 2.4 1.3 1.0 0.6 2.4 0.0 0.6 1.6 0.1 -0.0 3

 4 Asset: Monetary authority 1.7 3.6 1.4 1.6 0.9 1.3 1.1 0.8 1.1 0.9 0.7 4

 5 Discrepancy (seigniorage) -0.7 -1.2 -0.1 -0.6 -0.3 1.1 -1.1 -0.2 0.5 -0.8 -0.7 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 61.1 134.2 30.7 23.9 -28.2 53.0 20.3 -16.9 159.7 -242.1 -13.4 1

 Held by:

 2 Household sector 5.2 15.0 -5.0 10.7 3.5 26.0 12.7 26.1 -23.5 -17.9 29.3 2

 3 Nonfinancial corporate business 0.9 -7.4 -8.5 5.1 11.1 2.8 -13.3 21.1 18.2 3.7 1.2 3

 4 Money market mutual funds 12.2 48.2 33.1 -10.1 -39.9 0.7 -16.4 -52.2 -49.7 -25.0 -32.8 4

 5 Discrepancy--unallocated assets 42.8 78.5 11.1 18.2 -2.8 23.5 37.3 -11.8 214.7 -203.0 -11.1 5
38 Z.1, March 4, 2004

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 15.0 15.1 -28.0 17.3 0.1 28.5 132.9 12.6 -180.2 102.5 65.5 1

 2 Monetary authority 22.2 -27.1 1.4 5.6 0.6 4.2 -9.3 32.8 7.6 4.2 -42.1 2

 3 Depository institution reserves -2.3 -5.0 -1.6 5.1 0.5 -2.7 -8.7 29.7 3.0 -1.0 -29.6 3

 4 Vault cash 24.5 -22.2 2.9 0.5 0.1 6.9 -0.6 3.2 4.7 5.2 -12.5 4

 5 Commercial banking -7.2 42.3 -29.4 11.8 -0.5 24.3 142.2 -20.2 -187.8 98.3 107.6 5

 6 To monetary authority -1.7 1.0 -1.0 0.4 -0.7 2.5 -0.5 -6.5 5.6 -2.3 0.3 6

 7 To banks in foreign countries -5.7 20.8 -45.6 4.2 5.0 23.1 169.1 -46.6 -162.3 61.4 167.5 7

 8 Liabilities, net -7.0 21.8 -44.3 13.9 2.1 28.9 156.3 -59.7 -173.2 91.7 149.5 8

 9 U.S.-chartered commercial banks 48.4 45.8 -12.3 46.1 93.6 -55.4 274.3 -13.3 4.5 188.6 194.7 9

10 Due to foreign affiliates 30.0 75.2 22.8 -0.9 123.5 -60.5 172.9 74.1 259.7 63.5 96.7 10

11 - Due from foreign affiliates -18.4 29.5 35.1 -47.0 29.8 -5.1 -101.4 87.4 255.2 -125.2 -98.1 11

12 Foreign banking offices in U.S. -51.2 -56.5 -35.4 -32.8 -46.8 65.7 -65.6 -9.6 -38.5 -96.7 -42.2 12

13 Due to foreign affiliates 14.9 -14.3 29.7 13.0 19.6 43.8 45.5 104.3 186.2 -96.6 -115.7 13

14 - Due from foreign affiliates 66.1 42.2 65.0 45.8 66.3 -21.9 111.1 113.9 224.7 0.1 -73.5 14

15 Bank holding companies -4.1 32.5 3.3 0.6 -44.8 18.6 -52.5 -36.8 -139.1 -0.3 -3.0 15

16 Due to foreign affiliates 5.5 30.9 12.2 2.0 -40.2 1.7 -25.5 -37.5 -123.3 -3.8 3.8 16

17 - Due from foreign affiliates 9.6 -1.6 8.8 1.4 4.6 -16.8 27.0 -0.7 15.9 -3.5 6.8 17

18 Less: Deposits at foreign banks -1.3 1.0 1.3 9.7 -2.9 5.8 -12.8 -13.1 -10.9 30.3 -18.0 18

19 U.S.-chartered commercial banks -1.3 0.4 1.3 10.2 -3.0 6.8 -12.7 -13.1 -11.4 29.5 -16.9 19

20 Foreign banking offices in U.S. -0.0 0.6 -0.0 -0.6 0.0 -0.9 -0.1 0.0 0.5 0.7 -1.1 20

21 To U.S. banking, net 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 21

22 U.S.-chartered commercial banks -14.3 30.5 16.5 20.8 -66.8 11.7 -2.5 -59.7 -168.3 8.4 -47.8 22

23 Liabilities 16.3 11.2 1.5 19.0 -3.6 29.6 -15.2 8.1 35.7 23.5 -81.8 23

24 To foreign offices in U.S. 16.4 -9.1 -15.8 10.9 1.3 30.2 10.6 -22.7 65.3 -14.5 -23.1 24

25 To bank holding companies -0.3 -0.1 0.1 1.0 -0.1 0.6 0.7 -2.0 1.5 -1.2 1.4 25

26 Unallocated 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 26

 Less, due from:

27 Foreign offices in U.S. 22.6 7.1 3.4 0.9 7.5 31.2 -43.3 37.2 28.2 4.4 -39.7 27

28 Bank holding companies 8.0 -26.4 -18.4 -2.6 55.7 -13.3 30.6 30.6 175.7 10.7 5.7 28

29 Foreign banking offices in U.S. 6.2 16.2 19.2 -10.0 6.3 1.0 -53.8 59.9 -37.1 18.9 -16.5 29

30 Due to U.S. banks 22.6 7.1 3.4 0.9 7.5 31.2 -43.3 37.2 28.2 4.4 -39.7 30

31 - Due from U.S. banks 16.4 -9.1 -15.8 10.9 1.3 30.2 10.6 -22.7 65.3 -14.5 -23.1 31

32 Bank holding companies 8.2 -26.3 -18.6 -3.6 55.8 -13.9 29.9 32.7 174.2 11.9 4.3 32

33 Due to U.S. banks 8.0 -26.4 -18.4 -2.6 55.7 -13.3 30.6 30.6 175.7 10.7 5.7 33

34 - Due from U.S. banks -0.3 -0.1 0.1 1.0 -0.1 0.6 0.7 -2.0 1.5 -1.2 1.4 34

35 Net change in assets 14.9 -5.3 -45.2 10.2 4.9 29.8 159.4 -20.3 -149.0 63.3 125.6 35

36 Rest of the world -5.7 20.8 -45.6 4.2 5.0 23.1 169.1 -46.6 -162.3 61.4 167.5 36

37 Domestic 20.6 -26.1 0.4 6.0 -0.1 6.7 -9.8 26.3 13.3 1.9 -41.8 37

38 Monetary authority -1.7 1.0 -1.0 0.4 -0.7 2.5 -0.5 -6.5 5.6 -2.3 0.3 38

39 Federal Reserve float -1.9 1.1 -0.9 0.4 -0.7 2.5 0.1 -6.5 2.7 0.1 0.7 39

40 Loans to member banks 0.2 -0.1 -0.1 0.0 0.0 -0.0 -0.5 -0.0 3.0 -2.4 -0.4 40

41 Commercial banking 19.4 -24.1 0.7 4.9 -0.3 6.3 -10.5 33.5 7.9 1.4 -44.1 41

42 Reserves at Federal Reserve -5.1 -1.9 -2.2 4.4 -0.4 -0.6 -9.9 30.4 3.3 -3.8 -31.6 42

43 Vault cash 24.5 -22.2 2.9 0.5 0.1 6.9 -0.6 3.2 4.7 5.2 -12.5 43

44 Savings insts.: Reserves at Fed. Res. 2.8 -3.1 0.6 0.7 0.9 -2.1 1.2 -0.7 -0.3 2.8 2.0 44

45 Discrepancy--floats, etc. 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 45
Z.1, March 4, 2004 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 151.2 -71.4 204.3 43.5 34.3 178.6 39.7 220.2 79.7 -110.9 -51.8 1

 2 Monetary authority 108.7 -35.3 48.0 41.5 37.9 1.4 23.4 77.7 26.0 9.4 38.4 2

 3 Federal government cash and deposits 22.3 -22.9 1.5 -2.3 1.3 -6.5 -4.0 12.5 -3.0 -10.2 5.7 3

 4 Deposits due to foreign -0.1 0.1 -0.2 0.0 0.1 0.3 -0.2 0.6 2.8 -3.4 0.3 4

 5 Currency outside banks 86.4 -12.5 46.7 43.7 36.6 7.7 27.6 64.6 26.2 23.0 32.4 5

 6 Commercial banking 3.4 -85.5 102.2 -57.4 -68.6 131.3 -38.7 64.6 -9.5 -171.4 -158.3 6

 7 Federal government deposits 36.4 -33.2 45.3 -16.4 -100.5 54.4 -50.8 33.5 -121.5 -117.6 -196.6 7

 8 Deposits due to foreign 13.4 -9.7 0.5 1.6 10.2 -10.6 13.2 11.7 48.9 -37.8 18.0 8

 9 Private domestic deposits -46.4 -42.6 56.3 -42.6 21.7 87.4 -1.1 19.3 63.1 -16.0 20.3 9

10 Savings institutions 36.8 43.4 50.7 54.4 57.4 49.4 57.0 53.2 61.4 57.6 57.6 10

11 Credit unions 2.3 5.9 3.5 5.0 7.6 -3.5 -2.1 24.7 1.9 -6.4 10.4 11

12 Net change in assets 151.2 -71.4 204.3 43.5 34.3 178.6 39.7 220.2 79.7 -110.9 -51.8 12

13 Household sector -75.1 -120.4 89.7 -36.2 -64.4 -63.8 79.0 -145.7 76.9 -153.0 -35.6 13

14 Nonfinancial business 95.3 107.1 -44.9 41.4 127.1 99.2 -27.1 110.4 72.9 197.0 128.1 14

15 Corporate 56.0 50.5 -46.0 28.2 116.1 87.0 -34.8 101.4 59.0 184.3 119.9 15

16 Nonfarm noncorporate 38.7 56.4 0.5 12.8 10.9 11.8 7.3 8.9 13.8 12.7 8.1 16

17 Farm 0.6 0.2 0.6 0.4 0.1 0.4 0.4 0.1 0.1 0.1 0.1 17

18 State and local governments 3.9 1.0 5.1 8.5 6.2 8.8 3.9 -0.5 4.1 6.8 14.5 18

19 Federal government 66.2 -65.1 41.1 -18.7 8.2 95.0 -96.8 -24.4 -11.5 43.7 25.1 19

20 Rest of the world 39.9 -4.2 24.2 23.2 26.9 -0.1 42.0 32.0 57.5 -30.2 48.3 20

21 Checkable deposits 13.3 -9.5 0.4 1.7 10.3 -10.3 13.0 12.3 51.7 -41.3 18.4 21

22 Currency 26.6 5.3 23.8 21.5 16.6 10.2 29.0 19.7 5.8 11.1 29.9 22

23 Financial sectors 29.2 -0.4 79.0 17.9 27.8 78.9 -11.9 169.1 -16.7 -14.1 -27.2 23

24 Commercial banking 0.3 -0.5 1.1 -0.3 -0.0 -0.1 -0.9 2.2 -0.3 -2.4 0.3 24

25 Savings institutions -1.0 1.6 2.0 3.7 -0.4 8.2 10.2 -3.2 14.2 -6.2 -6.4 25

26 Credit unions 17.3 0.3 10.1 1.6 3.2 0.6 -10.0 73.0 -17.0 -26.1 -17.1 26

27 Bank personal trusts and estates -0.1 -0.1 0.5 -0.7 0.4 -0.7 -0.7 0.4 0.4 0.4 0.4 27

28 Life insurance companies 0.0 -0.5 31.9 -1.6 7.3 36.3 -33.7 34.2 -1.6 5.4 -8.9 28

29 Other insurance companies 0.2 -0.6 9.4 12.8 8.1 33.5 1.3 17.0 23.8 -4.1 -4.3 29

30 Private pension funds 1.0 0.4 -1.0 0.4 0.3 0.3 0.3 0.7 1.2 0.0 -0.9 30

31 State and local govt. retirement funds -0.7 -0.1 0.4 -1.9 1.6 -3.2 -0.1 6.2 0.4 0.4 -0.7 31

32 Money market mutual funds -1.2 4.5 2.3 -5.8 -0.6 2.3 -7.0 13.8 -23.7 7.6 -0.2 32

33 Government-sponsored enterprises 7.4 -9.7 1.7 10.2 0.5 20.2 14.9 16.7 -14.3 0.4 -0.8 33

34 Finance companies 2.5 2.6 2.9 3.1 3.3 3.1 3.1 3.2 3.2 3.3 3.3 34

35 REITs 0.3 -0.0 0.9 -0.6 1.6 -0.6 -4.3 4.9 -0.5 6.1 -4.1 35

36 Brokers and dealers 3.3 1.6 16.8 -2.9 2.7 -20.9 15.0 -0.2 -2.4 1.1 12.2 36

37 Mail float -8.2 10.7 10.2 7.3 -97.5 -39.5 50.6 79.4 -103.4 -161.0 -205.1 37
40 Z.1, March 4, 2004

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 176.2 305.0 335.8 321.5 291.6 335.9 137.2 435.3 505.9 62.4 162.6 1

 2 Small time and savings deposits 45.1 188.8 267.2 271.1 229.5 309.5 258.1 258.9 456.8 84.4 118.0 2

 3 Commercial banking 72.0 211.6 249.4 269.7 230.5 331.2 254.7 245.2 438.4 72.6 165.7 3

 4 U.S.-chartered commercial banks 73.0 210.6 240.4 273.6 228.2 337.3 262.4 248.5 437.3 67.0 160.1 4

 5 Foreign banking offices in U.S. -1.8 -0.4 4.5 -2.3 0.9 -5.8 4.4 -2.7 1.0 3.0 2.4 5

 6 Banks in U.S.-affiliated areas 0.8 1.4 4.6 -1.7 1.4 -0.2 -12.1 -0.6 0.2 2.6 3.2 6

 7 Savings institutions -39.2 -35.8 -30.7 -31.6 -30.5 -54.2 -40.0 -26.6 -25.7 -5.2 -64.6 7

 8 Credit unions 12.3 13.0 48.6 33.1 29.6 32.4 43.4 40.2 44.1 17.0 16.9 8

 9 Large time deposits (1) 131.1 116.2 68.6 50.4 62.0 26.5 -120.9 176.5 49.1 -22.0 44.6 9

10 Commercial banking 119.6 92.8 32.7 -2.5 18.9 -57.8 -172.1 125.9 -27.4 -25.5 2.5 10

11 U.S.-chartered commercial banks 61.6 87.9 -25.2 24.3 2.9 77.0 -3.8 91.4 9.0 -31.6 -57.1 11

12 Foreign banking offices in U.S. 57.2 3.4 53.3 -25.1 14.6 -134.5 -156.2 35.0 -36.5 3.5 56.4 12

13 Banks in U.S.-affiliated areas 0.8 1.4 4.6 -1.7 1.4 -0.2 -12.1 -0.6 0.2 2.6 3.2 13

14 Savings institutions 8.5 19.9 26.9 44.2 32.4 75.3 41.6 45.5 52.5 2.6 28.9 14

15 Credit unions 3.1 3.5 9.0 8.7 10.8 9.0 9.6 5.1 24.0 0.8 13.3 15

16 Net change in assets 176.2 305.0 335.8 321.5 291.6 335.9 137.2 435.3 505.9 62.4 162.6 16

17 Household sector 82.2 288.6 250.7 293.6 340.9 390.7 63.9 411.7 396.4 271.3 284.2 17

18 Nonfinancial business 43.3 20.5 1.7 -5.8 -4.8 -67.7 114.7 28.3 27.5 -45.5 -29.4 18

19 Corporate 24.3 0.5 -5.4 -8.0 -6.5 -65.7 115.8 32.5 23.5 -46.4 -35.7 19

20 Nonfarm noncorporate 19.1 20.1 7.1 2.2 1.7 -1.9 -1.1 -4.3 4.0 0.9 6.3 20

21 State and local governments 11.0 9.4 7.7 17.1 22.3 21.9 2.1 46.2 13.2 12.9 16.8 21

22 Federal government 0.7 1.0 4.2 17.1 -25.2 34.3 36.7 -36.7 37.5 -74.8 -26.8 22

23 Rest of the world 15.0 1.9 -20.1 12.0 -8.5 -0.7 10.5 29.9 -8.7 -141.6 86.5 23

24 Financial sectors 24.0 -16.5 91.7 -12.5 -33.1 -42.6 -90.7 -44.0 40.1 40.0 -168.6 24

25 Savings institutions -0.1 0.1 0.8 0.4 0.0 3.3 -3.9 0.2 0.2 -0.1 -0.2 25

26 Credit unions -6.8 -1.1 7.4 1.6 1.8 13.7 -1.0 9.9 -2.7 1.2 -1.0 26

27 Bank personal trusts and estates 0.9 0.2 2.7 -0.6 8.7 -0.6 -0.6 8.7 8.7 8.7 8.7 27

28 Private pension funds -3.0 2.9 4.2 0.9 3.7 3.5 1.5 3.4 4.5 3.3 3.6 28

29 State and local govt. retirement funds -0.3 -0.6 -0.4 0.1 0.3 1.4 -2.9 1.3 0.0 0.0 -0.1 29

30 Money market mutual funds 33.3 -18.0 77.1 -14.8 -47.7 -63.8 -83.9 -67.5 29.3 26.9 -179.6 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 249.1 233.3 428.6 -16.8 -207.8 -124.0 201.5 -394.2 213.5 -223.1 -427.7 1

 2 Net purchases 249.1 233.3 428.6 -16.8 -207.8 -124.0 201.5 -394.2 213.5 -223.1 -427.7 2

 3 Household sector 110.2 145.6 148.6 -40.2 -90.2 82.1 -164.0 -185.3 185.0 -79.4 -281.0 3

 4 Nonfinancial corporate business 28.4 36.5 110.5 26.9 -52.7 -47.6 163.5 -38.5 -62.2 -104.1 -6.1 4

 5 Nonfarm noncorporate business 8.1 8.7 9.6 2.3 -8.2 -6.6 14.9 -5.5 -5.1 -12.4 -9.9 5

 6 Bank personal trusts and estates 7.5 6.9 -7.9 1.3 -9.2 1.3 1.3 -9.2 -9.2 -9.2 -9.0 6

 7 Life insurance companies 21.4 10.5 31.0 -13.5 -8.3 -55.8 7.4 -28.2 2.7 -4.2 -3.5 7

 8 Private pension funds 11.7 4.6 -10.6 2.8 2.9 2.8 2.8 2.9 2.9 2.9 3.0 8

 9 Funding corporations 61.7 20.6 147.4 3.6 -42.1 -100.3 175.5 -130.3 99.5 -16.7 -121.0 9
Z.1, March 4, 2004 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 169.8 113.2 22.3 105.0 326.1 -122.4 -2.1 39.6 526.2 126.2 612.3 1

 2 Commercial banking (net) 110.8 66.1 -42.3 115.5 167.2 127.3 169.8 62.6 399.2 -66.7 273.7 2

 3 U.S.-chartered commercial banks 128.5 15.4 -31.2 73.6 168.2 35.2 84.3 -78.9 383.6 60.0 307.9 3

 4 Foreign banking offices in U.S. -17.9 52.3 -11.0 39.5 -1.9 91.1 85.8 121.5 5.2 -100.4 -33.8 4

 5 Bank holding companies 0.1 -1.6 -0.1 2.4 0.9 1.0 -0.4 20.0 10.4 -26.4 -0.4 5

 6 Savings institutions 21.4 -6.0 5.8 -15.0 20.1 -35.3 -14.3 13.4 15.3 3.8 47.8 6

 7 REITs 0.5 -3.8 7.8 13.5 2.3 19.2 -3.7 -11.1 18.3 -6.1 8.1 7

 8 Brokers and dealers (net) 37.1 56.9 51.0 -9.0 136.5 -233.6 -153.9 -25.3 93.5 195.3 282.7 8

 9 Net change in assets 134.1 -9.3 81.3 99.0 119.9 213.3 137.3 -159.3 192.5 109.0 337.4 9

10 Nonfinancial corporate business 1.6 -1.6 -0.2 2.2 1.8 -1.4 3.1 -1.3 3.0 1.9 3.6 10

11 State and local governments 5.0 9.7 -13.4 -2.1 32.4 -16.9 16.2 11.0 37.5 34.1 46.8 11

12 Rest of the world 8.0 11.4 59.4 39.4 93.9 182.2 -60.1 -114.7 95.9 248.4 145.9 12

13 Financial sectors 119.6 -28.8 35.5 59.5 -8.1 49.4 178.2 -54.3 56.0 -175.4 141.1 13

14 Monetary authority 110.3 -97.3 6.9 -10.8 4.3 -58.0 -7.5 60.3 4.2 0.0 -47.5 14

15 Savings institutions -4.2 4.3 12.5 -0.3 -6.1 16.1 -7.5 10.5 -16.5 -3.4 -15.2 15

16 Credit unions 2.4 -5.3 -1.5 -0.8 -0.1 7.0 -3.9 -8.4 5.7 -4.8 6.8 16

17 Other insurance companies -14.4 10.0 -8.1 14.2 11.9 37.9 25.0 -9.4 27.0 8.8 21.0 17

18 Private pension funds -0.1 0.9 0.8 1.9 -1.3 10.0 -1.3 -1.3 -1.3 -1.3 -1.2 18

19 State and local govt. retirement funds 2.8 4.3 0.6 0.2 2.9 -2.5 11.5 1.6 2.2 1.7 6.1 19

20 Money market mutual funds 0.1 43.4 44.0 46.2 -21.8 11.1 122.0 -66.3 -21.8 -98.3 99.4 20

21 Mutual funds 9.9 25.6 -31.6 10.0 8.8 -17.2 31.2 5.1 3.8 -13.8 40.1 21

22 Government-sponsored enterprises 12.7 -14.8 11.9 -1.1 -6.7 45.1 8.7 -46.5 52.7 -64.4 31.6 22

23 Discrepancy--unallocated assets 35.7 122.6 -59.0 6.0 206.2 -335.7 -139.4 198.9 333.7 17.2 274.9 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 229.9 211.6 -147.8 -91.5 -81.6 19.2 -59.8 44.1 -76.0 -81.6 -212.7 1

 2 Commercial paper 232.8 212.2 -144.6 -91.4 -81.3 19.5 -58.6 43.1 -75.2 -80.3 -213.0 2

 3 Nonfinancial corporate business 37.4 48.1 -88.3 -64.2 -40.0 -17.4 -13.2 -9.3 -81.4 4.8 -74.3 3

 4 Foreign issues in U.S. 16.3 31.7 -14.2 36.1 22.3 3.9 37.3 52.0 72.9 -56.0 20.2 4

 5 Nonfinancial 8.2 10.9 -23.3 4.8 -3.7 -21.3 3.4 -1.6 10.1 -19.7 -3.4 5

 6 Financial 8.1 20.8 9.1 31.3 25.9 25.2 33.8 53.6 62.8 -36.3 23.6 6

 7 Financial sectors 179.2 132.4 -42.1 -63.3 -63.6 32.9 -82.7 0.3 -66.6 -29.1 -158.8 7

 8 Commercial banking 9.1 1.2 -5.1 -2.3 -6.0 12.6 6.9 -15.0 -19.9 5.3 5.6 8

 9 ABS issuers 139.0 125.0 120.0 -13.0 -35.6 -13.6 -25.5 -47.1 14.0 33.2 -142.5 9

10 Finance companies -2.9 8.4 -80.3 -17.1 -4.3 54.6 -28.4 -30.5 64.3 -46.3 -4.7 10

11 REITs -0.1 0.0 0.7 0.1 -0.2 -0.5 -2.0 1.6 -3.8 1.2 0.1 11

12 Funding corporations 34.1 -2.3 -77.4 -31.0 -17.5 -20.1 -33.7 91.3 -121.3 -22.6 -17.4 12

13 Bankers acceptances (1) -2.9 -0.7 -3.2 -0.2 -0.2 -0.3 -1.2 1.0 -0.9 -1.3 0.2 13

14 Net purchases, by sector 229.9 211.6 -147.8 -91.5 -81.6 19.2 -59.8 44.1 -76.0 -81.6 -212.7 14

15 Household sector 4.1 4.8 -30.8 5.8 -1.6 20.2 14.5 24.4 -30.0 6.1 -6.7 15

16 Nonfinancial corporate business 8.2 10.2 2.5 6.4 7.4 18.1 12.0 7.8 7.4 8.2 6.3 16

17 State and local governments 6.9 7.6 -26.5 -3.8 -32.4 21.8 22.8 -18.6 -13.5 -44.8 -52.7 17

18 Rest of the world -13.0 9.5 6.2 17.3 17.3 2.7 19.1 17.2 55.6 -29.2 25.7 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) 0.3 0.2 0.0 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 1.5 -0.6 1.2 1.2 -2.0 -2.7 3.6 -2.9 1.9 -1.2 -5.8 22

23 Bank personal trusts and estates 0.6 -2.4 -3.1 -0.2 -0.4 -0.2 -0.2 -0.4 -0.4 -0.4 -0.4 23

24 Life insurance companies 2.0 -4.5 -11.9 14.7 2.5 20.9 -20.1 43.5 -12.3 -16.1 -5.3 24

25 Private pension funds 3.2 -1.7 -2.2 10.9 -4.0 33.1 -5.0 -0.8 -7.6 -1.2 -6.3 25

26 State and local govt. retirement funds 2.8 4.3 0.6 0.2 -2.1 -2.5 11.5 1.6 2.2 1.7 -13.9 26

27 Money market mutual funds 104.7 89.6 30.3 -44.9 -135.1 -176.5 156.0 -280.9 0.1 -167.9 -91.6 27

28 Mutual funds 9.9 25.6 -31.6 -8.6 9.1 -23.7 25.1 29.9 -6.9 -18.7 32.2 28

29 Government-sponsored enterprises -27.1 10.9 35.6 -28.1 -2.8 -26.2 -2.6 -4.4 16.5 -34.9 11.7 29

30 Brokers and dealers -2.0 13.2 9.0 -4.7 4.1 -25.8 -3.4 12.8 -19.3 16.8 6.1 30

31 Funding corporations 127.8 44.9 -126.9 -57.7 58.3 160.1 -293.2 214.8 -69.6 200.1 -112.1 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 4, 2004

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -71.0 -294.9 -5.0 257.0 398.4 259.9 244.0 165.8 748.5 317.5 362.0 1

 2 Savings bonds -0.2 -1.7 5.6 4.5 8.9 2.7 3.1 9.5 10.5 10.2 5.5 2

 3 Other Treasury issues -70.8 -293.2 -10.6 252.5 389.5 257.1 240.9 156.3 738.0 307.3 356.5 3

 4 Net purchases -71.0 -294.9 -5.0 257.0 398.4 259.9 244.0 165.8 748.5 317.5 362.0 4

 5 Household sector 37.4 -187.5 -89.8 -69.2 -39.9 10.7 -277.9 -52.0 374.4 -161.0 -321.1 5

 6 Savings bonds -0.2 -1.7 5.6 4.5 8.9 2.7 3.1 9.5 10.5 10.2 5.5 6

 7 Other Treasury issues 37.5 -185.8 -95.3 -73.8 -48.9 8.0 -281.0 -61.6 363.9 -171.2 -326.6 7

 8 Nonfinancial corporate business -4.2 -1.3 -1.6 15.1 35.3 7.9 10.0 16.3 37.2 45.3 42.3 8

 9 Nonfarm noncorporate business -0.8 3.0 2.7 2.3 2.4 1.6 3.6 -0.2 4.8 2.1 2.7 9

10 State and local governments -2.5 -19.1 50.2 22.1 23.6 12.3 13.9 -37.8 37.9 23.7 70.7 10

11 Rest of the world -32.3 -87.2 3.3 139.4 274.8 235.7 161.3 145.3 370.2 263.1 320.6 11

12 Monetary authority 25.8 33.7 40.0 77.7 37.3 76.5 107.3 23.7 36.3 39.8 49.2 12

13 Commercial banking 14.8 -44.4 -21.9 43.2 4.0 40.0 68.7 9.3 -41.1 5.6 42.1 13

14 U.S.-chartered commercial banks -2.0 -35.0 -31.4 29.9 7.1 4.5 60.6 -6.1 -48.8 17.4 65.9 14

15 Foreign banking offices in U.S. 9.7 -0.5 9.8 12.9 -6.5 37.0 6.9 14.5 0.6 -17.6 -23.6 15

16 Bank holding companies 7.9 -7.9 0.4 0.1 1.4 -1.3 -0.5 0.1 4.1 2.5 -1.1 16

17 Banks in U.S.-affiliated areas -0.7 -1.0 -0.6 0.3 2.0 -0.2 1.7 0.7 3.0 3.3 0.9 17

18 Savings institutions -0.0 -1.4 2.7 -2.2 3.0 -9.7 -4.5 0.0 3.0 5.2 4.0 18

19 Credit unions -3.5 -1.4 -0.8 0.4 1.1 0.1 -1.3 -2.0 5.9 1.5 -0.7 19

20 Bank personal trusts and estates -0.0 -1.0 -4.8 -0.4 -0.3 -0.4 -0.4 -0.3 -0.3 -0.3 -0.2 20

21 Life insurance companies -9.3 -4.6 -4.4 24.8 6.6 26.3 24.8 11.8 8.4 4.2 2.1 21

22 Other insurance companies -9.7 -8.6 -0.0 9.2 4.9 7.3 12.2 5.7 5.3 7.6 1.3 22

23 Private pension funds -5.7 -3.3 -10.5 1.2 -0.4 -4.9 3.3 0.2 3.6 -8.5 3.1 23

24 State and local govt. retirement funds -6.6 -15.5 -18.3 -1.1 -5.3 -12.5 8.8 3.8 21.3 -21.9 -24.4 24

25 Federal government retirement funds 2.9 2.0 7.2 9.4 4.8 14.5 11.0 15.2 2.3 2.8 -1.2 25

26 Money market mutual funds 0.1 -13.3 45.3 4.5 -10.0 -27.9 29.4 35.4 48.9 -55.5 -68.7 26

27 Mutual funds -23.7 6.4 -8.6 18.2 14.0 29.1 16.2 30.8 38.0 -13.3 0.4 27

28 Closed-end funds -1.2 -0.9 0.1 -1.2 0.0 -0.0 3.4 -6.3 2.9 1.3 2.1 28

29 Exchange-traded funds 0.0 0.0 0.0 2.0 0.1 8.4 -0.5 -1.8 -1.0 2.0 1.2 29

30 Government-sponsored enterprises 5.8 10.2 -8.7 -24.7 0.7 -3.4 -33.9 3.4 -0.5 -0.4 0.5 30

31 Brokers and dealers -58.4 39.4 13.1 -13.7 41.7 -151.8 88.3 -34.5 -208.8 174.2 235.8 31

 Memo:

32 Federal government borrowing (1) -71.2 -295.9 -5.6 257.5 396.0 261.5 244.4 164.2 749.0 317.5 353.4 32

(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 4, 2004 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 591.7 432.5 628.8 554.5 570.6 427.2 603.7 477.3 446.4 771.0 587.6 1

 2 Budget agencies -0.2 -1.0 -0.5 0.5 -2.4 1.6 0.4 -1.6 0.5 0.1 -8.6 2

 3 Government-sponsored enterprises 318.2 234.1 290.8 225.9 242.8 249.1 321.5 195.4 199.9 437.5 138.3 3

 4 Federally related mortgage pools 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 4

 5 Net purchases 591.7 432.5 628.8 554.5 570.6 427.2 603.7 477.3 446.4 771.0 587.6 5

 6 Household sector 128.0 55.1 -74.5 -165.6 172.2 -237.3 -171.6 -142.6 -209.7 607.6 433.5 6

 7 Nonfinancial corporate business 1.8 3.0 1.7 -0.2 -15.6 -7.4 -6.3 -3.9 -8.7 -24.6 -25.2 7

 8 State and local governments 11.0 2.0 19.9 2.1 7.3 -4.0 -4.0 -12.0 12.0 11.2 18.0 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 63.4 137.3 106.1 106.7 12.2 130.6 83.6 29.3 6.1 -164.5 178.0 10

11 Monetary authority -0.2 -0.1 -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 11

12 Commercial banking 36.4 22.3 55.6 140.5 83.6 132.1 112.0 181.2 295.2 -268.7 126.9 12

13 U.S.-chartered commercial banks 29.4 18.2 73.7 121.1 85.1 108.4 107.8 180.1 278.5 -254.0 135.7 13

14 Foreign banking offices in U.S. 4.9 0.4 -22.0 10.9 -7.1 24.9 0.3 1.8 12.4 -33.2 -9.2 14

15 Bank holding companies -1.3 -0.5 1.4 4.5 0.9 -2.3 -0.7 2.8 -2.1 5.2 -2.3 15

16 Banks in U.S.-affiliated areas 3.3 4.3 2.5 3.9 4.7 1.1 4.6 -3.5 6.4 13.3 2.7 16

17 Savings institutions 3.4 -6.7 21.0 14.7 23.2 -16.4 30.5 39.9 24.9 3.6 24.3 17

18 Credit unions 2.9 -0.4 19.6 16.8 18.2 -13.4 20.2 27.2 38.3 45.7 -38.5 18

19 Bank personal trusts and estates 5.7 0.3 -10.3 -0.9 -2.6 -0.9 -0.9 -2.6 -2.6 -2.6 -2.5 19

20 Life insurance companies 7.0 11.0 18.1 77.4 30.1 83.8 75.0 41.4 39.4 19.8 19.7 20

21 Other insurance companies 5.9 8.6 10.1 19.0 11.4 15.5 24.7 9.6 9.7 13.9 12.4 21

22 Private pension funds 14.0 16.5 11.6 5.6 -5.2 12.5 -9.5 -4.0 2.5 -18.5 -0.9 22

23 State and local govt. retirement funds 22.9 37.6 -14.5 -0.3 8.1 1.6 7.7 -2.8 2.4 12.5 20.1 23

24 Federal government retirement funds -0.0 0.1 1.7 2.4 1.2 2.5 6.4 8.9 0.0 -2.2 -2.0 24

25 Money market mutual funds 17.1 -5.8 133.2 5.7 2.2 51.3 3.7 0.3 91.2 24.3 -107.1 25

26 Mutual funds 36.2 4.2 85.2 57.1 26.7 91.1 50.8 46.8 69.3 -8.5 -0.9 26

27 Government-sponsored enterprises 178.7 145.0 186.6 182.8 140.5 102.5 285.6 66.5 -44.0 572.3 -32.9 27

28 ABS issuers 41.5 4.4 37.9 68.8 70.5 79.7 95.4 64.1 68.3 179.7 -30.2 28

29 REITs 1.1 0.3 5.7 8.0 -5.1 7.7 -11.7 -14.9 7.0 -15.7 3.3 29

30 Brokers and dealers 15.0 -2.3 14.1 14.1 -8.1 -4.5 12.0 145.1 45.2 -214.3 -8.4 30

(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 4, 2004

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 54.4 23.6 122.9 159.4 136.3 160.0 215.4 103.5 193.7 112.1 135.8 1

 2 State and local governments 38.9 16.5 105.5 143.4 118.5 144.9 190.7 81.4 179.6 91.3 121.5 2

 3 Short-term (1) 2.6 1.4 23.8 25.2 7.0 32.8 37.7 -7.3 4.2 10.2 20.8 3

 4 Long-term 36.3 15.1 81.7 118.2 111.5 112.1 153.1 88.8 175.5 81.1 100.7 4

 5 Nonprofit organizations (2) 10.4 5.8 13.8 12.9 14.5 11.5 19.1 19.3 11.0 17.7 10.0 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.1 1.4 3.5 3.1 3.3 3.6 5.5 2.7 3.0 3.1 4.3 6

 7 Net change in assets 54.4 23.6 122.9 159.4 136.3 160.0 215.4 103.5 193.7 112.1 135.8 7

 8 Household sector 23.6 10.4 51.3 106.4 62.3 40.8 160.1 24.5 32.6 60.3 131.6 8

 9 Nonfinancial corporate business -0.7 6.9 -2.6 -0.6 3.3 19.4 -9.1 -2.0 0.1 8.4 6.6 9

10 Nonfarm noncorporate business -0.1 -0.3 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -1.5 0.6 0.3 -1.4 3.8 -1.6 -1.9 2.6 1.7 5.1 5.6 11

12 Commercial banking 5.9 3.4 6.1 1.5 10.8 7.6 0.3 10.6 17.1 15.0 0.4 12

13 Savings institutions 0.5 0.2 1.3 1.0 0.8 0.5 2.2 0.3 0.9 2.3 -0.3 13

14 Bank personal trusts and estates 10.8 -1.2 -3.5 5.3 -2.6 5.3 5.3 -2.6 -2.6 -2.6 -2.4 14

15 Life insurance companies 1.7 -1.0 -0.4 1.2 1.5 1.5 0.7 1.3 2.7 1.3 0.7 15

16 Other insurance companies -9.1 -14.9 -10.3 9.2 17.6 3.1 17.4 18.0 15.9 22.6 13.9 16

17 State and local govt. retirement funds -0.2 -1.5 -0.2 -0.9 0.1 -0.1 -0.1 0.6 -0.6 0.4 0.2 17

18 Money market mutual funds 17.5 34.3 36.2 1.8 14.6 9.8 9.6 32.4 72.2 -13.4 -32.9 18

19 Mutual funds -3.2 -8.9 23.0 24.0 13.7 41.6 6.9 19.6 38.8 -8.9 5.2 19

20 Closed-end funds 9.0 -2.0 7.0 11.3 3.7 8.8 19.8 4.1 -1.2 8.4 3.6 20

21 Government-sponsored enterprises 1.4 -1.8 6.0 -1.7 2.8 11.6 1.0 1.2 4.3 5.3 0.3 21

22 Brokers and dealers -1.2 -0.7 7.7 2.0 3.8 11.4 3.0 -7.3 11.7 7.8 3.1 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 426.1 379.5 626.2 495.8 650.6 170.9 707.7 750.8 657.4 481.1 713.3 1

 2 Nonfinancial corporate business 221.7 162.6 348.5 132.3 162.3 -20.3 99.8 186.8 297.0 96.1 69.2 2

 3 Rest of the world (1) 1.9 15.2 -24.5 -33.5 -25.1 -35.3 -30.1 -28.9 -102.2 -4.9 35.6 3

 4 Financial sectors 202.4 201.8 302.1 397.0 513.5 226.5 638.0 592.9 462.6 389.9 608.5 4

 5 Commercial banking 20.4 32.6 37.0 22.0 47.0 14.2 59.3 83.0 27.1 6.1 71.9 5

 6 Savings institutions 0.2 3.5 -2.6 -0.2 1.7 -0.3 2.2 5.4 0.3 0.6 0.5 6

 7 ABS issuers 68.2 70.3 173.5 269.4 316.2 218.3 378.7 382.0 292.9 204.5 385.4 7

 8 Finance companies 64.7 73.0 66.9 63.0 105.7 -43.8 169.6 56.7 112.2 138.9 115.0 8

 9 REITs 8.9 4.8 3.8 14.0 21.2 22.7 14.4 17.8 17.2 26.9 22.8 9

10 Brokers and dealers -17.2 15.6 1.4 -1.7 6.4 15.2 -24.0 38.4 -16.2 9.9 -6.6 10

11 Funding corporations 57.4 1.9 22.2 30.5 15.4 0.1 37.8 9.6 29.3 3.1 19.5 11

12 Net purchases 426.1 379.5 626.2 495.8 650.6 170.9 707.7 750.8 657.4 481.1 713.3 12

13 Household sector 51.9 65.8 117.8 165.3 -116.6 14.6 396.7 19.9 -207.0 -199.2 -80.1 13

14 State and local governments 10.1 3.7 11.9 1.8 -1.0 -8.3 -3.1 -20.6 9.5 -5.4 12.5 14

15 Rest of the world (2) 101.3 72.0 120.6 89.3 307.7 -15.0 102.6 255.2 278.8 413.3 283.7 15

16 Commercial banking 39.6 58.1 97.8 2.7 49.3 40.6 40.7 54.8 9.9 39.5 93.2 16

17 Savings institutions 23.3 -2.5 -25.6 -4.0 -8.8 2.4 -23.9 8.1 -25.9 -27.3 10.0 17

18 Bank personal trusts and estates 11.3 5.0 -6.6 -2.7 3.9 -2.7 -2.7 3.7 3.9 3.9 4.0 18

19 Life insurance companies 41.5 49.0 120.2 106.8 147.8 132.3 73.9 201.4 186.1 96.5 107.3 19

20 Other insurance companies 10.0 6.4 8.9 2.4 20.3 -4.3 11.0 23.0 19.1 24.7 14.3 20

21 Private pension funds 1.7 18.7 6.4 8.0 8.5 -2.5 9.7 10.5 23.3 -5.4 5.5 21

22 State and local govt. retirement funds 30.4 29.7 11.4 9.4 2.0 -4.2 14.6 -12.0 -12.7 8.0 24.7 22

23 Federal government retirement funds -0.0 0.0 0.8 1.2 0.6 1.2 3.2 4.4 0.0 -1.0 -1.0 23

24 Money market mutual funds 42.5 38.2 1.1 7.7 15.2 50.8 66.2 48.8 38.5 -30.4 3.9 24

25 Mutual funds 29.2 -6.2 58.1 50.9 77.4 27.5 18.8 84.7 114.2 45.2 65.4 25

26 Closed-end funds 1.8 -2.7 -3.8 -1.6 41.4 -12.1 -5.4 28.4 58.5 32.9 45.7 26

27 Exchange-traded funds 0.0 0.0 0.0 1.8 0.6 6.6 0.4 0.7 1.5 -0.4 0.8 27

28 Government-sponsored enterprises 23.7 25.8 15.5 7.0 17.6 -20.5 -38.5 41.8 32.2 -5.1 1.3 28

29 REITs -0.3 -0.8 2.1 4.6 1.3 6.4 5.8 3.2 -4.1 7.8 -1.7 29

30 Brokers and dealers 12.0 19.3 48.6 30.7 35.5 -11.1 40.9 -50.2 86.1 39.5 66.8 30

31 Funding corporations -3.8 0.1 40.8 14.6 47.9 -30.9 -3.4 45.1 45.5 44.2 56.9 31

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 4, 2004 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 1.5 5.3 99.0 47.0 107.8 -120.3 87.8 112.1 107.5 127.8 83.6 1

 2 Nonfinancial corporate business -110.4 -118.2 -47.4 -41.6 -49.1 -140.8 -30.5 -67.0 -50.2 -44.9 -34.2 2

 3 Rest of the world (2) 114.3 106.7 109.1 17.7 85.8 -51.3 51.6 137.5 67.6 120.2 17.7 3

 4 Financial sectors -2.4 16.8 37.3 70.9 71.1 71.8 66.7 41.6 90.1 52.5 100.1 4

 5 Commercial banking -10.2 -12.5 -8.1 -10.7 -1.8 -22.0 -6.7 -2.6 10.6 -0.4 -14.9 5

 6 Life insurance companies -6.0 -0.8 -0.9 -6.5 -4.5 -9.2 -0.2 -6.6 -3.8 -6.3 -1.5 6

 7 Other insurance companies -7.8 -4.5 0.5 6.2 3.4 4.4 5.5 -1.1 18.3 -3.4 -0.4 7

 8 Closed-end funds -4.8 -5.5 1.9 18.0 53.2 19.5 20.4 31.5 61.2 59.6 60.4 8

 9 Exchange-traded funds 12.2 42.4 31.0 45.3 15.8 43.2 48.8 6.0 15.0 -24.1 66.3 9

10 REITs 6.6 2.0 6.1 8.4 13.3 3.6 5.8 2.3 16.3 18.1 16.6 10

11 Brokers and dealers 7.6 -4.2 6.7 10.2 -8.2 32.4 -6.9 12.1 -27.6 9.0 -26.3 11

12 Net purchases 1.5 5.3 99.0 47.0 107.8 -120.3 87.8 112.1 107.5 127.8 83.6 12

13 Household sector -308.1 -470.0 -231.7 -72.5 -183.1 -145.2 -14.5 106.6 -175.2 -273.3 -390.5 13

14 State and local governments 3.5 -1.2 22.8 6.7 -6.2 3.4 -6.6 -7.7 -6.5 -3.6 -6.9 14

15 Rest of the world (3) 112.3 193.6 121.4 53.2 35.5 27.7 47.5 -10.3 82.3 -13.2 83.5 15

16 Commercial banking 2.0 0.3 0.2 -0.6 2.3 -0.2 1.4 0.6 -0.1 8.6 0.1 16

17 Savings institutions -0.7 0.4 3.2 2.0 -1.0 2.1 2.9 1.7 2.7 -3.6 -4.6 17

18 Bank personal trusts and estates -28.8 -2.5 -32.5 -39.4 -18.7 -39.6 -38.9 -18.7 -18.7 -18.7 -18.7 18

19 Life insurance companies 116.3 111.2 70.0 52.5 58.3 70.6 46.3 62.9 58.3 54.8 57.2 19

20 Other insurance companies -1.7 0.7 -0.3 -1.1 2.1 0.6 -9.2 -1.7 2.9 6.4 0.8 20

21 Private pension funds -33.5 -55.1 -32.7 -66.8 21.3 -58.5 -39.1 -19.0 9.2 60.2 35.0 21

22 State and local govt. retirement funds -6.2 -18.4 22.3 20.0 19.0 49.9 -16.6 18.6 15.3 12.5 29.5 22

23 Federal government retirement funds 4.4 5.2 -0.6 7.9 17.6 0.9 23.2 23.5 10.7 18.7 17.4 23

24 Mutual funds 136.4 189.1 109.7 31.1 136.4 -80.7 51.8 -44.2 75.6 299.9 214.3 24

25 Closed-end funds -14.5 0.1 -1.3 9.4 8.1 22.8 2.6 5.3 1.1 17.0 9.1 25

26 Exchange-traded funds 12.2 42.4 31.0 41.6 15.1 28.2 48.8 7.2 14.6 -25.6 64.2 26

27 Brokers and dealers 7.7 9.6 17.3 3.2 0.9 -2.3 -12.0 -12.7 35.5 -12.2 -6.9 27

(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 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 1

 2 Net purchases 191.2 235.0 201.4 182.7 288.2 65.7 201.2 175.6 333.3 287.3 356.8 2

 3 Household sector 171.2 171.6 196.8 118.8 293.1 12.6 122.9 182.0 334.4 304.5 351.5 3

 4 Nonfinancial corporate business 17.2 5.0 -2.1 9.3 9.3 9.3 9.3 9.3 9.3 9.3 9.3 4

 5 State and local governments 4.3 0.8 5.1 2.0 -3.0 3.0 1.5 9.0 -3.4 -5.6 -11.9 5

 6 Commercial banking 2.3 2.5 7.8 1.7 -6.2 -6.6 17.3 -20.1 2.2 -8.9 2.0 6

 7 Credit unions -1.1 -0.3 1.5 -0.2 0.5 0.0 -1.7 -0.5 4.5 1.9 -3.7 7

 8 Bank personal trusts and estates -14.7 48.5 -6.1 37.3 -15.0 37.2 37.7 -15.0 -15.0 -15.0 -15.0 8

 9 Life insurance companies 10.5 5.7 2.3 2.8 7.6 2.8 3.0 4.8 10.0 7.6 8.0 9

10 Private pension funds 1.6 1.2 -3.8 11.0 1.9 7.4 11.1 6.1 -8.6 -6.5 16.6 10
46 Z.1, March 4, 2004

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 200.5 369.7 70.5 219.4 188.1 390.9 246.0 202.3 334.7 229.5 -13.9 1

 - Loans elsewhere classified:

 2 Open market paper 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 158.4 164.6 129.8 268.5 197.7 341.6 386.3 210.3 342.8 268.4 -30.5 3

 4 Consumer credit -9.2 41.7 17.0 28.7 49.3 73.0 -11.5 6.9 50.1 25.9 114.1 4

 5 Security credit -18.0 50.4 0.0 2.8 35.5 18.0 6.3 107.5 1.1 21.8 11.7 5

 6 = Banking sector total bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.4 -41.7 -134.9 -122.4 -59.3 -86.5 -109.3 6

 7 U.S.-chartered commercial banks 92.4 98.1 -62.0 -58.6 -70.9 2.5 -77.6 -91.6 -66.5 -14.2 -111.1 7

 8 Foreign banking offices in U.S. -22.4 14.6 -19.1 -18.6 -29.0 -44.6 -43.3 -28.7 -10.1 -73.4 -3.7 8

 9 Bank holding companies -1.6 -0.9 0.3 0.9 5.0 0.2 3.0 -1.1 16.2 0.7 4.1 9

10 Banks in U.S.-affiliated areas 0.5 1.1 4.5 -4.4 0.5 0.2 -17.1 -1.0 1.1 0.3 1.4 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.4 -41.7 -134.9 -122.4 -59.3 -86.5 -109.3 12

13 Net change in liabilities 69.0 112.8 -76.2 -80.6 -94.4 -41.7 -134.9 -122.4 -59.3 -86.5 -109.3 13

14 Nonfinancial sectors 83.4 113.2 -89.3 -81.7 -87.4 -117.9 -31.3 -87.1 -74.8 -99.9 -87.9 14

15 Household sector -6.9 6.8 -16.5 -3.1 -4.7 -46.2 55.8 1.6 33.0 -10.5 -42.7 15

16 Corporate business 44.1 48.0 -103.3 -96.5 -49.4 -71.4 -76.9 -60.3 -41.1 -71.7 -24.4 16

17 Nonfarm noncorporate business 46.5 44.3 37.8 13.4 -25.2 10.9 -5.9 -22.9 -30.6 -25.8 -21.6 17

18 Farm business -0.9 2.7 -0.0 -0.9 -0.4 0.5 -1.5 -1.4 -4.6 2.8 1.5 18

19 Rest of the world 0.5 11.4 -7.3 5.3 -7.7 -11.7 -2.9 -4.0 -31.4 5.3 -0.7 19

20 Foreign official institutions 0.2 0.6 0.8 0.8 -0.5 1.0 0.2 -1.5 -0.1 -1.2 0.6 20

21 Foreign banks -3.2 3.4 -7.4 -0.8 -1.5 -7.4 -10.8 1.5 -2.3 -4.1 -0.9 21

22 Other foreign 3.5 7.4 -0.7 5.3 -5.7 -5.3 7.7 -3.9 -29.1 10.6 -0.5 22

23 Financial sectors -14.4 -0.4 13.1 1.1 -7.0 76.2 -103.7 -35.3 15.4 13.4 -21.3 23

24 Savings institutions -15.7 7.4 1.5 4.2 -13.2 6.3 6.5 -48.2 3.2 -1.9 -6.1 24

25 Finance companies 8.9 0.5 14.9 -2.8 8.1 69.6 -111.6 11.2 16.1 14.8 -9.6 25

26 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 REITs -7.6 -8.3 -3.3 -0.3 -1.9 0.3 1.5 1.6 -3.9 0.5 -5.6 27
Z.1, March 4, 2004 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 127.5 125.6 36.7 33.1 19.4 92.8 14.1 84.6 12.9 -60.7 40.9 1

 2 U.S. government loans -7.1 -3.6 -5.9 -3.5 -2.7 -3.5 0.0 0.5 -3.1 -3.3 -5.0 2

 3 Liab.: Household sector -0.4 -0.6 -1.6 -0.8 -0.7 -0.6 -0.9 -0.8 -0.8 -0.7 -0.6 3

 4 Nonfinancial corporate business -0.3 -0.4 -0.2 -0.3 0.7 -1.8 1.0 1.2 0.6 0.4 0.8 4

 5 Nonfarm noncorporate business -0.9 -1.1 -3.2 -0.7 0.7 0.3 1.0 1.0 0.9 0.6 0.2 5

 6 Farm business -0.3 0.1 0.0 -0.3 -0.2 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 6

 7 State and local governments -0.4 -1.0 0.2 0.5 0.3 0.6 0.6 0.4 0.3 0.2 0.1 7

 8 Rest of the world -4.8 -0.6 -1.1 -1.8 -3.4 -1.8 -1.4 -1.1 -3.9 -3.5 -5.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -22.7 -2.2 -1.6 10.1 -0.8 24.9 4.8 -40.3 34.6 -37.7 40.0 10

11 Liab.: Nonfinancial corporate business -22.7 -2.2 -1.6 10.1 -0.8 24.9 4.8 -40.3 34.6 -37.7 40.0 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -3.1 -0.7 -2.9 -0.0 -0.2 -0.4 -0.8 0.9 -0.7 -1.3 0.3 12

13 Liab.: Nonfinancial corporate business -2.2 -0.0 -0.3 0.3 -0.2 0.7 1.0 -0.4 -1.5 0.6 0.5 13

14 Rest of the world -0.9 -0.7 -2.6 -0.4 0.0 -1.1 -1.9 1.3 0.8 -1.9 -0.2 14

15 Savings institution loans to business 6.5 8.7 3.6 3.3 10.1 4.1 3.6 4.5 3.1 37.0 -4.2 15

16 Liab.: Nonfinancial corporate business 3.2 4.3 1.8 1.7 5.1 2.0 1.8 2.3 1.6 18.5 -2.1 16

17 Nonfarm noncorporate business 3.2 4.3 1.8 1.7 5.1 2.0 1.8 2.3 1.6 18.5 -2.1 17

18 Policy loans (Household liability) -5.1 2.8 2.2 1.1 -0.2 1.9 1.4 -1.7 1.3 -1.8 1.3 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 0.1 19

20 Life insurance companies -5.0 2.9 2.2 1.0 -0.3 1.9 1.4 -1.7 1.3 -1.9 1.2 20

21 Govt.-sponsored enterprises loans 108.1 45.3 37.7 18.5 24.2 57.9 -17.7 104.9 -1.4 -29.2 22.4 21

22 Liab.: Household sector (SLMA) 0.1 -0.3 -0.1 -0.2 -0.0 -0.0 -0.2 -0.1 -0.1 0.0 0.0 22

23 Noncorporate business (FCS) 0.0 1.5 2.9 1.4 0.8 -0.3 1.4 -3.9 3.6 1.6 1.9 23

24 Farm business (FCS) 0.9 1.5 0.0 0.6 -1.3 1.2 -0.8 0.4 -3.1 -1.9 -0.5 24

25 Commercial banks (FHLB and SLMA) 40.6 26.8 24.2 30.3 8.6 42.1 17.4 9.6 24.2 -8.3 9.0 25

26 Savings institutions (FHLB and SLMA) 63.5 16.3 8.5 -17.7 11.0 9.8 -38.3 91.6 -29.0 -27.1 8.5 26

27 Credit unions (FHLB) 2.2 0.0 1.5 2.0 2.2 3.1 0.4 2.8 1.6 3.3 1.0 27

28 Life insurance companies (FHLB) 0.7 -0.7 0.6 2.0 2.9 2.0 2.5 4.4 1.5 3.1 2.5 28

29 Securitized loans held by ABS issuers -3.3 12.1 15.1 -4.8 -1.0 -16.0 4.9 30.1 -16.5 -22.9 5.2 29

30 Liab.: Nonfinancial corporate business -3.3 12.1 15.1 -4.8 -1.0 -16.0 4.9 30.1 -16.5 -22.9 5.2 30

31 Finance company loans to business 54.2 63.3 -11.5 8.3 -9.9 24.0 17.9 -14.4 -4.5 -1.4 -19.2 31

32 Liab.: Nonfinancial corporate business 48.8 57.0 -10.3 7.5 -8.9 21.6 16.1 -12.9 -4.1 -1.3 -17.3 32

33 Nonfarm noncorporate business 5.4 6.3 -1.1 0.8 -1.0 2.4 1.8 -1.4 -0.5 -0.1 -1.9 33
48 Z.1, March 4, 2004

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 568.4 568.6 698.4 881.3 1002.5 894.7 1085.9 919.8 1127.3 1002.7 960.3 1

 2 Home 424.4 418.2 533.2 724.0 820.0 750.3 880.3 792.0 929.0 802.2 756.7 2

 3 Multifamily residential 36.9 32.2 44.8 43.1 46.5 32.7 67.0 32.1 53.9 51.9 48.0 3

 4 Commercial 101.4 111.7 113.0 105.8 128.7 98.7 133.9 86.9 135.8 143.3 148.6 4

 5 Farm 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 5

 6 Net borrowing 568.4 568.6 698.4 881.3 1002.5 894.7 1085.9 919.8 1127.3 1002.7 960.3 6

 7 Household sector 382.6 387.1 509.8 684.4 769.4 710.9 813.0 744.9 860.8 758.9 713.1 7

 8 Nonfinancial business 180.7 175.2 187.4 191.1 228.8 178.5 268.3 178.3 263.2 236.1 237.6 8

 9 Corporate 39.9 31.2 58.7 50.1 70.8 43.2 85.1 45.3 87.0 72.4 78.6 9

10 Nonfarm noncorporate 135.1 137.5 121.2 132.5 150.6 122.3 178.5 124.3 167.7 158.3 152.0 10

11 Farm 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 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 5.1 6.2 1.3 5.9 4.3 5.3 4.7 -3.5 3.3 7.8 9.6 13

14 Net change in assets 568.4 568.6 698.4 881.3 1002.5 894.7 1085.9 919.8 1127.3 1002.7 960.3 14

15 Household sector -0.1 3.0 -0.4 1.0 0.8 2.0 -0.9 0.7 2.5 0.5 -0.4 15

16 Nonfinancial corporate business -26.0 2.3 3.0 1.5 1.9 2.0 2.0 1.9 1.9 1.9 1.9 16

17 Nonfarm noncorporate business -2.0 -1.4 3.3 1.2 -1.2 1.0 0.2 -0.3 -0.9 -1.5 -2.1 17

18 State and local governments 4.3 4.5 4.7 5.0 5.2 5.0 5.0 5.1 5.2 5.2 5.3 18

19 Federal government -0.1 -0.9 -1.1 0.5 -2.5 -1.8 5.0 -9.4 0.2 -1.5 0.8 19

20 Commercial banking 158.4 164.6 129.8 268.5 197.7 341.6 386.3 210.3 342.8 268.4 -30.5 20

21 Savings institutions (1) 24.1 54.9 35.3 23.1 89.3 96.9 55.2 142.5 68.8 45.9 100.0 21

22 Credit unions 14.1 13.8 16.4 18.2 21.6 10.8 22.4 15.9 17.8 26.7 26.1 22

23 Bank personal trusts and estates -0.6 0.1 0.2 -0.2 -0.4 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4 23

24 Life insurance companies 15.7 5.2 7.1 7.0 9.9 3.3 16.3 4.5 12.4 11.6 11.0 24

25 Other insurance companies -0.0 -0.3 0.2 0.1 -0.1 0.0 0.3 0.0 -0.2 -0.0 0.0 25

26 Private pension funds 0.9 1.2 1.3 1.7 2.0 1.9 1.7 1.6 2.5 1.9 2.0 26

27 State and local govt. retirement funds -2.6 -0.0 3.4 6.8 10.2 7.2 8.1 8.9 9.8 10.7 11.6 27

28 Government-sponsored enterprises (1) -4.8 22.2 32.7 62.9 86.2 68.1 106.2 92.9 131.1 126.1 -5.2 28

29 Federally related mortgage pools 273.8 199.4 338.5 328.1 330.2 176.5 281.8 283.5 246.0 333.4 457.9 29

30 ABS issuers 91.8 80.1 136.0 132.3 200.6 152.2 139.5 152.6 235.8 107.0 307.1 30

31 Finance companies 24.6 26.4 -11.0 13.2 32.9 14.8 44.5 6.4 24.0 40.5 60.6 31

32 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 REITs -3.3 -6.6 -1.1 10.5 18.1 13.5 12.5 3.1 28.1 26.5 14.6 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 4, 2004 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 424.4 418.2 533.2 724.0 820.0 750.3 880.3 792.0 929.0 802.2 756.7 1

 2 Household sector 376.0 376.7 488.3 673.9 758.1 692.1 822.4 733.7 859.5 743.0 696.5 2

 3 Nonfinancial corporate business 2.1 2.0 2.1 0.7 1.8 1.9 0.2 1.5 1.8 1.5 2.2 3

 4 Nonfarm noncorporate business 46.2 39.5 42.8 49.5 60.1 56.2 57.6 56.9 67.7 57.7 58.0 4

 5 Net change in assets 424.4 418.2 533.2 724.0 820.0 750.3 880.3 792.0 929.0 802.2 756.7 5

 6 Household sector -1.1 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 6

 7 Nonfinancial corporate business -6.9 1.2 2.1 0.6 1.0 1.1 1.1 1.0 1.0 1.0 1.0 7

 8 Nonfarm noncorporate business -0.9 -0.3 1.0 1.3 1.6 1.3 1.4 1.5 1.6 1.7 1.8 8

 9 State and local governments 3.5 3.7 3.8 4.0 4.2 4.0 4.1 4.1 4.2 4.2 4.3 9

10 Federal government -0.4 -0.7 -0.6 -0.9 -0.9 -0.6 -0.9 -1.0 -1.0 -0.8 -0.6 10

11 Commercial banking 82.6 86.1 58.2 198.2 125.0 279.6 312.2 136.9 273.1 177.4 -87.4 11

12 Savings institutions 14.7 46.0 26.4 10.8 71.8 77.3 48.3 130.3 51.1 29.0 76.8 12

13 Credit unions 14.1 13.8 16.4 18.2 21.6 10.8 22.4 15.9 17.8 26.7 26.1 13

14 Bank personal trusts and estates -0.6 0.1 0.2 -0.2 -0.4 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4 14

15 Life insurance companies -0.7 -1.0 0.0 -0.3 -0.8 0.1 -2.1 -2.7 -0.6 -0.1 0.2 15

16 Private pension funds 0.9 1.1 1.3 1.7 2.1 1.9 1.8 1.8 2.3 2.1 2.2 16

17 State and local govt. retirement funds -0.9 -0.0 1.2 2.4 3.6 2.5 2.8 3.1 3.4 3.7 4.1 17

18 Government-sponsored enterprises -10.3 15.8 20.2 49.4 80.9 53.1 88.2 85.3 117.9 125.6 -5.1 18

19 Federally related mortgage pools 264.6 190.9 322.9 315.2 316.4 169.1 257.6 275.1 237.2 309.3 444.2 19

20 ABS issuers 49.9 44.8 91.4 100.4 151.2 124.0 89.2 134.0 174.4 65.6 230.8 20

21 Finance companies 18.2 22.4 -10.5 14.9 25.8 13.7 42.5 4.1 20.7 32.8 45.5 21

22 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 REITs -2.4 -4.6 0.1 9.5 17.8 13.7 13.1 4.0 27.4 25.4 14.2 23

 Memo:

24 Home equity loans included above (2) 56.0 97.8 68.8 129.8 185.5 156.0 130.1 123.4 165.3 181.6 271.9 24

25 Commercial banking 12.7 45.5 23.6 44.7 62.7 48.7 7.6 42.7 59.1 58.2 90.9 25

26 Savings institutions 3.7 13.1 5.1 0.6 17.1 8.2 -11.7 20.0 -1.8 19.0 31.2 26

27 Credit unions 3.7 7.3 4.2 3.1 3.8 1.4 4.1 -3.0 4.2 1.6 12.3 27

28 ABS issuers 17.7 9.6 46.3 66.6 76.2 84.0 87.6 59.6 83.2 70.0 92.0 28

29 Finance companies 18.2 22.4 -10.5 14.9 25.8 13.7 42.5 4.1 20.7 32.8 45.5 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of ABS issuers and finance companies (lines 28 and 29) include some subprime first 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 36.9 32.2 44.8 43.1 46.5 32.7 67.0 32.1 53.9 51.9 48.0 1

 2 Nonfinancial corporate business 1.3 1.4 1.4 1.5 1.7 1.5 1.6 1.6 1.7 1.8 1.8 2

 3 Nonfarm noncorporate business 33.8 28.7 42.9 39.6 43.3 29.4 63.9 31.6 51.2 47.6 43.0 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.7 2.1 0.4 1.9 1.4 1.7 1.5 -1.1 1.1 2.6 3.2 5

 6 Net change in assets 36.9 32.2 44.8 43.1 46.5 32.7 67.0 32.1 53.9 51.9 48.0 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 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business -0.8 -0.3 1.5 -0.7 -3.0 -0.8 -1.6 -2.1 -2.7 -3.3 -3.9 9

10 State and local governments 0.9 1.0 1.0 1.0 1.1 1.0 1.0 1.1 1.1 1.1 1.1 10

11 Federal government -0.0 0.3 -0.2 0.5 0.2 -2.0 3.4 -0.1 0.7 0.0 0.4 11

12 Commercial banking 13.0 10.1 7.0 9.3 10.7 0.8 13.0 10.6 13.3 10.7 8.2 12

13 Savings institutions 2.3 1.9 3.3 4.1 9.3 10.6 0.0 4.3 11.8 8.9 12.2 13

14 Life insurance companies 1.1 0.9 2.0 1.2 1.6 0.4 3.6 0.6 2.4 1.8 1.6 14

15 Private pension funds 0.0 0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.0 15

16 State and local govt. retirement funds -0.7 -0.0 0.9 1.9 2.9 2.0 2.3 2.5 2.7 3.0 3.2 16

17 Government-sponsored enterprises 4.3 4.5 8.2 8.5 1.9 8.2 12.4 4.9 7.5 -0.9 -3.7 17

18 Federally related mortgage pools 9.2 8.5 15.6 12.9 13.7 7.4 24.3 8.4 8.9 24.1 13.7 18

19 ABS issuers 8.1 5.6 6.0 5.5 8.0 5.4 9.8 2.4 8.2 6.7 14.9 19

20 Finance companies 0.2 0.1 -0.2 -1.0 0.1 -0.0 -0.4 -0.3 0.0 0.0 0.5 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 -0.6 -0.4 -0.3 -0.2 -0.0 -0.2 -0.8 0.0 0.0 -0.1 -0.1 22
50 Z.1, March 4, 2004

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 101.4 111.7 113.0 105.8 128.7 98.7 133.9 86.9 135.8 143.3 148.6 1

 2 Household sector 6.6 10.4 21.5 10.5 11.3 18.8 -9.4 11.2 1.3 15.9 16.6 2

 3 Nonfinancial corporate business 36.4 27.8 55.2 47.9 67.4 39.7 83.3 42.2 83.5 69.2 74.5 3

 4 Nonfarm noncorporate business 55.0 69.3 35.4 43.4 47.1 36.7 56.9 35.8 48.8 53.0 51.0 4

 5 REITs 3.4 4.2 0.9 3.9 2.9 3.5 3.1 -2.3 2.2 5.2 6.4 5

 6 Net change in assets 101.4 111.7 113.0 105.8 128.7 98.7 133.9 86.9 135.8 143.3 148.6 6

 7 Household sector 0.8 1.7 -0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business -19.0 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Nonfarm noncorporate business -0.5 -0.3 0.7 0.3 -0.1 0.2 0.2 0.0 -0.1 -0.2 -0.3 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 0.6 -0.4 -0.1 1.2 -1.6 1.0 2.7 -7.8 0.9 -0.8 1.5 11

12 Commercial banking 60.0 66.2 63.0 58.4 59.4 57.8 58.9 60.0 54.0 77.7 45.8 12

13 Savings institutions 7.1 6.9 5.6 8.2 8.1 8.9 6.8 7.8 5.9 7.9 10.9 13

14 Life insurance companies 13.8 4.7 4.6 6.7 8.9 2.6 17.4 4.4 12.9 9.7 8.5 14

15 Other insurance companies -0.0 -0.3 0.2 0.1 -0.1 0.0 0.3 0.0 -0.2 -0.0 0.0 15

16 Private pension funds 0.0 0.1 -0.0 -0.0 -0.1 0.1 -0.1 -0.2 0.1 -0.1 -0.1 16

17 State and local govt. retirement funds -1.0 -0.0 1.2 2.5 3.8 2.6 3.0 3.3 3.6 3.9 4.3 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 33.9 29.7 38.6 26.4 41.4 22.8 40.5 16.2 53.3 34.7 61.5 19

20 Finance companies 6.1 3.9 -0.3 -0.7 7.0 1.2 2.4 2.6 3.3 7.7 14.5 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 -0.4 -1.7 -1.0 1.2 0.4 -0.0 0.2 -0.9 0.6 1.2 0.5 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 1

 2 Net change in assets 5.8 6.5 7.5 8.4 7.4 13.0 4.7 8.7 8.5 5.4 7.1 2

 3 Household sector 0.2 2.3 1.2 1.4 1.1 2.3 -0.6 1.1 2.8 0.8 -0.1 3

 4 Nonfarm noncorporate business 0.3 -0.6 0.2 0.2 0.3 0.3 0.3 0.3 0.3 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 -0.2 -0.1 -0.2 -0.3 -0.3 -0.2 -0.3 -0.4 -0.3 0.1 -0.5 6

 7 Commercial banking 2.8 2.2 1.5 2.5 2.6 3.5 2.2 2.8 2.3 2.5 2.9 7

 8 Savings institutions 0.1 0.1 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.1 0.0 8

 9 Life insurance companies 1.5 0.6 0.5 -0.6 0.2 0.2 -2.6 2.2 -2.3 0.2 0.7 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 1.1 2.0 4.3 5.1 3.4 6.9 5.6 2.7 5.7 1.4 3.7 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 4, 2004 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 1

 2 Net change in assets 112.1 165.2 137.7 81.4 101.6 79.9 26.2 82.0 119.2 121.6 77.9 2

 3 Nonfinancial corporate business 2.5 4.0 -0.4 -0.1 -7.5 -25.6 6.3 12.3 19.7 -23.7 -44.1 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 Federal government 13.6 16.1 13.1 12.7 1.3 36.4 -2.7 -8.6 -5.9 24.8 -5.0 5

 6 Commercial banking -9.2 41.7 17.0 28.7 49.3 73.0 -11.5 6.9 50.1 25.9 114.1 6

 7 Savings institutions 9.9 3.0 4.5 -0.6 9.2 -12.9 13.0 -0.3 20.6 -4.3 20.6 7

 8 Credit unions 12.5 16.5 5.1 6.2 14.0 11.8 -1.9 6.1 12.0 19.8 18.1 8

 9 Government-sponsored enterprises 5.4 -3.9 2.4 -2.6 -7.1 0.5 -16.2 -6.3 -16.0 -16.3 10.2 9

10 ABS issuers 59.0 68.9 78.4 37.4 -10.3 -33.9 91.7 64.3 -1.4 -45.9 -58.3 10

11 Finance companies 18.3 18.9 17.6 -0.3 52.8 30.6 -52.5 7.6 40.0 141.4 22.2 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 262.5 402.3 -83.8 63.1 315.7 64.2 -135.0 323.9 262.2 350.1 326.6 1

 2 Household sector 4.1 3.8 4.0 7.0 7.9 7.0 7.3 7.5 7.8 8.0 8.3 2

 3 Nonfinancial corporate business 178.5 313.3 -110.3 22.1 212.4 29.0 -197.7 244.8 162.2 224.0 218.7 3

 4 Nonfarm noncorporate business 34.7 46.6 -4.9 21.0 46.7 12.9 18.2 41.6 43.0 57.9 44.4 4

 5 Farm business 0.4 0.9 -2.6 0.9 1.9 -0.1 -0.8 7.2 -2.2 1.0 1.5 5

 6 State and local governments 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 24.0 6

 7 Federal government -0.4 4.4 3.8 -0.5 21.3 -4.0 2.9 -0.1 -2.0 48.0 39.3 7

 8 Rest of the world 4.2 0.8 -2.2 -10.1 10.7 -9.4 -11.5 34.6 2.3 -1.8 7.8 8

 9 Brokers and dealers 11.9 5.1 3.3 -1.8 -9.3 4.7 22.6 -35.7 27.0 -11.1 -17.4 9

10 Net change in trade receivables 265.4 391.5 -79.2 80.5 277.6 105.9 -145.9 293.9 229.0 294.7 298.5 10

11 Nonfinancial corporate business 203.4 283.0 -116.4 28.2 201.7 68.8 -172.7 226.8 154.5 204.1 227.2 11

12 Nonfarm noncorporate business 39.4 69.6 1.8 22.8 50.4 16.0 12.5 36.6 48.8 65.8 50.4 12

13 Federal government 4.6 5.3 7.3 -2.4 -0.5 -3.8 2.1 -10.5 -5.0 8.0 5.7 13

14 Rest of the world -5.1 -0.4 -3.1 3.1 -3.1 1.4 1.3 1.0 -0.1 -6.5 -6.7 14

15 Other insurance companies 2.0 1.0 5.3 4.9 7.9 -0.0 -11.7 17.9 9.4 2.6 1.6 15

16 ABS issuers 21.1 33.0 25.9 23.8 21.1 23.5 22.6 22.0 21.5 20.8 20.2 16

17 Discrepancy -2.9 10.8 -4.6 -17.4 38.1 -41.7 10.9 29.9 33.3 55.4 28.1 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 104.4 146.1 3.1 -87.0 121.6 -62.4 46.1 220.6 698.8 -108.4 -324.6 1

 2 Household sector 75.2 7.2 -38.8 -48.2 32.6 -83.7 -5.7 45.3 355.7 -83.4 -187.4 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 29.2 138.9 41.9 -38.9 89.1 21.3 51.8 175.3 343.1 -25.0 -137.1 4

 5 Customer credit balances (HH) 47.2 88.6 41.9 -41.6 53.5 3.3 45.6 67.8 342.0 -46.8 -148.8 5

 6 From U.S.-chartered commercial banks -8.8 7.1 7.2 -2.7 12.3 0.2 -22.9 49.1 52.2 -20.7 -31.4 6

 7 From foreign banking offices in U.S. -9.3 43.2 -7.2 5.5 23.2 17.8 29.1 58.4 -51.1 42.4 43.1 7

 8 Net change in assets 104.4 146.1 3.1 -87.0 121.6 -62.4 46.1 220.6 698.8 -108.4 -324.6 8

 9 Household sector 47.2 88.6 41.9 -41.6 53.5 3.3 45.6 67.8 342.0 -46.8 -148.8 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 -18.0 50.4 0.0 2.8 35.5 18.0 6.3 107.5 1.1 21.8 11.7 11

12 Brokers and dealers 75.2 7.2 -38.8 -48.2 32.6 -83.7 -5.7 45.3 355.7 -83.4 -187.4 12
52 Z.1, March 4, 2004

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 50.8 50.2 77.2 60.1 56.7 60.8 54.2 73.8 56.9 44.7 51.4 1

 2 Federal government 1.4 1.4 1.4 1.6 1.1 -0.1 2.7 0.1 1.7 0.5 2.2 2

 3 Life insurance companies 49.4 48.7 75.8 58.5 55.6 60.9 51.5 73.7 55.2 44.1 49.2 3

 4 Net change in assets (Households) 50.8 50.2 77.2 60.1 56.7 60.8 54.2 73.8 56.9 44.7 51.4 4

 Pension fund reserves:

 5 Net change in liabilities 181.8 209.1 210.9 215.2 232.7 288.9 233.4 213.3 218.8 214.1 284.7 5

 6 Life insurance companies 91.8 142.6 138.5 148.5 118.4 194.7 141.9 136.5 121.9 91.0 124.3 6

 7 Private pension funds (1) -18.2 -15.9 -24.1 -6.1 42.7 12.9 11.2 17.1 23.3 52.6 77.8 7

 8 State and local govt. retirement funds 59.8 54.1 26.5 27.3 22.8 27.6 32.3 17.4 26.7 22.5 24.5 8

 9 Federal government retirement funds (2) 48.5 28.2 69.9 45.4 48.8 53.8 48.0 42.3 47.0 47.9 58.2 9

10 Net change in assets (Households) (3) 181.8 209.1 210.9 215.2 232.7 288.9 233.4 213.3 218.8 214.1 284.7 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(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 22.9 25.9 14.5 29.1 34.2 67.7 -4.4 69.2 34.5 17.0 16.1 1

 businesses

 2 Nonfinancial corporate business 7.0 7.0 3.1 12.1 13.4 39.3 -12.3 38.6 12.9 0.3 1.7 2

 3 Nonfarm noncorporate business 8.9 11.7 4.0 8.1 9.7 18.9 -1.2 19.4 9.7 4.7 5.0 3

 4 U.S.-chartered commercial banks 1.9 2.1 2.4 2.6 2.9 2.7 2.7 2.8 2.9 2.9 3.0 4

 5 Savings institutions 0.0 0.4 -0.7 -0.3 -0.2 -0.3 0.1 -0.4 -0.0 0.7 -1.1 5

 6 Life insurance companies 1.3 1.6 2.0 2.4 2.8 2.4 2.5 2.6 2.7 2.8 2.9 6

 7 Other insurance companies 2.0 2.3 2.7 3.2 3.7 3.3 3.4 3.5 3.6 3.8 3.9 7

 8 Finance companies 0.8 1.0 1.2 1.4 1.6 1.4 1.5 1.5 1.6 1.6 1.7 8

 9 Brokers and dealers 0.9 -0.1 -0.2 -0.5 0.4 -0.1 -1.1 1.1 1.2 0.2 -1.0 9

10 Net change in business taxes receivable 12.1 -6.7 -9.8 13.1 32.8 22.8 18.6 65.4 18.3 29.6 18.0 10

11 State and local governments 10.5 14.8 3.6 10.4 19.5 21.8 3.1 25.6 17.3 16.6 18.3 11

12 Federal government 1.6 -21.5 -13.4 2.8 13.4 1.0 15.5 39.8 1.0 13.0 -0.3 12

13 Discrepancy 10.8 32.6 24.2 15.9 1.4 44.8 -23.0 3.9 16.2 -12.6 -1.9 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 -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 1

 2 Asset: Household sector -8.1 56.6 -59.9 -2.4 -26.3 -2.1 -1.3 -26.6 -26.4 -26.4 -25.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -72.8 -0.5 -9.3 -55.6 -35.1 -97.6 -50.7 -50.0 -10.0 -49.4 -31.0 1

 2 Nonfarm noncorporate business -82.3 -35.4 -28.2 -54.8 -56.3 -62.7 -69.4 -52.1 -62.4 -68.5 -42.0 2

 3 Farm business -0.8 -4.2 7.8 3.3 7.7 -2.6 9.7 2.4 14.0 7.9 6.4 3

 4 Brokers and dealers 10.2 39.0 11.2 -4.1 13.5 -32.4 9.0 -0.3 38.4 11.2 4.6 4
Z.1, March 4, 2004 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 1133.4 1419.7 610.3 512.4 948.7 1088.9 404.1 961.7 501.9 1741.7 588.8 1

 2 Household sector 2.1 0.1 -0.4 0.9 1.2 2.9 -0.1 2.8 1.2 0.1 0.7 2

 3 Nonfinancial corporate business 541.0 673.4 -6.2 168.1 167.9 312.7 377.0 223.5 90.1 178.9 179.3 3

 4 Nonfarm noncorporate business 73.9 86.0 55.3 20.6 36.5 19.1 20.2 37.0 37.8 35.7 35.4 4

 5 Federal government 38.2 22.9 53.0 24.1 22.1 9.7 10.8 -19.3 33.4 29.8 44.5 5

 6 Rest of the world 292.9 188.4 133.6 106.2 211.6 337.6 -41.1 140.1 -283.4 533.8 455.3 6

 7 Monetary authority -1.3 1.1 -2.8 22.6 4.3 14.8 90.2 -36.0 15.5 22.0 15.5 7

 8 Commercial banking -70.9 196.5 -6.5 121.2 86.6 24.6 287.7 30.5 48.3 226.4 41.1 8

 9 Savings institutions -14.7 17.1 19.0 15.9 34.9 66.7 59.4 66.1 53.7 84.8 -64.9 9

10 Credit unions 0.9 -0.4 -1.8 1.4 1.2 -4.1 0.9 -10.4 20.8 -1.4 -4.4 10

11 Life insurance companies 15.7 3.6 32.4 54.7 73.2 95.7 -81.5 186.5 69.1 30.2 6.8 11

12 Other insurance companies 13.8 5.8 26.5 42.8 54.6 59.6 34.2 47.0 46.4 72.3 52.8 12

13 Government-sponsored enterprises -6.0 0.3 32.6 7.4 22.9 26.0 24.0 12.6 34.0 118.9 -73.7 13

14 Finance companies 67.3 83.4 19.1 21.6 104.7 99.6 -4.2 0.8 133.7 274.0 10.4 14

15 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 REITs 4.4 1.8 0.1 1.4 1.0 5.1 -1.2 -1.9 1.9 -3.3 7.3 16

17 Brokers and dealers 7.5 -1.9 138.5 -84.5 42.1 -38.3 -276.5 98.9 75.3 -40.7 35.0 17

18 Funding corporations 168.7 141.5 117.9 -11.8 83.9 57.0 -95.6 183.7 124.0 180.0 -152.2 18

19 Net change in assets 1413.2 1926.5 1135.5 529.9 1011.6 985.6 -3.0 1463.4 806.1 1237.0 539.7 19

20 Household sector 12.4 6.5 18.5 28.7 37.2 35.5 15.6 37.0 29.1 58.9 24.0 20

21 Nonfinancial corporate business 656.6 817.7 252.7 123.1 299.4 165.9 206.6 228.9 336.8 314.5 317.3 21

22 Nonfarm noncorporate business 81.7 89.9 129.6 97.6 103.5 110.6 105.1 101.9 99.9 104.5 107.5 22

23 Farm business 0.2 -0.1 1.5 4.1 5.8 5.6 2.8 5.5 4.5 7.7 5.5 23

24 State and local governments 11.0 4.4 -0.0 18.4 -7.6 7.5 62.9 -11.6 2.7 4.6 -26.2 24

25 Federal government -0.9 -1.4 1.3 0.3 1.3 -2.1 -1.0 4.9 -0.7 1.3 -0.2 25

26 Rest of the world 447.6 590.3 270.2 183.1 58.9 381.2 52.7 579.0 -332.5 283.9 -294.6 26

27 Monetary authority -1.3 1.1 -0.4 -0.2 0.3 -7.1 -0.1 -0.5 -0.4 -0.5 2.6 27

28 Commercial banking 27.6 89.0 135.3 63.6 144.5 2.9 34.0 238.6 115.3 -94.2 318.5 28

29 Savings institutions -2.7 7.7 19.1 17.2 -4.8 28.3 -2.2 -0.4 32.0 66.2 -117.0 29

30 Credit unions -16.4 4.9 5.4 10.4 -1.8 20.2 29.3 -51.2 29.3 -45.3 60.0 30

31 Bank personal trusts and estates -2.5 1.2 7.7 -2.6 9.5 -2.6 -2.6 9.5 9.5 9.5 9.6 31

32 Life insurance companies -32.6 18.7 -15.5 6.7 14.4 26.2 -28.4 68.7 -9.2 -10.2 8.3 32

33 Other insurance companies 7.7 6.4 1.3 4.5 7.5 4.4 1.5 10.6 10.9 4.5 3.9 33

34 Private pension funds -11.0 -3.1 11.6 15.9 12.6 6.9 35.1 16.4 -9.3 25.3 17.9 34

35 State and local govt. retirement funds 16.3 13.3 20.3 -5.7 -14.6 -8.1 -10.9 -11.0 -14.1 -4.0 -29.1 35

36 Federal government retirement funds 41.1 20.9 60.8 24.5 24.7 34.7 4.2 -9.7 33.9 29.6 44.8 36

37 Money market mutual funds 22.6 12.2 26.1 -7.0 15.4 18.1 -78.1 -57.8 28.6 108.6 -18.0 37

38 Mutual funds -3.5 -0.7 -2.6 0.1 2.1 -2.0 0.6 2.9 0.4 5.3 -0.0 38

39 Government-sponsored enterprises 5.5 12.5 12.8 19.1 20.1 27.4 46.1 -53.1 81.6 15.0 36.9 39

40 Finance companies 51.4 25.6 21.3 11.7 105.8 64.9 13.3 34.1 172.4 200.6 16.1 40

41 REITs -0.1 0.9 0.5 0.2 6.2 2.1 -0.5 3.4 2.4 3.6 15.4 41

42 Brokers and dealers 28.3 133.0 156.6 -110.8 153.5 57.0 -518.5 162.2 226.6 215.0 10.3 42

43 Funding corporations 74.4 75.5 1.5 27.1 17.7 8.2 29.6 155.0 -43.4 -67.1 26.1 43

44 Discrepancy -279.8 -506.8 -525.2 -17.5 -62.9 103.3 407.2 -501.7 -304.2 504.6 49.2 44
54 Z.1, March 4, 2004

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 224.9 159.2 120.0 137.8 138.0 126.5 126.7 137.6 119.5 150.1 144.7 1

 2 Equity 98.9 78.0 50.4 18.1 17.7 24.4 -3.7 19.6 19.4 11.1 20.7 2

 3 Reinvested earnings 64.2 93.6 72.0 94.2 113.5 94.4 111.9 107.3 107.6 123.4 115.8 3

 4 Intercompany accounts 61.8 -12.4 -2.5 25.6 6.8 7.7 18.5 10.7 -7.5 15.7 8.2 4

 5 Asset: Nonfinancial corporate business 194.4 128.4 97.0 117.0 126.7 105.7 98.7 112.9 105.7 144.7 143.7 5

 6 Commercial banking 4.5 10.9 0.9 3.2 3.2 2.0 5.7 6.8 3.6 1.0 1.4 6

 7 Life insurance companies 2.4 2.2 2.9 3.3 -0.7 3.4 2.8 4.2 -6.3 1.3 -2.1 7

 8 Other insurance companies 7.7 6.4 1.3 4.5 7.5 4.4 1.5 10.6 10.9 4.5 3.9 8

 9 Finance companies 11.8 10.6 17.3 7.7 0.5 9.7 9.5 0.9 3.0 -0.9 -1.1 9

10 Brokers and dealers 4.1 0.7 0.6 2.1 0.8 1.4 8.6 2.2 2.7 -0.4 -1.1 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 247.0 181.1 71.4 22.7 49.4 44.6 21.2 32.7 26.3 68.7 69.9 11

12 Nonfarm noncorporate business 0.2 0.1 0.1 0.2 -0.0 0.1 0.1 -0.2 0.1 -0.1 0.1 12

13 Commercial banking 19.4 9.7 8.4 -1.5 3.3 0.9 5.1 12.8 -4.1 2.5 1.9 13

14 Life insurance companies 11.7 27.9 8.1 0.8 -0.6 7.8 1.5 -9.3 -1.5 3.6 4.7 14

15 Other insurance companies 11.3 6.6 0.4 -1.3 -2.0 -1.7 3.7 -14.2 1.9 -0.6 5.0 15

16 Finance companies 13.2 14.9 7.8 -3.6 20.7 -18.8 3.8 61.5 4.8 3.6 12.9 16

17 Brokers and dealers 3.6 5.1 -1.3 -5.2 7.4 -4.4 0.2 0.2 13.5 2.3 13.8 17

18 Funding corporations -17.0 75.8 56.7 27.6 19.8 28.2 25.5 54.1 48.5 -47.5 24.0 18

19 Asset: Rest of the world 289.4 321.3 151.6 39.6 98.0 56.8 61.1 137.5 89.6 32.6 132.4 19

20 Equity 221.6 259.6 137.3 70.3 67.2 97.3 37.1 130.8 21.4 37.7 78.7 20

21 Reinvested earnings 4.1 -0.3 -29.1 6.8 44.6 27.8 9.8 31.9 28.1 47.7 70.6 21

22 Intercompany accounts 63.8 61.9 43.4 -37.4 -13.7 -68.3 14.2 -25.2 40.2 -52.9 -17.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.5 1.7 1.7 1.5 1.5 2.0 1.5 1.9 1.4 1.2 23

24 Asset: Federal government 1.5 1.5 1.7 1.7 1.5 1.5 2.0 1.5 1.9 1.4 1.2 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.5 0.6 0.4 1.0 0.5 -0.3 0.5 0.5 0.6 0.4 0.4 25

26 Asset: Commercial banking 0.5 0.6 0.4 1.0 0.5 -0.3 0.5 0.5 0.6 0.4 0.4 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 5.5 2.2 2.5 1.7 3.5 0.2 5.5 4.5 4.2 4.1 1.2 27

28 Asset: Nonfin. corporate business (FNMA) -0.6 0.0 -0.2 -0.3 -0.0 -2.2 4.0 -0.3 1.9 -0.4 -1.1 28

29 Nonfarm noncorporate (BC) 0.0 -0.0 -0.1 0.0 0.4 0.1 0.1 0.3 -0.2 0.5 0.9 29

30 Farm business (FICB and FLB) -0.0 -0.0 0.1 0.1 0.6 0.1 0.1 -0.1 0.5 1.1 1.2 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) 3.0 0.8 1.4 2.3 1.2 0.9 1.6 1.8 1.7 0.6 0.6 32

33 Savings institutions (FHLB) 2.7 1.3 1.2 -1.0 0.4 1.1 -0.8 2.2 -0.8 1.1 -0.9 33

34 Credit unions (FHLB) 0.2 0.1 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.1 34

35 Life insurance companies (FHLB) 0.1 0.0 -0.1 0.2 0.7 0.1 0.4 0.3 0.8 1.0 0.5 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 2.9 53.6 60.7 53.1 49.8 82.2 35.4 43.2 67.9 50.5 37.7 36

37 Savings institutions 0.5 0.7 0.8 0.9 1.0 0.9 0.9 1.0 1.0 1.0 1.1 37

38 Finance companies 26.8 7.4 -1.6 -5.4 6.3 -0.7 10.8 -1.9 18.0 -0.2 9.4 38

39 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Brokers and dealers -10.0 30.4 30.6 4.4 37.6 -37.6 29.5 34.8 60.2 29.4 26.0 40

41 Asset: Bank holding companies 20.2 92.0 90.4 53.0 94.8 44.8 76.6 77.1 147.1 80.7 74.1 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 26.8 7.4 -1.6 -5.4 6.3 -0.7 10.8 -1.9 18.0 -0.2 9.4 42

43 Asset: Nonfinancial corporate business 26.8 7.4 -1.6 -5.4 6.3 -0.7 10.8 -1.9 18.0 -0.2 9.4 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 2.5 45.6 -30.8 24.7 -1.7 -11.2 44.2 -17.0 -14.0 -25.8 50.0 44

45 Brokers and dealers 71.9 29.8 32.3 2.4 19.4 19.4 -14.7 172.1 -29.4 -41.3 -23.9 45

46 Asset: Funding corporations 74.4 75.5 1.5 27.1 17.7 8.2 29.6 155.0 -43.4 -67.1 26.1 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 4, 2004 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.6 0.0 -0.1 0.1 0.1 0.4 0.1 -0.1 0.3 -0.1 0.2 1

 2 Asset: Federal government 0.6 0.0 -0.1 0.1 0.1 0.4 0.1 -0.1 0.3 -0.1 0.2 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -7.8 -0.0 8.7 1.9 -7.1 9.5 -4.1 11.5 1.4 -9.6 -31.6 5

 6 Asset: Savings institutions -7.8 -0.0 8.7 1.9 -7.1 9.5 -4.1 11.5 1.4 -9.6 -31.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 2.1 0.1 -0.4 0.9 1.2 2.9 -0.1 2.8 1.2 0.1 0.7 7

 8 Asset: Life insurance companies 2.1 0.1 -0.4 0.9 1.2 2.9 -0.1 2.8 1.2 0.1 0.7 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 11.4 6.9 6.5 10.2 13.5 9.8 2.8 11.3 10.4 28.3 3.9 9

10 Health 10.2 3.9 3.1 10.1 8.6 5.6 8.9 6.7 8.6 16.6 2.4 10

11 Policy dividend accumulation 1.2 1.1 1.0 0.1 2.2 2.6 -9.7 0.5 4.3 3.4 0.9 11

12 Policy and contract claims -0.0 1.9 2.4 0.0 2.7 1.6 3.6 4.1 -2.5 8.3 0.7 12

13 Asset: Household sector 11.4 6.9 6.5 10.2 13.5 9.8 2.8 11.3 10.4 28.3 3.9 13

 Policy payables:

14 Liab.: Other insurance companies 2.5 -0.8 26.1 44.1 56.6 61.3 30.5 61.2 44.5 72.9 47.8 14

15 Asset: Household sector 1.1 -0.3 11.9 18.5 23.7 25.7 12.8 25.6 18.7 30.6 20.0 15

16 Nonfinancial corporate business 1.0 -0.3 10.3 17.4 22.4 24.2 12.0 24.2 17.6 28.8 18.9 16

17 Nonfarm noncorporate business 0.2 -0.1 2.5 4.2 5.4 5.8 2.9 5.8 4.2 6.9 4.5 17

18 Farm business 0.2 -0.1 1.4 4.0 5.2 5.6 2.8 5.6 4.1 6.6 4.3 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies -7.7 -11.8 2.4 13.0 9.7 10.7 16.0 11.3 -5.1 16.9 15.5 19

20 Asset: Private pension funds -7.7 -11.8 2.4 13.0 9.7 10.7 16.0 11.3 -5.1 16.9 15.5 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21

22 Asset: Private pension funds -4.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 22

 Securities borrowed (net):

23 Liab.: Funding corporations 16.3 88.7 70.1 -2.9 99.6 12.5 -99.2 -30.9 245.1 174.9 9.4 23

24 Asset: Brokers and dealers 16.3 88.7 70.1 -2.9 99.6 12.5 -99.2 -30.9 245.1 174.9 9.4 24

 Nonmarketable government securities:

25 Liab.: Federal government 41.1 20.9 60.8 24.5 24.7 34.7 4.2 -9.7 33.9 29.6 44.8 25

26 Asset: Federal government retirement funds 41.1 20.9 60.8 24.5 24.7 34.7 4.2 -9.7 33.9 29.6 44.8 26
56 Z.1, March 4, 2004

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 436.4 654.9 68.4 162.7 388.9 708.7 139.9 391.0 -168.5 1225.3 107.3 1

 2 Nonfinancial corporate business 298.7 491.0 -78.9 144.1 117.2 266.8 354.5 189.5 62.5 108.8 108.0 2

 3 Nonfarm noncorporate business 73.7 85.9 55.2 20.3 36.5 19.0 20.1 37.1 37.7 35.8 35.4 3

 4 Federal government -2.9 2.0 -7.8 -0.4 -2.6 -25.0 6.6 -9.7 -0.5 0.3 -0.3 4

 5 Rest of the world 65.9 27.6 12.0 -33.5 72.0 209.2 -169.9 1.1 -405.0 382.4 309.1 5

 6 Monetary authority -1.8 0.6 -3.2 21.5 3.8 15.1 89.8 -36.5 14.9 21.7 15.1 6

 7 Commercial banking -95.6 87.6 -44.8 44.9 35.2 -47.3 202.9 -8.5 -1.4 199.2 -48.5 7

 8 U.S.-chartered commercial banks -20.1 71.3 -101.2 13.0 45.6 -70.2 72.1 186.5 -74.4 101.9 -31.7 8

 9 Foreign banking offices in U.S. -66.9 -27.5 -0.7 21.7 -38.6 4.3 111.4 -190.2 -10.9 60.0 -13.3 9

10 Bank holding companies -10.8 43.1 52.9 11.5 21.2 12.3 29.3 -8.6 73.6 21.7 -2.1 10

11 Banks in U.S.-affiliated areas 2.2 0.7 4.2 -1.2 7.1 6.2 -9.9 3.9 10.3 15.6 -1.5 11

12 Savings institutions -15.3 16.5 18.2 15.0 33.9 65.8 58.4 65.1 52.7 83.7 -65.9 12

13 Credit unions 0.9 -0.4 -1.8 1.4 1.2 -4.1 0.9 -10.4 20.8 -1.4 -4.4 13

14 Life insurance companies 0.3 -19.4 15.3 30.7 50.6 67.3 -101.8 173.2 65.3 -18.6 -17.4 14

15 Government-sponsored enterprises -3.7 -1.9 21.4 3.7 26.5 16.2 22.6 -3.4 28.4 124.4 -43.3 15

16 Finance companies 0.5 53.8 14.7 36.1 71.4 119.8 -29.6 -56.9 92.9 270.7 -21.2 16

17 REITs 4.4 1.8 0.1 1.4 1.0 5.1 -1.2 -1.9 1.9 -3.3 7.3 17

18 Brokers and dealers -58.0 -67.2 76.9 -86.1 -22.3 -15.6 -291.5 -108.2 30.9 -31.1 19.2 18

19 Funding corporations 169.5 -23.0 -8.9 -36.6 -35.5 16.3 -21.9 160.5 -169.6 52.7 -185.6 19

20 Net change in assets 716.3 1161.7 593.6 180.3 451.8 605.4 -267.2 892.8 135.7 720.6 58.1 20

21 Nonfinancial corporate business 434.9 682.2 147.2 -5.6 144.0 38.9 81.1 94.1 193.7 141.6 146.5 21

22 Nonfarm noncorporate business 81.4 90.0 127.3 93.4 97.7 104.7 102.2 95.9 95.9 97.1 102.1 22

23 State and local governments 11.0 4.4 -0.0 18.4 -7.6 7.5 62.9 -11.6 2.7 4.6 -26.2 23

24 Federal government -3.0 -2.9 -0.3 -1.5 -0.2 -4.0 -3.2 3.5 -2.9 -0.0 -1.6 24

25 Rest of the world 158.1 269.1 118.6 143.4 -39.1 324.4 -8.4 441.4 -422.1 251.3 -426.9 25

26 Monetary authority -1.3 1.1 -0.4 -0.2 0.3 -7.1 -0.1 -0.5 -0.4 -0.5 2.6 26

27 Commercial banking -0.6 -15.3 42.2 4.0 44.9 -44.6 -50.3 152.3 -37.8 -177.0 242.0 27

28 U.S.-chartered commercial banks 1.3 -6.4 19.7 -14.2 69.0 -49.9 -26.6 183.1 54.8 -108.6 146.8 28

29 Foreign banking offices in U.S. -29.7 -27.7 10.7 -3.1 -47.7 -40.1 -26.4 -59.7 -98.4 -79.8 47.3 29

30 Bank holding companies 28.9 20.9 5.9 27.3 22.4 46.4 32.1 24.7 5.4 11.3 48.1 30

31 Banks in U.S.-affiliated areas -1.0 -2.1 5.9 -6.1 1.1 -1.1 -29.4 4.1 0.3 0.2 -0.2 31

32 Savings institutions 2.4 6.5 9.3 16.2 1.8 17.7 2.7 -14.2 31.4 74.7 -84.5 32

33 Credit unions -16.6 4.8 5.2 10.1 -2.0 20.0 29.1 -51.5 28.9 -45.6 60.0 33

34 Bank personal trusts and estates -2.5 1.2 7.7 -2.6 9.5 -2.6 -2.6 9.5 9.5 9.5 9.6 34

35 Life insurance companies -37.3 16.4 -17.9 2.3 13.3 19.8 -31.5 61.4 -4.9 -12.6 9.1 35

36 Private pension funds 1.5 7.4 7.9 1.6 1.6 -5.1 17.8 3.8 -5.5 7.0 1.1 36

37 State and local govt. retirement funds 16.3 13.3 20.3 -5.7 -14.6 -8.1 -10.9 -11.0 -14.1 -4.0 -29.1 37

38 Money market mutual funds 22.6 12.2 26.1 -7.0 15.4 18.1 -78.1 -57.8 28.6 108.6 -18.0 38

39 Mutual funds -3.5 -0.7 -2.6 0.1 2.1 -2.0 0.6 2.9 0.4 5.3 -0.0 39

40 Government-sponsored enterprises 5.5 12.5 12.8 19.1 20.1 27.4 46.1 -53.1 81.6 15.0 36.9 40

41 Finance companies 39.6 15.1 4.0 4.0 105.3 55.3 3.7 33.3 169.4 201.5 17.2 41

42 REITs -0.1 0.9 0.5 0.2 6.2 2.1 -0.5 3.4 2.4 3.6 15.4 42

43 Brokers and dealers 7.9 43.7 85.8 -110.0 53.1 43.1 -427.9 190.9 -21.1 40.5 2.0 43

44 Discrepancy -279.8 -506.8 -525.2 -17.5 -62.9 103.3 407.2 -501.7 -304.2 504.6 49.2 44
Z.1, March 4, 2004 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -171.8 -105.5 -413.9 96.2 49.8 -195.2 331.6 -192.1 168.2 187.2 29.6 1

 2 Household sector -19.9 27.7 -304.4 36.2 -13.1 48.9 168.6 79.3 -175.4 21.5 16.3 2

 3 Nonfinancial corporate business -107.8 -164.9 -155.1 39.0 28.8 21.1 65.3 48.8 40.8 21.9 3.5 3

 4 State and local governments -23.5 -16.9 -12.9 3.4 -1.6 26.5 22.8 -4.6 4.1 -2.2 -3.6 4

 5 Federal government -7.2 -10.1 44.5 9.8 2.6 -169.9 -9.7 -135.7 314.7 -156.0 -12.5 5

 6 Rest of the world 47.0 -58.1 -35.0 -61.3 -23.9 -207.7 -107.0 -30.2 -52.2 31.5 -45.3 6

 7 Financial sectors -60.5 116.9 49.0 69.2 57.1 85.9 191.6 -149.6 36.2 270.5 71.3 7

 8 Monetary authority -0.2 4.5 0.2 -3.2 -1.6 -0.3 0.6 -5.6 0.8 -5.9 4.2 8

 9 Commercial banking -41.2 134.1 38.8 67.8 66.9 64.1 257.5 -75.4 18.6 278.9 45.3 9

10 Savings institutions 2.4 2.9 2.8 1.4 4.8 2.2 4.1 3.7 10.6 4.6 0.3 10

11 Credit unions 1.2 -0.1 1.0 2.7 3.8 -2.7 5.6 4.5 5.9 3.2 1.8 11

12 Bank personal trusts and estates 1.7 1.6 3.7 1.4 0.4 2.0 1.6 0.4 0.4 0.4 0.5 12

13 Life insurance companies -30.5 -24.4 -17.2 -32.9 -42.8 -16.8 -64.7 -60.1 -66.5 -17.2 -27.3 13

14 Other insurance companies 11.9 -18.3 -7.3 -32.5 -33.6 -40.2 -38.9 -49.4 -59.5 -16.4 -9.2 14

15 Mutual funds 4.1 -1.5 -7.4 -3.3 -2.6 -1.2 -2.6 -2.6 -2.6 -2.6 -2.6 15

16 Government-sponsored enterprises -2.3 -5.2 -8.4 -6.7 -7.8 -5.4 -5.7 -6.6 -5.8 -9.8 -8.8 16

17 Issuers of asset-backed securities 1.0 0.7 0.6 0.6 0.0 0.6 0.6 -0.0 0.0 0.0 0.0 17

18 Finance companies -18.7 26.4 29.6 59.4 59.0 68.1 26.7 34.0 122.2 26.1 53.8 18

19 REITs 17.7 8.8 17.3 19.2 14.5 19.6 13.1 11.0 15.4 13.4 18.0 19

20 Brokers and dealers -7.6 -12.6 -4.6 -4.5 -4.0 -4.1 -6.2 -3.5 -3.5 -4.2 -4.7 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -171.8 -105.5 -413.9 96.2 49.8 -195.2 331.6 -192.1 168.2 187.2 29.6 1

 2 Treasury currency -0.7 -1.2 -0.1 -0.6 -0.3 1.1 -1.1 -0.2 0.5 -0.8 -0.7 2

 3 Foreign deposits 42.8 78.5 11.1 18.2 -2.8 23.5 37.3 -11.8 214.7 -203.0 -11.1 3

 4 Net interbank transactions 0.1 20.4 17.2 7.1 -4.8 -1.2 -26.4 32.8 -31.2 39.2 -60.1 4

 5 Security RPs 35.7 122.6 -59.0 6.0 206.2 -335.7 -139.4 198.9 333.7 17.2 274.9 5

 Mail floats:

 6 Federal government -7.4 9.0 5.7 0.1 -107.5 -47.1 42.1 70.5 -113.0 -171.4 -216.1 6

 7 Other -0.8 1.7 4.5 7.3 10.0 7.6 8.5 8.9 9.7 10.4 11.0 7

 8 Trade credit -2.9 10.8 -4.6 -17.4 38.1 -41.7 10.9 29.9 33.3 55.4 28.1 8

 9 Taxes payable 10.8 32.6 24.2 15.9 1.4 44.8 -23.0 3.9 16.2 -12.6 -1.9 9

10 Miscellaneous -279.8 -506.8 -525.2 -17.5 -62.9 103.3 407.2 -501.7 -304.2 504.6 49.2 10

11 Nonfinancial 30.5 127.1 112.2 77.0 -27.5 50.3 15.6 -23.2 8.5 -51.9 -43.6 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) -35.8 -127.2 -112.3 -77.0 28.3 -50.1 -15.6 23.2 -8.4 53.9 44.3 12

13 Private wage accruals less disbursements 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13
58 Z.1, March 4, 2004

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 25649.7 27389.3 29408.8 29860.3 30377.4 30913.5 31699.2 32239.9 32973.7 33644.4 34449.2 1

 2 Domestic nonfinancial sectors 17302.3 18165.7 19302.2 19546.2 19856.5 20198.6 20675.5 20970.0 21513.4 21919.5 22394.7 2

 3 Federal government 3681.0 3385.1 3379.5 3430.3 3451.4 3540.8 3637.0 3700.6 3806.9 3914.5 4033.1 3

 4 Nonfederal sectors 13621.4 14780.6 15922.6 16115.9 16405.1 16657.8 17038.4 17269.5 17706.5 18005.0 18361.6 4

 5 Household sector 6499.0 7077.0 7722.4 7838.9 8027.3 8232.8 8498.1 8637.9 8912.1 9149.5 9401.2 5

 6 Nonfinancial corporate business 4180.7 4542.7 4766.9 4791.5 4797.9 4785.8 4806.2 4848.4 4918.2 4932.4 4971.2 6

 7 Nonfarm noncorporate business 1595.4 1788.3 1947.5 1978.4 2018.0 2051.4 2096.5 2121.6 2157.6 2194.9 2227.4 7

 8 Farm business 169.4 180.2 187.7 187.1 191.8 194.9 195.6 195.5 197.9 198.8 201.0 8

 9 State and local governments 1176.9 1192.3 1298.1 1320.0 1370.1 1393.0 1442.0 1466.1 1520.7 1529.5 1560.7 9

10 Rest of the world 652.5 709.5 659.7 675.9 674.1 665.7 665.6 669.9 653.0 639.5 651.6 10

11 Financial sectors 7694.9 8514.2 9447.0 9638.2 9846.8 10049.2 10358.2 10600.0 10807.3 11085.4 11402.9 11

12 Commercial banking 449.3 509.3 562.1 564.8 574.4 590.6 612.0 627.6 639.5 638.9 661.4 12

13 U.S.-chartered commercial banks 228.0 264.8 294.9 294.8 309.2 317.7 325.0 324.3 336.4 333.6 338.9 13

14 Foreign banking offices in U.S. 2.0 2.0 1.1 1.0 0.9 1.1 0.7 0.5 0.5 0.5 0.6 14

15 Bank holding companies 219.3 242.5 266.1 269.0 264.2 271.8 286.4 302.8 302.7 304.8 321.9 15

16 Savings institutions 260.4 287.7 295.1 280.5 275.3 286.3 281.4 287.2 277.0 277.9 280.9 16

17 Credit unions 3.4 3.4 4.9 5.5 6.0 6.8 6.9 7.6 8.0 8.8 9.1 17

18 Life insurance companies 3.2 2.5 3.1 3.7 4.0 4.5 5.1 6.3 6.6 7.4 8.0 18

19 Government-sponsored enterprises 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 19

20 Federally related mortgage pools 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 20

21 ABS issuers 1688.0 1887.3 2180.8 2233.3 2288.7 2338.6 2437.3 2511.0 2588.2 2645.3 2717.9 21

22 Finance companies 696.1 778.1 779.6 764.3 789.5 808.9 822.8 822.0 873.9 900.7 932.3 22

23 Mortgage companies 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 23

24 REITs 165.1 167.8 170.2 172.1 178.4 185.3 190.0 194.4 197.6 206.7 213.4 24

25 Brokers and dealers 25.3 40.9 42.3 38.4 42.8 46.6 40.6 50.2 46.2 48.6 47.0 25

26 Funding corporations 504.0 503.7 448.4 442.6 432.8 421.5 447.9 462.7 426.8 416.5 445.8 26

27 Total credit market assets held by: 25649.7 27389.3 29408.8 29860.3 30377.4 30913.5 31699.2 32239.9 32973.7 33644.4 34449.2 27

28 Domestic nonfederal nonfinancial sectors 3615.0 3555.6 3585.9 3592.7 3646.8 3593.2 3637.1 3563.1 3595.9 3648.8 3746.9 28

29 Household sector 2558.3 2473.2 2433.3 2442.4 2479.3 2411.5 2432.8 2387.8 2388.1 2433.6 2510.0 29

30 Nonfinancial corporate business 224.3 249.4 252.1 248.1 250.3 261.0 274.2 265.0 280.6 292.5 299.0 30

31 Nonfarm noncorporate business 64.6 65.9 73.0 74.1 74.9 75.7 76.7 76.6 77.6 77.8 78.1 31

32 State and local governments 767.8 767.0 827.6 828.1 842.2 845.1 853.4 833.7 849.7 844.9 859.9 32

33 Federal government 261.1 272.7 278.7 281.0 280.1 287.9 288.5 284.1 281.9 286.9 284.7 33

34 Rest of the world 2306.8 2476.9 2724.3 2789.5 2900.9 3003.2 3131.0 3231.9 3420.7 3540.4 3742.3 34

35 Financial sectors 19466.8 21084.1 22819.9 23197.1 23549.6 24029.3 24642.6 25160.8 25675.2 26168.3 26675.3 35

36 Monetary authority 478.1 511.8 551.7 575.4 590.7 604.2 629.4 641.5 652.1 656.1 666.7 36

37 Commercial banking 4648.3 5006.3 5210.5 5231.3 5328.3 5476.2 5614.9 5673.6 5831.6 5832.4 5961.5 37

38 U.S.-chartered commercial banks 4080.0 4419.5 4610.1 4629.3 4719.7 4858.4 5003.9 5055.6 5200.8 5230.3 5361.7 38

39 Foreign banking offices in U.S. 487.4 511.3 510.7 507.7 512.6 521.2 516.9 519.0 517.6 490.3 485.8 39

40 Bank holding companies 32.7 20.5 24.7 27.7 28.1 27.7 27.8 33.0 42.9 36.4 36.4 40

41 Banks in U.S.-affiliated areas 48.3 55.0 65.0 66.6 67.9 68.8 66.3 66.1 70.3 75.5 77.6 41

42 Savings institutions 1032.4 1088.6 1131.4 1134.7 1130.9 1153.8 1166.8 1214.4 1238.8 1261.4 1293.6 42

43 Credit unions 351.7 379.7 421.2 434.3 452.9 455.1 463.9 473.7 495.3 519.1 516.8 43

44 Bank personal trusts and estates 222.0 222.8 194.7 195.0 195.2 195.4 195.6 194.9 194.3 193.7 193.2 44

45 Life insurance companies 1886.0 1943.9 2074.8 2141.2 2192.3 2265.7 2307.8 2377.6 2437.4 2472.8 2505.8 45

46 Other insurance companies 518.2 509.4 518.4 527.6 536.4 541.9 558.3 572.3 584.7 601.9 612.4 46

47 Private pension funds 635.2 666.5 673.1 684.9 690.4 700.5 700.5 702.3 708.4 700.5 701.3 47

48 State and local govt. retirement funds 751.4 806.0 788.4 806.0 792.4 789.8 802.4 802.5 808.1 810.9 815.5 48

49 Federal government retirement funds 33.1 35.1 44.8 46.3 48.1 52.6 57.8 64.9 65.5 65.4 64.4 49

50 Money market mutual funds 1147.8 1290.9 1536.9 1496.9 1419.6 1411.2 1511.6 1485.5 1480.3 1438.1 1398.5 50

51 Mutual funds 1076.8 1097.8 1223.8 1276.8 1291.6 1334.5 1365.4 1412.1 1478.3 1478.6 1506.3 51

52 Closed-end funds 110.8 105.3 108.5 112.2 113.4 112.6 117.1 123.6 138.7 149.3 162.1 52

53 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 3.7 3.7 3.4 3.5 3.9 4.5 53

54 Government-sponsored enterprises 1543.2 1803.9 2110.0 2159.3 2195.3 2248.0 2324.2 2387.0 2419.0 2579.0 2586.3 54

55 Federally related mortgage pools 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 55

56 ABS issuers 1491.3 1660.8 1928.1 1974.5 2024.4 2068.6 2161.9 2229.6 2301.7 2353.9 2421.6 56

57 Finance companies 742.6 851.2 846.4 834.4 848.2 860.8 867.6 861.1 883.5 924.2 943.3 57

58 Mortgage companies 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 58

59 REITs 42.9 35.8 42.5 49.1 57.0 63.9 65.6 63.5 71.2 75.9 79.9 59

60 Brokers and dealers 154.7 223.6 316.0 299.6 352.6 335.2 344.4 390.9 341.1 375.0 421.5 60

61 Funding corporations 276.0 321.1 236.5 230.6 216.1 239.0 193.5 227.9 220.8 273.7 299.7 61

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 4, 2004 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 17302.3 18165.7 19302.2 19546.2 19856.5 20198.6 20675.5 20970.0 21513.4 21919.5 22394.7 1

 2 Federal government 3681.0 3385.1 3379.5 3430.3 3451.4 3540.8 3637.0 3700.6 3806.9 3914.5 4033.1 2

 3 Treasury securities 3652.7 3357.8 3352.7 3404.0 3424.6 3513.6 3609.8 3673.7 3779.9 3887.5 4008.2 3

 4 Budget agency secur. and mortgages 28.3 27.3 26.8 26.3 26.8 27.2 27.3 26.9 27.0 27.0 24.9 4

 5 Nonfederal, by instrument 13621.4 14780.6 15922.6 16115.9 16405.1 16657.8 17038.4 17269.5 17706.5 18005.0 18361.6 5

 6 Commercial paper 230.3 278.4 190.1 167.5 148.4 142.2 126.0 127.1 107.5 108.4 85.9 6

 7 Municipal securities and loans 1457.2 1480.9 1603.7 1627.4 1681.5 1706.9 1763.1 1791.1 1850.4 1863.2 1899.4 7

 8 Corporate bonds 2067.7 2230.3 2578.8 2644.9 2691.2 2686.1 2711.0 2757.7 2832.0 2856.0 2873.3 8

 9 Bank loans n.e.c. 1233.2 1335.0 1253.5 1240.1 1195.0 1162.2 1166.5 1141.8 1128.8 1096.5 1133.2 9

10 Other loans and advances 852.4 936.9 942.5 935.6 948.8 955.6 961.1 957.1 966.7 958.0 959.2 10

11 Mortgages 6237.8 6800.2 7497.3 7660.9 7874.8 8107.6 8372.8 8583.2 8879.7 9138.6 9371.0 11

12 Home 4787.2 5205.4 5738.6 5877.2 6049.6 6247.7 6462.6 6640.2 6887.9 7098.7 7282.6 12

13 Multifamily residential 343.1 373.2 417.6 424.5 434.6 442.4 458.8 467.1 480.3 492.6 503.8 13

14 Commercial 1005.1 1112.6 1224.7 1241.0 1270.1 1293.9 1326.6 1348.9 1382.3 1416.8 1452.4 14

15 Farm 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 15

16 Consumer credit 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 16

17 Nonfederal, by sector 13621.4 14780.6 15922.6 16115.9 16405.1 16657.8 17038.4 17269.5 17706.5 18005.0 18361.6 17

18 Household sector 6499.0 7077.0 7722.4 7838.9 8027.3 8232.8 8498.1 8637.9 8912.1 9149.5 9401.2 18

19 Nonfinancial business 5945.5 6511.2 6902.1 6957.0 7007.7 7032.0 7098.3 7165.5 7273.7 7326.1 7399.7 19

20 Corporate 4180.7 4542.7 4766.9 4791.5 4797.9 4785.8 4806.2 4848.4 4918.2 4932.4 4971.2 20

21 Nonfarm noncorporate 1595.4 1788.3 1947.5 1978.4 2018.0 2051.4 2096.5 2121.6 2157.6 2194.9 2227.4 21

22 Farm 169.4 180.2 187.7 187.1 191.8 194.9 195.6 195.5 197.9 198.8 201.0 22

23 State and local governments 1176.9 1192.3 1298.1 1320.0 1370.1 1393.0 1442.0 1466.1 1520.7 1529.5 1560.7 23

 Foreign credit market debt

24 held in U.S. 652.5 709.5 659.7 675.9 674.1 665.7 665.6 669.9 653.0 639.5 651.6 24

25 Commercial paper 89.2 120.9 106.7 123.6 130.2 134.0 142.8 155.7 173.1 160.4 165.1 25

26 Bonds 452.5 467.7 443.2 439.6 426.1 417.3 409.8 402.5 377.0 375.7 384.6 26

27 Bank loans n.e.c. 59.2 70.5 63.2 66.7 72.2 69.3 68.6 67.6 59.7 61.0 60.9 27

28 Other loans and advances 51.6 50.3 46.6 46.0 45.5 45.1 44.4 44.1 43.2 42.3 41.1 28

29 Domestic and foreign 17954.8 18875.1 19961.9 20222.1 20530.6 20864.3 21341.1 21639.9 22166.4 22559.0 23046.3 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 7694.9 8514.2 9447.0 9638.2 9846.8 10049.2 10358.2 10600.0 10807.3 11085.4 11402.9 1

 2 Federal government-related 3884.0 4317.4 4944.1 5116.9 5238.8 5344.0 5498.1 5615.0 5727.5 5918.4 6071.1 2

 3 Govt.-sponsored enterprise securities 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 3

 4 Mortgage pool securities 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 4

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

 6 Private financial sectors 3810.9 4196.7 4502.8 4521.3 4608.0 4705.2 4860.1 4985.0 5079.8 5167.0 5331.8 6

 7 Open market paper 1082.9 1214.7 1169.4 1115.9 1072.4 1075.0 1105.9 1076.5 1036.5 1025.7 1042.1 7

 8 Corporate bonds 2164.0 2369.8 2671.9 2754.8 2866.8 2920.1 3068.9 3219.9 3348.1 3440.4 3582.4 8

 9 Bank loans n.e.c. 91.5 91.1 104.2 102.3 110.6 130.3 105.3 92.9 98.7 102.8 98.4 9

10 Other loans and advances 395.8 438.3 473.2 462.4 470.6 491.0 489.8 506.5 506.5 506.2 514.5 10

11 Mortgages 76.7 82.9 84.2 85.9 87.6 88.9 90.1 89.2 90.1 92.0 94.4 11

12 By sector 7694.9 8514.2 9447.0 9638.2 9846.8 10049.2 10358.2 10600.0 10807.3 11085.4 11402.9 12

13 Commercial banks 230.0 266.7 296.0 295.8 310.2 318.7 325.6 324.8 336.8 334.0 339.5 13

14 Bank holding companies 219.3 242.5 266.1 269.0 264.2 271.8 286.4 302.8 302.7 304.8 321.9 14

15 Savings institutions 260.4 287.7 295.1 280.5 275.3 286.3 281.4 287.2 277.0 277.9 280.9 15

16 Credit unions 3.4 3.4 4.9 5.5 6.0 6.8 6.9 7.6 8.0 8.8 9.1 16

17 Life insurance companies 3.2 2.5 3.1 3.7 4.0 4.5 5.1 6.3 6.6 7.4 8.0 17

18 Government-sponsored enterprises 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 18

19 Federally related mortgage pools 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 19

20 ABS issuers 1688.0 1887.3 2180.8 2233.3 2288.7 2338.6 2437.3 2511.0 2588.2 2645.3 2717.9 20

21 Brokers and dealers 25.3 40.9 42.3 38.4 42.8 46.6 40.6 50.2 46.2 48.6 47.0 21

22 Finance companies 696.1 778.1 779.6 764.3 789.5 808.9 822.8 822.0 873.9 900.7 932.3 22

23 Mortgage companies 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 23

24 REITs 165.1 167.8 170.2 172.1 178.4 185.3 190.0 194.4 197.6 206.7 213.4 24

25 Funding corporations 504.0 503.7 448.4 442.6 432.8 421.5 447.9 462.7 426.8 416.5 445.8 25
60 Z.1, March 4, 2004

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 25649.7 27389.3 29408.8 29860.3 30377.4 30913.5 31699.2 32239.9 32973.7 33644.4 34449.2 1

 2 Open market paper 1402.4 1614.0 1466.2 1407.0 1351.0 1351.2 1374.7 1359.2 1317.1 1294.5 1293.1 2

 3 U.S. government securities 7564.9 7702.5 8323.6 8547.2 8690.2 8884.8 9135.1 9315.6 9534.4 9832.9 10104.2 3

 4 Municipal securities 1457.2 1480.9 1603.7 1627.4 1681.5 1706.9 1763.1 1791.1 1850.4 1863.2 1899.4 4

 5 Corporate and foreign bonds 4684.2 5067.8 5693.9 5839.3 5984.1 6023.4 6189.7 6380.2 6557.1 6672.1 6840.4 5

 6 Bank loans n.e.c. 1383.8 1496.6 1421.0 1409.1 1377.8 1361.7 1340.4 1302.3 1287.2 1260.3 1292.4 6

 7 Other loans and advances 1299.9 1425.5 1462.2 1444.0 1465.0 1491.7 1495.3 1507.6 1516.3 1506.5 1514.7 7

 8 Mortgages 6314.5 6883.1 7581.5 7746.7 7962.4 8196.5 8462.9 8672.4 8969.8 9230.6 9465.4 8

 9 Consumer credit 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 9

 Memo:

 Selected claims not included above:

10 Corporate equities 19522.8 17627.0 15310.6 15235.8 13338.5 10946.9 11870.9 11424.5 13274.7 13749.1 15497.9 10

11 Mutual fund shares 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 11

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 25649.7 27389.3 29408.8 29860.3 30377.4 30913.5 31699.2 32239.9 32973.7 33644.4 34449.2 1

 2 Official foreign exchange 50.1 46.1 46.8 45.7 47.2 53.1 55.8 57.6 58.9 61.3 62.3 2

 3 SDR certificates 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 20.9 23.2 24.5 24.7 24.8 25.5 25.5 25.6 26.0 26.0 26.0 4

 5 Foreign deposits 686.1 820.3 851.0 840.1 856.6 869.8 874.9 870.7 910.6 850.1 846.7 5

 6 Net interbank liabilities 202.4 221.2 191.4 162.4 131.4 150.7 205.9 175.5 123.8 163.7 207.4 6

 7 Checkable deposits and currency 1484.5 1413.1 1603.2 1518.1 1571.9 1610.7 1646.7 1680.4 1703.1 1670.6 1681.0 7

 8 Small time and savings deposits 2671.6 2860.4 3127.6 3236.7 3256.4 3336.8 3398.7 3502.5 3575.2 3601.2 3628.3 8

 9 Large time deposits 936.4 1052.6 1121.1 1178.9 1188.7 1199.9 1171.5 1209.1 1222.5 1222.1 1233.5 9

10 Money market fund shares 1578.8 1812.1 2240.7 2203.3 2151.2 2114.8 2223.9 2156.2 2120.8 2058.0 2016.0 10

11 Security RPs 1083.6 1196.8 1231.8 1262.4 1343.1 1313.7 1336.8 1323.1 1450.0 1483.2 1662.9 11

12 Mutual fund shares 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 12

13 Security credit 676.6 822.7 825.9 778.0 745.6 726.3 738.8 796.6 971.9 940.2 860.4 13

14 Life insurance reserves 783.9 819.1 880.0 894.2 901.2 902.9 920.9 936.3 963.7 978.0 1005.0 14

15 Pension fund reserves 9067.6 9070.9 8681.1 8812.9 8329.4 7718.7 8003.0 7923.5 8525.3 8717.8 9303.6 15

16 Trade payables 2345.4 2747.7 2663.9 2699.2 2725.1 2753.9 2727.0 2784.9 2854.8 2955.8 3042.7 16

17 Taxes payable 178.9 204.8 219.2 225.7 233.8 254.2 248.3 270.3 275.6 283.3 282.5 17

18 Investment in bank personal trusts 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 18

19 Miscellaneous 9321.5 10542.9 11172.8 11248.1 11507.3 12009.8 11761.8 12050.8 11991.2 12261.1 12195.2 19

20 Total liabilities 62413.0 66575.7 69388.3 70203.2 70213.6 70220.4 71521.1 72415.7 74695.2 76046.8 78102.4 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.4 21.6 21.8 21.9 22.3 22.8 23.2 22.4 22.8 23.1 23.7 21

22 Corporate equities 19522.8 17627.0 15310.6 15235.8 13338.5 10946.9 11870.9 11424.5 13274.7 13749.1 15497.9 22

23 Household equity in noncorp. bus. 4571.3 4847.1 4964.6 4992.6 5053.7 5129.0 5177.8 5232.3 5275.4 5329.2 5414.3 23

 - Liabilities not identified as assets:

24 Treasury currency -7.1 -8.5 -8.6 -8.9 -9.1 -8.9 -9.1 -9.2 -9.1 -9.3 -9.5 24

25 Foreign deposits 568.2 646.6 657.7 636.0 660.8 666.7 676.0 673.0 726.7 676.0 673.2 25

26 Net interbank transactions -28.5 -4.3 11.1 21.9 17.5 16.5 15.3 19.3 6.8 18.1 12.0 26

27 Security RPs 266.4 388.9 343.5 396.4 458.8 375.5 349.5 388.2 293.1 296.9 379.4 27

28 Taxes payable 106.9 116.9 89.3 76.7 131.6 127.5 124.4 116.6 121.6 105.8 99.7 28

29 Miscellaneous -2334.1 -3397.9 -3754.8 -3662.5 -3718.2 -3602.1 -3643.1 -3719.1 -3669.2 -3453.5 -3570.9 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -9.8 -2.3 -12.3 -9.6 -9.3 -14.8 -11.7 27.4 -17.1 -52.5 -117.6 30

31 Other 22.3 24.0 28.6 26.3 31.4 25.8 35.9 34.2 40.1 35.2 45.8 31

32 Trade credit 97.0 107.8 103.2 55.0 23.0 17.5 85.8 45.3 31.0 51.0 123.9 32

33 Totals identified to sectors as assets 87847.2 91200.0 92227.7 92922.2 91041.6 88715.4 90970.0 91519.3 95744.2 97480.6 101402.1 33
Z.1, March 4, 2004 61

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 31653.0 30550.7 29272.5 29370.1 27750.0 25850.3 26916.6 26749.0 28547.9 29082.8 30712.8 1

 2 Foreign deposits 43.5 58.5 53.5 54.0 54.5 61.0 64.2 70.7 64.8 60.3 67.7 2

 3 Checkable deposits and currency 582.8 519.0 609.9 616.7 569.6 543.2 586.9 569.2 570.3 518.5 533.5 3

 4 Time and savings deposits 2928.6 3237.3 3495.1 3633.5 3684.9 3794.6 3790.8 3920.0 3999.9 4083.8 4133.5 4

 5 Money market fund shares 862.9 1017.2 1175.4 1163.0 1102.5 1116.0 1137.5 1120.6 1076.8 1046.8 1039.1 5

 6 Securities 14655.0 12911.8 11420.4 11235.0 10206.8 8862.2 9508.3 9275.2 10241.4 10529.3 11447.4 6

 7 Open market paper 67.7 72.6 41.8 40.8 38.9 43.9 47.6 53.7 46.1 47.7 46.0 7

 8 U.S. savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 8

 9 Other Treasury securities 657.4 441.7 339.3 320.1 279.2 285.1 232.7 276.5 326.8 291.9 262.2 9

10 Agency securities 301.0 348.3 269.9 242.8 222.2 148.1 95.4 61.0 25.1 159.2 269.6 10

11 Municipal securities 452.9 463.1 515.4 547.4 594.0 588.5 622.0 629.6 660.8 658.8 684.5 11

12 Corporate and foreign bonds 822.2 892.0 1009.7 1033.0 1086.2 1086.5 1175.0 1104.7 1065.5 1010.5 980.4 12

13 Corporate equities (2) 9052.1 7473.6 6184.2 5922.1 5049.2 4086.7 4601.5 4431.2 5059.7 5160.7 5709.2 13

14 Mutual fund shares 3115.2 3035.8 2869.7 2936.8 2744.3 2430.1 2539.2 2521.7 2858.2 2999.0 3291.6 14

15 Private life insurance reserves 748.9 782.7 842.2 856.4 862.4 864.2 881.6 896.9 923.9 938.1 964.5 15

16 Private insured pension reserves 1431.0 1456.1 1465.3 1490.4 1470.1 1434.4 1491.7 1510.1 1601.0 1644.9 1742.9 16

17 Private noninsured pension reserves 4598.1 4484.1 4127.3 4213.4 3878.3 3486.4 3601.3 3546.0 3872.3 3961.7 4266.9 17

18 Govt. insurance and pension reserves 3073.5 3167.1 3126.2 3146.9 3019.6 2836.6 2949.4 2906.8 3091.8 3151.0 3334.3 18

19 Investment in bank personal trusts 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 19

20 Miscellaneous and other assets 1598.3 1821.2 1996.5 1997.7 2007.6 2040.1 2064.2 2113.9 2228.8 2263.2 2250.7 20

21 Total liabilities 9394.8 10333.0 11161.3 11320.6 11547.6 11783.8 12104.2 12308.1 12735.2 13016.8 13280.1 21

22 Mortgage debt on nonfarm homes 4775.7 5192.0 5723.0 5861.7 6033.9 6231.5 6446.4 6623.6 6870.9 7081.3 7264.6 22

23 Other mortgage debt (3) 1130.6 1245.5 1352.9 1374.7 1401.9 1427.6 1454.9 1477.9 1504.9 1536.4 1540.9 23

24 Consumer credit 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 24

25 Policy loans 100.0 102.8 105.0 105.3 105.3 105.7 106.1 105.7 106.0 105.5 105.9 25

26 Security credit 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 26

27 Other liabilities (3) 1617.9 1838.6 1927.3 1947.4 1970.5 1972.1 2010.5 2029.9 2063.6 2081.6 2148.3 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 4, 2004

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 34989.7 33950.3 32652.7 32748.7 31158.2 29310.1 30410.3 30274.0 32089.7 32646.3 34341.0 1

 2 Deposits 4022.8 4351.5 4835.5 4963.4 4901.8 5004.2 5063.4 5164.7 5192.8 5190.2 5253.2 2

 3 Foreign deposits 43.5 58.5 53.5 54.0 54.5 61.0 64.2 70.7 64.8 60.3 67.7 3

 4 Checkable deposits and currency 346.0 225.6 315.3 317.9 266.7 237.3 279.1 259.1 256.8 201.8 214.7 4

 5 Time and savings deposits 2811.1 3099.7 3350.3 3486.8 3537.3 3647.4 3644.0 3774.2 3853.1 3936.8 3984.9 5

 6 Money market fund shares 822.2 967.8 1116.4 1104.8 1043.3 1058.4 1076.1 1060.6 1018.1 991.2 986.0 6

 7 Credit market instruments 2558.3 2473.2 2433.3 2442.4 2479.3 2411.5 2432.8 2387.8 2388.1 2433.6 2510.0 7

 8 Open market paper 67.7 72.6 41.8 40.8 38.9 43.9 47.6 53.7 46.1 47.7 46.0 8

 9 U.S. government securities 1107.7 934.6 756.8 711.4 650.3 582.2 477.9 489.2 504.7 605.7 688.1 9

10 Treasury 806.7 586.3 486.8 468.6 428.1 434.1 382.4 428.3 479.7 446.5 418.5 10

11 Savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 11

12 Other Treasury 620.2 401.5 296.5 276.7 235.4 240.9 187.6 231.4 280.5 245.0 214.7 12

13 Agency 301.0 348.3 269.9 242.8 222.2 148.1 95.4 61.0 25.1 159.2 269.6 13

14 Municipal securities 450.2 460.7 511.9 543.9 590.4 584.8 618.3 625.8 657.0 655.0 680.6 14

15 Corporate and foreign bonds 822.2 892.0 1009.7 1033.0 1086.2 1086.5 1175.0 1104.7 1065.5 1010.5 980.4 15

16 Mortgages 110.4 113.4 113.0 113.2 113.6 114.0 114.1 114.4 114.6 114.7 114.9 16

17 Corporate equities (2) 9052.1 7473.6 6184.2 5922.1 5049.2 4086.7 4601.5 4431.2 5059.7 5160.7 5709.2 17

18 Mutual fund shares 3115.2 3035.8 2869.7 2936.8 2744.3 2430.1 2539.2 2521.7 2858.2 2999.0 3291.6 18

19 Security credit 323.9 412.4 454.3 427.5 400.5 401.3 412.7 429.6 515.1 503.4 466.2 19

20 Life insurance reserves 783.9 819.1 880.0 894.2 901.2 902.9 920.9 936.3 963.7 978.0 1005.0 20

21 Pension fund reserves 9067.6 9070.9 8681.1 8812.9 8329.4 7718.7 8003.0 7923.5 8525.3 8717.8 9303.6 21

22 Investment in bank personal trusts 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 22

23 Equity in noncorporate business 4571.3 4847.1 4964.6 4992.6 5053.7 5129.0 5177.8 5232.3 5275.4 5329.2 5414.3 23

24 Miscellaneous assets 364.3 370.9 389.4 393.7 405.3 414.2 418.1 427.3 434.6 449.3 455.3 24

25 Total liabilities 6877.3 7466.4 8076.6 8190.7 8359.2 8546.2 8812.0 8965.7 9331.0 9549.6 9756.7 25

26 Credit market instruments 6499.0 7077.0 7722.4 7838.9 8027.3 8232.8 8498.1 8637.9 8912.1 9149.5 9401.2 26

27 Home mortgages (3) 4523.6 4900.4 5388.6 5517.3 5678.4 5862.0 6062.5 6225.5 6455.8 6651.8 6820.6 27

28 Consumer credit 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 28

29 Municipal securities 137.3 143.0 156.9 159.0 162.2 163.9 169.8 173.6 177.3 180.6 184.3 29

30 Bank loans n.e.c. 67.3 74.1 57.6 55.6 50.4 32.4 54.6 50.9 61.1 51.9 96.3 30

31 Other loans and advances 117.8 119.8 120.4 120.4 120.1 120.4 120.5 119.9 120.0 119.3 119.5 31

32 Commercial mortgages 110.3 120.7 142.2 147.2 150.8 156.8 152.7 156.6 156.5 161.6 140.8 32

33 Security credit 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 33

34 Trade payables 130.9 134.7 138.7 140.4 142.1 143.8 145.7 147.5 149.5 151.5 153.6 34

 Deferred and unpaid

35 life insurance premiums 19.4 19.6 19.1 19.4 19.3 20.0 20.0 20.7 21.0 21.0 21.2 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 4, 2004 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 9335.4 11260.1 11554.0 11605.8 11668.1 11695.0 11849.8 12000.5 12250.3 12440.0 12704.7 1

 2 Foreign deposits 31.5 24.0 15.6 27.2 23.2 23.9 20.6 25.9 30.4 31.4 31.7 2

 3 Checkable deposits and currency 567.8 674.9 630.0 585.9 640.5 678.1 671.4 670.9 702.6 765.8 798.5 3

 4 Time and savings deposits 254.4 274.9 276.7 274.7 259.1 242.2 270.9 277.9 284.8 273.4 266.1 4

 5 Money market fund shares 195.6 240.8 360.9 356.2 359.0 345.5 390.1 379.1 362.3 333.1 329.1 5

 6 Security RPs 5.8 4.2 4.0 3.7 5.7 5.4 6.2 5.8 6.6 7.1 7.9 6

 7 Credit market instruments 288.9 315.3 325.0 322.2 325.2 336.6 350.9 341.6 358.2 370.3 377.0 7

 8 Commercial paper 47.6 57.8 60.3 56.0 55.9 62.1 66.6 64.9 67.4 71.4 74.1 8

 9 U.S. government securities 69.0 73.7 76.5 85.4 91.4 91.9 93.7 96.8 105.1 110.8 115.8 9

10 Municipal securities 27.7 34.4 32.8 32.5 29.8 34.7 32.4 32.0 32.1 34.2 35.9 10

11 Mortgages 65.9 66.8 73.2 73.7 74.5 75.3 75.8 76.3 76.5 76.6 76.6 11

12 Consumer credit 78.7 82.7 82.3 74.6 73.7 72.6 82.2 71.7 77.1 77.3 74.7 12

13 Mutual fund shares 133.7 122.8 105.9 108.3 95.6 81.3 90.5 89.7 106.4 112.2 127.9 13

14 Trade receivables 1927.6 2280.2 2165.6 2236.6 2285.3 2314.3 2216.7 2306.2 2384.0 2458.8 2468.7 14

15 Miscellaneous assets 5930.1 7322.9 7670.4 7691.2 7674.3 7667.7 7832.6 7903.3 8015.1 8087.9 8297.7 15

16 Total liabilities 10924.8 12477.9 12861.7 12951.1 13064.0 13165.3 13298.0 13477.6 13651.5 13801.3 13945.1 16

17 Credit market instruments 5945.5 6511.2 6902.1 6957.0 7007.7 7032.0 7098.3 7165.5 7273.7 7326.1 7399.7 17

18 Commercial paper 230.3 278.4 190.1 167.5 148.4 142.2 126.0 127.1 107.5 108.4 85.9 18

19 Municipal securities 152.8 154.2 157.7 157.5 158.3 159.3 160.8 160.9 162.0 162.8 164.0 19

20 Corporate bonds 2067.7 2230.3 2578.8 2644.9 2691.2 2686.1 2711.0 2757.7 2832.0 2856.0 2873.3 20

21 Bank loans n.e.c. 1165.8 1260.8 1195.9 1184.5 1144.6 1129.8 1111.9 1090.9 1067.8 1044.6 1036.8 21

22 Other loans and advances 724.9 808.4 813.1 806.2 819.7 826.0 831.2 827.7 837.1 829.0 830.0 22

23 Mortgages 1603.9 1779.1 1966.5 1996.4 2045.5 2088.7 2157.6 2201.2 2267.4 2325.2 2409.6 23

24 Trade payables 1461.5 1822.2 1704.4 1735.9 1760.5 1783.2 1748.4 1796.9 1850.7 1934.5 2009.5 24

25 Taxes payable 124.0 142.6 149.7 154.1 160.1 178.2 170.0 189.2 191.5 196.2 193.0 25

26 Miscellaneous liabilities 3393.9 4001.8 4105.5 4104.0 4135.7 4171.9 4281.3 4326.0 4335.6 4344.6 4342.9 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 4, 2004

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 8093.8 9772.5 9908.6 9922.0 9948.0 9940.2 10058.5 10173.4 10380.7 10525.4 10747.9 1

 2 Foreign deposits 31.5 24.0 15.6 27.2 23.2 23.9 20.6 25.9 30.4 31.4 31.7 2

 3 Checkable deposits and currency 331.0 381.4 335.4 287.1 337.7 372.2 363.6 360.9 389.1 449.1 479.8 3

 4 Time and savings deposits 136.9 137.3 132.0 128.0 111.4 95.0 124.0 132.1 138.0 126.4 117.5 4

 5 Money market fund shares 154.9 191.4 301.9 297.9 299.8 287.9 328.8 319.1 303.6 277.6 276.0 5

 6 Security RPs 5.8 4.2 4.0 3.7 5.7 5.4 6.2 5.8 6.6 7.1 7.9 6

 7 Commercial paper 47.6 57.8 60.3 56.0 55.9 62.1 66.6 64.9 67.4 71.4 74.1 7

 8 U.S. government securities 31.8 33.5 33.7 42.0 47.5 47.7 48.6 51.7 58.8 64.0 68.2 8

 9 Municipal securities 25.0 31.9 29.3 28.9 26.1 31.0 28.7 28.2 28.2 30.3 32.0 9

10 Mortgages 41.2 43.5 46.6 46.6 47.1 47.6 48.1 48.5 49.0 49.5 50.0 10

11 Consumer credit 78.7 82.7 82.3 74.6 73.7 72.6 82.2 71.7 77.1 77.3 74.7 11

12 Trade receivables 1655.0 1938.1 1821.7 1882.6 1925.7 1950.7 1849.9 1930.3 1995.9 2054.2 2051.6 12

13 Mutual fund shares 133.7 122.8 105.9 108.3 95.6 81.3 90.5 89.7 106.4 112.2 127.9 13

14 Miscellaneous assets 5420.8 6723.8 6940.1 6939.1 6898.4 6862.8 7000.7 7044.5 7130.2 7175.0 7356.5 14

15 U.S. direct investment abroad (1) 1227.7 1320.4 1369.6 1407.5 1440.0 1468.9 1496.1 1525.8 1553.9 1592.2 1622.8 15

16 Insurance receivables 190.8 190.4 200.8 203.8 209.1 215.2 218.2 224.2 228.6 235.8 240.5 16

17 Equity in GSEs -0.8 -0.8 -8.1 -6.3 -10.4 -13.8 -13.1 -13.0 -14.2 -16.3 -13.3 17

18 Investment in finance company subs. 43.9 51.3 49.6 41.3 41.7 41.5 44.2 43.7 48.2 48.2 50.5 18

19 Other 3959.2 5162.5 5328.2 5292.8 5218.0 5150.9 5255.3 5263.7 5313.7 5315.1 5455.9 19

20 Total liabilities 8407.3 9611.4 9777.0 9821.2 9875.7 9927.7 10005.8 10135.2 10247.3 10334.2 10421.7 20

21 Credit market instruments 4180.7 4542.7 4766.9 4791.5 4797.9 4785.8 4806.2 4848.4 4918.2 4932.4 4971.2 21

22 Commercial paper 230.3 278.4 190.1 167.5 148.4 142.2 126.0 127.1 107.5 108.4 85.9 22

23 Municipal securities (2) 152.8 154.2 157.7 157.5 158.3 159.3 160.8 160.9 162.0 162.8 164.0 23

24 Corporate bonds (1) 2067.7 2230.3 2578.8 2644.9 2691.2 2686.1 2711.0 2757.7 2832.0 2856.0 2873.3 24

25 Bank loans n.e.c. 813.0 861.0 758.3 743.4 695.1 677.5 661.9 649.2 632.1 615.0 612.5 25

26 Other loans and advances 585.4 656.1 660.6 653.7 666.0 672.2 675.1 671.7 680.7 669.3 670.0 26

27 Savings institutions 15.3 19.7 21.5 22.2 22.2 22.7 23.1 23.7 24.1 28.7 28.2 27

28 Finance companies 355.6 412.6 402.3 398.7 404.5 401.0 409.7 408.5 410.2 401.0 400.9 28

29 Federal government 8.0 7.6 7.4 7.0 7.2 6.8 7.0 7.3 7.5 7.6 7.8 29

30 Acceptance liabilities to banks 4.4 4.3 4.1 3.9 4.4 4.3 4.4 4.7 4.4 4.2 4.2 30

31 Rest of the world 119.5 117.3 115.7 109.5 119.9 133.7 125.8 115.0 126.1 125.2 125.0 31

32 ABS issuers 82.6 94.7 109.8 112.4 107.8 103.8 105.0 112.5 108.4 102.7 104.0 32

33 Mortgages 331.4 362.6 421.3 424.5 439.0 448.5 471.5 481.8 503.9 520.9 565.5 33

34 Trade payables 1228.2 1541.4 1431.1 1453.8 1472.7 1492.1 1453.2 1490.6 1532.9 1601.9 1665.7 34

35 Taxes payable 71.0 78.0 81.0 85.1 87.7 101.1 93.1 107.5 107.4 110.9 106.5 35

36 Miscellaneous liabilities 2927.3 3449.2 3497.9 3490.9 3517.4 3548.8 3653.2 3688.7 3688.8 3689.0 3678.4 36

37 Foreign direct investment in U.S. 1085.5 1066.6 1069.1 1068.7 1058.3 1063.8 1181.5 1178.7 1174.6 1186.4 1230.9 37

38 Pension fund contributions payable 110.1 111.3 112.6 112.9 113.3 113.6 113.9 114.2 114.6 114.9 115.2 38

39 Other 1731.7 2271.3 2316.2 2309.2 2345.8 2371.4 2357.8 2395.8 2399.7 2387.6 2332.2 39

 Memo:

40 Trade receivables net of payables 426.9 396.6 390.6 428.8 453.1 458.6 396.7 439.7 463.0 452.3 386.0 40

41 Market value of equities 15155.6 12678.8 10796.2 10709.5 8999.1 7322.1 7906.9 7645.8 8819.9 9044.5 10170.3 41

42 Securities and mortgages 2552.0 2747.1 3157.8 3226.9 3288.4 3293.8 3343.3 3400.4 3497.9 3539.7 3602.9 42

43 Loans and short-term paper 1628.7 1795.6 1609.1 1564.6 1509.5 1491.9 1462.9 1448.0 1420.3 1392.7 1368.4 43

44 Total short-term liabilities (3) 2927.9 3415.0 3121.2 3103.5 3069.8 3085.1 3009.3 3046.1 3060.6 3105.6 3140.5 44

45 Total liquid assets (4) 898.1 984.4 1017.9 979.1 1003.1 1006.5 1077.6 1078.3 1128.6 1169.4 1215.1 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 61.0 60.5 66.2 67.3 68.5 68.8 69.6 70.1 71.1 71.8 72.5 46

47 Short-term debt/credit market debt 39.0 39.5 33.8 32.7 31.5 31.2 30.4 29.9 28.9 28.2 27.5 47

48 Liquid assets/short-term liabilities 30.7 28.8 32.6 31.5 32.7 32.6 35.8 35.4 36.9 37.7 38.7 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 4, 2004 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1176.8 1422.7 1578.4 1616.1 1650.9 1684.1 1719.8 1754.2 1795.5 1838.6 1879.4 1

 2 Checkable deposits and currency 217.6 274.1 274.5 278.6 282.6 285.5 287.3 289.6 293.0 296.2 298.2 2

 3 Time and savings deposits 117.5 137.6 144.7 146.7 147.6 147.2 146.9 145.8 146.8 147.0 148.6 3

 4 Money market fund shares 40.7 49.4 59.0 58.2 59.2 57.6 61.3 60.0 58.7 55.6 53.1 4

 5 Treasury securities 37.2 40.2 42.8 43.4 43.8 44.3 45.2 45.1 46.3 46.8 47.5 5

 6 Municipal securities 2.7 2.4 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 6

 7 Mortgages 24.7 23.3 26.6 27.2 27.5 27.7 27.8 27.7 27.5 27.1 26.6 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 272.6 342.1 343.9 354.0 359.6 363.6 366.7 375.9 388.1 404.5 417.1 9

10 Miscellaneous assets 463.8 553.7 683.3 704.4 726.9 754.6 780.9 806.3 831.3 857.4 884.3 10

11 Insurance receivables 45.9 45.8 48.3 49.0 50.3 51.8 52.5 53.9 55.0 56.7 57.9 11

12 Equity investment in GSEs (1) 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.6 1.5 1.7 1.9 12

13 Other 416.3 506.2 633.5 653.9 675.1 701.3 726.9 750.8 774.8 799.1 824.6 13

14 Total liabilities 2328.2 2665.5 2878.7 2924.2 2976.9 3023.0 3077.4 3127.0 3185.6 3247.4 3301.2 14

15 Credit market instruments 1595.4 1788.3 1947.5 1978.4 2018.0 2051.4 2096.5 2121.6 2157.6 2194.9 2227.4 15

16 Bank loans n.e.c. 308.6 352.9 390.7 396.9 402.8 405.5 404.1 398.3 390.7 384.2 378.8 16

17 Other loans and advances 116.6 127.8 128.0 127.7 129.1 129.2 131.2 130.9 132.6 136.8 136.7 17

18 Mortgages 1170.1 1307.6 1428.8 1453.8 1486.1 1516.7 1561.3 1592.4 1634.3 1673.9 1711.9 18

19 Trade payables 213.3 259.9 255.0 263.6 268.2 271.5 276.0 286.4 297.1 311.6 322.7 19

20 Taxes payable 53.0 64.6 68.7 69.1 72.4 77.1 76.8 81.7 84.1 85.3 86.5 20

21 Miscellaneous liabilities 466.5 552.6 607.5 613.2 618.3 623.1 628.1 637.3 646.8 655.7 664.5 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 64.8 64.9 67.0 67.8 69.2 70.7 71.5 72.9 74.1 76.0 77.4 1

 2 Checkable deposits and currency 19.2 19.4 20.1 20.2 20.3 20.4 20.5 20.5 20.5 20.5 20.6 2

 3 Miscellaneous assets 45.6 45.5 47.0 47.6 48.9 50.4 51.1 52.4 53.6 55.5 56.9 3

 4 Insurance receivables 43.9 43.9 45.3 45.9 47.2 48.6 49.3 50.7 51.7 53.3 54.4 4

 5 Equity investment in GSEs (2) 1.6 1.6 1.7 1.7 1.8 1.8 1.8 1.8 1.9 2.2 2.4 5

 6 Total liabilities 189.4 201.1 206.0 205.7 211.5 214.5 214.8 215.4 218.6 219.7 222.1 6

 7 Credit market instruments 169.4 180.2 187.7 187.1 191.8 194.9 195.6 195.5 197.9 198.8 201.0 7

 8 Bank loans n.e.c. 44.2 46.9 46.9 44.2 46.8 46.7 46.0 43.4 45.0 45.4 45.5 8

 9 Other loans and advances 22.8 24.5 24.5 24.8 24.6 24.6 24.8 25.1 23.8 23.0 23.3 9

10 Mortgages 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 10

11 Trade payables 20.0 20.9 18.3 18.6 19.6 19.6 19.2 20.0 20.7 20.9 21.1 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 4, 2004

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1257.8 1296.0 1387.5 1395.8 1429.9 1445.1 1474.1 1472.4 1504.6 1516.4 1544.2 1

 2 Checkable deposits and currency 32.2 33.2 38.2 37.1 41.1 41.5 46.7 43.1 45.0 44.9 53.0 2

 3 Time and savings deposits 102.1 111.5 119.2 133.0 125.6 131.9 136.3 145.7 146.3 150.4 158.5 3

 4 Security RPs 163.5 173.3 159.9 150.4 157.9 153.7 157.7 160.5 169.9 178.4 190.1 4

 5 Credit market instruments 767.8 767.0 827.6 828.1 842.2 845.1 853.4 833.7 849.7 844.9 859.9 5

 6 Open market paper 108.9 116.5 90.0 79.0 75.1 80.5 86.2 81.6 78.2 67.0 53.8 6

 7 U.S. government securities 456.8 439.7 509.8 519.0 532.8 531.4 534.0 522.2 537.5 542.7 565.0 7

 8 Treasury 266.8 247.7 297.9 303.9 316.8 316.4 320.0 311.2 323.5 325.9 343.7 8

 9 Agency 190.0 192.0 211.9 215.1 216.0 215.0 214.0 211.0 214.0 216.8 221.3 9

10 Municipal securities 1.0 1.6 1.9 1.7 1.4 1.0 0.5 1.2 1.6 2.9 4.3 10

11 Corporate and foreign bonds 71.3 75.0 86.9 88.2 91.5 89.4 88.7 83.5 85.9 84.6 87.7 11

12 Mortgages 129.8 134.3 139.0 140.2 141.4 142.7 143.9 145.2 146.5 147.8 149.1 12

13 Corporate equities 115.0 115.1 126.3 129.3 121.3 101.8 112.9 104.7 119.9 122.0 138.0 13

14 Mutual fund shares 25.6 26.4 31.5 30.5 32.4 33.1 33.5 35.7 34.9 33.5 30.5 14

15 Taxes receivable 33.5 45.6 50.1 49.5 51.6 56.0 59.5 63.7 69.0 74.4 80.1 15

16 Miscellaneous assets 18.1 24.0 34.7 37.9 57.8 82.1 74.1 85.3 70.1 67.9 34.1 16

17 Total liabilities 1785.4 1828.3 1959.2 1987.6 2043.7 2072.6 2127.6 2157.7 2218.3 2233.1 2270.3 17

18 Credit market instruments 1176.9 1192.3 1298.1 1320.0 1370.1 1393.0 1442.0 1466.1 1520.7 1529.5 1560.7 18

19 Municipal securities 1167.1 1183.6 1289.2 1310.9 1361.0 1383.8 1432.6 1456.6 1511.1 1519.9 1551.1 19

20 Short-term 43.7 45.1 69.0 70.1 75.2 83.6 94.2 92.8 92.2 94.9 101.1 20

21 Other 1123.4 1138.5 1220.2 1240.9 1285.8 1300.2 1338.4 1363.8 1418.9 1425.0 1449.9 21

22 U.S. government loans 9.7 8.7 8.9 9.0 9.1 9.3 9.4 9.5 9.6 9.6 9.7 22

23 Trade payables 608.6 635.9 661.1 667.6 673.6 679.6 685.6 691.6 697.6 703.6 709.6 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 560.5 513.8 614.9 600.4 573.9 638.1 612.7 601.1 621.4 641.7 633.6 1

 2 Gold, SDRs, and official foreign exchange 44.4 41.0 43.1 42.2 42.5 48.8 51.1 51.7 52.9 54.8 55.1 2

 3 Checkable deposits and currency 87.9 24.3 66.9 25.2 54.9 77.7 47.5 23.3 41.8 53.3 54.1 3

 4 Time and savings deposits 5.4 6.3 10.5 15.2 9.9 18.4 27.6 18.4 27.8 9.1 2.4 4

 5 Credit market instruments 261.1 272.7 278.7 281.0 280.1 287.9 288.5 284.1 281.9 286.9 284.7 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Other loans and advances 132.4 128.8 122.9 121.1 120.3 119.4 119.4 119.6 118.8 118.0 116.8 7

 8 Mortgages 77.7 76.9 75.8 75.7 75.5 75.0 76.3 73.9 74.0 73.6 73.8 8

 9 Consumer credit (1) 50.9 67.0 80.1 84.2 84.3 93.4 92.8 90.6 89.1 95.3 94.1 9

10 Trade receivables 22.9 28.1 35.5 35.9 34.6 33.7 33.1 31.7 30.4 32.5 32.6 10

11 Taxes receivable 38.5 42.4 79.8 99.5 50.6 70.8 64.3 90.0 85.0 103.1 102.8 11

12 Miscellaneous assets 100.4 99.0 100.3 101.3 101.4 100.8 100.6 101.8 101.6 101.9 101.9 12

13 Total liabilities 4498.1 4227.2 4288.7 4328.7 4361.4 4462.1 4572.6 4615.7 4734.3 4864.2 5016.1 13

14 SDR certificates 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 14

15 Treasury currency 20.9 23.2 24.5 24.7 24.8 25.5 25.5 25.6 26.0 26.0 26.0 15

16 Credit market instruments 3681.0 3385.1 3379.5 3430.3 3451.4 3540.8 3637.0 3700.6 3806.9 3914.5 4033.1 16

17 Savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 17

18 Other Treasury securities 3466.2 3173.0 3162.4 3212.1 3231.9 3320.4 3414.9 3476.8 3580.8 3686.0 3804.4 18

19 Budget agency securities 28.3 27.3 26.8 26.3 26.8 27.2 27.3 26.9 27.0 27.0 24.9 19

20 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 20

21 Trade payables 64.5 69.0 72.7 73.8 75.5 75.0 72.2 74.0 74.8 87.4 93.5 21

22 Insurance reserves 35.0 36.4 37.8 37.7 38.7 38.7 39.4 39.4 39.8 39.9 40.5 22

23 Miscellaneous liabilities (2) 690.6 711.3 772.0 760.0 768.7 779.9 796.3 773.9 784.6 794.1 820.8 23

24 Nonmarketable securities held by pension plans 684.0 704.9 765.8 753.7 762.6 773.7 790.3 767.8 778.6 788.1 815.0 24

25 Other 6.6 6.4 6.2 6.3 6.2 6.2 6.0 6.1 6.0 6.0 5.8 25

(1) Student loans.

(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement

 and disability fund.
Z.1, March 4, 2004 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5772.1 6446.3 6749.8 6825.5 6991.5 7201.0 7069.6 7276.7 7465.6 7516.1 7802.5 1

 2 Net interbank assets 140.3 161.1 115.5 83.6 55.1 72.6 119.7 92.1 49.5 76.4 124.7 2

 3 U.S. checkable deposits and currency 298.3 294.1 318.3 325.7 331.0 331.0 341.5 349.5 363.8 356.3 368.4 3

 4 U.S. time deposits 101.6 103.5 83.3 88.3 92.8 92.7 95.3 102.8 100.6 65.2 86.8 4

 5 Security RPs 79.9 91.3 150.7 128.2 159.6 205.2 190.1 161.5 361.8 423.9 460.3 5

 6 Credit market instruments 2306.8 2476.9 2724.3 2789.5 2900.9 3003.2 3131.0 3231.9 3420.7 3540.4 3742.3 6

 7 Open market paper 102.3 111.9 118.1 126.2 129.9 130.6 135.4 139.7 153.6 146.3 152.7 7

 8 U.S. government securities 1380.6 1471.4 1593.5 1617.9 1686.7 1778.3 1883.6 1927.3 2021.3 2046.0 2170.6 8

 9 Official holdings 693.8 749.9 798.8 805.1 826.8 839.1 898.0 929.8 968.4 988.0 1056.2 9

10 Treasury 617.7 625.2 650.7 649.7 664.8 666.2 710.6 732.9 768.2 784.5 838.1 10

11 Agency 76.1 124.7 148.1 155.4 162.0 172.9 187.4 196.9 200.2 203.5 218.1 11

12 Private holdings 686.8 721.5 794.7 812.8 859.9 939.2 985.6 997.5 1052.9 1057.9 1114.4 12

13 Treasury 462.8 401.0 389.0 400.8 415.0 472.5 503.6 517.7 574.9 624.4 650.9 13

14 Agency 224.1 320.5 405.7 412.0 444.9 466.7 482.0 479.8 478.0 433.6 463.5 14

15 U.S. corporate bonds (1) 704.3 776.3 896.9 935.9 964.3 960.5 986.2 1050.0 1119.7 1223.0 1293.9 15

16 Loans to U.S. corporate business 119.5 117.3 115.7 109.5 119.9 133.7 125.8 115.0 126.1 125.2 125.0 16

17 U.S. corporate equities 1611.5 1625.6 1533.9 1592.4 1424.6 1197.3 1222.7 1154.1 1363.8 1394.9 1618.4 17

18 Trade receivables 47.4 47.0 43.9 46.1 46.3 46.7 47.0 47.3 47.2 45.6 43.9 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 1186.3 1646.8 1779.9 1771.9 1981.1 2252.4 1922.2 2137.6 1758.3 1613.5 1357.7 20

21 Foreign direct investment in U.S. (2) 1216.0 1316.2 1383.2 1393.1 1395.5 1410.3 1521.0 1554.8 1579.4 1587.6 1619.0 21

22 Other -29.7 330.6 396.7 378.8 585.7 842.1 401.2 582.8 178.8 25.9 -261.3 22

23 Total liabilities 3147.8 3488.0 3566.9 3695.5 3802.0 4149.3 3757.1 3940.7 3664.4 3580.2 3507.8 23

 U.S. official foreign exchange

24 and net IMF position 50.1 46.1 46.8 45.7 47.2 53.1 55.8 57.6 58.9 61.3 62.3 24

25 U.S. private deposits 686.1 820.3 851.0 840.1 856.6 869.8 874.9 870.7 910.6 850.1 846.7 25

26 Credit market instruments 652.5 709.5 659.7 675.9 674.1 665.7 665.6 669.9 653.0 639.5 651.6 26

27 Commercial paper 89.2 120.9 106.7 123.6 130.2 134.0 142.8 155.7 173.1 160.4 165.1 27

28 Bonds 452.5 467.7 443.2 439.6 426.1 417.3 409.8 402.5 377.0 375.7 384.6 28

29 Bank loans n.e.c. 59.2 70.5 63.2 66.7 72.2 69.3 68.6 67.6 59.7 61.0 60.9 29

30 Official 3.0 3.5 4.3 4.2 4.8 5.0 5.1 4.7 4.7 4.4 4.6 30

31 Banks 9.9 13.2 5.9 6.1 9.7 7.8 5.1 5.5 4.9 3.9 3.7 31

32 Other 46.4 53.8 53.1 56.5 57.8 56.5 58.4 57.4 50.1 52.8 52.7 32

33 U.S. government loans 47.8 47.2 46.0 45.4 45.1 44.6 44.3 44.0 43.0 42.2 40.9 33

34 Acceptance liabilities to banks 3.9 3.1 0.5 0.6 0.5 0.5 0.2 0.1 0.1 0.1 0.2 34

35 Trade payables 49.1 49.9 47.8 45.2 42.8 40.5 37.6 46.3 46.9 46.4 48.4 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 1710.1 1862.3 1961.5 2088.6 2181.3 2520.1 2123.2 2296.3 1995.0 1982.9 1898.9 37

38 U.S. equity in IBRD, etc. 33.9 35.4 37.1 37.5 37.9 38.2 38.7 39.1 39.6 39.9 40.3 38

39 U.S. government deposits 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.6 2.7 2.7 2.7 39

40 U.S. direct investment abroad (1,2) 1414.4 1529.7 1598.1 1639.6 1677.3 1711.7 1751.9 1788.1 1819.4 1859.4 1889.8 40

41 Other 259.3 294.6 323.8 408.9 463.6 767.6 330.0 466.4 133.3 80.9 -34.0 41

 Memo:

42 Market value of foreign equities 2003.7 1852.9 1612.7 1515.9 1491.0 1179.9 1345.2 1270.2 1516.9 1661.3 1943.5 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 4, 2004

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 696.9 636.0 683.0 686.7 706.9 710.2 753.6 756.7 769.0 778.9 796.9 1

 2 Gold and foreign exchange 27.1 26.6 25.5 25.3 27.1 27.1 27.9 28.3 28.8 29.6 30.8 2

 3 SDR certificates 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 28.0 31.6 33.0 33.6 34.0 34.3 34.6 34.8 35.1 35.3 35.5 4

 5 Federal Reserve float -0.2 0.9 -0.0 -0.5 -0.2 0.4 0.4 -1.2 -0.5 -0.5 -0.3 5

 6 Fed. Res. loans to domestic banks 0.2 0.1 0.0 0.0 0.2 0.2 0.0 0.0 0.8 0.2 0.1 6

 7 Security RPs 140.6 43.4 50.3 29.5 32.0 21.8 39.5 31.8 31.8 37.5 43.8 7

 8 Credit market instruments 478.1 511.8 551.7 575.4 590.7 604.2 629.4 641.5 652.1 656.1 666.7 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 478.1 511.8 551.7 575.4 590.7 604.2 629.4 641.5 652.1 656.1 666.7 10

11 Treasury 478.0 511.7 551.7 575.4 590.7 604.2 629.4 641.5 652.1 656.1 666.7 11

12 Agency 0.2 0.1 0.0 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 16.8 19.3 20.3 21.2 21.0 20.1 19.6 19.3 18.9 18.5 18.3 14

15 Total liabilities 690.5 629.2 675.7 678.7 697.4 701.2 745.3 747.2 760.0 768.7 788.1 15

16 Depository institution reserves 24.0 19.0 17.5 22.4 22.3 23.2 22.5 26.8 27.7 29.1 23.1 16

17 Vault cash of commercial banks 66.6 44.4 47.3 34.9 36.5 37.9 47.8 38.5 39.5 40.4 47.9 17

18 Checkable deposits and currency 590.4 555.2 603.1 613.3 630.0 630.7 644.6 654.7 662.1 665.5 682.5 18

19 Due to federal government 28.5 5.6 7.1 6.1 8.5 8.3 4.8 7.1 7.3 7.6 6.0 19

20 Due to rest of the world 0.1 0.3 0.1 0.3 0.1 0.2 0.1 0.3 1.0 0.1 0.2 20

21 Currency outside banks 561.8 549.3 596.0 607.0 621.4 622.2 639.7 647.3 653.8 657.8 676.3 21

22 Miscellaneous liabilities 9.4 10.6 7.7 8.0 8.6 9.5 30.3 27.2 30.7 33.7 34.6 22

23 Federal Reserve Bank stock 6.4 7.0 7.4 7.6 8.3 8.3 8.4 8.5 8.7 8.7 8.8 23

24 Other 3.0 3.6 0.4 0.4 0.3 1.2 21.9 18.7 22.0 25.0 25.7 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 4, 2004 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5982.5 6468.7 6829.0 6809.6 6958.6 7161.8 7329.2 7430.8 7619.1 7639.0 7812.2 1

 2 Vault cash 66.6 44.4 47.3 34.9 36.5 37.9 47.8 38.5 39.5 40.4 47.9 2

 3 Reserves at Federal Reserve 19.3 17.4 15.2 20.2 19.1 20.5 19.5 24.0 25.0 25.7 19.1 3

 4 Checkable deposits and currency 2.2 1.7 2.8 1.7 2.7 2.7 2.5 3.0 3.0 2.4 2.5 4

 5 Total bank credit 4788.5 5200.8 5411.3 5416.1 5521.2 5660.3 5811.4 5891.8 6058.3 6061.4 6202.7 5

 6 U.S. government securities 928.5 906.4 940.1 974.2 1040.6 1081.9 1123.7 1097.8 1162.1 1095.2 1133.3 6

 7 Treasury 228.9 184.5 162.7 165.9 183.8 192.0 205.8 136.7 127.2 127.5 133.8 7

 8 Agency 699.6 721.8 777.4 808.3 856.8 889.9 917.9 961.2 1035.0 967.8 999.5 8

 9 Municipal securities 110.8 114.1 120.2 118.7 118.3 121.2 121.7 123.2 127.1 131.9 132.5 9

10 Corporate and foreign bonds 220.5 278.6 376.4 373.7 358.8 368.9 379.1 470.8 473.3 483.1 506.4 10

11 Total loans 3505.1 3874.8 3944.4 3918.7 3980.3 4074.7 4163.8 4184.4 4272.8 4327.0 4398.3 11

12 Open market paper 1.4 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank loans n.e.c. 1383.8 1496.6 1421.0 1409.1 1377.8 1361.7 1340.4 1302.3 1287.2 1260.3 1292.4 13

14 Mortgages 1495.4 1660.1 1789.8 1800.3 1873.1 1962.0 2058.3 2099.4 2193.1 2263.9 2256.0 14

15 Consumer credit 499.8 541.5 558.4 550.7 554.9 575.7 587.2 575.3 584.2 593.7 636.4 15

16 Security credit 124.8 175.2 175.2 158.5 174.6 175.3 177.9 207.4 208.3 209.1 213.5 16

17 Corporate equities 11.3 11.9 8.9 8.5 4.9 0.0 3.5 2.0 6.7 9.7 15.1 17

18 Mutual fund shares 12.4 15.0 21.3 22.3 18.2 13.6 19.6 13.5 16.3 14.5 17.1 18

19 Customers’ liab. on acceptances (2) 8.2 7.5 4.6 4.5 4.8 4.8 4.6 4.8 4.5 4.3 4.4 19

20 Miscellaneous assets 1097.7 1196.9 1347.9 1332.2 1374.3 1435.7 1443.4 1468.7 1488.8 1504.8 1535.6 20

21 Total liabilities 5833.5 6407.1 6770.3 6699.6 6894.0 7102.5 7330.6 7415.9 7593.9 7667.8 7854.4 21

22 Net interbank liabilities 111.8 157.8 126.6 105.1 72.6 89.7 135.5 110.2 56.5 94.2 136.4 22

23 To monetary authority -0.0 1.0 0.0 -0.5 -0.1 0.6 0.5 -1.2 0.2 -0.3 -0.3 23

24 To domestic banks (3) -28.5 -4.3 11.1 21.9 17.5 16.5 15.3 19.3 6.8 18.1 12.0 24

25 To foreign banks 140.3 161.1 115.5 83.6 55.1 72.6 119.7 92.1 49.5 76.4 124.7 25

26 Checkable deposits 626.4 540.9 628.8 523.0 536.5 563.2 571.4 575.6 575.2 526.5 502.8 26

27 Federal government 49.6 16.4 47.5 9.5 37.1 54.6 31.1 43.6 17.4 -6.8 -69.5 27

28 Rest of the world 43.6 33.9 34.5 37.2 35.5 32.8 36.1 39.0 51.3 41.8 46.3 28

29 Private domestic 533.2 490.6 546.9 476.4 463.9 475.8 504.3 493.0 506.5 491.5 526.0 29

30 Small time and savings deposits 2017.1 2228.7 2478.1 2560.6 2598.0 2684.0 2747.8 2833.5 2913.7 2935.5 2978.3 30

31 Large time deposits 792.6 885.4 918.1 960.7 966.7 956.7 915.6 940.5 934.8 933.6 934.5 31

32 Federal funds and security RPs (net) 750.0 816.1 786.5 768.5 805.7 834.9 902.0 896.6 992.4 972.8 1069.2 32

33 Credit market instruments 449.3 509.3 562.1 564.8 574.4 590.6 612.0 627.6 639.5 638.9 661.4 33

34 Open market paper 63.1 63.6 55.4 60.9 48.4 51.5 52.9 49.4 44.2 45.2 46.7 34

35 Corporate bonds 240.6 273.2 310.2 304.8 313.8 317.4 332.2 352.9 359.7 361.2 379.2 35

36 Other loans and advances 145.6 172.4 196.6 199.0 212.2 221.7 226.9 225.3 235.6 232.5 235.5 36

37 Taxes payable 9.0 11.1 13.5 14.1 14.8 15.5 16.2 16.9 17.6 18.3 19.1 37

38 Miscellaneous liabilities 1077.4 1257.8 1256.6 1202.8 1325.5 1368.0 1430.1 1414.9 1464.2 1548.1 1552.8 38

 Memo:

39 Credit market funds advanced (4) 4648.3 5006.3 5210.5 5231.3 5328.3 5476.2 5614.9 5673.6 5831.6 5832.4 5961.5 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 4, 2004

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4431.2 4774.1 5014.5 4998.6 5108.2 5273.8 5427.1 5519.2 5683.7 5704.5 5839.8 1

 2 Vault cash and reserves at Federal Reserve 84.4 61.3 61.9 54.5 54.7 57.4 66.1 61.3 63.4 63.7 66.2 2

 3 Total bank credit 4164.5 4515.2 4718.6 4737.3 4823.7 4953.1 5102.3 5158.3 5324.2 5350.0 5481.6 3

 4 U.S. government securities 731.1 714.4 756.7 793.7 842.5 869.0 907.7 955.7 1013.9 953.7 999.9 4

 5 Treasury 122.8 87.9 56.5 68.6 75.2 74.6 86.4 89.3 77.9 81.2 93.5 5

 6 Agency 608.3 626.5 700.2 725.1 767.3 794.4 821.3 866.4 936.0 872.5 906.4 6

 7 Mortgage pool securities 283.7 297.8 350.6 359.8 415.6 431.3 434.9 466.2 526.1 472.2 491.5 7

 8 Agency-issued CMOs 120.9 111.0 168.2 166.4 145.6 156.4 159.1 179.5 179.3 158.5 161.4 8

 9 Other agency securities 203.8 217.6 181.4 198.9 206.1 206.7 227.4 220.7 230.5 241.8 253.5 9

10 Municipal securities 110.2 113.4 119.7 118.2 117.9 120.7 121.2 122.7 126.6 131.3 131.9 10

11 Corporate and foreign bonds 161.8 214.0 278.5 281.6 267.5 274.6 283.5 288.5 281.8 302.3 330.6 11

12 Private mortgage pool securities 4.5 4.1 25.3 19.0 13.8 12.0 12.0 10.6 10.3 11.4 12.2 12

13 Privately issued CMOs 48.8 56.5 59.3 60.7 57.0 66.3 67.4 78.1 78.4 84.2 92.6 13

14 Other bonds 108.5 153.4 193.9 201.9 196.7 196.3 204.2 199.8 193.0 206.7 225.8 14

15 Total loans 3137.8 3446.5 3533.6 3513.0 3572.6 3675.3 3766.7 3775.8 3878.9 3938.6 3987.1 15

16 Open market paper 0.7 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Bank loans n.e.c. 1104.3 1202.4 1140.5 1118.9 1098.1 1092.3 1081.9 1050.6 1039.3 1029.5 1045.5 17

18 Mortgages 1465.4 1627.0 1752.8 1762.7 1834.7 1922.3 2018.5 2058.5 2150.9 2216.1 2213.6 18

19 Consumer credit 499.8 541.5 558.4 550.7 554.9 575.7 587.2 575.3 584.2 593.7 636.4 19

20 Security credit 67.6 74.7 81.9 80.7 84.9 84.9 79.2 91.5 104.5 99.4 91.5 20

21 Corporate equities 11.3 11.9 8.9 8.5 4.9 0.0 3.5 2.0 6.7 9.7 15.1 21

22 Mutual fund shares 12.4 15.0 21.3 22.3 18.2 13.6 19.6 13.5 16.3 14.5 17.1 22

23 Customers’ liab. on acceptances (1) 6.6 5.9 3.6 3.5 4.0 3.8 3.9 4.3 4.1 3.8 3.8 23

24 Miscellaneous assets 175.6 191.7 230.4 203.3 225.8 259.5 254.7 295.2 292.0 287.0 288.2 24

25 Total liabilities 4685.6 5169.7 5455.3 5396.4 5543.8 5728.8 5948.0 6023.6 6189.5 6273.2 6425.8 25

26 Net interbank liabilities 56.9 137.5 138.2 119.4 129.5 116.9 192.4 177.7 133.0 173.5 222.9 26

27 Federal Reserve float -0.2 0.9 -0.0 -0.5 -0.2 0.4 0.4 -1.2 -0.5 -0.5 -0.3 27

28 Borrowing from Federal Reserve banks 0.2 0.1 0.0 0.0 0.2 0.2 0.0 0.0 0.8 0.2 0.1 28

29 To domestic banks -67.3 -33.0 -17.8 0.1 -3.9 -1.5 0.2 -15.2 -61.5 -57.8 -65.2 29

30 To foreign banks 124.1 169.5 155.9 119.7 133.5 117.9 191.8 194.0 194.3 231.6 288.4 30

31 Checkable deposits 608.7 523.7 608.2 503.7 515.7 543.4 552.7 556.8 552.9 506.3 481.4 31

32 Federal government 49.6 16.4 47.5 9.5 37.1 54.6 31.1 43.6 17.4 -6.8 -69.5 32

33 Rest of the world 37.6 28.3 31.2 34.4 33.4 30.8 33.2 36.7 48.6 39.5 43.8 33

34 Private domestic 521.5 479.0 529.5 459.8 445.2 458.1 488.4 476.4 486.9 473.6 507.1 34

35 Small time and savings deposits 1997.4 2208.0 2448.3 2533.4 2568.8 2656.3 2722.0 2808.5 2888.4 2908.8 2950.2 35

36 Large time deposits 465.7 553.6 528.4 524.2 528.1 551.8 552.7 569.1 572.5 569.7 555.7 36

37 Federal funds and security RPs (net) 667.0 682.4 663.9 671.3 683.3 694.3 737.4 698.7 786.6 802.9 905.6 37

38 Acceptance liabilities 6.6 6.0 3.7 3.5 4.0 3.8 3.9 4.3 4.1 3.8 3.8 38

39 Corporate bonds 75.8 86.4 94.7 92.3 93.1 92.1 94.1 94.7 96.6 97.3 99.6 39

40 Other loans and advances 145.6 172.4 196.6 199.0 212.2 221.7 226.9 225.3 235.6 232.5 235.5 40

41 Taxes payable 9.0 11.1 13.5 14.1 14.8 15.5 16.2 16.9 17.6 18.3 19.1 41

42 Miscellaneous liabilities 653.1 788.6 759.8 735.3 794.4 832.9 849.6 871.7 902.2 960.2 952.0 42

43 Investment by bank holding companies 471.9 525.4 586.1 593.8 609.8 630.4 639.2 650.1 667.0 679.6 689.1 43

44 Other 181.2 263.2 173.7 141.5 184.5 202.5 210.4 221.6 235.2 280.5 263.0 44

 Memo:

45 Credit market funds advanced (2) 4080.0 4419.5 4610.1 4629.3 4719.7 4858.4 5003.9 5055.6 5200.8 5230.3 5361.7 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 4, 2004 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 750.9 789.4 791.9 769.7 789.6 804.0 801.1 778.5 750.1 728.0 733.2 1

 2 Reserves at Federal Reserve 1.4 0.5 0.6 0.6 1.0 0.9 1.2 1.1 1.1 2.4 0.9 2

 3 Total bank credit 543.0 610.2 603.0 584.5 601.4 610.6 615.0 634.4 620.9 599.6 607.1 3

 4 U.S. government securities 166.9 166.7 154.5 145.7 161.0 176.5 178.3 104.3 107.6 94.9 86.7 4

 5 Treasury 94.5 94.0 103.8 94.1 105.7 115.0 116.7 44.3 44.5 40.1 34.2 5

 6 Agency 72.4 72.7 50.7 51.7 55.3 61.5 61.6 60.0 63.1 54.8 52.5 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 42.4 50.7 81.3 76.8 77.0 79.9 81.6 164.0 167.2 165.5 160.9 8

 9 Total loans 333.8 392.8 367.2 362.0 363.5 354.3 355.2 366.1 346.2 339.2 359.6 9

10 Open market paper 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Bank loans n.e.c. 260.0 274.6 256.1 265.9 255.2 244.9 237.5 231.2 223.1 205.7 220.4 11

12 Mortgages 15.9 17.1 17.9 18.3 18.6 19.0 19.0 18.9 19.3 23.7 17.2 12

13 Security credit 57.2 100.5 93.3 77.9 89.7 90.4 98.7 115.9 103.8 109.8 121.9 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) 1.6 1.6 1.0 1.0 0.9 1.0 0.6 0.5 0.4 0.5 0.6 15

16 Miscellaneous assets 204.9 177.1 187.2 183.7 186.3 191.5 184.2 142.5 127.6 125.5 124.6 16

17 Total liabilities 776.4 818.4 824.8 803.8 824.7 840.2 838.4 817.0 789.8 769.0 775.4 17

18 Net interbank liabilities 48.2 7.4 -9.3 -13.1 -56.1 -27.6 -51.6 -61.1 -78.8 -84.6 -92.1 18

19 To foreign banks 41.5 -15.5 -50.9 -58.7 -97.9 -69.5 -83.1 -103.8 -111.8 -122.2 -129.9 19

20 To domestic banks 6.7 22.9 41.6 45.6 41.8 41.9 31.5 42.7 33.0 37.6 37.8 20

21 Checkable deposits 9.1 8.7 9.1 8.1 7.5 7.5 8.4 8.0 10.0 8.8 9.4 21

22 Small time and savings deposits 7.5 7.2 11.6 8.5 9.7 8.3 9.4 8.7 8.9 9.7 10.3 22

23 Large time deposits 314.8 318.2 371.5 417.7 419.1 385.4 346.4 355.2 346.0 346.9 361.0 23

24 Federal funds and security RPs (net) 82.5 134.8 123.9 96.1 121.4 139.3 163.4 191.8 197.1 167.7 161.5 24

25 Acceptance liabilities 2.0 2.0 1.1 1.0 0.9 1.1 0.7 0.5 0.5 0.5 0.6 25

26 Miscellaneous liabilities 312.2 340.1 316.9 285.5 322.3 326.2 361.8 314.0 306.2 320.0 324.7 26

27 Foreign direct investment in U.S. 62.0 64.2 71.6 71.8 68.6 68.8 80.7 83.9 82.9 83.5 84.0 27

28 Due to affiliates 93.0 138.7 107.9 103.2 124.3 121.5 132.6 128.3 124.8 118.3 130.8 28

29 Other 157.2 137.2 137.4 110.5 129.4 135.8 148.5 101.8 98.5 118.2 109.9 29

 Memo:

30 Credit market funds advanced (3) 487.4 511.3 510.7 507.7 512.6 521.2 516.9 519.0 517.6 490.3 485.8 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 4, 2004

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 741.2 841.9 942.4 959.5 976.2 998.6 1025.8 1056.5 1104.6 1121.0 1151.6 1

 2 Credit market instruments 32.7 20.5 24.7 27.7 28.1 27.7 27.8 33.0 42.9 36.4 36.4 2

 3 U.S. government securities 14.1 5.6 7.4 11.5 13.2 12.3 12.0 12.8 13.3 15.2 14.4 3

 4 Treasury issues 8.8 0.8 1.2 1.3 1.7 1.4 1.3 1.3 2.4 3.0 2.7 4

 5 Agency 5.4 4.8 6.2 10.2 11.5 10.9 10.7 11.4 10.9 12.2 11.6 5

 6 Corporate and foreign bonds 15.9 13.2 15.3 14.1 12.8 13.3 12.9 17.6 23.0 14.3 14.2 6

 7 Bank loans n.e.c. 2.6 1.6 1.9 2.1 2.1 2.1 2.9 2.6 6.7 6.8 7.9 7

 8 Miscellaneous assets 708.5 821.4 917.8 931.8 948.1 970.9 998.1 1023.5 1061.7 1084.7 1115.2 8

 9 Investment in bank subsidiaries 471.9 525.4 586.1 593.8 609.8 630.4 639.2 650.1 667.0 679.6 689.1 9

10 Investment in nonbank subsidiaries 151.3 189.7 219.5 222.9 218.4 209.0 219.3 227.8 247.6 255.2 264.3 10

11 Other 85.4 106.3 112.2 115.1 119.9 131.5 139.5 145.7 147.1 149.9 161.9 11

12 Total liabilities 314.6 358.7 413.4 421.1 444.4 452.0 473.1 503.0 538.3 544.9 570.7 12

13 Net interbank liabilities 6.7 12.9 -2.3 -1.2 -0.9 0.3 -5.3 -6.4 2.4 5.3 5.6 13

14 To domestic banks 32.1 5.8 -12.8 -23.8 -20.4 -23.9 -16.4 -8.2 35.3 38.3 39.4 14

15 To foreign banks -25.4 7.1 10.4 22.6 19.5 24.2 11.1 1.8 -32.9 -33.0 -33.8 15

16 Federal funds and security RPs (net) 0.5 -1.1 -1.2 1.0 1.0 1.3 1.2 6.2 8.8 2.2 2.1 16

17 Credit market instruments 219.3 242.5 266.1 269.0 264.2 271.8 286.4 302.8 302.7 304.8 321.9 17

18 Commercial paper 54.5 55.7 50.6 56.5 43.4 46.6 48.3 44.6 39.6 40.9 42.3 18

19 Corporate bonds 164.8 186.8 215.5 212.5 220.7 225.3 238.1 258.2 263.1 263.9 279.6 19

20 Miscellaneous liabilities 88.1 104.4 150.8 152.3 180.1 178.6 190.9 200.4 224.5 232.7 241.2 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 59.2 63.3 80.2 81.8 84.6 85.3 75.2 76.6 80.8 85.4 87.5 1

 2 Checkable deposits and currency 2.2 1.7 2.8 1.7 2.7 2.7 2.5 3.0 3.0 2.4 2.5 2

 3 Credit market instruments 48.3 55.0 65.0 66.6 67.9 68.8 66.3 66.1 70.3 75.5 77.6 3

 4 U.S. government securities 16.3 19.6 21.5 23.3 23.9 24.1 25.7 25.0 27.4 31.5 32.4 4

 5 Treasury 2.8 1.8 1.2 2.0 1.1 1.1 1.5 1.7 2.4 3.2 3.4 5

 6 Agency 13.5 17.8 20.3 21.3 22.8 23.1 24.2 23.4 25.0 28.3 28.9 6

 7 Municipal securities 0.6 0.7 0.5 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 7

 8 Corporate and foreign bonds 0.5 0.8 1.4 1.2 1.4 1.1 1.1 0.7 1.4 1.0 0.8 8

 9 Bank loans n.e.c. 16.9 18.0 22.5 22.2 22.4 22.4 18.1 17.9 18.2 18.2 18.6 9

10 Home mortgages 8.1 9.1 8.2 8.2 8.6 9.2 9.6 10.6 11.2 11.6 12.3 10

11 Commercial mortgages 6.0 6.8 11.0 11.2 11.1 11.5 11.3 11.4 11.7 12.5 12.9 11

12 Miscellaneous assets 8.7 6.6 12.5 13.5 14.1 13.8 6.4 7.5 7.5 7.6 7.5 12

13 Total liabilities 56.9 60.4 76.8 78.4 81.1 81.4 71.0 72.3 76.2 80.7 82.5 13

14 Checkable deposits 8.5 8.4 11.5 11.2 13.3 12.2 10.3 10.9 12.2 11.4 12.0 14

15 Small time and savings deposits 12.2 13.6 18.1 18.7 19.5 19.5 16.4 16.3 16.3 17.0 17.8 15

16 Large time deposits 12.2 13.6 18.1 18.7 19.5 19.5 16.4 16.3 16.3 17.0 17.8 16

17 Miscellaneous liabilities 24.1 24.8 29.0 29.7 28.7 30.3 27.8 28.8 31.4 35.2 34.9 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, March 4, 2004 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1150.5 1217.7 1299.1 1318.3 1305.6 1338.3 1357.4 1407.8 1437.1 1471.7 1475.1 1

 2 Reserves at Federal Reserve 4.7 1.7 2.3 2.2 3.2 2.7 3.0 2.8 2.7 3.4 3.9 2

 3 Checkable deposits and currency 17.4 19.0 21.0 21.1 20.1 22.1 24.7 23.9 27.4 25.9 24.3 3

 4 Time and savings deposits 1.3 1.4 2.2 2.8 2.7 3.6 2.6 2.6 2.7 2.7 2.6 4

 5 Federal funds and security RPs 10.6 14.9 27.4 31.2 24.9 29.0 27.1 29.7 25.6 24.8 21.0 5

 6 Credit market instruments 1032.4 1088.6 1131.4 1134.7 1130.9 1153.8 1166.8 1214.4 1238.8 1261.4 1293.6 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 157.2 149.2 172.8 187.7 185.3 178.8 185.4 195.3 202.3 204.5 211.6 8

 9 Treasury 10.1 8.7 11.4 14.1 12.7 10.3 9.2 9.2 10.0 11.2 12.2 9

10 Agency 147.1 140.4 161.4 173.6 172.6 168.5 176.2 186.1 192.4 193.3 199.3 10

11 Municipal securities 3.0 3.2 4.5 4.6 4.8 4.9 5.5 5.5 5.8 6.3 6.3 11

12 Corporate and foreign bonds 111.9 109.4 83.9 83.3 85.2 85.8 79.9 81.9 75.4 68.6 71.1 12

13 Other loans and advances 30.6 39.3 42.9 44.5 44.3 45.4 46.2 47.4 48.2 57.4 56.4 13

14 Mortgages 668.1 723.0 758.2 746.0 742.7 773.7 781.4 815.9 833.6 852.1 870.7 14

15 Consumer credit 61.5 64.6 69.1 68.6 68.5 65.2 68.5 68.4 73.6 72.5 77.7 15

16 Corporate equities 23.8 24.2 27.9 28.3 28.6 28.6 29.1 29.9 30.6 31.1 30.4 16

17 Miscellaneous assets 60.2 67.8 87.0 98.0 95.1 98.5 104.2 104.4 109.3 122.6 99.3 17

18 Total liabilities 1119.6 1185.8 1264.1 1284.1 1267.0 1299.4 1318.1 1367.4 1397.7 1430.3 1431.6 18

19 Deposits 699.3 726.7 773.6 801.3 803.1 823.8 840.5 860.5 875.1 893.1 899.8 19

20 Checkable 222.3 265.8 316.5 328.4 344.3 356.6 370.9 384.2 399.5 413.9 428.3 20

21 Small time and savings 354.7 318.9 288.2 289.8 274.9 264.4 256.5 251.8 238.0 240.9 226.0 21

22 Large time 122.2 142.1 168.9 183.2 183.9 202.7 213.1 224.5 237.6 238.3 245.5 22

23 Security RPs 72.7 66.7 72.4 78.1 69.8 61.0 57.4 60.8 64.6 65.6 77.5 23

24 Credit market instruments 260.4 287.7 295.1 280.5 275.3 286.3 281.4 287.2 277.0 277.9 280.9 24

25 Corporate bonds 2.7 6.3 3.6 3.5 2.9 2.9 3.4 4.8 4.8 5.0 5.1 25

26 Bank loans n.e.c. 14.0 21.5 23.0 22.9 24.0 25.5 27.2 15.1 15.9 15.4 13.9 26

27 Other loans and advances 243.7 260.0 268.5 254.2 248.4 257.9 250.8 267.3 256.2 257.5 261.8 27

28 Taxes payable 2.0 2.5 1.7 1.5 1.5 1.5 1.5 1.4 1.4 1.6 1.3 28

29 Miscellaneous liabilities 85.1 102.3 121.3 122.5 117.3 126.8 137.2 157.5 179.5 192.3 172.1 29

30 Investment by parent 6.0 6.6 7.4 7.6 7.8 8.1 8.3 8.5 8.8 9.1 9.3 30

31 Other 79.2 95.7 113.9 114.9 109.5 118.8 128.9 148.9 170.8 183.2 162.8 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 4, 2004

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 414.5 441.1 505.5 532.8 542.5 552.5 560.8 589.2 609.4 612.5 617.3 1

 2 Checkable deposits and currency 26.4 26.7 36.8 33.5 40.4 40.4 38.4 54.8 52.4 45.6 41.5 2

 3 Time and savings deposits 16.6 15.5 23.0 24.9 22.7 25.4 24.5 28.7 27.6 27.3 26.4 3

 4 Federal funds and security RPs 9.3 4.0 2.5 7.3 2.4 5.0 1.7 4.4 2.4 2.8 1.6 4

 5 Credit market instruments 351.7 379.7 421.2 434.3 452.9 455.1 463.9 473.7 495.3 519.1 516.8 5

 6 Open market paper 1.9 1.2 2.4 2.3 3.4 2.7 3.6 2.9 3.4 3.1 1.6 6

 7 U.S. government securities 70.9 69.2 88.0 98.3 106.2 101.1 105.1 114.5 124.9 134.8 124.4 7

 8 Treasury 9.6 8.2 7.4 7.6 8.1 8.1 7.8 7.3 8.7 9.1 8.9 8

 9 Agency 61.3 60.9 80.6 90.7 98.1 93.0 97.3 107.2 116.2 125.7 115.5 9

10 Home mortgages 111.0 124.9 141.3 146.0 151.7 155.4 159.4 162.4 168.4 176.3 181.1 10

11 Consumer credit 167.9 184.4 189.6 187.7 191.6 195.9 195.7 193.9 198.6 204.9 209.7 11

12 Mutual fund shares 2.5 2.2 3.7 3.0 4.0 4.0 3.5 3.4 4.5 5.0 4.1 12

13 Miscellaneous assets 8.0 12.9 18.3 29.8 20.3 22.7 28.7 24.1 27.2 12.8 26.9 13

14 Total liabilities 376.1 398.1 458.9 485.4 494.4 501.6 509.0 536.2 555.6 557.3 560.3 14

15 Shares/deposits 366.7 389.1 450.2 474.7 482.8 489.0 496.9 527.1 540.0 539.9 544.9 15

16 Checkable 45.4 51.3 54.7 53.4 61.1 60.2 59.7 65.9 66.4 64.8 67.4 16

17 Small time and savings 299.8 312.7 361.3 386.3 383.5 388.3 394.4 417.1 423.6 424.9 424.0 17

18 Large time 21.6 25.1 34.1 35.0 38.2 40.4 42.8 44.1 50.1 50.3 53.6 18

19 Other loans and advances 3.4 3.4 4.9 5.5 6.0 6.8 6.9 7.6 8.0 8.8 9.1 19

20 Miscellaneous liabilities 6.0 5.6 3.8 5.2 5.6 5.8 5.1 1.5 7.6 8.5 6.3 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1104.1 1067.8 929.1 931.5 861.4 779.0 807.9 786.5 843.8 851.7 899.0 1

 2 Deposits 62.7 69.8 65.1 65.2 65.2 65.2 65.2 65.2 65.1 65.1 65.1 2

 3 Checkable deposits and currency 0.3 0.2 0.7 0.5 0.3 0.2 0.0 0.1 0.2 0.3 0.4 3

 4 Time and savings deposits 8.7 8.9 11.7 11.5 11.4 11.2 11.1 13.3 15.4 17.6 19.8 4

 5 Money market fund shares 53.7 60.6 52.8 53.1 53.4 53.8 54.1 51.8 49.5 47.2 44.9 5

 6 Credit market instruments 222.0 222.8 194.7 195.0 195.2 195.4 195.6 194.9 194.3 193.7 193.2 6

 7 Open market paper 17.1 14.7 11.6 11.6 11.5 11.5 11.4 11.3 11.2 11.1 11.0 7

 8 U.S. government securities 62.5 61.8 46.7 46.4 46.0 45.7 45.4 44.6 43.9 43.2 42.5 8

 9 Treasury 17.3 16.3 11.5 11.5 11.4 11.3 11.2 11.1 11.0 10.9 10.9 9

10 Agency 45.2 45.5 35.1 34.9 34.7 34.4 34.2 33.6 32.9 32.2 31.6 10

11 Municipal securities 100.3 99.1 95.6 96.9 98.3 99.6 100.9 100.3 99.6 98.9 98.4 11

12 Corporate and foreign bonds 39.8 44.9 38.3 37.6 36.9 36.3 35.6 36.5 37.5 38.5 39.5 12

13 Mortgages 2.2 2.3 2.5 2.5 2.5 2.4 2.3 2.2 2.1 2.0 1.9 13

14 Corporate equities 407.3 356.8 280.7 272.6 227.1 177.3 181.1 170.1 192.7 194.4 213.1 14

15 Mutual fund shares 391.5 396.8 359.1 370.0 345.8 313.6 339.1 327.1 360.0 364.5 391.2 15

16 Miscellaneous assets 20.5 21.7 29.4 28.8 28.1 27.5 26.8 29.2 31.6 34.0 36.4 16

17 Total liabilities (2) 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 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 4, 2004 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3067.9 3135.7 3224.6 3308.4 3287.5 3261.1 3335.0 3420.2 3590.7 3663.9 3823.4 1

 2 Checkable deposits and currency 5.5 5.0 36.8 35.1 34.6 43.7 35.3 43.8 43.4 44.8 42.5 2

 3 Money market fund shares 131.8 142.3 173.3 169.3 171.9 157.9 159.8 152.7 153.4 152.3 151.4 3

 4 Credit market instruments 1886.0 1943.9 2074.8 2141.2 2192.3 2265.7 2307.8 2377.6 2437.4 2472.8 2505.8 4

 5 Open market paper 75.8 71.2 59.3 66.1 68.9 80.0 74.0 79.2 76.4 79.0 76.5 5

 6 U.S. government securities 287.1 293.5 307.2 332.8 356.9 384.4 409.4 422.7 434.6 440.6 446.1 6

 7 Treasury 62.8 58.1 53.7 59.8 65.7 72.3 78.5 81.4 83.5 84.6 85.1 7

 8 Agency 224.4 235.4 253.5 273.0 291.2 312.2 330.9 341.3 351.1 356.0 361.0 8

 9 Municipal securities 20.1 19.1 18.7 19.1 19.3 19.7 19.9 20.2 20.9 21.2 21.4 9

10 Corporate and foreign bonds 1173.2 1222.2 1342.4 1375.5 1397.7 1430.8 1449.3 1499.6 1546.1 1570.3 1597.1 10

11 Policy loans 99.0 101.9 104.1 104.4 104.3 104.8 105.1 104.7 105.0 104.6 104.9 11

12 Mortgages 230.8 235.9 243.0 243.4 245.1 245.9 250.0 251.1 254.3 257.1 259.9 12

13 Corporate equities 904.0 887.0 806.8 822.0 755.1 663.4 705.0 702.8 803.0 838.8 955.7 13

14 Mutual fund shares 103.8 101.9 92.7 93.6 86.3 76.5 80.5 79.4 91.9 96.1 106.7 14

15 Miscellaneous assets 36.9 55.6 40.1 47.3 47.4 53.9 46.8 64.0 61.7 59.1 61.2 15

16 Total liabilities 2882.8 2942.8 3034.8 3119.2 3104.3 3080.6 3140.4 3220.2 3373.8 3439.2 3578.5 16

17 Other loans and advances 3.2 2.5 3.1 3.7 4.0 4.5 5.1 6.3 6.6 7.4 8.0 17

18 Life insurance reserves 748.9 782.7 842.2 856.4 862.4 864.2 881.6 896.9 923.9 938.1 964.5 18

19 Pension fund reserves (1) 1431.0 1456.1 1465.3 1490.4 1470.1 1434.4 1491.7 1510.1 1601.0 1644.9 1742.9 19

20 Taxes payable 16.2 17.8 19.7 20.3 20.9 21.5 22.1 22.8 23.4 24.1 24.9 20

21 Miscellaneous liabilities 683.5 683.8 704.4 748.4 746.8 756.0 740.0 784.2 818.9 824.6 838.2 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 872.7 862.0 858.1 876.7 879.1 885.4 918.8 937.0 982.7 1007.1 1043.3 1

 2 Checkable deposits and currency 4.3 3.7 13.1 17.0 17.2 25.6 25.9 30.2 36.1 35.1 34.0 2

 3 Security RPs 28.3 38.3 30.2 28.2 28.7 38.1 44.4 42.0 48.8 51.0 56.2 3

 4 Credit market instruments 518.2 509.4 518.4 527.6 536.4 541.9 558.3 572.3 584.7 601.9 612.4 4

 5 U.S. government securities 136.2 136.2 146.3 152.9 159.5 165.2 174.4 178.2 182.0 187.3 190.8 5

 6 Treasury 60.6 52.1 52.0 54.2 56.3 58.2 61.2 62.6 64.0 65.8 66.2 6

 7 Agency 75.5 84.1 94.2 98.7 103.1 107.0 113.2 115.6 118.0 121.5 124.6 7

 8 Municipal securities 199.0 184.1 173.8 175.9 177.9 178.6 183.0 187.5 191.4 197.1 200.6 8

 9 Corporate and foreign bonds 181.1 187.5 196.4 196.9 197.2 196.1 198.9 204.6 209.4 215.6 219.1 9

10 Commercial mortgages 1.9 1.6 1.9 1.9 1.9 1.9 2.0 2.0 1.9 1.9 1.9 10

11 Corporate equities 207.9 194.3 173.9 176.2 163.3 145.4 152.3 147.4 162.9 167.3 187.4 11

12 Trade receivables 63.6 64.6 69.9 73.4 77.8 77.7 74.8 79.3 81.6 82.3 82.7 12

13 Miscellaneous assets 50.6 51.8 52.6 54.3 55.7 56.8 63.1 65.8 68.5 69.6 70.6 13

14 Total liabilities 551.8 562.7 590.1 600.1 610.9 626.7 636.5 649.1 661.6 680.7 694.8 14

15 Taxes payable 17.4 19.7 22.4 23.2 23.9 24.8 25.6 26.5 27.4 28.4 29.3 15

16 Miscellaneous liabilities 534.4 543.0 567.7 576.9 587.0 601.9 610.9 622.6 634.2 652.3 665.5 16
76 Z.1, March 4, 2004

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4540.6 4423.1 4062.6 4147.6 3811.6 3418.6 3532.6 3476.2 3801.5 3889.9 4194.0 1

 2 Checkable deposits and currency 6.6 7.1 6.1 6.2 6.4 6.4 6.5 6.7 7.0 7.0 6.8 2

 3 Time and savings deposits 144.7 147.6 151.8 151.7 151.4 152.3 152.6 153.5 154.6 155.5 156.3 3

 4 Money market fund shares 75.1 79.6 69.0 69.7 70.4 71.1 71.8 72.5 73.2 73.9 74.7 4

 5 Security RPs 28.6 29.6 30.4 29.4 30.1 32.6 32.3 32.0 31.7 31.3 31.0 5

 6 Credit market instruments 635.2 666.5 673.1 684.9 690.4 700.5 700.5 702.3 708.4 700.5 701.3 6

 7 Open market paper 37.5 35.8 33.5 36.0 37.4 45.7 44.4 44.2 42.3 42.0 40.4 7

 8 U.S. government securities 288.2 301.4 302.5 307.0 309.0 310.9 309.4 308.4 309.9 303.1 303.7 8

 9 Treasury 79.5 76.1 65.7 66.2 67.3 66.1 66.9 66.9 67.8 65.7 66.5 9

10 Agency 208.8 225.2 236.9 240.8 241.7 244.9 242.5 241.5 242.1 237.4 237.2 10

11 Corporate and foreign bonds 299.2 317.9 324.3 328.7 330.4 329.8 332.2 334.9 340.7 339.3 340.7 11

12 Mortgages 10.3 11.5 12.8 13.2 13.6 14.1 14.5 14.9 15.5 16.0 16.5 12

13 Corporate equities 2268.9 2137.8 1859.7 1898.2 1645.3 1351.0 1417.6 1369.2 1595.2 1664.7 1872.5 13

14 Mutual fund shares 753.8 733.6 651.5 682.4 600.0 500.1 533.5 520.4 596.8 617.9 695.8 14

15 Miscellaneous assets 627.7 621.3 621.0 625.2 617.7 604.7 617.8 619.5 634.6 639.1 655.4 15

16 Unallocated insurance contracts (2) 393.5 378.4 369.0 377.4 366.6 354.5 362.8 363.3 379.4 381.8 397.6 16

17 Contributions receivable 110.1 111.3 112.6 112.9 113.3 113.6 113.9 114.2 114.6 114.9 115.2 17

18 Other 124.1 131.6 139.4 134.9 137.9 136.6 141.0 142.0 140.6 142.4 142.6 18

19 Pension fund reserves (liabilities) (3) 4598.1 4484.1 4127.3 4213.4 3878.3 3486.4 3601.3 3546.0 3872.3 3961.7 4266.9 19

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(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 2226.8 2289.6 2179.6 2208.5 2074.8 1882.9 1963.8 1932.6 2094.9 2138.0 2284.2 1

 2 Checkable deposits and currency 9.2 9.1 9.5 9.9 8.5 7.7 7.7 9.2 9.3 9.4 9.2 2

 3 Time and savings deposits 1.7 1.1 0.6 1.2 1.1 1.5 0.7 1.1 1.1 1.1 1.1 3

 4 Security RPs 40.4 44.7 45.3 45.4 43.3 42.6 45.5 45.9 46.5 46.9 48.4 4

 5 Credit market instruments 751.4 806.0 788.4 806.0 792.4 789.8 802.4 802.5 808.1 810.9 815.5 5

 6 Open market paper 40.4 44.7 45.3 45.4 43.3 42.6 45.5 45.9 46.5 46.9 43.4 6

 7 U.S. government securities 376.4 398.5 365.7 372.4 362.9 360.1 364.3 364.5 370.5 368.1 367.0 7

 8 Treasury 247.4 231.9 213.6 223.2 213.4 210.3 212.5 213.5 218.8 213.3 207.2 8

 9 Agency 129.0 166.6 152.1 149.2 149.4 149.8 151.8 151.1 151.7 154.8 159.8 9

10 Municipal securities 3.0 1.6 1.4 0.4 0.5 0.5 0.5 0.6 0.5 0.6 0.6 10

11 Corporate and foreign bonds 310.0 339.7 351.1 361.6 357.9 356.9 360.5 357.5 354.4 356.4 362.5 11

12 Mortgages 21.5 21.5 24.9 26.2 27.8 29.6 31.6 33.9 36.3 39.0 41.9 12

13 Corporate equities 1343.2 1335.1 1221.9 1244.8 1116.7 937.2 1001.6 970.7 1130.4 1171.2 1318.8 13

14 Miscellaneous assets 81.0 93.5 113.8 101.2 112.9 104.1 105.9 103.1 99.5 98.5 91.2 14

15 Pension fund reserves (liabilities) (1) 2262.3 2331.5 2226.4 2256.3 2123.3 1932.0 2013.4 1982.4 2144.9 2188.0 2334.1 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.121 Federal Government Retirement Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 776.2 799.2 862.0 852.9 857.6 866.0 896.6 885.0 907.1 923.0 959.7 1

 2 Credit market instruments 33.1 35.1 44.8 46.3 48.1 52.6 57.8 64.9 65.5 65.4 64.4 2

 3 U.S. government securities 32.3 34.4 43.2 44.7 46.4 50.7 55.0 61.0 61.6 61.8 61.0 3

 4 Treasury 31.0 33.0 40.2 41.7 43.2 46.8 49.6 53.4 53.9 54.6 54.3 4

 5 Agency 1.3 1.4 3.1 3.0 3.2 3.9 5.5 7.7 7.7 7.1 6.7 5

 6 Corporate and foreign bonds 0.8 0.8 1.6 1.6 1.7 2.0 2.8 3.9 3.9 3.6 3.4 6

 7 Corporate equities 59.1 59.1 51.4 52.9 46.9 39.6 48.5 52.3 63.0 69.5 80.4 7

 8 Miscellaneous assets 684.0 704.9 765.8 753.7 762.6 773.7 790.3 767.8 778.6 788.1 815.0 8

 9 Pension fund reserves (liabilities) (2) 776.2 799.2 862.0 852.9 857.6 866.0 896.6 885.0 907.1 923.0 959.7 9

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Liabilities of the sector are assets of the household sector.
Z.1, March 4, 2004 77

L.122 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1578.8 1812.1 2240.7 2203.3 2151.2 2114.8 2223.9 2156.2 2120.8 2058.0 2016.0 1

 2 Foreign deposits 42.9 91.1 124.2 122.9 118.0 118.2 114.1 101.1 88.6 82.4 74.2 2

 3 Checkable deposits and currency -2.2 2.2 4.6 0.8 -3.9 -4.1 -1.3 -1.7 -8.1 -6.5 -1.9 3

 4 Time and savings deposits 160.4 142.4 219.5 225.5 231.2 210.2 204.6 193.4 183.8 184.4 156.9 4

 5 Security RPs 139.6 183.0 227.0 236.2 247.1 245.3 273.2 262.1 258.7 229.0 251.4 5

 6 Credit market instruments 1147.8 1290.9 1536.9 1496.9 1419.6 1411.2 1511.6 1485.5 1480.3 1438.1 1398.5 6

 7 Open market paper 519.0 608.6 638.9 620.8 595.6 547.1 594.0 543.6 517.7 471.7 458.9 7

 8 U.S. government securities 294.7 275.6 454.1 449.5 413.3 438.0 464.2 466.4 471.1 485.0 456.4 8

 9 Treasury 103.8 90.4 135.7 137.8 123.3 119.7 140.2 147.4 144.2 134.2 130.2 9

10 Agency 190.9 185.2 318.4 311.7 290.0 318.2 324.1 319.0 326.9 350.9 326.2 10

11 Municipal securities 210.4 244.7 281.0 274.1 269.3 272.0 282.8 292.7 299.0 296.5 297.3 11

12 Corporate and foreign bonds 123.7 161.9 163.0 152.5 141.4 154.1 170.7 182.9 192.5 184.9 185.9 12

13 Miscellaneous assets 90.4 102.5 128.6 121.0 139.2 134.0 121.6 115.8 117.4 130.6 137.0 13

14 Total shares outstanding (liabilities) 1578.8 1812.1 2240.7 2203.3 2151.2 2114.8 2223.9 2156.2 2120.8 2058.0 2016.0 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 1

 2 Security RPs 80.8 106.4 74.8 85.8 81.2 76.9 84.7 86.0 86.9 83.5 93.5 2

 3 Credit market instruments 1076.8 1097.8 1223.8 1276.8 1291.6 1334.5 1365.4 1412.1 1478.3 1478.6 1506.3 3

 4 Open market paper 80.8 106.4 74.8 81.6 62.8 58.4 66.1 67.3 68.5 65.2 75.3 4

 5 U.S. government securities 388.4 399.0 475.6 496.0 504.1 534.2 550.9 570.3 597.1 591.7 591.6 5

 6 Treasury 117.3 123.7 115.1 120.0 122.0 129.3 133.3 141.0 150.5 147.2 147.3 6

 7 Agency 271.1 275.3 360.5 376.0 382.1 404.9 417.6 429.3 446.6 444.5 444.3 7

 8 Municipal securities 239.4 230.5 253.4 257.8 265.3 275.7 277.4 282.3 292.0 289.8 291.1 8

 9 Corporate and foreign bonds 368.2 361.9 420.0 441.4 459.3 466.2 470.9 492.1 520.6 532.0 548.3 9

10 Corporate equities 3376.7 3226.9 2836.1 2883.1 2552.5 2040.1 2188.4 2091.3 2501.9 2677.5 3062.1 10

11 Miscellaneous assets 4.2 3.5 0.8 1.2 1.3 0.8 1.0 1.7 1.8 3.1 3.1 11

12 Total shares outstanding (liabilities) 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.124 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 152.1 141.9 139.5 143.1 143.8 143.4 150.8 157.5 178.2 194.4 214.9 1

 2 Credit market instruments 110.8 105.3 108.5 112.2 113.4 112.6 117.1 123.6 138.7 149.3 162.1 2

 3 U.S. government securities 7.6 6.7 6.7 7.0 4.7 4.7 5.5 4.0 4.7 5.0 5.6 3

 4 Municipal securities 69.7 67.7 74.7 76.8 78.9 81.1 86.0 87.1 86.7 88.8 89.7 4

 5 Corporate and foreign bonds 33.5 30.9 27.1 28.3 29.9 26.8 25.5 32.6 47.2 55.4 66.8 5

 6 Corporate equities 41.3 36.6 31.1 31.0 30.3 30.8 33.7 33.9 39.6 45.1 52.8 6

 7 Total shares outstanding (liabilities) 152.1 141.9 139.5 143.1 143.8 143.4 150.8 157.5 178.2 194.4 214.9 7

 Exchange-traded funds

 8 Total financial assets 33.9 65.6 83.0 88.2 89.0 82.1 102.0 100.6 121.3 119.5 150.8 8

 9 Credit market instruments 0.0 0.0 0.0 0.0 0.0 3.7 3.7 3.4 3.5 3.9 4.5 9

10 U.S. government securities 0.0 0.0 0.0 0.0 0.0 2.1 2.0 1.5 1.3 1.8 2.1 10

11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 1.6 1.8 1.9 2.3 2.2 2.4 11

12 Corporate equities 33.9 65.6 83.0 88.2 89.0 78.3 98.2 97.2 117.7 115.5 146.3 12

13 Total shares outstanding (liabilities) 33.9 65.6 83.0 88.2 89.0 82.1 102.0 100.6 121.3 119.5 150.8 13
78 Z.1, March 4, 2004

L.125 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1720.6 1969.4 2300.8 2348.3 2384.0 2454.8 2543.3 2597.6 2658.2 2800.4 2819.4 1

 2 Checkable deposits and currency 11.8 2.1 3.9 3.7 5.3 10.3 14.0 18.2 14.6 14.7 14.5 2

 3 Federal funds and security RPs 89.7 74.9 85.9 91.0 71.4 82.7 84.9 73.2 86.4 70.3 78.2 3

 4 Credit market instruments 1543.2 1803.9 2110.0 2159.3 2195.3 2248.0 2324.2 2387.0 2419.0 2579.0 2586.3 4

 5 Open market paper 33.8 44.7 80.3 49.2 59.4 52.8 52.2 51.1 55.2 46.5 49.4 5

 6 U.S. government securities 699.2 854.4 1030.5 1110.0 1101.0 1125.8 1188.7 1206.2 1195.1 1338.0 1330.0 6

 7 Treasury 30.9 41.2 31.8 32.7 16.5 15.7 7.2 8.0 7.9 7.8 7.9 7

 8 Agency 668.3 813.3 998.7 1077.3 1084.5 1110.1 1181.5 1198.1 1187.2 1330.2 1322.0 8

 9 Municipal securities 10.6 8.8 14.8 11.4 10.0 12.9 13.1 13.4 14.5 15.8 15.9 9

10 Corporate and foreign bonds 91.5 117.2 132.7 139.2 154.5 149.3 139.7 150.2 158.2 156.9 157.3 10

11 Other loans and advances 432.3 477.6 515.3 504.8 514.1 534.4 533.8 549.8 549.4 548.8 558.0 11

12 Sallie Mae 0.8 0.8 0.8 0.8 0.5 0.5 0.4 0.4 0.3 0.5 0.5 12

13 Farm Credit System 35.8 38.9 41.8 42.0 43.2 43.1 43.8 43.1 42.8 42.5 43.3 13

14 FHLB 395.7 437.9 472.7 462.0 470.4 490.7 489.6 506.3 506.3 505.9 514.2 14

15 Mortgages 242.0 264.2 296.9 304.7 315.8 332.0 359.9 381.1 415.3 445.7 446.1 15

16 Home 189.3 205.1 225.3 230.2 238.8 251.2 274.6 294.0 324.9 355.2 355.6 16

17 Multifamily residential 20.5 25.0 33.2 35.0 36.5 38.6 41.7 42.9 44.8 44.6 43.6 17

18 Farm 32.2 34.2 38.5 39.5 40.4 42.1 43.5 44.2 45.6 46.0 46.9 18

19 Consumer credit (2) 33.8 37.0 39.4 40.0 40.7 40.9 36.8 35.2 31.3 27.2 29.7 19

20 Miscellaneous assets 75.8 88.4 101.1 94.3 112.0 113.8 120.2 119.1 138.2 136.3 140.3 20

21 Total liabilities 1681.1 1922.5 2247.1 2292.6 2324.8 2390.1 2475.6 2527.5 2586.0 2725.0 2741.2 21

22 Credit market instruments 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 22

23 GSE issues (3) 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 23

24 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 24

25 Miscellaneous liabilities 89.3 96.7 133.1 130.8 127.5 130.6 135.7 138.8 147.3 177.0 158.5 25

(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) SLMA student loans.

(3) Such issues are classified as U.S. government securities.

L.126 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 1

 2 Home mortgages 2234.7 2425.6 2748.5 2870.6 2955.0 2996.0 3063.7 3129.7 3189.9 3265.5 3380.1 2

 3 Multifamily residential mortgages 57.5 66.0 81.6 84.5 86.6 88.5 94.5 96.6 98.9 104.9 108.3 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 Total pool securities (liabilities)(2) 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 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 4, 2004 79

L.127 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1678.3 1880.8 2174.0 2226.8 2282.5 2332.6 2431.5 2504.8 2582.3 2639.6 2712.4 1

 2 Agency securities (1) 306.0 310.4 348.2 363.2 373.2 393.1 417.0 433.0 450.1 495.0 487.4 2

 3 Other loans and advances 82.6 94.7 109.8 112.4 107.8 103.8 105.0 112.5 108.4 102.7 104.0 3

 4 Mortgages (2) 654.3 734.4 870.5 899.4 929.9 967.9 1002.8 1040.9 1099.9 1126.6 1203.4 4

 5 Home 455.0 499.8 591.2 616.3 638.3 669.3 691.6 725.1 768.7 785.1 842.8 5

 6 Multifamily residential 42.0 47.5 53.5 53.9 55.2 56.6 59.0 59.6 61.7 63.4 67.1 6

 7 Commercial 157.3 187.1 225.7 229.2 236.3 242.0 252.1 256.2 269.5 278.2 293.5 7

 8 Consumer credit 448.4 521.3 599.7 599.5 613.5 603.8 637.1 643.1 643.3 629.5 626.8 8

 9 Trade receivables 187.0 220.0 245.9 252.3 258.1 264.0 269.7 275.2 280.5 285.7 290.8 9

10 Total liabilities 1688.0 1887.3 2180.8 2233.3 2288.7 2338.6 2437.3 2511.0 2588.2 2645.3 2717.9 10

11 Commercial paper 520.8 645.8 765.8 756.4 739.5 738.2 752.8 728.3 719.8 731.0 717.3 11

12 Corporate bonds 1167.2 1241.5 1415.0 1476.9 1549.2 1600.4 1684.4 1782.7 1868.5 1914.3 2000.6 12

 Memo:

 Securitized assets not included above

13 Consumer leases (3) 9.7 6.6 6.8 6.5 6.2 6.0 5.7 6.2 6.0 5.7 5.5 13

14 REIT assets (4) 12.9 10.7 9.5 9.1 10.8 12.9 15.6 16.5 19.7 25.6 28.8 14

(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.130.

L.128 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1003.6 1140.5 1159.9 1128.6 1146.2 1174.8 1195.8 1195.1 1253.4 1346.8 1380.6 1

 2 Checkable deposits and currency 25.3 27.9 30.8 31.5 32.3 33.0 33.8 34.6 35.4 36.2 37.1 2

 3 Credit market instruments 742.6 851.2 846.4 834.4 848.2 860.8 867.6 861.1 883.5 924.2 943.3 3

 4 Other loans and advances 395.1 458.4 447.0 443.0 449.4 445.5 455.3 453.9 455.8 445.6 445.4 4

 5 Mortgages 145.8 172.3 161.3 157.2 160.5 165.5 174.5 173.9 183.4 194.7 207.4 5

 6 Consumer credit 201.6 220.5 238.1 234.3 238.3 249.7 237.8 233.2 244.3 284.0 290.6 6

 7 Miscellaneous assets 235.7 261.4 282.7 262.7 265.7 281.0 294.4 299.4 334.5 386.3 400.2 7

 8 Total liabilities 995.3 1161.7 1183.5 1160.4 1188.8 1228.5 1249.6 1249.7 1331.2 1424.2 1465.5 8

 9 Credit market instruments 696.1 778.1 779.6 764.3 789.5 808.9 822.8 822.0 873.9 900.7 932.3 9

10 Open market paper 230.4 238.8 158.6 137.0 130.8 143.1 141.5 127.3 145.3 132.9 137.2 10

11 Corporate bonds 430.3 503.4 570.2 578.0 601.8 590.9 633.2 647.4 675.5 710.2 738.9 11

12 Bank loans n.e.c. 35.4 35.9 50.8 49.4 56.9 74.9 48.0 47.3 53.2 57.6 56.2 12

13 Taxes payable 8.1 9.1 10.2 10.6 10.9 11.2 11.6 12.0 12.4 12.8 13.2 13

14 Miscellaneous liabilities 291.1 374.5 393.6 385.5 388.4 408.4 415.3 415.7 444.9 510.7 520.0 14

15 Foreign direct investment in U.S. 48.6 63.2 68.5 69.8 68.6 63.9 58.8 74.1 75.3 76.3 79.5 15

16 Investment by parent 87.8 102.6 99.3 82.6 83.4 83.0 88.4 87.5 96.5 96.4 101.1 16

17 Other 154.6 208.7 225.8 233.0 236.4 261.4 268.1 254.1 273.1 338.1 339.4 17

 Memo:

18 Consumer leases not included above (2) 102.9 108.2 103.5 97.6 96.4 88.5 83.3 81.8 76.7 75.4 68.9 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.127.
80 Z.1, March 4, 2004

L.129 Mortgage Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 1

 2 Home mortgages 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 2

 3 Multifamily residential mortgages 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 5

 6 Bank loans n.e.c. 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 6

 7 Investment by parent 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 7

(1) No data are available after 1997:Q4.

L.130 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 68.4 62.1 70.2 77.5 85.1 92.4 92.8 92.8 101.0 108.0 114.9 1

 2 Checkable deposits and currency 4.4 4.3 5.2 5.6 5.8 5.7 4.6 5.8 5.7 7.2 6.2 2

 3 Credit market instruments 42.9 35.8 42.5 49.1 57.0 63.9 65.6 63.5 71.2 75.9 79.9 3

 4 Agency securities 14.2 14.5 20.2 25.9 29.2 31.2 28.3 24.5 26.3 22.4 23.2 4

 5 Corporate and foreign bonds 5.7 4.9 7.0 7.4 8.6 10.2 11.7 12.5 11.4 13.4 12.9 5

 6 Mortgages 23.0 16.3 15.2 15.8 19.2 22.6 25.7 26.5 33.5 40.1 43.8 6

 7 Home 12.4 7.9 7.9 8.7 10.7 14.1 17.4 18.4 25.3 31.6 35.2 7

 8 Multifamily residential 1.6 1.2 0.9 0.9 1.0 1.0 0.8 0.8 0.8 0.7 0.7 8

 9 Commercial 9.0 7.3 6.4 6.2 7.5 7.5 7.5 7.3 7.5 7.8 7.9 9

10 Miscellaneous assets 21.1 22.0 22.5 22.8 22.2 22.8 22.6 23.5 24.1 25.0 28.8 10

11 Total liabilities 216.8 217.5 227.8 236.0 246.0 259.0 262.4 263.6 271.8 278.6 289.1 11

12 Security RPs 15.7 11.9 19.7 25.4 29.3 34.1 33.2 30.4 35.0 33.4 35.5 12

13 Credit market instruments 165.1 167.8 170.2 172.1 178.4 185.3 190.0 194.4 197.6 206.7 213.4 13

14 Open market paper 0.1 0.2 0.8 1.1 1.6 1.4 0.9 1.3 0.4 0.7 0.7 14

15 Corporate bonds 62.2 67.0 70.8 71.1 75.6 81.3 84.9 89.3 93.6 100.4 106.1 15

16 Bank loans n.e.c. 26.0 17.7 14.4 14.0 13.7 13.7 14.1 14.5 13.5 13.7 12.2 16

17 Mortgages 76.7 82.9 84.2 85.9 87.6 88.9 90.1 89.2 90.1 92.0 94.4 17

18 Miscellaneous liabilities 36.0 37.8 37.9 38.6 38.3 39.6 39.2 38.8 39.3 38.4 40.3 18

 Memo:

19 Securitized assets included above 12.9 10.7 9.5 9.1 10.8 12.9 15.6 16.5 19.7 25.6 28.8 19

20 Agency securities 3.7 3.5 2.6 2.2 2.0 1.7 1.3 1.0 0.7 0.4 0.3 20

21 Home mortgages 7.6 6.7 6.5 6.5 8.4 10.8 13.8 15.1 18.6 24.8 28.1 21

22 Multifamily residential mortgages 0.9 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 22

23 Commercial mortgages 0.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 23
Z.1, March 4, 2004 81

L.131 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1001.0 1221.4 1465.6 1441.4 1465.2 1419.7 1335.4 1385.5 1512.1 1560.6 1602.2 1

 2 Checkable deposits and currency 28.7 30.3 47.1 43.1 45.7 40.5 44.2 44.2 43.6 43.9 46.9 2

 3 Credit market instruments 154.7 223.6 316.0 299.6 352.6 335.2 344.4 390.9 341.1 375.0 421.5 3

 4 Open market paper 26.0 39.2 48.2 47.6 50.8 44.3 43.5 46.7 41.9 46.1 47.6 4

 5 U.S. government securities 23.3 60.4 87.6 70.2 99.9 88.9 87.9 145.6 76.2 94.0 121.5 5

 6 Treasury -42.6 -3.3 9.8 -1.7 9.9 0.0 -3.9 17.5 -63.2 8.2 37.8 6

 7 Agency 66.0 63.7 77.8 71.8 90.0 88.8 91.8 128.1 139.4 85.8 83.7 7

 8 Municipal securities 11.9 11.3 19.0 13.6 17.4 20.3 21.0 19.2 22.1 24.1 24.9 8

 9 Corporate and foreign bonds 93.4 112.7 161.3 168.2 184.5 181.8 192.0 179.4 201.0 210.8 227.5 9

10 Corporate equities 66.9 77.2 85.1 86.2 83.7 69.4 74.9 67.7 87.6 86.8 97.7 10

11 Security credit 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 11

12 Miscellaneous assets 522.8 655.1 821.0 820.5 812.6 825.0 723.7 723.2 791.3 827.3 855.3 12

13 Total liabilities 935.8 1151.4 1382.2 1355.6 1375.4 1330.2 1250.6 1298.7 1423.7 1468.2 1515.8 13

14 Security RPs (net) 245.2 302.2 353.2 390.4 438.3 383.7 344.2 335.2 358.0 411.4 480.7 14

15 Corporate bonds 25.3 40.9 42.3 38.4 42.8 46.6 40.6 50.2 46.2 48.6 47.0 15

16 Trade payables 30.9 35.9 39.2 36.3 30.6 31.8 37.4 28.5 35.3 32.5 28.1 16

17 Security credit 448.7 587.6 629.5 586.0 575.1 576.6 590.6 637.1 723.4 712.6 679.7 17

18 Customer credit balances (HH) 323.9 412.4 454.3 427.5 400.5 401.3 412.7 429.6 515.1 503.4 466.2 18

19 From banks 124.8 175.2 175.2 158.5 174.6 175.3 177.9 207.4 208.3 209.1 213.5 19

20 Taxes payable 2.2 2.1 1.9 1.9 1.6 1.6 1.3 1.6 1.9 2.0 1.7 20

21 Miscellaneous liabilities 183.6 182.7 316.1 302.4 287.0 289.9 236.4 246.1 258.9 261.0 278.5 21

22 Foreign direct investment in U.S. 13.9 20.1 13.6 13.4 9.5 8.4 13.3 13.3 16.7 17.3 20.7 22

23 Due to affiliates 415.5 475.7 538.6 555.2 546.2 541.6 545.3 597.0 604.7 601.8 602.3 23

24 Other -245.8 -313.1 -236.1 -266.2 -268.6 -260.1 -322.2 -364.3 -362.5 -358.0 -344.5 24

L.132 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 999.7 1140.8 1205.0 1181.5 1187.0 1186.9 1192.6 1233.2 1240.1 1272.1 1274.4 1

 2 Money market fund shares 300.5 321.1 468.4 450.4 453.2 428.2 472.0 439.5 464.3 460.2 429.9 2

 3 Credit market instruments 276.0 321.1 236.5 230.6 216.1 239.0 193.5 227.9 220.8 273.7 299.7 3

 4 Open market paper 242.3 287.2 161.8 144.3 118.1 148.7 104.0 127.2 108.7 150.6 162.4 4

 5 Corporate and foreign bonds 33.8 33.9 74.8 86.3 98.0 90.3 89.4 100.7 112.1 123.1 137.3 5

 6 Miscellaneous assets (2) 423.1 498.6 500.0 500.5 517.7 519.7 527.1 565.9 555.0 538.2 544.8 6

 7 Investment in foreign banking offices 93.0 138.7 107.9 103.2 124.3 121.5 132.6 128.3 124.8 118.3 130.8 7

 8 Investment in brokers and dealers 330.1 359.9 392.2 397.3 393.4 398.2 394.5 437.6 430.2 419.9 413.9 8

 9 Total liabilities 999.7 1140.8 1205.0 1181.5 1187.0 1186.9 1192.6 1233.2 1240.1 1272.1 1274.4 9

10 Credit market instruments 504.0 503.7 448.4 442.6 432.8 421.5 447.9 462.7 426.8 416.5 445.8 10

11 Open market paper 268.5 266.2 188.8 160.5 152.2 140.8 157.7 170.2 126.9 115.9 140.2 11

12 Corporate bonds 235.5 237.5 259.7 282.1 280.7 280.7 290.1 292.6 299.9 300.7 305.5 12

13 Miscellaneous liabilities 495.6 637.1 756.5 738.9 754.2 765.4 744.7 770.5 813.4 855.6 828.6 13

14 Foreign direct investment in U.S. -80.9 -5.1 51.6 57.9 84.8 98.2 79.2 103.1 128.2 121.7 99.0 14

15 Securities loaned (net) 419.5 508.2 578.3 583.9 597.1 600.2 575.4 567.7 628.9 672.7 675.0 15

16 Other 157.0 134.0 126.7 97.1 72.3 67.0 90.1 99.6 56.2 61.2 54.6 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, March 4, 2004

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 71.5 67.6 68.7 67.6 69.6 75.9 79.0 80.0 81.7 84.4 85.9 1

 2 U.S. gold stock and SDRs 21.4 21.6 21.8 21.9 22.3 22.8 23.2 22.4 22.8 23.1 23.7 2

 3 Federal govt.: Exchange Stab. Fund 10.3 10.5 10.8 10.8 11.3 11.7 12.2 11.4 11.7 12.1 12.6 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 50.1 46.1 46.8 45.7 47.2 53.1 55.8 57.6 58.9 61.3 62.3 5

 6 Official foreign currency holdings 32.2 31.2 29.0 28.6 30.7 32.3 33.8 34.8 35.7 37.3 39.7 6

 7 Treasury 16.0 15.6 14.4 14.3 14.6 16.1 16.9 17.4 17.8 18.6 19.9 7

 8 Monetary authority 16.1 15.7 14.6 14.4 16.2 16.1 16.9 17.4 17.8 18.6 19.9 8

 9 Net IMF position 18.0 14.8 17.9 17.1 16.5 20.9 22.0 22.9 23.2 24.1 22.5 9

10 Federal government 18.0 14.9 17.9 17.2 16.6 21.0 22.1 23.0 23.3 24.2 22.6 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 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 6.2 2.2 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 20.9 23.2 24.5 24.7 24.8 25.5 25.5 25.6 26.0 26.0 26.0 3

 4 Asset: Monetary authority 28.0 31.6 33.0 33.6 34.0 34.3 34.6 34.8 35.1 35.3 35.5 4

 5 Discrepancy (seigniorage) -7.1 -8.5 -8.6 -8.9 -9.1 -8.9 -9.1 -9.2 -9.1 -9.3 -9.5 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 686.1 820.3 851.0 840.1 856.6 869.8 874.9 870.7 910.6 850.1 846.7 1

 Held by:

 2 Household sector 43.5 58.5 53.5 54.0 54.5 61.0 64.2 70.7 64.8 60.3 67.7 2

 3 Nonfinancial corporate business 31.5 24.0 15.6 27.2 23.2 23.9 20.6 25.9 30.4 31.4 31.7 3

 4 Money market mutual funds 42.9 91.1 124.2 122.9 118.0 118.2 114.1 101.1 88.6 82.4 74.2 4

 5 Discrepancy--unallocated assets 568.2 646.6 657.7 636.0 660.8 666.7 676.0 673.0 726.7 676.0 673.2 5
Z.1, March 4, 2004 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 202.4 221.2 191.4 162.4 131.4 150.7 205.9 175.5 123.8 163.7 207.4 1

 2 Monetary authority 90.6 63.4 64.8 57.3 58.9 61.0 70.4 65.3 67.3 69.5 71.0 2

 3 Depository institution reserves 24.0 19.0 17.5 22.4 22.3 23.2 22.5 26.8 27.7 29.1 23.1 3

 4 Vault cash 66.6 44.4 47.3 34.9 36.5 37.9 47.8 38.5 39.5 40.4 47.9 4

 5 Commercial banking 111.8 157.8 126.6 105.1 72.6 89.7 135.5 110.2 56.5 94.2 136.4 5

 6 To monetary authority -0.0 1.0 0.0 -0.5 -0.1 0.6 0.5 -1.2 0.2 -0.3 -0.3 6

 7 To banks in foreign countries, net 140.3 161.1 115.5 83.6 55.1 72.6 119.7 92.1 49.5 76.4 124.7 7

 8 Liabilities, net 149.8 171.6 127.3 100.0 78.3 97.2 141.1 110.2 64.9 99.4 143.2 8

 9 U.S.-chartered commercial banks 133.5 179.3 167.0 135.7 156.3 142.4 213.1 212.1 209.5 254.2 306.7 9

10 Due to foreign affiliates 226.7 302.0 324.8 284.7 295.8 280.7 323.9 342.5 407.4 423.2 447.4 10

11 - Due from foreign affiliates 93.2 122.7 157.8 149.0 139.5 138.3 110.8 130.4 197.9 169.1 140.7 11

12 Foreign banking offices in U.S. 41.7 -14.8 -50.2 -58.3 -97.6 -69.4 -83.0 -103.7 -111.6 -121.8 -129.8 12

13 Due to foreign affiliates 147.9 133.6 163.3 155.7 153.9 164.9 176.2 202.3 248.9 224.7 195.8 13

14 - Due from foreign affiliates 106.2 148.4 213.5 214.1 251.5 234.2 259.3 306.0 360.5 346.5 325.6 14

15 Bank holding companies -25.4 7.1 10.4 22.6 19.5 24.2 11.1 1.8 -32.9 -33.0 -33.8 15

16 Due to foreign affiliates 8.3 39.3 51.4 64.2 59.4 59.8 53.4 44.0 13.2 12.3 13.2 16

17 - Due from foreign affiliates 33.8 32.2 41.0 41.6 39.8 35.6 42.4 42.2 46.2 45.3 47.0 17

18 Less: Deposits at foreign banks 9.5 10.5 11.8 16.4 23.2 24.6 21.4 18.1 15.4 23.0 18.5 18

19 U.S. chartered commercial banks 9.4 9.8 11.1 16.0 22.8 24.5 21.3 18.0 15.2 22.6 18.3 19

20 Foreign banking offices in U.S. 0.2 0.7 0.7 0.4 0.4 0.1 0.1 0.1 0.2 0.4 0.1 20

21 To U.S. banking, net -28.5 -4.3 11.1 21.9 17.5 16.5 15.3 19.3 6.8 18.1 12.0 21

22 U.S.-chartered commercial banks -67.3 -33.0 -17.8 0.1 -3.9 -1.5 0.2 -15.2 -61.5 -57.8 -65.2 22

23 Liabilities 44.4 59.4 59.6 78.3 69.0 75.3 75.8 78.6 79.8 86.9 73.6 23

24 To foreign offices in U.S. 72.2 63.1 47.9 55.3 50.1 57.2 58.8 58.0 71.4 67.5 60.0 24

25 To bank holding companies 0.6 0.6 0.7 1.1 1.4 1.5 1.7 1.2 1.6 1.3 1.6 25

26 Unallocated -28.5 -4.3 11.1 21.9 17.5 16.5 15.3 19.3 6.8 18.1 12.0 26

 Less, due from:

27 Foreign offices in U.S. 78.9 86.0 89.5 100.9 91.9 99.2 90.3 100.8 104.4 105.1 97.9 27

28 Bank holding companies 32.8 6.4 -12.1 -22.7 -19.0 -22.4 -14.7 -7.1 36.9 39.6 41.0 28

29 Foreign banking offices in U.S. 6.7 22.9 41.6 45.6 41.8 41.9 31.5 42.7 33.0 37.6 37.8 29

30 Due to U.S. banks 78.9 86.0 89.5 100.9 91.9 99.2 90.3 100.8 104.4 105.1 97.9 30

31 - Due from U.S. banks 72.2 63.1 47.9 55.3 50.1 57.2 58.8 58.0 71.4 67.5 60.0 31

32 Bank holding companies 32.1 5.8 -12.8 -23.8 -20.4 -23.9 -16.4 -8.2 35.3 38.3 39.4 32

33 Due to U.S. banks 32.8 6.4 -12.1 -22.7 -19.0 -22.4 -14.7 -7.1 36.9 39.6 41.0 33

34 - Due from U.S. banks 0.6 0.6 0.7 1.1 1.4 1.5 1.7 1.2 1.6 1.3 1.6 34

35 Total assets 230.8 225.5 180.3 140.5 113.9 134.2 190.5 156.2 117.0 145.6 195.5 35

36 Rest of the world 140.3 161.1 115.5 83.6 55.1 72.6 119.7 92.1 49.5 76.4 124.7 36

37 Domestic 90.6 64.4 64.8 56.9 58.8 61.6 70.8 64.1 67.5 69.2 70.7 37

38 Monetary authority -0.0 1.0 0.0 -0.5 -0.1 0.6 0.5 -1.2 0.2 -0.3 -0.3 38

39 Federal Reserve float -0.2 0.9 -0.0 -0.5 -0.2 0.4 0.4 -1.2 -0.5 -0.5 -0.3 39

40 Loans to member banks 0.2 0.1 0.0 0.0 0.2 0.2 0.0 0.0 0.8 0.2 0.1 40

41 Commercial banking 85.9 61.8 62.5 55.1 55.6 58.3 67.4 62.5 64.5 66.1 67.1 41

42 Reserves at Federal Reserve 19.3 17.4 15.2 20.2 19.1 20.5 19.5 24.0 25.0 25.7 19.1 42

43 Vault cash 66.6 44.4 47.3 34.9 36.5 37.9 47.8 38.5 39.5 40.4 47.9 43

44 Savings insts.: Reserves at Fed. Res. 4.7 1.7 2.3 2.2 3.2 2.7 3.0 2.8 2.7 3.4 3.9 44

45 Discrepancy--floats, etc. -28.5 -4.3 11.1 21.9 17.5 16.5 15.3 19.3 6.8 18.1 12.0 45
84 Z.1, March 4, 2004

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1484.5 1413.1 1603.2 1518.1 1571.9 1610.7 1646.7 1680.4 1703.1 1670.6 1681.0 1

 2 Monetary authority 590.4 555.2 603.1 613.3 630.0 630.7 644.6 654.7 662.1 665.5 682.5 2

 3 Federal government cash and deposits 28.5 5.6 7.1 6.1 8.5 8.3 4.8 7.1 7.3 7.6 6.0 3

 4 Deposits due to foreign 0.1 0.3 0.1 0.3 0.1 0.2 0.1 0.3 1.0 0.1 0.2 4

 5 Currency outside banks 561.8 549.3 596.0 607.0 621.4 622.2 639.7 647.3 653.8 657.8 676.3 5

 6 Commercial banking 626.4 540.9 628.8 523.0 536.5 563.2 571.4 575.6 575.2 526.5 502.8 6

 7 Federal government deposits 49.6 16.4 47.5 9.5 37.1 54.6 31.1 43.6 17.4 -6.8 -69.5 7

 8 Deposits due to foreign 43.6 33.9 34.5 37.2 35.5 32.8 36.1 39.0 51.3 41.8 46.3 8

 9 Private domestic deposits 533.2 490.6 546.9 476.4 463.9 475.8 504.3 493.0 506.5 491.5 526.0 9

10 Savings institutions 222.3 265.8 316.5 328.4 344.3 356.6 370.9 384.2 399.5 413.9 428.3 10

11 Credit unions 45.4 51.3 54.7 53.4 61.1 60.2 59.7 65.9 66.4 64.8 67.4 11

12 Total assets 1484.5 1413.1 1603.2 1518.1 1571.9 1610.7 1646.7 1680.4 1703.1 1670.6 1681.0 12

13 Household sector 346.0 225.6 315.3 317.9 266.7 237.3 279.1 259.1 256.8 201.8 214.7 13

14 Nonfinancial business 567.8 674.9 630.0 585.9 640.5 678.1 671.4 670.9 702.6 765.8 798.5 14

15 Corporate 331.0 381.4 335.4 287.1 337.7 372.2 363.6 360.9 389.1 449.1 479.8 15

16 Nonfarm noncorporate 217.6 274.1 274.5 278.6 282.6 285.5 287.3 289.6 293.0 296.2 298.2 16

17 Farm 19.2 19.4 20.1 20.2 20.3 20.4 20.5 20.5 20.5 20.5 20.6 17

18 State and local governments 32.2 33.2 38.2 37.1 41.1 41.5 46.7 43.1 45.0 44.9 53.0 18

19 Federal government 87.9 24.3 66.9 25.2 54.9 77.7 47.5 23.3 41.8 53.3 54.1 19

20 Rest of the world 298.3 294.1 318.3 325.7 331.0 331.0 341.5 349.5 363.8 356.3 368.4 20

21 Checkable deposits 43.7 34.2 34.6 37.5 35.6 33.0 36.3 39.3 52.3 41.9 46.5 21

22 Currency 254.6 259.9 283.7 288.2 295.4 298.0 305.2 310.1 311.6 314.4 321.8 22

23 Financial sectors 139.8 139.3 218.3 209.6 215.4 234.2 236.3 272.9 270.1 265.9 264.0 23

24 Commercial banking 2.2 1.7 2.8 1.7 2.7 2.7 2.5 3.0 3.0 2.4 2.5 24

25 Savings institutions 17.4 19.0 21.0 21.1 20.1 22.1 24.7 23.9 27.4 25.9 24.3 25

26 Credit unions 26.4 26.7 36.8 33.5 40.4 40.4 38.4 54.8 52.4 45.6 41.5 26

27 Bank personal trusts and estates 0.3 0.2 0.7 0.5 0.3 0.2 0.0 0.1 0.2 0.3 0.4 27

28 Life insurance companies 5.5 5.0 36.8 35.1 34.6 43.7 35.3 43.8 43.4 44.8 42.5 28

29 Other insurance companies 4.3 3.7 13.1 17.0 17.2 25.6 25.9 30.2 36.1 35.1 34.0 29

30 Private pension funds 6.6 7.1 6.1 6.2 6.4 6.4 6.5 6.7 7.0 7.0 6.8 30

31 State and local govt. retirement funds 9.2 9.1 9.5 9.9 8.5 7.7 7.7 9.2 9.3 9.4 9.2 31

32 Money market mutual funds -2.2 2.2 4.6 0.8 -3.9 -4.1 -1.3 -1.7 -8.1 -6.5 -1.9 32

33 Government-sponsored enterprises 11.8 2.1 3.9 3.7 5.3 10.3 14.0 18.2 14.6 14.7 14.5 33

34 Finance companies 25.3 27.9 30.8 31.5 32.3 33.0 33.8 34.6 35.4 36.2 37.1 34

35 REITs 4.4 4.3 5.2 5.6 5.8 5.7 4.6 5.8 5.7 7.2 6.2 35

36 Brokers and dealers 28.7 30.3 47.1 43.1 45.7 40.5 44.2 44.2 43.6 43.9 46.9 36

37 Mail float 12.5 21.7 16.2 16.7 22.1 11.0 24.2 61.6 23.0 -17.4 -71.7 37
Z.1, March 4, 2004 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3608.0 3912.9 4248.8 4415.6 4445.2 4536.7 4570.2 4711.6 4797.8 4823.3 4861.8 1

 2 Small time and savings deposits 2671.6 2860.4 3127.6 3236.7 3256.4 3336.8 3398.7 3502.5 3575.2 3601.2 3628.3 2

 3 Commercial banking 2017.1 2228.7 2478.1 2560.6 2598.0 2684.0 2747.8 2833.5 2913.7 2935.5 2978.3 3

 4 U.S.-chartered commercial banks 1997.4 2208.0 2448.3 2533.4 2568.8 2656.3 2722.0 2808.5 2888.4 2908.8 2950.2 4

 5 Foreign banking offices in U.S. 7.5 7.2 11.6 8.5 9.7 8.3 9.4 8.7 8.9 9.7 10.3 5

 6 Banks in U.S.-affiliated areas 12.2 13.6 18.1 18.7 19.5 19.5 16.4 16.3 16.3 17.0 17.8 6

 7 Savings institutions 354.7 318.9 288.2 289.8 274.9 264.4 256.5 251.8 238.0 240.9 226.0 7

 8 Credit unions 299.8 312.7 361.3 386.3 383.5 388.3 394.4 417.1 423.6 424.9 424.0 8

 9 Large time deposits (1) 936.4 1052.6 1121.1 1178.9 1188.7 1199.9 1171.5 1209.1 1222.5 1222.1 1233.5 9

10 Commercial banking 792.6 885.4 918.1 960.7 966.7 956.7 915.6 940.5 934.8 933.6 934.5 10

11 U.S.-chartered commercial banks 465.7 553.6 528.4 524.2 528.1 551.8 552.7 569.1 572.5 569.7 555.7 11

12 Foreign banking offices in U.S. 314.8 318.2 371.5 417.7 419.1 385.4 346.4 355.2 346.0 346.9 361.0 12

13 Banks in U.S.-affiliated areas 12.2 13.6 18.1 18.7 19.5 19.5 16.4 16.3 16.3 17.0 17.8 13

14 Savings institutions 122.2 142.1 168.9 183.2 183.9 202.7 213.1 224.5 237.6 238.3 245.5 14

15 Credit unions 21.6 25.1 34.1 35.0 38.2 40.4 42.8 44.1 50.1 50.3 53.6 15

16 Total assets 3608.0 3912.9 4248.8 4415.6 4445.2 4536.7 4570.2 4711.6 4797.8 4823.3 4861.8 16

17 Household sector 2811.1 3099.7 3350.3 3486.8 3537.3 3647.4 3644.0 3774.2 3853.1 3936.8 3984.9 17

18 Nonfinancial business 254.4 274.9 276.7 274.7 259.1 242.2 270.9 277.9 284.8 273.4 266.1 18

19 Corporate 136.9 137.3 132.0 128.0 111.4 95.0 124.0 132.1 138.0 126.4 117.5 19

20 Nonfarm noncorporate 117.5 137.6 144.7 146.7 147.6 147.2 146.9 145.8 146.8 147.0 148.6 20

21 State and local governments 102.1 111.5 119.2 133.0 125.6 131.9 136.3 145.7 146.3 150.4 158.5 21

22 Federal government 5.4 6.3 10.5 15.2 9.9 18.4 27.6 18.4 27.8 9.1 2.4 22

23 Rest of the world 101.6 103.5 83.3 88.3 92.8 92.7 95.3 102.8 100.6 65.2 86.8 23

24 Financial sectors 333.5 317.0 408.7 417.7 420.5 404.0 396.2 392.6 385.2 388.4 363.1 24

25 Savings institutions 1.3 1.4 2.2 2.8 2.7 3.6 2.6 2.6 2.7 2.7 2.6 25

26 Credit unions 16.6 15.5 23.0 24.9 22.7 25.4 24.5 28.7 27.6 27.3 26.4 26

27 Bank personal trusts and estates 8.7 8.9 11.7 11.5 11.4 11.2 11.1 13.3 15.4 17.6 19.8 27

28 Private pension funds 144.7 147.6 151.8 151.7 151.4 152.3 152.6 153.5 154.6 155.5 156.3 28

29 State and local govt. retirement funds 1.7 1.1 0.6 1.2 1.1 1.5 0.7 1.1 1.1 1.1 1.1 29

30 Money market mutual funds 160.4 142.4 219.5 225.5 231.2 210.2 204.6 193.4 183.8 184.4 156.9 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 1578.8 1812.1 2240.7 2203.3 2151.2 2114.8 2223.9 2156.2 2120.8 2058.0 2016.0 1

 2 Household sector 822.2 967.8 1116.4 1104.8 1043.3 1058.4 1076.1 1060.6 1018.1 991.2 986.0 2

 3 Nonfinancial corporate business 154.9 191.4 301.9 297.9 299.8 287.9 328.8 319.1 303.6 277.6 276.0 3

 4 Nonfarm noncorporate business 40.7 49.4 59.0 58.2 59.2 57.6 61.3 60.0 58.7 55.6 53.1 4

 5 Bank personal trusts and estates 53.7 60.6 52.8 53.1 53.4 53.8 54.1 51.8 49.5 47.2 44.9 5

 6 Life insurance companies 131.8 142.3 173.3 169.3 171.9 157.9 159.8 152.7 153.4 152.3 151.4 6

 7 Private pension funds 75.1 79.6 69.0 69.7 70.4 71.1 71.8 72.5 73.2 73.9 74.7 7

 8 Funding corporations 300.5 321.1 468.4 450.4 453.2 428.2 472.0 439.5 464.3 460.2 429.9 8
86 Z.1, March 4, 2004

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1083.6 1196.8 1231.8 1262.4 1343.1 1313.7 1336.8 1323.1 1450.0 1483.2 1662.9 1

 2 Commercial banking (net) 750.0 816.1 786.5 768.5 805.7 834.9 902.0 896.6 992.4 972.8 1069.2 2

 3 U.S.-chartered commercial banks 667.0 682.4 663.9 671.3 683.3 694.3 737.4 698.7 786.6 802.9 905.6 3

 4 Foreign banking offices in U.S. 82.5 134.8 123.9 96.1 121.4 139.3 163.4 191.8 197.1 167.7 161.5 4

 5 Bank holding companies 0.5 -1.1 -1.2 1.0 1.0 1.3 1.2 6.2 8.8 2.2 2.1 5

 6 Savings institutions 72.7 66.7 72.4 78.1 69.8 61.0 57.4 60.8 64.6 65.6 77.5 6

 7 REITs 15.7 11.9 19.7 25.4 29.3 34.1 33.2 30.4 35.0 33.4 35.5 7

 8 Brokers and dealers (net) 245.2 302.2 353.2 390.4 438.3 383.7 344.2 335.2 358.0 411.4 480.7 8

 9 Total assets 817.2 807.9 888.3 866.1 884.3 938.3 987.3 934.9 1156.9 1186.4 1283.5 9

10 Nonfinancial corporate business 5.8 4.2 4.0 3.7 5.7 5.4 6.2 5.8 6.6 7.1 7.9 10

11 State and local governments 163.5 173.3 159.9 150.4 157.9 153.7 157.7 160.5 169.9 178.4 190.1 11

12 Rest of the world 79.9 91.3 150.7 128.2 159.6 205.2 190.1 161.5 361.8 423.9 460.3 12

13 Financial sectors 568.0 539.1 573.7 583.9 561.0 574.0 633.2 607.1 618.7 577.1 625.1 13

14 Monetary authority 140.6 43.4 50.3 29.5 32.0 21.8 39.5 31.8 31.8 37.5 43.8 14

15 Savings institutions 10.6 14.9 27.4 31.2 24.9 29.0 27.1 29.7 25.6 24.8 21.0 15

16 Credit unions 9.3 4.0 2.5 7.3 2.4 5.0 1.7 4.4 2.4 2.8 1.6 16

17 Other insurance companies 28.3 38.3 30.2 28.2 28.7 38.1 44.4 42.0 48.8 51.0 56.2 17

18 Private pension funds 28.6 29.6 30.4 29.4 30.1 32.6 32.3 32.0 31.7 31.3 31.0 18

19 State and local govt. retirement funds 40.4 44.7 45.3 45.4 43.3 42.6 45.5 45.9 46.5 46.9 48.4 19

20 Money market mutual funds 139.6 183.0 227.0 236.2 247.1 245.3 273.2 262.1 258.7 229.0 251.4 20

21 Mutual funds 80.8 106.4 74.8 85.8 81.2 76.9 84.7 86.0 86.9 83.5 93.5 21

22 Government-sponsored enterprises 89.7 74.9 85.9 91.0 71.4 82.7 84.9 73.2 86.4 70.3 78.2 22

23 Discrepancy--unallocated assets 266.4 388.9 343.5 396.4 458.8 375.5 349.5 388.2 293.1 296.9 379.4 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 1402.4 1614.0 1466.2 1407.0 1351.0 1351.2 1374.7 1359.2 1317.1 1294.5 1293.1 1

 2 Commercial paper 1393.8 1606.1 1461.4 1402.6 1346.1 1346.3 1370.1 1354.4 1312.5 1290.2 1288.7 2

 3 Nonfinancial corporate business 230.3 278.4 190.1 167.5 148.4 142.2 126.0 127.1 107.5 108.4 85.9 3

 4 Foreign issues in U.S. 89.2 120.9 106.7 123.6 130.2 134.0 142.8 155.7 173.1 160.4 165.1 4

 5 Nonfinancial 26.7 37.6 14.3 17.4 21.3 18.8 19.1 18.5 20.3 16.7 15.4 5

 6 Financial 62.5 83.3 92.4 106.2 108.9 115.2 123.7 137.1 152.8 143.7 149.6 6

 7 Financial business 1074.3 1206.7 1164.6 1111.4 1067.4 1070.1 1101.3 1071.6 1031.9 1021.4 1037.7 7

 8 Commercial banking 54.5 55.7 50.6 56.5 43.4 46.6 48.3 44.6 39.6 40.9 42.3 8

 9 ABS issuers 520.8 645.8 765.8 756.4 739.5 738.2 752.8 728.3 719.8 731.0 717.3 9

10 Finance companies 230.4 238.8 158.6 137.0 130.8 143.1 141.5 127.3 145.3 132.9 137.2 10

11 REITs 0.1 0.2 0.8 1.1 1.6 1.4 0.9 1.3 0.4 0.7 0.7 11

12 Funding corporations 268.5 266.2 188.8 160.5 152.2 140.8 157.7 170.2 126.9 115.9 140.2 12

13 Bankers acceptances (1) 8.6 7.9 4.8 4.5 4.9 4.9 4.6 4.8 4.6 4.3 4.4 13

14 Holdings, by sector 1402.4 1614.0 1466.2 1407.0 1351.0 1351.2 1374.7 1359.2 1317.1 1294.5 1293.1 14

15 Household sector 67.7 72.6 41.8 40.8 38.9 43.9 47.6 53.7 46.1 47.7 46.0 15

16 Nonfinancial corporate business 47.6 57.8 60.3 56.0 55.9 62.1 66.6 64.9 67.4 71.4 74.1 16

17 State and local governments 108.9 116.5 90.0 79.0 75.1 80.5 86.2 81.6 78.2 67.0 53.8 17

18 Rest of the world 102.3 111.9 118.1 126.2 129.9 130.6 135.4 139.7 153.6 146.3 152.7 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) 1.4 1.5 0.0 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 1.9 1.2 2.4 2.3 3.4 2.7 3.6 2.9 3.4 3.1 1.6 22

23 Bank personal trusts and estates 17.1 14.7 11.6 11.6 11.5 11.5 11.4 11.3 11.2 11.1 11.0 23

24 Life insurance companies 75.8 71.2 59.3 66.1 68.9 80.0 74.0 79.2 76.4 79.0 76.5 24

25 Private pension funds 37.5 35.8 33.5 36.0 37.4 45.7 44.4 44.2 42.3 42.0 40.4 25

26 State and local govt. retirement funds 40.4 44.7 45.3 45.4 43.3 42.6 45.5 45.9 46.5 46.9 43.4 26

27 Money market mutual funds 519.0 608.6 638.9 620.8 595.6 547.1 594.0 543.6 517.7 471.7 458.9 27

28 Mutual funds 80.8 106.4 74.8 81.6 62.8 58.4 66.1 67.3 68.5 65.2 75.3 28

29 Government-sponsored enterprises 33.8 44.7 80.3 49.2 59.4 52.8 52.2 51.1 55.2 46.5 49.4 29

30 Brokers and dealers 26.0 39.2 48.2 47.6 50.8 44.3 43.5 46.7 41.9 46.1 47.6 30

31 Funding corporations 242.3 287.2 161.8 144.3 118.1 148.7 104.0 127.2 108.7 150.6 162.4 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 4, 2004 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3652.7 3357.8 3352.7 3404.0 3424.6 3513.6 3609.8 3673.7 3779.9 3887.5 4008.2 1

 2 Savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 2

 3 Other Treasury issues 3466.2 3173.0 3162.4 3212.1 3231.9 3320.4 3414.9 3476.8 3580.8 3686.0 3804.4 3

 4 Total assets 3652.7 3357.8 3352.7 3404.0 3424.6 3513.6 3609.8 3673.7 3779.9 3887.5 4008.2 4

 5 Household sector 806.7 586.3 486.8 468.6 428.1 434.1 382.4 428.3 479.7 446.5 418.5 5

 6 Savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 6

 7 Other Treasury issues 620.2 401.5 296.5 276.7 235.4 240.9 187.6 231.4 280.5 245.0 214.7 7

 8 Nonfinancial corporate business 19.4 18.1 16.5 22.3 27.1 29.1 31.6 35.6 44.9 56.3 66.9 8

 9 Nonfarm noncorporate business 37.2 40.2 42.8 43.4 43.8 44.3 45.2 45.1 46.3 46.8 47.5 9

10 State and local governments 266.8 247.7 297.9 303.9 316.8 316.4 320.0 311.2 323.5 325.9 343.7 10

11 Rest of the world 1080.4 1026.1 1039.7 1050.5 1079.8 1138.7 1214.2 1250.6 1343.1 1408.9 1489.0 11

12 Monetary authority 478.0 511.7 551.7 575.4 590.7 604.2 629.4 641.5 652.1 656.1 666.7 12

13 Commercial banking 228.9 184.5 162.7 165.9 183.8 192.0 205.8 136.7 127.2 127.5 133.8 13

14 U.S.-chartered commercial banks 122.8 87.9 56.5 68.6 75.2 74.6 86.4 89.3 77.9 81.2 93.5 14

15 Foreign banking offices in U.S. 94.5 94.0 103.8 94.1 105.7 115.0 116.7 44.3 44.5 40.1 34.2 15

16 Bank holding companies 8.8 0.8 1.2 1.3 1.7 1.4 1.3 1.3 2.4 3.0 2.7 16

17 Banks in U.S.-affiliated areas 2.8 1.8 1.2 2.0 1.1 1.1 1.5 1.7 2.4 3.2 3.4 17

18 Savings institutions 10.1 8.7 11.4 14.1 12.7 10.3 9.2 9.2 10.0 11.2 12.2 18

19 Credit unions 9.6 8.2 7.4 7.6 8.1 8.1 7.8 7.3 8.7 9.1 8.9 19

20 Bank personal trusts and estates 17.3 16.3 11.5 11.5 11.4 11.3 11.2 11.1 11.0 10.9 10.9 20

21 Life insurance companies 62.8 58.1 53.7 59.8 65.7 72.3 78.5 81.4 83.5 84.6 85.1 21

22 Other insurance companies 60.6 52.1 52.0 54.2 56.3 58.2 61.2 62.6 64.0 65.8 66.2 22

23 Private pension funds 79.5 76.1 65.7 66.2 67.3 66.1 66.9 66.9 67.8 65.7 66.5 23

24 State and local govt. retirement funds 247.4 231.9 213.6 223.2 213.4 210.3 212.5 213.5 218.8 213.3 207.2 24

25 Federal government retirement funds 31.0 33.0 40.2 41.7 43.2 46.8 49.6 53.4 53.9 54.6 54.3 25

26 Money market mutual funds 103.8 90.4 135.7 137.8 123.3 119.7 140.2 147.4 144.2 134.2 130.2 26

27 Mutual funds 117.3 123.7 115.1 120.0 122.0 129.3 133.3 141.0 150.5 147.2 147.3 27

28 Closed-end funds 7.6 6.7 6.7 7.0 4.7 4.7 5.5 4.0 4.7 5.0 5.6 28

29 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 2.1 2.0 1.5 1.3 1.8 2.1 29

30 Government-sponsored enterprises 30.9 41.2 31.8 32.7 16.5 15.7 7.2 8.0 7.9 7.8 7.9 30

31 Brokers and dealers -42.6 -3.3 9.8 -1.7 9.9 0.0 -3.9 17.5 -63.2 8.2 37.8 31

 Memo:

32 Federal government debt (1) 3681.0 3385.1 3379.5 3430.3 3451.4 3540.8 3637.0 3700.6 3806.9 3914.5 4033.1 32

(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 4, 2004

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3912.2 4344.8 4970.9 5143.2 5265.6 5371.2 5525.4 5641.9 5754.5 5945.5 6096.0 1

 2 Budget agencies 28.3 27.3 26.8 26.3 26.8 27.2 27.3 26.9 27.0 27.0 24.9 2

 3 Government-sponsored enterprises 1591.7 1825.8 2114.0 2161.8 2197.2 2259.5 2339.9 2388.7 2438.7 2548.1 2582.7 3

 4 Federally related mortgage pools 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 4

 5 Total assets 3912.2 4344.8 4970.9 5143.2 5265.6 5371.2 5525.4 5641.9 5754.5 5945.5 6096.0 5

 6 Household sector 301.0 348.3 269.9 242.8 222.2 148.1 95.4 61.0 25.1 159.2 269.6 6

 7 Nonfinancial corporate business 12.4 15.4 17.2 19.8 20.4 18.6 17.0 16.0 13.9 7.7 1.4 7

 8 State and local governments 190.0 192.0 211.9 215.1 216.0 215.0 214.0 211.0 214.0 216.8 221.3 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 300.2 445.2 553.8 567.4 606.9 639.6 669.4 676.7 678.2 637.1 681.6 10

11 Monetary authority 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Commercial banking 699.6 721.8 777.4 808.3 856.8 889.9 917.9 961.2 1035.0 967.8 999.5 12

13 U.S.-chartered commercial banks 608.3 626.5 700.2 725.1 767.3 794.4 821.3 866.4 936.0 872.5 906.4 13

14 Foreign banking offices in U.S. 72.4 72.7 50.7 51.7 55.3 61.5 61.6 60.0 63.1 54.8 52.5 14

15 Bank holding companies 5.4 4.8 6.2 10.2 11.5 10.9 10.7 11.4 10.9 12.2 11.6 15

16 Banks in U.S.-affiliated areas 13.5 17.8 20.3 21.3 22.8 23.1 24.2 23.4 25.0 28.3 28.9 16

17 Savings institutions 147.1 140.4 161.4 173.6 172.6 168.5 176.2 186.1 192.4 193.3 199.3 17

18 Credit unions 61.3 60.9 80.6 90.7 98.1 93.0 97.3 107.2 116.2 125.7 115.5 18

19 Bank personal trusts and estates 45.2 45.5 35.1 34.9 34.7 34.4 34.2 33.6 32.9 32.2 31.6 19

20 Life insurance companies 224.4 235.4 253.5 273.0 291.2 312.2 330.9 341.3 351.1 356.0 361.0 20

21 Other insurance companies 75.5 84.1 94.2 98.7 103.1 107.0 113.2 115.6 118.0 121.5 124.6 21

22 Private pension funds 208.8 225.2 236.9 240.8 241.7 244.9 242.5 241.5 242.1 237.4 237.2 22

23 State and local govt. retirement funds 129.0 166.6 152.1 149.2 149.4 149.8 151.8 151.1 151.7 154.8 159.8 23

24 Federal government retirement funds 1.3 1.4 3.1 3.0 3.2 3.9 5.5 7.7 7.7 7.1 6.7 24

25 Money market mutual funds 190.9 185.2 318.4 311.7 290.0 318.2 324.1 319.0 326.9 350.9 326.2 25

26 Mutual funds 271.1 275.3 360.5 376.0 382.1 404.9 417.6 429.3 446.6 444.5 444.3 26

27 Government-sponsored enterprises 668.3 813.3 998.7 1077.3 1084.5 1110.1 1181.5 1198.1 1187.2 1330.2 1322.0 27

28 ABS issuers 306.0 310.4 348.2 363.2 373.2 393.1 417.0 433.0 450.1 495.0 487.4 28

29 REITs 14.2 14.5 20.2 25.9 29.2 31.2 28.3 24.5 26.3 22.4 23.2 29

30 Brokers and dealers 66.0 63.7 77.8 71.8 90.0 88.8 91.8 128.1 139.4 85.8 83.7 30

(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 4, 2004 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1457.2 1480.9 1603.7 1627.4 1681.5 1706.9 1763.1 1791.1 1850.4 1863.2 1899.4 1

 2 State and local governments 1167.1 1183.6 1289.2 1310.9 1361.0 1383.8 1432.6 1456.6 1511.1 1519.9 1551.1 2

 3 Short-term (1) 43.7 45.1 69.0 70.1 75.2 83.6 94.2 92.8 92.2 94.9 101.1 3

 4 Long-term 1123.4 1138.5 1220.2 1240.9 1285.8 1300.2 1338.4 1363.8 1418.9 1425.0 1449.9 4

 5 Nonprofit organizations (2) 137.3 143.0 156.9 159.0 162.2 163.9 169.8 173.6 177.3 180.6 184.3 5

 6 Nonfinancial corporate business 152.8 154.2 157.7 157.5 158.3 159.3 160.8 160.9 162.0 162.8 164.0 6

 (industrial revenue bonds)

 7 Total assets 1457.2 1480.9 1603.7 1627.4 1681.5 1706.9 1763.1 1791.1 1850.4 1863.2 1899.4 7

 8 Household sector 450.2 460.7 511.9 543.9 590.4 584.8 618.3 625.8 657.0 655.0 680.6 8

 9 Nonfinancial corporate business 25.0 31.9 29.3 28.9 26.1 31.0 28.7 28.2 28.2 30.3 32.0 9

10 Nonfarm noncorporate business 2.7 2.4 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 10

11 State and local governments 1.0 1.6 1.9 1.7 1.4 1.0 0.5 1.2 1.6 2.9 4.3 11

12 Commercial banking 110.8 114.1 120.2 118.7 118.3 121.2 121.7 123.2 127.1 131.9 132.5 12

13 Savings institutions 3.0 3.2 4.5 4.6 4.8 4.9 5.5 5.5 5.8 6.3 6.3 13

14 Bank personal trusts and estates 100.3 99.1 95.6 96.9 98.3 99.6 100.9 100.3 99.6 98.9 98.4 14

15 Life insurance companies 20.1 19.1 18.7 19.1 19.3 19.7 19.9 20.2 20.9 21.2 21.4 15

16 Other insurance companies 199.0 184.1 173.8 175.9 177.9 178.6 183.0 187.5 191.4 197.1 200.6 16

17 State and local govt. retirement funds 3.0 1.6 1.4 0.4 0.5 0.5 0.5 0.6 0.5 0.6 0.6 17

18 Money market mutual funds 210.4 244.7 281.0 274.1 269.3 272.0 282.8 292.7 299.0 296.5 297.3 18

19 Mutual funds 239.4 230.5 253.4 257.8 265.3 275.7 277.4 282.3 292.0 289.8 291.1 19

20 Closed-end funds 69.7 67.7 74.7 76.8 78.9 81.1 86.0 87.1 86.7 88.8 89.7 20

21 Government-sponsored enterprises 10.6 8.8 14.8 11.4 10.0 12.9 13.1 13.4 14.5 15.8 15.9 21

22 Brokers and dealers 11.9 11.3 19.0 13.6 17.4 20.3 21.0 19.2 22.1 24.1 24.9 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 4684.2 5067.8 5693.9 5839.3 5984.1 6023.4 6189.7 6380.2 6557.1 6672.1 6840.4 1

 2 Nonfinancial corporate business 2067.7 2230.3 2578.8 2644.9 2691.2 2686.1 2711.0 2757.7 2832.0 2856.0 2873.3 2

 3 Rest of the world (1) 452.5 467.7 443.2 439.6 426.1 417.3 409.8 402.5 377.0 375.7 384.6 3

 4 Financial sectors 2164.0 2369.8 2671.9 2754.8 2866.8 2920.1 3068.9 3219.9 3348.1 3440.4 3582.4 4

 5 Commercial banking 240.6 273.2 310.2 304.8 313.8 317.4 332.2 352.9 359.7 361.2 379.2 5

 6 Savings institutions 2.7 6.3 3.6 3.5 2.9 2.9 3.4 4.8 4.8 5.0 5.1 6

 7 ABS issuers 1167.2 1241.5 1415.0 1476.9 1549.2 1600.4 1684.4 1782.7 1868.5 1914.3 2000.6 7

 8 Finance companies 430.3 503.4 570.2 578.0 601.8 590.9 633.2 647.4 675.5 710.2 738.9 8

 9 REITs 62.2 67.0 70.8 71.1 75.6 81.3 84.9 89.3 93.6 100.4 106.1 9

10 Brokers and dealers 25.3 40.9 42.3 38.4 42.8 46.6 40.6 50.2 46.2 48.6 47.0 10

11 Funding corporations 235.5 237.5 259.7 282.1 280.7 280.7 290.1 292.6 299.9 300.7 305.5 11

12 Total assets 4684.2 5067.8 5693.9 5839.3 5984.1 6023.4 6189.7 6380.2 6557.1 6672.1 6840.4 12

13 Household sector 822.2 892.0 1009.7 1033.0 1086.2 1086.5 1175.0 1104.7 1065.5 1010.5 980.4 13

14 State and local governments 71.3 75.0 86.9 88.2 91.5 89.4 88.7 83.5 85.9 84.6 87.7 14

15 Rest of the world (2) 704.3 776.3 896.9 935.9 964.3 960.5 986.2 1050.0 1119.7 1223.0 1293.9 15

16 Commercial banking 220.5 278.6 376.4 373.7 358.8 368.9 379.1 470.8 473.3 483.1 506.4 16

17 Savings institutions 111.9 109.4 83.9 83.3 85.2 85.8 79.9 81.9 75.4 68.6 71.1 17

18 Bank personal trusts and estates 39.8 44.9 38.3 37.6 36.9 36.3 35.6 36.5 37.5 38.5 39.5 18

19 Life insurance companies 1173.2 1222.2 1342.4 1375.5 1397.7 1430.8 1449.3 1499.6 1546.1 1570.3 1597.1 19

20 Other insurance companies 181.1 187.5 196.4 196.9 197.2 196.1 198.9 204.6 209.4 215.6 219.1 20

21 Private pension funds 299.2 317.9 324.3 328.7 330.4 329.8 332.2 334.9 340.7 339.3 340.7 21

22 State and local govt. retirement funds 310.0 339.7 351.1 361.6 357.9 356.9 360.5 357.5 354.4 356.4 362.5 22

23 Federal government retirement funds 0.8 0.8 1.6 1.6 1.7 2.0 2.8 3.9 3.9 3.6 3.4 23

24 Money market mutual funds 123.7 161.9 163.0 152.5 141.4 154.1 170.7 182.9 192.5 184.9 185.9 24

25 Mutual funds 368.2 361.9 420.0 441.4 459.3 466.2 470.9 492.1 520.6 532.0 548.3 25

26 Closed-end funds 33.5 30.9 27.1 28.3 29.9 26.8 25.5 32.6 47.2 55.4 66.8 26

27 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 1.6 1.8 1.9 2.3 2.2 2.4 27

28 Government-sponsored enterprises 91.5 117.2 132.7 139.2 154.5 149.3 139.7 150.2 158.2 156.9 157.3 28

29 REITs 5.7 4.9 7.0 7.4 8.6 10.2 11.7 12.5 11.4 13.4 12.9 29

30 Brokers and dealers 93.4 112.7 161.3 168.2 184.5 181.8 192.0 179.4 201.0 210.8 227.5 30

31 Funding corporations 33.8 33.9 74.8 86.3 98.0 90.3 89.4 100.7 112.1 123.1 137.3 31

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 4, 2004

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 19522.8 17627.0 15310.6 15235.8 13338.5 10946.9 11870.9 11424.5 13274.7 13749.1 15497.9 1

 2 Nonfinancial corporate business 15155.6 12678.8 10796.2 10709.5 8999.1 7322.1 7906.9 7645.8 8819.9 9044.5 10170.3 2

 3 Rest of the world (2) 2003.7 1852.9 1612.7 1515.9 1491.0 1179.9 1345.2 1270.2 1516.9 1661.3 1943.5 3

 4 Financial corporations 2363.4 3095.3 2901.8 3010.4 2848.4 2444.9 2618.8 2508.5 2937.8 3043.3 3384.2 4

 5 Holdings at market value 19522.8 17627.0 15310.6 15235.8 13338.5 10946.9 11870.9 11424.5 13274.7 13749.1 15497.9 5

 6 Household sector 9052.1 7473.6 6184.2 5922.1 5049.2 4086.7 4601.5 4431.2 5059.7 5160.7 5709.2 6

 7 State and local governments 115.0 115.1 126.3 129.3 121.3 101.8 112.9 104.7 119.9 122.0 138.0 7

 8 Rest of the world (3) 1611.5 1625.6 1533.9 1592.4 1424.6 1197.3 1222.7 1154.1 1363.8 1394.9 1618.4 8

 9 Commercial banking 11.3 11.9 8.9 8.5 4.9 0.0 3.5 2.0 6.7 9.7 15.1 9

10 Savings institutions 23.8 24.2 27.9 28.3 28.6 28.6 29.1 29.9 30.6 31.1 30.4 10

11 Bank personal trusts and estates 407.3 356.8 280.7 272.6 227.1 177.3 181.1 170.1 192.7 194.4 213.1 11

12 Life insurance companies 904.0 887.0 806.8 822.0 755.1 663.4 705.0 702.8 803.0 838.8 955.7 12

13 Other insurance companies 207.9 194.3 173.9 176.2 163.3 145.4 152.3 147.4 162.9 167.3 187.4 13

14 Private pension funds 2268.9 2137.8 1859.7 1898.2 1645.3 1351.0 1417.6 1369.2 1595.2 1664.7 1872.5 14

15 State and local govt. retirement funds 1343.2 1335.1 1221.9 1244.8 1116.7 937.2 1001.6 970.7 1130.4 1171.2 1318.8 15

16 Federal government retirement funds 59.1 59.1 51.4 52.9 46.9 39.6 48.5 52.3 63.0 69.5 80.4 16

17 Mutual funds 3376.7 3226.9 2836.1 2883.1 2552.5 2040.1 2188.4 2091.3 2501.9 2677.5 3062.1 17

18 Closed-end funds 41.3 36.6 31.1 31.0 30.3 30.8 33.7 33.9 39.6 45.1 52.8 18

19 Exchange-traded funds 33.9 65.6 83.0 88.2 89.0 78.3 98.2 97.2 117.7 115.5 146.3 19

20 Brokers and dealers 66.9 77.2 85.1 86.2 83.7 69.4 74.9 67.7 87.6 86.8 97.7 20

 Memo:

21 Market value of domestic corporations (4) 17158.0 15388.5 13316.1 13329.8 11476.2 9443.0 10163.0 9806.2 11343.2 11663.4 13055.2 21

(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 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 1

 2 Holdings at market value 4538.5 4434.6 4135.5 4247.0 3926.6 3452.3 3639.4 3591.0 4068.9 4242.7 4664.9 2

 3 Household sector 3115.2 3035.8 2869.7 2936.8 2744.3 2430.1 2539.2 2521.7 2858.2 2999.0 3291.6 3

 4 Nonfinancial corporate business 133.7 122.8 105.9 108.3 95.6 81.3 90.5 89.7 106.4 112.2 127.9 4

 5 State and local governments 25.6 26.4 31.5 30.5 32.4 33.1 33.5 35.7 34.9 33.5 30.5 5

 6 Commercial banking 12.4 15.0 21.3 22.3 18.2 13.6 19.6 13.5 16.3 14.5 17.1 6

 7 Credit unions 2.5 2.2 3.7 3.0 4.0 4.0 3.5 3.4 4.5 5.0 4.1 7

 8 Bank personal trusts and estates 391.5 396.8 359.1 370.0 345.8 313.6 339.1 327.1 360.0 364.5 391.2 8

 9 Life insurance companies 103.8 101.9 92.7 93.6 86.3 76.5 80.5 79.4 91.9 96.1 106.7 9

10 Private pension funds 753.8 733.6 651.5 682.4 600.0 500.1 533.5 520.4 596.8 617.9 695.8 10
Z.1, March 4, 2004 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 3505.1 3874.8 3944.4 3918.7 3980.3 4074.7 4163.8 4184.4 4272.8 4327.0 4398.3 1

 - Loans elsewhere classified:

 2 Open market paper 1.4 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Mortgages 1495.4 1660.1 1789.8 1800.3 1873.1 1962.0 2058.3 2099.4 2193.1 2263.9 2256.0 3

 4 Consumer credit 499.8 541.5 558.4 550.7 554.9 575.7 587.2 575.3 584.2 593.7 636.4 4

 5 Security credit 124.8 175.2 175.2 158.5 174.6 175.3 177.9 207.4 208.3 209.1 213.5 5

 6 = Banking sector total bank loans n.e.c. 1383.8 1496.6 1421.0 1409.1 1377.8 1361.7 1340.4 1302.3 1287.2 1260.3 1292.4 6

 7 U.S.-chartered commercial banks 1104.3 1202.4 1140.5 1118.9 1098.1 1092.3 1081.9 1050.6 1039.3 1029.5 1045.5 7

 8 Foreign banking offices in U.S. 260.0 274.6 256.1 265.9 255.2 244.9 237.5 231.2 223.1 205.7 220.4 8

 9 Bank holding companies 2.6 1.6 1.9 2.1 2.1 2.1 2.9 2.6 6.7 6.8 7.9 9

10 Banks in U.S.-affiliated areas 16.9 18.0 22.5 22.2 22.4 22.4 18.1 17.9 18.2 18.2 18.6 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. 1383.8 1496.6 1421.0 1409.1 1377.8 1361.7 1340.4 1302.3 1287.2 1260.3 1292.4 12

13 Total liabilities 1383.8 1496.6 1421.0 1409.1 1377.8 1361.7 1340.4 1302.3 1287.2 1260.3 1292.4 13

14 Nonfinancial sectors 1292.3 1405.5 1316.8 1306.8 1267.2 1231.5 1235.0 1209.4 1188.6 1157.6 1194.0 14

15 Households 67.3 74.1 57.6 55.6 50.4 32.4 54.6 50.9 61.1 51.9 96.3 15

16 Corporate business 813.0 861.0 758.3 743.4 695.1 677.5 661.9 649.2 632.1 615.0 612.5 16

17 Nonfarm noncorporate business 308.6 352.9 390.7 396.9 402.8 405.5 404.1 398.3 390.7 384.2 378.8 17

18 Farm business 44.2 46.9 46.9 44.2 46.8 46.7 46.0 43.4 45.0 45.4 45.5 18

19 Rest of the world 59.2 70.5 63.2 66.7 72.2 69.3 68.6 67.6 59.7 61.0 60.9 19

20 Foreign official institutions 3.0 3.5 4.3 4.2 4.8 5.0 5.1 4.7 4.7 4.4 4.6 20

21 Foreign banks 9.9 13.2 5.9 6.1 9.7 7.8 5.1 5.5 4.9 3.9 3.7 21

22 Other foreign 46.4 53.8 53.1 56.5 57.8 56.5 58.4 57.4 50.1 52.8 52.7 22

23 Financial sectors 91.5 91.1 104.2 102.3 110.6 130.3 105.3 92.9 98.7 102.8 98.4 23

24 Savings institutions 14.0 21.5 23.0 22.9 24.0 25.5 27.2 15.1 15.9 15.4 13.9 24

25 Finance companies 35.4 35.9 50.8 49.4 56.9 74.9 48.0 47.3 53.2 57.6 56.2 25

26 Mortgage companies 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 26

27 REITs 26.0 17.7 14.4 14.0 13.7 13.7 14.1 14.5 13.5 13.7 12.2 27
92 Z.1, March 4, 2004

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 1299.9 1425.5 1462.2 1444.0 1465.0 1491.7 1495.3 1507.6 1516.3 1506.5 1514.7 1

 2 U.S. government loans 131.5 127.9 121.9 120.2 119.4 118.5 118.5 118.6 117.8 117.0 115.8 2

 3 Liab.: Household sector 17.2 16.6 15.0 14.7 14.5 14.4 14.2 14.0 13.8 13.6 13.5 3

 4 Nonfinancial corporate business 8.0 7.6 7.4 7.0 7.2 6.8 7.0 7.3 7.5 7.6 7.8 4

 5 Nonfarm noncorporate business 43.9 42.8 39.6 39.1 38.5 38.6 38.9 39.1 39.4 39.5 39.6 5

 6 Farm business 4.9 5.0 5.0 4.9 4.8 4.8 4.7 4.7 4.6 4.5 4.5 6

 7 State and local governments 9.7 8.7 8.9 9.0 9.1 9.3 9.4 9.5 9.6 9.6 9.7 7

 8 Rest of the world 47.8 47.2 46.0 45.4 45.1 44.6 44.3 44.0 43.0 42.2 40.9 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 119.5 117.3 115.7 109.5 119.9 133.7 125.8 115.0 126.1 125.2 125.0 10

11 Liab.: Nonfinancial corporate business 119.5 117.3 115.7 109.5 119.9 133.7 125.8 115.0 126.1 125.2 125.0 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 8.2 7.5 4.6 4.5 4.8 4.8 4.6 4.8 4.5 4.3 4.4 12

13 Liab.: Nonfinancial corporate business 4.4 4.3 4.1 3.9 4.4 4.3 4.4 4.7 4.4 4.2 4.2 13

14 Rest of the world 3.9 3.1 0.5 0.6 0.5 0.5 0.2 0.1 0.1 0.1 0.2 14

15 Savings institution loans to business 30.6 39.3 42.9 44.5 44.3 45.4 46.2 47.4 48.2 57.4 56.4 15

16 Liab.: Nonfinancial corporate business 15.3 19.7 21.5 22.2 22.2 22.7 23.1 23.7 24.1 28.7 28.2 16

17 Nonfarm noncorporate business 15.3 19.7 21.5 22.2 22.2 22.7 23.1 23.7 24.1 28.7 28.2 17

18 Policy loans (Household liability) 100.0 102.8 105.0 105.3 105.3 105.7 106.1 105.7 106.0 105.5 105.9 18

19 Asset: Federal government 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 19

20 Life insurance companies 99.0 101.9 104.1 104.4 104.3 104.8 105.1 104.7 105.0 104.6 104.9 20

21 Government-sponsored enterprise loans 432.3 477.6 515.3 504.8 514.1 534.4 533.8 549.8 549.4 548.8 558.0 21

22 Liab.: Household sector (SLMA) 0.7 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 22

23 Noncorporate business (FCS) 17.9 19.4 22.3 22.1 23.4 23.3 23.7 22.7 23.6 24.0 24.5 23

24 Farm business (FCS) 17.9 19.5 19.5 19.9 19.8 19.8 20.1 20.4 19.2 18.5 18.8 24

25 Commercial banks (FHLB and SLMA) 145.6 172.4 196.6 199.0 212.2 221.7 226.9 225.3 235.6 232.5 235.5 25

26 Savings institutions (FHLB and SLMA) 243.7 260.0 268.5 254.2 248.4 257.9 250.8 267.3 256.2 257.5 261.8 26

27 Credit unions (FHLB) 3.4 3.4 4.9 5.5 6.0 6.8 6.9 7.6 8.0 8.8 9.1 27

28 Life insurance companies (FHLB) 3.2 2.5 3.1 3.7 4.0 4.5 5.1 6.3 6.6 7.4 8.0 28

29 Securitized loans held by ABS issuers 82.6 94.7 109.8 112.4 107.8 103.8 105.0 112.5 108.4 102.7 104.0 29

30 Liab.: Nonfinancial corporate business 82.6 94.7 109.8 112.4 107.8 103.8 105.0 112.5 108.4 102.7 104.0 30

31 Finance company loans to business 395.1 458.4 447.0 443.0 449.4 445.5 455.3 453.9 455.8 445.6 445.4 31

32 Liab.: Nonfinancial corporate business 355.6 412.6 402.3 398.7 404.5 401.0 409.7 408.5 410.2 401.0 400.9 32

33 Nonfarm noncorporate business 39.5 45.8 44.7 44.3 44.9 44.6 45.5 45.4 45.6 44.6 44.5 33
Z.1, March 4, 2004 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 6314.5 6883.1 7581.5 7746.7 7962.4 8196.5 8462.9 8672.4 8969.8 9230.6 9465.4 1

 2 Home 4787.2 5205.4 5738.6 5877.2 6049.6 6247.7 6462.6 6640.2 6887.9 7098.7 7282.6 2

 3 Multifamily residential 368.4 400.6 445.4 452.9 463.5 471.7 488.5 496.5 510.0 523.0 535.0 3

 4 Commercial 1056.5 1168.2 1281.2 1298.5 1328.8 1353.5 1387.0 1408.7 1442.7 1478.5 1515.6 4

 5 Farm 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 5

 6 Total liabilities 6314.5 6883.1 7581.5 7746.7 7962.4 8196.5 8462.9 8672.4 8969.8 9230.6 9465.4 6

 7 Household sector 4633.9 5021.0 5530.8 5664.5 5829.2 6018.8 6215.2 6382.0 6612.3 6813.4 6961.4 7

 8 Nonfinancial business 1603.9 1779.1 1966.5 1996.4 2045.5 2088.7 2157.6 2201.2 2267.4 2325.2 2409.6 8

 9 Corporate 331.4 362.6 421.3 424.5 439.0 448.5 471.5 481.8 503.9 520.9 565.5 9

10 Nonfarm noncorporate 1170.1 1307.6 1428.8 1453.8 1486.1 1516.7 1561.3 1592.4 1634.3 1673.9 1711.9 10

11 Farm 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 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 76.7 82.9 84.2 85.9 87.6 88.9 90.1 89.2 90.1 92.0 94.4 13

14 Total assets 6314.5 6883.1 7581.5 7746.7 7962.4 8196.5 8462.9 8672.4 8969.8 9230.6 9465.4 14

15 Household sector 110.4 113.4 113.0 113.2 113.6 114.0 114.1 114.4 114.6 114.7 114.9 15

16 Nonfinancial corporate business 41.2 43.5 46.6 46.6 47.1 47.6 48.1 48.5 49.0 49.5 50.0 16

17 Nonfarm noncorporate business 24.7 23.3 26.6 27.2 27.5 27.7 27.8 27.7 27.5 27.1 26.6 17

18 State and local governments 129.8 134.3 139.0 140.2 141.4 142.7 143.9 145.2 146.5 147.8 149.1 18

19 Federal government 77.7 76.9 75.8 75.7 75.5 75.0 76.3 73.9 74.0 73.6 73.8 19

20 Commercial banking 1495.4 1660.1 1789.8 1800.3 1873.1 1962.0 2058.3 2099.4 2193.1 2263.9 2256.0 20

21 Savings institutions (1) 668.1 723.0 758.2 746.0 742.7 773.7 781.4 815.9 833.6 852.1 870.7 21

22 Credit unions 111.0 124.9 141.3 146.0 151.7 155.4 159.4 162.4 168.4 176.3 181.1 22

23 Bank personal trusts and estates 2.2 2.3 2.5 2.5 2.5 2.4 2.3 2.2 2.1 2.0 1.9 23

24 Life insurance companies 230.8 235.9 243.0 243.4 245.1 245.9 250.0 251.1 254.3 257.1 259.9 24

25 Other insurance companies 1.9 1.6 1.9 1.9 1.9 1.9 2.0 2.0 1.9 1.9 1.9 25

26 Private pension funds 10.3 11.5 12.8 13.2 13.6 14.1 14.5 14.9 15.5 16.0 16.5 26

27 State and local govt. retirement funds 21.5 21.5 24.9 26.2 27.8 29.6 31.6 33.9 36.3 39.0 41.9 27

28 Government-sponsored enterprises (1) 242.0 264.2 296.9 304.7 315.8 332.0 359.9 381.1 415.3 445.7 446.1 28

29 Federally related mortgage pools 2292.2 2491.6 2830.1 2955.1 3041.6 3084.5 3158.2 3226.3 3288.8 3370.4 3488.4 29

30 ABS issuers 654.3 734.4 870.5 899.4 929.9 967.9 1002.8 1040.9 1099.9 1126.6 1203.4 30

31 Finance companies 145.8 172.3 161.3 157.2 160.5 165.5 174.5 173.9 183.4 194.7 207.4 31

32 Mortgage companies 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32

33 REITs 23.0 16.3 15.2 15.8 19.2 22.6 25.7 26.5 33.5 40.1 43.8 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 4, 2004

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 4787.2 5205.4 5738.6 5877.2 6049.6 6247.7 6462.6 6640.2 6887.9 7098.7 7282.6 1

 2 Household sector 4523.6 4900.4 5388.6 5517.3 5678.4 5862.0 6062.5 6225.5 6455.8 6651.8 6820.6 2

 3 Nonfinancial corporate business 11.5 13.5 15.6 15.5 15.7 16.2 16.2 16.6 17.1 17.4 18.0 3

 4 Nonfarm noncorporate business 252.1 291.6 334.4 344.4 355.4 369.5 383.9 398.1 415.0 429.5 444.0 4

 5 Total assets 4787.2 5205.4 5738.6 5877.2 6049.6 6247.7 6462.6 6640.2 6887.9 7098.7 7282.6 5

 6 Household sector 84.2 83.2 82.2 81.9 81.7 81.5 81.2 81.0 80.7 80.5 80.2 6

 7 Nonfinancial corporate business 20.2 21.4 23.6 23.4 23.6 23.9 24.2 24.4 24.6 24.9 25.1 7

 8 Nonfarm noncorporate business 9.0 8.7 9.7 10.0 10.3 10.6 11.0 11.4 11.8 12.2 12.6 8

 9 State and local governments 72.6 76.3 80.1 81.1 82.1 83.1 84.1 85.2 86.2 87.3 88.3 9

10 Federal government 18.4 17.7 17.1 16.9 16.5 16.4 16.2 15.9 15.7 15.5 15.3 10

11 Commercial banking 879.6 965.6 1023.9 1018.5 1070.5 1144.0 1222.1 1244.8 1320.7 1368.9 1347.1 11

12 Savings institutions 548.2 594.2 620.6 605.2 599.4 625.4 631.4 662.9 676.2 690.4 703.2 12

13 Credit unions 111.0 124.9 141.3 146.0 151.7 155.4 159.4 162.4 168.4 176.3 181.1 13

14 Bank personal trusts and estates 2.2 2.3 2.5 2.5 2.5 2.4 2.3 2.2 2.1 2.0 1.9 14

15 Life insurance companies 5.9 4.9 4.9 4.9 5.2 5.2 4.7 4.0 3.8 3.8 3.9 15

16 Private pension funds 6.7 7.8 9.2 9.6 10.0 10.4 10.9 11.3 11.9 12.4 13.0 16

17 State and local govt. retirement funds 7.5 7.5 8.7 9.2 9.7 10.4 11.1 11.9 12.7 13.7 14.7 17

18 Government-sponsored enterprises 189.3 205.1 225.3 230.2 238.8 251.2 274.6 294.0 324.9 355.2 355.6 18

19 Federally related mortgage pools 2234.7 2425.6 2748.5 2870.6 2955.0 2996.0 3063.7 3129.7 3189.9 3265.5 3380.1 19

20 ABS issuers 455.0 499.8 591.2 616.3 638.3 669.3 691.6 725.1 768.7 785.1 842.8 20

21 Finance companies 108.2 130.6 120.1 120.4 121.8 126.5 135.0 133.9 142.5 151.8 160.8 21

22 Mortgage companies 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 21.8 22

23 REITs 12.4 7.9 7.9 8.7 10.7 14.1 17.4 18.4 25.3 31.6 35.2 23

 Memo:

24 Home equity loans included above (2) 532.8 630.6 699.4 727.0 758.6 798.9 829.2 857.9 902.7 949.2 1014.8 24

25 Commercial banking 189.5 235.0 258.6 268.7 289.2 301.4 303.3 314.0 328.7 343.3 366.0 25

26 Savings institutions 59.7 72.8 77.9 78.8 79.4 81.4 78.5 83.5 83.0 87.8 95.6 26

27 Credit unions 33.4 40.7 44.9 44.2 46.7 47.0 48.1 47.3 48.4 48.8 51.8 27

28 ABS issuers 141.9 151.5 197.8 214.9 221.5 242.5 264.4 279.3 300.1 317.6 340.6 28

29 Finance companies 108.2 130.6 120.1 120.4 121.8 126.5 135.0 133.9 142.5 151.8 160.8 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. Loans of ABS issuers and finance companies (lines 28 and 29) include some subprime first 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 368.4 400.6 445.4 452.9 463.5 471.7 488.5 496.5 510.0 523.0 535.0 1

 2 Nonfinancial corporate business 24.7 25.9 27.3 27.7 28.1 28.5 28.8 29.2 29.6 30.0 30.4 2

 3 Nonfarm noncorporate business 318.4 347.3 390.3 396.8 406.5 413.9 429.9 437.9 450.7 462.6 473.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 25.3 27.4 27.8 28.3 28.9 29.3 29.7 29.4 29.7 30.4 31.1 5

 6 Total assets 368.4 400.6 445.4 452.9 463.5 471.7 488.5 496.5 510.0 523.0 535.0 6

 7 Household sector 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 7

 8 Nonfinancial corporate business 0.9 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 8

 9 Nonfarm noncorporate business 8.0 7.7 9.2 9.3 9.1 8.9 8.5 8.0 7.3 6.5 5.5 9

10 State and local governments 48.3 49.3 50.3 50.6 50.8 51.1 51.3 51.6 51.9 52.1 52.4 10

11 Federal government 13.6 13.9 13.7 13.8 13.9 13.4 14.3 14.2 14.4 14.4 14.5 11

12 Commercial banking 67.7 77.8 84.9 86.7 90.7 90.9 94.2 96.8 100.1 102.8 104.9 12

13 Savings institutions 59.3 61.3 64.6 65.2 66.0 68.7 68.7 69.8 72.7 74.9 78.0 13

14 Life insurance companies 32.8 33.7 35.6 35.7 35.8 35.9 36.8 37.0 37.6 38.0 38.4 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 6.0 6.0 7.0 7.3 7.8 8.3 8.9 9.5 10.2 10.9 11.7 16

17 Government-sponsored enterprises 20.5 25.0 33.2 35.0 36.5 38.6 41.7 42.9 44.8 44.6 43.6 17

18 Federally related mortgage pools 57.5 66.0 81.6 84.5 86.6 88.5 94.5 96.6 98.9 104.9 108.3 18

19 ABS issuers 42.0 47.5 53.5 53.9 55.2 56.6 59.0 59.6 61.7 63.4 67.1 19

20 Finance companies 2.8 2.9 2.7 1.8 1.8 1.7 1.7 1.6 1.6 1.6 1.7 20

21 Mortgage companies 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 21

22 REITs 1.6 1.2 0.9 0.9 1.0 1.0 0.8 0.8 0.8 0.7 0.7 22
Z.1, March 4, 2004 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1056.5 1168.2 1281.2 1298.5 1328.8 1353.5 1387.0 1408.7 1442.7 1478.5 1515.6 1

 2 Household sector 110.3 120.7 142.2 147.2 150.8 156.8 152.7 156.6 156.5 161.6 140.8 2

 3 Nonfinancial corporate business 295.2 323.2 378.5 381.2 395.2 403.8 426.4 436.0 457.3 473.5 517.1 3

 4 Nonfarm noncorporate business 599.7 668.7 704.1 712.6 724.1 733.3 747.5 756.4 768.6 781.8 794.5 4

 5 REITs 51.4 55.6 56.4 57.5 58.7 59.6 60.4 59.8 60.3 61.6 63.2 5

 6 Total assets 1056.5 1168.2 1281.2 1298.5 1328.8 1353.5 1387.0 1408.7 1442.7 1478.5 1515.6 6

 7 Household sector 6.8 8.6 7.9 8.1 8.3 8.4 8.6 8.7 8.9 9.1 9.2 7

 8 Nonfinancial corporate business 20.1 21.2 22.2 22.5 22.7 23.0 23.2 23.5 23.7 24.0 24.2 8

 9 Nonfarm noncorporate business 6.4 6.1 6.8 6.9 7.0 7.0 7.1 7.1 7.1 7.0 7.0 9

10 State and local governments 7.5 7.4 7.2 7.2 7.2 7.1 7.1 7.1 7.1 7.0 7.0 10

11 Federal government 41.5 41.1 41.0 41.1 41.2 41.4 42.1 40.2 40.4 40.2 40.5 11

12 Commercial banking 516.3 582.6 645.6 659.2 674.9 689.3 704.0 719.0 732.6 752.0 763.4 12

13 Savings institutions 60.1 67.0 72.5 75.1 76.8 79.0 80.7 82.7 84.1 86.1 88.8 13

14 Life insurance companies 179.0 183.8 188.4 188.7 190.1 190.7 195.0 196.1 199.4 201.8 203.9 14

15 Other insurance companies 1.9 1.6 1.9 1.9 1.9 1.9 2.0 2.0 1.9 1.9 1.9 15

16 Private pension funds 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.6 16

17 State and local govt. retirement funds 8.0 8.0 9.2 9.7 10.3 11.0 11.7 12.5 13.4 14.4 15.5 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 157.3 187.1 225.7 229.2 236.3 242.0 252.1 256.2 269.5 278.2 293.5 19

20 Finance companies 34.8 38.8 38.5 34.9 37.0 37.2 37.8 38.5 39.3 41.2 44.9 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 9.0 7.3 6.4 6.2 7.5 7.5 7.5 7.3 7.5 7.8 7.9 22

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 1

 2 Total assets 102.3 108.9 116.3 118.1 120.4 123.6 124.8 127.0 129.2 130.4 132.2 2

 3 Household sector 17.9 20.2 21.5 21.8 22.2 22.7 22.9 23.2 23.6 23.7 24.0 3

 4 Nonfarm noncorporate business 1.3 0.7 0.9 1.0 1.1 1.1 1.2 1.3 1.3 1.4 1.5 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 4.3 4.1 4.0 3.9 3.8 3.8 3.7 3.6 3.5 3.6 3.4 6

 7 Commercial banking 31.8 34.0 35.5 36.0 37.0 37.8 38.0 38.7 39.7 40.2 40.6 7

 8 Savings institutions 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 8

 9 Life insurance companies 13.0 13.6 14.1 14.1 14.1 14.1 13.5 14.1 13.5 13.5 13.7 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 32.2 34.2 38.5 39.5 40.4 42.1 43.5 44.2 45.6 46.0 46.9 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, March 4, 2004

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 1

 2 Total assets 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 2

 3 Nonfinancial corporate business 78.7 82.7 82.3 74.6 73.7 72.6 82.2 71.7 77.1 77.3 74.7 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 Federal government 50.9 67.0 80.1 84.2 84.3 93.4 92.8 90.6 89.1 95.3 94.1 5

 6 Commercial banking 499.8 541.5 558.4 550.7 554.9 575.7 587.2 575.3 584.2 593.7 636.4 6

 7 Savings institutions 61.5 64.6 69.1 68.6 68.5 65.2 68.5 68.4 73.6 72.5 77.7 7

 8 Credit unions 167.9 184.4 189.6 187.7 191.6 195.9 195.7 193.9 198.6 204.9 209.7 8

 9 Government-sponsored enterprises 33.8 37.0 39.4 40.0 40.7 40.9 36.8 35.2 31.3 27.2 29.7 9

10 ABS issuers 448.4 521.3 599.7 599.5 613.5 603.8 637.1 643.1 643.3 629.5 626.8 10

11 Finance companies 201.6 220.5 238.1 234.3 238.3 249.7 237.8 233.2 244.3 284.0 290.6 11

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 2345.4 2747.7 2663.9 2699.2 2725.1 2753.9 2727.0 2784.9 2854.8 2955.8 3042.7 1

 2 Household sector 130.9 134.7 138.7 140.4 142.1 143.8 145.7 147.5 149.5 151.5 153.6 2

 3 Nonfinancial corporate business 1228.2 1541.4 1431.1 1453.8 1472.7 1492.1 1453.2 1490.6 1532.9 1601.9 1665.7 3

 4 Nonfarm noncorporate business 213.3 259.9 255.0 263.6 268.2 271.5 276.0 286.4 297.1 311.6 322.7 4

 5 Farm business 20.0 20.9 18.3 18.6 19.6 19.6 19.2 20.0 20.7 20.9 21.1 5

 6 State and local governments 608.6 635.9 661.1 667.6 673.6 679.6 685.6 691.6 697.6 703.6 709.6 6

 7 Federal government 64.5 69.0 72.7 73.8 75.5 75.0 72.2 74.0 74.8 87.4 93.5 7

 8 Rest of the world 49.1 49.9 47.8 45.2 42.8 40.5 37.6 46.3 46.9 46.4 48.4 8

 9 Brokers and dealers 30.9 35.9 39.2 36.3 30.6 31.8 37.4 28.5 35.3 32.5 28.1 9

10 Total trade receivables 2248.4 2639.9 2560.7 2644.2 2702.1 2736.5 2641.2 2739.6 2823.8 2904.9 2918.8 10

11 Nonfinancial corporate business 1655.0 1938.1 1821.7 1882.6 1925.7 1950.7 1849.9 1930.3 1995.9 2054.2 2051.6 11

12 Nonfarm noncorporate business 272.6 342.1 343.9 354.0 359.6 363.6 366.7 375.9 388.1 404.5 417.1 12

13 Federal government 22.9 28.1 35.5 35.9 34.6 33.7 33.1 31.7 30.4 32.5 32.6 13

14 Rest of the world 47.4 47.0 43.9 46.1 46.3 46.7 47.0 47.3 47.2 45.6 43.9 14

15 Other insurance companies 63.6 64.6 69.9 73.4 77.8 77.7 74.8 79.3 81.6 82.3 82.7 15

16 ABS issuers 187.0 220.0 245.9 252.3 258.1 264.0 269.7 275.2 280.5 285.7 290.8 16

17 Discrepancy 97.0 107.8 103.2 55.0 23.0 17.5 85.8 45.3 31.0 51.0 123.9 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 676.6 822.7 825.9 778.0 745.6 726.3 738.8 796.6 971.9 940.2 860.4 1

 2 Household sector 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 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 448.7 587.6 629.5 586.0 575.1 576.6 590.6 637.1 723.4 712.6 679.7 4

 5 Customer credit balances (HH) 323.9 412.4 454.3 427.5 400.5 401.3 412.7 429.6 515.1 503.4 466.2 5

 6 From U.S.-chartered commercial banks 67.6 74.7 81.9 80.7 84.9 84.9 79.2 91.5 104.5 99.4 91.5 6

 7 From foreign banking offices in U.S. 57.2 100.5 93.3 77.9 89.7 90.4 98.7 115.9 103.8 109.8 121.9 7

 8 Total assets 676.6 822.7 825.9 778.0 745.6 726.3 738.8 796.6 971.9 940.2 860.4 8

 9 Household sector 323.9 412.4 454.3 427.5 400.5 401.3 412.7 429.6 515.1 503.4 466.2 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 124.8 175.2 175.2 158.5 174.6 175.3 177.9 207.4 208.3 209.1 213.5 11

12 Brokers and dealers 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 12
Z.1, March 4, 2004 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 783.9 819.1 880.0 894.2 901.2 902.9 920.9 936.3 963.7 978.0 1005.0 1

 2 Federal government 35.0 36.4 37.8 37.7 38.7 38.7 39.4 39.4 39.8 39.9 40.5 2

 3 Life insurance companies 748.9 782.7 842.2 856.4 862.4 864.2 881.6 896.9 923.9 938.1 964.5 3

 4 Total assets (Households) 783.9 819.1 880.0 894.2 901.2 902.9 920.9 936.3 963.7 978.0 1005.0 4

 Pension fund reserves:

 5 Total liabilities 9067.6 9070.9 8681.1 8812.9 8329.4 7718.7 8003.0 7923.5 8525.3 8717.8 9303.6 5

 6 Life insurance companies 1431.0 1456.1 1465.3 1490.4 1470.1 1434.4 1491.7 1510.1 1601.0 1644.9 1742.9 6

 7 Private pension funds (1) 4598.1 4484.1 4127.3 4213.4 3878.3 3486.4 3601.3 3546.0 3872.3 3961.7 4266.9 7

 8 State and local govt. retirement funds 2262.3 2331.5 2226.4 2256.3 2123.3 1932.0 2013.4 1982.4 2144.9 2188.0 2334.1 8

 9 Federal government retirement funds (2) 776.2 799.2 862.0 852.9 857.6 866.0 896.6 885.0 907.1 923.0 959.7 9

10 Total assets (Households) (3) 9067.6 9070.9 8681.1 8812.9 8329.4 7718.7 8003.0 7923.5 8525.3 8717.8 9303.6 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(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 178.9 204.8 219.2 225.7 233.8 254.2 248.3 270.3 275.6 283.3 282.5 1

 2 Nonfinancial corporate business 71.0 78.0 81.0 85.1 87.7 101.1 93.1 107.5 107.4 110.9 106.5 2

 3 Nonfarm noncorporate business 53.0 64.6 68.7 69.1 72.4 77.1 76.8 81.7 84.1 85.3 86.5 3

 4 U.S.-chartered commercial banks 9.0 11.1 13.5 14.1 14.8 15.5 16.2 16.9 17.6 18.3 19.1 4

 5 Savings institutions 2.0 2.5 1.7 1.5 1.5 1.5 1.5 1.4 1.4 1.6 1.3 5

 6 Life insurance companies 16.2 17.8 19.7 20.3 20.9 21.5 22.1 22.8 23.4 24.1 24.9 6

 7 Other insurance companies 17.4 19.7 22.4 23.2 23.9 24.8 25.6 26.5 27.4 28.4 29.3 7

 8 Finance companies 8.1 9.1 10.2 10.6 10.9 11.2 11.6 12.0 12.4 12.8 13.2 8

 9 Brokers and dealers 2.2 2.1 1.9 1.9 1.6 1.6 1.3 1.6 1.9 2.0 1.7 9

10 Total business taxes receivable 72.0 87.9 129.9 149.0 102.2 126.8 123.9 153.7 154.0 177.5 182.9 10

11 State and local governments 33.5 45.6 50.1 49.5 51.6 56.0 59.5 63.7 69.0 74.4 80.1 11

12 Federal government 38.5 42.4 79.8 99.5 50.6 70.8 64.3 90.0 85.0 103.1 102.8 12

13 Discrepancy 106.9 116.9 89.3 76.7 131.6 127.5 124.4 116.6 121.6 105.8 99.7 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 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 1

 2 Asset: Household sector 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 2
98 Z.1, March 4, 2004

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 9321.5 10542.9 11172.8 11248.1 11507.3 12009.8 11761.8 12050.8 11991.2 12261.1 12195.2 1

 2 Household sector 19.4 19.6 19.1 19.4 19.3 20.0 20.0 20.7 21.0 21.0 21.2 2

 3 Nonfinancial corporate business 2927.3 3449.2 3497.9 3490.9 3517.4 3548.8 3653.2 3688.7 3688.8 3689.0 3678.4 3

 4 Nonfarm noncorporate business 466.5 552.6 607.5 613.2 618.3 623.1 628.1 637.3 646.8 655.7 664.5 4

 5 Federal government 690.6 711.3 772.0 760.0 768.7 779.9 796.3 773.9 784.6 794.1 820.8 5

 6 Rest of the world 1710.1 1862.3 1961.5 2088.6 2181.3 2520.1 2123.2 2296.3 1995.0 1982.9 1898.9 6

 7 Monetary authority 9.4 10.6 7.7 8.0 8.6 9.5 30.3 27.2 30.7 33.7 34.6 7

 8 Commercial banking 1077.4 1257.8 1256.6 1202.8 1325.5 1368.0 1430.1 1414.9 1464.2 1548.1 1552.8 8

 9 Savings institutions 85.1 102.3 121.3 122.5 117.3 126.8 137.2 157.5 179.5 192.3 172.1 9

10 Credit unions 6.0 5.6 3.8 5.2 5.6 5.8 5.1 1.5 7.6 8.5 6.3 10

11 Life insurance companies 683.5 683.8 704.4 748.4 746.8 756.0 740.0 784.2 818.9 824.6 838.2 11

12 Other insurance companies 534.4 543.0 567.7 576.9 587.0 601.9 610.9 622.6 634.2 652.3 665.5 12

13 Government-sponsored enterprises 89.3 96.7 133.1 130.8 127.5 130.6 135.7 138.8 147.3 177.0 158.5 13

14 Finance companies 291.1 374.5 393.6 385.5 388.4 408.4 415.3 415.7 444.9 510.7 520.0 14

15 Mortgage companies 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 15

16 REITs 36.0 37.8 37.9 38.6 38.3 39.6 39.2 38.8 39.3 38.4 40.3 16

17 Brokers and dealers 183.6 182.7 316.1 302.4 287.0 289.9 236.4 246.1 258.9 261.0 278.5 17

18 Funding corporations 495.6 637.1 756.5 738.9 754.2 765.4 744.7 770.5 813.4 855.6 828.6 18

19 Total assets 11655.6 13940.7 14927.6 14910.6 15225.6 15611.9 15404.9 15769.9 15660.5 15714.6 15766.1 19

20 Household sector 364.3 370.9 389.4 393.7 405.3 414.2 418.1 427.3 434.6 449.3 455.3 20

21 Nonfinancial corporate business 5420.8 6723.8 6940.1 6939.1 6898.4 6862.8 7000.7 7044.5 7130.2 7175.0 7356.5 21

22 Nonfarm noncorporate business 463.8 553.7 683.3 704.4 726.9 754.6 780.9 806.3 831.3 857.4 884.3 22

23 Farm business 45.6 45.5 47.0 47.6 48.9 50.4 51.1 52.4 53.6 55.5 56.9 23

24 State and local governments 18.1 24.0 34.7 37.9 57.8 82.1 74.1 85.3 70.1 67.9 34.1 24

25 Federal government 100.4 99.0 100.3 101.3 101.4 100.8 100.6 101.8 101.6 101.9 101.9 25

26 Rest of the world 1186.3 1646.8 1779.9 1771.9 1981.1 2252.4 1922.2 2137.6 1758.3 1613.5 1357.7 26

27 Monetary authority 16.8 19.3 20.3 21.2 21.0 20.1 19.6 19.3 18.9 18.5 18.3 27

28 Commercial banking 1097.7 1196.9 1347.9 1332.2 1374.3 1435.7 1443.4 1468.7 1488.8 1504.8 1535.6 28

29 Savings institutions 60.2 67.8 87.0 98.0 95.1 98.5 104.2 104.4 109.3 122.6 99.3 29

30 Credit unions 8.0 12.9 18.3 29.8 20.3 22.7 28.7 24.1 27.2 12.8 26.9 30

31 Bank personal trusts and estates 20.5 21.7 29.4 28.8 28.1 27.5 26.8 29.2 31.6 34.0 36.4 31

32 Life insurance companies 36.9 55.6 40.1 47.3 47.4 53.9 46.8 64.0 61.7 59.1 61.2 32

33 Other insurance companies 50.6 51.8 52.6 54.3 55.7 56.8 63.1 65.8 68.5 69.6 70.6 33

34 Private pension funds 627.7 621.3 621.0 625.2 617.7 604.7 617.8 619.5 634.6 639.1 655.4 34

35 State and local govt. retirement funds 81.0 93.5 113.8 101.2 112.9 104.1 105.9 103.1 99.5 98.5 91.2 35

36 Federal government retirement funds 684.0 704.9 765.8 753.7 762.6 773.7 790.3 767.8 778.6 788.1 815.0 36

37 Money market mutual funds 90.4 102.5 128.6 121.0 139.2 134.0 121.6 115.8 117.4 130.6 137.0 37

38 Mutual funds 4.2 3.5 0.8 1.2 1.3 0.8 1.0 1.7 1.8 3.1 3.1 38

39 Government-sponsored enterprises 75.8 88.4 101.1 94.3 112.0 113.8 120.2 119.1 138.2 136.3 140.3 39

40 Finance companies 235.7 261.4 282.7 262.7 265.7 281.0 294.4 299.4 334.5 386.3 400.2 40

41 REITs 21.1 22.0 22.5 22.8 22.2 22.8 22.6 23.5 24.1 25.0 28.8 41

42 Brokers and dealers 522.8 655.1 821.0 820.5 812.6 825.0 723.7 723.2 791.3 827.3 855.3 42

43 Funding corporations 423.1 498.6 500.0 500.5 517.7 519.7 527.1 565.9 555.0 538.2 544.8 43

44 Discrepancy -2334.1 -3397.9 -3754.8 -3662.5 -3718.2 -3602.1 -3643.1 -3719.1 -3669.2 -3453.5 -3570.9 44
Z.1, March 4, 2004 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 1414.4 1529.7 1598.1 1639.6 1677.3 1711.7 1751.9 1788.1 1819.4 1859.4 1889.8 1

 2 Asset: Nonfinancial corporate business 1227.7 1320.4 1369.6 1407.5 1440.0 1468.9 1496.1 1525.8 1553.9 1592.2 1622.8 2

 3 Commercial banking 35.2 43.5 44.5 46.1 46.0 46.8 47.4 49.4 50.2 50.8 50.6 3

 4 Life insurance companies 16.2 17.5 20.2 20.5 22.0 22.8 23.9 24.9 23.3 23.7 23.1 4

 5 Other insurance companies 50.6 51.8 52.6 54.3 55.7 56.8 63.1 65.8 68.5 69.6 70.6 5

 6 Finance companies 69.9 76.6 96.6 97.3 99.5 101.9 104.0 104.2 105.0 104.7 104.5 6

 7 Brokers and dealers 14.7 20.0 14.6 13.9 14.1 14.5 17.4 17.9 18.6 18.5 18.2 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 1085.5 1066.6 1069.1 1068.7 1058.3 1063.8 1181.5 1178.7 1174.6 1186.4 1230.9 8

 9 Nonfarm noncorporate business 3.3 3.4 3.2 3.4 3.4 3.4 3.4 3.3 3.4 3.4 3.4 9

10 Commercial banking 62.0 64.2 71.6 71.8 68.6 68.8 80.7 83.9 82.9 83.5 84.0 10

11 Life insurance companies 32.1 42.9 46.2 46.9 44.6 46.6 45.6 43.2 42.9 43.8 44.9 11

12 Other insurance companies 51.5 60.9 59.4 61.1 57.6 57.1 58.5 55.0 55.4 55.3 56.5 12

13 Finance companies 48.6 63.2 68.5 69.8 68.6 63.9 58.8 74.1 75.3 76.3 79.5 13

14 Brokers and dealers 13.9 20.1 13.6 13.4 9.5 8.4 13.3 13.3 16.7 17.3 20.7 14

15 Funding corporations -80.9 -5.1 51.6 57.9 84.8 98.2 79.2 103.1 128.2 121.7 99.0 15

16 Asset: Rest of the world 1216.0 1316.2 1383.2 1393.1 1395.5 1410.3 1521.0 1554.8 1579.4 1587.6 1619.0 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 33.9 35.4 37.1 37.5 37.9 38.2 38.7 39.1 39.6 39.9 40.3 17

18 Asset: Federal government 33.9 35.4 37.1 37.5 37.9 38.2 38.7 39.1 39.6 39.9 40.3 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 6.4 7.0 7.4 7.6 8.3 8.3 8.4 8.5 8.7 8.7 8.8 19

20 Asset: Commercial banking 6.4 7.0 7.4 7.6 8.3 8.3 8.4 8.5 8.7 8.7 8.8 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 30.8 33.0 28.5 31.0 27.1 24.3 25.4 26.7 26.1 25.2 28.7 21

22 Asset: Nonfin. corporate business (FNMA) -0.8 -0.8 -8.1 -6.3 -10.4 -13.8 -13.1 -13.0 -14.2 -16.3 -13.3 22

23 Nonfarm noncorporate (BC) 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.6 1.5 1.7 1.9 23

24 Farm business (FICB and FLB) 1.6 1.6 1.7 1.7 1.8 1.8 1.8 1.8 1.9 2.2 2.4 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) 13.0 13.8 15.2 15.7 16.9 17.1 17.5 18.0 18.4 18.6 18.7 26

27 Savings institutions (FHLB) 14.5 15.7 17.0 17.0 15.9 16.2 16.0 16.6 16.4 16.7 16.4 27

28 Credit unions (FHLB) 0.5 0.6 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.4 1.4 28

29 Life insurance companies (FHLB) 0.3 0.4 0.3 0.3 0.4 0.4 0.5 0.6 0.8 1.0 1.1 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 471.9 525.4 586.1 593.8 609.8 630.4 639.2 650.1 667.0 679.6 689.1 30

31 Savings institutions 6.0 6.6 7.4 7.6 7.8 8.1 8.3 8.5 8.8 9.1 9.3 31

32 Finance companies 43.9 51.3 49.6 41.3 41.7 41.5 44.2 43.7 48.2 48.2 50.5 32

33 Mortgage companies 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 33

34 Brokers and dealers 85.4 115.8 146.4 157.9 152.8 143.4 150.8 159.5 174.5 181.9 188.4 34

35 Asset: Bank holding companies 623.1 715.1 805.6 816.7 828.2 839.4 858.5 877.8 914.6 934.8 953.3 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 43.9 51.3 49.6 41.3 41.7 41.5 44.2 43.7 48.2 48.2 50.5 36

37 Asset: Nonfinancial corporate business 43.9 51.3 49.6 41.3 41.7 41.5 44.2 43.7 48.2 48.2 50.5 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 93.0 138.7 107.9 103.2 124.3 121.5 132.6 128.3 124.8 118.3 130.8 38

39 Brokers and dealers 330.1 359.9 392.2 397.3 393.4 398.2 394.5 437.6 430.2 419.9 413.9 39

40 Asset: Funding corporations 423.1 498.6 500.0 500.5 517.7 519.7 527.1 565.9 555.0 538.2 544.8 40
100 Z.1, March 4, 2004

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.6 2.7 2.7 2.7 1

 2 Asset: Federal government 2.6 2.6 2.6 2.6 2.5 2.6 2.7 2.6 2.7 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 17.1 17.0 25.7 28.4 26.3 28.6 27.6 30.5 30.8 28.4 20.5 5

 6 Asset: Savings institutions 17.1 17.0 25.7 28.4 26.3 28.6 27.6 30.5 30.8 28.4 20.5 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 19.4 19.6 19.1 19.4 19.3 20.0 20.0 20.7 21.0 21.0 21.2 7

 8 Asset: Life insurance companies 19.4 19.6 19.1 19.4 19.3 20.0 20.0 20.7 21.0 21.0 21.2 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 162.0 168.9 175.4 176.5 182.5 184.9 185.6 188.5 191.1 198.1 199.1 9

10 Health 93.5 97.4 100.5 102.2 107.0 108.4 110.6 112.3 114.4 118.6 119.2 10

11 Policy dividend accumulation 38.4 39.5 40.4 41.0 42.3 43.0 40.6 40.7 41.8 42.6 42.8 11

12 Policy and contract claims 30.1 32.0 34.4 33.3 33.2 33.6 34.5 35.5 34.9 36.9 37.1 12

13 Asset: Household sector 162.0 168.9 175.4 176.5 182.5 184.9 185.6 188.5 191.1 198.1 199.1 13

 Policy payables:

14 Liab.: Other insurance companies 482.9 482.1 508.2 515.8 529.4 544.7 552.4 567.7 578.8 597.0 609.0 14

15 Asset: Household sector 202.3 202.0 214.0 217.1 222.8 229.2 232.4 238.9 243.5 251.2 256.2 15

16 Nonfinancial corporate business 190.8 190.4 200.8 203.8 209.1 215.2 218.2 224.2 228.6 235.8 240.5 16

17 Nonfarm noncorporate business 45.9 45.8 48.3 49.0 50.3 51.8 52.5 53.9 55.0 56.7 57.9 17

18 Farm business 43.9 43.9 45.3 45.9 47.2 48.6 49.3 50.7 51.7 53.3 54.4 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 393.5 378.4 369.0 377.4 366.6 354.5 362.8 363.3 379.4 381.8 397.6 19

20 Asset: Private pension funds 393.5 378.4 369.0 377.4 366.6 354.5 362.8 363.3 379.4 381.8 397.6 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 110.1 111.3 112.6 112.9 113.3 113.6 113.9 114.2 114.6 114.9 115.2 21

22 Asset: Private pension funds 110.1 111.3 112.6 112.9 113.3 113.6 113.9 114.2 114.6 114.9 115.2 22

 Securities borrowed (net):

23 Liab.: Funding corporations 419.5 508.2 578.3 583.9 597.1 600.2 575.4 567.7 628.9 672.7 675.0 23

24 Asset: Brokers and dealers 419.5 508.2 578.3 583.9 597.1 600.2 575.4 567.7 628.9 672.7 675.0 24

 Nonmarketable government securities:

25 Liab.: Federal government 684.0 704.9 765.8 753.7 762.6 773.7 790.3 767.8 778.6 788.1 815.0 25

26 Asset: Federal government retirement funds 684.0 704.9 765.8 753.7 762.6 773.7 790.3 767.8 778.6 788.1 815.0 26
Z.1, March 4, 2004 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3238.7 3963.6 4206.7 4210.1 4374.3 4793.4 4355.8 4523.1 4274.2 4414.2 4204.6 1

 2 Nonfinancial corporate business 1731.7 2271.3 2316.2 2309.2 2345.8 2371.4 2357.8 2395.8 2399.7 2387.6 2332.2 2

 3 Nonfarm noncorporate business 463.2 549.2 604.3 609.7 614.9 619.7 624.7 634.0 643.4 652.3 661.2 3

 4 Federal government 6.6 6.4 6.2 6.3 6.2 6.2 6.0 6.1 6.0 6.0 5.8 4

 5 Rest of the world 259.3 294.6 323.8 408.9 463.6 767.6 330.0 466.4 133.3 80.9 -34.0 5

 6 Monetary authority 3.0 3.6 0.4 0.4 0.3 1.2 21.9 18.7 22.0 25.0 25.7 6

 7 Commercial banking 450.6 529.5 491.0 434.0 522.7 547.2 577.6 552.7 589.5 666.6 648.9 7

 8 U.S.-chartered commercial banks 181.2 263.2 173.7 141.5 184.5 202.5 210.4 221.6 235.2 280.5 263.0 8

 9 Foreign banking offices in U.S. 157.2 137.2 137.4 110.5 129.4 135.8 148.5 101.8 98.5 118.2 109.9 9

10 Bank holding companies 88.1 104.4 150.8 152.3 180.1 178.6 190.9 200.4 224.5 232.7 241.2 10

11 Banks in U.S.-affiliated areas 24.1 24.8 29.0 29.7 28.7 30.3 27.8 28.8 31.4 35.2 34.9 11

12 Savings institutions 79.2 95.7 113.9 114.9 109.5 118.8 128.9 148.9 170.8 183.2 162.8 12

13 Credit unions 6.0 5.6 3.8 5.2 5.6 5.8 5.1 1.5 7.6 8.5 6.3 13

14 Life insurance companies 95.9 93.7 113.8 147.5 153.2 170.0 145.9 189.2 205.6 200.9 196.6 14

15 Government-sponsored enterprises 41.4 46.7 79.0 71.4 74.2 77.7 82.7 81.6 90.4 123.3 109.3 15

16 Finance companies 154.6 208.7 225.8 233.0 236.4 261.4 268.1 254.1 273.1 338.1 339.4 16

17 REITs 36.0 37.8 37.9 38.6 38.3 39.6 39.2 38.8 39.3 38.4 40.3 17

18 Brokers and dealers -245.8 -313.1 -236.1 -266.2 -268.6 -260.1 -322.2 -364.3 -362.5 -358.0 -344.5 18

19 Funding corporations 157.0 134.0 126.7 97.1 72.3 67.0 90.1 99.6 56.2 61.2 54.6 19

20 Total assets 5572.8 7361.4 7961.5 7872.5 8092.5 8395.5 7998.9 8242.2 7943.5 7867.7 7775.5 20

21 Nonfinancial corporate business 3959.2 5162.5 5328.2 5292.8 5218.0 5150.9 5255.3 5263.7 5313.7 5315.1 5455.9 21

22 Nonfarm noncorporate business 416.3 506.2 633.5 653.9 675.1 701.3 726.9 750.8 774.8 799.1 824.6 22

23 State and local governments 18.1 24.0 34.7 37.9 57.8 82.1 74.1 85.3 70.1 67.9 34.1 23

24 Federal government 63.9 61.0 60.7 61.2 61.0 60.0 59.2 60.0 59.3 59.3 58.9 24

25 Rest of the world -29.7 330.6 396.7 378.8 585.7 842.1 401.2 582.8 178.8 25.9 -261.3 25

26 Monetary authority 16.8 19.3 20.3 21.2 21.0 20.1 19.6 19.3 18.9 18.5 18.3 26

27 Commercial banking 419.9 417.4 475.2 446.1 474.8 524.1 511.6 515.0 496.9 492.0 504.1 27

28 U.S.-chartered commercial banks 121.0 127.4 163.3 133.8 154.6 187.3 181.4 219.3 214.7 209.0 210.0 28

29 Foreign banking offices in U.S. 204.9 177.1 187.2 183.7 186.3 191.5 184.2 142.5 127.6 125.5 124.6 29

30 Bank holding companies 85.4 106.3 112.2 115.1 119.9 131.5 139.5 145.7 147.1 149.9 161.9 30

31 Banks in U.S.-affiliated areas 8.7 6.6 12.5 13.5 14.1 13.8 6.4 7.5 7.5 7.6 7.5 31

32 Savings institutions 28.6 35.1 44.3 52.5 52.9 53.6 60.5 57.4 62.1 77.5 62.4 32

33 Credit unions 7.4 12.3 17.4 28.8 19.2 21.6 27.6 22.9 25.8 11.4 25.5 33

34 Bank personal trusts and estates 20.5 21.7 29.4 28.8 28.1 27.5 26.8 29.2 31.6 34.0 36.4 34

35 Life insurance companies 0.9 18.2 0.5 7.1 5.7 10.6 2.4 17.8 16.5 13.4 15.7 35

36 Private pension funds 124.1 131.6 139.4 134.9 137.9 136.6 141.0 142.0 140.6 142.4 142.6 36

37 State and local govt. retirement funds 81.0 93.5 113.8 101.2 112.9 104.1 105.9 103.1 99.5 98.5 91.2 37

38 Mutual funds 4.2 3.5 0.8 1.2 1.3 0.8 1.0 1.7 1.8 3.1 3.1 38

39 Money market mutual funds 90.4 102.5 128.6 121.0 139.2 134.0 121.6 115.8 117.4 130.6 137.0 39

40 Government-sponsored enterprises 75.8 88.4 101.1 94.3 112.0 113.8 120.2 119.1 138.2 136.3 140.3 40

41 Finance companies 165.8 184.8 186.1 165.4 166.2 179.1 190.4 195.2 229.6 281.6 295.8 41

42 REITs 21.1 22.0 22.5 22.8 22.2 22.8 22.6 23.5 24.1 25.0 28.8 42

43 Brokers and dealers 88.6 126.9 228.2 222.6 201.4 210.3 130.9 137.6 143.8 136.1 162.1 43

44 Discrepancy -2334.1 -3397.9 -3754.8 -3662.5 -3718.2 -3602.1 -3643.1 -3719.1 -3669.2 -3453.5 -3570.9 44
102 Z.1, March 4, 2004

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 49165.7 49425.1 49357.8 49750.7 48541.9 47125.6 48575.1 48731.2 50849.5 51800.3 54167.9 1

 2 Tangible assets 14176.0 15474.8 16705.1 17002.0 17383.6 17815.5 18164.9 18457.2 18759.7 19154.0 19827.0 2

 3 Real estate 11520.9 12657.4 13755.3 14019.1 14362.4 14740.6 15045.1 15308.7 15572.6 15915.4 16547.1 3

 4 Households (2,3) 10400.8 11427.3 12533.7 12794.7 13114.4 13472.4 13765.4 14012.0 14259.8 14577.0 15179.7 4

 5 Nonprofit organizations 1120.1 1230.1 1221.6 1224.4 1248.0 1268.2 1279.7 1296.7 1312.9 1338.4 1367.3 5

 Equipment and software owned by

 6 nonprofit organizations (4) 104.5 113.4 120.1 121.0 121.4 122.0 123.2 123.7 124.4 125.5 127.3 6

 7 Consumer durable goods (4) 2550.6 2703.9 2829.7 2861.9 2899.8 2952.9 2996.6 3024.7 3062.7 3113.1 3152.6 7

 8 Financial assets 34989.7 33950.3 32652.7 32748.7 31158.2 29310.1 30410.3 30274.0 32089.7 32646.3 34341.0 8

 9 Deposits 4022.8 4351.5 4835.5 4963.4 4901.8 5004.2 5063.4 5164.7 5192.8 5190.2 5253.2 9

10 Foreign deposits 43.5 58.5 53.5 54.0 54.5 61.0 64.2 70.7 64.8 60.3 67.7 10

11 Checkable deposits and currency 346.0 225.6 315.3 317.9 266.7 237.3 279.1 259.1 256.8 201.8 214.7 11

12 Time and savings deposits 2811.1 3099.7 3350.3 3486.8 3537.3 3647.4 3644.0 3774.2 3853.1 3936.8 3984.9 12

13 Money market fund shares 822.2 967.8 1116.4 1104.8 1043.3 1058.4 1076.1 1060.6 1018.1 991.2 986.0 13

14 Credit market instruments 2558.3 2473.2 2433.3 2442.4 2479.3 2411.5 2432.8 2387.8 2388.1 2433.6 2510.0 14

15 Open market paper 67.7 72.6 41.8 40.8 38.9 43.9 47.6 53.7 46.1 47.7 46.0 15

16 U.S. government securities 1107.7 934.6 756.8 711.4 650.3 582.2 477.9 489.2 504.7 605.7 688.1 16

17 Treasury 806.7 586.3 486.8 468.6 428.1 434.1 382.4 428.3 479.7 446.5 418.5 17

18 Savings bonds 186.4 184.8 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 18

19 Other Treasury 620.2 401.5 296.5 276.7 235.4 240.9 187.6 231.4 280.5 245.0 214.7 19

20 Agency 301.0 348.3 269.9 242.8 222.2 148.1 95.4 61.0 25.1 159.2 269.6 20

21 Municipal securities 450.2 460.7 511.9 543.9 590.4 584.8 618.3 625.8 657.0 655.0 680.6 21

22 Corporate and foreign bonds 822.2 892.0 1009.7 1033.0 1086.2 1086.5 1175.0 1104.7 1065.5 1010.5 980.4 22

23 Mortgages 110.4 113.4 113.0 113.2 113.6 114.0 114.1 114.4 114.6 114.7 114.9 23

24 Corporate equities (2) 9052.1 7473.6 6184.2 5922.1 5049.2 4086.7 4601.5 4431.2 5059.7 5160.7 5709.2 24

25 Mutual fund shares (5) 3115.2 3035.8 2869.7 2936.8 2744.3 2430.1 2539.2 2521.7 2858.2 2999.0 3291.6 25

26 Security credit 323.9 412.4 454.3 427.5 400.5 401.3 412.7 429.6 515.1 503.4 466.2 26

27 Life insurance reserves 783.9 819.1 880.0 894.2 901.2 902.9 920.9 936.3 963.7 978.0 1005.0 27

28 Pension fund reserves 9067.6 9070.9 8681.1 8812.9 8329.4 7718.7 8003.0 7923.5 8525.3 8717.8 9303.6 28

29 Investment in bank personal trusts 1130.4 1095.8 960.7 963.2 893.5 811.6 840.9 819.6 877.0 885.0 932.4 29

30 Equity in noncorporate business (6) 4571.3 4847.1 4964.6 4992.6 5053.7 5129.0 5177.8 5232.3 5275.4 5329.2 5414.3 30

31 Miscellaneous assets 364.3 370.9 389.4 393.7 405.3 414.2 418.1 427.3 434.6 449.3 455.3 31

32 Liabilities 6877.3 7466.4 8076.6 8190.7 8359.2 8546.2 8812.0 8965.7 9331.0 9549.6 9756.7 32

33 Credit market instruments 6499.0 7077.0 7722.4 7838.9 8027.3 8232.8 8498.1 8637.9 8912.1 9149.5 9401.2 33

34 Home mortgages (7) 4523.6 4900.4 5388.6 5517.3 5678.4 5862.0 6062.5 6225.5 6455.8 6651.8 6820.6 34

35 Consumer credit 1542.7 1719.0 1856.7 1839.5 1865.5 1897.2 1938.1 1911.5 1941.4 1984.3 2039.7 35

36 Municipal securities (8) 137.3 143.0 156.9 159.0 162.2 163.9 169.8 173.6 177.3 180.6 184.3 36

37 Bank loans n.e.c. 67.3 74.1 57.6 55.6 50.4 32.4 54.6 50.9 61.1 51.9 96.3 37

38 Other loans and advances 117.8 119.8 120.4 120.4 120.1 120.4 120.5 119.9 120.0 119.3 119.5 38

39 Commercial mortgages (8) 110.3 120.7 142.2 147.2 150.8 156.8 152.7 156.6 156.5 161.6 140.8 39

40 Security credit 227.9 235.1 196.4 192.0 170.6 149.6 148.2 159.5 248.5 227.6 180.8 40

41 Trade payables (8) 130.9 134.7 138.7 140.4 142.1 143.8 145.7 147.5 149.5 151.5 153.6 41

 Deferred and unpaid

42 life insurance premiums 19.4 19.6 19.1 19.4 19.3 20.0 20.0 20.7 21.0 21.0 21.2 42

43 Net worth 42288.4 41958.7 41281.3 41560.0 40182.6 38579.4 39763.2 39765.5 41518.4 42250.6 44411.2 43

 Memo:

 Replacement-cost value of structures:

44 Residential 7727.1 8267.8 8753.0 8804.4 8932.8 9007.3 9185.8 9410.8 9477.8 9635.7 9685.2 44

45 Households 7376.9 7900.2 8371.7 8423.6 8549.9 8624.9 8799.1 9017.5 9085.4 9242.4 9292.0 45

46 Farm households 211.1 222.7 232.1 231.6 232.6 232.1 234.5 238.2 237.5 236.7 237.0 46

47 Nonprofit organizations 139.1 144.9 149.2 149.2 150.3 150.3 152.2 155.0 154.9 156.6 156.2 47

48 Nonresidential (nonprofits) 761.6 816.9 861.2 857.9 863.6 868.2 876.7 889.3 890.1 896.9 895.8 48

49 Disposable personal income 6695.0 7194.0 7469.4 7733.7 7868.5 7891.0 7935.6 8039.3 8145.7 8306.5 8319.9 49

 Household net worth as percentage of

50 disposable personal income 631.6 583.2 552.7 537.4 510.7 488.9 501.1 494.6 509.7 508.6 533.8 50

 Owners’ equity in household real

51 estate (9) 5877.2 6526.9 7145.1 7277.4 7436.0 7610.3 7702.8 7786.5 7803.9 7925.2 8359.1 51

 Owners’ equity as percentage of

52 household real estate (10) 56.5 57.1 57.0 56.9 56.7 56.5 56.0 55.6 54.7 54.4 55.1 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 4, 2004 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets stated at either market value or replacement cost:

 1 Assets 16709.1 19079.8 19132.5 19144.4 19265.1 19340.3 19519.5 19707.3 19956.7 20179.2 20495.0 1

 2 Tangible assets 8615.3 9307.3 9224.0 9222.4 9317.2 9400.1 9461.0 9533.9 9576.0 9653.9 9747.1 2

 3 Real estate (1) 4439.5 4849.2 4745.1 4747.5 4841.4 4912.6 4950.1 5005.3 5059.5 5145.0 5236.6 3

 4 Equipment and software (2) 2923.7 3124.5 3214.3 3215.0 3208.1 3203.3 3213.8 3209.1 3206.7 3198.4 3186.9 4

 5 Inventories (2) 1252.1 1333.6 1264.5 1259.9 1267.6 1284.2 1297.0 1319.6 1309.8 1310.4 1323.6 5

 6 Financial assets 8093.8 9772.5 9908.6 9922.0 9948.0 9940.2 10058.5 10173.4 10380.7 10525.4 10747.9 6

 7 Foreign deposits 31.5 24.0 15.6 27.2 23.2 23.9 20.6 25.9 30.4 31.4 31.7 7

 8 Checkable deposits and currency 331.0 381.4 335.4 287.1 337.7 372.2 363.6 360.9 389.1 449.1 479.8 8

 9 Time and savings deposits 136.9 137.3 132.0 128.0 111.4 95.0 124.0 132.1 138.0 126.4 117.5 9

10 Money market fund shares 154.9 191.4 301.9 297.9 299.8 287.9 328.8 319.1 303.6 277.6 276.0 10

11 Security RPs 5.8 4.2 4.0 3.7 5.7 5.4 6.2 5.8 6.6 7.1 7.9 11

12 Commercial paper 47.6 57.8 60.3 56.0 55.9 62.1 66.6 64.9 67.4 71.4 74.1 12

13 U.S. government securities 31.8 33.5 33.7 42.0 47.5 47.7 48.6 51.7 58.8 64.0 68.2 13

14 Municipal securities 25.0 31.9 29.3 28.9 26.1 31.0 28.7 28.2 28.2 30.3 32.0 14

15 Mortgages 41.2 43.5 46.6 46.6 47.1 47.6 48.1 48.5 49.0 49.5 50.0 15

16 Consumer credit 78.7 82.7 82.3 74.6 73.7 72.6 82.2 71.7 77.1 77.3 74.7 16

17 Trade receivables 1655.0 1938.1 1821.7 1882.6 1925.7 1950.7 1849.9 1930.3 1995.9 2054.2 2051.6 17

18 Mutual fund shares (1) 133.7 122.8 105.9 108.3 95.6 81.3 90.5 89.7 106.4 112.2 127.9 18

19 Miscellaneous assets 5420.8 6723.8 6940.1 6939.1 6898.4 6862.8 7000.7 7044.5 7130.2 7175.0 7356.5 19

20 Liabilities 8407.3 9611.4 9777.0 9821.2 9875.7 9927.7 10005.8 10135.2 10247.3 10334.2 10421.7 20

21 Credit market instruments 4180.7 4542.7 4766.9 4791.5 4797.9 4785.8 4806.2 4848.4 4918.2 4932.4 4971.2 21

22 Commercial paper 230.3 278.4 190.1 167.5 148.4 142.2 126.0 127.1 107.5 108.4 85.9 22

23 Municipal securities (3) 152.8 154.2 157.7 157.5 158.3 159.3 160.8 160.9 162.0 162.8 164.0 23

24 Corporate bonds (4) 2067.7 2230.3 2578.8 2644.9 2691.2 2686.1 2711.0 2757.7 2832.0 2856.0 2873.3 24

25 Bank loans n.e.c. 813.0 861.0 758.3 743.4 695.1 677.5 661.9 649.2 632.1 615.0 612.5 25

26 Other loans and advances 585.4 656.1 660.6 653.7 666.0 672.2 675.1 671.7 680.7 669.3 670.0 26

27 Mortgages 331.4 362.6 421.3 424.5 439.0 448.5 471.5 481.8 503.9 520.9 565.5 27

28 Trade payables 1228.2 1541.4 1431.1 1453.8 1472.7 1492.1 1453.2 1490.6 1532.9 1601.9 1665.7 28

29 Taxes payable 71.0 78.0 81.0 85.1 87.7 101.1 93.1 107.5 107.4 110.9 106.5 29

30 Miscellaneous liabilities 2927.3 3449.2 3497.9 3490.9 3517.4 3548.8 3653.2 3688.7 3688.8 3689.0 3678.4 30

31 Net worth (market value) 8301.8 9468.5 9355.6 9323.2 9389.5 9412.6 9513.6 9572.1 9709.4 9845.0 10073.3 31

 Memo:

 Replacement-cost value of structures:

32 Residential 96.6 102.2 106.4 106.7 107.8 108.2 109.9 112.3 112.6 114.2 114.3 32

33 Nonresidential 3794.4 4060.3 4242.8 4218.7 4238.0 4251.0 4282.7 4334.1 4328.9 4352.6 4337.6 33

 Market value of equities outstanding

34 (includes corporate farm equities) 15155.6 12678.8 10796.2 10709.5 8999.1 7322.1 7906.9 7645.8 8819.9 9044.5 10170.3 34

35 Debt/net worth (percent) (5) 50.4 48.0 51.0 51.4 51.1 50.8 50.5 50.7 50.7 50.1 49.4 35

36 Debt/equities (percent) (6) 27.6 35.8 44.2 44.7 53.3 65.4 60.8 63.4 55.8 54.5 48.9 36

37 Equities/net worth (percent) (7) 182.6 133.9 115.4 114.9 95.8 77.8 83.1 79.9 90.8 91.9 101.0 37

 With tangible assets stated at historical cost:

38 Assets (8) 14400.4 16504.9 16860.8 16928.1 16977.6 17023.8 17182.7 17355.2 17612.2 17871.7 18181.6 38

39 Tangible assets 6306.6 6732.4 6952.2 7006.2 7029.6 7083.7 7124.2 7181.8 7231.4 7346.3 7433.8 39

40 Real estate 2426.0 2571.3 2727.5 2765.0 2799.9 2825.0 2854.1 2881.4 2907.3 2931.0 2955.6 40

41 Equipment and software 2681.7 2891.0 3011.7 3031.8 3049.6 3067.4 3086.8 3103.8 3123.8 3142.2 3162.2 41

42 Inventories 1198.8 1270.2 1213.0 1209.3 1180.1 1191.2 1183.3 1196.6 1200.4 1273.1 1316.0 42

43 Net worth (historical cost) (9) 5993.1 6893.5 7083.8 7106.9 7102.0 7096.1 7176.9 7220.0 7364.8 7537.5 7759.9 43

 Memo:

 Historical-cost value of structures:

44 Residential 39.2 42.6 47.4 48.9 50.4 52.0 53.7 55.5 57.4 59.4 61.5 44

45 Nonresidential 2187.2 2337.6 2489.0 2519.8 2547.9 2573.0 2597.0 2621.2 2646.1 2670.7 2695.9 45

46 Debt/net worth (percent) (10) 69.8 65.9 67.3 67.4 67.6 67.4 67.0 67.2 66.8 65.4 64.1 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 4, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 5964.3 6557.9 6870.0 6939.3 7057.1 7181.2 7289.9 7401.6 7517.4 7688.3 7904.5 1

 2 Tangible assets 4787.5 5135.1 5291.6 5323.2 5406.2 5497.1 5570.2 5647.4 5721.9 5849.8 6025.1 2

 3 Real estate (1) 4187.4 4573.6 4685.1 4705.5 4774.7 4850.2 4908.3 4968.2 5026.0 5136.1 5292.6 3

 4 Residential 3191.3 3487.6 3630.1 3667.4 3721.0 3780.9 3828.8 3894.9 3945.8 4031.8 4162.1 4

 5 Nonresidential 996.1 1086.1 1055.0 1038.1 1053.7 1069.3 1079.5 1073.3 1080.2 1104.4 1130.5 5

 6 Equipment and software (2) 534.2 491.3 539.9 551.4 564.8 579.3 593.6 609.8 627.0 644.7 662.8 6

 7 Residential (3) 69.3 72.9 75.9 75.8 76.0 76.3 76.5 76.5 76.5 76.3 76.0 7

 8 Nonresidential 464.9 418.5 464.1 475.6 488.9 503.0 517.0 533.3 550.4 568.4 586.8 8

 9 Inventories (2) 65.9 70.2 66.6 66.3 66.7 67.6 68.3 69.5 68.9 69.0 69.7 9

10 Financial assets 1176.8 1422.7 1578.4 1616.1 1650.9 1684.1 1719.8 1754.2 1795.5 1838.6 1879.4 10

11 Checkable deposits and currency 217.6 274.1 274.5 278.6 282.6 285.5 287.3 289.6 293.0 296.2 298.2 11

12 Time and savings deposits 117.5 137.6 144.7 146.7 147.6 147.2 146.9 145.8 146.8 147.0 148.6 12

13 Money market fund shares 40.7 49.4 59.0 58.2 59.2 57.6 61.3 60.0 58.7 55.6 53.1 13

14 Treasury securities 37.2 40.2 42.8 43.4 43.8 44.3 45.2 45.1 46.3 46.8 47.5 14

15 Municipal securities 2.7 2.4 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 15

16 Mortgages 24.7 23.3 26.6 27.2 27.5 27.7 27.8 27.7 27.5 27.1 26.6 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 272.6 342.1 343.9 354.0 359.6 363.6 366.7 375.9 388.1 404.5 417.1 18

19 Miscellaneous assets 463.8 553.7 683.3 704.4 726.9 754.6 780.9 806.3 831.3 857.4 884.3 19

20 Insurance receivables 45.9 45.8 48.3 49.0 50.3 51.8 52.5 53.9 55.0 56.7 57.9 20

21 Equity investment in GSEs (4) 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.6 1.5 1.7 1.9 21

22 Other 416.3 506.2 633.5 653.9 675.1 701.3 726.9 750.8 774.8 799.1 824.6 22

23 Liabilities 2328.2 2665.5 2878.7 2924.2 2976.9 3023.0 3077.4 3127.0 3185.6 3247.4 3301.2 23

24 Credit market instruments 1595.4 1788.3 1947.5 1978.4 2018.0 2051.4 2096.5 2121.6 2157.6 2194.9 2227.4 24

25 Bank loans n.e.c. 308.6 352.9 390.7 396.9 402.8 405.5 404.1 398.3 390.7 384.2 378.8 25

26 Other loans and advances 116.6 127.8 128.0 127.7 129.1 129.2 131.2 130.9 132.6 136.8 136.7 26

27 Mortgages 1170.1 1307.6 1428.8 1453.8 1486.1 1516.7 1561.3 1592.4 1634.3 1673.9 1711.9 27

28 Trade payables 213.3 259.9 255.0 263.6 268.2 271.5 276.0 286.4 297.1 311.6 322.7 28

29 Taxes payable 53.0 64.6 68.7 69.1 72.4 77.1 76.8 81.7 84.1 85.3 86.5 29

30 Miscellaneous liabilities 466.5 552.6 607.5 613.2 618.3 623.1 628.1 637.3 646.8 655.7 664.5 30

31 Net worth (5) 3636.0 3892.4 3991.3 4015.1 4080.3 4158.1 4212.5 4274.6 4331.8 4440.9 4603.3 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1901.4 1936.2 1977.3 2054.6 2054.7 2107.4 2055.5 1956.1 2013.8 2073.9 2229.9 32

33 Nonresidential 662.2 667.4 665.5 686.6 697.7 711.6 722.0 728.9 751.6 768.5 796.6 33

34 Debt/net worth (percent) (6) 43.9 45.9 48.8 49.3 49.5 49.3 49.8 49.6 49.8 49.4 48.4 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 4, 2004 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 4938.6 -329.8 -677.4 278.7 -1377.3 -1603.3 1183.8 2.3 1752.9 732.2 2160.6 1

 2 Net investment 366.0 348.4 668.3 184.6 -7.6 55.0 127.1 135.9 23.6 78.7 182.3 2

 3 Net physical investment 498.7 534.1 576.3 127.2 144.2 158.5 142.5 129.4 161.7 185.5 169.5 3

 4 Capital expenditures 1169.5 1247.1 1330.6 319.9 340.6 357.0 342.3 329.7 361.1 385.9 369.4 4

 5 - Consumption of fixed capital 670.8 713.0 754.3 192.7 196.5 198.6 199.7 200.3 199.4 200.3 199.9 5

 6 Net financial investment -132.7 -185.7 92.0 57.4 -151.8 -103.4 -15.4 6.5 -138.1 -106.8 12.8 6

 7 Net acquisition of financial assets 441.6 392.3 702.1 171.6 16.7 83.6 250.3 160.2 227.2 111.8 196.7 7

 8 - Net increase in liabilities 574.3 578.1 610.1 114.2 168.5 187.0 265.7 153.7 365.4 218.6 183.9 8

 Holding gains on assets stated

 9 at market value (2) 4615.7 -547.5 -1181.4 130.7 -1341.8 -1644.1 1121.5 -102.3 1758.8 679.8 2030.8 9

10 Real estate 649.6 847.6 804.8 206.2 265.4 287.6 227.7 194.2 170.3 235.0 532.7 10

11 Corporate equities 2286.7 -1108.5 -1057.8 -219.7 -855.1 -943.1 507.8 -182.4 687.2 150.6 635.5 11

12 Mutual fund shares 550.3 -251.0 -363.0 -21.4 -213.5 -301.9 87.5 -71.2 235.1 82.1 213.3 12

13 Equity in noncorporate business 301.3 276.2 126.8 46.9 74.3 93.6 54.1 87.6 44.3 57.4 82.2 13

 Life insurance and

14 pension fund reserves 690.1 -220.7 -617.0 115.3 -543.9 -698.8 214.9 -115.9 557.9 140.1 513.2 14

 Investment in bank personal

15 trusts and estates 137.6 -91.2 -75.2 3.4 -69.0 -81.4 29.6 -14.6 64.0 14.6 53.8 15

 Holding gains on assets stated

16 at current cost (2) -97.7 -87.5 -144.8 -30.9 -21.7 -14.7 -16.5 -29.2 -29.8 -28.4 -31.3 16

17 Consumer durable goods -97.9 -89.0 -144.4 -30.2 -20.8 -13.9 -16.3 -28.4 -29.0 -27.7 -31.0 17

18 Equipment and software 0.2 1.5 -0.5 -0.6 -0.8 -0.8 -0.2 -0.8 -0.8 -0.6 -0.2 18

19 Other factors (3) 54.6 -43.1 -19.5 -5.8 -6.2 0.5 -48.4 -2.0 0.3 2.1 -21.2 19

 Memo:

20 Net worth outstanding (4) 42288.4 41958.7 41281.3 41560.0 40182.6 38579.4 39763.2 39765.5 41518.4 42250.6 44411.2 20

21 Disposable personal income 6695.0 7194.0 7469.4 7733.7 7868.5 7891.0 7935.6 8039.3 8145.7 8306.5 8319.9 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 4, 2004

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 762.3 1166.6 -112.9 -32.4 66.3 23.1 101.1 58.4 137.3 135.7 228.3 1

 2 Net investment 216.3 230.2 261.8 12.1 74.1 13.3 67.4 5.8 66.7 69.8 118.5 2

 3 Net physical investment 344.4 376.6 184.7 35.1 40.1 52.2 44.0 43.8 40.0 50.7 56.9 3

 4 Capital expenditures 866.7 926.7 800.1 189.3 193.2 201.5 198.6 192.1 194.5 199.9 210.5 4

 5 - Consumption of fixed capital 519.7 563.6 606.0 151.0 153.2 154.3 154.6 154.4 153.6 154.0 154.6 5

 6 - Inventory valuation adjustment 0.9 -14.1 9.1 3.0 -0.1 -5.1 -0.1 -6.2 0.8 -4.9 -1.0 6

 7 - Access rights from fed. government 1.7 0.6 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Net financial investment -17.7 -28.2 124.6 -20.4 30.2 -3.6 31.0 -21.3 39.2 30.3 70.2 8

 9 Net acquisition of financial assets 969.9 1209.2 187.3 13.1 77.7 48.7 97.6 125.0 162.7 135.4 181.7 9

10 - Net increase in liabilities 987.6 1237.4 62.7 33.5 47.6 52.3 66.6 146.3 123.5 105.1 111.5 10

11 Net corporate equity issues -110.4 -118.2 -47.4 -2.7 3.9 -35.2 -7.6 -16.8 -12.6 -11.2 -8.6 11

 Holding gains on assets stated

12 at market value (2) 117.6 301.7 -208.7 -19.1 61.0 43.3 29.6 39.1 57.1 79.5 95.7 12

13 Real estate 96.5 317.6 -193.8 -19.2 76.0 60.0 22.7 42.2 42.7 76.0 82.4 13

14 Mutual fund shares 21.1 -15.8 -14.9 0.1 -15.0 -16.7 6.9 -3.1 14.4 3.5 13.4 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 73.3 209.0 -9.9 -11.1 -15.1 -16.1 -78.2 -3.0 -28.2 -34.5 -31.9 15

16 Equipment and software 5.2 32.1 -5.5 -16.2 -21.8 -19.4 -4.7 -19.6 -19.9 -31.7 -40.2 16

17 Inventories (3) 21.8 12.5 -25.5 5.1 6.7 3.3 6.8 16.6 -8.3 -2.8 8.4 17

18 Direct investment abroad -7.8 -35.7 -47.8 0 0 0 9.5 0 0 0 -0.0 18

19 - Foreign direct investment in U.S. -54.1 -200.1 -68.9 -0.0 0.0 -0.0 89.8 0.0 -0.0 0.0 -0.0 19

20 Other factors (4) 355.2 425.7 -156.1 -14.3 -53.7 -17.5 82.3 16.6 41.7 20.8 45.9 20

 Memo:

21 Net worth outstanding (market value) 8301.8 9468.5 9355.6 9323.2 9389.5 9412.6 9513.6 9572.1 9709.4 9845.0 10073.3 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 704.1 900.4 190.3 23.1 -5.0 -5.8 80.8 43.1 144.9 172.6 222.4 22

23 Net investment flow 216.3 230.2 261.8 12.1 74.1 13.3 67.4 5.8 66.7 69.8 118.5 23

24 Net physical investment 344.4 376.6 184.7 35.1 40.1 52.2 44.0 43.8 40.0 50.7 56.9 24

25 Capital expenditures 866.7 926.7 800.1 189.3 193.2 201.5 198.6 192.1 194.5 199.9 210.5 25

26 - Consumption of fixed capital 519.7 563.6 606.0 151.0 153.2 154.3 154.6 154.4 153.6 154.0 154.6 26

27 - Inventory valuation adjustment 0.9 -14.1 9.1 3.0 -0.1 -5.1 -0.1 -6.2 0.8 -4.9 -1.0 27

28 - Access rights from fed. government 1.7 0.6 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 28

29 Net financial investment -17.7 -28.2 124.6 -20.4 30.2 -3.6 31.0 -21.3 39.2 30.3 70.2 29

30 Net acquisition of financial assets 969.9 1209.2 187.3 13.1 77.7 48.7 97.6 125.0 162.7 135.4 181.7 30

31 - Net increase in liabilities 987.6 1237.4 62.7 33.5 47.6 52.3 66.6 146.3 123.5 105.1 111.5 31

32 Net corporate equity issues -110.4 -118.2 -47.4 -2.7 3.9 -35.2 -7.6 -16.8 -12.6 -11.2 -8.6 32

 Valuation adjustment on

33 reproducible assets (6) -0.9 16.9 -15.9 6.4 -29.2 -3.1 -11.5 9.8 10.9 68.8 36.6 33

34 Holding gains on mutual fund shares (2) 21.1 -15.8 -14.9 0.1 -15.0 -16.7 6.9 -3.1 14.4 3.5 13.4 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 46.4 164.3 21.1 0.0 -0.0 0.0 -80.3 -0.0 0.0 -0.0 0.0 35

36 Direct investment abroad -7.8 -35.7 -47.8 0 0 0 9.5 0 0 0 -0.0 36

37 - Foreign direct investment in U.S. -54.1 -200.1 -68.9 -0.0 0.0 -0.0 89.8 0.0 -0.0 0.0 -0.0 37

38 Other factors (4) 421.3 504.8 -61.9 4.5 -34.9 0.6 98.4 30.6 52.9 30.6 53.9 38

 Memo:

39 Net worth outstanding (historical cost) 5993.1 6893.5 7083.8 7106.9 7102.0 7096.1 7176.9 7220.0 7364.8 7537.5 7759.9 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 4, 2004 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 203.6 256.4 98.9 23.9 65.1 77.9 54.4 62.1 57.2 109.1 162.3 1

 2 Net investment (2) -82.3 -35.4 -28.2 -24.8 -9.9 -10.1 -10.0 -36.7 -10.7 -9.1 0.2 2

 3 Net physical investment 40.6 55.9 29.7 -17.0 7.9 2.9 8.7 -21.5 6.5 9.7 13.2 3

 4 Capital expenditures 189.2 216.2 194.6 24.9 50.1 45.2 51.2 21.7 49.8 53.1 56.3 4

 5 - Consumption of fixed capital 148.7 160.3 164.8 41.9 42.1 42.3 42.5 43.2 43.2 43.4 43.2 5

 6 Net acquisition of financial assets 184.1 246.0 155.7 37.7 34.8 33.2 35.7 34.4 41.4 43.1 40.8 6

 - Net increase in liabilities from:

 7 Credit market instruments 189.4 192.9 159.2 30.9 39.6 33.4 45.2 25.1 36.0 37.3 32.6 7

 8 Trade payables 34.7 46.6 -4.9 8.6 4.6 3.2 4.5 10.4 10.7 14.5 11.1 8

 9 Taxes payable 8.9 11.7 4.0 0.4 3.3 4.7 -0.3 4.8 2.4 1.2 1.3 9

10 Miscellaneous liabilities 73.9 86.0 55.3 5.6 5.1 4.8 5.0 9.2 9.4 8.9 8.9 10

 Holding gains on assets stated

11 at market value (real estate) (3) 242.7 341.7 74.2 26.4 63.9 66.3 45.6 67.9 52.4 94.2 140.6 11

12 Residential 221.6 271.0 121.1 31.4 47.3 53.5 41.1 58.8 43.4 77.5 121.1 12

13 Nonresidential 21.1 70.7 -46.8 -5.0 16.5 12.8 4.5 9.1 9.1 16.7 19.5 13

 Holding gains on assets stated

14 at current cost (3) 16.4 -79.1 23.5 14.3 3.4 13.9 11.1 23.2 7.7 16.2 14.0 14

15 Residential equipment and software 0.5 2.3 2.0 -0.3 -0.1 0.1 0.1 -0.2 -0.2 -0.6 -0.6 15

16 Nonresidential equipment and software 14.7 -82.8 23.3 14.5 3.1 13.3 10.7 22.2 8.4 16.6 14.1 16

17 Inventories 1.1 1.4 -1.8 0.1 0.4 0.4 0.4 1.2 -0.5 0.1 0.5 17

18 Other factors (4) 26.7 29.2 29.3 7.9 7.7 7.8 7.7 7.7 7.7 7.8 7.5 18

 Memo:

19 Net worth outstanding (5) 3636.0 3892.4 3991.3 4015.1 4080.3 4158.1 4212.5 4274.6 4331.8 4440.9 4603.3 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 4, 2004

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 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 32.0 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 28.1 100.5 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 5.1 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 0.8 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 4.5 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 0.8 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 25.0 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 4.8 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 7.9 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 0.0 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 10.5 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 1.7 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 15.4 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 -1.0 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 4.3 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 4.3 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 16.3 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 25.0 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 68.5 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 19.3 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 5.8 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 3.1 -3.5 3.4 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 -0.3 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 8.6 6.6 10.4 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 3.8 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 45.4 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, March 4, 2004 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 2000

 

 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 1979.1 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 45.5 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 11.4 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 68.1 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 12.5 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 473.5 498.5 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 72.6 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 218.2 243.9 251.8 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 1.5 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 152.2 162.6 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 10.0 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 769.3 708.6 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 38.8 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 55.8 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 55.8 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 90.0 102.0 118.3 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 365.9 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 301.2 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 137.3 143.0 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 37.2 33.7 37.1 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 0.4 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 103.7 110.3 120.7 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 134.7 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 214.2 231.2 276.6 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 4, 2004

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2895.0 3126.1 3124.3 2980.7 3005.0 2995.7 3000.0 2994.0 2996.5 2966.0 3063.4 1

 2 Personal current taxes 1107.5 1235.7 1243.7 1053.1 988.8 1053.0 1045.7 1009.4 1000.2 936.0 1009.4 2

 3 Taxes on production and imports 674.0 708.9 729.9 760.1 789.0 767.4 769.5 774.2 782.1 791.4 808.1 3

 4 Taxes on corporate income 248.7 255.0 192.0 185.9 212.8 189.1 194.2 204.9 202.9 221.6 221.8 4

 5 Taxes from the rest of the world 5.9 7.3 7.2 7.2 6.8 7.0 6.7 6.8 6.9 6.7 6.9 5

 6 Contributions for govt. social insurance 661.4 702.7 728.5 750.3 775.0 752.1 755.5 768.8 772.3 777.0 781.7 6

 7 Income receipts on assets 106.8 117.5 120.0 116.1 117.9 115.9 117.1 116.9 117.6 118.7 118.5 7

 8 Current transfer receipts 80.6 93.8 101.9 105.3 109.8 105.9 107.1 106.8 108.7 110.9 112.9 8

 9 Current surplus of government enterprises 10.1 5.4 1.2 2.8 5.0 5.3 4.2 6.2 5.8 3.7 4.1 9

10 Current expenditures, NIPA basis 2740.9 2886.6 3056.4 3224.1 3424.8 3232.1 3296.8 3355.1 3435.7 3452.3 3456.2 10

11 Consumption expenditures 1334.0 1417.1 1497.8 1595.4 1707.9 1600.5 1644.9 1681.7 1709.8 1718.6 1721.4 11

12 Government social benefits 990.4 1044.1 1145.3 1252.3 1334.2 1262.2 1277.5 1295.2 1328.1 1355.4 1358.0 12

13 Other current transfer payments 15.1 18.3 14.0 18.8 23.3 14.0 19.0 25.1 24.3 22.9 21.0 13

14 Interest payments 357.3 362.8 344.1 319.3 311.2 317.1 318.7 309.7 315.2 309.1 310.7 14

15 Subsidies 44.2 44.3 55.3 38.3 48.3 38.3 36.7 44.8 56.9 46.3 45.1 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 16

17 Net government saving, NIPA basis 154.1 239.5 67.9 -243.4 -419.9 -236.4 -296.8 -361.1 -439.2 -486.3 -392.8 17

18 + Consumption of fixed capital 187.0 197.0 205.9 210.8 218.2 211.6 213.3 215.3 217.4 219.2 221.0 18

19 - Insurance and pension fund reserves (2) 3.8 1.8 3.3 -1.7 0.1 -0.7 -7.9 -5.7 -1.8 0.5 7.3 19

20 + Net capital transfers (3) 32.5 35.6 35.6 32.9 29.1 35.6 30.1 30.5 25.9 28.7 31.2 20

21 = Gross saving and net capital transfers 369.7 470.3 306.1 2.1 -172.6 11.5 -45.5 -109.6 -194.1 -238.8 -147.9 21

22 Gross investment 400.4 497.4 274.5 -11.1 -173.6 154.9 -58.6 30.7 -512.9 -80.6 -131.8 22

23 Fixed investment 286.8 304.6 317.0 337.1 347.8 341.0 339.0 335.8 344.5 353.5 357.5 23

24 Access rights sales -1.7 -0.6 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 24

25 Net financial investment 115.3 193.4 -42.2 -347.9 -521.2 -185.8 -397.3 -304.8 -857.1 -433.8 -489.0 25

26 Net acquisition of financial assets 151.7 -12.3 92.1 81.6 38.8 240.3 64.2 -16.1 92.4 53.8 25.1 26

27 Gold, SDRs, and official foreign exchange -7.1 -0.6 4.6 8.8 -0.8 23.1 4.1 0.1 0.5 5.6 -9.5 27

28 Checkable deposits and currency 70.1 -64.1 46.2 -10.2 14.5 103.8 -92.9 -24.9 -7.4 50.5 39.7 28

29 Time and savings deposits 11.6 10.4 11.8 34.2 -2.9 56.1 38.8 9.5 50.7 -61.8 -10.0 29

30 Security RPs 5.0 9.7 -13.4 -2.1 32.4 -16.9 16.2 11.0 37.5 34.1 46.8 30

31 Credit market instruments 37.6 31.0 16.1 12.9 -21.2 43.4 20.6 -61.3 5.7 -8.9 -20.4 31

32 Open market paper 6.9 7.6 -26.5 -3.8 -32.4 21.8 22.8 -18.6 -13.5 -44.8 -52.7 32

33 U.S. government agency securities (4) 11.0 2.0 19.9 2.1 7.3 -4.0 -4.0 -12.0 12.0 11.2 18.0 33

34 Municipal securities -1.5 0.6 0.3 -1.4 3.8 -1.6 -1.9 2.6 1.7 5.1 5.6 34

35 Corporate and foreign bonds 10.1 3.7 11.9 1.8 -1.0 -8.3 -3.1 -20.6 9.5 -5.4 12.5 35

36 Mortgages 4.2 3.7 3.6 5.5 2.7 3.2 10.1 -4.3 5.4 3.7 6.1 36

37 Consumer credit 13.6 16.1 13.1 12.7 1.3 36.4 -2.7 -8.6 -5.9 24.8 -5.0 37

38 Other loans and advances (5) -6.8 -2.6 -6.2 -3.9 -2.9 -4.1 -0.6 0.1 -3.3 -3.4 -5.0 38

39 Corporate equities 3.5 -1.2 22.8 6.7 -6.2 3.4 -6.6 -7.7 -6.5 -3.6 -6.9 39

40 Mutual fund shares 4.3 0.8 5.1 2.0 -3.0 3.0 1.5 9.0 -3.4 -5.6 -11.9 40

41 Trade receivables 4.6 5.3 7.3 -2.4 -0.5 -3.8 2.1 -10.5 -5.0 8.0 5.7 41

42 Taxes receivable 12.1 -6.7 -9.8 13.1 32.8 22.8 18.6 65.4 18.3 29.6 18.0 42

43 Miscellaneous assets 10.1 3.0 1.3 18.7 -6.3 5.3 61.9 -6.7 2.0 6.0 -26.3 43

44 Net increase in liabilities 36.4 -205.7 134.3 429.4 560.0 426.1 461.6 288.6 949.5 487.6 514.1 44

45 SDR certificates -3.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 Treasury currency 1.0 2.4 1.3 1.0 0.6 2.4 0.0 0.6 1.6 0.1 -0.0 46

47 Credit market instruments -29.8 -260.2 49.7 378.8 490.9 394.1 421.2 283.4 890.7 385.1 404.2 47

48 Savings bonds -0.2 -1.7 5.6 4.5 8.9 2.7 3.1 9.5 10.5 10.2 5.5 48

49 Other Treasury securities (6) -68.3 -274.1 -60.8 230.3 365.9 244.8 227.0 194.0 700.1 283.6 285.8 49

50 Budget agency securities -0.2 -1.0 -0.5 0.5 -2.4 1.6 0.4 -1.6 0.5 0.1 -8.6 50

51 Municipal securities 38.9 16.5 105.5 143.4 118.5 144.9 190.7 81.4 179.6 91.3 121.5 51

52 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 52

53 Trade payables 28.7 31.8 28.9 24.0 45.3 20.0 26.9 23.9 22.0 72.0 63.3 53

54 Insurance reserves 1.4 1.4 1.4 1.6 1.1 -0.1 2.7 0.1 1.7 0.5 2.2 54

55 Miscellaneous liabilities (7) 38.2 22.9 53.0 24.1 22.1 9.7 10.8 -19.3 33.4 29.8 44.5 55

56 Discrepancy -30.7 -27.1 31.6 13.2 1.0 -143.4 13.2 -140.4 318.8 -158.2 -16.1 56

 Memo:

57 Net govt. saving less fixed investment (8) -132.8 -65.1 -249.1 -580.5 -767.7 -577.4 -635.8 -696.9 -783.7 -839.8 -750.3 57

58 Adjustment between NIPA and FOF (9) 248.1 258.5 206.9 242.3 257.4 397.3 271.5 430.1 -73.4 411.6 261.4 58

59 Items to be financed (10) 115.3 193.4 -42.2 -338.2 -510.3 -180.1 -364.3 -266.8 -857.1 -428.2 -489.0 59

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, 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) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service

 retirement and disability fund.

(8) Line 17 less line 23.

(9) Line 18 plus line 20 less sum of lines 19, 24, and 55.

(10) Line 57 plus line 58.
Z.1, March 4, 2004 111

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003 2002 2003

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1541.8 1553.5 1695.5 1757.4 1824.5 1757.5 1757.4 1752.8 1793.0 1822.5 1824.5 1

 2 Gold, SDRs, and official foreign exchange 44.4 41.0 43.1 51.1 55.1 48.8 51.1 51.7 52.9 54.8 55.1 2

 3 Checkable deposits and currency 120.1 57.4 105.1 94.3 107.1 119.1 94.3 66.4 86.9 98.2 107.1 3

 4 Time and savings deposits 107.5 117.8 129.7 163.9 160.9 150.3 163.9 164.1 174.0 159.5 160.9 4

 5 Security RPs 163.5 173.3 159.9 157.7 190.1 153.7 157.7 160.5 169.9 178.4 190.1 5

 6 Credit market instruments 752.3 783.4 799.5 812.4 791.2 807.3 812.4 797.1 798.5 796.3 791.2 6

 7 Open market paper 108.9 116.5 90.0 86.2 53.8 80.5 86.2 81.6 78.2 67.0 53.8 7

 8 Agency securities (1) 190.0 192.0 211.9 214.0 221.3 215.0 214.0 211.0 214.0 216.8 221.3 8

 9 Municipal securities 1.0 1.6 1.9 0.5 4.3 1.0 0.5 1.2 1.6 2.9 4.3 9

10 Corporate and foreign bonds 71.3 75.0 86.9 88.7 87.7 89.4 88.7 83.5 85.9 84.6 87.7 10

11 Mortgages 207.5 211.2 214.8 220.2 222.9 217.7 220.2 219.2 220.5 221.4 222.9 11

12 Consumer credit 50.9 67.0 80.1 92.8 94.1 93.4 92.8 90.6 89.1 95.3 94.1 12

13 Other loans and advances (2) 122.7 120.1 113.9 110.0 107.1 110.2 110.0 110.1 109.2 108.4 107.1 13

14 Corporate equities 115.0 115.1 126.3 112.9 138.0 101.8 112.9 104.7 119.9 122.0 138.0 14

15 Mutual fund shares 25.6 26.4 31.5 33.5 30.5 33.1 33.5 35.7 34.9 33.5 30.5 15

16 Trade receivables 22.9 28.1 35.5 33.1 32.6 33.7 33.1 31.7 30.4 32.5 32.6 16

17 Taxes receivable 72.0 87.9 129.9 123.9 182.9 126.8 123.9 153.7 154.0 177.5 182.9 17

18 Miscellaneous assets 118.5 123.0 135.0 174.7 136.1 182.9 174.7 187.1 171.7 169.8 136.1 18

19 Total liabilities 6007.0 5799.1 5941.1 6370.8 6933.1 6209.0 6370.8 6452.7 6619.6 6761.7 6933.1 19

20 SDR certificates 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 20

21 Treasury currency 20.9 23.2 24.5 25.5 26.0 25.5 25.5 25.6 26.0 26.0 26.0 21

22 Credit market instruments 4581.3 4321.1 4370.8 4749.6 5240.5 4608.1 4749.6 4845.9 4994.6 5108.5 5240.5 22

23 Savings bonds 186.4 184.8 190.3 194.9 203.8 193.3 194.9 196.9 199.1 201.5 203.8 23

24 Other Treasury securities (3) 3199.4 2925.4 2864.5 3094.9 3460.7 3004.0 3094.9 3165.6 3257.3 3360.1 3460.7 24

25 Budget agency securities 28.3 27.3 26.8 27.3 24.9 27.2 27.3 26.9 27.0 27.0 24.9 25

26 Municipal securities 1167.1 1183.6 1289.2 1432.6 1551.1 1383.8 1432.6 1456.6 1511.1 1519.9 1551.1 26

27 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 27

28 Trade payables 673.1 704.9 733.9 757.9 803.2 754.7 757.9 765.6 772.4 791.0 803.2 28

29 Insurance reserves 35.0 36.4 37.8 39.4 40.5 38.7 39.4 39.4 39.8 39.9 40.5 29

30 Miscellaneous liabilities (4) 690.6 711.3 772.0 796.3 820.8 779.9 796.3 773.9 784.6 794.1 820.8 30

(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.

(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service

 retirement and disability fund.
112 Z.1, March 4, 2004

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Net acquisition of financial assets 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -56.7 -51.3 -47.6 -20.5 22.7 1

 2 Checkable deposits and currency -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.6 0.6 0.2 -0.5 0.1 0.1 2

 3 Time and savings deposits 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 15.1 4.7 3.2 -3.2 4.1 5.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 0.5 1.2 0.8 5

 6 Credit market instruments 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 10.8 13.7 -2.6 -4.8 -3.0 6

 7 Open market paper 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 -2.0 1.3 0.7 7

 8 U.S. government securities 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 -36.9 5.0 6.1 -0.3 -2.9 -5.1 8

 9 Treasury -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 -20.2 -3.3 -0.9 -2.5 -1.7 -0.8 9

10 Agency 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 -16.7 8.4 7.0 2.1 -1.2 -4.2 10

11 Corporate and foreign bonds 13.8 20.8 14.0 2.7 17.4 3.1 26.5 16.4 5.0 6.0 -0.3 -3.2 1.5 11

12 Mortgages -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 -0.3 0.1 0.2 0.0 0.0 -0.2 12

13 Corporate equities 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -54.6 -66.8 -71.1 -37.8 -25.2 10.6 13

14 Mutual fund shares 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 3.3 2.4 -0.3 -2.0 -0.5 2.5 14

15 Miscellaneous assets 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 5.9 -9.0 1.8 -1.9 4.5 6.7 15

16 Unallocated insurance contracts (1) -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 -3.8 -3.6 -4.7 -2.2 1.8 4.8 16

17 Contributions receivable 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 8.0 -6.0 0.0 0.0 0.0 0.0 17

18 Other -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 1.8 0.6 6.5 0.3 2.6 1.8 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 63.2 52.4 51.4 40.4 53.4 38.7 29.4 33.4 37.4 34.4 22.7 13.9 19.6 1

 2 Checkable deposits and currency -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 -1.5 0.4 0.2 -0.4 0.3 0.1 2

 3 Time and savings deposits 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -5.8 13.3 -7.7 -0.3 7.4 -3.3 -1.3 3

 4 Money market fund shares 1.0 1.0 6.5 5.3 6.0 10.8 13.1 1.9 11.7 4.6 -10.6 2.8 2.9 4

 5 Security RPs 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 0.6 -0.8 -0.4 0.3 0.6 -2.0 5

 6 Credit market instruments 12.6 8.8 13.3 4.1 -7.6 2.4 6.1 -5.9 3.3 17.6 9.3 32.1 3.8 6

 7 Open market paper 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 2.5 2.6 -3.1 -0.2 9.6 -4.7 7

 8 U.S. government securities 3.7 1.6 -0.6 16.9 -4.5 0.0 -2.1 -12.9 3.3 7.0 1.5 9.8 -0.6 8

 9 Treasury 3.6 2.6 1.2 6.7 -2.5 -0.2 -1.2 -13.0 -2.3 -2.4 -8.0 3.0 0.4 9

10 Agency 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 0.1 5.6 9.5 9.5 6.8 -1.0 10

11 Corporate and foreign bonds 7.4 6.9 13.2 -9.3 -4.3 -0.5 7.2 4.5 -3.3 12.7 6.7 11.1 7.0 11

12 Mortgages 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 -0.0 0.8 1.0 1.3 1.7 2.2 12

13 Corporate equities 10.8 27.6 13.4 4.1 -21.0 -20.4 -41.3 24.1 33.3 16.0 5.1 -41.6 10.7 13

14 Mutual fund shares 9.8 13.0 22.4 20.1 43.1 25.3 41.4 -6.8 -0.8 1.5 -1.8 11.5 -0.6 14

15 Miscellaneous assets 27.3 8.8 4.6 15.0 32.6 24.2 14.7 7.8 -2.0 -4.8 13.5 11.4 5.9 15

16 Unallocated insurance contracts (2) 23.0 10.6 12.9 8.9 23.7 12.2 4.6 -11.0 -4.0 -7.0 4.7 11.1 4.8 16

17 Contributions receivable 3.9 4.4 4.9 5.5 4.4 4.3 3.6 13.4 1.2 1.2 1.3 1.3 1.3 17

18 Other 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 5.5 0.8 1.0 7.6 -1.0 -0.2 18

(1) Includes 401(k) type plans.

(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: 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.2 116.6 124.9 115.7 NA 1

 2 Commercial banking 16.6 -0.5 -2.9 -1.1 6.5 0.7 0.1 -0.5 -3.4 8.9 3.1 5.4 NA 2

 3 Saving institutions -3.8 -8.3 -9.1 -6.3 -1.9 -3.9 -6.0 -5.3 -3.1 -2.3 -1.8 -0.7 NA 3

 4 Credit unions 3.6 0.9 -0.3 -0.0 1.2 0.9 1.2 0.3 0.9 0.4 3.2 3.4 NA 4

 5 Life insurance companies 7.1 4.9 12.6 13.2 11.2 10.3 47.5 24.6 40.8 19.5 26.6 17.8 NA 5

 6 Money market mutual funds -1.1 3.0 6.0 12.7 13.9 13.8 2.0 25.0 21.0 6.0 18.0 16.0 NA 6

 7 Mutual funds 41.7 38.9 59.4 12.5 64.2 50.0 91.4 91.1 89.2 57.9 46.6 25.0 NA 7

 8 Other self-directed accounts 3.3 19.6 -16.6 22.1 -36.5 -19.0 -67.7 -43.6 -33.2 26.1 29.2 48.7 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 4, 2004 113

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Total financial assets 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2101.9 2004.0 1818.1 1585.1 1872.4 1

 2 Checkable deposits and currency 1.0 1.0 1.0 1.8 2.1 2.2 2.6 3.2 3.8 4.0 3.5 3.6 3.8 2

 3 Time and savings deposits 56.8 47.6 54.1 67.1 71.9 82.7 96.0 111.1 115.8 119.0 115.8 119.9 124.9 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 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 18.0 19.3 20.0 5

 6 Credit market instruments 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.0 483.8 497.4 494.8 490.0 487.0 6

 7 Open market paper 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 15.5 16.8 17.5 7

 8 U.S. government securities 209.0 209.4 219.8 260.6 267.3 252.0 264.2 227.4 232.4 238.5 238.2 235.2 230.2 8

 9 Treasury 84.7 73.7 68.1 78.2 80.2 75.6 79.3 59.1 55.8 54.9 52.4 50.7 49.9 9

10 Agency 124.3 135.8 151.7 182.4 187.1 176.4 185.0 168.3 176.6 183.7 185.8 184.6 180.3 10

11 Corporate and foreign bonds 123.9 144.7 158.7 161.4 178.8 181.9 208.4 224.8 229.8 235.9 235.5 232.4 233.9 11

12 Mortgages 13.0 9.9 8.5 4.7 4.9 5.0 5.6 5.3 5.4 5.6 5.6 5.6 5.4 12

13 Corporate equities 458.6 484.5 555.6 559.9 699.6 785.8 876.0 986.6 1157.3 1046.0 889.0 681.9 917.2 13

14 Mutual fund shares 11.4 15.6 22.3 39.0 54.8 63.8 81.4 101.0 129.0 123.7 107.6 85.0 115.6 14

15 Miscellaneous assets 144.3 135.5 143.5 158.2 158.3 176.4 182.6 194.9 196.2 196.4 189.4 185.5 203.9 15

16 Unallocated insurance contracts (1) 77.3 69.6 69.7 79.2 80.3 88.9 90.7 93.3 99.9 93.6 86.3 79.7 96.3 16

17 Contributions receivable 25.1 30.7 38.0 44.2 43.9 43.6 47.1 55.1 49.1 49.1 49.1 49.1 49.2 17

18 Other 41.9 35.2 35.8 34.8 34.2 43.9 44.8 46.6 47.2 53.7 54.0 56.6 58.5 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 877.0 956.1 1087.9 1157.9 1428.3 1627.7 1942.5 2219.4 2438.7 2419.1 2244.5 1947.5 2321.5 1

 2 Checkable deposits and currency 2.0 2.0 2.2 2.3 2.7 3.1 4.0 2.5 2.9 3.0 2.6 2.9 3.0 2

 3 Time and savings deposits 59.2 51.1 41.3 35.0 34.7 29.3 23.4 36.7 28.9 28.7 36.0 32.8 31.5 3

 4 Money market fund shares 18.8 19.8 26.3 31.6 37.5 48.4 61.4 63.4 75.1 79.6 69.0 71.8 74.7 4

 5 Security RPs 10.4 11.6 12.6 10.6 10.7 12.1 12.7 13.2 12.5 12.1 12.4 13.0 11.0 5

 6 Credit market instruments 126.9 135.8 149.0 153.1 145.5 147.9 154.0 148.1 151.4 169.0 178.3 210.5 214.3 6

 7 Open market paper 12.7 13.6 14.3 12.3 13.0 15.4 16.3 18.8 21.3 18.3 18.0 27.6 22.9 7

 8 U.S. government securities 54.1 55.7 55.2 72.1 67.5 67.5 65.4 52.5 55.8 62.8 64.3 74.1 73.5 8

 9 Treasury 32.4 35.0 36.3 43.0 40.5 40.2 39.0 26.0 23.7 21.3 13.3 16.2 16.6 9

10 Agency 21.7 20.7 18.9 29.1 27.1 27.3 26.4 26.5 32.1 41.6 51.1 57.9 56.9 10

11 Corporate and foreign bonds 54.8 61.8 75.0 65.7 61.4 61.0 68.1 72.7 69.4 82.0 88.8 99.9 106.8 11

12 Mortgages 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.1 4.9 5.9 7.2 8.9 11.0 12

13 Corporate equities 347.6 389.2 458.7 453.8 578.3 659.4 790.6 961.2 1111.7 1091.9 970.6 735.7 955.3 13

14 Mutual fund shares 55.0 80.6 119.9 166.9 272.0 348.5 488.2 567.1 624.8 609.9 543.9 448.5 580.2 14

15 Miscellaneous assets 257.1 266.1 278.0 304.7 346.8 379.1 408.3 427.2 431.5 424.9 431.6 432.3 451.6 15

16 Unallocated insurance contracts (2) 167.2 178.0 198.2 218.7 252.0 272.2 291.3 291.3 293.5 284.8 282.7 283.2 301.3 16

17 Contributions receivable 19.3 23.7 28.6 34.1 38.5 42.8 46.4 59.8 61.0 62.2 63.5 64.8 66.1 17

18 Other 70.6 64.4 51.3 51.9 56.4 64.1 70.6 76.1 76.9 77.9 85.4 84.4 84.2 18

(1) Includes 401(k) type plans.

(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: 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2540.0 2333.0 NA 1

 2 Commercial banking 149.2 148.6 145.8 144.7 151.1 151.9 152.0 151.5 148.1 157.0 160.1 165.6 NA 2

 3 Saving institutions 102.5 94.2 85.1 78.9 76.9 73.0 67.0 61.8 58.7 56.4 54.6 53.9 NA 3

 4 Credit unions 31.1 32.1 31.8 31.8 33.0 33.8 35.0 35.3 36.2 36.7 39.9 43.3 NA 4

 5 Life insurance companies 49.7 55.6 69.5 78.7 94.3 110.3 160.0 190.1 245.5 245.5 251.0 248.8 NA 5

 6 Money market mutual funds 39.6 42.6 48.6 61.3 75.2 89.0 91.0 116.0 137.0 143.0 161.0 177.0 NA 6

 7 Mutual funds 144.0 189.0 265.7 278.4 385.6 488.0 659.0 826.0 1083.0 1060.0 987.0 850.0 NA 7

 8 Other self-directed accounts 259.9 310.9 346.6 382.3 471.9 520.9 564.0 769.3 942.5 930.4 886.4 794.4 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 4, 2004 Flow of Funds Matrix for 2003

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S US 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 -- 1207.2 -- 1136.8 -- 178.5 -- -351.2 -- 2171.3 -- 529.6 -- 197.2  2 Capital consumption -- 799.9 -- 807.7 -- 127.3 -- 90.9 -- 1825.8 -- -- -- 116.3  3 Net saving (1 less 2) -- 437.8 -- 328.9 -- 51.2 -- -442.1 -- 375.9 -- 529.6 -- 80.9  4 Gross investment (5 plus 11) 1220.3 -- 1108.0 -- 180.1 -- -353.8 -- 2154.7 -- 553.5 -- 140.1 --  5 Capital expenditures 1446.0 -- 1006.6 -- 252.8 -- 94.7 -- 2800.2 -- -- -- 125.5 --  6 Consumer durables 906.5 -- -- -- -- -- -- -- 906.5 -- -- -- -- --  7 Residential 480.8 -- 80.3 -- -- -- -- -- 561.1 -- -- -- 1.5 --  8 Nonresidential 58.7 -- 927.0 -- 252.8 -- 95.0 -- 1333.5 -- -- -- 124.0 --  9 Inventory change -- -- -0.9 -- -- -- -- -- -0.9 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.3 -- -- -- -0.3 -- 0.0 -- -- -- -- -- 11 Net financial investment -225.7 -- 101.4 -- -72.7 -- -448.5 -- -645.5 -- 553.5 -- 14.6 -- 12 Financial uses 695.9 -- 770.4 -- 70.0 -- -7.4 -- 1528.9 -- 820.6 -- 2738.7 -- 13 Financial sources -- 921.5 -- 669.0 -- 142.7 -- 441.1 -- 2174.4 -- 267.0 -- 2724.1 14 Gold and off. fgn. exchange -- -- -- -- -- -- -0.8 -- -0.8 -- 0.6 1.1 1.3 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- 0.6 -- 0.6 -- -- 0.9 -- 17 Foreign deposits 3.5 -- 11.1 -- -- -- -- -- 14.6 -- -- -28.2 -39.9 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- 5.0 -- -0.1 0.1 19 Checkable dep. and currency -64.4 -- 127.1 -- 6.2 -- 8.2 -- 77.2 -- 26.9 -- 27.8 34.3 20 Time and savings deposits 340.9 -- -4.8 -- 22.3 -- -25.2 -- 333.2 -- -8.5 -- -33.1 291.6 21 Money market fund shares -90.2 -- -61.0 -- -- -- -- -- -151.1 -- -- -- -56.7 -207.8 22 Fed. funds and security RPs -- -- 1.8 -- 32.4 -- -- -- 34.2 -- 93.9 -- -8.1 326.1 23 Credit market instruments 77.2 879.9 26.2 278.1 6.5 118.7 -3.8 396.0 106.0 1672.8 611.2 -14.0 1986.3 1044.7 24 Open market paper -1.6 -- 7.4 -40.0 -32.4 -- -- -- -26.5 -40.0 17.3 22.3 -72.3 -63.8 25 Treasury securities -39.9 -- 37.6 -- 23.6 -- -- 398.4 21.3 398.4 274.8 -- 102.3 -- 26 Federal agency securities 172.2 -- -15.6 -- 7.3 -- 0.0 -2.4 163.9 -2.4 12.2 -- 394.5 573.0 27 Municipal securities 62.3 14.5 3.5 3.3 3.8 118.5 -- -- 69.5 136.3 -- -- 66.8 -- 28 Corporate and fgn. bonds -116.6 -- -- 162.3 -1.0 -- -- -- -117.6 162.3 307.7 -25.1 460.5 513.5 29 Bank loans n.e.c. -- -4.7 -- -75.0 -- -- -- -- -- -79.7 -- -7.7 -94.4 -7.0 30 Other loans and advances -- -1.0 -- -1.1 -- 0.3 -2.7 -- -2.7 -1.9 -0.8 -3.4 22.9 24.7 31 Mortgages 0.8 769.4 0.7 228.8 5.2 -- -2.5 0.0 4.3 998.2 -- -- 998.2 4.3 32 Consumer credit -- 101.6 -7.5 -- -- -- 1.3 -- -6.2 101.6 -- -- 107.8 -- 33 Corporate equities -183.1 -- -- -49.1 -6.2 -- -- -- -189.3 -49.1 35.5 85.8 261.5 71.1 34 Mutual fund shares 293.1 -- 9.3 -- -3.0 -- -- -- 299.4 -- -- -- -11.2 288.2 35 Trade credit -- 7.9 252.1 261.0 -- 24.0 -0.5 21.3 251.6 314.3 -3.1 10.7 29.0 -9.3 36 Security credit 53.5 32.6 -- -- -- -- -- -- 53.5 32.6 0.0 0.0 68.1 89.1 37 Life insurance reserves 56.7 -- -- -- -- -- -- 1.1 56.7 1.1 -- -- -- 55.6 38 Pension fund reserves 232.7 -- -- -- -- -- -- -- 232.7 41.8 -- -- -- 232.7 39 Taxes payable -- -- -- 23.1 19.5 -- 13.4 -- 32.8 23.1 -- -- -- 11.2 40 Inv. in bank personal trusts -26.3 -- -- -- -- -- -- -- -26.3 -- -- -- -- -26.3 41 Equity in noncorp. business -35.1 -- -- -48.6 -- -- -- -- -35.1 -48.6 -- -- -- 13.5 42 Miscellaneous 37.2 1.2 408.7 204.4 -7.6 -- 1.3 22.1 439.6 227.7 58.9 211.6 513.0 509.4 43 Sector discrepancies (1 less 4) -13.1 -- 28.8 -- -1.6 -- 2.6 -- 16.6 -- -23.9 -- 57.1 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, March 4, 2004 Flow of Funds Matrix for 2003

(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 34341.0 -- 12704.7 -- 1544.2 -- 633.6 -- 49223.5 -- 7802.5 -- 44376.1  2 Total liabilities and equity -- 9756.7 -- 29700.3 -- 2270.3 -- 5016.1 -- 46743.5 -- 5451.3 --  3 Total liabilities -- 9756.7 -- 13945.1 -- 2270.3 -- 5016.1 -- 30988.2 -- 3507.8 --  4 Monetary gold and SDRs -- -- -- -- -- -- 12.6 -- 12.6 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 22.6 -- 22.6 -- -- 22.5 -0.1  6 Official foreign exchange -- -- -- -- -- -- 19.9 -- 19.9 -- -- 39.7 19.9  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 26.0 -- 26.0 -- -- 35.5  9 Foreign deposits 67.7 -- 31.7 -- -- -- -- -- 99.3 -- -- 846.7 74.2 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 124.7 -- 70.7 11 Checkable dep. and currency 214.7 -- 798.5 -- 53.0 -- 54.1 -- 1120.3 -- 368.4 -- 264.0 12 Time and savings deposits 3984.9 -- 266.1 -- 158.5 -- 2.4 -- 4411.9 -- 86.8 -- 363.1 13 Money market fund shares 986.0 -- 329.1 -- -- -- -- -- 1315.1 -- -- -- 701.0 14 Fed. funds and security RPs -- -- 7.9 -- 190.1 -- -- -- 198.0 -- 460.3 -- 625.1 15 Credit market instruments 2510.0 9401.2 377.0 7399.7 859.9 1560.7 284.7 4033.1 4031.6 22394.7 3742.3 651.6 26675.3 16 Open market paper 46.0 -- 74.1 85.9 53.8 -- -- -- 173.9 85.9 152.7 165.1 966.5 17 Treasury securities 418.5 -- 114.4 -- 343.7 -- -- 4008.2 876.5 4008.2 1489.0 -- 1642.6 18 Federal agency securities 269.6 -- 1.4 -- 221.3 -- 0.0 24.9 492.3 24.9 681.6 -- 4922.1 19 Municipal securities 680.6 184.3 35.9 164.0 4.3 1551.1 -- -- 720.8 1899.4 -- -- 1178.6 20 Corporate and fgn. bonds 980.4 -- -- 2873.3 87.7 -- -- -- 1068.1 2873.3 1293.9 384.6 4478.4 21 Bank loans n.e.c. -- 96.3 -- 1036.8 -- -- -- -- -- 1133.2 -- 60.9 1292.4 22 Other loans and advances -- 119.5 -- 830.0 -- 9.7 116.8 -- 116.8 959.2 125.0 41.1 1272.9 23 Mortgages 114.9 6961.4 76.6 2409.6 149.1 -- 73.8 0.0 414.4 9371.0 -- -- 9050.9 24 Consumer credit -- 2039.7 74.7 -- -- -- 94.1 -- 168.8 2039.7 -- -- 1870.9 25 Corporate equities 5709.2 -- -- 10170.3 138.0 -- -- -- 5847.2 10170.3 1618.4 1943.5 8032.3 26 Mutual fund shares 3291.6 -- 127.9 -- 30.5 -- -- -- 3450.0 -- -- -- 1214.9 27 Trade credit -- 153.6 2468.7 2009.5 -- 709.6 32.6 93.5 2501.4 2966.2 43.9 48.4 373.5 28 Security credit 466.2 180.8 -- -- -- -- -- -- 466.2 180.8 0.0 0.0 394.2 29 Life insurance reserves 1005.0 -- -- -- -- -- -- 40.5 1005.0 40.5 -- -- -- 30 Pension fund reserves 9303.6 -- -- -- -- -- -- -- 9303.6 842.1 -- -- -- 31 Taxes payable -- -- -- 193.0 80.1 -- 102.8 -- 182.9 193.0 -- -- -- 32 Inv. in bank personal trusts 932.4 -- -- -- -- -- -- -- 932.4 -- -- -- -- 33 Equity in noncorp. business 5414.3 -- -- 5585.0 -- -- -- -- 5414.3 5585.0 -- -- -- 34 Miscellaneous 455.3 21.2 8297.7 4342.9 34.1 -- 101.9 820.8 8889.0 5184.9 1357.7 1898.9 5519.3 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 4, 2004

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

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

 

 1 Assets 27046.4 28552.7 29507.2 32699.4 35608.5 39725.5 43652.5 49165.7 49425.1 49357.8 48575.1 54167.9 1

 2 Tangible assets 9836.1 10145.2 10458.3 11053.6 11503.8 12151.2 13131.7 14176.0 15474.8 16705.1 18164.9 19827.0 2

 3 Financial assets 17210.3 18407.6 19048.9 21645.8 24104.7 27574.3 30520.8 34989.7 33950.3 32652.7 30410.3 34341.0 3

 4 Deposits 3219.7 3156.1 3109.6 3298.0 3440.8 3622.3 3900.3 4022.8 4351.5 4835.5 5063.4 5253.2 4

 5 Credit market instruments 1676.5 1647.9 1935.4 1940.4 2141.3 2132.3 2252.5 2558.3 2473.2 2433.3 2432.8 2510.0 5

 6 Equity shares at market value 4896.2 5683.8 5680.9 7599.4 9168.1 11799.6 13734.3 17250.4 15325.7 13107.1 10039.2 12962.3 6

 7 Directly held 2869.2 3232.4 3096.4 4141.0 4864.3 6241.9 7073.5 9052.1 7473.6 6184.2 4601.5 5709.2 7

 8 Indirectly held 2027.0 2451.4 2584.5 3458.4 4303.9 5557.8 6660.7 8198.3 7852.1 6922.9 5437.8 7253.1 8

 9 Bank personal trusts and estates 268.7 262.0 263.6 365.2 439.3 555.1 599.2 698.6 645.5 527.0 385.0 469.9 9

10 Life insurance companies 113.3 163.5 199.6 274.7 373.3 510.5 665.4 904.4 882.8 806.5 692.5 922.1 10

11 Private pension funds 928.4 1096.1 1135.9 1490.4 1701.3 2053.5 2457.0 2875.3 2720.3 2348.2 1783.4 2301.2 11

12 Defined benefit plans 490.8 565.5 578.6 729.9 825.9 931.0 1056.7 1253.2 1136.0 962.8 733.0 993.1 12

13 Defined contribution plans 437.5 530.6 557.3 760.5 875.5 1122.5 1400.3 1622.1 1584.3 1385.4 1050.4 1308.1 13

14 State and local govt. retirement funds 428.5 497.3 507.6 678.9 828.5 1084.8 1233.9 1343.2 1335.1 1221.9 1001.6 1318.8 14

15 Federal government retirement funds 2.4 4.4 6.2 11.5 18.8 29.9 44.9 59.1 59.1 51.4 48.5 80.4 15

16 Mutual funds 285.7 428.0 471.6 637.9 942.7 1324.0 1660.3 2317.8 2209.1 1968.0 1526.8 2160.6 16

17 Other 7417.9 7919.7 8323.0 8807.9 9354.5 10020.0 10633.7 11158.3 11799.9 12276.8 12874.8 13615.5 17

18 Liabilities 4141.4 4409.9 4739.2 5081.9 5452.2 5819.4 6302.6 6877.3 7466.4 8076.6 8812.0 9756.7 18

19 Net worth 22904.9 24142.9 24768.0 27617.5 30156.4 33906.1 37349.9 42288.4 41958.7 41281.3 39763.2 44411.2 19

 Memo:

20 Equity shares excluding defined benefit plans 3976.8 4621.0 4594.6 6190.6 7513.8 9783.9 11443.6 14654.0 12854.5 10922.4 8297.8 10632.2 20

 (line 6 minus lines 12, 14 and part of line 15)

 Equity shares (line 6) as a percent of

21 Total assets (line 1) 18.1 19.9 19.3 23.2 25.7 29.7 31.5 35.1 31.0 26.6 20.7 23.9 21

22 Financial assets (line 3) 28.4 30.9 29.8 35.1 38.0 42.8 45.0 49.3 45.1 40.1 33.0 37.7 22

(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.