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

Monday

September 15, 1997

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Second Quarter 1997

Board of Governors of the Federal Reserve System, Washington D.C. 20551
Flow of Funds Summary Statistics 

Second Quarter 1997

Debt of domestic nonfinancial sectors

decelerated to a seasonally adjusted annual rate

of 3-3/4 percent in the second quarter of 1997. This

slowdown owed solely to its federal component,

which contracted at a 2-1/2 percent pace as tax

receipts surged early in the quarter. In contrast,

growth in debt of the nonfederal sectors accelerated

to a 6 percent annual rate in the second quarter. 

 Business debt grew at a 6 percent pace in the

second quarter, boosted by financing for a large

advance in capital outlays. Borrowing from banks

and issuance of corporate bonds remained strong,

while commercial mortgage borrowing increased to

its highest level since 1989. State and local

government debt rose briskly in the second quarter,

reflecting increased issuance of debt to fund new

capital projects. In the household sector, growth of

debt slowed, as both consumer credit borrowing and

mortgage borrowing declined.

The level of domestic nonfinancial debt

outstanding was $14.8 trillion at the end of the

second quarter of 1997. Debt of the nonfederal

sectors was $11.0 trillion, and federal debt was $3.8

trillion.

Figures on the growth and level of debt are

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

financial flows, amounts outstanding, and selected

sector balance sheets are included in the remaining

pages of this release.

Growth of Domestic Nonfinancial Debt1

Percent changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1986 12.1 13.6 11.7 11.2 12.4 10.8

1987 9.2 8.0 9.6 12.0 6.9 12.1

1988 8.9 8.0 9.2 9.5 9.8 6.5

1989 7.6 7.0 7.8 8.5 7.7 5.7

1990 6.5 11.0 5.3 7.5 3.3 5.1

1991 4.3 11.1 2.3 4.9 -1.8 8.4

1992 4.8 10.9 2.8 5.1 0.6 2.0

1993 5.2 8.3 4.1 6.2 1.5 5.7

1994 4.8 4.7 4.8 8.2 3.7 -4.0

1995 5.3 4.1 5.8 7.8 6.2 -3.8

1996 5.2 4.0 5.6 7.4 4.7 1.2

1996:Q1 6.2 6.2 6.2 9.0 4.3 0.7

 :Q2 5.0 1.7 6.1 7.5 5.2 3.5

 :Q3 4.8 4.4 4.9 6.9 5.1 -4.7

 :Q4 4.4 3.4 4.8 5.5 3.7 5.2

1997:Q1 4.7 2.1 5.6 6.4 5.3 3.2

 :Q2 3.7 -2.6 5.9 5.5 6.0 7.7

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

Table of Contents

Title Table Page

Flow of Funds Accounts, Second Quarter 1997 1

Availability of Data for Latest Quarter 5

Debt Growth by Sector D.1 8

Borrowing by Sector D.2 9

Debt Outstanding by Sector D.3 10

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 14

Distribution of National Income F.7 15

Gross Saving and Investment F.8 16 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 19 L.101 65

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

Nonfarm Noncorporate Business F.103 21 L.103 67

Farm Business F.104 21 L.104 67

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

Federal Government F.106 23 L.106 68

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

Monetary Authority F.108 25 L.108 70

Commercial Banking F.109 26 L.109 71

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

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

Bank Holding Companies F.112 29 L.112 74

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

Savings Institutions F.114 30 L.114 75

Credit Unions F.115 31 L.115 76

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

Life Insurance Companies F.117 32 L.117 77

Other Insurance Companies F.118 32 L.118 77

Private Pension Funds F.119 33 L.119 78

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

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

Title Table Page Table Page

Mutual Funds F.122 34 L.122 79

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

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

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

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

Finance Companies F.127 36 L.127 81

Mortgage Companies F.128 37 L.128 82

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

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

Funding Corporations F.131 38 L.131 83

Instruments

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

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

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

Net Interbank Transactions F.203 40 L.203 85

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

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

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

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

Open Market Paper F.208 43 L.208 88

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

Title Table Page Table Page

Agency Securities F.210 45 L.210 90

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

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

Corporate Equities F.213 47 L.213 92

Mutual Fund Shares F.214 47 L.214 92

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

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

Total Mortgages F.217 50 L.217 95

Home Mortgages F.218 51 L.218 96

Multifamily Residential Mortgages F.219 51 L.219 96

Commercial Mortgages F.220 52 L.220 97

Farm Mortgages F.221 52 L.221 97

Consumer Credit F.222 53 L.222 98

Trade Credit F.223 53 L.223 98

Security Credit F.224 53 L.224 98

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

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

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

Proprietors' Equity in Noncorporate Business F.228 54

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

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

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

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

Sector Discrepancies F.10 59

Instrument Discrepancies F.11 59
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

1

Flow of Funds Accounts, Second Quarter 1997

 This publication presents the flow of funds

accounts for 1997:Q2. 

Data revisions and other changes. The statistics

shown in these tables reflect use of new or revised

source data. Most significant revisions appear in

recent quarters; however, new source information

resulted in changes to data for earlier periods. The

revisions included the following:

1. New seasonal factors for quarterly

financial flows have been calculated for the period

1987:Q1 forward. The factors were generated using

the Statistics Canada X-11ARIMA/88 seasonal

adjustment program.

2. Data for investment and depreciation

flows for all sectors have been revised as a result of

the release of new estimates for fixed reproducible

tangible wealth by the Bureau of Economic Analysis

of the Department of Commerce (BEA). Saving and

investment flows for sectors are flow of funds

allocations of totals from the national income and

product accounts (NIPA) that reflect the distribution

of flows in the tangible wealth data.

3. This release includes updated balance

sheet tables for the household and nonprofit

organizations sector (B.100) and for the nonfarm

nonfinancial corporate business sector (B.102).

Stock-flow reconciliation tables for the sectors (R.100

and R.102) have also been included. The balance

sheet and reconciliation tables had previously been

part of a separate publication, the C.9 statistical

release, which has been discontinued. In the future,

balance sheet and stock-flow reconciliation tables will

be updated and published in this release (the Z.l).

The data for tangible wealth noted above are the

major source for the sector estimates of the values of

residential and nonresidential structures and for

nonresidential equipment.

4. For the household and nonprofit

organizations sector balance sheet (table B.100),

estimates of the value of real estate have been revised

using the American Housing Survey (AHS) as the

primary source. The AHS is conducted biennially by

the U.S. Census Bureau; the most recent AHS data

are for 1995. For years in which the AHS is not

available, estimates in the flow of funds accounts are

based on residential investment flows and depreciation

from the NIPA and on reported changes in residential

real estate prices.

5. Investment in and depreciation on

residential structures of farm households have been

moved from the farm business sector to the

households and nonprofit organizations sector (table

F.100), in order to better distinguish between business

and nonbusiness economic activities. The farm

business sector (table F.l04) now agrees in definition

with that used by the U.S. Department of Agriculture

(USDA). USDA publications on farm assets and

liabilities are the source for much of the information

on tables F.104 and L.104.

6. Revisions to the nonfarm noncorporate

business sector (tables F.103 and L.103) reflect the

benchmarking of financial assets to the Internal

Revenue Service Statistics of Income for 1994. 

7. Revisions to the rest of the world sector

(tables F.107 and L.107) reflect new estimates from

the Department of Commerce for the period from

1974 through 1996. Most of the revisions involved

changes to the levels of international investment

positions from the early 1990s forward, although a

few data series were revised back further.

8. In the other insurance companies sector

(tables F.118 and L.118), quarterly data from 1996:Q2

through 1997:Q1 were revised based on information

from A. M. Best Company. Previously, only annual

data were available. The A. M. Best data are

aggregates produced from quarterly financial

statements that insurance companies file with state

insurance commissioners.

9. In the state and local government

employee retirement funds sector (tables F.120 and

L.120), lines were added for fixed nonresidential

investment and gross saving. These two series are
2

based on estimates of the acquisition of real estate

assets and depreciation on existing assets,

respectively. Pension fund reserves (line 17), the

liabilities of the sector, are now equal to the sum of

fixed nonresidential investment and the net acquisition

of financial assets less gross saving.

10. Accounting in the mutual funds sector

(table F.122) was altered to ensure that capital gains

(and losses) are excluded from sector financial flows.

A discrepancy (line 14) was introduced to the

statement for this sector. The discrepancy represents

the difference between total sources of funds (which

equals the sum of gross saving and net share issues)

and uses of funds (which equals the net acquisition of

financial assets). Gross saving in the sector is a

component of total retained earnings of all financial

corporations reported in the NIPA and reflects the

subtraction of dividend payments to shareholders from

sector profits. Because the NIPA method includes

realized capital gains as dividends, gross saving for

the mutual fund sector is typically negative. 

11. The results of a June 1996 survey of

finance companies have been incorporated into this

publication. The details of the survey were reported

in an article in the July 1997 issue of the Federal

Reserve Bulletin. In addition to data revisions noted

in that article, the survey provided more detail on

finance company assets, permitting the addition of

several new series to the flow of funds accounts.

--Consumer leases are now reported

as a separate memo item in the

finance company sector (tables

F.127 and L.127), and securitized

consumer leases are reported as a

separate memo item in the issuers

of asset-backed securities sector

(tables F.126 and L.126).

--Mortgage lending and mortgage

assets of finance companies are

now reported separately for home

mortgages (tables F.218 and L.218),

multifamily residential mortgages

(tables F.219 and L.219), and

commercial mortgages (tables F.220

and L.220).

12. In the issuers of asset-backed securities

sector (table F.126), lines were added for fixed

nonresidential investment and gross saving and a

sector discrepancy. The lines for fixed nonresidential

investment and gross saving derive from estimates of

investment in equipment and vehicles by the sector.

Because a variety of sources of data are used to

compile information on this sector, a discrepancy

between sources and uses of funds may arise. For the

time periods shown in this publication, however, the

discrepancy is zero. 

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

Domestic debt includes credit market funds borrowed

by U.S. entities from both domestic and foreign

sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in

U.S. markets only. Financial sectors consist of

government-sponsored enterprises, federally related

mortgage pools, and private financial institutions.

Credit market debt consists of debt securities,

mortgages, bank loans, commercial paper, consumer

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

advances; it excludes trade debt, loans for the purpose

of carrying securities, and funds raised from equity

sources.

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows.

Growth rates calculated from changes in unadjusted

levels printed in table L.2 can differ from those in

table D.1.

Relation of Flows to Outstandings. Estimates of

financial assets and liabilities outstanding are linked

to data on flows. However, figures on outstandings

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time.

Specifically, outstandings in the flow of funds

accounts are related to the flows in the following

way:

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

where t is the time period.

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

For most series, the value of the discontinuity is zero

for nearly all time periods. However, in a few

instances, the discontinuity is nonzero for almost all

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

such as a period when there is a sharp increase or

decrease in equity prices or a major break in source

data.
3

The discontinuities in the series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter's data were compiled is provided in a

table following this introduction. The distinction

between "available" data and "missing" data is not

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is

compiled and those that are not yet completed.

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

general, also preliminary in the sense that they are

subject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data

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

but allowance for them is explicitly made throughout

the accounts by the inclusion of "discrepancies" for

various sectors and instrument types. A discrepancy

for a sector is the difference between its measured

sources of funds and its measured uses of funds. For

an instrument category, a discrepancy is the difference

between measured funds borrowed through the

financial instrument less measured funds lent through

that instrument. The size of such discrepancies

relative to the main asset or liability components is

one indication of the quality of source data, especially

on an annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about nine weeks following the end of a

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

from the Board's Publications Services. Flow of

funds data are also available electronically through the

Internet at the following location:

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

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are

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

contain quarterly data beginning in 1952, organized in

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted

flows, a second diskette contains unadjusted flows,

and a third diskette contains quarterly outstandings,

which are not seasonally adjusted. In addition, the

third diskette contains quarterly data for the debt

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

balance sheet tables, as well as monthly data from

January 1955 forward for the monthly debt aggregate

published in the Board's H.6 release, "Money Stock,

Liquid Assets, and Debt Measures." 

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

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

financial accounts are prepared and the principles

underlying the accounts. 
4
5

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 1997:Q2.

Unadjusted flows since 1992.

 2. Household sector

 (tables F.100 and L.100)

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

other sectors. Availability of data depends on schedules for other

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

available through 1997:Q2.

 3. Nonfinancial corporate 

 business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR)

of the Census Bureau through

1997:Q1; Internal Revenue Service

Statistics of Income data through

1994, securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1997:Q2.

Statistics of Income data since

1994; QFR data for 1997:Q2.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics

of Income data through 1994; bank

and finance company loans and

mortgage borrowing for 1997:Q2.

Statistics of Income data since

1994.

 5. Farm business

 (tables F.104 and L.104)

Mortgages, bank loans, loans from

government-sponsored enterprises,

and equity in government-sponsored

enterprises through 1997:Q2; trade

payables through 1996:Q4.

Data for U.S. government loans

to farms since 1994:Q4; data for

consumption of fixed capital

since 1995; undistributed profits

since 1994; checkable deposits

and currency since 1996; and

trade payables since 1996.

 6. State and local 

 governments

 (tables F.105 and L.105)

Gross security offerings and

retirements, deposits at banks, and

nonmarketable U.S. government

securities issues for 1997:Q2; asset

data through 1995:Q2 from the

Comprehensive Annual Financial

Reports of states that account for

most of financial asset holdings of

the sector.

Other asset items since 1995:Q2.
6

 7. Federal government

 (tables F.106 and L.106)

Data on federal receipts and outlays

from the Monthly Treasury

Statement of Receipts and Outlays

through 1997:Q2; data from the

Federal Financing Bank statement

through 1997:Q2.

Data for loans outstanding since

1994 except at the Federal

Financing Bank.

 8. Rest of the world

 (U.S. international 

 transactions)

 (tables F.107 and L.107)

Balance of payments data through

1997:Q2; NIPA estimates, data

from bank reports of condition and

Treasury International Capital

System data through 1997:Q2.

None.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 1997:Q2. None.

10. Commercial banking

 (tables F.109 and L.109)

All data through 1997:Q2 for

U.S.-chartered banks, foreign

banking offices in the U.S., bank

holding companies, and commercial

banks in U.S.-affiliated areas.

Data since 1995 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

 (tables F.114 and L.114)

All data through 1997:Q2. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 1997:Q2. None.

13. Bank personal trusts and 

 estates

 (tables F.116 and L.116)

All data through 1996. Data since 1996.

14. Life insurance companies

 (tables F.117 and L.117)

Asset data through 1997:Q1 and

liability data through 1996.

Asset data for 1997:Q2 and

liability data since 1996.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1996:Q4. Data since 1996:Q4

16. Private pension funds 

 (including FERS)

 (tables F. 119 and L.119)

Quarterly data through 1997:Q2;

Internal Revenue Service Form

5500 data through 1993. 

Form 5500 data since 1993.

17. State and local government 

 employee retirement funds

 (tables F.120 and L.120)

All data through 1997:Q1. Data for 1997:Q2.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 1997:Q2. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 1997:Q2. None.

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1995. Data since 1995.
7

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FHLBs,

FNMA, FHLMC, SLMA, FCS,

FICO, and REFCORP for 1997:Q2.

None.

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 1997:Q2. None.

23. Issuers of asset-backed 

 securities (ABSs)

 (tables F.126 and L.126)

All data from Trepp/PSA

Information Services and data for

private mortgage pools, consumer

credit, business loans, student loans,

consumer leases, and trade credit

securitization through 1997:Q2.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 1997:Q2. None.

25. Mortgage companies

 (tables F.128 and L.128)

Mortgage data through 1997:Q1. Data for 1997:Q2.

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data through 1996:Q3; equity

issuance through 1997:Q2.

Data since 1996:Q3.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS

reports through 1997:Q2; data for

firms filing FOGS reports through

1996:Q3.

Data from FOGS reports for

1996:Q4 through 1997:Q2.

28. Funding corporations

 (tables F.131 and L.131)

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

other sectors.
8 Z.1, September 15, 1997

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

1958 6.1 4.1 7.2 6.0 8.4 0.6 7.4 6.7 10.2 1.0 10.7

1959 7.8 3.0 10.4 12.0 10.4 15.6 9.1 7.5 9.9 32.1 3.0

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

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

1962 6.9 2.8 8.8 8.8 8.2 9.3 9.1 7.8 7.7 13.1 8.2

1963 6.8 1.5 9.1 9.8 8.8 12.3 9.1 7.7 6.5 18.3 11.7

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

1965 7.1 0.6 9.6 8.6 7.6 11.6 11.2 11.4 7.9 16.8 7.2

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

1967 7.1 4.9 7.8 4.9 5.0 5.0 11.1 11.6 6.7 1.0 9.8

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

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

1970 6.9 4.2 7.6 3.9 3.7 3.4 10.5 10.5 8.7 14.5 5.7

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

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

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

1974 9.2 3.4 10.5 7.7 7.8 4.6 13.7 12.1 6.9 23.1 20.5

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

1976 10.8 15.6 9.7 11.6 13.1 10.6 8.4 7.7 8.4 9.0 21.5

1977 12.8 11.0 13.3 16.1 17.5 15.5 12.1 12.2 8.4 18.8 11.6

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

1979 12.2 5.8 13.7 14.6 15.3 13.8 14.1 11.6 9.0 22.0 9.5

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

1981 10.0 11.6 9.6 7.2 6.5 5.0 12.2 13.8 8.0 18.0 11.9

1982 9.9 19.7 7.7 5.4 4.5 4.6 8.9 7.0 11.2 13.6 7.2

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

1984 14.5 16.9 13.9 12.6 11.3 18.3 15.6 16.9 11.4 17.9 3.7

1985 15.6 16.5 15.3 14.8 13.1 14.2 12.2 12.5 31.8 19.5 0.5

1986 12.1 13.6 11.7 11.2 13.3 9.2 12.4 15.5 10.8 26.1 4.1

1987 9.2 8.0 9.6 12.0 15.9 5.1 6.9 8.7 12.1 18.3 2.6

1988 8.9 8.0 9.2 9.5 10.7 8.6 9.8 11.6 6.5 13.1 3.0

1989 7.6 7.0 7.8 8.5 9.9 6.0 7.7 8.7 5.7 10.5 4.0

1990 6.5 11.0 5.3 7.5 9.6 1.9 3.3 5.0 5.1 8.8 9.1

1991 4.3 11.1 2.3 4.9 6.6 -1.7 -1.8 -2.1 8.4 6.0 5.2

1992 4.8 10.9 2.8 5.1 6.0 0.5 0.6 1.6 2.0 8.7 7.9

1993 5.2 8.3 4.1 6.2 5.3 7.7 1.5 2.0 5.7 9.7 22.4

1994 4.8 4.7 4.8 8.2 6.4 14.5 3.7 5.4 -4.0 14.0 -3.9

1995 5.3 4.1 5.8 7.8 6.0 14.2 6.2 8.0 -3.8 11.8 19.2

1996 5.2 4.0 5.6 7.4 7.9 7.6 4.7 5.1 1.2 12.5 15.9

1992 -- Q1 5.4 11.5 3.5 6.3 8.2 1.3 0.7 1.5 2.8 6.6 0.9

 Q2 4.3 11.6 1.8 2.7 3.0 -2.3 0.3 1.4 4.2 9.7 21.3

 Q3 4.7 10.3 2.8 5.3 6.5 1.1 0.1 1.0 3.6 10.3 8.9

 Q4 4.3 8.6 2.8 5.7 5.7 2.0 1.4 2.5 -2.8 7.0 0.8

1993 -- Q1 3.9 7.2 2.8 3.5 2.7 5.2 0.3 0.5 8.3 5.4 18.1

 Q2 6.2 10.3 4.7 6.2 6.3 4.7 1.7 2.5 9.6 6.1 20.7

 Q3 4.9 5.8 4.6 7.4 6.1 8.3 1.8 2.4 3.9 13.9 32.9

 Q4 5.5 9.0 4.2 7.2 5.6 12.0 2.1 2.5 0.6 12.1 11.4

1994 -- Q1 4.9 4.7 4.9 7.7 6.6 11.3 3.4 5.2 -0.5 15.0 -23.7

 Q2 4.2 3.9 4.4 7.5 5.5 14.6 3.5 5.1 -4.2 11.6 -7.7

 Q3 4.6 4.7 4.6 7.9 5.9 14.6 3.6 5.1 -4.6 11.5 3.9

 Q4 5.0 5.0 4.9 8.6 7.1 14.5 4.1 5.6 -6.9 15.1 12.4

1995 -- Q1 5.8 5.4 6.0 7.4 5.6 14.1 7.1 9.4 -3.3 7.4 18.3

 Q2 6.5 6.6 6.5 7.8 6.2 14.2 7.2 9.5 -1.1 11.2 11.9

 Q3 4.2 2.5 4.8 8.3 6.6 14.9 4.3 5.1 -8.0 12.2 22.5

 Q4 4.3 1.8 5.2 6.8 5.0 10.9 5.5 7.1 -3.2 14.6 19.3

1996 -- Q1 6.2 6.2 6.2 9.0 9.4 10.9 4.3 4.6 0.7 8.0 12.0

 Q2 5.0 1.7 6.1 7.5 7.3 7.7 5.2 5.9 3.5 16.3 7.8

 Q3 4.8 4.4 4.9 6.9 7.0 7.6 5.1 6.5 -4.7 9.6 22.8

 Q4 4.4 3.4 4.8 5.5 7.0 3.5 3.7 3.1 5.2 13.9 17.5

1997 -- Q1 4.7 2.1 5.6 6.4 6.5 7.1 5.3 5.9 3.2 5.9 5.3

 Q2 3.7 -2.6 5.9 5.5 5.4 4.2 6.0 6.2 7.7 13.0 9.8

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, September 15, 1997 9

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1958 36.7 9.2 27.5 9.5 8.5 0.3 12.3 8.4 5.6 0.2 2.0

1959 49.6 6.9 42.7 20.4 11.5 7.7 16.2 10.1 6.0 6.7 0.6

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

1961 43.5 7.2 36.3 14.7 10.6 2.2 16.0 9.2 5.6 2.3 2.2

1962 52.8 6.9 45.9 19.6 11.9 5.9 20.3 12.6 6.0 4.6 2.1

1963 55.4 3.8 51.6 24.1 14.0 8.5 22.0 13.3 5.5 7.2 3.2

1964 64.1 6.1 58.0 26.4 14.4 9.5 25.2 16.8 6.4 6.3 4.0

1965 67.1 1.6 65.4 25.8 14.5 10.1 32.1 22.6 7.6 8.9 2.5

1966 67.2 3.6 63.6 19.8 10.6 5.9 37.0 27.0 6.9 11.0 1.9

1967 76.1 12.9 63.2 17.1 11.0 5.1 38.8 28.2 7.3 0.7 3.9

1968 92.5 12.5 80.0 29.3 14.2 10.8 42.0 30.8 8.8 10.4 2.7

1969 88.7 -3.2 91.9 28.0 14.3 9.9 51.8 36.2 12.1 27.6 3.2

1970 91.2 12.1 79.2 16.8 9.7 4.4 50.3 35.2 12.1 16.2 2.8

1971 135.2 24.9 110.3 39.5 21.9 15.6 54.4 29.8 16.4 11.1 5.1

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

1973 183.9 6.9 176.9 66.1 37.2 22.5 96.7 76.5 14.1 47.0 6.3

1974 174.5 11.9 162.6 47.3 29.0 8.9 101.9 59.9 13.4 48.5 13.8

1975 193.3 85.6 107.6 52.9 35.7 7.8 43.6 20.4 11.1 3.1 14.1

1976 244.8 69.2 175.6 83.2 57.7 22.0 73.9 44.1 18.5 23.5 20.5

1977 321.1 56.3 264.8 129.2 87.3 35.4 115.7 74.8 19.9 53.6 13.5

1978 390.9 52.5 338.4 156.8 102.5 46.0 142.2 82.7 39.4 74.7 24.0

1979 391.8 35.8 356.0 160.1 106.8 42.7 169.3 87.9 26.6 91.1 15.0

1980 343.6 77.4 266.2 101.9 83.8 2.3 142.1 72.0 22.2 73.0 24.2

1981 394.3 85.5 308.8 98.6 59.1 17.7 182.6 125.9 27.6 104.3 23.5

1982 432.4 161.3 271.1 80.2 43.7 17.2 149.2 71.5 41.7 93.0 16.0

1983 571.3 185.2 386.1 174.6 104.1 50.0 164.2 89.5 47.3 104.5 17.3

1984 776.5 197.2 579.3 215.0 123.3 80.7 311.7 203.2 52.5 157.7 8.4

1985 954.0 225.7 728.3 283.9 159.6 73.9 280.9 174.5 163.6 205.0 1.2

1986 858.2 216.0 642.2 249.6 187.9 55.0 319.2 242.6 73.4 327.8 9.7

1987 731.7 143.9 587.8 297.1 255.3 33.2 199.6 156.3 91.1 291.6 6.3

1988 773.6 155.1 618.5 259.4 194.7 58.8 304.6 230.9 54.5 249.2 7.4

1989 716.3 146.4 569.9 257.8 200.5 44.5 261.0 191.1 51.1 225.0 10.2

1990 662.7 246.9 415.8 247.4 215.8 15.1 119.9 118.4 48.5 211.4 23.9

1991 470.6 278.2 192.4 176.0 163.3 -13.4 -67.0 -53.4 83.3 157.4 14.8

1992 539.9 304.0 235.9 191.1 158.8 4.2 23.6 39.6 21.1 241.4 23.7

1993 619.6 256.1 363.4 246.2 149.1 62.0 54.9 49.1 62.3 293.4 70.4

1994 594.0 155.9 438.1 343.7 190.2 125.1 140.8 135.3 -46.4 465.9 -15.2

1995 698.2 144.4 553.7 354.9 188.6 140.5 241.8 213.7 -42.9 449.0 71.2

1996 715.3 145.0 570.3 363.8 263.9 86.3 193.9 148.1 12.7 530.6 70.1

1992 -- Q1 615.8 319.0 296.8 238.5 216.8 10.5 27.5 37.7 30.7 184.0 2.8

 Q2 491.3 332.6 158.7 101.5 81.4 -18.2 11.2 33.3 46.0 275.5 62.1

 Q3 548.9 303.7 245.2 203.4 178.5 8.8 2.6 25.2 39.1 297.7 27.4

 Q4 503.5 260.6 242.9 221.2 158.3 15.8 53.1 62.2 -31.3 208.4 2.4

1993 -- Q1 463.0 221.6 241.4 140.1 76.8 41.6 10.5 12.5 90.8 163.2 57.0

 Q2 743.3 323.9 419.4 248.1 180.1 38.1 63.8 62.4 107.5 187.2 68.1

 Q3 597.5 185.2 412.3 300.4 176.8 68.1 67.5 58.9 44.4 433.8 114.0

 Q4 674.4 293.8 380.6 296.4 162.7 100.3 77.7 62.5 6.4 389.5 42.8

1994 -- Q1 606.6 158.3 448.3 325.1 195.0 97.7 128.6 132.4 -5.4 499.0 -91.6

 Q2 537.2 131.6 405.6 320.5 166.3 129.6 134.2 129.6 -49.1 401.3 -27.9

 Q3 592.1 161.1 431.0 344.3 179.6 134.5 139.3 131.4 -52.7 408.9 14.0

 Q4 640.1 172.5 467.6 385.0 219.9 138.6 161.1 147.7 -78.5 554.6 44.5

1995 -- Q1 765.1 186.9 578.2 336.4 176.0 139.1 278.7 250.4 -37.0 280.4 67.6

 Q2 869.6 234.5 635.1 360.3 198.0 145.2 286.6 260.0 -11.7 432.0 46.1

 Q3 571.4 91.4 480.0 393.1 214.0 157.7 175.6 143.6 -88.7 485.0 89.6

 Q4 586.6 64.9 521.7 329.7 166.4 120.1 226.3 200.8 -34.2 598.4 81.3

1996 -- Q1 855.1 227.3 627.8 443.0 315.1 123.5 177.2 132.9 7.7 341.2 53.2

 Q2 694.0 62.7 631.3 376.5 251.4 89.0 216.8 172.1 38.0 707.1 35.4

 Q3 680.8 163.2 517.6 348.8 243.2 89.9 219.7 192.9 -50.8 432.7 106.0

 Q4 631.2 126.9 504.4 286.8 246.1 42.6 161.8 94.4 55.8 641.4 85.7

1997 -- Q1 686.2 81.2 605.0 335.5 233.0 85.9 234.5 179.3 35.0 281.9 27.2

 Q2 544.7 -97.1 641.7 291.1 195.9 52.4 266.4 190.9 84.2 629.4 50.7
10 Z.1, September 15, 1997

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

1958 639.5 231.1 408.4 169.5 110.5 49.5 178.3 133.6 60.7 21.0 20.8

1959 689.4 238.0 451.4 191.1 123.1 57.2 193.6 142.7 66.7 27.7 21.4

1960 724.1 236.0 488.2 208.1 133.9 61.2 207.8 152.1 72.2 32.5 23.2

1961 767.6 243.2 524.4 224.0 145.6 63.4 222.7 160.1 77.8 34.9 25.5

1962 820.4 250.0 570.3 245.0 159.0 69.3 241.6 171.3 83.8 39.4 27.5

1963 875.8 253.8 621.9 270.7 174.6 77.9 262.0 182.9 89.2 46.6 30.8

1964 939.6 259.9 679.7 298.9 190.8 87.4 285.2 197.6 95.6 53.0 35.0

1965 1006.7 261.5 745.2 326.4 207.0 97.5 315.6 218.6 103.2 61.9 37.5

1966 1074.2 265.1 809.0 348.1 219.5 103.4 350.9 244.0 110.0 72.9 39.5

1967 1150.1 278.1 872.1 366.6 231.9 108.6 388.1 270.6 117.4 73.6 43.3

1968 1242.2 290.6 951.6 397.1 247.0 119.3 428.4 299.7 126.1 84.0 46.1

1969 1331.4 287.4 1043.9 426.4 262.3 129.2 479.2 335.0 138.3 111.5 49.2

1970 1421.5 299.5 1122.0 444.8 273.6 133.7 526.9 367.1 150.3 127.8 52.1

1971 1556.6 324.4 1232.2 486.5 296.5 149.2 578.9 395.3 166.7 138.9 56.6

1972 1712.6 339.4 1373.2 543.8 331.9 168.8 648.7 432.7 180.7 162.8 61.1

1973 1896.9 346.3 1550.6 613.5 370.7 193.0 742.3 496.5 194.8 209.8 67.4

1974 2070.8 358.2 1712.6 662.9 401.7 201.9 841.5 553.8 208.2 258.3 81.2

1975 2263.0 443.9 1819.1 714.6 439.2 207.0 885.1 574.1 219.4 261.4 95.6

1976 2506.6 513.1 1993.5 801.6 499.5 229.0 954.1 613.2 237.8 284.9 116.0

1977 2827.8 569.4 2258.4 933.9 590.0 264.4 1068.4 686.5 256.2 338.8 129.4

1978 3212.9 621.9 2591.0 1093.3 696.4 310.4 1202.2 760.8 295.6 413.5 157.6

1979 3604.8 657.7 2947.2 1258.2 808.6 353.1 1366.8 844.1 322.2 505.9 172.9

1980 3956.1 735.0 3221.1 1374.6 904.9 355.4 1502.1 909.4 344.4 578.9 197.2

1981 4348.9 820.5 3528.4 1482.4 973.3 373.1 1674.0 1024.6 372.1 682.4 220.7

1982 4763.3 981.8 3781.5 1550.2 1004.7 390.3 1817.6 1090.5 413.8 778.1 210.4

1983 5337.5 1167.0 4170.5 1708.8 1092.8 440.3 2000.6 1198.9 461.1 882.8 227.7

1984 6109.3 1364.2 4745.1 1921.0 1220.3 521.0 2310.4 1400.2 513.6 1052.4 235.5

1985 7081.4 1589.9 5491.5 2230.5 1409.9 594.9 2583.1 1566.6 677.9 1258.3 236.7

1986 7937.1 1805.9 6131.3 2484.6 1603.8 649.9 2895.3 1802.1 751.4 1593.6 238.3

1987 8652.3 1949.8 6702.5 2741.4 1822.7 683.1 3120.2 1983.7 840.9 1896.5 244.8

1988 9422.4 2104.9 7317.5 3022.7 2032.9 741.9 3399.4 2187.2 895.5 2145.8 252.4

1989 10155.7 2251.2 7904.5 3296.1 2236.9 795.0 3661.8 2380.0 946.5 2399.3 262.2

1990 10845.8 2498.1 8347.7 3577.7 2486.8 810.2 3774.9 2491.6 995.1 2613.8 285.9

1991 11309.5 2776.4 8533.1 3757.7 2654.1 796.7 3697.0 2432.0 1078.4 2771.2 300.7

1992 11852.5 3080.3 8772.1 3952.7 2816.7 801.0 3719.9 2469.3 1099.5 3028.2 315.1

1993 12486.9 3336.5 9150.4 4204.3 2971.0 863.0 3784.3 2527.9 1161.8 3327.0 385.7

1994 13087.1 3492.3 9594.8 4550.7 3164.3 988.1 3928.6 2666.8 1115.4 3800.7 370.6

1995 13785.2 3636.7 10148.5 4910.8 3358.1 1128.6 4165.2 2875.2 1072.5 4252.3 441.7

1996 14500.5 3781.8 10718.8 5245.4 3592.9 1214.9 4388.2 3052.4 1085.1 4782.9 511.8

1992 -- Q1 11466.6 2856.1 8610.4 3818.2 2709.1 799.4 3706.2 2442.1 1086.1 2832.8 292.2

 Q2 11589.4 2939.3 8650.1 3844.4 2730.4 794.8 3708.1 2449.6 1097.6 2901.7 307.7

 Q3 11726.6 3015.2 8711.4 3896.2 2775.9 797.0 3707.9 2455.0 1107.4 2976.1 314.6

 Q4 11852.5 3080.3 8772.1 3952.7 2816.7 801.0 3719.9 2469.3 1099.5 3028.2 315.1

1993 -- Q1 11968.9 3135.7 8833.2 3988.4 2836.5 811.4 3722.6 2472.5 1122.2 3074.4 329.3

 Q2 12154.8 3216.7 8938.1 4051.0 2882.1 820.9 3738.0 2487.5 1149.1 3121.2 346.3

 Q3 12304.2 3263.0 9041.1 4126.9 2927.1 837.9 3754.1 2501.5 1160.2 3229.6 374.8

 Q4 12486.9 3336.5 9150.4 4204.3 2971.0 863.0 3784.3 2527.9 1161.8 3327.0 385.7

1994 -- Q1 12644.8 3376.0 9268.7 4285.9 3020.5 887.4 3822.3 2566.9 1160.5 3459.5 362.9

 Q2 12779.0 3408.9 9370.1 4366.9 3062.9 919.8 3855.0 2598.4 1148.2 3559.8 355.9

 Q3 12927.1 3449.2 9477.9 4453.8 3108.6 953.4 3889.0 2630.5 1135.0 3662.0 359.4

 Q4 13087.1 3492.3 9594.8 4550.7 3164.3 988.1 3928.6 2666.8 1115.4 3800.7 370.6

1995 -- Q1 13278.3 3539.1 9739.3 4636.1 3209.6 1022.8 3997.0 2728.0 1106.2 3873.4 387.5

 Q2 13495.7 3597.7 9898.1 4727.4 3260.3 1059.2 4067.4 2791.8 1103.2 3981.4 399.0

 Q3 13638.6 3620.5 10018.1 4827.0 3315.1 1098.6 4110.0 2826.4 1081.0 4102.7 421.4

 Q4 13785.2 3636.7 10148.5 4910.8 3358.1 1128.6 4165.2 2875.2 1072.5 4252.3 441.7

1996 -- Q1 13999.0 3693.6 10305.5 5022.7 3438.0 1159.5 4208.4 2907.3 1074.4 4337.6 455.0

 Q2 14172.5 3709.2 10463.3 5084.2 3468.3 1181.8 4295.1 2982.9 1083.9 4514.3 463.9

 Q3 14342.7 3750.0 10592.7 5172.5 3530.2 1204.2 4349.0 3030.1 1071.2 4622.5 490.4

 Q4 14500.5 3781.8 10718.8 5245.4 3592.9 1214.9 4388.2 3052.4 1085.1 4782.9 511.8

1997 -- Q1 14673.7 3802.1 10871.7 5330.8 3652.6 1236.4 4447.0 3097.5 1093.9 4853.3 518.6

 Q2 14809.9 3777.8 11032.1 5404.6 3702.6 1249.5 4512.6 3144.1 1114.9 5010.7 531.3

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, September 15, 1997 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net borrowing 805.0 983.4 1044.7 1218.3 1316.0 1249.5 1436.5 1219.6 1358.4 995.3 1224.7 1

 2 Domestic nonfinancial sectors 539.9 619.6 594.0 698.2 715.3 855.1 694.0 680.8 631.2 686.2 544.7 2

 3 Federal government 304.0 256.1 155.9 144.4 145.0 227.3 62.7 163.2 126.9 81.2 -97.1 3

 4 Nonfederal sectors 235.9 363.4 438.1 553.7 570.3 627.8 631.3 517.6 504.4 605.0 641.7 4

 5 Household sector 191.1 246.2 343.7 354.9 363.8 443.0 376.5 348.8 286.8 335.5 291.1 5

 6 Nonfinancial corporate business 39.6 49.1 135.3 213.7 148.1 132.9 172.1 192.9 94.4 179.3 190.9 6

 7 Nonfarm noncorporate business -16.4 3.2 2.2 26.6 43.4 44.2 38.5 29.2 61.5 54.4 72.0 7

 8 Farm business 0.5 2.6 3.3 1.5 2.4 0.1 6.2 -2.5 6.0 0.8 3.6 8

 9 State and local governments 21.1 62.3 -46.4 -42.9 12.7 7.7 38.0 -50.8 55.8 35.0 84.2 9

10 Rest of the world 23.7 70.4 -15.2 71.2 70.1 53.2 35.4 106.0 85.7 27.2 50.7 10

11 Financial sectors 241.4 293.4 465.9 449.0 530.6 341.2 707.1 432.7 641.4 281.9 629.4 11

12 Commercial banking 10.0 13.4 20.1 22.5 11.7 -34.2 40.5 14.7 25.7 16.1 83.0 12

13 U.S.-chartered commercial banks 11.5 9.7 12.5 11.2 10.4 -7.2 17.5 11.9 19.3 8.6 40.4 13

14 Foreign banking offices in U.S. -3.8 -5.1 -2.6 -3.1 -0.7 -0.4 -5.3 0.0 2.9 0.8 2.3 14

15 Bank holding companies 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.5 6.6 40.2 15

16 Savings institutions -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 33.9 16

17 Credit unions 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 0.2 17

18 Life insurance companies 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 0.1 18

19 Government-sponsored enterprises 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 19

20 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 20

21 ABS issuers 57.3 82.8 68.8 132.9 132.4 138.9 162.8 88.2 139.6 58.1 86.3 21

22 Finance companies -2.3 -0.8 49.1 50.8 43.2 41.5 56.8 30.7 43.8 6.4 124.3 22

23 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 20.0 16.0 1.7 12.1 5.9 10.0 23

24 REITs 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 19.1 18.6 24

25 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 42.4 25

26 Funding corporations 16.6 5.7 24.2 34.9 61.5 36.3 62.9 28.8 118.0 87.5 -55.6 26

27 Total net lending 805.0 983.4 1044.7 1218.3 1316.0 1249.5 1436.5 1219.6 1358.4 995.3 1224.7 27

28 Domestic nonfederal nonfinancial sectors 117.2 80.0 257.1 -86.5 -8.9 -40.9 305.7 -183.8 -116.7 -300.7 -90.2 28

29 Household sector 87.8 39.3 293.9 -2.1 31.7 -76.5 277.9 -43.3 -31.5 -241.2 -63.8 29

30 Nonfinancial corporate business 27.8 9.1 17.7 -2.4 15.3 29.2 31.7 9.5 -9.4 42.3 -14.4 30

31 Nonfarm noncorporate business -0.1 -1.1 0.6 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 31

32 State and local governments 1.7 32.6 -55.0 -82.4 -56.2 6.0 -4.4 -150.4 -76.2 -102.2 -12.5 32

33 Federal government -10.4 -17.2 -22.6 -20.4 -20.9 -19.9 -14.3 -25.0 -24.3 -18.7 -12.9 33

34 Rest of the world 98.4 129.3 132.3 273.9 409.1 350.0 268.9 485.4 532.2 366.3 306.3 34

35 Financial sectors 599.8 791.3 677.9 1051.3 936.7 960.3 876.2 943.0 967.1 948.4 1021.6 35

36 Monetary authority 27.9 36.2 31.5 12.7 12.3 17.5 11.7 11.5 8.4 37.4 47.2 36

37 Commercial banking 95.3 142.2 163.4 265.9 187.8 126.0 179.7 196.1 249.4 319.6 330.1 37

38 U.S.-chartered commercial banks 69.5 149.6 148.1 186.5 119.6 78.3 121.9 119.5 158.9 212.3 321.9 38

39 Foreign banking offices in U.S. 16.5 -9.8 11.2 75.4 63.3 50.8 50.7 71.1 80.5 97.3 1.1 39

40 Bank holding companies 5.6 -0.0 0.9 -0.3 3.9 -5.1 5.4 4.8 10.5 2.2 5.1 40

41 Banks in U.S.-affiliated areas 3.7 2.4 3.3 4.2 1.0 2.1 1.7 0.7 -0.6 7.8 2.0 41

42 Savings institutions -79.0 -23.3 6.7 -7.6 19.9 34.1 44.7 49.7 -48.8 -3.0 21.1 42

43 Credit unions 17.7 21.7 28.1 16.2 25.5 23.6 33.0 21.1 24.3 14.0 18.9 43

44 Bank personal trusts and estates 8.0 9.5 7.1 -18.8 3.9 -3.5 4.2 7.8 7.2 8.2 8.9 44

45 Life insurance companies 79.5 100.9 66.7 99.2 72.5 47.6 0.9 123.2 118.1 94.3 84.4 45

46 Other insurance companies 6.7 27.7 24.9 21.5 21.5 13.6 30.5 14.2 27.7 3.9 11.4 46

47 Private pension funds 37.5 49.5 47.7 63.1 46.6 69.5 45.4 41.9 29.5 57.5 57.8 47

48 State and local govt. retirement funds 5.9 21.1 30.7 22.7 34.5 54.9 47.9 19.0 16.1 38.7 21.1 48

49 Money market mutual funds 4.7 20.4 30.0 86.5 88.8 164.1 27.0 83.0 81.3 65.2 19.7 49

50 Mutual funds 126.2 159.5 -7.1 52.5 48.9 88.5 54.3 27.5 25.3 61.9 108.1 50

51 Closed-end funds 18.2 14.4 -3.3 13.3 9.3 10.9 9.8 9.0 7.5 6.7 5.3 51

52 Government-sponsored enterprises 68.8 87.8 117.8 84.7 92.0 33.9 114.7 81.2 138.1 45.1 119.0 52

53 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 53

54 ABS issuers 53.1 80.2 61.7 111.1 102.1 119.7 135.7 62.0 91.1 34.5 71.3 54

55 Finance companies 0.4 -20.9 48.3 49.9 18.4 30.4 36.3 13.1 -6.3 41.4 1.8 55

56 Mortgage companies 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -8.2 -0.0 56

57 REITs 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 3.4 57

58 Brokers and dealers -1.3 14.8 -44.2 90.1 -17.1 -109.0 -72.0 35.5 77.0 -12.8 23.0 58

59 Funding corporations 13.3 -35.6 -28.4 -8.6 17.5 65.9 21.1 -2.4 -14.5 27.2 -19.1 59

(1) Excludes corporate equities and mutual fund shares.
12 Z.1, September 15, 1997

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 539.9 619.6 594.0 698.2 715.3 855.1 694.0 680.8 631.2 686.2 544.7 1

 2 Federal government 304.0 256.1 155.9 144.4 145.0 227.3 62.7 163.2 126.9 81.2 -97.1 2

 3 Treasury securities 303.8 248.3 155.7 142.9 146.6 229.6 60.5 166.3 130.2 82.6 -97.3 3

 4 Budget agency securities and mortgages 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 0.2 4

 5 Nonfederal, by instrument 235.9 363.4 438.1 553.7 570.3 627.8 631.3 517.6 504.4 605.0 641.7 5

 6 Commercial paper 8.6 10.0 21.4 18.1 -0.9 25.7 9.1 -14.2 -24.4 7.8 21.4 6

 7 Municipal securities and loans 30.5 74.8 -35.9 -48.2 1.3 -4.1 30.2 -65.2 44.2 23.2 76.5 7

 8 Corporate bonds 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 86.1 8

 9 Bank loans n.e.c. -12.3 5.1 75.0 100.4 69.9 41.5 69.7 132.2 36.3 142.0 125.2 9

10 Other loans and advances 5.7 -18.9 37.3 46.5 22.0 20.4 38.0 45.6 -15.8 1.2 -7.1 10

11 Mortgages 131.5 155.3 191.9 223.1 319.2 359.9 323.7 261.6 331.6 265.4 287.2 11

12 Home 189.1 184.1 199.0 192.4 267.8 316.1 255.4 248.3 251.6 240.3 203.9 12

13 Multifamily residential -10.7 -6.0 1.7 10.4 17.9 14.7 18.3 11.8 26.9 5.1 20.9 13

14 Commercial -47.4 -23.9 -11.0 18.8 30.9 27.5 45.1 -0.6 51.5 18.0 57.7 14

15 Farm 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 15

16 Consumer credit 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 16

17 Nonfederal, by sector 235.9 363.4 438.1 553.7 570.3 627.8 631.3 517.6 504.4 605.0 641.7 17

18 Household sector 191.1 246.2 343.7 354.9 363.8 443.0 376.5 348.8 286.8 335.5 291.1 18

19 Nonfinancial business 23.6 54.9 140.8 241.8 193.9 177.2 216.8 219.7 161.8 234.5 266.4 19

20 Corporate 39.6 49.1 135.3 213.7 148.1 132.9 172.1 192.9 94.4 179.3 190.9 20

21 Nonfarm noncorporate -16.4 3.2 2.2 26.6 43.4 44.2 38.5 29.2 61.5 54.4 72.0 21

22 Farm 0.5 2.6 3.3 1.5 2.4 0.1 6.2 -2.5 6.0 0.8 3.6 22

23 State and local governments 21.1 62.3 -46.4 -42.9 12.7 7.7 38.0 -50.8 55.8 35.0 84.2 23

24 Foreign borrowing in U.S. 23.7 70.4 -15.2 71.2 70.1 53.2 35.4 106.0 85.7 27.2 50.7 24

25 Commercial paper 5.2 -9.0 -27.3 13.6 10.9 -5.4 8.9 37.8 2.2 16.2 10.0 25

26 Bonds 16.8 82.9 12.2 49.7 49.4 47.7 11.2 60.2 78.5 11.0 29.7 26

27 Bank loans n.e.c. 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 11.0 27

28 Other loans and advances -0.6 -4.2 -1.5 -0.5 0.8 2.3 0.1 3.4 -2.7 0.7 0.1 28

29 Domestic and foreign 563.6 690.0 578.7 769.3 785.4 908.3 729.4 786.8 716.9 713.4 595.4 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 241.4 293.4 465.9 449.0 530.6 341.2 707.1 432.7 641.4 281.9 629.4 1

 2 Federal government-related 155.8 165.3 287.5 204.1 231.5 148.8 301.4 222.9 252.8 105.7 286.2 2

 3 Govt.-sponsored enterprise securities 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 3

 4 Mortgage pool securities 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 4

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

 6 Private financial sectors 85.6 128.2 178.4 244.9 299.2 192.4 405.7 209.9 388.6 176.2 343.2 6

 7 Open market paper -0.7 -6.2 41.6 42.6 92.7 16.1 106.1 84.2 164.3 175.4 78.1 7

 8 Corporate bonds 85.6 122.8 118.1 188.8 151.1 150.6 219.6 76.3 157.8 -6.1 173.9 8

 9 Bank loans n.e.c. 0.7 -14.4 -13.7 4.2 16.8 23.4 20.6 2.6 20.4 7.0 10.4 9

10 Other loans and advances -0.6 22.4 22.6 3.4 27.2 -5.5 48.6 33.9 31.8 -16.1 66.8 10

11 Mortgages 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 14.0 11

12 By sector 241.4 293.4 465.9 449.0 530.6 341.2 707.1 432.7 641.4 281.9 629.4 12

13 Commercial banking 10.0 13.4 20.1 22.5 11.7 -34.2 40.5 14.7 25.7 16.1 83.0 13

14 U.S.-chartered commercial banks 11.5 9.7 12.5 11.2 10.4 -7.2 17.5 11.9 19.3 8.6 40.4 14

15 Foreign banking offices in U.S. -3.8 -5.1 -2.6 -3.1 -0.7 -0.4 -5.3 0.0 2.9 0.8 2.3 15

16 Bank holding companies 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.5 6.6 40.2 16

17 Savings institutions -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 33.9 17

18 Credit unions 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 0.2 18

19 Life insurance companies 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 0.1 19

20 Government-sponsored enterprises 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 20

21 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 21

22 ABS issuers 57.3 82.8 68.8 132.9 132.4 138.9 162.8 88.2 139.6 58.1 86.3 22

23 Finance companies -2.3 -0.8 49.1 50.8 43.2 41.5 56.8 30.7 43.8 6.4 124.3 23

24 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 20.0 16.0 1.7 12.1 5.9 10.0 24

25 REITs 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 19.1 18.6 25

26 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 42.4 26

27 Funding corporations 16.6 5.7 24.2 34.9 61.5 36.3 62.9 28.8 118.0 87.5 -55.6 27
Z.1, September 15, 1997 13

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 805.0 983.4 1044.7 1218.3 1316.0 1249.5 1436.5 1219.6 1358.4 995.3 1224.7 1

 2 Open market paper 13.1 -5.1 35.7 74.3 102.6 36.4 124.2 107.7 142.1 199.4 109.4 2

 3 U.S. government securities 459.8 421.4 448.1 348.5 376.5 376.1 364.1 386.1 379.7 186.9 189.1 3

 4 Municipal securities 30.5 74.8 -35.9 -48.2 1.3 -4.1 30.2 -65.2 44.2 23.2 76.5 4

 5 Corporate and foreign bonds 169.9 280.8 153.6 311.8 273.0 259.3 302.4 204.2 326.2 84.3 289.7 5

 6 Bank loans n.e.c. -9.3 -8.6 62.8 113.0 95.7 73.5 105.4 139.5 64.5 148.3 146.6 6

 7 Other loans and advances 4.6 -0.8 53.6 49.3 50.0 17.2 86.7 82.9 13.2 -14.2 59.8 7

 8 Mortgages 132.1 158.9 201.7 229.0 330.6 367.6 334.5 274.5 346.0 281.4 301.2 8

 9 Consumer credit 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 293.9 422.1 124.8 145.1 241.3 319.1 386.6 78.4 181.2 194.4 205.7 10

11 Corporate equities 103.4 130.1 24.1 -2.3 3.8 21.5 82.1 -93.5 4.9 -59.0 -36.1 11

12 Nonfinancial 27.0 21.3 -44.9 -58.3 -64.2 -73.6 0.4 -127.6 -56.0 -86.2 -83.6 12

 Foreign shares purchased by

13 U.S. residents 32.4 63.4 48.1 50.4 58.8 90.1 70.1 32.7 42.3 47.0 55.6 13

14 Financial 44.0 45.4 20.9 5.6 9.2 5.1 11.6 1.5 18.6 -19.8 -8.1 14

15 Mutual fund shares 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 805.0 983.4 1044.7 1218.3 1316.0 1249.5 1436.5 1219.6 1358.4 995.3 1224.7 1

 2 Official foreign exchange -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -17.6 0.4 2

 3 SDR certificates -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 0.0 3

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

 5 Foreign deposits -3.4 -18.5 52.9 35.3 82.0 100.8 3.0 119.7 104.5 188.6 79.0 5

 6 Net interbank transactions 49.4 50.5 89.8 9.9 -52.6 -78.6 -51.8 -102.5 22.3 -85.2 -33.9 6

 7 Checkable deposits and currency 113.5 117.3 -9.7 -12.8 15.8 6.8 3.9 105.9 -53.4 81.3 54.0 7

 8 Small time and savings deposits -57.2 -70.3 -40.0 96.5 97.1 207.7 -3.2 92.7 91.2 165.0 30.2 8

 9 Large time deposits -73.2 -23.5 19.6 65.6 113.9 57.4 83.1 181.8 133.2 48.1 177.4 9

10 Money market fund shares 4.5 20.2 43.3 142.3 145.8 227.6 23.1 145.1 187.5 182.4 58.5 10

11 Security RPs 43.1 71.2 78.3 110.7 38.7 -4.7 98.5 -15.9 77.0 51.8 217.3 11

12 Corporate equities 103.4 130.1 24.1 -2.3 3.8 21.5 82.1 -93.5 4.9 -59.0 -36.1 12

13 Mutual fund shares 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 13

14 Trade payables 46.6 52.0 93.7 105.2 75.4 77.7 120.4 -4.3 107.6 90.3 66.3 14

15 Security credit 4.6 61.4 -0.1 26.7 52.4 114.0 -34.8 5.3 125.1 117.6 114.4 15

16 Life insurance reserves 28.0 36.0 34.5 44.9 43.6 19.0 32.5 56.6 66.3 44.0 66.4 16

17 Pension fund reserves 230.3 254.7 253.2 241.2 235.7 236.1 196.2 231.9 278.5 287.0 278.9 17

18 Taxes payable 9.7 5.2 1.5 1.6 3.2 4.5 4.7 -0.1 3.5 -9.3 -11.4 18

19 Investment in bank personal trusts -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 19

20 Noncorporate proprietors’ equity 37.7 14.2 43.7 28.0 5.7 2.2 6.4 27.5 -15.6 -12.3 -6.7 20

21 Miscellaneous 246.2 336.6 243.1 466.0 454.8 506.5 431.0 348.0 533.7 604.8 631.1 21

22 Total financial sources 1768.0 2314.5 2086.0 2686.4 2874.4 3044.1 2749.4 2482.8 3219.1 2948.0 3179.0 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.2 -0.2 -0.5 -1.0 -1.1 -1.0 1.3 -3.1 -0.3 -0.6 23

24 Foreign deposits -2.7 -5.7 43.0 25.7 58.1 73.2 26.6 91.3 41.3 179.0 54.5 24

25 Net interbank liabilities -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 25

26 Security RPs 4.7 46.1 57.3 55.1 24.2 27.7 124.8 -133.3 77.6 -102.1 166.7 26

27 Taxes payable 11.9 9.6 15.6 14.8 5.5 -14.6 20.4 7.7 8.5 -27.5 15.1 27

28 Miscellaneous -68.8 -201.8 -178.8 -98.2 -99.2 -149.4 -134.8 -156.2 43.6 -112.4 -378.1 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 0.7 -1.5 -4.8 -6.0 0.5 2.7 -6.6 27.1 -21.4 -9.4 16.1 29

30 Other 1.6 -1.3 -2.8 -3.8 -4.0 -2.8 -5.0 -4.7 -3.7 -2.6 -4.8 30

31 Trade credit 11.8 -4.1 0.7 -30.5 -32.0 6.5 -9.8 -101.5 -23.4 28.4 -57.4 31

 Totals identified to sectors

32 as assets 1814.1 2469.1 2158.7 2732.9 2925.8 3092.6 2757.3 2755.7 3095.5 2968.5 3392.3 32
14 Z.1, September 15, 1997

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 6244.5 6558.1 6947.0 7265.4 7636.1 7467.5 7607.7 7676.2 7792.9 7933.5 8035.3 1

 2 Personal consumption expenditures (2) 4219.8 4459.3 4717.0 4957.7 5207.6 5105.8 5189.1 5227.4 5308.1 5405.7 5433.2 2

 3 Durable goods (3) 488.5 530.2 579.6 608.5 634.5 626.7 638.6 634.5 638.2 658.4 644.5 3

 4 Nondurable goods and services 3731.3 3929.0 4137.4 4349.2 4573.1 4479.1 4550.5 4592.9 4669.9 4747.3 4788.7 4

 5 Gross private domestic investment 790.5 876.2 1007.9 1038.2 1116.6 1060.5 1105.4 1149.2 1151.1 1193.6 1242.8 5

 6 Fixed investment 783.4 855.7 946.6 1008.1 1090.7 1049.5 1082.0 1112.1 1119.2 1127.5 1161.6 6

 7 Nonresidential plant and equipment 557.9 604.1 660.6 723.0 781.5 750.7 769.3 798.6 807.2 811.3 837.6 7

 8 Household sector (nonprofit organizations) 32.5 36.4 32.4 37.6 41.8 40.1 41.1 42.6 43.5 43.7 44.6 8

 9 Nonfinancial corporate business 378.7 418.5 461.8 522.4 565.6 543.4 556.9 578.1 584.0 587.0 606.5 9

10 Nonfarm noncorporate business 71.0 58.2 59.0 55.9 52.7 55.6 51.7 50.1 53.3 50.7 50.6 10

11 Farm business 11.3 14.5 15.9 16.5 17.9 17.4 17.5 18.5 18.2 18.0 19.4 11

12 Financial corporations 64.5 76.4 91.5 90.5 103.4 94.2 102.1 109.3 108.2 111.9 116.5 12

13 Residential construction 225.6 251.6 286.0 285.1 309.3 298.8 312.7 313.5 312.0 316.2 324.0 13

14 Household sector 193.8 218.4 249.1 244.0 267.0 259.3 270.1 269.8 268.8 271.7 278.3 14

15 Nonfinancial corporate business 1.7 1.7 1.9 2.3 2.3 2.2 2.3 2.3 2.3 2.3 2.3 15

16 Nonfarm noncorporate business 27.4 26.3 27.8 35.9 34.8 33.6 35.2 35.3 35.1 35.6 36.4 16

17 REITs 2.6 5.2 7.3 2.9 5.2 3.7 5.2 6.2 5.8 6.6 6.9 17

18 Change in business inventories 7.0 20.5 61.2 30.1 25.9 11.0 23.4 37.1 31.9 66.1 81.2 18

19 Nonfinancial corporate business 1.9 25.4 48.0 36.1 21.9 14.1 16.3 29.7 27.3 59.1 71.3 19

20 Nonfarm noncorporate business 0.1 1.3 2.5 1.9 1.2 0.7 0.9 1.6 1.4 3.1 3.8 20

21 Farm business 5.0 -6.2 10.8 -8.0 2.9 -3.8 6.2 5.8 3.2 3.9 6.1 21

22 Net U.S. exports of goods and services -29.6 -60.7 -90.8 -86.0 -94.8 -83.0 -93.7 -113.9 -88.6 -98.8 -89.2 22

23 Exports 639.4 658.6 721.2 818.4 870.9 850.2 865.0 863.7 904.6 922.2 958.7 23

24 - Imports 669.0 719.3 812.1 904.5 965.7 933.2 958.7 977.6 993.2 1021.0 1047.9 24

 Government consumption expenditures and

25 gross investment 1263.8 1283.4 1313.0 1355.6 1406.7 1384.2 1406.9 1413.5 1422.3 1433.0 1448.5 25

26 Consumption expenditures (4) 1054.7 1078.9 1107.1 1142.1 1182.5 1162.2 1180.7 1189.9 1197.0 1209.7 1221.4 26

27 Federal 451.1 447.3 443.2 443.5 451.5 444.6 453.7 454.0 453.6 458.0 464.2 27

28 State and local 603.7 631.6 663.9 698.6 731.0 717.6 727.0 735.9 743.4 751.7 757.2 28

29 Gross investment (4) 209.1 204.5 205.9 213.5 224.3 222.0 226.2 223.6 225.3 223.3 227.1 29

30 Federal 76.9 71.1 67.0 66.1 68.5 71.7 70.9 67.6 63.9 58.1 62.0 30

31 State and local 132.2 133.4 138.9 147.4 155.8 150.3 155.3 156.0 161.4 165.2 165.1 31

 Memo:

32 Net U.S. factor income from rest of the world 11.1 18.7 8.2 5.2 1.7 7.8 2.8 -6.9 3.2 -14.3 -22.8 32

33 U.S. receipts 137.9 150.8 176.5 222.8 234.3 226.0 227.1 235.4 248.8 248.2 257.1 33

34 - U.S. payments 126.8 132.1 168.3 217.6 232.6 218.2 224.3 242.3 245.6 262.5 279.9 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6255.6 6576.8 6955.2 7270.7 7637.8 7475.3 7610.5 7669.3 7796.1 7919.2 8012.5 35

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, September 15, 1997 15

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 4990.4 5266.7 5590.6 5912.3 6254.5 6108.7 6229.4 6303.2 6376.5 6509.9 6597.6 1

 2 Compensation of employees 3644.9 3814.8 4011.9 4215.4 4426.9 4322.1 4403.8 4460.9 4520.7 4606.3 4662.9 2

 3 Wages and other labor income 3337.6 3474.7 3645.5 3836.4 4040.1 3944.2 4019.0 4071.2 4126.0 4203.8 4256.2 3

 4 Employer social insurance contributions 323.0 335.7 353.0 366.0 385.7 376.8 383.7 388.6 393.6 401.3 405.5 4

 5 Wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 423.8 450.8 471.6 488.9 520.4 509.3 520.0 523.8 528.3 534.6 543.6 6

 7 Nonfarm 386.7 418.4 434.7 465.5 483.1 477.4 483.5 483.7 487.9 494.4 499.7 7

 8 Farm 37.1 32.4 36.9 23.4 37.2 31.9 36.5 40.1 40.4 40.2 43.9 8

 Rental income of persons (with capital

 9 consumption adjustment) 79.4 105.7 124.4 132.9 146.3 143.4 144.6 148.0 149.2 149.0 148.1 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 428.0 492.8 570.5 650.0 735.9 717.7 738.5 739.6 747.7 779.5 794.6 10

 Corporate profits with inventory

11 valuation adjustment 398.9 456.9 519.1 598.4 674.1 659.8 676.9 676.4 683.3 711.8 725.0 11

12 Profits before tax 406.4 465.4 535.2 622.6 676.6 664.9 682.3 679.1 680.0 708.3 717.4 12

13 Domestic nonfinancial 256.7 307.9 391.4 437.0 475.6 461.8 475.9 481.7 482.8 492.8 499.9 13

14 Farm 1.1 0.7 1.0 1.4 1.6 1.6 1.6 1.7 1.7 1.8 2.2 14

15 Foreign subsidiaries 64.9 73.8 73.4 86.8 95.9 91.1 93.3 91.8 107.5 97.3 98.7 15

16 Financial 83.7 83.0 69.4 97.5 103.5 110.4 111.5 103.9 88.0 116.4 116.6 16

 Less:

17 Profits tax liability 143.0 165.2 186.7 213.2 229.0 226.2 232.2 231.6 226.0 241.2 244.4 17

18 Domestic nonfinancial 90.6 104.5 128.3 138.9 154.2 148.7 153.5 156.2 158.5 158.8 161.6 18

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

20 Financial 52.0 60.2 57.8 73.8 74.2 77.0 78.1 74.8 67.0 81.8 82.3 20

 Equals:

21 Profits after tax 263.4 300.2 348.5 409.4 447.6 438.7 450.1 447.5 454.0 467.1 473.0 21

22 Dividends 169.5 195.8 216.3 264.4 304.8 300.7 303.7 305.7 309.1 326.8 333.0 22

23 Domestic nonfinancial 132.4 147.0 157.6 187.1 195.1 199.0 193.0 190.5 198.0 205.6 207.9 23

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

25 Foreign subsidiaries 23.5 20.8 31.9 27.5 34.0 30.3 37.9 40.1 27.5 34.1 37.6 25

26 Financial subsidiaries 12.5 27.2 25.8 48.6 74.4 70.1 71.5 73.8 82.2 85.7 86.0 26

27 Undistributed profits 93.9 104.5 132.3 145.1 142.8 138.0 146.4 141.8 144.9 140.3 140.0 27

28 Domestic nonfinancial 33.7 56.4 105.4 111.0 126.2 114.2 129.4 135.0 126.3 128.4 130.4 28

29 Farm -0.5 -0.6 -0.5 -0.4 -0.2 -0.3 -0.3 -0.2 -0.2 -0.2 0.2 29

30 Foreign subsidiaries 41.5 53.0 41.6 59.3 62.0 60.8 55.4 51.7 80.0 63.2 61.1 30

31 Financial 19.3 -4.4 -14.2 -24.9 -45.2 -36.7 -38.1 -44.7 -61.2 -51.1 -51.7 31

32 Inventory valuation adjustment -7.5 -8.6 -16.1 -24.3 -2.5 -5.1 -5.4 -2.7 3.3 3.5 7.6 32

33 Capital consumption adjustment 29.1 36.0 51.4 51.6 61.8 57.9 61.6 63.2 64.4 67.7 69.6 33

34 Domestic nonfinancial 44.1 45.3 60.1 60.0 70.8 66.7 70.4 72.3 73.8 77.2 78.9 34

35 Farm 1.3 1.0 0.8 0.5 0.3 0.4 0.4 0.3 0.2 0.2 0.5 35

36 Financial -16.2 -10.4 -9.5 -8.9 -9.4 -9.2 -9.2 -9.4 -9.6 -9.7 -9.8 36

37 Net interest 414.3 402.5 412.3 425.1 425.1 416.2 422.5 430.9 430.6 440.5 448.4 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 4990.4 5266.7 5590.6 5912.3 6254.5 6108.7 6229.4 6303.2 6376.5 6509.9 6597.6 38

 Plus:

39 Business transfer payments to persons 22.5 22.1 23.8 25.0 26.0 25.6 25.9 26.1 26.4 26.7 26.9 39

40 Business transfer payments to rest of the world 5.9 6.0 6.8 7.3 7.6 7.1 7.6 7.7 7.8 7.7 8.2 40

41 Indirect business taxes and nontaxes 505.6 532.6 568.5 582.8 604.8 594.0 598.9 600.9 625.3 610.2 616.6 41

42 Private consumption of fixed capital 585.4 594.5 638.7 653.0 682.7 669.2 676.8 687.7 697.2 705.4 712.1 42

43 Government consumption of fixed capital 128.2 133.4 138.8 143.8 147.4 146.2 147.2 147.7 148.5 149.6 150.6 43

44 Statistical discrepancy 44.8 52.7 14.8 -28.2 -59.7 -50.2 -50.1 -79.0 -59.6 -64.2 -73.6 44

 Less:

 Subsidies less current surplus of

45 government enterprises 27.1 31.1 26.6 25.2 25.4 25.3 25.2 25.0 26.0 26.1 25.9 45

46 Net U.S. factor income from rest of the world 11.1 18.7 8.2 5.2 1.7 7.8 2.8 -6.9 3.2 -14.3 -22.8 46

 Equals:

47 Gross Domestic Product 6244.5 6558.1 6947.0 7265.4 7636.1 7467.5 7607.7 7676.2 7792.9 7933.5 8035.3 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
16 Z.1, September 15, 1997

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 904.3 949.5 1079.1 1165.5 1267.7 1215.9 1256.1 1295.6 1303.2 1332.8 1395.0 1

 2 Gross private saving 970.8 979.3 1030.2 1093.1 1125.5 1119.3 1106.2 1144.9 1131.4 1134.1 1173.7 2

 3 Personal saving 285.7 248.5 210.6 254.6 239.6 258.2 225.7 253.8 220.5 216.0 243.2 3

 4 Undistributed corporate profits 93.9 104.5 132.3 145.1 142.8 138.0 146.4 141.8 144.9 140.3 140.0 4

 5 Nonfinancial corp. inventory valuation adjustment -7.5 -8.6 -16.1 -24.3 -2.5 -5.1 -5.4 -2.7 3.3 3.5 7.6 5

 6 Corporate capital consumption adjustment 29.1 36.0 51.4 51.6 61.8 57.9 61.6 63.2 64.4 67.7 69.6 6

 7 Private consumption of fixed capital 585.4 594.5 638.7 653.0 682.7 669.2 676.8 687.7 697.2 705.4 712.1 7

 8 Wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 8

 9 Gross government saving -66.4 -29.8 48.9 72.4 142.3 96.6 149.9 150.7 171.8 198.7 221.3 9

10 Federal -215.0 -182.8 -117.2 -103.6 -39.2 -82.6 -40.2 -28.3 -5.7 15.8 36.8 10

11 Consumption of fixed capital 65.9 67.9 69.5 70.9 71.2 71.0 71.4 71.2 71.3 71.4 71.5 11

12 Current surplus -280.9 -250.7 -186.7 -174.5 -110.4 -153.6 -111.6 -99.5 -77.0 -55.6 -34.7 12

13 State and local 148.6 153.0 166.1 176.0 181.5 179.2 190.1 179.0 177.5 182.9 184.5 13

14 Consumption of fixed capital 62.3 65.5 69.4 72.9 76.2 75.2 75.8 76.5 77.2 78.2 79.1 14

15 Current surplus 86.2 87.5 96.7 103.1 105.3 104.0 114.3 102.5 100.3 104.7 105.4 15

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

17 Gross investment 949.1 1002.1 1093.8 1137.3 1208.0 1165.7 1206.0 1216.6 1243.6 1268.6 1321.4 17

18 Gross private domestic investment 790.5 876.2 1007.9 1038.2 1116.6 1060.5 1105.4 1149.2 1151.1 1193.6 1242.8 18

19 Fixed investment 783.4 855.7 946.6 1008.1 1090.7 1049.5 1082.0 1112.1 1119.2 1127.5 1161.6 19

20 Nonresidential 557.9 604.1 660.6 723.0 781.5 750.7 769.3 798.6 807.2 811.3 837.6 20

21 Residential 225.6 251.6 286.0 285.1 309.3 298.8 312.7 313.5 312.0 316.2 324.0 21

22 Change in business inventories 7.0 20.5 61.2 30.1 25.9 11.0 23.4 37.1 31.9 66.1 81.2 22

23 Gross government investment 209.1 204.5 205.9 213.5 224.3 222.0 226.2 223.6 225.3 223.3 227.1 23

24 Net foreign investment in U.S. -50.4 -78.6 -120.0 -114.4 -132.9 -116.8 -125.6 -156.2 -132.8 -148.3 -148.5 24

25 Statistical discrepancy (line 17 less line 1) 44.8 52.7 14.8 -28.2 -59.7 -50.2 -50.1 -79.0 -59.6 -64.2 -73.6 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, September 15, 1997 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 510.9 472.7 546.8 479.4 515.8 722.9 556.5 369.3 414.4 417.6 455.7 1

 2 Foreign deposits 1.2 -1.1 3.1 4.6 10.1 10.7 6.7 11.0 12.1 16.1 13.1 2

 3 Checkable deposits and currency 103.8 57.6 -22.9 -39.0 -58.0 -20.4 -46.5 -37.3 -127.8 13.8 -31.5 3

 4 Time and savings deposits -76.9 -106.5 -2.2 156.8 178.4 250.7 69.0 184.2 209.6 179.8 197.0 4

 5 Money market fund shares -40.9 -0.3 13.5 100.4 79.3 154.7 -25.7 87.9 100.2 135.0 -0.3 5

 6 Securities 241.2 154.4 211.3 -60.4 -76.1 -64.3 295.1 -250.4 -284.8 -377.1 -205.3 6

 7 Open market paper -3.3 15.6 1.2 13.3 22.7 5.1 10.8 37.1 37.7 47.4 39.6 7

 8 U.S. savings bonds 19.1 14.7 8.0 5.1 2.0 1.6 3.4 2.6 0.5 -3.6 -0.1 8

 9 Other Treasury securities 61.2 6.9 175.1 7.0 -35.4 -96.8 42.2 -38.9 -48.2 -187.9 -196.2 9

10 Agency securities 37.7 -34.3 157.3 -32.9 68.7 -27.8 146.3 137.7 18.8 91.9 59.5 10

11 Municipal securities -27.2 -27.2 -55.8 -58.1 -31.0 -20.6 -11.1 -81.9 -10.5 -6.8 23.0 11

12 Corporate and foreign bonds -5.0 41.4 1.3 54.8 -9.5 24.6 78.9 -83.6 -57.8 -216.1 11.9 12

13 Corporate equities (2) 24.8 -68.4 -143.0 -158.7 -273.3 -184.1 -216.1 -344.0 -348.8 -283.5 -326.4 13

14 Mutual fund shares 133.9 205.7 67.2 109.1 179.6 233.6 240.7 120.7 123.6 181.5 183.5 14

15 Private life insurance reserves 27.7 35.7 34.3 44.8 43.8 20.0 31.1 57.8 66.5 44.9 64.1 15

16 Private insured pension reserves 68.9 73.9 69.6 66.2 47.6 25.0 16.9 59.7 88.9 106.6 103.4 16

17 Private noninsured pension reserves 77.0 98.4 89.1 99.5 88.3 82.5 88.2 86.4 96.1 91.4 89.8 17

18 Govt. insurance and pension reserves 84.7 82.6 94.8 75.5 99.5 127.6 92.6 84.6 93.2 88.0 88.0 18

19 Investment in bank personal trusts -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 19

20 Miscellaneous assets 31.3 77.0 38.5 80.5 90.3 136.9 17.5 66.3 140.5 95.6 111.1 20

21 Gross investment in tangible assets 829.6 879.2 977.0 992.3 1052.7 1029.6 1061.2 1058.1 1061.8 1085.0 1083.7 21

22 Residential structures 193.8 218.4 249.1 244.0 267.0 259.3 270.1 269.8 268.8 271.7 278.3 22

23 Other fixed assets (3) 142.2 135.4 135.1 145.9 147.2 146.7 145.5 146.5 150.1 147.9 151.0 23

24 Consumer durables 488.5 530.2 579.6 608.5 634.5 626.7 638.6 634.5 638.2 658.4 644.5 24

25 Inventories (3) 5.1 -4.9 13.3 -6.0 4.0 -3.1 7.1 7.4 4.6 7.0 9.9 25

26 Consumption of fixed capital 620.2 635.8 652.1 674.2 694.8 681.7 689.1 700.5 710.1 718.7 725.1 26

27 Residential structures 85.9 79.7 87.3 89.4 92.0 90.2 91.2 92.7 94.0 95.1 96.0 27

28 Other fixed assets (3) 122.8 125.8 108.5 102.4 103.4 102.1 102.9 104.9 106.2 107.7 108.3 28

29 Consumer durables 411.4 430.3 456.3 482.3 499.3 489.4 495.0 503.0 509.9 515.9 520.8 29

30 Net investment in tangible assets (4) 209.4 243.4 324.9 318.1 357.9 347.9 372.1 357.6 351.6 366.4 358.6 30

31 Residential structures 107.9 138.7 161.8 154.5 174.9 169.1 178.8 177.0 174.8 176.6 182.3 31

32 Other fixed assets (3) 19.3 9.7 26.6 43.5 43.8 44.6 42.6 41.6 43.9 40.3 42.8 32

33 Consumer durables 77.1 99.9 123.3 126.2 135.2 137.3 143.6 131.5 128.3 142.5 123.7 33

34 Inventories (3) 5.1 -4.9 13.3 -6.0 4.0 -3.1 7.1 7.4 4.6 7.0 9.9 34

35 Net increase in liabilities 193.8 285.7 370.2 412.5 451.5 548.7 451.7 382.0 423.6 434.7 422.3 35

36 Mortgage debt on nonfarm homes 188.4 183.4 198.2 191.5 266.9 315.2 254.5 247.3 250.7 239.3 202.9 36

37 Other mortgage debt (3) -38.8 -27.2 -32.0 -9.4 27.1 17.0 30.4 2.3 58.6 5.0 48.8 37

38 Consumer credit 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 38

39 Policy loans 5.7 5.6 7.8 10.5 4.5 7.4 4.8 11.8 -5.9 5.9 9.5 39

40 Security credit -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 27.1 34.6 40

41 Other liabilities (3) 35.9 39.1 72.2 75.8 51.0 43.5 70.0 42.3 48.2 71.4 74.0 41

42 Personal saving (FOF measure) (5) 526.5 430.4 501.5 385.0 422.1 522.0 476.8 344.8 342.5 349.3 392.0 42

43 - Govt. insurance and pension reserves 84.7 82.6 94.8 75.5 99.5 127.6 92.6 84.6 93.2 88.0 88.0 43

44 - Net investment in consumer durables 77.1 99.9 123.3 126.2 135.2 137.3 143.6 131.5 128.3 142.5 123.7 44

45 - Net saving by farm corporations 0.8 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.7 45

46 = Personal saving 364.0 247.5 283.1 183.1 187.4 257.1 240.6 128.7 120.9 118.7 179.6 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 285.7 248.5 210.6 254.6 239.6 258.2 225.7 253.8 220.5 216.0 243.2 47

48 Difference (6) 78.3 -1.0 72.5 -71.5 -52.1 -1.1 14.9 -125.1 -99.6 -97.3 -63.6 48

 Memo:

49 Disposable personal income 4626.7 4829.3 5052.7 5355.7 5608.4 5519.5 5573.6 5644.5 5695.8 5790.6 5846.9 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 11.4 8.9 9.9 7.2 7.5 9.5 8.6 6.1 6.0 6.0 6.7 50

51 NIPA concept, FOF data (line 46) 7.9 5.1 5.6 3.4 3.3 4.7 4.3 2.3 2.1 2.0 3.1 51

52 NIPA measure (line 47) 6.2 5.1 4.2 4.8 4.3 4.7 4.0 4.5 3.9 3.7 4.2 52

53 Difference (line 48) 1.7 -0.0 1.4 -1.3 -0.9 -0.0 0.3 -2.2 -1.7 -1.7 -1.1 53

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

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

(3) Includes corporate farms.

(4) Line 21 less line 26.

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

(6) Household sector discrepancy with sign reversed.
18 Z.1, September 15, 1997

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 5277.2 5519.2 5791.8 6150.8 6495.3 6359.4 6461.3 6541.9 6618.4 6746.2 6828.9 1

 2 - Personal taxes and nontaxes 650.6 690.0 739.1 795.1 886.9 839.9 887.7 897.4 922.6 955.6 982.0 2

 3 = Disposable personal income 4626.7 4829.3 5052.7 5355.7 5608.4 5519.5 5573.6 5644.5 5695.8 5790.6 5846.9 3

 4 - Personal outlays 4341.0 4580.8 4842.1 5101.1 5368.8 5261.3 5347.9 5390.7 5475.3 5574.6 5603.7 4

 5 = Personal saving, NIPA (2) 285.7 248.5 210.6 254.6 239.6 258.2 225.7 253.8 220.5 216.0 243.2 5

 6 + Government insurance and pension reserves 84.7 82.6 94.8 75.5 99.5 127.6 92.6 84.6 93.2 88.0 88.0 6

 7 + Net investment in consumer durables 77.1 99.9 123.3 126.2 135.2 137.3 143.6 131.5 128.3 142.5 123.7 7

 8 + Consumption of fixed capital 518.9 533.1 568.0 597.7 618.4 606.2 613.0 622.9 631.5 638.9 645.0 8

 9 = Gross saving 966.4 964.1 996.7 1054.0 1092.6 1129.2 1074.9 1092.8 1073.5 1085.5 1099.9 9

10 Gross investment 1044.7 963.1 1069.2 982.5 1040.5 1128.1 1089.8 967.7 973.9 988.2 1036.3 10

11 Capital expenditures 714.8 785.0 861.0 890.1 943.3 926.1 949.7 946.8 950.5 973.8 967.4 11

12 Residential construction 193.8 218.4 249.1 244.0 267.0 259.3 270.1 269.8 268.8 271.7 278.3 12

13 Consumer durable goods 488.5 530.2 579.6 608.5 634.5 626.7 638.6 634.5 638.2 658.4 644.5 13

14 Nonprofit plant and equipment 32.5 36.4 32.4 37.6 41.8 40.1 41.1 42.6 43.5 43.7 44.6 14

15 Net financial investment 329.9 178.1 208.1 92.4 97.2 202.0 140.0 20.8 23.4 14.4 69.0 15

16 Net acquisition of financial assets 524.2 455.2 555.9 460.2 483.9 685.2 532.0 358.4 357.7 376.0 404.3 16

17 Foreign deposits 1.2 -1.1 3.1 4.6 10.1 10.7 6.7 11.0 12.1 16.1 13.1 17

18 Checkable deposits and currency 97.0 48.3 -29.6 -42.4 -61.6 -23.9 -50.1 -40.9 -131.5 8.4 -36.9 18

19 Time and savings deposits -74.6 -113.0 -10.4 150.5 174.0 246.4 64.6 179.8 205.2 177.4 194.5 19

20 Money market fund shares -40.9 -0.6 13.4 100.3 79.0 154.5 -26.0 87.6 99.9 134.8 -0.5 20

21 Credit market instruments 87.8 39.3 293.9 -2.1 31.7 -76.5 277.9 -43.3 -31.5 -241.2 -63.8 21

22 Open market paper -3.3 15.6 1.2 13.3 22.7 5.1 10.8 37.1 37.7 47.4 39.6 22

23 U.S. government securities 117.4 -13.0 339.6 -21.2 34.8 -123.4 191.4 100.8 -29.5 -100.1 -137.4 23

24 Treasury 79.7 21.2 182.4 11.7 -33.9 -95.7 45.1 -36.8 -48.3 -192.0 -196.9 24

25 Savings bonds 19.1 14.7 8.0 5.1 2.0 1.6 3.4 2.6 0.5 -3.6 -0.1 25

26 Other 60.5 6.6 174.4 6.6 -35.9 -97.3 41.7 -39.4 -48.8 -188.4 -196.8 26

27 Agency 37.7 -34.3 157.3 -32.9 68.7 -27.8 146.3 137.7 18.8 91.9 59.5 27

28 Municipal securities -27.2 -27.2 -55.8 -58.1 -31.0 -20.6 -11.1 -81.9 -10.5 -6.8 23.0 28

29 Corporate and foreign bonds -5.0 41.4 1.3 54.8 -9.5 24.6 78.9 -83.6 -57.8 -216.1 11.9 29

30 Mortgages 6.1 22.6 7.5 9.1 14.7 37.7 7.9 -15.7 28.7 34.4 -0.8 30

31 Corporate equities (3) 24.8 -68.4 -143.0 -158.7 -273.3 -184.1 -216.1 -344.0 -348.8 -283.5 -326.4 31

32 Mutual fund shares 133.9 205.7 67.2 109.1 179.6 233.6 240.7 120.7 123.6 181.5 183.5 32

33 Security credit -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 36.3 48.3 33

34 Life insurance reserves 28.0 36.0 34.5 44.9 43.6 19.0 32.5 56.6 66.3 44.0 66.4 34

35 Pension fund reserves 230.3 254.7 253.2 241.2 235.7 236.1 196.2 231.9 278.5 287.0 278.9 35

36 Investment in bank personal trusts -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 36

37 Equity in noncorporate business 37.7 14.2 43.7 28.0 5.7 2.2 6.4 27.5 -15.6 -12.3 -6.7 37

38 Miscellaneous assets 17.0 13.1 5.4 15.8 11.5 14.5 3.8 19.0 8.5 4.3 27.5 38

39 Net increase in liabilities 194.3 277.1 347.7 367.7 386.7 483.2 391.9 337.6 334.3 361.6 335.4 39

40 Credit market instruments 191.1 246.2 343.7 354.9 363.8 443.0 376.5 348.8 286.8 335.5 291.1 40

41 Home mortgages 158.8 149.1 190.2 188.6 263.9 315.1 251.4 243.2 246.1 233.0 195.9 41

42 Consumer credit 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 42

43 Municipal securities 9.3 11.9 14.5 5.8 4.3 4.1 3.8 4.1 5.1 4.0 3.3 43

44 Bank loans n.e.c. 4.1 8.4 13.2 14.0 -0.5 -7.0 14.3 7.3 -16.3 27.8 34.7 44

45 Other loans and advances 9.3 7.1 8.1 9.9 1.6 4.7 6.3 3.7 -8.2 -1.1 -1.9 45

46 Commercial mortgages 5.4 7.7 -7.4 -4.0 8.1 2.7 11.8 0.6 17.5 -14.2 6.8 46

47 Security credit -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 27.1 34.6 47

48 Trade payables 4.7 7.4 4.2 8.5 6.4 -2.7 11.6 -0.4 17.2 -1.8 8.8 48

 Deferred and unpaid

49 life insurance premiums 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 0.8 49

50 Discrepancy -78.3 1.0 -72.5 71.5 52.1 1.1 -14.9 125.1 99.6 97.3 63.6 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 193.8 218.4 249.1 244.0 267.0 259.3 270.1 269.8 268.8 271.7 278.3 51

52 - Consumption of fixed capital 85.9 79.7 87.3 89.4 92.0 90.2 91.2 92.7 94.0 95.1 96.0 52

53 = Net investment 107.9 138.7 161.8 154.5 174.9 169.1 178.8 177.0 174.8 176.6 182.3 53

54 - Home mortgages 158.8 149.1 190.2 188.6 263.9 315.1 251.4 243.2 246.1 233.0 195.9 54

55 = Excess net investment -50.9 -10.4 -28.4 -34.1 -89.0 -146.0 -72.5 -66.1 -71.3 -56.4 -13.6 55

56 (B) Consumer durable goods expenditures 488.5 530.2 579.6 608.5 634.5 626.7 638.6 634.5 638.2 658.4 644.5 56

57 - Consumption of fixed capital 411.4 430.3 456.3 482.3 499.3 489.4 495.0 503.0 509.9 515.9 520.8 57

58 = Net investment 77.1 99.9 123.3 126.2 135.2 137.3 143.6 131.5 128.3 142.5 123.7 58

59 - Consumer credit 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 59

60 = Excess net investment 72.9 37.9 -1.8 -14.3 48.9 13.7 54.6 41.6 85.7 56.5 71.3 60

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

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

(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, September 15, 1997 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 811.9 891.4 1003.4 1074.8 1158.2 1130.5 1156.5 1169.5 1176.3 1192.4 1207.6 1

 2 Gross saving 542.2 587.7 633.6 653.5 723.5 695.0 713.3 727.3 760.8 755.3 766.3 2

 3 Gross investment 490.5 688.2 632.7 650.0 705.2 678.8 614.1 789.3 740.7 728.4 721.2 3

 4 Capital expenditures 497.1 539.8 627.6 670.7 702.9 663.2 687.0 722.0 739.3 759.7 823.0 4

 5 Fixed investment 490.1 519.3 566.3 633.0 673.3 652.2 663.6 684.3 692.9 693.6 715.3 5

 6 Residential construction 29.1 28.0 29.7 38.2 37.1 35.8 37.5 37.6 37.4 37.9 38.8 6

 7 Plant and equipment 461.0 491.3 536.6 594.8 636.2 616.4 626.1 646.8 655.5 655.7 676.5 7

 8 Change in inventories 7.0 20.5 61.2 30.1 25.9 11.0 23.4 37.1 31.9 66.1 81.2 8

 9 Access rights from federal government 0.0 0.0 0.0 7.6 3.8 0.0 0.0 0.5 14.5 0.0 26.5 9

10 Net financial investment -6.6 148.4 5.2 -20.7 2.3 15.6 -72.9 67.3 1.4 -31.4 -101.8 10

11 Net acquisition of financial assets 184.7 382.0 325.6 445.2 439.7 501.7 391.8 458.3 407.0 424.9 391.4 11

12 Foreign deposits -0.7 -1.4 1.1 1.1 10.4 10.8 -2.0 3.9 28.8 3.4 13.0 12

13 Checkable deposits and currency 13.7 22.9 25.3 20.8 50.5 35.2 55.1 70.1 41.7 55.7 60.0 13

14 Time and savings deposits -17.2 28.8 1.6 4.8 5.5 -8.5 24.8 31.2 -25.4 -32.5 -17.4 14

15 Money market fund shares 15.9 -2.3 7.5 24.9 7.4 11.6 2.8 5.2 10.1 12.8 7.1 15

16 Security RPs 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 -0.7 5.9 16

17 Credit market instruments 27.7 8.0 18.3 -2.1 15.7 29.6 32.1 9.9 -9.0 42.7 -14.0 17

18 Commercial paper 2.3 2.4 -0.6 1.1 10.8 -1.2 8.4 12.2 23.6 -8.8 -0.3 18

19 U.S. government securities 21.4 -1.0 3.5 -5.3 12.4 -4.0 34.1 8.7 10.6 -10.1 -4.5 19

20 Municipal securities 1.0 8.9 2.0 -1.3 -7.6 -11.9 14.2 -7.7 -24.9 3.2 7.9 20

21 Mortgages 0.2 -9.2 4.0 5.0 7.4 7.9 5.9 7.9 7.9 7.9 7.9 21

22 Consumer credit 2.8 6.9 9.4 -1.6 -7.3 38.7 -30.4 -11.3 -26.3 50.4 -25.0 22

23 Mutual fund shares 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.0 3.0 23

24 Trade receivables 34.7 49.9 85.9 110.4 69.1 38.4 110.3 48.5 79.4 4.2 95.7 24

25 Miscellaneous assets 102.2 271.8 184.3 280.5 276.4 381.4 158.0 284.9 281.2 336.3 238.0 25

26 Net increase in liabilities 191.3 233.6 320.5 465.9 437.4 486.1 464.7 391.0 405.6 456.2 493.2 26

27 Credit market instruments 23.6 54.9 140.8 241.8 193.9 177.2 216.8 219.7 161.8 234.5 266.4 27

28 Commercial paper 8.6 10.0 21.4 18.1 -0.9 25.7 9.1 -14.2 -24.4 7.8 21.4 28

29 Municipal securities -0.0 -0.1 -5.1 -12.6 -17.5 -17.5 -13.4 -20.4 -18.6 -17.9 -13.1 29

30 Corporate bonds 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 86.1 30

31 Bank loans n.e.c. -16.5 -3.3 61.8 86.3 70.4 48.5 55.4 124.9 52.6 114.2 90.6 31

32 Other loans and advances -3.4 -25.4 30.2 38.1 22.3 17.5 33.5 43.7 -5.7 4.4 -3.0 32

33 Mortgages -32.7 -1.5 9.1 38.5 47.1 42.1 60.6 17.9 68.0 46.6 84.5 33

34 Corporate equities 27.0 21.3 -44.9 -58.3 -64.2 -73.6 0.4 -127.6 -56.0 -86.2 -83.6 34

35 Trade payables 40.6 34.9 85.8 82.0 62.1 84.5 103.3 -14.7 75.3 67.2 56.9 35

36 Taxes payable 7.9 2.7 3.2 0.0 1.9 3.2 4.3 -1.1 1.3 -9.5 -12.7 36

37 Miscellaneous liabilities 61.7 112.6 79.2 182.6 246.0 304.2 134.9 295.8 249.2 268.2 293.5 37

38 Proprietors’ net investment 30.5 7.1 56.4 17.8 -2.3 -9.4 5.0 18.9 -26.1 -17.9 -27.3 38

39 Discrepancy 51.7 -100.6 0.9 3.4 18.4 16.2 99.2 -62.0 20.1 27.0 45.2 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, September 15, 1997

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 256.7 307.9 391.4 437.0 475.6 461.8 475.9 481.7 482.8 492.8 499.9 1

 2 - Profit tax accruals 90.6 104.5 128.3 138.9 154.2 148.7 153.5 156.2 158.5 158.8 161.6 2

 3 - Dividends 132.4 147.0 157.6 187.1 195.1 199.0 193.0 190.5 198.0 205.6 207.9 3

 4 + Consumption of fixed capital 372.6 383.6 418.3 430.7 461.3 449.4 457.8 465.6 472.6 480.5 486.5 4

 5 = U.S. internal funds, book 406.3 440.0 523.7 541.7 587.6 563.6 587.1 600.6 598.9 608.9 616.9 5

 6 + Foreign earnings retained abroad 41.5 53.0 41.6 59.3 62.0 60.8 55.4 51.7 80.0 63.2 61.1 6

 7 + Inventory valuation adjustment (IVA) -7.5 -8.6 -16.1 -24.3 -2.5 -5.1 -5.4 -2.7 3.3 3.5 7.6 7

 8 = Total internal funds + IVA 440.2 484.5 549.2 576.8 647.1 619.3 637.1 649.6 682.2 675.6 685.6 8

 9 Gross investment 388.5 585.0 548.3 573.3 628.7 603.1 537.9 711.6 662.1 648.6 640.4 9

10 Capital expenditures 382.3 445.6 511.6 568.5 593.5 559.7 575.5 610.7 628.1 648.5 706.7 10

11 Fixed investment (1) 380.4 420.2 463.7 524.7 567.9 545.6 559.2 580.4 586.3 589.4 608.8 11

12 Inventory change + IVA 1.9 25.4 48.0 36.1 21.9 14.1 16.3 29.7 27.3 59.1 71.3 12

13 Access rights from federal government 0.0 0.0 0.0 7.6 3.8 0.0 0.0 0.5 14.5 0.0 26.5 13

14 Net financial investment 6.2 139.4 36.7 4.9 35.2 43.4 -37.6 100.9 34.0 0.1 -66.3 14

15 Net acquisition of financial assets 167.5 357.3 278.3 408.2 410.2 473.5 362.3 428.5 376.4 401.3 367.3 15

16 Foreign deposits -0.7 -1.4 1.1 1.1 10.4 10.8 -2.0 3.9 28.8 3.4 13.0 16

17 Checkable deposits and currency 6.9 13.6 18.5 17.4 46.9 31.6 51.5 66.5 37.9 50.3 54.7 17

18 Time and savings deposits -15.0 22.3 -6.6 -1.5 1.1 -12.9 20.4 26.8 -29.8 -34.9 -19.9 18

19 Money market fund shares 15.8 -2.5 7.4 24.8 7.2 11.5 2.6 5.0 9.8 12.6 6.8 19

20 Security RPs 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 -0.7 5.9 20

21 Commercial paper 2.3 2.4 -0.6 1.1 10.8 -1.2 8.4 12.2 23.6 -8.8 -0.3 21

22 U.S. government securities 20.6 -1.3 2.8 -5.7 11.9 -4.4 33.6 8.2 10.1 -10.6 -5.0 22

23 Municipal securities 1.0 8.9 2.0 -1.3 -7.6 -11.9 14.2 -7.7 -24.9 3.2 7.9 23

24 Mortgages 1.1 -7.8 4.1 5.1 7.5 8.0 6.0 8.0 8.0 8.0 8.0 24

25 Consumer credit 2.8 6.9 9.4 -1.6 -7.3 38.7 -30.4 -11.3 -26.3 50.4 -25.0 25

26 Trade receivables 27.6 50.7 71.9 98.9 61.0 30.4 102.0 40.2 71.2 -1.1 90.5 26

27 Mutual fund shares 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.0 3.0 27

28 Miscellaneous assets 96.6 261.3 166.6 265.1 263.7 369.6 145.3 272.0 267.7 326.5 227.7 28

29 U.S. direct investment abroad (2) 35.6 51.9 61.9 85.0 71.4 89.0 46.9 69.8 79.8 77.8 92.6 29

30 Insurance receivables 13.5 6.6 7.8 3.2 -2.0 -0.0 -1.3 -2.6 -3.9 -5.2 -6.5 30

31 Equity in GSEs 0.0 0.0 0.1 0.0 2.2 1.6 1.4 2.6 2.9 3.7 4.3 31

32 Investment in finance co. subs. 1.0 0.7 3.1 4.7 4.4 -1.0 10.6 3.2 4.8 1.3 1.1 32

33 Other 46.4 202.0 93.6 172.1 187.7 280.1 87.7 199.0 184.0 248.8 136.2 33

34 Net increase in liabilities 161.3 217.9 241.6 403.3 375.0 430.0 399.9 327.6 342.4 401.1 433.6 34

35 Net funds raised in markets 66.6 70.4 90.4 155.4 83.9 59.3 172.5 65.3 38.4 93.1 107.3 35

36 Net new equity issues 27.0 21.3 -44.9 -58.3 -64.2 -73.6 0.4 -127.6 -56.0 -86.2 -83.6 36

37 Credit market instruments 39.6 49.1 135.3 213.7 148.1 132.9 172.1 192.9 94.4 179.3 190.9 37

38 Commercial paper 8.6 10.0 21.4 18.1 -0.9 25.7 9.1 -14.2 -24.4 7.8 21.4 38

39 Municipal securities (3) -0.0 -0.1 -5.1 -12.6 -17.5 -17.5 -13.4 -20.4 -18.6 -17.9 -13.1 39

40 Corporate bonds (2) 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 86.1 40

41 Bank loans n.e.c. -19.3 -10.8 42.7 62.8 48.3 28.6 30.9 103.6 30.1 88.4 60.9 41

42 Other loans and advances 0.8 -24.2 27.3 31.1 20.5 7.6 35.1 44.2 -5.0 0.5 0.2 42

43 Savings institutions -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 0.8 43

44 Finance companies 1.0 -14.3 23.3 24.0 7.1 10.6 6.8 5.5 5.5 23.7 -12.5 44

45 U.S. government -0.1 0.2 0.5 0.7 0.5 0.6 0.6 0.5 0.5 0.4 0.4 45

46 Acceptance liabilities to banks -2.9 -3.3 -2.1 -0.8 -0.7 -1.7 -2.1 -1.4 2.2 -0.5 3.2 46

47 Rest of the world 4.9 -15.8 1.6 0.0 4.0 -6.5 7.3 46.8 -31.7 -6.0 4.5 47

48 ABS issuers 2.9 9.7 4.3 5.9 8.1 2.3 21.5 -10.5 19.0 -17.9 3.8 48

49 Mortgages -18.1 -1.0 25.6 41.0 25.2 27.6 38.8 12.0 22.4 21.1 35.4 49

50 Trade payables 33.4 36.4 77.3 73.8 52.4 72.6 97.3 -23.2 62.7 56.5 52.7 50

51 Taxes payable 7.2 2.0 2.4 -0.8 1.1 2.4 3.5 -1.9 0.5 -10.3 -13.4 51

52 Miscellaneous liabilities 54.0 109.1 71.5 174.9 237.6 295.7 126.5 287.3 240.8 261.8 287.1 52

53 Foreign direct investment in U.S. 18.3 8.3 30.4 54.2 85.8 50.7 89.6 76.1 126.9 149.2 55.4 53

54 Pension fund contributions payable 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 34.2 95.2 37.3 116.9 148.0 241.2 33.1 207.4 110.1 108.8 227.9 55

56 Discrepancy 51.7 -100.6 0.9 3.4 18.4 16.2 99.2 -62.0 20.1 27.0 45.2 56

 Memo:

57 Trade receivables net of trade payables -5.8 14.2 -5.3 25.1 8.6 -42.2 4.7 63.4 8.5 -57.6 37.8 57

58 Financing gap (4) -16.4 14.2 4.0 51.0 8.4 1.2 -6.2 12.8 25.9 36.1 82.2 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 96.0 103.2 100.8 109.4 101.4 100.2 98.9 102.1 104.3 105.9 113.3 59

60 Credit market borrowing/capital outlays (5) 10.2 10.8 25.6 36.1 24.8 23.5 29.6 31.5 15.1 27.8 27.3 60

61 Net funds raised/credit market borrowing 168.1 143.4 66.8 72.7 56.6 44.6 100.2 33.9 40.7 51.9 56.2 61

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

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

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

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

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, September 15, 1997 21

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net income with IVA and CCAdj 518.1 551.1 575.1 614.3 645.4 636.8 644.1 647.7 653.1 659.4 663.8 1

 2 Gross saving = capital consumption 80.7 82.1 63.1 55.9 54.8 54.4 54.7 55.9 56.6 57.4 57.5 2

 3 Gross investment 80.7 82.1 63.1 55.9 54.8 54.4 54.7 55.9 56.6 57.4 57.5 3

 4 Capital expenditures 98.5 85.9 89.3 93.7 88.6 90.0 87.7 87.0 89.8 89.4 90.8 4

 5 Fixed investment (1) 98.4 84.5 86.8 91.8 87.5 89.2 86.9 85.4 88.4 86.3 87.1 5

 6 Change in inventories 0.1 1.3 2.5 1.9 1.2 0.7 0.9 1.6 1.4 3.1 3.8 6

 7 Net financial investment -17.8 -3.8 -26.2 -37.8 -33.8 -35.5 -33.0 -31.1 -33.3 -31.9 -33.3 7

 8 Net acquisition of financial assets 13.4 21.5 43.7 34.7 27.2 25.7 26.6 26.8 29.8 18.6 21.2 8

 9 Checkable deposits and currency 5.0 7.6 5.1 3.8 4.3 4.2 4.2 4.2 4.4 4.4 4.5 9

10 Time and savings deposits -2.2 6.5 8.2 6.3 4.4 4.4 4.4 4.4 4.4 2.4 2.4 10

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

12 Treasury securities 0.7 0.3 0.7 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 12

13 Mortgages -0.9 -1.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 13

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

15 Trade receivables 7.1 -0.8 14.0 11.5 8.2 8.0 8.3 8.2 8.2 5.3 5.2 15

16 Miscellaneous assets 3.6 9.0 15.7 12.7 9.8 8.6 9.2 9.3 12.2 5.8 8.3 16

17 Insurance receivables -2.5 0.8 6.0 5.0 3.0 3.0 3.0 3.0 3.0 1.0 1.0 17

18 Equity investment in GSEs (2) -0.0 0.2 0.2 0.0 0.7 0.0 0.0 0.0 2.8 0.0 2.5 18

19 Other 6.1 8.0 9.5 7.7 6.1 5.6 6.2 6.3 6.4 4.7 4.8 19

20 Net increase in liabilities 31.2 25.2 69.9 72.5 61.0 61.2 59.7 57.9 63.1 50.5 54.5 20

21 Credit market instruments -16.4 3.2 2.2 26.6 43.4 44.2 38.5 29.2 61.5 54.4 72.0 21

22 Bank loans n.e.c. 2.7 5.3 17.2 22.5 21.4 20.4 22.0 23.4 20.0 26.1 23.3 22

23 Other loans and advances -4.0 -0.6 3.8 8.1 2.6 10.9 -0.3 2.2 -2.5 4.8 4.3 23

24 Mortgages -15.1 -1.5 -18.8 -4.1 19.4 12.9 16.9 3.7 44.0 23.5 44.4 24

25 Trade payables 6.9 -2.5 7.5 7.2 5.8 5.5 5.9 5.9 6.0 4.2 4.2 25

26 Taxes payable 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 26

27 Miscellaneous liabilities 7.7 3.6 7.7 7.7 8.4 8.4 8.4 8.5 8.4 6.4 6.4 27

28 Proprietors’ net investment 32.4 20.2 51.7 30.3 2.6 2.3 6.1 13.5 -13.6 -15.2 -28.9 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 37.1 32.4 36.9 23.4 37.2 31.9 36.5 40.1 40.4 40.2 43.9 1

 2 Net saving (corporate) 0.8 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.7 2

 3 Consumption of fixed capital 20.5 20.6 21.0 20.7 21.6 21.1 21.4 21.7 22.0 22.3 22.5 3

 4 Corporate 1.9 2.0 2.4 2.6 2.9 2.8 2.9 2.9 3.0 3.0 3.0 4

 5 Noncorporate 18.6 18.6 18.6 18.0 18.7 18.3 18.5 18.8 19.1 19.3 19.5 5

 6 Gross saving 21.3 21.1 21.3 20.8 21.7 21.3 21.5 21.8 22.1 22.3 23.2 6

 7 Gross investment 21.3 21.1 21.3 20.8 21.7 21.3 21.5 21.8 22.1 22.3 23.2 7

 8 Capital expenditures 16.2 8.3 26.6 8.6 20.7 13.6 23.7 24.3 21.4 21.9 25.5 8

 9 Fixed investment (2) 11.3 14.5 15.9 16.5 17.9 17.4 17.5 18.5 18.2 18.0 19.4 9

10 Change in inventories 5.0 -6.2 10.8 -8.0 2.9 -3.8 6.2 5.8 3.2 3.9 6.1 10

11 Net financial investment 5.0 12.7 -5.3 12.3 0.9 7.7 -2.3 -2.5 0.7 0.4 -2.3 11

12 Net acquisition of financial assets 3.8 3.2 3.6 2.3 2.3 2.5 2.9 3.0 0.7 5.1 2.9 12

13 Checkable deposits and currency 1.8 1.7 1.7 -0.4 -0.6 -0.6 -0.6 -0.6 -0.6 1.0 0.8 13

14 Miscellaneous assets 2.0 1.5 2.0 2.7 2.9 3.2 3.5 3.6 1.3 4.0 2.0 14

15 Insurance receivables 2.1 1.4 2.0 2.8 3.6 3.3 3.5 3.7 3.9 4.1 4.3 15

16 Equity investment in GSEs (3) -0.1 0.1 0.0 -0.1 -0.6 -0.1 0.1 -0.0 -2.5 -0.0 -2.2 16

17 Net increase in liabilities -1.2 -9.6 9.0 -9.9 1.4 -5.2 5.2 5.5 0.1 4.6 5.1 17

18 Credit market instruments 0.5 2.6 3.3 1.5 2.4 0.1 6.2 -2.5 6.0 0.8 3.6 18

19 Bank loans n.e.c. 0.1 2.1 1.9 1.1 0.6 -0.4 2.5 -2.1 2.5 -0.2 6.4 19

20 Other loans and advances -0.2 -0.6 -0.8 -1.1 -0.8 -1.1 -1.3 -2.6 1.9 -1.0 -7.5 20

21 Mortgages 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 21

22 Trade payables 0.2 1.0 1.0 1.0 3.9 6.5 0.0 2.6 6.6 6.5 -0.1 22

23 Proprietors’ net investment -1.9 -13.1 4.7 -12.4 -5.0 -11.7 -1.0 5.4 -12.5 -2.7 1.6 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment, shown on table F.6, line 11.

(3) Equity in the Farm Credit System.
22 Z.1, September 15, 1997

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 844.3 894.5 949.1 999.0 1043.3 1024.8 1046.9 1046.7 1054.8 1070.9 1080.4 1

 2 Tax receipts 607.8 639.9 676.5 709.8 743.6 731.4 742.8 746.0 754.2 767.1 772.5 2

 3 Social insurance receipts 64.3 68.8 73.4 77.3 81.4 79.7 80.9 82.0 83.1 84.2 85.4 3

 4 Grants-in-aid received 172.2 185.8 199.2 212.0 218.3 213.7 223.2 218.7 217.5 219.6 222.5 4

 5 Expenditures, NIPA basis 758.1 807.0 852.4 895.9 938.0 920.8 932.6 944.2 954.5 966.2 975.0 5

 6 Consumption expenditures 603.7 631.6 663.9 698.6 731.0 717.6 727.0 735.9 743.4 751.7 757.2 6

 7 Net interest and transfers 154.5 175.4 188.5 197.3 207.1 203.2 205.6 208.3 211.1 214.5 217.8 7

 8 Surplus, NIPA basis 86.2 87.5 96.7 103.1 105.3 104.0 114.3 102.5 100.3 104.7 105.4 8

 9 + Consumption of fixed capital 62.3 65.5 69.4 72.9 76.2 75.2 75.8 76.5 77.2 78.2 79.1 9

10 - Pension fund reserves 56.9 54.7 66.8 59.5 55.4 50.3 58.1 55.2 57.9 67.1 60.4 10

11 = Gross saving 91.6 98.3 99.3 116.4 126.1 128.9 132.0 123.8 119.6 115.8 124.1 11

12 Gross investment 122.2 119.9 127.1 93.5 100.7 118.4 99.8 94.3 90.0 84.5 104.6 12

13 Fixed investment 132.2 133.4 138.9 147.4 155.8 150.3 155.3 156.0 161.4 165.2 165.1 13

14 Net financial investment -9.9 -13.5 -11.8 -53.9 -55.1 -31.9 -55.5 -61.7 -71.4 -80.7 -60.5 14

15 Net acq. of financial assets 13.5 49.4 -57.6 -94.6 -40.9 -25.3 -14.2 -111.6 -12.4 -43.3 23.9 15

16 Checkable deposits and currency 2.2 1.4 2.5 3.0 -2.3 -4.9 -0.7 0.3 -4.1 5.3 1.3 16

17 Time and savings deposits -5.9 -5.0 6.0 9.9 8.5 9.4 11.4 7.1 6.2 -11.1 10.9 17

18 Security RPs 4.6 10.7 -15.1 -27.0 -1.9 -40.5 -19.6 14.1 38.5 28.5 23.2 18

19 Credit market instruments 1.7 32.6 -55.0 -82.4 -56.2 6.0 -4.4 -150.4 -76.2 -102.2 -12.5 19

20 Open market paper 5.2 3.7 4.4 4.6 2.2 1.8 2.5 1.7 2.7 2.3 2.8 20

21 U.S. government securities -5.2 29.7 -66.2 -94.9 -62.3 4.1 -9.8 -156.6 -87.0 -108.9 -22.3 21

22 Treasury -17.4 29.6 -77.8 -132.1 -62.5 -6.4 -108.9 -87.6 -47.2 -70.9 -46.6 22

23 Agency 12.2 0.1 11.6 37.3 0.2 10.6 99.0 -69.0 -39.8 -38.0 24.2 23

24 Municipal securities -1.1 -1.0 -0.9 -0.5 -0.2 -0.2 -0.2 -0.2 -0.1 -0.0 0.0 24

25 Corporate and foreign bonds 2.9 5.6 5.4 5.1 0.3 -1.7 0.9 0.3 1.4 1.8 2.4 25

26 Mortgages -0.0 -5.4 2.2 3.3 3.8 2.0 2.2 4.3 6.8 2.6 4.7 26

27 Corporate equities 1.5 1.5 1.3 1.6 1.4 2.0 1.3 0.6 1.9 0.9 1.8 27

28 Mutual fund shares 5.5 6.5 7.8 5.9 2.0 3.1 0.9 2.0 2.2 2.1 2.7 28

29 Taxes receivable 0.3 -3.2 -6.0 -9.3 -4.6 -5.6 -4.1 -3.9 -4.9 -1.3 -1.1 29

30 Miscellaneous assets 3.6 4.8 1.0 3.7 12.2 5.3 0.9 18.7 24.0 34.5 -2.3 30

31 Net increase in liabilities 23.4 62.9 -45.8 -40.7 14.2 6.6 41.2 -49.9 59.0 37.4 84.4 31

32 Credit market instruments 21.1 62.3 -46.4 -42.9 12.7 7.7 38.0 -50.8 55.8 35.0 84.2 32

33 Municipal securities 21.3 62.9 -45.3 -41.4 14.5 9.4 39.9 -48.9 57.8 37.1 86.4 33

34 Short-term -1.1 1.8 -2.2 1.2 5.0 -5.3 5.8 4.7 14.7 -4.2 5.9 34

35 Other 22.3 61.1 -43.2 -42.7 9.5 14.7 34.0 -53.7 43.1 41.3 80.5 35

36 U.S. government loans -0.1 -0.6 -1.1 -1.5 -1.9 -1.7 -1.8 -1.9 -2.0 -2.1 -2.2 36

37 Trade payables 2.3 0.6 0.6 2.2 1.6 -1.1 3.2 1.0 3.2 2.4 0.2 37

38 Discrepancy -30.6 -21.7 -27.8 23.0 25.4 10.5 32.2 29.4 29.6 31.3 19.5 38

(1) Data for retirement funds are shown in table F.120.
Z.1, September 15, 1997 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 1198.5 1275.1 1374.7 1463.2 1587.6 1526.3 1583.8 1598.7 1641.7 1675.2 1711.9 1

 2 Personal taxes 490.8 522.6 562.3 605.8 686.7 644.9 688.8 695.7 717.5 746.9 770.7 2

 3 Corporate profits tax accruals 118.7 138.3 156.7 182.1 194.5 192.1 197.2 196.7 192.0 204.8 207.6 3

 4 Indirect taxes 81.9 87.0 98.7 93.5 95.9 91.7 90.0 91.5 110.2 88.2 92.2 4

 5 Social insurance receipts 507.1 527.3 557.1 581.8 610.6 597.6 607.8 614.8 622.0 635.3 641.4 5

 6 Expenditures, NIPA basis 1479.4 1525.8 1561.4 1637.6 1698.1 1679.9 1695.4 1698.2 1718.7 1730.8 1746.6 6

 7 Consumption expenditures 451.1 447.3 443.2 443.5 451.5 444.6 453.7 454.0 453.6 458.0 464.2 7

 8 Transfers, grants, etc. 832.5 885.8 918.2 969.3 1019.5 1008.7 1018.2 1017.6 1033.3 1043.9 1052.2 8

 9 Net interest 195.9 192.7 200.0 224.8 227.1 226.6 223.5 226.6 231.8 228.9 230.2 9

10 Surplus, NIPA basis -280.9 -250.7 -186.7 -174.5 -110.4 -153.6 -111.6 -99.5 -77.0 -55.6 -34.7 10

11 + Consumption of fixed capital 65.9 67.9 69.5 70.9 71.2 71.0 71.4 71.2 71.3 71.4 71.5 11

12 - Insurance and pension reserves 27.8 27.9 28.0 16.0 44.1 77.3 34.5 29.3 35.3 21.0 27.6 12

13 = Gross saving -242.7 -210.7 -145.2 -119.6 -83.3 -159.9 -74.7 -57.6 -41.0 -5.2 9.2 13

14 Gross investment -274.1 -220.4 -177.8 -135.0 -132.7 -191.9 -75.1 -106.6 -157.2 -31.9 18.2 14

15 Fixed investment 76.9 71.1 67.0 66.1 68.5 71.7 70.9 67.6 63.9 58.1 62.0 15

16 Access rights sales 0.0 -0.0 0.0 -7.6 -3.8 0.0 -0.0 -0.5 -14.5 0.0 -26.5 16

17 Net financial investment -351.0 -291.4 -244.8 -193.5 -197.4 -263.6 -145.9 -173.6 -206.6 -90.0 -17.2 17

18 Net acq. of financial assets -23.9 -3.2 -56.0 -20.1 -8.4 29.1 -35.2 -4.6 -23.1 -2.7 -58.5 18

19 Gold, SDRs, and official foreign exchange -1.7 1.0 -2.7 6.4 -2.9 2.0 1.8 -16.3 1.0 -11.2 0.6 19

20 Checkable deposits and currency -16.9 20.7 -21.7 -0.0 11.0 22.7 -26.2 35.1 12.2 10.2 -29.0 20

21 Time and savings deposits -0.7 -0.1 -0.1 0.3 1.4 0.4 13.2 -4.1 -3.7 0.2 3.4 21

22 Credit market instruments -10.4 -17.2 -22.6 -20.4 -20.9 -19.9 -14.3 -25.0 -24.3 -18.7 -12.9 22

23 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Mortgages -10.4 -14.2 -12.5 -12.6 -8.6 -9.1 -4.7 -11.0 -9.6 -11.0 -4.0 24

25 Other loans and advances -0.0 -2.9 -10.1 -7.8 -12.3 -10.9 -9.5 -14.1 -14.7 -7.7 -8.8 25

26 Trade receivables -7.1 -2.6 -4.2 -0.1 7.0 5.0 5.5 8.9 8.7 9.1 12.0 26

27 Taxes receivable -2.6 -1.3 -8.0 -3.8 2.3 24.8 -11.6 -3.9 -0.0 19.5 -25.4 27

28 Miscellaneous assets 15.4 -3.8 3.3 -2.5 -6.4 -5.8 -3.7 0.7 -16.9 -11.8 -7.2 28

29 Net increase in liabilities 327.1 288.2 188.8 173.4 189.0 292.7 110.7 169.1 183.5 87.3 -41.2 29

30 SDR certificates -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 0.0 30

31 Treasury currency 0.2 0.4 0.7 0.6 -0.0 0.0 -0.0 2.3 -2.3 0.4 0.2 31

32 Credit market instruments 304.0 256.1 155.9 144.4 145.0 227.3 62.7 163.2 126.9 81.2 -97.1 32

33 Savings bonds 19.1 14.7 8.0 5.1 2.0 1.6 3.4 2.6 0.5 -3.6 -0.1 33

34 Other Treasury securities 284.6 233.7 147.7 137.9 144.6 227.9 57.1 163.7 129.7 86.2 -97.2 34

35 Budget agency securities 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 0.2 35

36 Multifamily residential mortgages -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Trade payables -2.8 3.0 0.4 5.7 3.5 2.7 1.8 5.6 4.0 4.1 5.7 37

38 Insurance and pension reserves 27.8 27.9 28.0 16.0 44.1 77.3 34.5 29.3 35.3 21.0 27.6 38

39 Miscellaneous liabilities -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.3 22.4 39

40 Discrepancy 31.3 9.7 32.6 15.4 49.4 32.0 0.4 49.0 116.1 26.7 -9.0 40

 Memo:

41 Change in cash balance (1) -16.9 19.2 -26.7 -5.7 12.9 25.8 -19.6 58.1 -12.9 1.0 -9.6 41

(1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
24 Z.1, September 15, 1997

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 827.8 888.0 1017.7 1155.6 1238.1 1193.0 1217.7 1255.3 1286.2 1318.7 1364.3 1

 2 U.S. imports from abroad 669.0 719.3 812.1 904.5 965.7 933.2 958.7 977.6 993.2 1021.0 1047.9 2

 3 U.S. factor payments to foreign 126.8 132.1 168.3 217.6 232.6 218.2 224.3 242.3 245.6 262.5 279.9 3

 4 Net transfers to foreign 32.0 36.6 37.3 33.6 39.8 41.6 34.7 35.4 47.4 35.2 36.5 4

 5 Foreign outlays to U.S. 777.3 809.5 897.7 1041.2 1105.2 1076.2 1092.1 1099.1 1153.4 1170.4 1215.8 5

 6 U.S. exports to foreign 639.4 658.6 721.2 818.4 870.9 850.2 865.0 863.7 904.6 922.2 958.7 6

 7 U.S. factor receipts from foreign 137.9 150.8 176.5 222.8 234.3 226.0 227.1 235.4 248.8 248.2 257.1 7

 8 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Gross saving (1) 50.4 78.6 120.0 114.4 132.9 116.8 125.6 156.2 132.8 148.3 148.5 9

10 Net financial investment 113.4 104.0 160.2 156.3 212.4 60.3 243.7 353.9 191.8 231.0 243.9 10

11 Net acquisition of financial assets 210.4 317.8 291.0 431.9 517.3 420.0 461.2 564.0 624.2 615.8 553.6 11

12 Gold and SDRs (2) 2.3 -0.5 -0.4 -0.8 0.4 -0.8 -0.5 3.4 -0.6 0.3 -0.5 12

13 Net interbank assets 50.3 45.6 92.8 11.1 -53.0 -61.9 -43.8 -111.5 5.1 -85.2 -21.9 13

14 U.S. checkable deposits and currency 14.9 18.6 25.2 13.4 19.9 -14.0 34.0 22.1 37.3 18.1 26.2 14

15 U.S. time deposits -1.1 6.8 1.5 -6.6 6.3 11.0 -6.8 28.3 -7.3 9.7 7.0 15

16 Security RPs 20.9 16.9 -12.0 21.0 3.2 19.6 15.4 0.3 -22.5 52.2 -2.7 16

17 Credit market instruments 98.4 129.3 132.3 273.9 409.1 350.0 268.9 485.4 532.2 366.3 306.3 17

18 Open market paper 1.6 5.9 6.0 18.6 11.1 -49.9 45.4 20.9 28.0 -30.6 29.6 18

19 U.S. government securities 73.9 108.7 86.7 197.2 315.8 332.2 140.8 329.0 461.1 316.7 191.3 19

20 Official 22.4 53.0 36.8 72.7 115.6 222.6 -8.5 106.8 141.7 95.8 -31.2 20

21 Treasury 18.5 49.0 30.8 69.0 111.3 222.4 -13.5 101.9 134.3 93.2 -33.8 21

22 Agency 3.9 4.1 6.1 3.7 4.4 0.2 5.0 4.9 7.4 2.6 2.6 22

23 Private 51.5 55.7 49.9 124.5 200.1 109.6 149.3 222.2 319.5 220.9 222.5 23

24 Treasury 37.1 24.4 34.3 99.5 155.6 52.0 126.6 173.6 270.1 191.2 184.0 24

25 Agency 14.3 31.3 15.6 25.0 44.6 57.6 22.6 48.6 49.4 29.7 38.6 25

26 U.S. corporate bonds (3) 18.1 30.4 38.0 58.1 78.3 74.2 75.4 88.7 74.8 86.2 80.9 26

27 Loans to U.S. corporate business 4.9 -15.8 1.6 0.0 4.0 -6.5 7.3 46.8 -31.7 -6.0 4.5 27

28 U.S. corporate equities -5.6 20.9 0.9 16.6 12.2 13.3 26.1 -3.2 12.8 26.5 90.4 28

29 Trade receivables 3.0 4.5 2.1 0.6 6.4 3.7 -0.1 12.6 9.2 7.3 9.2 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 27.4 75.6 48.6 102.7 112.8 98.9 167.8 126.5 57.9 220.6 139.6 31

32 Foreign direct investment in U.S. (4) 17.9 49.0 45.7 67.5 77.0 63.5 69.8 103.9 70.6 122.6 115.5 32

33 Other 9.4 26.6 2.9 35.2 35.8 35.4 98.1 22.6 -12.8 98.1 24.1 33

34 Net increase in liabilities 97.0 213.8 130.8 275.5 304.9 359.7 217.5 210.0 432.4 384.8 309.7 34

 U.S. official foreign exchange

35 and net IMF position -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -17.6 0.4 35

36 U.S. private deposits -3.4 -18.5 52.9 35.3 82.0 100.8 3.0 119.7 104.5 188.6 79.0 36

37 Credit market instruments 23.7 70.4 -15.2 71.2 70.1 53.2 35.4 106.0 85.7 27.2 50.7 37

38 Commercial paper 5.2 -9.0 -27.3 13.6 10.9 -5.4 8.9 37.8 2.2 16.2 10.0 38

39 Bonds 16.8 82.9 12.2 49.7 49.4 47.7 11.2 60.2 78.5 11.0 29.7 39

40 Bank loans n.e.c. 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 11.0 40

41 Official 1.0 -1.0 -0.2 0.4 0.3 -1.4 4.4 -0.5 -1.2 -3.5 0.2 41

42 Banks 0.7 1.2 0.0 2.1 3.4 4.9 3.9 -1.8 6.5 -2.3 -1.2 42

43 Other 0.6 0.5 1.6 5.9 5.4 5.2 6.9 7.0 2.5 5.2 11.9 43

44 U.S. government loans 0.2 -1.1 -1.3 -0.8 -1.0 -1.5 1.0 -2.0 -1.6 -1.7 -0.6 44

45 Acceptance liabilities to banks -0.7 -3.1 -0.3 0.3 1.8 3.8 -0.9 5.4 -1.2 2.4 0.6 45

46 Foreign corporate equities (5) 32.4 63.4 48.1 50.4 58.8 90.1 70.1 32.7 42.3 47.0 55.6 46

47 Trade payables 1.2 3.3 3.6 5.7 -2.3 -11.2 -5.2 -1.5 8.6 5.1 0.1 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 44.8 94.2 47.2 104.1 102.7 127.7 112.6 -20.2 190.7 134.5 123.8 49

50 U.S. equity in IBRD, etc. 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 1.5 50

51 U.S. government deposits 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.1 -0.0 51

52 U.S. direct investment abroad (3,4) 40.1 77.9 69.3 86.7 87.8 88.8 94.5 44.4 123.5 105.7 116.3 52

53 Other 3.2 14.8 -23.7 16.0 13.2 36.5 17.7 -66.0 64.5 27.0 6.0 53

54 Discrepancy (FOF basis) (6) -63.0 -25.5 -40.3 -42.0 -79.6 56.5 -118.1 -197.7 -59.0 -82.7 -95.4 54

 Memo:

55 Net U.S. exports, NIPA basis -29.6 -60.7 -90.8 -86.0 -94.8 -83.0 -93.7 -113.9 -88.6 -98.8 -89.2 55

56 + Net U.S. factor income (7) 11.1 18.7 8.2 5.2 1.7 7.8 2.8 -6.9 3.2 -14.3 -22.8 56

57 - Net transfer payments to foreign 32.0 36.6 37.3 33.6 39.8 41.6 34.7 35.4 47.4 35.2 36.5 57

58 + Net capital grants received 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 = Net foreign investment in U.S.

59 (NIPA basis) -50.4 -78.6 -120.0 -114.4 -132.9 -116.8 -125.6 -156.2 -132.8 -148.3 -148.5 59

(1) Line 1 minus line 5; also equal to line 59 with the sign reversed.

(2) U.S. net sales, sign reversed.

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

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts and to incorporate foreign holdings of U.S. currency.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, September 15, 1997 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.0 0.1 -2.6 -1.2 2.0 1.8 1.8 1.9 1.9 1.8 1.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 17.1 42.1 28.2 19.7 23.2 -2.9 -0.4 52.5 43.5 5.2 48.1 3

 4 Gold and foreign exchange -2.2 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -6.7 0.3 4

 5 SDR certificates -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 0.0 5

 6 Treasury currency 0.4 0.6 0.9 1.0 1.0 1.1 1.0 1.1 0.7 0.8 0.7 6

 7 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 4.0 7

 8 Fed. Res. loans to domestic banks 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 -8.4 8

 9 Security RPs -7.8 5.1 -2.6 3.3 7.7 -12.6 -14.3 34.9 22.9 -19.3 -4.2 9

10 Credit market instruments 27.9 36.2 31.5 12.7 12.3 17.5 11.7 11.5 8.4 37.4 47.2 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 27.9 36.2 31.5 12.7 12.3 17.5 11.7 11.5 8.4 37.4 47.2 12

13 Treasury 28.5 37.0 32.5 13.7 12.7 17.9 12.3 11.8 8.8 38.3 49.2 13

14 Agency -0.6 -0.8 -1.0 -1.0 -0.4 -0.4 -0.6 -0.3 -0.3 -0.9 -2.0 14

15 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 -1.3 8.5 16

17 Net increase in liabilities 16.7 41.8 28.0 19.5 22.7 -4.7 -1.8 52.9 44.3 1.6 47.9 17

18 Depository institution reserves 2.7 2.9 -4.2 -1.2 -5.1 -18.9 13.5 -10.1 -4.9 -9.7 18.3 18

19 Vault cash of commercial banks -1.7 0.8 5.5 2.4 4.6 -6.5 -0.6 16.0 9.5 -13.2 -1.0 19

20 Checkable deposits and currency 17.6 37.1 25.3 17.0 23.5 28.4 -13.1 46.3 32.3 36.1 22.0 20

21 Due to federal government -10.3 7.2 -7.7 -1.2 1.7 15.8 -35.2 22.6 3.7 4.8 1.1 21

22 Due to rest of the world -0.7 0.1 -0.1 0.2 -0.1 -0.6 0.1 0.5 -0.2 3.2 -2.7 22

23 Currency outside banks 28.7 29.8 33.1 18.0 21.8 13.3 21.9 23.1 28.8 28.1 23.6 23

24 Miscellaneous liabilities -1.8 1.0 1.3 1.2 -0.3 -7.8 -1.6 0.7 7.4 -11.6 8.7 24

25 Federal Reserve Bank stock 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 1.2 25

26 Other -2.2 0.6 1.1 1.0 -1.0 -8.1 -2.0 -0.9 7.1 -12.3 7.5 26

27 Discrepancy 0.3 -0.5 -3.1 -1.7 1.0 -0.4 -0.1 1.7 2.2 -2.3 1.1 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
26 Z.1, September 15, 1997

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 38.6 36.7 34.0 39.5 41.5 40.3 42.0 41.7 42.1 40.2 39.8 1

 2 Fixed nonresidential investment 18.8 19.6 17.0 17.2 17.0 16.4 16.8 17.4 17.5 17.6 18.3 2

 3 Net acquisition of financial assets 183.6 246.4 237.6 339.1 216.6 159.5 271.5 131.6 303.8 434.7 650.7 3

 4 Vault cash -1.7 0.8 5.5 2.4 4.6 -6.5 -0.6 16.0 9.5 -13.2 -1.0 4

 5 Reserves at Federal Reserve 2.5 2.5 -3.5 -1.1 -4.6 -18.9 14.3 -9.2 -4.7 -9.1 18.3 5

 6 Checkable deposits and currency -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 0.1 -0.4 6

 7 Total bank credit 115.2 162.6 156.8 273.4 190.2 143.8 162.5 177.2 277.1 371.7 361.2 7

 8 U.S. government securities 104.7 72.5 -26.2 27.0 11.2 -7.9 21.6 -16.0 46.9 96.3 15.0 8

 9 Treasury 61.9 27.8 -31.8 -11.7 -17.0 -23.2 11.9 -24.6 -32.3 37.5 -39.1 9

10 Agency 42.8 44.7 5.5 38.7 28.2 15.3 9.7 8.6 79.2 58.8 54.1 10

11 Municipal securities -5.7 1.7 -1.6 -4.2 0.9 0.4 -1.6 -0.3 5.0 1.1 0.5 11

12 Corporate and foreign bonds -1.6 3.5 4.3 8.4 1.4 -4.7 2.7 1.0 6.7 20.0 15.0 12

13 Total loans 18.5 83.6 183.7 239.8 174.6 154.7 138.7 191.0 214.2 254.4 327.2 13

14 Open market paper -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -6.4 -0.4 14

15 Bank loans n.e.c. -9.3 -8.6 62.8 113.0 95.7 73.5 105.4 139.5 64.5 148.3 146.6 15

16 Mortgages 19.2 47.3 64.9 77.5 55.1 56.7 29.5 40.8 93.4 83.8 129.5 16

17 Consumer credit -6.9 34.2 63.2 44.8 21.7 4.3 29.7 29.4 23.3 -25.6 20.1 17

18 Security credit 16.9 12.7 -5.7 4.6 1.3 18.5 -21.4 -16.4 24.5 54.2 31.4 18

19 Corporate equities -0.4 0.9 -1.4 2.1 1.8 0.7 1.7 1.9 2.7 -18.0 -1.4 19

20 Mutual fund shares -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 17.9 5.0 20

21 Customers’ liab. on acceptances (2) -3.6 -6.4 -2.4 -0.6 1.0 2.0 -3.0 4.0 1.1 1.9 3.9 21

22 Miscellaneous assets 71.7 87.2 80.7 64.8 25.6 39.8 97.9 -56.3 21.0 83.3 268.7 22

23 Net increase in liabilities 184.8 241.1 255.2 300.5 202.5 91.3 334.7 77.6 306.3 457.3 539.1 23

24 Net interbank liabilities 48.4 46.9 88.5 8.7 -52.2 -53.2 -64.7 -108.4 17.6 -62.3 -51.2 24

25 To monetary authority 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 -4.4 25

26 To domestic banks (3) -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 26

27 To foreign banks 50.3 45.6 92.8 11.1 -53.0 -61.9 -43.8 -111.5 5.1 -85.2 -21.9 27

28 Checkable deposits 92.8 74.1 -31.7 -45.9 -34.6 -47.4 -11.9 34.9 -114.0 19.4 5.0 28

29 Federal government -5.9 12.1 -18.9 -4.7 9.7 9.6 2.4 39.5 -12.8 -4.0 -14.0 29

30 Rest of the world 2.3 -0.4 1.9 0.8 2.6 -3.7 15.9 -8.0 6.3 0.9 9.7 30

31 Private domestic 96.4 62.4 -14.7 -42.0 -46.9 -53.3 -30.2 3.3 -107.4 22.5 9.3 31

32 Small time and savings deposits 2.7 -11.9 -1.1 113.7 122.9 209.4 45.0 80.5 156.8 188.4 77.2 32

33 Large time deposits -66.8 -21.0 21.3 54.8 105.1 49.0 83.8 150.6 137.2 36.6 166.9 33

34 Federal funds and security RPs (net) 18.2 41.5 78.2 30.5 41.1 24.7 79.9 16.4 43.3 78.1 91.2 34

35 Credit market instruments 10.0 13.4 20.1 22.5 11.7 -34.2 40.5 14.7 25.7 16.1 83.0 35

36 Open market paper -7.7 -2.5 3.1 -2.2 2.9 3.5 12.6 -1.1 -3.6 2.2 14.6 36

37 Corporate bonds 14.5 7.2 7.7 18.5 7.8 -20.7 22.5 10.7 18.6 12.0 38.2 37

38 Other loans and advances 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 30.2 38

39 Corporate equity issues 20.2 7.3 -3.3 -8.7 -14.3 -10.6 -10.8 -21.2 -14.8 -52.7 -30.8 39

40 Taxes payable 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 1.4 40

41 Miscellaneous liabilities 59.0 90.4 82.4 124.0 21.6 -47.4 171.9 -91.1 53.0 232.4 196.4 41

42 Discrepancy 21.0 11.7 34.6 -16.2 10.4 -44.3 88.5 -29.7 27.1 45.2 -90.1 42

 Memo:

43 Credit market funds advanced (4) 95.3 142.2 163.4 265.9 187.8 126.0 179.7 196.1 249.4 319.6 330.1 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, September 15, 1997 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 28.4 19.7 8.2 10.7 3.4 8.7 11.3 -5.1 -1.3 5.8 4.6 1

 2 Fixed nonresidential investment 16.8 17.1 14.0 13.9 13.4 12.8 13.2 13.7 13.7 13.8 14.4 2

 3 Net acquisition of financial assets 76.1 166.7 160.1 203.9 123.9 111.3 146.2 124.8 113.3 316.0 327.6 3

 4 Vault cash and reserves at Federal Reserve 1.1 3.0 2.0 1.5 -0.3 -23.8 13.2 6.6 2.9 -20.4 15.9 4

 5 Total bank credit 71.9 157.5 140.5 194.8 115.2 69.3 105.6 109.3 176.7 232.4 311.9 5

 6 U.S. government securities 85.5 56.8 -25.2 -17.1 -19.4 -33.5 -1.0 -27.9 -15.2 20.4 34.0 6

 7 Treasury 46.6 20.6 -27.0 -40.4 -34.7 -41.4 -5.8 -23.6 -67.7 -16.5 -3.2 7

 8 Agency 38.9 36.2 1.8 23.4 15.3 7.9 4.9 -4.3 52.6 37.0 37.2 8

 9 Mortgage pool securities 1.8 17.6 9.1 12.9 21.4 38.2 19.2 -6.1 34.5 29.3 18.1 9

10 Agency-issued CMOs 33.3 11.1 -14.4 -18.4 -11.5 -14.9 -25.5 -4.5 -1.2 11.6 3.1 10

11 Other agency securities 3.8 7.5 7.1 28.8 5.4 -15.4 11.2 6.4 19.4 -4.0 16.0 11

12 Municipal securities -5.7 1.9 -2.0 -4.3 1.0 0.3 -1.6 0.0 5.3 1.3 0.8 12

13 Corporate and foreign bonds -3.2 0.1 -0.6 3.3 -4.5 0.3 -2.7 -9.6 -5.8 10.7 9.9 13

14 Private mortgage pool securities 0.3 0.9 -1.1 0.9 -0.4 -0.5 -0.6 0.6 -0.9 -2.7 -0.5 14

15 Privately issued CMOs -6.6 -1.8 1.7 3.5 -3.1 3.7 -1.7 -12.9 -1.6 -1.7 -3.1 15

16 Other bonds 3.1 1.0 -1.2 -1.1 -1.0 -2.9 -0.3 2.7 -3.3 15.1 13.6 16

17 Total loans -4.1 97.3 171.5 210.5 136.0 100.9 109.7 145.2 188.1 200.1 263.6 17

18 Open market paper -1.6 -1.0 -1.3 0.3 0.3 0.7 -2.7 -1.9 5.0 -6.1 -0.2 18

19 Bank loans n.e.c. -19.7 7.5 46.0 75.3 61.3 41.1 64.6 84.9 54.7 116.9 117.8 19

20 Mortgages 21.1 52.6 68.1 81.7 57.6 62.9 32.8 40.6 93.8 92.3 137.3 20

21 Consumer credit -6.9 34.2 63.2 44.8 21.7 4.3 29.7 29.4 23.3 -25.6 20.1 21

22 Security credit 3.1 4.1 -4.6 8.3 -4.8 -8.1 -14.8 -7.8 11.4 22.6 -11.5 22

23 Corporate equities -0.4 0.9 -1.4 2.1 1.8 0.7 1.7 2.0 2.7 -18.0 -1.4 23

24 Mutual fund shares -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 17.9 5.0 24

25 Customers’ liab. on acceptances (1) -0.1 -2.4 -0.2 2.4 1.6 2.1 2.6 4.0 -2.2 2.3 2.1 25

26 Miscellaneous assets 3.2 8.6 17.9 5.3 7.4 63.7 24.8 5.0 -64.0 101.7 -2.2 26

27 Net increase in liabilities 85.0 175.7 199.4 189.7 142.5 69.6 235.1 112.5 153.0 368.0 244.4 27

28 Net interbank liabilities 12.8 29.1 79.0 -6.8 -55.7 -108.1 -46.9 -75.0 7.2 7.2 -80.4 28

29 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 4.0 29

30 Borrowing from Federal Reserve banks 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 -8.4 30

31 To domestic banking 14.6 13.3 5.6 -7.3 -23.5 -58.5 -1.6 -24.2 -9.7 22.8 -15.4 31

32 To foreign banks -4.8 18.7 74.8 -0.2 -36.3 -48.9 -46.8 -58.1 8.6 -12.0 -60.7 32

33 Checkable deposits 92.8 73.8 -32.2 -46.0 -34.4 -46.3 -13.5 37.5 -115.3 19.0 1.9 33

34 Federal government -5.9 12.1 -18.9 -4.7 9.7 9.6 2.4 39.5 -12.8 -4.0 -14.0 34

35 Rest of the world 1.7 -0.3 1.5 0.9 3.3 -1.9 12.9 -4.8 7.0 1.3 7.1 35

36 Private domestic 96.9 61.9 -14.9 -42.1 -47.4 -53.9 -28.8 2.8 -109.5 21.7 8.9 36

37 Small time and savings deposits 2.1 -10.9 -0.7 113.3 122.8 209.7 46.1 81.6 153.7 146.2 90.3 37

38 Large time deposits -76.2 -20.0 17.9 42.6 49.5 30.4 63.7 65.0 39.1 22.5 72.0 38

39 Federal funds and security RPs (net) 17.4 45.4 71.7 28.3 28.7 12.7 56.7 16.4 29.1 43.4 92.4 39

40 Acceptance liabilities -0.1 -2.5 -0.3 2.3 1.7 2.2 2.4 4.0 -1.9 2.2 2.2 40

41 Corporate bonds 8.4 3.6 3.4 2.7 7.7 7.5 9.8 2.7 10.7 4.6 7.9 41

42 Other loans and advances 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 30.2 42

43 Corporate equity issues 4.3 1.9 1.8 2.6 3.2 3.2 3.2 2.9 3.3 0.7 3.5 43

44 Taxes payable 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 1.4 44

45 Miscellaneous liabilities 20.1 46.2 48.8 43.6 16.9 -26.0 107.2 -29.0 15.3 119.2 22.9 45

46 Investment by bank holding companies 27.8 31.6 17.5 40.1 28.6 16.7 54.0 13.3 30.4 56.9 49.0 46

47 Other -7.6 14.6 31.3 3.5 -11.7 -42.6 53.2 -42.4 -15.2 62.3 -26.1 47

48 Discrepancy 20.5 11.7 33.5 -17.5 8.7 -45.9 87.0 -31.1 24.6 44.0 -93.0 48

 Memo:

49 Credit market funds advanced (2) 69.5 149.6 148.1 186.5 119.6 78.3 121.9 119.5 158.9 212.3 321.9 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
28 Z.1, September 15, 1997

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.1 1.3 2.2 2.5 2.7 2.7 2.7 2.7 2.8 2.8 2.8 1

 2 Fixed nonresidential investment 1.6 2.1 2.5 2.7 3.1 2.9 3.0 3.1 3.2 3.2 3.3 2

 3 Net acquisition of financial assets 64.4 32.9 47.5 76.6 47.5 18.0 55.9 -11.6 127.7 59.3 157.8 3

 4 Reserves at Federal Reserve -0.3 0.3 -0.0 -0.1 0.3 -1.6 0.5 0.3 1.9 -1.9 1.5 4

 5 Total bank credit 34.0 2.8 12.1 74.7 70.0 77.6 49.7 62.4 90.4 129.3 42.2 5

 6 U.S. government securities 11.7 13.9 -1.9 43.9 30.9 29.3 22.6 10.8 60.8 73.2 -22.1 6

 7 Treasury 8.7 6.5 -3.5 29.6 18.4 22.0 17.0 -0.7 35.4 53.1 -32.9 7

 8 Agency 2.9 7.4 1.5 14.3 12.4 7.3 5.6 11.5 25.3 20.1 10.9 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 1.0 1.4 5.1 4.6 3.2 -3.4 0.8 8.3 6.9 2.1 -0.7 10

11 Total loans 21.3 -12.5 9.0 26.2 36.0 51.7 26.3 43.3 22.8 54.0 64.9 11

12 Open market paper 0.2 -0.9 -0.2 -0.4 0.5 0.9 -2.0 -0.3 3.4 -0.2 -0.2 12

13 Bank loans n.e.c. 9.9 -13.7 15.1 35.4 32.2 31.8 38.4 52.6 6.2 28.4 32.2 13

14 Mortgages -2.7 -6.5 -4.8 -5.1 -2.9 -7.7 -3.6 -0.3 -0.0 -5.8 -10.0 14

15 Security credit 13.9 8.6 -1.2 -3.7 6.2 26.6 -6.6 -8.6 13.2 31.6 42.9 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) -3.6 -4.0 -2.1 -2.9 -0.6 -0.1 -5.6 0.0 3.2 -0.4 1.8 17

18 Miscellaneous assets 34.3 33.8 37.6 5.0 -22.2 -57.8 11.2 -74.4 32.2 -67.8 112.2 18

19 Net increase in liabilities 65.7 34.3 49.2 78.4 49.6 20.1 58.0 -9.5 129.9 61.6 160.1 19

20 Net interbank liabilities 32.3 16.9 11.2 18.7 -3.5 14.9 -23.2 -26.6 20.9 -75.4 -42.5 20

21 To foreign banks 49.3 29.2 25.8 15.1 -12.5 -8.6 -8.9 -47.5 14.8 -94.8 -32.5 21

22 To domestic banks -17.0 -12.3 -14.6 3.6 9.0 23.5 -14.3 20.9 6.0 19.4 -10.0 22

23 Checkable deposits -0.6 0.0 0.4 -0.1 -0.7 -0.4 0.7 -3.0 0.0 0.0 3.4 23

24 Small time and savings deposits 0.2 -0.8 -1.1 -0.7 0.1 -1.2 -2.4 -0.2 4.3 43.6 -11.3 24

25 Large time deposits 9.0 -0.8 2.6 11.0 55.6 17.7 18.9 86.4 99.3 15.5 96.6 25

26 Federal funds and security RPs (net) 0.7 -4.3 6.7 1.8 12.0 11.4 23.3 -0.6 13.8 33.9 -0.7 26

27 Acceptance liabilities -3.8 -5.1 -2.6 -3.1 -0.7 -0.4 -5.3 0.0 2.9 0.8 2.3 27

28 Miscellaneous liabilities 28.0 28.5 32.0 50.9 -13.2 -22.0 46.1 -65.6 -11.2 43.1 112.3 28

29 Foreign direct investment in U.S. 2.7 2.2 3.4 6.4 0.3 3.1 -10.0 3.2 4.9 3.1 3.2 29

30 Due to affiliates -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 6.5 30

31 Other 34.1 24.0 15.3 41.5 -14.6 -29.1 58.7 -71.2 -16.6 33.0 102.5 31

32 Discrepancy 0.8 0.7 1.3 1.7 1.8 1.7 1.8 1.7 1.8 1.9 1.9 32

 Memo:

33 Credit market funds advanced (3) 16.5 -9.8 11.2 75.4 63.3 50.8 50.7 71.1 80.5 97.3 1.1 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, September 15, 1997 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 9.1 15.6 23.4 26.2 35.3 28.8 27.8 43.9 40.5 31.5 32.2 1

 2 Fixed nonresidential investment 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 40.5 45.1 26.2 52.6 44.0 29.6 66.8 16.2 63.5 49.5 165.5 3

 4 Credit market instruments 5.6 -0.0 0.9 -0.3 3.9 -5.1 5.4 4.8 10.5 2.2 5.1 4

 5 U.S. government securities 4.9 0.1 1.0 -1.3 0.9 -2.2 0.3 1.6 3.8 -3.3 -0.1 5

 6 Treasury 5.1 -0.8 -0.7 -1.2 0.6 -2.4 -0.1 2.2 2.8 -1.8 -2.7 6

 7 Agency -0.2 0.9 1.7 -0.2 0.3 0.2 0.3 -0.5 1.0 -1.5 2.6 7

 8 Corporate and foreign bonds 0.3 1.7 -0.1 0.6 2.8 -1.4 4.8 2.6 5.3 7.1 5.3 8

 9 Bank loans n.e.c. 0.4 -1.8 -0.1 0.4 0.2 -1.5 0.3 0.6 1.4 -1.6 -0.2 9

10 Miscellaneous assets 34.8 45.2 25.3 53.0 40.1 34.7 61.4 11.4 53.0 47.3 160.5 10

11 Investment in bank subsidiaries 27.8 31.6 17.5 40.1 28.6 16.7 54.0 13.3 30.4 56.9 49.0 11

12 Investment in nonbank subsidiaries 2.3 13.0 0.2 8.2 0.3 14.1 11.3 -7.8 -16.6 31.5 96.5 12

13 Other 4.8 0.5 7.7 4.6 11.3 4.0 -3.9 5.9 39.1 -41.0 15.0 13

14 Net increase in liabilities 31.6 29.8 3.2 26.8 9.2 1.2 39.4 -27.3 23.4 18.4 133.7 14

15 Net interbank liabilities 3.4 0.9 -1.7 -3.2 7.0 40.0 5.5 -6.9 -10.4 5.9 71.8 15

16 To domestic banks -2.5 3.2 6.2 0.6 11.2 44.4 -6.5 -1.0 7.9 -15.6 0.5 16

17 To foreign banks 5.8 -2.3 -7.8 -3.8 -4.1 -4.4 12.0 -5.8 -18.3 21.5 71.3 17

18 Federal funds and security RPs (net) 0.2 0.4 -0.2 0.4 0.4 0.6 -0.1 0.6 0.4 0.8 -0.6 18

19 Credit market instruments 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.5 6.6 40.2 19

20 Commercial paper -3.9 5.2 5.9 -1.4 1.9 1.6 15.5 -5.1 -4.5 -0.8 10.0 20

21 Corporate bonds 6.1 3.6 4.3 15.8 0.1 -28.2 12.7 7.9 8.0 7.4 30.2 21

22 Corporate equity issues 15.9 5.4 -5.1 -11.3 -17.5 -13.8 -14.0 -24.1 -18.0 -53.4 -34.3 22

23 Miscellaneous liabilities 9.9 14.2 -0.2 26.6 17.3 1.1 19.8 0.2 48.0 58.4 56.5 23

24 Equity, etc. 22.1 22.0 -7.6 12.7 -11.9 -19.7 17.3 -29.5 -15.8 -29.2 10.8 24

25 Other -12.2 -7.8 7.5 13.9 29.2 20.9 2.5 29.7 63.8 87.7 45.7 25

26 Discrepancy -0.1 -0.1 -0.0 -0.0 -0.1 -0.0 -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 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 2.6 1.7 3.7 5.9 1.1 0.5 2.6 2.1 -0.8 10.0 -0.2 3

 4 Checkable deposits and currency -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 0.1 -0.4 4

 5 Credit market instruments 3.7 2.4 3.3 4.2 1.0 2.1 1.7 0.7 -0.6 7.8 2.0 5

 6 U.S. government securities 2.6 1.7 -0.2 1.5 -1.2 -1.5 -0.3 -0.5 -2.5 5.9 3.1 6

 7 Treasury 1.5 1.5 -0.6 0.2 -1.4 -1.3 0.8 -2.4 -2.8 2.7 -0.2 7

 8 Agency 1.1 0.2 0.5 1.3 0.2 -0.1 -1.2 1.9 0.3 3.2 3.3 8

 9 Municipal securities -0.0 -0.2 0.4 0.1 -0.1 0.1 -0.0 -0.4 -0.3 -0.2 -0.4 9

10 Corporate and foreign bonds 0.2 0.2 -0.1 -0.1 -0.1 -0.1 -0.3 -0.3 0.3 0.2 0.4 10

11 Bank loans n.e.c. 0.2 -0.5 1.7 1.8 1.9 2.1 2.1 1.3 2.3 4.7 -3.3 11

12 Home mortgages 1.0 1.2 0.6 1.0 0.6 0.5 0.9 1.2 -0.4 -0.9 -1.5 12

13 Commercial mortgages -0.2 0.1 0.9 -0.0 -0.1 0.9 -0.6 -0.7 0.1 -1.9 3.7 13

14 Miscellaneous assets -0.7 -0.4 -0.1 1.6 0.3 -0.8 0.5 1.7 -0.2 2.1 -1.8 14

15 Net increase in liabilities 2.5 1.3 3.5 5.5 1.1 0.4 2.3 1.8 -0.1 9.4 0.8 15

16 Checkable deposits 0.6 0.3 0.1 0.2 0.5 -0.8 1.0 0.3 1.3 0.4 -0.4 16

17 Small time and savings deposits 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.4 -1.8 17

18 Large time deposits 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.4 -1.8 18

19 Miscellaneous liabilities 1.1 1.4 1.8 2.9 0.7 -0.5 -1.1 3.3 1.0 11.7 4.8 19

20 Discrepancy -0.1 -0.5 -0.2 -0.4 0.0 -0.1 -0.2 -0.3 0.7 -0.6 1.1 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, September 15, 1997

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 13.4 4.8 5.0 2.8 2.0 4.2 5.0 5.5 -6.7 2.1 2.1 1

 2 Fixed nonresidential investment 6.1 4.8 3.8 3.3 3.2 3.1 3.2 3.3 3.3 3.4 3.5 2

 3 Net acquisition of financial assets -85.1 -39.9 -11.1 0.9 16.1 15.8 25.8 123.7 -101.0 -50.1 31.8 3

 4 Reserves at Federal Reserve 0.1 0.4 -0.6 -0.1 -0.5 -0.0 -0.8 -0.9 -0.1 -0.6 -0.0 4

 5 Checkable deposits and currency -0.6 3.1 -1.5 1.6 -1.3 -6.2 -1.3 2.9 -0.5 -4.5 1.2 5

 6 Time and savings deposits -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 1.6 -0.1 -0.1 -0.1 6

 7 Federal funds and security RPs -0.6 -3.9 -4.1 4.8 -1.2 -0.0 -7.8 2.6 0.4 -2.6 1.8 7

 8 Credit market instruments -79.0 -23.3 6.7 -7.6 19.9 34.1 44.7 49.7 -48.8 -3.0 21.1 8

 9 Open market paper -0.7 -0.3 -0.2 0.0 0.1 0.1 0.0 -0.1 0.6 -1.2 -0.1 9

10 U.S. government securities 7.0 -1.5 11.5 -4.1 -9.5 -1.5 7.8 -26.3 -18.1 -1.4 11.4 10

11 Treasury 9.0 -5.7 -1.1 -8.7 -1.0 1.4 2.8 -7.0 -1.3 -1.5 -2.6 11

12 Agency -2.0 4.2 12.6 4.7 -8.5 -2.9 4.9 -19.3 -16.8 0.1 14.1 12

13 Municipal securities -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.0 0.4 0.1 -0.6 0.4 13

14 Corporate and foreign bonds 7.3 9.1 -2.4 -8.2 -9.9 5.3 -7.1 -7.3 -30.7 -2.9 -2.8 14

15 Other loans and advances -10.1 -1.6 -0.5 2.5 3.0 4.5 1.9 6.4 -1.0 1.6 1.7 15

16 Mortgages -77.4 -29.5 -2.2 0.6 31.6 23.3 36.6 65.2 1.2 -3.1 5.9 16

17 Consumer credit -4.8 0.5 0.6 1.6 4.6 2.3 5.7 11.4 -0.9 4.6 4.6 17

18 Corporate equities 0.3 1.7 -1.8 0.7 0.6 3.0 -1.1 0.0 0.6 -13.2 0.9 18

19 Miscellaneous assets -4.1 -17.2 -8.1 1.7 -1.8 -14.6 -8.0 67.7 -52.5 -26.1 6.8 19

20 Net increase in liabilities -92.1 -51.8 -17.8 -3.2 15.4 15.5 29.0 122.8 -105.5 -48.9 23.1 20

21 Deposits -84.8 -67.4 -51.8 -5.7 -6.5 0.8 -29.6 66.0 -63.0 -11.3 -27.2 21

22 Checkable -1.4 4.4 -5.4 14.1 25.4 25.3 22.5 25.1 28.5 26.1 29.8 22

23 Small time and savings -75.5 -68.1 -44.4 -28.9 -38.1 -30.9 -49.7 12.7 -84.6 -45.9 -64.1 23

24 Large time -7.9 -3.6 -2.1 9.2 6.3 6.3 -2.4 28.2 -7.0 8.6 7.2 24

25 Security RPs -1.0 7.5 18.4 -0.0 -0.9 2.1 19.9 -14.3 -11.2 7.8 1.0 25

26 Credit market instruments -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 33.9 26

27 Corporate bonds -3.2 -1.5 -0.8 -0.0 -0.4 -0.8 0.8 -1.4 -0.1 -0.3 -1.3 27

28 Bank loans n.e.c. -0.0 -0.5 0.9 5.2 1.4 2.7 -1.9 -1.1 5.8 4.1 -1.1 28

29 Other loans and advances -3.8 13.3 12.7 -2.6 25.0 9.1 43.2 28.9 18.9 -18.5 36.2 29

30 Taxes payable 0.2 0.6 -0.9 0.5 -0.1 0.4 -1.3 0.2 0.2 -0.2 0.5 30

31 Miscellaneous liabilities 0.5 -3.8 3.7 -0.6 -3.2 1.2 -2.1 44.4 -56.2 -30.5 15.0 31

32 Investment by parent -1.0 0.4 -0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 32

33 Other 1.5 -4.2 3.7 -0.7 -3.4 1.0 -2.3 44.2 -56.4 -30.8 14.7 33

34 Discrepancy 0.3 -12.0 -5.6 -4.5 -1.9 0.7 5.0 1.3 -14.6 -0.1 -10.1 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, September 15, 1997 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.0 3.7 3.8 3.6 3.7 3.6 3.6 3.7 3.8 3.7 3.7 1

 2 Fixed nonresidential investment 0.9 1.1 1.3 1.3 1.4 1.4 1.4 1.5 1.5 1.5 1.6 2

 3 Net acquisition of financial assets 24.7 17.0 11.9 17.1 19.5 38.5 12.0 2.7 24.5 31.4 21.3 3

 4 Checkable deposits and currency 1.2 -0.1 0.0 0.9 0.1 0.9 -0.9 -1.7 2.1 0.0 -0.0 4

 5 Time and savings deposits 0.3 -1.3 -8.9 0.4 -0.7 4.5 -3.0 -3.6 -0.8 7.0 -0.2 5

 6 Federal funds and security RPs 0.4 -5.1 -2.3 0.2 -4.9 0.2 -7.8 -12.9 0.8 10.7 -11.2 6

 7 Credit market instruments 17.7 21.7 28.1 16.2 25.5 23.6 33.0 21.1 24.3 14.0 18.9 7

 8 Open market paper 0.4 -0.7 -0.1 -1.6 -0.3 -0.9 -0.3 -0.3 0.5 -0.4 0.9 8

 9 U.S. government securities 14.9 10.3 4.0 1.1 4.1 8.8 7.9 -0.7 0.2 -2.5 -4.2 9

10 Treasury 5.9 2.6 -0.5 -3.8 -0.9 4.0 -1.0 -3.3 -3.3 -2.0 -3.3 10

11 Agency 9.1 7.7 4.5 4.9 4.9 4.8 8.9 2.6 3.5 -0.5 -0.9 11

12 Home mortgages 3.3 -0.1 6.1 4.4 9.5 5.8 13.8 6.7 11.8 3.5 12.5 12

13 Consumer credit -0.9 12.2 18.0 12.3 12.2 9.8 11.7 15.4 11.9 13.4 9.8 13

14 Mutual fund shares 1.5 0.1 -1.6 0.2 -0.3 0.1 0.2 -0.7 -0.7 -0.7 -1.0 14

15 Miscellaneous assets 3.7 1.7 -3.4 -0.8 -0.2 9.3 -9.4 0.5 -1.2 0.4 14.9 15

16 Net increase in liabilities 21.7 13.3 9.5 13.4 16.4 35.6 9.6 0.1 20.3 28.8 17.5 16

17 Shares/deposits 21.6 12.6 7.9 15.4 16.3 31.7 9.7 2.1 21.7 25.2 17.8 17

18 Checkable 4.5 1.7 2.0 2.1 1.6 0.4 6.4 -0.2 -0.3 -0.2 -2.7 18

19 Small time and savings 15.5 9.8 5.5 11.6 12.3 29.1 1.6 -0.6 19.0 22.5 17.1 19

20 Large time 1.6 1.1 0.4 1.7 2.4 2.1 1.8 3.0 3.0 3.0 3.4 20

21 Other loans and advances 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 0.2 21

22 Miscellaneous liabilities 0.1 0.5 1.4 -1.9 0.0 4.0 0.1 -2.3 -1.6 3.7 -0.5 22

23 Discrepancy -0.9 -1.2 0.1 -1.4 -0.8 -0.8 -0.2 -0.4 -1.9 -0.4 -1.7 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 -7.1 1.6 18.8 -47.7 9.8 -1.6 9.6 15.8 15.2 17.0 18.6 1

 2 Deposits -5.7 -1.1 1.8 1.2 8.5 6.1 8.5 9.7 9.6 9.9 10.2 2

 3 Checkable deposits and currency -0.1 -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 3

 4 Time and savings deposits -5.2 -1.1 1.6 -1.0 -1.1 -1.1 -1.3 -1.1 -0.8 -0.4 -0.2 4

 5 Money market fund shares -0.3 0.1 0.6 2.1 9.4 7.1 9.7 10.7 10.2 10.2 10.3 5

 6 Credit market instruments 8.0 9.5 7.1 -18.8 3.9 -3.5 4.2 7.8 7.2 8.2 8.9 6

 7 Open market paper -2.5 -3.2 3.5 0.2 -0.4 -0.3 -0.6 -0.6 -0.2 0.2 0.5 7

 8 U.S. government securities -1.6 1.2 -1.1 -5.3 4.5 1.2 4.6 6.1 5.9 6.4 6.8 8

 9 Treasury -0.8 0.3 -0.6 -3.3 2.9 0.9 3.0 4.0 3.8 4.1 -0.7 9

10 Agency -0.8 0.9 -0.5 -2.0 1.6 0.4 1.6 2.2 2.1 2.3 7.5 10

11 Municipal securities 6.1 12.9 5.3 -11.1 0.6 -3.1 1.1 2.7 1.7 1.5 1.3 11

12 Corporate and foreign bonds 6.2 -1.1 -0.4 -3.1 -0.5 -1.3 -0.3 0.0 -0.2 -0.2 -0.3 12

13 Mortgages -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 0.6 13

14 Corporate equities -37.0 -55.2 -8.8 -17.9 -23.2 -24.2 -26.4 -22.1 -20.0 -21.2 -17.9 14

15 Mutual fund shares 25.8 44.9 21.7 -11.1 16.4 17.6 18.8 15.3 14.0 16.0 13.5 15

16 Miscellaneous assets 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 3.8 16

17 Net increase in liabilities (2) -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 17

18 Discrepancy 0.1 -0.7 -1.0 -2.0 2.8 1.0 2.1 3.4 4.7 6.5 7.7 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
32 Z.1, September 15, 1997

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 5.6 3.9 22.0 14.7 13.8 10.0 11.8 14.8 18.4 14.5 14.7 1

 2 Fixed nonresidential investment 18.6 26.8 23.5 29.7 24.4 23.5 24.1 25.0 25.2 25.3 26.3 2

 3 Net acquisition of financial assets 97.7 143.0 120.9 144.7 128.3 41.2 77.1 180.2 214.8 151.4 170.4 3

 4 Checkable deposits and currency -0.6 0.3 0.6 0.7 0.3 -0.2 0.8 0.1 0.6 0.9 -0.3 4

 5 Money market fund shares 5.4 6.4 -15.3 6.6 17.9 15.4 15.4 15.4 25.4 16.0 24.7 5

 6 Credit market instruments 79.5 100.9 66.7 99.2 72.5 47.6 0.9 123.2 118.1 94.3 84.4 6

 7 Open market paper -2.5 3.6 5.9 -7.3 2.9 25.2 8.1 -5.7 -15.9 18.4 9.7 7

 8 U.S. government securities 37.9 47.7 8.4 9.8 -13.6 -24.2 -38.6 35.7 -27.3 -4.4 -10.5 8

 9 Treasury 10.2 20.1 -2.9 1.0 -14.9 -9.1 -20.6 4.5 -34.3 -0.0 -19.3 9

10 Agency 27.7 27.6 11.3 8.7 1.3 -15.0 -18.0 31.1 7.0 -4.3 8.8 10

11 Municipal securities 1.1 3.2 -1.9 -0.9 1.5 1.8 -0.9 1.1 4.0 0.6 5.1 11

12 Corporate and foreign bonds 55.0 58.3 59.9 90.7 79.2 38.0 23.8 96.7 158.2 69.3 70.6 12

13 Policy loans 5.7 5.7 7.8 10.4 4.5 7.4 4.8 11.8 -5.9 5.9 9.5 13

14 Mortgages -17.5 -17.6 -13.5 -3.4 -2.1 -0.5 3.6 -16.4 5.0 4.6 -0.0 14

15 Corporate equities 12.4 36.3 61.8 18.6 42.1 -10.0 52.7 47.7 77.7 34.6 39.1 15

16 Mutual fund shares 9.0 6.3 -14.9 13.5 7.0 7.0 7.0 7.0 7.0 4.0 4.4 16

17 Miscellaneous assets -8.1 -7.3 22.0 6.1 -11.4 -18.7 0.3 -13.3 -14.0 1.6 18.2 17

18 Net increase in liabilities 103.1 125.2 120.2 122.4 108.6 33.4 65.9 145.9 189.3 146.7 168.1 18

19 Other loans and advances 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 0.1 19

20 Life insurance reserves 27.7 35.7 34.3 44.8 43.8 20.0 31.1 57.8 66.5 44.9 64.1 20

21 Pension fund reserves (1) 68.9 73.9 69.6 66.2 47.6 25.0 16.9 59.7 88.9 106.6 103.4 21

22 Taxes payable 0.8 0.3 -0.7 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Miscellaneous liabilities 5.7 15.0 16.7 11.3 16.0 -14.1 17.6 28.7 31.9 -5.6 0.4 23

24 Discrepancy -7.5 -40.7 -2.2 -37.3 -30.4 -21.3 -23.5 -44.5 -32.2 -15.5 -13.8 24

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -7.0 -1.1 -3.4 1.3 0.8 0.9 0.2 0.6 1.4 0.8 0.8 1

 2 Fixed nonresidential investment 2.3 2.8 3.1 3.0 3.1 3.0 3.1 3.2 3.2 3.3 3.4 2

 3 Net acquisition of financial assets 9.4 31.7 28.2 36.0 23.8 27.2 21.2 40.9 6.1 51.9 20.1 3

 4 Checkable deposits and currency 0.2 -0.4 -0.2 -0.2 -0.9 -0.2 -4.2 1.3 -0.6 1.2 0.7 4

 5 Security RPs 5.6 -0.9 -2.3 8.1 -2.1 8.1 -23.0 12.0 -5.4 10.6 12.4 5

 6 Credit market instruments 6.7 27.7 24.9 21.5 21.5 13.6 30.5 14.2 27.7 3.9 11.4 6

 7 U.S. government securities 2.3 15.4 11.0 2.8 -9.7 0.9 -21.1 -13.9 -4.9 1.2 -11.9 7

 8 Treasury 2.6 14.2 9.4 0.5 -12.6 0.5 -18.9 -15.4 -16.5 0.9 -24.3 8

 9 Agency -0.3 1.3 1.6 2.3 2.8 0.4 -2.2 1.4 11.7 0.3 12.4 9

10 Municipal securities 6.3 10.4 7.4 7.0 14.4 8.1 16.0 5.0 28.5 1.3 17.5 10

11 Corporate and foreign bonds -1.2 3.3 7.2 12.7 17.3 5.6 35.7 23.2 4.7 1.0 5.3 11

12 Commercial mortgages -0.6 -1.4 -0.7 -1.0 -0.4 -1.0 -0.0 -0.1 -0.6 0.3 0.5 12

13 Corporate equities -0.4 0.8 1.1 -1.5 2.1 -1.2 11.0 9.1 -10.6 13.9 -0.6 13

14 Trade receivables -0.1 1.7 2.2 4.4 -0.1 4.4 4.3 0.5 -9.7 16.3 -4.7 14

15 Miscellaneous assets -2.7 2.8 2.3 3.7 3.4 2.4 2.6 3.7 4.6 5.9 1.0 15

16 Net increase in liabilities 28.8 23.7 22.3 30.1 25.7 32.4 15.4 31.5 23.6 15.9 24.8 16

17 Corporate equity issues 5.5 7.4 6.5 7.1 11.0 7.0 8.0 8.0 20.8 2.8 6.8 17

18 Taxes payable 0.3 0.4 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Miscellaneous liabilities 23.1 15.8 16.4 23.0 14.8 25.4 7.3 23.5 2.8 13.1 18.0 19

20 Discrepancy 10.2 -11.9 -12.3 -7.6 -0.5 3.1 -8.7 -12.0 15.7 -38.5 2.1 20
Z.1, September 15, 1997 33

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.5 0.5 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 1

 2 Fixed nonresidential investment 1.4 1.2 1.5 0.8 1.2 1.2 1.2 1.2 1.3 1.3 1.3 2

 3 Net acquisition of financial assets 76.1 97.8 88.3 99.5 87.8 82.0 87.6 85.9 95.5 90.8 89.2 3

 4 Checkable deposits and currency -0.0 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits -22.1 -8.4 -6.1 -15.7 -13.6 -12.0 -15.5 -15.2 -11.7 -15.3 -15.4 5

 6 Money market fund shares 1.0 6.5 5.3 6.0 4.7 6.5 0.6 2.6 9.0 1.6 5.6 6

 7 Security RPs 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 0.2 7

 8 Credit market instruments 37.5 49.5 47.7 63.1 46.6 69.5 45.4 41.9 29.5 57.5 57.8 8

 9 Open market paper 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 0.2 9

10 U.S. government securities 16.3 23.7 14.3 28.3 13.4 27.1 12.1 11.8 2.7 17.3 19.9 10

11 Treasury 11.2 15.7 10.0 18.2 8.9 16.9 7.8 8.3 2.6 11.0 12.7 11

12 Agency 5.1 8.0 4.3 10.1 4.5 10.1 4.3 3.5 0.2 6.3 7.2 12

13 Municipal securities -0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1 13

14 Corporate and foreign bonds 23.0 22.2 22.7 33.8 27.9 36.3 28.3 26.6 20.5 34.0 35.9 14

15 Mortgages -3.7 -0.1 1.2 1.1 1.3 1.9 1.4 1.2 0.7 1.7 1.7 15

16 Corporate equities 30.8 15.5 -8.0 6.6 -2.3 -22.0 -3.6 5.3 11.3 -7.9 -1.8 16

17 Mutual fund shares 10.2 21.1 20.2 24.9 29.2 32.4 34.3 24.7 25.4 29.6 30.8 17

18 Miscellaneous assets 16.8 9.8 19.8 14.9 19.4 3.7 23.0 24.4 26.5 21.0 12.1 18

19 Unallocated insurance contracts (2) -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 -16.3 19

20 Contributions receivable 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 21.3 3.7 9.5 17.0 14.2 11.6 20.8 20.4 3.9 14.5 24.7 21

22 Pension fund reserves (liabilities) (3) 77.0 98.4 89.1 99.5 88.3 82.5 88.2 86.4 96.1 91.4 89.8 22

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.6 1.1 1.2 1.3 1.2 1.2 1.3 1.3 1.3 1.3 1

 2 Fixed nonresidential investment 1.5 1.5 2.2 1.3 2.2 2.1 2.2 2.3 2.3 2.4 2.4 2

 3 Net acquisition of financial assets 56.0 53.8 65.7 59.4 54.4 49.4 57.1 54.2 56.8 66.0 59.4 3

 4 Checkable deposits and currency 1.7 0.7 -0.6 -2.2 0.0 0.9 -1.1 -1.9 2.3 -2.9 1.8 4

 5 Time and savings deposits -2.1 2.7 -3.2 -1.3 -0.1 -1.7 0.6 -0.7 1.4 11.6 -2.9 5

 6 Security RPs 2.4 0.2 7.9 -1.6 7.0 -1.6 0.6 22.0 7.1 -1.2 -2.2 6

 7 Credit market instruments 5.9 21.1 30.7 22.7 34.5 54.9 47.9 19.0 16.1 38.7 21.1 7

 8 Open market paper 2.4 0.2 7.9 -1.6 7.0 -1.6 0.6 22.0 7.1 -1.2 6.6 8

 9 U.S. government securities -15.8 12.2 16.8 26.1 20.4 41.5 41.5 -6.0 4.6 20.8 8.0 9

10 Treasury -3.0 16.9 8.8 8.4 9.8 23.2 33.8 -12.6 -5.2 17.4 -10.0 10

11 Agency -12.8 -4.7 8.0 17.6 10.6 18.4 7.7 6.5 9.8 3.4 18.0 11

12 Municipal securities 0.1 0.2 -0.3 0.2 0.0 -0.6 -0.1 0.7 -0.0 -0.2 0.1 12

13 Corporate and foreign bonds 19.6 10.4 5.6 -2.7 6.3 14.8 5.2 1.5 3.7 18.5 5.6 13

14 Mortgages -0.4 -1.9 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.9 14

15 Corporate equities 17.7 50.9 19.1 40.6 53.7 51.9 2.9 87.7 72.2 41.5 65.0 15

16 Miscellaneous assets 30.4 -21.7 11.8 1.2 -40.7 -55.0 6.2 -71.8 -42.3 -21.6 -23.5 16

17 Pension fund reserves (liabilities) (1) 56.9 54.7 66.8 59.5 55.4 50.3 58.1 55.2 57.9 67.1 60.4 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
34 Z.1, September 15, 1997

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 4.5 20.2 43.3 142.3 145.8 227.6 23.1 145.1 187.5 182.4 58.5 1

 2 Foreign deposits -1.2 -10.3 5.7 4.0 3.4 6.1 -28.3 13.5 22.4 -9.8 -1.6 2

 3 Checkable deposits and currency -2.4 1.4 -1.3 -1.0 2.4 2.3 0.8 -3.5 9.9 2.8 -0.1 3

 4 Time and savings deposits -0.5 -2.8 -0.5 20.9 30.4 17.1 -8.1 51.1 61.4 66.8 28.0 4

 5 Security RPs -1.0 0.4 2.4 19.0 16.0 15.0 7.9 15.1 25.9 42.9 -20.7 5

 6 Credit market instruments 4.7 20.4 30.0 86.5 88.8 164.1 27.0 83.0 81.3 65.2 19.7 6

 7 Open market paper -17.0 -9.1 22.7 48.4 38.4 38.9 37.9 46.4 30.3 108.6 -0.0 7

 8 U.S. government securities 13.8 14.5 -3.9 17.5 31.3 86.1 -17.8 25.7 31.0 -69.9 6.2 8

 9 Treasury 0.2 1.0 -13.3 3.8 20.3 64.5 8.8 5.6 2.1 -30.9 1.3 9

10 Agency 13.6 13.5 9.4 13.7 11.0 21.6 -26.6 20.1 28.9 -39.0 4.9 10

11 Municipal securities 5.4 9.6 7.8 14.3 16.8 26.7 5.2 12.8 22.5 16.7 8.0 11

12 Corporate and foreign bonds 2.5 5.4 3.4 6.4 2.4 12.4 1.6 -1.9 -2.6 9.8 5.5 12

13 Miscellaneous assets 5.0 11.0 6.9 12.8 4.8 23.0 23.8 -14.1 -13.3 14.6 33.1 13

14 Net share issues (liabilities) 4.5 20.2 43.3 142.3 145.8 227.6 23.1 145.1 187.5 182.4 58.5 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -18.6 -33.9 -45.3 -53.3 -80.7 -70.4 -74.8 -83.8 -93.8 -85.0 -85.0 1

 2 Net acquisition of financial assets 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 2

 3 Security RPs 9.7 16.8 4.4 7.1 -2.7 -15.3 13.6 25.3 -34.5 22.1 23.7 3

 4 Credit market instruments 126.2 159.5 -7.1 52.5 48.9 88.5 54.3 27.5 25.3 61.9 108.1 4

 5 Open market paper 9.7 16.8 4.4 7.1 -3.1 -13.4 3.5 15.6 -17.9 13.1 26.1 5

 6 U.S. government securities 56.8 49.2 -10.4 18.9 15.1 55.0 8.4 -7.7 4.7 21.3 31.6 6

 7 Treasury 36.0 31.4 -6.8 11.2 8.9 32.5 4.9 -4.5 2.8 12.6 18.6 7

 8 Agency 20.8 17.9 -3.6 7.7 6.2 22.5 3.4 -3.1 1.9 8.7 13.0 8

 9 Municipal securities 28.7 42.9 -4.3 3.2 3.1 7.8 2.0 1.3 1.4 3.7 3.0 9

10 Corporate and foreign bonds 31.0 50.6 3.2 23.3 33.8 39.2 40.4 18.3 37.1 23.9 47.4 10

11 Corporate equities 59.8 115.3 100.8 87.4 193.0 229.5 224.5 139.2 179.0 166.0 121.7 11

12 Miscellaneous assets -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 3.4 -11.8 12

13 Net share issues (liabilities) 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 13

14 Discrepancy -18.6 -33.9 -45.3 -53.3 -80.7 -70.4 -74.8 -83.8 -93.8 -85.0 -85.0 14

 Memo:

15 Capital gains dividends 22.2 36.1 30.0 54.6 101.1 50.5 80.6 57.5 215.7 67.8 50.2 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 4.8 1

 2 Credit market instruments 18.2 14.4 -3.3 13.3 9.3 10.9 9.8 9.0 7.5 6.7 5.3 2

 3 U.S. government securities 1.7 2.0 -6.2 3.0 1.2 1.9 1.4 1.1 0.4 0.1 -0.6 3

 4 Municipal securities 14.3 7.9 7.4 5.0 4.9 4.9 5.0 4.8 4.9 4.8 4.8 4

 5 Corporate and foreign bonds 2.2 4.4 -4.4 5.4 3.2 4.1 3.4 3.1 2.2 1.8 1.0 5

 6 Corporate equities -0.0 1.8 5.2 -6.2 -2.5 -5.0 -2.9 -1.7 -0.5 -2.0 -0.5 6

 7 Net share issues (liabilities) 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 4.8 7
Z.1, September 15, 1997 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.5 1.7 1.7 2.0 2.0 2.0 2.0 2.0 1.9 2.0 2.0 1

 2 Fixed nonresidential investment 0.4 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 55.5 78.8 150.7 115.1 91.7 39.6 108.6 83.8 134.6 21.1 178.3 3

 4 Checkable deposits and currency -0.0 0.9 -0.9 0.2 -0.8 -2.1 -1.2 -0.4 0.6 0.8 8.0 4

 5 Federal funds and security RPs -1.0 -16.2 35.4 20.5 -11.8 -9.2 -2.2 0.3 -36.0 6.4 24.5 5

 6 Credit market instruments 68.8 87.8 117.8 84.7 92.0 33.9 114.7 81.2 138.1 45.1 119.0 6

 7 Open market paper 2.7 -1.7 14.4 -0.8 9.6 6.2 0.1 -4.6 36.7 31.2 10.8 7

 8 U.S. government securities 30.2 11.2 63.4 63.4 46.7 30.6 71.8 63.6 20.7 50.8 59.2 8

 9 Treasury 17.9 -7.1 0.4 6.1 -12.9 -25.3 22.7 8.1 -57.3 -8.1 13.1 9

10 Agency 12.3 18.4 63.1 57.4 59.6 55.9 49.1 55.5 78.0 58.9 46.1 10

11 Municipal securities 0.2 -0.6 0.8 1.0 -0.3 -1.9 0.9 -0.2 -0.2 1.2 -2.0 11

12 Corporate and foreign bonds 0.0 11.1 8.5 5.5 5.6 -7.6 -11.5 -2.8 44.1 -3.2 0.2 12

13 Other loans and advances 3.7 26.5 27.2 11.2 28.8 0.5 50.2 28.2 36.4 -20.9 57.2 13

14 Sallie Mae 1.5 1.8 3.6 0.9 -1.7 -3.9 -2.6 -2.9 2.5 -4.9 -5.8 14

15 Farm Credit System 1.4 1.4 0.8 3.9 1.4 7.9 -1.5 -2.2 1.5 3.0 0.2 15

16 FHLB loans 0.8 23.3 22.8 6.4 29.1 -3.6 54.3 33.4 32.3 -18.9 62.9 16

17 Mortgages 32.1 41.3 3.6 4.4 1.7 6.1 3.3 -3.1 0.4 -14.0 -6.5 17

18 Home 30.5 39.8 2.6 3.9 0.8 3.6 1.7 -3.2 1.1 -13.1 -5.7 18

19 Multifamily residential 1.6 1.7 0.9 0.6 -0.3 0.7 -0.2 -0.7 -0.8 -1.2 -1.9 19

20 Farm -0.1 -0.2 0.1 -0.1 1.1 1.7 1.8 0.8 0.1 0.2 1.1 20

21 Miscellaneous assets -12.3 6.3 -1.7 9.7 12.3 17.0 -2.7 2.7 32.0 -31.2 26.9 21

22 Net increase in liabilities 52.7 75.7 147.3 112.0 93.1 36.6 106.9 82.2 146.7 22.4 178.4 22

23 Credit market instruments 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 23

24 GSE issues (2) 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 24

25 U.S. government loans -0.0 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 12.5 -4.9 -24.9 6.1 2.7 5.2 -20.0 2.2 23.4 31.3 -19.7 26

27 Discrepancy -1.7 -2.0 -2.3 -1.6 2.9 -1.5 -0.2 -0.2 13.5 2.7 1.4 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Student Loan Marketing Association (Sallie Mae), Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 1

 2 Home mortgages 117.8 86.1 115.4 93.7 135.5 113.8 169.9 135.8 122.4 109.6 82.4 2

 3 Multifamily residential mortgages -2.3 -1.4 -0.0 4.5 5.6 3.6 4.5 7.1 7.2 5.0 5.7 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 4

 5 Net increase in pool securities (liabilities)(2) 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
36 Z.1, September 15, 1997

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.2 0.2 0.3 0.5 1.1 0.5 1.2 1.2 1.3 1.3 1.5 1

 2 Fixed nonresidential investment 0.1 0.2 0.6 1.8 6.3 -0.0 18.1 0.6 6.6 -0.1 4.8 2

 3 Net acquisition of financial assets 57.4 82.8 68.5 131.6 127.1 139.5 145.9 88.7 134.4 59.5 82.9 3

 4 Agency securities (1) -29.3 14.9 1.6 1.6 -19.5 -1.8 -19.3 -14.3 -42.5 -39.0 -18.7 4

 5 Other loans and advances 2.9 9.7 4.3 6.9 13.1 8.3 27.5 -6.5 23.0 -15.4 5.7 5

 6 Student loans 0.0 0.0 0.0 1.0 5.0 6.0 6.0 4.0 4.0 2.5 1.9 6

 7 Loans to business 2.9 9.7 4.3 5.9 8.1 2.3 21.5 -10.5 19.0 -17.9 3.8 7

 8 Mortgages (2) 62.2 45.3 40.3 37.0 53.7 56.1 59.4 37.2 62.1 58.1 51.4 8

 9 Home 50.9 32.7 22.8 20.0 25.2 28.4 36.3 24.7 11.4 36.4 12.5 9

10 Multifamily residential 2.6 2.4 6.2 6.4 12.4 12.8 9.3 5.3 22.2 7.2 15.9 10

11 Commercial 8.7 10.3 11.3 10.6 16.1 14.9 13.7 7.2 28.5 14.5 23.0 11

12 Consumer credit 17.3 10.2 15.6 65.6 54.8 57.1 68.1 45.7 48.5 30.9 32.9 12

13 Trade credit 4.3 2.6 6.8 20.5 25.0 19.8 10.1 26.8 43.3 25.0 11.5 13

14 Net increase in liabilities 57.3 82.8 68.8 132.9 132.4 138.9 162.8 88.2 139.6 58.1 86.3 14

15 Commercial paper 8.1 4.7 12.4 37.3 45.4 38.1 30.8 51.8 61.1 47.6 35.0 15

16 Corporate bonds 49.2 78.1 56.4 95.6 87.0 100.8 132.0 36.4 78.5 10.5 51.2 16

17 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Memo:

 Securitized consumer leases

18 not included above (3) -0.1 0.0 0.3 1.3 5.3 -0.5 17.0 -0.5 5.2 -1.4 3.4 18

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 11.6 15.0 24.3 27.2 28.7 29.8 27.5 28.1 29.7 29.2 29.3 1

 2 Fixed nonresidential investment 11.6 15.4 22.0 22.6 21.4 26.7 9.2 27.7 21.8 28.7 25.0 2

 3 Net acquisition of financial assets -5.2 5.3 41.6 71.8 46.4 37.4 55.1 40.0 53.1 34.3 68.5 3

 4 Checkable deposits and currency 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 4

 5 Credit market instruments 0.4 -20.9 48.3 49.9 18.4 30.4 36.3 13.1 -6.3 41.4 1.8 5

 6 Other loans and advances 1.1 -15.9 25.9 26.7 7.9 11.8 7.6 6.1 6.1 26.3 -13.9 6

 7 Mortgages 2.5 -3.1 4.2 5.6 10.2 7.2 24.4 7.6 1.6 2.9 5.6 7

 8 Consumer credit -3.3 -1.9 18.3 17.7 0.3 11.4 4.3 -0.6 -14.0 12.2 10.1 8

 9 Miscellaneous assets -6.9 25.7 -7.1 21.5 27.6 6.6 18.5 26.5 59.0 -7.5 66.3 9

10 Net increase in liabilities 2.3 9.7 63.4 71.7 54.8 32.0 70.4 44.2 72.6 35.5 58.0 10

11 Credit market instruments -2.3 -0.8 49.1 50.8 43.2 41.5 56.8 30.7 43.8 6.4 124.3 11

12 Open market paper -6.0 -0.1 22.5 -2.9 9.0 9.4 13.4 13.3 -0.2 42.6 41.6 12

13 Corporate bonds 9.6 13.0 32.2 53.3 29.8 30.1 35.0 13.2 40.9 -32.4 82.0 13

14 Bank loans n.e.c. -6.0 -13.7 -5.6 0.5 4.4 2.0 8.3 4.2 3.1 -3.8 0.7 14

15 Taxes payable 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous liabilities 4.5 10.4 14.4 20.9 11.6 -9.5 13.6 13.5 28.8 29.1 -66.3 16

17 Foreign direct investment in U.S. 1.4 23.6 3.2 15.4 7.5 -12.4 7.8 22.2 12.6 15.8 11.9 17

18 Investment by parent 2.1 1.3 6.3 9.4 8.8 -2.1 21.2 6.4 9.7 2.6 2.1 18

19 Other 1.0 -14.6 4.9 -3.9 -4.7 5.0 -15.3 -15.1 6.6 10.7 -80.4 19

20 Discrepancy 7.5 4.0 24.1 4.5 15.8 -2.2 33.6 4.5 27.3 1.6 -6.2 20

 Memo:

21 Consumer leases not included above (2) 5.5 10.2 18.2 13.4 11.7 10.2 13.4 12.5 10.6 12.2 11.5 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, September 15, 1997 37

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -8.2 -0.0 1

 2 Home mortgages -0.4 -0.5 -24.0 -4.5 8.2 51.8 -27.7 4.8 4.0 -8.0 0.4 2

 3 Multifamily residential mortgages 0.3 0.1 0.0 1.1 -0.1 -0.0 0.9 -1.3 0.1 -0.1 -0.4 3

 4 Commercial mortgages 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -8.2 -0.0 5

 6 Bank loans n.e.c. 8.0 0.0 -11.5 0.4 12.4 20.0 16.0 1.7 12.1 5.9 10.0 6

 7 Investment by parent -7.9 -0.1 -12.5 -3.8 -4.3 31.8 -42.8 1.7 -7.9 -14.1 -10.0 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.7 4.2 12.8 15.4 21.8 21.2 21.6 22.1 22.2 22.5 22.8 1

 2 Fixed nonresidential investment 1.7 1.1 14.6 7.8 20.8 14.8 20.7 24.7 23.1 26.3 27.7 2

 3 Multifamily residential investment 2.6 5.2 7.3 2.9 5.2 3.7 5.2 6.2 5.8 6.6 6.9 3

 4 Net acquisition of financial assets -0.2 3.6 4.6 3.4 2.4 0.9 1.3 1.6 5.6 4.5 6.8 4

 5 Mortgages 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 3.4 5

 6 Home 0.5 0.1 0.5 0.2 0.3 0.4 0.4 0.4 0.2 0.2 0.4 6

 7 Multifamily residential 3.1 0.4 3.1 1.4 2.0 2.2 2.2 2.2 1.3 1.3 2.2 7

 8 Commercial -2.5 0.1 1.1 0.5 0.7 0.8 0.8 0.8 0.5 0.5 0.8 8

 9 Miscellaneous assets -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 2.5 3.4 9

10 Net increase in liabilities 4.7 18.7 32.5 16.8 29.0 18.6 26.0 31.1 40.2 44.0 48.4 10

11 Security RPs 1.9 2.1 4.7 1.2 1.6 1.0 1.5 1.7 2.3 1.3 2.2 11

12 Credit market instruments 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 19.1 18.6 12

13 Open market paper -0.0 -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Corporate bonds 1.0 0.3 2.0 2.0 2.8 1.8 2.5 3.0 3.9 2.3 3.8 14

15 Bank loans n.e.c. -1.3 -0.2 2.5 -1.9 -1.5 -1.3 -1.8 -2.2 -0.6 0.8 0.8 15

16 Mortgages 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 14.0 16

17 Corporate equity issues 2.0 13.2 11.1 8.3 12.3 7.9 11.0 13.2 17.2 21.7 26.1 17

18 Miscellaneous liabilities 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 1.8 1.5 18

19 Discrepancy 3.4 13.0 18.8 18.1 22.4 20.4 20.5 20.8 28.0 29.1 29.7 19
38 Z.1, September 15, 1997

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -2.0 -0.3 6.6 2.1 3.7 2.6 4.2 3.1 3.2 3.3 3.3 1

 2 Fixed nonresidential investment 0.8 1.0 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 2

 3 Net acquisition of financial assets 49.2 97.0 -24.1 113.4 66.5 5.2 -16.6 71.4 206.1 63.8 265.7 3

 4 Checkable deposits and currency 0.2 1.9 -0.3 1.7 1.9 -3.3 9.6 -0.1 1.4 -3.1 9.7 4

 5 Credit market instruments -1.3 14.8 -44.2 90.1 -17.1 -109.0 -72.0 35.5 77.0 -12.8 23.0 5

 6 Open market paper 1.2 -0.3 -3.7 10.9 2.1 -21.2 12.6 -7.4 24.4 7.2 6.8 6

 7 U.S. government securities -14.4 -12.8 -30.2 70.0 -31.8 -68.2 -84.4 33.6 -8.2 -45.2 2.5 7

 8 Treasury -13.3 -20.7 -14.4 61.0 -33.0 -52.2 -77.2 40.4 -43.0 -39.6 2.9 8

 9 Agency -1.0 7.8 -15.8 9.0 1.2 -16.0 -7.2 -6.8 34.8 -5.6 -0.4 9

10 Municipal securities 1.9 5.8 -1.7 -2.7 -1.9 -15.4 -0.3 -3.7 11.9 -3.2 6.6 10

11 Corporate and foreign bonds 10.0 22.2 -8.7 12.0 14.5 -4.1 0.0 13.1 49.0 28.4 7.1 11

12 Corporate equities -0.6 8.1 -3.4 7.7 -1.9 -32.3 12.0 -14.0 26.5 3.3 -6.4 12

13 Security credit -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 27.1 34.6 13

14 Miscellaneous assets 52.6 49.6 24.8 10.3 68.0 107.8 30.8 61.7 71.7 49.2 204.7 14

15 Net increase in liabilities 51.9 98.0 -29.1 112.8 64.5 3.9 -19.5 69.8 203.9 61.3 263.8 15

16 Security RPs (net) 24.0 20.0 -23.0 79.0 -3.1 -32.5 -2.8 -19.7 42.6 -35.5 123.0 16

17 Corporate bonds 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 42.4 17

18 Corporate equity issues -1.9 1.3 4.7 -8.1 -6.5 -5.1 -3.6 -5.8 -11.7 3.8 -15.1 18

19 Trade payables 0.6 2.7 -0.9 1.1 4.0 5.4 5.7 5.7 -0.7 13.4 -5.2 19

20 Security credit 6.2 38.7 1.0 23.1 36.7 71.9 -37.8 16.9 95.6 90.4 79.8 20

21 Customer credit balances (HH) -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 36.3 48.3 21

22 From banks 16.9 12.7 -5.7 4.6 1.3 18.5 -21.4 -16.4 24.5 54.2 31.4 22

23 Taxes payable 0.0 0.5 -0.2 -0.1 0.1 -0.2 0.5 -0.5 0.7 -0.9 -0.6 23

24 Miscellaneous liabilities 13.1 15.6 1.6 12.6 27.3 -15.4 4.0 58.9 61.9 -12.7 18.9 24

25 Foreign direct investment in U.S. 0.0 0.1 0.8 1.5 0.5 0.5 0.4 0.2 0.8 0.7 1.4 25

26 Due to affiliates 29.3 29.2 25.6 25.0 35.4 30.6 87.9 11.0 12.2 72.1 79.1 26

27 Other -16.3 -13.7 -24.8 -13.9 -8.6 -46.5 -84.4 47.6 48.9 -85.6 -61.6 27

28 Proprietors’ net investment 7.2 7.1 -12.7 10.2 8.0 11.6 1.4 8.5 10.5 5.6 20.6 28

29 Discrepancy -0.1 -0.4 0.5 0.3 0.5 0.1 0.1 0.2 -0.2 -0.5 0.1 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 47.2 -6.1 32.7 14.7 81.4 149.7 83.6 47.4 44.7 69.3 -27.3 1

 2 Money market fund shares 23.5 10.1 31.8 2.4 27.3 32.4 20.5 23.4 32.9 7.0 11.3 2

 3 Credit market instruments 13.3 -35.6 -28.4 -8.6 17.5 65.9 21.1 -2.4 -14.5 27.2 -19.1 3

 4 Open market paper 13.3 -39.6 -38.4 -18.4 -5.3 41.8 -3.8 -29.6 -29.5 15.1 -23.2 4

 5 Corporate and foreign bonds 0.0 4.0 10.0 9.8 22.8 24.1 24.9 27.3 14.9 12.0 4.1 5

 6 Miscellaneous assets (2) 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.1 -19.5 6

 7 Investment in foreign banking offices -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 6.5 7

 8 Investment in brokers and dealers 19.2 17.2 16.1 17.8 35.5 47.4 44.6 23.9 25.9 28.2 -26.1 8

 9 Net increase in liabilities 47.2 -6.1 32.7 14.7 81.4 149.7 83.6 47.4 44.7 69.3 -27.3 9

10 Credit market instruments 16.6 5.7 24.2 34.9 61.5 36.3 62.9 28.8 118.0 87.5 -55.6 10

11 Open market paper 4.9 -7.9 4.2 10.5 35.4 -34.9 49.3 20.1 106.9 83.0 -13.2 11

12 Corporate bonds 11.7 13.6 20.0 24.4 26.1 71.1 13.6 8.7 11.1 4.6 -42.4 12

13 Miscellaneous liabilities 30.6 -11.7 8.4 -20.2 19.9 113.4 20.8 18.6 -73.3 -18.3 28.3 13

14 Foreign direct investment in U.S. -6.2 13.8 5.0 -14.0 -25.0 15.1 -20.8 -2.5 -91.7 -52.4 36.0 14

15 Securities loaned (net) 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 52.4 169.1 15

16 Other -13.8 -69.1 -21.2 -0.7 -14.9 -7.3 14.1 -42.1 -24.3 -18.3 -176.9 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, September 15, 1997 39

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves -3.9 1.4 -5.3 9.6 -6.7 -0.1 2.1 -30.0 1.3 -17.9 1.0 1

 2 U.S. gold stock and SDRs -2.3 0.5 0.4 0.8 -0.4 0.8 0.5 -3.4 0.6 -0.3 0.5 2

 3 Federal govt.: Exchange Stab. Fund -2.3 0.5 0.4 0.8 -0.4 0.8 0.5 -3.4 0.6 -0.3 0.5 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 4

 5 U.S. foreign exchange position -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -17.6 0.4 5

 6 Official foreign currency holdings -4.3 0.8 -5.3 6.3 -7.6 -4.3 0.7 -27.3 0.6 -13.4 0.6 6

 7 Treasury -2.1 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -6.7 0.3 7

 8 Monetary authority -2.1 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -6.7 0.3 8

 9 Net IMF position 2.7 0.0 -0.5 2.5 1.3 3.4 0.9 0.7 0.1 -4.2 -0.2 9

10 Federal government 2.7 0.1 -0.5 2.5 1.3 3.4 0.9 0.7 0.1 -4.2 -0.2 10

11 Monetary authority -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 0.0 1

 2 Asset: Monetary authority -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.2 0.4 0.7 0.6 -0.0 0.0 -0.0 2.3 -2.3 0.4 0.2 3

 4 Asset: Monetary authority 0.4 0.6 0.9 1.0 1.0 1.1 1.0 1.1 0.7 0.8 0.7 4

 5 Discrepancy (seigniorage) -0.2 -0.2 -0.2 -0.5 -1.0 -1.1 -1.0 1.3 -3.1 -0.3 -0.6 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability -3.4 -18.5 52.9 35.3 82.0 100.8 3.0 119.7 104.5 188.6 79.0 1

 Held by:

 2 Household sector 1.2 -1.1 3.1 4.6 10.1 10.7 6.7 11.0 12.1 16.1 13.1 2

 3 Nonfinancial corporate business -0.7 -1.4 1.1 1.1 10.4 10.8 -2.0 3.9 28.8 3.4 13.0 3

 4 Money market mutual funds -1.2 -10.3 5.7 4.0 3.4 6.1 -28.3 13.5 22.4 -9.8 -1.6 4

 5 Discrepancy--unallocated assets -2.7 -5.7 43.0 25.7 58.1 73.2 26.6 91.3 41.3 179.0 54.5 5
40 Z.1, September 15, 1997

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 49.4 50.5 89.8 9.9 -52.6 -78.6 -51.8 -102.5 22.3 -85.2 -33.9 1

 2 Monetary authority 0.9 3.7 1.3 1.3 -0.5 -25.4 13.0 5.9 4.7 -22.9 17.3 2

 3 Depository institution reserves 2.7 2.9 -4.2 -1.2 -5.1 -18.9 13.5 -10.1 -4.9 -9.7 18.3 3

 4 Vault cash -1.7 0.8 5.5 2.4 4.6 -6.5 -0.6 16.0 9.5 -13.2 -1.0 4

 5 Commercial banking 48.4 46.9 88.5 8.7 -52.2 -53.2 -64.7 -108.4 17.6 -62.3 -51.2 5

 6 To monetary authority 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 -4.4 6

 7 To banks in foreign countries 50.3 45.6 92.8 11.1 -53.0 -61.9 -43.8 -111.5 5.1 -85.2 -21.9 7

 8 Liabilities, net 48.6 46.3 93.6 10.7 -47.8 -50.5 -47.8 -98.9 6.0 -50.2 -32.9 8

 9 U.S.-chartered commercial banks -6.5 19.3 74.4 -2.7 -31.1 -40.8 -43.9 -47.2 7.5 19.9 -67.6 9

10 Due to foreign affiliates -10.1 6.6 52.6 -14.7 -1.9 -63.2 -9.3 19.7 45.1 27.0 22.6 10

11 - Due from foreign affiliates -3.7 -12.8 -21.7 -12.0 29.2 -22.3 34.7 66.9 37.7 7.1 90.2 11

12 Foreign banking offices in U.S. 49.3 29.2 27.1 17.2 -12.5 -5.3 -15.9 -45.8 16.8 -91.6 -36.6 12

13 Due to foreign affiliates 3.7 -1.7 1.4 15.5 10.5 -16.2 -2.3 -6.5 67.0 -0.4 -2.4 13

14 - Due from foreign affiliates -45.6 -30.9 -25.7 -1.7 23.0 -10.9 13.6 39.3 50.2 91.2 34.1 14

15 Bank holding companies 5.8 -2.3 -7.8 -3.8 -4.1 -4.4 12.0 -5.8 -18.3 21.5 71.3 15

16 Due to foreign affiliates 1.0 -2.3 -2.5 -1.1 -0.2 -1.9 2.0 -1.8 0.8 -1.3 -0.3 16

17 - Due from foreign affiliates -4.8 -0.0 5.3 2.7 3.9 2.5 -10.0 4.0 19.1 -22.8 -71.6 17

18 Less: Deposits at foreign banks -1.7 0.7 0.8 -0.4 5.2 11.3 -4.1 12.6 0.9 35.1 -11.0 18

19 U.S.-chartered commercial banks -1.7 0.7 -0.4 -2.5 5.2 8.1 2.9 10.9 -1.1 31.9 -7.0 19

20 Foreign banking offices in U.S. -0.0 0.0 1.3 2.1 -0.0 3.3 -7.0 1.7 2.0 3.2 -4.1 20

21 To U.S. banking, net -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 21

22 U.S.-chartered commercial banks 14.6 13.3 5.6 -7.3 -23.5 -58.5 -1.6 -24.2 -9.7 22.8 -15.4 22

23 Liabilities -10.6 6.0 4.9 -8.1 -6.6 -1.7 -21.8 -16.8 13.8 38.3 -17.5 23

24 To foreign offices in U.S. -4.8 1.9 8.1 -4.9 -3.0 -11.0 0.8 -13.4 11.6 8.7 7.8 24

25 To bank holding companies -0.9 -0.1 -0.4 -0.1 -0.3 -0.0 -0.1 0.9 -2.0 3.1 -0.5 25

26 Unallocated -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 26

 Less, due from:

27 Foreign offices in U.S. -21.8 -10.5 -6.5 -1.3 6.0 12.5 -13.5 7.5 17.6 28.1 -2.2 27

28 Bank holding companies -3.4 3.2 5.8 0.5 10.9 44.4 -6.7 -0.2 5.9 -12.5 0.0 28

29 Foreign banking offices in U.S. -17.0 -12.3 -14.6 3.6 9.0 23.5 -14.3 20.9 6.0 19.4 -10.0 29

30 Due to U.S. banks -21.8 -10.5 -6.5 -1.3 6.0 12.5 -13.5 7.5 17.6 28.1 -2.2 30

31 - Due from U.S. banks -4.8 1.9 8.1 -4.9 -3.0 -11.0 0.8 -13.4 11.6 8.7 7.8 31

32 Bank holding companies -2.5 3.2 6.2 0.6 11.2 44.4 -6.5 -1.0 7.9 -15.6 0.5 32

33 Due to U.S. banks -3.4 3.2 5.8 0.5 10.9 44.4 -6.7 -0.2 5.9 -12.5 0.0 33

34 - Due from U.S. banks -0.9 -0.1 -0.4 -0.1 -0.3 -0.0 -0.1 0.9 -2.0 3.1 -0.5 34

35 Net change in assets 54.2 46.3 92.6 13.1 -49.3 -87.9 -29.3 -98.2 18.1 -111.7 -9.0 35

36 Rest of the world 50.3 45.6 92.8 11.1 -53.0 -61.9 -43.8 -111.5 5.1 -85.2 -21.9 36

37 Domestic 3.9 0.7 -0.2 2.0 3.7 -26.1 14.5 13.3 13.0 -26.5 12.9 37

38 Monetary authority 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 -4.4 38

39 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 4.0 39

40 Loans to member banks 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 -8.4 40

41 Commercial banking 0.8 3.3 1.9 1.4 -0.0 -25.4 13.7 6.8 4.8 -22.3 17.3 41

42 Reserves at Federal Reserve 2.5 2.5 -3.5 -1.1 -4.6 -18.9 14.3 -9.2 -4.7 -9.1 18.3 42

43 Vault cash -1.7 0.8 5.5 2.4 4.6 -6.5 -0.6 16.0 9.5 -13.2 -1.0 43

44 Savings insts.: Reserves at Fed. Res. 0.1 0.4 -0.6 -0.1 -0.5 -0.0 -0.8 -0.9 -0.1 -0.6 -0.0 44

45 Discrepancy--floats, etc. -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 45
Z.1, September 15, 1997 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 113.5 117.3 -9.7 -12.8 15.8 6.8 3.9 105.9 -53.4 81.3 54.0 1

 2 Monetary authority 17.6 37.1 25.3 17.0 23.5 28.4 -13.1 46.3 32.3 36.1 22.0 2

 3 Federal government cash and deposits -10.3 7.2 -7.7 -1.2 1.7 15.8 -35.2 22.6 3.7 4.8 1.1 3

 4 Deposits due to foreign -0.7 0.1 -0.1 0.2 -0.1 -0.6 0.1 0.5 -0.2 3.2 -2.7 4

 5 Currency outside banks 28.7 29.8 33.1 18.0 21.8 13.3 21.9 23.1 28.8 28.1 23.6 5

 6 Commercial banking 92.8 74.1 -31.7 -45.9 -34.6 -47.4 -11.9 34.9 -114.0 19.4 5.0 6

 7 Federal government deposits -5.9 12.1 -18.9 -4.7 9.7 9.6 2.4 39.5 -12.8 -4.0 -14.0 7

 8 Deposits due to foreign 2.3 -0.4 1.9 0.8 2.6 -3.7 15.9 -8.0 6.3 0.9 9.7 8

 9 Private domestic deposits 96.4 62.4 -14.7 -42.0 -46.9 -53.3 -30.2 3.3 -107.4 22.5 9.3 9

10 Savings institutions -1.4 4.4 -5.4 14.1 25.4 25.3 22.5 25.1 28.5 26.1 29.8 10

11 Credit unions 4.5 1.7 2.0 2.1 1.6 0.4 6.4 -0.2 -0.3 -0.2 -2.7 11

12 Net change in assets 113.5 117.3 -9.7 -12.8 15.8 6.8 3.9 105.9 -53.4 81.3 54.0 12

13 Household sector 97.0 48.3 -29.6 -42.4 -61.6 -23.9 -50.1 -40.9 -131.5 8.4 -36.9 13

14 Nonfinancial business 13.7 22.9 25.3 20.8 50.5 35.2 55.1 70.1 41.7 55.7 60.0 14

15 Corporate 6.9 13.6 18.5 17.4 46.9 31.6 51.5 66.5 37.9 50.3 54.7 15

16 Nonfarm noncorporate 5.0 7.6 5.1 3.8 4.3 4.2 4.2 4.2 4.4 4.4 4.5 16

17 Farm 1.8 1.7 1.7 -0.4 -0.6 -0.6 -0.6 -0.6 -0.6 1.0 0.8 17

18 State and local governments 2.2 1.4 2.5 3.0 -2.3 -4.9 -0.7 0.3 -4.1 5.3 1.3 18

19 Federal government -16.9 20.7 -21.7 -0.0 11.0 22.7 -26.2 35.1 12.2 10.2 -29.0 19

20 Rest of the world 14.9 18.6 25.2 13.4 19.9 -14.0 34.0 22.1 37.3 18.1 26.2 20

21 Checkable deposits 1.5 -0.3 1.8 1.1 2.6 -4.4 16.0 -7.5 6.1 4.1 7.0 21

22 Currency 13.4 18.9 23.4 12.3 17.3 -9.6 18.0 29.6 31.2 13.9 19.3 22

23 Financial sectors 0.4 8.0 -3.8 2.2 2.0 -8.3 3.2 -3.2 16.0 -4.3 21.0 23

24 Commercial banking -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 0.1 -0.4 24

25 Savings institutions -0.6 3.1 -1.5 1.6 -1.3 -6.2 -1.3 2.9 -0.5 -4.5 1.2 25

26 Credit unions 1.2 -0.1 0.0 0.9 0.1 0.9 -0.9 -1.7 2.1 0.0 -0.0 26

27 Bank personal trusts and estates -0.1 -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 27

28 Life insurance companies -0.6 0.3 0.6 0.7 0.3 -0.2 0.8 0.1 0.6 0.9 -0.3 28

29 Other insurance companies 0.2 -0.4 -0.2 -0.2 -0.9 -0.2 -4.2 1.3 -0.6 1.2 0.7 29

30 Private pension funds -0.0 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 30

31 State and local govt. retirement funds 1.7 0.7 -0.6 -2.2 0.0 0.9 -1.1 -1.9 2.3 -2.9 1.8 31

32 Money market mutual funds -2.4 1.4 -1.3 -1.0 2.4 2.3 0.8 -3.5 9.9 2.8 -0.1 32

33 Government-sponsored enterprises -0.0 0.9 -0.9 0.2 -0.8 -2.1 -1.2 -0.4 0.6 0.8 8.0 33

34 Finance companies 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 34

35 Brokers and dealers 0.2 1.9 -0.3 1.7 1.9 -3.3 9.6 -0.1 1.4 -3.1 9.7 35

36 Mail float 2.2 -2.8 -7.6 -9.8 -3.6 -0.1 -11.5 22.4 -25.0 -12.0 11.3 36
42 Z.1, September 15, 1997

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -130.4 -93.8 -20.4 162.1 211.0 265.0 79.9 274.4 224.5 213.2 207.7 1

 2 Small time and savings deposits -57.2 -70.3 -40.0 96.5 97.1 207.7 -3.2 92.7 91.2 165.0 30.2 2

 3 Commercial banking 2.7 -11.9 -1.1 113.7 122.9 209.4 45.0 80.5 156.8 188.4 77.2 3

 4 U.S.-chartered commercial banks 2.1 -10.9 -0.7 113.3 122.8 209.7 46.1 81.6 153.7 146.2 90.3 4

 5 Foreign banking offices in U.S. 0.2 -0.8 -1.1 -0.7 0.1 -1.2 -2.4 -0.2 4.3 43.6 -11.3 5

 6 Banks in U.S.-affiliated areas 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.4 -1.8 6

 7 Savings institutions -75.5 -68.1 -44.4 -28.9 -38.1 -30.9 -49.7 12.7 -84.6 -45.9 -64.1 7

 8 Credit unions 15.5 9.8 5.5 11.6 12.3 29.1 1.6 -0.6 19.0 22.5 17.1 8

 9 Large time deposits (1) -73.2 -23.5 19.6 65.6 113.9 57.4 83.1 181.8 133.2 48.1 177.4 9

10 Commercial banking -66.8 -21.0 21.3 54.8 105.1 49.0 83.8 150.6 137.2 36.6 166.9 10

11 U.S.-chartered commercial banks -76.2 -20.0 17.9 42.6 49.5 30.4 63.7 65.0 39.1 22.5 72.0 11

12 Foreign banking offices in U.S. 9.0 -0.8 2.6 11.0 55.6 17.7 18.9 86.4 99.3 15.5 96.6 12

13 Banks in U.S.-affiliated areas 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.4 -1.8 13

14 Savings institutions -7.9 -3.6 -2.1 9.2 6.3 6.3 -2.4 28.2 -7.0 8.6 7.2 14

15 Credit unions 1.6 1.1 0.4 1.7 2.4 2.1 1.8 3.0 3.0 3.0 3.4 15

16 Net change in assets -130.4 -93.8 -20.4 162.1 211.0 265.0 79.9 274.4 224.5 213.2 207.7 16

17 Household sector -74.6 -113.0 -10.4 150.5 174.0 246.4 64.6 179.8 205.2 177.4 194.5 17

18 Nonfinancial business -17.2 28.8 1.6 4.8 5.5 -8.5 24.8 31.2 -25.4 -32.5 -17.4 18

19 Corporate -15.0 22.3 -6.6 -1.5 1.1 -12.9 20.4 26.8 -29.8 -34.9 -19.9 19

20 Nonfarm noncorporate -2.2 6.5 8.2 6.3 4.4 4.4 4.4 4.4 4.4 2.4 2.4 20

21 State and local governments -5.9 -5.0 6.0 9.9 8.5 9.4 11.4 7.1 6.2 -11.1 10.9 21

22 Federal government -0.7 -0.1 -0.1 0.3 1.4 0.4 13.2 -4.1 -3.7 0.2 3.4 22

23 Rest of the world -1.1 6.8 1.5 -6.6 6.3 11.0 -6.8 28.3 -7.3 9.7 7.0 23

24 Financial sectors -30.9 -11.4 -18.9 3.2 15.1 6.4 -27.3 32.1 49.4 69.5 9.3 24

25 Savings institutions -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 1.6 -0.1 -0.1 -0.1 25

26 Credit unions 0.3 -1.3 -8.9 0.4 -0.7 4.5 -3.0 -3.6 -0.8 7.0 -0.2 26

27 Bank personal trusts and estates -5.2 -1.1 1.6 -1.0 -1.1 -1.1 -1.3 -1.1 -0.8 -0.4 -0.2 27

28 Private pension funds -22.1 -8.4 -6.1 -15.7 -13.6 -12.0 -15.5 -15.2 -11.7 -15.3 -15.4 28

29 State and local govt. retirement funds -2.1 2.7 -3.2 -1.3 -0.1 -1.7 0.6 -0.7 1.4 11.6 -2.9 29

30 Money market mutual funds -0.5 -2.8 -0.5 20.9 30.4 17.1 -8.1 51.1 61.4 66.8 28.0 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 4.5 20.2 43.3 142.3 145.8 227.6 23.1 145.1 187.5 182.4 58.5 1

 2 Net purchases 4.5 20.2 43.3 142.3 145.8 227.6 23.1 145.1 187.5 182.4 58.5 2

 3 Household sector -40.9 -0.6 13.4 100.3 79.0 154.5 -26.0 87.6 99.9 134.8 -0.5 3

 4 Nonfinancial corporate business 15.8 -2.5 7.4 24.8 7.2 11.5 2.6 5.0 9.8 12.6 6.8 4

 5 Nonfarm noncorporate business 0.1 0.3 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 5

 6 Bank personal trusts and estates -0.3 0.1 0.6 2.1 9.4 7.1 9.7 10.7 10.2 10.2 10.3 6

 7 Life insurance companies 5.4 6.4 -15.3 6.6 17.9 15.4 15.4 15.4 25.4 16.0 24.7 7

 8 Private pension funds 1.0 6.5 5.3 6.0 4.7 6.5 0.6 2.6 9.0 1.6 5.6 8

 9 Funding corporations 23.5 10.1 31.8 2.4 27.3 32.4 20.5 23.4 32.9 7.0 11.3 9
Z.1, September 15, 1997 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 43.1 71.2 78.3 110.7 38.7 -4.7 98.5 -15.9 77.0 51.8 217.3 1

 2 Commercial banking (net) 18.2 41.5 78.2 30.5 41.1 24.7 79.9 16.4 43.3 78.1 91.2 2

 3 U.S.-chartered commercial banks 17.4 45.4 71.7 28.3 28.7 12.7 56.7 16.4 29.1 43.4 92.4 3

 4 Foreign banking offices in U.S. 0.7 -4.3 6.7 1.8 12.0 11.4 23.3 -0.6 13.8 33.9 -0.7 4

 5 Bank holding companies 0.2 0.4 -0.2 0.4 0.4 0.6 -0.1 0.6 0.4 0.8 -0.6 5

 6 Savings institutions -1.0 7.5 18.4 -0.0 -0.9 2.1 19.9 -14.3 -11.2 7.8 1.0 6

 7 REITs 1.9 2.1 4.7 1.2 1.6 1.0 1.5 1.7 2.3 1.3 2.2 7

 8 Brokers and dealers (net) 24.0 20.0 -23.0 79.0 -3.1 -32.5 -2.8 -19.7 42.6 -35.5 123.0 8

 9 Net change in assets 38.4 25.1 21.0 55.5 14.6 -32.4 -26.3 117.5 -0.6 153.8 50.6 9

10 Nonfinancial corporate business 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 -0.7 5.9 10

11 State and local governments 4.6 10.7 -15.1 -27.0 -1.9 -40.5 -19.6 14.1 38.5 28.5 23.2 11

12 Rest of the world 20.9 16.9 -12.0 21.0 3.2 19.6 15.4 0.3 -22.5 52.2 -2.7 12

13 Financial sectors 9.5 0.1 48.4 61.2 11.8 -11.4 -29.5 101.7 -13.5 73.8 24.2 13

14 Monetary authority -7.8 5.1 -2.6 3.3 7.7 -12.6 -14.3 34.9 22.9 -19.3 -4.2 14

15 Savings institutions -0.6 -3.9 -4.1 4.8 -1.2 -0.0 -7.8 2.6 0.4 -2.6 1.8 15

16 Credit unions 0.4 -5.1 -2.3 0.2 -4.9 0.2 -7.8 -12.9 0.8 10.7 -11.2 16

17 Other insurance companies 5.6 -0.9 -2.3 8.1 -2.1 8.1 -23.0 12.0 -5.4 10.6 12.4 17

18 Private pension funds 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 0.2 18

19 State and local govt. retirement funds 2.4 0.2 7.9 -1.6 7.0 -1.6 0.6 22.0 7.1 -1.2 -2.2 19

20 Money market mutual funds -1.0 0.4 2.4 19.0 16.0 15.0 7.9 15.1 25.9 42.9 -20.7 20

21 Mutual funds 9.7 16.8 4.4 7.1 -2.7 -15.3 13.6 25.3 -34.5 22.1 23.7 21

22 Government-sponsored enterprises -1.0 -16.2 35.4 20.5 -11.8 -9.2 -2.2 0.3 -36.0 6.4 24.5 22

23 Discrepancy--unallocated assets 4.7 46.1 57.3 55.1 24.2 27.7 124.8 -133.3 77.6 -102.1 166.7 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 13.1 -5.1 35.7 74.3 102.6 36.4 124.2 107.7 142.1 199.4 109.4 1

 2 Commercial paper 17.0 2.5 38.6 75.1 101.6 34.6 127.1 103.7 141.1 196.4 104.8 2

 3 Nonfinancial corporate business 8.6 10.0 21.4 18.1 -0.9 25.7 9.1 -14.2 -24.4 7.8 21.4 3

 4 Foreign issues in U.S. 5.2 -9.0 -27.3 13.6 10.9 -5.4 8.9 37.8 2.2 16.2 10.0 4

 5 Financial sectors 3.2 1.5 44.5 43.4 91.7 14.3 109.0 80.2 163.3 172.4 73.5 5

 6 Commercial banking -3.9 5.2 5.9 -1.4 1.9 1.6 15.5 -5.1 -4.5 -0.8 10.0 6

 7 ABS issuers 8.1 4.7 12.4 37.3 45.4 38.1 30.8 51.8 61.1 47.6 35.0 7

 8 Finance companies -6.0 -0.1 22.5 -2.9 9.0 9.4 13.4 13.3 -0.2 42.6 41.6 8

 9 REITs -0.0 -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 4.9 -7.9 4.2 10.5 35.4 -34.9 49.3 20.1 106.9 83.0 -13.2 10

11 Bankers acceptances (1) -3.9 -7.7 -2.9 -0.8 1.0 1.8 -2.9 4.0 1.0 3.0 4.6 11

12 Net purchases, by sector 13.1 -5.1 35.7 74.3 102.6 36.4 124.2 107.7 142.1 199.4 109.4 12

13 Household sector -3.3 15.6 1.2 13.3 22.7 5.1 10.8 37.1 37.7 47.4 39.6 13

14 Nonfinancial corporate business 2.3 2.4 -0.6 1.1 10.8 -1.2 8.4 12.2 23.6 -8.8 -0.3 14

15 State and local governments 5.2 3.7 4.4 4.6 2.2 1.8 2.5 1.7 2.7 2.3 2.8 15

16 Rest of the world 1.6 5.9 6.0 18.6 11.1 -49.9 45.4 20.9 28.0 -30.6 29.6 16

17 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Commercial banking (1) -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -6.4 -0.4 18

19 Savings institutions -0.7 -0.3 -0.2 0.0 0.1 0.1 0.0 -0.1 0.6 -1.2 -0.1 19

20 Credit unions 0.4 -0.7 -0.1 -1.6 -0.3 -0.9 -0.3 -0.3 0.5 -0.4 0.9 20

21 Bank personal trusts and estates -2.5 -3.2 3.5 0.2 -0.4 -0.3 -0.6 -0.6 -0.2 0.2 0.5 21

22 Life insurance companies -2.5 3.6 5.9 -7.3 2.9 25.2 8.1 -5.7 -15.9 18.4 9.7 22

23 Private pension funds 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 0.2 23

24 State and local govt. retirement funds 2.4 0.2 7.9 -1.6 7.0 -1.6 0.6 22.0 7.1 -1.2 6.6 24

25 Money market mutual funds -17.0 -9.1 22.7 48.4 38.4 38.9 37.9 46.4 30.3 108.6 -0.0 25

26 Mutual funds 9.7 16.8 4.4 7.1 -3.1 -13.4 3.5 15.6 -17.9 13.1 26.1 26

27 Government-sponsored enterprises 2.7 -1.7 14.4 -0.8 9.6 6.2 0.1 -4.6 36.7 31.2 10.8 27

28 Brokers and dealers 1.2 -0.3 -3.7 10.9 2.1 -21.2 12.6 -7.4 24.4 7.2 6.8 28

29 Funding corporations 13.3 -39.6 -38.4 -18.4 -5.3 41.8 -3.8 -29.6 -29.5 15.1 -23.2 29

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, September 15, 1997

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 303.8 248.3 155.7 142.9 146.6 229.6 60.5 166.3 130.2 82.6 -97.3 1

 2 Savings bonds 19.1 14.7 8.0 5.1 2.0 1.6 3.4 2.6 0.5 -3.6 -0.1 2

 3 Other Treasury issues 284.6 233.7 147.7 137.9 144.6 227.9 57.1 163.7 129.7 86.2 -97.2 3

 4 Net purchases 303.8 248.3 155.7 142.9 146.6 229.6 60.5 166.3 130.2 82.6 -97.3 4

 5 Household sector 79.7 21.2 182.4 11.7 -33.9 -95.7 45.1 -36.8 -48.3 -192.0 -196.9 5

 6 Savings bonds 19.1 14.7 8.0 5.1 2.0 1.6 3.4 2.6 0.5 -3.6 -0.1 6

 7 Other Treasury issues 60.5 6.6 174.4 6.6 -35.9 -97.3 41.7 -39.4 -48.8 -188.4 -196.8 7

 8 Nonfinancial corporate business 17.2 -11.8 2.0 -4.8 3.4 3.0 18.8 -1.8 -6.4 20.8 -2.5 8

 9 Nonfarm noncorporate business 0.7 0.3 0.7 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 9

10 State and local governments -17.4 29.6 -77.8 -132.1 -62.5 -6.4 -108.9 -87.6 -47.2 -70.9 -46.6 10

11 Rest of the world 55.6 73.3 65.0 168.5 266.8 274.4 113.1 275.5 404.4 284.4 150.2 11

12 Monetary authority 28.5 37.0 32.5 13.7 12.7 17.9 12.3 11.8 8.8 38.3 49.2 12

13 Commercial banking 61.9 27.8 -31.8 -11.7 -17.0 -23.2 11.9 -24.6 -32.3 37.5 -39.1 13

14 U.S.-chartered commercial banks 46.6 20.6 -27.0 -40.4 -34.7 -41.4 -5.8 -23.6 -67.7 -16.5 -3.2 14

15 Foreign banking offices in U.S. 8.7 6.5 -3.5 29.6 18.4 22.0 17.0 -0.7 35.4 53.1 -32.9 15

16 Bank holding companies 5.1 -0.8 -0.7 -1.2 0.6 -2.4 -0.1 2.2 2.8 -1.8 -2.7 16

17 Banks in U.S.-affiliated areas 1.5 1.5 -0.6 0.2 -1.4 -1.3 0.8 -2.4 -2.8 2.7 -0.2 17

18 Savings institutions 9.0 -5.7 -1.1 -8.7 -1.0 1.4 2.8 -7.0 -1.3 -1.5 -2.6 18

19 Credit unions 5.9 2.6 -0.5 -3.8 -0.9 4.0 -1.0 -3.3 -3.3 -2.0 -3.3 19

20 Bank personal trusts and estates -0.8 0.3 -0.6 -3.3 2.9 0.9 3.0 4.0 3.8 4.1 -0.7 20

21 Life insurance companies 10.2 20.1 -2.9 1.0 -14.9 -9.1 -20.6 4.5 -34.3 -0.0 -19.3 21

22 Other insurance companies 2.6 14.2 9.4 0.5 -12.6 0.5 -18.9 -15.4 -16.5 0.9 -24.3 22

23 Private pension funds 11.2 15.7 10.0 18.2 8.9 16.9 7.8 8.3 2.6 11.0 12.7 23

24 State and local govt. retirement funds -3.0 16.9 8.8 8.4 9.8 23.2 33.8 -12.6 -5.2 17.4 -10.0 24

25 Money market mutual funds 0.2 1.0 -13.3 3.8 20.3 64.5 8.8 5.6 2.1 -30.9 1.3 25

26 Mutual funds 36.0 31.4 -6.8 11.2 8.9 32.5 4.9 -4.5 2.8 12.6 18.6 26

27 Closed-end funds 1.7 2.0 -6.2 3.0 1.2 1.9 1.4 1.1 0.4 0.1 -0.6 27

28 Government-sponsored enterprises 17.9 -7.1 0.4 6.1 -12.9 -25.3 22.7 8.1 -57.3 -8.1 13.1 28

29 Brokers and dealers -13.3 -20.7 -14.4 61.0 -33.0 -52.2 -77.2 40.4 -43.0 -39.6 2.9 29

 Memo:

30 Federal government borrowing (1) 304.0 256.1 155.9 144.4 145.0 227.3 62.7 163.2 126.9 81.2 -97.1 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, September 15, 1997 45

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 156.1 173.1 292.5 205.6 229.9 146.5 303.6 219.8 249.5 104.3 286.4 1

 2 Budget agencies 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 0.2 2

 3 Government-sponsored enterprises 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 -8.9 198.1 3

 4 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 4

 5 Net purchases 156.1 173.1 292.5 205.6 229.9 146.5 303.6 219.8 249.5 104.3 286.4 5

 6 Household sector 37.7 -34.3 157.3 -32.9 68.7 -27.8 146.3 137.7 18.8 91.9 59.5 6

 7 Nonfinancial corporate business 3.5 10.5 0.8 -1.0 8.5 -7.5 14.8 10.0 16.5 -31.4 -2.5 7

 8 State and local governments 12.2 0.1 11.6 37.3 0.2 10.6 99.0 -69.0 -39.8 -38.0 24.2 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 18.3 35.4 21.7 28.7 48.9 57.8 27.7 53.5 56.8 32.3 41.1 10

11 Monetary authority -0.6 -0.8 -1.0 -1.0 -0.4 -0.4 -0.6 -0.3 -0.3 -0.9 -2.0 11

12 Commercial banking 42.8 44.7 5.5 38.7 28.2 15.3 9.7 8.6 79.2 58.8 54.1 12

13 U.S.-chartered commercial banks 38.9 36.2 1.8 23.4 15.3 7.9 4.9 -4.3 52.6 37.0 37.2 13

14 Foreign banking offices in U.S. 2.9 7.4 1.5 14.3 12.4 7.3 5.6 11.5 25.3 20.1 10.9 14

15 Bank holding companies -0.2 0.9 1.7 -0.2 0.3 0.2 0.3 -0.5 1.0 -1.5 2.6 15

16 Banks in U.S.-affiliated areas 1.1 0.2 0.5 1.3 0.2 -0.1 -1.2 1.9 0.3 3.2 3.3 16

17 Savings institutions -2.0 4.2 12.6 4.7 -8.5 -2.9 4.9 -19.3 -16.8 0.1 14.1 17

18 Credit unions 9.1 7.7 4.5 4.9 4.9 4.8 8.9 2.6 3.5 -0.5 -0.9 18

19 Bank personal trusts and estates -0.8 0.9 -0.5 -2.0 1.6 0.4 1.6 2.2 2.1 2.3 7.5 19

20 Life insurance companies 27.7 27.6 11.3 8.7 1.3 -15.0 -18.0 31.1 7.0 -4.3 8.8 20

21 Other insurance companies -0.3 1.3 1.6 2.3 2.8 0.4 -2.2 1.4 11.7 0.3 12.4 21

22 Private pension funds 5.1 8.0 4.3 10.1 4.5 10.1 4.3 3.5 0.2 6.3 7.2 22

23 State and local govt. retirement funds -12.8 -4.7 8.0 17.6 10.6 18.4 7.7 6.5 9.8 3.4 18.0 23

24 Money market mutual funds 13.6 13.5 9.4 13.7 11.0 21.6 -26.6 20.1 28.9 -39.0 4.9 24

25 Mutual funds 20.8 17.9 -3.6 7.7 6.2 22.5 3.4 -3.1 1.9 8.7 13.0 25

26 Government-sponsored enterprises 12.3 18.4 63.1 57.4 59.6 55.9 49.1 55.5 78.0 58.9 46.1 26

27 ABS issuers -29.3 14.9 1.6 1.6 -19.5 -1.8 -19.3 -14.3 -42.5 -39.0 -18.7 27

28 Brokers and dealers -1.0 7.8 -15.8 9.0 1.2 -16.0 -7.2 -6.8 34.8 -5.6 -0.4 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
46 Z.1, September 15, 1997

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 30.5 74.8 -35.9 -48.2 1.3 -4.1 30.2 -65.2 44.2 23.2 76.5 1

 2 State and local governments 21.3 62.9 -45.3 -41.4 14.5 9.4 39.9 -48.9 57.8 37.1 86.4 2

 3 Short-term (1) -1.1 1.8 -2.2 1.2 5.0 -5.3 5.8 4.7 14.7 -4.2 5.9 3

 4 Long-term 22.3 61.1 -43.2 -42.7 9.5 14.7 34.0 -53.7 43.1 41.3 80.5 4

 5 Nonprofit organizations (2) 9.3 11.9 14.5 5.8 4.3 4.1 3.8 4.1 5.1 4.0 3.3 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) -0.0 -0.1 -5.1 -12.6 -17.5 -17.5 -13.4 -20.4 -18.6 -17.9 -13.1 6

 7 Net change in assets 30.5 74.8 -35.9 -48.2 1.3 -4.1 30.2 -65.2 44.2 23.2 76.5 7

 8 Household sector -27.2 -27.2 -55.8 -58.1 -31.0 -20.6 -11.1 -81.9 -10.5 -6.8 23.0 8

 9 Nonfinancial corporate business 1.0 8.9 2.0 -1.3 -7.6 -11.9 14.2 -7.7 -24.9 3.2 7.9 9

10 State and local governments -1.1 -1.0 -0.9 -0.5 -0.2 -0.2 -0.2 -0.2 -0.1 -0.0 0.0 10

11 Commercial banking -5.7 1.7 -1.6 -4.2 0.9 0.4 -1.6 -0.3 5.0 1.1 0.5 11

12 Savings institutions -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.0 0.4 0.1 -0.6 0.4 12

13 Bank personal trusts and estates 6.1 12.9 5.3 -11.1 0.6 -3.1 1.1 2.7 1.7 1.5 1.3 13

14 Life insurance companies 1.1 3.2 -1.9 -0.9 1.5 1.8 -0.9 1.1 4.0 0.6 5.1 14

15 Other insurance companies 6.3 10.4 7.4 7.0 14.4 8.1 16.0 5.0 28.5 1.3 17.5 15

16 Private pension funds -0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1 16

17 State and local govt. retirement funds 0.1 0.2 -0.3 0.2 0.0 -0.6 -0.1 0.7 -0.0 -0.2 0.1 17

18 Money market mutual funds 5.4 9.6 7.8 14.3 16.8 26.7 5.2 12.8 22.5 16.7 8.0 18

19 Mutual funds 28.7 42.9 -4.3 3.2 3.1 7.8 2.0 1.3 1.4 3.7 3.0 19

20 Closed-end funds 14.3 7.9 7.4 5.0 4.9 4.9 5.0 4.8 4.9 4.8 4.8 20

21 Government-sponsored enterprises 0.2 -0.6 0.8 1.0 -0.3 -1.9 0.9 -0.2 -0.2 1.2 -2.0 21

22 Brokers and dealers 1.9 5.8 -1.7 -2.7 -1.9 -15.4 -0.3 -3.7 11.9 -3.2 6.6 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 169.9 280.8 153.6 311.8 273.0 259.3 302.4 204.2 326.2 84.3 289.7 1

 2 Nonfinancial corporate business 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 86.1 2

 3 Rest of the world (1) 16.8 82.9 12.2 49.7 49.4 47.7 11.2 60.2 78.5 11.0 29.7 3

 4 Financial sectors 85.6 122.8 118.1 188.8 151.1 150.6 219.6 76.3 157.8 -6.1 173.9 4

 5 Commercial banking 14.5 7.2 7.7 18.5 7.8 -20.7 22.5 10.7 18.6 12.0 38.2 5

 6 Savings institutions -3.2 -1.5 -0.8 -0.0 -0.4 -0.8 0.8 -1.4 -0.1 -0.3 -1.3 6

 7 ABS issuers 49.2 78.1 56.4 95.6 87.0 100.8 132.0 36.4 78.5 10.5 51.2 7

 8 Finance companies 9.6 13.0 32.2 53.3 29.8 30.1 35.0 13.2 40.9 -32.4 82.0 8

 9 REITs 1.0 0.3 2.0 2.0 2.8 1.8 2.5 3.0 3.9 2.3 3.8 9

10 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 42.4 10

11 Funding corporations 11.7 13.6 20.0 24.4 26.1 71.1 13.6 8.7 11.1 4.6 -42.4 11

12 Net purchases 169.9 280.8 153.6 311.8 273.0 259.3 302.4 204.2 326.2 84.3 289.7 12

13 Household sector -5.0 41.4 1.3 54.8 -9.5 24.6 78.9 -83.6 -57.8 -216.1 11.9 13

14 State and local governments 2.9 5.6 5.4 5.1 0.3 -1.7 0.9 0.3 1.4 1.8 2.4 14

15 Rest of the world (2) 18.1 30.4 38.0 58.1 78.3 74.2 75.4 88.7 74.8 86.2 80.9 15

16 Commercial banking -1.6 3.5 4.3 8.4 1.4 -4.7 2.7 1.0 6.7 20.0 15.0 16

17 Savings institutions 7.3 9.1 -2.4 -8.2 -9.9 5.3 -7.1 -7.3 -30.7 -2.9 -2.8 17

18 Bank personal trusts and estates 6.2 -1.1 -0.4 -3.1 -0.5 -1.3 -0.3 0.0 -0.2 -0.2 -0.3 18

19 Life insurance companies 55.0 58.3 59.9 90.7 79.2 38.0 23.8 96.7 158.2 69.3 70.6 19

20 Other insurance companies -1.2 3.3 7.2 12.7 17.3 5.6 35.7 23.2 4.7 1.0 5.3 20

21 Private pension funds 23.0 22.2 22.7 33.8 27.9 36.3 28.3 26.6 20.5 34.0 35.9 21

22 State and local govt. retirement funds 19.6 10.4 5.6 -2.7 6.3 14.8 5.2 1.5 3.7 18.5 5.6 22

23 Money market mutual funds 2.5 5.4 3.4 6.4 2.4 12.4 1.6 -1.9 -2.6 9.8 5.5 23

24 Mutual funds 31.0 50.6 3.2 23.3 33.8 39.2 40.4 18.3 37.1 23.9 47.4 24

25 Closed-end funds 2.2 4.4 -4.4 5.4 3.2 4.1 3.4 3.1 2.2 1.8 1.0 25

26 Government-sponsored enterprises 0.0 11.1 8.5 5.5 5.6 -7.6 -11.5 -2.8 44.1 -3.2 0.2 26

27 Brokers and dealers 10.0 22.2 -8.7 12.0 14.5 -4.1 0.0 13.1 49.0 28.4 7.1 27

28 Funding corporations 0.0 4.0 10.0 9.8 22.8 24.1 24.9 27.3 14.9 12.0 4.1 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, September 15, 1997 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 103.4 130.1 24.1 -2.3 3.8 21.5 82.1 -93.5 4.9 -59.0 -36.1 1

 2 Nonfinancial corporate business 27.0 21.3 -44.9 -58.3 -64.2 -73.6 0.4 -127.6 -56.0 -86.2 -83.6 2

 3 Rest of the world (2) 32.4 63.4 48.1 50.4 58.8 90.1 70.1 32.7 42.3 47.0 55.6 3

 4 Financial sectors 44.0 45.4 20.9 5.6 9.2 5.1 11.6 1.5 18.6 -19.8 -8.1 4

 5 Commercial banking 20.2 7.3 -3.3 -8.7 -14.3 -10.6 -10.8 -21.2 -14.8 -52.7 -30.8 5

 6 Other insurance companies 5.5 7.4 6.5 7.1 11.0 7.0 8.0 8.0 20.8 2.8 6.8 6

 7 Closed-end funds 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 4.8 7

 8 REITs 2.0 13.2 11.1 8.3 12.3 7.9 11.0 13.2 17.2 21.7 26.1 8

 9 Brokers and dealers -1.9 1.3 4.7 -8.1 -6.5 -5.1 -3.6 -5.8 -11.7 3.8 -15.1 9

10 Net purchases 103.4 130.1 24.1 -2.3 3.8 21.5 82.1 -93.5 4.9 -59.0 -36.1 10

11 Household sector 24.8 -68.4 -143.0 -158.7 -273.3 -184.1 -216.1 -344.0 -348.8 -283.5 -326.4 11

12 State and local governments 1.5 1.5 1.3 1.6 1.4 2.0 1.3 0.6 1.9 0.9 1.8 12

13 Rest of the world (3) -5.6 20.9 0.9 16.6 12.2 13.3 26.1 -3.2 12.8 26.5 90.4 13

14 Commercial banking -0.4 0.9 -1.4 2.1 1.8 0.7 1.7 1.9 2.7 -18.0 -1.4 14

15 Savings institutions 0.3 1.7 -1.8 0.7 0.6 3.0 -1.1 0.0 0.6 -13.2 0.9 15

16 Bank personal trusts and estates -37.0 -55.2 -8.8 -17.9 -23.2 -24.2 -26.4 -22.1 -20.0 -21.2 -17.9 16

17 Life insurance companies 12.4 36.3 61.8 18.6 42.1 -10.0 52.7 47.7 77.7 34.6 39.1 17

18 Other insurance companies -0.4 0.8 1.1 -1.5 2.1 -1.2 11.0 9.1 -10.6 13.9 -0.6 18

19 Private pension funds 30.8 15.5 -8.0 6.6 -2.3 -22.0 -3.6 5.3 11.3 -7.9 -1.8 19

20 State and local govt. retirement funds 17.7 50.9 19.1 40.6 53.7 51.9 2.9 87.7 72.2 41.5 65.0 20

21 Mutual funds 59.8 115.3 100.8 87.4 193.0 229.5 224.5 139.2 179.0 166.0 121.7 21

22 Closed-end funds -0.0 1.8 5.2 -6.2 -2.5 -5.0 -2.9 -1.7 -0.5 -2.0 -0.5 22

23 Brokers and dealers -0.6 8.1 -3.4 7.7 -1.9 -32.3 12.0 -14.0 26.5 3.3 -6.4 23

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 1

 2 Net purchases 190.5 292.0 100.6 147.4 237.6 297.6 304.5 171.9 176.3 253.4 241.8 2

 3 Household sector 133.9 205.7 67.2 109.1 179.6 233.6 240.7 120.7 123.6 181.5 183.5 3

 4 Nonfinancial corporate business 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.0 3.0 4

 5 State and local governments 5.5 6.5 7.8 5.9 2.0 3.1 0.9 2.0 2.2 2.1 2.7 5

 6 Commercial banking -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 17.9 5.0 6

 7 Credit unions 1.5 0.1 -1.6 0.2 -0.3 0.1 0.2 -0.7 -0.7 -0.7 -1.0 7

 8 Bank personal trusts and estates 25.8 44.9 21.7 -11.1 16.4 17.6 18.8 15.3 14.0 16.0 13.5 8

 9 Life insurance companies 9.0 6.3 -14.9 13.5 7.0 7.0 7.0 7.0 7.0 4.0 4.4 9

10 Private pension funds 10.2 21.1 20.2 24.9 29.2 32.4 34.3 24.7 25.4 29.6 30.8 10
48 Z.1, September 15, 1997

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 18.5 83.6 183.7 239.8 174.6 154.7 138.7 191.0 214.2 254.4 327.2 1

 - Loans elsewhere classified:

 2 Open market paper -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -6.4 -0.4 2

 3 Mortgages 19.2 47.3 64.9 77.5 55.1 56.7 29.5 40.8 93.4 83.8 129.5 3

 4 Consumer credit -6.9 34.2 63.2 44.8 21.7 4.3 29.7 29.4 23.3 -25.6 20.1 4

 5 Security credit 16.9 12.7 -5.7 4.6 1.3 18.5 -21.4 -16.4 24.5 54.2 31.4 5

 6 = Banking sector total bank loans n.e.c. -9.3 -8.6 62.8 113.0 95.7 73.5 105.4 139.5 64.5 148.3 146.6 6

 7 U.S.-chartered commercial banks -19.7 7.5 46.0 75.3 61.3 41.1 64.6 84.9 54.7 116.9 117.8 7

 8 Foreign banking offices in U.S. 9.9 -13.7 15.1 35.4 32.2 31.8 38.4 52.6 6.2 28.4 32.2 8

 9 Bank holding companies 0.4 -1.8 -0.1 0.4 0.2 -1.5 0.3 0.6 1.4 -1.6 -0.2 9

10 Banks in U.S.-affiliated areas 0.2 -0.5 1.7 1.8 1.9 2.1 2.1 1.3 2.3 4.7 -3.3 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. -9.3 -8.6 62.8 113.0 95.7 73.5 105.4 139.5 64.5 148.3 146.6 12

13 Net change in liabilities -9.3 -8.6 62.8 113.0 95.7 73.5 105.4 139.5 64.5 148.3 146.6 13

14 Nonfinancial sectors -10.0 5.8 76.4 108.8 79.0 50.1 84.8 136.8 44.1 141.4 136.2 14

15 Household sector 4.1 8.4 13.2 14.0 -0.5 -7.0 14.3 7.3 -16.3 27.8 34.7 15

16 Corporate business -19.3 -10.8 42.7 62.8 48.3 28.6 30.9 103.6 30.1 88.4 60.9 16

17 Nonfarm noncorporate business 2.7 5.3 17.2 22.5 21.4 20.4 22.0 23.4 20.0 26.1 23.3 17

18 Farm business 0.1 2.1 1.9 1.1 0.6 -0.4 2.5 -2.1 2.5 -0.2 6.4 18

19 Rest of the world 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 11.0 19

20 Foreign official institutions 1.0 -1.0 -0.2 0.4 0.3 -1.4 4.4 -0.5 -1.2 -3.5 0.2 20

21 Foreign banks 0.7 1.2 0.0 2.1 3.4 4.9 3.9 -1.8 6.5 -2.3 -1.2 21

22 Other foreign 0.6 0.5 1.6 5.9 5.4 5.2 6.9 7.0 2.5 5.2 11.9 22

23 Financial sectors 0.7 -14.4 -13.7 4.2 16.8 23.4 20.6 2.6 20.4 7.0 10.4 23

24 Savings institutions -0.0 -0.5 0.9 5.2 1.4 2.7 -1.9 -1.1 5.8 4.1 -1.1 24

25 Finance companies -6.0 -13.7 -5.6 0.5 4.4 2.0 8.3 4.2 3.1 -3.8 0.7 25

26 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 20.0 16.0 1.7 12.1 5.9 10.0 26

27 REITs -1.3 -0.2 2.5 -1.9 -1.5 -1.3 -1.8 -2.2 -0.6 0.8 0.8 27
Z.1, September 15, 1997 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 4.6 -0.8 53.6 49.3 50.0 17.2 86.7 82.9 13.2 -14.2 59.8 1

 2 U.S. government loans 0.0 -2.9 -10.1 -7.8 -12.3 -10.9 -9.6 -14.1 -14.7 -7.7 -8.8 2

 3 Liab.: Household sector 0.7 -1.2 -3.4 -5.5 -8.1 -6.8 -7.7 -8.6 -9.4 -1.7 -3.6 3

 4 Nonfinancial corporate business -0.1 0.2 0.5 0.7 0.5 0.6 0.6 0.5 0.5 0.4 0.4 4

 5 Nonfarm noncorporate business -0.3 0.6 1.4 1.8 1.5 1.6 1.6 1.5 1.5 1.4 1.4 5

 6 Farm business -0.4 -0.7 -1.6 -2.5 -3.4 -3.1 -3.3 -3.5 -3.8 -4.0 -4.2 6

 7 State and local governments -0.1 -0.6 -1.1 -1.5 -1.9 -1.7 -1.8 -1.9 -2.0 -2.1 -2.2 7

 8 Rest of the world 0.2 -1.1 -1.3 -0.8 -1.0 -1.5 1.0 -2.0 -1.6 -1.7 -0.6 8

 9 Government-sponsored enterprises -0.0 0.0 -4.8 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 4.9 -15.8 1.6 0.0 4.0 -6.5 7.3 46.8 -31.7 -6.0 4.5 10

11 Liab.: Nonfinancial corporate business 4.9 -15.8 1.6 0.0 4.0 -6.5 7.3 46.8 -31.7 -6.0 4.5 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -3.6 -6.4 -2.4 -0.6 1.0 2.0 -3.0 4.0 1.1 1.9 3.9 12

13 Liab.: Nonfinancial corporate business -2.9 -3.3 -2.1 -0.8 -0.7 -1.7 -2.1 -1.4 2.2 -0.5 3.2 13

14 Rest of the world -0.7 -3.1 -0.3 0.3 1.8 3.8 -0.9 5.4 -1.2 2.4 0.6 14

15 Savings institution loans to business -10.1 -1.6 -0.5 2.5 3.0 4.5 1.9 6.4 -1.0 1.6 1.7 15

16 Liab.: Nonfinancial corporate business -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 0.8 16

17 Nonfarm noncorporate business -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 0.8 17

18 Policy loans (Household liability) 5.7 5.6 7.8 10.5 4.5 7.4 4.8 11.8 -5.9 5.9 9.5 18

19 Asset: Federal government -0.0 -0.0 -0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 19

20 Life insurance companies 5.7 5.7 7.8 10.4 4.5 7.4 4.8 11.8 -5.9 5.9 9.5 20

21 Govt.-sponsored enterprises loans 3.7 26.5 27.2 11.2 28.8 0.5 50.2 28.2 36.4 -20.9 57.2 21

22 Liab.: Household sector (SLMA) 2.9 2.7 3.7 3.9 0.2 -2.0 3.1 -3.5 3.1 -7.8 -9.7 22

23 Noncorporate business (FCS) 1.2 1.2 0.0 2.5 -1.2 5.9 -3.6 -3.2 -4.1 -0.0 3.5 23

24 Farm business (FCS) 0.2 0.2 0.8 1.4 2.7 2.0 2.0 0.9 5.6 3.0 -3.3 24

25 Commercial banks (FHLB and SLMA) 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 30.2 25

26 Savings institutions (FHLB and SLMA) -3.8 13.3 12.7 -2.6 25.0 9.1 43.2 28.9 18.9 -18.5 36.2 26

27 Credit unions (FHLB) 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 0.2 27

28 Life insurance companies (FHLB) 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 0.1 28

29 Securitized loans held by ABS issuers 2.9 9.7 4.3 6.9 13.1 8.3 27.5 -6.5 23.0 -15.4 5.7 29

30 Liab.: Households (1) 0.0 0.0 0.0 1.0 5.0 6.0 6.0 4.0 4.0 2.5 1.9 30

31 Nonfinancial corporate business 2.9 9.7 4.3 5.9 8.1 2.3 21.5 -10.5 19.0 -17.9 3.8 31

32 Finance company loans to business 1.1 -15.9 25.9 26.7 7.9 11.8 7.6 6.1 6.1 26.3 -13.9 32

33 Liab.: Nonfinancial corporate business 1.0 -14.3 23.3 24.0 7.1 10.6 6.8 5.5 5.5 23.7 -12.5 33

34 Nonfarm noncorporate business 0.1 -1.6 2.6 2.7 0.8 1.2 0.8 0.6 0.6 2.6 -1.4 34

(1) Student loans.
50 Z.1, September 15, 1997

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 132.1 158.9 201.7 229.0 330.6 367.6 334.5 274.5 346.0 281.4 301.2 1

 2 Home 189.1 184.1 199.0 192.4 267.8 316.1 255.4 248.3 251.6 240.3 203.9 2

 3 Multifamily residential -10.5 -4.8 4.9 12.3 21.7 17.3 21.9 16.1 31.6 10.4 25.5 3

 4 Commercial -47.1 -21.5 -4.5 22.7 38.5 32.6 52.3 8.0 61.2 28.8 67.1 4

 5 Farm 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 5

 6 Net borrowing 132.1 158.9 201.7 229.0 330.6 367.6 334.5 274.5 346.0 281.4 301.2 6

 7 Household sector 164.2 156.8 182.8 184.6 272.1 317.8 263.1 243.8 263.6 218.8 202.7 7

 8 Nonfinancial business -32.7 -1.5 9.1 38.5 47.1 42.1 60.6 17.9 68.0 46.6 84.5 8

 9 Corporate -18.1 -1.0 25.6 41.0 25.2 27.6 38.8 12.0 22.4 21.1 35.4 9

10 Nonfarm noncorporate -15.1 -1.5 -18.8 -4.1 19.4 12.9 16.9 3.7 44.0 23.5 44.4 10

11 Farm 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 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 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 14.0 13

14 Net change in assets 132.1 158.9 201.7 229.0 330.6 367.6 334.5 274.5 346.0 281.4 301.2 14

15 Household sector 6.1 22.6 7.5 9.1 14.7 37.7 7.9 -15.7 28.7 34.4 -0.8 15

16 Nonfinancial corporate business 1.1 -7.8 4.1 5.1 7.5 8.0 6.0 8.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -0.9 -1.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 17

18 State and local governments -0.0 -5.4 2.2 3.3 3.8 2.0 2.2 4.3 6.8 2.6 4.7 18

19 Federal government -10.4 -14.2 -12.5 -12.6 -8.6 -9.1 -4.7 -11.0 -9.6 -11.0 -4.0 19

20 Commercial banking 19.2 47.3 64.9 77.5 55.1 56.7 29.5 40.8 93.4 83.8 129.5 20

21 Savings institutions (1) -77.4 -29.5 -2.2 0.6 31.6 23.3 36.6 65.2 1.2 -3.1 5.9 21

22 Credit unions 3.3 -0.1 6.1 4.4 9.5 5.8 13.8 6.7 11.8 3.5 12.5 22

23 Bank personal trusts and estates -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 0.6 23

24 Life insurance companies -17.5 -17.6 -13.5 -3.4 -2.1 -0.5 3.6 -16.4 5.0 4.6 -0.0 24

25 Other insurance companies -0.6 -1.4 -0.7 -1.0 -0.4 -1.0 -0.0 -0.1 -0.6 0.3 0.5 25

26 Private pension funds -3.7 -0.1 1.2 1.1 1.3 1.9 1.4 1.2 0.7 1.7 1.7 26

27 State and local govt. retirement funds -0.4 -1.9 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.9 27

28 Government-sponsored enterprises (1) 32.1 41.3 3.6 4.4 1.7 6.1 3.3 -3.1 0.4 -14.0 -6.5 28

29 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 117.4 174.5 142.9 129.6 114.6 88.1 29

30 ABS issuers 62.2 45.3 40.3 37.0 53.7 56.1 59.4 37.2 62.1 58.1 51.4 30

31 Finance companies 2.5 -3.1 4.2 5.6 10.2 7.2 24.4 7.6 1.6 2.9 5.6 31

32 Mortgage companies 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -8.2 -0.0 32

33 REITs 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 3.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, September 15, 1997 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 189.1 184.1 199.0 192.4 267.8 316.1 255.4 248.3 251.6 240.3 203.9 1

 2 Household sector 158.8 149.1 190.2 188.6 263.9 315.1 251.4 243.2 246.1 233.0 195.9 2

 3 Nonfinancial corporate business 0.7 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 3

 4 Nonfarm noncorporate business 29.6 34.3 8.1 2.9 3.0 0.1 3.2 4.2 4.5 6.3 7.1 4

 5 Net change in assets 189.1 184.1 199.0 192.4 267.8 316.1 255.4 248.3 251.6 240.3 203.9 5

 6 Household sector 6.1 21.4 7.8 6.5 14.2 37.8 5.9 -16.2 29.2 33.9 -2.4 6

 7 Nonfinancial corporate business 2.7 -8.1 4.9 4.7 0.9 4.7 -7.1 4.9 1.2 2.6 5.2 7

 8 Nonfarm noncorporate business 0.6 0.2 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 State and local governments -0.6 -6.0 1.0 3.2 2.3 1.2 1.6 3.4 3.1 2.3 3.0 9

10 Federal government -0.5 -6.0 -3.9 -5.0 -2.9 -5.9 -2.0 -3.4 -0.2 -5.4 -0.1 10

11 Commercial banking 25.1 50.0 55.1 53.6 29.0 37.5 1.1 19.7 57.9 68.7 79.5 11

12 Savings institutions -48.7 -19.6 7.6 4.7 31.4 29.1 34.3 62.3 -0.3 3.5 8.5 12

13 Credit unions 3.3 -0.1 6.1 4.4 9.5 5.8 13.8 6.7 11.8 3.5 12.5 13

14 Bank personal trusts and estates -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 0.6 14

15 Life insurance companies 0.6 -2.6 -1.6 0.3 -0.5 -0.2 -0.0 -4.3 2.3 0.1 1.5 15

16 Private pension funds -0.8 -0.0 0.3 0.2 0.3 0.4 0.3 0.3 0.2 0.4 0.4 16

17 State and local govt. retirement funds -0.3 0.1 0.4 0.5 0.6 0.5 0.6 0.6 0.6 0.6 0.6 17

18 Government-sponsored enterprises 30.5 39.8 2.6 3.9 0.8 3.6 1.7 -3.2 1.1 -13.1 -5.7 18

19 Federally related mortgage pools 117.8 86.1 115.4 93.7 135.5 113.8 169.9 135.8 122.4 109.6 82.4 19

20 ABS issuers 50.9 32.7 22.8 20.0 25.2 28.4 36.3 24.7 11.4 36.4 12.5 20

21 Finance companies 2.5 -3.1 4.2 5.6 13.4 7.2 26.8 12.7 6.8 4.7 4.7 21

22 Mortgage companies -0.4 -0.5 -24.0 -4.5 8.2 51.8 -27.7 4.8 4.0 -8.0 0.4 22

23 REITs 0.5 0.1 0.5 0.2 0.3 0.4 0.4 0.4 0.2 0.2 0.4 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -10.5 -4.8 4.9 12.3 21.7 17.3 21.9 16.1 31.6 10.4 25.5 1

 2 Nonfinancial corporate business 0.7 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2

 3 Nonfarm noncorporate business -11.4 -6.7 0.9 9.5 17.0 13.8 17.4 10.9 26.0 4.2 20.0 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 0.2 1.2 3.2 1.9 3.8 2.5 3.6 4.2 4.7 5.3 4.6 5

 6 Net change in assets -10.5 -4.8 4.9 12.3 21.7 17.3 21.9 16.1 31.6 10.4 25.5 6

 7 Household sector -0.1 0.4 0.6 0.3 -0.0 0.0 0.0 -0.1 -0.1 -0.2 -0.3 7

 8 Nonfinancial corporate business -0.1 0.9 -0.4 0.2 0.9 0.6 1.2 0.6 1.2 0.6 1.2 8

 9 Nonfarm noncorporate business -0.1 -1.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments 0.7 0.4 0.7 0.6 1.8 0.9 0.9 1.7 3.5 -0.2 1.7 10

11 Federal government -4.2 -4.5 -2.6 -4.7 -2.5 -1.5 -0.6 -3.7 -4.2 -3.0 -0.6 11

12 Commercial banking 1.1 0.6 0.7 4.5 2.8 3.4 2.7 4.2 1.1 3.8 4.5 12

13 Savings institutions -10.1 -2.4 -3.0 -2.4 -0.4 -5.7 0.5 2.5 1.0 -3.7 -2.2 13

14 Life insurance companies -2.1 -1.8 -1.5 -0.5 -0.2 -0.0 0.4 -1.5 0.2 0.5 -0.3 14

15 Private pension funds -0.2 -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 15

16 State and local govt. retirement funds -0.7 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 16

17 Government-sponsored enterprises 1.6 1.7 0.9 0.6 -0.3 0.7 -0.2 -0.7 -0.8 -1.2 -1.9 17

18 Federally related mortgage pools -2.3 -1.4 -0.0 4.5 5.6 3.6 4.5 7.1 7.2 5.0 5.7 18

19 ABS issuers 2.6 2.4 6.2 6.4 12.4 12.8 9.3 5.3 22.2 7.2 15.9 19

20 Finance companies 0.0 0.0 0.0 0.0 -0.6 0.0 -0.4 -0.4 -1.4 0.1 -0.3 20

21 Mortgage companies 0.3 0.1 0.0 1.1 -0.1 -0.0 0.9 -1.3 0.1 -0.1 -0.4 21

22 REITs 3.1 0.4 3.1 1.4 2.0 2.2 2.2 2.2 1.3 1.3 2.2 22
52 Z.1, September 15, 1997

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing -47.1 -21.5 -4.5 22.7 38.5 32.6 52.3 8.0 61.2 28.8 67.1 1

 2 Household sector 5.4 7.7 -7.4 -4.0 8.1 2.7 11.8 0.6 17.5 -14.2 6.8 2

 3 Nonfinancial corporate business -19.5 -2.3 24.1 39.2 23.4 25.9 37.0 10.2 20.6 19.2 33.6 3

 4 Nonfarm noncorporate business -33.4 -29.2 -27.8 -16.4 -0.7 -1.1 -3.7 -11.4 13.5 13.0 17.3 4

 5 REITs 0.4 2.4 6.6 3.9 7.7 5.2 7.2 8.6 9.6 10.7 9.4 5

 6 Net change in assets -47.1 -21.5 -4.5 22.7 38.5 32.6 52.3 8.0 61.2 28.8 67.1 6

 7 Household sector 0.9 1.6 -0.1 2.1 -1.1 -0.8 -1.0 -1.2 -1.4 -1.6 -1.8 7

 8 Nonfinancial corporate business -1.4 -0.5 -0.4 0.3 5.7 2.8 11.9 2.5 5.5 4.9 1.7 8

 9 Nonfarm noncorporate business -1.4 -0.5 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments -0.1 0.2 0.5 -0.5 -0.2 0.2 -0.3 -0.8 0.2 0.5 -0.0 10

11 Federal government -6.6 -4.5 -7.3 -3.1 -1.7 -0.7 -0.8 -2.0 -3.1 -0.1 -0.4 11

12 Commercial banking -8.4 -4.3 7.4 18.1 22.2 15.4 24.3 16.0 33.1 9.8 43.3 12

13 Savings institutions -18.5 -7.5 -6.8 -1.8 0.6 -0.1 1.7 0.4 0.4 -2.9 -0.4 13

14 Life insurance companies -15.1 -13.4 -10.5 -3.3 -1.7 -0.2 3.0 -10.8 1.2 3.5 -2.0 14

15 Other insurance companies -0.6 -1.4 -0.7 -1.0 -0.4 -1.0 -0.0 -0.1 -0.6 0.3 0.5 15

16 Private pension funds -2.7 -0.0 0.9 0.8 0.9 1.4 1.0 0.9 0.5 1.2 1.3 16

17 State and local govt. retirement funds 0.6 -1.9 0.1 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 17

18 ABS issuers 8.7 10.3 11.3 10.6 16.1 14.9 13.7 7.2 28.5 14.5 23.0 18

19 Finance companies 0.0 0.0 0.0 0.0 -2.6 0.0 -2.0 -4.7 -3.7 -1.9 1.2 19

20 Mortgage companies 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 REITs -2.5 0.1 1.1 0.5 0.7 0.8 0.8 0.8 0.5 0.5 0.8 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 1

 2 Net change in assets 0.5 1.0 2.2 1.6 2.6 1.6 4.9 2.2 1.6 2.0 4.7 2

 3 Household sector -0.8 -0.8 -0.8 0.2 1.6 0.6 3.0 1.8 1.0 2.3 3.7 3

 4 Nonfarm noncorporate business 0.0 0.1 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 State and local governments -0.0 -0.0 -0.0 -0.0 -0.1 -0.3 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government 0.9 0.7 1.2 0.2 -1.5 -0.9 -1.3 -1.7 -2.1 -2.5 -2.9 6

 7 Commercial banking 1.4 1.0 1.7 1.3 1.1 0.5 1.4 1.0 1.3 1.5 2.1 7

 8 Savings institutions -0.1 -0.0 -0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 8

 9 Life insurance companies -0.8 0.3 0.1 0.1 0.4 -0.0 0.1 0.2 1.3 0.4 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 -0.1 -0.2 0.1 -0.1 1.1 1.7 1.8 0.8 0.1 0.2 1.1 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 12
Z.1, September 15, 1997 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 1

 2 Net change in assets 4.2 62.0 125.1 140.5 86.3 123.5 89.0 89.9 42.6 85.9 52.4 2

 3 Nonfinancial corporate business 2.8 6.9 9.4 -1.6 -7.3 38.7 -30.4 -11.3 -26.3 50.4 -25.0 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking -6.9 34.2 63.2 44.8 21.7 4.3 29.7 29.4 23.3 -25.6 20.1 5

 6 Savings institutions -4.8 0.5 0.6 1.6 4.6 2.3 5.7 11.4 -0.9 4.6 4.6 6

 7 Credit unions -0.9 12.2 18.0 12.3 12.2 9.8 11.7 15.4 11.9 13.4 9.8 7

 8 ABS issuers 17.3 10.2 15.6 65.6 54.8 57.1 68.1 45.7 48.5 30.9 32.9 8

 9 Finance companies -3.3 -1.9 18.3 17.7 0.3 11.4 4.3 -0.6 -14.0 12.2 10.1 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 46.6 52.0 93.7 105.2 75.4 77.7 120.4 -4.3 107.6 90.3 66.3 1

 2 Household sector 4.7 7.4 4.2 8.5 6.4 -2.7 11.6 -0.4 17.2 -1.8 8.8 2

 3 Nonfinancial corporate business 33.4 36.4 77.3 73.8 52.4 72.6 97.3 -23.2 62.7 56.5 52.7 3

 4 Nonfarm noncorporate business 6.9 -2.5 7.5 7.2 5.8 5.5 5.9 5.9 6.0 4.2 4.2 4

 5 Farm business 0.2 1.0 1.0 1.0 3.9 6.5 0.0 2.6 6.6 6.5 -0.1 5

 6 State and local governments 2.3 0.6 0.6 2.2 1.6 -1.1 3.2 1.0 3.2 2.4 0.2 6

 7 Federal government -2.8 3.0 0.4 5.7 3.5 2.7 1.8 5.6 4.0 4.1 5.7 7

 8 Rest of the world 1.2 3.3 3.6 5.7 -2.3 -11.2 -5.2 -1.5 8.6 5.1 0.1 8

 9 Brokers and dealers 0.6 2.7 -0.9 1.1 4.0 5.4 5.7 5.7 -0.7 13.4 -5.2 9

10 Net change in trade receivables 34.8 56.0 93.0 135.7 107.4 71.2 130.2 97.2 131.0 61.9 123.7 10

11 Nonfinancial corporate business 27.6 50.7 71.9 98.9 61.0 30.4 102.0 40.2 71.2 -1.1 90.5 11

12 Nonfarm noncorporate business 7.1 -0.8 14.0 11.5 8.2 8.0 8.3 8.2 8.2 5.3 5.2 12

13 Federal government -7.1 -2.6 -4.2 -0.1 7.0 5.0 5.5 8.9 8.7 9.1 12.0 13

14 Rest of the world 3.0 4.5 2.1 0.6 6.4 3.7 -0.1 12.6 9.2 7.3 9.2 14

15 Other insurance companies -0.1 1.7 2.2 4.4 -0.1 4.4 4.3 0.5 -9.7 16.3 -4.7 15

16 ABS issuers 4.3 2.6 6.8 20.5 25.0 19.8 10.1 26.8 43.3 25.0 11.5 16

17 Discrepancy 11.8 -4.1 0.7 -30.5 -32.0 6.5 -9.8 -101.5 -23.4 28.4 -57.4 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 4.6 61.4 -0.1 26.7 52.4 114.0 -34.8 5.3 125.1 117.6 114.4 1

 2 Household sector -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 27.1 34.6 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 6.2 38.7 1.0 23.1 36.7 71.9 -37.8 16.9 95.6 90.4 79.8 4

 5 Customer credit balances (HH) -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 36.3 48.3 5

 6 From U.S.-chartered commercial banks 3.1 4.1 -4.6 8.3 -4.8 -8.1 -14.8 -7.8 11.4 22.6 -11.5 6

 7 From foreign banking offices in U.S. 13.9 8.6 -1.2 -3.7 6.2 26.6 -6.6 -8.6 13.2 31.6 42.9 7

 8 Net change in assets 4.6 61.4 -0.1 26.7 52.4 114.0 -34.8 5.3 125.1 117.6 114.4 8

 9 Household sector -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 36.3 48.3 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 16.9 12.7 -5.7 4.6 1.3 18.5 -21.4 -16.4 24.5 54.2 31.4 11

12 Brokers and dealers -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 27.1 34.6 12
54 Z.1, September 15, 1997

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 28.0 36.0 34.5 44.9 43.6 19.0 32.5 56.6 66.3 44.0 66.4 1

 2 Federal government 0.3 0.3 0.2 0.1 -0.3 -1.0 1.4 -1.2 -0.2 -0.9 2.3 2

 3 Life insurance companies 27.7 35.7 34.3 44.8 43.8 20.0 31.1 57.8 66.5 44.9 64.1 3

 4 Net change in assets (Households) 28.0 36.0 34.5 44.9 43.6 19.0 32.5 56.6 66.3 44.0 66.4 4

 Pension fund reserves:

 5 Net change in liabilities 230.3 254.7 253.2 241.2 235.7 236.1 196.2 231.9 278.5 287.0 278.9 5

 6 Federal government 27.5 27.6 27.8 15.9 44.4 78.3 33.1 30.5 35.5 21.9 25.3 6

 7 Life insurance companies 68.9 73.9 69.6 66.2 47.6 25.0 16.9 59.7 88.9 106.6 103.4 7

 8 Private pension funds (1) 77.0 98.4 89.1 99.5 88.3 82.5 88.2 86.4 96.1 91.4 89.8 8

 9 State and local govt. retirement funds 56.9 54.7 66.8 59.5 55.4 50.3 58.1 55.2 57.9 67.1 60.4 9

10 Net change in assets (Households) 230.3 254.7 253.2 241.2 235.7 236.1 196.2 231.9 278.5 287.0 278.9 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 9.7 5.2 1.5 1.6 3.2 4.5 4.7 -0.1 3.5 -9.3 -11.4 1

 businesses

 2 Nonfinancial corporate business 7.2 2.0 2.4 -0.8 1.1 2.4 3.5 -1.9 0.5 -10.3 -13.4 2

 3 Nonfarm noncorporate business 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 3

 4 U.S.-chartered commercial banks 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 1.4 4

 5 Savings institutions 0.2 0.6 -0.9 0.5 -0.1 0.4 -1.3 0.2 0.2 -0.2 0.5 5

 6 Life insurance companies 0.8 0.3 -0.7 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Other insurance companies 0.3 0.4 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Finance companies 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Brokers and dealers 0.0 0.5 -0.2 -0.1 0.1 -0.2 0.5 -0.5 0.7 -0.9 -0.6 9

10 Net change in business taxes receivable -2.2 -4.5 -14.0 -13.2 -2.3 19.1 -15.6 -7.8 -5.0 18.2 -26.5 10

11 State and local governments 0.3 -3.2 -6.0 -9.3 -4.6 -5.6 -4.1 -3.9 -4.9 -1.3 -1.1 11

12 Federal government -2.6 -1.3 -8.0 -3.8 2.3 24.8 -11.6 -3.9 -0.0 19.5 -25.4 12

13 Discrepancy 11.9 9.6 15.6 14.8 5.5 -14.6 20.4 7.7 8.5 -27.5 15.1 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 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 1

 2 Asset: Household sector -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 26.3 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 37.7 14.2 43.7 28.0 5.7 2.2 6.4 27.5 -15.6 -12.3 -6.7 1

 2 Nonfarm noncorporate business 32.4 20.2 51.7 30.3 2.6 2.3 6.1 13.5 -13.6 -15.2 -28.9 2

 3 Farm business -1.9 -13.1 4.7 -12.4 -5.0 -11.7 -1.0 5.4 -12.5 -2.7 1.6 3

 4 Brokers and dealers 7.2 7.1 -12.7 10.2 8.0 11.6 1.4 8.5 10.5 5.6 20.6 4
Z.1, September 15, 1997 55

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 246.2 336.6 243.1 466.0 454.8 506.5 431.0 348.0 533.7 604.8 631.1 1

 2 Household sector 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 0.8 2

 3 Nonfinancial corporate business 54.0 109.1 71.5 174.9 237.6 295.7 126.5 287.3 240.8 261.8 287.1 3

 4 Nonfarm noncorporate business 7.7 3.6 7.7 7.7 8.4 8.4 8.4 8.5 8.4 6.4 6.4 4

 5 Federal government -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.3 22.4 5

 6 Rest of the world 44.8 94.2 47.2 104.1 102.7 127.7 112.6 -20.2 190.7 134.5 123.8 6

 7 Monetary authority -1.8 1.0 1.3 1.2 -0.3 -7.8 -1.6 0.7 7.4 -11.6 8.7 7

 8 Commercial banking 59.0 90.4 82.4 124.0 21.6 -47.4 171.9 -91.1 53.0 232.4 196.4 8

 9 Savings institutions 0.5 -3.8 3.7 -0.6 -3.2 1.2 -2.1 44.4 -56.2 -30.5 15.0 9

10 Credit unions 0.1 0.5 1.4 -1.9 0.0 4.0 0.1 -2.3 -1.6 3.7 -0.5 10

11 Life insurance companies 5.7 15.0 16.7 11.3 16.0 -14.1 17.6 28.7 31.9 -5.6 0.4 11

12 Other insurance companies 23.1 15.8 16.4 23.0 14.8 25.4 7.3 23.5 2.8 13.1 18.0 12

13 Government-sponsored enterprises 12.5 -4.9 -24.9 6.1 2.7 5.2 -20.0 2.2 23.4 31.3 -19.7 13

14 Finance companies 4.5 10.4 14.4 20.9 11.6 -9.5 13.6 13.5 28.8 29.1 -66.3 14

15 Mortgage companies -7.9 -0.1 -12.5 -3.8 -4.3 31.8 -42.8 1.7 -7.9 -14.1 -10.0 15

16 REITs 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 1.8 1.5 16

17 Brokers and dealers 13.1 15.6 1.6 12.6 27.3 -15.4 4.0 58.9 61.9 -12.7 18.9 17

18 Funding corporations 30.6 -11.7 8.4 -20.2 19.9 113.4 20.8 18.6 -73.3 -18.3 28.3 18

19 Net change in assets 315.1 538.3 421.9 564.2 554.0 656.0 565.8 504.3 490.1 717.3 1009.1 19

20 Household sector 17.0 13.1 5.4 15.8 11.5 14.5 3.8 19.0 8.5 4.3 27.5 20

21 Nonfinancial corporate business 96.6 261.3 166.6 265.1 263.7 369.6 145.3 272.0 267.7 326.5 227.7 21

22 Nonfarm noncorporate business 3.6 9.0 15.7 12.7 9.8 8.6 9.2 9.3 12.2 5.8 8.3 22

23 Farm business 2.0 1.5 2.0 2.7 2.9 3.2 3.5 3.6 1.3 4.0 2.0 23

24 State and local governments 3.6 4.8 1.0 3.7 12.2 5.3 0.9 18.7 24.0 34.5 -2.3 24

25 Federal government 15.4 -3.8 3.3 -2.5 -6.4 -5.8 -3.7 0.7 -16.9 -11.8 -7.2 25

26 Rest of the world 27.4 75.6 48.6 102.7 112.8 98.9 167.8 126.5 57.9 220.6 139.6 26

27 Monetary authority -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 -1.3 8.5 27

28 Commercial banking 71.7 87.2 80.7 64.8 25.6 39.8 97.9 -56.3 21.0 83.3 268.7 28

29 Savings institutions -4.1 -17.2 -8.1 1.7 -1.8 -14.6 -8.0 67.7 -52.5 -26.1 6.8 29

30 Credit unions 3.7 1.7 -3.4 -0.8 -0.2 9.3 -9.4 0.5 -1.2 0.4 14.9 30

31 Bank personal trusts and estates 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 3.8 31

32 Life insurance companies -8.1 -7.3 22.0 6.1 -11.4 -18.7 0.3 -13.3 -14.0 1.6 18.2 32

33 Other insurance companies -2.7 2.8 2.3 3.7 3.4 2.4 2.6 3.7 4.6 5.9 1.0 33

34 Private pension funds 16.8 9.8 19.8 14.9 19.4 3.7 23.0 24.4 26.5 21.0 12.1 34

35 State and local govt. retirement funds 30.4 -21.7 11.8 1.2 -40.7 -55.0 6.2 -71.8 -42.3 -21.6 -23.5 35

36 Money market mutual funds 5.0 11.0 6.9 12.8 4.8 23.0 23.8 -14.1 -13.3 14.6 33.1 36

37 Mutual funds -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 3.4 -11.8 37

38 Government-sponsored enterprises -12.3 6.3 -1.7 9.7 12.3 17.0 -2.7 2.7 32.0 -31.2 26.9 38

39 Finance companies -6.9 25.7 -7.1 21.5 27.6 6.6 18.5 26.5 59.0 -7.5 66.3 39

40 REITs -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 2.5 3.4 40

41 Brokers and dealers 52.6 49.6 24.8 10.3 68.0 107.8 30.8 61.7 71.7 49.2 204.7 41

42 Funding corporations 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.1 -19.5 42

43 Discrepancy -68.8 -201.8 -178.8 -98.2 -99.2 -149.4 -134.8 -156.2 43.6 -112.4 -378.1 43
56 Z.1, September 15, 1997

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 40.1 77.9 69.3 86.7 87.8 88.8 94.5 44.4 123.5 105.7 116.3 1

 2 Equity 14.6 24.6 20.5 36.6 21.6 37.5 8.6 19.2 21.1 45.0 41.5 2

 3 Reinvested earnings 16.3 30.7 30.1 54.0 57.9 56.3 51.8 54.6 68.8 62.4 60.3 3

 4 Intercompany accounts 9.1 22.7 18.6 -3.9 8.3 -4.9 34.1 -29.4 33.5 -1.7 14.5 4

 5 Asset: Nonfinancial corporate business 35.6 51.9 61.9 85.0 71.4 89.0 46.9 69.8 79.8 77.8 92.6 5

 6 Commercial banking 2.0 2.0 2.3 1.0 3.3 2.3 1.3 4.3 5.4 5.8 5.9 6

 7 Life insurance companies 0.3 -0.1 0.5 0.4 1.0 1.1 0.6 0.7 1.7 0.4 3.0 7

 8 Other insurance companies -2.7 2.8 2.3 3.7 3.4 2.4 2.6 3.7 4.6 5.9 1.0 8

 9 Finance companies 3.7 20.4 1.0 -4.9 4.5 -8.9 37.9 -37.8 27.0 2.1 4.6 9

10 Brokers and dealers 1.2 1.0 1.3 1.5 4.2 2.9 5.2 3.7 4.9 13.6 9.2 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 18.3 8.3 30.4 54.2 85.8 50.7 89.6 76.1 126.9 149.2 55.4 11

12 Nonfarm noncorporate business 0.1 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 -0.0 0.1 12

13 Commercial banking 2.7 2.2 3.4 6.4 0.3 3.1 -10.0 3.2 4.9 3.1 3.2 13

14 Life insurance companies 1.2 0.2 1.0 1.9 2.0 1.7 1.4 1.9 3.2 2.8 2.9 14

15 Other insurance companies 0.5 0.7 1.8 2.2 5.7 4.6 1.5 2.7 13.9 3.4 4.7 15

16 Finance companies 1.4 23.6 3.2 15.4 7.5 -12.4 7.8 22.2 12.6 15.8 11.9 16

17 Brokers and dealers 0.0 0.1 0.8 1.5 0.5 0.5 0.4 0.2 0.8 0.7 1.4 17

18 Funding corporations -6.2 13.8 5.0 -14.0 -25.0 15.1 -20.8 -2.5 -91.7 -52.4 36.0 18

19 Asset: Rest of the world 17.9 49.0 45.7 67.5 77.0 63.5 69.8 103.9 70.6 122.6 115.5 19

20 Equity 31.6 29.7 37.2 45.1 53.0 68.0 28.6 52.0 63.6 47.2 46.3 20

21 Reinvested earnings -13.5 -9.4 2.5 9.8 12.2 11.3 12.5 19.3 5.6 16.7 16.7 21

22 Intercompany accounts -0.2 28.8 5.9 12.6 11.7 -15.8 28.7 32.6 1.4 58.6 52.4 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 1.5 23

24 Asset: Federal government 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 1.5 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 1.2 25

26 Asset: Commercial banking 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 1.2 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises -0.1 1.7 1.9 2.0 3.6 2.1 3.6 3.9 4.8 6.3 6.4 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.1 0.0 2.2 1.6 1.4 2.6 2.9 3.7 4.3 28

29 Nonfarm noncorporate (BC) -0.0 0.2 0.2 0.0 0.7 0.0 0.0 0.0 2.8 0.0 2.5 29

30 Farm business (FICB and FLB) -0.1 0.1 0.0 -0.1 -0.6 -0.1 0.1 -0.0 -2.5 -0.0 -2.2 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) 0.7 1.3 1.6 1.6 0.8 0.8 0.6 0.5 1.5 1.8 2.1 32

33 Savings institutions (FHLB) -0.9 0.0 -0.0 0.4 0.5 -0.3 1.5 0.8 -0.1 0.8 -0.2 33

34 Credit unions (FHLB) 0.0 0.0 0.0 0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 34

35 Life insurance companies (FHLB) 0.0 0.0 0.0 -0.0 0.1 0.1 0.0 0.0 0.2 0.0 0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 27.8 31.6 17.5 40.1 28.6 16.7 54.0 13.3 30.4 56.9 49.0 36

37 Savings institutions -1.0 0.4 -0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 37

38 Finance companies 1.0 0.7 3.1 4.7 4.4 -1.0 10.6 3.2 4.8 1.3 1.1 38

39 Mortgage companies -7.9 -0.1 -12.5 -3.8 -4.3 31.8 -42.8 1.7 -7.9 -14.1 -10.0 39

40 Brokers and dealers 10.2 12.0 9.6 7.2 -0.1 -16.9 43.3 -12.9 -13.7 44.0 105.1 40

41 Asset: Bank holding companies 30.1 44.7 17.7 48.3 28.9 30.7 65.3 5.5 13.9 88.3 145.5 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 1.0 0.7 3.1 4.7 4.4 -1.0 10.6 3.2 4.8 1.3 1.1 42

43 Asset: Nonfinancial corporate business 1.0 0.7 3.1 4.7 4.4 -1.0 10.6 3.2 4.8 1.3 1.1 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 6.5 44

45 Brokers and dealers 19.2 17.2 16.1 17.8 35.5 47.4 44.6 23.9 25.9 28.2 -26.1 45

46 Asset: Funding corporations 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.1 -19.5 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, September 15, 1997 57

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.1 -0.0 1

 2 Asset: Federal government 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.1 -0.0 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 -0.9 -7.0 -7.8 3.3 -1.2 -7.0 -10.6 2.0 10.7 -11.1 -8.8 5

 6 Asset: Savings institutions -0.9 -7.0 -7.8 3.3 -1.2 -7.0 -10.6 2.0 10.7 -11.1 -8.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 0.8 7

 8 Asset: Life insurance companies 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 0.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 7.5 6.7 6.7 6.1 7.0 0.0 3.1 2.2 22.7 -5.5 13.0 9

10 Health 6.9 6.2 6.6 5.2 6.2 0.0 3.1 2.0 19.7 -6.2 10.0 10

11 Policy dividend accumulation 0.6 0.5 0.1 0.8 0.8 0.0 0.0 0.2 3.0 0.6 3.1 11

12 Asset: Household sector 7.5 6.7 6.7 6.1 7.0 0.0 3.1 2.2 22.7 -5.5 13.0 12

 Policy payables:

13 Liab.: Other insurance companies 22.6 15.2 14.5 20.8 9.1 20.8 5.8 20.8 -11.2 9.7 13.3 13

14 Asset: Household sector 9.5 6.3 -1.3 9.8 4.5 14.5 0.7 16.8 -14.1 9.8 14.5 14

15 Nonfinancial corporate business 13.5 6.6 7.8 3.2 -2.0 -0.0 -1.3 -2.6 -3.9 -5.2 -6.5 15

16 Nonfarm noncorporate business -2.5 0.8 6.0 5.0 3.0 3.0 3.0 3.0 3.0 1.0 1.0 16

17 Farm business 2.1 1.4 2.0 2.8 3.6 3.3 3.5 3.7 3.9 4.1 4.3 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 -16.3 18

19 Asset: Private pension funds -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 -16.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 52.4 169.1 22

23 Asset: Brokers and dealers 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 52.4 169.1 23
58 Z.1, September 15, 1997

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 69.8 75.9 25.1 210.8 133.6 155.9 115.4 64.8 198.4 190.3 88.3 1

 2 Nonfinancial corporate business 34.2 95.2 37.3 116.9 148.0 241.2 33.1 207.4 110.1 108.8 227.9 2

 3 Nonfarm noncorporate business 7.6 3.6 7.7 7.7 8.4 8.4 8.4 8.5 8.4 6.4 6.4 3

 4 Federal government -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.3 22.4 4

 5 Rest of the world 3.2 14.8 -23.7 16.0 13.2 36.5 17.7 -66.0 64.5 27.0 6.0 5

 6 Monetary authority -2.2 0.6 1.1 1.0 -1.0 -8.1 -2.0 -0.9 7.1 -12.3 7.5 6

 7 Commercial banking 37.4 54.3 48.2 74.5 -8.4 -71.2 130.5 -110.1 17.3 165.4 137.7 7

 8 U.S.-chartered commercial banks -7.6 14.6 31.3 3.5 -11.7 -42.6 53.2 -42.4 -15.2 62.3 -26.1 8

 9 Foreign banking offices in U.S. 34.1 24.0 15.3 41.5 -14.6 -29.1 58.7 -71.2 -16.6 33.0 102.5 9

10 Bank holding companies 9.9 14.2 -0.2 26.6 17.3 1.1 19.8 0.2 48.0 58.4 56.5 10

11 Banks in U.S.-affiliated areas 1.1 1.4 1.8 2.9 0.7 -0.5 -1.1 3.3 1.0 11.7 4.8 11

12 Savings institutions 1.5 -4.2 3.7 -0.7 -3.4 1.0 -2.3 44.2 -56.4 -30.8 14.7 12

13 Credit unions 0.1 0.5 1.4 -1.9 0.0 4.0 0.1 -2.3 -1.6 3.7 -0.5 13

14 Life insurance companies 3.0 7.5 2.6 9.2 5.6 -4.2 14.7 24.5 -12.7 -5.5 0.9 14

15 Government-sponsored enterprises 13.5 0.5 -19.0 0.8 0.3 10.1 -13.0 -3.7 8.0 36.1 -17.3 15

16 Finance companies 1.0 -14.6 4.9 -3.9 -4.7 5.0 -15.3 -15.1 6.6 10.7 -80.4 16

17 REITs 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 1.8 1.5 17

18 Brokers and dealers -16.3 -13.7 -24.8 -13.9 -8.6 -46.5 -84.4 47.6 48.9 -85.6 -61.6 18

19 Funding corporations -13.8 -69.1 -21.2 -0.7 -14.9 -7.3 14.1 -42.1 -24.3 -18.3 -176.9 19

20 Net change in assets 138.6 277.7 203.9 309.0 232.8 305.3 250.2 221.1 154.8 302.7 466.3 20

21 Nonfinancial corporate business 46.4 202.0 93.6 172.1 187.7 280.1 87.7 199.0 184.0 248.8 136.2 21

22 Nonfarm noncorporate business 6.1 8.0 9.5 7.7 6.1 5.6 6.2 6.3 6.4 4.7 4.8 22

23 State and local governments 3.6 4.8 1.0 3.7 12.2 5.3 0.9 18.7 24.0 34.5 -2.3 23

24 Federal government 13.9 -5.3 1.7 -3.8 -8.1 -8.1 -4.1 -0.7 -19.6 -13.6 -8.7 24

25 Rest of the world 9.4 26.6 2.9 35.2 35.8 35.4 98.1 22.6 -12.8 98.1 24.1 25

26 Monetary authority -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 -1.3 8.5 26

27 Commercial banking 38.5 38.8 58.9 13.6 -8.0 5.7 30.3 -68.2 -0.1 -13.2 114.1 27

28 U.S.-chartered commercial banks 0.0 5.0 13.8 2.4 2.6 60.3 22.6 -1.4 -71.2 93.5 -11.3 28

29 Foreign banking offices in U.S. 34.3 33.8 37.6 5.0 -22.2 -57.8 11.2 -74.4 32.2 -67.8 112.2 29

30 Bank holding companies 4.8 0.5 7.7 4.6 11.3 4.0 -3.9 5.9 39.1 -41.0 15.0 30

31 Banks in U.S.-affiliated areas -0.7 -0.4 -0.1 1.6 0.3 -0.8 0.5 1.7 -0.2 2.1 -1.8 31

32 Savings institutions -2.3 -10.2 -0.3 -2.0 -1.1 -7.3 1.2 65.0 -63.1 -15.8 15.9 32

33 Credit unions 3.7 1.7 -3.4 -0.9 -0.2 9.4 -9.5 0.5 -1.3 0.3 14.9 33

34 Bank personal trusts and estates 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 3.8 34

35 Life insurance companies -8.4 -8.0 20.6 4.9 -13.4 -20.8 -1.2 -14.8 -16.8 0.3 14.3 35

36 Private pension funds 21.3 3.7 9.5 17.0 14.2 11.6 20.8 20.4 3.9 14.5 24.7 36

37 State and local govt. retirement funds 30.4 -21.7 11.8 1.2 -40.7 -55.0 6.2 -71.8 -42.3 -21.6 -23.5 37

38 Money market mutual funds 5.0 11.0 6.9 12.8 4.8 23.0 23.8 -14.1 -13.3 14.6 33.1 38

39 Mutual funds -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 3.4 -11.8 39

40 Government-sponsored enterprises -12.3 6.3 -1.7 9.7 12.3 17.0 -2.7 2.7 32.0 -31.2 26.9 40

41 Finance companies -10.6 5.3 -8.1 26.4 23.1 15.5 -19.5 64.3 32.0 -9.6 61.7 41

42 REITs -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 2.5 3.4 42

43 Brokers and dealers 0.8 5.0 -1.0 14.2 4.1 -0.7 -1.9 -5.2 24.2 -16.8 26.4 43

44 Discrepancy -68.8 -201.8 -178.8 -98.2 -99.2 -149.4 -134.8 -156.2 43.6 -112.4 -378.1 44
Z.1, September 15, 1997 59

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors -75.1 -211.7 -100.8 -31.3 7.2 0.6 41.1 -195.0 182.1 42.5 -140.9 1

 2 Household sector -78.3 1.0 -72.5 71.5 52.1 1.1 -14.9 125.1 99.6 97.3 63.6 2

 3 Nonfinancial corporate business 51.7 -100.6 0.9 3.4 18.4 16.2 99.2 -62.0 20.1 27.0 45.2 3

 4 State and local governments -30.6 -21.7 -27.8 23.0 25.4 10.5 32.2 29.4 29.6 31.3 19.5 4

 5 Federal government 31.3 9.7 32.6 15.4 49.4 32.0 0.4 49.0 116.1 26.7 -9.0 5

 6 Rest of the world -63.0 -25.5 -40.3 -42.0 -79.6 56.5 -118.1 -197.7 -59.0 -82.7 -95.4 6

 7 Financial sectors 13.8 -74.6 6.3 -102.7 -58.5 -115.7 42.3 -138.7 -24.4 -57.1 -164.7 7

 8 Monetary authority 0.3 -0.5 -3.1 -1.7 1.0 -0.4 -0.1 1.7 2.2 -2.3 1.1 8

 9 Commercial banking 21.0 11.7 34.6 -16.2 10.4 -44.3 88.5 -29.7 27.1 45.2 -90.1 9

10 Savings institutions 0.3 -12.0 -5.6 -4.5 -1.9 0.7 5.0 1.3 -14.6 -0.1 -10.1 10

11 Credit unions -0.9 -1.2 0.1 -1.4 -0.8 -0.8 -0.2 -0.4 -1.9 -0.4 -1.7 11

12 Bank personal trusts and estates 0.1 -0.7 -1.0 -2.0 2.8 1.0 2.1 3.4 4.7 6.5 7.7 12

13 Life insurance companies -7.5 -40.7 -2.2 -37.3 -30.4 -21.3 -23.5 -44.5 -32.2 -15.5 -13.8 13

14 Other insurance companies 10.2 -11.9 -12.3 -7.6 -0.5 3.1 -8.7 -12.0 15.7 -38.5 2.1 14

15 Mutual funds -18.6 -33.9 -45.3 -53.3 -80.7 -70.4 -74.8 -83.8 -93.8 -85.0 -85.0 15

16 Government-sponsored enterprises -1.7 -2.0 -2.3 -1.6 2.9 -1.5 -0.2 -0.2 13.5 2.7 1.4 16

17 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Finance companies 7.5 4.0 24.1 4.5 15.8 -2.2 33.6 4.5 27.3 1.6 -6.2 18

19 REITs 3.4 13.0 18.8 18.1 22.4 20.4 20.5 20.8 28.0 29.1 29.7 19

20 Brokers and dealers -0.1 -0.4 0.5 0.3 0.5 0.1 0.1 0.2 -0.2 -0.5 0.1 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -75.1 -211.7 -100.8 -31.3 7.2 0.6 41.1 -195.0 182.1 42.5 -140.9 1

 2 Treasury currency -0.2 -0.2 -0.2 -0.5 -1.0 -1.1 -1.0 1.3 -3.1 -0.3 -0.6 2

 3 Foreign deposits -2.7 -5.7 43.0 25.7 58.1 73.2 26.6 91.3 41.3 179.0 54.5 3

 4 Net interbank transactions -4.9 4.2 -2.7 -3.1 -3.3 9.3 -22.5 -4.4 4.2 26.5 -24.9 4

 5 Security RPs 4.7 46.1 57.3 55.1 24.2 27.7 124.8 -133.3 77.6 -102.1 166.7 5

 Mail floats:

 6 Federal government 0.7 -1.5 -4.8 -6.0 0.5 2.7 -6.6 27.1 -21.4 -9.4 16.1 6

 7 Other 1.6 -1.3 -2.8 -3.8 -4.0 -2.8 -5.0 -4.7 -3.7 -2.6 -4.8 7

 8 Trade credit 11.8 -4.1 0.7 -30.5 -32.0 6.5 -9.8 -101.5 -23.4 28.4 -57.4 8

 9 Taxes payable 11.9 9.6 15.6 14.8 5.5 -14.6 20.4 7.7 8.5 -27.5 15.1 9

10 Miscellaneous -68.8 -201.8 -178.8 -98.2 -99.2 -149.4 -134.8 -156.2 43.6 -112.4 -378.1 10

11 Nonfinancial -29.1 -57.1 -28.1 15.1 58.6 49.1 49.0 77.9 58.5 63.0 72.4 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 44.8 52.7 14.8 -28.2 -59.7 -50.2 -50.1 -79.0 -59.6 -64.2 -73.6 12

13 Private wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 13

14 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
60 Z.1, September 15, 1997

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total credit market debt owed by: 14381.4 15195.8 16199.6 17258.3 18479.2 18766.6 19107.8 19420.7 19795.2 20023.4 20306.7 1

 2 Domestic nonfinancial sectors 11309.5 11852.5 12486.9 13087.1 13785.2 13980.9 14134.3 14308.4 14500.5 14658.4 14769.2 2

 3 Federal government 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3

 4 Nonfederal sectors 8533.1 8772.1 9150.4 9594.8 10148.5 10263.7 10440.6 10575.3 10718.8 10828.6 11008.6 4

 5 Household sector 3757.1 3952.1 4203.5 4550.0 4910.1 4969.5 5043.5 5148.5 5244.7 5275.0 5362.8 5

 6 Nonfinancial corporate business 2432.6 2470.0 2528.6 2667.5 2875.9 2922.9 3003.6 3038.7 3053.1 3113.8 3165.3 6

 7 Nonfarm noncorporate business 1130.1 1115.3 1118.5 1120.7 1147.3 1158.3 1167.9 1174.6 1190.7 1204.2 1222.2 7

 8 Farm business 134.8 135.3 137.9 141.2 142.7 140.0 145.0 145.5 145.1 142.7 147.0 8

 9 State and local governments 1078.4 1099.5 1161.8 1115.4 1072.5 1073.1 1080.6 1068.0 1085.1 1093.0 1111.3 9

10 Rest of the world 300.7 315.1 385.7 370.6 441.7 452.7 461.5 489.1 511.8 516.4 528.8 10

11 Financial sectors 2771.2 3028.2 3327.0 3800.7 4252.3 4333.0 4511.9 4623.1 4782.9 4848.5 5008.7 11

12 Commercial banking 184.6 194.6 208.0 228.1 250.6 241.8 252.0 255.8 262.3 266.2 286.9 12

13 U.S.-chartered commercial banks 47.4 58.8 68.6 81.0 92.2 90.4 94.8 97.8 102.6 104.8 114.9 13

14 Foreign banking offices in U.S. 24.9 21.2 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.8 10.3 14

15 Bank holding companies 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.7 161.7 15

16 Savings institutions 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 145.9 16

17 Credit unions 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 17

18 Life insurance companies 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 18

19 Government-sponsored enterprises 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 19

20 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 20

21 ABS issuers 338.9 402.5 485.3 554.1 687.0 717.3 756.7 781.3 819.5 829.0 849.5 21

22 Finance companies 389.9 387.6 386.7 435.8 486.6 493.8 506.3 513.7 529.8 528.2 557.7 22

23 Mortgage companies 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 35.5 23

24 REITs 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 59.3 24

25 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 37.2 25

26 Funding corporations 143.5 169.3 180.3 212.3 249.8 262.2 283.0 290.7 311.3 336.7 328.2 26

27 Total credit market assets held by: 14381.4 15195.8 16199.6 17258.3 18479.2 18766.6 19107.8 19420.7 19795.2 20023.4 20306.7 27

28 Domestic nonfederal nonfinancial sectors 2613.6 2723.0 2795.8 3085.7 2964.1 2928.4 3013.5 2982.4 3000.3 2899.1 2855.3 28

29 Household sector 1594.8 1674.7 1702.4 2029.1 1991.8 1970.0 2040.5 2047.5 2068.6 2007.8 1961.4 29

30 Nonfinancial corporate business 230.0 257.8 271.5 289.2 286.8 273.6 285.7 286.8 302.1 289.6 291.6 30

31 Nonfarm noncorporate business 38.3 38.1 37.0 37.6 37.9 38.0 38.1 38.2 38.3 38.4 38.6 31

32 State and local governments 750.6 752.3 784.9 729.9 647.5 646.8 649.1 609.9 591.3 563.3 563.7 32

33 Federal government 248.0 237.5 234.7 212.0 191.6 186.6 183.0 176.8 170.7 166.0 162.8 33

34 Rest of the world 928.8 1023.0 1147.8 1254.8 1563.1 1656.5 1722.0 1844.6 1953.5 2050.7 2125.8 34

35 Financial sectors 10591.0 11212.2 12021.3 12705.7 13760.4 13995.1 14189.3 14416.8 14670.7 14907.5 15162.9 35

36 Monetary authority 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 36

37 Commercial banking 2853.3 2948.6 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3707.9 3780.5 3866.8 37

38 U.S.-chartered commercial banks 2502.5 2571.9 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.8 3222.2 3304.5 38

39 Foreign banking offices in U.S. 319.2 335.8 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 501.8 39

40 Bank holding companies 11.9 17.5 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 23.8 40

41 Banks in U.S.-affiliated areas 19.7 23.4 25.8 29.2 33.4 33.9 34.3 34.5 34.4 36.3 36.8 41

42 Savings institutions 1013.2 937.4 914.1 920.8 913.3 921.8 933.0 945.4 933.2 932.4 937.7 42

43 Credit unions 179.4 197.1 218.7 246.8 263.0 267.0 276.9 282.6 288.5 290.1 296.4 43

44 Bank personal trusts and estates 223.5 231.5 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 237.4 44

45 Life insurance companies 1218.9 1304.4 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1654.3 1680.2 1701.5 45

46 Other insurance companies 376.6 389.4 422.7 446.4 468.7 472.1 479.7 483.2 490.2 491.2 494.0 46

47 Private pension funds 524.4 561.9 611.4 659.2 722.3 739.6 751.0 761.4 768.8 783.2 797.7 47

48 State and local govt. retirement funds 396.4 402.3 423.4 454.1 476.8 491.9 505.0 506.3 511.3 522.5 529.1 48

49 Money market mutual funds 403.9 408.6 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 656.5 49

50 Mutual funds 440.2 566.4 725.9 718.8 771.3 795.9 809.0 818.3 820.2 838.3 864.7 50

51 Closed-end funds 49.5 67.7 82.0 78.7 92.0 94.8 97.2 99.5 101.3 103.0 104.3 51

52 Government-sponsored enterprises 388.8 457.6 545.5 663.3 748.0 755.8 758.9 779.3 813.6 824.3 854.8 52

53 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 53

54 ABS issuers 315.5 374.9 455.1 516.8 627.9 653.3 686.0 704.1 730.0 733.7 750.5 54

55 Finance companies 453.0 453.3 427.9 476.2 526.2 530.3 539.9 538.3 544.5 551.6 552.3 55

56 Mortgage companies 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.2 39.2 56

57 REITs 7.0 8.1 8.6 13.3 15.5 16.3 17.2 18.0 18.5 19.0 19.9 57

58 Brokers and dealers 124.0 122.7 137.5 93.3 183.4 156.2 138.2 147.1 166.3 163.1 168.9 58

59 Funding corporations 134.2 147.5 117.9 97.3 91.3 113.2 116.8 119.8 108.8 124.1 116.9 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 15, 1997 61

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 11309.5 11852.5 12486.9 13087.1 13785.2 13980.9 14134.3 14308.4 14500.5 14658.4 14769.2 1

 2 Federal government 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 2

 3 Treasury securities 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3

 4 Budget agency secur. and mortgages 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 4

 5 Nonfederal, by instrument 8533.1 8772.1 9150.4 9594.8 10148.5 10263.7 10440.6 10575.3 10718.8 10828.6 11008.6 5

 6 Commercial paper 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 6

 7 Municipal securities and loans 1272.2 1302.8 1377.5 1341.7 1293.5 1290.3 1296.1 1279.8 1294.8 1298.8 1315.5 7

 8 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 8

 9 Bank loans n.e.c. 688.1 675.7 680.8 755.7 856.1 864.4 887.0 915.5 926.0 962.1 998.4 9

10 Other loans and advances 639.3 648.3 629.3 673.0 719.4 728.8 737.4 745.1 741.4 746.2 743.3 10

11 Mortgages 3951.3 4082.8 4252.2 4444.1 4667.2 4744.0 4832.2 4908.3 4986.4 5040.2 5118.9 11

12 Home 2849.4 3038.5 3225.0 3424.0 3616.4 3682.3 3719.7 3792.4 3850.6 3898.0 3956.0 12

13 Multifamily residential 282.7 272.0 267.4 269.1 279.5 283.2 291.4 294.4 301.1 302.4 307.6 13

14 Commercial 740.0 692.6 679.0 668.0 686.8 693.6 734.9 734.7 747.6 752.1 766.6 14

15 Farm 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 15

16 Consumer credit 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 16

17 Nonfederal, by sector 8533.1 8772.1 9150.4 9594.8 10148.5 10263.7 10440.6 10575.3 10718.8 10828.6 11008.6 17

18 Household sector 3757.1 3952.1 4203.5 4550.0 4910.1 4969.5 5043.5 5148.5 5244.7 5275.0 5362.8 18

19 Nonfinancial business 3697.5 3720.6 3785.0 3929.4 4165.9 4221.2 4316.5 4358.9 4388.9 4460.7 4534.5 19

20 Corporate 2432.6 2470.0 2528.6 2667.5 2875.9 2922.9 3003.6 3038.7 3053.1 3113.8 3165.3 20

21 Nonfarm noncorporate 1130.1 1115.3 1118.5 1120.7 1147.3 1158.3 1167.9 1174.6 1190.7 1204.2 1222.2 21

22 Farm 134.8 135.3 137.9 141.2 142.7 140.0 145.0 145.5 145.1 142.7 147.0 22

23 State and local governments 1078.4 1099.5 1161.8 1115.4 1072.5 1073.1 1080.6 1068.0 1085.1 1093.0 1111.3 23

 Foreign credit market debt

24 held in U.S. 300.7 315.1 385.7 370.6 441.7 452.7 461.5 489.1 511.8 516.4 528.8 24

25 Commercial paper 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 69.8 25

26 Bonds 130.4 147.2 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 351.5 26

27 Bank loans n.e.c. 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.2 27

28 Other loans and advances 67.0 66.3 62.3 60.8 60.2 60.6 60.9 61.0 61.0 61.0 61.2 28

29 Domestic and foreign 11610.2 12167.6 12872.6 13457.6 14227.0 14433.6 14595.9 14797.5 15012.3 15174.8 15298.0 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; levels, not seasonally adjusted

 1 By instrument 2771.2 3028.2 3327.0 3800.7 4252.3 4333.0 4511.9 4623.1 4782.9 4848.5 5008.7 1

 2 Federal government-related 1564.2 1720.0 1885.2 2172.7 2376.8 2414.0 2489.4 2545.1 2608.3 2634.7 2706.2 2

 3 Govt.-sponsored enterprise securities 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 3

 4 Mortgage pool securities 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 4

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

 6 Private financial sectors 1207.1 1308.3 1441.8 1627.9 1875.4 1919.0 2022.5 2078.1 2174.6 2213.8 2302.5 6

 7 Open market paper 385.7 394.3 393.5 442.8 488.0 491.9 518.5 539.6 580.7 624.5 644.0 7

 8 Corporate bonds 653.3 745.1 867.9 985.9 1174.7 1208.5 1265.2 1287.6 1325.8 1319.9 1365.8 8

 9 Bank loans n.e.c. 76.2 77.0 62.6 48.9 53.1 58.6 63.9 64.2 69.8 71.3 74.3 9

10 Other loans and advances 87.1 86.6 108.9 131.6 135.0 133.6 145.8 154.2 162.2 158.2 174.9 10

11 Mortgages 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 11

12 By sector 2771.2 3028.2 3327.0 3800.7 4252.3 4333.0 4511.9 4623.1 4782.9 4848.5 5008.7 12

13 Commercial banks 72.3 80.0 84.6 94.5 102.6 100.5 103.6 106.7 112.3 114.5 125.2 13

14 Bank holding companies 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.7 161.7 14

15 Savings institutions 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 145.9 15

16 Credit unions 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 16

17 Life insurance companies 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 17

18 Government-sponsored enterprises 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 18

19 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 19

20 ABS issuers 338.9 402.5 485.3 554.1 687.0 717.3 756.7 781.3 819.5 829.0 849.5 20

21 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 37.2 21

22 Finance companies 389.9 387.6 386.7 435.8 486.6 493.8 506.3 513.7 529.8 528.2 557.7 22

23 Mortgage companies 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 35.5 23

24 REITs 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 59.3 24

25 Funding corporations 143.5 169.3 180.3 212.3 249.8 262.2 283.0 290.7 311.3 336.7 328.2 25
62 Z.1, September 15, 1997

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 14381.4 15195.8 16199.6 17258.3 18479.2 18766.6 19107.8 19420.7 19795.2 20023.4 20306.7 1

 2 Open market paper 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 2

 3 U.S. government securities 4335.7 4795.5 5216.9 5665.0 6013.6 6131.2 6183.1 6278.2 6390.0 6464.5 6466.8 3

 4 Municipal securities 1272.2 1302.8 1377.5 1341.7 1293.5 1290.3 1296.1 1279.8 1294.8 1298.8 1315.5 4

 5 Corporate and foreign bonds 1870.6 2046.8 2327.6 2481.2 2793.0 2853.8 2931.3 2985.7 3066.0 3082.6 3157.5 5

 6 Bank loans n.e.c. 785.9 776.6 768.0 830.8 943.8 959.7 991.4 1021.3 1039.5 1076.9 1118.9 6

 7 Other loans and advances 798.2 805.9 805.3 865.3 914.6 923.0 944.1 960.3 964.6 965.3 979.4 7

 8 Mortgages 3956.1 4088.2 4261.2 4462.8 4691.8 4770.5 4861.4 4940.7 5022.4 5080.2 5162.4 8

 9 Consumer credit 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 9

 Memo:

 Selected claims not included above:

10 Corporate equities 4866.0 5458.3 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 10

11 Mutual fund shares 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 11

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

Billions of dollars; levels, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 14381.4 15195.8 16199.6 17258.3 18479.2 18766.6 19107.8 19420.7 19795.2 20023.4 20306.7 1

 2 Official foreign exchange 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 2

 3 SDR certificates 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 3

 4 Treasury currency 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 4

 5 Foreign deposits 273.5 267.7 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 505.0 5

 6 Net interbank liabilities 96.4 138.5 189.3 280.1 290.7 266.0 249.1 223.6 239.7 210.1 199.4 6

 7 Checkable deposits and currency 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1219.0 1261.8 7

 8 Small time and savings deposits 2350.7 2293.5 2223.2 2183.3 2279.7 2342.3 2340.1 2357.4 2376.8 2428.7 2435.3 8

 9 Large time deposits 488.4 415.2 391.7 411.2 476.9 493.6 511.1 557.6 590.7 605.4 646.4 9

10 Money market fund shares 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 10

11 Security RPs 355.8 399.9 471.1 549.4 660.1 666.1 692.1 687.6 698.8 716.6 774.3 11

12 Mutual fund shares 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 12

13 Security credit 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.0 380.0 409.1 13

14 Life insurance reserves 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 593.8 604.8 621.4 14

15 Pension fund reserves 3876.9 4218.1 4663.3 4871.8 5597.3 5753.0 5874.0 5989.4 6257.7 6339.9 6789.1 15

16 Trade payables 948.3 995.1 1047.8 1141.5 1246.7 1235.5 1271.5 1267.7 1322.1 1313.8 1336.1 16

17 Taxes payable 70.0 79.7 84.8 86.3 88.0 93.0 89.2 91.1 91.1 93.0 85.0 17

18 Investment in bank personal trusts 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 18

19 Miscellaneous 4371.9 4711.4 5109.8 5379.1 5783.0 5951.7 5948.9 6027.7 6135.1 6327.6 6267.5 19

20 Total liabilities 30855.5 32770.6 35358.5 37370.5 40803.4 41715.4 42403.7 43115.3 44329.3 45074.0 46364.4 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.3 19.6 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21.1 21

22 Corporate equities 4866.0 5458.3 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 22

23 Household equity in noncorp. bus. 3200.3 3162.8 3219.2 3416.3 3620.8 3664.6 3731.0 3797.3 3850.3 3908.2 3901.6 23

 - Liabilities not identified as assets:

24 Treasury currency -4.7 -4.9 -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 -7.0 24

25 Foreign deposits 222.6 217.6 233.2 276.2 301.2 319.5 326.1 348.9 356.4 401.1 414.7 25

26 Net interbank transactions -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.7 -8.3 26

27 Security RPs -53.3 -47.6 -1.6 55.7 110.9 121.7 149.2 126.5 135.1 110.8 150.3 27

28 Taxes payable 16.6 25.2 26.8 33.7 42.8 22.6 36.9 40.9 44.3 30.5 28.6 28

29 Miscellaneous -772.2 -717.2 -887.6 -988.6 -1081.0 -1098.4 -1213.2 -1246.8 -1354.7 -1295.8 -1364.8 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.8 6.8 5.6 3.4 3.1 -0.0 -3.4 -1.7 -1.6 -9.7 -6.8 30

31 Other 40.4 42.0 40.7 38.0 34.2 29.6 31.8 23.1 30.1 25.6 27.9 31

32 Trade credit -263.1 -250.5 -247.5 -247.7 -278.2 -332.0 -343.4 -383.6 -310.2 -361.2 -381.5 32

33 Totals identified to sectors as assets 39758.3 42149.1 45695.7 47887.0 53659.6 55157.5 56292.1 57384.6 59380.2 60182.7 63153.8 33
Z.1, September 15, 1997 63

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 13785.8 14748.6 15840.6 16352.7 18659.4 19229.2 19620.8 19944.1 20726.1 20819.3 22405.4 1

 2 Foreign deposits 14.6 15.6 15.8 18.8 23.4 26.0 27.7 30.4 33.2 37.2 40.5 2

 3 Checkable deposits and currency 513.0 616.8 674.4 651.5 612.6 587.5 576.2 565.8 554.6 538.7 532.1 3

 4 Time and savings deposits 2474.6 2397.7 2291.2 2289.0 2445.9 2517.6 2533.8 2574.3 2624.2 2678.5 2727.2 4

 5 Money market fund shares 383.1 342.2 341.8 355.3 455.7 509.2 489.5 503.9 535.0 582.8 569.7 5

 6 Securities 4618.1 5179.4 5741.1 5960.9 7141.5 7396.7 7648.1 7755.4 8104.4 7979.2 8963.2 6

 7 Open market paper 33.3 29.9 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 7

 8 U.S. savings bonds 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 8

 9 Other Treasury securities 255.1 317.5 318.1 524.1 498.8 492.4 496.2 489.6 507.9 482.7 395.3 9

10 Agency securities 124.1 153.7 116.3 275.5 240.5 232.6 269.1 304.2 309.8 331.8 346.6 10

11 Municipal securities 614.1 585.6 556.8 500.8 442.4 429.0 430.0 410.7 411.5 401.4 410.5 11

12 Corporate and foreign bonds 288.9 284.4 325.1 326.6 381.0 381.8 403.3 388.3 371.5 309.8 315.0 12

13 Corporate equities (2) 2577.9 2923.2 3216.6 3059.9 4086.1 4263.0 4349.6 4395.3 4651.3 4553.1 5377.7 13

14 Mutual fund shares 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1619.3 1827.4 14

15 Private life insurance reserves 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 580.1 591.4 607.4 15

16 Private insured pension reserves 659.1 743.0 836.4 878.1 992.4 997.0 997.9 1011.1 1026.4 1050.9 1069.9 16

17 Private noninsured pension reserves 1889.0 1983.1 2218.9 2308.4 2674.7 2758.8 2831.1 2893.2 3053.5 3084.4 3340.1 17

18 Govt. insurance and pension reserves 1341.8 1505.4 1621.7 1699.1 1944.0 2010.9 2059.0 2098.9 2191.4 2218.1 2393.2 18

19 Investment in bank personal trusts 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 19

20 Miscellaneous assets 859.5 883.4 950.9 1000.7 1065.6 1090.5 1096.8 1118.5 1151.2 1167.7 1192.5 20

21 Total liabilities 5367.0 5566.4 5858.2 6230.7 6646.1 6728.1 6825.4 6939.6 7068.1 7119.8 7244.9 21

22 Mortgage debt on nonfarm homes 2832.4 3021.0 3206.9 3405.3 3597.1 3662.8 3700.0 3772.7 3830.6 3877.9 3935.7 22

23 Other mortgage debt (3) 903.6 868.4 844.1 815.3 810.9 818.2 825.5 826.7 842.2 846.7 858.7 23

24 Consumer credit 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 24

25 Policy loans 67.3 73.0 78.6 86.4 96.9 98.7 99.9 102.9 101.4 102.9 105.3 25

26 Security credit 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 101.1 109.7 26

27 Other liabilities (3) 711.8 749.6 789.5 860.6 934.0 938.7 963.2 973.2 984.7 997.2 1022.5 27

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

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

(3) Includes corporate farms.
64 Z.1, September 15, 1997

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 16448.0 17356.2 18482.4 19145.7 21625.3 22231.9 22682.7 23064.8 23888.6 24034.1 25607.9 1

 2 Deposits 3244.4 3226.8 3161.6 3138.0 3351.0 3451.8 3436.7 3481.8 3552.3 3640.5 3670.8 2

 3 Foreign deposits 14.6 15.6 15.8 18.8 23.4 26.0 27.7 30.4 33.2 37.2 40.5 3

 4 Checkable deposits and currency 426.6 523.6 571.9 542.3 499.9 473.9 461.7 450.4 438.3 421.0 413.1 4

 5 Time and savings deposits 2423.7 2349.1 2236.0 2225.6 2376.2 2446.8 2462.0 2501.3 2550.2 2603.8 2651.9 5

 6 Money market fund shares 379.5 338.6 337.9 351.3 451.6 505.0 485.3 499.6 530.7 578.4 565.3 6

 7 Credit market instruments 1594.8 1674.7 1702.4 2029.1 1991.8 1970.0 2040.5 2047.5 2068.6 2007.8 1961.4 7

 8 Open market paper 33.3 29.9 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 8

 9 U.S. government securities 505.1 615.5 593.0 965.5 909.9 896.3 937.2 965.8 989.7 986.0 913.1 9

10 Treasury 381.0 461.8 476.7 690.0 669.4 663.7 668.1 661.6 680.0 654.2 566.5 10

11 Savings bonds 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 11

12 Other Treasury 242.8 304.5 304.8 510.1 484.4 477.8 481.6 474.8 493.0 467.7 380.1 12

13 Agency 124.1 153.7 116.3 275.5 240.5 232.6 269.1 304.2 309.8 331.8 346.6 13

14 Municipal securities 614.1 585.6 556.8 500.8 442.4 429.0 430.0 410.7 411.5 401.4 410.5 14

15 Corporate and foreign bonds 288.9 284.4 325.1 326.6 381.0 381.8 403.3 388.3 371.5 309.8 315.0 15

16 Mortgages 153.3 159.4 182.0 189.5 198.6 201.8 206.1 209.5 213.3 216.1 218.4 16

17 Corporate equities (2) 2577.9 2923.2 3216.6 3059.9 4086.1 4263.0 4349.6 4395.3 4651.3 4553.1 5377.7 17

18 Mutual fund shares 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1619.3 1827.4 18

19 Security credit 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 172.0 184.1 19

20 Life insurance reserves 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 593.8 604.8 621.4 20

21 Pension fund reserves 3876.9 4218.1 4663.3 4871.8 5597.3 5753.0 5874.0 5989.4 6257.7 6339.9 6789.1 21

22 Investment in bank personal trusts 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 22

23 Equity in noncorporate business 3200.3 3162.8 3219.2 3416.3 3620.8 3664.6 3731.0 3797.3 3850.3 3908.2 3901.6 23

24 Miscellaneous assets 234.1 251.0 264.1 269.5 285.4 289.0 290.0 294.7 296.8 297.9 304.8 24

25 Total liabilities 3905.7 4103.7 4386.1 4736.6 5109.6 5179.0 5256.9 5359.1 5467.2 5503.9 5602.9 25

26 Credit market instruments 3757.1 3952.1 4203.5 4550.0 4910.1 4969.5 5043.5 5148.5 5244.7 5275.0 5362.8 26

27 Home mortgages 2654.1 2816.7 2971.0 3164.3 3358.1 3424.8 3462.3 3534.9 3592.9 3640.0 3697.0 27

28 Consumer credit 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 28

29 Municipal securities 89.9 99.1 111.1 125.6 131.4 132.4 133.4 134.4 135.7 136.7 137.5 29

30 Bank loans n.e.c. 10.8 15.0 23.4 35.9 49.9 45.8 51.9 52.2 49.5 54.5 65.5 30

31 Other loans and advances 110.2 119.5 126.6 134.7 144.6 145.7 147.3 148.2 146.2 145.9 145.4 31

32 Commercial mortgages 95.5 100.9 108.5 101.5 97.5 100.2 101.8 101.5 105.6 104.0 104.4 32

33 Security credit 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 101.1 109.7 33

34 Trade payables 77.7 82.5 89.8 94.0 102.4 101.8 104.7 104.6 108.9 108.4 110.6 34

 Deferred and unpaid

35 life insurance premiums 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 19.7 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, September 15, 1997 65

L.101 Nonfinancial Business (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 4292.9 4477.6 4859.5 5185.2 5630.4 5738.7 5843.3 5958.6 6070.1 6159.4 6263.7 1

 2 Foreign deposits 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 29.5 2

 3 Checkable deposits and currency 268.9 282.6 305.6 330.9 351.7 346.9 359.9 378.9 402.2 402.3 416.2 3

 4 Time and savings deposits 117.7 100.5 129.3 130.9 135.6 133.5 139.7 147.5 141.2 133.1 128.7 4

 5 Money market fund shares 35.1 51.0 48.7 56.2 81.1 84.0 84.7 86.0 88.5 91.7 93.5 5

 6 Security RPs 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 5.1 6

 7 Credit market instruments 268.3 296.0 308.5 326.8 324.7 311.6 323.9 325.0 340.4 328.0 330.2 7

 8 Commercial paper 14.7 17.0 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 27.1 8

 9 U.S. government securities 60.8 82.2 81.2 84.7 79.4 78.4 86.9 89.1 91.7 89.2 88.1 9

10 Municipal securities 44.8 45.8 54.7 56.7 55.4 52.4 55.9 54.0 47.8 48.6 50.6 10

11 Mortgages 85.0 85.2 76.0 80.0 85.0 87.0 88.5 90.4 92.4 94.4 96.4 11

12 Consumer credit 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 13

14 Trade receivables 1058.1 1092.8 1138.0 1224.0 1334.4 1367.9 1410.8 1434.6 1403.5 1431.0 1467.1 14

15 Miscellaneous assets 2513.4 2614.3 2884.2 3069.2 3339.8 3425.4 3451.5 3510.4 3606.5 3681.3 3720.3 15

16 Total liabilities 6291.0 6572.4 6860.7 7121.5 7558.5 7669.4 7782.9 7864.8 7966.2 8071.4 8198.7 16

17 Credit market instruments 3697.5 3720.6 3785.0 3929.4 4165.9 4221.2 4316.5 4358.9 4388.9 4460.7 4534.5 17

18 Commercial paper 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 18

19 Municipal securities 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.4 70.4 19

20 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 20

21 Bank loans n.e.c. 677.2 660.8 657.4 719.8 806.2 818.6 835.0 863.3 876.5 907.6 932.9 21

22 Other loans and advances 519.1 518.9 493.5 530.1 568.2 576.8 584.3 591.6 590.4 596.0 594.1 22

23 Mortgages 1201.8 1165.3 1172.6 1178.3 1211.6 1219.0 1268.1 1271.9 1287.9 1296.2 1317.5 23

24 Trade payables 722.1 762.6 797.6 883.3 965.3 955.3 985.9 979.0 1027.4 1012.8 1031.8 24

25 Taxes payable 65.8 73.7 76.4 79.5 79.6 84.3 80.4 82.1 81.5 83.4 75.0 25

26 Miscellaneous liabilities 1805.6 2015.6 2201.7 2229.3 2347.8 2408.7 2400.1 2444.9 2468.4 2514.5 2557.5 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
66 Z.1, September 15, 1997

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3764.2 3931.7 4289.0 4567.3 4975.5 5076.7 5174.0 5281.8 5385.6 5469.0 5567.3 1

 2 Foreign deposits 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 29.5 2

 3 Checkable deposits and currency 182.5 189.4 203.1 221.6 239.0 233.3 245.4 263.5 285.9 284.7 297.2 3

 4 Time and savings deposits 66.8 51.8 74.1 67.5 65.9 62.7 67.8 74.5 67.1 58.4 53.4 4

 5 Money market fund shares 31.5 47.3 44.8 52.2 77.0 79.9 80.5 81.8 84.2 87.4 89.1 5

 6 Security RPs 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 5.1 6

 7 Commercial paper 14.7 17.0 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 27.1 7

 8 U.S. government securities 48.5 69.2 67.9 70.7 65.0 63.9 72.2 74.3 76.8 74.2 72.9 8

 9 Municipal securities 44.8 45.8 54.7 56.7 55.4 52.4 55.9 54.0 47.8 48.6 50.6 9

10 Mortgages 59.0 60.0 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 73.0 10

11 Consumer credit 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 11

12 Trade receivables 961.4 988.9 1035.0 1107.0 1205.9 1237.4 1278.2 1300.0 1266.8 1293.0 1327.8 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 13

14 Miscellaneous assets 2260.5 2355.8 2615.3 2782.6 3037.7 3120.5 3143.4 3199.0 3291.8 3364.1 3400.5 14

15 U.S. direct investment abroad (1) 578.0 580.0 598.4 670.3 749.9 774.2 787.4 805.8 815.3 837.1 862.2 15

16 Insurance receivables 149.5 163.0 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 175.8 16

17 Equity in GSEs 1.8 1.9 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 6.2 17

18 Investment in finance company subs. 16.2 17.3 17.9 21.1 25.8 25.5 28.1 28.9 30.2 30.5 30.7 18

19 Other 1515.0 1593.7 1827.4 1911.8 2079.4 2137.7 2144.7 2181.1 2263.4 2313.9 2325.6 19

20 Total liabilities 4829.8 5109.7 5388.6 5627.4 6022.0 6120.3 6214.4 6284.3 6365.2 6455.6 6556.7 20

21 Credit market instruments 2432.6 2470.0 2528.6 2667.5 2875.9 2922.9 3003.6 3038.7 3053.1 3113.8 3165.3 21

22 Commercial paper 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 22

23 Municipal securities (2) 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.4 70.4 23

24 Corporate bonds (1) 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 24

25 Bank loans n.e.c. 507.7 488.4 477.6 521.0 583.7 593.2 600.8 622.6 632.0 658.7 673.8 25

26 Other loans and advances 410.2 412.6 388.4 422.0 453.0 460.0 467.1 475.0 473.5 478.8 477.0 26

27 Savings institutions 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 8.3 27

28 Finance companies 237.4 238.4 224.1 247.4 271.4 273.2 275.1 271.3 278.5 283.7 280.5 28

29 Federal government 7.9 7.9 8.1 8.6 9.3 9.5 9.6 9.8 9.9 10.0 10.1 29

30 Acceptance liabilities to banks 23.3 20.4 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 14.1 30

31 Rest of the world 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.5 126.1 130.3 129.9 31

32 ABS issuers 6.8 9.7 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 32

33 Mortgages 215.3 193.4 201.2 223.5 259.2 263.0 306.6 308.9 313.6 315.5 324.5 33

34 Trade payables 649.4 682.8 719.3 796.5 870.3 858.0 886.1 876.8 922.7 906.1 923.0 34

35 Taxes payable 33.3 40.5 42.5 44.9 44.2 48.7 44.6 46.1 45.3 47.0 38.4 35

36 Miscellaneous liabilities 1714.5 1916.4 2098.2 2118.4 2231.6 2290.7 2280.1 2322.8 2344.1 2388.6 2429.9 36

37 Foreign direct investment in U.S. 487.1 509.0 518.7 551.7 599.8 615.9 643.9 664.1 685.3 725.9 745.5 37

38 Pension fund contributions payable 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 37.7 38

39 Other 1210.1 1388.6 1555.1 1538.6 1599.8 1641.9 1602.3 1623.8 1623.0 1626.0 1646.7 39

 Memo:

40 Trade receivables net of payables 312.0 306.1 315.8 310.4 335.6 379.4 392.1 423.2 344.1 386.9 404.8 40

41 Market value of equities 3497.0 3827.9 4126.0 4141.8 5481.1 5774.3 5995.3 6027.8 6367.4 6283.4 7286.1 41

42 Securities and mortgages 1416.2 1461.8 1544.8 1585.3 1681.8 1695.5 1753.9 1768.0 1791.2 1807.6 1835.2 42

43 Loans and short-term paper 1016.4 1008.2 983.8 1082.2 1194.1 1227.4 1249.7 1270.7 1261.9 1306.2 1330.2 43

44 Total short-term liabilities (3) 1699.1 1731.5 1745.6 1923.7 2108.6 2134.0 2180.3 2193.5 2229.9 2259.3 2291.6 44

45 Total liquid assets (4) 420.3 461.1 509.2 534.7 585.3 578.7 615.3 647.3 680.3 670.9 697.9 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 58.2 59.2 61.1 59.4 58.5 58.0 58.4 58.2 58.7 58.1 58.0 46

47 Short-term debt/credit market debt 41.8 40.8 38.9 40.6 41.5 42.0 41.6 41.8 41.3 41.9 42.0 47

48 Liquid assets/short-term liabilities 24.7 26.6 29.2 27.8 27.8 27.1 28.2 29.5 30.5 29.7 30.5 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, September 15, 1997 67

L.103 Nonfarm Noncorporate Business

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 479.1 492.4 513.9 557.6 592.4 598.8 605.4 612.1 619.6 624.2 629.5 1

 2 Checkable deposits and currency 74.6 79.6 87.2 92.3 96.1 97.2 98.2 99.3 100.4 101.4 102.6 2

 3 Time and savings deposits 50.9 48.7 55.2 63.4 69.7 70.8 71.9 73.0 74.1 74.7 75.3 3

 4 Money market fund shares 3.6 3.6 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.4 4

 5 Treasury securities 12.2 13.0 13.3 14.0 14.4 14.5 14.6 14.8 14.9 15.0 15.2 5

 6 Mortgages 26.0 25.2 23.7 23.6 23.5 23.5 23.5 23.4 23.4 23.4 23.4 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 96.7 103.8 103.0 117.0 128.5 130.5 132.6 134.6 136.7 138.0 139.3 8

 9 Miscellaneous assets 215.0 218.7 227.6 243.3 256.1 258.2 260.5 262.8 265.9 267.3 269.4 9

10 Insurance receivables 42.4 39.9 40.8 46.8 51.8 52.5 53.3 54.0 54.8 55.0 55.3 10

11 Equity investment in GSEs (1) 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 2.3 11

12 Other 172.0 178.1 186.1 195.6 203.3 204.7 206.2 207.8 209.4 210.6 211.8 12

13 Total liabilities 1313.4 1314.2 1320.0 1337.8 1377.7 1392.0 1405.4 1415.9 1435.8 1452.1 1473.0 13

14 Credit market instruments 1130.1 1115.3 1118.5 1120.7 1147.3 1158.3 1167.9 1174.6 1190.7 1204.2 1222.2 14

15 Bank loans n.e.c. 135.0 137.7 143.0 160.2 182.7 187.8 193.3 199.1 204.1 210.7 216.5 15

16 Other loans and advances 87.9 85.4 84.8 88.6 96.8 99.4 99.3 99.3 99.3 100.4 101.5 16

17 Mortgages 907.3 892.2 890.7 871.9 867.9 871.1 875.3 876.2 887.2 893.1 904.2 17

18 Trade payables 59.7 66.6 64.1 71.6 78.8 80.2 81.7 83.1 84.6 85.7 86.7 18

19 Taxes payable 32.5 33.1 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 36.6 19

20 Miscellaneous liabilities 91.1 99.1 103.5 110.9 116.2 118.0 120.0 122.1 124.3 125.9 127.5 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 49.6 53.4 56.6 60.2 62.6 63.2 63.9 64.7 64.9 66.1 66.9 1

 2 Checkable deposits and currency 11.8 13.6 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.2 16.4 2

 3 Miscellaneous assets 37.8 39.8 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 50.4 3

 4 Insurance receivables 35.6 37.7 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 49.5 4

 5 Equity investment in GSEs (2) 2.2 2.1 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 1.0 5

 6 Total liabilities 147.8 148.5 152.1 156.3 158.8 157.2 163.1 164.6 165.2 163.7 169.1 6

 7 Credit market instruments 134.8 135.3 137.9 141.2 142.7 140.0 145.0 145.5 145.1 142.7 147.0 7

 8 Bank loans n.e.c. 34.6 34.7 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.3 42.6 8

 9 Other loans and advances 21.1 20.9 20.3 19.5 18.4 17.5 17.9 17.3 17.6 16.8 15.6 9

10 Mortgages 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 10

11 Trade payables 13.0 13.2 14.2 15.2 16.2 17.2 18.1 19.1 20.1 21.1 22.1 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
68 Z.1, September 15, 1997

L.105 State and Local Governments (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1020.5 1034.0 1083.4 1025.8 931.2 922.6 922.5 893.0 890.3 877.0 886.6 1

 2 Checkable deposits and currency 24.6 26.8 28.2 30.7 33.8 29.9 31.5 30.2 31.4 30.0 32.3 2

 3 Time and savings deposits 57.2 51.3 46.3 52.3 62.2 67.3 66.9 68.9 70.7 70.6 70.0 3

 4 Security RPs 118.4 123.1 133.7 118.6 91.7 81.6 76.7 80.2 89.8 96.9 102.7 4

 5 Credit market instruments 750.6 752.3 784.9 729.9 647.5 646.8 649.1 609.9 591.3 563.3 563.7 5

 6 Open market paper 9.0 14.1 17.9 22.3 26.9 27.4 28.0 28.4 29.1 29.7 30.4 6

 7 U.S. government securities 598.3 593.1 622.8 556.6 461.7 460.5 461.5 420.7 399.4 369.7 367.7 7

 8 Treasury 435.5 418.2 447.8 370.0 237.9 234.0 210.2 186.7 175.3 155.2 147.1 8

 9 Agency 162.7 174.9 175.0 186.6 223.8 226.5 251.2 234.0 224.0 214.5 220.6 9

10 Municipal securities 11.6 10.5 9.5 8.6 8.1 8.1 8.0 8.0 7.9 7.9 7.9 10

11 Corporate and foreign bonds 18.0 20.9 26.5 31.9 37.0 36.6 36.8 36.9 37.2 37.7 38.3 11

12 Mortgages 113.7 113.7 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.3 119.5 12

13 Corporate equities 6.3 7.8 9.3 10.6 12.2 12.7 13.0 13.1 13.6 13.8 14.3 13

14 Mutual fund shares 9.4 14.9 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 38.2 14

15 Taxes receivable 37.0 38.9 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 26.5 15

16 Miscellaneous assets 17.0 19.0 20.5 20.5 20.9 21.3 21.8 27.1 30.3 38.9 38.8 16

17 Total liabilities 1103.8 1127.3 1190.2 1144.4 1103.7 1104.1 1112.4 1100.0 1118.0 1126.4 1144.8 17

18 Credit market instruments 1078.4 1099.5 1161.8 1115.4 1072.5 1073.1 1080.6 1068.0 1085.1 1093.0 1111.3 18

19 Municipal securities 1068.4 1089.7 1152.6 1107.2 1065.8 1066.9 1074.8 1062.6 1080.3 1088.7 1107.6 19

20 Short-term 33.1 32.0 33.8 31.7 32.9 33.2 30.9 34.1 37.9 39.0 36.4 20

21 Other 1035.3 1057.6 1118.7 1075.6 1032.9 1033.7 1043.9 1028.6 1042.4 1049.7 1071.2 21

22 U.S. government loans 10.0 9.9 9.2 8.2 6.7 6.2 5.8 5.3 4.8 4.3 3.7 22

23 Trade payables 25.4 27.7 28.4 29.0 31.2 31.0 31.8 32.0 32.8 33.4 33.5 23

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

L.106 Federal Government

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 501.3 478.1 493.7 446.6 429.3 452.2 451.9 442.5 421.1 427.4 437.4 1

 2 Gold, SDRs, and official foreign exchange 39.1 38.8 40.2 41.4 53.8 53.3 52.9 45.1 44.9 38.3 38.9 2

 3 Checkable deposits and currency 50.9 31.7 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 57.8 3

 4 Time and savings deposits 1.6 0.9 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 3.3 4

 5 Credit market instruments 248.0 237.5 234.7 212.0 191.6 186.6 183.0 176.8 170.7 166.0 162.8 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 98.3 87.9 87.7 75.3 62.7 60.3 59.2 56.5 54.1 51.3 50.3 7

 8 Other loans and advances 149.8 149.7 146.9 136.8 129.0 126.2 123.9 120.3 116.7 114.7 112.5 8

 9 Trade receivables 40.4 33.3 30.7 26.6 26.4 28.5 29.4 31.9 33.4 36.4 38.9 9

10 Taxes receivable 16.4 15.5 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 29.9 10

11 Miscellaneous assets 104.9 120.3 116.2 119.5 117.1 115.6 114.7 114.9 110.6 107.7 105.9 11

12 Total liabilities 3184.5 3511.7 3799.1 3984.0 4152.7 4242.0 4231.6 4289.4 4345.6 4387.7 4330.6 12

13 SDR certificates 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 13

14 Treasury currency 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 14

15 Credit market instruments 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 15

16 Savings bonds 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 16

17 Other Treasury securities 2619.7 2904.3 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 3547.9 17

18 Budget agency securities 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 85.8 83.1 86.1 86.5 92.2 93.3 94.9 96.8 95.8 97.2 99.7 20

21 Insurance and pension reserves 289.1 316.8 344.7 372.7 388.7 396.6 407.3 423.9 432.8 426.6 436.1 21

22 Miscellaneous liabilities 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 22
Z.1, September 15, 1997 69

L.107 Rest of the World

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2162.6 2336.2 2704.8 2904.9 3465.9 3643.3 3745.9 3912.5 4150.9 4285.4 4337.8 1

 2 Net interbank assets 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 149.3 143.6 2

 3 U.S. checkable deposits and currency 144.7 159.6 178.2 203.5 216.8 213.3 221.8 227.4 236.7 241.2 247.8 3

 4 U.S. time deposits 49.0 47.9 54.7 56.3 49.6 52.4 50.7 57.8 56.0 58.4 60.1 4

 5 Security RPs 20.9 41.7 58.6 46.6 67.6 72.5 76.4 76.5 70.9 83.9 83.2 5

 6 Credit market instruments 928.8 1023.0 1147.8 1254.8 1563.1 1656.5 1722.0 1844.6 1953.5 2050.7 2125.8 6

 7 Open market paper 11.3 12.9 18.8 24.9 43.4 31.0 42.3 47.5 54.5 46.9 54.3 7

 8 U.S. government securities 559.0 628.7 741.5 796.5 1028.1 1111.1 1146.3 1228.6 1325.1 1404.3 1452.1 8

 9 Official holdings 315.9 335.7 388.3 415.0 498.9 554.6 552.4 579.1 610.2 634.1 626.3 9

10 Treasury 307.1 323.0 371.2 393.4 471.5 527.1 523.7 549.2 579.0 602.2 593.8 10

11 Agency 8.8 12.7 17.1 21.6 27.4 27.5 28.7 29.9 31.2 31.9 32.5 11

12 Private holdings 243.1 293.0 353.1 381.5 529.2 556.6 593.9 649.4 714.9 770.1 825.8 12

13 Treasury 189.5 225.1 253.9 266.7 389.4 402.4 434.0 477.4 530.6 578.4 624.3 13

14 Agency 53.6 67.9 99.2 114.8 139.8 154.2 159.8 172.0 184.3 191.8 201.4 14

15 U.S. corporate bonds (1) 233.4 251.5 273.3 311.4 369.5 388.0 406.9 429.0 447.7 469.3 489.5 15

16 Loans to U.S. corporate business 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.5 126.1 130.3 129.9 16

17 U.S. corporate equities 299.0 329.2 373.5 368.9 509.0 544.2 565.1 576.7 623.0 639.5 764.6 17

18 Trade receivables 42.3 44.7 47.5 50.6 51.2 52.1 52.1 55.2 57.5 59.4 61.7 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 641.4 610.2 719.0 706.1 779.3 842.8 861.4 900.6 977.1 1002.9 850.9 20

21 Foreign direct investment in U.S. (2) 491.9 500.5 550.9 585.0 654.5 670.2 688.1 714.6 729.1 759.4 788.8 21

22 Other 149.5 109.6 168.1 121.1 124.8 172.6 173.3 186.0 248.0 243.5 62.2 22

23 Total liabilities 1387.9 1398.0 1574.2 1702.3 1940.3 2051.8 2043.0 2081.5 2193.3 2322.2 2233.6 23

 U.S. official foreign exchange

24 and net IMF position 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 24

25 U.S. private deposits 273.5 267.7 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 505.0 25

26 Credit market instruments 300.7 315.1 385.7 370.6 441.7 452.7 461.5 489.1 511.8 516.4 528.8 26

27 Commercial paper 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 69.8 27

28 Bonds 130.4 147.2 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 351.5 28

29 Bank loans n.e.c. 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.2 29

30 Official 2.4 3.3 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 2.0 30

31 Banks 6.9 7.6 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.7 13.5 31

32 Other 12.3 13.0 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.8 30.7 32

33 U.S. government loans 55.0 55.1 54.1 52.9 52.1 51.7 52.0 51.4 51.0 50.6 50.5 33

34 Acceptance liabilities to banks 12.0 11.3 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 10.8 34

35 Trade payables 30.4 31.8 35.9 39.5 45.3 42.5 41.2 40.8 43.0 44.2 44.3 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 727.8 731.7 827.5 914.4 1030.3 1110.1 1093.7 1082.1 1146.8 1230.1 1108.9 37

38 U.S. equity in IBRD, etc. 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 38

39 U.S. government deposits 1.8 1.8 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 39

40 U.S. direct investment abroad (1,2) 655.4 668.0 714.8 797.8 884.3 908.5 933.6 945.8 970.8 999.6 1030.6 40

41 Other 48.2 38.1 85.8 88.1 116.2 171.1 129.6 105.4 144.5 198.6 46.0 41

 Memo:

42 Market value of foreign equities 279.0 314.3 543.9 586.6 699.1 741.0 785.5 832.6 875.5 901.2 1059.5 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).
70 Z.1, September 15, 1997

L.108 Monetary Authority (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 364.6 381.7 423.8 452.1 471.8 459.7 469.1 471.8 495.0 485.7 507.4 1

 2 Gold and foreign exchange 38.6 32.5 33.3 33.0 32.1 30.9 30.5 30.4 30.2 28.9 28.9 2

 3 SDR certificates 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 3

 4 Treasury currency 21.0 21.5 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 25.4 4

 5 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 5

 6 Fed. Res. loans to domestic banks 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 6

 7 Security RPs 15.9 8.1 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 16.6 7

 8 Credit market instruments 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 10

11 Treasury 266.5 295.0 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 410.9 11

12 Agency 6.0 5.4 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 1.5 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 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 12.5 14

15 Total liabilities 362.0 378.7 420.4 448.4 467.9 455.2 464.3 467.1 490.5 480.4 501.9 15

16 Depository institution reserves 29.4 32.1 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 23.2 16

17 Vault cash of commercial banks 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 38.4 17

18 Checkable deposits and currency 293.5 311.1 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 432.5 18

19 Due to federal government 18.3 8.0 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 16.7 19

20 Due to rest of the world 1.0 0.2 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 0.6 20

21 Currency outside banks 274.2 302.8 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 415.2 21

22 Miscellaneous liabilities 5.5 3.7 4.6 6.0 7.2 6.5 6.6 7.2 6.9 6.4 7.8 22

23 Federal Reserve Bank stock 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 23

24 Other 2.8 0.6 1.2 2.3 3.3 2.5 2.4 2.7 2.3 1.7 2.7 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, September 15, 1997 71

L.109 Commercial Banking (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3414.4 3629.5 3875.9 4150.1 4487.6 4503.9 4564.8 4605.4 4704.2 4792.6 4946.0 1

 2 Vault cash 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 38.4 2

 3 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.7 21.1 3

 4 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.3 4

 5 Total bank credit 2872.3 3011.8 3174.4 3331.2 3604.6 3623.5 3668.7 3714.2 3794.8 3873.0 3967.5 5

 6 U.S. government securities 568.2 672.9 745.4 719.1 746.1 755.3 753.9 750.8 757.3 792.7 789.5 6

 7 Treasury 232.5 294.4 322.2 290.4 278.7 284.0 280.2 275.0 261.6 282.4 265.7 7

 8 Agency 335.7 378.5 423.2 428.7 467.5 471.3 473.7 475.9 495.7 510.3 523.9 8

 9 Municipal securities 103.2 97.5 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 94.3 9

10 Corporate and foreign bonds 96.3 94.7 98.2 102.5 110.9 109.7 110.4 110.7 112.3 119.0 122.7 10

11 Total loans 2097.0 2139.8 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.5 2857.9 2950.7 11

12 Open market paper 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 12

13 Bank loans n.e.c. 785.9 776.6 768.0 830.8 943.8 959.7 991.4 1021.3 1039.5 1076.9 1118.9 13

14 Mortgages 881.3 900.5 947.8 1012.7 1090.2 1097.4 1109.8 1123.2 1145.3 1159.2 1196.3 14

15 Consumer credit 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 529.4 511.5 517.0 15

16 Security credit 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 16

17 Corporate equities 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 17

18 Mutual fund shares 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 18

19 Customers’ liab. on acceptances (2) 35.3 31.7 25.3 22.9 22.3 22.6 22.1 23.1 23.4 23.9 24.9 19

20 Miscellaneous assets 444.9 523.9 611.1 728.4 791.6 800.0 814.9 809.7 817.2 837.5 892.8 20

21 Total liabilities 3363.3 3532.8 3750.3 4049.0 4333.2 4329.2 4405.8 4439.2 4546.2 4638.2 4765.3 21

22 Net interbank liabilities 33.4 74.5 121.7 211.2 220.5 206.8 188.8 164.4 170.0 151.2 137.8 22

23 To monetary authority 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 23

24 To domestic banks (3) -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.7 -8.3 24

25 To foreign banks 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 149.3 143.6 25

26 Checkable deposits 621.6 714.3 788.4 756.7 710.8 659.3 673.2 672.3 676.2 642.7 661.1 26

27 Federal government 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 27

28 Rest of the world 19.4 21.7 21.3 23.2 24.0 23.1 27.1 25.1 26.6 26.9 29.3 28

29 Private domestic 565.7 662.1 724.5 709.8 667.8 619.4 614.8 609.4 620.9 591.8 597.6 29

30 Small time and savings deposits 1386.5 1389.3 1377.4 1376.3 1490.1 1548.6 1557.8 1575.1 1613.0 1666.1 1683.8 30

31 Large time deposits 399.6 332.8 311.7 333.0 387.8 402.4 420.1 458.8 492.9 504.7 543.1 31

32 Federal funds and security RPs (net) 229.6 272.0 313.5 391.7 422.2 428.3 450.1 451.6 463.3 480.3 506.9 32

33 Credit market instruments 184.6 194.6 208.0 228.1 250.6 241.8 252.0 255.8 262.3 266.2 286.9 33

34 Open market paper 62.1 54.4 51.9 55.0 52.8 53.4 56.7 56.5 55.7 56.1 59.8 34

35 Corporate bonds 113.2 127.6 134.9 142.6 161.1 155.9 161.6 164.2 168.9 171.9 181.5 35

36 Other loans and advances 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 45.7 36

37 Taxes payable 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 37

38 Miscellaneous liabilities 507.6 554.6 628.4 750.1 848.4 838.8 860.4 857.6 864.5 922.8 941.1 38

 Memo:

39 Credit market funds advanced (4) 2853.3 2948.6 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3707.9 3780.5 3866.8 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
72 Z.1, September 15, 1997

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2649.5 2749.8 2916.5 3113.2 3315.5 3316.2 3352.3 3383.9 3439.5 3494.8 3572.9 1

 2 Vault cash and reserves at Federal Reserve 59.2 60.2 63.2 65.2 66.6 56.0 57.2 56.3 66.3 56.2 58.5 2

 3 Total bank credit 2527.4 2623.5 2780.9 2921.4 3116.3 3126.7 3155.1 3186.6 3231.5 3283.0 3362.7 3

 4 U.S. government securities 529.0 614.5 671.3 646.1 629.1 631.9 624.8 618.8 609.7 626.2 627.7 4

 5 Treasury 207.8 254.3 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.2 172.4 5

 6 Agency 321.2 360.1 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 455.3 6

 7 Mortgage pool securities 153.7 155.5 173.2 182.2 195.1 204.7 209.5 208.0 216.6 223.9 228.4 7

 8 Agency-issued CMOs 89.4 122.7 133.8 119.4 101.0 97.3 90.9 89.8 89.5 92.4 93.2 8

 9 Other agency securities 78.1 81.9 89.3 96.5 125.3 121.4 124.2 125.8 130.7 129.7 133.7 9

10 Municipal securities 102.7 97.0 98.9 97.0 92.7 92.2 91.9 92.1 93.7 93.5 93.9 10

11 Corporate and foreign bonds 69.7 66.6 66.6 66.0 69.3 69.4 68.7 66.3 64.8 67.5 70.0 11

12 Private mortgage pool securities 3.5 3.8 4.7 3.6 4.5 4.4 4.2 4.4 4.2 3.5 3.4 12

13 Privately issued CMOs 28.2 21.6 19.8 21.5 24.9 25.9 25.4 22.2 21.8 21.4 20.6 13

14 Other bonds 38.0 41.1 42.1 40.9 39.8 39.1 39.0 39.7 38.9 42.6 46.0 14

15 Total loans 1818.4 1838.6 1935.9 2107.4 2317.9 2325.6 2361.7 2401.1 2453.9 2486.4 2560.9 15

16 Open market paper 7.5 5.9 4.9 3.6 3.9 4.1 3.4 3.0 4.2 2.7 2.6 16

17 Bank loans n.e.c. 586.7 567.0 574.4 620.4 695.8 706.5 725.9 742.9 757.1 787.4 820.2 17

18 Mortgages 821.8 842.9 895.5 963.7 1045.4 1054.2 1067.3 1080.7 1102.9 1118.9 1158.0 18

19 Consumer credit 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 529.4 511.5 517.0 19

20 Security credit 30.0 57.3 61.4 56.8 65.1 63.0 59.4 57.4 60.2 65.9 63.0 20

21 Corporate equities 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 21

22 Mutual fund shares 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 22

23 Customers’ liab. on acceptances (1) 12.6 12.6 10.1 9.9 12.3 12.8 13.5 14.5 13.9 14.5 15.0 23

24 Miscellaneous assets 50.4 53.6 62.2 116.7 120.3 120.8 126.6 126.6 127.7 141.1 136.7 24

25 Total liabilities 2777.7 2862.2 3036.3 3271.5 3457.6 3439.7 3502.1 3529.7 3598.7 3657.7 3719.4 25

26 Net interbank liabilities -41.1 -48.8 -19.4 60.5 54.4 20.8 12.1 -8.0 0.4 -7.7 -23.6 26

27 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 27

28 Borrowing from Federal Reserve banks 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 28

29 To domestic banks -47.9 -33.6 -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -41.8 -43.8 -45.8 29

30 To foreign banks 5.9 -19.2 -0.5 74.3 74.1 60.6 50.1 33.9 37.8 32.7 19.8 30

31 Checkable deposits 607.4 700.2 773.9 741.7 695.8 644.5 658.0 657.8 661.4 627.8 645.4 31

32 Federal government 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 32

33 Rest of the world 14.1 15.8 15.6 17.1 18.0 17.5 20.8 19.6 21.3 21.6 23.4 33

34 Private domestic 556.9 653.8 715.7 700.9 658.7 610.1 605.9 600.4 611.4 582.1 587.8 34

35 Small time and savings deposits 1367.5 1369.6 1358.7 1358.0 1471.3 1529.9 1539.4 1557.0 1594.1 1636.6 1657.5 35

36 Large time deposits 292.3 216.1 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.3 329.0 36

37 Federal funds and security RPs (net) 192.6 234.2 279.6 351.3 379.6 387.2 397.1 404.9 408.3 421.3 441.7 37

38 Acceptance liabilities 12.9 12.8 10.2 10.0 12.3 12.8 13.4 14.4 14.0 14.5 15.1 38

39 Corporate bonds 25.2 33.5 37.1 40.6 43.3 45.1 47.6 48.3 50.9 52.1 54.1 39

40 Other loans and advances 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 45.7 40

41 Taxes payable 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 41

42 Miscellaneous liabilities 311.2 331.3 377.6 463.0 505.0 497.2 518.1 520.1 521.9 556.3 549.7 42

43 Investment by bank holding companies 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.4 43

44 Other 84.0 76.3 91.0 158.9 160.7 148.7 156.2 154.9 149.0 169.2 150.4 44

 Memo:

45 Credit market funds advanced (2) 2502.5 2571.9 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.8 3222.2 3304.5 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, September 15, 1997 73

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 437.5 509.3 542.2 589.7 666.3 674.3 681.9 686.2 713.8 732.1 765.9 1

 2 Reserves at Federal Reserve 0.9 0.7 1.0 1.0 0.8 0.5 0.6 0.6 1.1 0.7 1.0 2

 3 Total bank credit 313.4 347.4 350.2 362.3 436.9 446.2 461.1 473.8 507.0 531.2 544.2 3

 4 U.S. government securities 32.0 43.7 57.6 55.7 99.6 106.9 112.5 115.2 130.4 148.7 143.2 4

 5 Treasury 20.8 29.6 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 85.8 5

 6 Agency 11.2 14.1 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.7 57.5 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 21.4 22.4 23.8 28.9 33.5 32.6 32.8 34.9 36.6 38.8 38.6 8

 9 Total loans 260.0 281.3 268.8 277.7 303.9 306.6 315.7 323.7 339.9 343.7 362.3 9

10 Open market paper 3.1 3.3 2.4 2.2 1.7 2.0 1.5 1.4 2.3 0.5 0.5 10

11 Bank loans n.e.c. 185.8 195.7 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.2 281.2 11

12 Mortgages 54.3 51.6 45.1 40.3 35.1 33.2 32.3 32.2 32.2 30.8 28.3 12

13 Security credit 16.8 30.7 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 52.3 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 22.7 19.1 15.1 13.0 10.1 9.8 8.6 8.6 9.4 9.4 9.9 15

16 Miscellaneous assets 100.5 142.1 175.9 213.5 218.5 217.9 211.6 203.1 196.3 190.8 210.9 16

17 Total liabilities 446.4 519.3 553.7 602.8 681.3 689.8 697.9 702.7 730.9 749.7 784.2 17

18 Net interbank liabilities 88.9 134.3 151.2 162.4 181.0 190.9 180.3 177.7 177.5 165.2 149.8 18

19 To foreign banks 41.1 103.5 132.7 158.5 173.6 168.3 162.8 157.8 161.1 133.9 123.3 19

20 To domestic banks 47.8 30.8 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 26.6 20

21 Checkable deposits 8.9 8.3 8.3 8.8 8.7 8.6 8.7 8.0 8.0 8.0 8.9 21

22 Small time and savings deposits 11.0 11.2 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.6 16.8 22

23 Large time deposits 99.3 108.2 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.5 204.6 23

24 Federal funds and security RPs (net) 38.4 39.0 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 65.3 24

25 Acceptance liabilities 24.9 21.2 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.8 10.3 25

26 Miscellaneous liabilities 175.0 197.1 225.7 257.6 308.5 305.1 308.9 301.9 295.3 307.7 328.5 26

27 Foreign direct investment in U.S. 24.9 21.2 24.0 26.3 32.9 33.7 31.2 32.0 30.9 31.7 32.5 27

28 Due to affiliates 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 44.4 28

29 Other 119.9 154.4 177.8 194.4 235.6 230.4 237.4 228.9 223.3 233.2 251.6 29

 Memo:

30 Credit market funds advanced (3) 319.2 335.8 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 501.8 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).
74 Z.1, September 15, 1997

L.112 Bank Holding Companies

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 302.3 342.8 387.9 414.1 466.8 474.2 490.9 494.9 510.8 523.2 564.6 1

 2 Credit market instruments 11.9 17.5 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 23.8 2

 3 U.S. government securities 3.4 8.3 8.4 9.4 8.1 7.5 7.6 8.0 9.0 8.1 8.1 3

 4 Treasury issues 1.0 6.1 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 2.9 4

 5 Agency 2.4 2.2 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 5.2 5

 6 Corporate and foreign bonds 5.1 5.4 7.2 7.1 7.7 7.3 8.5 9.2 10.5 12.3 13.6 6

 7 Bank loans n.e.c. 3.4 3.7 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 2.0 7

 8 Miscellaneous assets 290.4 325.2 370.4 395.8 448.7 457.4 472.8 475.6 488.9 500.7 540.8 8

 9 Investment in bank subsidiaries 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.4 9

10 Investment in nonbank subsidiaries 40.9 43.2 56.3 56.4 64.7 68.2 71.0 69.1 64.9 72.8 96.9 10

11 Other 22.2 27.0 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 44.5 11

12 Total liabilities 114.8 124.4 132.2 143.0 157.1 162.4 167.9 168.5 178.3 190.2 220.9 12

13 Net interbank liabilities -14.3 -11.0 -10.0 -11.7 -14.9 -4.9 -3.6 -5.3 -7.9 -6.4 11.5 13

14 To domestic banks -4.1 -6.5 -3.3 2.9 3.5 14.6 13.0 12.7 14.7 10.8 10.9 14

15 To foreign banks -10.3 -4.5 -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 0.6 15

16 Federal funds and security RPs (net) -1.4 -1.2 -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 -0.1 16

17 Credit market instruments 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 151.7 161.7 17

18 Commercial paper 24.3 20.4 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 34.4 18

19 Corporate bonds 88.0 94.1 97.7 102.0 117.9 110.8 114.0 116.0 118.0 119.8 127.4 19

20 Miscellaneous liabilities 18.2 22.0 19.6 22.0 24.6 26.3 23.5 24.9 36.3 44.9 47.7 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 25.1 27.7 29.4 33.1 39.0 39.1 39.8 40.3 40.1 42.6 42.5 1

 2 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.3 2

 3 Credit market instruments 19.7 23.4 25.8 29.2 33.4 33.9 34.3 34.5 34.4 36.3 36.8 3

 4 U.S. government securities 3.8 6.4 8.1 7.9 9.4 9.0 9.0 8.8 8.2 9.7 10.5 4

 5 Treasury 2.8 4.3 5.8 5.1 5.4 5.1 5.3 4.7 4.0 4.6 4.6 5

 6 Agency 1.0 2.1 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 5.9 6

 7 Municipal securities 0.5 0.5 0.2 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.4 7

 8 Corporate and foreign bonds 0.1 0.4 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.4 0.5 8

 9 Bank loans n.e.c. 10.0 10.2 9.7 11.3 13.1 13.7 14.2 14.5 15.1 16.2 15.4 9

10 Home mortgages 2.0 3.0 4.1 4.8 5.7 5.8 6.1 6.4 6.3 6.1 5.7 10

11 Commercial mortgages 3.2 3.0 3.1 4.0 4.0 4.2 4.1 3.9 3.9 3.4 4.3 11

12 Miscellaneous assets 3.7 3.0 2.6 2.4 4.0 3.8 3.9 4.4 4.3 4.8 4.4 12

13 Total liabilities 24.4 26.9 28.2 31.7 37.2 37.3 37.9 38.4 38.3 40.7 40.9 13

14 Checkable deposits 5.2 5.8 6.1 6.2 6.4 6.2 6.5 6.5 6.9 7.0 6.9 14

15 Small time and savings deposits 8.1 8.5 8.2 9.0 10.2 10.5 10.8 10.5 10.2 9.9 9.5 15

16 Large time deposits 8.1 8.5 8.2 9.0 10.2 10.4 10.8 10.5 10.2 9.9 9.5 16

17 Miscellaneous liabilities 3.1 4.2 5.6 7.4 10.3 10.2 9.9 10.7 11.0 13.9 15.1 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, September 15, 1997 75

L.114 Savings Institutions (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1144.9 1060.4 1020.2 1008.6 1012.8 1017.6 1024.5 1055.7 1031.8 1020.1 1025.2 1

 2 Reserves at Federal Reserve 2.9 3.1 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 2.1 2

 3 Checkable deposits and currency 12.9 12.4 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 13.4 3

 4 Time and savings deposits 5.0 3.7 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.4 1.3 4

 5 Federal funds and security RPs 15.1 14.4 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 9.8 5

 6 Credit market instruments 1013.2 937.4 914.1 920.8 913.3 921.8 933.0 945.4 933.2 932.4 937.7 6

 7 Open market paper 1.3 0.6 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 0.0 7

 8 U.S. government securities 170.0 177.0 175.5 187.0 183.0 182.6 184.5 178.0 173.4 173.1 175.9 8

 9 Treasury 25.0 34.0 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 16.3 9

10 Agency 145.0 143.0 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 159.6 10

11 Municipal securities 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 2.0 11

12 Corporate and foreign bonds 72.7 80.0 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 67.2 12

13 Other loans and advances 19.3 12.4 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.1 16.5 13

14 Mortgages 705.4 628.0 598.4 596.2 596.8 602.6 611.7 628.0 628.3 627.6 629.0 14

15 Consumer credit 42.2 37.4 37.9 38.5 40.1 40.7 42.1 44.9 44.7 45.9 47.0 15

16 Corporate equities 10.3 11.2 12.5 10.4 14.3 15.9 16.1 16.4 17.9 15.4 12.8 16

17 Miscellaneous assets 85.5 78.2 61.0 53.0 54.7 51.0 49.1 66.0 52.9 46.3 48.0 17

18 Total liabilities 1160.0 1067.9 1016.1 998.3 995.1 998.9 1006.2 1036.9 1010.5 998.3 1004.1 18

19 Deposits 937.5 852.8 785.4 733.6 727.9 728.1 720.7 737.2 721.4 718.6 711.8 19

20 Checkable 85.3 84.0 88.3 83.0 97.1 103.4 109.0 115.3 122.4 128.9 136.4 20

21 Small time and savings 767.6 692.2 624.0 579.6 550.7 543.0 530.6 533.7 512.6 501.1 485.1 21

22 Large time 84.6 76.7 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 90.3 22

23 Security RPs 19.6 18.6 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 45.9 23

24 Credit market instruments 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 145.9 24

25 Corporate bonds 8.6 5.5 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 2.3 25

26 Bank loans n.e.c. 8.9 8.9 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 16.7 26

27 Other loans and advances 77.8 74.0 87.3 100.0 97.4 99.7 110.5 117.7 122.4 117.8 126.9 27

28 Taxes payable 1.2 1.4 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 1.5 28

29 Miscellaneous liabilities 106.4 106.8 103.0 106.7 106.1 106.3 105.8 116.9 102.9 95.3 99.0 29

30 Investment by parent 5.0 4.0 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 4.8 30

31 Other 101.4 102.8 98.6 102.3 101.6 101.8 101.3 112.3 98.2 90.5 94.2 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
76 Z.1, September 15, 1997

L.115 Credit Unions

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 240.0 264.7 281.7 293.6 310.7 323.9 327.7 326.0 330.1 341.7 347.8 1

 2 Checkable deposits and currency 5.4 6.6 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.9 7.7 2

 3 Time and savings deposits 26.7 27.0 25.6 16.7 17.1 19.1 17.9 17.6 16.4 19.0 18.5 3

 4 Federal funds and security RPs 13.2 13.5 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.4 4.2 4

 5 Credit market instruments 179.4 197.1 218.7 246.8 263.0 267.0 276.9 282.6 288.5 290.1 296.4 5

 6 Open market paper 2.6 3.0 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 0.4 6

 7 U.S. government securities 33.7 48.6 58.9 62.9 64.1 67.2 69.2 68.4 68.1 68.4 67.4 7

 8 Treasury 14.1 19.9 22.6 22.1 18.3 19.3 19.1 18.2 17.4 16.9 16.1 8

 9 Agency 19.6 28.7 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.5 51.3 9

10 Home mortgages 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 79.9 10

11 Consumer credit 90.3 89.4 101.6 119.6 131.9 131.5 136.1 140.9 144.1 144.4 148.7 11

12 Mutual fund shares 2.6 4.1 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.4 2.2 12

13 Miscellaneous assets 12.8 16.5 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.9 18.8 13

14 Total liabilities 225.8 247.5 260.8 270.3 283.7 296.2 299.4 297.0 300.1 311.0 316.2 14

15 Shares/deposits 221.3 242.9 255.5 263.4 278.8 291.2 294.3 291.8 295.1 306.1 311.2 15

16 Checkable 20.5 25.1 26.8 28.8 30.9 31.0 32.6 32.5 32.5 32.4 31.7 16

17 Small time and savings 196.5 212.0 221.8 227.3 238.9 250.7 251.8 248.6 251.2 261.5 266.5 17

18 Large time 4.2 5.8 6.9 7.3 9.0 9.5 9.9 10.7 11.4 12.2 13.0 18

19 Other loans and advances 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 19

20 Miscellaneous liabilities 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.5 4.6 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 608.3 629.6 660.9 670.0 740.0 766.2 783.6 800.1 841.9 858.7 936.1 1

 2 Deposits 46.2 40.6 39.5 41.4 42.6 44.1 46.2 48.6 51.0 53.5 56.0 2

 3 Checkable deposits and currency 1.0 0.9 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 3

 4 Time and savings deposits 15.7 10.5 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 8.8 4

 5 Money market fund shares 29.6 29.2 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 46.6 5

 6 Credit market instruments 223.5 231.5 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 237.4 6

 7 Open market paper 25.2 22.8 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 23.0 7

 8 U.S. government securities 73.6 72.0 73.1 72.0 66.7 67.0 68.2 69.7 71.2 72.8 74.5 8

 9 Treasury 40.9 40.1 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 40.3 9

10 Agency 32.6 31.8 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 34.2 10

11 Municipal securities 89.9 96.0 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 104.4 11

12 Corporate and foreign bonds 30.7 36.8 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 31.6 12

13 Mortgages 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 13

14 Corporate equities 234.2 216.9 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 243.1 14

15 Mutual fund shares 93.6 128.1 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 381.6 15

16 Miscellaneous assets 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 16

17 Total liabilities (2) 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, September 15, 1997 77

L.117 Life Insurance Companies

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1499.5 1609.6 1780.2 1884.1 2086.8 2121.0 2147.8 2199.2 2271.7 2320.3 2363.1 1

 2 Checkable deposits and currency 5.5 4.8 5.2 5.7 6.4 6.3 6.5 6.6 6.7 6.9 6.9 2

 3 Money market fund shares 19.6 25.0 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 50.9 3

 4 Credit market instruments 1218.9 1304.4 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1654.3 1680.2 1701.5 4

 5 Open market paper 45.8 43.2 46.9 52.8 45.5 54.2 56.6 54.6 48.4 55.3 57.9 5

 6 U.S. government securities 241.9 281.8 332.8 341.2 351.0 344.9 335.3 344.2 337.4 336.3 333.6 6

 7 Treasury 77.8 88.8 110.0 107.1 108.1 105.8 100.7 101.8 93.2 93.2 88.4 7

 8 Agency 164.2 193.0 222.8 234.1 242.9 239.1 234.6 242.4 244.1 243.1 245.3 8

 9 Municipal securities 10.2 11.4 14.7 12.8 11.9 12.3 12.1 12.4 13.4 13.5 14.8 9

10 Corporate and foreign bonds 595.1 653.9 719.5 779.4 870.1 879.6 885.5 909.7 949.3 966.6 984.2 10

11 Policy loans 66.4 72.1 77.7 85.5 95.9 97.8 99.0 101.9 100.5 101.9 104.3 11

12 Mortgages 259.5 242.0 224.4 210.9 207.5 207.4 208.2 204.1 205.4 206.5 206.5 12

13 Corporate equities 155.9 174.2 226.0 272.2 344.2 361.5 380.9 398.9 437.5 454.5 464.3 13

14 Mutual fund shares 8.6 18.2 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.1 42.2 14

15 Miscellaneous assets 91.1 83.0 75.7 97.8 103.9 99.2 99.3 95.9 92.4 92.8 97.4 15

16 Total liabilities 1409.6 1525.1 1677.8 1773.5 1953.9 1962.3 1978.7 2015.2 2062.5 2099.2 2141.2 16

17 Other loans and advances 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 17

18 Life insurance reserves 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 580.1 591.4 607.4 18

19 Pension fund reserves (1) 659.1 743.0 836.4 878.1 992.4 997.0 997.9 1011.1 1026.4 1050.9 1069.9 19

20 Taxes payable 0.6 1.4 1.7 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 20

21 Miscellaneous liabilities 356.1 359.3 382.3 402.4 423.5 421.6 429.3 438.3 453.2 453.9 461.0 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 575.8 597.9 642.5 678.9 751.9 767.4 754.0 762.5 779.0 791.2 799.2 1

 2 Checkable deposits and currency 5.3 5.6 5.2 5.0 4.9 4.8 3.8 4.1 3.9 4.2 4.4 2

 3 Security RPs 26.9 32.6 31.7 29.4 37.5 39.6 33.8 36.8 35.4 38.1 41.2 3

 4 Credit market instruments 376.6 389.4 422.7 446.4 468.7 472.1 479.7 483.2 490.2 491.2 494.0 4

 5 U.S. government securities 146.2 151.4 169.0 178.7 181.6 181.8 176.5 173.1 171.8 172.1 169.2 5

 6 Treasury 104.0 108.7 124.5 133.0 133.4 133.6 128.8 125.0 120.9 121.1 115.0 6

 7 Agency 42.1 42.6 44.5 45.8 48.2 48.3 47.7 48.1 51.0 51.1 54.2 7

 8 Municipal securities 126.8 134.3 146.1 153.8 161.0 163.0 167.0 168.2 175.4 175.7 180.1 8

 9 Corporate and foreign bonds 97.2 97.8 103.1 110.1 123.3 124.7 133.6 139.4 140.6 140.8 142.2 9

10 Commercial mortgages 6.5 5.9 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.6 10

11 Corporate equities 94.1 97.3 103.4 112.1 144.8 153.3 137.3 137.9 148.6 151.3 154.0 11

12 Trade receivables 49.1 49.0 50.7 52.9 57.3 58.4 59.5 59.6 57.2 61.3 60.1 12

13 Miscellaneous assets 23.7 24.0 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.2 45.4 13

14 Total liabilities 417.1 440.9 457.5 472.8 502.8 509.1 510.9 516.8 518.2 521.5 526.0 14

15 Taxes payable 0.6 1.0 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 15

16 Miscellaneous liabilities 416.4 439.9 456.1 471.9 501.9 508.2 510.0 515.9 517.3 520.6 525.1 16
78 Z.1, September 15, 1997

L.119 Private Pension Funds (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1860.4 1958.7 2196.0 2284.5 2651.6 2735.7 2807.7 2869.8 3029.7 3060.3 3316.3 1

 2 Checkable deposits and currency 3.0 2.9 3.0 2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2

 3 Time and savings deposits 99.5 77.4 69.0 62.9 47.2 44.2 40.3 36.5 33.6 29.8 25.9 3

 4 Money market fund shares 18.8 19.8 26.3 31.6 37.5 39.2 39.3 40.0 42.2 42.6 44.0 4

 5 Security RPs 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 52.5 5

 6 Credit market instruments 524.4 561.9 611.4 659.2 722.3 739.6 751.0 761.4 768.8 783.2 797.7 6

 7 Open market paper 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 52.5 7

 8 U.S. government securities 310.4 326.8 350.5 364.8 393.1 399.9 402.9 405.9 406.6 410.9 415.9 8

 9 Treasury 212.6 223.9 239.6 249.6 267.8 272.0 274.0 276.0 276.7 279.4 282.6 9

10 Agency 97.8 102.9 110.9 115.2 125.4 127.9 129.0 129.9 129.9 131.5 133.3 10

11 Municipal securities 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 11

12 Corporate and foreign bonds 162.5 185.6 207.8 230.5 264.3 273.4 280.4 287.1 292.2 300.7 309.7 12

13 Mortgages 18.2 14.5 14.5 15.7 16.7 17.2 17.5 17.8 18.0 18.4 18.9 13

14 Corporate equities 747.4 807.8 937.7 936.8 1174.2 1228.7 1272.7 1322.8 1441.4 1448.5 1643.9 14

15 Mutual fund shares 50.2 74.9 116.0 155.1 237.9 252.0 268.3 275.9 295.9 307.7 358.1 15

16 Miscellaneous assets 384.6 379.5 394.5 388.4 382.2 380.8 384.0 380.4 393.8 393.4 391.5 16

17 Unallocated insurance contracts (2) 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 241.1 17

18 Contributions receivable 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 37.7 18

19 Other 160.7 162.6 163.5 143.8 129.8 128.8 128.0 121.7 122.5 118.4 112.6 19

20 Pension fund reserves (liabilities) (3) 1889.0 1983.1 2218.9 2308.4 2674.7 2758.8 2831.1 2893.2 3053.5 3084.4 3340.1 20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1031.7 1167.8 1254.6 1301.2 1527.1 1584.1 1619.9 1642.6 1724.7 1755.9 1920.9 1

 2 Checkable deposits and currency 4.2 6.0 6.7 6.0 3.8 3.6 3.3 2.8 3.8 2.7 3.1 2

 3 Time and savings deposits 8.1 6.0 8.7 5.5 4.2 4.2 4.4 4.2 4.1 7.4 6.8 3

 4 Security RPs 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 33.3 33.9 4

 5 Credit market instruments 396.4 402.3 423.4 454.1 476.8 491.9 505.0 506.3 511.3 522.5 529.1 5

 6 Open market paper 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 33.3 36.1 6

 7 U.S. government securities 232.1 216.3 228.5 245.3 271.4 281.8 292.1 290.6 291.7 296.9 298.9 7

 8 Treasury 147.5 144.5 161.4 170.2 178.6 184.4 192.9 189.7 188.4 192.8 190.3 8

 9 Agency 84.6 71.8 67.1 75.1 92.7 97.3 99.2 100.9 103.3 104.2 108.7 9

10 Municipal securities 0.4 0.5 0.7 0.4 0.5 0.4 0.4 0.6 0.6 0.5 0.5 10

11 Corporate and foreign bonds 129.3 148.9 159.3 165.0 162.2 167.4 168.6 166.5 168.5 174.8 176.4 11

12 Mortgages 16.9 16.5 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 17.2 12

13 Corporate equities 392.4 447.4 533.9 534.9 744.2 802.5 824.7 864.9 954.4 980.0 1153.3 13

14 Miscellaneous assets 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 209.9 194.8 14

15 Pension fund reserves (liabilities) (1) 1052.7 1188.5 1276.9 1326.4 1555.3 1614.3 1651.7 1675.0 1758.6 1791.4 1957.1 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, September 15, 1997 79

L.121 Money Market Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1

 2 Foreign deposits 21.4 20.3 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 20.2 2

 3 Checkable deposits and currency -0.2 -2.7 -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 -0.4 3

 4 Time and savings deposits 35.1 34.6 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 106.4 4

 5 Security RPs 67.0 65.9 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 113.6 5

 6 Credit market instruments 403.9 408.6 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 656.5 6

 7 Open market paper 190.6 173.6 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 308.9 7

 8 U.S. government securities 118.9 132.7 147.2 143.3 160.8 182.0 170.2 178.2 192.0 174.2 168.1 8

 9 Treasury 78.3 78.4 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 74.8 9

10 Agency 40.6 54.3 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 93.3 10

11 Municipal securities 90.6 96.0 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 151.8 11

12 Corporate and foreign bonds 3.8 6.3 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 27.7 12

13 Miscellaneous assets 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 13

14 Total shares outstanding (liabilities) 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 1

 2 Security RPs 12.2 21.9 38.7 43.1 50.2 46.4 49.8 56.1 47.5 53.0 59.0 2

 3 Credit market instruments 440.2 566.4 725.9 718.8 771.3 795.9 809.0 818.3 820.2 838.3 864.7 3

 4 Open market paper 12.2 21.9 38.7 43.1 50.2 49.4 49.8 56.1 47.2 53.0 59.0 4

 5 U.S. government securities 200.6 257.4 306.6 296.2 315.1 328.9 331.0 329.1 330.2 335.6 343.5 5

 6 Treasury 133.5 169.5 200.9 194.1 205.3 213.4 214.6 213.5 214.2 217.3 222.0 6

 7 Agency 67.1 87.9 105.7 102.1 109.9 115.5 116.4 115.6 116.1 118.2 121.5 7

 8 Municipal securities 139.7 168.4 211.3 207.0 210.2 212.1 212.6 213.0 213.3 214.2 215.0 8

 9 Corporate and foreign bonds 87.7 118.7 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 247.3 9

10 Corporate equities 308.9 401.3 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1514.7 1804.8 10

11 Miscellaneous assets 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 2.6 11

12 Total shares outstanding (liabilities) 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 71.2 91.5 109.7 110.9 127.4 131.0 133.7 136.3 141.1 144.1 145.3 1

 2 Credit market instruments 49.5 67.7 82.0 78.7 92.0 94.8 97.2 99.5 101.3 103.0 104.3 2

 3 U.S. government securities 10.0 11.6 13.7 7.4 10.4 10.9 11.2 11.5 11.6 11.6 11.5 3

 4 Municipal securities 25.4 39.7 47.6 54.9 59.9 61.1 62.4 63.6 64.8 66.0 67.2 4

 5 Corporate and foreign bonds 14.1 16.3 20.8 16.3 21.7 22.7 23.6 24.4 24.9 25.3 25.6 5

 6 Corporate equities 21.8 23.8 27.6 32.2 35.3 36.2 36.5 36.9 39.8 41.1 41.0 6

 Memo:

 7 Market value of equities 71.2 91.5 109.7 110.9 127.4 131.0 133.7 136.3 141.1 144.1 145.3 7
80 Z.1, September 15, 1997

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 496.8 552.3 631.1 781.8 896.9 906.8 934.0 954.9 988.6 993.9 1038.5 1

 2 Checkable deposits and currency 1.2 1.2 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.9 2.9 2

 3 Federal funds and security RPs 67.6 66.6 50.3 85.8 106.3 104.0 103.4 103.5 94.5 96.1 102.2 3

 4 Credit market instruments 388.8 457.6 545.5 663.3 748.0 755.8 758.9 779.3 813.6 824.3 854.8 4

 5 Open market paper 10.9 13.5 11.9 26.3 25.5 24.5 23.6 24.6 35.1 40.6 42.2 5

 6 U.S. government securities 75.5 105.7 116.9 180.3 243.8 254.0 246.6 260.3 264.2 279.2 295.1 6

 7 Treasury 40.8 58.7 51.6 51.9 58.0 54.2 34.5 34.4 18.8 19.1 23.4 7

 8 Agency 34.7 47.0 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.1 271.6 8

 9 Municipal securities 3.0 3.2 2.6 3.4 4.4 3.9 4.2 4.1 4.1 4.4 3.9 9

10 Corporate and foreign bonds 0.0 0.0 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.8 29.8 10

11 Other loans and advances 131.8 135.5 162.0 189.1 200.3 199.8 213.0 220.1 229.1 223.3 238.3 11

12 Sallie Mae 30.1 31.6 33.4 37.0 37.9 36.9 36.3 35.5 36.2 34.9 33.5 12

13 Farm Credit System 22.7 24.0 25.4 26.3 30.2 31.5 31.8 31.3 31.6 31.7 32.4 13

14 FHLB 79.1 79.9 103.1 125.9 132.3 131.4 144.9 153.3 161.4 156.6 172.4 14

15 Mortgages 167.7 199.7 241.0 244.6 249.0 250.5 251.3 250.6 250.7 247.2 245.5 15

16 Home 126.0 156.6 196.4 199.0 202.9 203.8 204.2 203.4 203.7 200.4 199.0 16

17 Multifamily residential 14.6 16.2 17.9 18.7 19.4 19.5 19.5 19.3 19.1 18.8 18.3 17

18 Farm 27.1 27.0 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 28.2 18

19 Miscellaneous assets 39.2 26.9 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.6 19

20 Total liabilities 486.0 538.7 614.4 761.7 873.6 882.8 909.5 930.1 966.7 972.3 1016.9 20

21 Credit market instruments 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 21

22 GSE issues (2) 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 22

23 U.S. government loans 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 78.3 90.8 85.9 61.1 67.1 68.4 63.4 64.0 69.8 77.7 72.7 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Student Loan Marketing Association (Sallie Mae), Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1

 2 Home mortgages 1130.4 1248.2 1334.3 1449.7 1543.4 1571.9 1614.3 1648.3 1678.9 1706.3 1726.9 2

 3 Multifamily residential mortgages 26.1 23.8 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 35.2 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, September 15, 1997 81

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 337.0 400.7 483.4 552.0 683.6 714.0 749.2 773.9 810.7 820.6 840.3 1

 2 Agency securities (1) 99.3 76.3 91.2 92.8 94.4 94.0 89.2 85.6 75.0 65.2 60.5 2

 3 Other loans and advances 6.8 9.7 19.5 23.7 30.6 32.7 39.6 38.0 43.7 39.9 41.3 3

 4 Student loans 0.0 0.0 0.0 0.0 1.0 2.5 4.0 5.0 6.0 6.6 7.1 4

 5 Loans to business 6.8 9.7 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 5

 6 Mortgages (2) 106.4 168.6 213.9 254.2 291.2 305.2 320.1 329.4 344.9 359.4 372.3 6

 7 Home 96.2 147.1 179.8 202.5 222.5 229.6 238.7 244.9 247.7 256.8 260.0 7

 8 Multifamily residential 3.7 6.3 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.5 39.5 8

 9 Commercial 6.5 15.2 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.1 72.8 9

10 Consumer credit 103.0 120.3 130.5 146.1 211.6 221.4 237.2 251.2 266.5 269.2 276.4 10

11 Trade receivables 21.5 25.8 28.4 35.2 55.7 60.6 63.2 69.8 80.7 86.9 89.8 11

12 Total liabilities 338.9 402.5 485.3 554.1 687.0 717.3 756.7 781.3 819.5 829.0 849.5 12

13 Commercial paper 38.7 46.9 51.6 63.9 101.2 110.2 114.8 127.0 146.7 158.1 163.3 13

14 Corporate bonds 300.2 355.7 433.8 490.2 585.8 607.1 641.9 654.4 672.8 670.9 686.2 14

 Memo:

 Securitized consumer leases

15 not included above (3) 2.0 1.9 1.9 2.2 3.5 3.3 7.6 7.4 8.7 8.4 9.2 15

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

L.127 Finance Companies (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 559.2 554.1 554.7 596.4 668.2 673.8 688.4 692.6 714.6 720.0 738.2 1

 2 Checkable deposits and currency 10.6 11.9 12.3 12.7 13.1 13.2 13.3 13.4 13.5 13.6 13.7 2

 3 Credit market instruments 453.0 453.3 427.9 476.2 526.2 530.3 539.9 538.3 544.5 551.6 552.3 3

 4 Other loans and advances 263.8 264.9 249.0 274.9 301.6 303.5 305.7 301.4 309.5 315.2 311.7 4

 5 Mortgages 63.3 65.8 62.7 66.9 72.4 74.3 80.4 82.2 82.7 83.4 84.8 5

 6 Consumer credit 125.9 122.6 116.1 134.4 152.1 152.5 153.9 154.6 152.4 153.0 155.8 6

 7 Miscellaneous assets 95.7 88.8 114.5 107.4 128.9 130.3 135.1 140.9 156.5 154.8 172.2 7

 8 Total liabilities 531.0 546.0 551.1 614.5 686.2 690.5 708.9 714.2 741.0 746.7 762.3 8

 9 Credit market instruments 389.9 387.6 386.7 435.8 486.6 493.8 506.3 513.7 529.8 528.2 557.7 9

10 Open market paper 155.2 149.2 149.1 171.6 168.6 168.2 169.6 173.1 177.6 185.3 193.8 10

11 Corporate bonds 194.6 204.3 217.3 249.5 302.7 310.3 319.0 322.3 332.5 324.4 344.9 11

12 Bank loans n.e.c. 40.1 34.1 20.4 14.8 15.3 15.4 17.7 18.3 19.7 18.4 18.9 12

13 Taxes payable 0.4 0.6 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 13

14 Miscellaneous liabilities 140.6 157.8 163.5 177.9 198.8 195.9 201.9 199.6 210.4 217.7 203.7 14

15 Foreign direct investment in U.S. 5.6 9.5 33.8 35.9 52.4 49.3 51.2 56.8 63.3 67.3 70.2 15

16 Investment by parent 32.4 34.5 35.8 42.1 51.5 51.0 56.3 57.9 60.3 61.0 61.5 16

17 Other 102.6 113.7 93.9 99.9 94.9 95.6 94.3 85.0 86.8 89.5 72.0 17

 Memo:

18 Consumer leases not included above (2) 33.5 39.0 49.3 67.5 80.8 83.4 86.7 89.9 92.5 95.6 98.5 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
82 Z.1, September 15, 1997

L.128 Mortgage Companies

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.2 39.2 1

 2 Home mortgages 53.1 52.7 52.2 28.3 23.8 36.7 29.8 31.0 32.0 30.0 30.1 2

 3 Multifamily residential mortgages 2.7 3.0 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.1 4.0 3

 4 Commercial mortgages 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.2 39.2 5

 6 Bank loans n.e.c. 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 35.5 6

 7 Investment by parent 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.6 9.7 6.1 3.6 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 14.0 13.8 17.4 22.1 25.5 25.7 26.1 26.5 27.9 29.0 30.7 1

 2 Mortgages 7.0 8.1 8.6 13.3 15.5 16.3 17.2 18.0 18.5 19.0 19.9 2

 3 Home 0.4 0.9 0.9 1.5 1.7 1.8 1.9 2.0 2.0 2.1 2.2 3

 4 Multifamily residential 2.2 5.3 5.6 8.7 10.1 10.7 11.2 11.8 12.1 12.4 13.0 4

 5 Commercial 4.5 1.9 2.1 3.2 3.7 3.9 4.1 4.3 4.4 4.5 4.7 5

 6 Miscellaneous assets 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 10.0 10.8 6

 7 Total liabilities 16.5 19.3 24.7 46.1 54.6 57.3 61.1 65.5 71.3 76.9 82.5 7

 8 Security RPs 0.0 2.9 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.9 13.4 8

 9 Credit market instruments 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 59.3 9

10 Open market paper 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 3.0 4.0 4.3 6.3 8.3 8.8 9.4 10.2 11.2 11.7 12.7 11

12 Bank loans n.e.c. 5.0 3.7 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 3.1 12

13 Mortgages 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 13

14 Miscellaneous liabilities 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 9.4 9.7 14
Z.1, September 15, 1997 83

L.130 Security Brokers and Dealers

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 332.5 381.7 478.8 454.7 568.1 569.4 565.3 583.1 634.6 650.6 717.0 1

 2 Checkable deposits and currency 10.2 10.4 12.3 12.0 13.7 12.9 15.3 15.3 15.6 14.9 17.3 2

 3 Credit market instruments 124.0 122.7 137.5 93.3 183.4 156.2 138.2 147.1 166.3 163.1 168.9 3

 4 Open market paper 14.0 15.2 14.9 11.2 22.1 16.8 19.9 18.1 24.2 26.0 27.7 4

 5 U.S. government securities 59.7 45.3 32.5 2.3 72.3 55.2 34.1 42.5 40.5 29.2 29.8 5

 6 Treasury 5.7 -7.7 -28.3 -42.7 18.3 5.2 -14.1 -4.0 -14.7 -24.6 -23.9 6

 7 Agency 54.0 53.0 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 53.7 7

 8 Municipal securities 9.4 11.3 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 11.7 8

 9 Corporate and foreign bonds 40.9 50.9 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 99.7 9

10 Corporate equities 14.3 14.8 24.2 20.1 34.2 28.2 31.9 29.1 37.9 39.3 44.0 10

11 Security credit 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 101.1 109.7 11

12 Miscellaneous assets 129.0 180.4 228.6 254.2 258.2 283.0 290.0 304.7 320.5 332.2 377.1 12

13 Total liabilities 308.7 352.8 441.9 420.9 535.4 534.8 530.5 547.2 594.8 607.8 672.3 13

14 Security RPs (net) 106.7 106.4 126.4 103.4 182.4 181.5 180.4 177.6 179.3 177.8 208.1 14

15 Corporate bonds 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 37.2 15

16 Trade payables 6.8 7.4 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 16.3 16

17 Security credit 133.8 164.2 202.9 203.9 227.1 237.8 228.8 230.8 263.7 279.0 299.4 17

18 Customer credit balances (HH) 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 172.0 184.1 18

19 From banks 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 19

20 Taxes payable 0.9 0.9 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 0.9 20

21 Miscellaneous liabilities 41.5 52.2 67.4 69.0 85.3 81.4 82.4 97.1 108.9 105.8 110.5 21

22 Foreign direct investment in U.S. 5.8 5.3 5.0 5.8 11.0 11.2 11.3 11.3 7.8 8.0 8.3 22

23 Due to affiliates 26.0 55.4 84.5 110.2 135.2 142.8 164.8 167.6 170.6 188.7 208.4 23

24 Other 9.7 -8.5 -22.2 -47.0 -60.9 -72.6 -93.7 -81.7 -69.5 -90.9 -106.3 24

L.131 Funding Corporations (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 261.4 308.6 308.6 349.0 366.2 409.1 428.4 443.8 447.6 473.4 464.1 1

 2 Money market fund shares 52.4 75.9 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 152.1 2

 3 Credit market instruments 134.2 147.5 117.9 97.3 91.3 113.2 116.8 119.8 108.8 124.1 116.9 3

 4 Open market paper 134.2 147.5 113.9 83.3 67.5 83.4 80.8 77.0 62.3 74.5 66.3 4

 5 Corporate and foreign bonds 0.0 0.0 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 50.6 5

 6 Miscellaneous assets (2) 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 195.2 6

 7 Investment in foreign banking offices 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 44.4 7

 8 Investment in brokers and dealers 44.5 63.7 80.8 96.9 114.8 126.6 137.8 143.7 150.2 157.3 150.8 8

 9 Total liabilities 261.4 308.6 308.6 349.0 366.2 409.1 428.4 443.8 447.6 473.4 464.1 9

10 Credit market instruments 143.5 169.3 180.3 212.3 249.8 262.2 283.0 290.7 311.3 336.7 328.2 10

11 Open market paper 128.8 142.9 140.4 152.3 165.4 160.0 177.4 183.0 200.8 225.0 227.1 11

12 Corporate bonds 14.7 26.4 40.0 60.0 84.4 102.2 105.6 107.7 110.5 111.6 101.0 12

13 Miscellaneous liabilities 117.9 139.2 128.2 136.7 116.5 146.9 145.4 153.1 136.3 136.7 136.0 13

14 Foreign direct investment in U.S. -68.7 -84.2 -75.7 -78.4 -95.0 -94.6 -104.9 -106.0 -120.0 -136.6 -133.0 14

15 Securities loaned (net) 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 289.0 331.3 15

16 Other 83.6 69.9 6.8 -6.6 -4.7 -1.1 0.8 -6.1 -19.6 -15.7 -62.4 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
84 Z.1, September 15, 1997

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves 77.7 71.3 73.4 74.3 85.8 84.2 83.4 75.5 75.1 67.2 67.8 1

 2 U.S. gold stock and SDRs 22.3 19.6 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21.1 2

 3 Federal govt.: Exchange Stab. Fund 11.2 8.5 9.0 10.0 11.0 11.0 11.0 10.2 10.3 9.9 10.0 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.0 11.1 11.1 4

 5 U.S. foreign exchange position 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 5

 6 Official foreign currency holdings 45.9 40.0 41.5 41.2 49.1 46.9 46.1 38.9 38.3 32.4 32.9 6

 7 Treasury 18.3 18.5 19.2 19.2 28.0 26.9 26.5 19.4 19.0 14.5 15.0 7

 8 Monetary authority 27.6 21.5 22.3 22.0 21.1 20.0 19.6 19.5 19.3 18.0 18.0 8

 9 Net IMF position 9.5 11.8 11.8 12.0 14.6 15.2 15.3 15.4 15.4 13.8 13.8 9

10 Federal government 9.6 11.9 11.9 12.1 14.7 15.3 15.4 15.5 15.5 13.9 13.9 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; levels, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 1

 2 Asset: Monetary authority 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 9.2 2

 Treasury currency:

 3 Liab: Federal government 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 18.3 3

 4 Asset: Monetary authority 21.0 21.5 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 25.4 4

 5 Discrepancy (seigniorage) -4.7 -4.9 -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 -7.0 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; levels, not seasonally adjusted

 1 Total rest of the world liability 273.5 267.7 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 505.0 1

 Held by:

 2 Household sector 14.6 15.6 15.8 18.8 23.4 26.0 27.7 30.4 33.2 37.2 40.5 2

 3 Nonfinancial corporate business 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.2 25.4 26.2 29.5 3

 4 Money market mutual funds 21.4 20.3 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 20.2 4

 5 Discrepancy--unallocated assets 222.6 217.6 233.2 276.2 301.2 319.5 326.1 348.9 356.4 401.1 414.7 5
Z.1, September 15, 1997 85

L.203 Net Interbank Transactions

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 96.4 138.5 189.3 280.1 290.7 266.0 249.1 223.6 239.7 210.1 199.4 1

 2 Monetary authority 63.0 63.9 67.6 68.9 70.2 59.1 60.3 59.2 69.7 59.0 61.6 2

 3 Depository institution reserves 29.4 32.1 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 23.2 3

 4 Vault cash 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 38.4 4

 5 Commercial banking 33.4 74.5 121.7 211.2 220.5 206.8 188.8 164.4 170.0 151.2 137.8 5

 6 To monetary authority 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 6

 7 To banks in foreign countries, net 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 149.3 143.6 7

 8 Liabilities, net 47.6 89.2 135.4 229.0 239.7 222.6 208.6 189.1 191.9 173.7 165.3 8

 9 U.S.-chartered commercial banks 15.3 -11.5 7.9 82.3 79.6 68.1 58.3 44.8 48.4 51.3 36.6 9

10 Due to foreign affiliates 74.5 84.2 90.8 143.4 128.7 112.9 110.6 115.5 126.8 133.6 139.2 10

11 - Due from foreign affiliates 59.2 95.6 82.9 61.1 49.1 44.9 52.3 70.7 78.4 82.3 102.6 11

12 Foreign banking offices in U.S. 42.7 105.1 134.3 161.4 178.6 174.1 166.8 162.3 166.1 139.7 128.0 12

13 Due to foreign affiliates 75.1 84.6 83.0 84.3 99.9 95.8 95.2 93.6 110.4 110.3 109.7 13

14 - Due from foreign affiliates 32.4 -20.5 -51.3 -77.0 -78.7 -78.3 -71.6 -68.7 -55.7 -29.4 -18.4 14

15 Bank holding companies -10.3 -4.5 -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 0.6 15

16 Due to foreign affiliates 7.9 8.9 6.6 4.1 3.0 2.5 3.0 2.5 2.7 2.4 2.3 16

17 - Due from foreign affiliates 18.1 13.4 13.3 18.7 21.4 22.0 19.5 20.6 25.3 19.6 1.7 17

18 Less: Deposits at foreign banks 11.0 9.3 10.0 10.8 10.4 13.3 12.3 15.4 15.6 24.4 21.6 18

19 U.S. chartered commercial banks 9.4 7.7 8.4 8.0 5.4 7.4 8.2 10.9 10.6 18.6 16.9 19

20 Foreign banking offices in U.S. 1.6 1.6 1.6 2.9 5.0 5.8 4.1 4.5 5.0 5.8 4.8 20

21 To U.S. banking, net -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.7 -8.3 21

22 U.S.-chartered commercial banks -47.9 -33.6 -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -41.8 -43.8 -45.8 22

23 Liabilities 49.4 38.5 44.8 50.7 43.3 40.3 38.1 31.1 38.3 43.3 41.6 23

24 To foreign offices in U.S. 51.2 46.4 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 48.7 24

25 To bank holding companies 2.4 1.4 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 1.2 25

26 Unallocated -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.7 -8.3 26

 Less, due from:

27 Foreign offices in U.S. 99.0 77.2 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 75.3 27

28 Bank holding companies -1.7 -5.1 -1.9 3.8 4.4 15.5 13.8 13.7 15.2 12.1 12.1 28

29 Foreign banking offices in U.S. 47.8 30.8 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 26.6 29

30 Due to U.S. banks 99.0 77.2 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 75.3 30

31 - Due from U.S. banks 51.2 46.4 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 48.7 31

32 Bank holding companies -4.1 -6.5 -3.3 2.9 3.5 14.6 13.0 12.7 14.7 10.8 10.9 32

33 Due to U.S. banks -1.7 -5.1 -1.9 3.8 4.4 15.5 13.8 13.7 15.2 12.1 12.1 33

34 - Due from U.S. banks 2.4 1.4 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 1.2 34

35 Total assets 100.6 147.7 194.1 286.6 299.7 268.6 257.0 235.2 250.4 211.8 207.6 35

36 Rest of the world 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 149.3 143.6 36

37 Domestic 64.0 67.9 68.6 68.4 70.4 59.2 60.7 61.5 74.1 62.5 64.0 37

38 Monetary authority 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 2.4 38

39 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 0.5 39

40 Loans to member banks 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 1.9 40

41 Commercial banking 60.1 60.9 64.2 66.1 67.5 56.4 57.8 56.9 67.5 56.9 59.5 41

42 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.7 21.1 42

43 Vault cash 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 38.4 43

44 Savings insts.: Reserves at Fed. Res. 2.9 3.1 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 2.1 44

45 Discrepancy--floats, etc. -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.7 -8.3 45
86 Z.1, September 15, 1997

L.204 Checkable Deposits and Currency

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1219.0 1261.8 1

 2 Monetary authority 293.5 311.1 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 432.5 2

 3 Federal government cash and deposits 18.3 8.0 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 16.7 3

 4 Deposits due to foreign 1.0 0.2 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 0.6 4

 5 Currency outside banks 274.2 302.8 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 415.2 5

 6 Commercial banking 621.6 714.3 788.4 756.7 710.8 659.3 673.2 672.3 676.2 642.7 661.1 6

 7 Federal government deposits 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 34.2 7

 8 Deposits due to foreign 19.4 21.7 21.3 23.2 24.0 23.1 27.1 25.1 26.6 26.9 29.3 8

 9 Private domestic deposits 565.7 662.1 724.5 709.8 667.8 619.4 614.8 609.4 620.9 591.8 597.6 9

10 Savings institutions 85.3 84.0 88.3 83.0 97.1 103.4 109.0 115.3 122.4 128.9 136.4 10

11 Credit unions 20.5 25.1 26.8 28.8 30.9 31.0 32.6 32.5 32.5 32.4 31.7 11

12 Total assets 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1219.0 1261.8 12

13 Household sector 426.6 523.6 571.9 542.3 499.9 473.9 461.7 450.4 438.3 421.0 413.1 13

14 Nonfinancial business 268.9 282.6 305.6 330.9 351.7 346.9 359.9 378.9 402.2 402.3 416.2 14

15 Corporate 182.5 189.4 203.1 221.6 239.0 233.3 245.4 263.5 285.9 284.7 297.2 15

16 Nonfarm noncorporate 74.6 79.6 87.2 92.3 96.1 97.2 98.2 99.3 100.4 101.4 102.6 16

17 Farm 11.8 13.6 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.2 16.4 17

18 State and local governments 24.6 26.8 28.2 30.7 33.8 29.9 31.5 30.2 31.4 30.0 32.3 18

19 Federal government 50.9 31.7 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 57.8 19

20 Rest of the world 144.7 159.6 178.2 203.5 216.8 213.3 221.8 227.4 236.7 241.2 247.8 20

21 Checkable deposits 20.4 21.9 21.6 23.5 24.5 23.4 27.4 25.6 27.1 28.1 29.9 21

22 Currency 124.3 137.7 156.6 180.0 192.3 189.9 194.4 201.8 209.6 213.1 217.9 22

23 Financial sectors 60.8 61.2 69.2 65.5 67.7 65.6 66.2 65.0 69.6 68.6 73.6 23

24 Commercial banking 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.3 24

25 Savings institutions 12.9 12.4 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 13.4 25

26 Credit unions 5.4 6.6 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.9 7.7 26

27 Bank personal trusts and estates 1.0 0.9 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 27

28 Life insurance companies 5.5 4.8 5.2 5.7 6.4 6.3 6.5 6.6 6.7 6.9 6.9 28

29 Other insurance companies 5.3 5.6 5.2 5.0 4.9 4.8 3.8 4.1 3.9 4.2 4.4 29

30 Private pension funds 3.0 2.9 3.0 2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 30

31 State and local govt. retirement funds 4.2 6.0 6.7 6.0 3.8 3.6 3.3 2.8 3.8 2.7 3.1 31

32 Money market mutual funds -0.2 -2.7 -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 -0.4 32

33 Government-sponsored enterprises 1.2 1.2 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.9 2.9 33

34 Finance companies 10.6 11.9 12.3 12.7 13.1 13.2 13.3 13.4 13.5 13.6 13.7 34

35 Brokers and dealers 10.2 10.4 12.3 12.0 13.7 12.9 15.3 15.3 15.6 14.9 17.3 35

36 Mail float 44.3 48.8 46.4 41.4 37.2 29.5 28.4 21.4 28.5 15.9 21.1 36
Z.1, September 15, 1997 87

L.205 Time and Savings Deposits 

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2839.1 2708.7 2614.9 2594.5 2756.6 2835.9 2851.3 2915.0 2967.5 3034.1 3081.8 1

 2 Small time and savings deposits 2350.7 2293.5 2223.2 2183.3 2279.7 2342.3 2340.1 2357.4 2376.8 2428.7 2435.3 2

 3 Commercial banking 1386.5 1389.3 1377.4 1376.3 1490.1 1548.6 1557.8 1575.1 1613.0 1666.1 1683.8 3

 4 U.S.-chartered commercial banks 1367.5 1369.6 1358.7 1358.0 1471.3 1529.9 1539.4 1557.0 1594.1 1636.6 1657.5 4

 5 Foreign banking offices in U.S. 11.0 11.2 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.6 16.8 5

 6 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 10.2 10.5 10.8 10.5 10.2 9.9 9.5 6

 7 Savings institutions 767.6 692.2 624.0 579.6 550.7 543.0 530.6 533.7 512.6 501.1 485.1 7

 8 Credit unions 196.5 212.0 221.8 227.3 238.9 250.7 251.8 248.6 251.2 261.5 266.5 8

 9 Large time deposits (1) 488.4 415.2 391.7 411.2 476.9 493.6 511.1 557.6 590.7 605.4 646.4 9

10 Commercial banking 399.6 332.8 311.7 333.0 387.8 402.4 420.1 458.8 492.9 504.7 543.1 10

11 U.S.-chartered commercial banks 292.3 216.1 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.3 329.0 11

12 Foreign banking offices in U.S. 99.3 108.2 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.5 204.6 12

13 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 10.2 10.4 10.8 10.5 10.2 9.9 9.5 13

14 Savings institutions 84.6 76.7 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 90.3 14

15 Credit unions 4.2 5.8 6.9 7.3 9.0 9.5 9.9 10.7 11.4 12.2 13.0 15

16 Total assets 2839.1 2708.7 2614.9 2594.5 2756.6 2835.9 2851.3 2915.0 2967.5 3034.1 3081.8 16

17 Household sector 2423.7 2349.1 2236.0 2225.6 2376.2 2446.8 2462.0 2501.3 2550.2 2603.8 2651.9 17

18 Nonfinancial business 117.7 100.5 129.3 130.9 135.6 133.5 139.7 147.5 141.2 133.1 128.7 18

19 Corporate 66.8 51.8 74.1 67.5 65.9 62.7 67.8 74.5 67.1 58.4 53.4 19

20 Nonfarm noncorporate 50.9 48.7 55.2 63.4 69.7 70.8 71.9 73.0 74.1 74.7 75.3 20

21 State and local governments 57.2 51.3 46.3 52.3 62.2 67.3 66.9 68.9 70.7 70.6 70.0 21

22 Federal government 1.6 0.9 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 3.3 22

23 Rest of the world 49.0 47.9 54.7 56.3 49.6 52.4 50.7 57.8 56.0 58.4 60.1 23

24 Financial sectors 190.0 159.1 147.7 128.8 132.0 134.9 127.7 136.2 147.1 165.7 167.7 24

25 Savings institutions 5.0 3.7 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.4 1.3 25

26 Credit unions 26.7 27.0 25.6 16.7 17.1 19.1 17.9 17.6 16.4 19.0 18.5 26

27 Bank personal trusts and estates 15.7 10.5 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 8.8 27

28 Private pension funds 99.5 77.4 69.0 62.9 47.2 44.2 40.3 36.5 33.6 29.8 25.9 28

29 State and local govt. retirement funds 8.1 6.0 8.7 5.5 4.2 4.2 4.4 4.2 4.1 7.4 6.8 29

30 Money market mutual funds 35.1 34.6 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 106.4 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; levels, not seasonally adjusted

 1 Total assets 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1

 2 Household sector 379.5 338.6 337.9 351.3 451.6 505.0 485.3 499.6 530.7 578.4 565.3 2

 3 Nonfinancial corporate business 31.5 47.3 44.8 52.2 77.0 79.9 80.5 81.8 84.2 87.4 89.1 3

 4 Nonfarm noncorporate business 3.6 3.6 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4.4 4

 5 Bank personal trusts and estates 29.6 29.2 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 46.6 5

 6 Life insurance companies 19.6 25.0 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 50.9 6

 7 Private pension funds 18.8 19.8 26.3 31.6 37.5 39.2 39.3 40.0 42.2 42.6 44.0 7

 8 Funding corporations 52.4 75.9 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 152.1 8
88 Z.1, September 15, 1997

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 355.8 399.9 471.1 549.4 660.1 666.1 692.1 687.6 698.8 716.6 774.3 1

 2 Commercial banking (net) 229.6 272.0 313.5 391.7 422.2 428.3 450.1 451.6 463.3 480.3 506.9 2

 3 U.S.-chartered commercial banks 192.6 234.2 279.6 351.3 379.6 387.2 397.1 404.9 408.3 421.3 441.7 3

 4 Foreign banking offices in U.S. 38.4 39.0 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 65.3 4

 5 Bank holding companies -1.4 -1.2 -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 -0.1 5

 6 Savings institutions 19.6 18.6 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 45.9 6

 7 REITs 0.0 2.9 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.9 13.4 7

 8 Brokers and dealers (net) 106.7 106.4 126.4 103.4 182.4 181.5 180.4 177.6 179.3 177.8 208.1 8

 9 Total assets 409.1 447.5 472.7 493.7 549.2 544.4 542.9 561.2 563.7 605.8 624.0 9

10 Nonfinancial corporate business 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 3.6 5.1 10

11 State and local governments 118.4 123.1 133.7 118.6 91.7 81.6 76.7 80.2 89.8 96.9 102.7 11

12 Rest of the world 20.9 41.7 58.6 46.6 67.6 72.5 76.4 76.5 70.9 83.9 83.2 12

13 Financial sectors 268.2 277.7 277.8 326.2 387.5 387.9 385.6 399.9 399.3 421.3 432.9 13

14 Monetary authority 15.9 8.1 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 16.6 14

15 Savings institutions 15.1 14.4 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 9.8 15

16 Credit unions 13.2 13.5 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.4 4.2 16

17 Other insurance companies 26.9 32.6 31.7 29.4 37.5 39.6 33.8 36.8 35.4 38.1 41.2 17

18 Private pension funds 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 52.5 18

19 State and local govt. retirement funds 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 33.3 33.9 19

20 Money market mutual funds 67.0 65.9 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 113.6 20

21 Mutual funds 12.2 21.9 38.7 43.1 50.2 46.4 49.8 56.1 47.5 53.0 59.0 21

22 Government-sponsored enterprises 67.6 66.6 50.3 85.8 106.3 104.0 103.4 103.5 94.5 96.1 102.2 22

23 Discrepancy--unallocated assets -53.3 -47.6 -1.6 55.7 110.9 121.7 149.2 126.5 135.1 110.8 150.3 23

L.208 Open Market Paper

Billions of dollars; levels, not seasonally adjusted

 1 Total outstanding, all types 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 1

 2 Commercial paper 528.1 545.1 553.8 600.1 677.7 694.7 731.3 754.1 779.4 836.8 867.7 2

 3 Nonfinancial corporate business 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 179.3 3

 4 Foreign issues in U.S. 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 69.8 4

 5 Financial business 347.9 360.4 367.2 419.4 465.4 469.0 496.2 516.3 557.1 600.2 618.6 5

 6 Commercial banking 24.3 20.4 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 34.4 6

 7 ABS issuers 38.7 46.9 51.6 63.9 101.2 110.2 114.8 127.0 146.7 158.1 163.3 7

 8 Finance companies 155.2 149.2 149.1 171.6 168.6 168.2 169.6 173.1 177.6 185.3 193.8 8

 9 REITs 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 128.8 142.9 140.4 152.3 165.4 160.0 177.4 183.0 200.8 225.0 227.1 10

11 Bankers acceptances (1) 37.8 33.9 26.3 23.4 22.6 22.9 22.2 23.3 23.6 24.3 25.4 11

12 Holdings, by sector 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 12

13 Household sector 33.3 29.9 45.5 46.7 59.9 61.2 63.9 73.2 82.6 94.5 104.4 13

14 Nonfinancial corporate business 14.7 17.0 19.4 18.8 19.9 17.2 20.5 23.0 30.7 25.8 27.1 14

15 State and local governments 9.0 14.1 17.9 22.3 26.9 27.4 28.0 28.4 29.1 29.7 30.4 15

16 Rest of the world 11.3 12.9 18.8 24.9 43.4 31.0 42.3 47.5 54.5 46.9 54.3 16

17 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Commercial banking (1) 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 18

19 Savings institutions 1.3 0.6 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 0.0 19

20 Credit unions 2.6 3.0 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 0.4 20

21 Bank personal trusts and estates 25.2 22.8 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 23.0 21

22 Life insurance companies 45.8 43.2 46.9 52.8 45.5 54.2 56.6 54.6 48.4 55.3 57.9 22

23 Private pension funds 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 52.5 23

24 State and local govt. retirement funds 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 33.3 36.1 24

25 Money market mutual funds 190.6 173.6 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 308.9 25

26 Mutual funds 12.2 21.9 38.7 43.1 50.2 49.4 49.8 56.1 47.2 53.0 59.0 26

27 Government-sponsored enterprises 10.9 13.5 11.9 26.3 25.5 24.5 23.6 24.6 35.1 40.6 42.2 27

28 Brokers and dealers 14.0 15.2 14.9 11.2 22.1 16.8 19.9 18.1 24.2 26.0 27.7 28

29 Funding corporations 134.2 147.5 113.9 83.3 67.5 83.4 80.8 77.0 62.3 74.5 66.3 29

(1) Excludes banks’ holdings of own acceptances.
Z.1, September 15, 1997 89

L.209 Treasury Securities

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 1

 2 Savings bonds 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 2

 3 Other Treasury issues 2619.7 2904.3 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 3547.9 3

 4 Total assets 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 4

 5 Household sector 381.0 461.8 476.7 690.0 669.4 663.7 668.1 661.6 680.0 654.2 566.5 5

 6 Savings bonds 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 186.3 6

 7 Other Treasury issues 242.8 304.5 304.8 510.1 484.4 477.8 481.6 474.8 493.0 467.7 380.1 7

 8 Nonfarm noncorporate business 12.2 13.0 13.3 14.0 14.4 14.5 14.6 14.8 14.9 15.0 15.2 8

 9 Nonfinancial corporate business 43.4 60.6 48.8 50.8 46.1 46.8 51.5 51.1 49.5 54.7 54.0 9

10 State and local governments 435.5 418.2 447.8 370.0 237.9 234.0 210.2 186.7 175.3 155.2 147.1 10

11 Rest of the world 496.6 548.1 625.1 660.1 860.9 929.5 957.8 1026.6 1109.5 1180.6 1218.2 11

12 Monetary authority 266.5 295.0 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 410.9 12

13 Commercial banking 232.5 294.4 322.2 290.4 278.7 284.0 280.2 275.0 261.6 282.4 265.7 13

14 U.S.-chartered commercial banks 207.8 254.3 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.2 172.4 14

15 Foreign banking offices in U.S. 20.8 29.6 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 85.8 15

16 Bank holding companies 1.0 6.1 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 2.9 16

17 Banks in U.S.-affiliated areas 2.8 4.3 5.8 5.1 5.4 5.1 5.3 4.7 4.0 4.6 4.6 17

18 Savings institutions 25.0 34.0 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 16.3 18

19 Credit unions 14.1 19.9 22.6 22.1 18.3 19.3 19.1 18.2 17.4 16.9 16.1 19

20 Bank personal trusts and estates 40.9 40.1 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 40.3 20

21 Life insurance companies 77.8 88.8 110.0 107.1 108.1 105.8 100.7 101.8 93.2 93.2 88.4 21

22 Other insurance companies 104.0 108.7 124.5 133.0 133.4 133.6 128.8 125.0 120.9 121.1 115.0 22

23 Private pension funds 212.6 223.9 239.6 249.6 267.8 272.0 274.0 276.0 276.7 279.4 282.6 23

24 State and local govt. retirement funds 147.5 144.5 161.4 170.2 178.6 184.4 192.9 189.7 188.4 192.8 190.3 24

25 Money market mutual funds 78.3 78.4 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 74.8 25

26 Mutual funds 133.5 169.5 200.9 194.1 205.3 213.4 214.6 213.5 214.2 217.3 222.0 26

27 Closed-end funds 10.0 11.6 13.7 7.4 10.4 10.9 11.2 11.5 11.6 11.6 11.5 27

28 Government-sponsored enterprises 40.8 58.7 51.6 51.9 58.0 54.2 34.5 34.4 18.8 19.1 23.4 28

29 Brokers and dealers 5.7 -7.7 -28.3 -42.7 18.3 5.2 -14.1 -4.0 -14.7 -24.6 -23.9 29

 Memo:

30 Federal government debt (1) 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
90 Z.1, September 15, 1997

L.210 Agency Securities (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1577.9 1734.0 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 1

 2 Budget agencies 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 26.3 2

 3 Government-sponsored enterprises 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 894.7 944.2 3

 4 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 4

 5 Total assets 1577.9 1734.0 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 5

 6 Household sector 124.1 153.7 116.3 275.5 240.5 232.6 269.1 304.2 309.8 331.8 346.6 6

 7 Nonfinancial corporate business 5.1 8.6 19.1 19.9 18.9 17.0 20.7 23.2 27.4 19.5 18.9 7

 8 State and local governments 162.7 174.9 175.0 186.6 223.8 226.5 251.2 234.0 224.0 214.5 220.6 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 62.4 80.6 116.4 136.4 167.2 181.6 188.6 201.9 215.6 223.7 234.0 10

11 Monetary authority 6.0 5.4 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 1.5 11

12 Commercial banking 335.7 378.5 423.2 428.7 467.5 471.3 473.7 475.9 495.7 510.3 523.9 12

13 U.S.-chartered commercial banks 321.2 360.1 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 455.3 13

14 Foreign banking offices in U.S. 11.2 14.1 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.7 57.5 14

15 Bank holding companies 2.4 2.2 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 5.2 15

16 Banks in U.S.-affiliated areas 1.0 2.1 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 5.9 16

17 Savings institutions 145.0 143.0 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 159.6 17

18 Credit unions 19.6 28.7 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.5 51.3 18

19 Bank personal trusts and estates 32.6 31.8 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 34.2 19

20 Life insurance companies 164.2 193.0 222.8 234.1 242.9 239.1 234.6 242.4 244.1 243.1 245.3 20

21 Other insurance companies 42.1 42.6 44.5 45.8 48.2 48.3 47.7 48.1 51.0 51.1 54.2 21

22 Private pension funds 97.8 102.9 110.9 115.2 125.4 127.9 129.0 129.9 129.9 131.5 133.3 22

23 State and local govt. retirement funds 84.6 71.8 67.1 75.1 92.7 97.3 99.2 100.9 103.3 104.2 108.7 23

24 Money market mutual funds 40.6 54.3 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 93.3 24

25 Mutual funds 67.1 87.9 105.7 102.1 109.9 115.5 116.4 115.6 116.1 118.2 121.5 25

26 Government-sponsored enterprises 34.7 47.0 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.1 271.6 26

27 ABS issuers 99.3 76.3 91.2 92.8 94.4 94.0 89.2 85.6 75.0 65.2 60.5 27

28 Brokers and dealers 54.0 53.0 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 53.7 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, September 15, 1997 91

L.211 Municipal Securities and Loans

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1272.2 1302.8 1377.5 1341.7 1293.5 1290.3 1296.1 1279.8 1294.8 1298.8 1315.5 1

 2 State and local governments 1068.4 1089.7 1152.6 1107.2 1065.8 1066.9 1074.8 1062.6 1080.3 1088.7 1107.6 2

 3 Short-term (1) 33.1 32.0 33.8 31.7 32.9 33.2 30.9 34.1 37.9 39.0 36.4 3

 4 Long-term 1035.3 1057.6 1118.7 1075.6 1032.9 1033.7 1043.9 1028.6 1042.4 1049.7 1071.2 4

 5 Nonprofit organizations (2) 89.9 99.1 111.1 125.6 131.4 132.4 133.4 134.4 135.7 136.7 137.5 5

 6 Nonfinancial corporate business 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.4 70.4 6

 (industrial revenue bonds)

 7 Total assets 1272.2 1302.8 1377.5 1341.7 1293.5 1290.3 1296.1 1279.8 1294.8 1298.8 1315.5 7

 8 Household sector 614.1 585.6 556.8 500.8 442.4 429.0 430.0 410.7 411.5 401.4 410.5 8

 9 Nonfinancial corporate business 44.8 45.8 54.7 56.7 55.4 52.4 55.9 54.0 47.8 48.6 50.6 9

10 State and local governments 11.6 10.5 9.5 8.6 8.1 8.1 8.0 8.0 7.9 7.9 7.9 10

11 Commercial banking 103.2 97.5 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 94.3 11

12 Savings institutions 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 2.0 12

13 Bank personal trusts and estates 89.9 96.0 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 104.4 13

14 Life insurance companies 10.2 11.4 14.7 12.8 11.9 12.3 12.1 12.4 13.4 13.5 14.8 14

15 Other insurance companies 126.8 134.3 146.1 153.8 161.0 163.0 167.0 168.2 175.4 175.7 180.1 15

16 Private pension funds 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 16

17 State and local govt. retirement funds 0.4 0.5 0.7 0.4 0.5 0.4 0.4 0.6 0.6 0.5 0.5 17

18 Money market mutual funds 90.6 96.0 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 151.8 18

19 Mutual funds 139.7 168.4 211.3 207.0 210.2 212.1 212.6 213.0 213.3 214.2 215.0 19

20 Closed-end funds 25.4 39.7 47.6 54.9 59.9 61.1 62.4 63.6 64.8 66.0 67.2 20

21 Government-sponsored enterprises 3.0 3.2 2.6 3.4 4.4 3.9 4.2 4.1 4.1 4.4 3.9 21

22 Brokers and dealers 9.4 11.3 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 11.7 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 1870.6 2046.8 2327.6 2481.2 2793.0 2853.8 2931.3 2985.7 3066.0 3082.6 3157.5 1

 2 Nonfinancial corporate business 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 1440.2 2

 3 Rest of the world (1) 130.4 147.2 230.1 242.3 291.9 303.8 306.7 321.7 341.3 344.1 351.5 3

 4 Financial sectors 653.3 745.1 867.9 985.9 1174.7 1208.5 1265.2 1287.6 1325.8 1319.9 1365.8 4

 5 Commercial banking 113.2 127.6 134.9 142.6 161.1 155.9 161.6 164.2 168.9 171.9 181.5 5

 6 Savings institutions 8.6 5.5 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 2.3 6

 7 ABS issuers 300.2 355.7 433.8 490.2 585.8 607.1 641.9 654.4 672.8 670.9 686.2 7

 8 Finance companies 194.6 204.3 217.3 249.5 302.7 310.3 319.0 322.3 332.5 324.4 344.9 8

 9 REITs 3.0 4.0 4.3 6.3 8.3 8.8 9.4 10.2 11.2 11.7 12.7 9

10 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 37.2 10

11 Funding corporations 14.7 26.4 40.0 60.0 84.4 102.2 105.6 107.7 110.5 111.6 101.0 11

12 Total assets 1870.6 2046.8 2327.6 2481.2 2793.0 2853.8 2931.3 2985.7 3066.0 3082.6 3157.5 12

13 Household sector 288.9 284.4 325.1 326.6 381.0 381.8 403.3 388.3 371.5 309.8 315.0 13

14 State and local governments 18.0 20.9 26.5 31.9 37.0 36.6 36.8 36.9 37.2 37.7 38.3 14

15 Rest of the world (2) 233.4 251.5 273.3 311.4 369.5 388.0 406.9 429.0 447.7 469.3 489.5 15

16 Commercial banking 96.3 94.7 98.2 102.5 110.9 109.7 110.4 110.7 112.3 119.0 122.7 16

17 Savings institutions 72.7 80.0 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 67.2 17

18 Bank personal trusts and estates 30.7 36.8 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 31.6 18

19 Life insurance companies 595.1 653.9 719.5 779.4 870.1 879.6 885.5 909.7 949.3 966.6 984.2 19

20 Other insurance companies 97.2 97.8 103.1 110.1 123.3 124.7 133.6 139.4 140.6 140.8 142.2 20

21 Private pension funds 162.5 185.6 207.8 230.5 264.3 273.4 280.4 287.1 292.2 300.7 309.7 21

22 State and local govt. retirement funds 129.3 148.9 159.3 165.0 162.2 167.4 168.6 166.5 168.5 174.8 176.4 22

23 Money market mutual funds 3.8 6.3 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 27.7 23

24 Mutual funds 87.7 118.7 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 247.3 24

25 Closed-end funds 14.1 16.3 20.8 16.3 21.7 22.7 23.6 24.4 24.9 25.3 25.6 25

26 Government-sponsored enterprises 0.0 0.0 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.8 29.8 26

27 Brokers and dealers 40.9 50.9 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 99.7 27

28 Funding corporations 0.0 0.0 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 50.6 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
92 Z.1, September 15, 1997

L.213 Corporate Equities (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Issues at market value 4866.0 5458.3 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 1

 2 Nonfinancial corporate business 3497.0 3827.9 4126.0 4141.8 5481.1 5774.3 5995.3 6027.8 6367.4 6283.4 7286.1 2

 3 Rest of the world (2) 279.0 314.3 543.9 586.6 699.1 741.0 785.5 832.6 875.5 901.2 1059.5 3

 4 Financial corporations 1090.1 1316.1 1587.7 1509.4 2151.2 2294.3 2324.3 2480.1 2818.3 2887.7 3374.2 4

 5 Holdings at market value 4866.0 5458.3 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 5

 6 Household sector 2577.9 2923.2 3216.6 3059.9 4086.1 4263.0 4349.6 4395.3 4651.3 4553.1 5377.7 6

 7 State and local governments 6.3 7.8 9.3 10.6 12.2 12.7 13.0 13.1 13.6 13.8 14.3 7

 8 Rest of the world (3) 299.0 329.2 373.5 368.9 509.0 544.2 565.1 576.7 623.0 639.5 764.6 8

 9 Commercial banking 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.8 2.3 1.9 9

10 Savings institutions 10.3 11.2 12.5 10.4 14.3 15.9 16.1 16.4 17.9 15.4 12.8 10

11 Bank personal trusts and estates 234.2 216.9 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 243.1 11

12 Life insurance companies 155.9 174.2 226.0 272.2 344.2 361.5 380.9 398.9 437.5 454.5 464.3 12

13 Other insurance companies 94.1 97.3 103.4 112.1 144.8 153.3 137.3 137.9 148.6 151.3 154.0 13

14 Private pension funds 747.4 807.8 937.7 936.8 1174.2 1228.7 1272.7 1322.8 1441.4 1448.5 1643.9 14

15 State and local govt. retirement funds 392.4 447.4 533.9 534.9 744.2 802.5 824.7 864.9 954.4 980.0 1153.3 15

16 Mutual funds 308.9 401.3 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1514.7 1804.8 16

17 Closed-end funds 21.8 23.8 27.6 32.2 35.3 36.2 36.5 36.9 39.8 41.1 41.0 17

18 Brokers and dealers 14.3 14.8 24.2 20.1 34.2 28.2 31.9 29.1 37.9 39.3 44.0 18

 Memo:

19 Market value of domestic corporations (4) 4453.2 5004.7 5554.1 5484.0 7413.0 7845.8 8108.2 8297.9 8952.6 8937.2 10419.3 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; levels, not seasonally adjusted

 1 Shares at market value 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 1

 2 Holdings at market value 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2731.1 2

 3 Household sector 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1619.3 1827.4 3

 4 Nonfinancial corporate business 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 73.1 4

 5 State and local governments 9.4 14.9 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 38.2 5

 6 Commercial banking 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 7.1 8.3 6

 7 Credit unions 2.6 4.1 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.4 2.2 7

 8 Bank personal trusts and estates 93.6 128.1 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 381.6 8

 9 Life insurance companies 8.6 18.2 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.1 42.2 9

10 Private pension funds 50.2 74.9 116.0 155.1 237.9 252.0 268.3 275.9 295.9 307.7 358.1 10
Z.1, September 15, 1997 93

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 2097.0 2139.8 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.5 2857.9 2950.7 1

 - Loans elsewhere classified:

 2 Open market paper 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 3.2 3.1 2

 3 Mortgages 881.3 900.5 947.8 1012.7 1090.2 1097.4 1109.8 1123.2 1145.3 1159.2 1196.3 3

 4 Consumer credit 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 529.4 511.5 517.0 4

 5 Security credit 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 5

 6 = Banking sector total bank loans n.e.c. 785.9 776.6 768.0 830.8 943.8 959.7 991.4 1021.3 1039.5 1076.9 1118.9 6

 7 U.S.-chartered commercial banks 586.7 567.0 574.4 620.4 695.8 706.5 725.9 742.9 757.1 787.4 820.2 7

 8 Foreign banking offices in U.S. 185.8 195.7 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.2 281.2 8

 9 Bank holding companies 3.4 3.7 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 2.0 9

10 Banks in U.S.-affiliated areas 10.0 10.2 9.7 11.3 13.1 13.7 14.2 14.5 15.1 16.2 15.4 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. 785.9 776.6 768.0 830.8 943.8 959.7 991.4 1021.3 1039.5 1076.9 1118.9 12

13 Total liabilities 785.9 776.6 768.0 830.8 943.8 959.7 991.4 1021.3 1039.5 1076.9 1118.9 13

14 Nonfinancial sectors 709.7 699.6 705.4 781.9 890.7 901.2 927.5 957.2 969.7 1005.6 1044.7 14

15 Households 10.8 15.0 23.4 35.9 49.9 45.8 51.9 52.2 49.5 54.5 65.5 15

16 Corporate business 507.7 488.4 477.6 521.0 583.7 593.2 600.8 622.6 632.0 658.7 673.8 16

17 Nonfarm noncorporate business 135.0 137.7 143.0 160.2 182.7 187.8 193.3 199.1 204.1 210.7 216.5 17

18 Farm business 34.6 34.7 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.3 42.6 18

19 Rest of the world 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 46.2 19

20 Foreign official institutions 2.4 3.3 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 2.0 20

21 Foreign banks 6.9 7.6 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.7 13.5 21

22 Other foreign 12.3 13.0 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.8 30.7 22

23 Financial sectors 76.2 77.0 62.6 48.9 53.1 58.6 63.9 64.2 69.8 71.3 74.3 23

24 Savings institutions 8.9 8.9 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 16.7 24

25 Finance companies 40.1 34.1 20.4 14.8 15.3 15.4 17.7 18.3 19.7 18.4 18.9 25

26 Mortgage companies 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 31.5 33.0 35.5 26

27 REITs 5.0 3.7 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 3.1 27
94 Z.1, September 15, 1997

L.216 Other Loans and Advances

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 798.2 805.9 805.3 865.3 914.6 923.0 944.1 960.3 964.6 965.3 979.4 1

 2 U.S. government loans 148.8 148.8 146.0 135.9 128.0 125.3 122.9 119.4 115.7 113.8 111.6 2

 3 Liab.: Household sector 20.8 21.6 20.3 17.0 11.5 9.8 7.9 5.8 3.4 3.0 2.1 3

 4 Nonfinancial corporate business 7.9 7.9 8.1 8.6 9.3 9.5 9.6 9.8 9.9 10.0 10.1 4

 5 Nonfarm noncorporate business 40.4 40.1 40.7 42.1 43.9 44.3 44.7 45.0 45.4 45.8 46.1 5

 6 Farm business 9.8 9.5 8.7 7.1 4.6 3.8 3.0 2.1 1.1 0.2 -0.9 6

 7 State and local governments 10.0 9.9 9.2 8.2 6.7 6.2 5.8 5.3 4.8 4.3 3.7 7

 8 Rest of the world 55.0 55.1 54.1 52.9 52.1 51.7 52.0 51.4 51.0 50.6 50.5 8

 9 Government-sponsored enterprises 4.8 4.8 4.8 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 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.5 126.1 130.3 129.9 10

11 Liab.: Nonfinancial corporate business 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.5 126.1 130.3 129.9 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 35.3 31.7 25.3 22.9 22.3 22.6 22.1 23.1 23.4 23.9 24.9 12

13 Liab.: Nonfinancial corporate business 23.3 20.4 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 14.1 13

14 Rest of the world 12.0 11.3 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 10.8 14

15 Savings institution loans to business 19.3 12.4 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.1 16.5 15

16 Liab.: Nonfinancial corporate business 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 8.3 16

17 Nonfarm noncorporate business 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 8.3 17

18 Policy loans (Household liability) 67.3 73.0 78.6 86.4 96.9 98.7 99.9 102.9 101.4 102.9 105.3 18

19 Asset: Federal government 1.0 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 66.4 72.1 77.7 85.5 95.9 97.8 99.0 101.9 100.5 101.9 104.3 20

21 Government-sponsored enterprise loans 131.8 135.5 162.0 189.1 200.3 199.8 213.0 220.1 229.1 223.3 238.3 21

22 Liab.: Household sector (SLMA) 22.0 24.9 27.6 31.3 35.2 34.7 35.4 34.6 35.3 33.4 31.0 22

23 Noncorporate business (FCS) 11.5 12.6 13.9 13.9 16.4 17.8 16.9 16.1 15.1 15.1 16.0 23

24 Farm business (FCS) 11.2 11.4 11.6 12.4 13.8 13.7 14.9 15.2 16.5 16.6 16.5 24

25 Commercial banks (FHLB and SLMA) 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 45.7 25

26 Savings institutions (FHLB and SLMA) 77.8 74.0 87.3 100.0 97.4 99.7 110.5 117.7 122.4 117.8 126.9 26

27 Credit unions (FHLB) 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 0.4 27

28 Life insurance companies (FHLB) 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 1.8 28

29 Securitized loans held by ABS issuers 6.8 9.7 19.5 23.7 30.6 32.7 39.6 38.0 43.7 39.9 41.3 29

30 Liab.: Households (1) 0.0 0.0 0.0 0.0 1.0 2.5 4.0 5.0 6.0 6.6 7.1 30

31 Nonfinancial corporate business 6.8 9.7 19.5 23.7 29.6 30.2 35.6 33.0 37.7 33.2 34.2 31

32 Finance company loans to business 263.8 264.9 249.0 274.9 301.6 303.5 305.7 301.4 309.5 315.2 311.7 32

33 Liab.: Nonfinancial corporate business 237.4 238.4 224.1 247.4 271.4 273.2 275.1 271.3 278.5 283.7 280.5 33

34 Nonfarm noncorporate business 26.4 26.5 24.9 27.5 30.2 30.4 30.6 30.1 30.9 31.5 31.2 34

(1) Student loans.
Z.1, September 15, 1997 95

L.217 Total Mortgages

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total mortgages 3956.1 4088.2 4261.2 4462.8 4691.8 4770.5 4861.4 4940.7 5022.4 5080.2 5162.4 1

 2 Home 2849.4 3038.5 3225.0 3424.0 3616.4 3682.3 3719.7 3792.4 3850.6 3898.0 3956.0 2

 3 Multifamily residential 284.2 273.7 270.4 275.3 287.6 291.9 301.1 305.1 313.0 315.6 322.0 3

 4 Commercial 743.2 696.2 685.0 680.5 703.2 711.4 754.5 756.5 771.7 778.9 795.7 4

 5 Farm 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 5

 6 Total liabilities 3956.1 4088.2 4261.2 4462.8 4691.8 4770.5 4861.4 4940.7 5022.4 5080.2 5162.4 6

 7 Household sector 2749.5 2917.5 3079.6 3265.8 3455.6 3525.0 3564.1 3636.4 3698.5 3744.0 3801.4 7

 8 Nonfinancial business 1201.8 1165.3 1172.6 1178.3 1211.6 1219.0 1268.1 1271.9 1287.9 1296.2 1317.5 8

 9 Corporate 215.3 193.4 201.2 223.5 259.2 263.0 306.6 308.9 313.6 315.5 324.5 9

10 Nonfarm noncorporate 907.3 892.2 890.7 871.9 867.9 871.1 875.3 876.2 887.2 893.1 904.2 10

11 Farm 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 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 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 43.5 13

14 Total assets 3956.1 4088.2 4261.2 4462.8 4691.8 4770.5 4861.4 4940.7 5022.4 5080.2 5162.4 14

15 Household sector 153.3 159.4 182.0 189.5 198.6 201.8 206.1 209.5 213.3 216.1 218.4 15

16 Nonfinancial corporate business 59.0 60.0 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 73.0 16

17 Nonfarm noncorporate business 26.0 25.2 23.7 23.6 23.5 23.5 23.5 23.4 23.4 23.4 23.4 17

18 State and local governments 113.7 113.7 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.3 119.5 18

19 Federal government 98.3 87.9 87.7 75.3 62.7 60.3 59.2 56.5 54.1 51.3 50.3 19

20 Commercial banking 881.3 900.5 947.8 1012.7 1090.2 1097.4 1109.8 1123.2 1145.3 1159.2 1196.3 20

21 Savings institutions (1) 705.4 628.0 598.4 596.2 596.8 602.6 611.7 628.0 628.3 627.6 629.0 21

22 Credit unions 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 79.9 22

23 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 23

24 Life insurance companies 259.5 242.0 224.4 210.9 207.5 207.4 208.2 204.1 205.4 206.5 206.5 24

25 Other insurance companies 6.5 5.9 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.6 25

26 Private pension funds 18.2 14.5 14.5 15.7 16.7 17.2 17.5 17.8 18.0 18.4 18.9 26

27 State and local govt. retirement funds 16.9 16.5 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 17.2 27

28 Government-sponsored enterprises (1) 167.7 199.7 241.0 244.6 249.0 250.5 251.3 250.6 250.7 247.2 245.5 28

29 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 29

30 ABS issuers 106.4 168.6 213.9 254.2 291.2 305.2 320.1 329.4 344.9 359.4 372.3 30

31 Finance companies 63.3 65.8 62.7 66.9 72.4 74.3 80.4 82.2 82.7 83.4 84.8 31

32 Mortgage companies 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.2 39.2 32

33 REITs 7.0 8.1 8.6 13.3 15.5 16.3 17.2 18.0 18.5 19.0 19.9 33

(1) FHLB loans to savings institutions are included in other loans and advances.
96 Z.1, September 15, 1997

L.218 Home Mortgages (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2849.4 3038.5 3225.0 3424.0 3616.4 3682.3 3719.7 3792.4 3850.6 3898.0 3956.0 1

 2 Household sector 2654.1 2816.7 2971.0 3164.3 3358.1 3424.8 3462.3 3534.9 3592.9 3640.0 3697.0 2

 3 Nonfinancial corporate business 17.0 17.5 18.1 18.7 19.3 19.5 19.6 19.8 19.9 20.1 20.3 3

 4 Nonfarm noncorporate business 178.4 204.4 235.9 241.1 239.0 238.0 237.8 237.8 237.7 237.9 238.7 4

 5 Total assets 2849.4 3038.5 3225.0 3424.0 3616.4 3682.3 3719.7 3792.4 3850.6 3898.0 3956.0 5

 6 Household sector 137.2 143.3 164.7 172.5 179.0 182.1 186.2 189.6 193.2 195.9 198.1 6

 7 Nonfinancial corporate business 34.8 37.5 29.3 34.2 38.9 40.1 38.3 39.5 39.8 40.5 41.8 7

 8 Nonfarm noncorporate business 8.9 9.5 9.7 9.7 9.6 9.6 9.6 9.6 9.6 9.6 9.6 8

 9 State and local governments 62.9 62.3 56.3 57.3 60.5 60.8 61.2 62.0 62.8 63.4 64.1 9

10 Federal government 37.1 36.6 33.0 29.1 24.1 22.6 22.1 21.2 21.2 19.8 19.8 10

11 Commercial banking 485.7 510.8 560.8 615.9 669.4 671.9 676.8 685.0 698.5 708.6 732.9 11

12 Savings institutions 538.4 489.6 470.0 477.6 482.4 489.6 498.2 513.8 513.7 514.6 516.7 12

13 Credit unions 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 79.9 13

14 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 3.8 14

15 Life insurance companies 10.6 11.2 8.6 7.0 7.3 7.3 7.3 6.2 6.8 6.8 7.2 15

16 Private pension funds 4.0 3.2 3.2 3.4 3.7 3.8 3.9 3.9 4.0 4.1 4.2 16

17 State and local govt. retirement funds 3.7 3.4 3.5 3.9 4.4 4.6 4.7 4.8 5.0 5.1 5.3 17

18 Government-sponsored enterprises 126.0 156.6 196.4 199.0 202.9 203.8 204.2 203.4 203.7 200.4 199.0 18

19 Federally related mortgage pools 1130.4 1248.2 1334.3 1449.7 1543.4 1571.9 1614.3 1648.3 1678.9 1706.3 1726.9 19

20 ABS issuers 96.2 147.1 179.8 202.5 222.5 229.6 238.7 244.9 247.7 256.8 260.0 20

21 Finance companies 63.3 65.8 62.7 66.9 72.4 74.3 47.3 50.4 52.1 53.3 54.5 21

22 Mortgage companies 53.1 52.7 52.2 28.3 23.8 36.7 29.8 31.0 32.0 30.0 30.1 22

23 REITs 0.4 0.9 0.9 1.5 1.7 1.8 1.9 2.0 2.0 2.1 2.2 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 284.2 273.7 270.4 275.3 287.6 291.9 301.1 305.1 313.0 315.6 322.0 1

 2 Nonfinancial corporate business 18.8 19.3 19.9 20.5 21.1 21.2 21.4 21.6 21.7 21.9 22.1 2

 3 Nonfarm noncorporate business 263.9 252.7 247.6 248.6 258.4 261.9 270.0 272.8 279.4 280.5 285.5 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 1.6 1.8 3.0 6.2 8.1 8.7 9.6 10.7 11.9 13.2 14.4 5

 6 Total assets 284.2 273.7 270.4 275.3 287.6 291.9 301.1 305.1 313.0 315.6 322.0 6

 7 Household sector 0.6 0.5 0.8 1.4 1.7 1.7 1.7 1.7 1.7 1.6 1.6 7

 8 Nonfinancial corporate business 0.6 0.4 1.3 0.9 1.1 1.2 1.5 1.7 2.0 2.1 2.4 8

 9 Nonfarm noncorporate business 8.4 8.3 7.0 7.0 6.9 6.9 6.9 6.9 6.9 6.9 6.9 9

10 State and local governments 41.7 42.4 42.8 43.5 44.1 44.4 44.6 45.0 45.9 45.9 46.3 10

11 Federal government 31.9 27.6 24.6 22.0 17.3 16.9 16.8 15.9 14.8 14.1 13.9 11

12 Commercial banking 36.9 38.1 38.7 39.3 43.8 44.7 45.4 46.4 46.7 47.6 48.8 12

13 Savings institutions 79.9 69.8 67.4 64.3 62.0 60.6 60.7 61.3 61.6 60.6 60.1 13

14 Life insurance companies 29.3 27.2 25.4 23.9 23.4 23.4 23.5 23.2 23.2 23.3 23.3 14

15 Private pension funds 0.9 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 15

16 State and local govt. retirement funds 4.8 4.2 4.1 4.3 4.5 4.6 4.6 4.7 4.7 4.8 4.9 16

17 Government-sponsored enterprises 14.6 16.2 17.9 18.7 19.4 19.5 19.5 19.3 19.1 18.8 18.3 17

18 Federally related mortgage pools 26.1 23.8 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 35.2 18

19 ABS issuers 3.7 6.3 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.5 39.5 19

20 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 3.6 3.5 3.1 3.1 3.1 20

21 Mortgage companies 2.7 3.0 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.1 4.0 21

22 REITs 2.2 5.3 5.6 8.7 10.1 10.7 11.2 11.8 12.1 12.4 13.0 22
Z.1, September 15, 1997 97

L.220 Commercial Mortgages

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 743.2 696.2 685.0 680.5 703.2 711.4 754.5 756.5 771.7 778.9 795.7 1

 2 Household sector 95.5 100.9 108.5 101.5 97.5 100.2 101.8 101.5 105.6 104.0 104.4 2

 3 Nonfinancial corporate business 179.5 156.5 163.3 184.3 218.8 222.3 265.6 267.6 271.9 273.5 282.2 3

 4 Nonfarm noncorporate business 465.1 435.2 407.2 382.2 370.4 371.1 367.5 365.6 370.1 374.6 379.9 4

 5 REITs 3.2 3.6 6.0 12.5 16.5 17.8 19.6 21.7 24.1 26.8 29.1 5

 6 Total assets 743.2 696.2 685.0 680.5 703.2 711.4 754.5 756.5 771.7 778.9 795.7 6

 7 Household sector 2.8 3.7 5.3 5.2 7.3 7.1 6.8 6.5 6.2 5.8 5.3 7

 8 Nonfinancial corporate business 23.6 22.1 21.6 21.2 21.5 22.2 25.2 25.8 27.2 28.4 28.8 8

 9 Nonfarm noncorporate business 8.0 6.5 6.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 9

10 State and local governments 7.7 7.5 7.7 8.3 7.7 7.8 7.7 7.5 7.5 7.7 7.7 10

11 Federal government 21.2 14.6 20.5 13.2 10.2 10.0 9.8 9.3 8.5 8.5 8.4 11

12 Commercial banking 340.2 331.8 327.5 335.0 353.1 356.9 363.0 367.0 375.3 377.7 388.6 12

13 Savings institutions 86.7 68.2 60.8 53.9 52.1 52.1 52.5 52.6 52.7 52.0 51.9 13

14 Life insurance companies 209.5 194.4 180.9 170.4 167.1 167.0 167.8 165.1 165.4 166.3 165.8 14

15 Other insurance companies 6.5 5.9 4.5 3.8 2.8 2.6 2.6 2.5 2.4 2.5 2.6 15

16 Private pension funds 13.3 10.6 10.6 11.4 12.2 12.6 12.8 13.0 13.1 13.5 13.8 16

17 State and local govt. retirement funds 8.3 8.9 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 6.5 15.2 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.1 72.8 18

19 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 29.5 28.3 27.4 26.9 27.2 19

20 Mortgage companies 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 4.5 1.9 2.1 3.2 3.7 3.9 4.1 4.3 4.4 4.5 4.7 21

L.221 Farm Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities (Farm business) 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 1

 2 Total assets 79.2 79.7 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.6 88.8 2

 3 Household sector 12.8 12.0 11.2 10.3 10.6 10.8 11.3 11.6 12.2 12.8 13.5 3

 4 Nonfarm noncorporate business 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 4

 5 State and local governments 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 8.2 9.1 9.7 11.0 11.1 10.8 10.5 10.1 9.6 8.9 8.2 6

 7 Commercial banking 18.4 19.9 20.9 22.6 23.8 23.9 24.6 24.8 24.9 25.2 26.1 7

 8 Savings institutions 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 8

 9 Life insurance companies 10.0 9.2 9.5 9.6 9.6 9.6 9.6 9.7 10.0 10.1 10.3 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.1 27.0 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 28.2 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
98 Z.1, September 15, 1997

L.222 Consumer Credit

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities (Households) 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 1

 2 Total assets 796.7 801.0 863.0 988.1 1128.6 1120.5 1146.9 1177.3 1214.9 1193.9 1213.0 2

 3 Nonfinancial corporate business 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 77.7 70.0 68.0 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 529.4 511.5 517.0 5

 6 Savings institutions 42.2 37.4 37.9 38.5 40.1 40.7 42.1 44.9 44.7 45.9 47.0 6

 7 Credit unions 90.3 89.4 101.6 119.6 131.9 131.5 136.1 140.9 144.1 144.4 148.7 7

 8 ABS issuers 103.0 120.3 130.5 146.1 211.6 221.4 237.2 251.2 266.5 269.2 276.4 8

 9 Finance companies 125.9 122.6 116.1 134.4 152.1 152.5 153.9 154.6 152.4 153.0 155.8 9

L.223 Trade Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total trade payables 948.3 995.1 1047.8 1141.5 1246.7 1235.5 1271.5 1267.7 1322.1 1313.8 1336.1 1

 2 Household sector 77.7 82.5 89.8 94.0 102.4 101.8 104.7 104.6 108.9 108.4 110.6 2

 3 Nonfinancial corporate business 649.4 682.8 719.3 796.5 870.3 858.0 886.1 876.8 922.7 906.1 923.0 3

 4 Nonfarm noncorporate business 59.7 66.6 64.1 71.6 78.8 80.2 81.7 83.1 84.6 85.7 86.7 4

 5 Farm business 13.0 13.2 14.2 15.2 16.2 17.2 18.1 19.1 20.1 21.1 22.1 5

 6 State and local governments 25.4 27.7 28.4 29.0 31.2 31.0 31.8 32.0 32.8 33.4 33.5 6

 7 Federal government 85.8 83.1 86.1 86.5 92.2 93.3 94.9 96.8 95.8 97.2 99.7 7

 8 Rest of the world 30.4 31.8 35.9 39.5 45.3 42.5 41.2 40.8 43.0 44.2 44.3 8

 9 Brokers and dealers 6.8 7.4 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 16.3 9

10 Total trade receivables 1211.4 1245.6 1295.3 1389.2 1524.9 1567.5 1614.9 1651.2 1632.3 1675.0 1717.7 10

11 Nonfinancial corporate business 961.4 988.9 1035.0 1107.0 1205.9 1237.4 1278.2 1300.0 1266.8 1293.0 1327.8 11

12 Nonfarm noncorporate business 96.7 103.8 103.0 117.0 128.5 130.5 132.6 134.6 136.7 138.0 139.3 12

13 Federal government 40.4 33.3 30.7 26.6 26.4 28.5 29.4 31.9 33.4 36.4 38.9 13

14 Rest of the world 42.3 44.7 47.5 50.6 51.2 52.1 52.1 55.2 57.5 59.4 61.7 14

15 Other insurance companies 49.1 49.0 50.7 52.9 57.3 58.4 59.5 59.6 57.2 61.3 60.1 15

16 ABS issuers 21.5 25.8 28.4 35.2 55.7 60.6 63.2 69.8 80.7 86.9 89.8 16

17 Discrepancy -263.1 -250.5 -247.5 -247.7 -278.2 -332.0 -343.4 -383.6 -310.2 -361.2 -381.5 17

L.224 Security Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.0 380.0 409.1 1

 2 Household sector 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 101.1 109.7 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 133.8 164.2 202.9 203.9 227.1 237.8 228.8 230.8 263.7 279.0 299.4 4

 5 Customer credit balances (HH) 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 172.0 184.1 5

 6 From U.S.-chartered commercial banks 30.0 57.3 61.4 56.8 65.1 63.0 59.4 57.4 60.2 65.9 63.0 6

 7 From foreign banking offices in U.S. 16.8 30.7 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 52.3 7

 8 Total assets 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.0 380.0 409.1 8

 9 Household sector 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 172.0 184.1 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 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 115.3 11

12 Brokers and dealers 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 101.1 109.7 12
Z.1, September 15, 1997 99

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Total liabilities 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 593.8 604.8 621.4 1

 2 Federal government 13.0 13.3 13.6 13.8 13.9 13.7 14.0 13.7 13.7 13.4 14.0 2

 3 Life insurance companies 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 580.1 591.4 607.4 3

 4 Total assets (Households) 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 593.8 604.8 621.4 4

 Pension fund reserves:

 5 Total liabilities 3876.9 4218.1 4663.3 4871.8 5597.3 5753.0 5874.0 5989.4 6257.7 6339.9 6789.1 5

 6 Federal government 276.0 303.5 331.1 358.9 374.8 382.9 393.2 410.2 419.2 413.2 422.1 6

 7 Life insurance companies 659.1 743.0 836.4 878.1 992.4 997.0 997.9 1011.1 1026.4 1050.9 1069.9 7

 8 Private pension funds (1) 1889.0 1983.1 2218.9 2308.4 2674.7 2758.8 2831.1 2893.2 3053.5 3084.4 3340.1 8

 9 State and local govt. retirement funds 1052.7 1188.5 1276.9 1326.4 1555.3 1614.3 1651.7 1675.0 1758.6 1791.4 1957.1 9

10 Total assets (Households) 3876.9 4218.1 4663.3 4871.8 5597.3 5753.0 5874.0 5989.4 6257.7 6339.9 6789.1 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; levels, not seasonally adjusted

 1 Total taxes payable by all businesses 70.0 79.7 84.8 86.3 88.0 93.0 89.2 91.1 91.1 93.0 85.0 1

 2 Nonfinancial corporate business 33.3 40.5 42.5 44.9 44.2 48.7 44.6 46.1 45.3 47.0 38.4 2

 3 Nonfarm noncorporate business 32.5 33.1 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 36.6 3

 4 U.S.-chartered commercial banks 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4.7 4

 5 Savings institutions 1.2 1.4 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 1.5 5

 6 Life insurance companies 0.6 1.4 1.7 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 6

 7 Other insurance companies 0.6 1.0 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 7

 8 Finance companies 0.4 0.6 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 8

 9 Brokers and dealers 0.9 0.9 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 0.9 9

10 Total business taxes receivable 53.4 54.4 58.0 52.6 45.2 70.4 52.3 50.2 46.8 62.5 56.4 10

11 State and local governments 37.0 38.9 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 26.5 11

12 Federal government 16.4 15.5 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 29.9 12

13 Discrepancy 16.6 25.2 26.8 33.7 42.8 22.6 36.9 40.9 44.3 30.5 28.6 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; levels, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1

 2 Asset: Household sector 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 2
100 Z.1, September 15, 1997

L.229 Total Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 4371.9 4711.4 5109.8 5379.1 5783.0 5951.7 5948.9 6027.7 6135.1 6327.6 6267.5 1

 2 Household sector 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 19.7 2

 3 Nonfinancial corporate business 1714.5 1916.4 2098.2 2118.4 2231.6 2290.7 2280.1 2322.8 2344.1 2388.6 2429.9 3

 4 Nonfarm noncorporate business 91.1 99.1 103.5 110.9 116.2 118.0 120.0 122.1 124.3 125.9 127.5 4

 5 Federal government 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 5

 6 Rest of the world 727.8 731.7 827.5 914.4 1030.3 1110.1 1093.7 1082.1 1146.8 1230.1 1108.9 6

 7 Monetary authority 5.5 3.7 4.6 6.0 7.2 6.5 6.6 7.2 6.9 6.4 7.8 7

 8 Commercial banking 507.6 554.6 628.4 750.1 848.4 838.8 860.4 857.6 864.5 922.8 941.1 8

 9 Savings institutions 106.4 106.8 103.0 106.7 106.1 106.3 105.8 116.9 102.9 95.3 99.0 9

10 Credit unions 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.5 4.6 10

11 Life insurance companies 356.1 359.3 382.3 402.4 423.5 421.6 429.3 438.3 453.2 453.9 461.0 11

12 Other insurance companies 416.4 439.9 456.1 471.9 501.9 508.2 510.0 515.9 517.3 520.6 525.1 12

13 Government-sponsored enterprises 78.3 90.8 85.9 61.1 67.1 68.4 63.4 64.0 69.8 77.7 72.7 13

14 Finance companies 140.6 157.8 163.5 177.9 198.8 195.9 201.9 199.6 210.4 217.7 203.7 14

15 Mortgage companies 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.6 9.7 6.1 3.6 15

16 REITs 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 9.4 9.7 16

17 Brokers and dealers 41.5 52.2 67.4 69.0 85.3 81.4 82.4 97.1 108.9 105.8 110.5 17

18 Funding corporations 117.9 139.2 128.2 136.7 116.5 146.9 145.4 153.1 136.3 136.7 136.0 18

19 Total assets 5144.2 5428.6 5997.4 6367.8 6864.1 7050.1 7162.1 7274.5 7489.8 7623.4 7632.2 19

20 Household sector 234.1 251.0 264.1 269.5 285.4 289.0 290.0 294.7 296.8 297.9 304.8 20

21 Nonfinancial corporate business 2260.5 2355.8 2615.3 2782.6 3037.7 3120.5 3143.4 3199.0 3291.8 3364.1 3400.5 21

22 Nonfarm noncorporate business 215.0 218.7 227.6 243.3 256.1 258.2 260.5 262.8 265.9 267.3 269.4 22

23 Farm business 37.8 39.8 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 50.4 23

24 State and local governments 17.0 19.0 20.5 20.5 20.9 21.3 21.8 27.1 30.3 38.9 38.8 24

25 Federal government 104.9 120.3 116.2 119.5 117.1 115.6 114.7 114.9 110.6 107.7 105.9 25

26 Rest of the world 641.4 610.2 719.0 706.1 779.3 842.8 861.4 900.6 977.1 1002.9 850.9 26

27 Monetary authority 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 12.5 27

28 Commercial banking 444.9 523.9 611.1 728.4 791.6 800.0 814.9 809.7 817.2 837.5 892.8 28

29 Savings institutions 85.5 78.2 61.0 53.0 54.7 51.0 49.1 66.0 52.9 46.3 48.0 29

30 Credit unions 12.8 16.5 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.9 18.8 30

31 Bank personal trusts and estates 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 31

32 Life insurance companies 91.1 83.0 75.7 97.8 103.9 99.2 99.3 95.9 92.4 92.8 97.4 32

33 Other insurance companies 23.7 24.0 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.2 45.4 33

34 Private pension funds 384.6 379.5 394.5 388.4 382.2 380.8 384.0 380.4 393.8 393.4 391.5 34

35 State and local govt. retirement funds 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 209.9 194.8 35

36 Money market mutual funds 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 36

37 Mutual funds 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 2.6 37

38 Government-sponsored enterprises 39.2 26.9 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.6 38

39 Finance companies 95.7 88.8 114.5 107.4 128.9 130.3 135.1 140.9 156.5 154.8 172.2 39

40 REITs 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 10.0 10.8 40

41 Brokers and dealers 129.0 180.4 228.6 254.2 258.2 283.0 290.0 304.7 320.5 332.2 377.1 41

42 Funding corporations 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 195.2 42

43 Discrepancy -772.2 -717.2 -887.6 -988.6 -1081.0 -1098.4 -1213.2 -1246.8 -1354.7 -1295.8 -1364.8 43
Z.1, September 15, 1997 101

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 655.4 668.0 714.8 797.8 884.3 908.5 933.6 945.8 970.8 999.6 1030.6 1

 2 Asset: Nonfinancial corporate business 578.0 580.0 598.4 670.3 749.9 774.2 787.4 805.8 815.3 837.1 862.2 2

 3 Commercial banking 25.4 29.9 33.8 37.7 39.4 39.9 40.3 41.5 44.7 46.0 47.6 3

 4 Life insurance companies 3.7 4.0 4.9 5.0 5.5 5.7 5.9 6.1 6.6 6.7 7.5 4

 5 Other insurance companies 23.7 24.0 28.8 33.0 38.7 39.3 39.9 40.9 43.7 45.2 45.4 5

 6 Finance companies 21.2 24.6 44.6 45.8 41.2 39.0 48.5 39.0 46.0 46.5 47.6 6

 7 Brokers and dealers 3.5 5.4 4.3 5.8 9.6 10.4 11.7 12.6 14.6 18.0 20.3 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 487.1 509.0 518.7 551.7 599.8 615.9 643.9 664.1 685.3 725.9 745.5 8

 9 Nonfarm noncorporate business 3.9 4.4 5.2 4.8 2.4 2.1 2.1 2.1 2.1 2.1 2.1 9

10 Commercial banking 24.9 21.2 24.0 26.3 32.9 33.7 31.2 32.0 30.9 31.7 32.5 10

11 Life insurance companies 8.6 9.7 13.1 10.9 13.9 14.3 14.7 15.2 16.1 16.8 17.5 11

12 Other insurance companies 24.7 25.7 26.7 27.9 37.1 38.2 38.6 39.3 43.5 44.3 45.5 12

13 Finance companies 5.6 9.5 33.8 35.9 52.4 49.3 51.2 56.8 63.3 67.3 70.2 13

14 Brokers and dealers 5.8 5.3 5.0 5.8 11.0 11.2 11.3 11.3 7.8 8.0 8.3 14

15 Funding corporations -68.7 -84.2 -75.7 -78.4 -95.0 -94.6 -104.9 -106.0 -120.0 -136.6 -133.0 15

16 Asset: Rest of the world 491.9 500.5 550.9 585.0 654.5 670.2 688.1 714.6 729.1 759.4 788.8 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 17

18 Asset: Federal government 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 30.5 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 19

20 Asset: Commercial banking 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 5.1 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 14.8 14.7 16.3 18.2 20.3 20.8 21.7 22.7 23.9 25.4 27.0 21

22 Asset: Nonfin. corporate business (FNMA) 1.8 1.9 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 6.2 22

23 Nonfarm noncorporate (BC) 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 2.3 23

24 Farm business (FICB and FLB) 2.2 2.1 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 1.0 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 0.7 1.4 2.7 4.3 5.8 6.0 6.2 6.3 6.7 7.1 7.6 26

27 Savings institutions (FHLB) 9.5 8.6 8.7 8.6 9.1 9.0 9.4 9.5 9.5 9.7 9.7 27

28 Credit unions (FHLB) 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 28

29 Life insurance companies (FHLB) 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 387.1 399.4 30

31 Savings institutions 5.0 4.0 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 4.8 31

32 Finance companies 16.2 17.3 17.9 21.1 25.8 25.5 28.1 28.9 30.2 30.5 30.7 32

33 Mortgage companies 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.6 9.7 6.1 3.6 33

34 Brokers and dealers -18.4 -8.3 3.7 13.3 20.5 16.2 27.1 23.8 20.4 31.4 57.7 34

35 Asset: Bank holding companies 268.2 298.2 342.9 360.6 408.9 416.6 432.9 434.3 437.8 459.9 496.2 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 16.2 17.3 17.9 21.1 25.8 25.5 28.1 28.9 30.2 30.5 30.7 36

37 Asset: Nonfinancial corporate business 16.2 17.3 17.9 21.1 25.8 25.5 28.1 28.9 30.2 30.5 30.7 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 44.4 38

39 Brokers and dealers 44.5 63.7 80.8 96.9 114.8 126.6 137.8 143.7 150.2 157.3 150.8 39

40 Asset: Funding corporations 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 195.2 40
102 Z.1, September 15, 1997

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.8 1.8 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 1

 2 Asset: Federal government 1.8 1.8 1.9 2.1 1.9 2.1 1.8 1.7 1.8 1.8 1.8 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 31.7 30.8 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 13.0 5

 6 Asset: Savings institutions 31.7 30.8 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 13.0 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 19.7 7

 8 Asset: Life insurance companies 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 19.7 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 70.0 77.5 84.2 90.9 96.9 96.9 97.7 98.3 103.9 102.5 105.8 9

10 Health 38.2 45.2 51.4 58.0 63.2 63.2 64.0 64.5 69.4 67.9 70.4 10

11 Policy dividend accumulation 31.7 32.3 32.8 32.9 33.7 33.7 33.7 33.8 34.5 34.6 35.4 11

12 Asset: Household sector 70.0 77.5 84.2 90.9 96.9 96.9 97.7 98.3 103.9 102.5 105.8 12

 Policy payables:

13 Liab.: Other insurance companies 391.7 414.3 429.4 444.0 464.8 470.0 471.4 476.7 473.9 476.3 479.6 13

14 Asset: Household sector 164.1 173.6 179.9 178.7 188.5 192.1 192.3 196.5 192.9 195.4 199.0 14

15 Nonfinancial corporate business 149.5 163.0 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 175.8 15

16 Nonfarm noncorporate business 42.4 39.9 40.8 46.8 51.8 52.5 53.3 54.0 54.8 55.0 55.3 16

17 Farm business 35.6 37.7 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 49.5 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 241.1 18

19 Asset: Private pension funds 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 241.1 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 37.7 20

21 Asset: Private pension funds 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 37.7 21

 Securities borrowed (net):

22 Liab.: Funding corporations 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 289.0 331.3 22

23 Asset: Brokers and dealers 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 289.0 331.3 23
Z.1, September 15, 1997 103

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1987.8 2190.2 2349.9 2395.7 2532.8 2610.3 2523.4 2527.9 2553.8 2638.4 2433.3 1

 2 Nonfinancial corporate business 1210.1 1388.6 1555.1 1538.6 1599.8 1641.9 1602.3 1623.8 1623.0 1626.0 1646.7 2

 3 Nonfarm noncorporate business 87.2 94.8 98.3 106.0 113.8 115.9 118.0 120.1 122.2 123.8 125.4 3

 4 Federal government 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.6 6.7 4

 5 Rest of the world 48.2 38.1 85.8 88.1 116.2 171.1 129.6 105.4 144.5 198.6 46.0 5

 6 Monetary authority 2.8 0.6 1.2 2.3 3.3 2.5 2.4 2.7 2.3 1.7 2.7 6

 7 Commercial banking 225.2 256.9 294.0 382.6 431.2 415.6 426.9 419.4 419.6 461.2 464.8 7

 8 U.S.-chartered commercial banks 84.0 76.3 91.0 158.9 160.7 148.7 156.2 154.9 149.0 169.2 150.4 8

 9 Foreign banking offices in U.S. 119.9 154.4 177.8 194.4 235.6 230.4 237.4 228.9 223.3 233.2 251.6 9

10 Bank holding companies 18.2 22.0 19.6 22.0 24.6 26.3 23.5 24.9 36.3 44.9 47.7 10

11 Banks in U.S.-affiliated areas 3.1 4.2 5.6 7.4 10.3 10.2 9.9 10.7 11.0 13.9 15.1 11

12 Savings institutions 101.4 102.8 98.6 102.3 101.6 101.8 101.3 112.3 98.2 90.5 94.2 12

13 Credit unions 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.5 4.6 13

14 Life insurance companies 70.9 74.1 78.4 84.1 92.3 91.2 94.9 101.0 97.7 96.3 96.6 14

15 Government-sponsored enterprises 31.8 45.4 45.8 26.8 27.6 30.1 26.9 26.0 28.0 37.0 32.7 15

16 Finance companies 102.6 113.7 93.9 99.9 94.9 95.6 94.3 85.0 86.8 89.5 72.0 16

17 REITs 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 9.4 9.7 17

18 Brokers and dealers 9.7 -8.5 -22.2 -47.0 -60.9 -72.6 -93.7 -81.7 -69.5 -90.9 -106.3 18

19 Funding corporations 83.6 69.9 6.8 -6.6 -4.7 -1.1 0.8 -6.1 -19.6 -15.7 -62.4 19

20 Total assets 2760.1 2907.4 3237.6 3384.3 3613.8 3708.7 3736.6 3774.7 3908.5 3934.2 3798.1 20

21 Nonfinancial corporate business 1515.0 1593.7 1827.4 1911.8 2079.4 2137.7 2144.7 2181.1 2263.4 2313.9 2325.6 21

22 Nonfarm noncorporate business 172.0 178.1 186.1 195.6 203.3 204.7 206.2 207.8 209.4 210.6 211.8 22

23 State and local governments 17.0 19.0 20.5 20.5 20.9 21.3 21.8 27.1 30.3 38.9 38.8 23

24 Federal government 80.7 94.6 89.3 91.1 87.2 85.2 84.2 84.0 79.1 75.7 73.5 24

25 Rest of the world 149.5 109.6 168.1 121.1 124.8 172.6 173.3 186.0 248.0 243.5 62.2 25

26 Monetary authority 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 12.5 26

27 Commercial banking 148.0 191.3 228.3 322.1 333.5 333.3 331.3 323.0 323.5 319.7 336.3 27

28 U.S.-chartered commercial banks 21.7 19.2 22.3 71.0 71.2 70.8 76.0 74.3 71.8 83.2 76.5 28

29 Foreign banking offices in U.S. 100.5 142.1 175.9 213.5 218.5 217.9 211.6 203.1 196.3 190.8 210.9 29

30 Bank holding companies 22.2 27.0 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 44.5 30

31 Banks in U.S.-affiliated areas 3.7 3.0 2.6 2.4 4.0 3.8 3.9 4.4 4.3 4.8 4.4 31

32 Savings institutions 44.3 38.8 28.6 28.4 26.4 24.6 24.8 41.1 25.3 21.4 25.3 32

33 Credit unions 12.8 16.5 18.1 14.7 13.8 16.4 15.1 13.6 13.6 13.7 18.6 33

34 Bank personal trusts and estates 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 34

35 Life insurance companies 71.6 63.2 54.2 75.1 79.9 74.7 74.4 70.7 66.4 66.5 70.1 35

36 Private pension funds 160.7 162.6 163.5 143.8 129.8 128.8 128.0 121.7 122.5 118.4 112.6 36

37 State and local govt. retirement funds 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 209.9 194.8 37

38 Mutual funds 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 5.5 2.6 38

39 Money market mutual funds 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 39

40 Government-sponsored enterprises 39.2 26.9 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.6 40

41 Finance companies 74.5 64.2 70.0 61.6 87.6 91.3 86.6 101.9 110.6 108.3 124.5 41

42 REITs 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 10.0 10.8 42

43 Brokers and dealers 22.6 21.5 27.2 26.7 32.3 30.1 28.8 26.8 30.0 25.2 25.5 43

44 Discrepancy -772.2 -717.2 -887.6 -988.6 -1081.0 -1098.4 -1213.2 -1246.8 -1354.7 -1295.8 -1364.8 44
104 Z.1, September 15, 1997

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Assets 18311.7 19593.6 21395.0 23482.6 24200.3 25917.7 27089.2 28459.5 29459.2 32422.4 35331.6 1

 2 Tangible assets 7146.6 7724.4 8398.6 9107.9 9324.3 9469.7 9732.9 9977.2 10313.5 10797.2 11443.1 2

 3 Real estate 5719.3 6176.7 6712.6 7296.0 7405.5 7478.0 7665.9 7802.3 8015.0 8396.0 8926.1 3

 4 Households (2,3) 5040.7 5465.2 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.0 8119.5 4

 5 Nonprofit organizations 678.6 711.5 758.2 801.1 797.0 762.0 717.1 697.3 733.1 765.0 806.6 5

 Equipment owned by nonprofit

 6 organizations (4) 37.6 40.8 44.6 48.5 52.6 56.6 62.0 67.0 72.2 77.7 84.4 6

 7 Consumer durable goods (4) 1389.6 1506.9 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2323.4 2432.5 7

 8 Financial assets 11165.1 11869.2 12996.4 14374.6 14876.0 16448.0 17356.2 18482.4 19145.7 21625.3 23888.6 8

 9 Deposits 2695.6 2840.6 3029.2 3182.8 3241.7 3244.4 3226.8 3161.6 3138.0 3351.0 3552.3 9

10 Foreign deposits 8.8 9.8 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 33.2 10

11 Checkable deposits and currency 436.4 436.5 414.6 404.1 385.6 426.6 523.6 571.9 542.3 499.9 438.3 11

12 Time and savings deposits 2024.9 2147.4 2342.1 2428.8 2477.7 2423.7 2349.1 2236.0 2225.6 2376.2 2550.2 12

13 Money market fund shares 225.6 246.9 261.8 338.0 364.9 379.5 338.6 337.9 351.3 451.6 530.7 13

14 Credit market instruments 835.9 1016.4 1197.1 1291.2 1502.2 1594.8 1674.7 1702.4 2029.1 1991.8 2068.6 14

15 Open market paper 30.6 32.9 67.3 56.9 63.2 33.3 29.9 45.5 46.7 59.9 82.6 15

16 U.S. government securities 256.6 294.5 394.1 402.6 519.3 505.1 615.5 593.0 965.5 909.9 989.7 16

17 Treasury 228.7 259.5 342.2 322.5 393.6 381.0 461.8 476.7 690.0 669.4 680.0 17

18 Savings bonds 93.3 101.1 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 18

19 Other Treasury 135.4 158.4 232.6 204.8 267.4 242.8 304.5 304.8 510.1 484.4 493.0 19

20 Agency 27.9 35.0 52.0 80.1 125.7 124.1 153.7 116.3 275.5 240.5 309.8 20

21 Municipal securities 352.6 452.6 523.8 547.2 574.5 614.1 585.6 556.8 500.8 442.4 411.5 21

22 Corporate and foreign bonds 107.3 125.9 121.2 155.3 198.8 288.9 284.4 325.1 326.6 381.0 371.5 22

23 Mortgages 88.8 110.5 90.7 129.2 146.5 153.3 159.4 182.0 189.5 198.6 213.3 23

24 Corporate equities (2) 1418.3 1384.2 1639.9 1963.6 1795.4 2577.9 2923.2 3216.6 3059.9 4086.1 4651.3 24

25 Mutual fund shares (5) 333.2 381.7 401.3 469.1 467.8 586.6 727.9 990.9 1047.4 1247.8 1582.9 25

26 Security credit 44.0 39.1 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 26

27 Life insurance reserves 274.9 301.0 326.6 355.3 380.9 406.8 434.8 470.8 505.3 550.2 593.8 27

28 Pension fund reserves 2274.3 2432.4 2668.7 3137.5 3388.2 3876.9 4218.1 4663.3 4871.8 5597.3 6257.7 28

29 Investment in bank personal trusts 429.1 442.1 470.3 541.4 551.7 639.3 660.6 691.3 699.4 767.4 872.0 29

30 Equity in noncorporate business (6) 2710.0 2856.7 3031.1 3174.2 3261.2 3200.3 3162.8 3219.2 3416.3 3620.8 3850.3 30

31 Miscellaneous assets 149.8 174.9 191.3 206.2 224.4 234.1 251.0 264.1 269.5 285.4 296.8 31

32 Liabilities 2582.2 2829.4 3122.8 3412.1 3701.3 3905.7 4103.7 4386.1 4736.6 5109.6 5467.2 32

33 Credit market instruments 2484.3 2741.1 3022.3 3295.6 3577.1 3757.1 3952.1 4203.5 4550.0 4910.1 5244.7 33

34 Home mortgages 1603.8 1822.7 2032.9 2236.9 2486.8 2654.1 2816.7 2971.0 3164.3 3358.1 3592.9 34

35 Consumer credit 649.9 683.1 741.9 795.0 810.2 796.7 801.0 863.0 988.1 1128.6 1214.9 35

36 Municipal securities (7) 79.1 78.2 79.5 81.9 83.9 89.9 99.1 111.1 125.6 131.4 135.7 36

37 Bank loans n.e.c. 30.1 28.3 20.1 18.6 12.8 10.8 15.0 23.4 35.9 49.9 49.5 37

38 Other loans and advances 83.2 84.4 88.9 90.3 100.9 110.2 119.5 126.6 134.7 144.6 146.2 38

39 Commercial mortgages (7) 38.3 44.4 59.0 72.8 82.5 95.5 100.9 108.5 101.5 97.5 105.6 39

40 Security credit 57.4 41.8 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.3 40

41 Trade payables (7) 26.6 31.4 41.5 57.6 68.9 77.7 82.5 89.8 94.0 102.4 108.9 41

 Deferred and unpaid

42 life insurance premiums 13.9 15.1 15.5 16.4 16.5 15.7 15.8 16.6 17.5 18.4 19.3 42

43 Net worth 15729.5 16764.2 18272.3 20070.4 20499.0 22012.0 22985.4 24073.4 24722.6 27312.9 29864.5 43

 Memo:

 Replacement-cost value of structures:

44 Residential 3616.6 3876.6 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6020.5 6348.5 44

45 Households 3386.4 3636.3 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.0 6044.6 45

46 Farm households 133.6 138.4 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.0 179.6 46

47 Nonprofit organizations 96.6 102.0 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.4 47

48 Nonresidential (nonprofits) 377.0 398.1 420.7 444.3 465.0 474.9 493.3 521.6 551.5 575.1 597.3 48

49 Disposable personal income 3198.3 3374.5 3652.7 3906.1 4179.4 4356.9 4626.7 4829.3 5052.7 5355.7 5608.4 49

 Household net worth as percentage of

50 disposable personal income 491.8 496.8 500.2 513.8 490.5 505.2 496.8 498.5 489.3 510.0 532.5 50

 Owners’ equity in household real

51 estate (8) 3436.9 3642.5 3921.5 4258.0 4121.7 4062.0 4132.2 4134.0 4117.6 4272.9 4526.6 51

 Owners’ equity as percentage of

52 household real estate (9) 68.2 66.6 65.9 65.6 62.4 60.5 59.5 58.2 56.5 56.0 55.7 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, September 15, 1997 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 7837.8 8342.9 9074.0 9620.8 9816.9 9799.8 9787.7 10120.2 10752.6 11487.8 12261.7 1

 2 Tangible assets 5169.6 5440.1 5788.3 6101.7 6182.5 6035.7 5856.0 5831.2 6185.3 6512.3 6876.1 2

 3 Real estate (1) 2936.3 3083.4 3288.5 3471.9 3429.0 3246.9 3006.5 2874.4 3051.3 3187.1 3383.1 3

 4 Equipment (2) 1502.1 1567.7 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2222.2 2360.6 4

 5 Inventories (2) 731.2 789.0 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1103.0 1132.3 5

 6 Financial assets 2668.2 2902.7 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 4975.5 5385.6 6

 7 Foreign deposits 17.2 14.4 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.0 25.4 7

 8 Checkable deposits and currency 93.0 104.8 134.9 151.1 166.8 182.5 189.4 203.1 221.6 239.0 285.9 8

 9 Time and savings deposits 119.7 116.6 98.8 89.7 73.4 66.8 51.8 74.1 67.5 65.9 67.1 9

10 Money market fund shares 18.1 18.9 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 84.2 10

11 Security RPs 5.1 3.4 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.8 11

12 Commercial paper 10.2 15.0 13.6 14.3 13.8 14.7 17.0 19.4 18.8 19.9 30.7 12

13 U.S. government securities 42.7 34.4 34.0 60.6 40.9 48.5 69.2 67.9 70.7 65.0 76.8 13

14 Municipal securities 25.1 19.4 16.8 32.4 24.7 44.8 45.8 54.7 56.7 55.4 47.8 14

15 Mortgages 50.2 51.5 68.1 54.4 52.8 59.0 60.0 52.3 56.4 61.5 69.0 15

16 Consumer credit 37.8 45.1 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 16

17 Trade receivables 750.7 814.3 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1205.9 1266.8 17

18 Mutual fund shares (1) 15.7 12.8 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 58.6 18

19 Miscellaneous assets 1482.8 1652.1 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3037.7 3291.8 19

20 Liabilities 3498.2 3774.0 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6022.0 6365.2 20

21 Credit market instruments 1802.4 1984.1 2187.6 2380.5 2492.1 2432.6 2470.0 2528.6 2667.5 2875.9 3053.1 21

22 Commercial paper 62.9 73.8 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 22

23 Municipal securities (3) 117.1 116.2 116.4 115.5 115.2 114.0 114.0 113.9 108.8 96.3 78.8 23

24 Corporate bonds (4) 705.4 784.1 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 24

25 Bank loans n.e.c. 481.1 485.1 517.9 542.8 545.5 507.7 488.4 477.6 521.0 583.7 632.0 25

26 Other loans and advances 289.6 322.6 372.9 418.9 473.1 410.2 412.6 388.4 422.0 453.0 473.5 26

27 Mortgages 146.4 202.3 207.5 235.1 233.3 215.3 193.4 201.2 223.5 259.2 313.6 27

28 Trade payables 478.0 522.4 576.1 597.9 626.3 649.4 682.8 719.3 796.5 870.3 922.7 28

29 Taxes payable 42.8 47.9 49.6 46.5 41.5 33.3 40.5 42.5 44.9 44.2 45.3 29

30 Miscellaneous liabilities 1175.0 1219.7 1378.4 1507.9 1569.5 1714.5 1916.4 2098.2 2118.4 2231.6 2344.1 30

31 Net worth (market value) 4339.6 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5896.5 31

 Memo:

 Replacement-cost value of structures:

32 Residential 59.3 62.6 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.4 87.0 32

33 Nonresidential 2102.5 2207.1 2348.2 2464.2 2563.5 2592.8 2666.1 2805.0 2955.8 3086.8 3217.2 33

 Market value of equities outstanding

34 (includes corporate farm equities) 1978.1 2014.6 2216.7 2673.1 2529.7 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 34

35 Debt/net worth (percent) (5) 41.5 43.4 44.8 46.8 49.0 48.9 52.8 53.4 52.0 52.6 51.8 35

36 Debt/equities (percent) (6) 91.1 98.5 98.7 89.1 98.5 69.6 64.5 61.3 64.4 52.5 47.9 36

37 Equities/net worth (percent) (7) 45.6 44.1 45.4 52.5 49.7 70.4 81.8 87.2 80.8 100.3 108.0 37

 With tangible assets stated at historical cost:

38 Assets (8) 5782.1 6210.9 6790.4 7199.3 7474.3 7725.2 8052.7 8605.0 9124.9 9854.3 10527.4 38

39 Tangible assets 3114.0 3308.2 3504.7 3680.1 3839.9 3961.0 4121.0 4316.0 4557.6 4878.8 5141.8 39

40 Real estate 1249.5 1321.0 1400.3 1474.5 1552.1 1622.6 1681.6 1753.8 1833.9 1934.1 2049.9 40

41 Equipment 1143.0 1204.7 1269.4 1341.8 1412.4 1471.7 1536.9 1621.5 1727.7 1863.8 2009.7 41

42 Inventories 721.5 782.6 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1080.8 1082.1 42

43 Net worth (historical cost) (9) 2283.9 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3216.4 3497.6 3832.3 4162.2 43

 Memo:

 Historical-cost value of structures:

44 Residential 22.5 23.8 25.0 26.1 27.2 28.2 29.3 30.3 31.1 32.6 35.1 44

45 Nonresidential 1103.1 1164.8 1225.5 1286.2 1356.9 1420.1 1474.6 1538.6 1605.4 1687.7 1781.7 45

46 Debt/net worth (percent) (10) 78.9 81.4 84.2 89.3 90.8 84.0 83.9 78.6 76.3 75.0 73.4 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
106 Z.1, September 15, 1997

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Change in net worth (1) 1467.5 1034.8 1508.0 1798.2 428.5 1513.0 973.4 1088.0 649.2 2590.2 2551.6 1

 2 Net investment 516.0 432.5 504.5 432.8 592.7 374.1 525.8 430.0 501.2 384.9 422.0 2

 3 Net physical investment 242.4 246.0 263.9 249.1 216.5 154.7 195.9 251.9 293.1 292.4 324.9 3

 4 Capital expenditures 592.3 625.1 670.7 692.9 683.6 646.3 714.8 785.0 861.0 890.1 943.3 4

 5 - Consumption of fixed capital 349.9 379.1 406.8 443.8 467.2 491.6 518.9 533.1 568.0 597.7 618.4 5

 6 Net financial investment 273.6 186.6 240.7 183.7 376.2 219.4 329.9 178.1 208.1 92.4 97.2 6

 7 Net acquisition of financial assets 530.9 473.3 504.7 457.4 631.3 419.8 524.2 455.2 555.9 460.2 483.9 7

 8 - Net increase in liabilities 257.3 286.8 264.0 273.8 255.1 200.4 194.3 277.1 347.7 367.7 386.7 8

 Holding gains on assets stated

 9 at market value (2) 969.2 582.7 1003.2 1383.5 -129.6 1089.0 471.2 677.1 135.2 2287.1 2103.5 9

10 Real estate 363.8 329.3 412.0 463.3 1.1 -15.6 79.2 -4.4 60.6 232.4 368.9 10

11 Corporate equities 378.7 98.5 366.9 408.0 -142.2 815.8 320.5 361.7 -13.7 1184.9 838.5 11

12 Mutual fund shares 22.4 -12.8 9.9 36.5 -28.8 15.4 7.5 57.2 -10.7 91.2 155.5 12

13 Equity in noncorporate business 118.0 160.4 166.2 150.2 49.5 -83.7 -75.2 42.2 153.4 176.5 223.8 13

 Life insurance and

14 pension fund reserves 58.3 10.7 21.0 273.6 13.4 287.0 110.9 190.6 -44.8 484.3 424.7 14

 Investment in bank personal

15 trusts and estates 28.0 -3.3 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 117.7 92.1 15

 Holding gains on assets stated

16 at current cost (2) 8.9 7.9 13.6 6.6 7.1 12.9 -6.6 2.9 -4.2 -27.2 -26.5 16

17 Consumer durable goods 7.8 7.0 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -29.1 -26.1 17

18 Equipment 1.0 0.9 1.3 0.9 1.4 0.6 0.6 -0.1 0.6 1.9 -0.5 18

19 Other factors (3) -26.6 11.6 -13.2 -24.6 -41.6 37.1 -17.0 -22.0 17.0 -54.5 52.7 19

 Memo:

20 Net worth outstanding (4) 15729.5 16764.2 18272.3 20070.4 20499.0 22012.0 22985.4 24073.4 24722.6 27312.9 29864.5 20

21 Disposable personal income 3198.3 3374.5 3652.7 3906.1 4179.4 4356.9 4626.7 4829.3 5052.7 5355.7 5608.4 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, September 15, 1997 107

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 145.4 229.3 313.4 205.7 -0.6 -117.4 -292.1 53.7 393.6 340.6 430.7 1

 2 Net investment flow -27.3 -1.8 -78.6 -126.4 -41.9 127.4 94.5 276.7 161.2 160.9 172.7 2

 3 Net physical investment 75.7 113.1 111.7 111.7 89.3 46.4 61.3 115.9 169.4 214.4 201.7 3

 4 Capital expenditures 339.1 354.3 360.4 389.9 382.7 368.8 382.3 445.6 511.6 568.5 593.5 4

 5 - Consumption of fixed capital 251.3 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 5

 6 - Inventory valuation adjustment 11.4 -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.1 -24.3 -2.5 6

 7 - Access rights from fed. government 0.8 0.2 0.3 0.2 0.2 -0.1 0.0 0.0 0.0 7.6 3.8 7

 8 Net financial investment -18.0 -39.4 -60.7 -113.9 -68.3 62.7 6.2 139.4 36.7 4.9 35.2 8

 9 Net acquisition of financial assets 172.1 234.6 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 410.2 9

10 - Net increase in liabilities 190.0 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 375.0 10

11 Corporate equity issues -85.0 -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 11

 Holding gains on assets stated

12 at market value (2) 36.6 101.1 155.6 143.7 -88.6 -217.2 -266.9 -169.6 131.9 81.5 127.8 12

13 Real estate 35.4 101.3 155.1 141.1 -87.6 -219.9 -268.2 -171.5 132.7 71.5 118.2 13

14 Mutual fund shares 1.1 -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 52.7 77.7 62.3 43.2 105.3 13.3 -13.3 -11.3 47.5 26.0 19.5 15

16 Equipment 45.7 40.1 56.9 49.6 60.6 27.5 21.8 19.3 25.1 24.4 20.1 16

17 Inventories (3) 0.8 8.0 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 0.9 5.0 17

18 Direct investment abroad 14.4 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 18

19 - Foreign direct investment in U.S. 8.2 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 19

20 Other factors (4) 83.5 52.3 174.1 145.3 24.7 -41.0 -106.4 -42.1 53.0 72.3 110.8 20

 Memo:

21 Net worth outstanding (market value) 4339.6 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5896.5 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 124.9 153.1 161.8 67.8 78.3 150.6 47.5 273.4 281.2 334.7 330.0 22

23 Net investment flow -27.3 -1.8 -78.6 -126.4 -41.9 127.4 94.5 276.7 161.2 160.9 172.7 23

24 Net physical investment 75.7 113.1 111.7 111.7 89.3 46.4 61.3 115.9 169.4 214.4 201.7 24

25 Capital expenditures 339.1 354.3 360.4 389.9 382.7 368.8 382.3 445.6 511.6 568.5 593.5 25

26 - Consumption of fixed capital 251.3 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 26

27 - Inventory valuation adjustment 11.4 -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.1 -24.3 -2.5 27

28 - Access rights from fed. government 0.8 0.2 0.3 0.2 0.2 -0.1 0.0 0.0 0.0 7.6 3.8 28

29 Net financial investment -18.0 -39.4 -60.7 -113.9 -68.3 62.7 6.2 139.4 36.7 4.9 35.2 29

30 Net acquisition of financial assets 172.1 234.6 382.9 233.5 115.3 129.8 167.5 357.3 278.3 408.2 410.2 30

31 - Net increase in liabilities 190.0 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 403.3 375.0 31

32 Corporate equity issues -85.0 -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 32

 Valuation adjustment on

33 reproducible assets (6) -2.5 11.1 1.1 -18.9 -7.4 -3.7 26.0 3.7 -9.2 23.7 -22.8 33

34 Holding gains on mutual fund shares (2) 1.1 -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 6.2 29.7 -2.0 -5.5 31.9 -7.0 -37.2 -34.9 7.5 0.7 -5.7 35

36 Direct investment abroad 14.4 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 36

37 - Foreign direct investment in U.S. 8.2 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 37

38 Other factors (4) 147.2 114.2 240.7 216.1 96.8 31.2 -37.0 26.1 122.4 139.5 176.1 38

 Memo:

39 Net worth outstanding (historical cost) 2283.9 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3216.4 3497.6 3832.3 4162.2 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
108 Z.1, September 15, 1997

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.7 38.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 55.6 69.9 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 23.4 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 -0.1 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 3.1 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 1.0 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 21

22 Credit market instruments 7.3 11.0 10.8 16.5 16.9 24.7 13.7 22

23 Municipal securities 1.3 2.5 1.9 6.0 9.3 11.9 14.5 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 27

28 Miscellaneous liabilities (2) 17.2 17.5 14.5 27.4 17.8 15.8 13.6 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, September 15, 1997 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 942.0 1004.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 344.3 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 5.2 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 38.1 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 37.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 20

21 Credit market instruments 154.3 165.3 176.1 192.6 209.5 234.2 247.9 21

22 Municipal securities 79.5 81.9 83.9 89.9 99.1 111.1 125.6 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 26

27 Miscellaneous liabilities (2) 127.4 144.9 159.4 186.8 204.6 220.4 233.9 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.