For use at Noon, E.S.T.

Thursday

June 12, 1997

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

First Quarter 1997

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

First Quarter 1997

Debt of domestic nonfinancial sectors rose at a

seasonally adjusted annual rate of 5-1/4 percent in

the first quarter of 1997, slightly stronger than in the

fourth quarter of 1996. Growth of federal debt

slowed to a 2-1/2 percent rate, reflecting in part a

reduction of the federal deficit. Debt of the

nonfederal sectors picked up to a 6-1/4 percent rate

from a more subdued pace in the second half of

1996.

In the household sector, growth of consumer

credit edged up in the first quarter, while growth of

mortgage debt was about unchanged. Business debt

growth rose in the first quarter, with an increase in

borrowing from banks accounting for most of the

pickup. State and local government debt rose for the

second consecutive quarter, the first back-to-back

increase in three years.

The level of domestic nonfinancial debt

outstanding was $14.8 trillion at the end of the first

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. Financial flows

and amounts outstanding by sector and instrument

are found on pages 9 through 101 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.

1990 6.6 11.0 5.3 7.9 3.1 4.9

1991 4.4 11.1 2.4 5.1 -1.8 8.2

1992 4.8 10.9 2.8 5.3 0.5 2.0

1993 5.3 8.3 4.2 6.4 1.5 5.7

1994 5.0 4.7 5.1 8.7 3.5 -3.4

1995 5.5 4.1 5.9 8.2 6.0 -3.5

1996 5.4 4.0 5.9 8.0 4.6 1.2

1995:Q1 6.4 7.1 6.2 8.3 6.6 -4.0

 :Q2 6.5 5.2 7.0 8.2 7.4 0.1

 :Q3 4.2 2.4 4.9 8.5 4.3 -9.1

 :Q4 4.3 1.6 5.2 6.8 5.1 -1.0

1996:Q1 6.4 6.6 6.3 9.4 4.3 -0.3

 :Q2 5.1 1.7 6.3 8.1 4.5 4.1

 :Q3 5.0 4.3 5.2 7.1 5.7 -5.7

 :Q4 4.8 3.1 5.4 6.5 3.7 6.7

1997:Q1 5.2 2.5 6.2 7.2 5.5 3.7

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, First Quarter 1997 1

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6

Borrowing by Sector D.2 7

Debt Outstanding by Sector D.3 8

 

Flows Levels

Title Table Page Table Page

Summaries

Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 57

Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 58

Credit Market Borrowing by Financial Sectors F.3 10 L.3 58

Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 59

Total Liabilities and Their Relation to Total Financial Assets F.5 11 L.5 59

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

Derivation of Measures of Personal Saving F.9 15 L.9 60
 

Flows Levels

Title Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 16 L.100 61

Nonfinancial Business F.101 17 L.101 62

Nonfarm Nonfinancial Corporate Business F.102 18 L.102 63

Nonfarm Noncorporate Business F.103 19 L.103 64

Farm Business F.104 19 L.104 64

State and Local Governments F.105 20 L.105 65

Federal Government F.106 21 L.106 65

Rest of the World F.107 22 L.107 66

Monetary Authority F.108 23 L.108 67

Commercial Banking F.109 24 L.109 68

U.S.-Chartered Commercial Banks F.110 25 L.110 69

Foreign Banking Offices in U.S. F.111 26 L.111 70

Bank Holding Companies F.112 27 L.112 71

Banks in U.S.-Affiliated Areas F.113 27 L.113 71

Savings Institutions F.114 28 L.114 72

Credit Unions F.115 29 L.115 73

Bank Personal Trusts and Estates F.116 29 L.116 73

Life Insurance Companies F.117 30 L.117 74

Other Insurance Companies F.118 30 L.118 74

Private Pension Funds F.119 31 L.119 75

State and Local Government Employee Retirement Funds F.120 31 L.120 75

Money Market Mutual Funds F.121 32 L.121 76

Mutual Funds F.122 32 L.122 76

Closed-End Funds F.123 32 L.123 76
Flows Levels

Title Table Page Table Page

Government-Sponsored Enterprises F.124 33 L.124 77

Federally Related Mortgage Pools F.125 33 L.125 77

Issuers of Asset-Backed Securities F.126 33 L.126 77

Finance Companies F.127 34 L.127 78

Mortgage Companies F.128 34 L.128 78

Real Estate Investment Trusts F.129 34 L.129 78

Security Brokers and Dealers F.130 35 L.130 79

Funding Corporations F.131 35 L.131 79

Instruments

Gold and Official Foreign Exchange Holdings F.200 36 L.200 80

SDR Certificates and Treasury Currency F.201 36 L.201 80

U.S. Deposits in Foreign Countries F.202 36 L.202 80

Net Interbank Transactions F.203 37 L.203 81

Checkable Deposits and Currency F.204 38 L.204 82

Time and Savings Deposits F.205 39 L.205 83

Money Market Mutual Fund Shares F.206 39 L.206 83

Federal Funds and Security Repurchase Agreements F.207 40 L.207 84

Open Market Paper F.208 40 L.208 84

Treasury Securities F.209 41 L.209 85

Agency Securities F.210 42 L.210 86

Municipal Securities and Loans F.211 43 L.211 87

Corporate and Foreign Bonds F.212 43 L.212 87

Corporate Equities F.213 44 L.213 88
Flows Levels

Title Table Page Table Page

Mutual Fund Shares F.214 44 L.214 88

Bank Loans Not Elsewhere Classified F.215 45 L.215 89

Other Loans and Advances F.216 46 L.216 90

Total Mortgages F.217 47 L.217 91

Home Mortgages F.218 48 L.218 92

Multifamily Residential Mortgages F.219 48 L.219 92

Commercial Mortgages F.220 49 L.220 93

Farm Mortgages F.221 49 L.221 93

Consumer Credit F.222 50 L.222 94

Trade Credit F.223 50 L.223 94

Security Credit F.224 50 L.224 94

Life Insurance and Pension Fund Reserves F.225 51 L.225 95

Taxes Payable by Businesses F.226 51 L.226 95

Investment in Bank Personal Trusts F.227 51 L.227 95

Proprietors' Equity in Noncorporate Business F.228 51

Total Miscellaneous Financial Claims F.229 52 L.229 96

Identified Miscellaneous Financial Claims - Part I F.230 53 L.230 97

Identified Miscellaneous Financial Claims - Part II F.231 54 L.231 98

Unidentified Miscellaneous Financial Claims F.232 55 L.232 99

Sector Discrepancies F.10 56

Instrument Discrepancies F.11 56

Supplementary Tables

Nonprofit Organizations F.100.a 100 L.100.a 101
1

Flow of Funds Accounts, First Quarter 1997

 This publication presents the flow of funds

accounts for 1997:Q1. 

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. In the private pension funds sector (tables

F.119 and L.119), final data for 1992 and preliminary

data for 1993 from the Internal Revenue

Service/Department of Labor Form 5500 have been

incorporated into the accounts. In addition,

improvements in estimation techniques resulted in

revisions to the private pension sector data from

1985:Q4 forward.

2. In the Real Estate Investment Trusts

(REITs) sector (tables F.129 and L.129), source data

for all assets and liabilities became available through

the third quarter of 1996. Previously, only selected

data were available for the quarters of late 1995 and

1996. Data on equity issuance were available through

1997:Q1.

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.

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.
2

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), 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." 

Owing to a delay in receiving source material

compiled at the Department of Commerce, the

"Balance Sheets for the U.S. Economy" (C.9 release)

is not available at this time. When all source data are

available, the balance sheet tables will be incorporated

into the Z.1 release. The C.9 release will no longer

be published.

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. 
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 1997:Q1.

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:Q1.

 3. Nonfinancial corporate 

 business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR)

of the Census Bureau through

1996:Q4; Internal Revenue Service

Statistics of Income data through

1994, securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1997:Q1.

Statistics of Income data since

1994; QFR data for 1997:Q1.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics

of Income data for 1993; bank and

finance company loans and

mortgage borrowing for 1997:Q1.

Statistics of Income data since

1993.

 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:Q1; 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 1993; checkable deposits

and currency since 1994; 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:Q1;

Census of Government Finances

asset items and debt outstanding

through 1993:Q2.

Other asset items since 1993:Q2.
4

 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:Q1; data from the

Federal Financing Bank statement

through 1997:Q1.

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

1996:Q4. NIPA estimates, data

from bank reports of condition and

Treasury International Capital

System data through 1997:Q1.

Balance of payments data for

1997:Q1.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 1997:Q1. None.

10. Commercial banking

 (tables F.109 and L.109)

All data through 1997:Q1 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:Q1. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 1997:Q1. 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 1996:Q3 and

liability data through 1995.

Asset data for 1996:Q4 and

liability data since 1995.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1995. Data since 1995.

16. Private pension funds 

 (including FERS)

 (tables F. 119 and L.119)

Quarterly data through 1997:Q1.

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 1996:Q4. Data for 1997:Q1.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 1997:Q1. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 1997:Q1. None.

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1995. Data since 1995.
5

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FNMA,

FHLBs, FHLMC, SLMA, FICO,

REFCORP, and FCA for 1997:Q1.

None.

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 1997:Q1. 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,

and trade credit securitization

through 1997:Q1.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 1997:Q1. None.

25. Mortgage companies

 (tables F.128 and L.128)

Mortgage data through 1996:Q4. Data for 1997:Q1.

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data through 1996:Q3; equity

issuance through 1997:Q1.

Data since 1996:Q3.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS

reports through 1997:Q1; data for

firms filing FOGS reports through

1996:Q3.

Data from FOGS reports for

1996:Q4 and 1997:Q1.

28. Funding corporations

 (tables F.131 and L.131)

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

other sectors.
6 Z.1, June 12, 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

1957 4.7 -1.0 8.3 8.2 8.8 5.7 8.1 8.6 9.2 16.1 7.4

1958 6.1 4.1 7.2 6.3 8.7 0.6 7.1 6.3 10.2 1.0 10.7

1959 7.8 3.0 10.4 12.7 11.4 15.6 8.4 6.6 9.9 32.1 3.0

1960 5.0 -0.9 8.1 9.1 8.8 7.1 7.1 6.3 8.3 17.5 8.3

1961 6.0 3.0 7.4 7.7 8.8 3.6 7.0 5.1 7.8 7.2 9.6

1962 6.9 2.8 8.8 9.4 9.2 9.3 8.4 6.8 7.7 13.1 8.2

1963 6.8 1.5 9.1 10.5 9.8 12.3 8.4 6.7 6.5 18.3 11.7

1964 7.3 2.4 9.3 10.5 9.3 12.2 8.9 8.0 7.2 13.6 12.9

1965 7.1 0.6 9.6 9.1 8.5 11.6 10.7 10.7 7.9 16.8 7.2

1966 6.7 1.4 8.5 6.6 5.9 6.1 11.2 11.7 6.7 17.7 5.1

1967 7.1 4.9 7.8 5.8 5.7 5.0 10.3 10.4 6.7 1.0 9.8

1968 8.0 4.5 9.2 7.8 6.5 9.9 11.0 11.7 7.5 14.1 6.3

1969 7.1 -1.1 9.7 7.3 6.2 8.3 11.9 11.9 9.6 32.8 6.9

1970 6.9 4.2 7.6 4.2 4.1 3.4 10.4 10.3 8.7 14.5 5.7

1971 9.5 8.3 9.8 9.2 8.6 11.7 10.1 7.7 10.9 8.7 9.7

1972 10.0 4.6 11.4 11.7 11.9 13.1 12.2 9.6 8.4 17.2 7.9

1973 10.7 2.0 12.9 12.6 11.9 13.3 14.6 17.3 7.8 28.9 10.3

1974 9.2 3.4 10.5 8.2 8.4 4.6 13.4 11.6 6.9 23.1 20.5

1975 9.3 23.9 6.3 8.3 9.3 3.8 4.9 3.1 5.4 1.2 17.4

1976 10.8 15.6 9.7 11.8 13.7 10.6 8.2 7.4 8.4 9.0 21.5

1977 12.8 11.0 13.3 16.3 18.1 15.5 11.9 11.9 8.4 18.8 11.6

1978 13.8 9.2 15.0 17.0 18.0 17.4 13.0 11.6 15.4 22.1 18.6

1979 12.2 5.8 13.7 14.8 15.9 13.8 13.9 11.2 9.0 22.0 9.5

1980 9.5 11.8 9.0 8.3 10.7 0.6 10.2 8.2 6.9 14.4 14.0

1981 10.0 11.6 9.6 7.5 7.0 5.0 11.9 13.4 8.0 18.0 11.9

1982 9.9 19.7 7.7 5.6 4.7 4.6 8.8 6.7 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.7 10.8 12.8 8.7 7.6 11.4 13.4 8.2

1984 14.6 16.9 13.9 12.8 11.7 18.3 15.5 16.9 11.4 17.9 3.7

1985 15.6 16.5 15.4 15.0 13.5 14.2 12.0 12.2 31.8 19.5 0.5

1986 12.1 13.6 11.7 11.4 13.8 9.2 12.2 15.3 10.8 26.1 4.1

1987 9.2 8.0 9.6 12.2 16.3 5.1 6.7 8.4 12.1 18.3 2.6

1988 9.0 8.0 9.3 9.6 10.9 8.6 9.7 11.5 6.5 13.1 3.0

1989 7.6 7.0 7.8 8.7 10.1 6.0 7.5 8.5 5.7 10.5 4.0

1990 6.6 11.0 5.3 7.9 10.1 2.0 3.1 4.7 4.9 8.8 9.1

1991 4.4 11.1 2.4 5.1 6.7 -1.7 -1.8 -2.2 8.2 6.0 5.2

1992 4.8 10.9 2.8 5.3 6.2 0.6 0.5 1.4 2.0 8.7 7.9

1993 5.3 8.3 4.2 6.4 5.5 7.7 1.5 2.0 5.7 9.6 22.3

1994 5.0 4.7 5.1 8.7 6.7 14.6 3.5 4.7 -3.4 14.1 -4.0

1995 5.5 4.1 5.9 8.2 6.2 14.3 6.0 7.5 -3.5 11.8 18.8

1996 5.4 4.0 5.9 8.0 8.4 8.2 4.6 5.2 1.2 12.5 15.3

1992 -- Q1 5.3 11.7 3.2 6.3 8.5 0.6 0.4 1.1 1.8 6.9 1.1

 Q2 4.6 11.8 2.3 3.2 3.3 -1.6 0.4 1.4 5.4 9.5 21.5

 Q3 4.9 10.3 3.0 5.6 6.9 1.5 0.1 0.8 3.5 10.7 8.7

 Q4 4.1 8.4 2.7 5.5 5.5 2.1 1.3 2.5 -2.8 6.4 0.6

1993 -- Q1 3.8 7.4 2.6 3.7 3.0 4.6 -0.1 -0.1 7.3 5.4 18.1

 Q2 6.5 10.4 5.1 6.6 6.6 5.0 1.7 2.7 10.6 6.3 20.8

 Q3 5.0 5.8 4.7 7.5 6.3 8.3 1.9 2.6 3.5 14.1 32.8

 Q4 5.4 8.7 4.3 7.0 5.4 12.0 2.3 2.7 0.9 11.5 11.4

1994 -- Q1 5.2 5.8 5.0 8.3 7.0 11.1 3.0 4.2 -0.4 15.1 -23.8

 Q2 4.5 3.4 4.9 8.3 6.0 14.7 3.4 4.6 -2.9 11.5 -7.6

 Q3 4.7 4.4 4.8 8.3 6.0 14.7 3.6 4.7 -4.8 12.3 3.8

 Q4 5.1 4.8 5.1 8.8 6.9 14.9 4.0 5.0 -5.7 14.6 12.4

1995 -- Q1 6.4 7.1 6.2 8.3 6.7 13.9 6.6 8.4 -4.0 7.0 18.1

 Q2 6.5 5.2 7.0 8.2 6.1 15.1 7.4 9.7 0.1 11.5 11.7

 Q3 4.2 2.4 4.9 8.5 6.8 14.7 4.3 4.9 -9.1 12.7 22.2

 Q4 4.3 1.6 5.2 6.8 4.8 10.7 5.1 6.3 -1.0 14.0 18.3

1996 -- Q1 6.4 6.6 6.3 9.4 10.0 10.8 4.3 4.6 -0.3 7.8 11.2

 Q2 5.1 1.7 6.3 8.1 8.0 7.8 4.5 5.2 4.1 15.9 8.1

 Q3 5.0 4.3 5.2 7.1 7.0 7.9 5.7 7.3 -5.7 11.0 23.0

 Q4 4.8 3.1 5.4 6.5 7.5 5.4 3.7 3.2 6.7 13.1 16.0

1997 -- Q1 5.2 2.5 6.2 7.2 7.4 6.5 5.5 6.4 3.7 7.0 5.7

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, June 12, 1997 7

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1957 27.0 -2.2 29.3 12.3 8.1 2.6 12.4 9.9 4.7 2.9 1.3

1958 36.7 9.2 27.5 10.2 8.8 0.3 11.7 7.8 5.6 0.2 2.0

1959 49.6 6.9 42.7 21.9 12.6 7.7 14.8 8.6 6.0 6.7 0.6

1960 34.7 -2.0 36.8 17.7 10.8 4.0 13.6 8.7 5.5 4.9 1.8

1961 43.5 7.2 36.3 16.3 11.8 2.2 14.4 7.6 5.6 2.3 2.2

1962 52.8 6.9 45.9 21.5 13.3 5.9 18.4 10.7 6.0 4.6 2.1

1963 55.4 3.8 51.6 26.2 15.6 8.5 20.0 11.2 5.5 7.2 3.2

1964 64.1 6.1 58.0 28.9 16.3 9.5 22.7 14.3 6.4 6.3 4.0

1965 67.1 1.6 65.4 27.8 16.2 10.1 30.0 20.5 7.6 8.9 2.5

1966 67.2 3.6 63.6 21.9 12.1 5.9 34.8 24.9 6.9 11.0 1.9

1967 76.1 12.9 63.2 20.5 12.6 5.1 35.3 24.8 7.3 0.7 3.9

1968 92.5 12.5 80.0 29.4 15.2 10.8 41.9 30.7 8.8 10.4 2.7

1969 88.7 -3.2 91.9 29.5 15.3 9.9 50.3 34.7 12.1 27.6 3.2

1970 91.2 12.1 79.2 18.3 10.8 4.4 48.8 33.6 12.1 16.2 2.8

1971 135.2 24.9 110.3 41.6 23.5 15.6 52.3 27.7 16.4 11.1 5.1

1972 156.1 15.0 141.1 57.8 35.4 19.5 69.3 36.9 14.0 23.9 4.4

1973 183.9 6.9 176.9 69.6 39.6 22.5 93.2 73.0 14.1 47.0 6.3

1974 174.5 11.9 162.6 51.0 31.3 8.9 98.2 56.2 13.4 48.5 13.8

1975 193.3 85.6 107.6 56.2 37.4 7.8 40.3 17.0 11.1 3.1 14.1

1976 244.8 69.2 175.6 85.8 60.0 22.0 71.3 41.4 18.5 23.5 20.5

1977 321.1 56.3 264.8 132.9 90.5 35.4 112.0 71.1 19.9 53.6 13.5

1978 390.9 52.5 338.4 161.5 106.5 46.0 137.5 78.0 39.4 74.7 24.0

1979 391.8 35.8 356.0 164.2 110.7 42.7 165.2 83.8 26.6 91.1 15.0

1980 343.9 77.4 266.5 105.8 86.7 2.3 138.5 68.4 22.2 73.0 24.2

1981 394.5 85.5 309.0 104.6 63.6 17.7 176.7 120.0 27.6 104.3 23.5

1982 432.6 161.3 271.3 84.0 46.0 17.2 145.6 67.8 41.7 93.0 16.0

1983 572.3 185.2 387.1 183.2 108.1 50.0 156.5 81.8 47.3 104.5 17.3

1984 779.3 197.2 582.1 222.1 128.1 80.7 307.5 198.7 52.5 157.7 8.4

1985 956.7 225.7 731.0 292.4 164.4 73.9 275.0 168.4 163.6 205.0 1.2

1986 861.0 216.0 645.1 258.5 193.9 55.0 313.1 236.3 73.4 327.8 9.7

1987 734.0 143.9 590.1 306.8 261.0 33.2 192.2 148.7 91.1 291.6 6.3

1988 776.5 155.1 621.4 267.9 199.5 58.8 299.0 225.0 54.5 249.2 7.5

1989 719.1 146.4 572.7 268.2 205.7 44.5 253.4 183.2 51.1 225.0 10.2

1990 670.3 246.9 423.4 264.6 225.3 16.1 112.2 110.0 46.6 211.4 23.9

1991 479.1 278.2 200.9 187.2 167.5 -13.7 -68.0 -55.1 81.6 155.6 14.8

1992 545.6 304.0 241.6 201.0 163.8 5.0 19.5 34.1 21.1 240.0 23.7

1993 628.8 256.1 372.7 256.5 154.3 61.5 53.9 47.7 62.3 291.3 70.4

1994 621.6 155.9 465.8 372.4 198.1 126.3 133.2 118.5 -39.8 467.7 -15.3

1995 719.7 144.4 575.3 381.9 198.6 141.6 232.4 197.0 -39.0 447.2 69.5

1996 751.7 145.0 606.7 403.4 282.3 93.2 190.5 146.4 12.9 531.2 67.4

1992 -- Q1 598.0 323.8 274.2 240.7 225.1 4.7 13.7 25.6 19.8 190.7 3.3

 Q2 531.8 336.3 195.4 122.7 88.9 -12.7 15.0 32.9 57.8 269.1 62.8

 Q3 564.8 303.3 261.6 220.5 187.6 11.6 2.7 18.7 38.3 309.7 26.8

 Q4 487.7 252.6 235.2 220.0 153.5 16.4 46.5 59.4 -31.4 190.5 1.9

1993 -- Q1 454.4 228.1 226.3 150.2 85.5 37.2 -4.3 -3.4 80.5 161.9 57.1

 Q2 778.5 327.8 450.7 268.5 188.9 40.3 63.9 65.5 118.3 192.0 68.4

 Q3 609.1 185.8 423.3 311.7 183.3 67.8 71.8 63.2 39.9 438.7 113.6

 Q4 673.3 282.8 390.5 295.7 159.4 100.6 84.2 65.6 10.5 372.5 42.6

1994 -- Q1 653.8 192.9 460.9 354.4 209.3 96.3 111.5 105.6 -5.0 502.9 -91.7

 Q2 572.2 113.6 458.6 362.5 182.0 130.8 130.1 117.2 -34.1 397.9 -27.5

 Q3 602.3 150.1 452.1 370.2 184.6 135.7 137.5 120.3 -55.6 435.5 13.5

 Q4 658.3 166.8 491.5 402.5 216.8 142.5 153.6 130.7 -64.6 534.5 44.7

1995 -- Q1 848.9 247.8 601.1 387.2 211.4 137.6 258.6 221.0 -44.7 265.5 67.1

 Q2 868.6 184.7 684.0 391.8 197.1 155.0 291.3 258.3 0.9 442.6 45.5

 Q3 571.1 86.0 485.1 413.8 224.2 156.4 172.5 133.8 -101.3 506.3 88.3

 Q4 590.2 59.3 530.9 334.6 161.5 117.5 207.0 174.9 -10.8 574.3 76.9

1996 -- Q1 886.1 239.9 646.3 473.5 336.8 122.5 176.4 130.9 -3.6 330.9 49.1

 Q2 715.0 62.4 652.6 420.3 276.7 91.2 187.8 148.3 44.4 689.3 36.6

 Q3 712.7 161.3 551.4 372.1 248.0 94.2 240.9 211.8 -61.6 497.2 106.0

 Q4 693.2 116.5 576.7 347.7 267.6 65.0 156.8 94.6 72.2 607.2 77.8

1997 -- Q1 762.9 93.7 669.1 391.4 271.5 80.2 237.5 189.2 40.3 332.8 29.0
8 Z.1, June 12, 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

1957 602.9 221.9 381.0 161.6 101.3 49.2 164.4 123.6 55.0 20.8 18.8

1958 639.5 231.1 408.4 172.0 110.5 49.5 175.7 131.0 60.7 21.0 20.8

1959 689.4 238.0 451.4 194.0 123.1 57.2 190.7 139.8 66.7 27.7 21.4

1960 724.1 236.0 488.2 211.7 133.8 61.2 204.3 148.6 72.2 32.5 23.2

1961 767.6 243.2 524.4 228.0 145.6 63.4 218.7 156.1 77.8 34.9 25.5

1962 820.4 250.0 570.3 249.5 159.0 69.3 237.1 166.8 83.8 39.4 27.5

1963 875.8 253.8 621.9 275.6 174.6 77.9 257.1 178.0 89.2 46.6 30.8

1964 939.6 259.9 679.7 304.4 190.8 87.4 279.6 192.1 95.6 53.0 35.0

1965 1006.7 261.5 745.2 332.3 207.0 97.5 309.7 212.7 103.2 61.9 37.5

1966 1074.2 265.1 809.0 354.5 219.5 103.4 344.5 237.5 110.0 72.9 39.5

1967 1150.1 278.1 872.1 374.9 231.9 108.6 379.8 262.3 117.4 73.6 43.3

1968 1242.2 290.6 951.6 404.5 247.0 119.3 420.9 292.3 126.1 84.0 46.1

1969 1331.4 287.4 1043.9 434.5 262.3 129.2 471.2 327.0 138.3 111.5 49.2

1970 1421.5 299.5 1122.0 453.3 273.6 133.7 518.5 358.7 150.3 127.8 52.1

1971 1556.6 324.4 1232.2 495.5 296.5 149.2 569.9 386.3 166.7 138.9 56.6

1972 1712.6 339.4 1373.2 553.4 331.8 168.8 639.1 423.2 180.7 162.8 61.1

1973 1896.9 346.3 1550.6 624.1 370.7 193.0 731.7 485.9 194.8 209.8 67.4

1974 2070.8 358.2 1712.6 674.9 401.7 201.9 829.4 541.7 208.2 258.3 81.2

1975 2263.0 443.9 1819.1 728.2 439.2 207.0 871.6 560.6 219.4 261.4 95.6

1976 2506.6 513.1 1993.5 815.5 499.5 229.0 940.2 599.2 237.8 284.9 116.0

1977 2827.8 569.4 2258.4 948.3 590.0 264.4 1053.9 672.1 256.2 338.8 129.4

1978 3212.9 621.9 2591.0 1108.2 696.4 310.4 1187.2 745.9 295.6 413.5 157.6

1979 3604.8 657.7 2947.2 1273.2 808.6 353.1 1351.8 829.0 322.2 505.9 172.9

1980 3957.8 735.0 3222.8 1391.1 904.9 355.4 1487.3 894.4 344.4 578.9 197.2

1981 4350.8 820.5 3530.3 1500.5 973.3 373.1 1657.8 1008.2 372.1 682.4 220.7

1982 4765.4 981.8 3783.6 1569.7 1004.7 390.3 1800.1 1072.8 413.8 778.1 210.4

1983 5340.6 1167.0 4173.6 1732.9 1092.8 440.3 1979.5 1177.5 461.1 882.8 227.7

1984 6115.1 1364.2 4750.9 1946.7 1220.3 521.0 2290.6 1379.8 513.6 1052.4 235.5

1985 7090.0 1589.9 5500.1 2259.9 1409.9 594.9 2562.2 1544.8 677.9 1258.3 236.7

1986 7948.5 1805.9 6142.6 2516.9 1603.8 649.9 2874.4 1780.1 751.4 1593.6 238.3

1987 8666.0 1949.8 6716.2 2777.7 1822.7 683.1 3097.6 1959.8 840.9 1896.5 245.1

1988 9439.0 2104.9 7334.1 3067.9 2032.9 741.9 3370.8 2156.9 895.5 2145.8 252.5

1989 10175.2 2251.2 7923.9 3346.6 2236.9 795.0 3630.8 2347.0 946.5 2399.3 262.3

1990 10874.1 2498.1 8376.0 3640.3 2491.3 811.1 3742.5 2456.6 993.2 2613.9 286.1

1991 11346.4 2776.4 8570.0 3827.1 2658.4 797.4 3668.1 2399.8 1074.8 2769.4 300.8

1992 11895.1 3080.3 8814.8 4028.1 2822.1 802.4 3690.8 2435.6 1095.9 3025.0 315.2

1993 12538.8 3336.5 9202.3 4287.0 2978.8 863.9 3757.1 2495.7 1158.2 3321.7 385.6

1994 13166.6 3492.3 9674.3 4659.0 3176.9 990.2 3896.9 2620.8 1118.4 3794.6 370.4

1995 13886.3 3636.7 10249.6 5040.9 3375.5 1131.9 4129.3 2817.8 1079.4 4244.4 439.9

1996 14638.1 3781.8 10856.3 5444.3 3657.7 1225.1 4319.7 2964.2 1092.3 4775.6 507.2

1992 -- Q1 11499.0 2857.3 8641.7 3887.3 2714.6 798.6 3674.7 2407.8 1079.7 2832.7 292.4

 Q2 11632.0 2941.4 8690.6 3917.9 2736.9 795.4 3678.5 2416.0 1094.2 2900.0 308.1

 Q3 11773.2 3017.2 8756.0 3973.1 2783.8 798.3 3679.1 2420.7 1103.8 2977.4 314.8

 Q4 11895.1 3080.3 8814.8 4028.1 2822.1 802.4 3690.8 2435.6 1095.9 3025.0 315.2

1993 -- Q1 12009.4 3137.4 8872.1 4065.6 2843.5 811.7 3690.4 2435.4 1116.0 3070.8 329.5

 Q2 12204.1 3219.3 8984.7 4132.7 2890.7 821.8 3706.4 2451.8 1145.6 3118.8 346.6

 Q3 12356.3 3265.8 9090.6 4210.7 2936.6 838.8 3724.3 2467.6 1155.6 3228.5 375.0

 Q4 12538.8 3336.5 9202.3 4287.0 2978.8 863.9 3757.1 2495.7 1158.2 3321.7 385.6

1994 -- Q1 12708.5 3384.7 9323.8 4375.2 3031.1 888.0 3791.6 2528.7 1156.9 3452.7 362.7

 Q2 12851.5 3413.1 9438.4 4465.8 3076.6 920.7 3824.1 2558.0 1148.4 3552.1 355.9

 Q3 13002.1 3450.6 9551.4 4558.4 3122.7 954.6 3858.5 2588.1 1134.5 3661.0 359.2

 Q4 13166.6 3492.3 9674.3 4659.0 3176.9 990.2 3896.9 2620.8 1118.4 3794.6 370.4

1995 -- Q1 13378.9 3554.3 9824.6 4755.8 3229.8 1024.7 3961.6 2676.0 1107.2 3863.6 387.2

 Q2 13596.0 3600.4 9995.6 4853.8 3279.1 1063.4 4034.4 2740.6 1107.4 3974.3 398.5

 Q3 13738.8 3621.9 10116.9 4957.2 3335.1 1102.5 4077.5 2774.1 1082.1 4100.9 420.6

 Q4 13886.3 3636.7 10249.6 5040.9 3375.5 1131.9 4129.3 2817.8 1079.4 4244.4 439.9

1996 -- Q1 14107.9 3696.7 10411.2 5159.3 3459.7 1162.5 4173.4 2850.5 1078.5 4327.2 452.1

 Q2 14286.6 3712.3 10574.3 5264.3 3528.9 1185.3 4220.3 2887.6 1089.6 4499.5 461.3

 Q3 14464.8 3752.6 10712.1 5357.4 3590.9 1208.9 4280.6 2940.6 1074.2 4623.8 487.8

 Q4 14638.1 3781.8 10856.3 5444.3 3657.7 1225.1 4319.7 2964.2 1092.3 4775.6 507.2

1997 -- Q1 14830.5 3805.2 11025.3 5542.1 3725.6 1245.2 4380.8 3013.2 1102.3 4858.8 514.5

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, June 12, 1997 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total net borrowing 649.5 809.3 990.6 1074.1 1236.3 1350.3 1266.2 1440.8 1315.9 1378.2 1124.7 1

 2 Domestic nonfinancial sectors 479.1 545.6 628.8 621.6 719.7 751.7 886.1 715.0 712.7 693.2 762.9 2

 3 Federal government 278.2 304.0 256.1 155.9 144.4 145.0 239.9 62.4 161.3 116.5 93.7 3

 4 Nonfederal sectors 200.9 241.6 372.7 465.8 575.3 606.7 646.3 652.6 551.4 576.7 669.1 4

 5 Household sector 187.2 201.0 256.5 372.4 381.9 403.4 473.5 420.3 372.1 347.7 391.4 5

 6 Nonfinancial corporate business -55.1 34.1 47.7 118.5 197.0 146.4 130.9 148.3 211.8 94.6 189.2 6

 7 Nonfarm noncorporate business -15.0 -16.0 4.2 11.9 33.7 40.8 45.5 32.4 30.2 55.0 48.8 7

 8 Farm business 2.1 1.3 2.0 2.8 1.6 3.3 0.1 7.1 -1.2 7.2 -0.4 8

 9 State and local governments 81.6 21.1 62.3 -39.8 -39.0 12.9 -3.6 44.4 -61.6 72.2 40.3 9

10 Rest of the world 14.8 23.7 70.4 -15.3 69.5 67.4 49.1 36.6 106.0 77.8 29.0 10

11 Financial sectors 155.6 240.0 291.3 467.7 447.2 531.2 330.9 689.3 497.2 607.2 332.8 11

12 Commercial banking -13.2 10.0 13.4 20.1 22.5 11.6 -32.5 40.1 15.7 23.2 19.3 12

13 U.S.-chartered commercial banks -1.1 11.5 9.7 12.5 11.2 10.4 -7.2 17.5 11.9 19.3 8.7 13

14 Foreign banking offices in U.S. -9.6 -3.8 -5.1 -2.6 -3.1 -0.7 1.2 -5.7 1.0 0.6 2.4 14

15 Bank holding companies -2.5 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.3 8.2 15

16 Savings institutions -44.7 -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 16

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

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

19 Government-sponsored enterprises 9.1 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 10.7 19

20 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 20

21 ABS issuers 54.0 58.5 82.4 69.5 133.2 130.2 137.1 131.1 101.8 150.6 52.6 21

22 Finance companies 17.7 -1.6 0.2 50.2 51.6 48.4 47.1 68.4 56.9 21.1 43.0 22

23 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 9.9 20.0 16.0 1.6 1.8 -2.6 23

24 REITs 1.2 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 18.9 24

25 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 25

26 Funding corporations -6.5 13.2 2.9 24.2 32.0 62.1 31.6 70.9 35.0 110.9 106.1 26

27 Total net lending 649.5 809.3 990.6 1074.1 1236.3 1350.3 1266.2 1440.8 1315.9 1378.2 1124.7 27

28 Domestic nonfederal nonfinancial sectors 120.3 115.4 76.0 252.8 -98.5 0.6 -78.0 330.1 -179.9 -69.9 -113.8 28

29 Household sector 47.7 86.0 35.3 289.9 -19.1 18.1 -121.1 310.5 -74.7 -42.4 -187.8 29

30 Nonfinancial corporate business 30.7 27.8 9.1 17.7 -2.4 18.3 40.4 39.9 14.8 -21.8 81.1 30

31 Nonfarm noncorporate business -5.3 -0.1 -1.1 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.5 31

32 State and local governments 47.2 1.7 32.6 -55.0 -77.4 -36.2 2.4 -20.8 -120.4 -6.2 -7.6 32

33 Federal government 10.5 -11.9 -18.4 -24.2 -21.5 -21.9 -20.7 -15.2 -26.4 -25.1 -18.7 33

34 Rest of the world 13.3 98.4 129.3 132.3 272.7 405.6 341.1 268.2 484.4 528.5 360.3 34

35 Financial sectors 505.4 607.4 803.7 713.2 1083.7 966.0 1023.8 857.7 1037.8 944.8 896.8 35

36 Monetary authority 31.1 27.9 36.2 31.5 12.7 12.3 16.9 9.4 19.3 3.6 37.5 36

37 Commercial banking 80.8 95.3 142.2 163.4 265.9 187.9 121.7 190.2 202.0 237.7 310.3 37

38 U.S.-chartered commercial banks 35.7 69.5 149.6 148.1 186.5 119.7 80.5 125.5 123.6 149.2 210.0 38

39 Foreign banking offices in U.S. 48.5 16.5 -9.8 11.2 75.4 63.3 44.2 57.5 72.9 78.5 92.1 39

40 Bank holding companies -1.5 5.6 -0.0 0.9 -0.3 3.9 -5.1 5.4 4.8 10.6 2.2 40

41 Banks in U.S.-affiliated areas -1.9 3.7 2.4 3.3 4.2 1.0 2.1 1.7 0.7 -0.6 6.0 41

42 Savings institutions -158.9 -79.0 -23.3 6.7 -7.5 19.9 34.1 40.5 53.7 -48.8 -10.0 42

43 Credit unions 12.8 17.7 21.7 28.1 16.2 25.5 22.1 34.8 20.3 24.8 15.4 43

44 Bank personal trusts and estates 10.0 8.0 9.5 7.1 -18.8 3.9 -3.5 4.2 7.8 7.2 8.2 44

45 Life insurance companies 80.8 79.5 100.9 66.7 99.2 59.7 48.7 2.5 120.1 67.6 56.1 45

46 Other insurance companies 30.0 6.7 27.7 24.9 21.5 24.4 23.6 23.7 24.9 25.3 26.2 46

47 Private pension funds 37.0 37.5 49.5 47.7 63.1 46.6 69.5 45.4 41.9 29.5 57.6 47

48 State and local govt. retirement funds 33.8 5.9 21.1 30.7 22.7 34.5 62.1 50.6 8.0 17.3 -2.8 48

49 Money market mutual funds 32.7 4.7 20.4 30.0 86.5 88.8 175.0 18.4 88.5 73.4 77.1 49

50 Mutual funds 80.1 126.2 159.5 -7.1 52.5 48.9 81.8 54.1 38.3 21.5 37.9 50

51 Closed-end funds 12.8 18.2 14.4 -3.3 13.3 9.3 10.9 9.8 9.0 7.5 6.7 51

52 Government-sponsored enterprises 15.1 68.8 88.6 120.6 87.9 93.8 33.4 122.2 82.1 137.5 63.2 52

53 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 53

54 ABS issuers 50.0 53.7 79.9 62.8 113.0 105.2 117.3 120.9 75.1 107.3 27.6 54

55 Finance companies -9.2 7.5 -9.0 68.2 64.2 43.1 40.9 41.3 55.9 34.3 72.3 55

56 Mortgage companies 11.2 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -5.0 56

57 REITs -0.7 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 57

58 Brokers and dealers 17.5 -1.3 14.8 -44.2 90.1 -17.1 -109.0 -72.0 35.5 77.0 -11.8 58

59 Funding corporations 2.0 13.3 -35.6 -16.7 4.3 27.5 116.7 15.9 -11.9 -10.9 26.6 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, June 12, 1997

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 479.1 545.6 628.8 621.6 719.7 751.7 886.1 715.0 712.7 693.2 762.9 1

 2 Federal government 278.2 304.0 256.1 155.9 144.4 145.0 239.9 62.4 161.3 116.5 93.7 2

 3 Treasury securities 292.0 303.8 248.3 155.7 142.9 146.6 242.2 60.2 164.4 119.8 95.2 3

 4 Budget agency securities and mortgages -13.8 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 4

 5 Nonfederal, by instrument 200.9 241.6 372.7 465.8 575.3 606.7 646.3 652.6 551.4 576.7 669.1 5

 6 Commercial paper -18.4 8.6 10.0 21.4 18.1 -0.9 30.3 11.0 -16.1 -29.0 13.1 6

 7 Municipal securities and loans 87.8 30.5 74.8 -29.3 -44.2 1.5 -18.9 37.7 -76.2 63.5 26.8 7

 8 Corporate bonds 78.8 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 8

 9 Bank loans n.e.c. -40.9 -13.7 3.6 73.2 99.5 70.2 40.6 75.0 134.3 31.0 138.4 9

10 Other loans and advances -48.5 10.1 -9.4 54.4 59.0 38.8 32.9 26.8 79.4 16.2 34.9 10

11 Mortgages 155.9 133.5 157.0 196.4 228.0 331.4 377.9 339.4 268.0 340.2 296.4 11

12 Home 177.1 190.3 186.4 203.9 197.1 281.6 333.5 276.1 248.4 268.5 274.3 12

13 Multifamily residential -5.7 -10.7 -5.9 1.7 10.5 18.9 14.7 18.3 13.4 29.1 6.3 13

14 Commercial -15.9 -47.5 -23.9 -11.0 18.7 27.4 27.4 39.7 2.7 39.9 14.3 14

15 Farm 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 15

16 Consumer credit -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 16

17 Nonfederal, by sector 200.9 241.6 372.7 465.8 575.3 606.7 646.3 652.6 551.4 576.7 669.1 17

18 Household sector 187.2 201.0 256.5 372.4 381.9 403.4 473.5 420.3 372.1 347.7 391.4 18

19 Nonfinancial business -68.0 19.5 53.9 133.2 232.4 190.5 176.4 187.8 240.9 156.8 237.5 19

20 Corporate -55.1 34.1 47.7 118.5 197.0 146.4 130.9 148.3 211.8 94.6 189.2 20

21 Nonfarm noncorporate -15.0 -16.0 4.2 11.9 33.7 40.8 45.5 32.4 30.2 55.0 48.8 21

22 Farm 2.1 1.3 2.0 2.8 1.6 3.3 0.1 7.1 -1.2 7.2 -0.4 22

23 State and local governments 81.6 21.1 62.3 -39.8 -39.0 12.9 -3.6 44.4 -61.6 72.2 40.3 23

24 Foreign borrowing in U.S. 14.8 23.7 70.4 -15.3 69.5 67.4 49.1 36.6 106.0 77.8 29.0 24

25 Commercial paper 6.4 5.2 -9.0 -27.3 13.6 10.9 -8.5 9.5 38.6 3.8 13.3 25

26 Bonds 15.0 16.8 82.9 12.2 48.3 46.8 47.9 11.1 59.7 68.4 17.3 26

27 Bank loans n.e.c. 3.1 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 27

28 Other loans and advances -9.8 -0.6 -4.2 -1.6 -0.8 0.7 1.1 0.7 3.1 -2.2 -0.9 28

29 Domestic and foreign 493.9 569.3 699.3 606.4 789.1 819.1 935.3 751.5 818.7 771.0 791.9 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 155.6 240.0 291.3 467.7 447.2 531.2 330.9 689.3 497.2 607.2 332.8 1

 2 Federal government-related 145.7 155.8 165.3 287.5 204.1 231.1 137.8 296.0 240.4 250.0 112.4 2

 3 Govt.-sponsored enterprise securities 9.2 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 10.7 3

 4 Mortgage pool securities 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 4

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

 6 Private financial sectors 9.8 84.2 126.0 180.2 243.1 300.1 193.1 393.3 256.8 357.2 220.3 6

 7 Open market paper -32.0 -0.7 -6.2 41.6 42.6 92.7 17.8 105.7 85.2 162.0 177.1 7

 8 Corporate bonds 69.9 82.7 119.2 118.4 185.6 154.3 147.6 204.7 120.7 144.1 45.7 8

 9 Bank loans n.e.c. 8.8 2.2 -13.0 -12.3 5.6 14.5 25.4 23.5 4.1 5.0 -2.4 9

10 Other loans and advances -37.3 -0.6 22.4 22.6 3.4 27.2 -5.5 48.6 33.9 31.8 -16.1 10

11 Mortgages 0.5 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 11

12 By sector 155.6 240.0 291.3 467.7 447.2 531.2 330.9 689.3 497.2 607.2 332.8 12

13 Commercial banking -13.2 10.0 13.4 20.1 22.5 11.6 -32.5 40.1 15.7 23.2 19.3 13

14 U.S.-chartered commercial banks -1.1 11.5 9.7 12.5 11.2 10.4 -7.2 17.5 11.9 19.3 8.7 14

15 Foreign banking offices in U.S. -9.6 -3.8 -5.1 -2.6 -3.1 -0.7 1.2 -5.7 1.0 0.6 2.4 15

16 Bank holding companies -2.5 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.3 8.2 16

17 Savings institutions -44.7 -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 17

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

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

20 Government-sponsored enterprises 9.1 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 10.7 20

21 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 21

22 ABS issuers 54.0 58.5 82.4 69.5 133.2 130.2 137.1 131.1 101.8 150.6 52.6 22

23 Finance companies 17.7 -1.6 0.2 50.2 51.6 48.4 47.1 68.4 56.9 21.1 43.0 23

24 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 9.9 20.0 16.0 1.6 1.8 -2.6 24

25 REITs 1.2 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 18.9 25

26 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 26

27 Funding corporations -6.5 13.2 2.9 24.2 32.0 62.1 31.6 70.9 35.0 110.9 106.1 27
Z.1, June 12, 1997 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total 649.5 809.3 990.6 1074.1 1236.3 1350.3 1266.2 1440.8 1315.9 1378.2 1124.7 1

 2 Open market paper -44.0 13.1 -5.1 35.7 74.3 102.6 39.6 126.3 107.6 136.8 203.4 2

 3 U.S. government securities 424.0 459.8 421.4 448.1 348.5 376.1 377.7 358.4 401.7 366.5 206.2 3

 4 Municipal securities 87.8 30.5 74.8 -29.3 -44.2 1.5 -18.9 37.7 -76.2 63.5 26.8 4

 5 Corporate and foreign bonds 163.6 167.1 277.3 153.9 307.2 273.6 256.4 287.4 248.2 302.4 142.4 5

 6 Bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 93.8 74.7 113.6 143.1 43.8 135.4 6

 7 Other loans and advances -95.6 8.9 8.7 70.7 61.6 66.7 28.6 76.1 116.5 45.8 17.9 7

 8 Mortgages 156.3 134.1 160.6 206.2 233.8 342.8 385.6 350.1 280.9 354.5 312.4 8

 9 Consumer credit -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 224.1 312.5 453.9 153.0 156.3 240.1 306.3 396.7 91.9 165.4 184.3 10

11 Corporate equities 76.9 103.4 130.1 24.1 -17.7 -18.5 2.5 53.0 -106.3 -23.2 -54.5 11

12 Nonfinancial 18.3 27.0 21.3 -44.9 -73.8 -81.2 -92.4 -27.2 -138.8 -66.4 -84.8 12

 Foreign shares purchased by

13 U.S. residents 30.7 32.4 63.4 48.1 50.7 57.8 89.8 69.7 32.1 39.5 47.3 13

14 Financial 28.0 44.0 45.4 20.9 5.5 4.9 5.1 10.5 0.5 3.7 -17.0 14

15 Mutual fund shares 147.2 209.1 323.7 128.9 173.9 258.6 303.8 343.7 198.2 188.6 238.8 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) 649.5 809.3 990.6 1074.1 1236.3 1350.3 1266.2 1440.8 1315.9 1378.2 1124.7 1

 2 Official foreign exchange -5.9 -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -22.2 2

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

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

 5 Foreign deposits -26.5 -3.5 -18.5 54.0 33.5 47.7 85.0 0.9 113.2 -8.5 59.4 5

 6 Net interbank transactions -3.4 49.4 50.5 89.8 9.9 -52.7 -90.4 -54.3 -113.0 47.0 -126.3 6

 7 Checkable deposits and currency 86.3 113.5 117.3 -9.7 -12.8 16.0 43.3 4.5 107.1 -91.0 123.4 7

 8 Small time and savings deposits 1.5 -57.2 -70.3 -40.0 96.5 97.0 212.5 -4.6 84.6 95.6 170.8 8

 9 Large time deposits -58.5 -73.2 -23.5 19.6 65.6 113.9 55.1 83.5 182.5 134.4 45.8 9

10 Money market fund shares 41.6 4.5 20.2 43.3 142.3 145.8 244.0 4.1 147.4 187.7 201.8 10

11 Security RPs -16.5 43.1 71.2 78.3 110.7 38.6 -19.3 117.9 -29.4 85.3 30.7 11

12 Corporate equities 76.9 103.4 130.1 24.1 -17.7 -18.5 2.5 53.0 -106.3 -23.2 -54.5 12

13 Mutual fund shares 147.2 209.1 323.7 128.9 173.9 258.6 303.8 343.7 198.2 188.6 238.8 13

14 Trade payables 31.0 46.6 52.4 91.0 102.5 74.3 62.3 137.4 -7.2 104.9 77.3 14

15 Security credit 51.4 4.6 61.4 -0.1 26.7 52.4 120.6 -37.7 -4.3 131.1 103.4 15

16 Life insurance reserves 25.9 28.0 36.0 34.5 44.9 40.0 19.0 32.5 56.6 51.8 58.5 16

17 Pension fund reserves 204.9 233.8 259.1 257.7 247.6 274.7 260.9 238.3 291.1 308.5 290.9 17

18 Taxes payable -7.4 9.7 5.2 3.2 1.3 2.6 5.6 6.6 -1.2 -0.6 -8.2 18

19 Investment in bank personal trusts 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 19

20 Noncorporate proprietors’ equity 18.0 29.9 35.5 27.9 33.5 25.7 26.0 14.8 43.2 18.8 32.2 20

21 Miscellaneous 255.3 267.8 363.9 290.2 564.0 500.8 596.8 329.6 424.6 652.3 660.2 21

22 Total financial sources 1488.9 1808.3 2407.0 2179.5 2820.6 2972.9 3192.3 2724.3 2696.0 3279.2 3028.5 22

 - Liabilities not identified as assets:

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

24 Foreign deposits -24.0 -2.8 -7.0 44.0 26.7 29.7 62.7 31.3 88.6 -63.9 41.6 24

25 Net interbank liabilities 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 25

26 Security RPs -34.0 4.7 46.1 57.3 55.1 28.9 27.2 115.1 -112.0 85.2 -70.1 26

27 Taxes payable -2.2 11.9 11.1 8.6 8.7 3.7 -23.2 24.9 9.9 3.2 -34.2 27

28 Miscellaneous -15.4 -37.9 -147.1 -139.2 -4.3 -71.0 -147.1 -217.5 -62.4 143.0 -28.5 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -13.1 0.7 -1.5 -4.8 -6.0 0.5 8.6 -10.5 28.0 -24.2 -3.9 29

30 Other 4.5 1.6 -1.3 -2.8 -3.8 -4.0 -3.8 -4.2 -4.0 -4.0 -4.1 30

31 Trade credit 36.1 11.3 -4.0 8.3 -27.3 -32.0 45.1 26.6 -98.6 -101.0 -0.8 31

 Totals identified to sectors

32 as assets 1511.3 1824.0 2506.8 2211.1 2775.0 3021.6 3212.9 2786.6 2854.5 3232.3 3101.9 32
12 Z.1, June 12, 1997

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross Domestic Product (GDP) 5916.7 6244.5 6553.1 6935.9 7253.9 7576.1 7426.9 7545.0 7616.2 7716.2 7867.8 1

 2 Personal consumption expenditures (2) 3975.1 4219.8 4454.1 4700.9 4924.9 5151.4 5060.5 5139.4 5165.4 5240.3 5337.3 2

 3 Durable goods (3) 455.3 488.5 530.6 580.9 606.4 632.1 625.2 637.6 630.5 635.2 659.5 3

 4 Nondurable goods and services 3519.9 3731.3 3923.5 4120.0 4318.5 4519.3 4435.3 4501.8 4534.9 4605.1 4677.8 4

 5 Gross private domestic investment 736.1 790.5 871.2 1014.4 1065.3 1117.0 1069.0 1096.0 1156.2 1146.6 1207.3 5

 6 Fixed investment 738.5 783.4 850.6 954.9 1028.3 1101.5 1070.7 1088.0 1119.6 1127.8 1150.0 6

 7 Nonresidential plant and equipment 547.3 557.9 598.8 667.2 738.5 791.1 769.0 773.8 807.0 814.5 831.4 7

 8 Household sector (nonprofit organizations) 23.1 23.2 25.7 24.6 23.7 24.7 24.6 24.8 25.9 23.7 24.2 8

 9 Nonfinancial corporate business 372.1 386.7 408.8 448.9 503.6 534.0 520.6 521.5 542.6 551.2 561.1 9

10 Nonfarm noncorporate business 77.2 70.2 81.9 94.2 113.4 117.9 115.9 114.5 118.0 123.2 124.9 10

11 Farm business 13.0 11.3 14.2 16.5 17.0 17.6 17.4 17.3 18.2 17.5 17.8 11

12 Financial corporations 61.9 66.5 68.2 83.0 80.8 96.9 90.4 95.8 102.5 99.0 103.4 12

13 Residential construction 191.2 225.6 251.8 287.7 289.8 310.5 301.7 314.2 312.6 313.3 318.6 13

14 Household sector 174.7 205.1 226.9 259.2 263.6 277.9 272.2 281.9 278.3 279.3 282.9 14

15 Nonfinancial corporate business 1.1 1.3 1.4 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 15

16 Nonfarm noncorporate business 14.0 15.3 17.0 18.2 19.4 20.5 20.1 20.4 20.7 21.0 21.3 16

17 Farm business 1.3 1.3 1.3 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.8 17

18 REITs 0.2 2.6 5.2 7.3 3.6 8.7 6.1 8.6 10.3 9.6 11.0 18

19 Change in business inventories -2.4 7.0 20.6 59.5 37.1 15.4 -1.7 8.0 36.6 18.8 57.3 19

20 Nonfinancial corporate business -1.2 1.9 25.5 45.6 37.6 16.4 2.6 10.7 33.6 18.7 53.9 20

21 Nonfarm noncorporate business -0.1 0.1 1.3 2.4 2.0 0.9 0.1 0.6 1.8 1.0 2.8 21

22 Farm business -1.1 5.0 -6.2 11.5 -2.5 -1.9 -4.4 -3.3 1.2 -0.9 0.6 22

23 Net U.S. exports of goods and services -20.5 -29.6 -62.7 -94.3 -94.7 -98.7 -86.3 -99.2 -120.2 -89.0 -106.7 23

24 Exports 601.8 639.4 657.8 719.1 807.4 855.2 839.5 850.0 844.3 887.0 904.8 24

25 - Imports 622.3 669.0 720.5 813.4 902.1 953.9 925.8 949.2 964.5 976.0 1011.5 25

 Government consumption expenditures and

26 gross investment 1226.0 1263.8 1290.5 1314.8 1358.4 1406.4 1383.7 1408.8 1414.8 1418.3 1429.9 26

27 Consumption expenditures (4) 1025.4 1054.7 1079.8 1102.5 1136.4 1173.0 1154.9 1173.7 1180.6 1182.9 1195.8 27

28 Federal 446.0 451.1 451.9 450.7 453.8 459.0 453.6 463.5 461.3 457.7 462.8 28

29 State and local 579.5 603.7 627.9 651.8 682.6 714.0 701.3 710.2 719.3 725.2 733.0 29

30 Gross investment (4) 200.6 209.1 210.6 212.4 221.9 233.4 228.8 235.1 234.2 235.4 234.1 30

31 Federal 76.6 76.9 70.7 65.7 62.8 64.0 65.0 66.0 64.2 60.9 57.7 31

32 State and local 124.0 132.2 139.9 146.7 159.1 169.4 163.8 169.1 170.0 174.5 176.4 32

 Memo:

33 Net U.S. factor income from rest of the world 15.7 11.1 10.6 -3.8 -7.0 -8.9 -0.2 -7.5 -17.4 -10.6 -18.4 33

34 U.S. receipts 156.2 137.9 140.7 163.4 208.3 228.4 220.4 223.9 226.4 242.9 246.1 34

35 - U.S. payments 140.5 126.8 130.1 167.2 215.3 237.3 220.6 231.4 243.8 253.5 264.5 35

 Gross National Product (GNP) =

36 GDP + net U.S. factor income 5932.4 6255.6 6563.6 6932.1 7246.8 7567.2 7426.7 7537.5 7598.8 7705.6 7849.4 36

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, June 12, 1997 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 National Income 4761.6 4990.4 5238.5 5535.3 5829.0 6164.1 6027.3 6132.1 6216.3 6280.5 6435.2 1

 2 Compensation of employees 3457.9 3644.9 3809.5 4009.8 4222.7 4448.3 4344.0 4420.6 4482.7 4545.8 4638.1 2

 3 Wages and other labor income 3150.3 3337.6 3471.5 3644.1 3854.5 4066.1 3967.1 4040.2 4098.1 4158.9 4239.2 3

 4 Employer social insurance contributions 307.6 323.0 333.3 350.2 365.5 382.2 375.0 380.4 384.6 388.8 397.0 4

 5 Wage accruals less disbursements -0.1 -15.8 4.7 15.5 2.7 0.0 1.9 0.0 0.0 -1.9 1.9 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 376.5 423.8 435.9 464.4 486.1 527.3 508.1 524.6 535.6 541.0 548.5 6

 7 Nonfarm 347.2 386.7 404.8 430.1 458.2 482.7 471.5 480.5 485.5 493.1 502.9 7

 8 Farm 29.3 37.1 31.1 34.3 27.9 44.7 36.6 44.1 50.1 47.9 45.6 8

 Rental income of persons (with capital

 9 consumption adjustment) 67.9 79.4 102.2 112.1 111.7 115.0 114.5 112.4 115.2 117.9 116.8 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 411.3 428.0 492.1 554.1 604.8 670.2 661.2 672.2 677.2 670.1 716.9 10

 Corporate profits with inventory

11 valuation adjustment 378.2 398.9 457.7 517.9 570.8 631.0 624.8 633.6 637.5 627.9 672.3 11

12 Profits before tax 374.2 406.4 464.3 531.2 598.9 639.9 642.2 644.6 635.5 637.1 672.3 12

13 Domestic nonfinancial 217.1 256.7 302.8 371.4 401.6 424.2 422.5 427.8 422.3 424.1 435.2 13

14 Farm 1.1 1.1 0.9 1.2 1.5 1.7 1.6 1.7 1.7 1.8 1.8 14

15 Foreign subsidiaries 68.7 64.9 69.5 64.3 76.7 82.0 83.2 78.5 76.5 89.9 84.7 15

16 Financial 87.4 83.7 91.0 94.3 119.1 132.0 134.9 136.6 135.0 121.3 150.6 16

 Less:

17 Profits tax liability 133.4 143.0 163.8 195.3 218.7 233.0 233.4 236.4 233.4 228.9 245.7 17

18 Domestic nonfinancial 85.0 90.6 102.9 129.2 140.0 147.2 147.0 148.5 146.2 147.4 150.3 18

19 Farm 0.4 0.4 0.5 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 19

20 Financial 48.1 52.0 60.3 65.4 78.0 85.1 85.7 87.2 86.5 80.8 94.7 20

 Equals:

21 Profits after tax 240.8 263.4 300.5 335.9 380.2 406.8 408.8 408.2 402.1 408.2 426.6 21

22 Dividends 163.1 169.5 197.3 211.1 227.4 244.2 239.9 243.1 245.2 248.7 254.2 22

23 Domestic nonfinancial 123.8 132.4 151.7 160.7 174.7 186.6 184.4 186.7 185.0 190.3 194.6 23

24 Farm 0.8 1.2 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.3 24

25 Foreign subsidiaries 21.6 23.5 16.2 20.6 21.8 26.2 23.1 25.1 29.9 26.7 27.0 25

26 Financial subsidiaries 16.9 12.5 28.5 28.7 29.7 30.2 31.2 30.1 29.1 30.5 31.3 26

27 Undistributed profits 77.7 93.9 103.2 124.9 152.9 162.6 168.9 165.1 156.9 159.5 172.4 27

28 Domestic nonfinancial 8.3 33.7 48.2 81.4 86.9 90.3 91.1 92.7 91.1 86.5 90.3 28

29 Farm -0.1 -0.5 -0.6 -0.5 -0.4 -0.2 -0.3 -0.3 -0.2 -0.2 -0.2 29

30 Foreign subsidiaries 47.1 41.5 53.4 43.7 54.9 55.8 60.1 53.4 46.6 63.2 57.7 30

31 Financial 22.4 19.3 2.2 0.2 11.4 16.7 18.0 19.3 19.4 10.0 24.6 31

32 Inventory valuation adjustment 4.0 -7.5 -6.6 -13.3 -28.1 -8.9 -17.4 -11.0 2.0 -9.2 0.0 32

33 Capital consumption adjustment 33.2 29.1 34.4 36.2 34.0 39.2 36.4 38.6 39.7 42.2 44.6 33

34 Domestic nonfinancial 45.9 44.1 48.5 54.1 55.2 63.3 59.3 62.1 64.3 67.6 70.5 34

35 Farm 1.6 1.3 1.0 0.8 0.5 0.3 0.4 0.4 0.3 0.2 0.2 35

36 Financial -14.4 -16.2 -15.1 -18.6 -21.7 -24.4 -23.3 -23.9 -24.9 -25.6 -26.1 36

37 Net interest 448.0 414.3 398.9 394.9 403.7 403.3 399.5 402.3 405.6 405.7 414.9 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 4761.6 4990.4 5238.5 5535.3 5829.0 6164.1 6027.3 6132.1 6216.3 6280.5 6435.2 38

 Plus:

39 Business transfer payments to households 20.9 22.5 22.1 22.6 22.6 23.1 22.9 23.0 23.1 23.2 23.3 39

40 Business transfer payments to rest of the world 5.4 5.9 6.0 7.5 8.2 9.2 8.6 9.4 9.1 9.5 9.9 40

41 Indirect business taxes and nontaxes 478.1 505.6 540.0 572.5 595.6 617.8 604.1 608.7 614.6 643.9 628.7 41

42 Private consumption of fixed capital 556.4 585.4 596.0 644.7 664.4 696.4 683.1 691.2 701.6 709.8 717.0 42

43 Government consumption of fixed capital 123.6 128.2 133.8 140.1 146.7 149.1 148.3 148.6 149.4 150.0 151.3 43

44 Statistical discrepancy 10.1 44.8 59.0 34.6 -1.4 -74.9 -50.3 -58.0 -98.4 -93.0 -98.4 44

 Less:

 Subsidies less current surplus of

45 government enterprises 23.6 27.1 31.7 25.1 18.2 17.5 17.3 17.5 16.9 18.3 17.6 45

46 Net U.S. factor income from rest of the world 15.7 11.1 10.6 -3.8 -7.0 -8.9 -0.2 -7.5 -17.4 -10.6 -18.4 46

 Equals:

47 Gross Domestic Product 5916.7 6244.5 6553.1 6935.9 7253.9 7576.1 7426.9 7545.0 7616.2 7716.2 7867.8 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, June 12, 1997

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 934.0 904.3 934.6 1055.9 1152.3 1275.8 1218.3 1245.0 1314.3 1325.6 1377.5 1

 2 Gross private saving 930.7 970.8 961.6 1006.3 1072.4 1161.0 1134.4 1122.2 1196.8 1190.4 1212.6 2

 3 Personal saving 259.5 285.7 229.9 198.4 246.6 271.6 261.5 238.3 296.6 290.0 276.7 3

 4 Undistributed corporate profits 77.7 93.9 103.2 124.9 152.9 162.6 168.9 165.1 156.9 159.5 172.4 4

 5 Nonfinancial corp. inventory valuation adjustment 4.0 -7.5 -6.6 -13.3 -28.1 -8.9 -17.4 -11.0 2.0 -9.2 0.0 5

 6 Corporate capital consumption adjustment 33.2 29.1 34.4 36.2 34.0 39.2 36.4 38.6 39.7 42.2 44.6 6

 7 Private consumption of fixed capital 556.4 585.4 596.0 644.7 664.4 696.4 683.1 691.2 701.6 709.8 717.0 7

 8 Wage accruals less disbursements 0.0 -15.8 4.7 15.5 2.7 0.0 1.9 0.0 0.0 -1.9 1.9 8

 9 Gross government saving 3.3 -66.4 -27.0 49.5 80.0 114.9 83.9 122.8 117.5 135.2 164.9 9

10 Federal -132.2 -215.0 -187.5 -119.7 -87.9 -54.7 -82.0 -54.1 -48.6 -33.9 -9.5 10

11 Consumption of fixed capital 63.9 65.9 68.2 70.7 73.8 72.5 73.2 72.6 72.3 71.9 72.2 11

12 Current surplus -196.1 -280.9 -255.7 -190.3 -161.7 -127.2 -155.2 -126.7 -120.9 -105.8 -81.7 12

13 State and local 135.5 148.6 160.5 169.2 167.8 169.5 165.9 176.9 166.1 169.1 174.4 13

14 Consumption of fixed capital 59.7 62.3 65.6 69.5 72.9 76.6 75.1 76.0 77.1 78.1 79.1 14

15 Current surplus 75.8 86.2 94.9 99.7 95.0 92.9 90.8 100.9 89.0 91.0 95.3 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 944.0 949.1 993.6 1090.5 1150.9 1200.9 1168.0 1187.0 1215.9 1232.6 1279.1 17

18 Gross private domestic investment 736.1 790.5 871.2 1014.4 1065.3 1117.0 1069.0 1096.0 1156.2 1146.6 1207.3 18

19 Fixed investment 738.5 783.4 850.6 954.9 1028.3 1101.5 1070.7 1088.0 1119.6 1127.8 1150.0 19

20 Nonresidential 547.3 557.9 598.8 667.2 738.5 791.1 769.0 773.8 807.0 814.5 831.4 20

21 Residential 191.2 225.6 251.8 287.7 289.8 310.5 301.7 314.2 312.6 313.3 318.6 21

22 Change in business inventories -2.4 7.0 20.6 59.5 37.1 15.4 -1.7 8.0 36.6 18.8 57.3 22

23 Gross government investment 200.6 209.1 210.6 212.4 221.9 233.4 228.8 235.1 234.2 235.4 234.1 23

24 Net foreign investment in U.S. 7.4 -50.4 -88.2 -136.3 -136.3 -149.5 -129.8 -144.1 -174.5 -149.4 -162.3 24

25 Statistical discrepancy (line 17 less line 1) 10.1 44.8 59.0 34.6 -1.4 -74.9 -50.3 -58.0 -98.4 -93.0 -98.4 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, June 12, 1997 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 417.0 526.6 503.2 565.3 499.3 581.5 735.5 663.7 453.6 473.0 510.8 1

 2 Foreign deposits 1.0 1.2 0.2 3.2 1.8 4.2 5.4 0.1 7.2 4.0 7.8 2

 3 Checkable deposits and currency 43.2 99.0 54.3 -23.1 -40.3 -52.4 -14.0 -41.1 -35.6 -119.0 59.6 3

 4 Time and savings deposits -54.1 -76.9 -106.5 -2.2 156.8 173.2 250.0 63.6 173.9 205.4 141.4 4

 5 Money market fund shares 9.1 -40.9 -0.3 13.5 100.4 81.9 174.9 -41.0 93.9 99.7 158.2 5

 6 Securities 123.2 257.0 182.6 235.4 -66.5 -82.0 -144.6 321.7 -231.6 -273.5 -384.7 6

 7 Open market paper -29.9 -3.3 15.6 -10.5 0.3 13.9 -29.5 10.0 40.0 35.1 44.0 7

 8 U.S. savings bonds 11.9 19.1 14.7 8.0 5.1 2.0 3.4 2.6 1.2 0.9 -2.0 8

 9 Other Treasury securities -22.8 61.2 6.9 175.1 2.4 -52.7 -78.9 39.6 -78.1 -93.3 -170.6 9

10 Agency securities 11.8 37.8 -34.3 157.8 -33.0 49.1 -38.9 134.7 132.4 -32.0 -17.3 10

11 Municipal securities 40.2 -27.2 -27.2 -49.2 -54.1 -34.0 -42.0 10.8 -116.3 11.4 0.6 11

12 Corporate and foreign bonds 28.9 -7.9 37.8 1.7 51.2 23.2 7.9 89.7 -22.8 18.1 -98.8 12

13 Corporate equities (2) -33.3 24.8 -68.4 -143.0 -173.9 -284.1 -206.4 -245.6 -334.8 -349.6 -324.7 13

14 Mutual fund shares 116.5 152.5 237.4 95.5 135.6 200.7 239.8 279.9 146.9 136.0 184.3 14

15 Private life insurance reserves 25.6 27.7 35.7 34.3 44.8 40.2 20.0 31.1 57.8 52.0 59.4 15

16 Private insured pension reserves 50.4 68.9 73.9 69.6 66.2 81.1 40.0 51.9 119.7 112.9 106.6 16

17 Private noninsured pension reserves 71.7 81.5 103.8 94.6 106.1 94.8 88.9 94.6 93.2 102.4 97.9 17

18 Govt. insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 98.5 130.9 93.2 76.9 93.0 85.5 18

19 Investment in bank personal trusts 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 19

20 Miscellaneous assets 46.3 32.5 76.9 28.7 104.1 129.4 184.5 77.9 79.0 176.3 155.6 20

21 Gross investment in tangible assets 757.2 820.0 892.9 1009.1 1044.6 1091.5 1072.9 1095.4 1096.2 1101.7 1135.9 21

22 Residential structures 174.7 205.1 226.9 259.2 263.6 277.9 272.2 281.9 278.3 279.3 282.9 22

23 Other fixed assets (3) 128.5 121.3 140.2 155.1 175.2 182.5 179.8 178.7 184.4 187.0 190.0 23

24 Consumer durables 455.3 488.5 530.6 580.9 606.4 632.1 625.2 637.6 630.5 635.2 659.5 24

25 Inventories (3) -1.2 5.1 -4.8 13.9 -0.5 -1.0 -4.3 -2.7 3.0 0.1 3.4 25

26 Consumption of fixed capital 598.0 619.8 657.8 707.0 727.8 758.2 733.0 752.7 771.6 775.6 768.1 26

27 Residential structures 82.7 92.8 89.1 99.5 102.3 106.8 104.7 106.1 107.7 108.7 110.3 27

28 Other fixed assets (3) 110.9 118.1 119.6 130.9 128.3 133.9 130.9 132.5 135.0 137.2 137.8 28

29 Consumer durables 404.4 408.9 449.1 476.6 497.3 517.5 497.3 514.0 528.9 529.7 520.0 29

30 Net investment in tangible assets (4) 159.2 200.2 235.1 302.1 316.8 333.3 339.9 342.7 324.6 326.0 367.9 30

31 Residential structures 92.0 112.3 137.8 159.7 161.3 171.1 167.5 175.7 170.6 170.7 172.7 31

32 Other fixed assets (3) 17.5 3.2 20.6 24.2 46.9 48.5 48.8 46.1 49.4 49.8 52.2 32

33 Consumer durables 50.9 79.6 81.5 104.3 109.1 114.6 127.9 123.6 101.6 105.5 139.5 33

34 Inventories (3) -1.2 5.1 -4.8 13.9 -0.5 -1.0 -4.3 -2.7 3.0 0.1 3.4 34

35 Net increase in liabilities 212.3 204.8 296.3 401.5 441.6 484.9 578.7 489.8 412.2 458.7 481.7 35

36 Mortgage debt on nonfarm homes 176.6 189.8 185.8 203.3 196.5 281.0 332.9 275.4 247.8 267.9 273.6 36

37 Other mortgage debt (3) 1.2 -28.8 -17.8 3.7 20.5 40.0 39.2 37.9 24.7 58.2 24.2 37

38 Consumer credit -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 38

39 Policy loans 4.8 5.7 5.6 7.8 10.5 7.1 7.4 4.8 11.8 4.3 9.5 39

40 Security credit 16.3 -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 22.5 40

41 Other liabilities (3) 27.1 34.8 38.5 61.5 69.0 47.9 34.6 77.6 45.4 33.9 71.7 41

42 Personal saving (FOF measure) (5) 363.9 522.0 442.0 465.9 374.4 429.9 496.8 516.6 365.9 340.3 396.9 42

43 - Govt. insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 98.5 130.9 93.2 76.9 93.0 85.5 43

44 - Net investment in consumer durables 50.9 79.6 81.5 104.3 109.1 114.6 127.9 123.6 101.6 105.5 139.5 44

45 - Net saving by farm corporations 1.6 0.8 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 45

46 = Personal saving 228.5 357.9 278.3 267.6 189.7 216.7 237.9 299.7 187.3 141.8 171.9 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 259.5 285.7 229.9 198.4 246.6 271.6 261.5 238.3 296.6 290.0 276.7 47

48 Difference (6) -31.0 72.2 48.4 69.2 -56.9 -54.9 -23.6 61.4 -109.3 -148.2 -104.8 48

 Memo:

49 Disposable personal income 4356.9 4626.7 4805.7 5030.6 5318.1 5585.7 5479.6 5539.0 5626.4 5697.6 5783.0 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 8.4 11.3 9.2 9.3 7.0 7.7 9.1 9.3 6.5 6.0 6.9 50

51 NIPA concept, FOF data (line 46) 5.2 7.7 5.8 5.3 3.6 3.9 4.3 5.4 3.3 2.5 3.0 51

52 NIPA measure (line 47) 6.0 6.2 4.8 3.9 4.6 4.9 4.8 4.3 5.3 5.1 4.8 52

53 Difference (line 48) -0.7 1.6 1.0 1.4 -1.1 -1.0 -0.4 1.1 -1.9 -2.6 -1.8 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.
16 Z.1, June 12, 1997

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Personal income 4981.6 5277.2 5495.6 5762.0 6112.4 6449.5 6304.5 6409.6 6498.9 6584.9 6702.1 1

 2 - Personal taxes and nontaxes 624.8 650.6 689.9 731.4 794.3 863.8 824.9 870.6 872.5 887.3 919.1 2

 3 = Disposable personal income 4356.9 4626.7 4805.7 5030.6 5318.1 5585.7 5479.6 5539.0 5626.4 5697.6 5783.0 3

 4 - Personal outlays 4097.4 4341.0 4575.8 4832.3 5071.5 5314.1 5218.1 5300.7 5329.8 5407.6 5506.3 4

 5 = Personal saving, NIPA (2) 259.5 285.7 229.9 198.4 246.6 271.6 261.5 238.3 296.6 290.0 276.7 5

 6 + Government insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 98.5 130.9 93.2 76.9 93.0 85.5 6

 7 + Net investment in consumer durables 50.9 79.6 81.5 104.3 109.1 114.6 127.9 123.6 101.6 105.5 139.5 7

 8 + Consumption of fixed capital 508.1 523.4 561.0 600.0 624.1 650.2 627.1 645.5 662.4 666.0 658.1 8

 9 = Gross saving 901.4 972.4 954.2 996.4 1055.2 1135.0 1147.3 1100.7 1137.5 1154.4 1159.8 9

10 Gross investment 870.5 1044.6 1002.6 1065.6 998.3 1080.1 1123.7 1162.1 1028.3 1006.3 1055.0 10

11 Capital expenditures 653.0 716.9 783.2 864.7 893.7 934.8 922.0 944.3 934.7 938.2 966.7 11

12 Residential construction 174.7 205.1 226.9 259.2 263.6 277.9 272.2 281.9 278.3 279.3 282.9 12

13 Consumer durable goods 455.3 488.5 530.6 580.9 606.4 632.1 625.2 637.6 630.5 635.2 659.5 13

14 Nonprofit plant and equipment 23.1 23.2 25.7 24.6 23.7 24.7 24.6 24.8 25.9 23.7 24.2 14

15 Net financial investment 217.4 327.8 219.3 200.9 104.6 145.3 201.7 217.8 93.6 68.0 88.3 15

16 Net acquisition of financial assets 429.0 531.9 506.7 580.7 500.3 575.0 727.7 651.6 464.7 455.9 513.0 16

17 Foreign deposits 1.0 1.2 0.2 3.2 1.8 4.2 5.4 0.1 7.2 4.0 7.8 17

18 Checkable deposits and currency 41.4 92.2 45.0 -29.0 -43.7 -56.1 -17.6 -44.7 -39.2 -122.8 54.2 18

19 Time and savings deposits -54.0 -74.6 -113.0 -4.4 154.5 170.8 247.6 61.2 171.5 203.0 139.0 19

20 Money market fund shares 9.2 -40.9 -0.6 13.4 100.3 81.7 174.7 -41.2 93.7 99.5 157.9 20

21 Credit market instruments 47.7 86.0 35.3 289.9 -19.1 18.1 -121.1 310.5 -74.7 -42.4 -187.8 21

22 Open market paper -29.9 -3.3 15.6 -10.5 0.3 13.9 -29.5 10.0 40.0 35.1 44.0 22

23 U.S. government securities 1.1 117.4 -13.1 340.6 -25.9 -2.1 -114.9 176.5 54.9 -124.9 -190.5 23

24 Treasury -10.6 79.7 21.2 182.8 7.0 -51.2 -76.0 41.7 -77.5 -92.9 -173.2 24

25 Savings bonds 11.9 19.1 14.7 8.0 5.1 2.0 3.4 2.6 1.2 0.9 -2.0 25

26 Other -22.6 60.5 6.6 174.8 2.0 -53.2 -79.4 39.1 -78.6 -93.8 -171.2 26

27 Agency 11.8 37.8 -34.3 157.8 -33.0 49.1 -38.9 134.7 132.4 -32.0 -17.3 27

28 Municipal securities 40.2 -27.2 -27.2 -49.2 -54.1 -34.0 -42.0 10.8 -116.3 11.4 0.6 28

29 Corporate and foreign bonds 28.9 -7.9 37.8 1.7 51.2 23.2 7.9 89.7 -22.8 18.1 -98.8 29

30 Mortgages 7.4 7.0 22.2 7.4 9.5 17.1 57.4 23.6 -30.5 17.9 57.0 30

31 Corporate equities (3) -33.3 24.8 -68.4 -143.0 -173.9 -284.1 -206.4 -245.6 -334.8 -349.6 -324.7 31

32 Mutual fund shares 116.5 152.5 237.4 95.5 135.6 200.7 239.8 279.9 146.9 136.0 184.3 32

33 Security credit 24.6 -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 18.3 33

34 Life insurance reserves 25.9 28.0 36.0 34.5 44.9 40.0 19.0 32.5 56.6 51.8 58.5 34

35 Pension fund reserves 204.9 233.8 259.1 257.7 247.6 274.7 260.9 238.3 291.1 308.5 290.9 35

36 Investment in bank personal trusts 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 36

37 Equity in noncorporate business 18.0 29.9 35.5 27.9 33.5 25.7 26.0 14.8 43.2 18.8 32.2 37

38 Miscellaneous assets 9.6 17.0 13.1 10.6 49.8 51.5 46.5 50.5 50.7 58.3 59.0 38

39 Net increase in liabilities 211.6 204.1 287.4 379.8 395.6 429.7 526.0 433.8 371.1 387.9 424.7 39

40 Credit market instruments 187.2 201.0 256.5 372.4 381.9 403.4 473.5 420.3 372.1 347.7 391.4 40

41 Home mortgages 167.5 163.8 154.3 198.1 198.6 282.3 336.8 276.7 248.0 267.6 271.5 41

42 Consumer credit -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 42

43 Municipal securities 7.7 9.3 11.9 14.5 5.8 4.3 4.1 3.8 4.1 5.1 3.8 43

44 Bank loans n.e.c. -3.4 2.7 7.0 11.4 13.1 -0.4 -14.7 21.9 2.8 -11.8 24.2 44

45 Other loans and advances 9.3 9.3 7.1 8.1 9.9 4.2 4.7 6.3 3.7 2.0 2.3 45

46 Commercial mortgages 19.9 10.9 14.8 13.9 12.8 19.9 20.1 20.4 19.3 19.9 9.3 46

47 Security credit 16.3 -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 22.5 47

48 Trade payables 8.8 4.7 7.4 7.5 9.4 9.7 9.6 9.6 9.8 9.9 10.0 48

 Deferred and unpaid

49 life insurance premiums -0.7 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 49

50 Discrepancy 31.0 -72.2 -48.4 -69.2 56.9 54.9 23.6 -61.4 109.3 148.2 104.8 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 174.7 205.1 226.9 259.2 263.6 277.9 272.2 281.9 278.3 279.3 282.9 51

52 - Consumption of fixed capital 82.7 92.8 89.1 99.5 102.3 106.8 104.7 106.1 107.7 108.7 110.3 52

53 = Net investment 92.0 112.3 137.8 159.7 161.3 171.1 167.5 175.7 170.6 170.7 172.7 53

54 - Home mortgages 167.5 163.8 154.3 198.1 198.6 282.3 336.8 276.7 248.0 267.6 271.5 54

55 = Excess net investment -75.5 -51.5 -16.5 -38.5 -37.3 -111.2 -169.3 -101.0 -77.4 -96.9 -98.9 55

56 (B) Consumer durable goods expenditures 455.3 488.5 530.6 580.9 606.4 632.1 625.2 637.6 630.5 635.2 659.5 56

57 - Consumption of fixed capital 404.4 408.9 449.1 476.6 497.3 517.5 497.3 514.0 528.9 529.7 520.0 57

58 = Net investment 50.9 79.6 81.5 104.3 109.1 114.6 127.9 123.6 101.6 105.5 139.5 58

59 - Consumer credit -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 59

60 = Excess net investment 64.6 74.6 20.0 -22.0 -32.5 21.4 5.4 32.4 7.4 40.5 59.3 60

(1) 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, June 12, 1997 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Income before taxes 710.5 811.9 867.8 963.8 1015.4 1082.5 1061.1 1080.8 1089.1 1099.0 1116.4 1

 2 Gross saving 515.2 537.4 579.4 634.4 648.6 701.6 685.6 695.0 708.8 717.2 731.9 2

 3 Gross investment 526.1 493.2 672.2 640.0 659.2 705.6 647.3 711.6 772.0 691.7 748.4 3

 4 Capital expenditures 476.1 493.1 545.3 640.5 701.3 712.5 675.6 685.0 739.9 749.5 785.8 4

 5 Fixed investment 478.5 486.0 524.6 580.9 656.7 693.3 677.3 677.0 702.7 716.2 728.5 5

 6 Residential construction 16.3 17.9 19.7 21.3 22.6 23.9 23.3 23.7 24.0 24.3 24.7 6

 7 Plant and equipment 462.3 468.2 504.9 559.6 634.1 669.5 654.0 653.2 678.7 691.8 703.8 7

 8 Change in inventories -2.4 7.0 20.6 59.5 37.1 15.4 -1.7 8.0 36.6 18.8 57.3 8

 9 Access rights from federal government -0.1 0.0 0.0 0.0 7.6 3.8 0.0 0.0 0.5 14.5 0.0 9

10 Net financial investment 50.0 0.2 127.0 -0.5 -42.2 -6.9 -28.4 26.6 32.1 -57.8 -37.4 10

11 Net acquisition of financial assets 125.3 184.7 382.0 297.2 427.2 417.5 461.5 387.2 439.6 381.7 482.7 11

12 Foreign deposits 1.8 -0.7 -1.4 1.1 1.1 10.4 10.8 -2.2 3.8 29.1 19.8 12

13 Checkable deposits and currency 17.5 13.7 22.9 24.5 20.8 46.7 40.9 59.4 75.3 11.3 31.2 13

14 Time and savings deposits -6.7 -17.2 28.8 -4.4 0.8 4.7 -9.6 22.9 29.2 -23.6 7.4 14

15 Money market fund shares 5.1 15.9 -2.3 7.5 24.9 8.7 11.6 2.8 5.2 15.1 12.8 15

16 Security RPs -0.5 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 11.5 16

17 Credit market instruments 25.4 27.7 8.0 17.9 -2.1 18.7 40.7 40.3 15.2 -21.4 81.6 17

18 Commercial paper 0.9 2.3 2.4 -0.6 1.1 8.0 -4.3 9.6 11.3 15.4 11.0 18

19 U.S. government securities 7.3 21.4 -1.0 3.1 -5.3 5.9 -4.0 34.1 8.0 -14.6 -17.4 19

20 Municipal securities 20.1 1.0 8.9 2.0 -1.3 2.7 -11.9 14.2 12.3 -3.6 1.6 20

21 Mortgages 1.2 0.2 -9.2 4.0 5.0 7.4 7.9 5.9 7.9 7.9 7.9 21

22 Consumer credit -4.2 2.8 6.9 9.4 -1.6 -5.3 52.9 -23.4 -24.4 -26.5 78.4 22

23 Mutual fund shares 2.4 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.6 23

24 Trade receivables -6.9 34.7 49.9 75.9 104.4 62.9 -17.0 89.7 38.4 140.6 25.3 24

25 Miscellaneous assets 87.3 102.2 271.8 173.1 272.5 260.6 380.7 163.5 267.8 230.5 289.4 25

26 Net increase in liabilities 75.3 184.5 255.0 297.7 469.4 424.4 489.9 360.6 407.5 439.5 520.1 26

27 Credit market instruments -68.0 19.5 53.9 133.2 232.4 190.5 176.4 187.8 240.9 156.8 237.5 27

28 Commercial paper -18.4 8.6 10.0 21.4 18.1 -0.9 30.3 11.0 -16.1 -29.0 13.1 28

29 Municipal securities -1.2 -0.0 -0.1 -5.1 -12.6 -17.5 -21.1 -12.3 -20.7 -15.8 -19.4 29

30 Corporate bonds 78.8 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 30

31 Bank loans n.e.c. -37.5 -16.5 -3.3 61.8 86.3 70.6 55.3 53.1 131.5 42.7 114.2 31

32 Other loans and advances -58.1 0.9 -15.9 47.4 50.6 36.6 30.0 22.4 77.6 16.2 34.7 32

33 Mortgages -31.5 -41.1 -12.0 -15.6 16.6 29.2 21.0 42.2 0.7 52.7 15.5 33

34 Corporate equities 18.3 27.0 21.3 -44.9 -73.8 -81.2 -92.4 -27.2 -138.8 -66.4 -84.8 34

35 Trade payables 23.0 40.6 34.9 79.8 78.0 56.6 56.6 120.9 -27.2 76.1 35.9 35

36 Taxes payable -7.7 7.9 2.7 3.2 0.0 1.9 4.7 6.7 -1.6 -2.1 -7.5 36

37 Miscellaneous liabilities 102.2 67.1 114.0 92.1 212.8 242.5 333.1 64.0 302.3 270.7 313.1 37

38 Proprietors’ net investment 7.5 22.5 28.2 34.3 20.1 14.0 11.4 8.4 31.9 4.5 25.9 38

39 Discrepancy -10.9 44.1 -92.8 -5.6 -10.5 -4.0 38.4 -16.6 -63.2 25.5 -16.5 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, June 12, 1997

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Profits before tax (book) 217.1 256.7 302.8 371.4 401.6 424.2 422.5 427.8 422.3 424.1 435.2 1

 2 - Profit tax accruals 85.0 90.6 102.9 129.2 140.0 147.2 147.0 148.5 146.2 147.4 150.3 2

 3 - Dividends 123.8 132.4 151.7 160.7 174.7 186.6 184.4 186.7 185.0 190.3 194.6 3

 4 + Consumption of fixed capital 364.3 372.6 387.3 415.3 431.0 456.3 445.8 452.7 459.8 466.9 474.0 4

 5 = U.S. internal funds, book 372.6 406.3 435.5 496.7 517.9 546.7 536.9 545.3 550.9 553.4 564.2 5

 6 + Foreign earnings retained abroad 47.1 41.5 53.4 43.7 54.9 55.8 60.1 53.4 46.6 63.2 57.7 6

 7 + Inventory valuation adjustment (IVA) 4.0 -7.5 -6.6 -13.3 -28.1 -8.9 -17.4 -11.0 2.0 -9.2 0.0 7

 8 = Total internal funds + IVA 423.7 440.2 482.2 527.1 544.7 593.6 579.6 587.7 599.5 607.4 621.9 8

 9 Gross investment 434.6 396.1 575.0 532.7 555.2 597.6 541.3 604.4 662.7 582.0 638.4 9

10 Capital expenditures 371.9 389.9 435.6 496.0 550.4 555.8 524.8 533.8 578.4 586.0 616.6 10

11 Fixed investment (1) 373.1 388.0 410.2 450.4 505.2 535.6 522.2 523.1 544.2 552.8 562.7 11

12 Inventory change + IVA -1.2 1.9 25.5 45.6 37.6 16.4 2.6 10.7 33.6 18.7 53.9 12

13 Access rights from federal government -0.1 0.0 0.0 0.0 7.6 3.8 0.0 0.0 0.5 14.5 0.0 13

14 Net financial investment 62.7 6.2 139.4 36.7 4.9 41.8 16.5 70.5 84.3 -4.1 21.9 14

15 Net acquisition of financial assets 129.8 167.5 357.3 278.3 408.2 397.0 442.2 366.7 418.8 360.2 459.1 15

16 Foreign deposits 1.8 -0.7 -1.4 1.1 1.1 10.4 10.8 -2.2 3.8 29.1 19.8 16

17 Checkable deposits and currency 15.7 6.9 13.6 18.5 17.4 43.1 37.3 55.8 71.7 7.5 25.8 17

18 Time and savings deposits -6.6 -15.0 22.3 -6.6 -1.5 2.4 -11.9 20.6 26.8 -26.0 5.0 18

19 Money market fund shares 5.2 15.8 -2.5 7.4 24.8 8.5 11.5 2.6 5.0 14.8 12.6 19

20 Security RPs -0.5 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 11.5 20

21 Commercial paper 0.9 2.3 2.4 -0.6 1.1 8.0 -4.3 9.6 11.3 15.4 11.0 21

22 U.S. government securities 7.6 20.6 -1.3 2.8 -5.7 5.4 -4.4 33.6 7.5 -15.1 -18.0 22

23 Municipal securities 20.1 1.0 8.9 2.0 -1.3 2.7 -11.9 14.2 12.3 -3.6 1.6 23

24 Mortgages 6.2 1.1 -7.8 4.1 5.1 7.5 8.0 6.0 8.0 8.0 8.0 24

25 Consumer credit -4.2 2.8 6.9 9.4 -1.6 -5.3 52.9 -23.4 -24.4 -26.5 78.4 25

26 Trade receivables -5.8 27.6 50.7 71.9 98.9 57.8 -22.0 84.5 33.2 135.4 20.0 26

27 Mutual fund shares 2.4 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.6 27

28 Miscellaneous assets 86.9 96.6 261.3 166.6 265.1 251.9 373.0 154.8 258.9 221.0 279.6 28

29 U.S. direct investment abroad (2) 29.4 35.6 52.1 57.8 86.6 66.8 76.6 60.6 61.8 68.3 76.0 29

30 Insurance receivables 2.1 13.5 6.6 7.8 3.2 -2.0 -0.0 -1.3 -2.6 -3.9 -5.2 30

31 Equity in GSEs 0.5 0.0 0.0 0.1 0.0 2.2 1.6 1.4 2.6 2.9 3.7 31

32 Investment in finance co. subs. 3.1 2.3 0.8 4.1 5.6 8.5 0.0 12.2 7.0 14.6 4.0 32

33 Other 52.0 45.1 201.6 96.8 169.6 176.5 294.8 82.0 190.0 139.1 201.1 33

34 Net increase in liabilities 67.1 161.3 217.9 241.6 403.3 355.1 425.8 296.1 334.4 364.2 437.2 34

35 Net funds raised in markets -36.8 61.1 69.0 73.6 123.2 65.2 38.5 121.1 73.0 28.2 104.4 35

36 Net new equity issues 18.3 27.0 21.3 -44.9 -73.8 -81.2 -92.4 -27.2 -138.8 -66.4 -84.8 36

37 Credit market instruments -55.1 34.1 47.7 118.5 197.0 146.4 130.9 148.3 211.8 94.6 189.2 37

38 Commercial paper -18.4 8.6 10.0 21.4 18.1 -0.9 30.3 11.0 -16.1 -29.0 13.1 38

39 Municipal securities (3) -1.2 -0.0 -0.1 -5.1 -12.6 -17.5 -21.1 -12.3 -20.7 -15.8 -19.4 39

40 Corporate bonds (2) 78.8 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 40

41 Bank loans n.e.c. -37.8 -19.3 -10.8 46.7 64.8 48.6 36.2 27.9 110.5 19.8 89.3 41

42 Other loans and advances -54.5 4.7 -15.7 42.7 42.4 33.3 18.8 24.1 74.8 15.6 28.3 42

43 Savings institutions -5.3 -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 43

44 Finance companies 1.8 5.0 -6.0 38.7 34.5 19.9 22.0 5.7 32.7 19.2 45.4 44

45 U.S. government -0.8 -0.1 0.2 0.5 0.7 0.5 0.6 0.6 0.5 0.5 0.4 45

46 Acceptance liabilities to banks -5.9 -2.9 -3.3 -2.1 -0.8 -0.7 0.1 -3.4 -1.2 1.5 1.9 46

47 Rest of the world -47.3 4.9 -15.8 1.6 0.0 3.7 -9.0 10.0 46.5 -32.5 -7.4 47

48 ABS issuers 3.0 2.8 10.0 4.2 6.8 8.4 2.7 10.3 -6.8 27.3 -12.8 48

49 Mortgages -22.0 -27.5 -11.0 -10.6 11.0 10.4 5.8 26.1 -4.5 14.1 -1.5 49

50 Trade payables 23.1 33.4 36.4 77.3 73.8 52.7 56.6 111.6 -32.1 74.7 34.4 50

51 Taxes payable -8.2 7.2 2.0 2.4 -0.8 1.1 3.9 5.9 -2.4 -2.9 -8.3 51

52 Miscellaneous liabilities 89.0 59.5 110.5 88.4 207.1 236.1 326.7 57.6 295.9 264.3 306.7 52

53 Foreign direct investment in U.S. 11.8 12.8 2.1 35.2 51.4 91.3 63.8 101.2 75.6 124.6 97.6 53

54 Pension fund contributions payable 3.7 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 73.5 45.2 102.8 49.4 151.9 141.0 259.1 -47.4 216.5 135.9 205.3 55

56 Discrepancy -10.9 44.1 -92.8 -5.6 -10.5 -4.0 38.4 -16.6 -63.2 25.5 -16.5 56

 Memo:

57 Trade receivables net of trade payables -28.9 -5.8 14.2 -5.3 25.1 5.1 -78.6 -27.1 65.3 60.7 -14.4 57

58 Financing gap (4) -4.7 -8.8 6.7 12.6 60.6 18.0 5.2 -0.5 25.4 41.8 52.3 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 98.7 97.8 101.5 102.5 111.7 103.3 101.0 99.9 104.6 107.6 109.3 59

60 Credit market borrowing/capital outlays (5) -15.0 8.6 10.8 23.3 34.1 25.9 24.1 27.2 36.8 15.9 30.7 60

61 Net funds raised/credit market borrowing 66.9 179.1 144.6 62.1 62.5 44.5 29.4 81.7 34.5 29.8 55.2 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, June 12, 1997 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net income with IVA and CCAdj 464.1 518.1 533.9 558.1 585.9 613.6 602.0 608.9 616.7 627.0 635.7 1

 2 Gross saving = capital consumption 67.5 73.2 73.4 83.1 80.1 83.2 81.6 82.6 84.3 84.5 84.4 2

 3 Gross investment 67.5 73.2 73.4 83.1 80.1 83.2 81.6 82.6 84.3 84.5 84.4 3

 4 Capital expenditures 91.1 85.6 100.2 114.8 134.8 139.3 136.2 135.4 140.4 145.2 149.1 4

 5 Fixed investment (1) 91.1 85.5 98.9 112.4 132.8 138.4 136.0 134.9 138.7 144.2 146.2 5

 6 Change in inventories -0.1 0.1 1.3 2.4 2.0 0.9 0.1 0.6 1.8 1.0 2.8 6

 7 Net financial investment -23.5 -12.4 -26.9 -31.7 -54.7 -56.1 -54.6 -52.8 -56.1 -60.7 -64.6 7

 8 Net acquisition of financial assets -6.7 13.4 21.5 15.3 16.7 18.2 16.7 17.6 17.8 20.8 18.6 8

 9 Checkable deposits and currency 0.8 5.0 7.6 4.3 3.8 4.3 4.2 4.2 4.2 4.4 4.4 9

10 Time and savings deposits -0.1 -2.2 6.5 2.2 2.3 2.4 2.4 2.4 2.4 2.4 2.4 10

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

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

13 Mortgages -5.0 -0.9 -1.5 -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 -1.1 7.1 -0.8 4.0 5.5 5.2 5.0 5.3 5.2 5.2 5.3 15

16 Miscellaneous assets -0.9 3.6 9.0 4.5 4.7 5.8 4.6 5.2 5.3 8.2 5.8 16

17 Insurance receivables 3.8 -2.5 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 17

18 Equity investment in GSEs (2) 0.0 -0.0 0.2 0.2 0.0 0.7 0.0 0.0 0.0 2.8 0.0 18

19 Other -4.8 6.1 8.0 3.5 3.7 4.1 3.6 4.2 4.3 4.4 4.7 19

20 Net increase in liabilities 16.8 25.8 48.4 47.0 71.4 74.3 71.3 70.5 73.9 81.5 83.2 20

21 Credit market instruments -15.0 -16.0 4.2 11.9 33.7 40.8 45.5 32.4 30.2 55.0 48.8 21

22 Bank loans n.e.c. -1.4 2.7 5.3 13.2 20.5 21.4 20.4 22.0 23.4 20.0 26.1 22

23 Other loans and advances -3.7 -3.6 0.3 5.5 9.3 4.0 12.2 -0.4 5.2 -1.0 7.2 23

24 Mortgages -9.9 -15.1 -1.5 -6.8 4.0 15.4 12.9 10.9 1.7 36.0 15.5 24

25 Trade payables -0.3 6.9 -2.5 1.5 3.2 3.8 3.5 3.9 3.9 4.0 4.2 25

26 Taxes payable 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 26

27 Miscellaneous liabilities 13.2 7.5 3.5 3.8 5.7 6.4 6.4 6.4 6.4 6.4 6.4 27

28 Proprietors’ net investment 18.5 26.7 42.5 29.1 28.0 22.5 15.1 27.0 32.6 15.3 23.1 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 29.3 37.1 31.1 34.3 27.9 44.7 36.6 44.1 50.1 47.9 45.6 1

 2 Net saving (corporate) 1.6 0.8 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 2

 3 Consumption of fixed capital 22.4 23.2 23.4 23.9 23.7 24.7 24.3 24.6 24.9 25.2 25.5 3

 4 Corporate 1.7 1.9 2.0 2.1 2.1 2.2 2.1 2.2 2.2 2.2 2.3 4

 5 Noncorporate 20.7 21.3 21.4 21.8 21.6 22.6 22.1 22.4 22.7 23.0 23.2 5

 6 Gross saving 24.0 24.0 23.8 24.2 23.9 24.8 24.4 24.6 25.0 25.3 25.5 6

 7 Gross investment 24.0 24.0 23.8 24.2 23.9 24.8 24.4 24.6 25.0 25.3 25.5 7

 8 Capital expenditures 13.1 17.5 9.4 29.6 16.2 17.4 14.7 15.7 21.1 18.3 20.2 8

 9 Fixed investment (2) 14.3 12.5 15.5 18.1 18.7 19.3 19.1 19.0 19.9 19.2 19.6 9

10 Change in inventories -1.1 5.0 -6.2 11.5 -2.5 -1.9 -4.4 -3.3 1.2 -0.9 0.6 10

11 Net financial investment 10.8 6.5 14.5 -5.4 7.7 7.4 9.7 8.9 3.9 7.0 5.3 11

12 Net acquisition of financial assets 2.2 3.8 3.2 3.6 2.3 2.3 2.5 2.9 3.0 0.7 5.1 12

13 Checkable deposits and currency 1.0 1.8 1.7 1.7 -0.4 -0.6 -0.6 -0.6 -0.6 -0.6 1.0 13

14 Miscellaneous assets 1.3 2.0 1.5 2.0 2.7 2.9 3.2 3.5 3.6 1.3 4.0 14

15 Insurance receivables 1.1 2.1 1.4 2.0 2.8 3.6 3.3 3.5 3.7 3.9 4.1 15

16 Equity investment in GSEs (3) 0.2 -0.1 0.1 0.0 -0.1 -0.6 -0.1 0.1 -0.0 -2.5 -0.0 16

17 Net increase in liabilities -8.6 -2.6 -11.3 9.1 -5.3 -5.1 -7.2 -6.0 -0.9 -6.2 -0.3 17

18 Credit market instruments 2.1 1.3 2.0 2.8 1.6 3.3 0.1 7.1 -1.2 7.2 -0.4 18

19 Bank loans n.e.c. 1.7 0.1 2.1 1.9 1.1 0.6 -1.3 3.2 -2.4 2.9 -1.1 19

20 Other loans and advances 0.0 -0.2 -0.6 -0.8 -1.1 -0.8 -1.0 -1.4 -2.4 1.7 -0.8 20

21 Mortgages 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 21

22 Trade payables 0.2 0.2 1.0 1.0 1.0 0.1 -3.5 5.4 1.0 -2.6 -2.7 22

23 Proprietors’ net investment -10.9 -4.2 -14.3 5.3 -7.9 -8.4 -3.7 -18.6 -0.7 -10.9 2.8 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 11 and 17, respectively.

(3) Equity in the Farm Credit System.
20 Z.1, June 12, 1997

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Receipts, NIPA basis 784.2 844.3 897.1 946.4 996.1 1044.0 1022.9 1045.6 1047.5 1059.8 1076.9 1

 2 Tax receipts 569.9 607.8 644.4 680.8 718.1 754.9 741.9 752.1 758.1 767.5 781.2 2

 3 Social insurance receipts 60.9 64.3 66.9 69.7 71.9 74.5 73.4 74.2 74.9 75.5 76.3 3

 4 Grants-in-aid received 153.4 172.2 185.8 195.9 206.1 214.6 207.6 219.3 214.5 216.8 219.4 4

 5 Expenditures, NIPA basis 708.4 758.1 802.2 846.6 901.1 951.0 932.1 944.7 958.5 968.8 981.6 5

 6 Consumption expenditures 579.5 603.7 627.9 651.8 682.6 714.0 701.3 710.2 719.3 725.2 733.0 6

 7 Net interest and transfers 129.0 154.5 174.2 194.9 218.5 237.0 230.8 234.5 239.2 243.6 248.6 7

 8 Surplus, NIPA basis 75.8 86.2 94.9 99.7 95.0 92.9 90.8 100.9 89.0 91.0 95.3 8

 9 + Consumption of fixed capital 59.7 62.3 65.6 69.5 72.9 76.6 75.1 76.0 77.1 78.1 79.1 9

10 - Pension fund reserves 57.2 56.0 53.8 65.7 59.4 54.4 49.4 57.1 54.2 56.8 58.8 10

11 = Gross saving 78.3 92.6 106.7 103.4 108.4 115.1 116.5 119.8 111.9 112.3 115.6 11

12 Gross investment 99.0 122.2 126.4 128.3 106.3 105.9 136.9 90.8 78.9 117.1 124.7 12

13 Fixed investment 124.0 132.2 139.9 146.7 159.1 169.4 163.8 169.1 170.0 174.5 176.4 13

14 Net financial investment -24.9 -9.9 -13.5 -18.4 -52.9 -63.4 -26.9 -78.3 -91.1 -57.4 -51.7 14

15 Net acq. of financial assets 57.5 13.5 49.4 -57.6 -89.6 -48.4 -28.9 -30.7 -151.5 17.6 -10.6 15

16 Checkable deposits and currency 6.1 2.2 1.4 2.5 3.0 -2.3 -6.7 0.3 -1.0 -1.8 3.3 16

17 Time and savings deposits -10.4 -5.9 -5.0 6.0 9.9 8.5 7.9 11.5 6.0 8.6 1.5 17

18 Security RPs 6.7 4.6 10.7 -15.1 -27.0 -16.9 -40.5 -19.6 -25.9 18.5 -11.5 18

19 Credit market instruments 47.2 1.7 32.6 -55.0 -77.4 -36.2 2.4 -20.8 -120.4 -6.2 -7.6 19

20 Open market paper 5.0 5.2 3.7 4.4 4.6 2.2 1.8 2.5 1.7 2.7 2.3 20

21 U.S. government securities 36.7 -5.2 29.7 -66.2 -89.9 -42.3 0.5 -26.2 -126.6 -17.0 -16.2 21

22 Treasury 25.0 -17.4 29.6 -77.8 -127.1 -60.0 -10.1 -125.3 -77.6 -27.2 -23.2 22

23 Agency 11.7 12.2 0.1 11.6 37.3 17.7 10.6 99.0 -49.0 10.2 7.0 23

24 Municipal securities 0.0 -1.1 -1.0 -0.9 -0.5 -0.2 -0.2 -0.2 -0.2 -0.1 -0.0 24

25 Corporate and foreign bonds 2.0 2.9 5.6 5.4 5.1 0.3 -1.7 0.9 0.3 1.4 1.8 25

26 Mortgages 3.5 -0.0 -5.4 2.2 3.3 3.8 2.0 2.2 4.3 6.8 4.5 26

27 Corporate equities 1.5 1.5 1.5 1.3 1.6 1.4 2.0 1.3 0.6 1.9 0.9 27

28 Mutual fund shares 4.5 5.5 6.5 7.8 5.9 2.0 3.1 0.9 2.0 2.2 2.1 28

29 Taxes receivable 2.1 0.3 -3.8 -5.1 -6.1 -2.3 -3.2 -1.7 -1.9 -2.5 0.7 29

30 Miscellaneous assets -0.2 3.6 5.4 0.0 0.4 -2.6 6.1 -2.6 -10.8 -3.1 -0.2 30

31 Net increase in liabilities 82.4 23.4 62.9 -39.2 -36.7 15.0 -2.1 47.6 -60.4 75.0 41.1 31

32 Credit market instruments 81.6 21.1 62.3 -39.8 -39.0 12.9 -3.6 44.4 -61.6 72.2 40.3 32

33 Municipal securities 81.3 21.3 62.9 -38.7 -37.5 14.7 -1.9 46.2 -59.6 74.2 42.4 33

34 Short-term 6.9 -1.1 1.8 -2.2 1.2 5.0 -4.8 4.3 1.7 18.8 -4.1 34

35 Other 74.4 22.3 61.1 -36.6 -38.7 9.7 2.9 41.9 -61.3 55.4 46.5 35

36 U.S. government loans 0.4 -0.1 -0.6 -1.1 -1.5 -1.9 -1.7 -1.8 -1.9 -2.0 -2.1 36

37 Trade payables 0.8 2.3 0.6 0.6 2.2 2.2 1.6 3.2 1.1 2.8 0.9 37

38 Discrepancy -20.8 -29.6 -19.7 -24.8 2.2 9.2 -20.4 28.9 32.9 -4.8 -9.0 38

(1) Data for retirement funds are shown in table F.120.
Z.1, June 12, 1997 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Receipts, NIPA basis 1149.0 1198.5 1275.3 1377.0 1478.5 1575.0 1523.1 1575.6 1581.8 1619.3 1653.9 1

 2 Personal taxes 476.9 490.8 523.6 561.4 614.9 673.1 639.6 681.4 680.2 691.1 719.2 2

 3 Corporate profits tax accruals 109.7 118.7 137.5 164.4 184.3 196.2 196.5 199.0 196.5 192.8 206.9 3

 4 Indirect taxes 79.8 81.9 88.2 92.7 91.2 90.5 84.4 83.2 85.7 108.7 86.2 4

 5 Social insurance receipts 482.6 507.1 526.0 558.6 588.1 615.2 602.6 612.0 619.4 626.7 641.6 5

 6 Expenditures, NIPA basis 1345.1 1479.4 1530.9 1567.3 1640.2 1702.1 1678.3 1702.3 1702.7 1725.1 1735.6 6

 7 Consumption expenditures 446.0 451.1 451.9 450.7 453.8 459.0 453.6 463.5 461.3 457.7 462.8 7

 8 Transfers, grants, etc. 706.4 832.5 886.7 915.2 957.3 1009.6 994.2 1008.0 1007.7 1028.6 1037.6 8

 9 Net interest 192.7 195.9 192.3 201.4 229.1 233.5 230.5 230.8 233.7 238.8 235.2 9

10 Surplus, NIPA basis -196.1 -280.9 -255.7 -190.3 -161.7 -127.2 -155.2 -126.7 -120.9 -105.8 -81.7 10

11 + Consumption of fixed capital 63.9 65.9 68.2 70.7 73.8 72.5 73.2 72.6 72.3 71.9 72.2 11

12 - Insurance and pension reserves 25.8 27.8 27.9 28.0 16.0 44.1 81.5 36.1 22.7 36.2 26.7 12

13 = Gross saving -158.0 -242.7 -215.4 -147.6 -103.9 -98.8 -163.5 -90.2 -71.3 -70.1 -36.2 13

14 Gross investment -177.1 -275.6 -223.1 -173.0 -137.2 -138.7 -186.0 -96.9 -107.4 -164.6 -24.1 14

15 Fixed investment 76.6 76.9 70.7 65.7 62.8 64.0 65.0 66.0 64.2 60.9 57.7 15

16 Access rights sales 0.1 0.0 -0.0 0.0 -7.6 -3.8 0.0 -0.0 -0.5 -14.5 0.0 16

17 Net financial investment -253.8 -352.5 -293.8 -238.7 -192.4 -199.0 -251.0 -162.9 -171.1 -211.0 -81.8 17

18 Net acq. of financial assets 59.2 -25.4 -5.2 -49.9 -18.7 -9.4 56.1 -49.4 -11.3 -32.8 28.3 18

19 Gold, SDRs, and official foreign exchange -2.6 -1.7 1.0 -2.7 6.4 -2.9 2.0 1.8 -16.3 1.0 -13.5 19

20 Checkable deposits and currency 27.4 -16.9 20.7 -21.7 -0.0 11.0 41.9 -33.8 35.2 0.6 34.1 20

21 Time and savings deposits 0.1 -0.7 -0.1 -0.1 0.3 1.4 0.4 13.2 -4.1 -3.7 0.2 21

22 Credit market instruments 10.5 -11.9 -18.4 -24.2 -21.5 -21.9 -20.7 -15.2 -26.4 -25.1 -18.7 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 15.4 -11.9 -15.4 -14.0 -13.4 -9.5 -9.6 -5.6 -12.3 -10.5 -10.5 24

25 Other loans and advances -4.9 -0.0 -2.9 -10.2 -8.1 -12.3 -11.1 -9.6 -14.1 -14.6 -8.1 25

26 Trade receivables -4.9 -7.1 -2.6 -4.2 -0.1 7.0 6.3 5.0 8.7 8.1 10.5 26

27 Taxes receivable -7.4 -2.6 -2.1 -0.3 -1.3 1.2 32.0 -16.7 -9.3 -1.3 25.3 27

28 Miscellaneous assets 36.1 15.4 -3.8 3.3 -2.4 -5.2 -5.8 -3.7 0.7 -12.2 -9.8 28

29 Net increase in liabilities 313.0 327.1 288.6 188.8 173.7 189.6 307.1 113.4 159.8 178.3 110.1 29

30 SDR certificates 0.0 -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 30

31 Treasury currency 0.0 0.2 0.4 0.7 0.6 -0.0 0.0 -0.0 2.3 -2.3 0.4 31

32 Credit market instruments 278.2 304.0 256.1 155.9 144.4 145.0 239.9 62.4 161.3 116.5 93.7 32

33 Savings bonds 11.9 19.1 14.7 8.0 5.1 2.0 3.4 2.6 1.2 0.9 -2.0 33

34 Other Treasury securities 280.1 284.6 233.7 147.7 137.9 144.6 238.8 57.5 163.2 118.9 97.2 34

35 Budget agency securities -13.8 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 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 -5.3 -2.8 3.4 0.4 6.1 4.2 0.3 3.2 4.9 8.3 8.8 37

38 Insurance and pension reserves 25.8 27.8 27.9 28.0 16.0 44.1 81.5 36.1 22.7 36.2 26.7 38

39 Miscellaneous liabilities 14.3 -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.5 39

40 Discrepancy 19.2 32.8 7.7 25.4 33.3 40.0 22.5 6.7 36.2 94.6 -12.1 40

 Memo:

41 Change in cash balance (1) 14.5 -16.9 19.2 -26.7 -5.7 12.9 50.9 -31.2 59.1 -27.4 30.5 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).
22 Z.1, June 12, 1997

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Foreign income from U.S. 750.6 827.8 886.7 1018.9 1152.0 1233.1 1189.7 1218.0 1245.2 1279.3 1313.2 1

 2 U.S. imports from abroad 622.3 669.0 720.5 813.4 902.1 953.9 925.8 949.2 964.5 976.0 1011.5 2

 3 U.S. factor payments to foreign 140.5 126.8 130.1 167.2 215.3 237.3 220.6 231.4 243.8 253.5 264.5 3

 4 Net transfers to foreign -12.1 32.0 36.1 38.3 34.6 41.9 43.3 37.4 36.9 49.8 37.2 4

 5 Foreign outlays to U.S. 758.0 777.3 798.5 882.5 1015.6 1083.6 1059.9 1073.9 1070.7 1129.9 1150.9 5

 6 U.S. exports to foreign 601.8 639.4 657.8 719.1 807.4 855.2 839.5 850.0 844.3 887.0 904.8 6

 7 U.S. factor receipts from foreign 156.2 137.9 140.7 163.4 208.3 228.4 220.4 223.9 226.4 242.9 246.1 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) -7.4 50.4 88.2 136.3 136.3 149.5 129.8 144.1 174.5 149.4 162.3 9

10 Net financial investment 51.4 103.9 78.6 158.3 130.2 233.2 114.6 215.0 304.2 299.0 274.7 10

11 Net acquisition of financial assets 89.1 214.1 311.3 302.7 418.7 509.8 445.4 438.2 532.7 623.1 554.9 11

12 Gold and SDRs (2) -0.2 2.3 -0.5 -0.4 -0.8 0.4 -0.8 -0.5 3.4 -0.6 0.3 12

13 Net interbank assets -19.9 50.3 45.6 92.8 11.1 -53.0 -65.5 -42.3 -114.8 10.7 -114.5 13

14 U.S. checkable deposits and currency 13.6 19.7 21.9 25.4 14.7 17.7 -12.8 31.6 18.1 33.6 17.9 14

15 U.S. time deposits -0.2 -1.1 6.8 1.5 -6.6 6.3 11.0 -6.7 28.4 -7.3 9.7 15

16 Security RPs 1.2 20.9 16.9 -12.0 21.0 3.2 19.6 15.4 0.3 -22.5 52.2 16

17 Credit market instruments 13.3 98.4 129.3 132.3 272.7 405.6 341.1 268.2 484.4 528.5 360.3 17

18 Open market paper 0.6 1.6 5.9 6.0 18.7 11.1 -50.1 45.7 20.9 27.9 -30.4 18

19 U.S. government securities 43.9 73.9 108.7 86.6 196.9 314.2 327.5 139.0 329.0 461.4 314.7 19

20 Official 16.1 22.4 53.0 36.8 72.5 115.5 222.6 -8.5 106.8 141.1 94.6 20

21 Treasury 14.8 18.5 49.0 30.7 68.8 111.2 222.4 -13.5 101.9 133.9 92.0 21

22 Agency 1.3 3.9 4.1 6.1 3.7 4.3 0.2 5.0 4.9 7.2 2.6 22

23 Private 27.8 51.5 55.7 49.8 124.3 198.7 104.9 147.5 222.3 320.4 220.1 23

24 Treasury 18.8 37.1 24.4 34.2 99.3 153.8 47.3 124.8 173.6 269.4 188.2 24

25 Agency 8.9 14.3 31.3 15.6 25.0 45.0 57.6 22.6 48.6 51.0 31.9 25

26 U.S. corporate bonds (3) 16.2 18.1 30.4 38.0 57.2 76.5 72.7 73.6 88.0 71.7 83.3 26

27 Loans to U.S. corporate business -47.3 4.9 -15.8 1.6 0.0 3.7 -9.0 10.0 46.5 -32.5 -7.4 27

28 U.S. corporate equities 10.4 -5.6 20.9 0.9 16.4 11.5 12.9 25.4 -3.7 11.4 28.1 28

29 Trade receivables 0.8 3.0 4.9 2.1 1.0 7.0 3.7 1.6 13.2 9.5 13.0 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 70.1 26.3 65.4 60.1 89.3 111.2 136.3 145.4 103.4 59.7 187.9 31

32 Foreign direct investment in U.S. (4) 22.0 17.6 43.0 49.8 60.2 84.0 114.8 69.7 84.2 67.1 63.2 32

33 Other 48.1 8.7 22.4 10.4 29.1 27.2 21.5 75.7 19.1 -7.4 124.7 33

34 Net increase in liabilities 37.7 110.3 232.7 144.4 288.5 276.6 330.8 223.2 228.5 324.0 280.2 34

 U.S. official foreign exchange

35 and net IMF position -5.9 -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -22.2 35

36 U.S. private deposits -26.5 -3.5 -18.5 54.0 33.5 47.7 85.0 0.9 113.2 -8.5 59.4 36

37 Credit market instruments 14.8 23.7 70.4 -15.3 69.5 67.4 49.1 36.6 106.0 77.8 29.0 37

38 Commercial paper 6.4 5.2 -9.0 -27.3 13.6 10.9 -8.5 9.5 38.6 3.8 13.3 38

39 Bonds 15.0 16.8 82.9 12.2 48.3 46.8 47.9 11.1 59.7 68.4 17.3 39

40 Bank loans n.e.c. 3.1 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 40

41 Official -0.4 1.0 -1.0 -0.2 0.4 0.3 -1.4 4.4 -0.5 -1.2 -3.5 41

42 Banks 1.0 0.7 1.2 0.0 2.1 3.4 4.9 3.9 -1.8 6.5 -2.3 42

43 Other 2.5 0.6 0.5 1.6 5.9 5.4 5.2 6.9 7.0 2.5 5.2 43

44 U.S. government loans -5.4 0.2 -1.1 -1.3 -1.1 -1.1 -1.7 1.0 -2.1 -1.5 -2.2 44

45 Acceptance liabilities to banks -4.4 -0.7 -3.1 -0.3 0.3 1.7 2.8 -0.3 5.2 -0.7 1.2 45

46 Foreign corporate equities (5) 30.7 32.4 63.4 48.1 50.7 57.8 89.8 69.7 32.1 39.5 47.3 46

47 Trade payables 3.0 1.2 3.3 3.6 5.7 -2.3 -11.2 -5.2 -1.5 8.6 8.6 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 21.6 58.1 113.2 59.8 120.3 112.5 118.9 119.7 5.3 206.0 158.1 49

50 U.S. equity in IBRD, etc. 1.5 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 50

51 U.S. government deposits 1.0 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.3 51

52 U.S. direct investment abroad (3,4) 30.4 40.1 78.2 54.5 95.5 88.3 92.7 104.7 36.6 119.2 62.3 52

53 Other -11.3 16.5 33.6 3.7 23.4 22.4 23.8 14.6 -32.7 83.9 93.9 53

54 Discrepancy (FOF basis) (6) -58.7 -53.4 9.6 -22.0 6.1 -83.8 15.2 -70.9 -129.7 -149.6 -112.4 54

 Memo:

55 Net U.S. exports, NIPA basis -20.5 -29.6 -62.7 -94.3 -94.7 -98.7 -86.3 -99.2 -120.2 -89.0 -106.7 55

56 + Net U.S. factor income (7) 15.7 11.1 10.6 -3.8 -7.0 -8.9 -0.2 -7.5 -17.4 -10.6 -18.4 56

57 - Net transfer payments to foreign -12.1 32.0 36.1 38.3 34.6 41.9 43.3 37.4 36.9 49.8 37.2 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) 7.4 -50.4 -88.2 -136.3 -136.3 -149.5 -129.8 -144.1 -174.5 -149.4 -162.3 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, June 12, 1997 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -0.5 1.0 0.1 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 1

 2 Fixed nonresidential investment 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 22.3 17.1 42.1 28.2 19.7 23.2 -4.5 -9.3 64.2 42.4 3.2 3

 4 Gold and foreign exchange -3.2 -2.2 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -9.0 4

 5 SDR certificates 0.0 -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 5

 6 Treasury currency 0.6 0.4 0.6 0.9 1.0 1.0 1.1 1.0 1.1 0.7 0.7 6

 7 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 7

 8 Fed. Res. loans to domestic banks 0.0 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 8

 9 Security RPs -2.5 -7.8 5.1 -2.6 3.3 7.7 -13.5 -20.9 38.7 26.5 -21.4 9

10 Credit market instruments 31.1 27.9 36.2 31.5 12.7 12.3 16.9 9.4 19.3 3.6 37.5 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 31.1 27.9 36.2 31.5 12.7 12.3 16.9 9.4 19.3 3.6 37.5 12

13 Treasury 31.4 28.5 37.0 32.5 13.7 12.7 17.3 9.9 19.6 4.0 38.4 13

14 Agency -0.3 -0.6 -0.8 -1.0 -1.0 -0.4 -0.4 -0.6 -0.3 -0.3 -0.9 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 -2.3 -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 1.0 16

17 Net increase in liabilities 22.1 16.7 41.8 28.0 19.5 22.7 -6.3 -10.7 64.5 43.2 -0.4 17

18 Depository institution reserves -9.2 2.7 2.9 -4.2 -1.2 -5.1 -22.8 18.2 -13.9 -1.8 -14.8 18

19 Vault cash of commercial banks 1.0 -1.7 0.8 5.5 2.4 4.6 -12.2 -4.8 17.5 18.1 -20.3 19

20 Checkable deposits and currency 29.2 17.6 37.1 25.3 17.0 23.5 41.6 -16.6 46.6 22.2 51.8 20

21 Due to federal government 8.8 -10.3 7.2 -7.7 -1.2 1.7 25.2 -42.4 24.9 -0.7 15.7 21

22 Due to rest of the world 0.6 -0.7 0.1 -0.1 0.2 -0.1 -0.6 0.1 0.5 -0.2 3.2 22

23 Currency outside banks 19.8 28.7 29.8 33.1 18.0 21.8 17.0 25.7 21.2 23.1 33.0 23

24 Miscellaneous liabilities 1.1 -1.8 1.0 1.3 1.2 -0.3 -12.8 -7.6 14.3 4.7 -17.2 24

25 Federal Reserve Bank stock 0.2 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 25

26 Other 0.9 -2.2 0.6 1.1 1.0 -1.0 -13.1 -8.0 12.7 4.4 -17.9 26

27 Discrepancy -1.0 0.4 -0.5 -3.3 -3.4 -3.6 -4.9 -4.5 -2.8 -2.3 -6.6 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, June 12, 1997

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 39.7 53.1 52.7 54.0 58.4 58.6 58.1 60.0 56.7 59.7 58.2 1

 2 Fixed nonresidential investment 32.9 34.2 33.3 31.4 34.6 37.9 37.2 37.5 39.1 37.6 38.3 2

 3 Net acquisition of financial assets 102.9 181.2 236.9 231.3 335.7 214.9 164.2 250.2 139.0 306.4 408.6 3

 4 Vault cash 1.0 -1.7 0.8 5.5 2.4 4.6 -12.2 -4.8 17.5 18.1 -20.3 4

 5 Reserves at Federal Reserve -8.8 2.5 2.5 -3.5 -1.1 -4.6 -22.8 19.0 -13.0 -1.7 -14.1 5

 6 Checkable deposits and currency -0.8 -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 -0.1 6

 7 Total bank credit 105.1 115.2 162.6 156.8 273.4 190.2 145.1 170.7 173.6 271.3 370.0 7

 8 U.S. government securities 111.3 104.7 72.5 -26.2 27.0 11.2 -12.2 28.4 -13.7 42.1 91.2 8

 9 Treasury 60.4 61.9 27.8 -31.8 -11.7 -17.0 -27.5 18.7 -22.3 -37.1 32.1 9

10 Agency 50.9 42.8 44.7 5.5 38.7 28.2 15.3 9.7 8.6 79.1 59.1 10

11 Municipal securities -14.2 -5.7 1.7 -1.6 -4.2 0.9 -1.6 -1.2 0.2 6.1 -0.9 11

12 Corporate and foreign bonds 7.6 -1.6 3.5 4.3 8.4 1.7 -4.7 2.7 1.0 7.8 13.6 12

13 Total loans -3.1 18.5 83.6 183.7 239.8 174.5 162.3 139.7 184.5 211.5 265.9 13

14 Open market paper -2.0 -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -1.2 14

15 Bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 93.8 74.7 113.6 143.1 43.8 135.4 15

16 Mortgages 31.9 19.2 47.3 65.3 77.0 56.2 63.0 26.6 39.5 95.9 90.7 16

17 Consumer credit -14.5 -6.9 34.2 63.2 44.8 22.3 -2.2 28.5 30.2 32.8 -21.6 17

18 Security credit 10.6 16.9 12.7 -5.7 4.6 1.3 25.1 -24.3 -26.0 30.6 62.6 18

19 Corporate equities 1.7 -0.4 0.9 -1.4 2.1 1.7 0.7 1.7 1.9 2.4 0.3 19

20 Mutual fund shares 1.8 -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 -0.1 20

21 Customers’ liab. on acceptances (2) -10.2 -3.6 -6.4 -2.4 -0.6 1.0 3.0 -3.7 4.0 0.8 3.1 21

22 Miscellaneous assets 16.5 69.3 77.6 74.5 61.4 23.9 52.0 68.6 -42.8 17.9 70.0 22

23 Net increase in liabilities 113.3 184.8 241.1 255.2 300.4 201.0 99.4 327.8 70.2 306.6 438.2 23

24 Net interbank liabilities 4.8 48.4 46.9 88.5 8.7 -52.2 -55.3 -67.7 -116.5 30.7 -91.2 24

25 To monetary authority -1.5 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 25

26 To domestic banks (3) 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 26

27 To foreign banks -19.9 50.3 45.6 92.8 11.1 -53.0 -65.5 -42.3 -114.8 10.7 -114.5 27

28 Checkable deposits 37.6 92.8 74.1 -31.7 -45.9 -34.4 -24.1 -7.9 35.7 -141.5 45.5 28

29 Federal government 5.5 -5.9 12.1 -18.9 -4.7 9.7 25.3 -2.0 38.4 -22.9 14.6 29

30 Rest of the world -2.0 2.3 -0.4 1.9 0.8 2.7 -3.7 15.9 -8.0 6.6 0.7 30

31 Private domestic 34.1 96.4 62.4 -14.7 -42.0 -46.8 -45.6 -21.8 5.3 -125.2 30.2 31

32 Small time and savings deposits 78.9 2.7 -11.9 -1.1 113.7 122.9 211.7 43.1 75.7 160.9 191.4 32

33 Large time deposits -24.0 -66.8 -21.0 21.3 54.8 105.1 46.7 84.2 151.3 138.4 34.3 33

34 Federal funds and security RPs (net) -19.3 18.2 41.5 78.2 30.5 41.0 16.7 96.3 -6.7 57.7 63.2 34

35 Credit market instruments -13.2 10.0 13.4 20.1 22.5 11.6 -32.5 40.1 15.7 23.2 19.3 35

36 Open market paper -20.1 -7.7 -2.5 3.1 -2.2 2.8 5.1 12.2 -0.1 -5.9 3.9 36

37 Corporate bonds 4.2 14.5 7.2 7.7 18.5 7.8 -20.7 22.5 10.7 18.5 13.6 37

38 Other loans and advances 2.7 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 38

39 Corporate equity issues 15.7 20.2 7.3 -3.3 -8.9 -14.6 -10.6 -10.8 -21.2 -15.7 -52.9 39

40 Taxes payable -0.0 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 40

41 Miscellaneous liabilities 32.9 59.0 90.4 82.4 124.0 20.4 -54.2 149.4 -65.0 51.5 227.3 41

42 Discrepancy 17.2 22.5 23.6 46.5 -11.5 6.8 -44.0 100.1 -51.3 22.2 49.5 42

 Memo:

43 Credit market funds advanced (4) 80.8 95.3 142.2 163.4 265.9 187.9 121.7 190.2 202.0 237.7 310.3 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, June 12, 1997 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 28.7 43.3 36.5 30.0 31.5 22.5 28.9 31.3 12.2 17.9 26.2 1

 2 Fixed nonresidential investment 31.2 32.1 31.0 28.9 31.6 34.5 34.0 34.1 35.7 34.1 34.7 2

 3 Net acquisition of financial assets 33.0 73.7 157.1 153.9 200.5 122.3 86.8 143.9 123.5 135.0 287.0 3

 4 Vault cash and reserves at Federal Reserve -7.5 1.1 3.0 2.0 1.5 -0.3 -33.5 13.6 4.2 14.5 -32.6 4

 5 Total bank credit 46.0 71.9 157.5 140.5 194.8 115.3 71.5 109.3 113.4 166.8 230.3 5

 6 U.S. government securities 96.6 85.5 56.8 -25.2 -17.1 -19.4 -37.8 5.8 -25.6 -20.0 15.4 6

 7 Treasury 50.3 46.6 20.6 -27.0 -40.4 -34.6 -45.7 1.0 -21.3 -72.5 -21.6 7

 8 Agency 46.3 38.9 36.2 1.8 23.4 15.2 7.9 4.9 -4.3 52.5 37.0 8

 9 Mortgage pool securities 9.0 1.8 17.6 9.1 12.9 21.6 38.2 19.2 -6.1 35.2 28.5 9

10 Agency-issued CMOs 34.6 33.3 11.1 -14.4 -18.4 -11.5 -14.9 -25.5 -4.5 -1.2 11.6 10

11 Other agency securities 2.7 3.8 7.5 7.1 28.8 5.2 -15.4 11.2 6.4 18.5 -3.1 11

12 Municipal securities -14.1 -5.7 1.9 -2.0 -4.3 1.0 -1.8 -1.2 0.6 6.4 -0.7 12

13 Corporate and foreign bonds 4.3 -3.2 0.1 -0.6 3.3 -4.2 0.3 -2.7 -9.6 -4.7 4.4 13

14 Private mortgage pool securities 0.3 0.3 0.9 -1.1 0.9 -0.4 -0.5 -0.6 0.6 -0.8 -2.7 14

15 Privately issued CMOs 0.4 -6.6 -1.8 1.7 3.5 -3.1 3.7 -1.7 -12.9 -1.6 -1.7 15

16 Other bonds 3.6 3.1 1.0 -1.2 -1.1 -0.7 -2.9 -0.3 2.7 -2.3 8.8 16

17 Total loans -44.3 -4.1 97.3 171.5 210.5 135.9 109.5 106.2 146.4 181.3 210.9 17

18 Open market paper -1.0 -1.6 -1.0 -1.3 0.3 0.3 0.7 -2.7 -1.9 5.0 -0.9 18

19 Bank loans n.e.c. -53.5 -19.7 7.4 45.6 75.9 59.4 49.9 65.3 86.7 35.8 114.6 19

20 Mortgages 22.5 21.1 52.6 68.5 81.2 58.7 69.2 29.8 39.3 96.3 96.5 20

21 Consumer credit -14.5 -6.9 34.2 63.2 44.8 22.3 -2.2 28.5 30.2 32.8 -21.6 21

22 Security credit 2.2 3.1 4.1 -4.6 8.3 -4.8 -8.1 -14.8 -7.8 11.5 22.4 22

23 Corporate equities 1.7 -0.4 0.9 -1.4 2.1 1.7 0.7 1.7 2.0 2.4 0.3 23

24 Mutual fund shares 1.8 -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 -0.1 24

25 Customers’ liab. on acceptances (1) -4.6 -0.1 -2.4 -0.2 2.4 1.6 2.1 2.6 4.0 -2.3 2.4 25

26 Miscellaneous assets -0.9 0.8 -0.9 11.7 1.8 5.7 46.5 18.3 2.0 -44.1 87.0 26

27 Net increase in liabilities 52.6 85.0 175.7 199.4 189.6 141.0 48.1 247.2 96.1 172.7 345.4 27

28 Net interbank liabilities 7.9 12.8 29.1 79.0 -6.8 -55.8 -135.7 -30.5 -93.3 36.4 -23.9 28

29 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 29

30 Borrowing from Federal Reserve banks 0.0 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 30

31 To domestic banking 17.9 14.6 13.3 5.6 -7.3 -23.6 -79.7 6.7 -31.5 10.1 0.1 31

32 To foreign banks -8.6 -4.8 18.7 74.8 -0.2 -36.3 -55.3 -38.7 -69.1 18.0 -20.4 32

33 Checkable deposits 37.6 92.8 73.8 -32.2 -46.0 -34.2 -23.0 -9.5 38.4 -142.8 45.9 33

34 Federal government 5.5 -5.9 12.1 -18.9 -4.7 9.7 25.3 -2.0 38.4 -22.9 14.6 34

35 Rest of the world -2.2 1.7 -0.3 1.5 0.9 3.4 -1.9 12.9 -4.8 7.3 1.1 35

36 Private domestic 34.3 96.9 61.9 -14.9 -42.1 -47.3 -46.3 -20.4 4.8 -127.2 30.2 36

37 Small time and savings deposits 80.0 2.1 -10.9 -0.7 113.3 122.7 212.0 44.2 76.7 157.8 148.8 37

38 Large time deposits -73.1 -76.2 -20.0 17.9 42.6 49.6 28.1 64.0 65.7 40.3 19.9 38

39 Federal funds and security RPs (net) -27.1 17.4 45.4 71.7 28.3 28.7 3.5 69.2 -4.5 46.5 27.0 39

40 Acceptance liabilities -4.7 -0.1 -2.5 -0.3 2.3 1.7 2.2 2.4 4.0 -2.0 2.2 40

41 Corporate bonds 0.9 8.4 3.6 3.4 2.7 7.7 7.5 9.8 2.7 10.7 4.6 41

42 Other loans and advances 2.7 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 42

43 Corporate equity issues 0.9 4.3 1.9 1.8 2.5 3.2 3.2 3.2 2.9 3.3 0.8 43

44 Taxes payable -0.0 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 44

45 Miscellaneous liabilities 27.6 20.1 46.2 48.8 43.6 15.4 -34.0 87.8 -2.8 10.5 116.9 45

46 Investment by bank holding companies 19.4 27.8 31.6 17.5 40.1 28.7 16.7 54.0 13.4 30.6 55.7 46

47 Other 8.2 -7.6 14.6 31.3 3.5 -13.3 -50.6 33.8 -16.2 -20.1 61.2 47

48 Discrepancy 17.1 22.6 24.0 46.6 -11.0 6.8 -43.8 100.4 -50.9 21.5 49.8 48

 Memo:

49 Credit market funds advanced (2) 35.7 69.5 149.6 148.1 186.5 119.7 80.5 125.5 123.6 149.2 210.0 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, June 12, 1997

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.4 0.6 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.4 1.7 1.9 2.1 2.5 2.9 2.8 2.9 3.0 3.0 3.1 2

 3 Net acquisition of financial assets 71.0 64.4 32.9 47.5 76.6 47.5 47.3 36.9 -2.9 108.7 66.0 3

 4 Reserves at Federal Reserve -0.3 -0.3 0.3 -0.0 -0.1 0.3 -1.6 0.5 0.3 1.9 -1.9 4

 5 Total bank credit 62.5 34.0 2.8 12.1 74.7 70.0 76.6 54.3 54.7 94.5 131.6 5

 6 U.S. government securities 13.4 11.7 13.9 -1.9 43.9 30.9 29.3 22.6 10.8 60.8 73.2 6

 7 Treasury 9.4 8.7 6.5 -3.5 29.6 18.4 22.0 17.0 -0.7 35.4 53.1 7

 8 Agency 4.0 2.9 7.4 1.5 14.3 12.4 7.3 5.6 11.5 25.3 20.1 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 3.7 1.0 1.4 5.1 4.6 3.2 -3.4 0.8 8.3 6.9 2.1 10

11 Total loans 45.4 21.3 -12.5 9.0 26.2 36.0 50.7 30.8 35.6 26.9 56.2 11

12 Open market paper -1.0 0.2 -0.9 -0.2 -0.4 0.5 0.9 -2.0 -0.3 3.4 -0.2 12

13 Bank loans n.e.c. 29.3 9.9 -13.7 15.1 35.4 32.2 24.3 45.9 54.5 4.3 22.1 13

14 Mortgages 8.8 -2.7 -6.5 -4.8 -5.1 -2.9 -7.7 -3.6 -0.3 -0.0 -5.8 14

15 Security credit 8.4 13.9 8.6 -1.2 -3.7 6.2 33.2 -9.5 -18.2 19.1 40.1 15

16 Corporate equities 0.0 -0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 16

17 Customers’ liab. on acceptances (2) -5.6 -3.6 -4.0 -2.1 -2.9 -0.6 0.8 -6.3 -0.1 3.1 0.7 17

18 Miscellaneous assets 14.3 34.3 33.8 37.6 5.0 -22.2 -28.5 -11.6 -57.9 9.2 -64.4 18

19 Net increase in liabilities 72.1 65.7 34.3 49.2 78.4 49.6 49.3 39.0 -0.8 110.9 68.3 19

20 Net interbank liabilities 1.8 32.3 16.9 11.2 18.7 -3.5 40.4 -42.7 -16.4 4.6 -73.1 20

21 To foreign banks -5.6 49.3 29.2 25.8 15.1 -12.5 -5.8 -15.6 -39.8 11.0 -115.6 21

22 To domestic banks 7.5 -17.0 -12.3 -14.6 3.6 9.0 46.2 -27.0 23.4 -6.5 42.5 22

23 Checkable deposits 0.2 -0.6 0.0 0.4 -0.1 -0.7 -0.4 0.7 -3.0 0.0 0.0 23

24 Small time and savings deposits -0.1 0.2 -0.8 -1.1 -0.7 0.1 -1.2 -2.4 -0.2 4.3 43.6 24

25 Large time deposits 50.1 9.0 -0.8 2.6 11.0 55.6 17.7 18.9 86.4 99.3 15.5 25

26 Federal funds and security RPs (net) 8.8 0.7 -4.3 6.7 1.8 12.0 12.6 27.2 -2.8 10.8 35.4 26

27 Acceptance liabilities -9.6 -3.8 -5.1 -2.6 -3.1 -0.7 1.2 -5.7 1.0 0.6 2.4 27

28 Miscellaneous liabilities 20.9 28.0 28.5 32.0 50.9 -13.2 -21.1 43.0 -66.0 -8.7 44.4 28

29 Foreign direct investment in U.S. 2.6 3.3 3.3 4.0 5.8 0.1 2.5 -9.9 2.7 5.3 6.7 29

30 Due to affiliates -17.3 -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 30

31 Other 35.6 33.5 22.9 14.7 42.0 -14.4 -27.6 55.5 -71.0 -14.3 30.7 31

32 Discrepancy 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 Memo:

33 Credit market funds advanced (3) 48.5 16.5 -9.8 11.2 75.4 63.3 44.2 57.5 72.9 78.5 92.1 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, June 12, 1997 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 10.5 9.0 15.5 23.2 26.0 35.1 28.3 27.7 43.5 40.7 30.9 1

 2 Fixed nonresidential investment 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 2.1 40.5 45.1 26.2 52.6 44.0 29.6 66.8 16.2 63.5 49.0 3

 4 Credit market instruments -1.5 5.6 -0.0 0.9 -0.3 3.9 -5.1 5.4 4.8 10.6 2.2 4

 5 U.S. government securities 0.8 4.9 0.1 1.0 -1.3 0.9 -2.2 0.3 1.7 3.8 -3.3 5

 6 Treasury 0.3 5.1 -0.8 -0.7 -1.2 0.6 -2.4 -0.1 2.2 2.8 -1.8 6

 7 Agency 0.5 -0.2 0.9 1.7 -0.2 0.3 0.2 0.3 -0.5 1.0 -1.5 7

 8 Corporate and foreign bonds -0.5 0.3 1.7 -0.1 0.6 2.8 -1.4 4.8 2.6 5.3 7.1 8

 9 Bank loans n.e.c. -1.9 0.4 -1.8 -0.1 0.4 0.2 -1.5 0.3 0.6 1.4 -1.6 9

10 Miscellaneous assets 3.6 34.8 45.2 25.3 53.0 40.1 34.7 61.4 11.4 53.0 46.8 10

11 Investment in bank subsidiaries 19.4 27.8 31.6 17.5 40.1 28.7 16.7 54.0 13.4 30.6 55.7 11

12 Investment in nonbank subsidiaries -14.3 2.3 13.0 0.2 8.2 0.2 14.1 11.3 -7.8 -16.9 32.2 12

13 Other -1.6 4.8 0.5 7.7 4.6 11.3 4.0 -3.9 5.9 39.3 -41.1 13

14 Net increase in liabilities -8.3 31.6 29.8 3.2 26.8 9.2 1.5 39.3 -27.0 23.0 18.3 14

15 Net interbank liabilities -4.9 3.4 0.9 -1.7 -3.2 7.1 40.0 5.5 -6.9 -10.3 5.8 15

16 To domestic banks 0.8 -2.5 3.2 6.2 0.6 11.2 44.4 -6.5 -1.0 8.0 -15.7 16

17 To foreign banks -5.7 5.8 -2.3 -7.8 -3.8 -4.1 -4.4 12.0 -5.8 -18.3 21.5 17

18 Federal funds and security RPs (net) -0.9 0.2 0.4 -0.2 0.4 0.4 0.6 -0.1 0.6 0.4 0.8 18

19 Credit market instruments -2.5 2.3 8.8 10.3 14.4 2.0 -26.6 28.3 2.9 3.3 8.2 19

20 Commercial paper -5.8 -3.9 5.2 5.9 -1.4 1.9 1.6 15.5 -5.1 -4.5 -0.8 20

21 Corporate bonds 3.3 6.1 3.6 4.3 15.8 0.1 -28.2 12.7 7.9 7.8 9.0 21

22 Corporate equity issues 14.7 15.9 5.4 -5.1 -11.3 -17.7 -13.8 -14.0 -24.1 -19.0 -53.7 22

23 Miscellaneous liabilities -14.7 9.9 14.2 -0.2 26.6 17.5 1.4 19.7 0.5 48.6 57.2 23

24 Equity, etc. 5.2 22.1 22.0 -7.6 12.7 -12.0 -19.5 17.2 -29.2 -16.5 -28.9 24

25 Other -19.9 -12.2 -7.8 7.5 13.9 29.5 20.9 2.5 29.7 65.1 86.2 25

26 Discrepancy 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 26

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets -3.2 2.6 1.7 3.7 5.9 1.1 0.5 2.6 2.1 -0.8 6.5 3

 4 Checkable deposits and currency -0.8 -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 -0.1 4

 5 Credit market instruments -1.9 3.7 2.4 3.3 4.2 1.0 2.1 1.7 0.7 -0.6 6.0 5

 6 U.S. government securities 0.4 2.6 1.7 -0.2 1.5 -1.2 -1.5 -0.3 -0.5 -2.5 5.8 6

 7 Treasury 0.3 1.5 1.5 -0.6 0.2 -1.4 -1.3 0.8 -2.4 -2.8 2.3 7

 8 Agency 0.1 1.1 0.2 0.5 1.3 0.2 -0.1 -1.2 1.9 0.3 3.5 8

 9 Municipal securities -0.1 -0.0 -0.2 0.4 0.1 -0.1 0.1 -0.0 -0.4 -0.3 -0.2 9

10 Corporate and foreign bonds 0.1 0.2 0.2 -0.1 -0.1 -0.1 -0.1 -0.3 -0.3 0.3 0.0 10

11 Bank loans n.e.c. -3.0 0.2 -0.5 1.7 1.8 1.9 2.1 2.1 1.3 2.3 0.4 11

12 Home mortgages -0.0 1.0 1.2 0.6 1.0 0.6 0.5 0.9 1.2 -0.4 -0.6 12

13 Commercial mortgages 0.7 -0.2 0.1 0.9 -0.0 -0.1 0.9 -0.6 -0.7 0.1 0.7 13

14 Miscellaneous assets -0.5 -0.7 -0.4 -0.1 1.6 0.3 -0.8 0.5 1.7 -0.2 0.6 14

15 Net increase in liabilities -3.1 2.5 1.3 3.5 5.5 1.1 0.4 2.3 1.8 -0.1 6.3 15

16 Checkable deposits -0.2 0.6 0.3 0.1 0.2 0.5 -0.8 1.0 0.3 1.3 -0.3 16

17 Small time and savings deposits -1.0 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.1 17

18 Large time deposits -1.0 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.1 18

19 Miscellaneous liabilities -0.9 1.1 1.4 1.8 2.9 0.7 -0.5 -1.1 3.3 1.0 8.8 19

20 Discrepancy 0.1 -0.2 -0.5 -0.2 -0.5 -0.0 -0.2 -0.3 -0.4 0.7 -0.3 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, June 12, 1997

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 17.4 9.2 7.2 6.0 6.1 2.6 6.1 6.1 6.1 -7.9 6.1 1

 2 Fixed nonresidential investment 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.1 1.0 1.0 2

 3 Net acquisition of financial assets -188.3 -93.8 -49.0 -15.6 -0.5 15.7 15.6 26.7 122.3 -101.9 -50.7 3

 4 Reserves at Federal Reserve -0.5 0.1 0.4 -0.6 -0.1 -0.5 -0.0 -0.8 -0.9 -0.1 -0.6 4

 5 Checkable deposits and currency 2.0 -0.6 3.1 -1.5 1.6 -1.3 -6.2 -1.3 2.9 -0.5 -4.5 5

 6 Time and savings deposits -0.3 -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 1.6 -0.1 -0.1 6

 7 Federal funds and security RPs -6.6 -0.6 -3.9 -4.1 4.8 -1.2 -0.0 -7.8 2.6 0.4 -2.6 7

 8 Credit market instruments -158.9 -79.0 -23.3 6.7 -7.5 19.9 34.1 40.5 53.7 -48.8 -10.0 8

 9 Open market paper 0.5 -0.7 -0.3 -0.2 0.0 0.1 0.1 0.0 -0.1 0.6 -1.2 9

10 U.S. government securities -41.5 7.0 -1.5 11.5 -4.1 -9.5 -1.5 7.8 -26.3 -18.1 -1.5 10

11 Treasury -0.9 9.0 -5.7 -1.1 -8.7 -1.0 1.4 2.8 -7.0 -1.3 -1.5 11

12 Agency -40.6 -2.0 4.2 12.6 4.7 -8.5 -2.9 4.9 -19.3 -16.8 0.1 12

13 Municipal securities -0.6 -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.0 0.4 0.1 -0.6 13

14 Corporate and foreign bonds -2.9 7.3 9.1 -2.4 -8.2 -9.9 5.3 -7.1 -7.3 -30.7 -2.9 14

15 Other loans and advances -10.6 -10.1 -1.6 -0.5 2.5 3.0 4.5 1.9 6.4 -1.0 1.6 15

16 Mortgages -96.3 -77.4 -29.5 -2.2 0.6 31.5 23.4 36.4 65.2 1.2 -4.5 16

17 Consumer credit -7.5 -4.8 0.5 0.6 1.6 4.6 2.3 1.7 15.4 -0.9 -0.9 17

18 Corporate equities -1.1 0.3 1.7 -1.8 0.7 0.6 3.0 -1.1 0.0 0.6 -13.2 18

19 Miscellaneous assets -22.9 -12.8 -26.3 -12.5 0.3 -2.2 -14.9 -2.8 62.4 -53.4 -19.7 19

20 Net increase in liabilities -181.5 -92.1 -51.8 -17.8 -3.2 15.4 15.5 29.0 122.8 -105.5 -49.3 20

21 Deposits -112.8 -84.8 -67.4 -51.8 -5.7 -6.5 0.8 -29.6 66.0 -63.0 -11.8 21

22 Checkable 17.3 -1.4 4.4 -5.4 14.1 25.4 25.3 22.5 25.1 28.5 26.2 22

23 Small time and savings -94.9 -75.5 -68.1 -44.4 -28.9 -38.1 -30.9 -49.7 12.7 -84.6 -46.6 23

24 Large time -35.3 -7.9 -3.6 -2.1 9.2 6.3 6.3 -2.4 28.2 -7.0 8.5 24

25 Security RPs -22.9 -1.0 7.5 18.4 -0.0 -0.9 2.1 19.9 -14.3 -11.2 7.8 25

26 Credit market instruments -44.7 -7.0 11.3 12.8 2.6 26.0 11.0 42.1 26.4 24.7 -14.6 26

27 Corporate bonds -4.1 -3.2 -1.5 -0.8 -0.0 -0.4 -0.8 0.8 -1.4 -0.1 -0.3 27

28 Bank loans n.e.c. -0.7 -0.0 -0.5 0.9 5.2 1.4 2.7 -1.9 -1.1 5.9 4.1 28

29 Other loans and advances -39.9 -3.8 13.3 12.7 -2.6 25.0 9.1 43.2 28.9 18.9 -18.5 29

30 Taxes payable 0.2 0.2 0.6 -0.9 0.5 -0.1 0.4 -1.3 0.2 0.2 -0.2 30

31 Miscellaneous liabilities -1.2 0.5 -3.8 3.7 -0.6 -3.2 1.2 -2.1 44.4 -56.2 -30.4 31

32 Investment by parent -1.0 -1.0 0.4 -0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.3 32

33 Other -0.2 1.5 -4.2 3.7 -0.7 -3.4 1.0 -2.3 44.2 -56.4 -30.7 33

34 Discrepancy 23.4 10.1 3.5 2.8 2.4 1.3 5.0 7.3 5.5 -12.6 6.4 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, June 12, 1997 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.1 2.5 3.0 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 1

 2 Fixed nonresidential investment 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 2

 3 Net acquisition of financial assets 22.7 24.7 17.0 11.9 17.1 19.5 40.3 12.2 0.4 25.0 32.6 3

 4 Checkable deposits and currency 0.6 1.2 -0.1 0.0 0.9 0.1 1.2 -1.1 -2.3 2.6 0.0 4

 5 Time and savings deposits 5.0 0.3 -1.3 -8.9 0.4 -0.7 5.2 -3.3 -3.3 -1.5 7.8 5

 6 Federal funds and security RPs -1.4 0.4 -5.1 -2.3 0.2 -4.9 4.4 -7.9 -14.1 -2.2 15.1 6

 7 Credit market instruments 12.8 17.7 21.7 28.1 16.2 25.5 22.1 34.8 20.3 24.8 15.4 7

 8 Open market paper 0.3 0.4 -0.7 -0.1 -1.6 -0.3 -0.9 -0.3 -0.3 0.5 -0.4 8

 9 U.S. government securities 10.7 14.9 10.3 4.0 1.1 4.1 7.9 8.8 -1.5 1.0 -0.4 9

10 Treasury 5.5 5.9 2.6 -0.5 -3.8 -0.9 4.0 -1.0 -3.3 -3.3 1.2 10

11 Agency 5.2 9.1 7.7 4.5 4.9 4.9 3.9 9.8 1.8 4.3 -1.6 11

12 Home mortgages 3.1 3.3 -0.1 6.1 4.4 9.5 6.5 14.4 6.3 10.9 4.5 12

13 Consumer credit -1.3 -0.9 12.2 18.0 12.3 12.2 8.6 11.9 15.9 12.4 11.7 13

14 Mutual fund shares 1.2 1.5 0.1 -1.6 0.2 -0.3 0.1 0.2 -0.7 -0.7 -0.7 14

15 Miscellaneous assets 4.6 3.7 1.7 -3.4 -0.8 -0.2 7.3 -10.5 0.5 1.9 -5.1 15

16 Net increase in liabilities 21.1 21.7 13.3 9.5 13.4 16.4 37.4 9.7 -2.2 20.8 30.0 16

17 Shares/deposits 20.5 21.6 12.6 7.9 15.4 16.3 34.2 10.2 -1.1 22.0 28.7 17

18 Checkable 2.2 4.5 1.7 2.0 2.1 1.6 0.4 6.4 -0.2 -0.3 -0.2 18

19 Small time and savings 17.5 15.5 9.8 5.5 11.6 12.3 31.6 2.0 -3.8 19.3 26.0 19

20 Large time 0.8 1.6 1.1 0.4 1.7 2.4 2.1 1.8 3.0 3.0 3.0 20

21 Other loans and advances 0.0 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 21

22 Miscellaneous liabilities 0.6 0.1 0.5 1.4 -1.9 0.0 3.3 -0.2 -1.4 -1.5 1.5 22

23 Discrepancy -1.2 -1.2 -1.4 -0.4 -1.7 -1.1 -1.0 -0.5 -0.6 -2.2 -0.6 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 16.1 -7.1 1.6 18.8 -47.7 9.8 -1.6 9.6 15.8 15.2 17.0 1

 2 Deposits -1.0 -5.7 -1.1 1.8 1.2 8.5 6.1 8.5 9.7 9.6 9.9 2

 3 Checkable deposits and currency 0.0 -0.1 -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 3

 4 Time and savings deposits -4.6 -5.2 -1.1 1.6 -1.0 -1.1 -1.1 -1.3 -1.1 -0.8 -0.4 4

 5 Money market fund shares 3.6 -0.3 0.1 0.6 2.1 9.4 7.1 9.7 10.7 10.2 10.2 5

 6 Credit market instruments 10.0 8.0 9.5 7.1 -18.8 3.9 -3.5 4.2 7.8 7.2 8.2 6

 7 Open market paper -5.2 -2.5 -3.2 3.5 0.2 -0.4 -0.3 -0.6 -0.6 -0.2 0.2 7

 8 U.S. government securities 2.9 -1.6 1.2 -1.1 -5.3 4.5 1.2 4.6 6.1 5.9 6.4 8

 9 Treasury 1.7 -0.8 0.3 -0.6 -3.3 2.9 0.9 3.0 4.0 3.8 4.1 9

10 Agency 1.2 -0.8 0.9 -0.5 -2.0 1.6 0.4 1.6 2.2 2.1 2.3 10

11 Municipal securities 9.2 6.1 12.9 5.3 -11.1 0.6 -3.1 1.1 2.7 1.7 1.5 11

12 Corporate and foreign bonds 3.4 6.2 -1.1 -0.4 -3.1 -0.5 -1.3 -0.3 0.0 -0.2 -0.2 12

13 Mortgages -0.1 -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 13

14 Corporate equities -8.6 -37.0 -55.2 -8.8 -17.9 -23.2 -24.2 -26.4 -22.1 -20.0 -21.2 14

15 Mutual fund shares 13.5 25.8 44.9 21.7 -11.1 16.4 17.6 18.8 15.3 14.0 16.0 15

16 Miscellaneous assets 2.2 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 16

17 Net increase in liabilities (2) 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 17

18 Discrepancy 1.4 0.1 -0.7 -1.0 -2.0 2.8 1.0 2.1 3.4 4.7 6.5 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, June 12, 1997

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -1.6 -6.1 -9.9 -10.8 -10.1 -5.2 -5.7 -6.7 -4.6 -4.0 -2.8 1

 2 Fixed nonresidential investment 5.7 6.1 6.4 6.7 6.9 7.3 7.2 7.2 7.5 7.3 7.4 2

 3 Net acquisition of financial assets 110.6 97.7 143.0 120.9 144.7 116.5 42.3 78.7 177.0 168.0 160.2 3

 4 Checkable deposits and currency 0.5 -0.6 0.3 0.6 0.7 0.2 -0.2 0.8 0.1 0.1 0.7 4

 5 Money market fund shares 6.9 5.4 6.4 -15.3 6.6 17.9 15.4 15.4 15.4 25.4 16.0 5

 6 Credit market instruments 80.8 79.5 100.9 66.7 99.2 59.7 48.7 2.5 120.1 67.6 56.1 6

 7 Open market paper 0.0 -2.5 3.6 5.9 -7.3 4.5 26.3 9.7 -8.8 -9.1 -9.2 7

 8 U.S. government securities 61.0 37.9 47.7 8.4 9.8 -0.2 -24.2 -38.6 35.7 26.2 32.4 8

 9 Treasury 18.6 10.2 20.1 -2.9 1.0 -4.9 -9.1 -20.6 4.5 5.8 3.6 9

10 Agency 42.4 27.7 27.6 11.3 8.7 4.6 -15.0 -18.0 31.1 20.4 28.8 10

11 Municipal securities -2.1 1.1 3.2 -1.9 -0.9 0.4 1.8 -0.9 1.1 -0.3 1.2 11

12 Corporate and foreign bonds 25.4 55.0 58.3 59.9 90.7 51.9 38.0 23.8 96.7 49.2 27.0 12

13 Policy loans 4.8 5.7 5.7 7.8 10.4 7.1 7.4 4.8 11.8 4.3 9.5 13

14 Mortgages -8.4 -17.5 -17.6 -13.5 -3.4 -4.0 -0.5 3.6 -16.4 -2.6 -4.8 14

15 Corporate equities 17.0 12.4 36.3 61.8 18.6 34.9 -10.0 52.7 47.7 49.0 61.6 15

16 Mutual fund shares 1.0 9.0 6.3 -14.9 13.5 7.0 7.0 7.0 7.0 7.0 4.0 16

17 Miscellaneous assets 4.4 -8.1 -7.3 22.0 6.1 -3.2 -18.7 0.3 -13.3 18.8 21.7 17

18 Net increase in liabilities 96.7 103.1 125.2 120.2 122.4 120.9 48.4 80.9 180.9 173.4 161.5 18

19 Other loans and advances 0.0 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 19

20 Life insurance reserves 25.6 27.7 35.7 34.3 44.8 40.2 20.0 31.1 57.8 52.0 59.4 20

21 Pension fund reserves (1) 50.4 68.9 73.9 69.6 66.2 81.1 40.0 51.9 119.7 112.9 106.6 21

22 Taxes payable -0.0 0.8 0.6 0.1 -0.3 -0.6 -0.5 -0.6 -0.7 -0.8 -0.9 22

23 Miscellaneous liabilities 20.7 5.7 14.8 15.8 11.8 -0.9 -13.6 -1.8 4.4 7.4 -4.4 23

24 Discrepancy -21.1 -6.8 -34.1 -18.2 -39.3 -8.2 -6.9 -11.7 -8.3 -5.8 -8.9 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 0.3 -4.0 0.5 -2.7 4.4 4.4 4.4 4.4 4.4 4.4 4.4 1

 2 Fixed nonresidential investment 2.2 2.3 2.3 2.4 2.5 2.6 2.6 2.6 2.7 2.6 2.7 2

 3 Net acquisition of financial assets 25.2 9.4 31.7 27.0 35.3 39.4 38.9 37.8 40.3 40.6 41.2 3

 4 Checkable deposits and currency -1.1 0.2 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 4

 5 Security RPs -4.1 5.6 -0.9 -2.3 8.1 8.1 8.1 8.1 8.1 8.1 8.1 5

 6 Credit market instruments 30.0 6.7 27.7 24.9 21.5 24.4 23.6 23.7 24.9 25.3 26.2 6

 7 U.S. government securities 33.6 2.3 15.4 11.0 2.8 3.0 2.9 3.0 3.1 3.2 3.3 7

 8 Treasury 23.9 2.6 14.2 9.4 0.5 0.4 0.5 0.4 0.5 0.4 0.4 8

 9 Agency 9.7 -0.3 1.3 1.6 2.3 2.6 2.4 2.6 2.7 2.7 2.8 9

10 Municipal securities -10.7 6.3 10.4 7.4 7.0 8.4 8.1 8.1 8.5 8.7 9.0 10

11 Corporate and foreign bonds 7.4 -1.2 3.3 7.2 12.7 13.9 13.6 13.6 14.2 14.4 14.9 11

12 Commercial mortgages -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -0.9 12

13 Corporate equities -1.2 -0.4 0.8 1.1 -1.5 -1.1 -1.2 -1.2 -1.0 -0.9 -0.8 13

14 Trade receivables 1.9 -0.1 1.7 2.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 14

15 Miscellaneous assets -0.3 -2.7 2.8 1.1 3.0 3.8 4.1 2.9 4.1 3.9 3.4 15

16 Net increase in liabilities 17.5 28.9 23.5 22.4 60.1 63.2 60.6 58.4 60.3 73.5 64.0 16

17 Corporate equity issues 1.9 5.5 7.4 6.5 7.1 7.0 7.0 7.0 6.9 6.9 6.9 17

18 Taxes payable 0.0 0.3 0.2 0.1 -0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 18

19 Miscellaneous liabilities 15.5 23.1 15.8 15.9 53.1 56.4 53.7 51.5 53.5 66.7 57.3 19

20 Discrepancy -9.5 13.2 -10.0 -9.7 26.7 25.6 23.6 22.4 21.6 34.6 24.5 20
Z.1, June 12, 1997 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.9 2.1 1.8 1.7 1.6 1.7 1.6 1.6 1.7 1.7 1.7 1

 2 Fixed nonresidential investment 6.8 7.5 7.8 8.0 8.2 8.7 8.6 8.6 9.0 8.6 8.8 2

 3 Net acquisition of financial assets 66.8 76.1 97.8 88.3 99.5 87.8 82.0 87.6 85.9 95.5 90.8 3

 4 Checkable deposits and currency -0.3 -0.0 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits 0.5 -22.1 -8.4 -6.1 -15.7 -9.7 -8.3 -11.8 -11.4 -7.4 -11.5 5

 6 Money market fund shares 1.0 1.0 6.5 5.3 6.0 0.8 2.8 -3.0 -1.1 4.6 -2.2 6

 7 Security RPs 5.4 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 7

 8 Credit market instruments 37.0 37.5 49.5 47.7 63.1 46.6 69.5 45.4 41.9 29.5 57.6 8

 9 Open market paper 5.4 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 9

10 U.S. government securities 22.0 16.3 23.7 14.3 28.3 13.4 27.1 12.1 11.8 2.7 17.3 10

11 Treasury 14.6 11.2 15.7 10.0 18.2 8.9 16.9 7.8 8.3 2.6 11.1 11

12 Agency 7.4 5.1 8.0 4.3 10.1 4.5 10.1 4.3 3.5 0.2 6.3 12

13 Municipal securities 0.0 -0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.1 13

14 Corporate and foreign bonds 16.2 23.0 22.2 22.7 33.8 27.9 36.3 28.3 26.6 20.5 34.0 14

15 Mortgages -6.7 -3.7 -0.1 1.2 1.1 1.3 1.9 1.4 1.2 0.7 1.7 15

16 Corporate equities 6.9 30.8 15.5 -8.0 6.6 -2.3 -22.0 -3.6 5.3 11.3 -7.9 16

17 Mutual fund shares 6.2 10.2 21.1 20.2 24.9 29.2 32.4 34.3 24.7 25.4 29.6 17

18 Miscellaneous assets 10.2 16.8 9.8 19.8 14.9 19.4 3.7 23.0 24.4 26.5 21.0 18

19 Unallocated insurance contracts (2) 9.1 -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 19

20 Contributions receivable 3.7 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other -2.6 21.3 3.7 9.5 17.0 14.2 11.6 20.8 20.4 3.9 14.5 21

22 Pension fund reserves (liabilities) (3) 71.7 81.5 103.8 94.6 106.1 94.8 88.9 94.6 93.2 102.4 97.9 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 Net acquisition of financial assets 57.2 56.0 53.8 65.7 59.4 54.4 49.4 57.1 54.2 56.8 58.8 1

 2 Checkable deposits and currency -0.7 1.7 0.7 -0.6 -2.2 0.0 1.5 -1.7 -1.9 2.3 -2.5 2

 3 Time and savings deposits 0.4 -2.1 2.7 -3.2 -1.3 -0.1 -2.3 1.2 -0.7 1.4 -3.7 3

 4 Security RPs 5.5 2.4 0.2 7.9 -1.6 7.0 -0.8 1.9 20.9 6.1 2.5 4

 5 Credit market instruments 33.8 5.9 21.1 30.7 22.7 34.5 62.1 50.6 8.0 17.3 -2.8 5

 6 Open market paper 5.5 2.4 0.2 7.9 -1.6 7.0 -1.8 5.0 18.2 6.6 15.8 6

 7 U.S. government securities 8.6 -15.8 12.2 16.8 26.1 20.4 41.5 41.5 -6.0 4.6 -16.5 7

 8 Treasury 7.7 -3.0 16.9 8.8 8.4 9.8 23.2 33.8 -12.6 -5.2 -13.9 8

 9 Agency 0.9 -12.8 -4.7 8.0 17.6 10.6 18.4 7.7 6.5 9.8 -2.5 9

10 Municipal securities -0.1 0.1 0.2 -0.3 0.2 0.0 -0.6 -0.1 0.7 -0.0 -0.6 10

11 Corporate and foreign bonds 18.9 19.6 10.4 5.6 -2.7 6.3 22.2 3.4 -5.7 5.4 -2.4 11

12 Mortgages 0.8 -0.4 -1.9 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 12

13 Corporate equities 31.2 17.7 50.9 19.1 40.6 53.7 51.9 2.9 87.7 72.2 57.1 13

14 Miscellaneous assets -12.9 30.4 -21.7 11.8 1.2 -40.7 -62.9 2.2 -59.7 -42.5 8.1 14

15 Pension fund reserves (liabilities) (1) 57.2 56.0 53.8 65.7 59.4 54.4 49.4 57.1 54.2 56.8 58.8 15

(1) Equal to the net acquisition of financial assets. These liabilities are assets of the household sector.
32 Z.1, June 12, 1997

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 41.6 4.5 20.2 43.3 142.3 145.8 244.0 4.1 147.4 187.7 201.8 1

 2 Foreign deposits -5.3 -1.2 -10.3 5.7 4.0 3.4 6.1 -28.3 13.5 22.4 -9.8 2

 3 Checkable deposits and currency -11.5 -2.4 1.4 -1.3 -1.0 2.4 2.3 0.8 -3.5 9.9 2.8 3

 4 Time and savings deposits 13.2 -0.5 -2.8 -0.5 20.9 30.4 17.1 -8.1 51.1 61.4 66.8 4

 5 Security RPs 8.8 -1.0 0.4 2.4 19.0 16.0 10.1 7.0 16.1 30.7 36.4 5

 6 Credit market instruments 32.7 4.7 20.4 30.0 86.5 88.8 175.0 18.4 88.5 73.4 77.1 6

 7 Open market paper -13.4 -17.0 -9.1 22.7 48.4 38.4 31.4 43.1 53.2 25.9 98.7 7

 8 U.S. government securities 37.6 13.8 14.5 -3.9 17.5 31.3 96.0 -24.6 25.1 28.4 -58.1 8

 9 Treasury 33.4 0.2 1.0 -13.3 3.8 20.3 74.4 2.0 5.1 -0.4 -19.1 9

10 Agency 4.2 13.6 13.5 9.4 13.7 11.0 21.6 -26.6 20.1 28.9 -39.0 10

11 Municipal securities 6.6 5.4 9.6 7.8 14.3 16.8 35.2 -1.8 12.1 21.6 26.6 11

12 Corporate and foreign bonds 1.8 2.5 5.4 3.4 6.4 2.4 12.4 1.6 -1.9 -2.6 9.8 12

13 Miscellaneous assets 3.7 5.0 11.0 6.9 12.8 4.8 33.4 14.4 -18.4 -10.0 28.5 13

14 Net share issues 41.6 4.5 20.2 43.3 142.3 145.8 244.0 4.1 147.4 187.7 201.8 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 -13.3 -18.6 -31.7 -28.3 -26.5 -21.0 -22.7 -21.9 -20.3 -19.0 -17.7 1

 2 Net acquisition of financial assets 133.9 190.5 292.0 100.6 147.4 237.6 281.1 321.8 177.9 169.6 221.2 2

 3 Security RPs 6.1 9.7 16.8 4.4 7.1 -2.7 -28.7 17.8 32.0 -32.0 19.8 3

 4 Credit market instruments 80.1 126.2 159.5 -7.1 52.5 48.9 81.8 54.1 38.3 21.5 37.9 4

 5 Open market paper -16.3 9.7 16.8 4.4 7.1 -3.1 -20.2 3.3 26.3 -21.8 17.5 5

 6 U.S. government securities 40.9 56.8 49.2 -10.4 18.9 15.1 55.0 8.4 -7.7 4.7 7.7 6

 7 Treasury 22.4 36.0 31.4 -6.8 11.2 8.9 32.5 4.9 -4.5 2.8 4.6 7

 8 Agency 18.5 20.8 17.9 -3.6 7.7 6.2 22.5 3.4 -3.1 1.9 3.2 8

 9 Municipal securities 27.2 28.7 42.9 -4.3 3.2 3.1 7.8 2.0 1.3 1.4 -11.1 9

10 Corporate and foreign bonds 28.4 31.0 50.6 3.2 23.3 33.8 39.2 40.4 18.3 37.1 23.8 10

11 Corporate equities 48.5 59.8 115.3 100.8 87.4 193.0 233.1 237.7 127.8 173.5 170.5 11

12 Miscellaneous assets -0.7 -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 -7.1 12

13 Net share issues 147.2 209.1 323.7 128.9 173.9 258.6 303.8 343.7 198.2 188.6 238.8 13

 Memo:

14 Capital gains dividends 14.5 22.2 36.1 30.0 54.6 101.1 40.2 76.0 51.3 236.8 36.2 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 14.6 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 1

 2 Credit market instruments 12.8 18.2 14.4 -3.3 13.3 9.3 10.9 9.8 9.0 7.5 6.7 2

 3 U.S. government securities 3.1 1.7 2.0 -6.2 3.0 1.2 1.9 1.4 1.1 0.4 0.1 3

 4 Municipal securities 11.3 14.3 7.9 7.4 5.0 4.9 4.9 5.0 4.8 4.9 4.8 4

 5 Corporate and foreign bonds -1.6 2.2 4.4 -4.4 5.4 3.2 4.1 3.4 3.1 2.2 1.8 5

 6 Corporate equities 1.8 -0.0 1.8 5.2 -6.2 -2.5 -5.0 -2.9 -1.7 -0.5 -2.0 6

 7 Net share issues 14.6 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 7
Z.1, June 12, 1997 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 3.1 2.9 3.3 3.5 3.9 3.9 3.9 3.9 3.9 3.9 4.0 1

 2 Fixed nonresidential investment 4.3 5.4 6.8 8.5 9.6 10.5 10.1 10.2 10.6 11.0 11.2 2

 3 Net acquisition of financial assets 19.1 55.2 78.3 149.0 113.7 91.0 39.4 107.9 83.3 133.5 21.4 3

 4 Checkable deposits and currency -0.9 -0.0 0.9 -0.9 0.2 -0.8 -2.1 -1.2 -0.4 0.6 0.0 4

 5 Federal funds and security RPs -1.1 -1.0 -16.2 35.4 20.5 -11.8 -9.2 -2.2 0.3 -36.0 -13.8 5

 6 Credit market instruments 15.1 68.8 88.6 120.6 87.9 93.8 33.4 122.2 82.1 137.5 63.2 6

 7 Open market paper 7.1 2.7 -1.7 14.4 -0.8 9.6 10.0 -4.2 -7.8 40.6 30.0 7

 8 U.S. government securities 29.3 30.2 11.2 63.4 63.4 46.7 26.9 76.1 66.9 16.8 75.1 8

 9 Treasury 18.2 17.9 -7.1 0.4 6.1 -12.9 -29.1 27.0 11.4 -61.1 14.4 9

10 Agency 11.1 12.3 18.4 63.1 57.4 59.6 55.9 49.1 55.5 78.0 60.7 10

11 Municipal securities -0.7 0.2 -0.6 0.8 1.0 -0.3 -1.9 0.9 -0.2 -0.2 -1.9 11

12 Corporate and foreign bonds 0.0 0.0 11.1 8.5 5.5 5.6 -7.6 -11.5 -2.8 44.1 -3.5 12

13 Other loans and advances -32.2 3.7 26.5 27.2 11.2 28.8 0.5 50.1 28.4 36.1 -20.9 13

14 Sallie Mae 3.0 1.5 1.8 3.6 0.9 -1.7 -3.9 -2.6 -2.9 2.5 -5.1 14

15 Farm Credit System 2.8 1.4 1.4 0.8 3.9 1.4 8.0 -1.6 -2.0 1.3 3.1 15

16 FHLB loans -38.0 0.8 23.3 22.8 6.4 29.1 -3.6 54.3 33.4 32.3 -18.9 16

17 Mortgages 11.7 32.1 42.1 6.3 7.7 3.5 5.5 10.9 -2.4 0.1 -15.7 17

18 Home 10.9 30.5 40.6 5.4 7.0 2.5 3.0 9.2 -2.6 0.3 -14.9 18

19 Multifamily residential 1.4 1.6 1.7 0.9 0.8 -0.1 0.7 -0.1 -0.7 -0.3 -1.1 19

20 Farm -0.5 -0.1 -0.2 0.1 -0.1 1.1 1.7 1.8 0.8 0.1 0.2 20

21 Miscellaneous assets 6.0 -12.6 5.0 -6.1 5.1 9.8 17.3 -10.9 1.4 31.5 -28.0 21

22 Net increase in liabilities 16.9 52.7 75.7 147.3 112.0 93.1 36.6 106.9 82.2 146.7 22.8 22

23 Credit market instruments 9.1 40.2 80.6 172.1 105.9 90.4 31.4 126.9 80.0 123.3 10.7 23

24 GSE issues (2) 9.2 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 10.7 24

25 U.S. government loans -0.0 -0.0 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 7.8 12.5 -4.9 -24.9 6.1 2.7 5.2 -20.0 2.2 23.4 12.1 26

27 Discrepancy -3.4 -5.0 -6.2 -6.7 -7.5 -4.5 -9.0 -7.2 -7.9 6.2 -5.9 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 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 1

 2 Home mortgages 139.3 117.8 86.1 115.4 93.7 135.1 102.8 164.6 153.4 119.6 96.8 2

 3 Multifamily residential mortgages -2.6 -2.3 -1.4 -0.0 4.5 5.6 3.6 4.5 7.1 7.2 5.0 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) 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 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.

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 54.0 58.5 82.4 69.5 133.2 130.2 137.1 131.1 101.8 150.6 52.6 1

 2 Agency securities (1) -24.0 -29.4 15.0 1.1 1.7 -21.1 -2.7 -18.7 -11.2 -51.8 -35.2 2

 3 Other loans and advances 3.0 2.8 10.0 4.2 7.8 13.4 8.7 16.3 -2.8 31.3 -10.3 3

 4 Student loans 0.0 0.0 0.0 0.0 1.0 5.0 6.0 6.0 4.0 4.0 2.5 4

 5 Loans to business 3.0 2.8 10.0 4.2 6.8 8.4 2.7 10.3 -6.8 27.3 -12.8 5

 6 Mortgages (2) 45.1 62.2 45.3 40.8 36.9 55.3 57.0 58.8 34.0 71.4 54.9 6

 7 Home 40.8 50.9 32.6 23.3 19.9 26.8 29.3 35.7 21.5 20.7 33.2 7

 8 Multifamily residential 3.0 2.6 2.4 6.2 6.4 12.4 12.8 9.3 5.3 22.2 7.2 8

 9 Commercial 1.3 8.7 10.3 11.3 10.6 16.1 14.9 13.7 7.2 28.5 14.5 9

10 Consumer credit 25.9 18.0 9.6 16.7 66.6 57.6 54.3 64.5 55.1 56.3 18.3 10

11 Trade credit 4.1 4.8 2.5 6.7 20.2 25.0 19.8 10.1 26.8 43.3 25.0 11

12 Net increase in liabilities 54.0 58.5 82.4 69.5 133.2 130.2 137.1 131.1 101.8 150.6 52.6 12

13 Commercial paper 7.3 8.6 4.6 9.5 37.3 45.4 35.9 18.4 48.6 78.8 45.4 13

14 Corporate bonds 46.7 49.9 77.8 60.0 95.9 84.7 101.1 112.7 53.2 71.8 7.1 14

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.
34 Z.1, June 12, 1997

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 8.0 9.8 9.7 9.8 8.8 8.8 8.8 8.8 8.8 8.8 8.8 1

 2 Fixed nonresidential investment 6.0 7.0 7.8 8.5 9.0 9.6 9.4 9.4 9.8 9.7 9.9 2

 3 Net acquisition of financial assets 22.3 5.1 19.4 80.7 90.9 75.5 52.0 61.8 88.8 99.3 59.3 3

 4 Checkable deposits and currency 1.2 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 4

 5 Credit market instruments -9.2 7.5 -9.0 68.2 64.2 43.1 40.9 41.3 55.9 34.3 72.3 5

 6 Other loans and advances 2.0 5.5 -6.7 43.0 38.3 22.1 24.5 6.4 36.3 21.4 50.4 6

 7 Mortgages 0.9 5.1 -0.5 6.8 8.1 19.1 9.8 27.0 17.5 22.2 27.6 7

 8 Consumer credit -12.1 -3.2 -1.8 18.4 17.8 1.8 6.6 8.0 2.1 -9.3 -5.7 8

 9 Miscellaneous assets 30.3 -3.7 28.0 12.1 26.3 32.0 10.7 20.0 32.5 64.6 -13.5 9

10 Net increase in liabilities 21.3 2.8 15.1 76.3 79.4 64.8 36.4 62.7 84.0 76.1 56.1 10

11 Credit market instruments 17.7 -1.6 0.2 50.2 51.6 48.4 47.1 68.4 56.9 21.1 43.0 11

12 Open market paper -5.8 -3.1 2.7 25.4 -0.1 8.4 16.3 17.7 10.3 -10.8 26.2 12

13 Corporate bonds 12.2 6.1 9.7 29.0 49.7 35.3 26.7 39.5 40.8 34.0 21.2 13

14 Bank loans n.e.c. 11.3 -4.6 -12.3 -4.2 1.9 4.7 4.1 11.2 5.8 -2.1 -4.5 14

15 Taxes payable -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 15

16 Miscellaneous liabilities 3.7 4.2 14.7 25.9 27.6 16.2 -10.9 -5.9 26.9 54.8 12.9 16

17 Foreign direct investment in U.S. 1.3 2.8 19.5 2.2 10.1 9.8 23.6 5.6 9.3 0.5 19.5 17

18 Investment by parent -2.2 4.0 3.3 8.3 11.3 16.9 0.1 24.4 14.0 29.2 8.0 18

19 Other 4.6 -2.6 -8.1 15.4 6.3 -10.5 -34.6 -36.0 3.6 25.1 -14.6 19

20 Discrepancy 0.9 0.5 -2.5 -3.0 -11.7 -11.4 -16.2 0.3 -5.8 -24.1 -4.3 20

(1) Includes retail captive finance companies.

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 11.2 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -5.0 1

 2 Home mortgages 11.3 -0.4 -0.5 -24.0 -4.5 8.2 51.8 -27.7 4.8 4.0 -5.0 2

 3 Multifamily residential mortgages -0.1 0.3 0.1 0.0 1.1 -0.1 -0.0 0.9 -1.3 0.1 -0.1 3

 4 Commercial mortgages 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 11.2 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -5.0 5

 6 Bank loans n.e.c. -2.4 8.0 0.0 -11.5 0.4 9.9 20.0 16.0 1.6 1.8 -2.6 6

 7 Investment by parent 13.6 -7.9 -0.1 -12.5 -3.8 -1.7 31.8 -42.8 1.8 2.3 -2.4 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -0.0 -0.3 0.5 2.0 2.3 2.3 2.3 2.3 2.3 2.3 2.3 1

 2 Fixed nonresidential investment 1.9 1.7 1.1 14.6 7.1 17.3 12.3 17.2 20.6 19.2 22.0 2

 3 Multifamily residential investment 0.2 2.6 5.2 7.3 3.6 8.7 6.1 8.6 10.3 9.6 11.0 3

 4 Net acquisition of financial assets 0.8 -0.2 3.6 4.6 3.4 2.4 0.9 1.3 1.6 5.6 2.5 4

 5 Mortgages -0.7 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 5

 6 Miscellaneous assets 1.5 -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 0.5 6

 7 Net increase in liabilities 4.5 4.7 18.7 32.5 16.8 29.0 18.6 26.0 31.1 40.2 42.0 7

 8 Security RPs 0.0 1.9 2.1 4.7 1.2 1.6 1.0 1.5 1.7 2.3 1.3 8

 9 Credit market instruments 1.2 0.3 3.4 13.7 6.0 12.8 8.2 11.5 13.7 17.7 18.9 9

10 Open market paper -0.0 -0.0 -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 0.1 1.0 0.3 2.0 2.0 2.8 1.8 2.5 3.0 3.9 2.3 11

12 Bank loans n.e.c. 0.6 -1.3 -0.2 2.5 -1.9 -1.5 -1.3 -1.8 -2.2 -0.6 0.6 12

13 Mortgages 0.5 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 13

14 Corporate equity issues 1.6 2.0 13.2 11.1 8.3 12.3 7.9 11.0 13.2 17.2 21.7 14

15 Miscellaneous liabilities 1.6 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 0.0 15

16 Discrepancy 1.5 0.3 9.3 8.0 4.9 2.9 1.5 1.2 0.9 8.0 8.9 16
Z.1, June 12, 1997 35

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -3.7 -2.7 -1.5 -0.6 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 1

 2 Fixed nonresidential investment 0.5 0.6 0.8 0.8 0.9 1.0 0.9 0.9 1.0 1.0 1.0 2

 3 Net acquisition of financial assets 70.4 49.2 97.0 -24.1 113.4 66.5 5.2 -16.6 71.4 206.1 43.3 3

 4 Checkable deposits and currency -0.1 0.2 1.9 -0.3 1.7 1.9 -3.3 9.6 -0.1 1.4 -6.3 4

 5 Credit market instruments 17.5 -1.3 14.8 -44.2 90.1 -17.1 -109.0 -72.0 35.5 77.0 -11.8 5

 6 Open market paper -4.4 1.2 -0.3 -3.7 10.9 2.1 -21.2 12.6 -7.4 24.4 7.2 6

 7 U.S. government securities 8.4 -14.4 -12.8 -30.2 70.0 -31.8 -68.2 -84.4 33.6 -8.2 -43.8 7

 8 Treasury -1.6 -13.3 -20.7 -14.4 61.0 -33.0 -52.2 -77.2 40.4 -43.0 -38.2 8

 9 Agency 10.0 -1.0 7.8 -15.8 9.0 1.2 -16.0 -7.2 -6.8 34.8 -5.6 9

10 Municipal securities 1.6 1.9 5.8 -1.7 -2.7 -1.9 -15.4 -0.3 -3.7 11.9 -3.4 10

11 Corporate and foreign bonds 12.0 10.0 22.2 -8.7 12.0 14.5 -4.1 0.0 13.1 49.0 28.2 11

12 Corporate equities 2.4 -0.6 8.1 -3.4 7.7 -2.2 -32.3 12.0 -14.0 25.4 -3.3 12

13 Security credit 16.3 -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 22.5 13

14 Miscellaneous assets 34.3 52.6 49.6 24.8 10.3 68.3 107.8 30.8 61.7 72.9 42.1 14

15 Net increase in liabilities 74.1 51.9 98.4 -23.1 114.6 68.0 6.7 -15.1 73.0 207.2 44.0 15

16 Security RPs (net) 25.7 24.0 20.0 -23.0 79.0 -3.1 -39.1 0.2 -10.1 36.6 -41.6 16

17 Corporate bonds 3.7 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 17

18 Corporate equity issues -5.7 -1.9 1.3 4.7 -8.1 -6.5 -5.1 -3.6 -5.8 -11.7 2.7 18

19 Trade payables 0.7 0.6 2.7 -0.9 1.1 4.0 5.4 5.7 5.7 -0.7 13.2 19

20 Security credit 35.2 6.2 38.7 1.0 23.1 36.7 78.5 -40.7 7.3 101.7 80.9 20

21 Customer credit balances (HH) 24.6 -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 18.3 21

22 From banks 10.6 16.9 12.7 -5.7 4.6 1.3 25.1 -24.3 -26.0 30.6 62.6 22

23 Taxes payable 0.2 0.0 0.5 -0.2 -0.1 0.1 -0.2 0.5 -0.5 0.7 -1.0 23

24 Miscellaneous liabilities 4.0 12.9 15.7 1.3 11.2 27.1 -15.6 3.3 59.3 61.5 -13.6 24

25 Foreign direct investment in U.S. 2.0 -0.2 0.2 0.5 0.1 0.3 0.4 -0.2 0.7 0.3 1.4 25

26 Due to affiliates -10.9 28.7 27.4 24.6 24.1 28.7 29.5 86.3 7.1 -8.1 58.6 26

27 Other 12.9 -15.6 -11.9 -23.8 -13.0 -1.9 -45.4 -82.8 51.6 69.3 -73.6 27

28 Proprietors’ net investment 10.4 7.4 7.4 -6.4 13.4 11.6 14.5 6.4 11.4 14.3 6.3 28

29 Discrepancy -0.5 -0.5 -0.9 -0.4 -0.6 -0.5 -0.4 -0.5 -0.4 -0.8 -1.2 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 11.1 47.2 -6.1 44.4 27.6 91.3 200.5 78.4 37.9 48.4 68.7 1

 2 Money market fund shares 15.8 23.5 10.1 31.8 2.4 27.3 32.4 20.5 23.4 32.9 7.0 2

 3 Credit market instruments 2.0 13.3 -35.6 -16.7 4.3 27.5 116.7 15.9 -11.9 -10.9 26.6 3

 4 Open market paper 2.0 13.3 -39.6 -26.7 -5.4 4.7 92.6 -9.0 -39.1 -25.8 14.5 4

 5 Corporate and foreign bonds 0.0 0.0 4.0 10.0 9.8 22.8 24.1 24.9 27.3 14.9 12.0 5

 6 Miscellaneous assets (2) -6.6 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.2 6

 7 Investment in foreign banking offices -17.3 -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 7

 8 Investment in brokers and dealers 10.7 19.2 17.2 16.1 17.8 35.5 47.4 44.6 23.9 25.9 28.2 8

 9 Net increase in liabilities 11.1 47.2 -6.1 44.4 27.6 91.3 200.5 78.4 37.9 48.4 68.7 9

10 Credit market instruments -6.5 13.2 2.9 24.2 32.0 62.1 31.6 70.9 35.0 110.9 106.1 10

11 Open market paper -13.5 1.5 -10.7 4.2 7.6 36.0 -39.6 57.3 26.3 99.9 101.5 11

12 Corporate bonds 6.9 11.7 13.6 20.0 24.4 26.1 71.1 13.6 8.7 11.1 4.6 12

13 Miscellaneous liabilities 17.7 34.0 -9.0 20.2 -4.4 29.2 169.0 7.4 3.0 -62.6 -37.4 13

14 Foreign direct investment in U.S. -0.1 -2.8 16.6 5.1 -11.1 -25.6 19.9 -28.9 -8.6 -84.6 -70.9 14

15 Securities loaned (net) 31.5 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 44.6 15

16 Other -13.8 -13.8 -69.1 -9.5 12.2 -5.0 43.5 8.8 -51.6 -20.7 -11.1 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
36 Z.1, June 12, 1997

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves -5.8 -3.9 1.4 -5.3 9.6 -6.7 -0.1 2.1 -30.0 1.3 -22.5 1

 2 U.S. gold stock and SDRs 0.2 -2.3 0.5 0.4 0.8 -0.4 0.8 0.5 -3.4 0.6 -0.3 2

 3 Federal govt.: Exchange Stab. Fund 0.2 -2.3 0.5 0.4 0.8 -0.4 0.8 0.5 -3.4 0.6 -0.3 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 -5.9 -1.6 0.8 -5.8 8.8 -6.3 -0.9 1.6 -26.6 0.7 -22.2 5

 6 Official foreign currency holdings -6.3 -4.3 0.8 -5.3 6.3 -7.6 -4.3 0.7 -27.3 0.6 -18.0 6

 7 Treasury -3.2 -2.1 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -9.0 7

 8 Monetary authority -3.2 -2.1 0.4 -2.6 3.2 -3.8 -2.1 0.3 -13.6 0.3 -9.0 8

 9 Net IMF position 0.4 2.7 0.0 -0.5 2.5 1.3 3.4 0.9 0.7 0.1 -4.2 9

10 Federal government 0.4 2.7 0.1 -0.5 2.5 1.3 3.4 0.9 0.7 0.1 -4.2 10

11 Monetary authority -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 1

 2 Asset: Monetary authority 0.0 -2.0 0.0 0.0 2.2 -0.5 0.0 0.0 -1.8 0.0 -2.1 2

 Treasury currency:

 3 Liab: Federal government 0.0 0.2 0.4 0.7 0.6 -0.0 0.0 -0.0 2.3 -2.3 0.4 3

 4 Asset: Monetary authority 0.6 0.4 0.6 0.9 1.0 1.0 1.1 1.0 1.1 0.7 0.7 4

 5 Discrepancy (seigniorage) -0.6 -0.2 -0.2 -0.2 -0.5 -1.0 -1.1 -1.0 1.3 -3.1 -0.3 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability -26.5 -3.5 -18.5 54.0 33.5 47.7 85.0 0.9 113.2 -8.5 59.4 1

 Held by:

 2 Household sector 1.0 1.2 0.2 3.2 1.8 4.2 5.4 0.1 7.2 4.0 7.8 2

 3 Nonfinancial corporate business 1.8 -0.7 -1.4 1.1 1.1 10.4 10.8 -2.2 3.8 29.1 19.8 3

 4 Money market mutual funds -5.3 -1.2 -10.3 5.7 4.0 3.4 6.1 -28.3 13.5 22.4 -9.8 4

 5 Discrepancy--unallocated assets -24.0 -2.8 -7.0 44.0 26.7 29.7 62.7 31.3 88.6 -63.9 41.6 5
Z.1, June 12, 1997 37

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -3.4 49.4 50.5 89.8 9.9 -52.7 -90.4 -54.3 -113.0 47.0 -126.3 1

 2 Monetary authority -8.2 0.9 3.7 1.3 1.3 -0.5 -35.1 13.4 3.6 16.3 -35.0 2

 3 Depository institution reserves -9.2 2.7 2.9 -4.2 -1.2 -5.1 -22.8 18.2 -13.9 -1.8 -14.8 3

 4 Vault cash 1.0 -1.7 0.8 5.5 2.4 4.6 -12.2 -4.8 17.5 18.1 -20.3 4

 5 Commercial banking 4.8 48.4 46.9 88.5 8.7 -52.2 -55.3 -67.7 -116.5 30.7 -91.2 5

 6 To monetary authority -1.5 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 6

 7 To banks in foreign countries -19.9 50.3 45.6 92.8 11.1 -53.0 -65.5 -42.3 -114.8 10.7 -114.5 7

 8 Liabilities, net -17.1 48.6 46.3 93.6 10.7 -47.8 -54.2 -46.3 -102.2 11.5 -79.3 8

 9 U.S.-chartered commercial banks -5.7 -6.5 19.3 74.4 -2.7 -31.1 -47.3 -35.8 -58.2 16.8 11.6 9

10 Due to foreign affiliates 7.4 -10.1 6.6 52.6 -14.7 -1.9 -63.2 -9.3 19.7 45.1 27.0 10

11 - Due from foreign affiliates 13.1 -3.7 -12.8 -21.7 -12.0 29.2 -15.9 26.5 77.9 28.4 15.4 11

12 Foreign banking offices in U.S. -5.7 49.3 29.2 27.1 17.2 -12.5 -2.5 -22.6 -38.1 13.0 -112.4 12

13 Due to foreign affiliates 5.4 3.7 -1.7 1.4 15.5 10.5 -16.2 -2.3 -6.5 67.0 -0.4 13

14 - Due from foreign affiliates 11.1 -45.6 -30.9 -25.7 -1.7 23.0 -13.7 20.3 31.5 54.0 112.0 14

15 Bank holding companies -5.7 5.8 -2.3 -7.8 -3.8 -4.1 -4.4 12.0 -5.8 -18.3 21.5 15

16 Due to foreign affiliates -2.2 1.0 -2.3 -2.5 -1.1 -0.2 -1.9 2.0 -1.8 0.8 -1.3 16

17 - Due from foreign affiliates 3.5 -4.8 -0.0 5.3 2.7 3.9 2.5 -10.0 4.0 19.1 -22.8 17

18 Less: Deposits at foreign banks 2.8 -1.7 0.7 0.8 -0.4 5.2 11.3 -4.1 12.6 0.8 35.2 18

19 U.S.-chartered commercial banks 2.9 -1.7 0.7 -0.4 -2.5 5.2 8.1 2.9 10.9 -1.2 32.0 19

20 Foreign banking offices in U.S. -0.1 -0.0 0.0 1.3 2.1 -0.0 3.3 -7.0 1.7 2.0 3.2 20

21 To U.S. banking, net 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 21

22 U.S.-chartered commercial banks 17.9 14.6 13.3 5.6 -7.3 -23.6 -79.7 6.7 -31.5 10.1 0.1 22

23 Liabilities 8.4 -10.6 6.0 4.9 -8.1 -6.7 -26.7 -14.0 -22.6 36.5 11.1 23

24 To foreign offices in U.S. -15.6 -4.8 1.9 8.1 -4.9 -3.0 -37.5 13.0 -14.3 26.8 -18.9 24

25 To bank holding companies -2.2 -0.9 -0.1 -0.4 -0.1 -0.3 -0.0 -0.1 0.9 -2.0 3.1 25

26 Unallocated 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 26

 Less, due from:

27 Foreign offices in U.S. -8.1 -21.8 -10.5 -6.5 -1.3 6.0 8.7 -14.0 9.0 20.3 23.6 27

28 Bank holding companies -1.4 -3.4 3.2 5.8 0.5 10.9 44.4 -6.7 -0.2 6.1 -12.6 28

29 Foreign banking offices in U.S. 7.5 -17.0 -12.3 -14.6 3.6 9.0 46.2 -27.0 23.4 -6.5 42.5 29

30 Due to U.S. banks -8.1 -21.8 -10.5 -6.5 -1.3 6.0 8.7 -14.0 9.0 20.3 23.6 30

31 - Due from U.S. banks -15.6 -4.8 1.9 8.1 -4.9 -3.0 -37.5 13.0 -14.3 26.8 -18.9 31

32 Bank holding companies 0.8 -2.5 3.2 6.2 0.6 11.2 44.4 -6.5 -1.0 8.0 -15.7 32

33 Due to U.S. banks -1.4 -3.4 3.2 5.8 0.5 10.9 44.4 -6.7 -0.2 6.1 -12.6 33

34 - Due from U.S. banks -2.2 -0.9 -0.1 -0.4 -0.1 -0.3 -0.0 -0.1 0.9 -2.0 3.1 34

35 Net change in assets -29.6 54.2 46.3 92.6 13.1 -49.3 -101.3 -27.4 -103.8 35.4 -153.1 35

36 Rest of the world -19.9 50.3 45.6 92.8 11.1 -53.0 -65.5 -42.3 -114.8 10.7 -114.5 36

37 Domestic -9.7 3.9 0.7 -0.2 2.0 3.7 -35.7 14.9 10.9 24.6 -38.6 37

38 Monetary authority -1.5 3.0 -2.9 -1.5 0.7 4.1 -0.7 1.5 7.4 8.3 -3.6 38

39 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 4.2 -0.3 -0.9 3.3 14.6 -19.3 39

40 Loans to member banks 0.0 0.5 -0.6 0.1 -0.1 -0.1 -0.4 2.4 4.1 -6.3 15.7 40

41 Commercial banking -7.8 0.8 3.3 1.9 1.4 -0.0 -35.1 14.2 4.5 16.4 -34.4 41

42 Reserves at Federal Reserve -8.8 2.5 2.5 -3.5 -1.1 -4.6 -22.8 19.0 -13.0 -1.7 -14.1 42

43 Vault cash 1.0 -1.7 0.8 5.5 2.4 4.6 -12.2 -4.8 17.5 18.1 -20.3 43

44 Savings insts.: Reserves at Fed. Res. -0.5 0.1 0.4 -0.6 -0.1 -0.5 -0.0 -0.8 -0.9 -0.1 -0.6 44

45 Discrepancy--floats, etc. 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 45
38 Z.1, June 12, 1997

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 86.3 113.5 117.3 -9.7 -12.8 16.0 43.3 4.5 107.1 -91.0 123.4 1

 2 Monetary authority 29.2 17.6 37.1 25.3 17.0 23.5 41.6 -16.6 46.6 22.2 51.8 2

 3 Federal government cash and deposits 8.8 -10.3 7.2 -7.7 -1.2 1.7 25.2 -42.4 24.9 -0.7 15.7 3

 4 Deposits due to foreign 0.6 -0.7 0.1 -0.1 0.2 -0.1 -0.6 0.1 0.5 -0.2 3.2 4

 5 Currency outside banks 19.8 28.7 29.8 33.1 18.0 21.8 17.0 25.7 21.2 23.1 33.0 5

 6 Commercial banking 37.6 92.8 74.1 -31.7 -45.9 -34.4 -24.1 -7.9 35.7 -141.5 45.5 6

 7 Federal government deposits 5.5 -5.9 12.1 -18.9 -4.7 9.7 25.3 -2.0 38.4 -22.9 14.6 7

 8 Deposits due to foreign -2.0 2.3 -0.4 1.9 0.8 2.7 -3.7 15.9 -8.0 6.6 0.7 8

 9 Private domestic deposits 34.1 96.4 62.4 -14.7 -42.0 -46.8 -45.6 -21.8 5.3 -125.2 30.2 9

10 Savings institutions 17.3 -1.4 4.4 -5.4 14.1 25.4 25.3 22.5 25.1 28.5 26.2 10

11 Credit unions 2.2 4.5 1.7 2.0 2.1 1.6 0.4 6.4 -0.2 -0.3 -0.2 11

12 Net change in assets 86.3 113.5 117.3 -9.7 -12.8 16.0 43.3 4.5 107.1 -91.0 123.4 12

13 Household sector 41.4 92.2 45.0 -29.0 -43.7 -56.1 -17.6 -44.7 -39.2 -122.8 54.2 13

14 Nonfinancial business 17.5 13.7 22.9 24.5 20.8 46.7 40.9 59.4 75.3 11.3 31.2 14

15 Corporate 15.7 6.9 13.6 18.5 17.4 43.1 37.3 55.8 71.7 7.5 25.8 15

16 Nonfarm noncorporate 0.8 5.0 7.6 4.3 3.8 4.3 4.2 4.2 4.2 4.4 4.4 16

17 Farm 1.0 1.8 1.7 1.7 -0.4 -0.6 -0.6 -0.6 -0.6 -0.6 1.0 17

18 State and local governments 6.1 2.2 1.4 2.5 3.0 -2.3 -6.7 0.3 -1.0 -1.8 3.3 18

19 Federal government 27.4 -16.9 20.7 -21.7 -0.0 11.0 41.9 -33.8 35.2 0.6 34.1 19

20 Rest of the world 13.6 19.7 21.9 25.4 14.7 17.7 -12.8 31.6 18.1 33.6 17.9 20

21 Checkable deposits -1.4 1.5 -0.3 1.8 1.1 2.7 -4.4 16.0 -7.5 6.4 3.9 21

22 Currency 15.0 18.2 22.2 23.6 13.6 15.0 -8.4 15.6 25.6 27.2 14.0 22

23 Financial sectors -11.1 0.4 8.0 -3.8 2.2 2.6 -7.3 6.5 -5.3 16.4 -9.5 23

24 Commercial banking -0.8 -0.5 -0.3 0.4 0.2 -0.2 -0.8 0.4 -0.3 -0.1 -0.1 24

25 Savings institutions 2.0 -0.6 3.1 -1.5 1.6 -1.3 -6.2 -1.3 2.9 -0.5 -4.5 25

26 Credit unions 0.6 1.2 -0.1 0.0 0.9 0.1 1.2 -1.1 -2.3 2.6 0.0 26

27 Bank personal trusts and estates 0.0 -0.1 -0.1 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 27

28 Life insurance companies 0.5 -0.6 0.3 0.6 0.7 0.2 -0.2 0.8 0.1 0.1 0.7 28

29 Other insurance companies -1.1 0.2 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 29

30 Private pension funds -0.3 -0.0 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 -0.7 1.7 0.7 -0.6 -2.2 0.0 1.5 -1.7 -1.9 2.3 -2.5 31

32 Money market mutual funds -11.5 -2.4 1.4 -1.3 -1.0 2.4 2.3 0.8 -3.5 9.9 2.8 32

33 Government-sponsored enterprises -0.9 -0.0 0.9 -0.9 0.2 -0.8 -2.1 -1.2 -0.4 0.6 0.0 33

34 Finance companies 1.2 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 34

35 Brokers and dealers -0.1 0.2 1.9 -0.3 1.7 1.9 -3.3 9.6 -0.1 1.4 -6.3 35

36 Mail float -8.6 2.2 -2.8 -7.6 -9.8 -3.6 4.8 -14.8 24.0 -28.2 -7.9 36
Z.1, June 12, 1997 39

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -57.0 -130.4 -93.8 -20.4 162.1 210.9 267.6 78.9 267.1 230.1 216.7 1

 2 Small time and savings deposits 1.5 -57.2 -70.3 -40.0 96.5 97.0 212.5 -4.6 84.6 95.6 170.8 2

 3 Commercial banking 78.9 2.7 -11.9 -1.1 113.7 122.9 211.7 43.1 75.7 160.9 191.4 3

 4 U.S.-chartered commercial banks 80.0 2.1 -10.9 -0.7 113.3 122.7 212.0 44.2 76.7 157.8 148.8 4

 5 Foreign banking offices in U.S. -0.1 0.2 -0.8 -1.1 -0.7 0.1 -1.2 -2.4 -0.2 4.3 43.6 5

 6 Banks in U.S.-affiliated areas -1.0 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.1 6

 7 Savings institutions -94.9 -75.5 -68.1 -44.4 -28.9 -38.1 -30.9 -49.7 12.7 -84.6 -46.6 7

 8 Credit unions 17.5 15.5 9.8 5.5 11.6 12.3 31.6 2.0 -3.8 19.3 26.0 8

 9 Large time deposits (1) -58.5 -73.2 -23.5 19.6 65.6 113.9 55.1 83.5 182.5 134.4 45.8 9

10 Commercial banking -24.0 -66.8 -21.0 21.3 54.8 105.1 46.7 84.2 151.3 138.4 34.3 10

11 U.S.-chartered commercial banks -73.1 -76.2 -20.0 17.9 42.6 49.6 28.1 64.0 65.7 40.3 19.9 11

12 Foreign banking offices in U.S. 50.1 9.0 -0.8 2.6 11.0 55.6 17.7 18.9 86.4 99.3 15.5 12

13 Banks in U.S.-affiliated areas -1.0 0.4 -0.2 0.8 1.2 0.0 0.9 1.2 -0.9 -1.2 -1.1 13

14 Savings institutions -35.3 -7.9 -3.6 -2.1 9.2 6.3 6.3 -2.4 28.2 -7.0 8.5 14

15 Credit unions 0.8 1.6 1.1 0.4 1.7 2.4 2.1 1.8 3.0 3.0 3.0 15

16 Net change in assets -57.0 -130.4 -93.8 -20.4 162.1 210.9 267.6 78.9 267.1 230.1 216.7 16

17 Household sector -54.0 -74.6 -113.0 -4.4 154.5 170.8 247.6 61.2 171.5 203.0 139.0 17

18 Nonfinancial business -6.7 -17.2 28.8 -4.4 0.8 4.7 -9.6 22.9 29.2 -23.6 7.4 18

19 Corporate -6.6 -15.0 22.3 -6.6 -1.5 2.4 -11.9 20.6 26.8 -26.0 5.0 19

20 Nonfarm noncorporate -0.1 -2.2 6.5 2.2 2.3 2.4 2.4 2.4 2.4 2.4 2.4 20

21 State and local governments -10.4 -5.9 -5.0 6.0 9.9 8.5 7.9 11.5 6.0 8.6 1.5 21

22 Federal government 0.1 -0.7 -0.1 -0.1 0.3 1.4 0.4 13.2 -4.1 -3.7 0.2 22

23 Rest of the world -0.2 -1.1 6.8 1.5 -6.6 6.3 11.0 -6.7 28.4 -7.3 9.7 23

24 Financial sectors 14.2 -30.9 -11.4 -18.9 3.2 19.0 10.2 -23.3 36.1 53.1 58.8 24

25 Savings institutions -0.3 -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 1.6 -0.1 -0.1 25

26 Credit unions 5.0 0.3 -1.3 -8.9 0.4 -0.7 5.2 -3.3 -3.3 -1.5 7.8 26

27 Bank personal trusts and estates -4.6 -5.2 -1.1 1.6 -1.0 -1.1 -1.1 -1.3 -1.1 -0.8 -0.4 27

28 Private pension funds 0.5 -22.1 -8.4 -6.1 -15.7 -9.7 -8.3 -11.8 -11.4 -7.4 -11.5 28

29 State and local govt. retirement funds 0.4 -2.1 2.7 -3.2 -1.3 -0.1 -2.3 1.2 -0.7 1.4 -3.7 29

30 Money market mutual funds 13.2 -0.5 -2.8 -0.5 20.9 30.4 17.1 -8.1 51.1 61.4 66.8 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 41.6 4.5 20.2 43.3 142.3 145.8 244.0 4.1 147.4 187.7 201.8 1

 2 Net purchases 41.6 4.5 20.2 43.3 142.3 145.8 244.0 4.1 147.4 187.7 201.8 2

 3 Household sector 9.2 -40.9 -0.6 13.4 100.3 81.7 174.7 -41.2 93.7 99.5 157.9 3

 4 Nonfinancial corporate business 5.2 15.8 -2.5 7.4 24.8 8.5 11.5 2.6 5.0 14.8 12.6 4

 5 Nonfarm noncorporate business -0.1 0.1 0.3 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 5

 6 Bank personal trusts and estates 3.6 -0.3 0.1 0.6 2.1 9.4 7.1 9.7 10.7 10.2 10.2 6

 7 Life insurance companies 6.9 5.4 6.4 -15.3 6.6 17.9 15.4 15.4 15.4 25.4 16.0 7

 8 Private pension funds 1.0 1.0 6.5 5.3 6.0 0.8 2.8 -3.0 -1.1 4.6 -2.2 8

 9 Funding corporations 15.8 23.5 10.1 31.8 2.4 27.3 32.4 20.5 23.4 32.9 7.0 9
40 Z.1, June 12, 1997

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -16.5 43.1 71.2 78.3 110.7 38.6 -19.3 117.9 -29.4 85.3 30.7 1

 2 Commercial banking (net) -19.3 18.2 41.5 78.2 30.5 41.0 16.7 96.3 -6.7 57.7 63.2 2

 3 U.S.-chartered commercial banks -27.1 17.4 45.4 71.7 28.3 28.7 3.5 69.2 -4.5 46.5 27.0 3

 4 Foreign banking offices in U.S. 8.8 0.7 -4.3 6.7 1.8 12.0 12.6 27.2 -2.8 10.8 35.4 4

 5 Bank holding companies -0.9 0.2 0.4 -0.2 0.4 0.4 0.6 -0.1 0.6 0.4 0.8 5

 6 Savings institutions -22.9 -1.0 7.5 18.4 -0.0 -0.9 2.1 19.9 -14.3 -11.2 7.8 6

 7 REITs 0.0 1.9 2.1 4.7 1.2 1.6 1.0 1.5 1.7 2.3 1.3 7

 8 Brokers and dealers (net) 25.7 24.0 20.0 -23.0 79.0 -3.1 -39.1 0.2 -10.1 36.6 -41.6 8

 9 Net change in assets 17.5 38.4 25.1 21.0 55.5 9.7 -46.5 2.8 82.6 0.1 100.7 9

10 Nonfinancial corporate business -0.5 3.4 -2.6 -0.3 0.2 1.4 -0.1 7.4 1.3 -3.1 11.5 10

11 State and local governments 6.7 4.6 10.7 -15.1 -27.0 -16.9 -40.5 -19.6 -25.9 18.5 -11.5 11

12 Rest of the world 1.2 20.9 16.9 -12.0 21.0 3.2 19.6 15.4 0.3 -22.5 52.2 12

13 Financial sectors 10.2 9.5 0.1 48.4 61.2 22.0 -25.5 -0.4 106.9 7.2 48.5 13

14 Monetary authority -2.5 -7.8 5.1 -2.6 3.3 7.7 -13.5 -20.9 38.7 26.5 -21.4 14

15 Savings institutions -6.6 -0.6 -3.9 -4.1 4.8 -1.2 -0.0 -7.8 2.6 0.4 -2.6 15

16 Credit unions -1.4 0.4 -5.1 -2.3 0.2 -4.9 4.4 -7.9 -14.1 -2.2 15.1 16

17 Other insurance companies -4.1 5.6 -0.9 -2.3 8.1 8.1 8.1 8.1 8.1 8.1 8.1 17

18 Private pension funds 5.4 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 18

19 State and local govt. retirement funds 5.5 2.4 0.2 7.9 -1.6 7.0 -0.8 1.9 20.9 6.1 2.5 19

20 Money market mutual funds 8.8 -1.0 0.4 2.4 19.0 16.0 10.1 7.0 16.1 30.7 36.4 20

21 Mutual funds 6.1 9.7 16.8 4.4 7.1 -2.7 -28.7 17.8 32.0 -32.0 19.8 21

22 Government-sponsored enterprises -1.1 -1.0 -16.2 35.4 20.5 -11.8 -9.2 -2.2 0.3 -36.0 -13.8 22

23 Discrepancy--unallocated assets -34.0 4.7 46.1 57.3 55.1 28.9 27.2 115.1 -112.0 85.2 -70.1 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -44.0 13.1 -5.1 35.7 74.3 102.6 39.6 126.3 107.6 136.8 203.4 1

 2 Commercial paper -29.7 17.0 2.5 38.6 75.1 101.6 36.2 129.6 102.6 138.2 198.8 2

 3 Nonfinancial corporate business -18.4 8.6 10.0 21.4 18.1 -0.9 30.3 11.0 -16.1 -29.0 13.1 3

 4 Foreign issues in U.S. 6.4 5.2 -9.0 -27.3 13.6 10.9 -8.5 9.5 38.6 3.8 13.3 4

 5 Financial sectors -17.7 3.2 1.5 44.5 43.4 91.7 14.3 109.0 80.2 163.3 172.4 5

 6 Commercial banking -5.8 -3.9 5.2 5.9 -1.4 1.9 1.6 15.5 -5.1 -4.5 -0.8 6

 7 ABS issuers 7.3 8.6 4.6 9.5 37.3 45.4 35.9 18.4 48.6 78.8 45.4 7

 8 Finance companies -5.8 -3.1 2.7 25.4 -0.1 8.4 16.3 17.7 10.3 -10.8 26.2 8

 9 REITs -0.0 -0.0 -0.3 -0.6 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations -13.5 1.5 -10.7 4.2 7.6 36.0 -39.6 57.3 26.3 99.9 101.5 10

11 Bankers acceptances (1) -14.3 -3.9 -7.7 -2.9 -0.8 1.0 3.5 -3.3 5.0 -1.4 4.7 11

12 Net purchases, by sector -44.0 13.1 -5.1 35.7 74.3 102.6 39.6 126.3 107.6 136.8 203.4 12

13 Household sector -29.9 -3.3 15.6 -10.5 0.3 13.9 -29.5 10.0 40.0 35.1 44.0 13

14 Nonfinancial corporate business 0.9 2.3 2.4 -0.6 1.1 8.0 -4.3 9.6 11.3 15.4 11.0 14

15 State and local governments 5.0 5.2 3.7 4.4 4.6 2.2 1.8 2.5 1.7 2.7 2.3 15

16 Rest of the world 0.6 1.6 5.9 6.0 18.7 11.1 -50.1 45.7 20.9 27.9 -30.4 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) -2.0 -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -1.2 18

19 Savings institutions 0.5 -0.7 -0.3 -0.2 0.0 0.1 0.1 0.0 -0.1 0.6 -1.2 19

20 Credit unions 0.3 0.4 -0.7 -0.1 -1.6 -0.3 -0.9 -0.3 -0.3 0.5 -0.4 20

21 Bank personal trusts and estates -5.2 -2.5 -3.2 3.5 0.2 -0.4 -0.3 -0.6 -0.6 -0.2 0.2 21

22 Life insurance companies 0.0 -2.5 3.6 5.9 -7.3 4.5 26.3 9.7 -8.8 -9.1 -9.2 22

23 Private pension funds 5.4 1.9 3.6 9.5 -0.1 3.9 4.1 3.5 2.3 5.6 4.4 23

24 State and local govt. retirement funds 5.5 2.4 0.2 7.9 -1.6 7.0 -1.8 5.0 18.2 6.6 15.8 24

25 Money market mutual funds -13.4 -17.0 -9.1 22.7 48.4 38.4 31.4 43.1 53.2 25.9 98.7 25

26 Mutual funds -16.3 9.7 16.8 4.4 7.1 -3.1 -20.2 3.3 26.3 -21.8 17.5 26

27 Government-sponsored enterprises 7.1 2.7 -1.7 14.4 -0.8 9.6 10.0 -4.2 -7.8 40.6 30.0 27

28 Brokers and dealers -4.4 1.2 -0.3 -3.7 10.9 2.1 -21.2 12.6 -7.4 24.4 7.2 28

29 Funding corporations 2.0 13.3 -39.6 -26.7 -5.4 4.7 92.6 -9.0 -39.1 -25.8 14.5 29

(1) Excludes banks’ holdings of own acceptances.
Z.1, June 12, 1997 41

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 292.0 303.8 248.3 155.7 142.9 146.6 242.2 60.2 164.4 119.8 95.2 1

 2 Savings bonds 11.9 19.1 14.7 8.0 5.1 2.0 3.4 2.6 1.2 0.9 -2.0 2

 3 Other Treasury issues 280.1 284.6 233.7 147.7 137.9 144.6 238.8 57.5 163.2 118.9 97.2 3

 4 Net purchases 292.0 303.8 248.3 155.7 142.9 146.6 242.2 60.2 164.4 119.8 95.2 4

 5 Household sector -10.6 79.7 21.2 182.8 7.0 -51.2 -76.0 41.7 -77.5 -92.9 -173.2 5

 6 Savings bonds 11.9 19.1 14.7 8.0 5.1 2.0 3.4 2.6 1.2 0.9 -2.0 6

 7 Other Treasury issues -22.6 60.5 6.6 174.8 2.0 -53.2 -79.4 39.1 -78.6 -93.8 -171.2 7

 8 Nonfinancial corporate business 5.8 17.2 -11.8 2.0 -4.8 -3.0 3.0 18.8 -1.8 -32.1 -26.5 8

 9 Nonfarm noncorporate business -0.3 0.7 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 9

10 State and local governments 25.0 -17.4 29.6 -77.8 -127.1 -60.0 -10.1 -125.3 -77.6 -27.2 -23.2 10

11 Rest of the world 33.7 55.6 73.3 65.0 168.2 264.9 269.7 111.3 275.5 403.2 280.2 11

12 Monetary authority 31.4 28.5 37.0 32.5 13.7 12.7 17.3 9.9 19.6 4.0 38.4 12

13 Commercial banking 60.4 61.9 27.8 -31.8 -11.7 -17.0 -27.5 18.7 -22.3 -37.1 32.1 13

14 U.S.-chartered commercial banks 50.3 46.6 20.6 -27.0 -40.4 -34.6 -45.7 1.0 -21.3 -72.5 -21.6 14

15 Foreign banking offices in U.S. 9.4 8.7 6.5 -3.5 29.6 18.4 22.0 17.0 -0.7 35.4 53.1 15

16 Bank holding companies 0.3 5.1 -0.8 -0.7 -1.2 0.6 -2.4 -0.1 2.2 2.8 -1.8 16

17 Banks in U.S.-affiliated areas 0.3 1.5 1.5 -0.6 0.2 -1.4 -1.3 0.8 -2.4 -2.8 2.3 17

18 Savings institutions -0.9 9.0 -5.7 -1.1 -8.7 -1.0 1.4 2.8 -7.0 -1.3 -1.5 18

19 Credit unions 5.5 5.9 2.6 -0.5 -3.8 -0.9 4.0 -1.0 -3.3 -3.3 1.2 19

20 Bank personal trusts and estates 1.7 -0.8 0.3 -0.6 -3.3 2.9 0.9 3.0 4.0 3.8 4.1 20

21 Life insurance companies 18.6 10.2 20.1 -2.9 1.0 -4.9 -9.1 -20.6 4.5 5.8 3.6 21

22 Other insurance companies 23.9 2.6 14.2 9.4 0.5 0.4 0.5 0.4 0.5 0.4 0.4 22

23 Private pension funds 14.6 11.2 15.7 10.0 18.2 8.9 16.9 7.8 8.3 2.6 11.1 23

24 State and local govt. retirement funds 7.7 -3.0 16.9 8.8 8.4 9.8 23.2 33.8 -12.6 -5.2 -13.9 24

25 Money market mutual funds 33.4 0.2 1.0 -13.3 3.8 20.3 74.4 2.0 5.1 -0.4 -19.1 25

26 Mutual funds 22.4 36.0 31.4 -6.8 11.2 8.9 32.5 4.9 -4.5 2.8 4.6 26

27 Closed-end funds 3.1 1.7 2.0 -6.2 3.0 1.2 1.9 1.4 1.1 0.4 0.1 27

28 Government-sponsored enterprises 18.2 17.9 -7.1 0.4 6.1 -12.9 -29.1 27.0 11.4 -61.1 14.4 28

29 Brokers and dealers -1.6 -13.3 -20.7 -14.4 61.0 -33.0 -52.2 -77.2 40.4 -43.0 -38.2 29

 Memo:

30 Federal government borrowing (1) 278.2 304.0 256.1 155.9 144.4 145.0 239.9 62.4 161.3 116.5 93.7 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).
42 Z.1, June 12, 1997

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 132.0 156.1 173.1 292.5 205.6 229.5 135.5 298.3 237.4 246.8 111.0 1

 2 Budget agencies -13.8 0.2 7.8 0.2 1.5 -1.6 -2.3 2.2 -3.1 -3.3 -1.4 2

 3 Government-sponsored enterprises 9.2 40.3 80.6 176.9 105.9 90.4 31.4 126.9 80.0 123.3 10.7 3

 4 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 4

 5 Net purchases 132.0 156.1 173.1 292.5 205.6 229.5 135.5 298.3 237.4 246.8 111.0 5

 6 Household sector 11.8 37.8 -34.3 157.8 -33.0 49.1 -38.9 134.7 132.4 -32.0 -17.3 6

 7 Nonfinancial corporate business 1.8 3.5 10.5 0.8 -1.0 8.4 -7.5 14.8 9.3 17.0 8.5 7

 8 State and local governments 11.7 12.2 0.1 11.6 37.3 17.7 10.6 99.0 -49.0 10.2 7.0 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 10.2 18.3 35.4 21.7 28.7 49.3 57.8 27.7 53.5 58.2 34.5 10

11 Monetary authority -0.3 -0.6 -0.8 -1.0 -1.0 -0.4 -0.4 -0.6 -0.3 -0.3 -0.9 11

12 Commercial banking 50.9 42.8 44.7 5.5 38.7 28.2 15.3 9.7 8.6 79.1 59.1 12

13 U.S.-chartered commercial banks 46.3 38.9 36.2 1.8 23.4 15.2 7.9 4.9 -4.3 52.5 37.0 13

14 Foreign banking offices in U.S. 4.0 2.9 7.4 1.5 14.3 12.4 7.3 5.6 11.5 25.3 20.1 14

15 Bank holding companies 0.5 -0.2 0.9 1.7 -0.2 0.3 0.2 0.3 -0.5 1.0 -1.5 15

16 Banks in U.S.-affiliated areas 0.1 1.1 0.2 0.5 1.3 0.2 -0.1 -1.2 1.9 0.3 3.5 16

17 Savings institutions -40.6 -2.0 4.2 12.6 4.7 -8.5 -2.9 4.9 -19.3 -16.8 0.1 17

18 Credit unions 5.2 9.1 7.7 4.5 4.9 4.9 3.9 9.8 1.8 4.3 -1.6 18

19 Bank personal trusts and estates 1.2 -0.8 0.9 -0.5 -2.0 1.6 0.4 1.6 2.2 2.1 2.3 19

20 Life insurance companies 42.4 27.7 27.6 11.3 8.7 4.6 -15.0 -18.0 31.1 20.4 28.8 20

21 Other insurance companies 9.7 -0.3 1.3 1.6 2.3 2.6 2.4 2.6 2.7 2.7 2.8 21

22 Private pension funds 7.4 5.1 8.0 4.3 10.1 4.5 10.1 4.3 3.5 0.2 6.3 22

23 State and local govt. retirement funds 0.9 -12.8 -4.7 8.0 17.6 10.6 18.4 7.7 6.5 9.8 -2.5 23

24 Money market mutual funds 4.2 13.6 13.5 9.4 13.7 11.0 21.6 -26.6 20.1 28.9 -39.0 24

25 Mutual funds 18.5 20.8 17.9 -3.6 7.7 6.2 22.5 3.4 -3.1 1.9 3.2 25

26 Government-sponsored enterprises 11.1 12.3 18.4 63.1 57.4 59.6 55.9 49.1 55.5 78.0 60.7 26

27 ABS issuers -24.0 -29.4 15.0 1.1 1.7 -21.1 -2.7 -18.7 -11.2 -51.8 -35.2 27

28 Brokers and dealers 10.0 -1.0 7.8 -15.8 9.0 1.2 -16.0 -7.2 -6.8 34.8 -5.6 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.
Z.1, June 12, 1997 43

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 87.8 30.5 74.8 -29.3 -44.2 1.5 -18.9 37.7 -76.2 63.5 26.8 1

 2 State and local governments 81.3 21.3 62.9 -38.7 -37.5 14.7 -1.9 46.2 -59.6 74.2 42.4 2

 3 Short-term (1) 6.9 -1.1 1.8 -2.2 1.2 5.0 -4.8 4.3 1.7 18.8 -4.1 3

 4 Long-term 74.4 22.3 61.1 -36.6 -38.7 9.7 2.9 41.9 -61.3 55.4 46.5 4

 5 Nonprofit organizations (2) 7.7 9.3 11.9 14.5 5.8 4.3 4.1 3.8 4.1 5.1 3.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) -1.2 -0.0 -0.1 -5.1 -12.6 -17.5 -21.1 -12.3 -20.7 -15.8 -19.4 6

 7 Net change in assets 87.8 30.5 74.8 -29.3 -44.2 1.5 -18.9 37.7 -76.2 63.5 26.8 7

 8 Household sector 40.2 -27.2 -27.2 -49.2 -54.1 -34.0 -42.0 10.8 -116.3 11.4 0.6 8

 9 Nonfinancial corporate business 20.1 1.0 8.9 2.0 -1.3 2.7 -11.9 14.2 12.3 -3.6 1.6 9

10 State and local governments 0.0 -1.1 -1.0 -0.9 -0.5 -0.2 -0.2 -0.2 -0.2 -0.1 -0.0 10

11 Commercial banking -14.2 -5.7 1.7 -1.6 -4.2 0.9 -1.6 -1.2 0.2 6.1 -0.9 11

12 Savings institutions -0.6 -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.0 0.4 0.1 -0.6 12

13 Bank personal trusts and estates 9.2 6.1 12.9 5.3 -11.1 0.6 -3.1 1.1 2.7 1.7 1.5 13

14 Life insurance companies -2.1 1.1 3.2 -1.9 -0.9 0.4 1.8 -0.9 1.1 -0.3 1.2 14

15 Other insurance companies -10.7 6.3 10.4 7.4 7.0 8.4 8.1 8.1 8.5 8.7 9.0 15

16 Private pension funds 0.0 -0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.1 16

17 State and local govt. retirement funds -0.1 0.1 0.2 -0.3 0.2 0.0 -0.6 -0.1 0.7 -0.0 -0.6 17

18 Money market mutual funds 6.6 5.4 9.6 7.8 14.3 16.8 35.2 -1.8 12.1 21.6 26.6 18

19 Mutual funds 27.2 28.7 42.9 -4.3 3.2 3.1 7.8 2.0 1.3 1.4 -11.1 19

20 Closed-end funds 11.3 14.3 7.9 7.4 5.0 4.9 4.9 5.0 4.8 4.9 4.8 20

21 Government-sponsored enterprises -0.7 0.2 -0.6 0.8 1.0 -0.3 -1.9 0.9 -0.2 -0.2 -1.9 21

22 Brokers and dealers 1.6 1.9 5.8 -1.7 -2.7 -1.9 -15.4 -0.3 -3.7 11.9 -3.4 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 163.6 167.1 277.3 153.9 307.2 273.6 256.4 287.4 248.2 302.4 142.4 1

 2 Nonfinancial corporate business 78.8 67.6 75.2 23.3 73.3 72.5 60.9 71.5 67.8 89.9 79.4 2

 3 Rest of the world (1) 15.0 16.8 82.9 12.2 48.3 46.8 47.9 11.1 59.7 68.4 17.3 3

 4 Financial sectors 69.9 82.7 119.2 118.4 185.6 154.3 147.6 204.7 120.7 144.1 45.7 4

 5 Commercial banking 4.2 14.5 7.2 7.7 18.5 7.8 -20.7 22.5 10.7 18.5 13.6 5

 6 Savings institutions -4.1 -3.2 -1.5 -0.8 -0.0 -0.4 -0.8 0.8 -1.4 -0.1 -0.3 6

 7 ABS issuers 46.7 49.9 77.8 60.0 95.9 84.7 101.1 112.7 53.2 71.8 7.1 7

 8 Finance companies 12.2 6.1 9.7 29.0 49.7 35.3 26.7 39.5 40.8 34.0 21.2 8

 9 REITs 0.1 1.0 0.3 2.0 2.0 2.8 1.8 2.5 3.0 3.9 2.3 9

10 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -2.0 -31.8 13.2 5.7 4.9 -2.9 10

11 Funding corporations 6.9 11.7 13.6 20.0 24.4 26.1 71.1 13.6 8.7 11.1 4.6 11

12 Net purchases 163.6 167.1 277.3 153.9 307.2 273.6 256.4 287.4 248.2 302.4 142.4 12

13 Household sector 28.9 -7.9 37.8 1.7 51.2 23.2 7.9 89.7 -22.8 18.1 -98.8 13

14 State and local governments 2.0 2.9 5.6 5.4 5.1 0.3 -1.7 0.9 0.3 1.4 1.8 14

15 Rest of the world (2) 16.2 18.1 30.4 38.0 57.2 76.5 72.7 73.6 88.0 71.7 83.3 15

16 Commercial banking 7.6 -1.6 3.5 4.3 8.4 1.7 -4.7 2.7 1.0 7.8 13.6 16

17 Savings institutions -2.9 7.3 9.1 -2.4 -8.2 -9.9 5.3 -7.1 -7.3 -30.7 -2.9 17

18 Bank personal trusts and estates 3.4 6.2 -1.1 -0.4 -3.1 -0.5 -1.3 -0.3 0.0 -0.2 -0.2 18

19 Life insurance companies 25.4 55.0 58.3 59.9 90.7 51.9 38.0 23.8 96.7 49.2 27.0 19

20 Other insurance companies 7.4 -1.2 3.3 7.2 12.7 13.9 13.6 13.6 14.2 14.4 14.9 20

21 Private pension funds 16.2 23.0 22.2 22.7 33.8 27.9 36.3 28.3 26.6 20.5 34.0 21

22 State and local govt. retirement funds 18.9 19.6 10.4 5.6 -2.7 6.3 22.2 3.4 -5.7 5.4 -2.4 22

23 Money market mutual funds 1.8 2.5 5.4 3.4 6.4 2.4 12.4 1.6 -1.9 -2.6 9.8 23

24 Mutual funds 28.4 31.0 50.6 3.2 23.3 33.8 39.2 40.4 18.3 37.1 23.8 24

25 Closed-end funds -1.6 2.2 4.4 -4.4 5.4 3.2 4.1 3.4 3.1 2.2 1.8 25

26 Government-sponsored enterprises 0.0 0.0 11.1 8.5 5.5 5.6 -7.6 -11.5 -2.8 44.1 -3.5 26

27 Brokers and dealers 12.0 10.0 22.2 -8.7 12.0 14.5 -4.1 0.0 13.1 49.0 28.2 27

28 Funding corporations 0.0 0.0 4.0 10.0 9.8 22.8 24.1 24.9 27.3 14.9 12.0 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
44 Z.1, June 12, 1997

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 76.9 103.4 130.1 24.1 -17.7 -18.5 2.5 53.0 -106.3 -23.2 -54.5 1

 2 Nonfinancial corporate business 18.3 27.0 21.3 -44.9 -73.8 -81.2 -92.4 -27.2 -138.8 -66.4 -84.8 2

 3 Rest of the world (2) 30.7 32.4 63.4 48.1 50.7 57.8 89.8 69.7 32.1 39.5 47.3 3

 4 Financial sectors 28.0 44.0 45.4 20.9 5.5 4.9 5.1 10.5 0.5 3.7 -17.0 4

 5 Commercial banking 15.7 20.2 7.3 -3.3 -8.9 -14.6 -10.6 -10.8 -21.2 -15.7 -52.9 5

 6 Other insurance companies 1.9 5.5 7.4 6.5 7.1 7.0 7.0 7.0 6.9 6.9 6.9 6

 7 Closed-end funds 14.6 18.2 16.2 1.9 7.2 6.8 5.9 6.9 7.3 7.0 4.7 7

 8 REITs 1.6 2.0 13.2 11.1 8.3 12.3 7.9 11.0 13.2 17.2 21.7 8

 9 Brokers and dealers -5.7 -1.9 1.3 4.7 -8.1 -6.5 -5.1 -3.6 -5.8 -11.7 2.7 9

10 Net purchases 76.9 103.4 130.1 24.1 -17.7 -18.5 2.5 53.0 -106.3 -23.2 -54.5 10

11 Household sector -33.3 24.8 -68.4 -143.0 -173.9 -284.1 -206.4 -245.6 -334.8 -349.6 -324.7 11

12 State and local governments 1.5 1.5 1.5 1.3 1.6 1.4 2.0 1.3 0.6 1.9 0.9 12

13 Rest of the world (3) 10.4 -5.6 20.9 0.9 16.4 11.5 12.9 25.4 -3.7 11.4 28.1 13

14 Commercial banking 1.7 -0.4 0.9 -1.4 2.1 1.7 0.7 1.7 1.9 2.4 0.3 14

15 Savings institutions -1.1 0.3 1.7 -1.8 0.7 0.6 3.0 -1.1 0.0 0.6 -13.2 15

16 Bank personal trusts and estates -8.6 -37.0 -55.2 -8.8 -17.9 -23.2 -24.2 -26.4 -22.1 -20.0 -21.2 16

17 Life insurance companies 17.0 12.4 36.3 61.8 18.6 34.9 -10.0 52.7 47.7 49.0 61.6 17

18 Other insurance companies -1.2 -0.4 0.8 1.1 -1.5 -1.1 -1.2 -1.2 -1.0 -0.9 -0.8 18

19 Private pension funds 6.9 30.8 15.5 -8.0 6.6 -2.3 -22.0 -3.6 5.3 11.3 -7.9 19

20 State and local govt. retirement funds 31.2 17.7 50.9 19.1 40.6 53.7 51.9 2.9 87.7 72.2 57.1 20

21 Mutual funds 48.5 59.8 115.3 100.8 87.4 193.0 233.1 237.7 127.8 173.5 170.5 21

22 Closed-end funds 1.8 -0.0 1.8 5.2 -6.2 -2.5 -5.0 -2.9 -1.7 -0.5 -2.0 22

23 Brokers and dealers 2.4 -0.6 8.1 -3.4 7.7 -2.2 -32.3 12.0 -14.0 25.4 -3.3 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 147.2 209.1 323.7 128.9 173.9 258.6 303.8 343.7 198.2 188.6 238.8 1

 2 Net purchases 147.2 209.1 323.7 128.9 173.9 258.6 303.8 343.7 198.2 188.6 238.8 2

 3 Household sector 116.5 152.5 237.4 95.5 135.6 200.7 239.8 279.9 146.9 136.0 184.3 3

 4 Nonfinancial corporate business 2.4 5.0 6.8 2.1 4.6 3.3 3.3 3.3 3.3 3.3 3.6 4

 5 State and local governments 4.5 5.5 6.5 7.8 5.9 2.0 3.1 0.9 2.0 2.2 2.1 5

 6 Commercial banking 1.8 -0.4 0.5 -1.9 0.3 0.3 0.6 -0.6 -0.3 1.5 -0.1 6

 7 Credit unions 1.2 1.5 0.1 -1.6 0.2 -0.3 0.1 0.2 -0.7 -0.7 -0.7 7

 8 Bank personal trusts and estates 13.5 25.8 44.9 21.7 -11.1 16.4 17.6 18.8 15.3 14.0 16.0 8

 9 Life insurance companies 1.0 9.0 6.3 -14.9 13.5 7.0 7.0 7.0 7.0 7.0 4.0 9

10 Private pension funds 6.2 10.2 21.1 20.2 24.9 29.2 32.4 34.3 24.7 25.4 29.6 10
Z.1, June 12, 1997 45

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis -3.1 18.5 83.6 183.7 239.8 174.5 162.3 139.7 184.5 211.5 265.9 1

 - Loans elsewhere classified:

 2 Open market paper -2.0 -1.4 -1.9 -1.5 -0.1 0.8 1.7 -4.7 -2.3 8.4 -1.2 2

 3 Mortgages 31.9 19.2 47.3 65.3 77.0 56.2 63.0 26.6 39.5 95.9 90.7 3

 4 Consumer credit -14.5 -6.9 34.2 63.2 44.8 22.3 -2.2 28.5 30.2 32.8 -21.6 4

 5 Security credit 10.6 16.9 12.7 -5.7 4.6 1.3 25.1 -24.3 -26.0 30.6 62.6 5

 6 = Banking sector total bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 93.8 74.7 113.6 143.1 43.8 135.4 6

 7 U.S.-chartered commercial banks -53.5 -19.7 7.4 45.6 75.9 59.4 49.9 65.3 86.7 35.8 114.6 7

 8 Foreign banking offices in U.S. 29.3 9.9 -13.7 15.1 35.4 32.2 24.3 45.9 54.5 4.3 22.1 8

 9 Bank holding companies -1.9 0.4 -1.8 -0.1 0.4 0.2 -1.5 0.3 0.6 1.4 -1.6 9

10 Banks in U.S.-affiliated areas -3.0 0.2 -0.5 1.7 1.8 1.9 2.1 2.1 1.3 2.3 0.4 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. -29.1 -9.3 -8.6 62.3 113.5 93.8 74.7 113.6 143.1 43.8 135.4 12

13 Net change in liabilities -29.1 -9.3 -8.6 62.3 113.5 93.8 74.7 113.6 143.1 43.8 135.4 13

14 Nonfinancial sectors -37.8 -11.4 4.3 74.6 107.9 79.3 49.3 90.1 139.0 38.8 137.8 14

15 Household sector -3.4 2.7 7.0 11.4 13.1 -0.4 -14.7 21.9 2.8 -11.8 24.2 15

16 Corporate business -37.8 -19.3 -10.8 46.7 64.8 48.6 36.2 27.9 110.5 19.8 89.3 16

17 Nonfarm noncorporate business -1.4 2.7 5.3 13.2 20.5 21.4 20.4 22.0 23.4 20.0 26.1 17

18 Farm business 1.7 0.1 2.1 1.9 1.1 0.6 -1.3 3.2 -2.4 2.9 -1.1 18

19 Rest of the world 3.1 2.3 0.7 1.4 8.5 9.1 8.7 15.1 4.7 7.8 -0.6 19

20 Foreign official institutions -0.4 1.0 -1.0 -0.2 0.4 0.3 -1.4 4.4 -0.5 -1.2 -3.5 20

21 Foreign banks 1.0 0.7 1.2 0.0 2.1 3.4 4.9 3.9 -1.8 6.5 -2.3 21

22 Other foreign 2.5 0.6 0.5 1.6 5.9 5.4 5.2 6.9 7.0 2.5 5.2 22

23 Financial sectors 8.8 2.2 -13.0 -12.3 5.6 14.5 25.4 23.5 4.1 5.0 -2.4 23

24 Savings institutions -0.7 -0.0 -0.5 0.9 5.2 1.4 2.7 -1.9 -1.1 5.9 4.1 24

25 Finance companies 11.3 -4.6 -12.3 -4.2 1.9 4.7 4.1 11.2 5.8 -2.1 -4.5 25

26 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 9.9 20.0 16.0 1.6 1.8 -2.6 26

27 REITs 0.6 -1.3 -0.2 2.5 -1.9 -1.5 -1.3 -1.8 -2.2 -0.6 0.6 27
46 Z.1, June 12, 1997

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances -95.6 8.9 8.7 70.7 61.6 66.7 28.6 76.1 116.5 45.8 17.9 1

 2 U.S. government loans -4.9 0.0 -2.9 -10.2 -8.2 -12.4 -11.1 -9.6 -14.1 -14.6 -8.1 2

 3 Liab.: Household sector 2.2 0.7 -1.2 -3.4 -5.5 -8.1 -6.8 -7.7 -8.6 -9.4 -1.7 3

 4 Nonfinancial corporate business -0.8 -0.1 0.2 0.5 0.7 0.5 0.6 0.6 0.5 0.5 0.4 4

 5 Nonfarm noncorporate business 0.1 -0.3 0.6 1.4 1.8 1.5 1.6 1.6 1.5 1.5 1.4 5

 6 Farm business -1.4 -0.4 -0.7 -1.6 -2.5 -3.4 -3.1 -3.3 -3.5 -3.8 -4.0 6

 7 State and local governments 0.4 -0.1 -0.6 -1.1 -1.5 -1.9 -1.7 -1.8 -1.9 -2.0 -2.1 7

 8 Rest of the world -5.4 0.2 -1.1 -1.3 -1.1 -1.1 -1.7 1.0 -2.1 -1.5 -2.2 8

 9 Government-sponsored enterprises -0.0 -0.0 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -47.3 4.9 -15.8 1.6 0.0 3.7 -9.0 10.0 46.5 -32.5 -7.4 10

11 Liab.: Nonfinancial corporate business -47.3 4.9 -15.8 1.6 0.0 3.7 -9.0 10.0 46.5 -32.5 -7.4 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -10.2 -3.6 -6.4 -2.4 -0.6 1.0 3.0 -3.7 4.0 0.8 3.1 12

13 Liab.: Nonfinancial corporate business -5.9 -2.9 -3.3 -2.1 -0.8 -0.7 0.1 -3.4 -1.2 1.5 1.9 13

14 Rest of the world -4.4 -0.7 -3.1 -0.3 0.3 1.7 2.8 -0.3 5.2 -0.7 1.2 14

15 Savings institution loans to business -10.6 -10.1 -1.6 -0.5 2.5 3.0 4.5 1.9 6.4 -1.0 1.6 15

16 Liab.: Nonfinancial corporate business -5.3 -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 16

17 Nonfarm noncorporate business -5.3 -5.0 -0.8 -0.3 1.2 1.5 2.3 0.9 3.2 -0.5 0.8 17

18 Policy loans (Household liability) 4.8 5.7 5.6 7.8 10.5 7.1 7.4 4.8 11.8 4.3 9.5 18

19 Asset: Federal government -0.0 -0.0 -0.0 -0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 4.8 5.7 5.7 7.8 10.4 7.1 7.4 4.8 11.8 4.3 9.5 20

21 Govt.-sponsored enterprises loans -32.2 3.7 26.5 27.2 11.2 28.8 0.5 50.1 28.4 36.1 -20.9 21

22 Liab.: Household sector (SLMA) 2.2 2.9 2.7 3.7 3.9 0.2 -2.0 3.1 -3.5 3.1 -7.9 22

23 Noncorporate business (FCS) 1.4 1.2 1.2 0.0 2.5 -1.2 5.9 -3.6 -3.2 -4.1 -0.0 23

24 Farm business (FCS) 1.4 0.2 0.2 0.8 1.4 2.7 2.1 2.0 1.2 5.4 3.2 24

25 Commercial banks (FHLB and SLMA) 2.7 3.2 8.6 9.3 6.2 1.0 -16.9 5.3 5.1 10.6 1.8 25

26 Savings institutions (FHLB and SLMA) -39.9 -3.8 13.3 12.7 -2.6 25.0 9.1 43.2 28.9 18.9 -18.5 26

27 Credit unions (FHLB) 0.0 0.0 0.2 0.2 -0.1 0.1 -0.1 -0.2 0.3 0.3 -0.2 27

28 Life insurance companies (FHLB) 0.0 0.0 0.2 0.3 -0.1 1.1 2.5 0.3 -0.4 2.0 0.8 28

29 Securitized loans held by ABS issuers 3.0 2.8 10.0 4.2 7.8 13.4 8.7 16.3 -2.8 31.3 -10.3 29

30 Liab.: Households (1) 0.0 0.0 0.0 0.0 1.0 5.0 6.0 6.0 4.0 4.0 2.5 30

31 Nonfinancial corporate business 3.0 2.8 10.0 4.2 6.8 8.4 2.7 10.3 -6.8 27.3 -12.8 31

32 Finance company loans to business 2.0 5.5 -6.7 43.0 38.3 22.1 24.5 6.4 36.3 21.4 50.4 32

33 Liab.: Nonfinancial corporate business 1.8 5.0 -6.0 38.7 34.5 19.9 22.0 5.7 32.7 19.2 45.4 33

34 Nonfarm noncorporate business 0.2 0.6 -0.7 4.3 3.8 2.2 2.4 0.6 3.6 2.1 5.0 34

(1) Student loans.
Z.1, June 12, 1997 47

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in mortgages 156.3 134.1 160.6 206.2 233.8 342.8 385.6 350.1 280.9 354.5 312.4 1

 2 Home 177.1 190.3 186.4 203.9 197.1 281.6 333.5 276.1 248.4 268.5 274.3 2

 3 Multifamily residential -5.5 -10.5 -4.8 4.9 12.5 22.6 17.3 21.8 17.6 33.8 11.6 3

 4 Commercial -15.6 -47.1 -21.5 -4.4 22.6 35.1 32.5 46.9 11.3 49.5 25.1 4

 5 Farm 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 5

 6 Net borrowing 156.3 134.1 160.6 206.2 233.8 342.8 385.6 350.1 280.9 354.5 312.4 6

 7 Household sector 187.4 174.7 169.0 212.1 211.4 302.2 356.9 297.1 267.2 287.5 280.8 7

 8 Nonfinancial business -31.5 -41.1 -12.0 -15.6 16.6 29.2 21.0 42.2 0.7 52.7 15.5 8

 9 Corporate -22.0 -27.5 -11.0 -10.6 11.0 10.4 5.8 26.1 -4.5 14.1 -1.5 9

10 Nonfarm noncorporate -9.9 -15.1 -1.5 -6.8 4.0 15.4 12.9 10.9 1.7 36.0 15.5 10

11 Farm 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 11

12 Federal government 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 0.5 0.6 3.6 9.8 5.9 11.4 7.7 10.8 12.9 14.3 16.0 13

14 Net change in assets 156.3 134.1 160.6 206.2 233.8 342.8 385.6 350.1 280.9 354.5 312.4 14

15 Household sector 7.4 7.0 22.2 7.4 9.5 17.1 57.4 23.6 -30.5 17.9 57.0 15

16 Nonfinancial corporate business 6.2 1.1 -7.8 4.1 5.1 7.5 8.0 6.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -5.0 -0.9 -1.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 17

18 State and local governments 3.5 -0.0 -5.4 2.2 3.3 3.8 2.0 2.2 4.3 6.8 4.5 18

19 Federal government 15.4 -11.9 -15.4 -14.0 -13.4 -9.5 -9.6 -5.6 -12.3 -10.5 -10.5 19

20 Commercial banking 31.9 19.2 47.3 65.3 77.0 56.2 63.0 26.6 39.5 95.9 90.7 20

21 Savings institutions (1) -96.3 -77.4 -29.5 -2.2 0.6 31.5 23.4 36.4 65.2 1.2 -4.5 21

22 Credit unions 3.1 3.3 -0.1 6.1 4.4 9.5 6.5 14.4 6.3 10.9 4.5 22

23 Bank personal trusts and estates -0.1 -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 23

24 Life insurance companies -8.4 -17.5 -17.6 -13.5 -3.4 -4.0 -0.5 3.6 -16.4 -2.6 -4.8 24

25 Other insurance companies -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -0.9 25

26 Private pension funds -6.7 -3.7 -0.1 1.2 1.1 1.3 1.9 1.4 1.2 0.7 1.7 26

27 State and local govt. retirement funds 0.8 -0.4 -1.9 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 27

28 Government-sponsored enterprises (1) 11.7 32.1 42.1 6.3 7.7 3.5 5.5 10.9 -2.4 0.1 -15.7 28

29 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 140.7 106.5 169.1 160.4 126.8 101.8 29

30 ABS issuers 45.1 62.2 45.3 40.8 36.9 55.3 57.0 58.8 34.0 71.4 54.9 30

31 Finance companies 0.9 5.1 -0.5 6.8 8.1 19.1 9.8 27.0 17.5 22.2 27.6 31

32 Mortgage companies 11.2 0.1 -0.0 -24.0 -3.4 8.2 51.8 -26.8 3.4 4.1 -5.0 32

33 REITs -0.7 1.1 0.6 4.7 2.2 3.0 3.4 3.4 3.4 2.0 2.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
48 Z.1, June 12, 1997

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 177.1 190.3 186.4 203.9 197.1 281.6 333.5 276.1 248.4 268.5 274.3 1

 2 Household sector 167.5 163.8 154.3 198.1 198.6 282.3 336.8 276.7 248.0 267.6 271.5 2

 3 Nonfinancial corporate business 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 3

 4 Nonfarm noncorporate business 9.1 26.0 31.6 5.2 -2.1 -1.3 -4.0 -1.3 -0.2 0.3 2.1 4

 5 Net change in assets 177.1 190.3 186.4 203.9 197.1 281.6 333.5 276.1 248.4 268.5 274.3 5

 6 Household sector 7.2 6.2 21.6 5.9 9.1 15.8 56.7 21.3 -32.5 17.5 57.0 6

 7 Nonfinancial corporate business 4.4 2.7 -8.1 7.2 2.4 2.5 4.7 -0.1 3.8 1.5 4.0 7

 8 Nonfarm noncorporate business -0.7 0.6 0.2 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 State and local governments 2.0 -0.6 -6.0 1.0 3.2 2.3 1.2 1.6 3.4 3.1 2.7 9

10 Federal government -0.9 -2.0 -7.2 -5.4 -5.8 -3.8 -6.4 -2.8 -4.8 -1.1 -4.9 10

11 Commercial banking 27.6 25.1 50.0 55.4 53.2 33.3 44.0 -2.2 21.0 70.3 71.2 11

12 Savings institutions -61.8 -48.7 -19.6 7.6 4.7 31.0 29.1 34.3 60.3 0.3 2.1 12

13 Credit unions 3.1 3.3 -0.1 6.1 4.4 9.5 6.5 14.4 6.3 10.9 4.5 13

14 Bank personal trusts and estates -0.1 -0.2 -0.3 -0.2 0.5 -0.3 -0.1 -0.5 -0.5 -0.1 0.3 14

15 Life insurance companies -2.4 0.6 -2.6 -1.6 0.3 -1.5 -0.2 -0.0 -4.3 -1.5 -1.6 15

16 Private pension funds -4.7 -0.8 -0.0 0.3 0.2 0.3 0.4 0.3 0.3 0.2 0.4 16

17 State and local govt. retirement funds 0.2 -0.3 0.1 0.4 0.5 0.6 0.5 0.6 0.6 0.6 0.6 17

18 Government-sponsored enterprises 10.9 30.5 40.6 5.4 7.0 2.5 3.0 9.2 -2.6 0.3 -14.9 18

19 Federally related mortgage pools 139.3 117.8 86.1 115.4 93.7 135.1 102.8 164.6 153.4 119.6 96.8 19

20 ABS issuers 40.8 50.9 32.6 23.3 19.9 26.8 29.3 35.7 21.5 20.7 33.2 20

21 Finance companies 0.9 5.1 -0.5 6.8 8.1 19.1 9.8 27.0 17.5 22.2 27.6 21

22 Mortgage companies 11.3 -0.4 -0.5 -24.0 -4.5 8.2 51.8 -27.7 4.8 4.0 -5.0 22

23 REITs -0.1 0.5 0.1 0.5 0.2 0.3 0.4 0.4 0.4 0.2 0.2 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 -5.5 -10.5 -4.8 4.9 12.5 22.6 17.3 21.8 17.6 33.8 11.6 1

 2 Nonfinancial corporate business 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 2

 3 Nonfarm noncorporate business -6.1 -11.2 -6.5 1.1 9.9 18.2 14.1 17.6 12.7 28.4 5.6 3

 4 Federal government 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.2 0.2 1.2 3.2 1.9 3.8 2.5 3.6 4.2 4.7 5.3 5

 6 Net change in assets -5.5 -10.5 -4.8 4.9 12.5 22.6 17.3 21.8 17.6 33.8 11.6 6

 7 Household sector -0.6 -0.1 0.4 0.6 0.3 -0.0 0.0 0.0 -0.1 -0.1 -0.2 7

 8 Nonfinancial corporate business -1.7 -0.1 0.9 -0.4 0.2 1.1 1.5 0.7 0.7 1.3 0.6 8

 9 Nonfarm noncorporate business -0.6 -0.1 -1.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments 1.0 0.7 0.4 0.7 0.6 1.8 0.9 0.9 1.7 3.5 2.1 10

11 Federal government 8.9 -4.2 -4.5 -2.6 -4.7 -2.5 -1.5 -0.6 -3.7 -4.2 -3.0 11

12 Commercial banking -0.1 1.1 0.6 0.7 4.5 3.2 3.4 2.7 4.6 2.0 3.5 12

13 Savings institutions -11.9 -10.1 -2.4 -3.0 -2.4 -0.4 -5.8 0.6 3.0 0.8 -3.6 13

14 Life insurance companies 0.4 -2.1 -1.8 -1.5 -0.5 -0.4 -0.0 0.4 -1.5 -0.3 -0.5 14

15 Private pension funds -2.2 -0.2 -0.0 0.1 0.1 -0.2 -0.8 0.1 0.1 0.0 0.1 15

16 State and local govt. retirement funds -0.2 -0.7 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 16

17 Government-sponsored enterprises 1.4 1.6 1.7 0.9 0.8 -0.1 0.7 -0.1 -0.7 -0.3 -1.1 17

18 Federally related mortgage pools -2.6 -2.3 -1.4 -0.0 4.5 5.6 3.6 4.5 7.1 7.2 5.0 18

19 ABS issuers 3.0 2.6 2.4 6.2 6.4 12.4 12.8 9.3 5.3 22.2 7.2 19

20 Mortgage companies -0.1 0.3 0.1 0.0 1.1 -0.1 -0.0 0.9 -1.3 0.1 -0.1 20

21 REITs -0.1 3.1 0.4 3.1 1.4 2.0 2.2 2.2 2.2 1.3 1.3 21
Z.1, June 12, 1997 49

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing -15.6 -47.1 -21.5 -4.4 22.6 35.1 32.5 46.9 11.3 49.5 25.1 1

 2 Household sector 19.9 10.9 14.8 13.9 12.8 19.9 20.1 20.4 19.3 19.9 9.3 2

 3 Nonfinancial corporate business -22.9 -28.5 -12.1 -11.8 9.7 9.1 4.6 24.8 -5.8 12.8 -2.8 3

 4 Nonfarm noncorporate business -12.9 -29.9 -26.5 -13.1 -3.9 -1.6 2.7 -5.5 -10.8 7.3 7.8 4

 5 REITs 0.3 0.4 2.4 6.6 3.9 7.7 5.2 7.2 8.6 9.6 10.7 5

 6 Net change in assets -15.6 -47.1 -21.5 -4.4 22.6 35.1 32.5 46.9 11.3 49.5 25.1 6

 7 Household sector -0.1 0.9 1.6 2.2 -0.2 -1.1 -0.8 -1.0 -1.2 -1.4 -1.6 7

 8 Nonfinancial corporate business 3.5 -1.4 -0.5 -2.7 2.6 4.0 1.8 5.4 3.6 5.2 3.4 8

 9 Nonfarm noncorporate business -3.8 -1.4 -0.5 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments 0.6 -0.1 0.2 0.5 -0.5 -0.2 0.2 -0.3 -0.8 0.2 -0.3 10

11 Federal government 7.7 -6.6 -4.5 -7.3 -3.1 -1.7 -0.7 -0.8 -2.0 -3.1 -0.1 11

12 Commercial banking 3.1 -8.4 -4.3 7.5 18.0 18.7 15.2 24.6 12.9 22.2 14.6 12

13 Savings institutions -22.4 -18.5 -7.5 -6.8 -1.8 0.8 -0.0 1.5 1.9 0.1 -3.0 13

14 Life insurance companies -5.6 -15.1 -13.4 -10.5 -3.3 -2.5 -0.2 3.0 -10.8 -2.1 -3.2 14

15 Other insurance companies -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -0.9 15

16 Private pension funds 0.2 -2.7 -0.0 0.9 0.8 1.2 2.3 1.0 0.9 0.5 1.3 16

17 State and local govt. retirement funds 0.8 0.6 -1.9 0.1 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 17

18 ABS issuers 1.3 8.7 10.3 11.3 10.6 16.1 14.9 13.7 7.2 28.5 14.5 18

19 Mortgage companies 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 REITs -0.5 -2.5 0.1 1.1 0.5 0.7 0.8 0.8 0.8 0.5 0.5 20

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 1

 2 Net change in assets 0.4 1.4 0.5 1.8 1.7 3.4 2.3 5.3 3.5 2.6 1.5 2

 3 Household sector 0.9 0.1 -1.4 -1.3 0.3 2.5 1.4 3.2 3.2 2.0 1.8 3

 4 Nonfarm noncorporate business 0.0 0.0 0.1 -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 -0.0 -0.1 -0.3 0.0 0.0 0.0 0.0 5

 6 Federal government -0.4 0.9 0.7 1.2 0.2 -1.5 -0.9 -1.3 -1.7 -2.1 -2.5 6

 7 Commercial banking 1.2 1.4 1.0 1.7 1.3 1.1 0.4 1.5 1.0 1.4 1.4 7

 8 Savings institutions -0.1 -0.1 -0.0 -0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.0 8

 9 Life insurance companies -0.7 -0.8 0.3 0.1 0.1 0.4 -0.0 0.1 0.2 1.3 0.5 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises -0.5 -0.1 -0.2 0.1 -0.1 1.1 1.7 1.8 0.8 0.1 0.2 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 12
50 Z.1, June 12, 1997

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities (Households) -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 1

 2 Net change in assets -13.7 5.0 61.5 126.3 141.6 93.2 122.5 91.2 94.2 65.0 80.2 2

 3 Nonfinancial corporate business -4.2 2.8 6.9 9.4 -1.6 -5.3 52.9 -23.4 -24.4 -26.5 78.4 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 -14.5 -6.9 34.2 63.2 44.8 22.3 -2.2 28.5 30.2 32.8 -21.6 5

 6 Savings institutions -7.5 -4.8 0.5 0.6 1.6 4.6 2.3 1.7 15.4 -0.9 -0.9 6

 7 Credit unions -1.3 -0.9 12.2 18.0 12.3 12.2 8.6 11.9 15.9 12.4 11.7 7

 8 ABS issuers 25.9 18.0 9.6 16.7 66.6 57.6 54.3 64.5 55.1 56.3 18.3 8

 9 Finance companies -12.1 -3.2 -1.8 18.4 17.8 1.8 6.6 8.0 2.1 -9.3 -5.7 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 31.0 46.6 52.4 91.0 102.5 74.3 62.3 137.4 -7.2 104.9 77.3 1

 2 Household sector 8.8 4.7 7.4 7.5 9.4 9.7 9.6 9.6 9.8 9.9 10.0 2

 3 Nonfinancial corporate business 23.1 33.4 36.4 77.3 73.8 52.7 56.6 111.6 -32.1 74.7 34.4 3

 4 Nonfarm noncorporate business -0.3 6.9 -2.5 1.5 3.2 3.8 3.5 3.9 3.9 4.0 4.2 4

 5 Farm business 0.2 0.2 1.0 1.0 1.0 0.1 -3.5 5.4 1.0 -2.6 -2.7 5

 6 State and local governments 0.8 2.3 0.6 0.6 2.2 2.2 1.6 3.2 1.1 2.8 0.9 6

 7 Federal government -5.3 -2.8 3.4 0.4 6.1 4.2 0.3 3.2 4.9 8.3 8.8 7

 8 Rest of the world 3.0 1.2 3.3 3.6 5.7 -2.3 -11.2 -5.2 -1.5 8.6 8.6 8

 9 Brokers and dealers 0.7 0.6 2.7 -0.9 1.1 4.0 5.4 5.7 5.7 -0.7 13.2 9

10 Net change in trade receivables -5.1 35.3 56.4 82.8 129.8 106.3 17.1 110.8 91.4 205.9 78.1 10

11 Nonfinancial corporate business -5.8 27.6 50.7 71.9 98.9 57.8 -22.0 84.5 33.2 135.4 20.0 11

12 Nonfarm noncorporate business -1.1 7.1 -0.8 4.0 5.5 5.2 5.0 5.3 5.2 5.2 5.3 12

13 Federal government -4.9 -7.1 -2.6 -4.2 -0.1 7.0 6.3 5.0 8.7 8.1 10.5 13

14 Rest of the world 0.8 3.0 4.9 2.1 1.0 7.0 3.7 1.6 13.2 9.5 13.0 14

15 Other insurance companies 1.9 -0.1 1.7 2.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 15

16 ABS issuers 4.1 4.8 2.5 6.7 20.2 25.0 19.8 10.1 26.8 43.3 25.0 16

17 Discrepancy 36.1 11.3 -4.0 8.3 -27.3 -32.0 45.1 26.6 -98.6 -101.0 -0.8 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 51.4 4.6 61.4 -0.1 26.7 52.4 120.6 -37.7 -4.3 131.1 103.4 1

 2 Household sector 16.3 -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 22.5 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 35.2 6.2 38.7 1.0 23.1 36.7 78.5 -40.7 7.3 101.7 80.9 4

 5 Customer credit balances (HH) 24.6 -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 18.3 5

 6 From U.S.-chartered commercial banks 2.2 3.1 4.1 -4.6 8.3 -4.8 -8.1 -14.8 -7.8 11.5 22.4 6

 7 From foreign banking offices in U.S. 8.4 13.9 8.6 -1.2 -3.7 6.2 33.2 -9.5 -18.2 19.1 40.1 7

 8 Net change in assets 51.4 4.6 61.4 -0.1 26.7 52.4 120.6 -37.7 -4.3 131.1 103.4 8

 9 Household sector 24.6 -10.8 26.0 6.7 18.6 35.4 53.4 -16.4 33.3 71.1 18.3 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 10.6 16.9 12.7 -5.7 4.6 1.3 25.1 -24.3 -26.0 30.6 62.6 11

12 Brokers and dealers 16.3 -1.6 22.6 -1.1 3.5 15.7 42.1 3.0 -11.7 29.5 22.5 12
Z.1, June 12, 1997 51

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Net change in liabilities 25.9 28.0 36.0 34.5 44.9 40.0 19.0 32.5 56.6 51.8 58.5 1

 2 Federal government 0.3 0.3 0.3 0.2 0.1 -0.3 -1.0 1.4 -1.2 -0.2 -0.9 2

 3 Life insurance companies 25.6 27.7 35.7 34.3 44.8 40.2 20.0 31.1 57.8 52.0 59.4 3

 4 Net change in assets (Households) 25.9 28.0 36.0 34.5 44.9 40.0 19.0 32.5 56.6 51.8 58.5 4

 Pension fund reserves:

 5 Net change in liabilities 204.9 233.8 259.1 257.7 247.6 274.7 260.9 238.3 291.1 308.5 290.9 5

 6 Federal government 25.5 27.5 27.6 27.8 15.9 44.4 82.6 34.7 23.9 36.4 27.7 6

 7 Life insurance companies 50.4 68.9 73.9 69.6 66.2 81.1 40.0 51.9 119.7 112.9 106.6 7

 8 Private pension funds (1) 71.7 81.5 103.8 94.6 106.1 94.8 88.9 94.6 93.2 102.4 97.9 8

 9 State and local govt. retirement funds 57.2 56.0 53.8 65.7 59.4 54.4 49.4 57.1 54.2 56.8 58.8 9

10 Net change in assets (Households) 204.9 233.8 259.1 257.7 247.6 274.7 260.9 238.3 291.1 308.5 290.9 10

(1) Includes unallocated insurance company contracts beginning in 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 -7.4 9.7 5.2 3.2 1.3 2.6 5.6 6.6 -1.2 -0.6 -8.2 1

 businesses

 2 Nonfinancial corporate business -8.2 7.2 2.0 2.4 -0.8 1.1 3.9 5.9 -2.4 -2.9 -8.3 2

 3 Nonfarm noncorporate business 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 3

 4 U.S.-chartered commercial banks -0.0 0.2 0.5 0.7 0.9 1.2 1.1 1.1 1.2 1.3 1.3 4

 5 Savings institutions 0.2 0.2 0.6 -0.9 0.5 -0.1 0.4 -1.3 0.2 0.2 -0.2 5

 6 Life insurance companies -0.0 0.8 0.6 0.1 -0.3 -0.6 -0.5 -0.6 -0.7 -0.8 -0.9 6

 7 Other insurance companies 0.0 0.3 0.2 0.1 -0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 7

 8 Finance companies -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 8

 9 Brokers and dealers 0.2 0.0 0.5 -0.2 -0.1 0.1 -0.2 0.5 -0.5 0.7 -1.0 9

10 Net change in business taxes receivable -5.3 -2.2 -5.9 -5.4 -7.4 -1.1 28.8 -18.3 -11.1 -3.8 26.1 10

11 State and local governments 2.1 0.3 -3.8 -5.1 -6.1 -2.3 -3.2 -1.7 -1.9 -2.5 0.7 11

12 Federal government -7.4 -2.6 -2.1 -0.3 -1.3 1.2 32.0 -16.7 -9.3 -1.3 25.3 12

13 Discrepancy -2.2 11.9 11.1 8.6 8.7 3.7 -23.2 24.9 9.9 3.2 -34.2 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 1

 2 Asset: Household sector 17.5 -7.1 0.9 17.8 -49.7 12.5 -0.6 11.8 19.2 19.8 23.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 18.0 29.9 35.5 27.9 33.5 25.7 26.0 14.8 43.2 18.8 32.2 1

 2 Nonfarm noncorporate business 18.5 26.7 42.5 29.1 28.0 22.5 15.1 27.0 32.6 15.3 23.1 2

 3 Farm business -10.9 -4.2 -14.3 5.3 -7.9 -8.4 -3.7 -18.6 -0.7 -10.9 2.8 3

 4 Brokers and dealers 10.4 7.4 7.4 -6.4 13.4 11.6 14.5 6.4 11.4 14.3 6.3 4
52 Z.1, June 12, 1997

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 255.3 267.8 363.9 290.2 564.0 500.8 596.8 329.6 424.6 652.3 660.2 1

 2 Household sector -0.7 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 2

 3 Nonfinancial corporate business 89.0 59.5 110.5 88.4 207.1 236.1 326.7 57.6 295.9 264.3 306.7 3

 4 Nonfarm noncorporate business 13.2 7.5 3.5 3.8 5.7 6.4 6.4 6.4 6.4 6.4 6.4 4

 5 Federal government 14.3 -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.5 5

 6 Rest of the world 21.6 58.1 113.2 59.8 120.3 112.5 118.9 119.7 5.3 206.0 158.1 6

 7 Monetary authority 1.1 -1.8 1.0 1.3 1.2 -0.3 -12.8 -7.6 14.3 4.7 -17.2 7

 8 Commercial banking 32.9 59.0 90.4 82.4 124.0 20.4 -54.2 149.4 -65.0 51.5 227.3 8

 9 Savings institutions -1.2 0.5 -3.8 3.7 -0.6 -3.2 1.2 -2.1 44.4 -56.2 -30.4 9

10 Credit unions 0.6 0.1 0.5 1.4 -1.9 0.0 3.3 -0.2 -1.4 -1.5 1.5 10

11 Life insurance companies 20.7 5.7 14.8 15.8 11.8 -0.9 -13.6 -1.8 4.4 7.4 -4.4 11

12 Other insurance companies 15.5 23.1 15.8 15.9 53.1 56.4 53.7 51.5 53.5 66.7 57.3 12

13 Government-sponsored enterprises 7.8 12.5 -4.9 -24.9 6.1 2.7 5.2 -20.0 2.2 23.4 12.1 13

14 Finance companies 3.7 4.2 14.7 25.9 27.6 16.2 -10.9 -5.9 26.9 54.8 12.9 14

15 Mortgage companies 13.6 -7.9 -0.1 -12.5 -3.8 -1.7 31.8 -42.8 1.8 2.3 -2.4 15

16 REITs 1.6 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 0.0 16

17 Brokers and dealers 4.0 12.9 15.7 1.3 11.2 27.1 -15.6 3.3 59.3 61.5 -13.6 17

18 Funding corporations 17.7 34.0 -9.0 20.2 -4.4 29.2 169.0 7.4 3.0 -62.6 -37.4 18

19 Net change in assets 270.7 305.8 511.0 429.4 568.3 571.8 743.9 547.2 487.0 509.3 688.7 19

20 Household sector 9.6 17.0 13.1 10.6 49.8 51.5 46.5 50.5 50.7 58.3 59.0 20

21 Nonfinancial corporate business 86.9 96.6 261.3 166.6 265.1 251.9 373.0 154.8 258.9 221.0 279.6 21

22 Nonfarm noncorporate business -0.9 3.6 9.0 4.5 4.7 5.8 4.6 5.2 5.3 8.2 5.8 22

23 Farm business 1.3 2.0 1.5 2.0 2.7 2.9 3.2 3.5 3.6 1.3 4.0 23

24 State and local governments -0.2 3.6 5.4 0.0 0.4 -2.6 6.1 -2.6 -10.8 -3.1 -0.2 24

25 Federal government 36.1 15.4 -3.8 3.3 -2.4 -5.2 -5.8 -3.7 0.7 -12.2 -9.8 25

26 Rest of the world 70.1 26.3 65.4 60.1 89.3 111.2 136.3 145.4 103.4 59.7 187.9 26

27 Monetary authority -2.3 -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 1.0 27

28 Commercial banking 16.5 69.3 77.6 74.5 61.4 23.9 52.0 68.6 -42.8 17.9 70.0 28

29 Savings institutions -22.9 -12.8 -26.3 -12.5 0.3 -2.2 -14.9 -2.8 62.4 -53.4 -19.7 29

30 Credit unions 4.6 3.7 1.7 -3.4 -0.8 -0.2 7.3 -10.5 0.5 1.9 -5.1 30

31 Bank personal trusts and estates 2.2 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 31

32 Life insurance companies 4.4 -8.1 -7.3 22.0 6.1 -3.2 -18.7 0.3 -13.3 18.8 21.7 32

33 Other insurance companies -0.3 -2.7 2.8 1.1 3.0 3.8 4.1 2.9 4.1 3.9 3.4 33

34 Private pension funds 10.2 16.8 9.8 19.8 14.9 19.4 3.7 23.0 24.4 26.5 21.0 34

35 State and local govt. retirement funds -12.9 30.4 -21.7 11.8 1.2 -40.7 -62.9 2.2 -59.7 -42.5 8.1 35

36 Money market mutual funds 3.7 5.0 11.0 6.9 12.8 4.8 33.4 14.4 -18.4 -10.0 28.5 36

37 Mutual funds -0.7 -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 -7.1 37

38 Government-sponsored enterprises 6.0 -12.6 5.0 -6.1 5.1 9.8 17.3 -10.9 1.4 31.5 -28.0 38

39 Finance companies 30.3 -3.7 28.0 12.1 26.3 32.0 10.7 20.0 32.5 64.6 -13.5 39

40 REITs 1.5 -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 0.5 40

41 Brokers and dealers 34.3 52.6 49.6 24.8 10.3 68.3 107.8 30.8 61.7 72.9 42.1 41

42 Funding corporations -6.6 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.2 42

43 Discrepancy -15.4 -37.9 -147.1 -139.2 -4.3 -71.0 -147.1 -217.5 -62.4 143.0 -28.5 43
Z.1, June 12, 1997 53

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 30.4 40.1 78.2 54.5 95.5 88.3 92.7 104.7 36.6 119.2 62.3 1

 2 Equity 17.7 14.6 24.6 12.8 36.3 24.4 36.4 8.1 21.4 31.7 29.8 2

 3 Reinvested earnings 17.0 16.3 30.9 33.5 54.5 56.4 59.7 50.8 50.4 64.5 59.1 3

 4 Intercompany accounts -4.3 9.1 22.7 8.3 4.7 7.6 -3.4 45.8 -35.2 23.0 -26.6 4

 5 Asset: Nonfinancial corporate business 29.4 35.6 52.1 57.8 86.6 66.8 76.6 60.6 61.8 68.3 76.0 5

 6 Commercial banking -1.0 2.0 2.0 1.4 1.3 2.9 2.2 1.9 2.7 4.7 3.0 6

 7 Life insurance companies 0.6 0.3 -0.1 0.1 0.8 1.0 1.1 0.6 0.6 1.7 2.2 7

 8 Other insurance companies -0.3 -2.7 2.8 1.1 3.0 3.8 4.1 2.9 4.1 3.9 3.4 8

 9 Finance companies 1.3 3.7 20.4 -6.5 2.3 9.7 6.9 34.6 -36.0 33.1 -28.5 9

10 Brokers and dealers 0.5 1.2 1.0 0.6 1.6 4.2 1.7 4.1 3.4 7.7 6.1 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 11.8 12.8 2.1 35.2 51.4 91.3 63.8 101.2 75.6 124.6 97.6 11

12 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 12

13 Commercial banking 2.6 3.3 3.3 4.0 5.8 0.1 2.5 -9.9 2.7 5.3 6.7 13

14 Life insurance companies 1.0 1.2 0.6 1.4 1.8 2.3 1.7 1.0 1.7 4.7 2.1 14

15 Other insurance companies 3.5 0.6 0.7 1.3 2.2 5.8 2.9 1.1 3.0 16.2 6.8 15

16 Finance companies 1.3 2.8 19.5 2.2 10.1 9.8 23.6 5.6 9.3 0.5 19.5 16

17 Brokers and dealers 2.0 -0.2 0.2 0.5 0.1 0.3 0.4 -0.2 0.7 0.3 1.4 17

18 Funding corporations -0.1 -2.8 16.6 5.1 -11.1 -25.6 19.9 -28.9 -8.6 -84.6 -70.9 18

19 Asset: Rest of the world 22.0 17.6 43.0 49.8 60.2 84.0 114.8 69.7 84.2 67.1 63.2 19

20 Equity 45.8 31.6 28.1 34.5 39.5 53.2 70.9 28.9 43.7 69.2 61.4 20

21 Reinvested earnings -19.5 -13.4 -9.2 4.5 13.3 15.7 13.5 15.2 18.1 16.0 19.1 21

22 Intercompany accounts -4.3 -0.6 24.1 10.7 7.4 15.1 30.4 25.6 22.4 -18.1 -17.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 23

24 Asset: Federal government 1.5 1.4 1.1 1.4 1.5 1.8 1.8 1.4 1.7 2.3 1.7 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.2 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 25

26 Asset: Commercial banking 0.2 0.4 0.3 0.3 0.3 0.6 0.3 0.4 1.6 0.3 0.6 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises -0.2 -0.1 1.7 1.9 2.0 3.6 2.1 3.6 3.9 4.8 6.3 27

28 Asset: Nonfin. corporate business (FNMA) 0.5 0.0 0.0 0.1 0.0 2.2 1.6 1.4 2.6 2.9 3.7 28

29 Nonfarm noncorporate (BC) 0.0 -0.0 0.2 0.2 0.0 0.7 0.0 0.0 0.0 2.8 0.0 29

30 Farm business (FICB and FLB) 0.2 -0.1 0.1 0.0 -0.1 -0.6 -0.1 0.1 -0.0 -2.5 -0.0 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) 0.6 0.7 1.3 1.6 1.6 0.8 0.8 0.6 0.5 1.5 1.8 32

33 Savings institutions (FHLB) -1.5 -0.9 0.0 -0.0 0.4 0.5 -0.3 1.5 0.8 -0.1 0.8 33

34 Credit unions (FHLB) 0.0 0.0 0.0 0.0 0.1 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 -0.0 0.1 0.1 0.0 0.0 0.2 0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 19.4 27.8 31.6 17.5 40.1 28.7 16.7 54.0 13.4 30.6 55.7 36

37 Savings institutions -1.0 -1.0 0.4 -0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.3 37

38 Finance companies -5.3 1.7 2.4 4.2 5.6 8.5 0.0 12.2 7.0 14.6 4.0 38

39 Mortgage companies 13.6 -7.9 -0.1 -12.5 -3.8 -1.7 31.8 -42.8 1.8 2.3 -2.4 39

40 Brokers and dealers -21.6 9.5 10.2 8.5 6.3 -6.8 -17.9 41.7 -16.9 -34.0 30.4 40

41 Asset: Bank holding companies 5.1 30.1 44.7 17.7 48.3 28.8 30.7 65.3 5.5 13.7 88.0 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 3.1 2.3 0.8 4.1 5.6 8.5 0.0 12.2 7.0 14.6 4.0 42

43 Asset: Nonfinancial corporate business 3.1 2.3 0.8 4.1 5.6 8.5 0.0 12.2 7.0 14.6 4.0 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -17.3 -8.8 2.3 13.2 3.0 1.1 4.0 -2.6 2.4 0.4 7.0 44

45 Brokers and dealers 10.7 19.2 17.2 16.1 17.8 35.5 47.4 44.6 23.9 25.9 28.2 45

46 Asset: Funding corporations -6.6 10.4 19.5 29.3 20.8 36.5 51.4 42.0 26.4 26.4 35.2 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.
54 Z.1, June 12, 1997

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.0 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.3 1

 2 Asset: Federal government 1.0 0.1 0.3 0.2 -0.1 -0.1 0.6 -1.0 -0.3 0.4 0.3 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 1.0 -0.9 -7.0 -7.8 3.3 -1.2 -7.0 -10.6 2.0 10.7 -11.1 5

 6 Asset: Savings institutions 1.0 -0.9 -7.0 -7.8 3.3 -1.2 -7.0 -10.6 2.0 10.7 -11.1 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -0.7 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 7

 8 Asset: Life insurance companies -0.7 0.0 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 4.6 7.5 6.7 6.7 6.1 3.5 0.0 3.1 2.2 8.7 8.4 9

10 Health 4.8 6.9 6.2 6.6 5.2 3.0 0.0 3.1 2.0 6.9 6.6 10

11 Policy dividend accumulation -0.2 0.6 0.5 0.1 0.8 0.5 0.0 0.0 0.2 1.8 1.8 11

12 Asset: Household sector 4.6 7.5 6.7 6.7 6.1 3.5 0.0 3.1 2.2 8.7 8.4 12

 Policy payables:

13 Liab.: Other insurance companies 12.0 22.6 15.2 14.5 50.8 50.6 50.8 50.5 50.5 50.5 50.4 13

14 Asset: Household sector 5.0 9.5 6.3 3.9 43.8 48.0 46.5 47.4 48.5 49.6 50.6 14

15 Nonfinancial corporate business 2.1 13.5 6.6 7.8 3.2 -2.0 -0.0 -1.3 -2.6 -3.9 -5.2 15

16 Nonfarm noncorporate business 3.8 -2.5 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 16

17 Farm business 1.1 2.1 1.4 2.0 2.8 3.6 3.3 3.5 3.7 3.9 4.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 9.1 -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 18

19 Asset: Private pension funds 9.1 -6.1 0.6 6.5 -5.9 1.4 -11.6 -1.6 0.1 18.8 2.7 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.7 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 3.7 1.6 5.5 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 31.5 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 44.6 22

23 Asset: Brokers and dealers 31.5 50.6 43.6 24.6 -5.5 59.7 105.6 27.6 63.2 42.7 44.6 23
Z.1, June 12, 1997 55

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 137.6 90.4 108.8 81.9 276.3 130.1 160.0 -42.4 135.4 267.4 299.0 1

 2 Nonfinancial corporate business 73.5 45.2 102.8 49.4 151.9 141.0 259.1 -47.4 216.5 135.9 205.3 2

 3 Nonfarm noncorporate business 13.2 7.6 3.6 3.7 5.7 6.4 6.4 6.4 6.5 6.4 6.4 3

 4 Federal government 14.3 -0.1 0.7 3.9 4.5 -3.2 -14.5 11.7 -29.6 19.6 -17.5 4

 5 Rest of the world -11.3 16.5 33.6 3.7 23.4 22.4 23.8 14.6 -32.7 83.9 93.9 5

 6 Monetary authority 0.9 -2.2 0.6 1.1 1.0 -1.0 -13.1 -8.0 12.7 4.4 -17.9 6

 7 Commercial banking 28.2 36.8 53.1 47.7 75.0 -9.4 -77.4 107.9 -83.5 15.2 157.9 7

 8 U.S.-chartered commercial banks 8.2 -7.6 14.6 31.3 3.5 -13.3 -50.6 33.8 -16.2 -20.1 61.2 8

 9 Foreign banking offices in U.S. 35.6 33.5 22.9 14.7 42.0 -14.4 -27.6 55.5 -71.0 -14.3 30.7 9

10 Bank holding companies -14.7 9.9 14.2 -0.2 26.6 17.5 1.4 19.7 0.5 48.6 57.2 10

11 Banks in U.S.-affiliated areas -0.9 1.1 1.4 1.8 2.9 0.7 -0.5 -1.1 3.3 1.0 8.8 11

12 Savings institutions -0.2 1.5 -4.2 3.7 -0.7 -3.4 1.0 -2.3 44.2 -56.4 -30.7 12

13 Credit unions 0.6 0.1 0.5 1.4 -1.9 0.0 3.3 -0.2 -1.4 -1.5 1.5 13

14 Life insurance companies 6.0 3.0 6.9 1.3 9.8 -8.1 -3.8 -4.3 0.4 -24.8 -17.6 14

15 Government-sponsored enterprises 6.9 13.5 0.5 -19.0 0.8 0.3 10.1 -13.0 -3.7 8.0 16.9 15

16 Finance companies 4.6 -2.6 -8.1 15.4 6.3 -10.5 -34.6 -36.0 3.6 25.1 -14.6 16

17 REITs 1.6 0.6 -0.1 2.9 1.4 2.3 1.5 2.1 2.5 3.1 0.0 17

18 Brokers and dealers 12.9 -15.6 -11.9 -23.8 -13.0 -1.9 -45.4 -82.8 51.6 69.3 -73.6 18

19 Funding corporations -13.8 -13.8 -69.1 -9.5 12.2 -5.0 43.5 8.8 -51.6 -20.7 -11.1 19

20 Net change in assets 153.0 128.4 256.0 221.1 280.6 201.1 307.0 175.1 197.8 124.4 327.5 20

21 Nonfinancial corporate business 52.0 45.1 201.6 96.8 169.6 176.5 294.8 82.0 190.0 139.1 201.1 21

22 Nonfarm noncorporate business -4.8 6.1 8.0 3.5 3.7 4.1 3.6 4.2 4.3 4.4 4.7 22

23 State and local governments -0.2 3.6 5.4 0.0 0.4 -2.6 6.1 -2.6 -10.8 -3.1 -0.2 23

24 Federal government 33.6 13.9 -5.3 1.7 -3.8 -7.0 -8.1 -4.1 -0.7 -15.0 -11.7 24

25 Rest of the world 48.1 8.7 22.4 10.4 29.1 27.2 21.5 75.7 19.1 -7.4 124.7 25

26 Monetary authority -2.3 -2.2 2.6 2.6 -3.3 2.3 -6.1 -0.6 13.1 2.9 1.0 26

27 Commercial banking 11.5 36.1 29.3 53.5 9.9 -9.2 17.9 0.4 -53.1 -2.2 -23.4 27

28 U.S.-chartered commercial banks -0.7 -2.3 -4.5 8.4 -1.3 1.3 43.2 15.5 -2.8 -50.5 81.5 28

29 Foreign banking offices in U.S. 14.3 34.3 33.8 37.6 5.0 -22.2 -28.5 -11.6 -57.9 9.2 -64.4 29

30 Bank holding companies -1.6 4.8 0.5 7.7 4.6 11.3 4.0 -3.9 5.9 39.3 -41.1 30

31 Banks in U.S.-affiliated areas -0.5 -0.7 -0.4 -0.1 1.6 0.3 -0.8 0.5 1.7 -0.2 0.6 31

32 Savings institutions -22.4 -11.1 -19.3 -4.7 -3.4 -1.4 -7.6 6.3 59.6 -64.0 -9.3 32

33 Credit unions 4.6 3.7 1.7 -3.4 -0.9 -0.2 7.3 -10.6 0.4 1.9 -5.1 33

34 Bank personal trusts and estates 2.2 1.8 3.5 -3.1 -1.1 4.1 2.5 4.5 5.1 4.4 4.1 34

35 Life insurance companies 4.6 -8.4 -8.0 21.0 4.5 -5.1 -20.8 -1.2 -14.7 16.2 18.7 35

36 Private pension funds -2.6 21.3 3.7 9.5 17.0 14.2 11.6 20.8 20.4 3.9 14.5 36

37 State and local govt. retirement funds -12.9 30.4 -21.7 11.8 1.2 -40.7 -62.9 2.2 -59.7 -42.5 8.1 37

38 Money market mutual funds 3.7 5.0 11.0 6.9 12.8 4.8 33.4 14.4 -18.4 -10.0 28.5 38

39 Mutual funds -0.7 -5.2 0.3 2.5 0.5 -1.7 -5.1 12.1 -20.2 6.5 -7.1 39

40 Government-sponsored enterprises 6.0 -12.6 5.0 -6.1 5.1 9.8 17.3 -10.9 1.4 31.5 -28.0 40

41 Finance companies 29.0 -7.4 7.6 18.7 24.0 22.3 3.8 -14.6 68.5 31.5 15.0 41

42 REITs 1.5 -1.2 3.0 -0.1 1.3 -0.7 -2.4 -2.1 -1.8 3.6 0.5 42

43 Brokers and dealers 2.3 0.8 5.0 -0.3 14.2 4.3 0.5 -0.8 -4.9 22.5 -8.6 43

44 Discrepancy -15.4 -37.9 -147.1 -139.2 -4.3 -71.0 -147.1 -217.5 -62.4 143.0 -28.5 44
56 Z.1, June 12, 1997

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1996 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 All sectors -32.5 -44.8 -163.4 -81.7 44.3 26.3 27.8 -4.3 -60.1 141.8 23.1 1

 2 Household sector 31.0 -72.2 -48.4 -69.2 56.9 54.9 23.6 -61.4 109.3 148.2 104.8 2

 3 Nonfinancial corporate business -10.9 44.1 -92.8 -5.6 -10.5 -4.0 38.4 -16.6 -63.2 25.5 -16.5 3

 4 State and local governments -20.8 -29.6 -19.7 -24.8 2.2 9.2 -20.4 28.9 32.9 -4.8 -9.0 4

 5 Federal government 19.2 32.8 7.7 25.4 33.3 40.0 22.5 6.7 36.2 94.6 -12.1 5

 6 Rest of the world -58.7 -53.4 9.6 -22.0 6.1 -83.8 15.2 -70.9 -129.7 -149.6 -112.4 6

 7 Financial sectors 7.8 33.6 -19.9 14.5 -43.7 10.0 -51.5 109.1 -45.6 28.0 68.3 7

 8 Monetary authority -1.0 0.4 -0.5 -3.3 -3.4 -3.6 -4.9 -4.5 -2.8 -2.3 -6.6 8

 9 Commercial banking 17.2 22.5 23.6 46.5 -11.5 6.8 -44.0 100.1 -51.3 22.2 49.5 9

10 Savings institutions 23.4 10.1 3.5 2.8 2.4 1.3 5.0 7.3 5.5 -12.6 6.4 10

11 Credit unions -1.2 -1.2 -1.4 -0.4 -1.7 -1.1 -1.0 -0.5 -0.6 -2.2 -0.6 11

12 Bank personal trusts and estates 1.4 0.1 -0.7 -1.0 -2.0 2.8 1.0 2.1 3.4 4.7 6.5 12

13 Life insurance companies -21.1 -6.8 -34.1 -18.2 -39.3 -8.2 -6.9 -11.7 -8.3 -5.8 -8.9 13

14 Other insurance companies -9.5 13.2 -10.0 -9.7 26.7 25.6 23.6 22.4 21.6 34.6 24.5 14

15 Government-sponsored enterprises -3.4 -5.0 -6.2 -6.7 -7.5 -4.5 -9.0 -7.2 -7.9 6.2 -5.9 15

16 Finance companies 0.9 0.5 -2.5 -3.0 -11.7 -11.4 -16.2 0.3 -5.8 -24.1 -4.3 16

17 REITs 1.5 0.3 9.3 8.0 4.9 2.9 1.5 1.2 0.9 8.0 8.9 17

18 Brokers and dealers -0.5 -0.5 -0.9 -0.4 -0.6 -0.5 -0.4 -0.5 -0.4 -0.8 -1.2 18

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -32.5 -44.8 -163.4 -81.7 44.3 26.3 27.8 -4.3 -60.1 141.8 23.1 1

 2 Treasury currency -0.6 -0.2 -0.2 -0.2 -0.5 -1.0 -1.1 -1.0 1.3 -3.1 -0.3 2

 3 Foreign deposits -24.0 -2.8 -7.0 44.0 26.7 29.7 62.7 31.3 88.6 -63.9 41.6 3

 4 Net interbank transactions 26.2 -4.9 4.2 -2.7 -3.1 -3.4 10.9 -26.9 -9.2 11.6 26.9 4

 5 Security RPs -34.0 4.7 46.1 57.3 55.1 28.9 27.2 115.1 -112.0 85.2 -70.1 5

 Mail floats:

 6 Federal government -13.1 0.7 -1.5 -4.8 -6.0 0.5 8.6 -10.5 28.0 -24.2 -3.9 6

 7 Other 4.5 1.6 -1.3 -2.8 -3.8 -4.0 -3.8 -4.2 -4.0 -4.0 -4.1 7

 8 Trade credit 36.1 11.3 -4.0 8.3 -27.3 -32.0 45.1 26.6 -98.6 -101.0 -0.8 8

 9 Taxes payable -2.2 11.9 11.1 8.6 8.7 3.7 -23.2 24.9 9.9 3.2 -34.2 9

10 Miscellaneous -15.4 -37.9 -147.1 -139.2 -4.3 -71.0 -147.1 -217.5 -62.4 143.0 -28.5 10

11 Nonfinancial -10.1 -29.1 -63.6 -50.1 -1.3 74.9 48.4 58.0 98.4 94.9 96.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 10.1 44.8 59.0 34.6 -1.4 -74.9 -50.3 -58.0 -98.4 -93.0 -98.4 12

13 Private wage accruals less disbursements 0.0 -15.8 4.7 15.5 2.7 0.0 1.9 0.0 0.0 -1.9 1.9 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
Z.1, June 12, 1997 57

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total credit market debt owed by: 13774.1 14416.6 15235.3 16246.0 17331.7 18570.6 18861.0 19194.7 19531.3 19920.9 20179.4 1

 2 Domestic nonfinancial sectors 10874.1 11346.4 11895.1 12538.8 13166.6 13886.3 14084.8 14237.3 14424.5 14638.1 14808.2 2

 3 Federal government 2498.1 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3

 4 Nonfederal sectors 8376.0 8570.0 8814.8 9202.3 9674.3 10249.6 10367.6 10543.5 10691.4 10856.3 10978.4 4

 5 Household sector 3640.3 3827.1 4028.1 4287.0 4659.0 5040.9 5103.4 5216.2 5329.0 5444.3 5482.8 5

 6 Nonfinancial corporate business 2456.6 2399.8 2435.6 2495.7 2620.8 2817.8 2863.9 2906.1 2945.9 2964.2 3026.3 6

 7 Nonfarm noncorporate business 1150.5 1133.3 1118.9 1123.1 1135.0 1168.7 1180.0 1188.2 1195.2 1209.5 1221.6 7

 8 Farm business 135.4 134.9 136.3 138.3 141.1 142.7 140.3 145.3 146.2 146.0 143.5 8

 9 State and local governments 993.2 1074.8 1095.9 1158.2 1118.4 1079.4 1080.0 1087.7 1075.1 1092.3 1104.3 9

10 Rest of the world 286.1 300.8 315.2 385.6 370.4 439.9 450.8 459.6 487.1 507.2 513.3 10

11 Financial sectors 2613.9 2769.4 3025.0 3321.7 3794.6 4244.4 4325.4 4497.8 4619.7 4775.6 4857.9 11

12 Commercial banking 197.7 184.6 194.6 208.0 228.1 250.6 241.8 252.0 255.8 262.2 266.6 12

13 U.S.-chartered commercial banks 48.5 47.4 58.8 68.6 81.0 92.2 90.4 94.8 97.8 102.6 104.8 13

14 Foreign banking offices in U.S. 34.5 24.9 21.2 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.8 14

15 Bank holding companies 114.8 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 152.0 15

16 Savings institutions 140.1 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 16

17 Credit unions 0.0 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 17

18 Life insurance companies 0.0 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 18

19 Government-sponsored enterprises 398.5 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 899.6 19

20 Federally related mortgage pools 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 20

21 ABS issuers 285.4 339.5 404.3 486.7 556.2 689.4 720.3 751.7 779.3 819.6 829.1 21

22 Finance companies 374.2 391.9 390.4 390.5 440.7 492.3 499.8 514.4 528.4 540.7 546.9 22

23 Mortgage companies 24.6 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 29.0 28.3 23

24 REITs 12.4 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 24

25 Brokers and dealers 15.3 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 25

26 Funding corporations 145.7 139.1 161.6 169.9 199.3 233.9 245.6 265.6 274.5 296.0 326.6 26

27 Total credit market assets held by: 13774.1 14416.6 15235.3 16246.0 17331.7 18570.6 18861.0 19194.7 19531.3 19920.9 20179.4 27

28 Domestic nonfederal nonfinancial sectors 2447.7 2610.1 2717.7 2786.5 3069.6 2935.9 2891.1 2972.5 2949.2 2963.1 2911.2 28

29 Household sector 1501.4 1591.3 1669.4 1693.0 2013.3 1959.1 1928.1 1999.9 2002.4 2003.8 1958.8 29

30 Nonfinancial corporate business 199.4 230.0 257.8 271.5 289.2 286.8 273.6 285.7 291.6 305.1 301.3 30

31 Nonfarm noncorporate business 43.6 38.3 38.1 37.0 37.2 37.5 37.6 37.7 37.8 37.9 38.0 31

32 State and local governments 703.4 750.6 752.3 784.9 729.9 652.5 651.8 649.1 617.4 616.3 613.0 32

33 Federal government 240.2 248.1 236.1 231.7 207.5 186.1 180.8 177.0 170.5 164.2 159.5 33

34 Rest of the world 902.4 928.8 1023.0 1147.8 1254.7 1561.8 1653.6 1718.2 1840.6 1967.3 2063.8 34

35 Financial sectors 10183.8 10629.6 11258.5 12080.0 12799.8 13886.9 14135.5 14326.9 14571.0 14826.2 15045.0 35

36 Monetary authority 241.4 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 36

37 Commercial banking 2772.5 2853.3 2948.6 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3708.0 3778.8 37

38 U.S.-chartered commercial banks 2466.7 2502.5 2571.9 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.9 3220.9 38

39 Foreign banking offices in U.S. 270.8 319.2 335.8 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 39

40 Bank holding companies 13.4 11.9 17.5 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 40

41 Banks in U.S.-affiliated areas 21.6 19.7 23.4 25.8 29.2 33.4 33.9 34.3 34.5 34.4 35.9 41

42 Savings institutions 1176.5 1013.2 937.4 914.1 920.8 913.3 921.8 932.0 945.4 933.2 930.7 42

43 Credit unions 166.6 179.4 197.1 218.7 246.8 263.0 267.0 276.9 282.6 288.5 290.9 43

44 Bank personal trusts and estates 213.4 223.5 231.5 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 44

45 Life insurance companies 1134.5 1218.9 1304.4 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1641.5 1657.6 45

46 Other insurance companies 344.0 376.6 389.4 422.7 446.4 468.7 474.5 480.2 486.4 492.8 499.3 46

47 Private pension funds 487.4 524.4 561.9 611.4 659.2 722.3 739.6 751.0 761.4 768.8 783.2 47

48 State and local govt. retirement funds 424.0 396.4 402.3 423.4 454.1 476.8 491.9 505.0 506.3 511.3 510.2 48

49 Money market mutual funds 371.3 403.9 408.6 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 49

50 Mutual funds 360.1 440.2 566.4 725.9 718.8 771.3 795.9 809.0 818.3 820.2 834.2 50

51 Closed-end funds 36.7 49.5 67.7 82.0 78.7 92.0 94.8 97.2 99.5 101.3 103.0 51

52 Government-sponsored enterprises 373.9 389.0 457.8 546.4 667.0 755.0 762.7 767.6 788.2 822.5 837.6 52

53 Federally related mortgage pools 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 53

54 ABS issuers 268.0 318.0 378.0 457.9 520.7 633.7 659.7 688.5 709.5 738.9 742.2 54

55 Finance companies 498.1 488.9 496.4 482.8 551.0 615.2 621.7 633.2 642.0 658.3 672.7 55

56 Mortgage companies 49.2 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.9 56

57 REITs 7.7 7.0 8.1 8.6 13.3 15.5 16.3 17.2 18.0 18.5 19.0 57

58 Brokers and dealers 106.5 124.0 122.7 137.5 93.3 183.4 156.2 138.2 147.1 166.3 163.4 58

59 Funding corporations 132.2 134.2 147.5 117.9 109.0 115.9 146.5 150.3 152.6 143.4 151.1 59

(1) Excludes corporate equities and mutual fund shares.
58 Z.1, June 12, 1997

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 10874.1 11346.4 11895.1 12538.8 13166.6 13886.3 14084.8 14237.3 14424.5 14638.1 14808.2 1

 2 Federal government 2498.1 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 2

 3 Treasury securities 2465.8 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3

 4 Budget agency secur. and mortgages 32.4 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 4

 5 Nonfederal, by instrument 8376.0 8570.0 8814.8 9202.3 9674.3 10249.6 10367.6 10543.5 10691.4 10856.3 10978.4 5

 6 Commercial paper 116.9 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 6

 7 Municipal securities and loans 1184.4 1272.2 1302.8 1377.5 1348.2 1304.0 1300.8 1306.8 1290.6 1305.5 1314.2 7

 8 Corporate bonds 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 8

 9 Bank loans n.e.c. 726.9 686.0 672.2 675.9 749.0 848.4 856.4 878.4 906.3 918.6 953.1 9

10 Other loans and advances 728.7 673.3 686.5 677.1 737.8 796.8 809.3 815.7 831.8 835.6 848.7 10

11 Mortgages 3799.8 3955.7 4089.2 4260.4 4456.8 4684.8 4762.4 4853.5 4931.7 5016.2 5073.0 11

12 Home 2676.7 2853.7 3044.0 3232.8 3436.7 3633.8 3700.2 3775.6 3848.9 3915.4 3966.8 12

13 Multifamily residential 288.4 282.7 271.9 267.4 269.1 279.6 283.3 287.9 291.2 298.5 300.1 13

14 Commercial 755.9 740.0 692.6 679.0 668.1 686.8 693.6 703.5 704.2 714.2 717.8 14

15 Farm 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 15

16 Consumer credit 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 16

17 Nonfederal, by sector 8376.0 8570.0 8814.8 9202.3 9674.3 10249.6 10367.6 10543.5 10691.4 10856.3 10978.4 17

18 Household sector 3640.3 3827.1 4028.1 4287.0 4659.0 5040.9 5103.4 5216.2 5329.0 5444.3 5482.8 18

19 Nonfinancial business 3742.5 3668.1 3690.8 3757.1 3896.9 4129.3 4184.2 4239.6 4287.3 4319.7 4391.3 19

20 Corporate 2456.6 2399.8 2435.6 2495.7 2620.8 2817.8 2863.9 2906.1 2945.9 2964.2 3026.3 20

21 Nonfarm noncorporate 1150.5 1133.3 1118.9 1123.1 1135.0 1168.7 1180.0 1188.2 1195.2 1209.5 1221.6 21

22 Farm 135.4 134.9 136.3 138.3 141.1 142.7 140.3 145.3 146.2 146.0 143.5 22

23 State and local governments 993.2 1074.8 1095.9 1158.2 1118.4 1079.4 1080.0 1087.7 1075.1 1092.3 1104.3 23

 Foreign credit market debt

24 held in U.S. 286.1 300.8 315.2 385.6 370.4 439.9 450.8 459.6 487.1 507.2 513.3 24

25 Commercial paper 75.3 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 25

26 Bonds 115.4 130.5 147.2 230.1 242.3 290.6 302.5 305.3 320.2 337.3 341.7 26

27 Bank loans n.e.c. 18.5 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 27

28 Other loans and advances 76.8 67.0 66.4 62.1 60.6 59.7 60.0 60.4 60.4 60.4 60.3 28

29 Domestic and foreign 11160.2 11647.2 12210.3 12924.3 13537.0 14326.2 14535.6 14696.9 14911.6 15145.3 15321.5 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; levels, not seasonally adjusted

 1 By instrument 2613.9 2769.4 3025.0 3321.7 3794.6 4244.4 4325.4 4497.8 4619.7 4775.6 4857.9 1

 2 Federal government-related 1418.4 1564.2 1720.0 1885.2 2172.7 2376.8 2414.1 2489.5 2545.3 2607.9 2639.7 2

 3 Govt.-sponsored enterprise securities 393.7 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 899.6 3

 4 Mortgage pool securities 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 4

 5 U.S. government loans 4.9 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 1195.5 1205.3 1305.1 1436.4 1621.9 1867.6 1911.4 2008.3 2074.4 2167.7 2218.2 6

 7 Open market paper 417.7 385.7 394.3 393.5 442.8 488.0 491.9 518.5 539.6 580.7 624.5 7

 8 Corporate bonds 579.5 649.3 738.4 857.6 973.5 1159.1 1192.7 1242.4 1274.8 1313.4 1321.2 8

 9 Bank loans n.e.c. 69.6 78.4 80.5 67.6 55.3 60.9 66.7 72.4 73.3 75.4 74.3 9

10 Other loans and advances 124.4 87.1 86.6 108.9 131.6 135.0 133.6 145.8 154.2 162.2 158.2 10

11 Mortgages 4.3 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 11

12 By sector 2613.9 2769.4 3025.0 3321.7 3794.6 4244.4 4325.4 4497.8 4619.7 4775.6 4857.9 12

13 Commercial banks 83.0 72.3 80.0 84.6 94.5 102.6 100.5 103.6 106.7 112.2 114.5 13

14 Bank holding companies 114.8 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 152.0 14

15 Savings institutions 140.1 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 15

16 Credit unions 0.0 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 16

17 Life insurance companies 0.0 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 17

18 Government-sponsored enterprises 398.5 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 899.6 18

19 Federally related mortgage pools 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 19

20 ABS issuers 285.4 339.5 404.3 486.7 556.2 689.4 720.3 751.7 779.3 819.6 829.1 20

21 Brokers and dealers 15.3 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 21

22 Finance companies 374.2 391.9 390.4 390.5 440.7 492.3 499.8 514.4 528.4 540.7 546.9 22

23 Mortgage companies 24.6 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 29.0 28.3 23

24 REITs 12.4 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 24

25 Funding corporations 145.7 139.1 161.6 169.9 199.3 233.9 245.6 265.6 274.5 296.0 326.6 25
Z.1, June 12, 1997 59

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total 13774.1 14416.6 15235.3 16246.0 17331.7 18570.6 18861.0 19194.7 19531.3 19920.9 20179.4 1

 2 Open market paper 609.9 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 2

 3 U.S. government securities 3911.7 4335.7 4795.5 5216.9 5665.0 6013.6 6131.3 6183.2 6278.4 6389.7 6469.4 3

 4 Municipal securities 1184.4 1272.2 1302.8 1377.5 1348.2 1304.0 1300.8 1306.8 1290.6 1305.5 1314.2 4

 5 Corporate and foreign bonds 1703.1 1866.7 2040.1 2317.4 2468.8 2776.0 2836.7 2907.1 2971.4 3049.6 3081.6 5

 6 Bank loans n.e.c. 815.0 785.9 776.6 768.0 830.4 943.9 959.9 991.4 1021.3 1037.7 1070.9 6

 7 Other loans and advances 934.7 832.2 844.2 852.9 929.9 991.5 1002.9 1021.8 1046.5 1058.2 1067.2 7

 8 Mortgages 3804.2 3960.5 4094.6 4269.3 4475.6 4709.4 4788.9 4882.7 4964.1 5052.2 5113.1 8

 9 Consumer credit 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 9

 Memo:

 Selected claims not included above:

10 Corporate equities 3524.8 4897.9 5456.8 6280.0 6263.3 8389.9 8875.8 9170.9 9387.4 10090.0 10099.2 10

11 Mutual fund shares 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 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) 13774.1 14416.6 15235.3 16246.0 17331.7 18570.6 18861.0 19194.7 19531.3 19920.9 20179.4 1

 2 Official foreign exchange 61.3 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 2

 3 SDR certificates 10.0 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 3

 4 Treasury currency 16.3 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 4

 5 Foreign deposits 297.9 273.5 267.7 271.8 324.6 361.4 382.7 382.9 411.2 409.1 423.9 5

 6 Net interbank liabilities 94.9 96.4 138.5 189.3 280.1 290.7 266.0 249.1 223.6 239.6 204.0 6

 7 Checkable deposits and currency 934.6 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.2 1218.9 7

 8 Small time and savings deposits 2349.2 2350.7 2293.5 2223.2 2183.3 2279.7 2342.3 2340.1 2357.4 2376.7 2428.7 8

 9 Large time deposits 546.9 488.4 415.2 391.7 411.2 476.9 493.6 511.1 557.6 590.8 605.4 9

10 Money market fund shares 493.3 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 10

11 Security RPs 372.3 355.8 399.9 471.1 549.4 660.1 666.1 692.1 687.6 698.7 717.1 11

12 Mutual fund shares 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 12

13 Security credit 137.4 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.1 374.4 13

14 Life insurance reserves 380.9 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 590.2 604.8 14

15 Pension fund reserves 3367.7 3855.9 4197.5 4642.9 4848.4 5570.8 5748.3 5883.4 6013.2 6285.9 6396.7 15

16 Trade payables 927.2 948.3 995.1 1048.2 1139.2 1241.7 1229.1 1264.4 1263.9 1316.0 1307.7 16

17 Taxes payable 77.4 70.0 79.7 84.9 88.0 89.3 94.3 90.3 92.1 91.9 93.6 17

18 Investment in bank personal trusts 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 18

19 Miscellaneous 4127.3 4431.7 4774.9 5176.6 5462.9 5928.9 6067.5 6089.1 6197.3 6274.4 6387.6 19

20 Total liabilities 29128.8 30929.5 32853.0 35451.8 37503.8 41012.7 41914.0 42632.0 43412.6 44584.6 45267.5 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.0 22.3 19.6 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21

22 Corporate equities 3524.8 4897.9 5456.8 6280.0 6263.3 8389.9 8875.8 9170.9 9387.4 10090.0 10099.2 22

23 Household equity in noncorp. bus. 2628.6 2526.0 2464.1 2499.5 2591.5 2702.8 2739.5 2762.5 2787.2 2740.7 2827.2 23

 - Liabilities not identified as assets:

24 Treasury currency -4.1 -4.7 -4.9 -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 24

25 Foreign deposits 244.6 222.6 217.6 232.6 277.8 307.6 323.2 331.1 353.2 337.2 347.6 25

26 Net interbank transactions -32.0 -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.8 -1.8 26

27 Security RPs -19.3 -53.3 -47.6 -1.6 55.7 110.9 121.7 141.4 129.7 139.8 125.3 27

28 Taxes payable 17.8 16.6 25.2 26.8 35.4 44.1 23.9 38.0 41.9 45.1 31.1 28

29 Miscellaneous -746.2 -802.6 -734.4 -869.9 -959.9 -993.3 -1052.2 -1145.9 -1140.7 -1240.4 -1181.9 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 15.0 3.8 6.8 5.6 3.4 3.1 -0.0 -3.4 -1.7 -1.6 -9.7 30

31 Other 35.9 40.4 42.0 40.7 38.0 34.2 29.6 31.8 23.1 30.1 25.6 31

32 Trade credit -290.5 -263.1 -251.1 -248.0 -240.7 -268.0 -319.2 -329.7 -365.5 -299.9 -367.2 32

33 Totals identified to sectors as assets 36082.9 39220.1 41549.1 45075.0 47181.7 52903.7 54433.1 55538.4 56586.0 58444.0 59252.7 33
60 Z.1, June 12, 1997

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 12124.5 13789.7 14713.2 15822.3 16309.6 18651.5 19246.2 19639.6 19958.3 20738.2 20822.4 1

 2 Foreign deposits 13.4 14.6 15.6 16.4 17.2 19.2 20.5 20.5 22.4 23.4 25.3 2

 3 Checkable deposits and currency 467.4 510.6 609.6 663.9 640.8 600.6 574.6 561.1 552.9 548.1 540.4 3

 4 Time and savings deposits 2528.7 2474.6 2397.7 2291.2 2289.0 2445.9 2516.4 2531.7 2571.2 2619.1 2662.6 4

 5 Money market fund shares 368.6 383.1 342.2 341.8 355.3 455.7 510.1 491.3 506.7 537.6 586.4 5

 6 Securities 3619.0 4646.1 5171.3 5753.3 5969.3 7165.7 7420.1 7652.0 7732.4 8064.8 7893.5 6

 7 Open market paper 63.2 33.3 29.9 45.5 35.0 35.3 27.9 30.4 40.4 49.2 60.2 7

 8 U.S. savings bonds 126.2 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 8

 9 Other Treasury securities 279.9 255.1 317.5 318.1 524.1 494.2 489.0 493.4 480.3 467.8 443.8 9

10 Agency securities 125.7 124.1 153.7 116.2 276.0 240.9 232.8 268.1 297.3 290.0 288.1 10

11 Municipal securities 574.5 614.1 585.6 556.8 507.4 453.0 439.5 442.8 417.6 419.1 416.6 11

12 Corporate and foreign bonds 198.2 285.1 277.7 314.9 314.2 364.9 364.1 384.7 381.9 388.3 358.8 12

13 Corporate equities (2) 1783.5 2609.8 2921.7 3239.0 3085.3 4144.6 4330.1 4396.7 4420.7 4680.5 4516.9 13

14 Mutual fund shares 467.8 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1622.6 14

15 Private life insurance reserves 368.1 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 576.5 591.4 15

16 Private insured pension reserves 596.0 659.1 743.0 836.4 878.1 992.4 1022.2 1039.1 1067.2 1088.5 1113.1 16

17 Private noninsured pension reserves 1601.1 1889.0 1983.2 2220.7 2310.3 2676.5 2759.0 2831.2 2893.2 3053.5 3084.3 17

18 Govt. insurance and pension reserves 1183.3 1320.8 1484.6 1599.4 1673.9 1915.9 1980.7 2027.1 2066.5 2157.5 2212.8 18

19 Investment in bank personal trusts 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 19

20 Miscellaneous assets 827.1 858.8 883.9 950.7 984.8 1076.1 1107.6 1124.7 1153.2 1197.2 1222.4 20

21 Total liabilities 5233.0 5439.6 5646.3 5943.7 6345.7 6785.2 6870.9 7004.5 7127.9 7269.5 7328.1 21

22 Mortgage debt on nonfarm homes 2660.1 2836.7 3026.5 3214.7 3418.0 3614.5 3680.8 3755.9 3829.1 3895.5 3946.7 22

23 Other mortgage debt (3) 966.4 967.2 938.4 920.6 924.6 945.2 956.3 965.0 970.7 985.2 992.8 23

24 Consumer credit 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 24

25 Policy loans 62.5 67.3 73.0 78.6 86.4 96.9 98.7 99.9 102.9 104.0 106.3 25

26 Security credit 38.8 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 99.9 26

27 Other liabilities (3) 694.0 715.9 752.5 789.8 851.4 918.2 923.0 945.8 956.8 965.5 980.4 27

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

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

(3) Includes corporate farms.
Z.1, June 12, 1997 61

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 14207.3 15778.6 16622.9 17745.5 18306.8 20740.5 21367.1 21778.3 22116.7 22841.2 23006.4 1

 2 Deposits 3238.9 3242.0 3219.6 3151.7 3132.5 3345.6 3444.4 3425.9 3472.8 3546.2 3630.7 2

 3 Foreign deposits 13.4 14.6 15.6 16.4 17.2 19.2 20.5 20.5 22.4 23.4 25.3 3

 4 Checkable deposits and currency 382.8 424.2 516.4 561.4 532.4 488.7 461.8 447.4 438.4 432.6 423.5 4

 5 Time and savings deposits 2477.7 2423.7 2349.1 2236.0 2231.6 2386.2 2456.1 2470.8 2509.7 2557.0 2599.9 5

 6 Money market fund shares 364.9 379.5 338.6 337.9 351.3 451.6 506.0 487.1 502.4 533.3 582.0 6

 7 Credit market instruments 1501.4 1591.3 1669.4 1693.0 2013.3 1959.1 1928.1 1999.9 2002.4 2003.8 1958.8 7

 8 Open market paper 63.2 33.3 29.9 45.5 35.0 35.3 27.9 30.4 40.4 49.2 60.2 8

 9 U.S. government securities 519.3 505.1 615.5 592.9 966.4 906.1 893.5 933.7 950.0 930.3 903.8 9

10 Treasury 393.6 381.0 461.8 476.7 690.5 665.2 660.7 665.7 652.7 640.3 615.7 10

11 Savings bonds 126.2 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 11

12 Other Treasury 267.4 242.8 304.5 304.8 510.5 480.2 474.8 479.2 466.0 453.3 429.2 12

13 Agency 125.7 124.1 153.7 116.2 276.0 240.9 232.8 268.1 297.3 290.0 288.1 13

14 Municipal securities 574.5 614.1 585.6 556.8 507.4 453.0 439.5 442.8 417.6 419.1 416.6 14

15 Corporate and foreign bonds 198.2 285.1 277.7 314.9 314.2 364.9 364.1 384.7 381.9 388.3 358.8 15

16 Mortgages 146.3 153.7 160.8 183.0 190.3 199.8 203.2 208.3 212.4 216.9 219.5 16

17 Corporate equities (2) 1783.5 2609.8 2921.7 3239.0 3085.3 4144.6 4330.1 4396.7 4420.7 4680.5 4516.9 17

18 Mutual fund shares 467.8 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1622.6 18

19 Security credit 62.4 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 167.5 19

20 Life insurance reserves 380.9 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 590.2 604.8 20

21 Pension fund reserves 3367.7 3855.9 4197.5 4642.9 4848.4 5570.8 5748.3 5883.4 6013.2 6285.9 6396.7 21

22 Investment in bank personal trusts 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 22

23 Equity in noncorporate business 2628.6 2526.0 2464.1 2499.5 2591.5 2702.8 2739.5 2762.5 2787.2 2740.7 2827.2 23

24 Miscellaneous assets 224.4 234.1 251.0 264.1 274.7 324.6 336.2 348.8 361.5 376.1 390.8 24

25 Total liabilities 3764.5 3975.6 4179.8 4469.5 4849.0 5244.6 5320.2 5436.4 5549.0 5674.3 5721.2 25

26 Credit market instruments 3640.3 3827.1 4028.1 4287.0 4659.0 5040.9 5103.4 5216.2 5329.0 5444.3 5482.8 26

27 Home mortgages 2491.3 2658.4 2822.1 2978.8 3176.9 3375.5 3442.8 3518.2 3591.3 3657.7 3708.7 27

28 Consumer credit 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 28

29 Municipal securities 85.8 93.5 102.7 114.7 129.2 135.0 136.0 137.0 138.0 139.3 140.2 29

30 Bank loans n.e.c. 12.1 8.7 11.5 18.4 29.1 42.2 37.8 43.4 43.1 41.8 47.3 30

31 Other loans and advances 100.9 110.2 119.5 126.6 134.7 144.6 145.7 147.3 148.2 148.7 149.3 31

32 Commercial mortgages 139.1 158.9 169.8 184.6 198.9 211.7 218.1 222.4 226.8 231.6 235.3 32

33 Security credit 38.8 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 99.9 33

34 Trade payables 68.9 77.7 82.5 89.8 97.4 106.7 109.1 111.5 114.0 116.4 118.9 34

 Deferred and unpaid

35 life insurance premiums 16.5 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 35

(1) 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).
62 Z.1, June 12, 1997

L.101 Nonfinancial Business (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 4167.6 4292.9 4477.6 4859.5 5156.8 5584.0 5681.8 5783.7 5893.9 6001.5 6105.0 1

 2 Foreign deposits 13.2 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.1 25.4 30.4 2

 3 Checkable deposits and currency 251.4 268.9 282.6 305.6 330.1 350.9 346.7 361.5 379.6 397.6 390.9 3

 4 Time and savings deposits 124.4 117.7 100.5 129.3 124.9 125.6 123.3 129.0 136.3 130.4 132.3 4

 5 Money market fund shares 30.0 35.1 51.0 48.7 56.2 81.1 84.0 84.7 86.0 89.8 93.0 5

 6 Security RPs 2.1 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 6.7 6

 7 Credit market instruments 242.9 268.3 296.0 308.5 326.4 324.3 311.2 323.4 329.4 343.1 339.4 7

 8 Commercial paper 13.8 14.7 17.0 19.4 18.8 19.9 17.1 20.5 22.9 27.9 31.4 8

 9 U.S. government securities 53.4 60.8 82.2 81.2 84.3 79.0 78.0 86.5 88.5 84.8 80.5 9

10 Municipal securities 24.7 44.8 45.8 54.7 56.7 55.4 52.4 55.9 59.0 58.1 58.5 10

11 Mortgages 83.8 85.0 85.2 76.0 80.0 85.0 87.0 88.5 90.4 92.4 94.4 11

12 Consumer credit 67.1 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 79.7 74.6 12

13 Mutual fund shares 9.7 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 13

14 Trade receivables 1065.0 1058.1 1092.8 1138.0 1214.0 1318.4 1348.0 1388.8 1410.5 1381.3 1426.7 14

15 Miscellaneous assets 2428.8 2513.4 2614.3 2884.2 3058.0 3320.6 3399.3 3423.5 3476.0 3571.6 3623.7 15

16 Total liabilities 6197.9 6293.8 6576.3 6862.8 7124.1 7562.6 7669.7 7751.1 7834.1 7936.8 8052.8 16

17 Credit market instruments 3742.5 3668.1 3690.8 3757.1 3896.9 4129.3 4184.2 4239.6 4287.3 4319.7 4391.3 17

18 Commercial paper 116.9 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 18

19 Municipal securities 115.2 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.9 19

20 Corporate bonds 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 20

21 Bank loans n.e.c. 714.7 677.2 660.8 657.4 719.8 806.2 818.6 835.0 863.3 876.8 905.8 21

22 Other loans and advances 618.1 553.1 557.2 541.3 595.0 645.6 657.3 662.6 678.3 682.1 695.1 22

23 Mortgages 1169.4 1138.4 1097.3 1097.0 1081.0 1097.6 1101.5 1112.9 1113.6 1126.8 1129.0 23

24 Trade payables 699.0 722.1 762.6 797.6 877.3 955.3 940.5 970.4 964.2 1011.9 992.2 24

25 Taxes payable 73.5 65.8 73.7 76.4 79.5 79.6 84.3 80.4 82.1 81.5 83.4 25

26 Miscellaneous liabilities 1682.9 1837.8 2049.2 2231.7 2270.3 2398.5 2460.8 2460.7 2500.6 2523.7 2585.9 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
Z.1, June 12, 1997 63

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 3634.4 3764.2 3931.7 4289.0 4567.3 4975.5 5068.4 5165.2 5270.2 5372.4 5470.0 1

 2 Foreign deposits 13.2 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.1 25.4 30.4 2

 3 Checkable deposits and currency 166.8 182.5 189.4 203.1 221.6 239.0 233.9 247.8 265.0 282.1 274.0 3

 4 Time and savings deposits 73.4 66.8 51.8 74.1 67.5 65.9 63.0 68.1 74.8 68.3 69.6 4

 5 Money market fund shares 26.3 31.5 47.3 44.8 52.2 77.0 79.9 80.5 81.8 85.5 88.6 5

 6 Security RPs 2.1 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 6.7 6

 7 Commercial paper 13.8 14.7 17.0 19.4 18.8 19.9 17.1 20.5 22.9 27.9 31.4 7

 8 U.S. government securities 40.9 48.5 69.2 67.9 70.7 65.0 63.9 72.2 74.1 70.3 65.9 8

 9 Municipal securities 24.7 44.8 45.8 54.7 56.7 55.4 52.4 55.9 59.0 58.1 58.5 9

10 Mortgages 52.8 59.0 60.0 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 10

11 Consumer credit 67.1 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 79.7 74.6 11

12 Trade receivables 967.2 961.4 988.9 1035.0 1107.0 1205.9 1234.3 1273.7 1294.2 1263.6 1307.7 12

13 Mutual fund shares 9.7 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 13

14 Miscellaneous assets 2176.3 2260.5 2355.8 2615.3 2782.6 3037.7 3114.5 3136.6 3186.8 3280.0 3329.7 14

15 U.S. direct investment abroad (1) 558.5 578.0 580.0 598.4 665.6 751.9 772.9 789.1 805.6 818.0 839.2 15

16 Insurance receivables 147.5 149.5 163.0 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 16

17 Equity in GSEs 1.3 1.8 1.9 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 17

18 Investment in finance company subs. 15.2 18.2 20.5 21.4 25.5 31.1 31.1 34.2 36.0 39.6 40.6 18

19 Other 1453.8 1513.0 1590.4 1823.9 1912.1 2072.0 2127.3 2130.1 2162.2 2239.6 2267.3 19

20 Total liabilities 4729.4 4829.8 5109.7 5388.6 5627.4 6022.0 6119.0 6183.1 6255.2 6341.6 6445.9 20

21 Credit market instruments 2456.6 2399.8 2435.6 2495.7 2620.8 2817.8 2863.9 2906.1 2945.9 2964.2 3026.3 21

22 Commercial paper 116.9 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 22

23 Municipal securities (2) 115.2 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.9 23

24 Corporate bonds (1) 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 24

25 Bank loans n.e.c. 545.5 507.7 488.4 477.6 525.0 589.7 599.2 606.8 628.6 638.3 662.9 25

26 Other loans and advances 497.6 440.9 447.2 431.5 480.6 523.0 532.7 537.6 553.2 556.3 568.5 26

27 Savings institutions 17.2 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 27

28 Finance companies 264.3 266.2 271.2 265.2 303.9 338.3 342.8 345.3 348.3 358.3 368.7 28

29 Federal government 8.8 7.9 7.9 8.1 8.6 9.3 9.5 9.6 9.8 9.9 10.0 29

30 Acceptance liabilities to banks 29.2 23.3 20.4 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 30

31 Rest of the world 172.4 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.3 125.9 130.4 31

32 ABS issuers 5.8 8.8 11.6 21.6 25.9 32.7 33.4 35.9 34.2 41.1 37.9 32

33 Mortgages 173.3 151.8 124.3 125.1 114.2 125.1 125.2 132.6 132.0 135.5 133.5 33

34 Trade payables 626.3 649.4 682.8 719.3 796.5 870.3 855.5 883.1 875.7 923.0 903.0 34

35 Taxes payable 41.5 33.3 40.5 42.5 44.9 44.2 48.7 44.6 46.1 45.3 47.0 35

36 Miscellaneous liabilities 1605.0 1747.2 1950.8 2131.1 2165.1 2289.7 2351.0 2349.3 2387.6 2409.1 2469.7 36

37 Foreign direct investment in U.S. 473.8 483.3 495.1 492.9 527.4 579.7 599.9 627.7 647.2 676.7 705.1 37

38 Pension fund contributions payable 13.6 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 38

39 Other 1117.7 1246.6 1436.8 1613.8 1609.6 1678.0 1718.1 1687.7 1705.6 1696.6 1727.9 39

 Memo:

40 Trade receivables net of payables 340.9 312.0 306.1 315.8 310.4 335.6 378.8 390.6 418.4 340.6 404.7 40

41 Market value of equities 2605.4 3649.0 3961.0 4389.5 4429.9 5827.6 6122.9 6358.4 6400.1 6712.9 6615.8 41

42 Securities and mortgages 1296.6 1352.7 1392.8 1468.7 1476.0 1547.7 1557.8 1579.9 1591.0 1613.1 1626.1 42

43 Loans and short-term paper 1159.9 1047.1 1042.8 1027.0 1144.8 1270.1 1306.1 1326.2 1354.8 1351.1 1400.1 43

44 Total short-term liabilities (3) 1827.7 1729.8 1766.1 1788.8 1986.2 2184.6 2210.3 2253.9 2276.6 2319.4 2350.1 44

45 Total liquid assets (4) 371.0 420.3 461.1 509.2 534.7 585.3 579.5 617.9 653.7 680.0 687.1 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 52.8 56.4 57.2 58.8 56.3 54.9 54.4 54.4 54.0 54.4 53.7 46

47 Short-term debt/credit market debt 47.2 43.6 42.8 41.2 43.7 45.1 45.6 45.6 46.0 45.6 46.3 47

48 Liquid assets/short-term liabilities 20.3 24.3 26.1 28.5 26.9 26.8 26.2 27.4 28.7 29.3 29.2 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.
64 Z.1, June 12, 1997

L.103 Nonfarm Noncorporate Business

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 485.8 479.1 492.4 513.9 529.2 546.0 550.1 554.5 559.0 564.2 568.8 1

 2 Checkable deposits and currency 73.7 74.6 79.6 87.2 91.5 95.3 96.4 97.4 98.5 99.6 100.6 2

 3 Time and savings deposits 51.1 50.9 48.7 55.2 57.4 59.7 60.3 60.9 61.5 62.1 62.7 3

 4 Money market fund shares 3.6 3.6 3.6 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4

 5 Treasury securities 12.5 12.2 13.0 13.3 13.6 14.0 14.1 14.2 14.4 14.5 14.6 5

 6 Mortgages 31.1 26.0 25.2 23.7 23.6 23.5 23.5 23.5 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 97.8 96.7 103.8 103.0 107.0 112.5 113.8 115.1 116.4 117.7 119.0 8

 9 Miscellaneous assets 215.9 215.0 218.7 227.6 232.1 236.9 238.0 239.3 240.6 242.7 244.1 9

10 Insurance receivables 38.6 42.4 39.9 40.8 41.6 42.6 42.8 43.1 43.3 43.6 43.8 10

11 Equity investment in GSEs (1) 0.6 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 11

12 Other 176.8 172.0 178.1 186.1 189.6 193.3 194.2 195.2 196.3 197.4 198.6 12

13 Total liabilities 1320.3 1316.1 1317.1 1321.7 1340.4 1381.7 1395.1 1406.1 1415.9 1433.0 1447.9 13

14 Credit market instruments 1150.5 1133.3 1118.9 1123.1 1135.0 1168.7 1180.0 1188.2 1195.2 1209.5 1221.6 14

15 Bank loans n.e.c. 136.4 135.0 137.7 143.0 156.2 176.7 181.8 187.3 193.1 198.1 204.7 15

16 Other loans and advances 96.9 91.1 89.1 89.4 94.9 104.2 107.1 107.1 107.9 108.2 109.9 16

17 Mortgages 917.2 907.3 892.2 890.7 883.9 887.9 891.1 893.8 894.2 903.2 907.1 17

18 Trade payables 60.0 59.7 66.6 64.1 65.6 68.8 69.7 70.7 71.6 72.6 73.7 18

19 Taxes payable 32.0 32.5 33.1 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 19

20 Miscellaneous liabilities 77.8 90.6 98.4 100.7 105.2 108.8 109.8 111.4 113.0 114.6 116.2 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 47.4 49.6 53.4 56.6 60.2 62.6 63.2 63.9 64.7 64.9 66.1 1

 2 Checkable deposits and currency 10.9 11.8 13.6 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.2 2

 3 Miscellaneous assets 36.6 37.8 39.8 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 3

 4 Insurance receivables 34.6 35.6 37.7 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 4

 5 Equity investment in GSEs (2) 2.0 2.2 2.1 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 5

 6 Total liabilities 148.2 147.9 149.5 152.5 156.3 158.9 155.6 162.0 163.1 162.3 159.0 6

 7 Credit market instruments 135.4 134.9 136.3 138.3 141.1 142.7 140.3 145.3 146.2 146.0 143.5 7

 8 Bank loans n.e.c. 32.9 34.6 34.7 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.3 8

 9 Other loans and advances 23.6 21.1 20.9 20.3 19.5 18.4 17.5 17.9 17.3 17.6 16.8 9

10 Mortgages 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 10

11 Trade payables 12.7 13.0 13.2 14.2 15.2 16.2 15.3 16.7 16.9 16.3 15.6 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
Z.1, June 12, 1997 65

L.105 State and Local Governments (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 963.0 1020.5 1034.0 1083.4 1025.8 936.2 927.6 922.5 883.0 887.8 883.8 1

 2 Checkable deposits and currency 18.6 24.6 26.8 28.2 30.7 33.8 29.9 31.5 30.2 31.4 30.1 2

 3 Time and savings deposits 67.5 57.2 51.3 46.3 52.3 62.2 67.3 66.9 68.9 70.7 74.3 3

 4 Security RPs 111.8 118.4 123.1 133.7 118.6 91.7 81.6 76.7 70.2 74.8 71.9 4

 5 Credit market instruments 703.4 750.6 752.3 784.9 729.9 652.5 651.8 649.1 617.4 616.3 613.0 5

 6 Open market paper 4.0 9.0 14.1 17.9 22.3 26.9 27.4 28.0 28.4 29.1 29.7 6

 7 U.S. government securities 561.6 598.3 593.1 622.8 556.6 466.7 465.5 461.5 428.2 424.4 418.9 7

 8 Treasury 410.6 435.5 418.2 447.8 370.0 242.9 239.0 210.2 189.2 182.8 175.7 8

 9 Agency 151.0 162.7 174.9 175.0 186.6 223.8 226.5 251.2 239.0 241.5 243.3 9

10 Municipal securities 11.6 11.6 10.5 9.5 8.6 8.1 8.1 8.0 8.0 7.9 7.9 10

11 Corporate and foreign bonds 16.0 18.0 20.9 26.5 31.9 37.0 36.6 36.8 36.9 37.2 37.7 11

12 Mortgages 110.2 113.7 113.7 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.8 12

13 Corporate equities 4.8 6.3 7.8 9.3 10.6 12.2 12.7 13.0 13.1 13.6 13.8 13

14 Mutual fund shares 4.8 9.4 14.9 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 14

15 Taxes receivable 37.1 37.0 38.9 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 15

16 Miscellaneous assets 15.0 17.0 19.0 20.5 20.5 20.9 21.3 21.8 19.6 17.8 17.2 16

17 Total liabilities 1027.7 1100.2 1123.7 1186.6 1147.4 1110.7 1111.7 1120.2 1107.8 1125.7 1137.9 17

18 Credit market instruments 993.2 1074.8 1095.9 1158.2 1118.4 1079.4 1080.0 1087.7 1075.1 1092.3 1104.3 18

19 Municipal securities 983.5 1064.8 1086.1 1149.0 1110.2 1072.7 1073.8 1082.0 1069.8 1087.5 1100.0 19

20 Short-term 26.2 33.1 32.0 33.8 31.7 32.9 33.2 30.9 34.1 37.9 38.8 20

21 Other 957.3 1031.7 1054.0 1115.1 1078.6 1039.9 1040.6 1051.1 1035.7 1049.6 1061.2 21

22 U.S. government loans 9.6 10.0 9.9 9.2 8.2 6.7 6.2 5.8 5.3 4.8 4.3 22

23 Trade payables 34.6 25.4 27.7 28.4 29.0 31.2 31.6 32.4 32.7 33.4 33.6 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 443.2 501.3 476.5 490.9 442.2 423.8 446.6 446.1 436.3 415.9 422.7 1

 2 Gold, SDRs, and official foreign exchange 39.7 39.1 38.8 40.2 41.4 53.8 53.3 52.9 45.1 44.9 38.3 2

 3 Checkable deposits and currency 25.4 50.9 31.7 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 3

 4 Time and savings deposits 1.4 1.6 0.9 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 4

 5 Credit market instruments 240.2 248.1 236.1 231.7 207.5 186.1 180.8 177.0 170.5 164.2 159.5 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 82.9 98.3 86.4 85.0 71.0 57.6 55.1 53.7 50.7 48.1 45.4 7

 8 Other loans and advances 157.3 149.8 149.7 146.7 136.5 128.4 125.7 123.3 119.8 116.1 114.1 8

 9 Trade receivables 45.3 40.4 33.3 30.7 26.6 26.4 28.5 29.4 31.9 33.4 36.4 9

10 Taxes receivable 22.5 16.4 15.5 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 10

11 Miscellaneous assets 68.7 104.8 120.2 116.3 119.7 117.2 115.8 114.9 115.0 112.0 109.5 11

12 Total liabilities 2886.6 3184.5 3511.7 3799.5 3984.4 4153.5 4242.6 4232.5 4290.4 4346.9 4390.8 12

13 SDR certificates 10.0 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 13

14 Treasury currency 16.3 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 14

15 Credit market instruments 2498.1 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 15

16 Savings bonds 126.2 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 16

17 Other Treasury securities 2339.6 2619.7 2904.3 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 17

18 Budget agency securities 32.4 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 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 91.2 85.8 83.1 86.5 86.9 92.9 93.8 95.8 97.8 97.1 100.2 20

21 Insurance and pension reserves 263.3 289.1 316.8 344.7 372.7 388.7 396.6 407.3 423.9 432.8 426.8 21

22 Miscellaneous liabilities 7.7 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.5 22
66 Z.1, June 12, 1997

L.107 Rest of the World

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2011.9 2165.0 2342.2 2700.4 2911.1 3455.3 3639.2 3739.1 3896.4 4101.4 4184.9 1

 2 Net interbank assets 53.3 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 143.3 2

 3 U.S. checkable deposits and currency 133.5 147.1 166.8 188.7 214.2 228.8 225.6 233.5 238.1 246.5 251.0 3

 4 U.S. time deposits 49.2 49.0 47.9 54.7 56.3 49.6 52.4 50.7 57.8 56.0 58.4 4

 5 Security RPs 19.7 20.9 41.7 58.6 46.6 67.6 72.5 76.4 76.5 70.9 83.9 5

 6 Credit market instruments 902.4 928.8 1023.0 1147.8 1254.7 1561.8 1653.6 1718.2 1840.6 1967.3 2063.8 6

 7 Open market paper 10.7 11.3 12.9 18.8 24.8 43.5 31.0 42.4 47.6 54.6 47.0 7

 8 U.S. government securities 502.1 559.0 628.7 741.5 796.4 1027.6 1109.5 1144.3 1226.5 1341.9 1420.6 8

 9 Official holdings 295.0 315.9 335.7 388.3 415.0 498.9 554.6 552.4 579.1 614.4 638.0 9

10 Treasury 287.9 307.1 323.0 371.2 393.4 471.5 527.1 523.7 549.2 582.7 605.7 10

11 Agency 7.1 8.8 12.7 17.1 21.6 27.4 27.5 28.7 29.9 31.7 32.4 11

12 Private holdings 207.0 243.1 293.0 353.1 381.4 528.7 555.0 591.8 647.4 727.5 782.5 12

13 Treasury 162.4 189.5 225.1 253.9 266.6 388.9 400.8 432.0 475.4 542.7 589.8 13

14 Agency 44.6 53.6 67.9 99.2 114.8 139.8 154.2 159.8 172.0 184.8 192.7 14

15 U.S. corporate bonds (1) 217.2 233.4 251.5 273.3 311.4 368.5 386.7 405.1 427.1 445.0 465.8 15

16 Loans to U.S. corporate business 172.4 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.3 125.9 130.4 16

17 U.S. corporate equities 243.8 299.0 329.2 373.5 368.9 509.0 543.2 564.1 575.7 626.1 661.1 17

18 Trade receivables 42.8 42.3 44.7 47.9 50.9 51.9 52.8 53.2 56.5 58.9 62.1 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 567.3 641.4 609.0 703.7 701.2 757.2 829.7 846.5 877.5 899.4 861.3 20

21 Foreign direct investment in U.S. (2) 467.3 491.9 499.4 539.2 579.8 638.5 667.1 684.7 706.3 722.5 738.2 21

22 Other 100.0 149.5 109.6 164.5 121.4 118.7 162.5 161.8 171.2 176.9 123.1 22

23 Total liabilities 1389.8 1387.9 1398.0 1572.2 1683.0 1930.7 1989.3 1996.6 2059.5 2097.5 2109.9 23

 U.S. official foreign exchange

24 and net IMF position 61.3 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 24

25 U.S. private deposits 297.9 273.5 267.7 271.8 324.6 361.4 382.7 382.9 411.2 409.1 423.9 25

26 Credit market instruments 286.1 300.8 315.2 385.6 370.4 439.9 450.8 459.6 487.1 507.2 513.3 26

27 Commercial paper 75.3 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 27

28 Bonds 115.4 130.5 147.2 230.1 242.3 290.6 302.5 305.3 320.2 337.3 341.7 28

29 Bank loans n.e.c. 18.5 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 29

30 Official 2.8 2.4 3.3 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 30

31 Banks 5.9 6.9 7.6 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.7 31

32 Other 9.8 12.3 13.0 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.8 32

33 U.S. government loans 60.4 55.0 55.1 53.9 52.7 51.5 51.1 51.4 50.9 50.5 49.9 33

34 Acceptance liabilities to banks 16.3 12.0 11.3 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 34

35 Trade payables 27.4 30.4 31.8 35.9 39.5 45.2 42.4 41.1 40.8 42.9 45.0 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 717.2 727.7 731.6 825.6 895.2 1020.5 1051.3 1051.6 1066.2 1084.6 1081.3 37

38 U.S. equity in IBRD, etc. 20.9 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 38

39 U.S. government deposits 0.6 1.6 1.7 2.0 2.2 2.1 2.3 2.0 1.9 2.0 2.1 39

40 U.S. direct investment abroad (1,2) 632.1 655.4 668.0 714.8 779.3 880.1 905.1 932.4 942.7 968.4 986.1 40

41 Other 63.5 48.2 38.1 83.8 87.3 110.4 115.6 88.4 92.4 84.4 63.1 41

 Memo:

42 Market value of foreign equities 110.0 158.8 179.7 302.8 324.0 411.1 458.6 488.3 507.1 558.9 595.7 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
Z.1, June 12, 1997 67

L.108 Monetary Authority (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 342.3 364.6 381.7 423.8 452.1 471.8 459.7 469.1 471.8 495.0 485.7 1

 2 Gold and foreign exchange 43.6 38.6 32.5 33.3 33.0 32.1 30.9 30.5 30.4 30.2 28.9 2

 3 SDR certificates 10.0 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 3

 4 Treasury currency 20.4 21.0 21.5 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 4

 5 Federal Reserve float 2.2 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 5

 6 Fed. Res. loans to domestic banks 0.2 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 6

 7 Security RPs 18.4 15.9 8.1 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 7

 8 Credit market instruments 241.4 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 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 241.4 272.5 300.4 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 10

11 Treasury 235.1 266.5 295.0 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 11

12 Agency 6.3 6.0 5.4 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 6.0 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 14

15 Total liabilities 339.9 362.0 378.7 420.4 448.4 467.9 455.2 464.3 467.1 490.5 480.3 15

16 Depository institution reserves 38.7 29.4 32.1 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 16

17 Vault cash of commercial banks 32.6 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 17

18 Checkable deposits and currency 264.3 293.5 311.1 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 18

19 Due to federal government 9.5 18.3 8.0 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 19

20 Due to rest of the world 0.4 1.0 0.2 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 20

21 Currency outside banks 254.4 274.2 302.8 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 21

22 Miscellaneous liabilities 4.3 5.5 3.7 4.6 6.0 7.2 6.5 6.6 7.2 6.9 6.4 22

23 Federal Reserve Bank stock 2.4 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 23

24 Other 1.9 2.8 0.6 1.2 2.3 3.3 2.5 2.4 2.7 2.3 1.7 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.
68 Z.1, June 12, 1997

L.109 Commercial Banking (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 3337.5 3442.2 3654.9 3891.8 4159.8 4493.8 4509.8 4570.3 4610.6 4710.5 4790.6 1

 2 Vault cash 32.6 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 2

 3 Reserves at Federal Reserve 35.3 26.5 29.0 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.7 3

 4 Checkable deposits and currency 2.5 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 4

 5 Total bank credit 2767.2 2872.3 3011.8 3174.4 3331.2 3604.6 3623.5 3668.7 3714.2 3794.8 3871.2 5

 6 U.S. government securities 456.9 568.2 672.9 745.4 719.1 746.1 755.3 753.9 750.8 757.3 792.7 6

 7 Treasury 172.1 232.5 294.4 322.2 290.4 278.7 284.0 280.2 275.0 261.7 282.3 7

 8 Agency 284.8 335.7 378.5 423.2 428.7 467.5 471.3 473.7 475.9 495.6 510.4 8

 9 Municipal securities 117.4 103.2 97.5 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 9

10 Corporate and foreign bonds 88.7 96.3 94.7 98.2 102.5 110.9 109.7 110.4 110.7 112.6 117.7 10

11 Total loans 2100.2 2097.0 2139.8 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.4 2857.5 11

12 Open market paper 12.7 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 4.5 12

13 Bank loans n.e.c. 815.0 785.9 776.6 768.0 830.4 943.9 959.9 991.4 1021.3 1037.7 1070.9 13

14 Mortgages 849.3 881.3 900.5 947.8 1013.1 1090.1 1097.3 1109.8 1123.2 1146.3 1159.9 14

15 Consumer credit 387.0 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 530.1 515.2 15

16 Security credit 36.2 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 16

17 Corporate equities 2.2 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.7 6.8 17

18 Mutual fund shares 1.9 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 2.6 18

19 Customers’ liab. on acceptances (2) 45.5 35.3 31.7 25.3 22.9 22.3 22.6 22.1 23.1 23.3 23.9 19

20 Miscellaneous assets 454.4 472.7 549.3 627.0 738.1 797.8 805.9 820.4 814.9 823.5 837.3 20

21 Total liabilities 3251.1 3363.3 3532.8 3750.3 4049.0 4333.2 4329.2 4405.8 4439.2 4546.4 4631.0 21

22 Net interbank liabilities 23.7 33.4 74.5 121.7 211.2 220.5 206.8 188.8 164.4 169.9 145.0 22

23 To monetary authority 2.4 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 23

24 To domestic banks (3) -32.0 -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.8 -1.8 24

25 To foreign banks 53.3 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 143.3 25

26 Checkable deposits 584.0 621.6 714.3 788.4 756.7 710.8 659.3 673.2 672.3 676.4 642.5 26

27 Federal government 30.9 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 27

28 Rest of the world 21.4 19.4 21.7 21.3 23.2 24.0 23.1 27.1 25.1 26.7 26.9 28

29 Private domestic 531.6 565.7 662.1 724.5 709.8 667.8 619.4 614.8 609.4 621.0 591.6 29

30 Small time and savings deposits 1307.6 1386.5 1389.3 1377.4 1376.3 1490.1 1548.6 1557.8 1575.1 1612.9 1666.2 30

31 Large time deposits 423.6 399.6 332.8 311.7 333.0 387.8 402.4 420.1 458.8 492.9 504.7 31

32 Federal funds and security RPs (net) 248.8 229.6 272.0 313.5 391.7 422.2 428.3 450.1 451.6 463.2 480.3 32

33 Credit market instruments 197.7 184.6 194.6 208.0 228.1 250.6 241.8 252.0 255.8 262.2 266.6 33

34 Open market paper 82.2 62.1 54.4 51.9 55.0 52.8 53.4 56.7 56.5 55.6 56.1 34

35 Corporate bonds 108.9 113.2 127.6 134.9 142.6 161.1 155.9 161.6 164.2 168.9 172.3 35

36 Other loans and advances 6.7 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 36

37 Taxes payable 0.6 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 37

38 Miscellaneous liabilities 465.1 507.6 554.6 628.4 750.1 848.4 838.8 860.4 857.6 864.8 921.4 38

 Memo:

39 Credit market funds advanced (4) 2772.5 2853.3 2948.6 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3708.0 3778.8 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).
Z.1, June 12, 1997 69

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2644.2 2677.3 2775.2 2932.4 3122.9 3321.7 3322.2 3357.8 3389.1 3445.8 3499.6 1

 2 Vault cash and reserves at Federal Reserve 66.7 59.2 60.2 63.2 65.2 66.6 56.0 57.2 56.3 66.3 56.2 2

 3 Total bank credit 2481.3 2527.4 2623.5 2780.9 2921.4 3116.3 3126.7 3155.1 3186.6 3231.5 3281.7 3

 4 U.S. government securities 432.3 529.0 614.5 671.3 646.1 629.1 631.9 624.8 618.8 609.7 626.2 4

 5 Treasury 157.4 207.8 254.3 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.2 5

 6 Agency 274.9 321.2 360.1 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 6

 7 Mortgage pool securities 144.7 153.7 155.5 173.2 182.2 195.1 204.7 209.5 208.0 216.8 223.9 7

 8 Agency-issued CMOs 54.8 89.4 122.7 133.8 119.4 101.0 97.3 90.9 89.8 89.5 92.4 8

 9 Other agency securities 75.4 78.1 81.9 89.3 96.5 125.3 121.4 124.2 125.8 130.5 129.7 9

10 Municipal securities 116.8 102.7 97.0 98.9 97.0 92.7 92.2 91.9 92.1 93.7 93.5 10

11 Corporate and foreign bonds 65.4 69.7 66.6 66.6 66.0 69.3 69.4 68.7 66.3 65.1 66.2 11

12 Private mortgage pool securities 3.2 3.5 3.8 4.7 3.6 4.5 4.4 4.2 4.4 4.2 3.5 12

13 Privately issued CMOs 0.0 28.2 21.6 19.8 21.5 24.9 25.9 25.4 22.2 21.8 21.4 13

14 Other bonds 62.2 38.0 41.1 42.1 40.9 39.8 39.1 39.0 39.7 39.1 41.3 14

15 Total loans 1862.8 1818.4 1838.6 1935.9 2107.4 2317.9 2325.6 2361.7 2401.1 2453.7 2486.4 15

16 Open market paper 8.5 7.5 5.9 4.9 3.6 3.9 4.1 3.4 3.0 4.2 4.0 16

17 Bank loans n.e.c. 640.2 586.7 567.0 574.4 620.0 695.9 706.7 725.9 742.9 755.3 782.4 17

18 Mortgages 799.3 821.8 842.9 895.5 964.1 1045.2 1054.0 1067.3 1080.7 1103.9 1118.9 18

19 Consumer credit 387.0 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 530.1 515.2 19

20 Security credit 27.8 30.0 57.3 61.4 56.8 65.1 63.0 59.4 57.4 60.3 65.9 20

21 Corporate equities 2.1 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.7 6.8 21

22 Mutual fund shares 1.9 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 2.6 22

23 Customers’ liab. on acceptances (1) 17.2 12.6 12.6 10.1 9.9 12.3 12.8 13.5 14.5 13.9 14.5 23

24 Miscellaneous assets 79.0 78.1 79.0 78.1 126.4 126.6 126.8 132.1 131.8 134.0 147.3 24

25 Total liabilities 2722.9 2777.7 2862.2 3036.3 3271.5 3457.6 3439.7 3502.1 3529.7 3598.9 3657.1 25

26 Net interbank liabilities -52.1 -41.1 -48.8 -19.4 60.5 54.4 20.8 12.1 -8.0 0.2 -8.0 26

27 Federal Reserve float 2.2 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 27

28 Borrowing from Federal Reserve banks 0.2 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 28

29 To domestic banks -69.0 -47.9 -33.6 -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -42.0 -44.0 29

30 To foreign banks 14.5 5.9 -19.2 -0.5 74.3 74.1 60.6 50.1 33.9 37.9 32.5 30

31 Checkable deposits 569.8 607.4 700.2 773.9 741.7 695.8 644.5 658.0 657.8 661.5 627.8 31

32 Federal government 30.9 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 32

33 Rest of the world 16.3 14.1 15.8 15.6 17.1 18.0 17.5 20.8 19.6 21.4 21.7 33

34 Private domestic 522.6 556.9 653.8 715.7 700.9 658.7 610.1 605.9 600.4 611.5 582.1 34

35 Small time and savings deposits 1287.5 1367.5 1369.6 1358.7 1358.0 1471.3 1529.9 1539.4 1557.0 1594.0 1636.6 35

36 Large time deposits 365.4 292.3 216.1 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.3 36

37 Federal funds and security RPs (net) 219.7 192.6 234.2 279.6 351.3 379.6 387.2 397.1 404.9 408.3 421.3 37

38 Acceptance liabilities 17.6 12.9 12.8 10.2 10.0 12.3 12.8 13.4 14.4 13.9 14.5 38

39 Corporate bonds 24.2 25.2 33.5 37.1 40.6 43.3 45.1 47.6 48.3 50.9 52.1 39

40 Other loans and advances 6.7 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 40

41 Taxes payable 0.6 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 41

42 Miscellaneous liabilities 283.6 311.2 331.3 377.6 463.0 505.0 497.2 518.1 520.2 522.1 556.1 42

43 Investment by bank holding companies 207.8 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 386.9 43

44 Other 75.8 84.0 76.3 91.0 158.9 160.7 148.7 156.2 154.9 149.2 169.2 44

 Memo:

45 Credit market funds advanced (2) 2466.7 2502.5 2571.9 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.9 3220.9 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).
70 Z.1, June 12, 1997

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 366.5 437.5 509.3 542.2 589.7 666.3 674.3 681.9 686.2 713.8 726.2 1

 2 Reserves at Federal Reserve 1.2 0.9 0.7 1.0 1.0 0.8 0.5 0.6 0.6 1.1 0.7 2

 3 Total bank credit 250.9 313.4 347.4 350.2 362.3 436.9 446.2 461.1 473.8 507.0 531.2 3

 4 U.S. government securities 18.6 32.0 43.7 57.6 55.7 99.6 106.9 112.5 115.2 130.4 148.7 4

 5 Treasury 11.4 20.8 29.6 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 5

 6 Agency 7.2 11.2 14.1 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.7 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 17.7 21.4 22.4 23.8 28.9 33.5 32.6 32.8 34.9 36.6 38.8 8

 9 Total loans 214.6 260.0 281.3 268.8 277.7 303.9 306.6 315.7 323.7 339.9 343.7 9

10 Open market paper 4.1 3.1 3.3 2.4 2.2 1.7 2.0 1.5 1.4 2.3 0.5 10

11 Bank loans n.e.c. 156.5 185.8 195.7 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.2 11

12 Mortgages 45.5 54.3 51.6 45.1 40.3 35.1 33.2 32.3 32.2 32.2 30.8 12

13 Security credit 8.4 16.8 30.7 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 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) 28.3 22.7 19.1 15.1 13.0 10.1 9.8 8.6 8.6 9.4 9.4 15

16 Miscellaneous assets 86.1 100.5 142.1 175.9 213.5 218.5 217.9 211.6 203.1 196.3 185.0 16

17 Total liabilities 374.3 446.4 519.3 553.7 602.8 681.3 689.8 697.9 702.7 730.9 743.9 17

18 Net interbank liabilities 87.1 88.9 134.3 151.2 162.4 181.0 190.9 180.3 177.7 177.5 159.4 18

19 To foreign banks 46.7 41.1 103.5 132.7 158.5 173.6 168.3 162.8 157.8 161.1 128.0 19

20 To domestic banks 40.3 47.8 30.8 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 20

21 Checkable deposits 8.7 8.9 8.3 8.3 8.8 8.7 8.6 8.7 8.0 8.0 8.0 21

22 Small time and savings deposits 11.0 11.0 11.2 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.6 22

23 Large time deposits 49.2 99.3 108.2 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.5 23

24 Federal funds and security RPs (net) 29.6 38.4 39.0 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 24

25 Acceptance liabilities 34.5 24.9 21.2 16.0 13.4 10.4 10.0 8.8 8.9 9.6 9.8 25

26 Miscellaneous liabilities 154.2 175.0 197.1 225.7 257.6 308.5 305.1 308.9 301.9 295.3 307.7 26

27 Foreign direct investment in U.S. 18.4 24.9 28.4 33.5 35.6 41.8 42.5 40.0 40.6 39.9 41.5 27

28 Due to affiliates 47.6 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 28

29 Other 88.1 119.9 147.3 168.4 185.0 226.7 221.6 228.6 220.3 214.4 223.3 29

 Memo:

30 Credit market funds advanced (3) 270.8 319.2 335.8 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 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).
Z.1, June 12, 1997 71

L.112 Bank Holding Companies

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 298.4 302.3 342.8 387.9 414.1 466.8 474.2 490.9 494.9 510.8 523.1 1

 2 Credit market instruments 13.4 11.9 17.5 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 2

 3 U.S. government securities 2.6 3.4 8.3 8.4 9.4 8.1 7.5 7.6 8.0 9.0 8.1 3

 4 Treasury issues 0.7 1.0 6.1 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 4

 5 Agency 1.9 2.4 2.2 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 5

 6 Corporate and foreign bonds 5.6 5.1 5.4 7.2 7.1 7.7 7.3 8.5 9.2 10.5 12.3 6

 7 Bank loans n.e.c. 5.3 3.4 3.7 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 7

 8 Miscellaneous assets 285.0 290.4 325.2 370.4 395.8 448.7 457.4 472.8 475.6 488.9 500.6 8

 9 Investment in bank subsidiaries 207.8 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 386.9 9

10 Investment in nonbank subsidiaries 55.2 40.9 43.2 56.3 56.4 64.7 68.2 71.0 69.0 64.8 72.9 10

11 Other 22.0 22.2 27.0 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 11

12 Total liabilities 126.4 114.8 124.4 132.2 143.0 157.1 162.4 167.9 168.5 178.3 190.1 12

13 Net interbank liabilities -11.2 -14.3 -11.0 -10.0 -11.7 -14.9 -4.9 -3.6 -5.3 -7.9 -6.4 13

14 To domestic banks -3.4 -4.1 -6.5 -3.3 2.9 3.5 14.6 13.0 12.7 14.8 10.8 14

15 To foreign banks -7.9 -10.3 -4.5 -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 15

16 Federal funds and security RPs (net) -0.4 -1.4 -1.2 -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 16

17 Credit market instruments 114.8 112.3 114.6 123.4 133.6 148.0 141.4 148.4 149.1 150.0 152.0 17

18 Commercial paper 30.1 24.3 20.4 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 18

19 Corporate bonds 84.7 88.0 94.1 97.7 102.0 117.9 110.8 114.0 116.0 117.9 120.2 19

20 Miscellaneous liabilities 23.3 18.2 22.0 19.6 22.0 24.6 26.3 23.5 24.9 36.4 44.5 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 28.3 25.1 27.7 29.4 33.1 39.0 39.1 39.8 40.3 40.1 41.7 1

 2 Checkable deposits and currency 2.5 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 2

 3 Credit market instruments 21.6 19.7 23.4 25.8 29.2 33.4 33.9 34.3 34.5 34.4 35.9 3

 4 U.S. government securities 3.4 3.8 6.4 8.1 7.9 9.4 9.0 9.0 8.8 8.2 9.7 4

 5 Treasury 2.5 2.8 4.3 5.8 5.1 5.4 5.1 5.3 4.7 4.0 4.5 5

 6 Agency 0.9 1.0 2.1 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 6

 7 Municipal securities 0.6 0.5 0.5 0.2 0.6 0.7 0.7 0.7 0.6 0.5 0.5 7

 8 Corporate and foreign bonds 0.0 0.1 0.4 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.3 8

 9 Bank loans n.e.c. 13.0 10.0 10.2 9.7 11.3 13.1 13.7 14.2 14.5 15.1 15.2 9

10 Home mortgages 2.0 2.0 3.0 4.1 4.8 5.7 5.8 6.1 6.4 6.3 6.1 10

11 Commercial mortgages 2.5 3.2 3.0 3.1 4.0 4.0 4.2 4.1 3.9 3.9 4.1 11

12 Miscellaneous assets 4.2 3.7 3.0 2.6 2.4 4.0 3.8 3.9 4.4 4.3 4.5 12

13 Total liabilities 27.5 24.4 26.9 28.2 31.7 37.2 37.3 37.9 38.4 38.3 39.9 13

14 Checkable deposits 5.4 5.2 5.8 6.1 6.2 6.4 6.2 6.5 6.5 6.9 6.8 14

15 Small time and savings deposits 9.1 8.1 8.5 8.2 9.0 10.2 10.5 10.8 10.5 10.2 10.0 15

16 Large time deposits 9.1 8.1 8.5 8.2 9.0 10.2 10.4 10.8 10.5 10.2 10.0 16

17 Miscellaneous liabilities 4.0 3.1 4.2 5.6 7.4 10.3 10.2 9.9 10.7 11.0 13.2 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.
72 Z.1, June 12, 1997

L.114 Savings Institutions (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1357.7 1172.0 1078.8 1029.5 1013.5 1016.2 1021.0 1028.1 1059.0 1034.9 1023.0 1

 2 Reserves at Federal Reserve 3.4 2.9 3.1 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 2

 3 Checkable deposits and currency 11.0 12.9 12.4 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 3

 4 Time and savings deposits 5.2 5.0 3.7 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.3 4

 5 Federal funds and security RPs 21.6 15.1 14.4 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 5

 6 Credit market instruments 1176.5 1013.2 937.4 914.1 920.8 913.3 921.8 932.0 945.4 933.2 930.7 6

 7 Open market paper 0.7 1.3 0.6 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 7

 8 U.S. government securities 211.5 170.0 177.0 175.5 187.0 183.0 182.6 184.5 178.0 173.4 173.1 8

 9 Treasury 25.9 25.0 34.0 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 9

10 Agency 185.7 145.0 143.0 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 10

11 Municipal securities 3.0 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 11

12 Corporate and foreign bonds 75.6 72.7 80.0 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 12

13 Other loans and advances 34.3 19.3 12.4 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.1 13

14 Mortgages 801.6 705.4 628.0 598.4 596.2 596.8 602.6 611.7 628.0 628.3 627.2 14

15 Consumer credit 49.6 42.2 37.4 37.9 38.5 40.1 40.7 41.1 44.9 44.7 44.5 15

16 Corporate equities 8.8 10.3 11.2 12.5 10.4 14.3 15.9 16.1 16.4 17.9 15.4 16

17 Miscellaneous assets 131.2 112.6 96.6 70.3 57.8 58.1 54.4 53.7 69.3 55.9 51.0 17

18 Total liabilities 1341.5 1160.0 1067.9 1016.1 998.3 995.1 998.9 1006.2 1036.9 1010.5 998.2 18

19 Deposits 1050.4 937.5 852.8 785.4 733.6 727.9 728.1 720.7 737.2 721.4 718.5 19

20 Checkable 68.0 85.3 84.0 88.3 83.0 97.1 103.4 109.0 115.3 122.4 129.0 20

21 Small time and savings 862.5 767.6 692.2 624.0 579.6 550.7 543.0 530.6 533.7 512.6 501.0 21

22 Large time 119.9 84.6 76.7 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 22

23 Security RPs 42.5 19.6 18.6 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 23

24 Credit market instruments 140.1 95.4 88.4 99.6 112.4 115.0 117.8 128.3 134.9 141.1 137.4 24

25 Corporate bonds 12.7 8.6 5.5 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 25

26 Bank loans n.e.c. 9.7 8.9 8.9 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 26

27 Other loans and advances 117.7 77.8 74.0 87.3 100.0 97.4 99.7 110.5 117.7 122.4 117.8 27

28 Taxes payable 0.9 1.2 1.4 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 28

29 Miscellaneous liabilities 107.6 106.4 106.8 103.0 106.7 106.1 106.3 105.8 116.9 102.9 95.3 29

30 Investment by parent 6.0 5.0 4.0 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 30

31 Other 101.6 101.4 102.8 98.6 102.3 101.6 101.8 101.3 112.3 98.2 90.5 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, June 12, 1997 73

L.115 Credit Unions

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 217.2 240.0 264.7 281.7 293.6 310.7 323.9 327.7 326.0 330.1 341.5 1

 2 Checkable deposits and currency 4.8 5.4 6.6 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.8 2

 3 Time and savings deposits 21.7 26.7 27.0 25.6 16.7 17.1 19.1 17.9 17.6 16.4 18.9 3

 4 Federal funds and security RPs 14.6 13.2 13.5 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.2 4

 5 Credit market instruments 166.6 179.4 197.1 218.7 246.8 263.0 267.0 276.9 282.6 288.5 290.9 5

 6 Open market paper 2.3 2.6 3.0 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 6

 7 U.S. government securities 23.0 33.7 48.6 58.9 62.9 64.1 67.2 69.2 68.4 68.1 69.2 7

 8 Treasury 8.5 14.1 19.9 22.6 22.1 18.3 19.3 19.1 18.2 17.4 17.7 8

 9 Agency 14.4 19.6 28.7 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.5 9

10 Home mortgages 49.7 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 10

11 Consumer credit 91.6 90.3 89.4 101.6 119.6 131.9 131.5 136.1 140.9 144.1 144.4 11

12 Mutual fund shares 1.4 2.6 4.1 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.4 12

13 Miscellaneous assets 8.2 12.8 16.5 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.2 13

14 Total liabilities 204.7 225.8 247.5 260.8 270.3 283.7 296.2 299.4 297.0 300.1 310.8 14

15 Shares/deposits 200.8 221.3 242.9 255.5 263.4 278.8 291.2 294.3 291.8 295.1 306.2 15

16 Checkable 18.3 20.5 25.1 26.8 28.8 30.9 31.0 32.6 32.5 32.5 32.4 16

17 Small time and savings 179.1 196.5 212.0 221.8 227.3 238.9 250.7 251.8 248.6 251.2 261.6 17

18 Large time 3.4 4.2 5.8 6.9 7.3 9.0 9.5 9.9 10.7 11.4 12.2 18

19 Other loans and advances 0.0 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 19

20 Miscellaneous liabilities 3.9 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.2 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 522.1 608.3 629.6 660.9 670.0 740.0 766.2 783.6 800.1 841.9 858.7 1

 2 Deposits 47.2 46.2 40.6 39.5 41.4 42.6 44.1 46.2 48.6 51.0 53.5 2

 3 Checkable deposits and currency 1.0 1.0 0.9 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 3

 4 Time and savings deposits 20.3 15.7 10.5 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 4

 5 Money market fund shares 26.0 29.6 29.2 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 5

 6 Credit market instruments 213.4 223.5 231.5 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 6

 7 Open market paper 30.5 25.2 22.8 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 7

 8 U.S. government securities 70.7 73.6 72.0 73.1 72.0 66.7 67.0 68.2 69.7 71.2 72.8 8

 9 Treasury 39.2 40.9 40.1 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 9

10 Agency 31.5 32.6 31.8 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 10

11 Municipal securities 80.8 89.9 96.0 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 11

12 Corporate and foreign bonds 27.3 30.7 36.8 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 12

13 Mortgages 4.2 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 13

14 Corporate equities 190.1 234.2 216.9 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 14

15 Mutual fund shares 62.7 93.6 128.1 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 15

16 Miscellaneous assets 8.7 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 16

17 Total liabilities (2) 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 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.
74 Z.1, June 12, 1997

L.117 Life Insurance Companies

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1367.4 1499.5 1609.6 1780.2 1884.1 2086.8 2121.0 2147.8 2199.2 2238.9 2280.9 1

 2 Checkable deposits and currency 4.9 5.5 4.8 5.2 5.7 6.4 6.3 6.5 6.6 6.6 6.8 2

 3 Money market fund shares 18.1 19.6 25.0 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 3

 4 Credit market instruments 1134.5 1218.9 1304.4 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1641.5 1657.6 4

 5 Open market paper 45.7 45.8 43.2 46.9 52.8 45.5 54.2 56.6 54.6 50.0 49.7 5

 6 U.S. government securities 180.2 241.9 281.8 332.8 341.2 351.0 344.9 335.3 344.2 350.8 358.8 6

 7 Treasury 59.2 77.8 88.8 110.0 107.1 108.1 105.8 100.7 101.8 103.3 104.2 7

 8 Agency 121.0 164.2 193.0 222.8 234.1 242.9 239.1 234.6 242.4 247.5 254.7 8

 9 Municipal securities 12.3 10.2 11.4 14.7 12.8 11.9 12.3 12.1 12.4 12.3 12.6 9

10 Corporate and foreign bonds 566.9 595.1 653.9 719.5 779.4 870.1 879.6 885.5 909.7 922.0 928.8 10

11 Policy loans 61.6 66.4 72.1 77.7 85.5 95.9 97.8 99.0 101.9 103.0 105.4 11

12 Mortgages 267.9 259.5 242.0 224.4 210.9 207.5 207.4 208.2 204.1 203.5 202.3 12

13 Corporate equities 97.9 155.9 174.2 226.0 272.2 344.2 361.5 380.9 398.9 409.3 424.7 13

14 Mutual fund shares 30.7 8.6 18.2 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.1 14

15 Miscellaneous assets 81.3 91.1 83.0 75.7 97.8 103.9 99.2 99.3 95.9 100.7 106.1 15

16 Total liabilities 1291.3 1409.6 1525.1 1677.8 1773.5 1953.9 1987.5 2014.9 2060.1 2103.5 2143.8 16

17 Other loans and advances 0.0 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 17

18 Life insurance reserves 368.1 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 576.5 591.4 18

19 Pension fund reserves (1) 596.0 659.1 743.0 836.4 878.1 992.4 1022.2 1039.1 1067.2 1088.5 1113.1 19

20 Taxes payable 0.6 0.6 1.4 2.0 2.1 1.8 1.7 1.5 1.4 1.2 0.9 20

21 Miscellaneous liabilities 326.5 356.1 359.3 382.1 401.3 422.9 421.1 424.0 426.9 435.7 436.7 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 533.5 575.8 597.9 642.5 676.3 748.1 766.4 779.8 793.4 817.7 835.7 1

 2 Checkable deposits and currency 6.5 5.3 5.6 5.2 5.0 4.9 4.8 4.8 4.7 4.7 4.7 2

 3 Security RPs 31.0 26.9 32.6 31.7 29.4 37.5 39.6 41.6 43.6 45.7 47.7 3

 4 Credit market instruments 344.0 376.6 389.4 422.7 446.4 468.7 474.5 480.2 486.4 492.8 499.3 4

 5 U.S. government securities 111.0 146.2 151.4 169.0 178.7 181.6 182.3 183.0 183.8 184.6 185.4 5

 6 Treasury 79.0 104.0 108.7 124.5 133.0 133.4 133.6 133.7 133.8 133.9 134.0 6

 7 Agency 32.0 42.1 42.6 44.5 45.8 48.2 48.7 49.4 50.0 50.7 51.4 7

 8 Municipal securities 136.9 126.8 134.3 146.1 153.8 161.0 163.0 165.0 167.1 169.3 171.5 8

 9 Corporate and foreign bonds 89.2 97.2 97.8 103.1 110.1 123.3 126.6 129.9 133.4 137.0 140.8 9

10 Commercial mortgages 6.9 6.5 5.9 4.5 3.8 2.8 2.6 2.3 2.1 1.9 1.6 10

11 Corporate equities 79.9 94.1 97.3 103.4 112.1 144.8 153.3 157.1 160.3 173.3 180.9 11

12 Trade receivables 47.2 49.1 49.0 50.7 52.9 57.3 58.4 59.5 60.6 61.7 62.8 12

13 Miscellaneous assets 24.8 23.7 24.0 28.8 30.5 34.9 35.9 36.7 37.7 39.6 40.4 13

14 Total liabilities 397.5 417.1 440.0 457.7 472.3 528.0 541.4 554.2 567.6 584.2 598.5 14

15 Taxes payable 0.6 0.6 1.0 1.2 1.3 1.2 1.2 1.2 1.1 1.1 1.0 15

16 Miscellaneous liabilities 396.9 416.4 439.1 456.5 471.0 526.7 540.2 553.1 566.4 583.1 597.4 16
Z.1, June 12, 1997 75

L.119 Private Pension Funds (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1571.7 1860.4 1958.7 2196.0 2284.5 2651.6 2735.7 2807.7 2869.8 3029.7 3060.3 1

 2 Checkable deposits and currency 3.3 3.0 2.9 3.0 2.9 2.8 2.8 2.8 2.7 2.7 2.7 2

 3 Time and savings deposits 99.0 99.5 77.4 69.0 62.9 47.2 45.1 42.2 39.3 37.5 34.6 3

 4 Money market fund shares 17.8 18.8 19.8 26.3 31.6 37.5 38.2 37.5 37.2 38.3 37.8 4

 5 Security RPs 27.3 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 5

 6 Credit market instruments 487.4 524.4 561.9 611.4 659.2 722.3 739.6 751.0 761.4 768.8 783.2 6

 7 Open market paper 27.3 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 7

 8 U.S. government securities 288.5 310.4 326.8 350.5 364.8 393.1 399.9 402.9 405.9 406.6 410.9 8

 9 Treasury 198.0 212.6 223.9 239.6 249.6 267.8 272.0 274.0 276.0 276.7 279.4 9

10 Agency 90.4 97.8 102.9 110.9 115.2 125.4 127.9 129.0 129.9 129.9 131.5 10

11 Municipal securities 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 11

12 Corporate and foreign bonds 146.3 162.5 185.6 207.8 230.5 264.3 273.4 280.4 287.1 292.2 300.7 12

13 Mortgages 24.9 18.2 14.5 14.5 15.7 16.7 17.2 17.5 17.8 18.0 18.4 13

14 Corporate equities 561.9 747.4 807.8 937.7 936.8 1174.2 1228.7 1272.7 1322.8 1441.4 1448.5 14

15 Mutual fund shares 29.2 50.2 74.9 116.0 155.1 237.9 252.0 268.3 275.9 295.9 307.7 15

16 Miscellaneous assets 345.9 384.6 379.5 394.5 388.4 382.2 380.8 384.0 380.4 393.8 393.4 16

17 Unallocated insurance contracts (2) 188.6 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 17

18 Contributions receivable 13.6 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 18

19 Other 143.7 160.7 162.6 163.5 143.8 129.8 128.8 128.0 121.7 122.5 118.4 19

20 Pension fund reserves (liabilities) (3) 1601.1 1889.0 1983.2 2220.7 2310.3 2676.5 2759.0 2831.2 2893.2 3053.5 3084.3 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 920.0 1031.7 1167.8 1254.6 1301.2 1527.1 1584.1 1619.9 1642.6 1724.7 1786.0 1

 2 Checkable deposits and currency 5.0 4.2 6.0 6.7 6.0 3.8 3.6 3.3 2.8 3.8 2.6 2

 3 Time and savings deposits 7.7 8.1 6.0 8.7 5.5 4.2 4.2 4.4 4.2 4.1 3.8 3

 4 Security RPs 12.2 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 34.1 4

 5 Credit market instruments 424.0 396.4 402.3 423.4 454.1 476.8 491.9 505.0 506.3 511.3 510.2 5

 6 Open market paper 12.2 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 37.7 6

 7 U.S. government securities 223.5 232.1 216.3 228.5 245.3 271.4 281.8 292.1 290.6 291.7 287.6 7

 8 Treasury 139.8 147.5 144.5 161.4 170.2 178.6 184.4 192.9 189.7 188.4 185.0 8

 9 Agency 83.8 84.6 71.8 67.1 75.1 92.7 97.3 99.2 100.9 103.3 102.7 9

10 Municipal securities 0.5 0.4 0.5 0.7 0.4 0.5 0.4 0.4 0.6 0.6 0.4 10

11 Corporate and foreign bonds 171.7 129.3 148.9 159.3 165.0 162.2 167.4 168.6 166.5 168.5 167.5 11

12 Mortgages 16.1 16.9 16.5 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 12

13 Corporate equities 293.0 392.4 447.4 533.9 534.9 744.2 802.5 824.7 864.9 954.4 1015.3 13

14 Miscellaneous assets 178.1 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 220.1 14

15 Pension fund reserves (liabilities) (1) 920.0 1031.7 1167.8 1254.6 1301.2 1527.1 1584.1 1619.9 1642.6 1724.7 1786.0 15

(1) Equal to value of financial assets. These liabilities are assets of the household sector.
76 Z.1, June 12, 1997

L.121 Money Market Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 493.3 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 1

 2 Foreign deposits 26.7 21.4 20.3 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 2

 3 Checkable deposits and currency 11.2 -0.2 -2.7 -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 3

 4 Time and savings deposits 21.9 35.1 34.6 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 4

 5 Security RPs 58.2 67.0 65.9 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 5

 6 Credit market instruments 371.3 403.9 408.6 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 6

 7 Open market paper 204.0 190.6 173.6 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 7

 8 U.S. government securities 81.3 118.9 132.7 147.2 143.3 160.8 182.0 170.2 178.2 192.0 174.2 8

 9 Treasury 44.9 78.3 78.4 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 9

10 Agency 36.4 40.6 54.3 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 10

11 Municipal securities 84.0 90.6 96.0 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 11

12 Corporate and foreign bonds 2.0 3.8 6.3 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 12

13 Miscellaneous assets 4.0 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 13

14 Total shares outstanding 493.3 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 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 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 1

 2 Security RPs 6.1 12.2 21.9 38.7 43.1 50.2 46.4 49.8 56.1 47.5 56.1 2

 3 Credit market instruments 360.1 440.2 566.4 725.9 718.8 771.3 795.9 809.0 818.3 820.2 834.2 3

 4 Open market paper 28.5 12.2 21.9 38.7 43.1 50.2 49.4 49.8 56.1 47.2 56.1 4

 5 U.S. government securities 159.7 200.6 257.4 306.6 296.2 315.1 328.9 331.0 329.1 330.2 332.2 5

 6 Treasury 111.1 133.5 169.5 200.9 194.1 205.3 213.4 214.6 213.5 214.2 215.3 6

 7 Agency 48.6 67.1 87.9 105.7 102.1 109.9 115.5 116.4 115.6 116.1 116.8 7

 8 Municipal securities 112.6 139.7 168.4 211.3 207.0 210.2 212.1 212.6 213.0 213.3 210.5 8

 9 Corporate and foreign bonds 59.3 87.7 118.7 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 9

10 Corporate equities 233.2 308.9 401.3 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1517.1 10

11 Miscellaneous assets 8.9 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 2.9 11

12 Total shares outstanding 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 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 52.9 71.2 91.5 109.7 110.9 127.4 131.0 133.7 136.3 141.1 144.1 1

 2 Credit market instruments 36.7 49.5 67.7 82.0 78.7 92.0 94.8 97.2 99.5 101.3 103.0 2

 3 U.S. government securities 6.8 10.0 11.6 13.7 7.4 10.4 10.9 11.2 11.5 11.6 11.6 3

 4 Municipal securities 14.1 25.4 39.7 47.6 54.9 59.9 61.1 62.4 63.6 64.8 66.0 4

 5 Corporate and foreign bonds 15.7 14.1 16.3 20.8 16.3 21.7 22.7 23.6 24.4 24.9 25.3 5

 6 Corporate equities 16.2 21.8 23.8 27.6 32.2 35.3 36.2 36.5 36.9 39.8 41.1 6

 Memo:

 7 Market value of equities 52.9 71.2 91.5 109.7 110.9 127.4 131.0 133.7 136.3 141.1 144.1 7
Z.1, June 12, 1997 77

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 474.5 493.6 548.9 627.2 776.2 889.9 899.8 926.7 947.6 981.0 986.3 1

 2 Checkable deposits and currency 2.1 1.2 1.2 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.7 2

 3 Federal funds and security RPs 68.7 67.6 66.6 50.3 85.8 106.3 104.0 103.4 103.5 94.5 91.0 3

 4 Credit market instruments 373.9 389.0 457.8 546.4 667.0 755.0 762.7 767.6 788.2 822.5 837.6 4

 5 Open market paper 3.8 10.9 13.5 11.9 26.3 25.5 24.5 23.6 24.6 35.1 39.2 5

 6 U.S. government securities 46.2 75.5 105.7 116.9 180.3 243.8 254.0 246.6 260.3 264.2 286.4 6

 7 Treasury 34.3 40.8 58.7 51.6 51.9 58.0 54.2 34.5 34.4 18.8 25.8 7

 8 Agency 11.9 34.7 47.0 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.6 8

 9 Municipal securities 3.7 3.0 3.2 2.6 3.4 4.4 3.9 4.2 4.1 4.1 3.6 9

10 Corporate and foreign bonds 0.0 0.0 0.0 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.7 10

11 Other loans and advances 164.1 131.8 135.5 162.0 189.1 200.3 199.8 213.0 220.1 229.1 223.2 11

12 Sallie Mae 27.1 30.1 31.6 33.4 37.0 37.9 36.9 36.3 35.5 36.2 34.9 12

13 Farm Credit System 19.9 22.7 24.0 25.4 26.3 30.2 31.5 31.8 31.3 31.6 31.7 13

14 FHLB 117.1 79.1 79.9 103.1 125.9 132.3 131.4 144.9 153.3 161.4 156.6 14

15 Mortgages 156.1 167.9 199.9 242.0 248.3 256.0 257.4 260.1 259.5 259.5 255.6 15

16 Home 115.3 126.2 156.7 197.3 202.7 209.7 210.5 212.8 212.1 212.2 208.5 16

17 Multifamily residential 13.2 14.6 16.2 17.9 18.7 19.5 19.7 19.7 19.5 19.4 19.1 17

18 Farm 27.6 27.1 27.0 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 18

19 Miscellaneous assets 29.8 35.9 23.3 28.3 22.1 27.2 32.2 55.0 55.4 63.3 57.0 19

20 Total liabilities 469.1 486.0 538.7 614.4 761.7 873.6 882.8 909.5 930.1 966.7 972.4 20

21 Credit market instruments 398.5 407.7 447.9 528.5 700.6 806.5 814.4 846.1 866.1 896.9 899.6 21

22 GSE issues (2) 393.7 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 899.6 22

23 U.S. government loans 4.9 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 70.6 78.3 90.8 85.9 61.1 67.1 68.4 63.4 64.0 69.8 72.9 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 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 1

 2 Home mortgages 991.1 1130.4 1248.2 1334.3 1449.7 1543.4 1571.9 1614.5 1648.5 1678.5 1706.3 2

 3 Multifamily residential mortgages 28.7 26.1 23.8 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 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 Total pool securities (liabilities)(2) 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 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.

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 285.4 339.5 404.3 486.7 556.2 689.4 720.3 751.7 779.3 819.6 829.1 1

 2 Agency securities (1) 123.3 99.3 76.3 91.3 92.4 94.1 93.4 88.7 85.9 73.0 64.2 2

 3 Other loans and advances 5.8 8.8 11.6 21.6 25.9 33.7 35.9 39.9 39.2 47.1 44.5 3

 4 Student loans 0.0 0.0 0.0 0.0 0.0 1.0 2.5 4.0 5.0 6.0 6.6 4

 5 Loans to business 5.8 8.8 11.6 21.6 25.9 32.7 33.4 35.9 34.2 41.1 37.9 5

 6 Mortgages (2) 61.3 106.4 168.6 213.9 254.7 291.6 305.8 320.5 329.0 346.9 360.6 6

 7 Home 55.4 96.2 147.1 179.7 203.0 222.9 230.2 239.2 244.5 249.7 258.0 7

 8 Multifamily residential 0.7 3.7 6.3 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.5 8

 9 Commercial 5.2 6.5 15.2 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.1 9

10 Consumer credit 77.6 103.5 121.5 131.1 147.8 214.4 224.6 239.3 255.3 271.9 272.9 10

11 Trade receivables 17.4 21.5 26.3 28.8 35.5 55.7 60.6 63.2 69.8 80.7 86.9 11

12 Total liabilities 285.4 339.5 404.3 486.7 556.2 689.4 720.3 751.7 779.3 819.6 829.1 12

13 Commercial paper 31.4 38.7 47.4 51.9 63.9 101.2 110.2 114.8 127.0 146.7 158.1 13

14 Corporate bonds 254.0 300.8 356.9 434.8 492.3 588.2 610.1 636.8 652.3 672.9 671.1 14

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.
78 Z.1, June 12, 1997

L.127 Finance Companies (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 611.5 633.8 638.9 653.7 734.4 825.3 834.6 847.5 868.8 900.8 912.4 1

 2 Checkable deposits and currency 9.4 10.6 11.9 12.3 12.7 13.1 13.2 13.3 13.4 13.5 13.6 2

 3 Credit market instruments 498.1 488.9 496.4 482.8 551.0 615.2 621.7 633.2 642.0 658.3 672.7 3

 4 Other loans and advances 293.7 295.8 301.3 294.6 337.6 375.9 380.9 383.7 387.0 398.1 409.6 4

 5 Mortgages 66.3 67.1 72.2 71.7 78.5 86.6 89.1 95.8 100.2 105.7 112.6 5

 6 Consumer credit 138.2 126.0 122.9 116.5 134.8 152.6 151.7 153.8 154.8 154.5 150.4 6

 7 Miscellaneous assets 104.0 134.3 130.6 158.6 170.7 197.0 199.8 201.0 213.4 229.0 226.1 7

 8 Total liabilities 535.1 556.4 571.8 582.3 658.6 738.0 743.5 756.6 776.7 802.9 813.7 8

 9 Credit market instruments 374.2 391.9 390.4 390.5 440.7 492.3 499.8 514.4 528.4 540.7 546.9 9

10 Open market paper 165.3 159.5 156.4 159.2 184.6 184.5 184.8 186.9 189.4 192.9 195.4 10

11 Corporate bonds 178.0 190.2 196.3 206.0 235.0 284.7 291.4 301.3 311.5 320.0 325.3 11

12 Bank loans n.e.c. 31.0 42.3 37.6 25.3 21.2 23.1 23.5 26.2 27.5 27.8 26.2 12

13 Taxes payable 0.6 0.4 0.6 0.8 1.0 1.2 1.3 1.3 1.4 1.5 1.5 13

14 Miscellaneous liabilities 160.3 164.0 180.8 191.0 216.9 244.5 242.5 240.9 246.9 260.7 265.3 14

15 Foreign direct investment in U.S. 4.6 5.6 7.6 29.5 32.6 42.3 48.2 49.6 51.9 52.0 56.9 15

16 Investment by parent 37.7 35.5 39.5 42.7 51.0 62.3 62.3 68.4 71.9 79.2 81.2 16

17 Other 118.1 122.9 133.7 118.7 133.3 139.9 132.0 122.9 123.1 129.5 127.1 17

(1) Includes retail captive finance companies.

L.128 Mortgage Companies

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 49.2 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.9 1

 2 Home mortgages 41.9 53.1 52.7 52.2 28.3 23.8 36.7 29.8 31.0 32.0 30.7 2

 3 Multifamily residential mortgages 2.8 2.7 3.0 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.1 3

 4 Commercial mortgages 4.5 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 49.2 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.9 5

 6 Bank loans n.e.c. 24.6 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 29.0 28.3 6

 7 Investment by parent 24.6 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.7 12.2 11.6 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 13.2 14.0 13.8 17.4 22.1 25.5 25.7 26.1 26.5 27.9 28.5 1

 2 Home mortgages 0.4 0.4 0.9 0.9 1.5 1.7 1.8 1.9 2.0 2.0 2.1 2

 3 Commercial mortgages 5.0 4.5 1.9 2.1 3.2 3.7 3.9 4.1 4.3 4.4 4.5 3

 4 Multifamily residential mortgages 2.3 2.2 5.3 5.6 8.7 10.1 10.7 11.2 11.8 12.1 12.4 4

 5 Miscellaneous assets 5.5 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 9.5 5

 6 Total liabilities 13.6 16.5 19.3 24.7 46.1 54.6 57.3 61.1 65.5 71.3 76.4 6

 7 Security RPs 0.0 0.0 2.9 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.9 7

 8 Credit market instruments 12.4 13.6 13.9 17.4 31.1 37.1 39.1 42.0 45.4 49.9 54.6 8

 9 Open market paper 0.9 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate bonds 2.8 3.0 4.0 4.3 6.3 8.3 8.8 9.4 10.2 11.2 11.7 10

11 Bank loans n.e.c. 4.4 5.0 3.7 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 11

12 Mortgages 4.3 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 12

13 Miscellaneous liabilities 1.2 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 8.9 13
Z.1, June 12, 1997 79

L.130 Security Brokers and Dealers

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 262.1 332.5 381.7 478.8 454.7 568.1 569.4 565.3 583.1 634.6 645.5 1

 2 Checkable deposits and currency 10.2 10.2 10.4 12.3 12.0 13.7 12.9 15.3 15.3 15.6 14.1 2

 3 Credit market instruments 106.5 124.0 122.7 137.5 93.3 183.4 156.2 138.2 147.1 166.3 163.4 3

 4 Open market paper 18.4 14.0 15.2 14.9 11.2 22.1 16.8 19.9 18.1 24.2 26.0 4

 5 U.S. government securities 51.3 59.7 45.3 32.5 2.3 72.3 55.2 34.1 42.5 40.5 29.5 5

 6 Treasury 7.3 5.7 -7.7 -28.3 -42.7 18.3 5.2 -14.1 -4.0 -14.7 -24.3 6

 7 Agency 44.0 54.0 53.0 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 7

 8 Municipal securities 7.9 9.4 11.3 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 8

 9 Corporate and foreign bonds 28.9 40.9 50.9 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 9

10 Corporate equities 9.6 14.3 14.8 24.2 20.1 34.2 28.2 31.9 29.1 37.9 38.8 10

11 Security credit 38.8 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 99.9 11

12 Miscellaneous assets 97.0 129.0 180.4 228.6 254.2 258.2 283.0 290.0 304.7 320.5 329.3 12

13 Total liabilities 239.2 308.7 352.8 442.5 421.1 530.0 529.3 524.8 541.7 589.6 598.4 13

14 Security RPs (net) 81.0 106.7 106.4 126.4 103.4 182.4 181.5 180.4 177.6 179.3 178.4 14

15 Corporate bonds 15.3 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 15

16 Trade payables 6.1 6.8 7.4 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 16

17 Security credit 98.6 133.8 164.2 202.9 203.9 227.1 237.8 228.8 230.8 263.8 274.5 17

18 Customer credit balances (HH) 62.4 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 167.5 18

19 From banks 36.2 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 19

20 Taxes payable 0.7 0.9 0.9 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 20

21 Miscellaneous liabilities 37.5 41.5 52.2 67.9 69.2 79.8 75.9 76.8 91.6 103.8 100.4 21

22 Foreign direct investment in U.S. 3.8 5.8 5.3 5.6 6.1 5.5 5.6 5.6 5.7 2.6 3.0 22

23 Due to affiliates 35.9 25.0 53.7 81.1 105.7 129.8 137.2 158.8 160.5 158.5 173.2 23

24 Other -2.1 10.7 -6.9 -18.8 -42.5 -55.5 -66.9 -87.6 -74.7 -57.4 -75.8 24

L.131 Funding Corporations (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 250.2 261.4 308.6 308.6 360.7 390.9 442.4 461.9 476.6 482.2 500.4 1

 2 Money market fund shares 36.6 52.4 75.9 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 2

 3 Credit market instruments 132.2 134.2 147.5 117.9 109.0 115.9 146.5 150.3 152.6 143.4 151.1 3

 4 Open market paper 132.2 134.2 147.5 113.9 95.0 92.1 116.8 114.3 109.8 96.8 101.5 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 5

 6 Miscellaneous assets (2) 81.4 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 6

 7 Investment in foreign banking offices 47.6 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 7

 8 Investment in brokers and dealers 33.8 44.5 63.7 80.8 96.9 114.8 126.6 137.8 143.7 150.2 157.3 8

 9 Total liabilities 250.2 261.4 308.6 308.6 360.7 390.9 442.4 461.9 476.6 482.2 500.4 9

10 Credit market instruments 145.7 139.1 161.6 169.9 199.3 233.9 245.6 265.6 274.5 296.0 326.6 10

11 Open market paper 137.9 124.5 135.2 129.9 139.3 149.5 143.4 160.1 166.7 185.5 214.9 11

12 Corporate bonds 7.7 14.7 26.4 40.0 60.0 84.4 102.2 105.6 107.7 110.5 111.7 12

13 Miscellaneous liabilities 104.6 122.2 147.0 138.7 161.3 157.0 196.9 196.2 202.1 186.2 173.8 13

14 Foreign direct investment in U.S. -64.2 -64.3 -76.4 -65.2 -65.4 -79.1 -78.0 -87.5 -89.8 -104.7 -126.5 14

15 Securities loaned (net) 71.4 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 287.1 15

16 Other 97.4 83.6 69.9 6.8 5.1 19.9 32.3 34.3 26.6 14.9 13.3 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
80 Z.1, June 12, 1997

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves 83.3 77.7 71.3 73.4 74.3 85.8 84.2 83.4 75.5 75.1 67.2 1

 2 U.S. gold stock and SDRs 22.0 22.3 19.6 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 2

 3 Federal govt.: Exchange Stab. Fund 11.0 11.2 8.5 9.0 10.0 11.0 11.0 11.0 10.2 10.3 9.9 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.0 11.1 4

 5 U.S. foreign exchange position 61.3 55.4 51.8 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 5

 6 Official foreign currency holdings 52.2 45.9 40.0 41.5 41.2 49.1 46.9 46.1 38.9 38.3 32.4 6

 7 Treasury 19.6 18.3 18.5 19.2 19.2 28.0 26.9 26.5 19.4 19.0 14.5 7

 8 Monetary authority 32.6 27.6 21.5 22.3 22.0 21.1 20.0 19.6 19.5 19.3 18.0 8

 9 Net IMF position 9.1 9.5 11.8 11.8 12.0 14.6 15.2 15.3 15.4 15.4 13.8 9

10 Federal government 9.1 9.6 11.9 11.9 12.1 14.7 15.3 15.4 15.5 15.5 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 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 1

 2 Asset: Monetary authority 10.0 10.0 8.0 8.0 8.0 10.2 10.2 10.2 9.7 9.7 9.2 2

 Treasury currency:

 3 Liab: Federal government 16.3 16.3 16.5 17.0 17.6 18.2 18.2 18.2 18.8 18.2 18.3 3

 4 Asset: Monetary authority 20.4 21.0 21.5 22.1 23.0 24.0 24.3 24.5 24.8 25.0 25.2 4

 5 Discrepancy (seigniorage) -4.1 -4.7 -4.9 -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; levels, not seasonally adjusted

 1 Total rest of the world liability 297.9 273.5 267.7 271.8 324.6 361.4 382.7 382.9 411.2 409.1 423.9 1

 Held by:

 2 Household sector 13.4 14.6 15.6 16.4 17.2 19.2 20.5 20.5 22.4 23.4 25.3 2

 3 Nonfinancial corporate business 13.2 15.0 14.3 12.9 14.0 15.0 17.7 17.2 18.1 25.4 30.4 3

 4 Money market mutual funds 26.7 21.4 20.3 10.0 15.7 19.7 21.2 14.1 17.5 23.1 20.6 4

 5 Discrepancy--unallocated assets 244.6 222.6 217.6 232.6 277.8 307.6 323.2 331.1 353.2 337.2 347.6 5
Z.1, June 12, 1997 81

L.203 Net Interbank Transactions

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 94.9 96.4 138.5 189.3 280.1 290.7 266.0 249.1 223.6 239.6 204.0 1

 2 Monetary authority 71.2 63.0 63.9 67.6 68.9 70.2 59.1 60.3 59.2 69.7 59.0 2

 3 Depository institution reserves 38.7 29.4 32.1 35.0 30.8 29.6 24.7 24.6 21.0 24.5 21.8 3

 4 Vault cash 32.6 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 4

 5 Commercial banking 23.7 33.4 74.5 121.7 211.2 220.5 206.8 188.8 164.4 169.9 145.0 5

 6 To monetary authority 2.4 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 6

 7 To banks in foreign countries, net 53.3 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 143.3 7

 8 Liabilities, net 61.5 47.6 89.2 135.4 229.0 239.7 222.6 208.6 189.1 191.9 167.7 8

 9 U.S.-chartered commercial banks 21.0 15.3 -11.5 7.9 82.3 79.6 68.1 58.3 44.8 48.4 51.1 9

10 Due to foreign affiliates 67.1 74.5 84.2 90.8 143.4 128.7 112.9 110.6 115.5 126.8 133.6 10

11 - Due from foreign affiliates 46.1 59.2 95.6 82.9 61.1 49.1 44.9 52.3 70.7 78.4 82.5 11

12 Foreign banking offices in U.S. 48.4 42.7 105.1 134.3 161.4 178.6 174.1 166.8 162.3 166.1 133.8 12

13 Due to foreign affiliates 69.6 75.1 84.6 83.0 84.3 99.9 95.8 95.2 93.6 110.4 110.3 13

14 - Due from foreign affiliates 21.3 32.4 -20.5 -51.3 -77.0 -78.7 -78.3 -71.6 -68.7 -55.7 -23.6 14

15 Bank holding companies -7.9 -10.3 -4.5 -6.8 -14.6 -18.5 -19.6 -16.6 -18.0 -22.6 -17.2 15

16 Due to foreign affiliates 8.6 7.9 8.9 6.6 4.1 3.0 2.5 3.0 2.5 2.7 2.4 16

17 - Due from foreign affiliates 16.5 18.1 13.4 13.3 18.7 21.4 22.0 19.5 20.6 25.3 19.6 17

18 Less: Deposits at foreign banks 8.2 11.0 9.3 10.0 10.8 10.4 13.3 12.3 15.4 15.6 24.4 18

19 U.S. chartered commercial banks 6.5 9.4 7.7 8.4 8.0 5.4 7.4 8.2 10.9 10.6 18.6 19

20 Foreign banking offices in U.S. 1.7 1.6 1.6 1.6 2.9 5.0 5.8 4.1 4.5 5.0 5.8 20

21 To U.S. banking, net -32.0 -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.8 -1.8 21

22 U.S.-chartered commercial banks -69.0 -47.9 -33.6 -19.9 -13.3 -20.0 -39.9 -38.5 -44.2 -42.0 -44.0 22

23 Liabilities 39.3 49.4 38.5 44.8 50.7 43.3 40.3 38.1 31.1 38.2 43.2 23

24 To foreign offices in U.S. 66.7 51.2 46.4 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 24

25 To bank holding companies 4.6 2.4 1.4 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 25

26 Unallocated -32.0 -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.8 -1.8 26

 Less, due from:

27 Foreign offices in U.S. 107.1 99.0 77.2 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 27

28 Bank holding companies 1.2 -1.7 -5.1 -1.9 3.8 4.4 15.5 13.8 13.7 15.3 12.1 28

29 Foreign banking offices in U.S. 40.3 47.8 30.8 18.5 3.9 7.5 22.6 17.5 19.8 16.5 31.3 29

30 Due to U.S. banks 107.1 99.0 77.2 66.7 60.2 58.9 64.7 62.8 61.6 64.9 75.1 30

31 - Due from U.S. banks 66.7 51.2 46.4 48.2 56.3 51.5 42.1 45.3 41.8 48.4 43.7 31

32 Bank holding companies -3.4 -4.1 -6.5 -3.3 2.9 3.5 14.6 13.0 12.7 14.8 10.8 32

33 Due to U.S. banks 1.2 -1.7 -5.1 -1.9 3.8 4.4 15.5 13.8 13.7 15.3 12.1 33

34 - Due from U.S. banks 4.6 2.4 1.4 1.3 0.9 0.8 0.8 0.8 1.0 0.5 1.3 34

35 Total assets 127.0 100.6 147.7 194.1 286.6 299.7 268.6 257.0 235.2 250.4 205.8 35

36 Rest of the world 53.3 36.6 79.9 125.4 218.2 229.3 209.4 196.3 173.7 176.3 143.3 36

37 Domestic 73.7 64.0 67.9 68.6 68.4 70.4 59.2 60.7 61.5 74.1 62.5 37

38 Monetary authority 2.4 0.9 3.9 1.0 -0.5 0.2 0.1 0.4 2.3 4.4 3.5 38

39 Federal Reserve float 2.2 0.7 3.3 0.9 -0.7 0.1 0.0 -0.2 0.6 4.3 -0.5 39

40 Loans to member banks 0.2 0.2 0.7 0.1 0.2 0.1 0.0 0.6 1.7 0.1 4.0 40

41 Commercial banking 67.9 60.1 60.9 64.2 66.1 67.5 56.4 57.8 56.9 67.5 56.9 41

42 Reserves at Federal Reserve 35.3 26.5 29.0 31.5 28.0 26.9 22.0 22.1 18.7 22.3 19.7 42

43 Vault cash 32.6 33.6 31.9 32.7 38.1 40.6 34.4 35.7 38.2 45.2 37.1 43

44 Savings insts.: Reserves at Fed. Res. 3.4 2.9 3.1 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 44

45 Discrepancy--floats, etc. -32.0 -4.2 -9.3 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.8 -1.8 45
82 Z.1, June 12, 1997

L.204 Checkable Deposits and Currency

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 934.6 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.2 1218.9 1

 2 Monetary authority 264.3 293.5 311.1 348.2 373.5 390.5 389.6 397.5 400.7 413.9 414.9 2

 3 Federal government cash and deposits 9.5 18.3 8.0 15.2 7.5 6.2 7.3 8.0 8.0 8.0 6.3 3

 4 Deposits due to foreign 0.4 1.0 0.2 0.4 0.3 0.5 0.4 0.4 0.5 0.5 1.3 4

 5 Currency outside banks 254.4 274.2 302.8 332.6 365.7 383.7 381.9 389.1 392.2 405.5 407.4 5

 6 Commercial banking 584.0 621.6 714.3 788.4 756.7 710.8 659.3 673.2 672.3 676.4 642.5 6

 7 Federal government deposits 30.9 36.4 30.6 42.6 23.8 19.0 16.8 31.4 37.8 28.7 24.0 7

 8 Deposits due to foreign 21.4 19.4 21.7 21.3 23.2 24.0 23.1 27.1 25.1 26.7 26.9 8

 9 Private domestic deposits 531.6 565.7 662.1 724.5 709.8 667.8 619.4 614.8 609.4 621.0 591.6 9

10 Savings institutions 68.0 85.3 84.0 88.3 83.0 97.1 103.4 109.0 115.3 122.4 129.0 10

11 Credit unions 18.3 20.5 25.1 26.8 28.8 30.9 31.0 32.6 32.5 32.5 32.4 11

12 Total assets 934.6 1020.9 1134.4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.2 1218.9 12

13 Household sector 382.8 424.2 516.4 561.4 532.4 488.7 461.8 447.4 438.4 432.6 423.5 13

14 Nonfinancial business 251.4 268.9 282.6 305.6 330.1 350.9 346.7 361.5 379.6 397.6 390.9 14

15 Corporate 166.8 182.5 189.4 203.1 221.6 239.0 233.9 247.8 265.0 282.1 274.0 15

16 Nonfarm noncorporate 73.7 74.6 79.6 87.2 91.5 95.3 96.4 97.4 98.5 99.6 100.6 16

17 Farm 10.9 11.8 13.6 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.2 17

18 State and local governments 18.6 24.6 26.8 28.2 30.7 33.8 29.9 31.5 30.2 31.4 30.1 18

19 Federal government 25.4 50.9 31.7 52.2 27.8 22.2 24.2 42.8 47.5 38.3 40.0 19

20 Rest of the world 133.5 147.1 166.8 188.7 214.2 228.8 225.6 233.5 238.1 246.5 251.0 20

21 Checkable deposits 21.8 20.4 21.9 21.6 23.5 24.5 23.4 27.4 25.6 27.2 28.2 21

22 Currency 111.7 126.7 144.9 167.1 190.7 204.3 202.2 206.1 212.5 219.3 222.8 22

23 Financial sectors 71.9 60.8 61.2 69.2 65.5 67.7 65.6 67.2 65.7 70.3 67.6 23

24 Commercial banking 2.5 1.8 1.3 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 24

25 Savings institutions 11.0 12.9 12.4 15.4 13.9 15.5 13.9 13.6 14.3 14.2 13.1 25

26 Credit unions 4.8 5.4 6.6 6.5 6.5 7.4 8.0 7.6 6.8 7.5 7.8 26

27 Bank personal trusts and estates 1.0 1.0 0.9 0.8 0.5 0.5 0.6 0.6 0.6 0.6 0.7 27

28 Life insurance companies 4.9 5.5 4.8 5.2 5.7 6.4 6.3 6.5 6.6 6.6 6.8 28

29 Other insurance companies 6.5 5.3 5.6 5.2 5.0 4.9 4.8 4.8 4.7 4.7 4.7 29

30 Private pension funds 3.3 3.0 2.9 3.0 2.9 2.8 2.8 2.8 2.7 2.7 2.7 30

31 State and local govt. retirement funds 5.0 4.2 6.0 6.7 6.0 3.8 3.6 3.3 2.8 3.8 2.6 31

32 Money market mutual funds 11.2 -0.2 -2.7 -1.2 -2.5 -3.5 -2.9 -2.7 -3.6 -1.1 -0.4 32

33 Government-sponsored enterprises 2.1 1.2 1.2 2.1 1.3 1.5 1.0 0.7 0.6 0.7 0.7 33

34 Finance companies 9.4 10.6 11.9 12.3 12.7 13.1 13.2 13.3 13.4 13.5 13.6 34

35 Brokers and dealers 10.2 10.2 10.4 12.3 12.0 13.7 12.9 15.3 15.3 15.6 14.1 35

36 Mail float 50.9 44.3 48.8 46.4 41.4 37.2 29.5 28.4 21.4 28.5 15.9 36
Z.1, June 12, 1997 83

L.205 Time and Savings Deposits 

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2896.1 2839.1 2708.7 2614.9 2594.5 2756.6 2835.9 2851.3 2915.0 2967.5 3034.2 1

 2 Small time and savings deposits 2349.2 2350.7 2293.5 2223.2 2183.3 2279.7 2342.3 2340.1 2357.4 2376.7 2428.7 2

 3 Commercial banking 1307.6 1386.5 1389.3 1377.4 1376.3 1490.1 1548.6 1557.8 1575.1 1612.9 1666.2 3

 4 U.S.-chartered commercial banks 1287.5 1367.5 1369.6 1358.7 1358.0 1471.3 1529.9 1539.4 1557.0 1594.0 1636.6 4

 5 Foreign banking offices in U.S. 11.0 11.0 11.2 10.4 9.3 8.5 8.3 7.7 7.6 8.7 19.6 5

 6 Banks in U.S.-affiliated areas 9.1 8.1 8.5 8.2 9.0 10.2 10.5 10.8 10.5 10.2 10.0 6

 7 Savings institutions 862.5 767.6 692.2 624.0 579.6 550.7 543.0 530.6 533.7 512.6 501.0 7

 8 Credit unions 179.1 196.5 212.0 221.8 227.3 238.9 250.7 251.8 248.6 251.2 261.6 8

 9 Large time deposits (1) 546.9 488.4 415.2 391.7 411.2 476.9 493.6 511.1 557.6 590.8 605.4 9

10 Commercial banking 423.6 399.6 332.8 311.7 333.0 387.8 402.4 420.1 458.8 492.9 504.7 10

11 U.S.-chartered commercial banks 365.4 292.3 216.1 196.1 214.0 256.5 266.6 279.2 296.5 306.1 314.3 11

12 Foreign banking offices in U.S. 49.2 99.3 108.2 107.4 110.0 121.0 125.4 130.2 151.8 176.6 180.5 12

13 Banks in U.S.-affiliated areas 9.1 8.1 8.5 8.2 9.0 10.2 10.4 10.8 10.5 10.2 10.0 13

14 Savings institutions 119.9 84.6 76.7 73.0 71.0 80.1 81.7 81.1 88.1 86.4 88.5 14

15 Credit unions 3.4 4.2 5.8 6.9 7.3 9.0 9.5 9.9 10.7 11.4 12.2 15

16 Total assets 2896.1 2839.1 2708.7 2614.9 2594.5 2756.6 2835.9 2851.3 2915.0 2967.5 3034.2 16

17 Household sector 2477.7 2423.7 2349.1 2236.0 2231.6 2386.2 2456.1 2470.8 2509.7 2557.0 2599.9 17

18 Nonfinancial business 124.4 117.7 100.5 129.3 124.9 125.6 123.3 129.0 136.3 130.4 132.3 18

19 Corporate 73.4 66.8 51.8 74.1 67.5 65.9 63.0 68.1 74.8 68.3 69.6 19

20 Nonfarm noncorporate 51.1 50.9 48.7 55.2 57.4 59.7 60.3 60.9 61.5 62.1 62.7 20

21 State and local governments 67.5 57.2 51.3 46.3 52.3 62.2 67.3 66.9 68.9 70.7 74.3 21

22 Federal government 1.4 1.6 0.9 0.8 0.7 0.9 1.0 4.3 3.3 2.4 2.4 22

23 Rest of the world 49.2 49.0 47.9 54.7 56.3 49.6 52.4 50.7 57.8 56.0 58.4 23

24 Financial sectors 175.8 190.0 159.1 147.7 128.8 132.0 135.8 129.5 139.0 151.0 166.9 24

25 Savings institutions 5.2 5.0 3.7 3.0 1.3 1.1 1.0 1.0 1.4 1.4 1.3 25

26 Credit unions 21.7 26.7 27.0 25.6 16.7 17.1 19.1 17.9 17.6 16.4 18.9 26

27 Bank personal trusts and estates 20.3 15.7 10.5 9.4 11.0 10.0 9.7 9.4 9.1 8.9 8.8 27

28 Private pension funds 99.0 99.5 77.4 69.0 62.9 47.2 45.1 42.2 39.3 37.5 34.6 28

29 State and local govt. retirement funds 7.7 8.1 6.0 8.7 5.5 4.2 4.2 4.4 4.2 4.1 3.8 29

30 Money market mutual funds 21.9 35.1 34.6 31.9 31.4 52.3 56.6 54.6 67.4 82.7 99.4 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 493.3 535.0 539.5 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 1

 2 Household sector 364.9 379.5 338.6 337.9 351.3 451.6 506.0 487.1 502.4 533.3 582.0 2

 3 Nonfinancial corporate business 26.3 31.5 47.3 44.8 52.2 77.0 79.9 80.5 81.8 85.5 88.6 3

 4 Nonfarm noncorporate business 3.6 3.6 3.6 3.9 4.0 4.1 4.1 4.2 4.3 4.3 4.4 4

 5 Bank personal trusts and estates 26.0 29.6 29.2 29.3 29.9 32.0 33.8 36.2 38.9 41.4 44.0 5

 6 Life insurance companies 18.1 19.6 25.0 31.5 16.2 22.8 26.7 30.5 34.4 40.7 44.7 6

 7 Private pension funds 17.8 18.8 19.8 26.3 31.6 37.5 38.2 37.5 37.2 38.3 37.8 7

 8 Funding corporations 36.6 52.4 75.9 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 8
84 Z.1, June 12, 1997

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 372.3 355.8 399.9 471.1 549.4 660.1 666.1 692.1 687.6 698.7 717.1 1

 2 Commercial banking (net) 248.8 229.6 272.0 313.5 391.7 422.2 428.3 450.1 451.6 463.2 480.3 2

 3 U.S.-chartered commercial banks 219.7 192.6 234.2 279.6 351.3 379.6 387.2 397.1 404.9 408.3 421.3 3

 4 Foreign banking offices in U.S. 29.6 38.4 39.0 34.7 41.4 43.2 41.5 53.4 46.9 55.1 59.0 4

 5 Bank holding companies -0.4 -1.4 -1.2 -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 5

 6 Savings institutions 42.5 19.6 18.6 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 6

 7 REITs 0.0 0.0 2.9 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.9 7

 8 Brokers and dealers (net) 81.0 106.7 106.4 126.4 103.4 182.4 181.5 180.4 177.6 179.3 178.4 8

 9 Total assets 391.7 409.1 447.5 472.7 493.7 549.2 544.4 550.7 558.0 558.9 591.9 9

10 Nonfinancial corporate business 2.1 1.6 5.1 2.5 2.2 2.4 2.4 4.2 4.6 3.8 6.7 10

11 State and local governments 111.8 118.4 123.1 133.7 118.6 91.7 81.6 76.7 70.2 74.8 71.9 11

12 Rest of the world 19.7 20.9 41.7 58.6 46.6 67.6 72.5 76.4 76.5 70.9 83.9 12

13 Financial sectors 258.1 268.2 277.7 277.8 326.2 387.5 387.9 393.4 406.8 409.5 429.4 13

14 Monetary authority 18.4 15.9 8.1 13.2 10.6 13.9 4.9 7.1 8.4 21.6 11.6 14

15 Savings institutions 21.6 15.1 14.4 10.6 6.5 11.2 11.2 9.3 9.9 10.0 9.4 15

16 Credit unions 14.6 13.2 13.5 8.5 6.2 6.4 10.4 7.1 2.5 1.4 8.2 16

17 Other insurance companies 31.0 26.9 32.6 31.7 29.4 37.5 39.6 41.6 43.6 45.7 47.7 17

18 Private pension funds 27.3 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 18

19 State and local govt. retirement funds 12.2 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 34.1 19

20 Money market mutual funds 58.2 67.0 65.9 66.4 68.8 87.8 96.7 98.2 100.7 103.8 119.0 20

21 Mutual funds 6.1 12.2 21.9 38.7 43.1 50.2 46.4 49.8 56.1 47.5 56.1 21

22 Government-sponsored enterprises 68.7 67.6 66.6 50.3 85.8 106.3 104.0 103.4 103.5 94.5 91.0 22

23 Discrepancy--unallocated assets -19.3 -53.3 -47.6 -1.6 55.7 110.9 121.7 141.4 129.7 139.8 125.3 23

L.208 Open Market Paper

Billions of dollars; levels, not seasonally adjusted

 1 Total outstanding, all types 609.9 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 1

 2 Commercial paper 557.8 528.1 545.1 553.8 600.1 677.7 694.7 731.3 754.1 779.4 836.8 2

 3 Nonfinancial corporate business 116.9 98.5 107.1 117.8 139.2 157.4 174.2 181.7 173.0 156.4 168.7 3

 4 Foreign issues in U.S. 75.3 81.8 77.7 68.7 41.4 55.0 51.5 53.4 64.8 65.8 67.9 4

 5 Financial business 365.6 347.9 360.4 367.2 419.4 465.4 469.0 496.2 516.3 557.1 600.2 5

 6 Commercial banking 30.1 24.3 20.4 25.6 31.6 30.1 30.6 34.4 33.2 32.0 31.8 6

 7 ABS issuers 31.4 38.7 47.4 51.9 63.9 101.2 110.2 114.8 127.0 146.7 158.1 7

 8 Finance companies 165.3 159.5 156.4 159.2 184.6 184.5 184.8 186.9 189.4 192.9 195.4 8

 9 REITs 0.9 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 137.9 124.5 135.2 129.9 139.3 149.5 143.4 160.1 166.7 185.5 214.9 10

11 Bankers acceptances (1) 52.1 37.8 33.9 26.3 23.4 22.6 22.9 22.2 23.3 23.6 24.3 11

12 Holdings, by sector 609.9 565.9 579.0 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 12

13 Household sector 63.2 33.3 29.9 45.5 35.0 35.3 27.9 30.4 40.4 49.2 60.2 13

14 Nonfinancial corporate business 13.8 14.7 17.0 19.4 18.8 19.9 17.1 20.5 22.9 27.9 31.4 14

15 State and local governments 4.0 9.0 14.1 17.9 22.3 26.9 27.4 28.0 28.4 29.1 29.7 15

16 Rest of the world 10.7 11.3 12.9 18.8 24.8 43.5 31.0 42.4 47.6 54.6 47.0 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) 12.7 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 4.5 18

19 Savings institutions 0.7 1.3 0.6 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.0 19

20 Credit unions 2.3 2.6 3.0 2.2 2.1 0.6 0.3 0.3 0.2 0.3 0.2 20

21 Bank personal trusts and estates 30.5 25.2 22.8 19.5 23.0 23.3 23.2 23.1 22.9 22.9 22.9 21

22 Life insurance companies 45.7 45.8 43.2 46.9 52.8 45.5 54.2 56.6 54.6 50.0 49.7 22

23 Private pension funds 27.3 32.7 34.5 38.1 47.6 47.5 48.5 49.4 49.9 51.3 52.4 23

24 State and local govt. retirement funds 12.2 17.7 20.2 20.3 28.3 26.7 26.2 27.5 32.1 33.7 37.7 24

25 Money market mutual funds 204.0 190.6 173.6 164.4 187.2 235.5 248.0 262.8 265.2 273.9 302.7 25

26 Mutual funds 28.5 12.2 21.9 38.7 43.1 50.2 49.4 49.8 56.1 47.2 56.1 26

27 Government-sponsored enterprises 3.8 10.9 13.5 11.9 26.3 25.5 24.5 23.6 24.6 35.1 39.2 27

28 Brokers and dealers 18.4 14.0 15.2 14.9 11.2 22.1 16.8 19.9 18.1 24.2 26.0 28

29 Funding corporations 132.2 134.2 147.5 113.9 95.0 92.1 116.8 114.3 109.8 96.8 101.5 29

(1) Excludes banks’ holdings of own acceptances.
Z.1, June 12, 1997 85

L.209 Treasury Securities

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2465.8 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 1

 2 Savings bonds 126.2 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 2

 3 Other Treasury issues 2339.6 2619.7 2904.3 3138.0 3285.6 3423.5 3503.7 3479.1 3518.9 3568.1 3617.0 3

 4 Total assets 2465.8 2757.8 3061.6 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 4

 5 Household sector 393.6 381.0 461.8 476.7 690.5 665.2 660.7 665.7 652.7 640.3 615.7 5

 6 Savings bonds 126.2 138.1 157.3 171.9 179.9 185.0 185.8 186.5 186.8 187.0 186.5 6

 7 Other Treasury issues 267.4 242.8 304.5 304.8 510.5 480.2 474.8 479.2 466.0 453.3 429.2 7

 8 Nonfarm noncorporate business 12.5 12.2 13.0 13.3 13.6 14.0 14.1 14.2 14.4 14.5 14.6 8

 9 Nonfinancial corporate business 37.6 43.4 60.6 48.8 50.8 46.1 46.8 51.5 51.1 43.1 36.4 9

10 State and local governments 410.6 435.5 418.2 447.8 370.0 242.9 239.0 210.2 189.2 182.8 175.7 10

11 Rest of the world 450.3 496.6 548.1 625.1 660.0 860.5 927.9 955.7 1024.6 1125.4 1195.4 11

12 Monetary authority 235.1 266.5 295.0 332.0 364.5 378.2 377.1 383.9 383.9 390.9 395.1 12

13 Commercial banking 172.1 232.5 294.4 322.2 290.4 278.7 284.0 280.2 275.0 261.7 282.3 13

14 U.S.-chartered commercial banks 157.4 207.8 254.3 275.0 248.0 207.6 208.4 200.1 195.2 173.0 180.2 14

15 Foreign banking offices in U.S. 11.4 20.8 29.6 36.1 32.7 62.3 67.8 72.0 71.9 80.7 94.0 15

16 Bank holding companies 0.7 1.0 6.1 5.3 4.6 3.4 2.8 2.8 3.3 4.0 3.6 16

17 Banks in U.S.-affiliated areas 2.5 2.8 4.3 5.8 5.1 5.4 5.1 5.3 4.7 4.0 4.5 17

18 Savings institutions 25.9 25.0 34.0 28.2 27.1 18.4 18.8 19.5 17.7 17.4 17.0 18

19 Credit unions 8.5 14.1 19.9 22.6 22.1 18.3 19.3 19.1 18.2 17.4 17.7 19

20 Bank personal trusts and estates 39.2 40.9 40.1 40.4 39.8 36.5 36.7 37.4 38.4 39.4 40.4 20

21 Life insurance companies 59.2 77.8 88.8 110.0 107.1 108.1 105.8 100.7 101.8 103.3 104.2 21

22 Other insurance companies 79.0 104.0 108.7 124.5 133.0 133.4 133.6 133.7 133.8 133.9 134.0 22

23 Private pension funds 198.0 212.6 223.9 239.6 249.6 267.8 272.0 274.0 276.0 276.7 279.4 23

24 State and local govt. retirement funds 139.8 147.5 144.5 161.4 170.2 178.6 184.4 192.9 189.7 188.4 185.0 24

25 Money market mutual funds 44.9 78.3 78.4 79.4 66.1 70.0 85.7 80.6 83.6 90.2 82.2 25

26 Mutual funds 111.1 133.5 169.5 200.9 194.1 205.3 213.4 214.6 213.5 214.2 215.3 26

27 Closed-end funds 6.8 10.0 11.6 13.7 7.4 10.4 10.9 11.2 11.5 11.6 11.6 27

28 Government-sponsored enterprises 34.3 40.8 58.7 51.6 51.9 58.0 54.2 34.5 34.4 18.8 25.8 28

29 Brokers and dealers 7.3 5.7 -7.7 -28.3 -42.7 18.3 5.2 -14.1 -4.0 -14.7 -24.3 29

 Memo:

30 Federal government debt (1) 2498.1 2776.4 3080.3 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 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).
86 Z.1, June 12, 1997

L.210 Agency Securities (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1445.9 1577.9 1734.0 1907.0 2199.5 2405.1 2441.7 2517.7 2572.7 2634.5 2665.9 1

 2 Budget agencies 32.4 18.6 18.8 26.6 26.7 28.2 27.6 28.2 27.4 26.6 26.3 2

 3 Government-sponsored enterprises 393.7 402.9 443.1 523.7 700.6 806.5 814.4 846.1 866.1 896.9 899.6 3

 4 Federally related mortgage pools 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 4

 5 Total assets 1445.9 1577.9 1734.0 1907.0 2199.5 2405.1 2441.7 2517.7 2572.7 2634.5 2665.9 5

 6 Household sector 125.7 124.1 153.7 116.2 276.0 240.9 232.8 268.1 297.3 290.0 288.1 6

 7 Nonfinancial corporate business 3.3 5.1 8.6 19.1 19.9 18.9 17.0 20.7 23.0 27.3 29.4 7

 8 State and local governments 151.0 162.7 174.9 175.0 186.6 223.8 226.5 251.2 239.0 241.5 243.3 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 51.8 62.4 80.6 116.4 136.4 167.2 181.6 188.6 201.9 216.5 225.1 10

11 Monetary authority 6.3 6.0 5.4 4.6 3.6 2.6 2.5 2.4 2.3 2.2 2.0 11

12 Commercial banking 284.8 335.7 378.5 423.2 428.7 467.5 471.3 473.7 475.9 495.6 510.4 12

13 U.S.-chartered commercial banks 274.9 321.2 360.1 396.3 398.1 421.5 423.4 424.7 423.6 436.7 446.0 13

14 Foreign banking offices in U.S. 7.2 11.2 14.1 21.5 23.0 37.3 39.1 40.5 43.4 49.7 54.7 14

15 Bank holding companies 1.9 2.4 2.2 3.1 4.8 4.7 4.7 4.8 4.7 4.9 4.6 15

16 Banks in U.S.-affiliated areas 0.9 1.0 2.1 2.3 2.8 4.0 4.0 3.7 4.2 4.3 5.1 16

17 Savings institutions 185.7 145.0 143.0 147.3 159.9 164.6 163.8 165.1 160.3 156.1 156.1 17

18 Credit unions 14.4 19.6 28.7 36.3 40.9 45.7 47.9 50.1 50.2 50.7 51.5 18

19 Bank personal trusts and estates 31.5 32.6 31.8 32.7 32.2 30.2 30.3 30.7 31.3 31.8 32.4 19

20 Life insurance companies 121.0 164.2 193.0 222.8 234.1 242.9 239.1 234.6 242.4 247.5 254.7 20

21 Other insurance companies 32.0 42.1 42.6 44.5 45.8 48.2 48.7 49.4 50.0 50.7 51.4 21

22 Private pension funds 90.4 97.8 102.9 110.9 115.2 125.4 127.9 129.0 129.9 129.9 131.5 22

23 State and local govt. retirement funds 83.8 84.6 71.8 67.1 75.1 92.7 97.3 99.2 100.9 103.3 102.7 23

24 Money market mutual funds 36.4 40.6 54.3 67.8 77.2 90.8 96.2 89.6 94.6 101.8 92.1 24

25 Mutual funds 48.6 67.1 87.9 105.7 102.1 109.9 115.5 116.4 115.6 116.1 116.8 25

26 Government-sponsored enterprises 11.9 34.7 47.0 65.3 128.4 185.8 199.8 212.0 225.9 245.4 260.6 26

27 ABS issuers 123.3 99.3 76.3 91.3 92.4 94.1 93.4 88.7 85.9 73.0 64.2 27

28 Brokers and dealers 44.0 54.0 53.0 60.8 45.0 54.0 50.0 48.2 46.5 55.2 53.8 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, June 12, 1997 87

L.211 Municipal Securities and Loans

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1184.4 1272.2 1302.8 1377.5 1348.2 1304.0 1300.8 1306.8 1290.6 1305.5 1314.2 1

 2 State and local governments 983.5 1064.8 1086.1 1149.0 1110.2 1072.7 1073.8 1082.0 1069.8 1087.5 1100.0 2

 3 Short-term (1) 26.2 33.1 32.0 33.8 31.7 32.9 33.2 30.9 34.1 37.9 38.8 3

 4 Long-term 957.3 1031.7 1054.0 1115.1 1078.6 1039.9 1040.6 1051.1 1035.7 1049.6 1061.2 4

 5 Nonprofit organizations (2) 85.8 93.5 102.7 114.7 129.2 135.0 136.0 137.0 138.0 139.3 140.2 5

 6 Nonfinancial corporate business 115.2 114.0 114.0 113.9 108.8 96.3 91.0 87.9 82.7 78.8 73.9 6

 (industrial revenue bonds)

 7 Total assets 1184.4 1272.2 1302.8 1377.5 1348.2 1304.0 1300.8 1306.8 1290.6 1305.5 1314.2 7

 8 Household sector 574.5 614.1 585.6 556.8 507.4 453.0 439.5 442.8 417.6 419.1 416.6 8

 9 Nonfinancial corporate business 24.7 44.8 45.8 54.7 56.7 55.4 52.4 55.9 59.0 58.1 58.5 9

10 State and local governments 11.6 11.6 10.5 9.5 8.6 8.1 8.1 8.0 8.0 7.9 7.9 10

11 Commercial banking 117.4 103.2 97.5 99.2 97.6 93.4 93.0 92.7 92.7 94.2 94.0 11

12 Savings institutions 3.0 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.1 2.1 1.9 12

13 Bank personal trusts and estates 80.8 89.9 96.0 108.9 114.2 103.1 102.3 102.6 103.3 103.7 104.1 13

14 Life insurance companies 12.3 10.2 11.4 14.7 12.8 11.9 12.3 12.1 12.4 12.3 12.6 14

15 Other insurance companies 136.9 126.8 134.3 146.1 153.8 161.0 163.0 165.0 167.1 169.3 171.5 15

16 Private pension funds 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 16

17 State and local govt. retirement funds 0.5 0.4 0.5 0.7 0.4 0.5 0.4 0.4 0.6 0.6 0.4 17

18 Money market mutual funds 84.0 90.6 96.0 105.6 113.4 127.7 141.0 136.7 138.6 144.5 155.7 18

19 Mutual funds 112.6 139.7 168.4 211.3 207.0 210.2 212.1 212.6 213.0 213.3 210.5 19

20 Closed-end funds 14.1 25.4 39.7 47.6 54.9 59.9 61.1 62.4 63.6 64.8 66.0 20

21 Government-sponsored enterprises 3.7 3.0 3.2 2.6 3.4 4.4 3.9 4.2 4.1 4.1 3.6 21

22 Brokers and dealers 7.9 9.4 11.3 17.1 15.5 12.7 8.9 8.8 7.9 10.8 10.0 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 1703.1 1866.7 2040.1 2317.4 2468.8 2776.0 2836.7 2907.1 2971.4 3049.6 3081.6 1

 2 Nonfinancial corporate business 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1341.5 1359.4 1376.4 1398.8 1418.7 2

 3 Rest of the world (1) 115.4 130.5 147.2 230.1 242.3 290.6 302.5 305.3 320.2 337.3 341.7 3

 4 Financial sectors 579.5 649.3 738.4 857.6 973.5 1159.1 1192.7 1242.4 1274.8 1313.4 1321.2 4

 5 Commercial banking 108.9 113.2 127.6 134.9 142.6 161.1 155.9 161.6 164.2 168.9 172.3 5

 6 Savings institutions 12.7 8.6 5.5 3.9 3.1 3.1 2.9 3.1 2.7 2.7 2.6 6

 7 ABS issuers 254.0 300.8 356.9 434.8 492.3 588.2 610.1 636.8 652.3 672.9 671.1 7

 8 Finance companies 178.0 190.2 196.3 206.0 235.0 284.7 291.4 301.3 311.5 320.0 325.3 8

 9 REITs 2.8 3.0 4.0 4.3 6.3 8.3 8.8 9.4 10.2 11.2 11.7 9

10 Brokers and dealers 15.3 19.0 21.7 33.7 34.3 29.3 21.4 24.6 26.1 27.3 26.6 10

11 Funding corporations 7.7 14.7 26.4 40.0 60.0 84.4 102.2 105.6 107.7 110.5 111.7 11

12 Total assets 1703.1 1866.7 2040.1 2317.4 2468.8 2776.0 2836.7 2907.1 2971.4 3049.6 3081.6 12

13 Household sector 198.2 285.1 277.7 314.9 314.2 364.9 364.1 384.7 381.9 388.3 358.8 13

14 State and local governments 16.0 18.0 20.9 26.5 31.9 37.0 36.6 36.8 36.9 37.2 37.7 14

15 Rest of the world (2) 217.2 233.4 251.5 273.3 311.4 368.5 386.7 405.1 427.1 445.0 465.8 15

16 Commercial banking 88.7 96.3 94.7 98.2 102.5 110.9 109.7 110.4 110.7 112.6 117.7 16

17 Savings institutions 75.6 72.7 80.0 89.1 86.7 78.5 79.9 78.1 76.3 68.6 67.9 17

18 Bank personal trusts and estates 27.3 30.7 36.8 35.8 35.3 32.2 31.9 31.8 31.8 31.8 31.7 18

19 Life insurance companies 566.9 595.1 653.9 719.5 779.4 870.1 879.6 885.5 909.7 922.0 928.8 19

20 Other insurance companies 89.2 97.2 97.8 103.1 110.1 123.3 126.6 129.9 133.4 137.0 140.8 20

21 Private pension funds 146.3 162.5 185.6 207.8 230.5 264.3 273.4 280.4 287.1 292.2 300.7 21

22 State and local govt. retirement funds 171.7 129.3 148.9 159.3 165.0 162.2 167.4 168.6 166.5 168.5 167.5 22

23 Money market mutual funds 2.0 3.8 6.3 11.7 15.2 21.5 24.6 25.0 24.6 23.9 26.4 23

24 Mutual funds 59.3 87.7 118.7 169.3 172.4 195.7 205.5 215.6 220.2 229.5 235.4 24

25 Closed-end funds 15.7 14.1 16.3 20.8 16.3 21.7 22.7 23.6 24.4 24.9 25.3 25

26 Government-sponsored enterprises 0.0 0.0 0.0 11.1 19.5 25.0 23.1 20.2 19.5 30.6 29.7 26

27 Brokers and dealers 28.9 40.9 50.9 73.0 64.4 76.4 75.3 75.3 78.6 90.9 97.9 27

28 Funding corporations 0.0 0.0 0.0 4.0 14.0 23.8 29.8 36.0 42.8 46.5 49.6 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
88 Z.1, June 12, 1997

L.213 Corporate Equities (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Issues at market value 3524.8 4897.9 5456.8 6280.0 6263.3 8389.9 8875.8 9170.9 9387.4 10090.0 10099.2 1

 2 Nonfinancial corporate business 2605.4 3649.0 3961.0 4389.5 4429.9 5827.6 6122.9 6358.4 6400.1 6712.9 6615.8 2

 3 Rest of the world (2) 110.0 158.8 179.7 302.8 324.0 411.1 458.6 488.3 507.1 558.9 595.7 3

 4 Financial corporations 809.3 1090.1 1316.1 1587.7 1509.4 2151.2 2294.3 2324.3 2480.1 2818.3 2887.7 4

 5 Holdings at market value 3524.8 4897.9 5456.8 6280.0 6263.3 8389.9 8875.8 9170.9 9387.4 10090.0 10099.2 5

 6 Household sector 1783.5 2609.8 2921.7 3239.0 3085.3 4144.6 4330.1 4396.7 4420.7 4680.5 4516.9 6

 7 State and local governments 4.8 6.3 7.8 9.3 10.6 12.2 12.7 13.0 13.1 13.6 13.8 7

 8 Rest of the world (3) 243.8 299.0 329.2 373.5 368.9 509.0 543.2 564.1 575.7 626.1 661.1 8

 9 Commercial banking 2.2 3.8 3.4 4.3 2.9 5.0 5.2 5.6 6.1 6.7 6.8 9

10 Savings institutions 8.8 10.3 11.2 12.5 10.4 14.3 15.9 16.1 16.4 17.9 15.4 10

11 Bank personal trusts and estates 190.1 234.2 216.9 181.0 167.3 202.9 208.7 208.6 208.3 219.0 218.8 11

12 Life insurance companies 97.9 155.9 174.2 226.0 272.2 344.2 361.5 380.9 398.9 409.3 424.7 12

13 Other insurance companies 79.9 94.1 97.3 103.4 112.1 144.8 153.3 157.1 160.3 173.3 180.9 13

14 Private pension funds 561.9 747.4 807.8 937.7 936.8 1174.2 1228.7 1272.7 1322.8 1441.4 1448.5 14

15 State and local govt. retirement funds 293.0 392.4 447.4 533.9 534.9 744.2 802.5 824.7 864.9 954.4 1015.3 15

16 Mutual funds 233.2 308.9 401.3 607.4 709.6 1024.9 1149.6 1263.0 1334.1 1470.0 1517.1 16

17 Closed-end funds 16.2 21.8 23.8 27.6 32.2 35.3 36.2 36.5 36.9 39.8 41.1 17

18 Brokers and dealers 9.6 14.3 14.8 24.2 20.1 34.2 28.2 31.9 29.1 37.9 38.8 18

 Memo:

19 Market value of domestic corporations (4) 3306.9 4605.2 5137.8 5817.6 5772.0 7759.5 8194.3 8451.6 8647.8 9273.4 9236.0 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 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 1

 2 Holdings at market value 608.4 769.5 992.5 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2410.3 2

 3 Household sector 467.8 586.6 727.9 990.9 1047.4 1247.8 1350.9 1449.4 1507.4 1582.9 1622.6 3

 4 Nonfinancial corporate business 9.7 14.8 21.1 29.8 31.1 45.7 49.3 51.4 53.4 58.6 62.1 4

 5 State and local governments 4.8 9.4 14.9 21.3 29.1 35.0 35.8 36.0 36.5 37.0 37.6 5

 6 Commercial banking 1.9 3.7 3.4 3.9 2.0 2.3 2.5 2.3 2.2 2.6 2.6 6

 7 Credit unions 1.4 2.6 4.1 4.2 2.6 2.8 2.9 2.9 2.7 2.6 2.4 7

 8 Bank personal trusts and estates 62.7 93.6 128.1 183.5 200.4 253.5 272.7 285.8 296.9 322.8 334.2 8

 9 Life insurance companies 30.7 8.6 18.2 25.9 9.6 27.7 31.0 33.8 36.5 40.0 41.1 9

10 Private pension funds 29.2 50.2 74.9 116.0 155.1 237.9 252.0 268.3 275.9 295.9 307.7 10
Z.1, June 12, 1997 89

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 2100.2 2097.0 2139.8 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.4 2857.5 1

 - Loans elsewhere classified:

 2 Open market paper 12.7 10.6 9.2 7.3 5.8 5.7 6.1 4.9 4.4 6.5 4.5 2

 3 Mortgages 849.3 881.3 900.5 947.8 1013.1 1090.1 1097.3 1109.8 1123.2 1146.3 1159.9 3

 4 Consumer credit 387.0 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 530.1 515.2 4

 5 Security credit 36.2 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 5

 6 = Banking sector total bank loans n.e.c. 815.0 785.9 776.6 768.0 830.4 943.9 959.9 991.4 1021.3 1037.7 1070.9 6

 7 U.S.-chartered commercial banks 640.2 586.7 567.0 574.4 620.0 695.9 706.7 725.9 742.9 755.3 782.4 7

 8 Foreign banking offices in U.S. 156.5 185.8 195.7 182.0 197.2 232.6 237.7 249.4 261.8 264.8 271.2 8

 9 Bank holding companies 5.3 3.4 3.7 1.9 1.8 2.3 1.9 2.0 2.1 2.5 2.1 9

10 Banks in U.S.-affiliated areas 13.0 10.0 10.2 9.7 11.3 13.1 13.7 14.2 14.5 15.1 15.2 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 815.0 785.9 776.6 768.0 830.4 943.9 959.9 991.4 1021.3 1037.7 1070.9 12

13 Total liabilities 815.0 785.9 776.6 768.0 830.4 943.9 959.9 991.4 1021.3 1037.7 1070.9 13

14 Nonfinancial sectors 745.4 707.6 696.1 700.5 775.1 883.0 893.2 919.0 948.0 962.3 996.6 14

15 Households 12.1 8.7 11.5 18.4 29.1 42.2 37.8 43.4 43.1 41.8 47.3 15

16 Corporate business 545.5 507.7 488.4 477.6 525.0 589.7 599.2 606.8 628.6 638.3 662.9 16

17 Nonfarm noncorporate business 136.4 135.0 137.7 143.0 156.2 176.7 181.8 187.3 193.1 198.1 204.7 17

18 Farm business 32.9 34.6 34.7 36.8 38.7 39.7 37.6 40.9 41.5 40.4 38.3 18

19 Rest of the world 18.5 21.6 23.9 24.6 26.1 34.6 36.8 40.5 41.7 43.7 43.5 19

20 Foreign official institutions 2.8 2.4 3.3 2.4 2.2 2.6 2.2 3.3 3.2 2.9 2.0 20

21 Foreign banks 5.9 6.9 7.6 8.8 8.8 10.9 12.2 13.1 12.7 14.3 13.7 21

22 Other foreign 9.8 12.3 13.0 13.5 15.2 21.1 22.4 24.1 25.8 26.5 27.8 22

23 Financial sectors 69.6 78.4 80.5 67.6 55.3 60.9 66.7 72.4 73.3 75.4 74.3 23

24 Savings institutions 9.7 8.9 8.9 8.4 9.3 14.6 15.2 14.8 14.5 15.9 17.0 24

25 Finance companies 31.0 42.3 37.6 25.3 21.2 23.1 23.5 26.2 27.5 27.8 26.2 25

26 Mortgage companies 24.6 22.2 30.2 30.2 18.7 19.1 24.1 28.1 28.5 29.0 28.3 26

27 REITs 4.4 5.0 3.7 3.6 6.0 4.2 3.8 3.4 2.8 2.7 2.9 27
90 Z.1, June 12, 1997

L.216 Other Loans and Advances

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 934.7 832.2 844.2 852.9 929.9 991.5 1002.9 1021.8 1046.5 1058.2 1067.2 1

 2 U.S. government loans 156.4 148.8 148.8 145.8 135.7 127.5 124.7 122.3 118.8 115.1 113.1 2

 3 Liab.: Household sector 18.6 20.8 21.6 20.3 17.0 11.5 9.8 7.9 5.8 3.4 3.0 3

 4 Nonfinancial corporate business 8.8 7.9 7.9 8.1 8.6 9.3 9.5 9.6 9.8 9.9 10.0 4

 5 Nonfarm noncorporate business 40.3 40.4 40.1 40.7 42.1 43.9 44.3 44.7 45.0 45.4 45.8 5

 6 Farm business 13.8 9.8 9.5 8.7 7.1 4.6 3.8 3.0 2.1 1.1 0.2 6

 7 State and local governments 9.6 10.0 9.9 9.2 8.2 6.7 6.2 5.8 5.3 4.8 4.3 7

 8 Rest of the world 60.4 55.0 55.1 53.9 52.7 51.5 51.1 51.4 50.9 50.5 49.9 8

 9 Government-sponsored enterprises 4.9 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 172.4 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.3 125.9 130.4 10

11 Liab.: Nonfinancial corporate business 172.4 125.1 129.9 114.2 122.1 122.1 126.4 126.5 139.3 125.9 130.4 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 45.5 35.3 31.7 25.3 22.9 22.3 22.6 22.1 23.1 23.3 23.9 12

13 Liab.: Nonfinancial corporate business 29.2 23.3 20.4 17.1 15.0 14.2 13.7 13.1 13.5 13.4 13.5 13

14 Rest of the world 16.3 12.0 11.3 8.2 7.9 8.2 8.9 9.0 9.5 9.9 10.3 14

15 Savings institution loans to business 34.3 19.3 12.4 10.8 10.3 12.8 13.9 14.4 16.0 15.7 16.1 15

16 Liab.: Nonfinancial corporate business 17.2 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 16

17 Nonfarm noncorporate business 17.2 9.7 6.2 5.4 5.1 6.4 6.9 7.2 8.0 7.9 8.1 17

18 Policy loans (Household liability) 62.5 67.3 73.0 78.6 86.4 96.9 98.7 99.9 102.9 104.0 106.3 18

19 Asset: Federal government 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 19

20 Life insurance companies 61.6 66.4 72.1 77.7 85.5 95.9 97.8 99.0 101.9 103.0 105.4 20

21 Government-sponsored enterprise loans 164.1 131.8 135.5 162.0 189.1 200.3 199.8 213.0 220.1 229.1 223.2 21

22 Liab.: Household sector (SLMA) 19.8 22.0 24.9 27.6 31.3 35.2 34.7 35.4 34.6 35.3 33.4 22

23 Noncorporate business (FCS) 10.1 11.5 12.6 13.9 13.9 16.4 17.8 16.9 16.1 15.1 15.1 23

24 Farm business (FCS) 9.8 11.2 11.4 11.6 12.4 13.8 13.7 14.9 15.2 16.5 16.6 24

25 Commercial banks (FHLB and SLMA) 6.7 9.3 12.5 21.2 30.5 36.7 32.4 33.8 35.1 37.7 38.2 25

26 Savings institutions (FHLB and SLMA) 117.7 77.8 74.0 87.3 100.0 97.4 99.7 110.5 117.7 122.4 117.8 26

27 Credit unions (FHLB) 0.0 0.0 0.0 0.2 0.5 0.4 0.4 0.3 0.4 0.4 0.4 27

28 Life insurance companies (FHLB) 0.0 0.0 0.0 0.2 0.6 0.5 1.1 1.2 1.1 1.6 1.8 28

29 Securitized loans held by ABS issuers 5.8 8.8 11.6 21.6 25.9 33.7 35.9 39.9 39.2 47.1 44.5 29

30 Liab.: Households (1) 0.0 0.0 0.0 0.0 0.0 1.0 2.5 4.0 5.0 6.0 6.6 30

31 Nonfinancial corporate business 5.8 8.8 11.6 21.6 25.9 32.7 33.4 35.9 34.2 41.1 37.9 31

32 Finance company loans to business 293.7 295.8 301.3 294.6 337.6 375.9 380.9 383.7 387.0 398.1 409.6 32

33 Liab.: Nonfinancial corporate business 264.3 266.2 271.2 265.2 303.9 338.3 342.8 345.3 348.3 358.3 368.7 33

34 Nonfarm noncorporate business 29.4 29.6 30.1 29.5 33.8 37.6 38.1 38.4 38.7 39.8 41.0 34

(1) Student loans.
Z.1, June 12, 1997 91

L.217 Total Mortgages

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total mortgages 3804.2 3960.5 4094.6 4269.3 4475.6 4709.4 4788.9 4882.7 4964.1 5052.2 5113.1 1

 2 Home 2676.7 2853.7 3044.0 3232.8 3436.7 3633.8 3700.2 3775.6 3848.9 3915.4 3966.8 2

 3 Multifamily residential 289.8 284.3 273.7 270.4 275.3 287.8 292.1 297.5 301.9 310.4 313.3 3

 4 Commercial 758.8 743.2 696.2 685.0 680.6 703.2 711.4 723.1 725.9 738.3 744.6 4

 5 Farm 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 5

 6 Total liabilities 3804.2 3960.5 4094.6 4269.3 4475.6 4709.4 4788.9 4882.7 4964.1 5052.2 5113.1 6

 7 Household sector 2630.4 2817.3 2992.0 3163.4 3375.8 3587.2 3660.9 3740.6 3818.2 3889.4 3944.0 7

 8 Nonfinancial business 1169.4 1138.4 1097.3 1097.0 1081.0 1097.6 1101.5 1112.9 1113.6 1126.8 1129.0 8

 9 Corporate 173.3 151.8 124.3 125.1 114.2 125.1 125.2 132.6 132.0 135.5 133.5 9

10 Nonfarm noncorporate 917.2 907.3 892.2 890.7 883.9 887.9 891.1 893.8 894.2 903.2 907.1 10

11 Farm 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 4.3 4.8 5.4 8.9 18.7 24.6 26.5 29.2 32.4 36.0 40.0 13

14 Total assets 3804.2 3960.5 4094.6 4269.3 4475.6 4709.4 4788.9 4882.7 4964.1 5052.2 5113.1 14

15 Household sector 146.3 153.7 160.8 183.0 190.3 199.8 203.2 208.3 212.4 216.9 219.5 15

16 Nonfinancial corporate business 52.8 59.0 60.0 52.3 56.4 61.5 63.5 65.0 67.0 69.0 71.0 16

17 Nonfarm noncorporate business 31.1 26.0 25.2 23.7 23.6 23.5 23.5 23.5 23.4 23.4 23.4 17

18 State and local governments 110.2 113.7 113.7 108.3 110.5 113.8 114.3 114.9 115.9 117.6 118.8 18

19 Federal government 82.9 98.3 86.4 85.0 71.0 57.6 55.1 53.7 50.7 48.1 45.4 19

20 Commercial banking 849.3 881.3 900.5 947.8 1013.1 1090.1 1097.3 1109.8 1123.2 1146.3 1159.9 20

21 Savings institutions (1) 801.6 705.4 628.0 598.4 596.2 596.8 602.6 611.7 628.0 628.3 627.2 21

22 Credit unions 49.7 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 22

23 Bank personal trusts and estates 4.2 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 23

24 Life insurance companies 267.9 259.5 242.0 224.4 210.9 207.5 207.4 208.2 204.1 203.5 202.3 24

25 Other insurance companies 6.9 6.5 5.9 4.5 3.8 2.8 2.6 2.3 2.1 1.9 1.6 25

26 Private pension funds 24.9 18.2 14.5 14.5 15.7 16.7 17.2 17.5 17.8 18.0 18.4 26

27 State and local govt. retirement funds 16.1 16.9 16.5 14.5 15.2 15.9 16.1 16.3 16.5 16.7 16.9 27

28 Government-sponsored enterprises (1) 156.1 167.9 199.9 242.0 248.3 256.0 257.4 260.1 259.5 259.5 255.6 28

29 Federally related mortgage pools 1019.9 1156.5 1272.0 1356.8 1472.1 1570.3 1599.7 1643.4 1679.2 1711.0 1740.1 29

30 ABS issuers 61.3 106.4 168.6 213.9 254.7 291.6 305.8 320.5 329.0 346.9 360.6 30

31 Finance companies 66.3 67.1 72.2 71.7 78.5 86.6 89.1 95.8 100.2 105.7 112.6 31

32 Mortgage companies 49.2 60.3 60.5 60.4 36.5 33.0 46.0 39.3 40.2 41.2 39.9 32

33 REITs 7.7 7.0 8.1 8.6 13.3 15.5 16.3 17.2 18.0 18.5 19.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
92 Z.1, June 12, 1997

L.218 Home Mortgages (1)

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2676.7 2853.7 3044.0 3232.8 3436.7 3633.8 3700.2 3775.6 3848.9 3915.4 3966.8 1

 2 Household sector 2491.3 2658.4 2822.1 2978.8 3176.9 3375.5 3442.8 3518.2 3591.3 3657.7 3708.7 2

 3 Nonfinancial corporate business 16.6 17.0 17.5 18.1 18.7 19.3 19.5 19.6 19.8 19.9 20.1 3

 4 Nonfarm noncorporate business 168.8 178.4 204.4 235.9 241.1 239.0 238.0 237.8 237.8 237.7 237.9 4

 5 Total assets 2676.7 2853.7 3044.0 3232.8 3436.7 3633.8 3700.2 3775.6 3848.9 3915.4 3966.8 5

 6 Household sector 130.2 137.4 143.6 165.2 171.1 180.2 183.3 188.2 191.9 196.0 198.4 6

 7 Nonfinancial corporate business 30.5 34.8 37.5 29.3 36.5 38.9 40.1 40.1 41.0 41.4 42.4 7

 8 Nonfarm noncorporate business 9.5 8.9 9.5 9.7 9.7 9.6 9.6 9.6 9.6 9.6 9.6 8

 9 State and local governments 60.9 62.9 62.3 56.3 57.3 60.5 60.8 61.2 62.0 62.8 63.5 9

10 Federal government 37.9 37.1 35.1 30.3 24.8 19.0 17.4 16.7 15.5 15.2 14.0 10

11 Commercial banking 458.0 485.6 510.8 560.8 616.2 669.3 671.8 676.8 685.6 702.6 711.3 11

12 Savings institutions 600.2 538.4 489.6 470.0 477.6 482.4 489.6 498.2 513.3 513.4 513.9 12

13 Credit unions 49.7 52.8 56.1 56.0 62.1 66.5 68.0 71.3 73.1 76.0 77.1 13

14 Bank personal trusts and estates 4.2 4.0 3.9 3.6 3.4 3.9 3.8 3.7 3.6 3.6 3.7 14

15 Life insurance companies 13.0 10.6 11.2 8.6 7.0 7.3 7.3 7.3 6.2 5.8 5.4 15

16 Private pension funds 8.7 4.0 3.2 3.2 3.4 3.7 3.8 3.9 3.9 4.0 4.1 16

17 State and local govt. retirement funds 3.5 3.7 3.4 3.5 3.9 4.4 4.6 4.7 4.8 5.0 5.1 17

18 Government-sponsored enterprises 115.3 126.2 156.7 197.3 202.7 209.7 210.5 212.8 212.1 212.2 208.5 18

19 Federally related mortgage pools 991.1 1130.4 1248.2 1334.3 1449.7 1543.4 1571.9 1614.5 1648.5 1678.5 1706.3 19

20 ABS issuers 55.4 96.2 147.1 179.7 203.0 222.9 230.2 239.2 244.5 249.7 258.0 20

21 Finance companies 66.3 67.1 72.2 71.7 78.5 86.6 89.1 95.8 100.2 105.7 112.6 21

22 Mortgage companies 41.9 53.1 52.7 52.2 28.3 23.8 36.7 29.8 31.0 32.0 30.7 22

23 REITs 0.4 0.4 0.9 0.9 1.5 1.7 1.8 1.9 2.0 2.0 2.1 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 289.8 284.3 273.7 270.4 275.3 287.8 292.1 297.5 301.9 310.4 313.3 1

 2 Nonfinancial corporate business 18.3 18.8 19.3 19.9 20.5 21.1 21.2 21.4 21.6 21.7 21.9 2

 3 Nonfarm noncorporate business 270.0 263.9 252.6 247.6 248.7 258.6 262.1 266.5 269.7 276.8 278.2 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.4 1.6 1.8 3.0 6.2 8.1 8.7 9.6 10.7 11.9 13.2 5

 6 Total assets 289.8 284.3 273.7 270.4 275.3 287.8 292.1 297.5 301.9 310.4 313.3 6

 7 Household sector 1.2 0.6 0.5 0.8 1.4 1.7 1.7 1.7 1.7 1.7 1.6 7

 8 Nonfinancial corporate business 2.0 0.4 0.2 1.1 0.7 0.8 1.2 1.4 1.6 1.9 2.0 8

 9 Nonfarm noncorporate business 9.0 8.4 8.3 7.0 7.0 6.9 6.9 6.9 6.9 6.9 6.9 9

10 State and local governments 40.7 41.7 42.4 42.8 43.5 44.1 44.4 44.6 45.0 45.9 46.4 10

11 Federal government 22.9 31.9 27.6 24.6 22.0 17.3 16.9 16.8 15.9 14.8 14.1 11

12 Commercial banking 37.0 36.9 38.0 38.7 39.4 43.8 44.7 45.4 46.5 47.0 47.9 12

13 Savings institutions 91.8 79.9 69.8 67.4 64.3 62.0 60.5 60.7 61.4 61.6 60.7 13

14 Life insurance companies 29.0 29.3 27.2 25.4 23.9 23.4 23.4 23.5 23.2 23.1 23.0 14

15 Private pension funds 3.3 1.1 1.0 1.0 1.0 1.1 0.9 0.9 0.9 0.9 0.9 15

16 State and local govt. retirement funds 5.1 4.8 4.2 4.1 4.3 4.5 4.6 4.6 4.7 4.7 4.8 16

17 Government-sponsored enterprises 13.2 14.6 16.2 17.9 18.7 19.5 19.7 19.7 19.5 19.4 19.1 17

18 Federally related mortgage pools 28.7 26.1 23.8 22.5 22.4 26.9 27.8 28.9 30.7 32.5 33.7 18

19 ABS issuers 0.7 3.7 6.3 8.7 14.9 21.3 24.5 26.8 28.1 33.7 35.5 19

20 Mortgage companies 2.8 2.7 3.0 3.1 3.1 4.2 4.2 4.4 4.1 4.1 4.1 20

21 REITs 2.3 2.2 5.3 5.6 8.7 10.1 10.7 11.2 11.8 12.1 12.4 21
Z.1, June 12, 1997 93

L.220 Commercial Mortgages

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 758.8 743.2 696.2 685.0 680.6 703.2 711.4 723.1 725.9 738.3 744.6 1

 2 Household sector 139.1 158.9 169.8 184.6 198.9 211.7 218.1 222.4 226.8 231.6 235.3 2

 3 Nonfinancial corporate business 138.4 116.0 87.5 87.2 75.0 84.8 84.6 91.6 90.6 93.9 91.5 3

 4 Nonfarm noncorporate business 478.4 465.1 435.2 407.2 394.2 390.3 391.0 389.5 386.8 388.7 390.9 4

 5 REITs 2.9 3.2 3.6 6.0 12.5 16.5 17.8 19.6 21.7 24.1 26.8 5

 6 Total assets 758.8 743.2 696.2 685.0 680.6 703.2 711.4 723.1 725.9 738.3 744.6 6

 7 Household sector 2.8 2.8 3.7 5.3 7.5 7.3 7.1 6.8 6.5 6.2 5.8 7

 8 Nonfinancial corporate business 20.3 23.8 22.3 21.9 19.2 21.8 22.2 23.6 24.5 25.8 26.6 8

 9 Nonfarm noncorporate business 11.8 8.0 6.5 6.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0 9

10 State and local governments 7.1 7.7 7.5 7.7 8.3 7.7 7.8 7.7 7.5 7.5 7.5 10

11 Federal government 13.4 21.2 14.6 20.5 13.2 10.2 10.0 9.8 9.3 8.5 8.5 11

12 Commercial banking 337.1 340.3 331.8 327.5 335.0 353.1 356.9 363.0 366.2 371.8 375.4 12

13 Savings institutions 109.2 86.7 68.2 60.8 53.9 52.2 52.2 52.5 53.0 53.0 52.3 13

14 Life insurance companies 215.1 209.5 194.4 180.9 170.4 167.1 167.0 167.8 165.1 164.6 163.8 14

15 Other insurance companies 6.9 6.5 5.9 4.5 3.8 2.8 2.6 2.3 2.1 1.9 1.6 15

16 Private pension funds 12.9 13.1 10.4 10.3 11.2 12.0 12.6 12.8 13.0 13.1 13.5 16

17 State and local govt. retirement funds 7.5 8.3 8.9 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 5.2 6.5 15.2 25.5 36.8 47.4 51.1 54.5 56.3 63.5 67.1 18

19 Mortgage companies 4.5 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 19

20 REITs 5.0 4.5 1.9 2.1 3.2 3.7 3.9 4.1 4.3 4.4 4.5 20

L.221 Farm Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities (Farm business) 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 1

 2 Total assets 78.9 79.3 80.7 81.2 83.0 84.6 85.2 86.5 87.4 88.1 88.4 2

 3 Household sector 12.0 12.9 13.0 11.6 10.3 10.6 11.1 11.6 12.3 13.1 13.6 3

 4 Nonfarm noncorporate business 0.7 0.8 0.8 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 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 8.6 8.2 9.1 9.7 11.0 11.1 10.8 10.5 10.1 9.6 8.9 6

 7 Commercial banking 17.2 18.4 19.9 20.9 22.6 23.8 23.9 24.6 24.8 24.9 25.2 7

 8 Savings institutions 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 8

 9 Life insurance companies 10.8 10.0 9.2 9.5 9.6 9.6 9.6 9.6 9.7 10.0 10.1 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.6 27.1 27.0 26.8 26.9 26.8 27.2 27.6 27.8 27.9 27.9 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
94 Z.1, June 12, 1997

L.222 Consumer Credit

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities (Households) 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 1

 2 Total assets 811.1 797.4 802.4 863.9 990.2 1131.9 1123.0 1147.9 1181.6 1225.1 1202.0 2

 3 Nonfinancial corporate business 67.1 63.0 65.7 77.2 86.6 85.1 76.7 72.0 68.5 79.7 74.6 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 387.0 372.4 365.5 399.7 462.9 507.8 497.7 505.7 517.1 530.1 515.2 5

 6 Savings institutions 49.6 42.2 37.4 37.9 38.5 40.1 40.7 41.1 44.9 44.7 44.5 6

 7 Credit unions 91.6 90.3 89.4 101.6 119.6 131.9 131.5 136.1 140.9 144.1 144.4 7

 8 ABS issuers 77.6 103.5 121.5 131.1 147.8 214.4 224.6 239.3 255.3 271.9 272.9 8

 9 Finance companies 138.2 126.0 122.9 116.5 134.8 152.6 151.7 153.8 154.8 154.5 150.4 9

L.223 Trade Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total trade payables 927.2 948.3 995.1 1048.2 1139.2 1241.7 1229.1 1264.4 1263.9 1316.0 1307.7 1

 2 Household sector 68.9 77.7 82.5 89.8 97.4 106.7 109.1 111.5 114.0 116.4 118.9 2

 3 Nonfinancial corporate business 626.3 649.4 682.8 719.3 796.5 870.3 855.5 883.1 875.7 923.0 903.0 3

 4 Nonfarm noncorporate business 60.0 59.7 66.6 64.1 65.6 68.8 69.7 70.7 71.6 72.6 73.7 4

 5 Farm business 12.7 13.0 13.2 14.2 15.2 16.2 15.3 16.7 16.9 16.3 15.6 5

 6 State and local governments 34.6 25.4 27.7 28.4 29.0 31.2 31.6 32.4 32.7 33.4 33.6 6

 7 Federal government 91.2 85.8 83.1 86.5 86.9 92.9 93.8 95.8 97.8 97.1 100.2 7

 8 Rest of the world 27.4 30.4 31.8 35.9 39.5 45.2 42.4 41.1 40.8 42.9 45.0 8

 9 Brokers and dealers 6.1 6.8 7.4 10.1 9.1 10.3 11.6 13.0 14.5 14.3 17.6 9

10 Total trade receivables 1217.7 1211.4 1246.1 1296.2 1379.9 1509.7 1548.3 1594.0 1629.4 1616.0 1674.9 10

11 Nonfinancial corporate business 967.2 961.4 988.9 1035.0 1107.0 1205.9 1234.3 1273.7 1294.2 1263.6 1307.7 11

12 Nonfarm noncorporate business 97.8 96.7 103.8 103.0 107.0 112.5 113.8 115.1 116.4 117.7 119.0 12

13 Federal government 45.3 40.4 33.3 30.7 26.6 26.4 28.5 29.4 31.9 33.4 36.4 13

14 Rest of the world 42.8 42.3 44.7 47.9 50.9 51.9 52.8 53.2 56.5 58.9 62.1 14

15 Other insurance companies 47.2 49.1 49.0 50.7 52.9 57.3 58.4 59.5 60.6 61.7 62.8 15

16 ABS issuers 17.4 21.5 26.3 28.8 35.5 55.7 60.6 63.2 69.8 80.7 86.9 16

17 Discrepancy -290.5 -263.1 -251.1 -248.0 -240.7 -268.0 -319.2 -329.7 -365.5 -299.9 -367.2 17

L.224 Security Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 137.4 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.1 374.4 1

 2 Household sector 38.8 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 99.9 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 98.6 133.8 164.2 202.9 203.9 227.1 237.8 228.8 230.8 263.8 274.5 4

 5 Customer credit balances (HH) 62.4 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 167.5 5

 6 From U.S.-chartered commercial banks 27.8 30.0 57.3 61.4 56.8 65.1 63.0 59.4 57.4 60.3 65.9 6

 7 From foreign banking offices in U.S. 8.4 16.8 30.7 39.3 38.1 34.4 33.8 32.6 28.3 40.6 41.1 7

 8 Total assets 137.4 188.9 217.7 279.0 279.0 305.7 326.9 318.6 317.8 358.1 374.4 8

 9 Household sector 62.4 87.0 76.2 102.3 109.0 127.6 140.9 136.8 145.2 162.9 167.5 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 36.2 46.8 88.0 100.7 94.9 99.5 96.8 91.9 85.7 100.8 107.0 11

12 Brokers and dealers 38.8 55.1 53.5 76.1 75.1 78.6 89.1 89.9 86.9 94.3 99.9 12
Z.1, June 12, 1997 95

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Total liabilities 380.9 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 590.2 604.8 1

 2 Federal government 12.7 13.0 13.3 13.6 13.8 13.9 13.7 14.0 13.7 13.7 13.4 2

 3 Life insurance companies 368.1 393.8 421.5 457.2 491.5 536.3 541.3 549.1 563.5 576.5 591.4 3

 4 Total assets (Households) 380.9 406.8 434.8 470.8 505.3 550.2 555.0 563.1 577.2 590.2 604.8 4

 Pension fund reserves:

 5 Total liabilities 3367.7 3855.9 4197.5 4642.9 4848.4 5570.8 5748.3 5883.4 6013.2 6285.9 6396.7 5

 6 Federal government 250.5 276.0 303.5 331.1 358.9 374.8 382.9 393.2 410.2 419.2 413.3 6

 7 Life insurance companies 596.0 659.1 743.0 836.4 878.1 992.4 1022.2 1039.1 1067.2 1088.5 1113.1 7

 8 Private pension funds (1) 1601.1 1889.0 1983.2 2220.7 2310.3 2676.5 2759.0 2831.2 2893.2 3053.5 3084.3 8

 9 State and local govt. retirement funds 920.0 1031.7 1167.8 1254.6 1301.2 1527.1 1584.1 1619.9 1642.6 1724.7 1786.0 9

10 Total assets (Households) 3367.7 3855.9 4197.5 4642.9 4848.4 5570.8 5748.3 5883.4 6013.2 6285.9 6396.7 10

(1) Includes unallocated insurance company contracts beginning in 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; levels, not seasonally adjusted

 1 Total taxes payable by all businesses 77.4 70.0 79.7 84.9 88.0 89.3 94.3 90.3 92.1 91.9 93.6 1

 2 Nonfinancial corporate business 41.5 33.3 40.5 42.5 44.9 44.2 48.7 44.6 46.1 45.3 47.0 2

 3 Nonfarm noncorporate business 32.0 32.5 33.1 33.8 34.6 35.4 35.6 35.8 36.0 36.2 36.4 3

 4 U.S.-chartered commercial banks 0.6 0.5 0.7 1.2 1.9 2.8 3.1 3.4 3.7 4.0 4.3 4

 5 Savings institutions 0.9 1.2 1.4 1.9 1.0 1.6 1.7 1.3 1.4 1.4 1.4 5

 6 Life insurance companies 0.6 0.6 1.4 2.0 2.1 1.8 1.7 1.5 1.4 1.2 0.9 6

 7 Other insurance companies 0.6 0.6 1.0 1.2 1.3 1.2 1.2 1.2 1.1 1.1 1.0 7

 8 Finance companies 0.6 0.4 0.6 0.8 1.0 1.2 1.3 1.3 1.4 1.5 1.5 8

 9 Brokers and dealers 0.7 0.9 0.9 1.4 1.2 1.1 1.1 1.2 1.1 1.3 1.0 9

10 Total business taxes receivable 59.6 53.4 54.4 58.0 52.6 45.2 70.4 52.3 50.2 46.8 62.5 10

11 State and local governments 37.1 37.0 38.9 39.1 34.0 27.9 27.3 27.5 27.2 26.1 25.9 11

12 Federal government 22.5 16.4 15.5 18.9 18.6 17.3 43.0 24.8 23.0 20.7 36.6 12

13 Discrepancy 17.8 16.6 25.2 26.8 35.4 44.1 23.9 38.0 41.9 45.1 31.1 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; levels, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 1

 2 Asset: Household sector 551.7 639.3 660.6 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 2
96 Z.1, June 12, 1997

L.229 Total Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 4127.3 4431.7 4774.9 5176.6 5462.9 5928.9 6067.5 6089.1 6197.3 6274.4 6387.6 1

 2 Household sector 16.5 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 2

 3 Nonfinancial corporate business 1605.0 1747.2 1950.8 2131.1 2165.1 2289.7 2351.0 2349.3 2387.6 2409.1 2469.7 3

 4 Nonfarm noncorporate business 77.8 90.6 98.4 100.7 105.2 108.8 109.8 111.4 113.0 114.6 116.2 4

 5 Federal government 7.7 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.5 5

 6 Rest of the world 717.2 727.7 731.6 825.6 895.2 1020.5 1051.3 1051.6 1066.2 1084.6 1081.3 6

 7 Monetary authority 4.3 5.5 3.7 4.6 6.0 7.2 6.5 6.6 7.2 6.9 6.4 7

 8 Commercial banking 465.1 507.6 554.6 628.4 750.1 848.4 838.8 860.4 857.6 864.8 921.4 8

 9 Savings institutions 107.6 106.4 106.8 103.0 106.7 106.1 106.3 105.8 116.9 102.9 95.3 9

10 Credit unions 3.9 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.2 10

11 Life insurance companies 326.5 356.1 359.3 382.1 401.3 422.9 421.1 424.0 426.9 435.7 436.7 11

12 Other insurance companies 396.9 416.4 439.1 456.5 471.0 526.7 540.2 553.1 566.4 583.1 597.4 12

13 Government-sponsored enterprises 70.6 78.3 90.8 85.9 61.1 67.1 68.4 63.4 64.0 69.8 72.9 13

14 Finance companies 160.3 164.0 180.8 191.0 216.9 244.5 242.5 240.9 246.9 260.7 265.3 14

15 Mortgage companies 24.6 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.7 12.2 11.6 15

16 REITs 1.2 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 8.9 16

17 Brokers and dealers 37.5 41.5 52.2 67.9 69.2 79.8 75.9 76.8 91.6 103.8 100.4 17

18 Funding corporations 104.6 122.2 147.0 138.7 161.3 157.0 196.9 196.2 202.1 186.2 173.8 18

19 Total assets 4873.5 5234.2 5509.3 6046.5 6422.9 6922.1 7119.7 7235.0 7338.0 7514.8 7569.5 19

20 Household sector 224.4 234.1 251.0 264.1 274.7 324.6 336.2 348.8 361.5 376.1 390.8 20

21 Nonfinancial corporate business 2176.3 2260.5 2355.8 2615.3 2782.6 3037.7 3114.5 3136.6 3186.8 3280.0 3329.7 21

22 Nonfarm noncorporate business 215.9 215.0 218.7 227.6 232.1 236.9 238.0 239.3 240.6 242.7 244.1 22

23 Farm business 36.6 37.8 39.8 41.3 43.3 46.0 46.8 47.7 48.6 48.9 49.9 23

24 State and local governments 15.0 17.0 19.0 20.5 20.5 20.9 21.3 21.8 19.6 17.8 17.2 24

25 Federal government 68.7 104.8 120.2 116.3 119.7 117.2 115.8 114.9 115.0 112.0 109.5 25

26 Rest of the world 567.3 641.4 609.0 703.7 701.2 757.2 829.7 846.5 877.5 899.4 861.3 26

27 Monetary authority 6.0 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 27

28 Commercial banking 454.4 472.7 549.3 627.0 738.1 797.8 805.9 820.4 814.9 823.5 837.3 28

29 Savings institutions 131.2 112.6 96.6 70.3 57.8 58.1 54.4 53.7 69.3 55.9 51.0 29

30 Credit unions 8.2 12.8 16.5 18.2 14.8 13.9 16.6 15.3 13.7 13.7 13.2 30

31 Bank personal trusts and estates 8.7 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 31

32 Life insurance companies 81.3 91.1 83.0 75.7 97.8 103.9 99.2 99.3 95.9 100.7 106.1 32

33 Other insurance companies 24.8 23.7 24.0 28.8 30.5 34.9 35.9 36.7 37.7 39.6 40.4 33

34 Private pension funds 345.9 384.6 379.5 394.5 388.4 382.2 380.8 384.0 380.4 393.8 393.4 34

35 State and local govt. retirement funds 178.1 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 220.1 35

36 Money market mutual funds 4.0 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 36

37 Mutual funds 8.9 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 2.9 37

38 Government-sponsored enterprises 29.8 35.9 23.3 28.3 22.1 27.2 32.2 55.0 55.4 63.3 57.0 38

39 Finance companies 104.0 134.3 130.6 158.6 170.7 197.0 199.8 201.0 213.4 229.0 226.1 39

40 REITs 5.5 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 9.5 40

41 Brokers and dealers 97.0 129.0 180.4 228.6 254.2 258.2 283.0 290.0 304.7 320.5 329.3 41

42 Funding corporations 81.4 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 42

43 Discrepancy -746.2 -802.6 -734.4 -869.9 -959.9 -993.3 -1052.2 -1145.9 -1140.7 -1240.4 -1181.9 43
Z.1, June 12, 1997 97

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 632.1 655.4 668.0 714.8 779.3 880.1 905.1 932.4 942.7 968.4 986.1 1

 2 Asset: Nonfinancial corporate business 558.5 578.0 580.0 598.4 665.6 751.9 772.9 789.1 805.6 818.0 839.2 2

 3 Commercial banking 24.9 25.4 29.9 33.8 36.5 38.6 39.1 39.6 40.5 41.6 42.2 3

 4 Life insurance companies 2.7 3.7 4.0 4.9 4.7 5.8 6.1 6.2 6.3 7.0 7.6 4

 5 Other insurance companies 24.8 23.7 24.0 28.8 30.5 34.9 35.9 36.7 37.7 39.6 40.4 5

 6 Finance companies 18.7 21.2 24.6 44.6 36.9 39.9 41.7 50.3 41.3 48.8 41.6 6

 7 Brokers and dealers 2.5 3.5 5.4 4.3 5.1 9.1 9.5 10.5 11.4 13.5 15.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 473.8 483.3 495.1 492.9 527.4 579.7 599.9 627.7 647.2 676.7 705.1 8

 9 Nonfarm noncorporate business 3.8 3.4 3.6 2.3 3.2 1.0 0.5 0.5 0.5 0.5 0.5 9

10 Commercial banking 18.4 24.9 28.4 33.5 35.6 41.8 42.5 40.0 40.6 39.9 41.5 10

11 Life insurance companies 9.9 8.6 11.0 13.5 13.4 15.3 15.8 16.0 16.4 17.8 18.3 11

12 Other insurance companies 17.3 24.7 24.8 27.1 27.0 31.9 32.7 32.9 33.7 37.7 39.4 12

13 Finance companies 4.6 5.6 7.6 29.5 32.6 42.3 48.2 49.6 51.9 52.0 56.9 13

14 Brokers and dealers 3.8 5.8 5.3 5.6 6.1 5.5 5.6 5.6 5.7 2.6 3.0 14

15 Funding corporations -64.2 -64.3 -76.4 -65.2 -65.4 -79.1 -78.0 -87.5 -89.8 -104.7 -126.5 15

16 Asset: Rest of the world 467.3 491.9 499.4 539.2 579.8 638.5 667.1 684.7 706.3 722.5 738.2 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 20.9 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 17

18 Asset: Federal government 20.9 22.4 23.8 25.0 26.4 27.9 28.3 28.7 29.1 29.7 30.1 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 2.4 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 19

20 Asset: Commercial banking 2.4 2.7 3.1 3.4 3.7 4.0 4.0 4.1 4.5 4.6 4.8 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 15.0 14.8 14.7 16.3 18.2 20.3 20.8 21.7 22.7 23.9 25.4 21

22 Asset: Nonfin. corporate business (FNMA) 1.3 1.8 1.9 1.9 2.0 2.0 2.4 2.8 3.4 4.2 5.1 22

23 Nonfarm noncorporate (BC) 0.6 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.7 1.7 23

24 Farm business (FICB and FLB) 2.0 2.2 2.1 2.2 2.2 2.2 2.1 2.2 2.1 1.5 1.5 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 0.1 0.7 1.4 2.7 4.3 5.8 6.0 6.2 6.3 6.7 7.1 26

27 Savings institutions (FHLB) 11.0 9.5 8.6 8.7 8.6 9.1 9.0 9.4 9.5 9.5 9.7 27

28 Credit unions (FHLB) 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 28

29 Life insurance companies (FHLB) 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 207.8 227.2 255.0 286.6 304.2 344.3 348.4 361.9 365.3 372.9 386.9 30

31 Savings institutions 6.0 5.0 4.0 4.4 4.4 4.5 4.5 4.6 4.6 4.7 4.8 31

32 Finance companies 22.5 17.2 18.9 21.4 25.5 31.1 31.1 34.2 36.0 39.6 40.6 32

33 Mortgage companies 24.6 38.2 30.3 30.2 17.7 13.9 21.9 11.2 11.7 12.2 11.6 33

34 Brokers and dealers 2.1 -19.5 -9.9 0.3 8.8 15.1 10.6 21.0 16.8 8.3 15.9 34

35 Asset: Bank holding companies 263.0 268.2 298.2 342.9 360.6 408.9 416.6 432.9 434.3 437.8 459.8 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 15.2 18.2 20.5 21.4 25.5 31.1 31.1 34.2 36.0 39.6 40.6 36

37 Asset: Nonfinancial corporate business 15.2 18.2 20.5 21.4 25.5 31.1 31.1 34.2 36.0 39.6 40.6 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 47.6 30.3 21.5 23.8 37.0 40.0 41.0 40.4 41.0 41.1 42.8 38

39 Brokers and dealers 33.8 44.5 63.7 80.8 96.9 114.8 126.6 137.8 143.7 150.2 157.3 39

40 Asset: Funding corporations 81.4 74.8 85.1 104.6 133.9 154.8 167.6 178.1 184.7 191.3 200.1 40
98 Z.1, June 12, 1997

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.6 1.6 1.7 2.0 2.2 2.1 2.3 2.0 1.9 2.0 2.1 1

 2 Asset: Federal government 0.6 1.6 1.7 2.0 2.2 2.1 2.3 2.0 1.9 2.0 2.1 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 30.7 31.7 30.8 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 5

 6 Asset: Savings institutions 30.7 31.7 30.8 23.7 16.0 19.3 17.5 14.9 15.4 18.0 15.2 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.5 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 7

 8 Asset: Life insurance companies 16.5 15.7 15.8 16.6 17.5 18.4 18.6 18.8 19.0 19.3 19.5 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 65.4 70.0 77.5 84.2 90.9 96.9 96.9 97.7 98.3 100.4 102.5 9

10 Health 33.4 38.2 45.2 51.4 58.0 63.2 63.2 64.0 64.5 66.2 67.9 10

11 Policy dividend accumulation 31.9 31.7 32.3 32.8 32.9 33.7 33.7 33.7 33.8 34.2 34.6 11

12 Asset: Household sector 65.4 70.0 77.5 84.2 90.9 96.9 96.9 97.7 98.3 100.4 102.5 12

 Policy payables:

13 Liab.: Other insurance companies 379.7 391.7 414.3 429.4 444.0 494.8 507.5 520.1 532.7 545.4 558.0 13

14 Asset: Household sector 159.1 164.1 173.6 179.9 183.9 227.7 239.3 251.1 263.3 275.6 288.3 14

15 Nonfinancial corporate business 147.5 149.5 163.0 169.7 177.5 180.7 180.7 180.4 179.7 178.8 177.5 15

16 Nonfarm noncorporate business 38.6 42.4 39.9 40.8 41.6 42.6 42.8 43.1 43.3 43.6 43.8 16

17 Farm business 34.6 35.6 37.7 39.1 41.1 43.8 44.6 45.5 46.4 47.4 48.4 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 188.6 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 18

19 Asset: Private pension funds 188.6 206.6 198.0 206.6 216.5 220.4 219.1 222.1 223.9 235.5 238.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 13.6 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 20

21 Asset: Private pension funds 13.6 17.3 18.9 24.4 28.2 32.0 32.9 33.9 34.8 35.8 36.7 21

 Securities borrowed (net):

22 Liab.: Funding corporations 71.4 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 287.1 22

23 Asset: Brokers and dealers 71.4 102.9 153.5 197.1 221.7 216.2 242.6 249.5 265.2 275.9 287.1 23
Z.1, June 12, 1997 99

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1863.6 2045.7 2251.7 2424.8 2498.6 2663.2 2689.2 2613.3 2645.7 2624.3 2643.1 1

 2 Nonfinancial corporate business 1117.7 1246.6 1436.8 1613.8 1609.6 1678.0 1718.1 1687.7 1705.6 1696.6 1727.9 2

 3 Nonfarm noncorporate business 74.0 87.2 94.8 98.3 102.0 107.8 109.4 111.0 112.6 114.2 115.8 3

 4 Federal government 7.7 7.0 6.9 6.8 6.8 6.7 6.6 7.3 7.2 7.3 6.5 4

 5 Rest of the world 63.5 48.2 38.1 83.8 87.3 110.4 115.6 88.4 92.4 84.4 63.1 5

 6 Monetary authority 1.9 2.8 0.6 1.2 2.3 3.3 2.5 2.4 2.7 2.3 1.7 6

 7 Commercial banking 191.2 225.2 249.8 284.5 373.3 422.3 406.9 418.1 410.7 410.9 450.2 7

 8 U.S.-chartered commercial banks 75.8 84.0 76.3 91.0 158.9 160.7 148.7 156.2 154.9 149.2 169.2 8

 9 Foreign banking offices in U.S. 88.1 119.9 147.3 168.4 185.0 226.7 221.6 228.6 220.3 214.4 223.3 9

10 Bank holding companies 23.3 18.2 22.0 19.6 22.0 24.6 26.3 23.5 24.9 36.4 44.5 10

11 Banks in U.S.-affiliated areas 4.0 3.1 4.2 5.6 7.4 10.3 10.2 9.9 10.7 11.0 13.2 11

12 Savings institutions 101.6 101.4 102.8 98.6 102.3 101.6 101.8 101.3 112.3 98.2 90.5 12

13 Credit unions 3.9 4.5 4.6 5.1 6.4 4.5 4.6 4.8 4.8 4.6 4.2 13

14 Life insurance companies 62.7 70.9 72.8 77.7 80.6 90.2 89.3 88.2 88.3 82.0 77.6 14

15 Government-sponsored enterprises 24.9 31.8 45.4 45.8 26.8 27.6 30.1 26.9 26.0 28.0 32.2 15

16 Finance companies 118.1 122.9 133.7 118.7 133.3 139.9 132.0 122.9 123.1 129.5 127.1 16

17 REITs 1.2 2.9 2.4 2.3 5.3 6.6 7.0 7.5 8.1 8.9 8.9 17

18 Brokers and dealers -2.1 10.7 -6.9 -18.8 -42.5 -55.5 -66.9 -87.6 -74.7 -57.4 -75.8 18

19 Funding corporations 97.4 83.6 69.9 6.8 5.1 19.9 32.3 34.3 26.6 14.9 13.3 19

20 Total assets 2609.7 2848.2 2986.1 3294.7 3458.5 3656.5 3741.5 3759.1 3786.4 3864.7 3825.0 20

21 Nonfinancial corporate business 1453.8 1513.0 1590.4 1823.9 1912.1 2072.0 2127.3 2130.1 2162.2 2239.6 2267.3 21

22 Nonfarm noncorporate business 176.8 172.0 178.1 186.1 189.6 193.3 194.2 195.2 196.3 197.4 198.6 22

23 State and local governments 15.0 17.0 19.0 20.5 20.5 20.9 21.3 21.8 19.6 17.8 17.2 23

24 Federal government 47.1 80.7 94.6 89.3 91.1 87.2 85.2 84.2 84.0 80.3 77.3 24

25 Rest of the world 100.0 149.5 109.6 164.5 121.4 118.7 162.5 161.8 171.2 176.9 123.1 25

26 Monetary authority 6.0 5.6 7.4 9.6 9.8 10.7 9.7 10.1 10.0 11.0 10.3 26

27 Commercial banking 163.9 175.8 216.7 244.1 333.0 340.5 340.2 337.5 329.3 332.9 323.5 27

28 U.S.-chartered commercial banks 51.6 49.4 44.6 38.1 81.9 78.2 77.6 82.2 80.5 81.2 93.2 28

29 Foreign banking offices in U.S. 86.1 100.5 142.1 175.9 213.5 218.5 217.9 211.6 203.1 196.3 185.0 29

30 Bank holding companies 22.0 22.2 27.0 27.5 35.2 39.8 40.8 39.8 41.3 51.1 40.8 30

31 Banks in U.S.-affiliated areas 4.2 3.7 3.0 2.6 2.4 4.0 3.8 3.9 4.4 4.3 4.5 31

32 Savings institutions 89.5 71.4 57.2 37.9 33.2 29.8 27.9 29.5 44.4 28.4 26.0 32

33 Credit unions 8.2 12.8 16.5 18.1 14.7 13.8 16.4 15.1 13.6 13.6 13.1 33

34 Bank personal trusts and estates 8.7 10.8 12.6 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 34

35 Life insurance companies 62.1 71.6 63.2 54.2 75.4 79.6 74.4 74.1 70.4 74.2 78.9 35

36 Private pension funds 143.7 160.7 162.6 163.5 143.8 129.8 128.8 128.0 121.7 122.5 118.4 36

37 State and local govt. retirement funds 178.1 212.8 286.0 261.6 272.4 271.4 255.7 255.0 232.4 217.4 220.1 37

38 Mutual funds 8.9 8.2 3.0 3.3 5.9 6.3 5.1 8.1 3.0 4.7 2.9 38

39 Money market mutual funds 4.0 7.7 12.7 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 39

40 Government-sponsored enterprises 29.8 35.9 23.3 28.3 22.1 27.2 32.2 55.0 55.4 63.3 57.0 40

41 Finance companies 85.3 113.1 106.0 114.0 133.8 157.1 158.1 150.6 172.1 180.2 184.5 41

42 REITs 5.5 7.0 5.8 8.8 8.7 10.0 9.4 8.9 8.4 9.3 9.5 42

43 Brokers and dealers 23.1 22.6 21.5 27.2 27.4 32.9 31.0 30.0 28.1 31.1 27.2 43

44 Discrepancy -746.2 -802.6 -734.4 -869.9 -959.9 -993.3 -1052.2 -1145.9 -1140.7 -1240.4 -1181.9 44
100 Z.1, June 12, 1997

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993

 

 1 Net financial investment 35.4 14.6 7.7 41.1 17.2 4.4 1

 2 Net acquisition of financial assets 62.3 59.2 44.3 93.8 56.6 52.2 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 14

15 Corporate equities 11.3 3.4 7.0 17.5 -0.8 8.6 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 19

20 Miscellaneous assets (2) 6.5 17.8 22.1 16.9 -2.3 4.3 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 21

22 Credit market instruments 11.0 16.3 18.0 24.4 21.7 31.1 22

23 Municipal securities 1.3 2.5 3.8 7.7 9.3 11.9 23

24 Bank loans n.e.c. 0.2 -5.2 -1.5 -3.5 1.7 4.3 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 25

26 Commercial mortgages 9.5 19.1 15.3 19.9 10.9 14.8 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 27

28 Miscellaneous liabilities (2) 13.5 12.2 7.4 19.4 13.0 9.4 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, June 12, 1997 101

L.100.a Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1988 1989 1990 1991 1992 1993

 

 1 Total financial assets 498.4 593.0 622.1 738.8 803.1 866.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 13

14 Corporate equities 116.9 152.3 145.4 182.1 187.1 207.2 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 23.5 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 18

19 Miscellaneous assets (2) 54.0 71.8 93.9 110.8 108.5 112.8 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 20

21 Credit market instruments 200.0 216.2 234.2 258.6 280.4 311.4 21

22 Municipal securities 79.5 81.9 85.8 93.5 102.7 114.7 22

23 Bank loans n.e.c. 15.5 10.3 8.8 5.3 7.0 11.3 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 24

25 Commercial mortgages 104.7 123.7 139.1 158.9 169.8 184.6 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 26

27 Miscellaneous liabilities (2) 81.7 94.0 101.3 120.8 133.7 143.2 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.