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

Friday

March 12, 1999

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 1998

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

Fourth Quarter 1998

Debt of domestic nonfinancial sectors increased For 1998 as a whole, debt rose 6-1/4 percent, the

at about a 7 percent annual rate in the fourth quarter largest increase in eight years. Federal debt

of 1998, up from the third-quarter pace. Federal contracted nearly 1-1/2 percent last year. But debt in

government debt was nearly flat in the fourth quarter, the nonfederal sectors increased 8-3/4 percent, 2

following paydowns in each of the preceding three percentage points faster than in 1997.

quarters. Nonfederal debt advanced at a 9 percent

rate, paced by a jump in household debt to a 10-1/4 The level of domestic nonfinancial debt

percent rate. Home mortgage borrowing rose outstanding was $16.1 trillion at the end of the fourth

substantially, and growth of consumer credit, quarter. Debt of the nonfederal sectors was

although slower than in the third quarter, remained in $12.4 trillion, and federal debt was $3.8 trillion.

the moderate range of the past two years. Business

debt expanded at an 8-1/4 percent annual pace in the Figures on the growth and level of debt are found

fourth quarter, down a little from earlier in the year. in tables D.1 through D.3. Tables that show financial

A slowdown in growth of business loans at banks and flows, amounts outstanding, and selected sector

a paydown of commercial paper liabilities were balance sheets are included in the remaining pages of

partially offset by an increase in issuance of this release.

corporate bonds and takedowns of commercial 

mortgage loans. Debt of state and local governments

rose at a 6-1/2 percent rate in the fourth quarter,

about in line with the previous two quarters.

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1993 5.0 8.3 3.8 5.3 1.5 6.0 

1994 4.6 4.7 4.6 7.6 4.1 -4.0 

1995 5.4 4.1 5.9 7.8 6.7 -4.6 

1996 5.2 4.0 5.7 7.5 5.3 -.6 

1997 5.1 .6 6.7 6.5 7.3 5.3 

1998 6.3 -1.4 8.8 8.9 9.2 7.2 

 1997:Q1 4.5 1.7 5.5 6.5 5.2 1.6 

:Q2 4.2 -1.1 6.1 6.3 6.3 4.0 

:Q3 5.6 .8 7.3 6.9 7.7 6.7 

:Q4 5.7 1.1 7.3 5.6 9.0 8.4 

1998:Q1 6.0 -.8 8.2 8.0 8.4 8.4 

:Q2 6.0 -1.9 8.6 8.2 9.4 6.9 

:Q3 5.5 -3.6 8.4 7.9 9.3 6.2 

:Q4 7.1 .7 9.0 10.2 8.3 6.4 

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, Fourth Quarter 1998 1

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6

Borrowing by Sector D.2 7

Debt Outstanding by Sector D.3 8

 

Flows Levels

Title Table Page Table Page

Summaries

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

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

Title Table Page Table Page

Sectors

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

Nonfinancial Business F.101 17 L.101 63

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

Nonfarm Noncorporate Business F.103 19 L.103 65

Farm Business F.104 19 L.104 65

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

Federal Government F.106 21 L.106 66

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

Monetary Authority F.108 23 L.108 68

Commercial Banking F.109 24 L.109 69

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

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

Bank Holding Companies F.112 27 L.112 72

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

Savings Institutions F.114 28 L.114 73

Credit Unions F.115 29 L.115 74

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

Life Insurance Companies F.117 30 L.117 75

Other Insurance Companies F.118 30 L.118 75

Private Pension Funds F.119 31 L.119 76

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77

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

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

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

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

Finance Companies F.127 34 L.127 79

Mortgage Companies F.128 35 L.128 80

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

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

Funding Corporations F.131 36 L.131 81

Instruments

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

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

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

Net Interbank Transactions F.203 38 L.203 83

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

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

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

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

Open Market Paper F.208 41 L.208 86

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88

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

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

Corporate Equities F.213 45 L.213 90

Mutual Fund Shares F.214 45 L.214 90

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

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

Total Mortgages F.217 48 L.217 93

Home Mortgages F.218 49 L.218 94

Multifamily Residential Mortgages F.219 49 L.219 94

Commercial Mortgages F.220 50 L.220 95

Farm Mortgages F.221 50 L.221 95

Consumer Credit F.222 51 L.222 96

Trade Credit F.223 51 L.223 96

Security Credit F.224 51 L.224 96

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52

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

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

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

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

Sector Discrepancies F.10 57

Instrument Discrepancies F.11 57
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

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

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

Flows Levels

Title Table Page Table Page

Supplementary Tables

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

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

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

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

Flow of Funds Matrix for 1998 112 113

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 114

1

Flow of Funds Accounts, Fourth Quarter 1998

 This publication presents the flow of funds

accounts for 1998:Q4. 

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 include the following:

1. Data for insurance and pension reserves of

the federal government (tables F.106, L.106, F.225,

and L.225) were expanded to include the reserves of

the Foreign Service Retirement and Disability Fund,

the Judicial Retirement Fund, the Military Retirement

Fund, and the Federal Employees Group Life

Insurance Fund. The change ensures consistent

treatment of government employee pension and

insurance funds in the accounts. The effect of the

revision was to increase the liabilities of the federal

government sector and to raise the assets of the

household sector by equal amounts. The effect on

quarterly flows in the sectors was quite small.

2. In the private pension funds sector (tables

F.119 and L.119), data have been benchmarked to

aggregates from the U.S. Internal Revenue

Service/Department of Labor/Pension Benefit

Guaranty Corporation Form 5500 filed for plan year

1995. In addition, the retirement annuity accounts of

the College Retirement Equities Fund (CREF) have

been merged into the private pension funds sector.

Previously, such assets had been in the direct holdings

of the households and nonprofit organizations sector.

The revisions affected data from 1980:Q1 onward. 

3. Two supplemental tables have been added to

the release. Tables F.106.c and L.106.c present assets

and liabilities of federal, state, and local government

entities in the United States on a consolidated basis.

The sector statements for the federal government

(tables F.106 and L.106) and for state and local

governments (F.105 and L.105) will continue to be

published separately.

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

Domestic debt comprises credit market funds

borrowed by U.S. entities from both domestic and

foreign sources, while foreign debt represents amounts

borrowed by foreign financial and nonfinancial entities

in U.S. markets only. Financial sectors consist of

government-sponsored enterprises, federally related

mortgage pools, and private financial institutions.

Credit market debt consists of debt securities,

mortgages, bank loans, commercial paper, consumer

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

advances; it excludes trade debt, loans for the purpose

of carrying securities, and funds raised from equity

sources.

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying forward

year-end levels by seasonally adjusted flows. Growth

rates calculated from changes in unadjusted levels

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

Relation of Flows to Outstandings. Estimates of

financial assets and liabilities outstanding are linked to

data on flows. However, figures on outstandings

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time.

Specifically, outstandings in the flow of funds

accounts are related to the flows in the following way:

Outstanding = 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.
2

The discontinuities in a series can distort http://www.federalreserve.gov/releases/Z1

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter’s data were compiled is provided in a

table following this introduction. The distinction

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

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is

compiled and those that are not yet completed.

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

general, also preliminary in the sense that they are

subject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data

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

but allowance for them is explicitly made throughout

the accounts by the inclusion of "discrepancies" for

various sectors and instrument types. A discrepancy

for a sector is the difference between its measured

sources of funds and its measured uses of funds. For

an instrument category, a discrepancy is the difference

between measured funds borrowed through the

financial instrument and measured funds lent through

that instrument. The size of such discrepancies

relative to the main asset or liability components is

one indication of the quality of source data, especially

on an annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about 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:

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are also

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

contain quarterly data beginning in 1952, organized in

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted

flows, a second diskette contains unadjusted flows, and

a third diskette contains quarterly outstandings, which

are not seasonally adjusted. In addition, the third

diskette contains quarterly data for the debt tables

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

tables and supplemental tables, as well as monthly

data from January 1955 onward for the monthly debt

aggregate published in the Board’s H.6 statistical

release, "Money Stock, Liquid Assets, and Debt

Measures." 

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

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

financial accounts are prepared and the principles

underlying the accounts. 
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and Preliminary estimates, seasonally Unadjusted flows since 1997;

 product accounts (NIPA) adjusted, for 1998:Q4; unadjusted corporate profits for 1998:Q4.

flows through 1997.

 2. Households and nonprofit Estimates for this sector are largely residual and derived from data for

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

 (tables F.100 and L.100) sectors. Data for consumer credit, which are estimated directly, are

available through 1998:Q4.

 3. Nonfarm nonfinancial Quarterly Financial Report (QFR) Statistics of Income data since

 corporate business

 (tables F.102 and L.102)

of the Census Bureau through 1995; QFR data for 1998:Q4.

1998:Q3; Internal Revenue Service

Statistics of Income data through

1995; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1998:Q4.

 4. Nonfarm noncorporate Internal Revenue Service Statistics Statistics of Income data since

 business

 (tables F.103 and L.103)

of Income data through 1995; bank 1995.

and finance company loans and

mortgage borrowing through

1998:Q4.

 5. Farm business Mortgages, bank loans, loans from Data for consumption of fixed

 (tables F.104 and L.104) government-sponsored enterprises, capital and undistributed profits

U.S. government loans to farms, since 1997.

and equity in government-sponsored

enterprises through 1998:Q4;

preliminary data for checkable

deposits and currency and trade

payables through 1998.
4

 6. State and local Gross offerings and retirements of Selected financial asset items

 governments municipal securities, deposits at since 1997:Q2.

 (tables F.105 and L.105) banks, holdings of mortgages, and

nonmarketable U.S. government

securities issues through 1998:Q4;

selected financial assets through

1997:Q2 from the Comprehensive

Annual Financial Reports of state

and local governments that account

for most of the holdings of the

sector, and data from Standard &

Poor’s on local government

investment pools.

 7. Federal government Data from the Monthly Treasury None.

 (tables F.106 and L.106) Statement of Receipts and Outlays

through 1998:Q4; data from the

Federal Financing Bank through

1998:Q4; Treasury data for loan

programs through 1998:Q4.

 8. Rest of the world Balance of payments data through None.

 (U.S. international 1998:Q4; NIPA estimates, data

 transactions) from bank Reports of Condition,

 (tables F.107 and L.107) and Treasury International Capital

System data through 1998:Q4.

 9. Monetary authority All data through 1998:Q4. None.

 (tables F.108 and L.108)

10. Commercial banking All data through 1998:Q4 for Data since 1997 for branches of

 (tables F.109 through F.113 U.S.-chartered commercial banks, domestic commercial banks

 and tables L.109 through foreign banking offices in the U.S., located in U.S.-affiliated areas.

 L.113). bank holding companies, and

commercial banks in U.S.-affiliated

areas.

11. Savings institutions All data through 1998:Q4. None.

 (tables F.114 and L.114)

12. Credit unions All data through 1998:Q4. None.

 (tables F.115 and L.115)

13. Bank personal trusts and All data through 1997. Data since 1997:Q4.

 estates

 (tables F.116 and L.116)

14. Life insurance companies All data through 1998:Q3; Final data for 1998:Q4.

 (tables F.117 and L.117) preliminary data for 1998:Q4.

15. Other insurance companies All data through 1998:Q3; Final data for 1998:Q4.

 (tables F.118 and L.118) preliminary data for 1998:Q4.
5

16. Private pension funds Quarterly data through 1998:Q4; Form 5500 data since 1995.

 (including FERS Internal Revenue Service/

 Thrift Savings Plan) Department of Labor/Pension

 (tables F. 119 and L.119) Benefit Guaranty Corporation

Form 5500 data through 1995.

17. State and local government All data through 1998:Q3. Data for 1998:Q4.

 employee retirement funds

 (tables F.120 and L.120)

18. Money market mutual All data through 1998:Q4. None.

 funds

 (tables F.121 and L.121)

19. Mutual funds All data through 1998:Q4. None.

 (tables F.122 and L.122)

20. Closed-end funds All data through 1997. Data since 1997.

 (tables F.123 and L.123)

21. Government-sponsored Balance sheet data for FHLBs, None.

 enterprises Fannie Mae, Freddie Mac, FCS,

 (tables F.124 and L.124) FICO, REFCORP, and Sallie Mae

through 1998:Q4.

22. Federally related mortgage All data through 1998:Q4. None.

 pools

 (tables F.125 and L.125)

23. Issuers of asset-backed All data from Trepp/PSA None.

 securities (ABSs) Information Services of the

 (tables F.126 and L.126) Muller Data Corporation and data

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1998:Q4.

24. Finance companies All data through 1998:Q4. None.

 (tables F.127 and L.127)

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

 (tables F.128 and L.128)

26. Real estate investment Data through 1998:Q3; preliminary Final data for 1998:Q4.

 trusts (REITs) data for 1998:Q4.

 (tables F.129 and L.129)

27. Security brokers and Data for firms filing FOCUS reports Data for firms filing FOGS

 dealers through 1998:Q4; data for firms reports since 1998:Q3.

 (tables F.130 and L.130) filing FOGS reports through

1998:Q3.

28. Funding corporations Estimates for this sector are largely residual and derived from data for

 (tables F.131 and L.131) other sectors.
6 Z.1, March 12, 1999

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

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

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

1962 6.9 2.8 8.8 8.8 8.2 9.3 9.1 7.9 7.7 13.1 8.2

1963 6.8 1.5 9.1 9.9 8.8 12.3 9.1 7.7 6.5 18.3 11.7

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

1965 7.1 0.6 9.6 8.7 7.6 11.6 11.2 11.4 7.9 16.8 7.2

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

1967 7.1 4.9 7.8 4.9 5.0 5.0 11.0 11.6 6.7 1.0 9.8

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

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

1970 6.9 4.2 7.6 4.0 3.7 3.4 10.5 10.5 8.7 14.5 5.7

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

1972 10.0 4.6 11.4 11.2 11.0 13.1 12.5 10.1 8.4 17.2 7.9

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

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

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

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

1977 12.8 11.0 13.3 16.1 17.4 15.5 12.1 12.2 8.4 18.8 11.6

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

1979 12.2 5.8 13.7 14.6 15.3 13.8 14.1 11.5 9.0 22.0 9.5

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

1981 10.4 11.6 10.1 7.2 6.5 5.0 13.2 13.9 8.0 18.0 11.9

1982 10.1 19.7 7.9 5.4 4.5 4.6 9.3 9.2 11.2 13.6 7.2

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

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

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

1986 11.8 13.6 11.3 11.2 13.3 9.0 11.5 14.0 10.9 26.1 4.1

1987 9.0 8.0 9.3 11.9 15.9 4.6 6.4 7.8 12.0 18.3 2.6

1988 9.1 8.0 9.4 9.1 10.7 6.3 10.4 11.6 6.4 13.1 3.0

1989 7.3 7.0 7.3 8.6 9.9 6.0 6.7 8.0 5.6 10.5 4.0

1990 6.4 11.0 5.2 7.5 9.6 1.5 3.1 4.9 5.0 8.9 9.1

1991 4.3 11.1 2.3 4.7 6.4 -1.3 -1.7 -2.1 8.6 6.5 5.3

1992 4.6 10.9 2.6 4.3 5.2 0.5 0.8 1.9 2.2 8.8 8.0

1993 5.0 8.3 3.8 5.3 4.3 7.6 1.5 2.1 6.0 9.7 22.1

1994 4.6 4.7 4.6 7.6 5.8 14.5 4.1 5.8 -4.0 14.0 -3.6

1995 5.4 4.1 5.9 7.8 5.6 14.1 6.7 8.6 -4.6 11.9 19.2

1996 5.2 4.0 5.7 7.5 7.7 7.9 5.3 5.9 -0.6 12.9 17.4

1997 5.1 0.6 6.7 6.5 6.8 4.3 7.3 8.3 5.3 13.5 11.0

1998 6.3 -1.4 8.8 8.9 9.9 5.5 9.2 10.2 7.2 20.5 3.9

1994 -- Q1 4.7 5.0 4.5 6.9 5.9 11.4 3.8 5.7 -1.5 15.0 -22.2

 Q2 3.9 3.9 3.9 7.0 5.1 14.8 3.6 5.1 -6.3 11.6 -7.4

 Q3 4.7 4.8 4.7 7.3 5.3 14.7 4.1 5.7 -3.1 11.3 3.9

 Q4 5.0 4.7 5.1 8.2 6.6 14.3 4.5 6.1 -5.2 15.3 11.9

1995 -- Q1 5.7 5.5 5.8 7.2 5.1 14.2 7.4 9.9 -5.5 7.7 18.6

 Q2 6.4 6.8 6.3 8.0 6.0 14.2 7.4 10.0 -4.5 11.3 12.1

 Q3 4.5 2.6 5.2 8.1 6.0 14.1 5.0 6.2 -6.3 11.9 22.1

 Q4 4.5 1.5 5.6 6.9 4.6 11.3 6.3 7.4 -2.4 14.8 19.0

1996 -- Q1 5.8 5.9 5.7 8.2 8.6 10.0 4.8 5.1 -1.9 8.4 12.0

 Q2 5.1 2.7 5.9 8.2 7.8 9.9 5.2 5.9 -1.4 16.7 9.9

 Q3 5.2 4.2 5.6 7.0 6.8 6.9 6.1 7.4 -3.5 9.7 24.8

 Q4 4.6 3.0 5.1 5.8 7.0 3.9 4.6 4.4 4.3 14.5 18.9

1997 -- Q1 4.5 1.7 5.5 6.5 6.1 5.2 5.2 6.2 1.6 7.2 6.0

 Q2 4.2 -1.1 6.1 6.3 5.8 4.8 6.3 6.8 4.0 13.6 11.7

 Q3 5.6 0.8 7.3 6.9 9.1 4.1 7.7 8.8 6.7 11.8 17.1

 Q4 5.7 1.1 7.3 5.6 5.5 3.0 9.0 10.4 8.4 19.1 7.6

1998 -- Q1 6.0 -0.8 8.2 8.0 9.8 4.5 8.4 9.5 8.4 17.2 11.9

 Q2 6.0 -1.9 8.6 8.2 8.2 5.1 9.4 10.4 6.9 17.5 14.7

 Q3 5.5 -3.6 8.4 7.9 9.0 6.4 9.3 10.6 6.2 17.9 -4.6

 Q4 7.1 0.7 9.0 10.2 11.1 5.1 8.3 8.8 6.4 23.7 -6.3

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 12, 1999 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

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

1961 43.5 7.2 36.3 14.7 10.7 2.2 16.0 9.2 5.6 2.3 2.2

1962 52.8 6.9 46.0 19.7 12.0 5.9 20.3 12.6 6.0 4.6 2.1

1963 55.5 3.8 51.7 24.1 14.0 8.5 22.0 13.3 5.5 7.2 3.2

1964 64.1 6.1 58.1 26.4 14.5 9.5 25.3 16.8 6.4 6.3 4.0

1965 67.1 1.6 65.5 25.9 14.6 10.1 32.1 22.6 7.6 8.9 2.5

1966 67.3 3.6 63.7 19.8 10.6 5.9 37.0 27.1 6.9 11.0 1.9

1967 76.2 12.9 63.2 17.1 11.1 5.1 38.8 28.2 7.3 0.7 3.9

1968 92.6 12.5 80.0 29.3 14.2 10.8 42.0 30.8 8.8 10.4 2.7

1969 88.9 -3.2 92.1 28.0 14.3 9.9 51.9 36.4 12.1 27.6 3.2

1970 91.3 12.1 79.3 16.9 9.8 4.4 50.3 35.1 12.1 16.2 2.8

1971 135.3 24.9 110.5 39.7 22.0 15.6 54.4 29.8 16.4 11.1 5.1

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

1973 184.0 6.9 177.0 66.2 37.2 22.5 96.8 76.6 14.1 47.0 6.3

1974 175.0 11.9 163.1 47.3 29.0 8.9 102.3 60.3 13.4 48.5 13.8

1975 193.5 85.6 107.8 52.9 35.7 7.8 43.8 20.5 11.1 3.1 14.1

1976 244.8 69.2 175.6 83.3 57.8 22.0 73.8 44.0 18.5 23.5 20.5

1977 321.2 56.3 264.8 129.2 87.3 35.4 115.8 74.9 19.9 53.6 13.5

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

1979 391.9 35.8 356.1 160.2 106.9 42.7 169.3 87.9 26.6 91.1 15.0

1980 343.7 77.4 266.3 102.0 83.9 2.3 142.1 72.0 22.2 73.0 24.2

1981 410.0 85.5 324.5 98.6 59.2 17.7 198.2 126.5 27.6 104.3 23.5

1982 439.9 161.3 278.6 80.0 43.5 17.2 156.9 94.2 41.7 93.0 16.0

1983 573.7 185.2 388.5 174.6 104.1 50.0 166.6 91.9 47.3 104.5 17.3

1984 791.1 197.2 593.9 215.2 123.5 80.7 326.2 207.7 52.5 157.7 8.4

1985 963.4 225.7 737.7 291.9 159.6 82.8 282.2 185.8 163.6 205.0 1.2

1986 842.9 216.0 626.9 250.2 187.9 54.4 302.5 225.9 74.2 327.8 9.7

1987 718.5 143.9 574.6 297.7 255.4 30.4 186.4 143.1 90.4 291.6 6.3

1988 786.1 155.1 631.0 251.0 194.9 43.4 326.0 232.2 54.0 249.2 7.4

1989 686.3 146.4 540.0 259.0 200.7 44.2 230.9 176.0 50.1 225.0 10.2

1990 655.1 246.9 408.2 249.0 216.0 11.9 112.1 115.5 47.2 213.4 23.9

1991 467.5 278.2 189.2 169.1 158.4 -10.7 -65.2 -51.6 85.4 170.9 15.1

1992 522.5 304.0 218.5 163.3 138.3 3.9 31.1 47.1 24.1 244.0 24.1

1993 587.1 256.1 331.0 207.7 121.1 60.7 57.2 51.4 66.2 294.4 69.8

1994 577.1 155.9 421.3 312.6 170.9 124.9 155.0 147.4 -46.2 468.4 -14.0

1995 703.4 144.4 558.9 345.4 172.5 138.9 265.0 231.5 -51.5 456.2 71.1

1996 720.3 145.0 575.3 359.8 252.1 88.8 222.3 170.7 -6.8 552.1 76.9

1997 736.9 23.1 713.8 333.6 236.7 52.5 324.1 257.9 56.1 652.8 56.9

1998 952.5 -52.6 1005.1 486.6 368.9 69.5 438.2 342.9 80.3 1116.0 21.9

1994 -- Q1 580.8 167.1 413.6 285.8 172.0 98.3 145.1 145.4 -17.3 501.9 -85.8

 Q2 489.4 131.3 358.1 292.8 151.6 130.5 138.4 132.5 -73.2 403.0 -27.0

 Q3 600.3 164.1 436.2 312.6 159.4 135.0 159.4 149.1 -35.9 405.7 13.9

 Q4 638.1 160.8 477.3 358.9 200.7 135.9 177.0 162.4 -58.6 563.2 42.8

1995 -- Q1 742.2 190.4 551.8 319.4 158.0 139.8 293.9 265.8 -61.5 295.7 68.9

 Q2 849.7 239.4 610.3 360.6 189.1 144.2 299.7 274.6 -50.0 442.3 47.0

 Q3 606.7 93.1 513.7 376.1 192.6 148.5 206.6 174.5 -69.0 476.5 88.5

 Q4 614.8 54.9 559.9 325.5 150.4 123.1 259.9 211.3 -25.5 610.3 80.1

1996 -- Q1 790.9 214.6 576.3 394.7 280.4 112.6 202.0 148.6 -20.5 359.8 53.2

 Q2 706.4 97.8 608.6 402.9 259.3 113.9 220.8 174.8 -15.1 729.8 45.2

 Q3 732.2 155.3 576.9 350.4 229.6 81.8 263.8 225.2 -37.2 443.0 115.7

 Q4 651.8 112.3 539.5 291.3 239.2 46.8 202.6 134.2 45.7 676.0 93.6

1997 -- Q1 650.7 64.9 585.8 336.0 212.4 62.5 232.9 192.1 16.9 348.2 31.2

 Q2 612.0 -43.5 655.6 328.0 205.5 59.5 285.1 214.1 42.5 667.9 61.7

 Q3 826.5 30.3 796.2 368.4 327.4 50.3 355.2 283.8 72.6 601.9 92.5

 Q4 858.3 40.8 817.5 302.1 201.6 37.8 423.1 341.7 92.3 993.2 42.3

1998 -- Q1 904.7 -30.0 934.7 437.5 365.4 57.0 402.9 321.1 94.3 936.4 67.8

 Q2 925.4 -70.9 996.2 457.2 312.4 64.8 460.1 357.3 78.9 994.9 85.9

 Q3 855.5 -136.5 991.9 452.7 353.2 83.4 466.6 374.6 72.6 1061.5 -28.0

 Q4 1118.3 26.9 1091.4 592.7 444.6 66.6 423.3 318.7 75.4 1471.3 -38.0
8 Z.1, March 12, 1999

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

1960 724.2 236.0 488.3 208.2 133.9 61.2 207.9 152.1 72.2 32.5 23.2

1961 767.7 243.2 524.6 224.0 145.7 63.4 222.7 160.2 77.8 34.9 25.5

1962 820.6 250.0 570.5 245.1 159.1 69.3 241.6 171.4 83.8 39.4 27.5

1963 876.0 253.8 622.1 270.9 174.8 77.9 262.0 183.0 89.2 46.6 30.8

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

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

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

1967 1150.6 278.1 872.6 366.9 232.3 108.6 388.3 270.8 117.4 73.6 43.3

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

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

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

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

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

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

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

1975 2264.7 443.9 1820.8 715.3 439.9 207.0 886.2 575.2 219.4 261.4 95.6

1976 2508.3 513.1 1995.3 802.3 500.4 229.0 955.1 614.2 237.8 284.9 116.0

1977 2829.6 569.4 2260.2 934.6 590.9 264.4 1069.4 687.6 256.2 338.8 129.4

1978 3214.5 621.9 2592.6 1094.2 697.4 310.4 1202.9 761.6 295.6 413.5 157.6

1979 3606.5 657.7 2948.9 1259.1 809.7 353.1 1367.6 844.8 322.2 505.9 172.9

1980 3957.9 735.0 3222.9 1375.6 906.1 355.4 1502.9 910.2 344.4 578.9 197.2

1981 4366.4 820.5 3545.9 1483.5 974.5 373.1 1690.4 1026.0 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1551.0 1005.7 390.3 1841.7 1114.6 413.8 778.1 210.4

1983 5364.9 1167.0 4197.9 1709.6 1093.8 440.3 2027.2 1225.5 461.1 882.8 227.7

1984 6151.2 1364.2 4787.0 1921.9 1221.5 521.0 2351.5 1431.3 513.6 1052.4 235.5

1985 7132.7 1589.9 5542.8 2239.4 1411.2 603.8 2625.5 1608.9 677.9 1258.3 236.7

1986 7973.1 1805.9 6167.2 2494.1 1605.1 658.2 2921.0 1827.8 752.1 1593.6 238.3

1987 8675.0 1949.8 6725.3 2751.5 1824.2 688.6 3132.8 1996.3 841.0 1896.5 244.8

1988 9457.6 2104.9 7352.8 3024.3 2034.6 732.0 3433.4 2201.2 895.0 2145.8 252.4

1989 10161.0 2251.2 7909.8 3298.9 2238.7 793.3 3665.8 2378.9 945.2 2399.3 262.2

1990 10843.4 2498.1 8345.3 3582.0 2488.9 805.1 3771.0 2487.7 992.3 2615.8 285.9

1991 11307.6 2776.4 8531.2 3758.6 2654.8 794.5 3695.0 2430.0 1077.7 2786.7 301.1

1992 11833.2 3080.3 8752.9 3925.7 2796.9 798.3 3725.4 2474.8 1101.8 3046.3 315.8

1993 12435.2 3336.5 9098.7 4138.7 2923.3 859.0 3792.1 2535.7 1167.9 3346.1 385.8

1994 13018.6 3492.3 9526.3 4454.0 3097.2 983.9 3950.6 2686.6 1121.7 3822.2 370.8

1995 13721.9 3636.7 10085.2 4804.3 3274.7 1122.8 4210.7 2913.2 1070.2 4281.0 441.9

1996 14442.3 3781.8 10660.5 5135.4 3498.1 1211.6 4461.7 3112.6 1063.4 4833.2 518.8

1997 15177.6 3804.9 11372.7 5471.6 3737.2 1264.1 4781.6 3366.4 1119.5 5452.9 569.6

1998 16128.6 3752.2 12376.3 5956.7 4106.1 1332.0 5219.8 3709.3 1199.8 6569.0 591.6

1994 -- Q1 12586.6 3378.3 9208.4 4210.5 2967.0 883.6 3834.2 2577.9 1163.6 3479.2 364.4

 Q2 12709.0 3411.1 9297.9 4284.6 3005.7 916.2 3868.0 2610.2 1145.3 3580.0 357.7

 Q3 12859.0 3452.1 9406.9 4363.6 3046.4 950.0 3907.0 2646.6 1136.3 3681.4 361.2

 Q4 13018.6 3492.3 9526.3 4454.0 3097.2 983.9 3950.6 2686.6 1121.7 3822.2 370.8

1995 -- Q1 13204.1 3539.9 9664.2 4535.0 3137.9 1018.9 4022.9 2751.8 1106.3 3898.8 388.0

 Q2 13416.5 3599.8 9816.8 4626.3 3186.4 1054.9 4096.6 2819.3 1093.8 4009.3 399.8

 Q3 13568.2 3623.0 9945.2 4721.5 3235.7 1092.1 4147.1 2861.8 1076.6 4128.5 421.9

 Q4 13721.9 3636.7 10085.2 4804.3 3274.7 1122.8 4210.7 2913.2 1070.2 4281.0 441.9

1996 -- Q1 13919.7 3690.4 10229.3 4904.1 3346.0 1151.0 4260.0 2949.2 1065.1 4371.0 455.2

 Q2 14096.3 3714.9 10381.4 4972.4 3378.3 1179.4 4347.7 3025.4 1061.3 4553.4 466.5

 Q3 14279.3 3753.7 10525.6 5061.2 3436.9 1199.9 4412.4 3080.4 1052.0 4664.2 495.4

 Q4 14442.3 3781.8 10660.5 5135.4 3498.1 1211.6 4461.7 3112.6 1063.4 4833.2 518.8

1997 -- Q1 14605.0 3798.0 10807.0 5221.0 3552.6 1227.2 4518.3 3159.0 1067.6 4920.2 526.6

 Q2 14758.0 3787.1 10970.9 5304.1 3605.0 1242.1 4588.5 3211.5 1078.3 5087.2 542.1

 Q3 14963.0 3794.7 11168.4 5396.1 3686.8 1254.7 4675.8 3280.9 1096.4 5204.6 559.1

 Q4 15177.6 3804.9 11372.7 5471.6 3737.2 1264.1 4781.6 3366.4 1119.5 5452.9 569.6

1998 -- Q1 15403.8 3797.4 11606.4 5581.1 3828.5 1278.3 4882.3 3446.6 1143.0 5687.0 586.6

 Q2 15635.1 3779.6 11855.5 5695.4 3906.6 1294.5 4997.4 3536.0 1162.8 5935.7 608.1

 Q3 15849.0 3745.5 12103.5 5808.5 3994.9 1315.4 5114.0 3629.6 1180.9 6201.1 601.1

 Q4 16128.6 3752.2 12376.3 5956.7 4106.1 1332.0 5219.8 3709.3 1199.8 6569.0 591.6

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, March 12, 1999 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 1031.6 1230.7 1349.4 1446.6 2090.4 1521.0 1893.7 1908.9 2006.2 1889.0 2551.6 1

 2 Domestic nonfinancial sectors 577.1 703.4 720.3 736.9 952.5 826.5 858.3 904.7 925.4 855.5 1118.3 2

 3 Federal government 155.9 144.4 145.0 23.1 -52.6 30.3 40.8 -30.0 -70.9 -136.5 26.9 3

 4 Nonfederal sectors 421.3 558.9 575.3 713.8 1005.1 796.2 817.5 934.7 996.2 991.9 1091.4 4

 5 Household sector 312.6 345.4 359.8 333.6 486.6 368.4 302.1 437.5 457.2 452.7 592.7 5

 6 Nonfinancial corporate business 147.4 231.5 170.7 257.9 342.9 283.8 341.7 321.1 357.3 374.6 318.7 6

 7 Nonfarm noncorporate business 3.3 30.6 46.8 59.9 88.7 66.7 72.1 74.5 95.7 85.9 98.8 7

 8 Farm business 4.4 2.9 4.8 6.2 6.6 4.7 9.2 7.3 7.2 6.1 5.8 8

 9 State and local governments -46.2 -51.5 -6.8 56.1 80.3 72.6 92.3 94.3 78.9 72.6 75.4 9

10 Rest of the world -14.0 71.1 76.9 56.9 21.9 92.5 42.3 67.8 85.9 -28.0 -38.0 10

11 Financial sectors 468.4 456.2 552.1 652.8 1116.0 601.9 993.2 936.4 994.9 1061.5 1471.3 11

12 Commercial banking 20.1 22.5 13.0 46.1 73.0 32.5 61.0 83.5 80.0 61.7 66.5 12

13 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.9 21.7 50.4 39.3 49.7 41.5 81.0 13

14 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -4.7 -8.0 -6.2 -6.9 -2.2 -3.9 14

15 Bank holding companies 10.3 14.4 2.0 19.0 24.9 15.6 18.6 50.4 37.2 22.5 -10.6 15

16 Savings institutions 12.8 2.6 25.5 19.7 53.1 22.3 41.7 10.6 31.2 63.7 106.8 16

17 Credit unions 0.2 -0.1 0.1 0.1 0.6 0.2 0.3 0.5 0.2 1.0 0.4 17

18 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.2 -0.3 0.0 -0.6 1.6 1.8 18

19 Government-sponsored enterprises 172.1 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 19

20 Federally related mortgage pools 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 20

21 ABS issuers 72.9 141.1 153.6 204.4 317.0 226.2 385.1 282.1 368.1 293.5 324.2 21

22 Finance companies 48.7 50.2 45.9 48.7 61.2 8.9 59.6 80.1 101.8 -14.0 76.8 22

23 Mortgage companies -11.5 0.4 12.4 -4.7 1.3 11.4 -17.4 49.2 -48.0 2.0 2.0 23

24 REITs 13.7 5.6 7.0 36.8 65.3 30.8 58.9 66.2 62.1 82.8 50.0 24

25 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -6.9 7.0 -1.0 20.0 -2.6 12.3 25

26 Funding corporations 23.1 34.9 64.1 80.7 39.9 115.3 99.2 137.9 -33.3 10.1 44.9 26

27 Total net lending 1031.6 1230.7 1349.4 1446.6 2090.4 1521.0 1893.7 1908.9 2006.2 1889.0 2551.6 27

28 Domestic nonfederal nonfinancial sectors 237.7 -95.6 -17.7 -106.7 6.6 -155.3 36.4 -218.5 404.7 7.8 -173.8 28

29 Household sector 274.4 -0.1 -18.4 -124.0 -57.2 -148.7 8.2 -227.5 310.1 -137.1 -174.4 29

30 Nonfinancial corporate business 17.7 -8.8 20.0 14.8 -3.5 31.7 -2.6 13.2 -45.6 23.3 -11.0 30

31 Nonfarm noncorporate business 0.6 4.7 4.4 2.7 3.2 2.8 2.9 3.0 3.2 3.3 3.4 31

32 State and local governments -55.0 -91.4 -23.7 -0.2 64.1 -41.0 27.9 -7.3 137.1 118.3 8.2 32

33 Federal government -27.5 -0.2 -7.7 4.9 13.2 3.3 9.0 15.5 12.8 13.9 10.7 33

34 Rest of the world 132.3 273.9 417.3 310.1 249.1 402.9 208.7 238.6 314.2 58.6 385.1 34

35 Financial sectors 689.0 1052.5 957.6 1238.3 1821.5 1270.0 1639.7 1873.3 1274.5 1808.7 2329.6 35

36 Monetary authority 31.5 12.7 12.3 38.3 21.1 22.9 52.9 27.4 7.7 48.3 0.8 36

37 Commercial banking 163.4 265.9 187.5 324.3 306.5 226.2 464.9 292.9 136.1 242.6 554.6 37

38 U.S.-chartered commercial banks 148.1 186.5 119.6 274.9 311.8 220.7 386.2 260.5 130.5 286.7 569.7 38

39 Foreign banking offices in U.S. 11.2 75.4 63.3 40.2 -11.8 4.6 58.2 11.6 18.1 -53.1 -24.1 39

40 Bank holding companies 0.9 -0.3 3.9 5.4 -0.9 -5.0 19.4 15.3 -17.6 6.0 -7.4 40

41 Banks in U.S.-affiliated areas 3.3 4.2 0.7 3.7 7.5 5.8 1.1 5.5 5.1 2.9 16.4 41

42 Savings institutions 6.7 -7.6 19.9 -4.7 35.8 -35.3 -2.0 10.1 -1.8 33.9 101.1 42

43 Credit unions 28.1 16.2 25.5 16.8 21.9 13.6 7.7 16.5 22.7 20.5 28.1 43

44 Bank personal trusts and estates 7.1 -8.3 -7.7 7.6 2.8 7.3 8.8 2.4 3.1 2.0 3.9 44

45 Life insurance companies 72.0 100.0 69.6 94.3 96.7 92.9 34.1 95.7 66.5 87.8 136.6 45

46 Other insurance companies 24.9 21.5 22.5 25.2 4.3 32.0 34.7 23.4 -1.5 -7.7 3.0 46

47 Private pension funds 46.1 56.0 52.3 65.5 118.6 64.6 79.5 74.5 130.1 95.5 174.4 47

48 State and local govt. retirement funds 22.3 27.5 45.9 36.6 67.1 79.1 9.5 81.7 60.6 50.9 75.1 48

49 Money market mutual funds 30.0 86.5 88.8 87.5 244.0 121.5 144.2 172.0 200.1 247.5 356.4 49

50 Mutual funds -7.1 52.5 48.9 80.9 122.1 108.0 61.8 143.6 152.6 93.5 98.6 50

51 Closed-end funds -3.7 10.5 4.7 -3.4 -2.3 -3.4 -3.4 -2.4 -2.4 -2.4 -2.0 51

52 Government-sponsored enterprises 117.8 86.7 84.2 94.3 239.1 55.6 158.5 165.2 140.4 250.0 401.0 52

53 Federally related mortgage pools 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 53

54 ABS issuers 65.8 119.3 123.4 166.0 275.2 163.7 332.2 223.0 337.0 248.0 292.9 54

55 Finance companies 48.3 49.9 18.4 21.9 63.7 68.3 -21.3 28.7 27.1 79.7 119.4 55

56 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 82.9 -93.6 58.8 -56.4 4.5 6.0 56

57 REITs 4.7 2.2 3.8 8.8 2.5 7.2 17.6 13.2 9.3 -2.4 -10.0 57

58 Brokers and dealers -44.2 90.1 -15.7 14.9 -22.7 18.0 71.7 245.8 -183.1 77.0 -230.5 58

59 Funding corporations -16.2 -23.8 24.0 58.4 29.1 30.4 141.4 115.9 -20.5 -27.9 49.1 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 12, 1999

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 577.1 703.4 720.3 736.9 952.5 826.5 858.3 904.7 925.4 855.5 1118.3 1

 2 Federal government 155.9 144.4 145.0 23.1 -52.6 30.3 40.8 -30.0 -70.9 -136.5 26.9 2

 3 Treasury securities 155.7 142.9 146.6 23.2 -54.6 31.2 39.0 -27.6 -69.4 -136.1 14.7 3

 4 Budget agency securities and mortgages 0.2 1.5 -1.6 -0.1 2.0 -0.9 1.7 -2.4 -1.4 -0.4 12.2 4

 5 Nonfederal, by instrument 421.3 558.9 575.3 713.8 1005.1 796.2 817.5 934.7 996.2 991.9 1091.4 5

 6 Commercial paper 21.4 18.1 -0.9 13.7 24.4 14.5 12.8 51.1 3.8 85.6 -43.0 6

 7 Municipal securities and loans -35.9 -48.2 2.6 71.4 96.8 88.9 103.2 116.7 100.1 83.6 87.0 7

 8 Corporate bonds 23.3 73.3 72.5 90.7 132.2 122.9 74.4 157.2 160.8 87.1 123.8 8

 9 Bank loans n.e.c. 75.2 101.4 63.0 106.3 113.1 29.0 138.6 -2.8 185.3 125.8 144.0 9

10 Other loans and advances 34.0 67.2 36.4 66.2 77.4 78.1 142.3 84.3 34.6 73.5 117.0 10

11 Mortgages 178.4 208.1 313.0 312.9 491.8 412.5 308.4 471.3 446.8 453.0 596.0 11

12 Home 179.7 176.0 256.4 243.0 377.0 334.0 208.6 372.8 320.3 361.5 453.3 12

13 Multifamily residential 0.5 9.7 17.1 15.1 21.5 14.7 27.0 28.3 31.1 12.4 14.3 13

14 Commercial -4.1 20.9 36.9 51.6 88.6 60.3 69.9 66.8 89.4 74.5 123.7 14

15 Farm 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 15

16 Consumer credit 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 16

17 Nonfederal, by sector 421.3 558.9 575.3 713.8 1005.1 796.2 817.5 934.7 996.2 991.9 1091.4 17

18 Household sector 312.6 345.4 359.8 333.6 486.6 368.4 302.1 437.5 457.2 452.7 592.7 18

19 Nonfinancial business 155.0 265.0 222.3 324.1 438.2 355.2 423.1 402.9 460.1 466.6 423.3 19

20 Corporate 147.4 231.5 170.7 257.9 342.9 283.8 341.7 321.1 357.3 374.6 318.7 20

21 Nonfarm noncorporate 3.3 30.6 46.8 59.9 88.7 66.7 72.1 74.5 95.7 85.9 98.8 21

22 Farm 4.4 2.9 4.8 6.2 6.6 4.7 9.2 7.3 7.2 6.1 5.8 22

23 State and local governments -46.2 -51.5 -6.8 56.1 80.3 72.6 92.3 94.3 78.9 72.6 75.4 23

24 Foreign borrowing in U.S. -14.0 71.1 76.9 56.9 21.9 92.5 42.3 67.8 85.9 -28.0 -38.0 24

25 Commercial paper -26.1 13.5 11.3 3.7 7.8 -11.6 0.7 55.3 -25.5 6.2 -4.7 25

26 Bonds 12.2 49.7 55.8 46.7 13.4 100.3 32.4 14.3 107.5 -35.3 -32.9 26

27 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.8 7.3 15.7 5.2 8.4 3.6 9.9 27

28 Other loans and advances -1.5 -0.5 0.8 -2.0 -6.0 -3.5 -6.5 -7.0 -4.4 -2.4 -10.3 28

29 Domestic and foreign 563.1 774.5 797.3 793.8 974.4 919.0 900.5 972.5 1011.3 827.5 1080.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 468.4 456.2 552.1 652.8 1116.0 601.9 993.2 936.4 994.9 1061.5 1471.3 1

 2 Federal government-related 287.5 204.1 231.5 212.8 497.0 161.0 298.1 227.3 413.4 561.6 785.7 2

 3 Govt.-sponsored enterprise securities 176.9 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 3

 4 Mortgage pool securities 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 4

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

 6 Private financial sectors 180.9 252.1 320.7 440.0 619.0 440.9 695.0 709.1 581.5 499.9 685.7 6

 7 Open market paper 40.5 42.7 92.2 166.7 161.0 168.8 244.2 237.4 134.8 141.0 130.7 7

 8 Corporate bonds 121.8 196.7 175.5 208.2 308.2 202.3 337.8 340.5 376.9 178.3 337.2 8

 9 Bank loans n.e.c. -13.7 4.8 20.0 13.4 25.8 25.9 26.1 78.6 -21.1 62.0 -16.3 9

10 Other loans and advances 22.6 3.4 27.9 35.6 91.2 37.5 61.7 32.7 76.0 82.3 173.7 10

11 Mortgages 9.8 4.6 5.0 16.2 32.8 6.5 25.2 19.8 14.8 36.3 60.3 11

12 By sector 468.4 456.2 552.1 652.8 1116.0 601.9 993.2 936.4 994.9 1061.5 1471.3 12

13 Commercial banking 20.1 22.5 13.0 46.1 73.0 32.5 61.0 83.5 80.0 61.7 66.5 13

14 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.9 21.7 50.4 39.3 49.7 41.5 81.0 14

15 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -4.7 -8.0 -6.2 -6.9 -2.2 -3.9 15

16 Bank holding companies 10.3 14.4 2.0 19.0 24.9 15.6 18.6 50.4 37.2 22.5 -10.6 16

17 Savings institutions 12.8 2.6 25.5 19.7 53.1 22.3 41.7 10.6 31.2 63.7 106.8 17

18 Credit unions 0.2 -0.1 0.1 0.1 0.6 0.2 0.3 0.5 0.2 1.0 0.4 18

19 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.2 -0.3 0.0 -0.6 1.6 1.8 19

20 Government-sponsored enterprises 172.1 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 20

21 Federally related mortgage pools 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 21

22 ABS issuers 72.9 141.1 153.6 204.4 317.0 226.2 385.1 282.1 368.1 293.5 324.2 22

23 Finance companies 48.7 50.2 45.9 48.7 61.2 8.9 59.6 80.1 101.8 -14.0 76.8 23

24 Mortgage companies -11.5 0.4 12.4 -4.7 1.3 11.4 -17.4 49.2 -48.0 2.0 2.0 24

25 REITs 13.7 5.6 7.0 36.8 65.3 30.8 58.9 66.2 62.1 82.8 50.0 25

26 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -6.9 7.0 -1.0 20.0 -2.6 12.3 26

27 Funding corporations 23.1 34.9 64.1 80.7 39.9 115.3 99.2 137.9 -33.3 10.1 44.9 27
Z.1, March 12, 1999 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 1031.6 1230.7 1349.4 1446.6 2090.4 1521.0 1893.7 1908.9 2006.2 1889.0 2551.6 1

 2 Open market paper 35.7 74.3 102.6 184.1 193.1 171.7 257.7 343.8 113.1 232.7 83.0 2

 3 U.S. government securities 448.1 348.5 376.5 235.9 444.4 191.3 338.9 197.3 342.5 425.1 812.5 3

 4 Municipal securities -35.9 -48.2 2.6 71.4 96.8 88.9 103.2 116.7 100.1 83.6 87.0 4

 5 Corporate and foreign bonds 157.3 319.6 303.8 345.7 453.9 425.5 444.6 512.0 645.3 230.1 428.1 5

 6 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.6 62.2 180.5 81.0 172.7 191.4 137.5 6

 7 Other loans and advances 50.3 70.2 65.1 99.8 162.5 112.1 197.5 110.0 106.1 153.4 280.5 7

 8 Mortgages 188.2 212.7 318.0 329.1 524.6 419.0 333.6 491.1 461.6 489.4 656.3 8

 9 Consumer credit 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 125.2 144.3 234.2 186.4 97.1 239.4 157.7 213.9 267.8 -118.1 24.8 10

11 Corporate equities 24.6 -3.1 -3.4 -78.8 -178.4 -60.5 -103.3 -107.5 -115.9 -319.0 -171.4 11

12 Nonfinancial -44.9 -58.3 -64.2 -114.4 -262.8 -124.0 -143.3 -139.2 -129.1 -308.4 -474.4 12

 Foreign shares purchased by

13 U.S. residents 48.1 50.4 60.0 41.3 75.9 64.3 -0.3 13.6 4.0 -32.9 319.1 13

14 Financial 21.4 4.8 0.8 -5.6 8.4 -0.8 40.3 18.2 9.2 22.2 -16.1 14

15 Mutual fund shares 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 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) 1031.6 1230.7 1349.4 1446.6 2090.4 1521.0 1893.7 1908.9 2006.2 1889.0 2551.6 1

 2 Official foreign exchange -5.8 8.8 -6.3 0.7 7.3 2.4 17.5 1.0 8.1 11.4 8.6 2

 3 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 0 0 3

 4 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 1.3 -1.9 0.3 0.2 1.7 -2.3 4

 5 Foreign deposits 52.9 35.3 85.9 107.4 41.9 116.1 103.0 -45.3 89.0 87.3 36.8 5

 6 Net interbank transactions 89.8 9.9 -51.6 -19.7 -37.3 -25.0 79.8 -107.1 46.6 14.3 -103.3 6

 7 Checkable deposits and currency -9.7 -12.7 15.8 41.5 48.6 -38.4 71.9 65.6 109.3 -61.7 81.3 7

 8 Small time and savings deposits -39.9 96.6 97.2 97.1 155.0 47.0 155.9 154.9 36.2 115.2 313.6 8

 9 Large time deposits 19.6 65.6 114.0 122.5 91.6 188.4 70.7 186.2 -16.5 81.5 115.1 9

10 Money market fund shares 43.3 142.3 145.8 157.6 285.5 226.2 147.8 248.0 186.4 400.7 306.6 10

11 Security RPs 78.2 110.5 41.4 120.9 55.3 115.5 117.9 259.5 -113.6 228.6 -153.4 11

12 Corporate equities 24.6 -3.1 -3.4 -78.8 -178.4 -60.5 -103.3 -107.5 -115.9 -319.0 -171.4 12

13 Mutual fund shares 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 13

14 Trade payables 94.0 101.5 76.9 99.2 63.1 136.1 151.9 88.5 4.9 81.4 77.4 14

15 Security credit -0.1 26.7 52.4 111.0 100.5 91.1 116.8 165.3 128.3 179.6 -71.0 15

16 Life insurance reserves 35.5 45.8 44.5 54.3 42.1 63.9 37.4 49.3 38.3 31.7 49.0 16

17 Pension fund reserves 258.9 228.5 243.6 306.9 294.3 337.3 300.3 261.5 284.9 278.0 352.6 17

18 Taxes payable 2.6 6.2 16.2 14.6 8.8 30.1 -7.7 9.7 -2.7 34.0 -5.7 18

19 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 19

20 Noncorporate proprietors’ equity 50.3 62.2 43.3 25.1 -3.9 38.7 -26.8 20.2 -8.7 -43.1 15.8 20

21 Miscellaneous 248.3 459.0 448.8 568.9 656.4 554.3 404.1 1206.6 224.8 637.4 556.8 21

22 Total financial sources 2093.3 2768.0 2942.6 3515.4 4052.3 3726.3 3868.4 4737.4 3347.3 3896.7 4221.6 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.5 -0.9 -0.6 -0.6 0.7 -2.4 -0.2 -0.3 1.1 -3.0 23

24 Foreign deposits 43.0 25.1 59.4 107.4 38.5 93.8 148.3 -94.6 148.3 69.2 31.3 24

25 Net interbank liabilities -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 25

26 Security RPs 69.4 17.5 0.6 65.3 7.7 23.9 190.8 115.2 -175.3 90.5 0.7 26

27 Taxes payable 16.6 21.1 20.4 17.2 9.1 15.2 5.0 6.8 5.0 25.8 -0.8 27

28 Miscellaneous -155.9 -198.5 -61.0 -228.4 -41.2 -42.4 -550.3 95.0 -75.8 -105.0 -79.1 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -4.8 -6.0 0.5 -2.7 2.6 10.0 -7.9 7.5 -41.7 24.1 20.4 29

30 Other -2.8 -3.8 -4.0 -3.9 -3.1 -3.0 -5.0 -4.0 -3.0 -3.2 -2.1 30

31 Trade credit 1.5 -11.7 -26.7 21.5 -45.7 72.6 81.9 10.4 -110.7 -58.0 -30.8 31

 Totals identified to sectors

32 as assets 2129.3 2927.9 2957.7 3559.5 4081.7 3605.4 4040.9 4570.6 3589.6 3832.9 4333.5 32
12 Z.1, March 12, 1999

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 6947.0 7269.7 7661.7 8110.8 8510.6 8170.8 8254.4 8384.2 8440.5 8537.9 8679.8 1

 2 Personal consumption expenditures (2) 4717.0 4953.9 5215.7 5493.7 5805.7 5540.3 5593.2 5676.5 5773.7 5846.7 5925.7 2

 3 Durable goods (3) 579.6 611.0 643.3 673.1 723.0 681.2 682.2 705.1 720.1 718.9 747.7 3

 4 Nondurable goods and services 4137.4 4342.9 4572.4 4820.6 5082.8 4859.1 4911.0 4971.4 5053.6 5127.8 5178.0 4

 5 Gross private domestic investment 1007.8 1043.2 1131.9 1256.0 1368.6 1265.7 1292.0 1366.6 1344.9 1364.4 1398.7 5

 6 Fixed investment 946.6 1012.5 1099.8 1188.6 1308.4 1211.1 1220.2 1271.1 1305.7 1307.4 1349.6 6

 7 Nonresidential plant and equipment 660.6 727.7 787.9 860.7 938.9 882.3 882.8 921.3 941.9 931.6 960.5 7

 8 Household sector (nonprofit organizations) 31.9 33.8 37.4 43.6 47.4 44.5 44.7 45.7 46.4 46.1 51.4 8

 9 Nonfinancial corporate business 463.5 520.4 575.5 601.7 652.8 623.0 599.8 641.1 653.5 642.7 673.7 9

10 Nonfarm noncorporate business 64.3 78.9 72.8 62.6 57.9 67.9 36.2 52.1 57.8 49.5 72.3 10

11 Farm business 20.8 22.5 23.8 25.4 27.4 27.2 25.5 27.5 27.9 27.0 27.1 11

12 Financial corporations 80.1 72.0 78.4 127.4 153.4 119.7 176.6 154.8 156.3 166.2 136.0 12

13 Residential construction 286.0 284.8 311.9 327.9 369.5 328.8 337.4 349.8 363.8 375.8 389.1 13

14 Household sector 249.1 245.3 270.5 277.6 313.6 279.0 279.8 295.3 307.8 316.5 335.3 14

15 Nonfinancial corporate business 1.9 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.6 2.7 15

16 Nonfarm noncorporate business 27.8 35.0 36.1 36.2 40.8 36.3 37.2 38.6 40.1 41.4 42.9 16

17 REITs 7.3 2.4 2.9 11.6 12.5 11.1 17.9 13.3 13.2 15.2 8.3 17

18 Change in business inventories 61.2 30.7 32.1 67.4 60.2 54.6 71.8 95.5 39.2 57.0 49.1 18

19 Nonfinancial corporate business 48.0 38.1 23.3 59.9 50.8 44.9 63.6 86.0 29.9 46.8 40.4 19

20 Nonfarm noncorporate business 2.5 2.0 1.2 3.2 2.7 2.4 3.3 4.5 1.6 2.5 2.1 20

21 Farm business 10.8 -9.4 7.6 4.3 6.8 7.3 4.9 5.0 7.7 7.7 6.6 21

22 Net U.S. exports of goods and services -90.8 -83.9 -91.2 -93.4 -151.2 -94.7 -98.8 -123.8 -159.3 -165.5 -156.3 22

23 Exports 721.2 819.5 873.8 965.4 959.3 981.7 988.6 973.3 949.6 936.2 978.0 23

24 - Imports 812.0 903.4 965.0 1058.8 1110.5 1076.4 1087.4 1097.1 1108.9 1101.7 1134.3 24

 Government consumption expenditures and

25 gross investment 1313.0 1356.4 1405.3 1454.6 1487.5 1459.5 1468.0 1464.9 1481.2 1492.3 1511.7 25

26 Consumption expenditures (4) 1107.1 1138.1 1175.6 1219.2 1250.1 1222.3 1231.6 1227.6 1248.7 1252.5 1271.9 26

27 Federal 443.2 442.9 450.9 460.4 461.1 460.0 460.1 450.9 464.0 458.7 470.7 27

28 State and local 663.9 695.2 724.7 758.8 789.0 762.3 771.5 776.7 784.7 793.8 801.2 28

29 Gross investment (4) 205.9 218.4 229.7 235.4 237.4 237.2 236.4 237.3 232.5 239.8 239.8 29

30 Federal 67.0 66.3 67.6 59.8 59.6 60.9 60.0 60.7 56.8 60.8 60.1 30

31 State and local 138.9 152.1 162.1 175.6 177.8 176.3 176.4 176.6 175.7 179.0 179.7 31

 Memo:

32 Net U.S. factor income from rest of the world 8.2 17.5 12.4 -8.0 -22.7 -8.7 -19.6 -14.8 -18.7 -27.1 -29.9 32

33 U.S. receipts 176.5 225.1 235.5 265.5 266.0 274.3 266.3 270.3 270.6 265.0 258.5 33

34 - U.S. payments 168.3 207.6 223.1 273.5 288.8 283.0 285.9 285.1 289.3 292.1 288.4 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6955.2 7287.2 7674.1 8102.8 8487.9 8162.1 8234.8 8369.4 8421.8 8510.8 8649.9 35

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

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

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

(4) Government inventory investment is included in consumption expenditures.
Z.1, March 12, 1999 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 5590.6 5923.6 6256.1 6646.5 7001.8 6704.8 6768.1 6875.1 6945.6 7032.2 7154.0 1

 2 Compensation of employees 4011.9 4208.8 4409.2 4687.2 4980.0 4715.6 4798.2 4882.9 4945.2 5011.5 5079.7 2

 3 Wages and other labor income 3645.5 3830.1 4018.3 4282.8 4555.8 4309.3 4387.2 4464.8 4523.4 4585.4 4649.2 3

 4 Employer social insurance contributions 353.0 365.3 381.7 400.7 420.1 402.6 407.3 414.1 417.8 422.1 426.5 4

 5 Wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 3.7 3.7 4.0 4.0 4.0 4.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 471.6 488.1 527.7 551.2 576.9 556.5 558.0 564.2 571.7 576.1 595.7 6

 7 Nonfarm 434.7 465.6 488.8 515.8 548.5 520.2 526.6 536.8 544.0 550.9 562.1 7

 8 Farm 36.9 22.4 38.9 35.5 28.5 36.3 31.4 27.4 27.7 25.2 33.6 8

 Rental income of persons (with capital

 9 consumption adjustment) 124.4 133.8 150.2 158.2 162.8 158.6 158.8 158.3 161.0 163.6 168.3 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 570.5 672.4 750.4 817.9 832.9 840.8 820.7 829.2 820.6 827.0 855.1 10

 Corporate profits with inventory

11 valuation adjustment 519.1 613.0 679.0 741.2 740.6 763.6 740.6 744.3 731.2 732.2 754.8 11

12 Profits before tax 535.1 635.6 680.2 734.3 726.9 758.8 736.3 719.0 723.4 720.5 744.8 12

13 Domestic nonfinancial 391.9 440.9 472.4 504.6 497.6 527.2 509.0 483.4 490.9 496.5 519.7 13

14 Farm 0.4 0.5 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 14

15 Foreign subsidiaries 73.3 89.5 96.4 99.0 93.1 102.2 91.8 98.5 97.3 90.0 86.5 15

16 Financial 69.5 104.6 110.8 129.9 135.4 128.6 134.7 136.3 134.4 133.2 137.7 16

 Less:

17 Profits tax liability 186.6 211.0 226.1 246.1 243.9 254.2 249.3 239.9 241.6 243.2 250.6 17

18 Domestic nonfinancial 128.3 136.3 151.0 169.2 163.4 177.5 169.6 159.1 161.5 163.2 169.8 18

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

20 Financial 57.8 74.2 74.6 76.3 79.8 76.1 79.2 80.2 79.5 79.4 80.2 20

 Equals:

21 Profits after tax 348.5 424.6 454.1 488.3 483.1 504.6 487.0 479.1 481.8 477.3 494.2 21

22 Dividends 182.4 205.3 261.9 275.1 279.2 275.1 276.4 277.3 278.1 279.0 282.3 22

23 Domestic nonfinancial 157.6 178.3 215.9 228.0 246.2 224.8 238.3 236.0 253.0 246.0 249.8 23

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

25 Foreign subsidiaries 31.8 30.9 37.1 40.4 27.4 45.4 32.4 36.7 18.2 28.0 26.5 25

26 Financial -8.0 -5.0 7.7 5.4 4.3 3.6 4.4 3.3 5.6 3.7 4.7 26

27 Undistributed profits 166.1 219.3 192.3 213.2 203.9 229.5 210.6 201.8 203.7 198.3 211.9 27

28 Domestic nonfinancial 106.0 126.4 105.5 107.3 88.0 124.9 101.1 88.3 76.3 87.3 100.2 28

29 Farm -1.1 -1.0 -1.0 -1.0 -1.1 -1.1 -1.0 -1.1 -1.0 -1.1 -1.0 29

30 Foreign subsidiaries 41.6 58.6 59.3 58.7 65.7 56.8 59.4 61.8 79.1 62.0 60.0 30

31 Financial 19.6 35.4 28.5 48.2 51.2 48.9 51.1 52.8 49.3 50.1 52.8 31

32 Inventory valuation adjustment -16.0 -22.6 -1.2 6.9 13.6 4.8 4.3 25.3 7.8 11.7 10.0 32

33 Capital consumption adjustment 51.4 59.4 71.4 76.7 92.4 77.2 80.1 84.9 89.4 94.8 100.3 33

34 Domestic nonfinancial 60.3 68.3 76.4 81.6 96.0 82.2 85.0 89.5 93.4 98.2 102.9 34

35 Farm 0.5 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 35

36 Financial -9.5 -9.2 -5.2 -5.3 -4.0 -5.3 -5.2 -4.9 -4.3 -3.7 -2.9 36

37 Net interest 412.3 420.6 418.6 432.0 449.2 433.3 432.4 440.5 447.1 454.0 455.2 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5590.6 5923.6 6256.1 6646.5 7001.8 6704.8 6768.1 6875.1 6945.6 7032.2 7154.0 38

 Plus:

39 Business transfer payments to persons 23.8 25.8 26.4 27.2 28.2 27.3 27.5 27.8 28.1 28.3 28.6 39

40 Business transfer payments to rest of the world 6.8 7.1 7.4 8.0 7.9 8.1 8.1 7.9 7.9 8.0 7.7 40

41 Indirect business taxes and nontaxes 568.4 581.2 606.5 627.2 655.1 632.0 634.5 641.9 647.7 656.5 675.1 41

42 Private consumption of fixed capital 638.7 657.0 684.3 720.2 753.3 725.2 734.7 741.1 748.5 757.3 766.2 42

43 Government consumption of fixed capital 138.8 143.8 147.7 151.6 154.7 151.7 152.9 153.4 153.8 155.0 156.6 43

44 Statistical discrepancy 14.8 -26.3 -32.3 -55.8 -86.1 -65.0 -67.6 -54.3 -85.9 -101.9 -102.0 44

 Less:

 Subsidies less current surplus of

45 government enterprises 26.6 25.1 22.0 21.9 27.0 22.0 23.4 23.5 23.9 24.6 36.3 45

46 Net U.S. factor income from rest of the world 8.2 17.5 12.4 -8.0 -22.7 -8.7 -19.6 -14.8 -18.7 -27.1 -29.9 46

 Equals:

47 Gross Domestic Product 6947.0 7269.7 7661.7 8110.8 8510.6 8170.8 8254.4 8384.2 8440.5 8537.9 8679.8 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, March 12, 1999

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1079.0 1187.3 1274.7 1406.3 1477.8 1426.9 1428.2 1482.6 1448.5 1474.4 1505.2 1

 2 Gross private saving 1030.1 1106.1 1114.6 1141.7 1096.2 1139.1 1131.7 1130.1 1079.0 1078.6 1097.2 2

 3 Personal saving 176.8 179.6 158.6 121.1 29.1 98.7 98.3 73.0 25.6 12.5 4.8 3

 4 Undistributed corporate profits 166.1 219.3 192.3 213.2 203.9 229.5 210.6 201.8 203.7 198.3 211.9 4

 5 Nonfinancial corp. inventory valuation adjustment -16.0 -22.6 -1.2 6.9 13.6 4.8 4.3 25.3 7.8 11.7 10.0 5

 6 Corporate capital consumption adjustment 51.4 59.4 71.4 76.7 92.4 77.2 80.1 84.9 89.4 94.8 100.3 6

 7 Private consumption of fixed capital 638.7 657.0 684.3 720.2 753.3 725.2 734.7 741.1 748.5 757.3 766.2 7

 8 Wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 3.7 3.7 4.0 4.0 4.0 4.0 8

 9 Gross government saving 48.9 81.2 160.0 264.6 381.5 287.8 296.5 352.5 369.5 395.8 408.0 9

10 Federal -117.2 -103.7 -39.6 49.5 146.2 69.8 72.4 128.7 144.0 161.6 150.4 10

11 Consumption of fixed capital 69.5 70.7 70.7 70.6 69.8 70.3 70.2 69.9 69.5 69.6 70.0 11

12 Current surplus -186.7 -174.4 -110.3 -21.1 76.4 -0.5 2.2 58.8 74.5 92.0 80.4 12

13 State and local 166.1 185.0 199.7 215.2 235.4 218.0 224.1 223.8 225.5 234.2 257.6 13

14 Consumption of fixed capital 69.4 73.2 77.1 81.1 85.0 81.4 82.7 83.5 84.3 85.4 86.6 14

15 Current surplus 96.7 111.8 122.6 134.1 150.4 136.6 141.4 140.3 141.2 148.8 171.0 15

16 Capital grants received by the U.S. (net) 0 0 0 0 0 0 0 0 0 0 0 16

17 Gross investment 1093.8 1161.0 1242.4 1350.5 1391.7 1361.9 1360.6 1428.3 1362.6 1372.5 1403.2 17

18 Gross private domestic investment 1007.8 1043.2 1131.9 1256.0 1368.6 1265.7 1292.0 1366.6 1344.9 1364.4 1398.7 18

19 Fixed investment 946.6 1012.5 1099.8 1188.6 1308.4 1211.1 1220.2 1271.1 1305.7 1307.4 1349.6 19

20 Nonresidential 660.6 727.7 787.9 860.7 938.9 882.3 882.8 921.3 941.9 931.6 960.5 20

21 Residential 286.0 284.8 311.9 327.9 369.5 328.8 337.4 349.8 363.8 375.8 389.1 21

22 Change in business inventories 61.2 30.7 32.1 67.4 60.2 54.6 71.8 95.5 39.2 57.0 49.1 22

23 Gross government investment 205.9 218.4 229.7 235.4 237.4 237.2 236.4 237.3 232.5 239.8 239.8 23

24 Net foreign investment in U.S. -119.9 -100.6 -119.2 -140.9 -214.3 -141.0 -167.8 -175.6 -214.8 -231.7 -235.3 24

25 Statistical discrepancy (line 17 less line 1) 14.8 -26.3 -32.3 -55.8 -86.1 -65.0 -67.6 -54.3 -85.9 -101.9 -102.0 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, March 12, 1999 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 516.3 490.4 425.0 422.4 507.5 468.7 498.7 378.0 717.8 392.9 541.2 1

 2 Foreign deposits 3.1 4.6 12.4 6.3 -4.0 12.0 -3.0 18.0 -12.0 -10.0 -12.0 2

 3 Checkable deposits and currency -24.2 -53.9 -61.4 -9.6 7.5 -63.6 48.4 8.1 5.9 -18.8 34.7 3

 4 Time and savings deposits -4.0 173.2 174.6 175.3 165.1 215.2 182.0 304.9 -3.8 35.1 324.2 4

 5 Money market fund shares 13.5 98.8 59.6 91.3 146.4 169.8 55.1 117.9 87.2 231.6 148.8 5

 6 Securities 193.5 -89.0 -118.3 -378.6 -297.7 -395.0 -328.5 -568.8 142.8 -303.7 -461.1 6

 7 Open market paper 1.2 1.3 4.0 7.0 4.2 8.0 8.0 4.0 4.0 4.0 4.8 7

 8 U.S. savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 8

 9 Other Treasury securities 148.8 -59.0 -76.3 -209.2 -70.2 -212.5 -287.7 -183.2 146.8 -91.3 -153.2 9

10 Agency securities 138.4 15.2 78.9 26.7 -27.0 -37.8 86.3 -197.9 25.1 80.3 -15.4 10

11 Municipal securities -50.2 -42.9 -24.3 24.3 25.9 26.5 72.8 50.8 18.7 26.5 7.4 11

12 Corporate and foreign bonds 39.6 88.5 2.7 32.2 14.1 106.8 120.4 99.6 101.3 -113.7 -30.9 12

13 Corporate equities (2) -159.8 -192.0 -281.5 -513.9 -500.0 -569.6 -586.5 -620.2 -507.5 -421.6 -450.6 13

14 Mutual fund shares 67.4 94.7 176.2 254.9 255.2 283.1 257.2 280.7 355.1 211.1 174.0 14

15 Private life insurance reserves 34.3 44.8 43.8 52.6 40.8 64.0 35.4 48.5 35.7 31.7 47.2 15

16 Private insured pension reserves 81.0 61.0 43.9 98.3 103.9 106.7 101.2 106.0 96.0 89.5 123.9 16

17 Private noninsured pension reserves 81.6 90.5 87.2 88.7 96.4 81.1 96.3 87.7 93.3 90.0 114.8 17

18 Govt. insurance and pension reserves 97.5 78.0 113.1 121.6 95.3 149.5 104.8 68.5 98.3 98.5 115.8 18

19 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 19

20 Miscellaneous assets 22.3 78.4 78.8 101.6 98.2 48.4 128.7 136.9 117.0 101.2 37.8 20

21 Gross investment in tangible assets 986.7 1019.2 1092.9 1126.0 1219.5 1145.7 1113.8 1173.9 1209.4 1209.7 1285.4 21

22 Residential structures 249.1 245.3 270.5 277.6 313.6 279.0 279.8 295.3 307.8 316.5 335.3 22

23 Other fixed assets (3) 144.8 170.2 170.2 167.8 173.5 175.8 143.6 163.9 172.2 164.1 193.7 23

24 Consumer durables 579.6 611.0 643.3 673.1 723.0 681.2 682.2 705.1 720.1 718.9 747.7 24

25 Inventories (3) 13.3 -7.3 8.8 7.5 9.4 9.7 8.2 9.5 9.3 10.2 8.7 25

26 Consumption of fixed capital 650.6 666.3 683.2 707.1 738.6 712.0 720.8 726.7 733.6 743.0 750.9 26

27 Residential structures 87.3 90.4 93.2 98.7 103.2 99.4 100.7 101.6 102.6 103.8 105.0 27

28 Other fixed assets (3) 107.0 101.2 102.0 104.6 108.3 105.3 106.1 106.6 107.4 109.4 109.9 28

29 Consumer durables 456.3 474.7 487.9 503.8 527.0 507.3 514.0 518.5 523.6 529.8 536.0 29

30 Net investment in tangible assets (4) 336.1 352.8 409.7 418.8 481.0 433.7 393.0 447.2 475.8 466.7 534.4 30

31 Residential structures 161.8 154.9 177.3 179.0 210.4 179.6 179.1 193.8 205.3 212.7 230.2 31

32 Other fixed assets (3) 37.8 69.0 68.2 63.2 65.2 70.6 37.5 57.3 64.8 54.7 83.8 32

33 Consumer durables 123.3 136.3 155.4 169.2 196.0 173.9 168.2 186.6 196.5 189.1 211.7 33

34 Inventories (3) 13.3 -7.3 8.8 7.5 9.4 9.7 8.2 9.5 9.3 10.2 8.7 34

35 Net increase in liabilities 335.8 416.2 455.4 462.0 619.0 536.2 436.4 563.0 629.5 556.2 721.1 35

36 Mortgage debt on nonfarm homes 179.0 175.1 255.5 242.1 375.9 333.0 207.6 371.8 319.2 360.4 452.2 36

37 Other mortgage debt (3) -27.0 -5.0 28.6 40.3 66.7 47.9 59.9 60.8 71.6 54.7 79.8 37

38 Consumer credit 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 38

39 Policy loans 7.8 10.5 4.5 3.2 0.7 3.0 -3.0 0.8 3.8 2.0 -3.8 39

40 Security credit -1.1 3.5 15.8 36.8 21.3 68.2 14.9 36.6 47.4 -4.8 5.9 40

41 Other liabilities (3) 52.2 93.2 62.1 87.2 84.9 33.7 119.1 36.1 122.6 60.6 120.3 41

42 Personal saving (FOF measure) (5) 516.6 427.0 379.4 379.2 369.4 366.2 455.4 262.2 564.0 303.4 354.5 42

43 - Govt. insurance and pension reserves 97.5 78.0 113.1 121.6 95.3 149.5 104.8 68.5 98.3 98.5 115.8 43

44 - Net investment in consumer durables 123.3 136.3 155.4 169.2 196.0 173.9 168.2 186.6 196.5 189.1 211.7 44

45 - Net saving by farm corporations -0.6 -0.7 -0.8 -0.7 -0.8 -0.8 -0.7 -0.8 -0.7 -0.8 -0.8 45

46 = Personal saving 296.4 213.5 111.7 89.1 79.0 43.7 183.1 7.9 270.0 16.5 27.8 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 176.8 179.6 158.6 121.1 29.1 98.7 98.3 73.0 25.6 12.5 4.8 47

48 Difference (6) 119.6 33.9 -46.9 -32.0 49.9 -55.0 84.8 -65.1 244.4 4.0 23.0 48

 Memo:

49 Disposable personal income 5018.9 5276.9 5534.8 5795.2 6027.3 5822.0 5879.5 5937.0 5989.0 6052.4 6129.6 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 10.3 8.1 6.9 6.5 6.1 6.3 7.7 4.4 9.4 5.0 5.8 50

51 NIPA concept, FOF data (line 46) 5.9 4.0 2.0 1.5 1.3 0.8 3.1 0.1 4.5 0.3 0.5 51

52 NIPA measure (line 47) 3.5 3.4 2.9 2.1 0.5 1.7 1.7 1.2 0.4 0.2 0.1 52

53 Difference (line 48) 2.4 0.6 -0.8 -0.6 0.8 -0.9 1.4 -1.1 4.1 0.1 0.4 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, March 12, 1999

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 5757.9 6072.0 6425.4 6784.1 7125.3 6821.0 6905.0 7003.9 7081.9 7160.8 7254.0 1

 2 - Personal taxes and nontaxes 739.1 795.0 890.5 989.0 1098.1 999.0 1025.5 1066.9 1092.9 1108.4 1124.4 2

 3 = Disposable personal income 5018.9 5276.9 5534.8 5795.2 6027.3 5822.0 5879.5 5937.0 5989.0 6052.4 6129.6 3

 4 - Personal outlays 4842.1 5097.3 5376.3 5674.1 5998.2 5723.3 5781.2 5864.0 5963.4 6039.9 6124.8 4

 5 = Personal saving, NIPA (2) 176.8 179.6 158.6 121.1 29.1 98.7 98.3 73.0 25.6 12.5 4.8 5

 6 + Government insurance and pension reserves 97.5 78.0 113.1 121.6 95.3 149.5 104.8 68.5 98.3 98.5 115.8 6

 7 + Net investment in consumer durables 123.3 136.3 155.4 169.2 196.0 173.9 168.2 186.6 196.5 189.1 211.7 7

 8 + Consumption of fixed capital 565.6 588.2 605.0 627.6 656.5 632.0 640.3 645.9 652.3 660.0 667.8 8

 9 = Gross saving 963.2 982.1 1032.0 1039.5 976.8 1054.0 1011.6 974.0 972.7 960.1 1000.0 9

10 Gross investment 1082.8 1016.0 985.2 1007.5 1026.7 999.0 1096.4 908.8 1217.1 964.1 1023.0 10

11 Capital expenditures 860.5 890.1 951.3 994.3 1084.0 1004.7 1006.7 1046.2 1074.3 1081.6 1134.3 11

12 Residential construction 249.1 245.3 270.5 277.6 313.6 279.0 279.8 295.3 307.8 316.5 335.3 12

13 Consumer durable goods 579.6 611.0 643.3 673.1 723.0 681.2 682.2 705.1 720.1 718.9 747.7 13

14 Nonprofit plant and equipment 31.9 33.8 37.4 43.6 47.4 44.5 44.7 45.7 46.4 46.1 51.4 14

15 Net financial investment 222.3 125.9 33.9 13.2 -57.3 -5.7 89.6 -137.3 142.8 -117.4 -111.3 15

16 Net acquisition of financial assets 538.5 484.8 416.3 391.8 454.1 441.2 427.4 332.4 657.0 333.7 493.2 16

17 Foreign deposits 3.1 4.6 12.4 6.3 -4.0 12.0 -3.0 18.0 -12.0 -10.0 -12.0 17

18 Checkable deposits and currency -29.8 -58.7 -66.4 -15.1 0.7 -69.0 42.3 1.9 -0.9 -25.9 27.4 18

19 Time and savings deposits -12.2 164.5 167.8 169.0 156.9 209.0 174.8 297.6 -12.0 26.7 315.4 19

20 Money market fund shares 13.4 97.9 58.6 90.5 145.5 169.0 54.3 117.1 86.3 230.7 147.9 20

21 Credit market instruments 274.4 -0.1 -18.4 -124.0 -57.2 -148.7 8.2 -227.5 310.1 -137.1 -174.4 21

22 Open market paper 1.2 1.3 4.0 7.0 4.2 8.0 8.0 4.0 4.0 4.0 4.8 22

23 U.S. government securities 294.6 -40.3 2.5 -184.6 -99.0 -251.4 -202.1 -385.6 169.4 -12.1 -167.9 23

24 Treasury 156.1 -55.5 -76.4 -211.3 -72.1 -213.6 -288.4 -187.7 144.4 -92.4 -152.5 24

25 Savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 25

26 Other 148.1 -60.6 -78.4 -210.8 -72.2 -214.1 -289.4 -185.0 144.9 -93.3 -155.3 26

27 Agency 138.4 15.2 78.9 26.7 -27.0 -37.8 86.3 -197.9 25.1 80.3 -15.4 27

28 Municipal securities -50.2 -42.9 -24.3 24.3 25.9 26.5 72.8 50.8 18.7 26.5 7.4 28

29 Corporate and foreign bonds 39.6 88.5 2.7 32.2 14.1 106.8 120.4 99.6 101.3 -113.7 -30.9 29

30 Mortgages -10.8 -6.8 -3.3 -2.9 -2.3 -38.6 9.1 3.6 16.7 -41.8 12.2 30

31 Corporate equities (3) -159.8 -192.0 -281.5 -513.9 -500.0 -569.6 -586.5 -620.2 -507.5 -421.6 -450.6 31

32 Mutual fund shares 67.4 94.7 176.2 254.9 255.2 283.1 257.2 280.7 355.1 211.1 174.0 32

33 Security credit 6.7 18.6 35.3 52.6 58.8 16.6 90.6 71.7 61.6 130.4 -28.5 33

34 Life insurance reserves 35.5 45.8 44.5 54.3 42.1 63.9 37.4 49.3 38.3 31.7 49.0 34

35 Pension fund reserves 258.9 228.5 243.6 306.9 294.3 337.3 300.3 261.5 284.9 278.0 352.6 35

36 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 36

37 Equity in noncorporate business 50.3 62.2 43.3 25.1 -3.9 38.7 -26.8 20.2 -8.7 -43.1 15.8 37

38 Miscellaneous assets 12.8 14.8 9.7 10.3 10.2 18.1 0.3 11.9 4.2 15.0 9.5 38

39 Net increase in liabilities 316.2 358.9 382.4 378.6 511.4 446.9 337.7 469.8 514.2 451.2 604.5 39

40 Credit market instruments 312.6 345.4 359.8 333.6 486.6 368.4 302.1 437.5 457.2 452.7 592.7 40

41 Home mortgages 170.9 172.5 252.1 236.7 368.9 327.4 201.6 365.4 312.4 353.2 444.6 41

42 Consumer credit 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 42

43 Municipal securities 3.6 0.7 6.6 10.0 12.0 8.4 11.8 17.2 15.0 5.0 10.7 43

44 Bank loans n.e.c. 13.4 15.1 -6.8 7.9 10.4 -49.1 32.3 -27.0 39.0 -14.7 44.3 44

45 Other loans and advances 7.1 26.6 12.4 18.1 14.3 19.7 7.8 11.9 15.5 15.1 14.8 45

46 Commercial mortgages -7.4 -8.4 6.8 8.5 11.5 11.7 10.9 13.1 10.5 10.8 11.8 46

47 Security credit -1.1 3.5 15.8 36.8 21.3 68.2 14.9 36.6 47.4 -4.8 5.9 47

48 Trade payables 4.2 9.3 6.0 7.9 3.9 9.9 20.3 -4.2 8.4 5.3 6.0 48

 Deferred and unpaid

49 life insurance premiums 0.5 0.7 0.8 0.3 -0.3 0.3 0.3 -0.1 1.1 -2.1 0.0 49

50 Discrepancy -119.6 -33.9 46.9 32.0 -49.9 55.0 -84.8 65.1 -244.4 -4.0 -23.0 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 249.1 245.3 270.5 277.6 313.6 279.0 279.8 295.3 307.8 316.5 335.3 51

52 - Consumption of fixed capital 87.3 90.4 93.2 98.7 103.2 99.4 100.7 101.6 102.6 103.8 105.0 52

53 = Net investment 161.8 154.9 177.3 179.0 210.4 179.6 179.1 193.8 205.3 212.7 230.2 53

54 - Home mortgages 170.9 172.5 252.1 236.7 368.9 327.4 201.6 365.4 312.4 353.2 444.6 54

55 = Excess net investment -9.1 -17.6 -74.8 -57.8 -158.5 -147.8 -22.5 -171.6 -107.1 -140.4 -214.3 55

56 (B) Consumer durable goods expenditures 579.6 611.0 643.3 673.1 723.0 681.2 682.2 705.1 720.1 718.9 747.7 56

57 - Consumption of fixed capital 456.3 474.7 487.9 503.8 527.0 507.3 514.0 518.5 523.6 529.8 536.0 57

58 = Net investment 123.3 136.3 155.4 169.2 196.0 173.9 168.2 186.6 196.5 189.1 211.7 58

59 - Consumer credit 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 59

60 = Excess net investment -1.6 -2.6 66.6 116.7 126.5 123.5 130.4 129.7 131.7 105.7 145.1 60

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

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

(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, March 12, 1999 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 924.1 997.8 1075.0 1133.8 1156.2 1162.0 1145.3 1125.1 1142.6 1155.0 1202.3 1

 2 Gross saving 634.4 681.2 708.3 745.9 777.1 763.5 751.2 770.5 767.4 775.9 794.9 2

 3 Gross investment 639.5 688.3 711.2 705.4 758.4 667.8 678.0 705.1 696.4 792.4 839.7 3

 4 Capital expenditures 639.6 697.3 746.2 802.8 844.1 814.0 773.2 859.2 821.0 827.3 868.5 4

 5 Fixed investment 578.4 659.0 710.6 728.3 781.5 756.8 701.2 761.8 782.0 763.3 818.7 5

 6 Residential construction 29.7 37.1 38.5 38.6 43.4 38.7 39.7 41.1 42.7 44.1 45.6 6

 7 Plant and equipment 548.7 621.9 672.1 689.7 738.1 718.1 661.5 720.7 739.2 719.2 773.1 7

 8 Change in inventories 61.2 30.7 32.1 67.4 60.2 54.6 71.8 95.5 39.2 57.0 49.1 8

 9 Access rights from federal government 0 7.6 3.5 7.1 2.4 2.6 0.2 1.9 -0.1 7.0 0.7 9

10 Net financial investment -0.1 -9.0 -35.0 -97.4 -85.7 -146.2 -95.2 -154.2 -124.6 -34.9 -28.8 10

11 Net acquisition of financial assets 324.2 486.8 438.3 335.4 380.4 306.1 287.4 537.5 195.3 369.2 419.7 11

12 Foreign deposits 1.1 1.6 10.8 -6.4 -0.0 -0.7 -42.9 10.9 -21.5 -1.3 11.9 12

13 Checkable deposits and currency 24.1 36.1 54.8 13.9 43.2 17.2 -75.5 60.9 44.1 38.2 29.4 13

14 Time and savings deposits 1.6 -15.8 8.6 12.6 37.2 -5.0 42.8 18.9 17.2 55.7 56.9 14

15 Money market fund shares 7.5 25.7 10.9 24.6 40.2 28.4 24.0 47.3 21.3 43.7 48.4 15

16 Security RPs -0.3 0.3 1.4 0.6 -1.4 2.8 2.1 -4.0 -4.9 2.1 1.2 16

17 Credit market instruments 18.3 -4.1 24.4 17.5 -0.2 34.5 0.3 16.3 -42.4 26.6 -7.5 17

18 Commercial paper -0.6 1.3 10.9 3.2 -4.8 7.4 17.9 -10.8 -19.9 1.1 10.4 18

19 U.S. government securities 3.5 11.4 12.5 -4.3 -8.9 16.3 1.4 -39.6 -4.3 23.3 -15.1 19

20 Municipal securities 2.0 -19.9 -5.1 8.3 8.2 1.1 -14.4 17.0 9.9 -4.0 9.9 20

21 Mortgages 4.0 4.7 13.4 9.2 9.3 9.2 9.2 9.2 9.3 9.3 9.3 21

22 Consumer credit 9.4 -1.6 -7.3 1.2 -4.0 0.5 -13.9 40.5 -37.4 -3.2 -22.1 22

23 Mutual fund shares 2.1 4.6 3.3 -8.2 -8.0 -8.2 -8.2 -8.0 -8.0 -8.0 -8.0 23

24 Trade receivables 85.9 90.3 71.8 39.3 70.1 16.3 26.0 7.7 79.6 97.0 102.0 24

25 Miscellaneous assets 184.0 348.2 252.3 241.5 199.5 220.9 318.9 387.4 110.1 115.2 185.5 25

26 Net increase in liabilities 324.3 495.9 473.3 432.8 466.1 452.3 382.6 691.6 319.9 404.1 448.5 26

27 Credit market instruments 155.0 265.0 222.3 324.1 438.2 355.2 423.1 402.9 460.1 466.6 423.3 27

28 Commercial paper 21.4 18.1 -0.9 13.7 24.4 14.5 12.8 51.1 3.8 85.6 -43.0 28

29 Municipal securities 6.8 3.1 3.1 4.2 5.8 7.4 -1.0 10.4 6.0 5.9 0.8 29

30 Corporate bonds 23.3 73.3 72.5 90.7 132.2 122.9 74.4 157.2 160.8 87.1 123.8 30

31 Bank loans n.e.c. 61.8 86.3 69.9 98.4 102.7 78.0 106.4 24.2 146.3 140.5 99.7 31

32 Other loans and advances 26.8 40.2 23.6 49.4 61.9 58.8 134.6 67.3 19.4 58.5 102.3 32

33 Mortgages 14.8 44.0 54.1 67.7 111.4 73.5 95.8 92.8 123.9 89.0 139.6 33

34 Corporate equities -44.9 -58.3 -64.2 -114.4 -262.8 -124.0 -143.3 -139.2 -129.1 -308.4 -474.4 34

35 Trade payables 85.8 88.1 64.1 74.7 63.2 92.7 115.8 96.0 3.7 63.4 89.5 35

36 Taxes payable 0.4 1.3 11.4 9.0 3.6 23.3 -14.3 6.0 -8.1 29.5 -13.0 36

37 Miscellaneous liabilities 65.0 152.0 208.4 132.3 233.4 91.4 36.7 328.2 9.9 166.3 429.1 37

38 Proprietors’ net investment 63.1 47.7 31.3 7.1 -9.5 13.7 -35.4 -2.3 -16.6 -13.3 -6.0 38

39 Discrepancy -5.0 -7.1 -2.9 40.5 18.7 95.7 73.2 65.5 71.0 -16.5 -44.9 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 12, 1999

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 391.9 440.9 472.4 504.6 497.6 527.2 509.0 483.4 490.9 496.5 519.7 1

 2 - Profit tax accruals 128.3 136.3 151.0 169.2 163.4 177.5 169.6 159.1 161.5 163.2 169.8 2

 3 - Dividends 157.6 178.3 215.9 228.0 246.2 224.8 238.3 236.0 253.0 246.0 249.8 3

 4 + Consumption of fixed capital 418.6 441.5 467.3 494.2 528.4 497.8 506.6 515.2 523.6 532.7 542.3 4

 5 = U.S. internal funds, book 524.5 567.9 572.8 601.6 616.4 622.7 607.7 603.4 600.0 620.0 642.4 5

 6 + Foreign earnings retained abroad 41.6 58.6 59.3 58.7 65.7 56.8 59.4 61.8 79.1 62.0 60.0 6

 7 + Inventory valuation adjustment (IVA) -16.0 -22.6 -1.2 6.9 13.6 4.8 4.3 25.3 7.8 11.7 10.0 7

 8 = Total internal funds + IVA 550.0 603.9 630.9 667.1 695.8 684.3 671.4 690.5 686.9 693.7 712.4 8

 9 Gross investment 555.1 610.9 633.8 626.6 677.1 588.6 598.2 625.1 615.9 710.1 757.3 9

10 Capital expenditures 513.4 568.3 604.5 671.1 708.5 673.0 666.1 731.5 685.9 699.2 717.5 10

11 Fixed investment (1) 465.4 522.6 577.8 604.1 655.4 625.5 602.3 643.7 656.1 645.3 676.4 11

12 Inventory change + IVA 48.0 38.1 23.3 59.9 50.8 44.9 63.6 86.0 29.9 46.8 40.4 12

13 Access rights from federal government 0 7.6 3.5 7.1 2.4 2.6 0.2 1.9 -0.1 7.0 0.7 13

14 Net financial investment 41.7 42.7 29.3 -44.5 -31.4 -84.4 -67.9 -106.4 -70.0 11.0 39.8 14

15 Net acquisition of financial assets 283.3 433.5 398.3 297.7 336.6 265.0 251.5 494.2 151.2 323.3 377.8 15

16 Foreign deposits 1.1 1.6 10.8 -6.4 -0.0 -0.7 -42.9 10.9 -21.5 -1.3 11.9 16

17 Checkable deposits and currency 18.5 31.3 49.8 8.5 36.3 11.8 -81.7 54.8 37.3 31.2 22.1 17

18 Time and savings deposits -6.6 -24.5 1.8 6.3 29.0 -11.2 35.6 11.6 9.1 47.2 48.1 18

19 Money market fund shares 7.4 24.8 9.9 23.9 39.3 27.6 23.2 46.5 20.4 42.8 47.5 19

20 Security RPs -0.3 0.3 1.4 0.6 -1.4 2.8 2.1 -4.0 -4.9 2.1 1.2 20

21 Commercial paper -0.6 1.3 10.9 3.2 -4.8 7.4 17.9 -10.8 -19.9 1.1 10.4 21

22 U.S. government securities 2.8 9.8 10.4 -5.9 -10.9 14.7 -0.3 -41.4 -6.2 21.3 -17.2 22

23 Municipal securities 2.0 -19.9 -5.1 8.3 8.2 1.1 -14.4 17.0 9.9 -4.0 9.9 23

24 Mortgages 4.1 1.6 11.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 24

25 Consumer credit 9.4 -1.6 -7.3 1.2 -4.0 0.5 -13.9 40.5 -37.4 -3.2 -22.1 25

26 Trade receivables 71.9 78.0 62.5 29.5 58.7 6.5 15.6 -3.1 68.4 85.4 90.0 26

27 Mutual fund shares 2.1 4.6 3.3 -8.2 -8.0 -8.2 -8.2 -8.0 -8.0 -8.0 -8.0 27

28 Miscellaneous assets 171.6 326.2 239.0 228.8 186.2 204.7 310.4 372.3 96.1 100.6 176.0 28

29 U.S. direct investment abroad (2) 73.6 88.2 71.5 101.1 113.0 97.7 107.9 123.6 141.2 81.4 105.8 29

30 Insurance receivables 5.7 8.2 2.6 1.9 2.0 8.7 -7.1 6.3 1.8 5.3 -5.4 30

31 Equity in GSEs 0.1 -0.2 -0.2 -1.1 -0.7 -1.8 -0.5 0.3 -0.5 -2.6 -0.0 31

32 Investment in finance co. subs. 3.1 4.6 4.6 2.2 -0.0 3.2 6.1 -0.1 -9.1 -3.5 12.7 32

33 Other 89.2 225.3 160.5 124.8 72.0 96.9 203.9 242.2 -37.4 20.0 63.0 33

34 Net increase in liabilities 241.6 390.8 369.0 342.3 368.0 349.3 319.3 600.6 221.2 312.4 338.0 34

35 Net funds raised in markets 102.5 173.2 106.5 143.5 80.2 159.8 198.4 181.9 228.2 66.2 -155.7 35

36 Net new equity issues -44.9 -58.3 -64.2 -114.4 -262.8 -124.0 -143.3 -139.2 -129.1 -308.4 -474.4 36

37 Credit market instruments 147.4 231.5 170.7 257.9 342.9 283.8 341.7 321.1 357.3 374.6 318.7 37

38 Commercial paper 21.4 18.1 -0.9 13.7 24.4 14.5 12.8 51.1 3.8 85.6 -43.0 38

39 Municipal securities (3) 6.8 3.1 3.1 4.2 5.8 7.4 -1.0 10.4 6.0 5.9 0.8 39

40 Corporate bonds (2) 23.3 73.3 72.5 90.7 132.2 122.9 74.4 157.2 160.8 87.1 123.8 40

41 Bank loans n.e.c. 42.7 66.8 45.8 73.2 83.5 57.1 79.3 12.2 117.4 118.6 85.8 41

42 Other loans and advances 26.7 32.3 21.3 45.6 48.0 50.2 135.3 51.6 13.5 39.5 87.3 42

43 Savings institutions -0.3 1.2 1.5 1.6 2.7 2.6 0.8 1.9 0.8 3.7 4.2 43

44 Finance companies 23.3 24.0 7.1 8.1 33.3 50.6 -26.1 24.0 34.9 24.5 49.7 44

45 U.S. government -0.1 1.9 -1.3 -0.3 -0.1 -0.2 -0.1 0.3 -0.4 -0.4 0.2 45

46 Acceptance liabilities to banks -2.1 -0.8 -0.7 -2.6 -4.3 -4.5 -7.8 -8.4 -7.0 0.5 -2.1 46

47 Rest of the world 1.6 0.0 6.7 14.4 -2.2 11.0 47.6 11.5 -14.3 -4.8 -1.1 47

48 ABS issuers 4.3 5.9 8.1 24.4 18.5 -9.3 120.9 22.3 -0.5 16.0 36.3 48

49 Mortgages 26.4 38.0 28.9 30.5 49.1 31.6 40.9 38.7 55.9 38.0 64.0 49

50 Trade payables 77.3 81.0 55.0 65.6 54.4 83.3 104.9 89.8 -4.7 53.2 79.2 50

51 Taxes payable -0.4 -0.0 9.6 7.7 2.4 22.0 -15.6 4.8 -9.3 28.4 -14.1 51

52 Miscellaneous liabilities 62.3 136.7 197.9 125.4 231.1 84.3 31.6 324.1 7.1 164.6 428.6 52

53 Foreign direct investment in U.S. 43.7 53.5 64.0 98.8 163.9 94.2 155.0 119.3 30.3 32.7 473.3 53

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

55 Other 18.4 79.5 130.1 22.9 63.4 -13.7 -127.1 201.0 -27.0 128.1 -48.5 55

56 Discrepancy -5.0 -7.1 -2.9 40.5 18.7 95.7 73.2 65.5 71.0 -16.5 -44.9 56

 Memo:

57 Trade receivables net of trade payables -5.3 -3.0 7.4 -36.1 4.3 -76.8 -89.3 -92.9 73.1 32.2 10.9 57

58 Financing gap (4) 4.9 23.0 33.0 62.7 78.5 45.5 54.1 102.8 78.2 67.5 65.1 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 100.9 104.1 105.8 110.4 112.7 107.3 108.9 117.0 113.0 110.9 110.1 59

60 Credit market borrowing/capital outlays (5) 27.8 39.2 28.2 38.8 49.4 42.5 51.6 45.5 52.7 54.5 45.1 60

61 Net funds raised/credit market borrowing 69.5 74.8 62.4 55.6 23.4 56.3 58.1 56.7 63.9 17.7 -48.8 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, March 12, 1999 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 495.3 534.5 563.7 593.8 630.2 598.4 604.9 614.3 624.0 633.3 649.0 1

 2 Gross saving = capital consumption 64.1 56.4 55.6 56.2 57.7 56.5 56.7 56.8 57.1 58.5 58.4 2

 3 Gross investment 64.1 56.4 55.6 56.2 57.7 56.5 56.7 56.8 57.1 58.5 58.4 3

 4 Capital expenditures 94.6 115.9 110.2 101.9 101.4 106.5 76.7 95.2 99.5 93.4 117.3 4

 5 Fixed investment (1) 92.1 113.9 109.0 98.8 98.7 104.1 73.4 90.6 97.9 90.9 115.2 5

 6 Change in inventories 2.5 2.0 1.2 3.2 2.7 2.4 3.3 4.5 1.6 2.5 2.1 6

 7 Net financial investment -30.5 -59.6 -54.6 -45.7 -43.7 -50.0 -20.0 -38.4 -42.4 -34.9 -59.0 7

 8 Net acquisition of financial assets 39.1 51.0 40.1 37.1 43.0 38.7 37.8 41.4 43.1 44.2 43.2 8

 9 Checkable deposits and currency 5.1 4.3 5.1 5.2 6.7 5.2 5.9 6.1 6.7 7.0 7.2 9

10 Time and savings deposits 8.2 8.7 6.8 6.3 8.2 6.2 7.2 7.3 8.1 8.5 8.8 10

11 Money market mutual funds 0.1 0.9 1.0 0.7 0.9 0.8 0.8 0.8 0.9 0.9 1.0 11

12 Treasury securities 0.7 1.6 2.1 1.6 2.0 1.6 1.7 1.8 1.9 2.0 2.1 12

13 Mortgages -0.1 3.1 2.3 1.2 1.3 1.2 1.2 1.2 1.3 1.3 1.3 13

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

15 Trade receivables 14.0 12.3 9.4 9.8 11.4 9.8 10.4 10.8 11.2 11.6 12.0 15

16 Miscellaneous assets 11.1 20.1 13.4 12.3 12.6 14.0 10.6 13.3 13.1 13.0 10.8 16

17 Insurance receivables 1.4 2.0 0.6 0.5 0.5 2.1 -1.7 1.5 0.4 1.3 -1.3 17

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

19 Other 9.5 18.1 12.1 11.8 12.0 12.0 12.0 12.0 12.0 12.0 12.0 19

20 Net increase in liabilities 69.6 110.6 94.7 82.7 86.7 88.7 57.8 79.7 85.5 79.1 102.1 20

21 Credit market instruments 3.3 30.6 46.8 59.9 88.7 66.7 72.1 74.5 95.7 85.9 98.8 21

22 Bank loans n.e.c. 17.2 18.5 23.4 21.7 18.0 18.2 21.2 9.7 25.8 20.3 16.0 22

23 Other loans and advances -0.1 7.6 0.7 4.2 13.2 10.1 -1.1 14.1 7.8 19.2 11.8 23

24 Mortgages -13.8 4.5 22.7 34.0 57.5 38.4 52.1 50.7 62.0 46.4 71.0 24

25 Trade payables 7.5 6.2 7.8 7.7 7.6 7.9 7.7 7.6 7.6 7.6 7.6 25

26 Taxes payable 0.8 1.3 1.8 1.3 1.2 1.3 1.3 1.2 1.2 1.2 1.2 26

27 Miscellaneous liabilities 2.7 15.4 10.5 6.9 2.3 7.1 5.1 4.0 2.9 1.7 0.5 27

28 Proprietors’ net investment 55.3 57.1 27.8 6.9 -13.1 5.6 -28.4 -7.6 -21.8 -17.3 -5.9 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 36.9 22.4 38.9 35.5 28.5 36.3 31.4 27.4 27.7 25.2 33.6 1

 2 Net saving (corporate) -0.6 -0.7 -0.8 -0.7 -0.8 -0.8 -0.7 -0.8 -0.7 -0.8 -0.8 2

 3 Consumption of fixed capital 20.8 21.7 22.6 23.3 24.4 23.5 23.8 24.0 24.2 24.5 24.8 3

 4 Corporate 2.4 2.3 2.5 2.8 2.9 2.8 2.8 2.9 2.9 2.9 2.9 4

 5 Noncorporate 18.4 19.4 20.1 20.5 21.5 20.7 20.9 21.1 21.3 21.6 21.8 5

 6 Gross saving 20.3 21.0 21.8 22.6 23.6 22.7 23.1 23.2 23.5 23.7 24.0 6

 7 Gross investment 20.3 21.0 21.8 22.6 23.6 22.7 23.1 23.2 23.5 23.7 24.0 7

 8 Capital expenditures 31.6 13.1 31.4 29.8 34.1 34.5 30.4 32.5 35.6 34.7 33.7 8

 9 Fixed investment (2) 20.8 22.5 23.8 25.4 27.4 27.2 25.5 27.5 27.9 27.0 27.1 9

10 Change in inventories 10.8 -9.4 7.6 4.3 6.8 7.3 4.9 5.0 7.7 7.7 6.6 10

11 Net financial investment -11.3 7.9 -9.6 -7.2 -10.5 -11.8 -7.3 -9.3 -12.2 -11.0 -9.6 11

12 Net acquisition of financial assets 1.8 2.3 -0.1 0.6 0.8 2.4 -1.8 1.9 1.0 1.6 -1.2 12

13 Checkable deposits and currency 0.4 0.5 0 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 13

14 Miscellaneous assets 1.3 1.8 -0.1 0.4 0.7 2.2 -2.0 1.8 0.9 1.5 -1.3 14

15 Insurance receivables 1.3 1.9 0.6 0.4 0.5 2.0 -1.6 1.4 0.4 1.2 -1.2 15

16 Equity investment in GSEs (3) 0.0 -0.1 -0.6 0 0.3 0.2 -0.4 0.3 0.5 0.3 -0.1 16

17 Net increase in liabilities 13.1 -5.5 9.6 7.8 11.4 14.3 5.5 11.2 13.2 12.6 8.4 17

18 Credit market instruments 4.4 2.9 4.8 6.2 6.6 4.7 9.2 7.3 7.2 6.1 5.8 18

19 Bank loans n.e.c. 1.9 1.1 0.6 3.5 1.2 2.7 5.9 2.3 3.1 1.6 -2.1 19

20 Other loans and advances 0.2 0.3 1.6 -0.5 0.7 -1.5 0.5 1.6 -1.8 -0.1 3.2 20

21 Mortgages 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 21

22 Trade payables 1.0 1.0 1.3 1.4 1.2 1.5 3.2 -1.4 0.8 2.6 2.7 22

23 Proprietors’ net investment 7.7 -9.4 3.5 0.2 3.6 8.0 -7.0 5.3 5.2 4.0 -0.1 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment, shown on table F.6, line 11.

(3) Equity in the Farm Credit System.
20 Z.1, March 12, 1999

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Receipts, NIPA basis 949.1 997.8 1045.2 1094.3 1148.2 1100.9 1116.5 1123.3 1133.7 1152.3 1184.1 1

 2 Tax receipts 676.5 709.3 748.6 789.3 835.1 796.3 804.1 813.5 825.1 838.5 863.5 2

 3 Social insurance receipts 73.4 76.5 77.8 79.9 82.1 80.2 80.6 81.1 81.7 82.4 83.2 3

 4 Grants-in-aid received 199.2 212.0 218.9 225.0 231.0 224.4 231.8 228.7 226.9 231.4 237.4 4

 5 Expenditures, NIPA basis 852.4 886.0 922.6 960.2 997.8 964.3 975.1 983.0 992.5 1003.5 1013.1 5

 6 Consumption expenditures 663.9 695.2 724.7 758.8 789.0 762.3 771.5 776.7 784.7 793.8 801.2 6

 7 Net interest and transfers 188.5 190.8 197.9 201.4 208.8 202.0 203.6 206.3 207.8 209.7 211.9 7

 8 Surplus, NIPA basis 96.7 111.8 122.6 134.1 150.4 136.6 141.4 140.3 141.2 148.8 171.0 8

 9 + Consumption of fixed capital 69.4 73.2 77.1 81.1 85.0 81.4 82.7 83.5 84.3 85.4 86.6 9

10 - Pension fund reserves 58.6 56.1 57.4 79.5 52.8 100.4 52.6 44.7 56.1 51.5 58.8 10

11 = Gross saving 107.5 128.8 142.3 135.6 182.6 117.6 171.5 179.1 169.4 182.7 198.8 11

12 Gross investment 125.8 169.9 180.5 153.2 183.6 74.6 169.4 168.5 171.3 212.1 182.4 12

13 Fixed investment 138.9 152.1 162.1 175.6 177.8 176.3 176.4 176.6 175.7 179.0 179.7 13

14 Net financial investment -13.1 17.8 18.4 -22.4 5.8 -101.7 -7.0 -8.1 -4.4 33.1 2.7 14

15 Net acq. of financial assets -57.6 -31.7 13.8 35.4 86.9 -27.8 86.8 86.1 74.7 107.9 79.0 15

16 Checkable deposits and currency 3.2 2.8 -2.7 1.5 -0.7 4.3 -1.9 -4.4 2.6 -7.7 6.9 16

17 Time and savings deposits 6.3 9.5 8.3 6.1 12.7 13.6 1.3 19.3 13.8 9.4 8.4 17

18 Security RPs -15.1 -3.0 32.1 3.6 7.2 2.8 5.0 34.5 -24.0 16.0 2.2 18

19 Credit market instruments -55.0 -91.4 -23.7 -0.2 64.1 -41.0 27.9 -7.3 137.1 118.3 8.2 19

20 Open market paper 4.4 17.1 20.3 11.3 9.0 16.7 7.1 17.1 2.3 12.6 4.0 20

21 U.S. government securities -66.2 -115.3 -58.1 -8.5 44.5 -59.9 23.3 -22.8 120.0 85.9 -5.0 21

22 Treasury -77.8 -80.2 -32.8 -17.7 -2.0 -14.5 2.4 -2.0 40.9 25.9 -73.0 22

23 Agency 11.6 -35.1 -25.3 9.2 46.6 -45.4 20.8 -20.8 79.1 60.0 68.0 23

24 Municipal securities -0.9 -3.5 -0.5 0.2 -0.4 0.5 0.5 0.4 -0.4 -0.4 -1.1 24

25 Corporate and foreign bonds 5.4 7.1 10.7 -6.9 6.8 -2.1 -7.0 -6.1 11.1 16.0 6.0 25

26 Mortgages 2.2 3.3 3.8 3.7 4.1 3.7 4.1 4.1 4.0 4.2 4.2 26

27 Corporate equities 1.3 12.1 14.5 1.3 2.6 0.2 5.6 -4.2 6.7 1.3 6.5 27

28 Mutual fund shares 7.8 5.9 6.0 3.6 3.6 4.2 3.0 3.5 3.7 3.5 3.9 28

29 Taxes receivable -6.0 -8.3 -5.1 -0.8 0.5 0.6 0.3 -0.7 0.2 0.9 1.2 29

30 Miscellaneous assets -0.1 40.6 -15.5 20.3 -3.0 -12.4 45.6 45.4 -65.3 -33.7 41.7 30

31 Net increase in liabilities -44.5 -49.5 -4.6 57.8 81.1 74.0 93.8 94.2 79.1 74.8 76.3 31

32 Credit market instruments -46.2 -51.5 -6.8 56.1 80.3 72.6 92.3 94.3 78.9 72.6 75.4 32

33 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 73.0 92.4 89.1 79.1 72.7 75.5 33

34 Short-term -2.2 1.2 6.3 8.3 -6.3 14.3 13.8 -2.9 -4.4 -19.9 2.2 34

35 Other -44.1 -53.2 -13.4 49.0 85.4 58.7 78.6 92.1 83.5 92.6 73.3 35

36 U.S. government loans 0.1 0.5 0.4 -1.2 1.2 -0.4 -0.1 5.1 -0.3 -0.1 -0.1 36

37 Trade payables 1.8 2.0 2.2 1.8 0.8 1.4 1.5 -0.1 0.2 2.2 0.9 37

38 Discrepancy -18.3 -41.1 -38.2 -17.6 -1.0 43.1 2.1 10.6 -1.9 -29.4 16.4 38

(1) Data for retirement funds are shown in table F.120.
Z.1, March 12, 1999 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Receipts, NIPA basis 1374.7 1460.3 1584.7 1719.9 1847.4 1739.5 1765.5 1809.1 1838.3 1858.8 1884.0 1

 2 Personal taxes 562.3 606.1 687.0 769.1 857.8 776.9 798.6 836.5 855.7 863.8 875.5 2

 3 Corporate profits tax accruals 156.7 179.4 193.1 210.0 208.4 216.9 212.8 204.8 206.2 207.5 215.1 3

 4 Indirect taxes 98.6 92.5 94.5 93.8 95.8 95.1 93.8 93.9 95.2 98.3 96.0 4

 5 Social insurance receipts 557.1 582.4 610.2 647.0 685.4 650.6 660.3 673.9 681.2 689.2 697.4 5

 6 Expenditures, NIPA basis 1561.4 1634.7 1695.0 1741.0 1771.0 1740.0 1763.3 1750.3 1763.8 1766.8 1803.6 6

 7 Consumption expenditures 443.2 442.9 450.9 460.4 461.1 460.0 460.1 450.9 464.0 458.7 470.7 7

 8 Transfers, grants, etc. 918.1 967.1 1015.8 1049.4 1083.9 1048.1 1071.4 1070.6 1071.5 1082.4 1111.3 8

 9 Net interest 200.0 224.8 228.4 231.2 226.0 231.9 231.8 228.8 228.3 225.7 221.6 9

10 Surplus, NIPA basis -186.7 -174.4 -110.3 -21.1 76.4 -0.5 2.2 58.8 74.5 92.0 80.4 10

11 + Consumption of fixed capital 69.5 70.7 70.7 70.6 69.8 70.3 70.2 69.9 69.5 69.6 70.0 11

12 - Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 49.1 52.1 23.8 42.3 47.0 57.0 12

13 = Gross saving -156.1 -125.6 -95.3 7.4 103.7 20.7 20.3 104.9 101.7 114.6 93.4 13

14 Gross investment -192.4 -114.2 -137.9 -15.4 76.4 -5.6 -38.8 107.7 185.2 70.6 -58.0 14

15 Fixed investment 67.0 66.3 67.6 59.8 59.6 60.9 60.0 60.7 56.8 60.8 60.1 15

16 Access rights sales 0 -7.6 -3.5 -7.1 -2.4 -2.6 -0.2 -1.9 0.1 -7.0 -0.7 16

17 Net financial investment -259.4 -172.9 -202.1 -68.1 19.1 -63.9 -98.6 48.9 128.2 16.7 -117.4 17

18 Net acq. of financial assets -60.5 -4.1 -2.8 -4.3 3.1 -20.2 22.8 15.8 113.4 -80.1 -36.6 18

19 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.7 2.7 17.8 1.4 5.8 10.4 9.0 19

20 Checkable deposits and currency -21.7 -0.0 11.0 -0.5 -16.7 -16.3 12.5 -7.0 101.2 -118.8 -42.1 20

21 Time and savings deposits -0.1 0.3 1.4 1.0 1.3 -2.1 2.6 -1.6 1.0 1.3 4.7 21

22 Credit market instruments -27.5 -0.2 -7.7 4.9 13.2 3.3 9.0 15.5 12.8 13.9 10.7 22

23 Agency securities 0 0 0 0 0 0 0 0 0 0 0 23

24 Mortgages -14.0 -13.2 -7.5 -4.5 -1.1 -4.6 -2.2 -1.1 -1.2 -1.3 -0.8 24

25 Other loans and advances -13.4 13.0 -0.2 9.5 14.3 7.9 11.2 16.6 14.0 15.2 11.6 25

26 Trade receivables -3.8 -1.6 0.9 -3.4 2.5 -13.0 -6.3 5.1 1.1 9.8 -6.2 26

27 Taxes receivable -8.0 -6.5 0.9 -1.8 -0.7 14.3 -13.0 3.6 -7.8 7.3 -6.1 27

28 Miscellaneous assets 3.3 -2.5 -6.4 -6.9 -3.1 -9.1 0.3 -1.3 -0.6 -3.9 -6.6 28

29 Net increase in liabilities 198.9 168.8 199.3 63.7 -16.0 43.6 121.3 -33.1 -14.8 -96.9 80.8 29

30 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 0 0 30

31 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 1.3 -1.9 0.3 0.2 1.7 -2.3 31

32 Credit market instruments 155.9 144.4 145.0 23.1 -52.6 30.3 40.8 -30.0 -70.9 -136.5 26.9 32

33 Savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 33

34 Other Treasury securities 147.7 137.9 144.6 23.7 -54.7 30.7 38.0 -24.9 -68.9 -136.9 11.8 34

35 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -0.9 1.7 -2.4 -1.4 -0.4 12.2 35

36 Multifamily residential mortgages 0 0 -0.0 -0.0 0 0 0 0 0 0 0 36

37 Trade payables -0.4 -4.7 2.2 -1.0 -0.8 -4.2 0.9 -3.5 -0.9 2.7 -1.5 37

38 Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 49.1 52.1 23.8 42.3 47.0 57.0 38

39 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -32.8 29.4 -23.7 14.4 -11.8 0.7 39

40 Discrepancy 36.3 -11.4 42.6 22.9 27.3 26.3 59.0 -2.7 -83.4 44.0 151.4 40

 Memo:

41 Change in cash balance (1) -26.7 -5.7 12.9 -2.2 -12.8 -8.3 7.1 -1.1 60.4 -93.5 -17.0 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, March 12, 1999

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1017.6 1145.2 1228.5 1371.8 1439.6 1397.0 1422.7 1419.2 1435.0 1432.9 1471.8 1

 2 U.S. imports from abroad 812.0 903.4 965.0 1058.8 1110.5 1076.4 1087.4 1097.1 1108.9 1101.7 1134.3 2

 3 U.S. factor payments to foreign 168.3 207.6 223.1 273.5 288.8 283.0 285.9 285.1 289.3 292.1 288.4 3

 4 Net transfers to foreign 37.3 34.2 40.4 39.5 40.4 37.6 49.4 37.0 36.8 39.1 49.1 4

 5 Foreign outlays to U.S. 897.7 1044.6 1109.3 1230.9 1225.3 1256.0 1254.9 1243.6 1220.2 1201.2 1236.5 5

 6 U.S. exports to foreign 721.2 819.5 873.8 965.4 959.3 981.7 988.6 973.3 949.6 936.2 978.0 6

 7 U.S. factor receipts from foreign 176.5 225.1 235.5 265.5 266.0 274.3 266.3 270.3 270.6 265.0 258.5 7

 8 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 8

 9 Gross saving (1) 119.9 100.6 119.2 140.9 214.3 141.0 167.8 175.6 214.8 231.7 235.3 9

10 Net financial investment 133.4 138.0 194.6 254.9 237.1 232.5 388.2 198.4 219.2 153.4 377.4 10

11 Net acquisition of financial assets 298.2 446.1 534.1 623.9 511.4 729.2 598.8 549.0 665.1 156.5 675.2 11

12 Gold and SDRs (2) -0.4 -0.8 0.4 -0.4 -0.1 -0.6 -0.6 -0.7 0.3 0.8 -0.9 12

13 Net interbank assets 92.8 11.1 -52.0 -4.3 -32.2 27.3 85.5 -113.9 33.3 -20.5 -27.7 13

14 U.S. checkable deposits and currency 25.3 13.4 19.9 29.9 13.8 21.5 54.7 4.9 24.0 18.3 7.9 14

15 U.S. time deposits 1.5 -6.6 10.9 13.1 12.4 6.9 20.6 18.2 -0.9 36.6 -4.4 15

16 Security RPs -12.0 21.0 3.2 20.0 -18.8 24.0 -30.0 85.5 -28.1 -52.6 -80.2 16

17 Credit market instruments 132.3 273.9 417.3 310.1 249.1 402.9 208.7 238.6 314.2 58.6 385.1 17

18 Open market paper 6.0 18.6 14.4 19.9 35.6 61.7 9.8 -13.1 70.2 93.2 -8.1 18

19 U.S. government securities 86.7 197.2 312.4 189.0 93.5 229.0 83.3 132.0 95.4 -124.0 270.5 19

20 Official 36.8 72.7 120.7 -2.9 -3.6 37.4 -98.0 55.8 -80.3 -123.6 133.6 20

21 Treasury 30.8 69.0 115.7 -7.3 -9.9 26.7 -98.3 45.3 -81.3 -131.2 127.4 21

22 Agency 6.1 3.7 5.0 4.3 6.3 10.7 0.3 10.4 1.0 7.6 6.2 22

23 Private 49.9 124.5 191.7 191.9 97.1 191.6 181.3 76.2 175.6 -0.4 136.9 23

24 Treasury 34.3 99.5 155.0 146.7 48.1 141.7 141.2 -6.8 107.7 -5.8 97.1 24

25 Agency 15.6 25.0 36.7 45.2 49.0 49.9 40.0 83.0 68.0 5.4 39.8 25

26 U.S. corporate bonds (3) 38.0 58.1 83.7 86.8 122.3 101.2 68.0 108.2 163.0 94.2 123.7 26

27 Loans to U.S. corporate business 1.6 0.0 6.7 14.4 -2.2 11.0 47.6 11.5 -14.3 -4.8 -1.1 27

28 U.S. corporate equities 0.9 16.6 11.0 64.2 42.5 92.8 43.1 113.0 56.5 -29.4 30.1 28

29 Trade receivables 1.3 -0.3 5.9 2.8 -2.3 0.8 8.5 -5.9 2.3 -2.4 -3.0 29

30 Security credit 0 0 0 0 0 0 0 0 0 0 0 30

31 Miscellaneous assets 56.5 117.9 117.4 188.7 247.1 153.6 208.3 209.3 263.5 147.2 368.4 31

32 Foreign direct investment in U.S. (4) 44.6 57.7 77.6 93.4 196.2 75.9 113.8 104.2 77.0 121.4 482.4 32

33 Other 11.9 60.2 39.8 95.2 50.9 77.8 94.5 105.2 186.5 25.8 -114.0 33

34 Net increase in liabilities 164.8 308.1 339.5 369.0 274.3 496.7 210.6 350.6 445.9 3.1 297.8 34

 U.S. official foreign exchange

35 and net IMF position -5.8 8.8 -6.3 0.7 7.3 2.4 17.5 1.0 8.1 11.4 8.6 35

36 U.S. private deposits 52.9 35.3 85.9 107.4 41.9 116.1 103.0 -45.3 89.0 87.3 36.8 36

37 Credit market instruments -14.0 71.1 76.9 56.9 21.9 92.5 42.3 67.8 85.9 -28.0 -38.0 37

38 Commercial paper -26.1 13.5 11.3 3.7 7.8 -11.6 0.7 55.3 -25.5 6.2 -4.7 38

39 Bonds 12.2 49.7 55.8 46.7 13.4 100.3 32.4 14.3 107.5 -35.3 -32.9 39

40 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.8 7.3 15.7 5.2 8.4 3.6 9.9 40

41 Official -0.2 0.4 0.3 -0.8 0.8 0.8 -0.7 0.9 -0.5 -0.5 3.1 41

42 Banks 0.0 2.1 3.4 -0.5 -0.7 -1.2 2.5 -2.8 6.9 -4.0 -2.9 42

43 Other 1.6 5.9 5.4 9.8 6.7 7.7 13.9 7.2 2.0 8.1 9.6 43

44 U.S. government loans -1.2 -0.8 -1.0 -1.8 -1.0 -3.5 -1.3 -1.5 -0.0 -1.8 -0.8 44

45 Acceptance liabilities to banks -0.3 0.3 1.8 -0.2 -5.0 -0.0 -5.2 -5.5 -4.4 -0.6 -9.5 45

46 Foreign corporate equities (5) 48.1 50.4 60.0 41.3 75.9 64.3 -0.3 13.6 4.0 -32.9 319.1 46

47 Trade payables 3.6 5.8 -1.7 10.2 -2.9 7.2 28.1 1.8 -11.9 4.1 -5.7 47

48 Security debt 0 0 0 0 0 0 0 0 0 0 0 48

49 Miscellaneous liabilities 80.0 136.7 124.6 152.5 130.2 214.1 20.1 311.6 270.8 -38.8 -23.0 49

50 U.S. equity in IBRD, etc. 1.4 1.5 1.8 1.6 1.6 1.7 1.3 1.5 1.8 1.7 1.4 50

51 U.S. government deposits 0.2 -0.1 -0.1 0.0 0.3 0.1 -0.1 1.5 -0.0 -0.6 0.2 51

52 U.S. direct investment abroad (3,4) 75.2 96.7 81.1 121.8 131.9 110.0 141.9 138.8 163.9 93.1 131.9 52

53 Other 3.2 38.7 41.8 29.1 -3.6 102.4 -123.0 169.8 105.2 -133.0 -156.4 53

54 Discrepancy (FOF basis) (6) -13.4 -37.4 -75.4 -114.0 -22.8 -91.5 -220.4 -22.8 -4.4 78.3 -142.1 54

 Memo:

55 Net U.S. exports, NIPA basis -90.8 -83.9 -91.2 -93.4 -151.2 -94.7 -98.8 -123.8 -159.3 -165.5 -156.3 55

56 + Net U.S. factor income (7) 8.2 17.5 12.4 -8.0 -22.7 -8.7 -19.6 -14.8 -18.7 -27.1 -29.9 56

57 - Net transfer payments to foreign 37.3 34.2 40.4 39.5 40.4 37.6 49.4 37.0 36.8 39.1 49.1 57

58 + Net capital grants received 0 0 0 0 0 0 0 0 0 0 0 58

 = Net foreign investment in U.S.

59 (NIPA basis) -119.9 -100.6 -119.2 -140.9 -214.3 -141.0 -167.8 -175.6 -214.8 -231.7 -235.3 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.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 12, 1999 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -2.6 -1.2 1.7 2.8 2.9 2.8 2.9 2.8 2.8 2.8 3.0 1

 2 Fixed nonresidential investment 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 28.2 19.8 23.3 38.8 32.8 23.8 69.0 -7.0 49.2 44.2 44.9 3

 4 Gold and foreign exchange -2.6 3.2 -3.8 -1.5 0.8 0.3 0.3 0.4 2.0 0.3 0.4 4

 5 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 0 0 5

 6 Treasury currency 0.9 1.0 1.0 0.6 0.6 0.5 0.6 0.5 0.5 0.6 0.8 6

 7 Federal Reserve float -1.6 0.8 4.2 -3.6 1.1 -2.9 3.9 3.1 -0.3 -10.6 12.0 7

 8 Fed. Res. loans to domestic banks 0.1 -0.1 -0.1 2.0 -2.0 -6.3 6.9 -8.0 3.7 0.4 -4.2 8

 9 Security RPs -2.6 3.3 7.7 2.3 6.5 13.1 3.3 -29.5 30.2 -1.9 27.2 9

10 Credit market instruments 31.5 12.7 12.3 38.3 21.1 22.9 52.9 27.4 7.7 48.3 0.8 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 31.5 12.7 12.3 38.3 21.1 22.9 52.9 27.4 7.7 48.3 0.8 12

13 Treasury 32.5 13.7 12.7 39.8 21.4 25.2 53.9 27.6 8.1 48.8 1.0 13

14 Agency -1.0 -1.0 -0.4 -1.5 -0.3 -2.3 -1.0 -0.2 -0.4 -0.5 -0.3 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets 2.6 -3.2 2.4 1.2 4.9 -3.7 1.1 -0.9 5.4 7.1 7.8 16

17 Net increase in liabilities 28.0 19.5 22.8 38.1 32.1 20.1 73.6 -8.6 46.1 41.5 49.5 17

18 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 3.9 16.2 -19.7 0.0 20.4 -18.9 18

19 Vault cash of commercial banks 5.5 2.4 4.6 -0.2 -2.9 3.1 0.3 0.7 -1.5 5.2 -16.1 19

20 Checkable deposits and currency 25.3 17.0 23.5 30.1 38.5 23.2 46.3 27.8 26.3 29.2 70.5 20

21 Due to federal government -7.7 -1.2 1.7 -2.3 0.5 -8.7 -2.4 13.1 1.0 -25.1 13.0 21

22 Due to rest of the world -0.1 0.2 -0.1 0.5 0.0 0.3 1.3 -0.9 0.4 0.9 -0.4 22

23 Currency outside banks 33.1 18.0 21.8 31.9 37.9 31.6 47.3 15.6 24.9 53.4 57.9 23

24 Miscellaneous liabilities 1.3 1.3 -0.2 1.8 1.1 -10.1 10.8 -17.5 21.2 -13.3 14.1 24

25 Federal Reserve Bank stock 0.3 0.3 0.6 0.8 0.5 0.7 0.8 0.2 1.3 0.5 0.2 25

26 Other 1.1 1.0 -0.9 1.0 0.6 -10.8 10.0 -17.6 19.9 -13.8 13.9 26

27 Discrepancy -3.1 -1.7 1.0 1.8 1.9 -1.1 7.2 0.9 -0.6 -0.1 7.3 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, March 12, 1999

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 32.5 38.6 37.5 48.4 53.8 45.8 51.0 52.6 51.7 54.1 57.0 1

 2 Fixed nonresidential investment 13.2 13.3 12.3 12.8 14.5 13.1 13.1 13.8 14.1 13.9 16.0 2

 3 Net acquisition of financial assets 231.3 335.7 216.6 457.3 450.9 321.8 608.1 341.6 317.1 632.4 512.4 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 3.1 0.3 0.7 -1.5 5.2 -16.1 4

 5 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 4.0 16.3 -19.9 0.2 20.6 -19.4 5

 6 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.7 -0.1 -0.2 -0.1 0.8 -0.5 2.8 6

 7 Total bank credit 156.8 273.4 189.9 350.0 339.4 235.4 493.0 366.0 168.3 302.5 520.6 7

 8 U.S. government securities -26.2 27.0 11.3 83.8 35.4 40.5 191.7 78.0 -59.1 -44.2 167.0 8

 9 Treasury -31.8 -11.7 -16.9 8.3 -56.0 -19.1 58.7 -10.2 -39.8 -177.7 3.7 9

10 Agency 5.5 38.7 28.2 75.5 91.4 59.6 133.0 88.2 -19.3 133.4 163.3 10

11 Municipal securities -1.6 -4.2 0.9 2.4 8.2 6.6 0.1 -1.6 10.9 12.2 11.2 11

12 Corporate and foreign bonds 4.3 8.4 1.4 27.8 38.0 39.1 42.7 41.4 13.0 30.8 66.8 12

13 Total loans 183.7 239.8 174.2 234.7 254.7 150.7 254.7 245.9 202.0 298.0 272.7 13

14 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 0.1 -1.7 -0.7 0.2 -0.7 0.6 14

15 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.6 62.2 180.5 81.0 172.7 191.4 137.5 15

16 Mortgages 64.9 77.5 55.2 99.9 92.3 108.8 79.7 131.5 21.3 40.9 175.6 16

17 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -26.6 -15.0 -22.8 -11.4 12.3 7.4 17

18 Security credit -5.7 4.6 1.3 21.7 20.5 6.2 11.3 57.0 19.3 54.0 -48.4 18

19 Corporate equities -1.4 2.1 1.8 0.6 1.4 0.0 3.0 1.8 2.3 2.1 -0.5 19

20 Mutual fund shares -1.9 0.3 0.3 0.8 1.7 -1.5 0.8 0.4 -0.7 3.7 3.3 20

21 Customers’ liab. on acceptances (2) -2.4 -0.6 1.0 -2.8 -9.3 -4.5 -13.0 -13.9 -11.5 -0.1 -11.6 21

22 Miscellaneous assets 74.5 61.4 25.9 103.5 127.6 83.9 111.7 8.9 160.8 304.7 35.9 22

23 Net increase in liabilities 255.2 300.5 203.7 490.5 477.9 346.2 693.7 390.2 363.7 682.1 475.8 23

24 Net interbank liabilities 88.5 8.7 -51.2 -25.8 -29.9 -32.0 63.3 -88.1 48.1 -11.3 -68.3 24

25 To monetary authority -1.5 0.7 4.1 -1.6 -1.0 -9.2 10.8 -4.9 3.4 -10.2 7.9 25

26 To domestic banks (3) -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 26

27 To foreign banks 92.8 11.1 -52.0 -4.3 -32.2 27.3 85.5 -113.9 33.3 -20.5 -27.7 27

28 Checkable deposits -31.7 -45.9 -34.6 -19.8 -32.3 -91.2 -2.4 -12.7 56.6 -118.1 -55.0 28

29 Federal government -18.9 -4.7 9.7 -0.9 -14.6 2.4 7.0 -12.6 58.4 -69.6 -34.7 29

30 Rest of the world 1.9 0.8 2.6 4.6 -2.8 -5.1 13.8 2.8 14.2 -11.7 -16.7 30

31 Private domestic -14.7 -42.0 -46.9 -23.5 -14.9 -88.4 -23.1 -2.9 -16.1 -36.8 -3.7 31

32 Small time and savings deposits -1.0 113.9 123.1 148.3 184.7 131.3 191.3 183.0 84.8 151.1 320.2 32

33 Large time deposits 21.3 54.8 105.3 107.9 71.8 176.3 45.4 173.3 -32.1 61.2 84.7 33

34 Federal funds and security RPs (net) 78.1 30.4 41.0 89.0 87.0 88.4 131.1 110.3 36.2 174.1 27.6 34

35 Credit market instruments 20.1 22.5 13.0 46.1 73.0 32.5 61.0 83.5 80.0 61.7 66.5 35

36 Open market paper 3.1 -2.2 2.9 3.3 -1.5 -3.5 -0.1 2.2 12.9 7.1 -28.4 36

37 Corporate bonds 7.7 18.5 7.8 23.7 27.6 16.4 33.9 49.3 16.9 20.8 23.3 37

38 Other loans and advances 9.3 6.2 2.3 19.1 46.9 19.6 27.2 32.0 50.2 33.8 71.7 38

39 Corporate equity issues -3.3 -8.7 -14.3 -27.7 -10.0 -20.6 -6.8 -10.6 -11.9 -9.1 -8.4 39

40 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.4 1.5 1.6 1.6 1.7 1.7 40

41 Miscellaneous liabilities 82.4 124.0 20.1 171.2 132.0 59.9 209.3 -50.0 100.4 370.7 106.8 41

42 Discrepancy 43.2 -9.9 12.3 68.9 66.5 57.1 123.5 87.4 84.1 89.9 4.4 42

 Memo:

43 Credit market funds advanced (4) 163.4 265.9 187.5 324.3 306.5 226.2 464.9 292.9 136.1 242.6 554.6 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, March 12, 1999 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.7 9.6 -0.7 7.7 15.9 13.3 -5.0 6.7 21.4 20.6 14.9 1

 2 Fixed nonresidential investment 10.5 10.6 9.2 9.3 10.6 9.5 9.5 10.1 10.4 10.2 11.7 2

 3 Net acquisition of financial assets 153.9 200.5 122.8 290.8 341.9 243.2 338.8 282.5 161.7 400.6 522.9 3

 4 Vault cash and reserves at Federal Reserve 2.0 1.5 -0.3 4.8 -5.6 8.8 7.3 -11.1 -4.6 29.5 -36.4 4

 5 Total bank credit 140.5 194.8 115.2 280.7 331.4 229.9 390.2 299.7 139.5 292.6 594.0 5

 6 U.S. government securities -25.2 -17.1 -19.4 54.3 39.5 10.8 157.3 29.5 -74.6 43.1 160.0 6

 7 Treasury -27.0 -40.4 -34.7 -6.1 -42.1 -39.2 39.7 -23.1 -52.8 -103.0 10.6 7

 8 Agency 1.8 23.4 15.3 60.4 81.6 50.0 117.5 52.6 -21.8 146.1 149.4 8

 9 Mortgage pool securities 9.1 12.9 21.4 31.1 53.7 30.0 47.3 39.4 -62.6 106.5 131.6 9

10 Agency-issued CMOs -14.4 -18.4 -11.5 17.5 8.9 14.8 40.5 4.6 7.4 45.5 -22.0 10

11 Other agency securities 7.1 28.8 5.4 11.8 19.0 5.2 29.7 8.6 33.3 -5.9 39.8 11

12 Municipal securities -2.0 -4.3 1.0 2.4 8.2 6.8 -0.2 -1.9 11.4 12.2 11.2 12

13 Corporate and foreign bonds -0.6 3.3 -4.5 19.6 32.3 34.5 28.7 24.3 28.4 14.9 61.6 13

14 Private mortgage pool securities -1.1 0.9 -0.4 -1.2 0.9 -0.5 -1.1 0.6 11.5 -1.2 -7.2 14

15 Privately issued CMOs 1.7 3.5 -3.1 0.7 20.3 4.5 3.0 24.9 14.8 10.7 30.8 15

16 Other bonds -1.2 -1.1 -1.0 20.2 11.0 30.5 26.8 -1.3 2.1 5.3 38.0 16

17 Total loans 171.5 210.5 136.0 203.0 248.3 179.4 200.7 245.7 172.7 216.7 358.2 17

18 Open market paper -1.3 0.3 0.3 -0.6 -0.1 0.3 -1.6 -0.4 -0.2 -0.2 0.5 18

19 Bank loans n.e.c. 46.2 77.0 58.2 108.1 144.3 85.4 136.9 100.7 158.4 162.8 155.2 19

20 Mortgages 68.1 81.7 57.5 105.5 95.9 110.6 84.4 139.4 23.4 40.0 180.5 20

21 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -26.6 -15.0 -22.8 -11.4 12.3 7.4 21

22 Security credit -4.6 8.3 -4.8 4.2 11.9 9.6 -4.0 28.7 2.4 1.7 14.7 22

23 Corporate equities -1.4 2.1 1.8 0.6 1.4 0.0 3.0 1.8 2.3 2.1 -0.5 23

24 Mutual fund shares -1.9 0.3 0.3 0.8 1.7 -1.5 0.8 0.4 -0.7 3.7 3.3 24

25 Customers’ liab. on acceptances (1) -0.2 2.4 1.6 -0.2 -4.6 -1.0 -4.3 -8.3 -5.0 1.6 -6.7 25

26 Miscellaneous assets 11.7 1.8 6.2 5.5 20.7 5.5 -54.5 2.2 31.7 76.9 -28.0 26

27 Net increase in liabilities 199.4 189.7 142.6 359.0 400.6 304.5 474.5 370.6 233.0 477.1 521.7 27

28 Net interbank liabilities 79.0 -6.8 -55.7 4.2 22.1 -24.4 18.5 65.6 -4.3 73.3 -46.2 28

29 Federal Reserve float -1.6 0.8 4.2 -3.6 1.1 -2.9 3.9 3.1 -0.3 -10.6 12.0 29

30 Borrowing from Federal Reserve banks 0.1 -0.1 -0.1 2.0 -2.0 -6.3 6.9 -8.0 3.7 0.4 -4.2 30

31 To domestic banking 5.6 -7.3 -23.5 -6.7 -2.6 -31.7 -7.9 17.9 -19.7 16.0 -24.5 31

32 To foreign banks 74.8 -0.2 -36.3 12.6 25.6 16.5 15.6 52.6 12.0 67.6 -29.6 32

33 Checkable deposits -32.2 -46.0 -34.4 -21.1 -33.8 -87.6 -7.1 -11.1 53.5 -116.3 -61.3 33

34 Federal government -18.9 -4.7 9.7 -0.9 -14.6 2.4 7.0 -12.6 58.4 -69.6 -34.7 34

35 Rest of the world 1.5 0.9 3.3 4.2 -2.5 -3.7 13.1 2.6 14.3 -11.4 -15.5 35

36 Private domestic -14.9 -42.1 -47.4 -24.3 -16.7 -86.3 -27.1 -1.1 -19.3 -35.3 -11.1 36

37 Small time and savings deposits -0.6 113.4 122.8 143.9 185.8 144.8 190.5 185.0 74.5 169.2 314.4 37

38 Large time deposits 17.9 42.6 49.5 63.2 34.8 118.2 34.9 79.6 -18.7 2.0 76.3 38

39 Federal funds and security RPs (net) 71.6 28.2 28.7 63.4 66.7 73.3 75.5 53.9 -4.5 99.1 118.5 39

40 Acceptance liabilities -0.3 2.3 1.7 -0.3 -4.6 -1.2 -4.3 -8.5 -4.9 1.5 -6.3 40

41 Corporate bonds 3.4 2.7 7.7 10.7 10.5 3.2 27.6 15.8 4.4 6.2 15.7 41

42 Other loans and advances 9.3 6.2 2.3 19.1 46.9 19.6 27.2 32.0 50.2 33.8 71.7 42

43 Corporate equity issues 1.8 2.6 3.2 3.2 3.8 1.8 6.7 1.2 4.7 2.6 6.8 43

44 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.4 1.5 1.6 1.6 1.7 1.7 44

45 Miscellaneous liabilities 48.8 43.6 15.6 71.2 66.6 55.4 103.6 -44.5 76.4 204.1 30.5 45

46 Investment by bank holding companies 17.5 40.1 28.6 40.7 55.4 42.9 14.5 66.6 62.3 53.5 39.3 46

47 Other 31.3 3.5 -13.0 30.5 11.2 12.6 89.1 -111.0 14.0 150.6 -8.8 47

48 Discrepancy 41.7 -11.8 9.9 66.6 64.0 65.2 121.2 84.6 82.4 86.9 2.0 48

 Memo:

49 Credit market funds advanced (2) 148.1 186.5 119.6 274.9 311.8 220.7 386.2 260.5 130.5 286.7 569.7 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, March 12, 1999

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.3 2.6 2.8 3.2 3.4 3.2 3.3 3.3 3.3 3.4 3.4 1

 2 Fixed nonresidential investment 2.2 2.3 2.6 3.0 3.4 3.1 3.1 3.2 3.3 3.2 3.7 2

 3 Net acquisition of financial assets 47.5 76.6 48.5 96.5 -9.5 10.6 196.4 -82.1 22.4 156.5 -134.7 3

 4 Reserves at Federal Reserve -0.0 -0.1 0.3 1.8 -1.9 -1.7 9.3 -8.1 3.3 -3.7 0.9 4

 5 Total bank credit 12.1 74.7 70.0 60.2 1.4 4.6 82.2 45.5 41.4 1.0 -82.4 5

 6 U.S. government securities -1.9 43.9 30.9 26.8 -5.5 30.4 25.8 38.9 27.7 -86.6 -1.9 6

 7 Treasury -3.5 29.6 18.4 14.4 -10.3 19.0 18.3 18.4 16.3 -69.5 -6.2 7

 8 Agency 1.5 14.3 12.4 12.5 4.8 11.4 7.5 20.5 11.4 -17.1 4.4 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 5.1 4.6 3.2 3.1 5.8 3.9 6.9 8.3 -12.8 8.9 18.7 10

11 Total loans 9.0 26.2 36.0 30.3 1.1 -29.7 49.6 -1.7 26.6 78.7 -99.2 11

12 Open market paper -0.2 -0.4 0.5 -0.2 -0.1 -0.2 -0.2 -0.4 0.3 -0.5 0.1 12

13 Bank loans n.e.c. 15.1 35.4 32.2 19.2 -1.9 -23.4 40.5 -20.2 13.3 27.6 -28.1 13

14 Mortgages -4.8 -5.1 -2.9 -6.1 -5.5 -2.7 -6.1 -9.4 -3.9 -0.7 -8.2 14

15 Security credit -1.2 -3.7 6.2 17.5 8.6 -3.4 15.3 28.3 16.8 52.3 -63.1 15

16 Corporate equities -0.0 0.0 -0.0 -0.0 0 -0.0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -2.1 -2.9 -0.6 -2.5 -4.7 -3.5 -8.6 -5.6 -6.5 -1.8 -4.8 17

18 Miscellaneous assets 37.6 5.0 -21.2 37.0 -4.3 11.2 113.5 -113.9 -15.8 161.0 -48.5 18

19 Net increase in liabilities 49.2 78.4 50.6 98.9 -6.7 2.7 198.9 -79.5 25.1 159.3 -131.7 19

20 Net interbank liabilities 11.2 18.7 -2.5 -30.4 -60.1 -13.0 40.7 -156.3 39.9 -105.9 -18.1 20

21 To foreign banks 25.8 15.1 -11.5 -17.6 -56.3 14.8 69.5 -170.7 18.2 -98.0 25.3 21

22 To domestic banks -14.6 3.6 9.0 -12.7 -3.8 -27.8 -28.8 14.4 21.7 -7.8 -43.4 22

23 Checkable deposits 0.4 -0.1 -0.7 0.8 -0.2 -2.4 2.2 -2.1 2.2 -2.1 1.2 23

24 Small time and savings deposits -1.1 -0.7 0.1 4.4 -2.5 -14.7 -0.1 -3.1 9.3 -19.4 3.0 24

25 Large time deposits 2.6 11.0 55.6 44.7 35.5 57.0 9.7 92.7 -14.5 58.0 5.7 25

26 Federal funds and security RPs (net) 6.7 1.8 12.0 25.6 19.8 15.0 55.9 52.0 25.6 74.2 -72.7 26

27 Acceptance liabilities -2.6 -3.1 -0.7 -2.4 -4.8 -4.7 -8.0 -6.2 -6.9 -2.2 -3.9 27

28 Miscellaneous liabilities 32.0 50.9 -13.3 56.2 5.7 -34.5 98.4 -56.4 -30.5 156.6 -46.9 28

29 Foreign direct investment in U.S. 3.4 6.6 0.3 5.7 6.2 3.9 2.3 1.4 -5.9 21.3 8.0 29

30 Due to affiliates -0.5 6.7 13.7 14.3 11.8 34.4 -16.4 34.9 -32.9 40.7 4.4 30

31 Other 29.0 37.6 -27.3 36.2 -12.3 -72.8 112.4 -92.8 8.4 94.6 -59.3 31

32 Discrepancy 1.7 2.2 2.3 2.6 2.8 -7.7 2.7 2.7 2.8 2.9 2.7 32

 Memo:

33 Credit market funds advanced (3) 11.2 75.4 63.3 40.2 -11.8 4.6 58.2 11.6 18.1 -53.1 -24.1 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, March 12, 1999 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 23.4 26.2 35.3 37.4 34.5 29.1 52.6 42.5 26.8 30.0 38.6 1

 2 Fixed nonresidential investment 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 26.2 52.6 44.0 64.5 108.6 62.4 66.7 135.6 125.8 70.6 102.3 3

 4 Credit market instruments 0.9 -0.3 3.9 5.4 -0.9 -5.0 19.4 15.3 -17.6 6.0 -7.4 4

 5 U.S. government securities 1.0 -1.3 0.9 0.5 -1.9 -4.3 9.7 5.5 -13.5 -0.4 0.6 5

 6 Treasury -0.7 -1.2 0.6 -0.1 -3.1 -0.9 5.1 -6.9 -2.3 -2.8 -0.2 6

 7 Agency 1.7 -0.2 0.3 0.6 1.1 -3.5 4.6 12.4 -11.2 2.5 0.9 7

 8 Corporate and foreign bonds -0.1 0.6 2.8 5.0 -0.7 0.4 7.0 9.0 -3.0 6.3 -15.2 8

 9 Bank loans n.e.c. -0.1 0.4 0.2 -0.0 1.7 -1.1 2.7 0.7 -1.1 0.0 7.2 9

10 Miscellaneous assets 25.3 53.0 40.1 59.0 109.5 67.3 47.3 120.3 143.5 64.6 109.6 10

11 Investment in bank subsidiaries 17.5 40.1 28.6 40.7 55.4 42.9 14.5 66.6 62.3 53.5 39.3 11

12 Investment in nonbank subsidiaries 0.2 8.2 0.3 25.0 42.0 23.3 34.9 37.3 70.8 20.1 39.7 12

13 Other 7.7 4.6 11.3 -6.7 12.1 1.2 -2.0 16.5 10.3 -9.0 30.7 13

14 Net increase in liabilities 3.2 26.8 9.2 27.4 74.5 33.6 14.5 93.5 99.4 41.0 64.1 14

15 Net interbank liabilities -1.7 -3.2 7.0 0.3 8.1 5.5 4.0 2.7 12.5 21.2 -4.0 15

16 To domestic banks 6.2 0.6 11.2 -0.4 9.6 9.5 3.7 -1.6 9.4 11.2 19.5 16

17 To foreign banks -7.8 -3.8 -4.1 0.8 -1.5 -4.0 0.3 4.3 3.1 10.0 -23.4 17

18 Federal funds and security RPs (net) -0.2 0.4 0.4 0.0 0.5 0.1 -0.3 4.4 15.1 0.8 -18.2 18

19 Credit market instruments 10.3 14.4 2.0 19.0 24.9 15.6 18.6 50.4 37.2 22.5 -10.6 19

20 Commercial paper 5.9 -1.4 1.9 6.0 7.8 2.4 12.3 16.9 24.7 7.9 -18.1 20

21 Corporate bonds 4.3 15.8 0.1 13.0 17.1 13.2 6.3 33.5 12.5 14.6 7.6 21

22 Corporate equity issues -5.1 -11.3 -17.5 -30.9 -13.8 -22.3 -13.6 -11.9 -16.6 -11.7 -15.2 22

23 Miscellaneous liabilities -0.2 26.6 17.3 39.0 54.8 34.8 5.8 47.9 51.3 8.1 112.0 23

24 Equity, etc. -7.6 12.7 -11.9 -13.1 24.8 3.2 -32.5 5.4 26.2 -2.8 70.3 24

25 Other 7.5 13.9 29.2 52.1 30.0 31.6 38.3 42.5 25.1 10.9 41.7 25

26 Discrepancy 0.0 0.1 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 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.2 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 3.7 5.9 1.3 5.5 9.8 5.6 6.3 5.6 7.1 4.6 22.0 3

 4 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.7 -0.1 -0.2 -0.1 0.8 -0.5 2.8 4

 5 Credit market instruments 3.3 4.2 0.7 3.7 7.5 5.8 1.1 5.5 5.1 2.9 16.4 5

 6 U.S. government securities -0.2 1.5 -1.0 2.1 3.3 3.6 -1.1 4.1 1.3 -0.4 8.2 6

 7 Treasury -0.6 0.2 -1.3 0.1 -0.6 2.0 -4.5 1.4 -0.9 -2.4 -0.5 7

 8 Agency 0.5 1.3 0.2 2.0 3.9 1.6 3.4 2.7 2.2 2.0 8.7 8

 9 Municipal securities 0.4 0.1 -0.1 -0.0 -0.1 -0.2 0.3 0.3 -0.5 0.0 0.0 9

10 Corporate and foreign bonds -0.1 -0.1 -0.1 0.1 0.6 0.4 0.1 -0.2 0.4 0.7 1.6 10

11 Bank loans n.e.c. 1.7 1.8 1.4 0.9 1.5 1.2 0.4 -0.2 2.2 1.0 3.2 11

12 Home mortgages 0.6 1.0 0.6 0.1 1.4 0.4 0.7 1.1 1.5 0.9 2.0 12

13 Commercial mortgages 0.9 -0.0 -0.1 0.5 0.6 0.5 0.6 0.3 0.2 0.7 1.4 13

14 Miscellaneous assets -0.1 1.6 0.8 1.8 1.6 -0.1 5.4 0.2 1.3 2.3 2.8 14

15 Net increase in liabilities 3.5 5.5 1.4 5.1 9.5 5.3 5.8 5.7 6.1 4.6 21.7 15

16 Checkable deposits 0.1 0.2 0.5 0.4 1.7 -1.2 2.5 0.5 0.9 0.3 5.1 16

17 Small time and savings deposits 0.8 1.2 0.2 -0.0 1.5 1.2 0.9 1.1 1.0 1.2 2.7 17

18 Large time deposits 0.8 1.2 0.2 -0.0 1.5 1.2 0.9 1.1 1.0 1.2 2.7 18

19 Miscellaneous liabilities 1.8 2.9 0.6 4.7 4.8 4.1 1.5 3.0 3.2 1.8 11.2 19

20 Discrepancy -0.2 -0.4 0.1 -0.4 -0.3 -0.4 -0.5 0.1 -1.1 -0.0 -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, March 12, 1999

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.1 4.6 -1.4 2.0 2.6 2.1 2.6 2.5 2.7 2.7 2.8 1

 2 Fixed nonresidential investment 3.4 2.7 2.7 2.5 2.9 2.6 2.6 2.7 2.8 2.7 3.2 2

 3 Net acquisition of financial assets -11.1 0.9 16.1 -8.4 60.4 -42.4 29.4 49.5 10.5 56.6 124.9 3

 4 Reserves at Federal Reserve -0.6 -0.1 -0.5 -0.5 0.1 -0.1 -0.1 0.3 -0.2 -0.2 0.4 4

 5 Checkable deposits and currency -1.5 1.6 -1.3 1.0 3.2 2.4 3.8 2.4 -0.1 -0.2 10.7 5

 6 Time and savings deposits -1.8 -0.2 0.3 -0.4 0.5 -0.5 -1.0 0.7 1.1 -0.1 0.4 6

 7 Federal funds and security RPs -4.1 4.8 -1.2 -0.8 5.5 -5.3 2.9 10.8 9.6 5.5 -3.9 7

 8 Credit market instruments 6.7 -7.6 19.9 -4.7 35.8 -35.3 -2.0 10.1 -1.8 33.9 101.1 8

 9 Open market paper -0.2 0.0 0.1 -0.3 0 0 0 0 0.0 -0.0 0 9

10 U.S. government securities 11.5 -4.1 -9.5 -3.6 -16.1 -23.5 -0.9 -9.7 -20.2 -23.1 -11.5 10

11 Treasury -1.1 -8.7 -1.0 -2.8 -4.4 -4.3 -2.8 1.1 -8.9 -6.0 -3.8 11

12 Agency 12.6 4.7 -8.5 -0.8 -11.7 -19.2 1.9 -10.8 -11.3 -17.1 -7.6 12

13 Municipal securities -0.1 -0.0 0.1 0.0 0.4 0.2 0.2 -1.6 1.1 1.1 0.9 13

14 Corporate and foreign bonds -2.4 -8.2 -9.9 -9.9 29.9 -34.8 1.0 -2.8 29.2 33.2 59.9 14

15 Other loans and advances -0.5 2.5 3.0 3.1 5.3 5.2 1.5 3.8 1.7 7.3 8.5 15

16 Mortgages -2.2 0.6 31.6 3.5 12.0 9.5 1.5 20.8 -18.6 7.5 38.1 16

17 Consumer credit 0.6 1.6 4.6 2.5 4.4 8.0 -5.3 -0.3 5.0 7.9 5.2 17

18 Corporate equities -1.8 0.7 0.6 0.2 1.5 -0.6 0.3 1.6 0.6 2.5 1.3 18

19 Miscellaneous assets -8.1 1.7 -1.8 -3.2 13.8 -2.9 25.5 23.7 1.3 15.3 14.9 19

20 Net increase in liabilities -17.8 -3.2 15.4 -9.5 57.2 -45.0 32.8 44.2 9.2 53.2 122.3 20

21 Deposits -51.8 -5.7 -6.5 -25.7 -2.7 -58.3 -5.6 3.6 -25.1 -18.1 28.6 21

22 Checkable -5.4 14.1 25.4 27.1 36.1 23.8 28.6 34.5 33.9 31.4 44.6 22

23 Small time and savings -44.4 -29.0 -38.1 -64.4 -54.5 -94.1 -53.2 -43.4 -66.8 -67.5 -40.4 23

24 Large time -2.1 9.2 6.3 11.7 15.7 12.0 19.0 12.6 7.8 18.0 24.5 24

25 Security RPs 18.4 -0.0 -0.9 -1.9 9.6 3.5 -19.8 14.3 10.6 -1.4 14.7 25

26 Credit market instruments 12.8 2.6 25.5 19.7 53.1 22.3 41.7 10.6 31.2 63.7 106.8 26

27 Corporate bonds -0.8 -0.0 -0.4 0.1 -0.2 0.9 0 -1.0 0.7 -0.5 -0.1 27

28 Bank loans n.e.c. 0.9 5.2 1.4 3.5 10.3 3.7 7.1 11.4 4.3 18.4 7.0 28

29 Other loans and advances 12.7 -2.6 24.5 16.2 43.0 17.6 34.6 0.2 26.2 45.8 99.9 29

30 Taxes payable -0.9 0.5 -0.1 0.4 0.2 0.9 0.4 -0.4 0.3 0.5 0.3 30

31 Miscellaneous liabilities 3.7 -0.6 -2.5 -2.1 -2.8 -13.3 16.2 16.1 -7.8 8.5 -28.1 31

32 Investment by parent -0.0 0.1 0.2 0.3 0.4 0.3 0.4 0.4 0.4 0.4 0.5 32

33 Other 3.7 -0.7 -2.7 -2.4 -3.2 -13.6 15.8 15.7 -8.2 8.0 -28.6 33

34 Discrepancy -5.0 -2.2 -4.7 -1.6 -3.4 -3.1 3.4 -5.6 -1.4 -3.5 -3.1 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 12, 1999 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 3.8 4.2 4.7 3.7 3.6 3.5 3.3 3.4 3.6 3.7 3.8 1

 2 Fixed nonresidential investment 1.2 1.1 1.2 1.3 1.5 1.4 1.4 1.4 1.4 1.4 1.9 2

 3 Net acquisition of financial assets 11.9 17.1 19.5 23.7 40.7 18.7 24.5 38.0 24.2 35.8 64.6 3

 4 Checkable deposits and currency 0 0.9 0.1 0.6 0.7 0.3 2.6 -0.8 -0.0 -0.3 4.0 4

 5 Time and savings deposits -8.9 0.4 -0.7 0.6 8.1 -9.0 9.7 1.5 7.9 4.5 18.7 5

 6 Federal funds and security RPs -2.3 0.2 -4.9 2.0 3.4 5.0 4.3 4.3 9.1 -8.6 8.7 6

 7 Credit market instruments 28.1 16.2 25.5 16.8 21.9 13.6 7.7 16.5 22.7 20.5 28.1 7

 8 Open market paper -0.1 -1.6 -0.3 -0.1 0.2 -1.0 0.1 -0.2 1.3 2.6 -2.8 8

 9 U.S. government securities 4.0 1.1 4.1 -1.4 5.9 -5.3 -7.7 2.8 6.3 1.0 13.7 9

10 Treasury -0.5 -3.8 -0.9 -1.8 -2.8 -8.8 -0.5 -2.5 -2.0 -7.6 1.0 10

11 Agency 4.5 4.9 4.9 0.4 8.7 3.5 -7.1 5.3 8.3 8.6 12.6 11

12 Home mortgages 6.1 4.4 9.5 10.1 11.0 14.5 7.2 7.5 15.8 10.0 10.5 12

13 Consumer credit 18.0 12.3 12.2 8.2 4.8 5.4 8.1 6.4 -0.7 6.9 6.8 13

14 Mutual fund shares -1.6 0.2 -0.3 -0.2 1.2 -0.1 -0.4 1.4 1.4 -0.2 2.1 14

15 Miscellaneous assets -3.4 -0.8 -0.2 3.8 5.3 8.9 0.6 15.1 -16.8 19.9 3.0 15

16 Net increase in liabilities 9.5 13.4 16.4 20.5 37.4 14.7 22.0 36.2 20.4 31.0 62.1 16

17 Shares/deposits 7.9 15.4 16.3 20.3 35.3 15.7 23.6 31.6 18.7 29.7 61.1 17

18 Checkable 2.0 2.1 1.6 4.1 6.4 5.7 -0.6 16.0 -7.4 -4.2 21.3 18

19 Small time and savings 5.5 11.6 12.3 13.2 24.8 9.8 17.9 15.3 18.3 31.6 33.9 19

20 Large time 0.4 1.7 2.4 2.9 4.1 0.1 6.3 0.3 7.9 2.3 5.9 20

21 Other loans and advances 0.2 -0.1 0.1 0.1 0.6 0.2 0.3 0.5 0.2 1.0 0.4 21

22 Miscellaneous liabilities 1.4 -1.9 0.0 0.1 1.5 -1.1 -1.9 4.0 1.4 0.2 0.6 22

23 Discrepancy 0.3 -0.6 0.4 -0.8 -1.2 -1.9 -0.6 0.1 -1.7 -2.6 -0.5 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 18.8 5.3 -10.7 76.9 55.5 82.8 80.4 50.0 57.6 47.6 66.8 1

 2 Deposits 1.8 3.3 6.4 4.2 4.0 6.5 4.2 4.4 4.4 3.6 3.8 2

 3 Checkable deposits and currency -0.3 0.1 0.3 0.2 -0.0 0.2 0.2 0.0 0.1 -0.1 -0.1 3

 4 Time and savings deposits 1.6 -0.5 -1.6 2.3 2.1 3.6 2.3 2.3 2.3 1.9 1.9 4

 5 Money market fund shares 0.6 3.7 7.8 1.6 1.9 2.8 1.6 2.0 2.0 1.8 2.0 5

 6 Credit market instruments 7.1 -8.3 -7.7 7.6 2.8 7.3 8.8 2.4 3.1 2.0 3.9 6

 7 Open market paper 3.5 0.7 -2.6 2.8 -0.4 2.8 4.0 -0.4 1.6 -1.6 -1.4 7

 8 U.S. government securities -1.1 -1.2 0.5 -0.1 -0.3 0.1 -0.1 -0.7 -0.7 0.3 -0.0 8

 9 Treasury -0.6 -1.1 0.8 -0.3 -0.2 -0.1 -0.3 -0.4 -0.4 -0.0 -0.1 9

10 Agency -0.5 -0.1 -0.3 0.2 -0.1 0.2 0.2 -0.3 -0.3 0.3 0.1 10

11 Municipal securities 5.3 -5.9 -4.3 0.8 1.0 0.3 0.8 0.9 0.9 1.2 1.2 11

12 Corporate and foreign bonds -0.4 -1.7 -1.7 4.3 2.2 4.3 4.3 2.5 1.2 1.6 3.6 12

13 Mortgages -0.2 -0.1 0.3 -0.2 0.3 -0.2 -0.2 0.1 0.2 0.4 0.5 13

14 Corporate equities -8.8 1.6 -17.3 72.3 45.9 73.6 75.1 40.0 49.0 40.0 54.7 14

15 Mutual fund shares 21.7 9.5 3.9 -7.8 2.6 -5.2 -8.4 3.0 0.8 2.0 4.5 15

16 Miscellaneous assets -3.1 -0.9 3.9 0.7 0.1 0.6 0.7 0.2 0.3 -0.0 -0.1 16

17 Net increase in liabilities (2) 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 17

18 Discrepancy -1.0 -1.3 2.1 -2.0 0.2 -2.0 -2.0 0.2 -0.0 0.2 0.3 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, March 12, 1999

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 23.2 15.1 15.1 17.6 19.2 17.1 16.6 18.3 18.6 19.5 20.3 1

 2 Fixed nonresidential investment 19.3 23.1 21.4 25.9 28.8 26.6 26.6 28.0 28.8 28.4 30.1 2

 3 Net acquisition of financial assets 126.2 145.5 125.4 213.2 204.2 219.1 235.0 198.1 177.4 195.0 246.2 3

 4 Checkable deposits and currency 0.4 -0.5 -0.9 3.8 -2.3 -1.4 17.8 -18.3 5.1 -1.6 5.5 4

 5 Money market fund shares -15.3 6.6 36.1 25.5 29.3 28.5 29.5 34.7 15.2 32.0 35.3 5

 6 Credit market instruments 72.0 100.0 69.6 94.3 96.7 92.9 34.1 95.7 66.5 87.8 136.6 6

 7 Open market paper 5.9 -7.3 2.9 17.5 7.8 27.1 20.8 -6.2 0.2 23.0 14.0 7

 8 U.S. government securities 8.4 9.8 -13.6 -1.0 20.9 25.8 -38.8 21.7 14.5 21.6 25.8 8

 9 Treasury -2.9 1.0 -14.9 1.1 6.8 11.6 -9.6 10.2 2.8 7.7 6.5 9

10 Agency 11.3 8.7 1.3 -2.1 14.1 14.2 -29.2 11.4 11.7 13.9 19.3 10

11 Municipal securities -1.9 -0.9 1.5 -1.0 2.3 1.5 -7.1 2.4 1.4 2.7 2.5 11

12 Corporate and foreign bonds 59.9 90.7 79.2 77.0 59.9 43.3 57.9 78.4 41.6 40.0 79.7 12

13 Policy loans 7.8 10.4 4.5 3.2 0.7 3.0 -2.9 0.8 3.8 2.0 -3.8 13

14 Mortgages -8.1 -2.6 -5.0 -1.3 5.1 -7.7 4.3 -1.4 5.0 -1.5 18.3 14

15 Corporate equities 61.8 18.6 42.1 93.2 92.1 107.4 138.8 87.2 108.0 77.0 96.0 15

16 Mutual fund shares -14.9 13.5 7.0 -14.1 -12.0 -14.1 -14.1 -12.0 -12.0 -12.0 -12.0 16

17 Miscellaneous assets 22.2 7.2 -28.4 10.5 0.5 5.8 28.9 10.8 -5.4 11.9 -15.2 17

18 Net increase in liabilities 120.2 122.4 101.0 185.0 189.2 193.8 186.1 204.5 166.7 160.6 225.3 18

19 Other loans and advances 0.3 -0.1 1.1 0.2 0.7 0.2 -0.3 0.0 -0.6 1.6 1.8 19

20 Life insurance reserves 34.3 44.8 43.8 52.6 40.8 64.0 35.4 48.5 35.7 31.7 47.2 20

21 Pension fund reserves (1) 81.0 61.0 43.9 98.3 103.9 106.7 101.2 106.0 96.0 89.5 123.9 21

22 Taxes payable 1.0 1.6 1.6 1.7 1.6 1.7 1.7 1.6 1.6 1.6 1.5 22

23 Miscellaneous liabilities 3.6 15.1 10.5 32.3 42.4 21.3 48.2 48.3 34.0 36.2 50.9 23

24 Discrepancy -2.2 -31.0 -30.8 -36.6 -24.6 -34.8 -58.8 -3.3 -20.9 -43.3 -30.7 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 -3.3 2.0 0.6 1.6 -0.9 1.7 0.9 1.8 -1.1 -1.9 -2.2 1

 2 Fixed nonresidential investment 2.7 2.5 2.6 2.7 3.0 2.7 2.7 2.9 2.9 2.9 3.4 2

 3 Net acquisition of financial assets 27.5 37.0 16.2 35.9 8.4 44.5 26.8 34.8 -2.9 29.0 -27.2 3

 4 Checkable deposits and currency -0.2 -0.2 -0.9 0.3 -0.1 0.4 0.3 -2.1 -0.5 0.8 1.2 4

 5 Security RPs -2.3 8.1 -2.1 -0.2 2.8 3.8 -9.1 3.9 3.7 20.1 -16.4 5

 6 Credit market instruments 24.9 21.5 22.5 25.2 4.3 32.0 34.7 23.4 -1.5 -7.7 3.0 6

 7 U.S. government securities 11.0 2.8 -9.7 3.8 1.5 6.0 5.3 7.4 -0.4 -2.1 0.9 7

 8 Treasury 9.4 0.5 -12.6 2.1 0.8 3.4 2.2 4.2 -0.2 -1.2 0.5 8

 9 Agency 1.6 2.3 2.8 1.7 0.6 2.5 3.2 3.2 -0.2 -0.9 0.4 9

10 Municipal securities 7.4 7.0 14.4 5.1 1.7 8.4 4.5 8.9 -0.5 -2.5 1.1 10

11 Corporate and foreign bonds 7.2 12.7 18.3 16.4 1.4 17.6 25.4 7.2 -0.4 -2.0 0.9 11

12 Commercial mortgages -0.7 -1.0 -0.4 -0.2 -0.3 -0.0 -0.5 -0.1 -0.2 -1.0 0.1 12

13 Corporate equities 1.1 -0.6 -6.8 3.0 -5.1 3.2 4.7 -4.4 -11.2 7.2 -12.0 13

14 Trade receivables 2.2 4.4 -0.1 2.7 0.7 0.2 -7.7 10.7 3.1 2.6 -13.6 14

15 Miscellaneous assets 1.7 3.8 3.6 4.9 5.8 4.9 4.1 3.3 3.4 5.9 10.7 15

16 Net increase in liabilities 23.7 31.0 19.3 19.0 16.7 37.7 9.3 23.5 12.6 26.1 4.6 16

17 Corporate equity issues 6.5 7.1 6.2 5.1 4.8 4.0 11.5 1.6 2.1 6.1 9.4 17

18 Taxes payable 0.9 1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.2 1.2 1.2 18

19 Miscellaneous liabilities 16.4 22.8 11.9 12.7 10.7 32.4 -3.4 20.7 9.3 18.8 -5.9 19

20 Discrepancy -9.8 -6.5 1.1 -18.0 4.4 -7.8 -19.4 -12.4 11.5 -7.7 26.2 20
Z.1, March 12, 1999 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 1

 2 Fixed nonresidential investment 1.6 0.8 0.8 0.9 1.0 0.9 0.9 0.9 0.9 0.9 1.3 2

 3 Net acquisition of financial assets 80.9 90.6 87.2 88.6 96.2 80.9 96.2 87.5 93.1 89.9 114.2 3

 4 Checkable deposits and currency 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 0.1 4

 5 Time and savings deposits -4.2 -9.4 -14.3 -13.2 0.1 -11.8 -14.7 -1.8 -3.0 12.1 -6.6 5

 6 Money market fund shares 5.3 6.0 5.2 5.0 10.7 1.0 11.5 3.8 3.3 30.9 4.7 6

 7 Security RPs -0.5 5.5 2.5 1.9 8.2 3.8 0.8 5.7 6.9 19.3 0.9 7

 8 Credit market instruments 46.1 56.0 52.3 65.5 118.6 64.6 79.5 74.5 130.1 95.5 174.4 8

 9 Open market paper -0.5 6.1 3.5 2.2 10.3 2.3 -0.7 5.8 7.7 21.7 5.8 9

10 U.S. government securities 50.3 42.9 25.7 33.1 59.2 32.2 43.2 34.3 67.1 36.7 98.8 10

11 Treasury 31.7 27.1 15.9 19.7 27.5 18.8 25.7 19.1 36.6 15.8 38.7 11

12 Agency 18.6 15.8 9.8 13.4 31.7 13.4 17.6 15.2 30.5 20.9 60.1 12

13 Municipal securities 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.0 0.3 13

14 Corporate and foreign bonds -7.5 5.6 21.2 27.7 45.3 27.5 34.1 31.8 50.8 34.9 63.9 14

15 Mortgages 3.6 1.4 1.8 2.4 3.7 2.5 2.7 2.5 4.3 2.2 5.7 15

16 Corporate equities -1.7 5.9 -9.6 -16.1 -52.7 -14.7 -30.2 -28.4 -60.2 -74.3 -48.0 16

17 Mutual fund shares 20.1 18.6 41.1 36.2 31.2 41.7 31.1 52.4 43.4 0.7 28.4 17

18 Miscellaneous assets 15.7 7.2 10.1 9.4 -19.8 -3.5 18.3 -18.4 -27.1 5.9 -39.5 18

19 Unallocated insurance contracts (2) -4.9 -0.7 -2.5 -4.3 -1.3 -12.0 7.5 -13.6 5.6 15.5 -12.9 19

20 Contributions receivable 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 20.5 4.3 8.8 10.0 -22.3 4.7 7.0 -8.6 -36.5 -13.4 -30.5 21

22 Pension fund reserves (liabilities) (3) 81.6 90.5 87.2 88.7 96.4 81.1 96.3 87.7 93.3 90.0 114.8 22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 1.2 1.2 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1

 2 Fixed nonresidential investment 2.2 1.2 1.4 1.6 1.9 1.7 1.7 1.7 1.7 1.7 2.5 2

 3 Net acquisition of financial assets 57.6 56.2 57.3 79.2 52.3 100.1 52.3 44.4 55.8 51.2 57.7 3

 4 Checkable deposits and currency -1.3 -2.0 0.4 0.7 1.6 0.6 1.0 3.0 -0.1 4.7 -1.3 4

 5 Time and savings deposits -3.6 -0.9 0.1 -0.2 -0.6 -3.2 2.6 -7.1 2.8 -0.4 2.5 5

 6 Security RPs 5.8 6.3 0.7 -2.6 3.6 -10.9 -17.3 19.7 -14.4 6.4 2.8 6

 7 Credit market instruments 22.3 27.5 45.9 36.6 67.1 79.1 9.5 81.7 60.6 50.9 75.1 7

 8 Open market paper 5.8 6.3 0.7 -2.6 1.6 -10.9 -17.3 19.7 -14.4 6.4 -5.2 8

 9 U.S. government securities 15.1 24.6 27.7 18.3 19.5 52.0 2.7 2.5 39.8 -3.8 39.4 9

10 Treasury 8.0 4.8 14.7 14.3 -9.4 44.7 -17.0 13.6 7.1 -52.9 -5.4 10

11 Agency 7.1 19.8 13.0 4.0 28.9 7.3 19.7 -11.0 32.7 49.1 44.8 11

12 Municipal securities -0.3 0.1 0.0 0.7 -0.3 1.9 1.4 -0.3 0.1 -0.8 -0.2 12

13 Corporate and foreign bonds 1.2 -4.2 16.7 19.3 45.3 35.2 21.8 58.8 34.1 48.1 40.0 13

14 Mortgages 0.7 0.7 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 14

15 Corporate equities 29.3 41.3 52.2 53.5 65.7 55.1 59.9 73.6 59.7 89.3 40.0 15

16 Miscellaneous assets 5.2 -16.0 -42.1 -8.8 -85.1 -20.6 -3.5 -126.4 -52.8 -99.6 -61.4 16

17 Pension fund reserves (liabilities) (1) 58.6 56.1 57.4 79.5 52.8 100.4 52.6 44.7 56.1 51.5 58.8 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, March 12, 1999

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 43.3 142.3 145.8 157.6 285.5 226.2 147.8 248.0 186.4 400.7 306.6 1

 2 Foreign deposits 5.7 4.0 3.4 0.1 7.4 11.1 0.6 20.5 -25.7 29.4 5.7 2

 3 Checkable deposits and currency -1.3 -1.0 2.4 2.6 -2.6 -6.9 14.7 8.1 -14.5 -7.4 3.7 3

 4 Time and savings deposits -0.5 20.9 30.4 28.6 15.7 34.1 -14.6 -6.9 -10.4 49.3 30.9 4

 5 Security RPs 2.4 19.0 16.0 22.8 12.9 48.1 20.3 20.7 33.0 70.6 -72.5 5

 6 Credit market instruments 30.0 86.5 88.8 87.5 244.0 121.5 144.2 172.0 200.1 247.5 356.4 6

 7 Open market paper 22.7 48.4 38.4 62.1 78.2 94.6 55.0 122.3 72.3 51.9 66.4 7

 8 U.S. government securities -3.9 17.5 31.3 -9.5 95.0 -25.3 44.7 -4.3 13.6 109.5 261.1 8

 9 Treasury -13.3 3.8 20.3 -4.0 17.5 -6.2 13.6 -2.3 23.0 -3.1 52.2 9

10 Agency 9.4 13.7 11.0 -5.5 77.5 -19.1 31.2 -2.0 -9.4 112.6 208.9 10

11 Municipal securities 7.8 14.3 16.8 22.5 26.0 32.5 29.6 20.1 20.6 35.5 27.9 11

12 Corporate and foreign bonds 3.4 6.4 2.4 12.5 44.8 19.7 14.9 33.9 93.6 50.7 1.0 12

13 Miscellaneous assets 6.9 12.8 4.8 16.0 7.9 18.3 -17.4 33.6 4.0 11.4 -17.5 13

14 Net share issues (liabilities) 43.3 142.3 145.8 157.6 285.5 226.2 147.8 248.0 186.4 400.7 306.6 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -11.5 9.0 5.7 4.9 5.7 6.5 7.5 5.6 6.0 5.5 5.5 1

 2 Net acquisition of financial assets 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 2

 3 Security RPs 4.4 7.1 -2.7 10.3 8.0 2.9 -6.4 -26.3 57.4 50.9 -50.0 3

 4 Credit market instruments -7.1 52.5 48.9 80.9 122.1 108.0 61.8 143.6 152.6 93.5 98.6 4

 5 Open market paper 4.4 7.1 -3.1 10.6 8.0 -5.8 12.7 -35.2 56.3 41.4 -30.5 5

 6 U.S. government securities -10.4 18.9 15.1 19.5 25.4 43.5 -5.6 69.6 -2.6 14.6 19.9 6

 7 Treasury -6.8 11.2 8.9 11.0 13.8 24.4 -3.1 38.6 -1.4 7.7 10.2 7

 8 Agency -3.6 7.7 6.2 8.4 11.6 19.0 -2.5 31.0 -1.2 6.9 9.7 8

 9 Municipal securities -4.3 3.2 3.1 6.5 23.6 11.6 7.1 19.3 26.5 13.0 35.7 9

10 Corporate and foreign bonds 3.2 23.3 33.8 44.4 65.1 58.8 47.6 89.9 72.4 24.5 73.5 10

11 Corporate equities 100.8 87.4 193.0 166.8 143.5 185.3 190.2 220.2 187.2 -5.2 172.0 11

12 Miscellaneous assets 2.5 0.5 -1.7 7.1 1.9 3.7 15.5 -16.1 -13.5 61.7 -24.3 12

13 Net share issues (liabilities) 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 13

14 Discrepancy -11.5 9.0 5.7 4.9 5.7 6.5 7.5 5.6 6.0 5.5 5.5 14

 Memo:

15 Capital gains dividends 30.0 54.6 101.1 183.2 165.0 93.2 475.4 119.5 94.2 113.3 333.0 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 2.4 5.9 3.2 -9.6 -8.7 -9.6 -9.6 -8.8 -8.8 -8.8 -8.5 1

 2 Credit market instruments -3.7 10.5 4.7 -3.4 -2.3 -3.4 -3.4 -2.4 -2.4 -2.4 -2.0 2

 3 U.S. government securities -1.0 -1.5 0.2 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 3

 4 Municipal securities 1.6 6.2 2.1 0.0 1.2 0.0 0.0 1.1 1.1 1.1 1.4 4

 5 Corporate and foreign bonds -4.4 5.8 2.4 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 5

 6 Corporate equities 6.1 -4.6 -1.5 -6.2 -6.4 -6.2 -6.2 -6.4 -6.4 -6.4 -6.5 6

 7 Net share issues (liabilities) 2.4 5.9 3.2 -9.6 -8.7 -9.6 -9.6 -8.8 -8.8 -8.8 -8.5 7
Z.1, March 12, 1999 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.7 2.0 2.0 2.0 2.0 2.1 2.0 2.0 2.0 2.0 2.0 1

 2 Fixed nonresidential investment 0.5 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 150.7 115.1 91.7 110.8 305.3 66.4 177.4 203.0 158.4 307.7 552.0 3

 4 Checkable deposits and currency -0.9 0.2 -0.8 1.2 2.1 -3.9 -0.1 -1.4 1.2 0.7 8.0 4

 5 Federal funds and security RPs 35.4 20.5 -11.8 -4.1 9.6 1.6 -48.8 19.1 -16.9 10.3 26.0 5

 6 Credit market instruments 117.8 86.7 84.2 94.3 239.1 55.6 158.5 165.2 140.4 250.0 401.0 6

 7 Open market paper 14.4 -0.8 9.6 -1.1 15.5 -57.1 12.8 108.2 -33.4 -3.0 -9.9 7

 8 U.S. government securities 63.4 63.4 46.7 69.1 129.1 103.1 61.4 41.4 111.0 153.4 210.7 8

 9 Treasury 0.3 6.1 -12.9 7.1 0.7 38.7 22.8 -55.5 6.3 23.1 29.0 9

10 Agency 63.1 57.4 59.6 62.0 128.4 64.4 38.6 97.0 104.7 130.3 181.7 10

11 Municipal securities 0.8 1.0 -0.3 -0.8 -1.0 -1.1 -1.1 2.6 -2.2 0.7 -5.2 11

12 Corporate and foreign bonds 8.5 5.5 5.6 0.3 -5.0 -21.7 26.1 -23.2 -2.0 4.7 0.5 12

13 Other loans and advances 27.2 11.2 28.8 31.2 93.8 34.3 53.2 32.2 64.5 92.9 185.3 13

14 Sallie Mae 3.6 0.9 -1.7 -5.3 -0.6 -4.4 -6.1 -7.0 -9.5 4.5 9.7 14

15 Farm Credit System 0.8 3.9 1.4 0 3.9 0.9 -4.6 6.8 -2.8 6.2 5.5 15

16 FHLB loans 22.8 6.4 29.1 36.4 90.4 37.8 63.9 32.4 76.8 82.3 170.1 16

17 Mortgages 3.6 6.4 -6.1 -4.5 6.8 -1.8 6.1 4.0 2.5 1.1 19.6 17

18 Home 2.6 5.9 -6.7 -4.2 4.3 -2.1 5.6 5.0 1.2 -2.5 13.6 18

19 Multifamily residential 0.9 0.6 -0.5 -1.2 0.8 -1.2 -0.7 -2.3 -0.1 1.1 4.3 19

20 Farm 0.1 -0.1 1.1 1.0 1.7 1.4 1.2 1.3 1.3 2.5 1.7 20

21 Miscellaneous assets -1.7 7.7 20.0 19.4 54.4 13.1 67.8 20.1 33.7 46.8 117.0 21

22 Net increase in liabilities 147.3 111.8 90.7 106.2 299.3 65.9 168.4 203.0 156.4 301.0 536.9 22

23 Credit market instruments 172.1 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 23

24 GSE issues (2) 176.9 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 24

25 U.S. government loans -4.8 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities -24.9 5.8 0.3 7.8 -5.0 19.5 10.5 60.5 -9.9 6.9 -77.6 26

27 Discrepancy -2.2 -1.7 0.6 -3.1 -4.4 1.1 -7.5 1.6 -0.4 -5.2 -13.5 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 1

 2 Home mortgages 115.4 93.7 135.5 109.1 182.2 109.4 135.0 80.0 241.4 250.8 156.5 2

 3 Multifamily residential mortgages -0.0 4.5 5.6 5.3 10.5 5.2 5.3 4.8 5.6 16.7 14.7 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 0 0 0 0 0 -0.0 4

 5 Net increase in pool securities (liabilities)(2) 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, March 12, 1999

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.3 0.4 1.1 1.5 2.1 1.6 1.7 1.7 1.8 2.4 2.5 1

 2 Fixed nonresidential investment 0.6 1.7 6.4 3.6 6.0 4.8 5.0 0.4 3.2 15.5 4.8 2

 3 Net acquisition of financial assets 72.7 139.8 148.3 202.3 313.1 223.0 381.7 283.4 366.6 280.4 321.9 3

 4 Agency securities (1) 7.1 11.7 -4.8 -7.2 26.8 -4.4 -0.4 6.9 5.2 38.6 56.8 4

 5 Other loans and advances 4.3 6.9 13.3 32.2 22.8 -1.1 128.9 32.3 9.1 13.6 36.3 5

 6 Student loans 0 1.0 5.3 7.8 4.3 8.2 8.0 10.0 9.6 -2.4 0 6

 7 Loans to business 4.3 5.9 8.1 24.4 18.5 -9.3 120.9 22.3 -0.5 16.0 36.3 7

 8 Mortgages (2) 38.9 35.0 60.6 93.7 166.2 111.6 141.5 145.9 200.7 154.3 163.8 8

 9 Home 23.7 19.3 34.1 56.1 92.9 79.8 74.4 75.3 110.0 109.7 76.7 9

10 Multifamily residential 3.0 3.8 6.4 7.3 15.4 5.2 14.4 16.9 18.7 11.0 15.2 10

11 Commercial 12.1 11.9 20.1 30.3 57.8 26.6 52.7 53.7 72.1 33.6 72.0 11

12 Consumer credit 15.6 65.6 54.2 47.2 59.4 57.5 62.2 37.9 122.0 41.5 36.0 12

13 Trade credit 6.8 20.5 25.0 36.3 37.9 59.3 49.5 60.4 29.6 32.4 29.0 13

14 Net increase in liabilities 72.9 141.1 153.6 204.4 317.0 226.2 385.1 282.1 368.1 293.5 324.2 14

15 Commercial paper 12.4 37.3 45.4 89.4 125.7 112.9 149.2 120.6 120.7 133.3 128.0 15

16 Corporate bonds 60.5 103.8 108.2 115.1 191.3 113.3 235.8 161.5 247.4 160.2 196.1 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized consumer leases

18 not included above (3) 0.3 1.3 5.3 2.1 3.9 3.2 3.3 -1.3 1.4 13.1 2.2 18

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 25.1 27.7 30.8 32.1 33.4 32.5 32.3 33.0 33.5 33.4 33.8 1

 2 Fixed nonresidential investment 19.7 18.7 16.7 20.2 20.9 19.8 19.4 25.5 23.5 10.8 23.6 2

 3 Net acquisition of financial assets 42.3 72.7 42.2 52.8 69.2 57.3 49.5 109.0 58.5 -13.4 122.7 3

 4 Checkable deposits and currency 1.6 1.7 1.9 2.1 2.3 2.1 2.1 2.2 2.2 2.3 2.3 4

 5 Credit market instruments 48.3 49.9 18.4 21.9 63.7 68.3 -21.3 28.7 27.1 79.7 119.4 5

 6 Other loans and advances 25.9 26.7 7.9 9.0 37.0 56.2 -29.0 26.7 38.8 27.3 55.2 6

 7 Mortgages 4.2 5.6 10.2 5.3 18.3 6.6 6.0 6.7 1.0 34.6 30.9 7

 8 Consumer credit 18.3 17.7 0.3 7.6 8.5 5.4 1.7 -4.7 -12.7 17.9 33.3 8

 9 Miscellaneous assets -7.6 21.0 22.0 28.9 3.2 -13.1 68.7 78.1 29.2 -95.4 1.0 9

10 Net increase in liabilities 64.2 72.7 49.8 46.6 71.0 56.7 33.9 111.9 53.9 -2.0 120.4 10

11 Credit market instruments 48.7 50.2 45.9 48.7 61.2 8.9 59.6 80.1 101.8 -14.0 76.8 11

12 Open market paper 22.5 -2.9 9.0 23.9 30.7 -4.6 23.9 48.3 59.4 18.7 -3.4 12

13 Corporate bonds 31.7 52.6 32.5 20.3 29.6 6.1 24.2 37.5 42.0 -44.6 83.2 13

14 Bank loans n.e.c. -5.6 0.5 4.4 4.4 0.9 7.5 11.5 -5.8 0.4 11.8 -2.9 14

15 Taxes payable 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7 15

16 Miscellaneous liabilities 14.8 21.8 3.2 -2.8 9.1 47.0 -26.5 31.1 -48.6 11.2 42.8 16

17 Foreign direct investment in U.S. 1.3 2.8 3.9 4.9 5.5 -6.9 17.3 6.8 9.1 -7.2 13.3 17

18 Investment by parent 6.2 9.3 9.3 4.3 -0.1 6.3 12.2 -0.2 -18.2 -7.1 25.3 18

19 Other 7.3 9.8 -10.0 -12.1 3.7 47.6 -56.0 24.5 -39.5 25.5 4.2 19

20 Discrepancy 27.3 9.0 21.7 5.6 14.4 12.2 -2.8 10.3 5.4 33.9 7.9 20

 Memo:

21 Consumer leases not included above (2) 18.2 13.4 11.7 4.3 -3.8 -9.4 2.9 -6.6 7.4 -8.6 -7.3 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 12, 1999 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -24.0 -3.4 8.2 -9.1 3.2 82.9 -93.6 58.8 -56.4 4.5 6.0 1

 2 Home mortgages -24.0 -4.5 8.2 -10.2 3.1 82.9 -94.8 58.4 -56.0 4.0 6.0 2

 3 Multifamily residential mortgages 0 1.1 -0.1 1.0 0.1 0 1.2 0.4 -0.4 0.5 0 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -24.0 -3.4 8.2 -9.1 3.2 82.9 -93.6 58.8 -56.4 4.5 6.0 5

 6 Bank loans n.e.c. -11.5 0.4 12.4 -4.7 1.3 11.4 -17.4 49.2 -48.0 2.0 2.0 6

 7 Investment by parent -12.5 -3.8 -4.3 -4.4 1.9 71.5 -76.2 9.6 -8.4 2.5 4.0 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 13.3 16.2 22.2 28.2 29.3 29.1 29.5 29.0 29.2 29.3 29.9 1

 2 Fixed nonresidential investment 14.6 5.4 11.4 54.0 70.8 44.4 101.3 75.6 75.0 86.0 46.8 2

 3 Multifamily residential investment 7.3 2.4 2.9 11.6 12.5 11.1 17.9 13.3 13.2 15.2 8.3 3

 4 Net acquisition of financial assets 4.6 3.5 4.3 22.5 7.3 27.9 28.0 56.4 9.2 -11.0 -25.3 4

 5 Mortgages 4.7 2.2 3.8 8.8 2.5 7.2 17.6 13.2 9.3 -2.4 -10.0 5

 6 Home 0.5 0.2 0.4 1.0 0.3 0.8 1.9 1.5 1.0 -0.3 -1.1 6

 7 Multifamily residential 3.1 1.4 2.5 5.7 1.6 4.7 11.5 8.6 6.0 -1.6 -6.5 7

 8 Commercial 1.1 0.5 0.9 2.1 0.6 1.7 4.2 3.2 2.2 -0.6 -2.4 8

 9 Miscellaneous assets -0.1 1.3 0.4 13.7 4.8 20.7 10.3 43.2 -0.0 -8.6 -15.4 9

10 Net increase in liabilities 32.5 15.1 21.2 84.5 80.9 80.8 128.5 132.1 87.9 81.4 22.2 10

11 Security RPs 4.7 1.2 2.8 11.2 -10.4 10.9 19.0 20.3 -7.5 -13.0 -41.6 11

12 Credit market instruments 13.7 5.6 7.0 36.8 65.3 30.8 58.9 66.2 62.1 82.8 50.0 12

13 Open market paper -0.6 -0.0 0.0 0.0 0.2 0.1 0.0 0.1 -0.2 0.7 0.2 13

14 Corporate bonds 2.0 2.3 0.2 10.3 18.9 20.9 8.8 22.6 25.2 15.9 11.8 14

15 Bank loans n.e.c. 2.5 -1.3 1.8 10.2 13.4 3.3 24.9 23.7 22.2 29.9 -22.4 15

16 Mortgages 9.8 4.6 5.0 16.2 32.8 6.5 25.2 19.8 14.8 36.3 60.3 16

17 Corporate equity issues 11.1 8.7 12.3 32.5 19.8 33.8 46.2 35.9 27.4 7.0 9.0 17

18 Miscellaneous liabilities 2.9 -0.3 -0.9 4.0 6.2 5.3 4.5 9.7 5.9 4.6 4.7 18

19 Discrepancy 19.3 20.1 24.8 24.5 19.6 26.6 10.9 15.7 19.7 20.5 22.3 19
36 Z.1, March 12, 1999

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.6 -2.3 -0.5 0.3 0.6 1.8 -0.1 0.5 0.5 0.4 1.2 1

 2 Fixed nonresidential investment 0.9 0.9 0.9 1.1 1.4 1.2 1.2 1.2 1.3 1.3 1.7 2

 3 Net acquisition of financial assets -24.1 113.4 68.2 142.8 61.7 125.5 121.5 587.7 -281.6 225.6 -284.8 3

 4 Checkable deposits and currency -0.3 1.7 1.9 6.0 3.5 3.5 10.9 13.1 -10.8 15.2 -3.4 4

 5 Credit market instruments -44.2 90.1 -15.7 14.9 -22.7 18.0 71.7 245.8 -183.1 77.0 -230.5 5

 6 Open market paper -3.7 10.9 1.6 0.6 3.6 -6.4 -0.3 3.3 12.9 17.8 -19.7 6

 7 U.S. government securities -30.2 70.0 -29.9 2.7 -7.6 -8.7 86.1 237.4 -218.7 102.5 -151.9 7

 8 Treasury -14.4 61.0 -31.1 7.5 -8.1 -59.2 149.9 167.6 -294.9 204.2 -109.5 8

 9 Agency -15.8 9.0 1.2 -4.8 0.5 50.6 -63.8 69.8 76.2 -101.7 -42.4 9

10 Municipal securities -1.7 -2.7 -1.9 2.4 -0.0 -1.3 8.6 -3.3 12.0 -2.7 -6.2 10

11 Corporate and foreign bonds -8.7 12.0 14.5 9.2 -18.6 34.3 -22.6 8.3 10.7 -40.7 -52.7 11

12 Corporate equities -3.4 7.7 -1.9 2.4 -9.5 13.1 -1.0 18.6 -0.5 -1.6 -54.4 12

13 Security credit -1.1 3.5 15.8 36.8 21.3 68.2 14.9 36.6 47.4 -4.8 5.9 13

14 Miscellaneous assets 24.8 10.3 68.2 82.8 69.1 22.7 24.9 273.6 -134.7 139.8 -2.4 14

15 Net increase in liabilities -29.1 117.2 70.5 144.3 64.0 125.7 123.8 589.4 -279.5 228.2 -282.1 15

16 Security RPs (net) -23.0 79.0 -1.5 22.7 -30.9 12.7 -12.4 114.5 -152.8 68.9 -154.1 16

17 Corporate bonds 0.5 -5.0 -2.0 8.1 7.2 -6.9 7.0 -1.0 20.0 -2.6 12.3 17

18 Corporate equity issues 4.7 -8.1 -6.5 -5.9 2.5 -8.5 -1.0 0.1 0.4 27.0 -17.6 18

19 Trade payables -0.9 1.1 4.0 5.7 -1.0 29.1 -14.8 -1.5 5.4 3.7 -11.7 19

20 Security credit 1.0 23.1 36.6 74.2 79.3 22.8 101.9 128.7 80.8 184.4 -76.9 20

21 Customer credit balances (HH) 6.7 18.6 35.3 52.6 58.8 16.6 90.6 71.7 61.6 130.4 -28.5 21

22 From banks -5.7 4.6 1.3 21.7 20.5 6.2 11.3 57.0 19.3 54.0 -48.4 22

23 Taxes payable -0.2 -0.1 0.1 0.1 -0.1 0.9 0.9 -1.0 0.0 -1.2 1.8 23

24 Miscellaneous liabilities 1.6 12.6 27.8 21.6 1.5 50.6 33.5 327.1 -241.2 -22.2 -57.8 24

25 Foreign direct investment in U.S. 0.8 1.5 0.8 0.3 0.2 0.1 0.5 0.2 0.1 0.4 0.0 25

26 Due to affiliates 25.7 25.1 51.2 65.8 80.4 0.6 144.5 102.4 122.0 56.0 41.1 26

27 Other -24.8 -14.0 -24.2 -44.5 -79.1 49.8 -111.6 224.5 -363.3 -78.6 -99.0 27

28 Proprietors’ net investment -12.7 14.5 12.0 17.9 5.6 25.0 8.5 22.5 8.0 -29.8 21.8 28

29 Discrepancy 0.7 0.7 0.8 0.7 1.6 0.8 0.9 1.0 1.4 1.7 2.1 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 31.2 3.1 116.5 122.1 139.5 113.6 191.9 269.0 38.9 109.8 140.4 1

 2 Money market fund shares 31.8 2.4 27.3 10.4 57.9 -3.5 26.9 43.1 58.3 61.6 68.4 2

 3 Credit market instruments -16.2 -23.8 24.0 58.4 29.1 30.4 141.4 115.9 -20.5 -27.9 49.1 3

 4 Open market paper -26.2 -33.6 1.2 51.8 24.7 32.1 129.5 130.1 -48.3 -37.8 54.6 4

 5 Corporate and foreign bonds 10.0 9.8 22.8 6.6 4.5 -1.7 11.9 -14.1 27.7 9.8 -5.6 5

 6 Miscellaneous assets (2) 15.6 24.5 65.2 53.3 52.5 86.7 23.5 110.0 1.1 76.0 23.0 6

 7 Investment in foreign banking offices -0.5 6.7 13.7 14.3 11.8 34.4 -16.4 34.9 -32.9 40.7 4.4 7

 8 Investment in brokers and dealers 16.1 17.8 51.5 38.9 40.8 52.3 39.9 75.0 34.0 35.3 18.6 8

 9 Net increase in liabilities 31.2 3.1 116.5 122.1 139.5 113.6 191.9 269.0 38.9 109.8 140.4 9

10 Credit market instruments 23.1 34.9 64.1 80.7 39.9 115.3 99.2 137.9 -33.3 10.1 44.9 10

11 Open market paper 3.0 10.5 34.9 50.1 5.9 63.8 71.2 66.2 -58.0 -18.9 34.3 11

12 Corporate bonds 20.0 24.4 29.2 30.6 34.0 51.5 28.0 71.7 24.7 29.0 10.6 12

13 Miscellaneous liabilities 8.1 -31.8 52.4 41.4 99.6 -1.7 92.7 131.2 72.2 99.7 95.6 13

14 Foreign direct investment in U.S. -7.5 -10.4 1.1 -27.4 12.6 -28.6 -75.7 -27.9 34.4 65.9 -21.9 14

15 Securities loaned (net) 24.6 -5.5 59.9 57.2 63.3 -12.0 -3.9 93.3 46.1 147.8 -34.0 15

16 Other -9.0 -15.9 -8.6 11.6 23.7 38.9 172.3 65.7 -8.3 -114.1 151.4 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, March 12, 1999 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves -5.3 9.6 -6.7 1.0 7.4 2.9 18.1 1.8 7.8 10.6 9.5 1

 2 U.S. gold stock and SDRs 0.4 0.8 -0.4 0.4 0.1 0.6 0.6 0.7 -0.3 -0.8 0.9 2

 3 Federal govt.: Exchange Stab. Fund 0.4 0.8 -0.4 0.4 0.2 0.6 0.6 0.7 -0.3 -0.7 0.9 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0.0 -0.0 -0.0 0.0 4

 5 U.S. foreign exchange position -5.8 8.8 -6.3 0.7 7.3 2.4 17.5 1.0 8.1 11.4 8.6 5

 6 Official foreign currency holdings -5.3 6.3 -7.6 -2.9 1.5 0.5 0.6 0.7 3.9 0.5 0.9 6

 7 Treasury -2.6 3.2 -3.8 -1.5 0.8 0.3 0.3 0.4 2.0 0.3 0.4 7

 8 Monetary authority -2.6 3.2 -3.8 -1.5 0.8 0.3 0.3 0.4 2.0 0.3 0.4 8

 9 Net IMF position -0.5 2.5 1.3 3.6 5.7 1.9 16.9 0.3 4.1 10.8 7.7 9

10 Federal government -0.5 2.5 1.3 3.6 5.7 1.9 16.9 0.3 4.1 10.8 7.7 10

11 Monetary authority 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0 2.2 -0.5 -0.5 0 0 0 0 0 0 0 1

 2 Asset: Monetary authority 0 2.2 -0.5 -0.5 0 0 0 0 0 0 0 2

 Treasury currency:

 3 Liab: Federal government 0.7 0.6 0.1 -0.0 -0.0 1.3 -1.9 0.3 0.2 1.7 -2.3 3

 4 Asset: Monetary authority 0.9 1.0 1.0 0.6 0.6 0.5 0.6 0.5 0.5 0.6 0.8 4

 5 Discrepancy (seigniorage) -0.2 -0.5 -0.9 -0.6 -0.6 0.7 -2.4 -0.2 -0.3 1.1 -3.0 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 52.9 35.3 85.9 107.4 41.9 116.1 103.0 -45.3 89.0 87.3 36.8 1

 Held by:

 2 Household sector 3.1 4.6 12.4 6.3 -4.0 12.0 -3.0 18.0 -12.0 -10.0 -12.0 2

 3 Nonfinancial corporate business 1.1 1.6 10.8 -6.4 -0.0 -0.7 -42.9 10.9 -21.5 -1.3 11.9 3

 4 Money market mutual funds 5.7 4.0 3.4 0.1 7.4 11.1 0.6 20.5 -25.7 29.4 5.7 4

 5 Discrepancy--unallocated assets 43.0 25.1 59.4 107.4 38.5 93.8 148.3 -94.6 148.3 69.2 31.3 5
38 Z.1, March 12, 1999

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 89.8 9.9 -51.6 -19.7 -37.3 -25.0 79.8 -107.1 46.6 14.3 -103.3 1

 2 Monetary authority 1.3 1.3 -0.5 6.1 -7.5 7.0 16.5 -19.0 -1.5 25.6 -35.0 2

 3 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 3.9 16.2 -19.7 0.0 20.4 -18.9 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 3.1 0.3 0.7 -1.5 5.2 -16.1 4

 5 Commercial banking 88.5 8.7 -51.2 -25.8 -29.9 -32.0 63.3 -88.1 48.1 -11.3 -68.3 5

 6 To monetary authority -1.5 0.7 4.1 -1.6 -1.0 -9.2 10.8 -4.9 3.4 -10.2 7.9 6

 7 To banks in foreign countries 92.8 11.1 -52.0 -4.3 -32.2 27.3 85.5 -113.9 33.3 -20.5 -27.7 7

 8 Liabilities, net 93.6 10.7 -46.8 -4.2 -37.2 18.3 71.1 -124.8 26.2 -24.7 -25.4 8

 9 U.S.-chartered commercial banks 74.4 -2.7 -31.1 13.6 24.6 12.1 -0.9 57.1 4.5 63.8 -27.0 9

10 Due to foreign affiliates 52.6 -14.7 -1.9 46.3 23.4 -3.1 138.7 -25.7 38.4 31.4 49.6 10

11 - Due from foreign affiliates -21.7 -12.0 29.2 32.7 -1.2 -15.3 139.6 -82.8 33.8 -32.5 76.6 11

12 Foreign banking offices in U.S. 27.1 17.2 -11.5 -18.5 -60.3 10.1 71.6 -186.2 18.6 -98.5 25.0 12

13 Due to foreign affiliates 1.4 15.5 10.6 -10.7 33.2 -39.1 -1.3 -79.2 166.4 22.6 22.9 13

14 - Due from foreign affiliates -25.7 -1.7 22.1 7.8 93.5 -49.2 -72.9 107.0 147.9 121.1 -2.1 14

15 Bank holding companies -7.8 -3.8 -4.1 0.8 -1.5 -4.0 0.3 4.3 3.1 10.0 -23.4 15

16 Due to foreign affiliates -2.5 -1.1 -0.2 0.3 -0.1 3.4 -0.5 2.0 -1.1 1.5 -3.0 16

17 - Due from foreign affiliates 5.3 2.7 3.9 -0.4 1.4 7.4 -0.8 -2.2 -4.1 -8.5 20.4 17

18 Less: Deposits at foreign banks 0.8 -0.4 5.2 0.2 -5.0 -9.0 -14.4 -10.9 -7.1 -4.2 2.4 18

19 U.S.-chartered commercial banks -0.4 -2.5 5.2 1.0 -1.0 -4.3 -16.5 4.5 -7.5 -3.7 2.6 19

20 Foreign banking offices in U.S. 1.3 2.1 -0.0 -0.9 -4.0 -4.7 2.1 -15.5 0.4 -0.5 -0.3 20

21 To U.S. banking, net -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 21

22 U.S.-chartered commercial banks 5.6 -7.3 -23.5 -6.7 -2.6 -31.7 -7.9 17.9 -19.7 16.0 -24.5 22

23 Liabilities 4.9 -8.1 -6.6 -14.7 5.9 -44.7 -36.2 21.4 24.2 67.4 -89.4 23

24 To foreign offices in U.S. 8.1 -4.9 -3.0 5.4 2.1 5.1 0.3 -11.1 11.6 48.3 -40.5 24

25 To bank holding companies -0.4 -0.1 -0.3 -0.2 0.6 0.2 -3.5 1.8 1.2 -0.3 -0.4 25

26 Unallocated -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 26

 Less, due from:

27 Foreign offices in U.S. -6.5 -1.3 6.0 -7.4 -1.7 -22.7 -28.5 3.3 33.3 40.5 -83.9 27

28 Bank holding companies 5.8 0.5 10.9 -0.6 10.2 9.7 0.2 0.2 10.6 11.0 19.0 28

29 Foreign banking offices in U.S. -14.6 3.6 9.0 -12.7 -3.8 -27.8 -28.8 14.4 21.7 -7.8 -43.4 29

30 Due to U.S. banks -6.5 -1.3 6.0 -7.4 -1.7 -22.7 -28.5 3.3 33.3 40.5 -83.9 30

31 - Due from U.S. banks 8.1 -4.9 -3.0 5.4 2.1 5.1 0.3 -11.1 11.6 48.3 -40.5 31

32 Bank holding companies 6.2 0.6 11.2 -0.4 9.6 9.5 3.7 -1.6 9.4 11.2 19.5 32

33 Due to U.S. banks 5.8 0.5 10.9 -0.6 10.2 9.7 0.2 0.2 10.6 11.0 19.0 33

34 - Due from U.S. banks -0.4 -0.1 -0.3 -0.2 0.6 0.2 -3.5 1.8 1.2 -0.3 -0.4 34

35 Net change in assets 92.6 13.1 -48.3 0.2 -40.6 25.0 112.8 -137.8 35.2 -5.1 -54.9 35

36 Rest of the world 92.8 11.1 -52.0 -4.3 -32.2 27.3 85.5 -113.9 33.3 -20.5 -27.7 36

37 Domestic -0.2 2.0 3.7 4.5 -8.4 -2.2 27.3 -23.9 1.9 15.4 -27.1 37

38 Monetary authority -1.5 0.7 4.1 -1.6 -1.0 -9.2 10.8 -4.9 3.4 -10.2 7.9 38

39 Federal Reserve float -1.6 0.8 4.2 -3.6 1.1 -2.9 3.9 3.1 -0.3 -10.6 12.0 39

40 Loans to member banks 0.1 -0.1 -0.1 2.0 -2.0 -6.3 6.9 -8.0 3.7 0.4 -4.2 40

41 Commercial banking 1.9 1.4 -0.0 6.6 -7.6 7.1 16.6 -19.3 -1.3 25.8 -35.5 41

42 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 4.0 16.3 -19.9 0.2 20.6 -19.4 42

43 Vault cash 5.5 2.4 4.6 -0.2 -2.9 3.1 0.3 0.7 -1.5 5.2 -16.1 43

44 Savings insts.: Reserves at Fed. Res. -0.6 -0.1 -0.5 -0.5 0.1 -0.1 -0.1 0.3 -0.2 -0.2 0.4 44

45 Discrepancy--floats, etc. -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 45
Z.1, March 12, 1999 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -9.7 -12.7 15.8 41.5 48.6 -38.4 71.9 65.6 109.3 -61.7 81.3 1

 2 Monetary authority 25.3 17.0 23.5 30.1 38.5 23.2 46.3 27.8 26.3 29.2 70.5 2

 3 Federal government cash and deposits -7.7 -1.2 1.7 -2.3 0.5 -8.7 -2.4 13.1 1.0 -25.1 13.0 3

 4 Deposits due to foreign -0.1 0.2 -0.1 0.5 0.0 0.3 1.3 -0.9 0.4 0.9 -0.4 4

 5 Currency outside banks 33.1 18.0 21.8 31.9 37.9 31.6 47.3 15.6 24.9 53.4 57.9 5

 6 Commercial banking -31.7 -45.9 -34.6 -19.8 -32.3 -91.2 -2.4 -12.7 56.6 -118.1 -55.0 6

 7 Federal government deposits -18.9 -4.7 9.7 -0.9 -14.6 2.4 7.0 -12.6 58.4 -69.6 -34.7 7

 8 Deposits due to foreign 1.9 0.8 2.6 4.6 -2.8 -5.1 13.8 2.8 14.2 -11.7 -16.7 8

 9 Private domestic deposits -14.7 -42.0 -46.9 -23.5 -14.9 -88.4 -23.1 -2.9 -16.1 -36.8 -3.7 9

10 Savings institutions -5.4 14.1 25.4 27.1 36.1 23.8 28.6 34.5 33.9 31.4 44.6 10

11 Credit unions 2.0 2.1 1.6 4.1 6.4 5.7 -0.6 16.0 -7.4 -4.2 21.3 11

12 Net change in assets -9.7 -12.7 15.8 41.5 48.6 -38.4 71.9 65.6 109.3 -61.7 81.3 12

13 Household sector -29.8 -58.7 -66.4 -15.1 0.7 -69.0 42.3 1.9 -0.9 -25.9 27.4 13

14 Nonfinancial business 24.1 36.1 54.8 13.9 43.2 17.2 -75.5 60.9 44.1 38.2 29.4 14

15 Corporate 18.5 31.3 49.8 8.5 36.3 11.8 -81.7 54.8 37.3 31.2 22.1 15

16 Nonfarm noncorporate 5.1 4.3 5.1 5.2 6.7 5.2 5.9 6.1 6.7 7.0 7.2 16

17 Farm 0.4 0.5 0 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 17

18 State and local governments 3.2 2.8 -2.7 1.5 -0.7 4.3 -1.9 -4.4 2.6 -7.7 6.9 18

19 Federal government -21.7 -0.0 11.0 -0.5 -16.7 -16.3 12.5 -7.0 101.2 -118.8 -42.1 19

20 Rest of the world 25.3 13.4 19.9 29.9 13.8 21.5 54.7 4.9 24.0 18.3 7.9 20

21 Checkable deposits 1.8 1.1 2.6 5.1 -2.8 -4.9 15.1 1.9 14.6 -10.8 -17.1 21

22 Currency 23.5 12.3 17.4 24.8 16.6 26.3 39.6 3.0 9.4 29.1 25.0 22

23 Financial sectors -3.2 3.5 2.8 18.4 8.9 -3.1 52.8 5.8 -16.8 13.3 33.4 23

24 Commercial banking 0.4 0.2 -0.2 -0.1 0.7 -0.1 -0.2 -0.1 0.8 -0.5 2.8 24

25 Savings institutions -1.5 1.6 -1.3 1.0 3.2 2.4 3.8 2.4 -0.1 -0.2 10.7 25

26 Credit unions 0 0.9 0.1 0.6 0.7 0.3 2.6 -0.8 -0.0 -0.3 4.0 26

27 Bank personal trusts and estates -0.3 0.1 0.3 0.2 -0.0 0.2 0.2 0.0 0.1 -0.1 -0.1 27

28 Life insurance companies 0.4 -0.5 -0.9 3.8 -2.3 -1.4 17.8 -18.3 5.1 -1.6 5.5 28

29 Other insurance companies -0.2 -0.2 -0.9 0.3 -0.1 0.4 0.3 -2.1 -0.5 0.8 1.2 29

30 Private pension funds 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 0.1 30

31 State and local govt. retirement funds -1.3 -2.0 0.4 0.7 1.6 0.6 1.0 3.0 -0.1 4.7 -1.3 31

32 Money market mutual funds -1.3 -1.0 2.4 2.6 -2.6 -6.9 14.7 8.1 -14.5 -7.4 3.7 32

33 Government-sponsored enterprises -0.9 0.2 -0.8 1.2 2.1 -3.9 -0.1 -1.4 1.2 0.7 8.0 33

34 Finance companies 1.6 1.7 1.9 2.1 2.3 2.1 2.1 2.2 2.2 2.3 2.3 34

35 Brokers and dealers -0.3 1.7 1.9 6.0 3.5 3.5 10.9 13.1 -10.8 15.2 -3.4 35

36 Mail float -7.6 -9.8 -3.6 -6.6 -0.5 7.0 -12.9 3.5 -44.8 20.9 18.3 36
40 Z.1, March 12, 1999

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -20.3 162.2 211.3 219.6 246.6 235.4 226.6 341.1 19.7 196.7 428.7 1

 2 Small time and savings deposits -39.9 96.6 97.2 97.1 155.0 47.0 155.9 154.9 36.2 115.2 313.6 2

 3 Commercial banking -1.0 113.9 123.1 148.3 184.7 131.3 191.3 183.0 84.8 151.1 320.2 3

 4 U.S.-chartered commercial banks -0.6 113.4 122.8 143.9 185.8 144.8 190.5 185.0 74.5 169.2 314.4 4

 5 Foreign banking offices in U.S. -1.1 -0.7 0.1 4.4 -2.5 -14.7 -0.1 -3.1 9.3 -19.4 3.0 5

 6 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.5 1.2 0.9 1.1 1.0 1.2 2.7 6

 7 Savings institutions -44.4 -29.0 -38.1 -64.4 -54.5 -94.1 -53.2 -43.4 -66.8 -67.5 -40.4 7

 8 Credit unions 5.5 11.6 12.3 13.2 24.8 9.8 17.9 15.3 18.3 31.6 33.9 8

 9 Large time deposits (1) 19.6 65.6 114.0 122.5 91.6 188.4 70.7 186.2 -16.5 81.5 115.1 9

10 Commercial banking 21.3 54.8 105.3 107.9 71.8 176.3 45.4 173.3 -32.1 61.2 84.7 10

11 U.S.-chartered commercial banks 17.9 42.6 49.5 63.2 34.8 118.2 34.9 79.6 -18.7 2.0 76.3 11

12 Foreign banking offices in U.S. 2.6 11.0 55.6 44.7 35.5 57.0 9.7 92.7 -14.5 58.0 5.7 12

13 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.5 1.2 0.9 1.1 1.0 1.2 2.7 13

14 Savings institutions -2.1 9.2 6.3 11.7 15.7 12.0 19.0 12.6 7.8 18.0 24.5 14

15 Credit unions 0.4 1.7 2.4 2.9 4.1 0.1 6.3 0.3 7.9 2.3 5.9 15

16 Net change in assets -20.3 162.2 211.3 219.6 246.6 235.4 226.6 341.1 19.7 196.7 428.7 16

17 Household sector -12.2 164.5 167.8 169.0 156.9 209.0 174.8 297.6 -12.0 26.7 315.4 17

18 Nonfinancial business 1.6 -15.8 8.6 12.6 37.2 -5.0 42.8 18.9 17.2 55.7 56.9 18

19 Corporate -6.6 -24.5 1.8 6.3 29.0 -11.2 35.6 11.6 9.1 47.2 48.1 19

20 Nonfarm noncorporate 8.2 8.7 6.8 6.3 8.2 6.2 7.2 7.3 8.1 8.5 8.8 20

21 State and local governments 6.3 9.5 8.3 6.1 12.7 13.6 1.3 19.3 13.8 9.4 8.4 21

22 Federal government -0.1 0.3 1.4 1.0 1.3 -2.1 2.6 -1.6 1.0 1.3 4.7 22

23 Rest of the world 1.5 -6.6 10.9 13.1 12.4 6.9 20.6 18.2 -0.9 36.6 -4.4 23

24 Financial sectors -17.4 10.4 14.2 17.8 26.1 13.2 -15.5 -11.3 0.6 67.2 47.8 24

25 Savings institutions -1.8 -0.2 0.3 -0.4 0.5 -0.5 -1.0 0.7 1.1 -0.1 0.4 25

26 Credit unions -8.9 0.4 -0.7 0.6 8.1 -9.0 9.7 1.5 7.9 4.5 18.7 26

27 Bank personal trusts and estates 1.6 -0.5 -1.6 2.3 2.1 3.6 2.3 2.3 2.3 1.9 1.9 27

28 Private pension funds -4.2 -9.4 -14.3 -13.2 0.1 -11.8 -14.7 -1.8 -3.0 12.1 -6.6 28

29 State and local govt. retirement funds -3.6 -0.9 0.1 -0.2 -0.6 -3.2 2.6 -7.1 2.8 -0.4 2.5 29

30 Money market mutual funds -0.5 20.9 30.4 28.6 15.7 34.1 -14.6 -6.9 -10.4 49.3 30.9 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 43.3 142.3 145.8 157.6 285.5 226.2 147.8 248.0 186.4 400.7 306.6 1

 2 Net purchases 43.3 142.3 145.8 157.6 285.5 226.2 147.8 248.0 186.4 400.7 306.6 2

 3 Household sector 13.4 97.9 58.6 90.5 145.5 169.0 54.3 117.1 86.3 230.7 147.9 3

 4 Nonfinancial corporate business 7.4 24.8 9.9 23.9 39.3 27.6 23.2 46.5 20.4 42.8 47.5 4

 5 Nonfarm noncorporate business 0.1 0.9 1.0 0.7 0.9 0.8 0.8 0.8 0.9 0.9 1.0 5

 6 Bank personal trusts and estates 0.6 3.7 7.8 1.6 1.9 2.8 1.6 2.0 2.0 1.8 2.0 6

 7 Life insurance companies -15.3 6.6 36.1 25.5 29.3 28.5 29.5 34.7 15.2 32.0 35.3 7

 8 Private pension funds 5.3 6.0 5.2 5.0 10.7 1.0 11.5 3.8 3.3 30.9 4.7 8

 9 Funding corporations 31.8 2.4 27.3 10.4 57.9 -3.5 26.9 43.1 58.3 61.6 68.4 9
Z.1, March 12, 1999 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 78.2 110.5 41.4 120.9 55.3 115.5 117.9 259.5 -113.6 228.6 -153.4 1

 2 Commercial banking (net) 78.1 30.4 41.0 89.0 87.0 88.4 131.1 110.3 36.2 174.1 27.6 2

 3 U.S.-chartered commercial banks 71.6 28.2 28.7 63.4 66.7 73.3 75.5 53.9 -4.5 99.1 118.5 3

 4 Foreign banking offices in U.S. 6.7 1.8 12.0 25.6 19.8 15.0 55.9 52.0 25.6 74.2 -72.7 4

 5 Bank holding companies -0.2 0.4 0.4 0.0 0.5 0.1 -0.3 4.4 15.1 0.8 -18.2 5

 6 Savings institutions 18.4 -0.0 -0.9 -1.9 9.6 3.5 -19.8 14.3 10.6 -1.4 14.7 6

 7 REITs 4.7 1.2 2.8 11.2 -10.4 10.9 19.0 20.3 -7.5 -13.0 -41.6 7

 8 Brokers and dealers (net) -23.0 79.0 -1.5 22.7 -30.9 12.7 -12.4 114.5 -152.8 68.9 -154.1 8

 9 Net change in assets 8.9 93.0 40.8 55.7 47.5 91.6 -72.9 144.4 61.8 138.1 -154.0 9

10 Nonfinancial corporate business -0.3 0.3 1.4 0.6 -1.4 2.8 2.1 -4.0 -4.9 2.1 1.2 10

11 State and local governments -15.1 -3.0 32.1 3.6 7.2 2.8 5.0 34.5 -24.0 16.0 2.2 11

12 Rest of the world -12.0 21.0 3.2 20.0 -18.8 24.0 -30.0 85.5 -28.1 -52.6 -80.2 12

13 Financial sectors 36.3 74.7 4.1 31.6 60.6 62.0 -50.0 28.3 118.7 172.6 -77.3 13

14 Monetary authority -2.6 3.3 7.7 2.3 6.5 13.1 3.3 -29.5 30.2 -1.9 27.2 14

15 Savings institutions -4.1 4.8 -1.2 -0.8 5.5 -5.3 2.9 10.8 9.6 5.5 -3.9 15

16 Credit unions -2.3 0.2 -4.9 2.0 3.4 5.0 4.3 4.3 9.1 -8.6 8.7 16

17 Other insurance companies -2.3 8.1 -2.1 -0.2 2.8 3.8 -9.1 3.9 3.7 20.1 -16.4 17

18 Private pension funds -0.5 5.5 2.5 1.9 8.2 3.8 0.8 5.7 6.9 19.3 0.9 18

19 State and local govt. retirement funds 5.8 6.3 0.7 -2.6 3.6 -10.9 -17.3 19.7 -14.4 6.4 2.8 19

20 Money market mutual funds 2.4 19.0 16.0 22.8 12.9 48.1 20.3 20.7 33.0 70.6 -72.5 20

21 Mutual funds 4.4 7.1 -2.7 10.3 8.0 2.9 -6.4 -26.3 57.4 50.9 -50.0 21

22 Government-sponsored enterprises 35.4 20.5 -11.8 -4.1 9.6 1.6 -48.8 19.1 -16.9 10.3 26.0 22

23 Discrepancy--unallocated assets 69.4 17.5 0.6 65.3 7.7 23.9 190.8 115.2 -175.3 90.5 0.7 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 35.7 74.3 102.6 184.1 193.1 171.7 257.7 343.8 113.1 232.7 83.0 1

 2 Commercial paper 38.6 75.1 101.6 186.8 202.5 177.6 270.1 358.4 124.8 233.5 93.3 2

 3 Nonfinancial corporate business 21.4 18.1 -0.9 13.7 24.4 14.5 12.8 51.1 3.8 85.6 -43.0 3

 4 Foreign issues in U.S. -26.1 13.5 11.3 3.7 7.8 -11.6 0.7 55.3 -25.5 6.2 -4.7 4

 5 Nonfinancial -12.3 5.4 -1.9 -2.3 -1.6 -6.3 -1.3 7.9 -1.6 4.3 -17.0 5

 6 Financial -13.9 8.1 13.2 6.0 9.4 -5.2 1.9 47.4 -23.9 1.8 12.2 6

 7 Financial sectors 43.3 43.4 91.3 169.4 170.3 174.6 256.6 252.1 146.6 141.7 141.0 7

 8 Commercial banking 5.9 -1.4 1.9 6.0 7.8 2.4 12.3 16.9 24.7 7.9 -18.1 8

 9 ABS issuers 12.4 37.3 45.4 89.4 125.7 112.9 149.2 120.6 120.7 133.3 128.0 9

10 Finance companies 22.5 -2.9 9.0 23.9 30.7 -4.6 23.9 48.3 59.4 18.7 -3.4 10

11 REITs -0.6 -0.0 0.0 0.0 0.2 0.1 0.0 0.1 -0.2 0.7 0.2 11

12 Funding corporations 3.0 10.5 34.9 50.1 5.9 63.8 71.2 66.2 -58.0 -18.9 34.3 12

13 Bankers acceptances (1) -2.9 -0.8 1.0 -2.7 -9.4 -5.9 -12.4 -14.6 -11.8 -0.7 -10.3 13

14 Net purchases, by sector 35.7 74.3 102.6 184.1 193.1 171.7 257.7 343.8 113.1 232.7 83.0 14

15 Household sector 1.2 1.3 4.0 7.0 4.2 8.0 8.0 4.0 4.0 4.0 4.8 15

16 Nonfinancial corporate business -0.6 1.3 10.9 3.2 -4.8 7.4 17.9 -10.8 -19.9 1.1 10.4 16

17 State and local governments 4.4 17.1 20.3 11.3 9.0 16.7 7.1 17.1 2.3 12.6 4.0 17

18 Rest of the world 6.0 18.6 14.4 19.9 35.6 61.7 9.8 -13.1 70.2 93.2 -8.1 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -1.5 -0.1 0.8 -0.8 -0.2 0.1 -1.7 -0.7 0.2 -0.7 0.6 20

21 Savings institutions -0.2 0.0 0.1 -0.3 0 0 0 0 0.0 -0.0 0 21

22 Credit unions -0.1 -1.6 -0.3 -0.1 0.2 -1.0 0.1 -0.2 1.3 2.6 -2.8 22

23 Bank personal trusts and estates 3.5 0.7 -2.6 2.8 -0.4 2.8 4.0 -0.4 1.6 -1.6 -1.4 23

24 Life insurance companies 5.9 -7.3 2.9 17.5 7.8 27.1 20.8 -6.2 0.2 23.0 14.0 24

25 Private pension funds -0.5 6.1 3.5 2.2 10.3 2.3 -0.7 5.8 7.7 21.7 5.8 25

26 State and local govt. retirement funds 5.8 6.3 0.7 -2.6 1.6 -10.9 -17.3 19.7 -14.4 6.4 -5.2 26

27 Money market mutual funds 22.7 48.4 38.4 62.1 78.2 94.6 55.0 122.3 72.3 51.9 66.4 27

28 Mutual funds 4.4 7.1 -3.1 10.6 8.0 -5.8 12.7 -35.2 56.3 41.4 -30.5 28

29 Government-sponsored enterprises 14.4 -0.8 9.6 -1.1 15.5 -57.1 12.8 108.2 -33.4 -3.0 -9.9 29

30 Brokers and dealers -3.7 10.9 1.6 0.6 3.6 -6.4 -0.3 3.3 12.9 17.8 -19.7 30

31 Funding corporations -26.2 -33.6 1.2 51.8 24.7 32.1 129.5 130.1 -48.3 -37.8 54.6 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 12, 1999

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 155.7 142.9 146.6 23.2 -54.6 31.2 39.0 -27.6 -69.4 -136.1 14.7 1

 2 Savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 2

 3 Other Treasury issues 147.7 137.9 144.6 23.7 -54.7 30.7 38.0 -24.9 -68.9 -136.9 11.8 3

 4 Net purchases 155.7 142.9 146.6 23.2 -54.6 31.2 39.0 -27.6 -69.4 -136.1 14.7 4

 5 Household sector 156.1 -55.5 -76.4 -211.3 -72.1 -213.6 -288.4 -187.7 144.4 -92.4 -152.5 5

 6 Savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 6

 7 Other Treasury issues 148.1 -60.6 -78.4 -210.8 -72.2 -214.1 -289.4 -185.0 144.9 -93.3 -155.3 7

 8 Nonfinancial corporate business 2.0 6.3 -0.0 10.6 -26.7 21.6 -11.4 -87.9 -17.8 8.0 -9.1 8

 9 Nonfarm noncorporate business 0.7 1.6 2.1 1.6 2.0 1.6 1.7 1.8 1.9 2.0 2.1 9

10 State and local governments -77.8 -80.2 -32.8 -17.7 -2.0 -14.5 2.4 -2.0 40.9 25.9 -73.0 10

11 Rest of the world 65.0 168.5 270.7 139.4 38.1 168.5 42.9 38.5 26.4 -137.0 224.5 11

12 Monetary authority 32.5 13.7 12.7 39.8 21.4 25.2 53.9 27.6 8.1 48.8 1.0 12

13 Commercial banking -31.8 -11.7 -16.9 8.3 -56.0 -19.1 58.7 -10.2 -39.8 -177.7 3.7 13

14 U.S.-chartered commercial banks -27.0 -40.4 -34.7 -6.1 -42.1 -39.2 39.7 -23.1 -52.8 -103.0 10.6 14

15 Foreign banking offices in U.S. -3.5 29.6 18.4 14.4 -10.3 19.0 18.3 18.4 16.3 -69.5 -6.2 15

16 Bank holding companies -0.7 -1.2 0.6 -0.1 -3.1 -0.9 5.1 -6.9 -2.3 -2.8 -0.2 16

17 Banks in U.S.-affiliated areas -0.6 0.2 -1.3 0.1 -0.6 2.0 -4.5 1.4 -0.9 -2.4 -0.5 17

18 Savings institutions -1.1 -8.7 -1.0 -2.8 -4.4 -4.3 -2.8 1.1 -8.9 -6.0 -3.8 18

19 Credit unions -0.5 -3.8 -0.9 -1.8 -2.8 -8.8 -0.5 -2.5 -2.0 -7.6 1.0 19

20 Bank personal trusts and estates -0.6 -1.1 0.8 -0.3 -0.2 -0.1 -0.3 -0.4 -0.4 -0.0 -0.1 20

21 Life insurance companies -2.9 1.0 -14.9 1.1 6.8 11.6 -9.6 10.2 2.8 7.7 6.5 21

22 Other insurance companies 9.4 0.5 -12.6 2.1 0.8 3.4 2.2 4.2 -0.2 -1.2 0.5 22

23 Private pension funds 31.7 27.1 15.9 19.7 27.5 18.8 25.7 19.1 36.6 15.8 38.7 23

24 State and local govt. retirement funds 8.0 4.8 14.7 14.3 -9.4 44.7 -17.0 13.6 7.1 -52.9 -5.4 24

25 Money market mutual funds -13.3 3.8 20.3 -4.0 17.5 -6.2 13.6 -2.3 23.0 -3.1 52.2 25

26 Mutual funds -6.8 11.2 8.9 11.0 13.8 24.4 -3.1 38.6 -1.4 7.7 10.2 26

27 Closed-end funds -1.0 -1.5 0.2 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 27

28 Government-sponsored enterprises 0.3 6.1 -12.9 7.1 0.7 38.7 22.8 -55.5 6.3 23.1 29.0 28

29 Brokers and dealers -14.4 61.0 -31.1 7.5 -8.1 -59.2 149.9 167.6 -294.9 204.2 -109.5 29

 Memo:

30 Federal government borrowing (1) 155.9 144.4 145.0 23.1 -52.6 30.3 40.8 -30.0 -70.9 -136.5 26.9 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, March 12, 1999 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 292.5 205.6 229.9 212.7 498.9 160.1 299.9 224.9 411.9 561.2 797.8 1

 2 Budget agencies 0.2 1.5 -1.6 -0.1 2.0 -0.9 1.7 -2.4 -1.4 -0.4 12.2 2

 3 Government-sponsored enterprises 176.9 105.9 90.4 98.4 304.3 46.4 157.9 142.5 166.4 294.0 614.5 3

 4 Federally related mortgage pools 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 4

 5 Net purchases 292.5 205.6 229.9 212.7 498.9 160.1 299.9 224.9 411.9 561.2 797.8 5

 6 Household sector 138.4 15.2 78.9 26.7 -27.0 -37.8 86.3 -197.9 25.1 80.3 -15.4 6

 7 Nonfinancial corporate business 0.8 3.5 10.5 -16.4 15.9 -6.9 11.1 46.5 11.6 13.4 -8.1 7

 8 State and local governments 11.6 -35.1 -25.3 9.2 46.6 -45.4 20.8 -20.8 79.1 60.0 68.0 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 21.7 28.7 41.7 49.6 55.4 60.6 40.4 93.4 69.0 13.0 46.0 10

11 Monetary authority -1.0 -1.0 -0.4 -1.5 -0.3 -2.3 -1.0 -0.2 -0.4 -0.5 -0.3 11

12 Commercial banking 5.5 38.7 28.2 75.5 91.4 59.6 133.0 88.2 -19.3 133.4 163.3 12

13 U.S.-chartered commercial banks 1.8 23.4 15.3 60.4 81.6 50.0 117.5 52.6 -21.8 146.1 149.4 13

14 Foreign banking offices in U.S. 1.5 14.3 12.4 12.5 4.8 11.4 7.5 20.5 11.4 -17.1 4.4 14

15 Bank holding companies 1.7 -0.2 0.3 0.6 1.1 -3.5 4.6 12.4 -11.2 2.5 0.9 15

16 Banks in U.S.-affiliated areas 0.5 1.3 0.2 2.0 3.9 1.6 3.4 2.7 2.2 2.0 8.7 16

17 Savings institutions 12.6 4.7 -8.5 -0.8 -11.7 -19.2 1.9 -10.8 -11.3 -17.1 -7.6 17

18 Credit unions 4.5 4.9 4.9 0.4 8.7 3.5 -7.1 5.3 8.3 8.6 12.6 18

19 Bank personal trusts and estates -0.5 -0.1 -0.3 0.2 -0.1 0.2 0.2 -0.3 -0.3 0.3 0.1 19

20 Life insurance companies 11.3 8.7 1.3 -2.1 14.1 14.2 -29.2 11.4 11.7 13.9 19.3 20

21 Other insurance companies 1.6 2.3 2.8 1.7 0.6 2.5 3.2 3.2 -0.2 -0.9 0.4 21

22 Private pension funds 18.6 15.8 9.8 13.4 31.7 13.4 17.6 15.2 30.5 20.9 60.1 22

23 State and local govt. retirement funds 7.1 19.8 13.0 4.0 28.9 7.3 19.7 -11.0 32.7 49.1 44.8 23

24 Money market mutual funds 9.4 13.7 11.0 -5.5 77.5 -19.1 31.2 -2.0 -9.4 112.6 208.9 24

25 Mutual funds -3.6 7.7 6.2 8.4 11.6 19.0 -2.5 31.0 -1.2 6.9 9.7 25

26 Government-sponsored enterprises 63.1 57.4 59.6 62.0 128.4 64.4 38.6 97.0 104.7 130.3 181.7 26

27 ABS issuers 7.1 11.7 -4.8 -7.2 26.8 -4.4 -0.4 6.9 5.2 38.6 56.8 27

28 Brokers and dealers -15.8 9.0 1.2 -4.8 0.5 50.6 -63.8 69.8 76.2 -101.7 -42.4 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, March 12, 1999

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -35.9 -48.2 2.6 71.4 96.8 88.9 103.2 116.7 100.1 83.6 87.0 1

 2 State and local governments -46.3 -51.9 -7.2 57.3 79.1 73.0 92.4 89.1 79.1 72.7 75.5 2

 3 Short-term (1) -2.2 1.2 6.3 8.3 -6.3 14.3 13.8 -2.9 -4.4 -19.9 2.2 3

 4 Long-term -44.1 -53.2 -13.4 49.0 85.4 58.7 78.6 92.1 83.5 92.6 73.3 4

 5 Nonprofit organizations (2) 3.6 0.7 6.6 10.0 12.0 8.4 11.8 17.2 15.0 5.0 10.7 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 6.8 3.1 3.1 4.2 5.8 7.4 -1.0 10.4 6.0 5.9 0.8 6

 7 Net change in assets -35.9 -48.2 2.6 71.4 96.8 88.9 103.2 116.7 100.1 83.6 87.0 7

 8 Household sector -50.2 -42.9 -24.3 24.3 25.9 26.5 72.8 50.8 18.7 26.5 7.4 8

 9 Nonfinancial corporate business 2.0 -19.9 -5.1 8.3 8.2 1.1 -14.4 17.0 9.9 -4.0 9.9 9

10 State and local governments -0.9 -3.5 -0.5 0.2 -0.4 0.5 0.5 0.4 -0.4 -0.4 -1.1 10

11 Commercial banking -1.6 -4.2 0.9 2.4 8.2 6.6 0.1 -1.6 10.9 12.2 11.2 11

12 Savings institutions -0.1 -0.0 0.1 0.0 0.4 0.2 0.2 -1.6 1.1 1.1 0.9 12

13 Bank personal trusts and estates 5.3 -5.9 -4.3 0.8 1.0 0.3 0.8 0.9 0.9 1.2 1.2 13

14 Life insurance companies -1.9 -0.9 1.5 -1.0 2.3 1.5 -7.1 2.4 1.4 2.7 2.5 14

15 Other insurance companies 7.4 7.0 14.4 5.1 1.7 8.4 4.5 8.9 -0.5 -2.5 1.1 15

16 Private pension funds 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.0 0.3 16

17 State and local govt. retirement funds -0.3 0.1 0.0 0.7 -0.3 1.9 1.4 -0.3 0.1 -0.8 -0.2 17

18 Money market mutual funds 7.8 14.3 16.8 22.5 26.0 32.5 29.6 20.1 20.6 35.5 27.9 18

19 Mutual funds -4.3 3.2 3.1 6.5 23.6 11.6 7.1 19.3 26.5 13.0 35.7 19

20 Closed-end funds 1.6 6.2 2.1 0.0 1.2 0.0 0.0 1.1 1.1 1.1 1.4 20

21 Government-sponsored enterprises 0.8 1.0 -0.3 -0.8 -1.0 -1.1 -1.1 2.6 -2.2 0.7 -5.2 21

22 Brokers and dealers -1.7 -2.7 -1.9 2.4 -0.0 -1.3 8.6 -3.3 12.0 -2.7 -6.2 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 157.3 319.6 303.8 345.7 453.9 425.5 444.6 512.0 645.3 230.1 428.1 1

 2 Nonfinancial corporate business 23.3 73.3 72.5 90.7 132.2 122.9 74.4 157.2 160.8 87.1 123.8 2

 3 Rest of the world (1) 12.2 49.7 55.8 46.7 13.4 100.3 32.4 14.3 107.5 -35.3 -32.9 3

 4 Financial sectors 121.8 196.7 175.5 208.2 308.2 202.3 337.8 340.5 376.9 178.3 337.2 4

 5 Commercial banking 7.7 18.5 7.8 23.7 27.6 16.4 33.9 49.3 16.9 20.8 23.3 5

 6 Savings institutions -0.8 -0.0 -0.4 0.1 -0.2 0.9 0 -1.0 0.7 -0.5 -0.1 6

 7 ABS issuers 60.5 103.8 108.2 115.1 191.3 113.3 235.8 161.5 247.4 160.2 196.1 7

 8 Finance companies 31.7 52.6 32.5 20.3 29.6 6.1 24.2 37.5 42.0 -44.6 83.2 8

 9 REITs 2.0 2.3 0.2 10.3 18.9 20.9 8.8 22.6 25.2 15.9 11.8 9

10 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -6.9 7.0 -1.0 20.0 -2.6 12.3 10

11 Funding corporations 20.0 24.4 29.2 30.6 34.0 51.5 28.0 71.7 24.7 29.0 10.6 11

12 Net purchases 157.3 319.6 303.8 345.7 453.9 425.5 444.6 512.0 645.3 230.1 428.1 12

13 Household sector 39.6 88.5 2.7 32.2 14.1 106.8 120.4 99.6 101.3 -113.7 -30.9 13

14 State and local governments 5.4 7.1 10.7 -6.9 6.8 -2.1 -7.0 -6.1 11.1 16.0 6.0 14

15 Rest of the world (2) 38.0 58.1 83.7 86.8 122.3 101.2 68.0 108.2 163.0 94.2 123.7 15

16 Commercial banking 4.3 8.4 1.4 27.8 38.0 39.1 42.7 41.4 13.0 30.8 66.8 16

17 Savings institutions -2.4 -8.2 -9.9 -9.9 29.9 -34.8 1.0 -2.8 29.2 33.2 59.9 17

18 Bank personal trusts and estates -0.4 -1.7 -1.7 4.3 2.2 4.3 4.3 2.5 1.2 1.6 3.6 18

19 Life insurance companies 59.9 90.7 79.2 77.0 59.9 43.3 57.9 78.4 41.6 40.0 79.7 19

20 Other insurance companies 7.2 12.7 18.3 16.4 1.4 17.6 25.4 7.2 -0.4 -2.0 0.9 20

21 Private pension funds -7.5 5.6 21.2 27.7 45.3 27.5 34.1 31.8 50.8 34.9 63.9 21

22 State and local govt. retirement funds 1.2 -4.2 16.7 19.3 45.3 35.2 21.8 58.8 34.1 48.1 40.0 22

23 Money market mutual funds 3.4 6.4 2.4 12.5 44.8 19.7 14.9 33.9 93.6 50.7 1.0 23

24 Mutual funds 3.2 23.3 33.8 44.4 65.1 58.8 47.6 89.9 72.4 24.5 73.5 24

25 Closed-end funds -4.4 5.8 2.4 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 25

26 Government-sponsored enterprises 8.5 5.5 5.6 0.3 -5.0 -21.7 26.1 -23.2 -2.0 4.7 0.5 26

27 Brokers and dealers -8.7 12.0 14.5 9.2 -18.6 34.3 -22.6 8.3 10.7 -40.7 -52.7 27

28 Funding corporations 10.0 9.8 22.8 6.6 4.5 -1.7 11.9 -14.1 27.7 9.8 -5.6 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 12, 1999 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 24.6 -3.1 -3.4 -78.8 -178.4 -60.5 -103.3 -107.5 -115.9 -319.0 -171.4 1

 2 Nonfinancial corporate business -44.9 -58.3 -64.2 -114.4 -262.8 -124.0 -143.3 -139.2 -129.1 -308.4 -474.4 2

 3 Rest of the world (2) 48.1 50.4 60.0 41.3 75.9 64.3 -0.3 13.6 4.0 -32.9 319.1 3

 4 Financial sectors 21.4 4.8 0.8 -5.6 8.4 -0.8 40.3 18.2 9.2 22.2 -16.1 4

 5 Commercial banking -3.3 -8.7 -14.3 -27.7 -10.0 -20.6 -6.8 -10.6 -11.9 -9.1 -8.4 5

 6 Other insurance companies 6.5 7.1 6.2 5.1 4.8 4.0 11.5 1.6 2.1 6.1 9.4 6

 7 Closed-end funds 2.4 5.9 3.2 -9.6 -8.7 -9.6 -9.6 -8.8 -8.8 -8.8 -8.5 7

 8 REITs 11.1 8.7 12.3 32.5 19.8 33.8 46.2 35.9 27.4 7.0 9.0 8

 9 Brokers and dealers 4.7 -8.1 -6.5 -5.9 2.5 -8.5 -1.0 0.1 0.4 27.0 -17.6 9

10 Net purchases 24.6 -3.1 -3.4 -78.8 -178.4 -60.5 -103.3 -107.5 -115.9 -319.0 -171.4 10

11 Household sector -159.8 -192.0 -281.5 -513.9 -500.0 -569.6 -586.5 -620.2 -507.5 -421.6 -450.6 11

12 State and local governments 1.3 12.1 14.5 1.3 2.6 0.2 5.6 -4.2 6.7 1.3 6.5 12

13 Rest of the world (3) 0.9 16.6 11.0 64.2 42.5 92.8 43.1 113.0 56.5 -29.4 30.1 13

14 Commercial banking -1.4 2.1 1.8 0.6 1.4 0.0 3.0 1.8 2.3 2.1 -0.5 14

15 Savings institutions -1.8 0.7 0.6 0.2 1.5 -0.6 0.3 1.6 0.6 2.5 1.3 15

16 Bank personal trusts and estates -8.8 1.6 -17.3 72.3 45.9 73.6 75.1 40.0 49.0 40.0 54.7 16

17 Life insurance companies 61.8 18.6 42.1 93.2 92.1 107.4 138.8 87.2 108.0 77.0 96.0 17

18 Other insurance companies 1.1 -0.6 -6.8 3.0 -5.1 3.2 4.7 -4.4 -11.2 7.2 -12.0 18

19 Private pension funds -1.7 5.9 -9.6 -16.1 -52.7 -14.7 -30.2 -28.4 -60.2 -74.3 -48.0 19

20 State and local govt. retirement funds 29.3 41.3 52.2 53.5 65.7 55.1 59.9 73.6 59.7 89.3 40.0 20

21 Mutual funds 100.8 87.4 193.0 166.8 143.5 185.3 190.2 220.2 187.2 -5.2 172.0 21

22 Closed-end funds 6.1 -4.6 -1.5 -6.2 -6.4 -6.2 -6.2 -6.4 -6.4 -6.4 -6.5 22

23 Brokers and dealers -3.4 7.7 -1.9 2.4 -9.5 13.1 -1.0 18.6 -0.5 -1.6 -54.4 23

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 1

 2 Net purchases 100.6 147.4 237.6 265.1 275.6 299.9 261.0 321.4 383.7 200.9 196.2 2

 3 Household sector 67.4 94.7 176.2 254.9 255.2 283.1 257.2 280.7 355.1 211.1 174.0 3

 4 Nonfinancial corporate business 2.1 4.6 3.3 -8.2 -8.0 -8.2 -8.2 -8.0 -8.0 -8.0 -8.0 4

 5 State and local governments 7.8 5.9 6.0 3.6 3.6 4.2 3.0 3.5 3.7 3.5 3.9 5

 6 Commercial banking -1.9 0.3 0.3 0.8 1.7 -1.5 0.8 0.4 -0.7 3.7 3.3 6

 7 Credit unions -1.6 0.2 -0.3 -0.2 1.2 -0.1 -0.4 1.4 1.4 -0.2 2.1 7

 8 Bank personal trusts and estates 21.7 9.5 3.9 -7.8 2.6 -5.2 -8.4 3.0 0.8 2.0 4.5 8

 9 Life insurance companies -14.9 13.5 7.0 -14.1 -12.0 -14.1 -14.1 -12.0 -12.0 -12.0 -12.0 9

10 Private pension funds 20.1 18.6 41.1 36.2 31.2 41.7 31.1 52.4 43.4 0.7 28.4 10
46 Z.1, March 12, 1999

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 183.7 239.8 174.2 234.7 254.7 150.7 254.7 245.9 202.0 298.0 272.7 1

 - Loans elsewhere classified:

 2 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 0.1 -1.7 -0.7 0.2 -0.7 0.6 2

 3 Mortgages 64.9 77.5 55.2 99.9 92.3 108.8 79.7 131.5 21.3 40.9 175.6 3

 4 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -26.6 -15.0 -22.8 -11.4 12.3 7.4 4

 5 Security credit -5.7 4.6 1.3 21.7 20.5 6.2 11.3 57.0 19.3 54.0 -48.4 5

 6 = Banking sector total bank loans n.e.c. 62.9 114.7 92.1 128.2 145.6 62.2 180.5 81.0 172.7 191.4 137.5 6

 7 U.S.-chartered commercial banks 46.2 77.0 58.2 108.1 144.3 85.4 136.9 100.7 158.4 162.8 155.2 7

 8 Foreign banking offices in U.S. 15.1 35.4 32.2 19.2 -1.9 -23.4 40.5 -20.2 13.3 27.6 -28.1 8

 9 Bank holding companies -0.1 0.4 0.2 -0.0 1.7 -1.1 2.7 0.7 -1.1 0.0 7.2 9

10 Banks in U.S.-affiliated areas 1.7 1.8 1.4 0.9 1.5 1.2 0.4 -0.2 2.2 1.0 3.2 10

11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11

12 = Total bank loans n.e.c. 62.9 114.7 92.1 128.2 145.6 62.2 180.5 81.0 172.7 191.4 137.5 12

13 Net change in liabilities 62.9 114.7 92.1 128.2 145.6 62.2 180.5 81.0 172.7 191.4 137.5 13

14 Nonfinancial sectors 76.6 109.9 72.1 114.8 119.8 36.3 154.4 2.4 193.7 129.4 153.8 14

15 Household sector 13.4 15.1 -6.8 7.9 10.4 -49.1 32.3 -27.0 39.0 -14.7 44.3 15

16 Corporate business 42.7 66.8 45.8 73.2 83.5 57.1 79.3 12.2 117.4 118.6 85.8 16

17 Nonfarm noncorporate business 17.2 18.5 23.4 21.7 18.0 18.2 21.2 9.7 25.8 20.3 16.0 17

18 Farm business 1.9 1.1 0.6 3.5 1.2 2.7 5.9 2.3 3.1 1.6 -2.1 18

19 Rest of the world 1.4 8.5 9.1 8.5 6.8 7.3 15.7 5.2 8.4 3.6 9.9 19

20 Foreign official institutions -0.2 0.4 0.3 -0.8 0.8 0.8 -0.7 0.9 -0.5 -0.5 3.1 20

21 Foreign banks 0.0 2.1 3.4 -0.5 -0.7 -1.2 2.5 -2.8 6.9 -4.0 -2.9 21

22 Other foreign 1.6 5.9 5.4 9.8 6.7 7.7 13.9 7.2 2.0 8.1 9.6 22

23 Financial sectors -13.7 4.8 20.0 13.4 25.8 25.9 26.1 78.6 -21.1 62.0 -16.3 23

24 Savings institutions 0.9 5.2 1.4 3.5 10.3 3.7 7.1 11.4 4.3 18.4 7.0 24

25 Finance companies -5.6 0.5 4.4 4.4 0.9 7.5 11.5 -5.8 0.4 11.8 -2.9 25

26 Mortgage companies -11.5 0.4 12.4 -4.7 1.3 11.4 -17.4 49.2 -48.0 2.0 2.0 26

27 REITs 2.5 -1.3 1.8 10.2 13.4 3.3 24.9 23.7 22.2 29.9 -22.4 27
Z.1, March 12, 1999 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 50.3 70.2 65.1 99.8 162.5 112.1 197.5 110.0 106.1 153.4 280.5 1

 2 U.S. government loans -13.4 13.0 -0.2 9.5 14.3 7.9 11.2 16.6 14.0 15.2 11.6 2

 3 Liab.: Household sector -4.4 11.3 3.1 11.4 10.6 12.7 6.6 8.3 10.7 10.9 12.5 3

 4 Nonfinancial corporate business -0.1 1.9 -1.3 -0.3 -0.1 -0.2 -0.1 0.3 -0.4 -0.4 0.2 4

 5 Nonfarm noncorporate business -2.5 1.2 -0.3 1.8 4.0 -0.1 6.5 4.7 4.3 6.8 0.1 5

 6 Farm business -0.6 -1.2 -1.1 -0.5 -0.3 -0.5 -0.4 -0.4 -0.3 -0.3 -0.4 6

 7 State and local governments 0.1 0.5 0.4 -1.2 1.2 -0.4 -0.1 5.1 -0.3 -0.1 -0.1 7

 8 Rest of the world -1.2 -0.8 -1.0 -1.8 -1.0 -3.5 -1.3 -1.5 -0.0 -1.8 -0.8 8

 9 Government-sponsored enterprises -4.8 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 1.6 0.0 6.7 14.4 -2.2 11.0 47.6 11.5 -14.3 -4.8 -1.1 10

11 Liab.: Nonfinancial corporate business 1.6 0.0 6.7 14.4 -2.2 11.0 47.6 11.5 -14.3 -4.8 -1.1 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.4 -0.6 1.0 -2.8 -9.3 -4.5 -13.0 -13.9 -11.5 -0.1 -11.6 12

13 Liab.: Nonfinancial corporate business -2.1 -0.8 -0.7 -2.6 -4.3 -4.5 -7.8 -8.4 -7.0 0.5 -2.1 13

14 Rest of the world -0.3 0.3 1.8 -0.2 -5.0 -0.0 -5.2 -5.5 -4.4 -0.6 -9.5 14

15 Savings institution loans to business -0.5 2.5 3.0 3.1 5.3 5.2 1.5 3.8 1.7 7.3 8.5 15

16 Liab.: Nonfinancial corporate business -0.3 1.2 1.5 1.6 2.7 2.6 0.8 1.9 0.8 3.7 4.2 16

17 Nonfarm noncorporate business -0.3 1.2 1.5 1.6 2.7 2.6 0.8 1.9 0.8 3.7 4.2 17

18 Policy loans (Household liability) 7.8 10.5 4.5 3.2 0.7 3.0 -3.0 0.8 3.8 2.0 -3.8 18

19 Asset: Federal government -0.0 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 7.8 10.4 4.5 3.2 0.7 3.0 -2.9 0.8 3.8 2.0 -3.8 20

21 Govt.-sponsored enterprises loans 27.2 11.2 28.8 31.2 93.8 34.3 53.2 32.2 64.5 92.9 185.3 21

22 Liab.: Household sector (SLMA) 3.7 3.9 -0.6 -4.4 -1.3 -4.2 -3.9 -7.2 -8.7 4.5 6.1 22

23 Noncorporate business (FCS) 0.0 2.5 -1.2 0 2.9 2.0 -5.5 4.8 -1.3 6.0 2.0 23

24 Farm business (FCS) 0.8 1.4 2.7 0 1.0 -1.0 0.8 1.9 -1.5 0.2 3.5 24

25 Commercial banks (FHLB and SLMA) 9.3 6.2 2.3 19.1 46.9 19.6 27.2 32.0 50.2 33.8 71.7 25

26 Savings institutions (FHLB and SLMA) 12.7 -2.6 24.5 16.2 43.0 17.6 34.6 0.2 26.2 45.8 99.9 26

27 Credit unions (FHLB) 0.2 -0.1 0.1 0.1 0.6 0.2 0.3 0.5 0.2 1.0 0.4 27

28 Life insurance companies (FHLB) 0.3 -0.1 1.1 0.2 0.7 0.2 -0.3 0.0 -0.6 1.6 1.8 28

29 Securitized loans held by ABS issuers 4.3 6.9 13.3 32.2 22.8 -1.1 128.9 32.3 9.1 13.6 36.3 29

30 Liab.: Households (1) 0 1.0 5.3 7.8 4.3 8.2 8.0 10.0 9.6 -2.4 0 30

31 Nonfinancial corporate business 4.3 5.9 8.1 24.4 18.5 -9.3 120.9 22.3 -0.5 16.0 36.3 31

32 Finance company loans to business 25.9 26.7 7.9 9.0 37.0 56.2 -29.0 26.7 38.8 27.3 55.2 32

33 Liab.: Nonfinancial corporate business 23.3 24.0 7.1 8.1 33.3 50.6 -26.1 24.0 34.9 24.5 49.7 33

34 Nonfarm noncorporate business 2.6 2.7 0.8 0.9 3.7 5.6 -2.9 2.7 3.9 2.7 5.5 34

(1) Student loans.
48 Z.1, March 12, 1999

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 188.2 212.7 318.0 329.1 524.6 419.0 333.6 491.1 461.6 489.4 656.3 1

 2 Home 179.7 176.0 256.4 243.0 377.0 334.0 208.6 372.8 320.3 361.5 453.3 2

 3 Multifamily residential 3.8 11.2 18.8 20.4 32.4 16.8 35.3 34.8 36.0 24.4 34.2 3

 4 Commercial 2.4 23.9 40.2 62.4 110.6 64.7 86.8 80.1 99.3 98.9 164.2 4

 5 Farm 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 5

 6 Net borrowing 188.2 212.7 318.0 329.1 524.6 419.0 333.6 491.1 461.6 489.4 656.3 6

 7 Household sector 163.5 164.1 258.9 245.2 380.4 339.0 212.5 378.5 322.9 364.0 456.3 7

 8 Nonfinancial business 14.8 44.0 54.1 67.7 111.4 73.5 95.8 92.8 123.9 89.0 139.6 8

 9 Corporate 26.4 38.0 28.9 30.5 49.1 31.6 40.9 38.7 55.9 38.0 64.0 9

10 Nonfarm noncorporate -13.8 4.5 22.7 34.0 57.5 38.4 52.1 50.7 62.0 46.4 71.0 10

11 Farm 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 11

12 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 12

13 REITs 9.8 4.6 5.0 16.2 32.8 6.5 25.2 19.8 14.8 36.3 60.3 13

14 Net change in assets 188.2 212.7 318.0 329.1 524.6 419.0 333.6 491.1 461.6 489.4 656.3 14

15 Household sector -10.8 -6.8 -3.3 -2.9 -2.3 -38.6 9.1 3.6 16.7 -41.8 12.2 15

16 Nonfinancial corporate business 4.1 1.6 11.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -0.1 3.1 2.3 1.2 1.3 1.2 1.2 1.2 1.3 1.3 1.3 17

18 State and local governments 2.2 3.3 3.8 3.7 4.1 3.7 4.1 4.1 4.0 4.2 4.2 18

19 Federal government -14.0 -13.2 -7.5 -4.5 -1.1 -4.6 -2.2 -1.1 -1.2 -1.3 -0.8 19

20 Commercial banking 64.9 77.5 55.2 99.9 92.3 108.8 79.7 131.5 21.3 40.9 175.6 20

21 Savings institutions (1) -2.2 0.6 31.6 3.5 12.0 9.5 1.5 20.8 -18.6 7.5 38.1 21

22 Credit unions 6.1 4.4 9.5 10.1 11.0 14.5 7.2 7.5 15.8 10.0 10.5 22

23 Bank personal trusts and estates -0.2 -0.1 0.3 -0.2 0.3 -0.2 -0.2 0.1 0.2 0.4 0.5 23

24 Life insurance companies -8.1 -2.6 -5.0 -1.3 5.1 -7.7 4.3 -1.4 5.0 -1.5 18.3 24

25 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.3 -0.0 -0.5 -0.1 -0.2 -1.0 0.1 25

26 Private pension funds 3.6 1.4 1.8 2.4 3.7 2.5 2.7 2.5 4.3 2.2 5.7 26

27 State and local govt. retirement funds 0.7 0.7 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 27

28 Government-sponsored enterprises (1) 3.6 6.4 -6.1 -4.5 6.8 -1.8 6.1 4.0 2.5 1.1 19.6 28

29 Federally related mortgage pools 115.4 98.2 141.1 114.4 192.6 114.6 140.3 84.8 247.0 267.5 171.2 29

30 ABS issuers 38.9 35.0 60.6 93.7 166.2 111.6 141.5 145.9 200.7 154.3 163.8 30

31 Finance companies 4.2 5.6 10.2 5.3 18.3 6.6 6.0 6.7 1.0 34.6 30.9 31

32 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 82.9 -93.6 58.8 -56.4 4.5 6.0 32

33 REITs 4.7 2.2 3.8 8.8 2.5 7.2 17.6 13.2 9.3 -2.4 -10.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 12, 1999 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 179.7 176.0 256.4 243.0 377.0 334.0 208.6 372.8 320.3 361.5 453.3 1

 2 Household sector 170.9 172.5 252.1 236.7 368.9 327.4 201.6 365.4 312.4 353.2 444.6 2

 3 Nonfinancial corporate business 0.8 0.9 0.9 1.0 1.1 1.0 1.0 1.0 1.0 1.1 1.1 3

 4 Nonfarm noncorporate business 8.1 2.6 3.4 5.3 7.0 5.7 6.0 6.4 6.8 7.2 7.7 4

 5 Net change in assets 179.7 176.0 256.4 243.0 377.0 334.0 208.6 372.8 320.3 361.5 453.3 5

 6 Household sector -11.0 -8.4 -3.4 -3.2 -3.1 -39.0 9.7 3.3 14.5 -42.6 12.5 6

 7 Nonfinancial corporate business 1.8 1.1 5.3 4.0 3.8 4.1 3.8 3.9 3.9 3.2 4.0 7

 8 Nonfarm noncorporate business -0.0 1.2 1.0 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 8

 9 State and local governments 1.0 3.2 2.3 3.0 3.3 3.7 3.0 3.3 3.4 3.3 3.4 9

10 Federal government -3.9 -5.0 -2.9 -2.1 -0.6 -2.8 0.1 -0.8 -0.7 -0.4 -0.6 10

11 Commercial banking 55.1 53.6 29.1 64.0 48.1 60.6 46.7 98.0 -0.3 -14.9 109.8 11

12 Savings institutions 7.6 4.7 31.4 7.0 13.0 12.2 4.4 25.5 -19.8 15.0 31.4 12

13 Credit unions 6.1 4.4 9.5 10.1 11.0 14.5 7.2 7.5 15.8 10.0 10.5 13

14 Bank personal trusts and estates -0.2 -0.1 0.3 -0.2 0.3 -0.2 -0.2 0.1 0.2 0.4 0.5 14

15 Life insurance companies -0.3 0.4 -1.9 0.2 0.2 -0.0 0.4 -0.1 0.2 -0.0 0.6 15

16 Private pension funds 0.8 0.3 0.4 0.5 0.8 0.6 0.6 0.5 0.9 0.5 1.2 16

17 State and local govt. retirement funds 0.4 0.5 0.6 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 17

18 Government-sponsored enterprises 2.6 5.9 -6.7 -4.2 4.3 -2.1 5.6 5.0 1.2 -2.5 13.6 18

19 Federally related mortgage pools 115.4 93.7 135.5 109.1 182.2 109.4 135.0 80.0 241.4 250.8 156.5 19

20 ABS issuers 23.7 19.3 34.1 56.1 92.9 79.8 74.4 75.3 110.0 109.7 76.7 20

21 Finance companies 4.2 5.6 13.4 6.9 16.1 8.6 9.5 10.1 3.4 24.1 27.0 21

22 Mortgage companies -24.0 -4.5 8.2 -10.2 3.1 82.9 -94.8 58.4 -56.0 4.0 6.0 22

23 REITs 0.5 0.2 0.4 1.0 0.3 0.8 1.9 1.5 1.0 -0.3 -1.1 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 3.8 11.2 18.8 20.4 32.4 16.8 35.3 34.8 36.0 24.4 34.2 1

 2 Nonfinancial corporate business 0.8 0.9 0.9 1.0 1.1 1.0 1.0 1.0 1.0 1.1 1.1 2

 3 Nonfarm noncorporate business -0.2 8.8 16.2 14.1 20.5 13.7 26.0 27.3 30.1 11.3 13.2 3

 4 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 4

 5 REITs 3.2 1.5 1.6 5.3 10.8 2.1 8.3 6.5 4.9 12.0 19.9 5

 6 Net change in assets 3.8 11.2 18.8 20.4 32.4 16.8 35.3 34.8 36.0 24.4 34.2 6

 7 Household sector -0.0 0.3 -0.1 -0.1 -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business 0.4 -0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 8

 9 Nonfarm noncorporate business -0.0 1.0 0.7 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments 0.7 0.6 1.8 0.6 0.9 0.4 1.3 0.8 0.9 1.0 0.9 10

11 Federal government -2.6 -4.7 -2.5 -0.9 -0.2 0.3 -0.4 0.0 -0.2 -0.7 -0.1 11

12 Commercial banking 0.7 4.5 2.8 4.0 2.9 0.2 5.9 4.1 1.6 3.9 2.1 12

13 Savings institutions -3.0 -2.4 -0.4 -2.0 -2.7 1.1 -3.2 -1.9 -0.7 -8.8 0.4 13

14 Life insurance companies 0.3 0.9 2.0 -0.3 2.0 1.3 -2.4 3.0 2.8 -0.8 2.8 14

15 Private pension funds 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.1 0.3 15

16 State and local govt. retirement funds 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 0.9 0.6 -0.5 -1.2 0.8 -1.2 -0.7 -2.3 -0.1 1.1 4.3 17

18 Federally related mortgage pools -0.0 4.5 5.6 5.3 10.5 5.2 5.3 4.8 5.6 16.7 14.7 18

19 ABS issuers 3.0 3.8 6.4 7.3 15.4 5.2 14.4 16.9 18.7 11.0 15.2 19

20 Finance companies 0 0 -0.6 -0.2 -0.2 -1.7 1.1 -1.0 0.5 0.7 -1.2 20

21 Mortgage companies 0 1.1 -0.1 1.0 0.1 0 1.2 0.4 -0.4 0.5 0 21

22 REITs 3.1 1.4 2.5 5.7 1.6 4.7 11.5 8.6 6.0 -1.6 -6.5 22
50 Z.1, March 12, 1999

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 2.4 23.9 40.2 62.4 110.6 64.7 86.8 80.1 99.3 98.9 164.2 1

 2 Household sector -7.4 -8.4 6.8 8.5 11.5 11.7 10.9 13.1 10.5 10.8 11.8 2

 3 Nonfinancial corporate business 24.9 36.3 27.0 28.6 47.0 29.6 38.8 36.6 53.8 35.9 61.8 3

 4 Nonfarm noncorporate business -21.6 -7.0 3.1 14.6 30.0 19.1 20.2 17.1 25.1 27.8 50.1 4

 5 REITs 6.6 3.1 3.3 10.9 22.0 4.3 16.9 13.3 9.9 24.3 40.4 5

 6 Net change in assets 2.4 23.9 40.2 62.4 110.6 64.7 86.8 80.1 99.3 98.9 164.2 6

 7 Household sector -0.1 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 7

 8 Nonfinancial corporate business 2.0 1.2 5.1 3.4 3.6 3.3 3.6 3.4 3.5 4.3 3.3 8

 9 Nonfarm noncorporate business -0.0 0.9 0.6 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments 0.5 -0.5 -0.2 0.2 -0.1 -0.4 -0.2 0.0 -0.2 -0.1 -0.1 10

11 Federal government -7.3 -3.1 -1.7 -0.6 0.1 -0.5 -1.5 0.2 -0.1 0.1 0.2 11

12 Commercial banking 7.4 18.1 22.2 29.8 39.2 45.0 25.2 27.2 17.9 50.4 61.3 12

13 Savings institutions -6.8 -1.8 0.6 -1.5 1.6 -3.8 0.3 -2.9 1.8 1.3 6.3 13

14 Life insurance companies -8.5 -4.0 -5.6 -1.5 2.7 -9.0 5.6 -4.3 1.8 -0.6 14.0 14

15 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.3 -0.0 -0.5 -0.1 -0.2 -1.0 0.1 15

16 Private pension funds 2.6 1.0 1.3 1.7 2.7 1.8 2.0 1.8 3.1 1.6 4.1 16

17 State and local govt. retirement funds 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 12.1 11.9 20.1 30.3 57.8 26.6 52.7 53.7 72.1 33.6 72.0 18

19 Finance companies 0 0 -2.6 -1.4 2.4 -0.2 -4.6 -2.4 -2.9 9.8 5.1 19

20 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 20

21 REITs 1.1 0.5 0.9 2.1 0.6 1.7 4.2 3.2 2.2 -0.6 -2.4 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 1

 2 Net change in assets 2.2 1.6 2.6 3.2 4.7 3.5 2.9 3.4 6.0 4.6 4.7 2

 3 Household sector 0.3 0.8 0.3 0.5 0.8 0.6 -0.5 0.4 2.3 0.9 -0.2 3

 4 Nonfarm noncorporate business -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.0 -0.0 -0.1 -0.0 -0.0 0 -0.0 0 -0.0 0 -0.0 5

 6 Federal government -0.3 -0.5 -0.5 -0.9 -0.3 -1.6 -0.4 -0.5 -0.2 -0.3 -0.4 6

 7 Commercial banking 1.7 1.3 1.1 2.1 2.0 2.9 1.8 2.1 2.1 1.5 2.5 7

 8 Savings institutions -0.0 -0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 8

 9 Life insurance companies 0.5 0.1 0.5 0.4 0.3 0.0 0.6 -0.1 0.3 -0.1 0.9 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises 0.1 -0.1 1.1 1.0 1.7 1.4 1.2 1.3 1.3 2.5 1.7 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 0 0 0 0 0 -0.0 12
Z.1, March 12, 1999 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 1

 2 Net change in assets 124.9 138.9 88.8 52.5 69.5 50.3 37.8 57.0 64.8 83.4 66.6 2

 3 Nonfinancial corporate business 9.4 -1.6 -7.3 1.2 -4.0 0.5 -13.9 40.5 -37.4 -3.2 -22.1 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 63.1 43.2 24.8 -14.2 -3.6 -26.6 -15.0 -22.8 -11.4 12.3 7.4 5

 6 Savings institutions 0.6 1.6 4.6 2.5 4.4 8.0 -5.3 -0.3 5.0 7.9 5.2 6

 7 Credit unions 18.0 12.3 12.2 8.2 4.8 5.4 8.1 6.4 -0.7 6.9 6.8 7

 8 ABS issuers 15.6 65.6 54.2 47.2 59.4 57.5 62.2 37.9 122.0 41.5 36.0 8

 9 Finance companies 18.3 17.7 0.3 7.6 8.5 5.4 1.7 -4.7 -12.7 17.9 33.3 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 94.0 101.5 76.9 99.2 63.1 136.1 151.9 88.5 4.9 81.4 77.4 1

 2 Household sector 4.2 9.3 6.0 7.9 3.9 9.9 20.3 -4.2 8.4 5.3 6.0 2

 3 Nonfinancial corporate business 77.3 81.0 55.0 65.6 54.4 83.3 104.9 89.8 -4.7 53.2 79.2 3

 4 Nonfarm noncorporate business 7.5 6.2 7.8 7.7 7.6 7.9 7.7 7.6 7.6 7.6 7.6 4

 5 Farm business 1.0 1.0 1.3 1.4 1.2 1.5 3.2 -1.4 0.8 2.6 2.7 5

 6 State and local governments 1.8 2.0 2.2 1.8 0.8 1.4 1.5 -0.1 0.2 2.2 0.9 6

 7 Federal government -0.4 -4.7 2.2 -1.0 -0.8 -4.2 0.9 -3.5 -0.9 2.7 -1.5 7

 8 Rest of the world 3.6 5.8 -1.7 10.2 -2.9 7.2 28.1 1.8 -11.9 4.1 -5.7 8

 9 Brokers and dealers -0.9 1.1 4.0 5.7 -1.0 29.1 -14.8 -1.5 5.4 3.7 -11.7 9

10 Net change in trade receivables 92.5 113.2 103.5 77.7 108.8 63.6 70.0 78.1 115.7 139.4 108.2 10

11 Nonfinancial corporate business 71.9 78.0 62.5 29.5 58.7 6.5 15.6 -3.1 68.4 85.4 90.0 11

12 Nonfarm noncorporate business 14.0 12.3 9.4 9.8 11.4 9.8 10.4 10.8 11.2 11.6 12.0 12

13 Federal government -3.8 -1.6 0.9 -3.4 2.5 -13.0 -6.3 5.1 1.1 9.8 -6.2 13

14 Rest of the world 1.3 -0.3 5.9 2.8 -2.3 0.8 8.5 -5.9 2.3 -2.4 -3.0 14

15 Other insurance companies 2.2 4.4 -0.1 2.7 0.7 0.2 -7.7 10.7 3.1 2.6 -13.6 15

16 ABS issuers 6.8 20.5 25.0 36.3 37.9 59.3 49.5 60.4 29.6 32.4 29.0 16

17 Discrepancy 1.5 -11.7 -26.7 21.5 -45.7 72.6 81.9 10.4 -110.7 -58.0 -30.8 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -0.1 26.7 52.4 111.0 100.5 91.1 116.8 165.3 128.3 179.6 -71.0 1

 2 Household sector -1.1 3.5 15.8 36.8 21.3 68.2 14.9 36.6 47.4 -4.8 5.9 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 1.0 23.1 36.6 74.2 79.3 22.8 101.9 128.7 80.8 184.4 -76.9 4

 5 Customer credit balances (HH) 6.7 18.6 35.3 52.6 58.8 16.6 90.6 71.7 61.6 130.4 -28.5 5

 6 From U.S.-chartered commercial banks -4.6 8.3 -4.8 4.2 11.9 9.6 -4.0 28.7 2.4 1.7 14.7 6

 7 From foreign banking offices in U.S. -1.2 -3.7 6.2 17.5 8.6 -3.4 15.3 28.3 16.8 52.3 -63.1 7

 8 Net change in assets -0.1 26.7 52.4 111.0 100.5 91.1 116.8 165.3 128.3 179.6 -71.0 8

 9 Household sector 6.7 18.6 35.3 52.6 58.8 16.6 90.6 71.7 61.6 130.4 -28.5 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking -5.7 4.6 1.3 21.7 20.5 6.2 11.3 57.0 19.3 54.0 -48.4 11

12 Brokers and dealers -1.1 3.5 15.8 36.8 21.3 68.2 14.9 36.6 47.4 -4.8 5.9 12
52 Z.1, March 12, 1999

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 35.5 45.8 44.5 54.3 42.1 63.9 37.4 49.3 38.3 31.7 49.0 1

 2 Federal government 1.3 1.0 0.6 1.7 1.3 -0.1 2.0 0.7 2.6 0.0 1.8 2

 3 Life insurance companies 34.3 44.8 43.8 52.6 40.8 64.0 35.4 48.5 35.7 31.7 47.2 3

 4 Net change in assets (Households) 35.5 45.8 44.5 54.3 42.1 63.9 37.4 49.3 38.3 31.7 49.0 4

 Pension fund reserves:

 5 Net change in liabilities 258.9 228.5 243.6 306.9 294.3 337.3 300.3 261.5 284.9 278.0 352.6 5

 6 Federal government (1) 37.6 20.8 55.1 40.3 41.2 49.2 50.1 23.1 39.6 47.0 55.2 6

 7 Life insurance companies 81.0 61.0 43.9 98.3 103.9 106.7 101.2 106.0 96.0 89.5 123.9 7

 8 Private pension funds (2) 81.6 90.5 87.2 88.7 96.4 81.1 96.3 87.7 93.3 90.0 114.8 8

 9 State and local govt. retirement funds 58.6 56.1 57.4 79.5 52.8 100.4 52.6 44.7 56.1 51.5 58.8 9

10 Net change in assets (Households) 258.9 228.5 243.6 306.9 294.3 337.3 300.3 261.5 284.9 278.0 352.6 10

(1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 2.6 6.2 16.2 14.6 8.8 30.1 -7.7 9.7 -2.7 34.0 -5.7 1

 businesses

 2 Nonfinancial corporate business -0.4 -0.0 9.6 7.7 2.4 22.0 -15.6 4.8 -9.3 28.4 -14.1 2

 3 Nonfarm noncorporate business 0.8 1.3 1.8 1.3 1.2 1.3 1.3 1.2 1.2 1.2 1.2 3

 4 U.S.-chartered commercial banks 0.7 0.9 1.2 1.4 1.7 1.4 1.5 1.6 1.6 1.7 1.7 4

 5 Savings institutions -0.9 0.5 -0.1 0.4 0.2 0.9 0.4 -0.4 0.3 0.5 0.3 5

 6 Life insurance companies 1.0 1.6 1.6 1.7 1.6 1.7 1.7 1.6 1.6 1.6 1.5 6

 7 Other insurance companies 0.9 1.2 1.2 1.2 1.2 1.2 1.3 1.2 1.2 1.2 1.2 7

 8 Finance companies 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7 8

 9 Brokers and dealers -0.2 -0.1 0.1 0.1 -0.1 0.9 0.9 -1.0 0.0 -1.2 1.8 9

10 Net change in business taxes receivable -14.0 -14.9 -4.2 -2.6 -0.3 14.9 -12.8 2.9 -7.6 8.2 -4.9 10

11 State and local governments -6.0 -8.3 -5.1 -0.8 0.5 0.6 0.3 -0.7 0.2 0.9 1.2 11

12 Federal government -8.0 -6.5 0.9 -1.8 -0.7 14.3 -13.0 3.6 -7.8 7.3 -6.1 12

13 Discrepancy 16.6 21.1 20.4 17.2 9.1 15.2 5.0 6.8 5.0 25.8 -0.8 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 1

 2 Asset: Household sector 17.8 4.0 -8.6 75.0 55.7 80.8 78.4 50.3 57.5 47.8 67.1 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 50.3 62.2 43.3 25.1 -3.9 38.7 -26.8 20.2 -8.7 -43.1 15.8 1

 2 Nonfarm noncorporate business 55.3 57.1 27.8 6.9 -13.1 5.6 -28.4 -7.6 -21.8 -17.3 -5.9 2

 3 Farm business 7.7 -9.4 3.5 0.2 3.6 8.0 -7.0 5.3 5.2 4.0 -0.1 3

 4 Brokers and dealers -12.7 14.5 12.0 17.9 5.6 25.0 8.5 22.5 8.0 -29.8 21.8 4
Z.1, March 12, 1999 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 248.3 459.0 448.8 568.9 656.4 554.3 404.1 1206.6 224.8 637.4 556.8 1

 2 Household sector 0.5 0.7 0.8 0.3 -0.3 0.3 0.3 -0.1 1.1 -2.1 0.0 2

 3 Nonfinancial corporate business 62.3 136.7 197.9 125.4 231.1 84.3 31.6 324.1 7.1 164.6 428.6 3

 4 Nonfarm noncorporate business 2.7 15.4 10.5 6.9 2.3 7.1 5.1 4.0 2.9 1.7 0.5 4

 5 Federal government 3.9 4.5 -3.2 0.2 -5.1 -32.8 29.4 -23.7 14.4 -11.8 0.7 5

 6 Rest of the world 80.0 136.7 124.6 152.5 130.2 214.1 20.1 311.6 270.8 -38.8 -23.0 6

 7 Monetary authority 1.3 1.3 -0.2 1.8 1.1 -10.1 10.8 -17.5 21.2 -13.3 14.1 7

 8 Commercial banking 82.4 124.0 20.1 171.2 132.0 59.9 209.3 -50.0 100.4 370.7 106.8 8

 9 Savings institutions 3.7 -0.6 -2.5 -2.1 -2.8 -13.3 16.2 16.1 -7.8 8.5 -28.1 9

10 Credit unions 1.4 -1.9 0.0 0.1 1.5 -1.1 -1.9 4.0 1.4 0.2 0.6 10

11 Life insurance companies 3.6 15.1 10.5 32.3 42.4 21.3 48.2 48.3 34.0 36.2 50.9 11

12 Other insurance companies 16.4 22.8 11.9 12.7 10.7 32.4 -3.4 20.7 9.3 18.8 -5.9 12

13 Government-sponsored enterprises -24.9 5.8 0.3 7.8 -5.0 19.5 10.5 60.5 -9.9 6.9 -77.6 13

14 Finance companies 14.8 21.8 3.2 -2.8 9.1 47.0 -26.5 31.1 -48.6 11.2 42.8 14

15 Mortgage companies -12.5 -3.8 -4.3 -4.4 1.9 71.5 -76.2 9.6 -8.4 2.5 4.0 15

16 REITs 2.9 -0.3 -0.9 4.0 6.2 5.3 4.5 9.7 5.9 4.6 4.7 16

17 Brokers and dealers 1.6 12.6 27.8 21.6 1.5 50.6 33.5 327.1 -241.2 -22.2 -57.8 17

18 Funding corporations 8.1 -31.8 52.4 41.4 99.6 -1.7 92.7 131.2 72.2 99.7 95.6 18

19 Net change in assets 404.2 657.5 509.8 797.3 697.5 596.7 954.3 1111.5 300.6 742.4 635.9 19

20 Household sector 12.8 14.8 9.7 10.3 10.2 18.1 0.3 11.9 4.2 15.0 9.5 20

21 Nonfinancial corporate business 171.6 326.2 239.0 228.8 186.2 204.7 310.4 372.3 96.1 100.6 176.0 21

22 Nonfarm noncorporate business 11.1 20.1 13.4 12.3 12.6 14.0 10.6 13.3 13.1 13.0 10.8 22

23 Farm business 1.3 1.8 -0.1 0.4 0.7 2.2 -2.0 1.8 0.9 1.5 -1.3 23

24 State and local governments -0.1 40.6 -15.5 20.3 -3.0 -12.4 45.6 45.4 -65.3 -33.7 41.7 24

25 Federal government 3.3 -2.5 -6.4 -6.9 -3.1 -9.1 0.3 -1.3 -0.6 -3.9 -6.6 25

26 Rest of the world 56.5 117.9 117.4 188.7 247.1 153.6 208.3 209.3 263.5 147.2 368.4 26

27 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -3.7 1.1 -0.9 5.4 7.1 7.8 27

28 Commercial banking 74.5 61.4 25.9 103.5 127.6 83.9 111.7 8.9 160.8 304.7 35.9 28

29 Savings institutions -8.1 1.7 -1.8 -3.2 13.8 -2.9 25.5 23.7 1.3 15.3 14.9 29

30 Credit unions -3.4 -0.8 -0.2 3.8 5.3 8.9 0.6 15.1 -16.8 19.9 3.0 30

31 Bank personal trusts and estates -3.1 -0.9 3.9 0.7 0.1 0.6 0.7 0.2 0.3 -0.0 -0.1 31

32 Life insurance companies 22.2 7.2 -28.4 10.5 0.5 5.8 28.9 10.8 -5.4 11.9 -15.2 32

33 Other insurance companies 1.7 3.8 3.6 4.9 5.8 4.9 4.1 3.3 3.4 5.9 10.7 33

34 Private pension funds 15.7 7.2 10.1 9.4 -19.8 -3.5 18.3 -18.4 -27.1 5.9 -39.5 34

35 State and local govt. retirement funds 5.2 -16.0 -42.1 -8.8 -85.1 -20.6 -3.5 -126.4 -52.8 -99.6 -61.4 35

36 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 18.3 -17.4 33.6 4.0 11.4 -17.5 36

37 Mutual funds 2.5 0.5 -1.7 7.1 1.9 3.7 15.5 -16.1 -13.5 61.7 -24.3 37

38 Government-sponsored enterprises -1.7 7.7 20.0 19.4 54.4 13.1 67.8 20.1 33.7 46.8 117.0 38

39 Finance companies -7.6 21.0 22.0 28.9 3.2 -13.1 68.7 78.1 29.2 -95.4 1.0 39

40 REITs -0.1 1.3 0.4 13.7 4.8 20.7 10.3 43.2 -0.0 -8.6 -15.4 40

41 Brokers and dealers 24.8 10.3 68.2 82.8 69.1 22.7 24.9 273.6 -134.7 139.8 -2.4 41

42 Funding corporations 15.6 24.5 65.2 53.3 52.5 86.7 23.5 110.0 1.1 76.0 23.0 42

43 Discrepancy -155.9 -198.5 -61.0 -228.4 -41.2 -42.4 -550.3 95.0 -75.8 -105.0 -79.1 43
54 Z.1, March 12, 1999

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 75.2 96.7 81.1 121.8 131.9 110.0 141.9 138.8 163.9 93.1 131.9 1

 2 Equity 33.7 40.5 25.0 45.7 58.2 33.0 68.6 52.5 77.7 49.5 53.2 2

 3 Reinvested earnings 26.1 51.8 54.6 64.3 61.2 66.7 61.5 62.5 68.5 47.0 67.0 3

 4 Intercompany accounts 15.5 4.4 1.4 11.8 12.5 10.2 11.8 23.8 17.8 -3.4 11.6 4

 5 Asset: Nonfinancial corporate business 73.6 88.2 71.5 101.1 113.0 97.7 107.9 123.6 141.2 81.4 105.8 5

 6 Commercial banking 2.6 1.6 3.5 3.3 0.7 2.5 1.8 4.7 1.7 -6.0 2.4 6

 7 Life insurance companies 0.6 0.4 1.1 0.4 1.9 -0.1 0.1 0.3 6.1 -0.0 1.1 7

 8 Other insurance companies 1.7 3.8 3.6 4.9 5.8 4.9 4.1 3.3 3.4 5.9 10.7 8

 9 Finance companies 0.7 2.5 0.7 10.2 7.3 3.4 24.5 5.0 9.6 9.5 5.2 9

10 Brokers and dealers -3.9 0.1 0.7 2.0 3.2 1.5 3.3 1.9 1.9 2.3 6.7 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 43.7 53.5 64.0 98.8 163.9 94.2 155.0 119.3 30.3 32.7 473.3 11

12 Nonfarm noncorporate business 0.0 -0.1 0.1 0.1 0.1 0.1 -0.1 0.0 0.1 0.1 0.1 12

13 Commercial banking 3.4 6.6 0.3 5.7 6.2 3.9 2.3 1.4 -5.9 21.3 8.0 13

14 Life insurance companies 1.0 1.8 2.1 3.2 2.1 2.7 -0.0 -0.5 4.3 2.8 1.9 14

15 Other insurance companies 1.8 2.0 5.3 7.9 5.6 10.4 14.5 4.8 4.7 5.3 7.6 15

16 Finance companies 1.3 2.8 3.9 4.9 5.5 -6.9 17.3 6.8 9.1 -7.2 13.3 16

17 Brokers and dealers 0.8 1.5 0.8 0.3 0.2 0.1 0.5 0.2 0.1 0.4 0.0 17

18 Funding corporations -7.5 -10.4 1.1 -27.4 12.6 -28.6 -75.7 -27.9 34.4 65.9 -21.9 18

19 Asset: Rest of the world 44.6 57.7 77.6 93.4 196.2 75.9 113.8 104.2 77.0 121.4 482.4 19

20 Equity 37.2 47.9 55.4 46.5 156.8 42.0 63.5 50.0 38.8 99.6 438.8 20

21 Reinvested earnings 3.4 8.3 11.2 22.5 19.6 26.9 19.3 20.0 13.8 20.6 23.8 21

22 Intercompany accounts 4.0 1.5 11.0 24.4 19.9 7.0 31.0 34.1 24.4 1.2 19.7 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.5 1.8 1.6 1.6 1.7 1.3 1.5 1.8 1.7 1.4 23

24 Asset: Federal government 1.4 1.5 1.8 1.6 1.6 1.7 1.3 1.5 1.8 1.7 1.4 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.3 0.6 0.8 0.5 0.7 0.8 0.2 1.3 0.5 0.2 25

26 Asset: Commercial banking 0.3 0.3 0.6 0.8 0.5 0.7 0.8 0.2 1.3 0.5 0.2 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.9 1.8 1.2 0.7 3.6 -0.1 0.4 5.6 1.8 0.7 6.3 27

28 Asset: Nonfin. corporate business (FNMA) 0.1 -0.2 -0.2 -1.1 -0.7 -1.8 -0.5 0.3 -0.5 -2.6 -0.0 28

29 Nonfarm noncorporate (BC) 0.2 0.0 0.7 0 0.1 -0.1 0.3 -0.2 0.7 -0.3 0.1 29

30 Farm business (FICB and FLB) 0.0 -0.1 -0.6 0 0.3 0.2 -0.4 0.3 0.5 0.3 -0.1 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.6 1.6 0.8 1.3 2.0 1.5 -0.1 2.0 0.7 2.0 3.4 32

33 Savings institutions (FHLB) -0.0 0.4 0.5 0.4 1.8 -1.6 2.7 3.2 0.3 1.0 2.8 33

34 Credit unions (FHLB) 0.0 0.1 0.0 0.0 0.1 0.8 -0.7 0.0 0.1 0.2 0.1 34

35 Life insurance companies (FHLB) 0.0 -0.0 0.1 0.0 0.0 0.9 -0.9 -0.0 -0.1 0.1 0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 17.5 40.1 28.6 40.7 55.4 42.9 14.5 66.6 62.3 53.5 39.3 36

37 Savings institutions -0.0 0.1 0.2 0.3 0.4 0.3 0.4 0.4 0.4 0.4 0.5 37

38 Finance companies 3.1 4.6 4.6 2.2 -0.0 3.2 6.1 -0.1 -9.1 -3.5 12.7 38

39 Mortgage companies -12.5 -3.8 -4.3 -4.4 1.9 71.5 -76.2 9.6 -8.4 2.5 4.0 39

40 Brokers and dealers 9.6 7.3 -0.3 26.9 39.6 -51.7 104.6 27.4 87.9 20.6 22.5 40

41 Asset: Bank holding companies 17.7 48.3 28.9 65.7 97.4 66.1 49.3 103.9 133.2 73.6 78.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 3.1 4.6 4.6 2.2 -0.0 3.2 6.1 -0.1 -9.1 -3.5 12.7 42

43 Asset: Nonfinancial corporate business 3.1 4.6 4.6 2.2 -0.0 3.2 6.1 -0.1 -9.1 -3.5 12.7 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -0.5 6.7 13.7 14.3 11.8 34.4 -16.4 34.9 -32.9 40.7 4.4 44

45 Brokers and dealers 16.1 17.8 51.5 38.9 40.8 52.3 39.9 75.0 34.0 35.3 18.6 45

46 Asset: Funding corporations 15.6 24.5 65.2 53.3 52.5 86.7 23.5 110.0 1.1 76.0 23.0 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, March 12, 1999 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.2 -0.1 -0.1 0.0 0.3 0.1 -0.1 1.5 -0.0 -0.6 0.2 1

 2 Asset: Federal government 0.2 -0.1 -0.1 0.0 0.3 0.1 -0.1 1.5 -0.0 -0.6 0.2 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0 0 0 0 0 0 0 0 0 0 0 3

 4 Asset: Household sector 0 0 0 0 0 0 0 0 0 0 0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -7.8 3.3 -1.2 0 6.8 9.1 10.8 17.2 -2.9 4.7 8.3 5

 6 Asset: Savings institutions -7.8 3.3 -1.2 0 6.8 9.1 10.8 17.2 -2.9 4.7 8.3 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.5 0.7 0.8 0.3 -0.3 0.3 0.3 -0.1 1.1 -2.1 0.0 7

 8 Asset: Life insurance companies 0.5 0.7 0.8 0.3 -0.3 0.3 0.3 -0.1 1.1 -2.1 0.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.7 6.1 7.0 8.3 8.0 8.9 7.8 5.2 2.3 9.4 15.2 9

10 Health 6.6 5.2 6.2 6.3 9.3 6.3 6.3 4.0 1.6 8.3 23.4 10

11 Policy dividend accumulation 0.1 0.8 0.8 2.0 -1.3 2.6 1.5 1.2 0.7 1.1 -8.2 11

12 Asset: Household sector 6.7 6.1 7.0 8.3 8.0 8.9 7.8 5.2 2.3 9.4 15.2 12

 Policy payables:

13 Liab.: Other insurance companies 14.5 20.8 6.6 4.8 5.1 22.0 -17.9 15.9 4.6 13.5 -13.6 13

14 Asset: Household sector 6.1 8.7 2.7 2.0 2.1 9.2 -7.5 6.7 1.9 5.7 -5.7 14

15 Nonfinancial corporate business 5.7 8.2 2.6 1.9 2.0 8.7 -7.1 6.3 1.8 5.3 -5.4 15

16 Nonfarm noncorporate business 1.4 2.0 0.6 0.5 0.5 2.1 -1.7 1.5 0.4 1.3 -1.3 16

17 Farm business 1.3 1.9 0.6 0.4 0.5 2.0 -1.6 1.4 0.4 1.2 -1.2 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -4.9 -0.7 -2.5 -4.3 -1.3 -12.0 7.5 -13.6 5.6 15.5 -12.9 18

19 Asset: Private pension funds -4.9 -0.7 -2.5 -4.3 -1.3 -12.0 7.5 -13.6 5.6 15.5 -12.9 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 24.6 -5.5 59.9 57.2 63.3 -12.0 -3.9 93.3 46.1 147.8 -34.0 22

23 Asset: Brokers and dealers 24.6 -5.5 59.9 57.2 63.3 -12.0 -3.9 93.3 46.1 147.8 -34.0 23
56 Z.1, March 12, 1999

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 54.6 195.4 113.5 159.3 86.8 189.9 58.6 619.4 -206.8 81.9 -147.1 1

 2 Nonfinancial corporate business 18.4 79.5 130.1 22.9 63.4 -13.7 -127.1 201.0 -27.0 128.1 -48.5 2

 3 Nonfarm noncorporate business 2.7 15.4 10.4 6.8 2.2 7.0 5.2 4.0 2.8 1.6 0.4 3

 4 Federal government 3.9 4.5 -3.2 0.2 -5.1 -32.8 29.4 -23.7 14.4 -11.8 0.7 4

 5 Rest of the world 3.2 38.7 41.8 29.1 -3.6 102.4 -123.0 169.8 105.2 -133.0 -156.4 5

 6 Monetary authority 1.1 1.0 -0.9 1.0 0.6 -10.8 10.0 -17.6 19.9 -13.8 13.9 6

 7 Commercial banking 61.9 70.6 -22.5 110.4 58.6 -21.3 208.9 -152.9 76.9 255.2 55.1 7

 8 U.S.-chartered commercial banks 31.3 3.5 -13.0 30.5 11.2 12.6 89.1 -111.0 14.0 150.6 -8.8 8

 9 Foreign banking offices in U.S. 29.0 37.6 -27.3 36.2 -12.3 -72.8 112.4 -92.8 8.4 94.6 -59.3 9

10 Bank holding companies -0.2 26.6 17.3 39.0 54.8 34.8 5.8 47.9 51.3 8.1 112.0 10

11 Banks in U.S.-affiliated areas 1.8 2.9 0.6 4.7 4.8 4.1 1.5 3.0 3.2 1.8 11.2 11

12 Savings institutions 3.7 -0.7 -2.7 -2.4 -3.2 -13.6 15.8 15.7 -8.2 8.0 -28.6 12

13 Credit unions 1.4 -1.9 0.0 0.1 1.5 -1.1 -1.9 4.0 1.4 0.2 0.6 13

14 Life insurance companies 0.9 7.9 3.9 25.1 33.5 21.7 32.9 57.1 21.8 8.5 46.6 14

15 Government-sponsored enterprises -19.0 0.8 0.3 7.1 -15.5 10.5 -0.7 37.7 -8.9 1.5 -92.2 15

16 Finance companies 7.3 9.8 -10.0 -12.1 3.7 47.6 -56.0 24.5 -39.5 25.5 4.2 16

17 REITs 2.9 -0.3 -0.9 4.0 6.2 5.3 4.5 9.7 5.9 4.6 4.7 17

18 Brokers and dealers -24.8 -14.0 -24.2 -44.5 -79.1 49.8 -111.6 224.5 -363.3 -78.6 -99.0 18

19 Funding corporations -9.0 -15.9 -8.6 11.6 23.7 38.9 172.3 65.7 -8.3 -114.1 151.4 19

20 Net change in assets 210.5 393.9 174.5 387.6 128.0 232.3 608.9 524.3 -130.9 186.9 -68.0 20

21 Nonfinancial corporate business 89.2 225.3 160.5 124.8 72.0 96.9 203.9 242.2 -37.4 20.0 63.0 21

22 Nonfarm noncorporate business 9.5 18.1 12.1 11.8 12.0 12.0 12.0 12.0 12.0 12.0 12.0 22

23 State and local governments -0.1 40.6 -15.5 20.3 -3.0 -12.4 45.6 45.4 -65.3 -33.7 41.7 23

24 Federal government 1.7 -3.8 -8.1 -8.5 -5.0 -10.9 -0.9 -4.3 -2.4 -5.0 -8.2 24

25 Rest of the world 11.9 60.2 39.8 95.2 50.9 77.8 94.5 105.2 186.5 25.8 -114.0 25

26 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -3.7 1.1 -0.9 5.4 7.1 7.8 26

27 Commercial banking 52.3 9.5 -8.0 32.3 26.9 13.1 59.8 -101.8 23.9 234.6 -49.0 27

28 U.S.-chartered commercial banks 7.2 -1.6 1.2 0.1 17.5 0.8 -57.1 -4.7 28.0 80.4 -34.0 28

29 Foreign banking offices in U.S. 37.6 5.0 -21.2 37.0 -4.3 11.2 113.5 -113.9 -15.8 161.0 -48.5 29

30 Bank holding companies 7.7 4.6 11.3 -6.7 12.1 1.2 -2.0 16.5 10.3 -9.0 30.7 30

31 Banks in U.S.-affiliated areas -0.1 1.6 0.8 1.8 1.6 -0.1 5.4 0.2 1.3 2.3 2.8 31

32 Savings institutions -0.3 -2.0 -1.1 -3.6 5.1 -10.4 12.0 3.3 3.8 9.5 3.8 32

33 Credit unions -3.4 -0.9 -0.2 3.8 5.2 8.1 1.3 15.1 -16.9 19.7 2.9 33

34 Bank personal trusts and estates -3.1 -0.9 3.9 0.7 0.1 0.6 0.7 0.2 0.3 -0.0 -0.1 34

35 Life insurance companies 21.0 6.1 -30.4 9.8 -1.1 4.7 29.3 10.7 -12.6 13.9 -16.4 35

36 Private pension funds 20.5 4.3 8.8 10.0 -22.3 4.7 7.0 -8.6 -36.5 -13.4 -30.5 36

37 State and local govt. retirement funds 5.2 -16.0 -42.1 -8.8 -85.1 -20.6 -3.5 -126.4 -52.8 -99.6 -61.4 37

38 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 18.3 -17.4 33.6 4.0 11.4 -17.5 38

39 Mutual funds 2.5 0.5 -1.7 7.1 1.9 3.7 15.5 -16.1 -13.5 61.7 -24.3 39

40 Government-sponsored enterprises -1.7 7.7 20.0 19.4 54.4 13.1 67.8 20.1 33.7 46.8 117.0 40

41 Finance companies -8.3 18.6 21.3 18.7 -4.1 -16.5 44.2 73.1 19.6 -104.8 -4.3 41

42 REITs -0.1 1.3 0.4 13.7 4.8 20.7 10.3 43.2 -0.0 -8.6 -15.4 42

43 Brokers and dealers 4.2 15.7 7.6 23.6 2.5 33.1 25.5 178.4 -182.7 -10.3 24.8 43

44 Discrepancy -155.9 -198.5 -61.0 -228.4 -41.2 -42.4 -550.3 95.0 -75.8 -105.0 -79.1 44
Z.1, March 12, 1999 57

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -64.1 -147.0 7.9 8.0 52.7 182.1 -108.6 217.1 -160.4 161.7 -14.0 1

 2 Household sector -119.6 -33.9 46.9 32.0 -49.9 55.0 -84.8 65.1 -244.4 -4.0 -23.0 2

 3 Nonfinancial corporate business -5.0 -7.1 -2.9 40.5 18.7 95.7 73.2 65.5 71.0 -16.5 -44.9 3

 4 State and local governments -18.3 -41.1 -38.2 -17.6 -1.0 43.1 2.1 10.6 -1.9 -29.4 16.4 4

 5 Federal government 36.3 -11.4 42.6 22.9 27.3 26.3 59.0 -2.7 -83.4 44.0 151.4 5

 6 Rest of the world -13.4 -37.4 -75.4 -114.0 -22.8 -91.5 -220.4 -22.8 -4.4 78.3 -142.1 6

 7 Financial sectors 56.0 -16.1 35.0 44.3 80.4 53.6 62.3 101.5 102.8 89.3 28.2 7

 8 Monetary authority -3.1 -1.7 1.0 1.8 1.9 -1.1 7.2 0.9 -0.6 -0.1 7.3 8

 9 Commercial banking 43.2 -9.9 12.3 68.9 66.5 57.1 123.5 87.4 84.1 89.9 4.4 9

10 Savings institutions -5.0 -2.2 -4.7 -1.6 -3.4 -3.1 3.4 -5.6 -1.4 -3.5 -3.1 10

11 Credit unions 0.3 -0.6 0.4 -0.8 -1.2 -1.9 -0.6 0.1 -1.7 -2.6 -0.5 11

12 Bank personal trusts and estates -1.0 -1.3 2.1 -2.0 0.2 -2.0 -2.0 0.2 -0.0 0.2 0.3 12

13 Life insurance companies -2.2 -31.0 -30.8 -36.6 -24.6 -34.8 -58.8 -3.3 -20.9 -43.3 -30.7 13

14 Other insurance companies -9.8 -6.5 1.1 -18.0 4.4 -7.8 -19.4 -12.4 11.5 -7.7 26.2 14

15 Mutual funds -11.5 9.0 5.7 4.9 5.7 6.5 7.5 5.6 6.0 5.5 5.5 15

16 Government-sponsored enterprises -2.2 -1.7 0.6 -3.1 -4.4 1.1 -7.5 1.6 -0.4 -5.2 -13.5 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies 27.3 9.0 21.7 5.6 14.4 12.2 -2.8 10.3 5.4 33.9 7.9 18

19 REITs 19.3 20.1 24.8 24.5 19.6 26.6 10.9 15.7 19.7 20.5 22.3 19

20 Brokers and dealers 0.7 0.7 0.8 0.7 1.6 0.8 0.9 1.0 1.4 1.7 2.1 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -64.1 -147.0 7.9 8.0 52.7 182.1 -108.6 217.1 -160.4 161.7 -14.0 1

 2 Treasury currency -0.2 -0.5 -0.9 -0.6 -0.6 0.7 -2.4 -0.2 -0.3 1.1 -3.0 2

 3 Foreign deposits 43.0 25.1 59.4 107.4 38.5 93.8 148.3 -94.6 148.3 69.2 31.3 3

 4 Net interbank transactions -2.7 -3.1 -3.3 -19.9 3.3 -50.0 -33.0 30.7 11.4 19.4 -48.4 4

 5 Security RPs 69.4 17.5 0.6 65.3 7.7 23.9 190.8 115.2 -175.3 90.5 0.7 5

 Mail floats:

 6 Federal government -4.8 -6.0 0.5 -2.7 2.6 10.0 -7.9 7.5 -41.7 24.1 20.4 6

 7 Other -2.8 -3.8 -4.0 -3.9 -3.1 -3.0 -5.0 -4.0 -3.0 -3.2 -2.1 7

 8 Trade credit 1.5 -11.7 -26.7 21.5 -45.7 72.6 81.9 10.4 -110.7 -58.0 -30.8 8

 9 Taxes payable 16.6 21.1 20.4 17.2 9.1 15.2 5.0 6.8 5.0 25.8 -0.8 9

10 Miscellaneous -155.9 -198.5 -61.0 -228.4 -41.2 -42.4 -550.3 95.0 -75.8 -105.0 -79.1 10

11 Nonfinancial -28.1 12.9 23.0 52.1 82.1 61.3 63.9 50.3 81.9 97.9 98.0 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 14.8 -26.3 -32.3 -55.8 -86.1 -65.0 -67.6 -54.3 -85.9 -101.9 -102.0 12

13 Private wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 3.7 3.7 4.0 4.0 4.0 4.0 13

14 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 14
58 Z.1, March 12, 1999

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 17211.6 18444.9 19794.3 20043.0 20346.8 20690.5 21200.2 21671.7 22140.8 22615.8 23290.6 1

 2 Domestic nonfinancial sectors 13018.6 13721.9 14442.3 14603.4 14721.3 14924.5 15177.6 15405.6 15598.7 15809.8 16130.1 2

 3 Federal government 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 3749.0 3720.2 3752.2 3

 4 Nonfederal sectors 9526.3 10085.2 10660.5 10773.6 10960.7 11153.3 11372.7 11574.9 11849.8 12089.6 12377.8 4

 5 Household sector 4454.0 4804.3 5135.4 5170.1 5261.2 5373.0 5471.7 5529.3 5651.4 5786.2 5958.3 5

 6 Nonfinancial corporate business 2686.6 2913.2 3112.6 3178.0 3235.6 3289.1 3366.4 3468.3 3565.3 3639.7 3709.3 6

 7 Nonfarm noncorporate business 1121.8 1152.4 1199.2 1208.3 1224.4 1240.4 1259.1 1277.8 1301.6 1322.5 1347.8 7

 8 Farm business 142.2 145.1 149.9 148.2 153.5 155.2 156.1 155.1 160.6 162.5 162.7 8

 9 State and local governments 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1170.8 1178.8 1199.8 9

10 Rest of the world 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 606.6 600.2 591.6 10

11 Financial sectors 3822.2 4281.0 4833.2 4915.3 5086.3 5208.3 5452.9 5682.0 5935.5 6205.7 6568.9 11

12 Commercial banking 228.1 250.6 263.6 266.9 286.2 294.0 309.2 329.9 350.2 365.7 382.2 12

13 U.S.-chartered commercial banks 81.0 92.2 103.9 105.6 115.4 120.8 133.4 143.2 155.6 166.0 186.3 13

14 Foreign banking offices in U.S. 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 4.0 3.5 2.4 14

15 Bank holding companies 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 190.5 196.1 193.5 15

16 Savings institutions 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 186.6 213.3 16

17 Credit unions 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 1.0 1.1 17

18 Life insurance companies 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 2.0 2.5 18

19 Government-sponsored enterprises 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 19

20 Federally related mortgage pools 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 20

21 ABS issuers 579.0 720.1 873.8 889.9 917.9 989.0 1089.3 1154.1 1243.9 1321.2 1406.2 21

22 Finance companies 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 589.4 615.6 22

23 Mortgage companies 18.7 19.1 31.5 31.4 28.3 31.2 26.8 39.1 27.1 27.6 28.1 23

24 REITs 31.1 36.7 43.7 50.4 58.0 65.7 80.4 97.0 112.5 133.2 145.7 24

25 Brokers and dealers 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 39.4 42.5 25

26 Funding corporations 211.0 248.6 312.7 348.6 350.0 363.4 373.7 411.6 410.5 417.9 413.6 26

27 Total credit market assets held by: 17211.6 18444.9 19794.3 20043.0 20346.8 20690.5 21200.2 21671.7 22140.8 22615.8 23290.6 27

28 Domestic nonfederal nonfinancial sectors 3035.9 2899.1 2921.5 2851.9 2801.5 2744.2 2764.8 2706.9 2766.5 2785.4 2771.3 28

29 Household sector 1979.2 1937.8 1968.9 1912.3 1853.2 1798.4 1794.9 1756.5 1787.4 1770.3 1737.7 29

30 Nonfinancial corporate business 289.2 280.4 291.0 286.8 281.4 290.4 305.8 289.6 280.1 287.7 302.3 30

31 Nonfarm noncorporate business 37.6 42.3 46.7 47.4 48.0 48.7 49.5 50.2 51.0 51.8 52.7 31

32 State and local governments 729.9 638.6 614.8 605.4 618.9 606.6 614.6 610.6 648.0 675.5 678.7 32

33 Federal government 203.4 203.2 195.5 195.9 197.3 198.2 200.4 204.3 207.5 210.9 213.6 33

34 Rest of the world 1216.0 1530.3 1933.8 2019.4 2095.0 2196.4 2259.0 2324.0 2401.2 2416.4 2508.1 34

35 Financial sectors 12756.3 13812.3 14743.5 14975.8 15252.9 15551.8 15975.9 16436.5 16765.6 17203.0 17797.5 35

36 Monetary authority 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 446.5 452.5 36

37 Commercial banking 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4031.9 4093.3 4136.4 4195.7 4337.0 37

38 U.S.-chartered commercial banks 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3505.1 3543.6 3616.2 3761.1 38

39 Foreign banking offices in U.S. 337.1 412.6 475.8 499.5 501.8 501.0 516.1 517.9 525.6 510.1 504.2 39

40 Bank holding companies 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 26.8 28.3 26.5 40

41 Banks in U.S.-affiliated areas 29.2 33.4 34.1 35.6 36.1 37.5 37.8 39.2 40.4 41.1 45.2 41

42 Savings institutions 920.8 913.3 933.2 931.9 937.8 929.0 928.5 931.0 930.6 939.0 964.3 42

43 Credit unions 246.8 263.0 288.5 291.2 299.9 303.9 305.3 306.7 315.1 320.8 327.2 43

44 Bank personal trusts and estates 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 240.9 241.4 242.4 44

45 Life insurance companies 1487.5 1587.5 1657.0 1680.6 1723.7 1746.7 1751.3 1779.1 1796.0 1817.6 1847.9 45

46 Other insurance companies 446.4 468.7 491.2 491.6 498.6 506.6 515.3 521.1 520.8 518.9 519.6 46

47 Private pension funds 660.9 716.9 769.2 783.3 798.7 814.8 834.7 853.4 885.9 909.8 953.4 47

48 State and local govt. retirement funds 455.8 483.3 529.2 531.6 542.7 562.0 565.8 582.5 600.2 613.1 632.9 48

49 Money market mutual funds 459.0 545.5 634.3 659.0 656.5 678.7 721.9 775.0 815.9 869.9 965.9 49

50 Mutual funds 718.8 771.3 820.2 838.5 861.3 890.4 901.1 939.3 977.6 1003.4 1023.2 50

51 Closed-end funds 86.0 96.4 101.1 100.3 99.4 98.5 97.7 97.1 96.5 95.9 95.4 51

52 Government-sponsored enterprises 663.3 750.0 807.9 818.4 848.6 862.5 902.2 942.9 978.5 1041.0 1141.3 52

53 Federally related mortgage pools 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 53

54 ABS issuers 541.7 661.0 784.4 794.6 818.9 863.3 950.4 1000.4 1082.4 1148.3 1225.6 54

55 Finance companies 476.2 526.2 544.5 552.4 553.1 564.4 566.4 572.0 579.0 592.7 630.2 55

56 Mortgage companies 36.5 33.0 41.2 40.9 34.8 55.5 32.1 46.8 32.7 33.8 35.3 56

57 REITs 13.3 15.5 19.3 19.9 21.9 23.7 28.1 31.5 33.8 33.2 30.7 57

58 Brokers and dealers 93.3 183.4 167.7 164.5 160.2 164.7 182.6 244.0 198.3 217.5 159.9 58

59 Funding corporations 107.5 86.3 110.3 131.6 130.0 133.4 164.0 199.5 196.2 189.0 194.6 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 12, 1999 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 13018.6 13721.9 14442.3 14603.4 14721.3 14924.5 15177.6 15405.6 15598.7 15809.8 16130.1 1

 2 Federal government 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 3749.0 3720.2 3752.2 2

 3 Treasury securities 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 3723.4 3694.7 3723.7 3

 4 Budget agency secur. and mortgages 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 25.5 28.5 4

 5 Nonfederal, by instrument 9526.3 10085.2 10660.5 10773.6 10960.7 11153.3 11372.7 11574.9 11849.8 12089.6 12377.8 5

 6 Commercial paper 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 216.9 193.0 6

 7 Municipal securities and loans 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1429.3 1439.9 1464.3 7

 8 Corporate bonds 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 1590.8 1621.8 8

 9 Bank loans n.e.c. 759.9 861.3 924.3 961.2 995.9 995.2 1030.7 1032.0 1084.4 1107.1 1143.7 9

10 Other loans and advances 669.6 736.9 773.2 784.4 788.5 802.9 839.5 866.1 873.5 886.1 916.8 10

11 Mortgages 4378.9 4587.0 4900.1 4949.0 5024.9 5140.7 5212.9 5321.8 5434.4 5561.5 5704.7 11

12 Home 3357.0 3533.0 3755.7 3800.3 3855.3 3951.5 3998.8 4083.0 4164.0 4268.1 4375.7 12

13 Multifamily residential 269.5 279.2 300.0 299.9 304.6 308.3 315.1 322.1 329.9 333.0 336.6 13

14 Commercial 669.5 690.3 757.2 761.2 776.3 791.3 808.8 825.5 847.9 866.5 897.4 14

15 Farm 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 15

16 Consumer credit 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 16

17 Nonfederal, by sector 9526.3 10085.2 10660.5 10773.6 10960.7 11153.3 11372.7 11574.9 11849.8 12089.6 12377.8 17

18 Household sector 4454.0 4804.3 5135.4 5170.1 5261.2 5373.0 5471.7 5529.3 5651.4 5786.2 5958.3 18

19 Nonfinancial business 3950.6 4210.7 4461.7 4534.5 4613.5 4684.8 4781.6 4901.2 5027.6 5124.7 5219.8 19

20 Corporate 2686.6 2913.2 3112.6 3178.0 3235.6 3289.1 3366.4 3468.3 3565.3 3639.7 3709.3 20

21 Nonfarm noncorporate 1121.8 1152.4 1199.2 1208.3 1224.4 1240.4 1259.1 1277.8 1301.6 1322.5 1347.8 21

22 Farm 142.2 145.1 149.9 148.2 153.5 155.2 156.1 155.1 160.6 162.5 162.7 22

23 State and local governments 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1170.8 1178.8 1199.8 23

 Foreign credit market debt

24 held in U.S. 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 606.6 600.2 591.6 24

25 Commercial paper 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 74.0 72.9 25

26 Bonds 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 424.9 416.0 407.8 26

27 Bank loans n.e.c. 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.4 55.5 56.4 58.9 27

28 Other loans and advances 59.8 59.3 60.0 59.9 60.3 58.9 58.0 55.9 54.8 53.8 52.0 28

29 Domestic and foreign 13389.4 14163.8 14961.1 15127.7 15260.5 15482.2 15747.2 15989.7 16205.3 16410.0 16721.7 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 3822.2 4281.0 4833.2 4915.3 5086.3 5208.3 5452.9 5682.0 5935.5 6205.7 6568.9 1

 2 Federal government-related 2172.7 2376.8 2608.3 2634.7 2706.2 2746.5 2821.0 2877.9 2981.2 3121.6 3318.0 2

 3 Govt.-sponsored enterprise securities 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 3

 4 Mortgage pool securities 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 4

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

 6 Private financial sectors 1649.5 1904.2 2224.9 2280.6 2380.1 2461.8 2631.9 2804.1 2954.3 3084.2 3250.9 6

 7 Open market paper 441.6 486.9 579.1 623.0 642.5 684.7 745.7 804.9 838.9 874.2 906.7 7

 8 Corporate bonds 1008.8 1205.4 1380.9 1393.1 1453.9 1476.2 1556.1 1637.0 1735.7 1785.4 1864.4 8

 9 Bank loans n.e.c. 48.9 53.7 73.7 73.9 73.5 79.7 87.1 106.1 101.0 116.1 112.9 9

10 Other loans and advances 131.6 135.0 162.9 157.9 173.7 183.0 198.5 206.6 225.6 246.2 289.6 10

11 Mortgages 18.7 23.3 28.3 32.7 36.6 38.2 44.5 49.4 53.2 62.2 77.3 11

12 By sector 3822.2 4281.0 4833.2 4915.3 5086.3 5208.3 5452.9 5682.0 5935.5 6205.7 6568.9 12

13 Commercial banks 94.5 102.6 113.6 115.3 125.7 130.0 140.6 148.7 159.6 169.6 188.7 13

14 Bank holding companies 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 190.5 196.1 193.5 14

15 Savings institutions 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 186.6 213.3 15

16 Credit unions 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 1.0 1.1 16

17 Life insurance companies 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 2.0 2.5 17

18 Government-sponsored enterprises 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 18

19 Federally related mortgage pools 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 19

20 ABS issuers 579.0 720.1 873.8 889.9 917.9 989.0 1089.3 1154.1 1243.9 1321.2 1406.2 20

21 Brokers and dealers 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 39.4 42.5 21

22 Finance companies 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 589.4 615.6 22

23 Mortgage companies 18.7 19.1 31.5 31.4 28.3 31.2 26.8 39.1 27.1 27.6 28.1 23

24 REITs 31.1 36.7 43.7 50.4 58.0 65.7 80.4 97.0 112.5 133.2 145.7 24

25 Funding corporations 211.0 248.6 312.7 348.6 350.0 363.4 373.7 411.6 410.5 417.9 413.6 25
60 Z.1, March 12, 1999

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 17211.6 18444.9 19794.3 20043.0 20346.8 20690.5 21200.2 21671.7 22140.8 22615.8 23290.6 1

 2 Open market paper 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 1165.1 1172.6 2

 3 U.S. government securities 5665.0 6013.6 6390.0 6464.5 6466.8 6517.7 6625.9 6708.6 6730.2 6841.8 7070.2 3

 4 Municipal securities 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1429.3 1439.9 1464.3 4

 5 Corporate and foreign bonds 2504.0 2823.6 3127.5 3163.3 3255.3 3333.4 3440.1 3563.9 3729.6 3792.2 3893.9 5

 6 Bank loans n.e.c. 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1169.8 1191.5 1240.9 1279.7 1315.5 6

 7 Other loans and advances 860.9 931.1 996.2 1002.3 1022.4 1044.9 1095.9 1128.7 1153.9 1186.1 1258.4 7

 8 Mortgages 4397.6 4610.4 4928.4 4981.7 5061.5 5178.9 5257.4 5371.2 5487.5 5623.7 5782.0 8

 9 Consumer credit 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 9

 Memo:

 Selected claims not included above:

10 Corporate equities 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 12758.4 15437.7 10

11 Mutual fund shares 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 11

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 17211.6 18444.9 19794.3 20043.0 20346.8 20690.5 21200.2 21671.7 22140.8 22615.8 23290.6 1

 2 Official foreign exchange 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 54.5 60.1 2

 3 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 18.8 18.3 4

 5 Foreign deposits 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 630.4 652.2 661.4 5

 6 Net interbank liabilities 280.1 290.7 240.8 211.2 197.5 189.0 219.4 182.4 197.8 196.3 184.0 6

 7 Checkable deposits and currency 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.4 1321.0 1282.7 1335.2 7

 8 Small time and savings deposits 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2525.2 2530.8 2554.4 2629.1 8

 9 Large time deposits 411.2 476.9 590.9 606.0 646.7 696.1 713.4 760.9 754.0 776.5 805.0 9

10 Money market fund shares 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1249.7 1334.2 10

11 Security RPs 549.5 660.0 701.5 719.1 768.0 797.7 822.4 891.0 861.5 919.8 877.7 11

12 Mutual fund shares 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 12

13 Security credit 279.0 305.7 358.1 380.3 414.3 431.8 469.1 505.3 540.6 579.0 569.6 13

14 Life insurance reserves 520.3 566.2 610.6 624.0 639.6 655.6 665.0 677.3 686.9 694.8 707.0 14

15 Pension fund reserves 5057.5 5821.1 6567.8 6650.9 7169.4 7556.3 7680.9 8246.8 8349.4 7810.4 8770.1 15

16 Trade payables 1140.6 1242.2 1319.0 1301.9 1319.8 1353.5 1418.2 1407.7 1414.6 1434.8 1481.3 16

17 Taxes payable 101.4 107.6 123.8 137.3 133.9 143.1 138.3 149.5 141.4 151.7 147.2 17

18 Investment in bank personal trusts 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 18

19 Miscellaneous 5326.6 5693.7 6012.0 6288.1 6258.4 6449.8 6461.5 6746.4 6784.3 7042.9 6848.0 19

20 Total liabilities 37535.5 41029.9 44643.8 45495.8 46888.0 48346.0 49365.7 51357.4 52230.9 52307.5 54644.9 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 21.0 21.2 21.6 21

22 Corporate equities 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 12758.4 15437.7 22

23 Household equity in noncorp. bus. 3370.5 3578.3 3776.1 3875.1 3964.4 4030.7 4097.4 4108.8 4136.2 4153.7 4164.4 23

 - Liabilities not identified as assets:

24 Treasury currency -5.4 -5.8 -6.7 -6.8 -6.9 -6.7 -7.3 -7.4 -7.4 -7.2 -7.9 24

25 Foreign deposits 325.4 360.2 431.2 475.4 478.1 501.5 534.5 510.8 547.9 565.2 573.0 25

26 Net interbank transactions -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.2 -21.2 -17.1 -15.4 -27.0 26

27 Security RPs 67.8 85.3 86.0 60.3 96.6 113.1 151.2 183.5 134.4 167.4 159.0 27

28 Taxes payable 48.8 62.4 76.9 74.8 77.6 87.9 91.4 87.4 92.6 98.8 97.7 28

29 Miscellaneous -1046.5 -1369.3 -1723.8 -1592.3 -1687.0 -1656.3 -2110.0 -2018.7 -2007.8 -2012.6 -2304.1 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.4 3.1 -1.6 -9.7 -6.8 -7.8 -8.1 -10.4 -16.1 -12.0 -3.9 30

31 Other 38.0 34.2 30.1 25.6 27.9 19.5 26.2 21.4 24.2 15.7 23.1 31

32 Trade credit -245.9 -257.6 -284.2 -339.5 -366.6 -366.2 -273.8 -323.8 -363.2 -383.7 -319.5 32

33 Totals identified to sectors as assets 47985.7 54058.1 59906.5 60769.2 63895.6 66384.2 67888.3 71463.4 72556.7 70824.6 76078.2 33
Z.1, March 12, 1999 61

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 16456.9 18839.2 20839.9 20914.8 22382.1 23403.9 23673.2 25265.0 25513.4 24100.5 26750.6 1

 2 Foreign deposits 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 43.3 40.8 37.8 2

 3 Checkable deposits and currency 672.1 618.2 556.8 540.9 539.2 513.3 547.2 536.6 541.8 524.6 554.7 3

 4 Time and savings deposits 2286.9 2460.1 2634.7 2681.9 2717.5 2767.8 2810.0 2895.8 2892.1 2897.4 2975.1 4

 5 Money market fund shares 355.3 454.1 513.7 556.3 545.9 584.5 606.7 656.2 654.3 708.0 753.1 5

 6 Securities 5917.9 7102.3 7989.5 7854.5 8644.3 9104.6 9091.1 9851.0 9940.5 9071.6 10421.8 6

 7 Open market paper 46.7 48.0 52.0 54.0 55.0 57.0 59.0 60.0 61.0 62.0 63.2 7

 8 U.S. savings bonds 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 8

 9 Other Treasury securities 523.4 425.0 397.9 397.7 318.8 275.4 214.7 198.3 174.8 164.3 144.5 9

10 Agency securities 250.7 264.8 343.9 333.8 339.0 330.1 367.4 317.1 322.7 343.5 340.4 10

11 Municipal securities 502.2 459.0 434.8 417.4 428.2 426.9 421.3 427.0 446.7 443.8 447.1 11

12 Corporate and foreign bonds 372.5 460.6 463.3 434.0 438.2 436.2 460.5 483.5 512.9 488.5 474.6 12

13 Corporate equities (2) 2990.4 3994.8 4528.4 4391.2 5025.6 5352.9 5333.2 5882.5 5867.3 5182.9 6279.8 13

14 Mutual fund shares 1052.1 1265.0 1582.1 1639.8 1853.2 2039.9 2048.5 2296.4 2369.1 2200.7 2485.6 14

15 Private life insurance reserves 491.5 536.3 580.1 592.8 607.9 623.9 632.7 644.8 653.8 661.7 673.5 15

16 Private insured pension reserves 884.5 1002.0 1094.8 1117.8 1176.8 1221.3 1233.5 1303.7 1324.6 1276.0 1401.1 16

17 Private noninsured pension reserves 2377.5 2776.9 3176.9 3207.3 3474.2 3689.2 3728.1 4069.8 4128.2 3804.6 4354.7 17

18 Govt. insurance and pension reserves 1824.3 2072.1 2326.6 2357.1 2550.1 2677.7 2751.6 2905.7 2929.7 2762.9 3047.9 18

19 Investment in bank personal trusts 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 19

20 Miscellaneous assets 928.6 990.8 1059.6 1077.8 1103.7 1120.4 1147.8 1175.8 1198.0 1240.4 1240.2 20

21 Total liabilities 6140.1 6559.3 6986.9 7037.8 7166.9 7320.8 7451.5 7535.9 7705.7 7866.3 8069.1 21

22 Mortgage debt on nonfarm homes 3338.3 3513.7 3735.8 3780.2 3835.0 3931.0 3978.0 4062.0 4142.7 4246.7 4354.0 22

23 Other mortgage debt (3) 820.3 820.0 853.3 856.0 867.9 880.2 895.5 911.1 927.6 941.8 962.2 23

24 Consumer credit 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 24

25 Policy loans 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.8 105.8 106.3 105.3 25

26 Security credit 75.1 78.6 94.4 101.4 110.4 127.4 131.2 140.3 152.2 151.0 152.5 26

27 Other liabilities (3) 836.1 927.3 990.4 1011.0 1043.9 1050.2 1078.1 1081.6 1120.7 1133.2 1161.6 27

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

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

(3) Includes corporate farms.
62 Z.1, March 12, 1999

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 19212.5 21751.0 23907.6 24071.1 25617.3 26693.3 27019.9 28611.2 28876.3 27469.6 30120.7 1

 2 Deposits 3157.3 3365.5 3537.5 3612.8 3633.2 3696.1 3790.0 3915.6 3908.4 3943.6 4089.1 2

 3 Foreign deposits 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 43.3 40.8 37.8 3

 4 Checkable deposits and currency 563.6 504.9 438.5 421.3 418.4 391.0 423.4 411.2 414.8 395.8 424.1 4

 5 Time and savings deposits 2223.5 2388.0 2555.8 2601.5 2635.7 2684.4 2724.8 2808.8 2803.1 2806.3 2881.8 5

 6 Money market fund shares 351.3 449.2 507.8 550.2 539.6 578.1 600.0 649.3 647.2 700.7 745.5 6

 7 Credit market instruments 1979.2 1937.8 1968.9 1912.3 1853.2 1798.4 1794.9 1756.5 1787.4 1770.3 1737.7 7

 8 Open market paper 46.7 48.0 52.0 54.0 55.0 57.0 59.0 60.0 61.0 62.0 63.2 8

 9 U.S. government securities 940.0 859.2 911.2 899.9 825.6 772.9 749.3 681.9 663.3 673.0 650.3 9

10 Treasury 689.3 594.4 567.2 566.2 486.7 442.7 382.0 364.8 340.6 329.5 309.9 10

11 Savings bonds 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 11

12 Other Treasury 509.4 409.4 380.2 379.7 300.3 256.6 195.5 178.6 154.6 143.6 123.3 12

13 Agency 250.7 264.8 343.9 333.8 339.0 330.1 367.4 317.1 322.7 343.5 340.4 13

14 Municipal securities 502.2 459.0 434.8 417.4 428.2 426.9 421.3 427.0 446.7 443.8 447.1 14

15 Corporate and foreign bonds 372.5 460.6 463.3 434.0 438.2 436.2 460.5 483.5 512.9 488.5 474.6 15

16 Mortgages 117.7 110.9 107.7 106.9 106.2 105.5 104.8 104.1 103.6 103.0 102.5 16

17 Corporate equities (2) 2990.4 3994.8 4528.4 4391.2 5025.6 5352.9 5333.2 5882.5 5867.3 5182.9 6279.8 17

18 Mutual fund shares 1052.1 1265.0 1582.1 1639.8 1853.2 2039.9 2048.5 2296.4 2369.1 2200.7 2485.6 18

19 Security credit 109.0 127.6 162.9 172.0 188.7 192.8 215.5 233.4 248.8 281.4 274.2 19

20 Life insurance reserves 520.3 566.2 610.6 624.0 639.6 655.6 665.0 677.3 686.9 694.8 707.0 20

21 Pension fund reserves 5057.5 5821.1 6567.8 6650.9 7169.4 7556.3 7680.9 8246.8 8349.4 7810.4 8770.1 21

22 Investment in bank personal trusts 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 22

23 Equity in noncorporate business 3370.5 3578.3 3776.1 3875.1 3964.4 4030.7 4097.4 4108.8 4136.2 4153.7 4164.4 23

24 Miscellaneous assets 276.9 291.7 301.4 304.2 307.1 311.6 311.7 314.7 315.7 319.5 321.9 24

25 Total liabilities 4639.8 5003.6 5357.3 5397.8 5499.6 5631.0 5738.6 5804.3 5940.6 6075.0 6250.1 25

26 Credit market instruments 4454.0 4804.3 5135.4 5170.1 5261.2 5373.0 5471.7 5529.3 5651.4 5786.2 5958.3 26

27 Home mortgages 3097.2 3274.7 3498.1 3542.7 3597.2 3691.7 3737.2 3819.5 3898.5 4000.7 4106.1 27

28 Consumer credit 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 28

29 Municipal securities 97.6 98.3 104.9 106.4 110.0 112.0 114.9 119.1 123.1 124.2 126.9 29

30 Bank loans n.e.c. 40.0 55.1 48.3 55.2 63.5 49.0 56.7 49.2 62.5 56.4 67.2 30

31 Other loans and advances 133.7 160.3 172.7 179.5 183.8 188.8 190.7 193.7 197.6 201.3 205.0 31

32 Commercial mortgages 101.5 93.1 99.9 100.0 101.6 104.9 108.1 111.7 112.9 116.2 119.6 32

33 Security credit 75.1 78.6 94.4 101.4 110.4 127.4 131.2 140.3 152.2 151.0 152.5 33

34 Trade payables 94.0 103.3 109.3 107.9 109.6 112.0 117.1 116.1 118.2 119.5 121.0 34

 Deferred and unpaid

35 life insurance premiums 16.8 17.5 18.3 18.4 18.5 18.6 18.6 18.6 18.9 18.4 18.4 35

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

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, March 12, 1999 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5179.2 5723.9 6264.8 6396.2 6570.6 6722.6 6818.3 6958.3 7017.0 7111.4 7220.9 1

 2 Foreign deposits 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 17.4 17.0 20.0 2

 3 Checkable deposits and currency 330.1 366.2 421.0 423.2 432.7 442.7 434.9 431.8 443.6 460.2 478.1 3

 4 Time and savings deposits 130.9 115.0 123.6 120.4 126.8 125.5 136.2 141.0 145.3 159.2 173.4 4

 5 Money market fund shares 56.2 81.9 92.8 100.1 104.3 111.4 117.4 129.2 134.5 145.4 157.6 5

 6 Security RPs 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 2.2 2.7 3.0 6

 7 Credit market instruments 326.8 322.7 337.7 334.1 329.4 339.1 355.2 339.8 331.1 339.6 355.0 7

 8 Commercial paper 18.8 20.1 31.0 26.1 25.0 27.4 34.2 28.3 23.4 24.4 29.4 8

 9 U.S. government securities 84.7 96.1 99.2 104.3 90.5 94.6 94.9 85.0 83.9 89.8 86.0 9

10 Municipal securities 56.7 36.8 31.7 33.4 43.3 43.6 40.0 44.2 46.7 45.7 48.2 10

11 Mortgages 80.0 84.6 98.0 100.3 102.6 104.9 107.2 109.5 111.8 114.1 116.5 11

12 Consumer credit 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 65.3 65.5 74.9 12

13 Mutual fund shares 31.1 45.7 59.9 57.9 65.4 69.4 69.1 76.0 75.2 63.9 75.4 13

14 Trade receivables 1224.0 1314.2 1386.1 1412.4 1453.7 1464.3 1425.4 1446.9 1484.6 1515.0 1495.5 14

15 Miscellaneous assets 3064.0 3460.1 3813.5 3917.4 4024.4 4135.6 4255.6 4367.5 4383.2 4408.3 4463.0 15

16 Total liabilities 7127.6 7565.2 7978.6 8117.4 8184.2 8292.5 8403.1 8603.0 8693.6 8793.2 8903.5 16

17 Credit market instruments 3950.6 4210.7 4461.7 4534.5 4613.5 4684.8 4781.6 4901.2 5027.6 5124.7 5219.8 17

18 Commercial paper 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 216.9 193.0 18

19 Municipal securities 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 147.0 147.8 19

20 Corporate bonds 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 1590.8 1621.8 20

21 Bank loans n.e.c. 719.8 806.2 876.0 906.0 932.4 946.2 973.9 982.8 1021.9 1050.7 1076.6 21

22 Other loans and advances 526.7 566.8 590.4 596.1 595.6 605.2 639.8 662.2 665.8 674.7 701.7 22

23 Mortgages 1180.2 1219.3 1302.2 1306.4 1326.1 1344.1 1367.7 1390.5 1422.9 1444.6 1479.1 23

24 Trade payables 883.3 971.5 1035.6 1013.9 1030.3 1052.8 1110.3 1101.3 1106.9 1122.3 1173.5 24

25 Taxes payable 74.9 76.2 87.6 100.2 95.5 103.0 96.6 106.8 97.4 106.5 100.2 25

26 Miscellaneous liabilities 2218.8 2306.8 2393.7 2468.9 2444.9 2451.8 2414.6 2493.7 2461.8 2439.8 2410.0 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 12, 1999

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4567.3 5058.8 5559.6 5681.7 5847.0 5988.7 6075.4 6204.6 6252.2 6335.2 6434.2 1

 2 Foreign deposits 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 17.4 17.0 20.0 2

 3 Checkable deposits and currency 221.6 252.9 302.7 303.6 311.8 320.4 311.2 306.5 316.6 331.5 347.5 3

 4 Time and savings deposits 67.5 42.9 44.7 40.0 45.0 42.1 51.1 54.0 56.2 68.0 80.1 4

 5 Money market fund shares 52.2 77.0 86.9 94.0 98.0 104.9 110.7 122.3 127.4 138.1 150.0 5

 6 Security RPs 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 2.2 2.7 3.0 6

 7 Commercial paper 18.8 20.1 31.0 26.1 25.0 27.4 34.2 28.3 23.4 24.4 29.4 7

 8 U.S. government securities 70.7 80.5 81.5 86.3 72.1 75.7 75.7 65.3 63.8 69.1 64.8 8

 9 Municipal securities 56.7 36.8 31.7 33.4 43.3 43.6 40.0 44.2 46.7 45.7 48.2 9

10 Mortgages 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 81.0 83.0 85.0 10

11 Consumer credit 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 65.3 65.5 74.9 11

12 Trade receivables 1107.0 1184.9 1247.4 1271.4 1310.2 1318.4 1276.9 1295.7 1330.6 1358.1 1335.6 12

13 Mutual fund shares 31.1 45.7 59.9 57.9 65.4 69.4 69.1 76.0 75.2 63.9 75.4 13

14 Miscellaneous assets 2782.6 3156.9 3496.8 3597.3 3701.2 3808.4 3926.2 4034.4 4046.6 4068.0 4120.3 14

15 U.S. direct investment abroad (1) 651.2 742.8 816.3 845.7 869.9 895.1 886.0 919.6 955.7 976.6 999.0 15

16 Insurance receivables 175.4 183.6 186.2 187.1 187.7 189.9 188.1 189.7 190.1 191.4 190.1 16

17 Equity in GSEs 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.5 0.4 -0.2 -0.2 17

18 Investment in finance company subs. 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 29.1 32.3 18

19 Other 1933.3 2203.1 2462.6 2532.5 2612.7 2692.1 2819.3 2892.3 2870.4 2871.1 2899.2 19

20 Total liabilities 5627.4 6009.5 6349.1 6477.3 6516.9 6602.8 6690.2 6871.4 6928.5 7001.9 7084.4 20

21 Credit market instruments 2686.6 2913.2 3112.6 3178.0 3235.6 3289.1 3366.4 3468.3 3565.3 3639.7 3709.3 21

22 Commercial paper 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 216.9 193.0 22

23 Municipal securities (2) 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 147.0 147.8 23

24 Corporate bonds (1) 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 1590.8 1621.8 24

25 Bank loans n.e.c. 521.0 587.7 633.5 659.6 675.8 683.8 706.2 714.4 743.0 765.9 789.7 25

26 Other loans and advances 421.4 453.7 475.0 479.6 478.5 486.6 520.6 539.5 541.2 546.1 568.6 26

27 Savings institutions 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 11.0 12.1 27

28 Finance companies 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 301.4 301.6 319.9 28

29 Federal government 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 8.4 8.3 8.3 29

30 Acceptance liabilities to banks 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 7.3 7.8 6.6 30

31 Rest of the world 122.1 122.1 128.8 132.2 132.6 136.0 143.2 151.4 146.5 145.8 141.0 31

32 ABS issuers 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.5 71.5 80.6 32

33 Mortgages 220.3 253.4 311.0 312.8 322.0 329.5 339.4 348.6 364.1 373.0 388.5 33

34 Trade payables 796.5 877.5 932.5 910.0 922.6 942.6 998.1 988.0 990.4 1003.1 1052.5 34

35 Taxes payable 40.3 40.3 49.9 62.1 57.2 64.4 57.6 67.5 57.8 66.6 60.0 35

36 Miscellaneous liabilities 2103.9 2178.5 2254.0 2327.2 2301.5 2306.6 2268.1 2347.6 2315.0 2292.6 2262.7 36

37 Foreign direct investment in U.S. 535.4 575.3 620.7 647.9 667.4 676.6 689.1 723.3 738.5 752.6 854.4 37

38 Pension fund contributions payable 22.0 25.7 29.5 30.4 31.4 32.3 33.3 34.2 35.2 36.1 37.1 38

39 Other 1546.5 1577.5 1603.9 1648.9 1602.7 1597.8 1545.8 1590.1 1541.3 1503.8 1371.2 39

 Memo:

40 Trade receivables net of payables 310.4 307.4 314.9 361.4 387.6 375.8 278.8 307.7 340.2 355.0 283.1 40

41 Market value of equities 4141.8 5481.1 6367.4 6283.4 7286.7 7881.2 7793.8 8858.9 8933.7 8222.0 10040.2 41

42 Securities and mortgages 1605.0 1714.4 1847.7 1870.2 1902.0 1942.2 1970.9 2021.3 2078.6 2110.8 2158.1 42

43 Loans and short-term paper 1081.6 1198.8 1265.0 1307.9 1333.6 1347.0 1395.4 1447.0 1486.7 1528.9 1551.2 43

44 Total short-term liabilities (3) 1918.4 2116.6 2247.4 2280.0 2313.4 2353.9 2451.2 2502.5 2534.9 2598.5 2663.7 44

45 Total liquid assets (4) 534.7 574.0 668.6 672.1 694.6 718.3 716.3 722.7 728.8 760.5 818.4 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.7 58.9 59.4 58.8 58.8 59.0 58.5 58.3 58.3 58.0 58.2 46

47 Short-term debt/credit market debt 40.3 41.1 40.6 41.2 41.2 41.0 41.5 41.7 41.7 42.0 41.8 47

48 Liquid assets/short-term liabilities 27.9 27.1 29.8 29.5 30.0 30.5 29.2 28.9 28.8 29.3 30.7 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, March 12, 1999 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 553.0 604.0 644.1 653.1 662.0 671.7 681.1 691.5 702.3 713.3 724.1 1

 2 Checkable deposits and currency 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 110.1 111.8 113.6 2

 3 Time and savings deposits 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 89.0 91.1 93.3 3

 4 Money market fund shares 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 7.1 7.3 7.6 4

 5 Treasury securities 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 20.2 20.7 21.2 5

 6 Mortgages 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 30.8 31.1 31.5 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 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.2 154.0 156.9 159.9 8

 9 Miscellaneous assets 238.7 258.8 272.2 275.5 278.4 281.9 284.5 287.8 291.1 294.3 297.1 9

10 Insurance receivables 42.2 44.2 44.8 45.0 45.1 45.7 45.2 45.6 45.7 46.0 45.7 10

11 Equity investment in GSEs (1) 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 1.8 1.7 1.7 11

12 Other 195.6 213.7 225.8 228.8 231.6 234.6 237.6 240.6 243.6 246.6 249.6 12

13 Total liabilities 1342.9 1394.3 1462.2 1475.5 1495.6 1515.7 1537.9 1558.4 1585.2 1608.6 1636.3 13

14 Credit market instruments 1121.8 1152.4 1199.2 1208.3 1224.4 1240.4 1259.1 1277.8 1301.6 1322.5 1347.8 14

15 Bank loans n.e.c. 160.2 178.7 202.1 208.2 214.0 218.5 223.8 226.3 232.7 237.8 241.8 15

16 Other loans and advances 84.7 92.3 93.0 94.1 95.0 96.9 97.3 100.9 102.7 106.9 110.5 16

17 Mortgages 876.9 881.4 904.0 906.0 915.4 925.0 938.0 950.7 966.2 977.8 995.6 17

18 Trade payables 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 97.1 99.0 100.9 18

19 Taxes payable 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 39.6 39.9 40.2 19

20 Miscellaneous liabilities 114.9 128.3 139.7 141.7 143.4 145.2 146.5 146.1 146.8 147.2 147.3 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 58.8 61.2 61.1 61.4 61.6 62.2 61.7 62.2 62.5 62.9 62.6 1

 2 Checkable deposits and currency 16.2 16.7 16.7 16.7 16.8 16.9 16.9 16.9 17.0 17.0 17.0 2

 3 Miscellaneous assets 42.6 44.5 44.4 44.6 44.8 45.3 44.8 45.3 45.5 45.9 45.6 3

 4 Insurance receivables 40.4 42.3 42.9 43.1 43.2 43.7 43.3 43.7 43.8 44.1 43.8 4

 5 Equity investment in GSEs (2) 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 1.7 1.8 1.8 5

 6 Total liabilities 157.4 161.3 167.4 164.6 171.7 174.0 175.0 173.2 180.0 182.7 182.7 6

 7 Credit market instruments 142.2 145.1 149.9 148.2 153.5 155.2 156.1 155.1 160.6 162.5 162.7 7

 8 Bank loans n.e.c. 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.1 46.1 47.0 45.1 8

 9 Other loans and advances 20.6 20.8 22.4 22.4 22.2 21.8 21.9 21.8 21.8 21.7 22.6 9

10 Mortgages 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 10

11 Trade payables 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 19.4 20.1 20.0 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 12, 1999

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1025.8 994.1 1007.9 1005.2 1029.6 1020.6 1043.3 1062.7 1084.5 1109.4 1130.3 1

 2 Checkable deposits and currency 31.6 34.4 31.7 30.0 31.3 31.8 33.2 29.5 31.4 28.9 32.5 2

 3 Time and savings deposits 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.6 84.7 86.7 89.6 3

 4 Security RPs 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 154.0 158.0 158.5 4

 5 Credit market instruments 729.9 638.6 614.8 605.4 618.9 606.6 614.6 610.6 648.0 675.5 678.7 5

 6 Open market paper 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 75.8 79.0 80.0 6

 7 U.S. government securities 556.6 441.3 383.2 372.0 384.9 367.9 374.8 366.9 400.0 419.4 419.3 7

 8 Treasury 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 250.0 254.4 237.3 8

 9 Agency 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 150.0 165.0 182.0 9

10 Municipal securities 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 4.8 4.7 4.4 10

11 Corporate and foreign bonds 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 44.0 48.0 49.5 11

12 Mortgages 110.5 113.8 117.6 118.3 119.4 120.3 121.3 122.3 123.3 124.4 125.4 12

13 Corporate equities 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 71.9 63.0 76.0 13

14 Mutual fund shares 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 46.4 47.3 48.3 14

15 Taxes receivable 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 28.6 28.8 28.1 15

16 Miscellaneous assets 19.0 53.9 29.0 31.6 32.2 25.4 32.9 36.4 19.5 21.3 18.5 16

17 Total liabilities 1150.7 1101.2 1096.6 1103.2 1120.3 1130.1 1154.4 1179.3 1205.8 1214.3 1235.5 17

18 Credit market instruments 1121.7 1070.2 1063.4 1069.0 1086.1 1095.5 1119.5 1144.3 1170.8 1178.8 1199.8 18

19 Municipal securities 1112.4 1060.4 1053.3 1060.1 1077.1 1086.6 1110.6 1134.1 1160.7 1168.7 1189.7 19

20 Short-term 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 42.9 39.3 41.2 20

21 Other 1080.7 1027.5 1014.1 1019.9 1039.3 1043.5 1063.1 1085.8 1117.8 1129.4 1148.5 21

22 U.S. government loans 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 10.1 10.1 10.1 22

23 Trade payables 29.0 31.0 33.2 34.2 34.2 34.6 35.0 34.9 35.0 35.5 35.7 23

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

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 436.2 437.6 436.5 445.7 458.5 442.7 431.7 447.1 482.1 458.4 437.5 1

 2 Gold, SDRs, and official foreign exchange 41.4 53.8 44.9 38.3 38.9 38.6 42.0 41.7 42.8 46.3 50.9 2

 3 Checkable deposits and currency 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 82.9 47.1 23.2 3

 4 Time and savings deposits 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 3.2 3.6 4.7 4

 5 Credit market instruments 203.4 203.2 195.5 195.9 197.3 198.2 200.4 204.3 207.5 210.9 213.6 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 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 45.1 44.8 44.6 7

 8 Other loans and advances 132.4 145.4 145.2 147.9 149.9 151.9 154.7 158.8 162.3 166.1 169.0 8

 9 Trade receivables 24.7 23.1 24.0 24.8 25.4 21.9 20.5 22.3 22.1 24.3 23.0 9

10 Taxes receivable 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 20.2 24.0 21.4 10

11 Miscellaneous assets 119.6 117.1 110.7 107.8 106.0 103.7 103.8 103.5 103.3 102.3 100.7 11

12 Total liabilities 4124.9 4289.0 4492.1 4530.0 4472.1 4495.3 4555.0 4569.5 4500.2 4487.7 4544.2 12

13 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 13

14 Treasury currency 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 18.8 18.3 14

15 Credit market instruments 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 3749.0 3720.2 3752.2 15

16 Savings bonds 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 16

17 Other Treasury securities 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.7 3537.4 3508.8 3537.1 17

18 Budget agency securities 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 25.5 28.5 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 85.7 81.0 83.1 83.3 84.4 83.6 82.1 81.6 82.4 83.4 81.3 20

21 Insurance and pension reserves 514.4 536.2 591.9 582.8 592.8 608.4 634.0 622.9 634.6 649.4 676.5 21

22 Miscellaneous liabilities 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 6.7 6.7 22
Z.1, March 12, 1999 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2852.5 3423.1 4133.2 4224.7 4275.3 4478.8 4845.8 4984.4 5171.3 5149.4 5410.1 1

 2 Net interbank assets 218.2 229.3 177.3 150.3 141.6 150.7 173.0 139.9 150.4 147.0 140.8 2

 3 U.S. checkable deposits and currency 180.4 193.8 213.7 217.8 224.5 229.9 243.6 244.8 250.8 255.4 257.4 3

 4 U.S. time deposits 56.3 49.6 60.6 63.7 66.8 68.5 73.6 78.2 78.0 87.1 86.0 4

 5 Security RPs 46.6 67.6 70.9 91.7 92.3 98.3 90.8 112.2 105.2 92.0 72.0 5

 6 Credit market instruments 1216.0 1530.3 1933.8 2019.4 2095.0 2196.4 2259.0 2324.0 2401.2 2416.4 2508.1 6

 7 Open market paper 24.9 43.4 57.9 49.6 59.9 75.3 77.8 74.5 92.0 115.3 113.3 7

 8 U.S. government securities 757.7 995.3 1293.9 1362.9 1404.9 1462.1 1498.1 1531.1 1554.9 1523.9 1591.5 8

 9 Official holdings 407.2 497.8 612.7 635.7 624.9 634.2 614.4 628.3 608.3 577.4 610.8 9

10 Treasury 396.9 482.8 592.9 615.2 603.5 610.2 589.9 601.2 580.9 548.1 579.9 10

11 Agency 10.3 15.0 19.8 20.5 21.3 24.0 24.5 27.2 27.4 29.3 30.9 11

12 Private holdings 350.5 497.5 681.3 727.2 780.0 827.9 883.7 902.7 946.6 946.5 980.8 12

13 Treasury 235.7 357.7 504.8 538.2 580.8 616.2 662.0 660.3 687.2 685.7 710.0 13

14 Agency 114.8 139.8 176.5 189.0 199.2 211.7 221.7 242.5 259.5 260.8 270.7 14

15 U.S. corporate bonds (1) 311.4 369.5 453.2 474.7 497.7 523.0 540.0 567.0 607.8 631.3 662.2 15

16 Loans to U.S. corporate business 122.1 122.1 128.8 132.2 132.6 136.0 143.2 151.4 146.5 145.8 141.0 16

17 U.S. corporate equities 397.7 527.6 656.8 676.2 801.9 883.9 915.9 1054.5 1079.6 933.7 1110.3 17

18 Trade receivables 49.8 49.4 55.3 56.0 55.7 55.9 58.1 56.6 57.2 56.5 55.8 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 687.6 775.5 964.9 949.6 797.4 795.1 1031.8 974.3 1049.0 1161.3 1179.8 20

21 Foreign direct investment in U.S. (2) 561.2 614.3 667.0 692.4 712.9 733.0 751.8 777.4 797.1 828.5 948.1 21

22 Other 126.4 161.2 297.9 257.2 84.5 62.2 279.9 196.9 251.9 332.8 231.7 22

23 Total liabilities 1705.1 1964.4 2240.2 2402.0 2394.0 2520.9 2503.0 2540.7 2693.1 2866.2 2666.8 23

 U.S. official foreign exchange

24 and net IMF position 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 54.5 60.1 24

25 U.S. private deposits 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 630.4 652.2 661.4 25

26 Credit market instruments 370.8 441.9 518.8 524.3 539.2 557.7 569.6 584.1 606.6 600.2 591.6 26

27 Commercial paper 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 74.0 72.9 27

28 Bonds 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 424.9 416.0 407.8 28

29 Bank loans n.e.c. 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.4 55.5 56.4 58.9 29

30 Official 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 2.2 2.0 2.8 30

31 Banks 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.1 14.8 13.8 13.1 31

32 Other 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 38.6 40.6 43.0 32

33 U.S. government loans 51.9 51.1 50.1 49.7 49.5 48.6 48.3 47.9 47.9 47.4 47.2 33

34 Acceptance liabilities to banks 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 6.9 6.3 4.7 34

35 Trade payables 39.5 45.3 43.6 44.9 45.0 46.8 53.8 54.2 51.2 52.3 50.9 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 867.6 994.6 1108.0 1223.7 1194.4 1272.5 1211.3 1246.1 1354.9 1506.9 1303.0 37

38 U.S. equity in IBRD, etc. 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 32.5 32.9 38

39 U.S. government deposits 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 2.1 2.2 39

40 U.S. direct investment abroad (1,2) 752.1 849.7 937.0 972.1 999.9 1028.3 1023.9 1061.1 1103.1 1127.1 1155.8 40

41 Other 86.8 115.0 139.4 219.6 162.0 211.3 154.2 151.0 217.4 345.2 112.1 41

 Memo:

42 Market value of foreign equities 586.6 699.1 876.8 892.4 966.1 998.9 1001.3 1136.9 1112.6 931.6 1195.7 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, March 12, 1999

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 452.1 471.9 495.2 486.0 507.6 502.2 534.0 519.6 541.2 540.5 566.9 1

 2 Gold and foreign exchange 33.0 32.1 30.2 28.9 28.9 28.5 28.0 27.7 28.3 29.4 30.7 2

 3 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.7 25.9 26.0 26.2 4

 5 Federal Reserve float -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 -1.2 1.8 5

 6 Fed. Res. loans to domestic banks 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 1.1 0.0 6

 7 Security RPs 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 20.5 14.2 30.4 7

 8 Credit market instruments 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 446.5 452.5 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 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 440.3 446.5 452.5 10

11 Treasury 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 439.8 446.0 452.1 11

12 Agency 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 0.5 0.4 0.3 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 15.4 16.1 14

15 Total liabilities 448.4 467.9 490.7 480.6 502.1 495.9 528.8 514.0 534.8 533.4 560.9 15

16 Depository institution reserves 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 23.7 25.7 26.3 16

17 Vault cash of commercial banks 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 39.2 42.1 17

18 Checkable deposits and currency 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 464.7 461.2 482.5 18

19 Due to federal government 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 18.3 5.0 6.2 19

20 Due to rest of the world 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 0.9 1.1 1.0 20

21 Currency outside banks 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.2 445.5 455.0 475.3 21

22 Miscellaneous liabilities 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 8.0 7.3 10.0 22

23 Federal Reserve Bank stock 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 5.9 6.0 23

24 Other 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 2.2 1.4 4.1 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, March 12, 1999 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4159.8 4493.8 4710.4 4791.8 4912.7 4995.7 5174.6 5245.5 5332.6 5489.0 5635.5 1

 2 Vault cash 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 39.2 42.1 2

 3 Reserves at Federal Reserve 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.6 21.8 23.9 24.4 3

 4 Checkable deposits and currency 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.3 1.5 1.4 2.1 4

 5 Total bank credit 3331.2 3604.6 3794.5 3868.2 3957.4 4010.5 4144.5 4222.2 4276.8 4340.8 4486.9 5

 6 U.S. government securities 719.1 746.1 757.5 792.9 788.9 799.7 841.2 871.6 852.0 841.5 876.6 6

 7 Treasury 290.4 278.7 261.8 282.5 265.9 261.8 270.1 278.4 263.6 219.8 214.1 7

 8 Agency 428.7 467.5 495.7 510.4 523.0 537.9 571.2 593.2 588.4 621.7 662.6 8

 9 Municipal securities 97.6 93.4 94.2 94.0 94.3 96.2 96.7 95.8 98.3 101.5 104.8 9

10 Corporate and foreign bonds 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.4 156.6 164.3 181.0 10

11 Total loans 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3052.9 3087.3 3154.9 3220.9 3306.1 11

12 Open market paper 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 0.9 1.1 12

13 Bank loans n.e.c. 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1169.8 1191.5 1240.9 1279.7 1315.5 13

14 Mortgages 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1245.3 1271.0 1281.8 1295.8 1337.7 14

15 Consumer credit 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.1 491.4 497.9 508.9 15

16 Security credit 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 146.7 142.9 16

17 Corporate equities 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 5.8 3.7 7.0 17

18 Mutual fund shares 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 9.1 8.9 11.3 18

19 Customers’ liab. on acceptances (2) 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 14.2 14.1 11.3 19

20 Miscellaneous assets 738.1 797.8 823.7 841.4 869.2 901.5 934.0 944.7 979.9 1069.5 1068.6 20

21 Total liabilities 4049.0 4333.2 4547.4 4634.5 4755.4 4843.6 5053.0 5130.9 5224.0 5391.5 5514.2 21

22 Net interbank liabilities 211.2 220.5 171.1 152.2 135.9 128.7 143.5 120.2 135.7 131.3 115.6 22

23 To monetary authority -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 -0.2 1.8 23

24 To domestic banks (3) -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.2 -21.2 -17.1 -15.4 -27.0 24

25 To foreign banks 218.2 229.3 177.3 150.3 141.6 150.7 173.0 139.9 150.4 147.0 140.8 25

26 Checkable deposits 756.7 710.8 676.3 642.0 661.1 626.8 656.4 616.9 651.0 609.4 624.1 26

27 Federal government 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 30.0 13.2 27

28 Rest of the world 23.2 24.0 26.6 26.5 29.0 27.8 31.2 31.9 35.5 32.5 28.4 28

29 Private domestic 709.8 667.8 620.9 591.5 597.8 565.5 597.5 563.3 567.0 546.8 582.6 29

30 Small time and savings deposits 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1814.6 1831.7 1868.7 1946.2 30

31 Large time deposits 333.0 387.8 493.1 505.0 543.6 590.0 601.0 645.3 634.4 651.8 672.8 31

32 Federal funds and security RPs (net) 391.8 422.2 463.2 477.0 498.4 516.2 552.2 578.3 589.6 627.7 639.2 32

33 Credit market instruments 228.1 250.6 263.6 266.9 286.2 294.0 309.2 329.9 350.2 365.7 382.2 33

34 Open market paper 55.0 52.8 55.7 56.1 59.8 58.5 58.5 58.9 62.3 64.2 57.0 34

35 Corporate bonds 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.0 209.2 214.4 220.2 35

36 Other loans and advances 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 87.1 105.0 36

37 Taxes payable 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 6.6 7.1 37

38 Miscellaneous liabilities 750.1 848.4 863.0 920.3 941.0 966.9 1023.7 1020.0 1025.3 1130.2 1127.0 38

 Memo:

39 Credit market funds advanced (4) 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4031.9 4093.3 4136.4 4195.7 4337.0 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, March 12, 1999

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3122.9 3321.7 3444.5 3495.3 3567.8 3625.8 3742.2 3795.4 3845.9 3939.3 4094.2 1

 2 Vault cash and reserves at Federal Reserve 65.2 66.6 66.3 56.3 58.8 57.9 71.2 59.5 58.6 62.4 65.5 2

 3 Total bank credit 2921.4 3116.3 3231.5 3278.9 3353.4 3412.3 3512.2 3579.2 3620.3 3690.6 3846.6 3

 4 U.S. government securities 646.1 629.1 609.7 626.1 627.7 631.0 664.0 682.2 658.7 670.0 703.5 4

 5 Treasury 248.0 207.6 173.0 180.1 172.4 163.2 166.8 171.9 153.9 128.7 124.7 5

 6 Agency 398.1 421.5 436.7 446.0 455.3 467.8 497.2 510.3 504.9 541.4 578.7 6

 7 Mortgage pool securities 182.2 195.1 216.6 223.9 228.4 235.9 247.7 257.6 241.9 268.5 301.4 7

 8 Agency-issued CMOs 119.4 101.0 89.5 92.4 93.2 96.9 107.0 108.1 110.0 121.4 115.9 8

 9 Other agency securities 96.5 125.3 130.7 129.7 133.7 135.0 142.4 144.6 152.9 151.5 161.4 9

10 Municipal securities 97.0 92.7 93.7 93.5 93.8 95.7 96.1 95.2 97.8 101.0 104.4 10

11 Corporate and foreign bonds 66.0 69.3 64.8 67.4 70.0 78.6 85.8 91.8 98.9 102.6 118.1 11

12 Private mortgage pool securities 3.6 4.5 4.2 3.5 3.4 3.2 3.0 3.1 6.0 5.7 3.9 12

13 Privately issued CMOs 21.5 24.9 21.8 21.3 20.6 21.7 22.5 28.7 32.4 35.1 42.8 13

14 Other bonds 40.9 39.8 38.9 42.5 46.0 53.7 60.4 60.0 60.6 61.9 71.4 14

15 Total loans 2107.4 2317.9 2453.9 2482.5 2551.7 2597.2 2655.6 2695.8 2749.9 2804.4 2902.5 15

16 Open market paper 3.6 3.9 4.2 2.7 2.6 2.7 2.3 0.8 0.8 0.7 0.8 16

17 Bank loans n.e.c. 624.6 701.6 759.8 790.6 817.5 832.5 867.9 895.2 938.1 972.0 1012.2 17

18 Mortgages 963.7 1045.4 1102.9 1119.1 1157.9 1189.0 1208.4 1236.1 1247.4 1261.1 1304.2 18

19 Consumer credit 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.1 491.4 497.9 508.9 19

20 Security credit 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 72.2 72.6 76.3 20

21 Corporate equities 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 5.8 3.7 7.0 21

22 Mutual fund shares 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 9.1 8.9 11.3 22

23 Customers’ liab. on acceptances (1) 9.9 12.3 13.9 14.5 15.0 14.7 13.7 11.6 10.4 10.8 9.1 23

24 Miscellaneous assets 126.4 126.6 132.8 145.7 140.7 140.8 145.2 145.0 156.7 175.6 173.0 24

25 Total liabilities 3271.5 3457.6 3598.7 3655.2 3735.2 3808.4 3959.7 4031.1 4100.3 4210.9 4368.5 25

26 Net interbank liabilities 60.5 54.4 0.4 -6.7 1.2 -7.4 2.9 11.0 16.1 29.5 27.0 26

27 Federal Reserve float -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 -1.2 1.8 27

28 Borrowing from Federal Reserve banks 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 1.1 0.0 28

29 To domestic banks -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.2 -53.3 -53.8 -51.8 -50.9 29

30 To foreign banks 74.3 74.1 37.8 33.6 43.4 44.9 50.4 62.8 67.5 81.5 76.0 30

31 Checkable deposits 741.7 695.8 661.4 627.2 645.3 611.8 640.3 601.2 634.5 593.3 606.5 31

32 Federal government 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 30.0 13.2 32

33 Rest of the world 17.1 18.0 21.3 21.2 23.1 22.2 25.5 26.1 29.7 26.9 23.0 33

34 Private domestic 700.9 658.7 611.4 581.9 587.9 556.1 587.0 553.3 556.3 536.4 570.4 34

35 Small time and savings deposits 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1791.6 1806.2 1847.7 1923.8 35

36 Large time deposits 214.0 256.5 306.1 314.2 329.1 360.9 369.3 390.1 382.7 385.3 404.1 36

37 Federal funds and security RPs (net) 351.4 379.6 408.2 418.0 433.3 455.2 471.7 488.0 482.2 510.2 538.4 37

38 Acceptance liabilities 10.0 12.3 14.0 14.5 15.1 14.8 13.7 11.6 10.3 10.7 9.1 38

39 Corporate bonds 40.6 43.3 50.9 52.1 53.9 54.7 61.6 65.6 66.7 68.2 72.1 39

40 Other loans and advances 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 87.1 105.0 40

41 Taxes payable 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 6.6 7.1 41

42 Miscellaneous liabilities 463.0 505.0 520.6 555.4 548.6 569.2 598.7 600.1 616.9 672.2 675.4 42

43 Investment by bank holding companies 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 445.9 459.2 469.0 43

44 Other 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.8 171.0 213.0 206.3 44

 Memo:

45 Credit market funds advanced (2) 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3505.1 3543.6 3616.2 3761.1 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, March 12, 1999 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 589.7 666.3 714.8 731.3 759.0 767.1 811.3 793.8 797.1 841.2 801.8 1

 2 Reserves at Federal Reserve 1.0 0.8 1.1 0.7 1.0 0.6 2.9 0.9 1.7 0.8 1.0 2

 3 Total bank credit 362.3 436.9 507.0 531.3 544.2 538.1 567.2 572.6 589.2 580.7 568.6 3

 4 U.S. government securities 55.7 99.6 130.4 148.8 143.2 150.8 157.3 167.0 173.9 152.3 151.8 4

 5 Treasury 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.7 103.7 86.4 84.8 5

 6 Agency 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.3 70.2 65.9 67.0 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 28.9 33.5 36.6 38.8 38.6 39.6 41.3 43.4 40.2 42.5 47.1 8

 9 Total loans 277.7 303.9 339.9 343.7 362.3 347.6 368.6 362.2 375.1 386.0 369.7 9

10 Open market paper 2.2 1.7 2.3 0.5 0.5 0.4 0.4 0.3 0.4 0.2 0.3 10

11 Bank loans n.e.c. 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.2 284.5 289.1 282.2 11

12 Mortgages 40.3 35.1 32.2 30.8 28.3 27.6 26.1 23.7 22.8 22.6 20.6 12

13 Security credit 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 67.5 74.1 66.6 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) 13.0 10.1 9.4 9.3 9.9 9.0 6.9 5.2 3.9 3.4 2.2 15

16 Miscellaneous assets 213.5 218.5 197.2 190.1 204.0 219.3 234.3 215.1 202.3 256.3 230.0 16

17 Total liabilities 602.8 681.3 731.9 749.0 779.9 785.9 830.8 814.0 818.0 862.8 824.1 17

18 Net interbank liabilities 162.4 181.0 178.6 165.3 144.7 144.7 148.2 116.0 123.4 100.3 88.1 18

19 To foreign banks 158.5 173.6 162.1 134.0 119.1 127.8 144.4 97.9 102.9 83.0 88.1 19

20 To domestic banks 3.9 7.5 16.5 31.3 25.5 16.9 3.8 18.2 20.5 17.3 -0.0 20

21 Checkable deposits 8.8 8.7 8.0 8.0 8.9 8.3 8.8 8.3 8.8 8.3 8.6 21

22 Small time and savings deposits 9.3 8.5 8.7 19.4 16.8 13.1 13.1 12.3 14.6 9.8 10.5 22

23 Large time deposits 110.0 121.0 176.6 180.7 204.6 218.9 221.3 244.5 240.9 255.4 256.8 23

24 Federal funds and security RPs (net) 41.4 43.2 55.1 59.0 65.3 61.0 80.7 89.3 102.7 112.6 100.5 24

25 Acceptance liabilities 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 4.0 3.5 2.4 25

26 Miscellaneous liabilities 257.6 308.5 295.2 306.9 329.3 330.8 351.5 338.0 323.5 372.9 357.2 26

27 Foreign direct investment in U.S. 26.3 32.7 31.2 32.2 35.4 36.4 36.4 36.7 35.2 40.6 42.6 27

28 Due to affiliates 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 89.5 90.6 28

29 Other 187.3 225.1 199.6 195.3 219.6 211.5 236.3 213.8 209.0 242.8 224.1 29

 Memo:

30 Credit market funds advanced (3) 337.1 412.6 475.8 499.5 501.8 501.0 516.1 517.9 525.6 510.1 504.2 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, March 12, 1999

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 414.1 466.8 510.8 523.2 543.0 558.6 575.3 609.2 640.7 658.3 683.9 1

 2 Credit market instruments 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 26.8 28.3 26.5 2

 3 U.S. government securities 9.4 8.1 9.0 8.1 8.1 7.0 9.5 10.9 7.5 7.4 7.5 3

 4 Treasury issues 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.3 1.7 1.0 0.9 4

 5 Agency 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 5.8 6.4 6.6 5

 6 Corporate and foreign bonds 7.1 7.7 10.5 12.3 13.6 13.7 15.5 17.7 17.0 18.6 14.8 6

 7 Bank loans n.e.c. 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 2.3 2.3 4.1 7

 8 Miscellaneous assets 395.8 448.7 488.9 500.7 519.2 536.1 547.9 578.0 613.9 630.0 657.4 8

 9 Investment in bank subsidiaries 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 445.9 459.2 469.0 9

10 Investment in nonbank subsidiaries 56.4 64.7 64.9 72.9 75.4 81.2 89.9 99.2 116.9 121.9 131.8 10

11 Other 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.5 51.1 48.8 56.5 11

12 Total liabilities 143.0 157.1 178.3 190.2 199.4 207.0 218.8 240.8 259.1 270.1 268.5 12

13 Net interbank liabilities -11.7 -14.9 -7.9 -6.4 -10.0 -8.6 -7.6 -6.9 -3.8 1.5 0.5 13

14 To domestic banks 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.9 16.2 19.0 23.9 14

15 To foreign banks -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -20.8 -20.0 -17.5 -23.4 15

16 Federal funds and security RPs (net) -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 4.7 4.9 0.4 16

17 Credit market instruments 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.2 190.5 196.1 193.5 17

18 Commercial paper 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 48.0 50.0 45.4 18

19 Corporate bonds 102.0 117.9 118.0 119.7 126.1 129.4 131.0 139.4 142.5 146.2 148.1 19

20 Miscellaneous liabilities 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.6 67.7 67.5 74.1 20

L.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 33.1 39.0 40.3 41.9 42.8 44.2 45.8 47.2 49.0 50.1 55.6 1

 2 Checkable deposits and currency 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.3 1.5 1.4 2.1 2

 3 Credit market instruments 29.2 33.4 34.1 35.6 36.1 37.5 37.8 39.2 40.4 41.1 45.2 3

 4 U.S. government securities 7.9 9.4 8.4 9.9 9.9 10.8 10.5 11.6 11.9 11.8 13.8 4

 5 Treasury 5.1 5.4 4.1 4.7 4.8 5.3 4.2 4.6 4.3 3.7 3.6 5

 6 Agency 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 7.5 8.0 10.2 6

 7 Municipal securities 0.6 0.7 0.5 0.5 0.5 0.4 0.5 0.6 0.5 0.5 0.5 7

 8 Corporate and foreign bonds 0.5 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.7 1.1 8

 9 Bank loans n.e.c. 11.3 13.1 14.6 14.7 15.1 15.4 15.5 15.4 16.0 16.2 17.0 9

10 Home mortgages 4.8 5.7 6.3 6.2 6.1 6.2 6.4 6.7 7.1 7.3 7.8 10

11 Commercial mortgages 4.0 4.0 3.9 4.1 4.2 4.3 4.4 4.5 4.5 4.7 5.1 11

12 Miscellaneous assets 2.4 4.0 4.8 4.9 5.3 5.3 6.6 6.7 7.0 7.6 8.3 12

13 Total liabilities 31.7 37.2 38.6 40.2 40.9 42.2 43.7 45.1 46.6 47.8 53.2 13

14 Checkable deposits 6.2 6.4 6.9 6.8 7.0 6.7 7.3 7.5 7.7 7.8 9.0 14

15 Small time and savings deposits 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 11.2 11.9 15

16 Large time deposits 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 11.2 11.9 16

17 Miscellaneous liabilities 7.4 10.3 10.9 13.1 14.2 15.2 15.6 16.3 17.1 17.6 20.4 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, March 12, 1999 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1008.6 1012.8 1031.7 1019.4 1029.7 1020.7 1028.6 1043.2 1046.1 1056.7 1088.1 1

 2 Reserves at Federal Reserve 2.8 2.7 2.3 2.1 1.8 1.8 1.8 1.9 1.8 1.8 1.9 2

 3 Checkable deposits and currency 13.9 15.5 14.2 13.1 13.6 14.2 15.2 15.8 15.8 15.7 18.4 3

 4 Time and savings deposits 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 1.4 1.4 1.5 4

 5 Federal funds and security RPs 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 14.3 15.7 14.7 5

 6 Credit market instruments 920.8 913.3 933.2 931.9 937.8 929.0 928.5 931.0 930.6 939.0 964.3 6

 7 Open market paper 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 187.0 183.0 173.4 173.1 175.9 170.1 169.8 167.4 162.4 156.6 153.7 8

 9 Treasury 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.8 12.6 11.1 10.2 9

10 Agency 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.6 149.7 145.5 143.6 10

11 Municipal securities 2.0 2.0 2.1 1.9 2.0 2.1 2.1 1.7 2.0 2.3 2.5 11

12 Corporate and foreign bonds 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.0 65.3 73.6 88.6 12

13 Other loans and advances 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 20.2 22.1 24.2 13

14 Mortgages 596.2 596.8 628.3 626.4 629.1 631.4 631.8 637.0 632.4 634.2 643.8 14

15 Consumer credit 38.5 40.1 44.7 45.9 46.5 48.5 47.2 47.1 48.3 50.3 51.6 15

16 Corporate equities 10.4 14.3 17.8 17.9 21.2 22.6 23.3 26.5 26.9 24.0 24.5 16

17 Miscellaneous assets 53.0 54.7 52.9 43.7 44.0 43.3 49.7 54.9 55.3 59.1 62.8 17

18 Total liabilities 998.3 995.1 1010.5 998.3 1004.1 992.8 1001.0 1012.1 1014.4 1027.7 1058.2 18

19 Deposits 733.6 727.9 721.4 718.5 711.7 697.1 695.7 696.6 690.3 685.8 693.0 19

20 Checkable 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.1 166.6 174.4 185.6 20

21 Small time and savings 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.3 420.6 403.7 393.6 21

22 Large time 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 103.2 107.7 113.8 22

23 Security RPs 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.4 48.0 47.7 51.3 23

24 Credit market instruments 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.9 170.7 186.6 213.3 24

25 Corporate bonds 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 2.7 2.6 2.6 25

26 Bank loans n.e.c. 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.3 23.4 27.9 29.7 26

27 Other loans and advances 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 144.6 156.1 181.0 27

28 Taxes payable 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 1.8 1.9 2.0 28

29 Miscellaneous liabilities 106.7 106.1 103.5 96.4 100.7 97.4 101.4 105.5 103.5 105.6 98.6 29

30 Investment by parent 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 5.2 5.3 5.4 30

31 Other 102.3 101.6 98.8 91.7 95.9 92.5 96.4 100.4 98.3 100.3 93.2 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 12, 1999

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 293.6 310.7 330.1 341.7 348.0 348.8 353.8 367.8 374.6 379.3 394.5 1

 2 Checkable deposits and currency 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.4 8.1 7.5 8.8 2

 3 Time and savings deposits 16.7 17.1 16.4 18.4 17.5 15.5 17.0 18.6 20.1 21.4 25.2 3

 4 Federal funds and security RPs 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 10.1 6.2 6.8 4

 5 Credit market instruments 246.8 263.0 288.5 291.2 299.9 303.9 305.3 306.7 315.1 320.8 327.2 5

 6 Open market paper 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 0.5 1.1 0.4 6

 7 U.S. government securities 62.9 64.1 68.1 69.7 71.3 69.3 66.7 68.2 70.4 70.0 72.6 7

 8 Treasury 22.1 18.3 17.4 17.8 17.9 15.7 15.6 15.0 14.5 12.6 12.8 8

 9 Agency 40.9 45.7 50.7 51.9 53.4 53.6 51.0 53.2 55.9 57.4 59.8 9

10 Home mortgages 62.1 66.5 76.0 77.4 80.6 84.4 86.0 87.7 91.8 94.5 97.0 10

11 Consumer credit 119.6 131.9 144.1 143.9 147.6 150.0 152.4 150.7 152.4 155.2 157.2 11

12 Mutual fund shares 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.8 3.1 3.1 3.6 12

13 Miscellaneous assets 14.8 13.9 13.7 13.3 16.2 15.9 17.6 21.5 18.0 20.3 22.9 13

14 Total liabilities 270.3 283.7 300.1 311.1 316.4 316.2 320.6 334.1 339.9 343.4 358.0 14

15 Shares/deposits 263.4 278.8 295.1 306.0 311.0 310.9 315.4 328.4 333.6 336.7 350.7 15

16 Checkable 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 38.7 37.7 43.0 16

17 Small time and savings 227.3 238.9 251.2 259.4 262.9 261.4 264.4 273.4 278.4 282.0 289.2 17

18 Large time 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 16.4 17.0 18.5 18

19 Other loans and advances 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 1.0 1.1 19

20 Miscellaneous liabilities 6.4 4.5 4.6 4.7 5.0 4.8 4.6 5.0 5.5 5.7 6.2 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 670.0 774.9 841.6 859.1 953.8 1030.2 1054.7 1151.1 1179.0 1084.1 1262.7 1

 2 Deposits 41.4 44.7 51.1 52.2 52.6 54.2 55.3 56.4 57.5 58.4 59.3 2

 3 Checkable deposits and currency 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 3

 4 Time and savings deposits 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 12.5 12.9 13.4 4

 5 Money market fund shares 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 44.0 44.4 44.9 5

 6 Credit market instruments 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 240.9 241.4 242.4 6

 7 Open market paper 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 24.2 23.8 23.5 7

 8 U.S. government securities 72.0 70.8 71.3 71.2 71.2 71.2 71.2 71.0 70.8 70.9 70.9 8

 9 Treasury 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 39.0 39.0 39.0 9

10 Agency 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 31.8 31.9 31.9 10

11 Municipal securities 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 105.2 105.5 105.8 11

12 Corporate and foreign bonds 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 37.2 37.6 38.5 12

13 Mortgages 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 3.6 3.7 13

14 Corporate equities 167.3 224.9 248.9 267.0 328.3 377.4 401.0 462.6 482.3 432.7 537.6 14

15 Mutual fund shares 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 381.4 334.8 406.5 15

16 Miscellaneous assets 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 16.9 16.8 16

17 Total liabilities (2) 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 12, 1999 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1862.9 2063.6 2246.3 2289.6 2401.0 2489.0 2514.9 2629.8 2678.5 2640.6 2819.5 1

 2 Checkable deposits and currency 5.6 5.2 4.3 3.5 4.0 3.7 8.1 3.5 4.8 4.4 5.8 2

 3 Money market fund shares 16.2 22.8 58.9 66.3 69.9 77.0 82.7 91.4 95.2 103.2 112.0 3

 4 Credit market instruments 1487.5 1587.5 1657.0 1680.6 1723.7 1746.7 1751.3 1779.1 1796.0 1817.6 1847.9 4

 5 Open market paper 52.8 45.5 48.4 55.3 58.1 64.6 65.9 68.3 68.6 74.0 73.7 5

 6 U.S. government securities 341.2 351.0 337.4 336.3 339.6 346.0 312.1 317.5 321.2 326.6 333.0 6

 7 Treasury 107.1 108.1 93.2 93.2 93.8 96.7 85.5 88.0 88.7 90.7 92.3 7

 8 Agency 234.1 242.9 244.1 243.1 245.8 249.3 226.7 229.5 232.4 235.9 240.7 8

 9 Municipal securities 12.8 11.9 13.4 13.5 13.7 14.1 36.5 37.1 37.4 38.1 38.8 9

10 Corporate and foreign bonds 779.4 870.1 949.3 966.6 1000.9 1011.8 1026.2 1045.8 1056.2 1066.2 1086.2 10

11 Policy loans 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.9 104.8 105.3 104.4 11

12 Mortgages 215.8 213.1 208.2 206.9 207.7 205.8 206.8 206.5 207.7 207.4 211.9 12

13 Corporate equities 246.1 315.4 410.2 428.8 486.8 543.6 560.5 639.0 669.6 606.8 746.1 13

14 Mutual fund shares 9.6 27.7 39.1 35.7 38.0 38.0 36.5 38.2 35.8 28.4 31.3 14

15 Miscellaneous assets 97.9 105.1 76.6 74.7 78.5 79.9 75.8 78.5 77.2 80.2 76.4 15

16 Total liabilities 1773.5 1953.9 2115.6 2156.2 2249.9 2323.0 2359.7 2466.5 2511.6 2475.7 2641.2 16

17 Other loans and advances 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 2.0 2.5 17

18 Life insurance reserves 491.5 536.3 580.1 592.8 607.9 623.9 632.7 644.8 653.8 661.7 673.5 18

19 Pension fund reserves (1) 884.5 1002.0 1094.8 1117.8 1176.8 1221.3 1233.5 1303.7 1324.6 1276.0 1401.1 19

20 Taxes payable 10.4 12.0 13.6 14.0 14.4 14.9 15.3 15.7 16.1 16.5 16.8 20

21 Miscellaneous liabilities 386.6 403.2 425.5 429.7 449.0 461.2 476.4 500.5 515.5 519.5 547.3 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 678.1 740.3 778.1 790.3 812.2 829.9 852.4 876.2 880.9 863.9 884.0 1

 2 Checkable deposits and currency 5.0 4.9 3.9 4.2 4.1 4.2 4.2 3.7 3.6 3.8 4.1 2

 3 Security RPs 29.4 37.5 35.4 38.1 36.6 37.5 35.2 36.2 37.1 42.1 38.0 3

 4 Credit market instruments 446.4 468.7 491.2 491.6 498.6 506.6 515.3 521.1 520.8 518.9 519.6 4

 5 U.S. government securities 178.7 181.6 171.8 157.8 159.1 160.6 162.0 163.8 163.7 163.2 163.4 5

 6 Treasury 133.0 133.4 120.9 88.9 89.7 90.6 91.1 92.2 92.1 91.8 92.0 6

 7 Agency 45.8 48.2 51.0 68.9 69.4 70.0 70.8 71.6 71.6 71.4 71.5 7

 8 Municipal securities 153.8 161.0 175.4 188.6 190.9 193.0 194.1 196.3 196.2 195.6 195.8 8

 9 Corporate and foreign bonds 110.1 123.3 141.6 142.7 146.3 150.7 157.0 158.8 158.7 158.2 158.4 9

10 Commercial mortgages 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.2 1.9 1.9 10

11 Corporate equities 112.1 134.2 148.6 151.3 166.6 174.0 186.0 199.9 202.6 180.2 204.0 11

12 Trade receivables 52.9 57.3 57.2 61.3 61.8 61.9 59.9 62.6 63.4 64.0 60.6 12

13 Miscellaneous assets 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.4 54.9 57.6 13

14 Total liabilities 479.7 510.7 519.3 522.7 525.3 533.7 538.5 544.0 546.6 551.6 550.4 14

15 Taxes payable 7.9 9.0 10.2 10.6 10.9 11.2 11.5 11.8 12.1 12.4 12.7 15

16 Miscellaneous liabilities 471.9 501.6 509.0 512.2 514.4 522.5 527.1 532.2 534.5 539.2 537.8 16
76 Z.1, March 12, 1999

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2352.1 2755.1 3154.6 3184.8 3452.0 3666.8 3705.6 4046.7 4104.6 3780.9 4331.2 1

 2 Checkable deposits and currency 3.3 4.0 4.0 4.0 4.0 3.9 3.8 3.8 3.7 3.7 3.7 2

 3 Time and savings deposits 64.9 55.5 41.2 38.3 34.6 31.7 28.0 27.6 26.8 29.8 28.2 3

 4 Money market fund shares 31.6 37.5 42.7 43.1 44.6 44.8 47.7 48.6 49.5 57.2 58.4 4

 5 Security RPs 37.6 43.1 45.6 46.4 46.3 47.3 47.5 48.9 50.7 55.5 55.7 5

 6 Credit market instruments 660.9 716.9 769.2 783.3 798.7 814.8 834.7 853.4 885.9 909.8 953.4 6

 7 Open market paper 39.4 45.4 49.0 50.3 50.8 51.3 51.2 52.6 54.6 60.0 61.4 7

 8 U.S. government securities 401.6 444.4 470.1 476.6 484.4 492.4 503.2 511.8 528.6 537.8 562.5 8

 9 Treasury 271.6 298.7 314.6 318.5 323.2 327.9 334.3 339.1 348.2 352.2 361.9 9

10 Agency 130.0 145.7 155.6 158.1 161.2 164.5 168.9 172.7 180.4 185.6 200.6 10

11 Municipal securities 0.7 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 11

12 Corporate and foreign bonds 201.2 206.8 228.0 233.7 240.3 247.1 255.7 263.6 276.3 285.1 301.0 12

13 Mortgages 18.0 19.4 21.2 21.7 22.3 22.9 23.6 24.2 25.3 25.8 27.2 13

14 Corporate equities 996.3 1238.4 1490.9 1497.4 1703.0 1861.9 1863.9 2116.7 2129.2 1840.1 2232.3 14

15 Mutual fund shares 150.4 220.7 321.4 334.2 386.4 427.1 438.0 496.9 518.8 464.8 564.1 15

16 Miscellaneous assets 407.2 438.9 439.6 438.2 434.5 435.3 441.9 450.8 440.1 420.2 435.6 16

17 Unallocated insurance contracts (2) 210.0 210.8 220.2 222.8 225.6 229.4 234.5 243.1 251.1 249.8 261.7 17

18 Contributions receivable 22.0 25.7 29.5 30.4 31.4 32.3 33.3 34.2 35.2 36.1 37.1 18

19 Other 175.1 202.4 189.9 185.0 177.5 173.5 174.1 173.4 153.8 134.2 136.8 19

20 Pension fund reserves (liabilities) (3) 2377.5 2776.9 3176.9 3207.3 3474.2 3689.2 3728.1 4069.8 4128.2 3804.6 4354.7 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1294.3 1517.9 1714.9 1753.6 1935.5 2046.6 2094.1 2258.3 2269.3 2087.0 2344.1 1

 2 Checkable deposits and currency 5.1 3.1 3.6 2.7 3.9 3.5 4.3 4.4 5.1 5.7 5.8 2

 3 Time and savings deposits 4.9 4.0 4.2 7.4 4.0 3.8 3.9 2.8 2.7 3.3 3.4 3

 4 Security RPs 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.7 33.5 34.2 4

 5 Credit market instruments 455.8 483.3 529.2 531.6 542.7 562.0 565.8 582.5 600.2 613.1 632.9 5

 6 Open market paper 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.7 33.5 32.2 6

 7 U.S. government securities 246.3 270.8 298.5 302.0 303.1 316.1 316.8 317.4 327.4 326.4 336.3 7

 8 Treasury 171.0 175.8 190.5 192.5 197.9 209.1 204.8 208.2 210.0 196.8 195.4 8

 9 Agency 75.2 95.0 108.0 109.5 105.2 107.0 112.0 109.2 117.4 129.7 140.9 9

10 Municipal securities 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.2 1.3 1.1 1.0 10

11 Corporate and foreign bonds 167.7 163.5 180.2 178.9 183.5 192.8 199.5 211.9 220.8 233.9 244.8 11

12 Mortgages 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 18.1 18.3 18.6 12

13 Corporate equities 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1481.5 1511.8 1340.2 1592.8 13

14 Miscellaneous assets 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 116.7 91.3 74.9 14

15 Pension fund reserves (liabilities) (1) 1309.9 1535.9 1734.7 1774.3 1957.3 2069.3 2117.6 2282.8 2295.1 2113.5 2371.4 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 12, 1999 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1249.7 1334.2 1

 2 Foreign deposits 15.7 19.7 23.1 20.6 20.2 23.0 23.2 28.3 21.9 29.2 30.6 2

 3 Checkable deposits and currency -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 -0.1 -2.0 -1.0 3

 4 Time and savings deposits 31.4 52.3 82.7 99.4 106.4 115.0 111.3 109.6 107.0 119.3 127.0 4

 5 Security RPs 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 143.7 160.6 139.5 5

 6 Credit market instruments 459.0 545.5 634.3 659.0 656.5 678.7 721.9 775.0 815.9 869.9 965.9 6

 7 Open market paper 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 395.5 399.5 414.2 7

 8 U.S. government securities 143.3 160.8 192.0 174.2 168.1 163.5 182.5 179.1 174.8 204.1 277.5 8

 9 Treasury 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 81.3 82.5 103.6 9

10 Agency 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 93.5 121.6 173.8 10

11 Municipal securities 113.4 127.7 144.5 155.7 151.8 158.9 167.0 179.9 177.4 185.3 193.0 11

12 Corporate and foreign bonds 15.2 21.5 23.9 26.4 27.7 32.7 36.4 44.9 68.3 80.9 81.2 12

13 Miscellaneous assets 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 72.6 72.2 13

14 Total shares outstanding (liabilities) 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1249.7 1334.2 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 1

 2 Security RPs 43.1 50.2 47.5 53.3 58.7 59.4 57.8 51.2 65.6 78.3 65.8 2

 3 Credit market instruments 718.8 771.3 820.2 838.5 861.3 890.4 901.1 939.3 977.6 1003.4 1023.2 3

 4 Open market paper 43.1 50.2 47.2 53.3 58.7 59.4 57.8 51.3 65.6 78.3 65.8 4

 5 U.S. government securities 296.2 315.1 330.2 335.6 340.2 351.1 349.7 367.1 366.4 370.1 375.1 5

 6 Treasury 194.1 205.3 214.2 217.3 219.9 226.0 225.2 234.9 234.5 236.4 239.0 6

 7 Agency 102.1 109.9 116.1 118.3 120.3 125.1 124.5 132.2 131.9 133.7 136.1 7

 8 Municipal securities 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.6 231.2 234.4 243.4 8

 9 Corporate and foreign bonds 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.3 314.4 320.5 338.9 9

10 Corporate equities 709.6 1024.9 1470.0 1513.4 1790.6 2015.8 2018.7 2341.9 2391.4 2050.3 2523.4 10

11 Miscellaneous assets 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 4.4 19.8 13.7 11

12 Total shares outstanding (liabilities) 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 117.8 134.4 144.7 142.5 147.0 149.1 147.9 152.1 150.8 141.9 148.1 1

 2 Credit market instruments 86.0 96.4 101.1 100.3 99.4 98.5 97.7 97.1 96.5 95.9 95.4 2

 3 U.S. government securities 12.8 11.2 11.4 11.0 10.6 10.3 9.9 9.5 9.2 8.8 8.4 3

 4 Municipal securities 53.4 59.6 61.7 61.7 61.7 61.7 61.7 62.0 62.2 62.5 62.9 4

 5 Corporate and foreign bonds 19.8 25.6 28.1 27.6 27.1 26.6 26.1 25.6 25.1 24.6 24.1 5

 6 Corporate equities 31.9 38.0 43.6 42.2 47.6 50.5 50.2 55.1 54.3 46.0 52.7 6

 Memo:

 7 Market value of equities 117.8 134.4 144.7 142.5 147.0 149.1 147.9 152.1 150.8 141.9 148.1 7
78 Z.1, March 12, 1999

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 781.8 896.9 988.6 993.9 1038.5 1055.1 1099.4 1150.2 1189.7 1266.7 1404.7 1

 2 Checkable deposits and currency 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 1.9 2.1 4.1 2

 3 Federal funds and security RPs 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 90.9 93.5 100.0 3

 4 Credit market instruments 663.3 750.0 807.9 818.4 848.6 862.5 902.2 942.9 978.5 1041.0 1141.3 4

 5 Open market paper 26.3 25.5 35.1 40.6 42.2 29.3 34.0 59.3 49.9 50.4 49.5 5

 6 U.S. government securities 180.3 243.8 264.2 279.2 295.1 319.4 333.3 345.4 374.2 411.3 462.4 6

 7 Treasury 51.9 58.0 18.8 19.1 13.5 21.7 25.9 13.7 16.4 20.9 26.6 7

 8 Agency 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 357.8 390.4 435.8 8

 9 Municipal securities 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 3.4 3.5 2.2 9

10 Corporate and foreign bonds 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 24.6 25.8 25.9 10

11 Other loans and advances 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 284.4 307.6 354.0 11

12 Sallie Mae 37.0 37.9 36.2 34.9 33.5 32.4 30.9 29.1 26.8 27.9 30.3 12

13 Farm Credit System 26.3 30.2 31.6 31.7 32.4 32.7 31.6 32.7 32.5 34.0 35.5 13

14 FHLB 125.9 132.3 161.4 156.6 172.4 181.8 197.8 205.9 225.1 245.7 288.2 14

15 Mortgages 244.6 251.0 244.9 241.2 239.3 238.9 240.4 241.4 242.0 242.3 247.2 15

16 Home 199.3 205.2 198.5 195.1 193.4 192.9 194.3 195.5 195.8 195.2 198.6 16

17 Multifamily residential 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 16.7 17.0 18.1 17

18 Farm 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 29.5 30.1 30.6 18

19 Miscellaneous assets 31.5 39.2 85.5 78.5 84.7 88.0 104.9 110.5 118.4 130.2 159.3 19

20 Total liabilities 761.7 873.4 964.1 968.7 1011.7 1028.2 1070.3 1121.1 1160.2 1235.4 1369.6 20

21 Credit market instruments 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 21

22 GSE issues (2) 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 61.1 66.9 67.2 74.1 67.6 72.4 75.1 90.2 87.7 89.4 70.0 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 1

 2 Home mortgages 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 1868.3 1931.0 1970.2 2

 3 Multifamily residential mortgages 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 40.4 44.6 48.3 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) 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, March 12, 1999 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 576.9 716.7 865.0 881.5 908.7 979.0 1078.4 1143.6 1233.0 1307.0 1391.5 1

 2 Agency securities (1) 114.1 125.8 121.1 117.6 115.1 114.0 113.9 115.6 116.9 126.6 140.7 2

 3 Other loans and advances 23.7 30.6 44.0 41.2 44.2 44.0 76.2 84.3 86.5 89.9 99.0 3

 4 Student loans 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 19.0 18.4 18.4 4

 5 Loans to business 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.5 71.5 80.6 5

 6 Mortgages (2) 257.9 292.9 353.5 367.3 383.9 411.8 447.2 483.7 533.9 572.4 613.4 6

 7 Home 208.5 227.8 261.9 271.1 279.5 299.4 318.0 336.8 364.3 391.7 410.9 7

 8 Multifamily residential 11.7 15.6 22.0 22.5 24.4 25.7 29.3 33.5 38.1 40.9 44.7 8

 9 Commercial 37.6 49.5 69.6 73.7 80.1 86.8 100.0 113.4 131.4 139.8 157.8 9

10 Consumer credit 146.1 211.6 265.8 268.5 275.6 293.5 313.1 316.8 345.1 359.4 372.4 10

11 Trade receivables 35.2 55.7 80.7 86.9 89.8 115.7 128.1 143.2 150.6 158.7 165.9 11

12 Total liabilities 579.0 720.1 873.8 889.9 917.9 989.0 1089.3 1154.1 1243.9 1321.2 1406.2 12

13 Commercial paper 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 308.3 340.5 381.8 13

14 Corporate bonds 515.1 618.9 727.1 731.8 754.6 778.7 833.1 869.3 935.6 980.7 1024.4 14

 Memo:

 Securitized consumer leases

15 not included above (3) 2.2 3.5 8.7 8.4 9.2 10.0 10.8 10.5 10.9 14.2 14.7 15

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 599.7 672.3 714.6 720.5 736.9 731.5 757.4 778.7 795.4 781.2 826.6 1

 2 Checkable deposits and currency 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 21.7 22.2 22.8 2

 3 Credit market instruments 476.2 526.2 544.5 552.4 553.1 564.4 566.4 572.0 579.0 592.7 630.2 3

 4 Other loans and advances 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 334.9 335.1 355.5 4

 5 Mortgages 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 89.9 98.5 106.2 5

 6 Consumer credit 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.5 154.3 159.1 168.5 6

 7 Miscellaneous assets 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.6 194.7 166.3 173.6 7

 8 Total liabilities 618.5 691.2 741.0 747.1 761.1 755.6 777.6 799.6 815.2 803.8 848.6 8

 9 Credit market instruments 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.9 596.9 589.4 615.6 9

10 Open market paper 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 225.9 226.9 232.3 10

11 Corporate bonds 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.2 348.7 337.6 358.4 11

12 Bank loans n.e.c. 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 22.3 24.9 25.0 12

13 Taxes payable 4.1 4.9 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 13

14 Miscellaneous liabilities 180.6 202.4 205.6 212.9 197.3 216.7 216.7 221.2 211.5 207.5 225.9 14

15 Foreign direct investment in U.S. 20.0 24.8 30.2 32.5 32.5 30.8 35.1 36.8 39.1 37.3 40.6 15

16 Investment by parent 41.8 51.1 60.3 61.0 60.0 61.6 64.7 64.6 60.0 58.3 64.6 16

17 Other 118.8 126.5 115.1 119.5 104.8 124.3 117.0 119.8 112.4 111.9 120.6 17

 Memo:

18 Consumer leases not included above (2) 67.5 80.8 92.5 95.6 98.5 96.1 96.8 95.2 97.0 94.9 93.0 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, March 12, 1999

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 36.5 33.0 41.2 40.9 34.8 55.5 32.1 46.8 32.7 33.8 35.3 1

 2 Home mortgages 28.3 23.8 32.0 30.9 24.8 45.5 21.8 36.4 22.4 23.4 24.9 2

 3 Multifamily residential mortgages 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 5.2 5.3 5.3 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 36.5 33.0 41.2 40.9 34.8 55.5 32.1 46.8 32.7 33.8 35.3 5

 6 Bank loans n.e.c. 18.7 19.1 31.5 31.4 28.3 31.2 26.8 39.1 27.1 27.6 28.1 6

 7 Investment by parent 17.7 13.9 9.7 9.5 6.4 24.3 5.3 7.7 5.6 6.2 7.2 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 22.1 25.5 29.8 33.4 38.4 45.4 52.3 66.4 68.8 66.0 59.7 1

 2 Mortgages 13.3 15.5 19.3 19.9 21.9 23.7 28.1 31.5 33.8 33.2 30.7 2

 3 Home 1.5 1.7 2.1 2.2 2.4 2.6 3.1 3.5 3.7 3.6 3.4 3

 4 Multifamily residential 8.7 10.1 12.6 12.9 14.3 15.5 18.4 20.5 22.0 21.6 20.0 4

 5 Commercial 3.2 3.7 4.6 4.7 5.2 5.7 6.7 7.5 8.0 7.9 7.3 5

 6 Miscellaneous assets 8.7 10.0 10.5 13.5 16.4 21.6 24.2 35.0 35.0 32.8 29.0 6

 7 Total liabilities 46.1 52.6 61.5 70.2 81.2 92.9 113.5 137.6 152.7 171.3 174.6 7

 8 Security RPs 9.7 10.9 13.7 15.1 17.4 20.2 24.9 30.0 28.1 24.9 14.5 8

 9 Credit market instruments 31.1 36.7 43.7 50.4 58.0 65.7 80.4 97.0 112.5 133.2 145.7 9

10 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.3 10

11 Corporate bonds 6.3 8.6 8.8 10.6 11.8 17.0 19.2 24.8 31.1 35.1 38.0 11

12 Bank loans n.e.c. 6.0 4.7 6.5 7.1 9.7 10.5 16.7 22.7 28.2 35.7 30.1 12

13 Mortgages 18.7 23.3 28.3 32.7 36.6 38.2 44.5 49.4 53.2 62.2 77.3 13

14 Miscellaneous liabilities 5.3 5.0 4.1 4.8 5.7 7.0 8.2 10.6 12.1 13.2 14.4 14
Z.1, March 12, 1999 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 454.7 568.1 636.4 655.4 717.4 748.8 779.2 926.1 855.7 912.1 840.9 1

 2 Checkable deposits and currency 12.0 13.7 15.7 14.8 18.1 19.0 21.7 25.0 22.3 26.1 25.2 2

 3 Credit market instruments 93.3 183.4 167.7 164.5 160.2 164.7 182.6 244.0 198.3 217.5 159.9 3

 4 Open market paper 11.2 22.1 23.7 25.2 25.9 24.3 24.3 25.1 28.3 32.8 27.8 4

 5 U.S. government securities 2.3 72.3 42.4 31.0 25.7 23.6 45.1 104.4 49.8 75.4 37.4 5

 6 Treasury -42.7 18.3 -12.8 -22.8 -28.0 -42.8 -5.3 36.6 -37.2 13.9 -13.5 6

 7 Agency 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 86.9 61.5 50.9 7

 8 Municipal securities 15.5 12.7 10.8 10.1 11.4 11.0 13.2 12.4 15.4 14.7 13.2 8

 9 Corporate and foreign bonds 64.4 76.4 90.9 98.2 97.1 105.7 100.0 102.1 104.8 94.6 81.4 9

10 Corporate equities 20.1 34.2 37.9 39.3 44.2 50.7 51.9 62.8 63.4 54.8 51.2 10

11 Security credit 75.1 78.6 94.4 101.4 110.4 127.4 131.2 140.3 152.2 151.0 152.5 11

12 Miscellaneous assets 254.2 258.2 320.7 335.5 384.7 387.0 391.8 454.0 419.6 462.7 452.2 12

13 Total liabilities 420.9 535.5 597.1 612.9 673.0 700.3 728.8 870.5 798.6 856.3 784.7 13

14 Security RPs (net) 103.4 182.4 180.9 181.4 206.3 214.7 203.5 237.3 195.8 219.5 172.7 14

15 Corporate bonds 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 39.4 42.5 15

16 Trade payables 9.1 10.3 14.3 17.7 16.4 23.6 19.9 19.6 20.9 21.8 18.9 16

17 Security credit 203.9 227.1 263.7 279.0 303.9 304.4 337.9 364.9 388.5 428.1 417.2 17

18 Customer credit balances (HH) 109.0 127.6 162.9 172.0 188.7 192.8 215.5 233.4 248.8 281.4 274.2 18

19 From banks 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 146.7 142.9 19

20 Taxes payable 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 1.1 0.8 1.3 20

21 Miscellaneous liabilities 69.0 85.4 109.7 107.3 110.3 122.9 130.8 212.5 152.2 146.7 132.2 21

22 Foreign direct investment in U.S. 5.8 11.1 8.4 8.5 8.5 8.5 8.1 8.2 8.2 8.3 8.3 22

23 Due to affiliates 110.3 135.4 186.7 208.5 216.2 216.4 252.5 278.1 308.6 322.6 332.9 23

24 Other -47.2 -61.2 -85.3 -109.8 -114.4 -101.9 -129.8 -73.7 -164.5 -184.2 -208.9 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 366.3 372.0 488.5 540.6 538.5 562.7 605.9 679.7 691.2 718.4 746.9 1

 2 Money market fund shares 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 183.3 198.7 215.8 2

 3 Credit market instruments 107.5 86.3 110.3 131.6 130.0 133.4 164.0 199.5 196.2 189.0 194.6 3

 4 Open market paper 93.5 62.6 63.8 82.1 79.4 83.2 110.9 149.9 139.6 130.0 137.0 4

 5 Corporate and foreign bonds 14.0 23.8 46.5 49.6 50.6 50.1 53.1 49.6 56.5 59.0 57.6 5

 6 Miscellaneous assets (2) 141.0 165.5 230.7 259.8 256.4 278.1 284.0 311.5 311.8 330.8 336.5 6

 7 Investment in foreign banking offices 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 89.5 90.6 7

 8 Investment in brokers and dealers 96.9 114.8 166.3 180.4 182.1 195.2 205.2 224.0 232.5 241.3 246.0 8

 9 Total liabilities 366.3 372.0 488.5 540.6 538.5 562.7 605.9 679.7 691.2 718.4 746.9 9

10 Credit market instruments 211.0 248.6 312.7 348.6 350.0 363.4 373.7 411.6 410.5 417.9 413.6 10

11 Open market paper 151.1 164.2 199.1 223.6 225.7 226.2 229.6 249.5 242.3 242.4 235.4 11

12 Corporate bonds 60.0 84.4 113.6 125.0 124.3 137.2 144.2 162.1 168.3 175.5 178.2 12

13 Miscellaneous liabilities 155.3 123.4 175.8 192.1 188.5 199.3 232.2 268.1 280.7 300.5 333.3 13

14 Foreign direct investment in U.S. -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.7 -100.1 -98.8 -87.1 -77.1 14

15 Securities loaned (net) 221.7 216.2 276.1 291.4 337.3 334.3 333.3 356.6 368.1 405.1 396.6 15

16 Other 3.7 -9.6 -18.2 -10.5 -55.2 -49.7 -11.3 11.6 11.3 -17.4 13.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, March 12, 1999

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 74.3 85.8 75.1 67.2 67.8 67.1 70.0 69.4 71.2 75.7 81.7 1

 2 U.S. gold stock and SDRs 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 21.0 21.2 21.6 2

 3 Federal govt.: Exchange Stab. Fund 10.0 11.0 10.3 9.9 10.0 10.0 10.0 10.1 10.0 10.1 10.6 3

 4 Monetary authority (2) 11.1 11.1 11.0 11.1 11.1 11.1 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 50.1 54.5 60.1 5

 6 Official foreign currency holdings 41.2 49.1 38.3 32.4 32.9 32.1 30.8 30.2 31.2 32.9 36.0 6

 7 Treasury 19.2 28.0 19.0 14.5 15.0 14.5 13.8 13.5 13.8 14.4 16.2 7

 8 Monetary authority 22.0 21.1 19.3 18.0 18.0 17.6 17.0 16.7 17.4 18.4 19.8 8

 9 Net IMF position 12.0 14.6 15.4 13.8 13.8 14.0 18.1 18.0 18.9 21.6 24.0 9

10 Federal government 12.1 14.7 15.5 13.9 13.9 14.1 18.2 18.1 19.0 21.7 24.1 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 1

 2 Asset: Monetary authority 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 2

 Treasury currency:

 3 Liab: Federal government 17.6 18.2 18.3 18.4 18.4 18.7 18.3 18.4 18.4 18.8 18.3 3

 4 Asset: Monetary authority 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.7 25.9 26.0 26.2 4

 5 Discrepancy (seigniorage) -5.4 -5.8 -6.7 -6.8 -6.9 -6.7 -7.3 -7.4 -7.4 -7.2 -7.9 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 373.9 418.8 516.1 562.8 568.8 597.8 619.4 608.1 630.4 652.2 661.4 1

 Held by:

 2 Household sector 18.8 23.4 35.5 39.7 39.5 42.5 41.8 46.3 43.3 40.8 37.8 2

 3 Nonfinancial corporate business 14.0 15.6 26.4 27.0 30.9 30.7 20.0 22.7 17.4 17.0 20.0 3

 4 Money market mutual funds 15.7 19.7 23.1 20.6 20.2 23.0 23.2 28.3 21.9 29.2 30.6 4

 5 Discrepancy--unallocated assets 325.4 360.2 431.2 475.4 478.1 501.5 534.5 510.8 547.9 565.2 573.0 5
Z.1, March 12, 1999 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 280.1 290.7 240.8 211.2 197.5 189.0 219.4 182.4 197.8 196.3 184.0 1

 2 Monetary authority 68.9 70.2 69.7 59.0 61.6 60.3 75.8 62.2 62.1 64.9 68.4 2

 3 Depository institution reserves 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 23.7 25.7 26.3 3

 4 Vault cash 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 39.2 42.1 4

 5 Commercial banking 211.2 220.5 171.1 152.2 135.9 128.7 143.5 120.2 135.7 131.3 115.6 5

 6 To monetary authority -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 -0.2 1.8 6

 7 To banks in foreign countries, net 218.2 229.3 177.3 150.3 141.6 150.7 173.0 139.9 150.4 147.0 140.8 7

 8 Liabilities, net 229.0 239.7 192.9 174.7 163.2 170.1 188.8 152.9 161.7 157.2 151.6 8

 9 U.S.-chartered commercial banks 82.3 79.6 48.5 52.2 60.3 60.6 62.0 75.6 78.4 91.5 86.7 9

10 Due to foreign affiliates 143.4 128.7 126.8 133.6 139.2 138.4 173.1 166.7 176.3 184.1 196.5 10

11 - Due from foreign affiliates 61.1 49.1 78.4 81.4 79.0 77.8 111.1 91.1 97.9 92.6 109.9 11

12 Foreign banking offices in U.S. 161.4 178.6 167.1 139.8 123.9 131.4 148.6 98.2 103.3 83.2 88.3 12

13 Due to foreign affiliates 84.3 99.9 110.4 110.4 109.8 100.1 99.7 79.9 121.5 127.2 132.9 13

14 - Due from foreign affiliates -77.0 -78.7 -56.6 -29.4 -14.1 -31.3 -48.8 -18.2 18.2 44.0 44.6 14

15 Bank holding companies -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -20.8 -20.0 -17.5 -23.4 15

16 Due to foreign affiliates 4.1 3.0 2.7 2.4 2.3 3.2 3.0 3.5 3.3 3.7 2.9 16

17 - Due from foreign affiliates 18.7 21.4 25.3 19.6 23.3 25.1 24.9 24.3 23.3 21.2 26.3 17

18 Less: Deposits at foreign banks 10.8 10.4 15.6 24.4 21.6 19.4 15.8 13.0 11.3 10.2 10.8 18

19 U.S. chartered commercial banks 8.0 5.4 10.6 18.6 16.9 15.8 11.7 12.8 10.9 10.0 10.6 19

20 Foreign banking offices in U.S. 2.9 5.0 5.0 5.8 4.8 3.6 4.1 0.3 0.4 0.2 0.2 20

21 To U.S. banking, net -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.2 -21.2 -17.1 -15.4 -27.0 21

22 U.S.-chartered commercial banks -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.2 -53.3 -53.8 -51.8 -50.9 22

23 Liabilities 50.7 43.3 38.3 43.4 41.8 28.7 22.0 23.7 33.8 47.0 29.8 23

24 To foreign offices in U.S. 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.1 49.8 61.4 55.9 24

25 To bank holding companies 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 1.1 1.0 0.9 25

26 Unallocated -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.2 -21.2 -17.1 -15.4 -27.0 26

 Less, due from:

27 Foreign offices in U.S. 60.2 58.9 64.9 75.1 74.3 66.5 57.6 62.3 70.3 78.8 55.8 27

28 Bank holding companies 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.7 17.3 20.0 24.8 28

29 Foreign banking offices in U.S. 3.9 7.5 16.5 31.3 25.5 16.9 3.8 18.2 20.5 17.3 -0.0 29

30 Due to U.S. banks 60.2 58.9 64.9 75.1 74.3 66.5 57.6 62.3 70.3 78.8 55.8 30

31 - Due from U.S. banks 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.1 49.8 61.4 55.9 31

32 Bank holding companies 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.9 16.2 19.0 23.9 32

33 Due to U.S. banks 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.7 17.3 20.0 24.8 33

34 - Due from U.S. banks 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 1.1 1.0 0.9 34

35 Total assets 286.6 299.7 251.4 212.8 205.6 211.1 251.6 203.6 214.9 211.7 210.9 35

36 Rest of the world 218.2 229.3 177.3 150.3 141.6 150.7 173.0 139.9 150.4 147.0 140.8 36

37 Domestic 68.4 70.4 74.1 62.5 64.0 60.4 78.6 63.8 64.4 64.7 70.2 37

38 Monetary authority -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 2.4 -0.2 1.8 38

39 Federal Reserve float -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 1.4 -1.2 1.8 39

40 Loans to member banks 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 1.0 1.1 0.0 40

41 Commercial banking 66.1 67.5 67.5 56.9 59.8 58.5 74.1 60.4 60.3 63.1 66.5 41

42 Reserves at Federal Reserve 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.6 21.8 23.9 24.4 42

43 Vault cash 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 38.4 39.2 42.1 43

44 Savings insts.: Reserves at Fed. Res. 2.8 2.7 2.3 2.1 1.8 1.8 1.8 1.9 1.8 1.8 1.9 44

45 Discrepancy--floats, etc. -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.2 -21.2 -17.1 -15.4 -27.0 45
84 Z.1, March 12, 1999

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.4 1321.0 1282.7 1335.2 1

 2 Monetary authority 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 464.7 461.2 482.5 2

 3 Federal government cash and deposits 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 18.3 5.0 6.2 3

 4 Deposits due to foreign 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 0.9 1.1 1.0 4

 5 Currency outside banks 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.2 445.5 455.0 475.3 5

 6 Commercial banking 756.7 710.8 676.3 642.0 661.1 626.8 656.4 616.9 651.0 609.4 624.1 6

 7 Federal government deposits 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 48.5 30.0 13.2 7

 8 Deposits due to foreign 23.2 24.0 26.6 26.5 29.0 27.8 31.2 31.9 35.5 32.5 28.4 8

 9 Private domestic deposits 709.8 667.8 620.9 591.5 597.8 565.5 597.5 563.3 567.0 546.8 582.6 9

10 Savings institutions 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.1 166.6 174.4 185.6 10

11 Credit unions 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 38.7 37.7 43.0 11

12 Total assets 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.4 1321.0 1282.7 1335.2 12

13 Household sector 563.6 504.9 438.5 421.3 418.4 391.0 423.4 411.2 414.8 395.8 424.1 13

14 Nonfinancial business 330.1 366.2 421.0 423.2 432.7 442.7 434.9 431.8 443.6 460.2 478.1 14

15 Corporate 221.6 252.9 302.7 303.6 311.8 320.4 311.2 306.5 316.6 331.5 347.5 15

16 Nonfarm noncorporate 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 110.1 111.8 113.6 16

17 Farm 16.2 16.7 16.7 16.7 16.8 16.9 16.9 16.9 17.0 17.0 17.0 17

18 State and local governments 31.6 34.4 31.7 30.0 31.3 31.8 33.2 29.5 31.4 28.9 32.5 18

19 Federal government 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 82.9 47.1 23.2 19

20 Rest of the world 180.4 193.8 213.7 217.8 224.5 229.9 243.6 244.8 250.8 255.4 257.4 20

21 Checkable deposits 23.5 24.5 27.1 27.8 29.6 28.4 32.2 32.7 36.3 33.6 29.4 21

22 Currency 156.9 169.2 186.6 190.1 194.9 201.5 211.4 212.1 214.5 221.8 228.0 22

23 Financial sectors 67.1 70.6 73.4 71.8 79.6 77.8 91.8 93.1 89.4 91.5 100.7 23

24 Commercial banking 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.3 1.5 1.4 2.1 24

25 Savings institutions 13.9 15.5 14.2 13.1 13.6 14.2 15.2 15.8 15.8 15.7 18.4 25

26 Credit unions 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.4 8.1 7.5 8.8 26

27 Bank personal trusts and estates 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 27

28 Life insurance companies 5.6 5.2 4.3 3.5 4.0 3.7 8.1 3.5 4.8 4.4 5.8 28

29 Other insurance companies 5.0 4.9 3.9 4.2 4.1 4.2 4.2 3.7 3.6 3.8 4.1 29

30 Private pension funds 3.3 4.0 4.0 4.0 4.0 3.9 3.8 3.8 3.7 3.7 3.7 30

31 State and local govt. retirement funds 5.1 3.1 3.6 2.7 3.9 3.5 4.3 4.4 5.1 5.7 5.8 31

32 Money market mutual funds -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 -0.1 -2.0 -1.0 32

33 Government-sponsored enterprises 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 1.9 2.1 4.1 33

34 Finance companies 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 21.7 22.2 22.8 34

35 Brokers and dealers 12.0 13.7 15.7 14.8 18.1 19.0 21.7 25.0 22.3 26.1 25.2 35

36 Mail float 41.4 37.2 28.5 15.9 21.1 11.7 18.1 11.0 8.1 3.7 19.3 36
Z.1, March 12, 1999 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3286.1 3284.8 3330.9 3434.1 1

 2 Small time and savings deposits 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2525.2 2530.8 2554.4 2629.1 2

 3 Commercial banking 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1814.6 1831.7 1868.7 1946.2 3

 4 U.S.-chartered commercial banks 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1791.6 1806.2 1847.7 1923.8 4

 5 Foreign banking offices in U.S. 9.3 8.5 8.7 19.4 16.8 13.1 13.1 12.3 14.6 9.8 10.5 5

 6 Banks in U.S.-affiliated areas 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 11.2 11.9 6

 7 Savings institutions 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.3 420.6 403.7 393.6 7

 8 Credit unions 227.3 238.9 251.2 259.4 262.9 261.4 264.4 273.4 278.4 282.0 289.2 8

 9 Large time deposits (1) 411.2 476.9 590.9 606.0 646.7 696.1 713.4 760.9 754.0 776.5 805.0 9

10 Commercial banking 333.0 387.8 493.1 505.0 543.6 590.0 601.0 645.3 634.4 651.8 672.8 10

11 U.S.-chartered commercial banks 214.0 256.5 306.1 314.2 329.1 360.9 369.3 390.1 382.7 385.3 404.1 11

12 Foreign banking offices in U.S. 110.0 121.0 176.6 180.7 204.6 218.9 221.3 244.5 240.9 255.4 256.8 12

13 Banks in U.S.-affiliated areas 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 10.9 11.2 11.9 13

14 Savings institutions 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 103.2 107.7 113.8 14

15 Credit unions 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 16.4 17.0 18.5 15

16 Total assets 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3286.1 3284.8 3330.9 3434.1 16

17 Household sector 2223.5 2388.0 2555.8 2601.5 2635.7 2684.4 2724.8 2808.8 2803.1 2806.3 2881.8 17

18 Nonfinancial business 130.9 115.0 123.6 120.4 126.8 125.5 136.2 141.0 145.3 159.2 173.4 18

19 Corporate 67.5 42.9 44.7 40.0 45.0 42.1 51.1 54.0 56.2 68.0 80.1 19

20 Nonfarm noncorporate 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 89.0 91.1 93.3 20

21 State and local governments 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.6 84.7 86.7 89.6 21

22 Federal government 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 3.2 3.6 4.7 22

23 Rest of the world 56.3 49.6 60.6 63.7 66.8 68.5 73.6 78.2 78.0 87.1 86.0 23

24 Financial sectors 130.2 140.6 154.8 174.4 173.8 177.8 172.6 171.6 170.5 188.1 198.6 24

25 Savings institutions 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 1.4 1.4 1.5 25

26 Credit unions 16.7 17.1 16.4 18.4 17.5 15.5 17.0 18.6 20.1 21.4 25.2 26

27 Bank personal trusts and estates 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 12.5 12.9 13.4 27

28 Private pension funds 64.9 55.5 41.2 38.3 34.6 31.7 28.0 27.6 26.8 29.8 28.2 28

29 State and local govt. retirement funds 4.9 4.0 4.2 7.4 4.0 3.8 3.9 2.8 2.7 3.3 3.4 29

30 Money market mutual funds 31.4 52.3 82.7 99.4 106.4 115.0 111.3 109.6 107.0 119.3 127.0 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1130.7 1153.7 1249.7 1334.2 1

 2 Household sector 351.3 449.2 507.8 550.2 539.6 578.1 600.0 649.3 647.2 700.7 745.5 2

 3 Nonfinancial corporate business 52.2 77.0 86.9 94.0 98.0 104.9 110.7 122.3 127.4 138.1 150.0 3

 4 Nonfarm noncorporate business 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 7.1 7.3 7.6 4

 5 Bank personal trusts and estates 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 44.0 44.4 44.9 5

 6 Life insurance companies 16.2 22.8 58.9 66.3 69.9 77.0 82.7 91.4 95.2 103.2 112.0 6

 7 Private pension funds 31.6 37.5 42.7 43.1 44.6 44.8 47.7 48.6 49.5 57.2 58.4 7

 8 Funding corporations 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 183.3 198.7 215.8 8
86 Z.1, March 12, 1999

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 549.5 660.0 701.5 719.1 768.0 797.7 822.4 891.0 861.5 919.8 877.7 1

 2 Commercial banking (net) 391.8 422.2 463.2 477.0 498.4 516.2 552.2 578.3 589.6 627.7 639.2 2

 3 U.S.-chartered commercial banks 351.4 379.6 408.2 418.0 433.3 455.2 471.7 488.0 482.2 510.2 538.4 3

 4 Foreign banking offices in U.S. 41.4 43.2 55.1 59.0 65.3 61.0 80.7 89.3 102.7 112.6 100.5 4

 5 Bank holding companies -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 4.7 4.9 0.4 5

 6 Savings institutions 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.4 48.0 47.7 51.3 6

 7 REITs 9.7 10.9 13.7 15.1 17.4 20.2 24.9 30.0 28.1 24.9 14.5 7

 8 Brokers and dealers (net) 103.4 182.4 180.9 181.4 206.3 214.7 203.5 237.3 195.8 219.5 172.7 8

 9 Total assets 481.7 574.7 615.5 658.8 671.3 684.6 671.2 707.5 727.0 752.4 718.7 9

10 Nonfinancial corporate business 2.2 2.4 3.8 3.7 3.2 3.9 4.4 3.4 2.2 2.7 3.0 10

11 State and local governments 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 154.0 158.0 158.5 11

12 Rest of the world 46.6 67.6 70.9 91.7 92.3 98.3 90.8 112.2 105.2 92.0 72.0 12

13 Financial sectors 314.2 388.9 393.0 415.6 426.4 432.3 424.6 431.9 465.7 499.6 485.2 13

14 Monetary authority 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 20.5 14.2 30.4 14

15 Savings institutions 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 14.3 15.7 14.7 15

16 Credit unions 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 10.1 6.2 6.8 16

17 Other insurance companies 29.4 37.5 35.4 38.1 36.6 37.5 35.2 36.2 37.1 42.1 38.0 17

18 Private pension funds 37.6 43.1 45.6 46.4 46.3 47.3 47.5 48.9 50.7 55.5 55.7 18

19 State and local govt. retirement funds 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.7 33.5 34.2 19

20 Money market mutual funds 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 143.7 160.6 139.5 20

21 Mutual funds 43.1 50.2 47.5 53.3 58.7 59.4 57.8 51.2 65.6 78.3 65.8 21

22 Government-sponsored enterprises 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 90.9 93.5 100.0 22

23 Discrepancy--unallocated assets 67.8 85.3 86.0 60.3 96.6 113.1 151.2 183.5 134.4 167.4 159.0 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 1165.1 1172.6 1

 2 Commercial paper 600.1 677.7 779.4 836.8 867.7 901.7 958.5 1057.7 1098.4 1150.8 1161.0 2

 3 Nonfinancial corporate business 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 202.5 216.9 193.0 3

 4 Foreign issues in U.S. 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 71.4 74.0 72.9 4

 5 Nonfinancial 15.2 20.6 18.7 15.9 15.7 19.8 20.0 19.8 20.5 22.6 18.5 5

 6 Financial 27.5 35.6 48.8 53.4 55.6 44.6 45.0 56.9 50.9 51.4 54.4 6

 7 Financial business 418.2 464.2 555.5 598.8 617.0 660.7 724.8 787.9 824.5 859.9 895.2 7

 8 Commercial banking 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 48.0 50.0 45.4 8

 9 ABS issuers 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 308.3 340.5 381.8 9

10 Finance companies 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 225.9 226.9 232.3 10

11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.3 11

12 Funding corporations 151.1 164.2 199.1 223.6 225.7 226.2 229.6 249.5 242.3 242.4 235.4 12

13 Bankers acceptances (1) 23.4 22.6 23.6 24.2 25.4 24.0 20.9 17.1 14.3 14.3 11.5 13

14 Holdings, by sector 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1112.7 1165.1 1172.6 14

15 Household sector 46.7 48.0 52.0 54.0 55.0 57.0 59.0 60.0 61.0 62.0 63.2 15

16 Nonfinancial corporate business 18.8 20.1 31.0 26.1 25.0 27.4 34.2 28.3 23.4 24.4 29.4 16

17 State and local governments 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 75.8 79.0 80.0 17

18 Rest of the world 24.9 43.4 57.9 49.6 59.9 75.3 77.8 74.5 92.0 115.3 113.3 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 0.9 1.1 20

21 Savings institutions 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 0.5 1.1 0.4 22

23 Bank personal trusts and estates 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 24.2 23.8 23.5 23

24 Life insurance companies 52.8 45.5 48.4 55.3 58.1 64.6 65.9 68.3 68.6 74.0 73.7 24

25 Private pension funds 39.4 45.4 49.0 50.3 50.8 51.3 51.2 52.6 54.6 60.0 61.4 25

26 State and local govt. retirement funds 26.2 32.5 33.2 33.3 38.4 34.7 30.6 34.1 32.7 33.5 32.2 26

27 Money market mutual funds 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 395.5 399.5 414.2 27

28 Mutual funds 43.1 50.2 47.2 53.3 58.7 59.4 57.8 51.3 65.6 78.3 65.8 28

29 Government-sponsored enterprises 26.3 25.5 35.1 40.6 42.2 29.3 34.0 59.3 49.9 50.4 49.5 29

30 Brokers and dealers 11.2 22.1 23.7 25.2 25.9 24.3 24.3 25.1 28.3 32.8 27.8 30

31 Funding corporations 93.5 62.6 63.8 82.1 79.4 83.2 110.9 149.9 139.6 130.0 137.0 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 12, 1999 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 3723.4 3694.7 3723.7 1

 2 Savings bonds 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 2

 3 Other Treasury issues 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.7 3537.4 3508.8 3537.1 3

 4 Total assets 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 3723.4 3694.7 3723.7 4

 5 Household sector 689.3 594.4 567.2 566.2 486.7 442.7 382.0 364.8 340.6 329.5 309.9 5

 6 Savings bonds 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 6

 7 Other Treasury issues 509.4 409.4 380.2 379.7 300.3 256.6 195.5 178.6 154.6 143.6 123.3 7

 8 Nonfinancial corporate business 50.8 57.1 47.7 63.7 55.7 61.1 58.2 36.2 31.8 33.8 31.5 8

 9 Nonfarm noncorporate business 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 20.2 20.7 21.2 9

10 State and local governments 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 250.0 254.4 237.3 10

11 Rest of the world 632.6 840.5 1097.7 1153.4 1184.3 1226.4 1251.8 1261.4 1268.0 1233.8 1289.9 11

12 Monetary authority 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 439.8 446.0 452.1 12

13 Commercial banking 290.4 278.7 261.8 282.5 265.9 261.8 270.1 278.4 263.6 219.8 214.1 13

14 U.S.-chartered commercial banks 248.0 207.6 173.0 180.1 172.4 163.2 166.8 171.9 153.9 128.7 124.7 14

15 Foreign banking offices in U.S. 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.7 103.7 86.4 84.8 15

16 Bank holding companies 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.3 1.7 1.0 0.9 16

17 Banks in U.S.-affiliated areas 5.1 5.4 4.1 4.7 4.8 5.3 4.2 4.6 4.3 3.7 3.6 17

18 Savings institutions 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.8 12.6 11.1 10.2 18

19 Credit unions 22.1 18.3 17.4 17.8 17.9 15.7 15.6 15.0 14.5 12.6 12.8 19

20 Bank personal trusts and estates 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 39.0 39.0 39.0 20

21 Life insurance companies 107.1 108.1 93.2 93.2 93.8 96.7 85.5 88.0 88.7 90.7 92.3 21

22 Other insurance companies 133.0 133.4 120.9 88.9 89.7 90.6 91.1 92.2 92.1 91.8 92.0 22

23 Private pension funds 271.6 298.7 314.6 318.5 323.2 327.9 334.3 339.1 348.2 352.2 361.9 23

24 State and local govt. retirement funds 171.0 175.8 190.5 192.5 197.9 209.1 204.8 208.2 210.0 196.8 195.4 24

25 Money market mutual funds 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 81.3 82.5 103.6 25

26 Mutual funds 194.1 205.3 214.2 217.3 219.9 226.0 225.2 234.9 234.5 236.4 239.0 26

27 Closed-end funds 12.8 11.2 11.4 11.0 10.6 10.3 9.9 9.5 9.2 8.8 8.4 27

28 Government-sponsored enterprises 51.9 58.0 18.8 19.1 13.5 21.7 25.9 13.7 16.4 20.9 26.6 28

29 Brokers and dealers -42.7 18.3 -12.8 -22.8 -28.0 -42.8 -5.3 36.6 -37.2 13.9 -13.5 29

 Memo:

30 Federal government debt (1) 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 3749.0 3720.2 3752.2 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, March 12, 1999

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 3006.8 3147.0 3346.5 1

 2 Budget agencies 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 25.6 25.5 28.5 2

 3 Government-sponsored enterprises 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 1072.5 1146.0 1299.6 3

 4 Federally related mortgage pools 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 4

 5 Total assets 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 3006.8 3147.0 3346.5 5

 6 Household sector 250.7 264.8 343.9 333.8 339.0 330.1 367.4 317.1 322.7 343.5 340.4 6

 7 Nonfinancial corporate business 19.9 23.4 33.9 22.6 16.4 14.7 17.4 29.1 32.0 35.3 33.3 7

 8 State and local governments 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 150.0 165.0 182.0 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 125.1 154.8 196.2 209.6 220.6 235.7 246.3 269.6 286.9 290.1 301.6 10

11 Monetary authority 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 0.5 0.4 0.3 11

12 Commercial banking 428.7 467.5 495.7 510.4 523.0 537.9 571.2 593.2 588.4 621.7 662.6 12

13 U.S.-chartered commercial banks 398.1 421.5 436.7 446.0 455.3 467.8 497.2 510.3 504.9 541.4 578.7 13

14 Foreign banking offices in U.S. 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.3 70.2 65.9 67.0 14

15 Bank holding companies 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 5.8 6.4 6.6 15

16 Banks in U.S.-affiliated areas 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 7.5 8.0 10.2 16

17 Savings institutions 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.6 149.7 145.5 143.6 17

18 Credit unions 40.9 45.7 50.7 51.9 53.4 53.6 51.0 53.2 55.9 57.4 59.8 18

19 Bank personal trusts and estates 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 31.8 31.9 31.9 19

20 Life insurance companies 234.1 242.9 244.1 243.1 245.8 249.3 226.7 229.5 232.4 235.9 240.7 20

21 Other insurance companies 45.8 48.2 51.0 68.9 69.4 70.0 70.8 71.6 71.6 71.4 71.5 21

22 Private pension funds 130.0 145.7 155.6 158.1 161.2 164.5 168.9 172.7 180.4 185.6 200.6 22

23 State and local govt. retirement funds 75.2 95.0 108.0 109.5 105.2 107.0 112.0 109.2 117.4 129.7 140.9 23

24 Money market mutual funds 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 93.5 121.6 173.8 24

25 Mutual funds 102.1 109.9 116.1 118.3 120.3 125.1 124.5 132.2 131.9 133.7 136.1 25

26 Government-sponsored enterprises 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 357.8 390.4 435.8 26

27 ABS issuers 114.1 125.8 121.1 117.6 115.1 114.0 113.9 115.6 116.9 126.6 140.7 27

28 Brokers and dealers 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 86.9 61.5 50.9 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, March 12, 1999 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1429.3 1439.9 1464.3 1

 2 State and local governments 1112.4 1060.4 1053.3 1060.1 1077.1 1086.6 1110.6 1134.1 1160.7 1168.7 1189.7 2

 3 Short-term (1) 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 42.9 39.3 41.2 3

 4 Long-term 1080.7 1027.5 1014.1 1019.9 1039.3 1043.5 1063.1 1085.8 1117.8 1129.4 1148.5 4

 5 Nonprofit organizations (2) 97.6 98.3 104.9 106.4 110.0 112.0 114.9 119.1 123.1 124.2 126.9 5

 6 Nonfinancial corporate business 131.7 134.8 137.9 138.7 139.8 141.7 142.0 143.8 145.5 147.0 147.8 6

 (industrial revenue bonds)

 7 Total assets 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1429.3 1439.9 1464.3 7

 8 Household sector 502.2 459.0 434.8 417.4 428.2 426.9 421.3 427.0 446.7 443.8 447.1 8

 9 Nonfinancial corporate business 56.7 36.8 31.7 33.4 43.3 43.6 40.0 44.2 46.7 45.7 48.2 9

10 State and local governments 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 4.8 4.7 4.4 10

11 Commercial banking 97.6 93.4 94.2 94.0 94.3 96.2 96.7 95.8 98.3 101.5 104.8 11

12 Savings institutions 2.0 2.0 2.1 1.9 2.0 2.1 2.1 1.7 2.0 2.3 2.5 12

13 Bank personal trusts and estates 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 105.2 105.5 105.8 13

14 Life insurance companies 12.8 11.9 13.4 13.5 13.7 14.1 36.5 37.1 37.4 38.1 38.8 14

15 Other insurance companies 153.8 161.0 175.4 188.6 190.9 193.0 194.1 196.3 196.2 195.6 195.8 15

16 Private pension funds 0.7 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 16

17 State and local govt. retirement funds 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.2 1.3 1.1 1.0 17

18 Money market mutual funds 113.4 127.7 144.5 155.7 151.8 158.9 167.0 179.9 177.4 185.3 193.0 18

19 Mutual funds 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.6 231.2 234.4 243.4 19

20 Closed-end funds 53.4 59.6 61.7 61.7 61.7 61.7 61.7 62.0 62.2 62.5 62.9 20

21 Government-sponsored enterprises 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 3.4 3.5 2.2 21

22 Brokers and dealers 15.5 12.7 10.8 10.1 11.4 11.0 13.2 12.4 15.4 14.7 13.2 22

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 2504.0 2823.6 3127.5 3163.3 3255.3 3333.4 3440.1 3563.9 3729.6 3792.2 3893.9 1

 2 Nonfinancial corporate business 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 1569.0 1590.8 1621.8 2

 3 Rest of the world (1) 242.3 291.9 347.7 351.6 361.2 386.3 394.4 398.0 424.9 416.0 407.8 3

 4 Financial sectors 1008.8 1205.4 1380.9 1393.1 1453.9 1476.2 1556.1 1637.0 1735.7 1785.4 1864.4 4

 5 Commercial banking 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.0 209.2 214.4 220.2 5

 6 Savings institutions 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 2.7 2.6 2.6 6

 7 ABS issuers 515.1 618.9 727.1 731.8 754.6 778.7 833.1 869.3 935.6 980.7 1024.4 7

 8 Finance companies 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.2 348.7 337.6 358.4 8

 9 REITs 6.3 8.6 8.8 10.6 11.8 17.0 19.2 24.8 31.1 35.1 38.0 9

10 Brokers and dealers 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 40.1 39.4 42.5 10

11 Funding corporations 60.0 84.4 113.6 125.0 124.3 137.2 144.2 162.1 168.3 175.5 178.2 11

12 Total assets 2504.0 2823.6 3127.5 3163.3 3255.3 3333.4 3440.1 3563.9 3729.6 3792.2 3893.9 12

13 Household sector 372.5 460.6 463.3 434.0 438.2 436.2 460.5 483.5 512.9 488.5 474.6 13

14 State and local governments 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 44.0 48.0 49.5 14

15 Rest of the world (2) 311.4 369.5 453.2 474.7 497.7 523.0 540.0 567.0 607.8 631.3 662.2 15

16 Commercial banking 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.4 156.6 164.3 181.0 16

17 Savings institutions 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.0 65.3 73.6 88.6 17

18 Bank personal trusts and estates 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 37.2 37.6 38.5 18

19 Life insurance companies 779.4 870.1 949.3 966.6 1000.9 1011.8 1026.2 1045.8 1056.2 1066.2 1086.2 19

20 Other insurance companies 110.1 123.3 141.6 142.7 146.3 150.7 157.0 158.8 158.7 158.2 158.4 20

21 Private pension funds 201.2 206.8 228.0 233.7 240.3 247.1 255.7 263.6 276.3 285.1 301.0 21

22 State and local govt. retirement funds 167.7 163.5 180.2 178.9 183.5 192.8 199.5 211.9 220.8 233.9 244.8 22

23 Money market mutual funds 15.2 21.5 23.9 26.4 27.7 32.7 36.4 44.9 68.3 80.9 81.2 23

24 Mutual funds 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.3 314.4 320.5 338.9 24

25 Closed-end funds 19.8 25.6 28.1 27.6 27.1 26.6 26.1 25.6 25.1 24.6 24.1 25

26 Government-sponsored enterprises 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 24.6 25.8 25.9 26

27 Brokers and dealers 64.4 76.4 90.9 98.2 97.1 105.7 100.0 102.1 104.8 94.6 81.4 27

28 Funding corporations 14.0 23.8 46.5 49.6 50.6 50.1 53.1 49.6 56.5 59.0 57.6 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 12, 1999

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 12758.4 15437.7 1

 2 Nonfinancial corporate business 4141.8 5481.1 6367.4 6283.4 7286.7 7881.2 7793.8 8858.9 8933.7 8222.0 10040.2 2

 3 Rest of the world (2) 586.6 699.1 876.8 892.4 966.1 998.9 1001.3 1136.9 1112.6 931.6 1195.7 3

 4 Financial corporations 1509.4 2151.2 2818.3 2887.7 3374.2 3769.3 3981.0 4401.8 4509.8 3604.9 4201.8 4

 5 Holdings at market value 6237.9 8331.3 10062.4 10063.5 11627.0 12649.4 12776.0 14397.6 14556.1 12758.4 15437.7 5

 6 Household sector 2990.4 3994.8 4528.4 4391.2 5025.6 5352.9 5333.2 5882.5 5867.3 5182.9 6279.8 6

 7 State and local governments 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 71.9 63.0 76.0 7

 8 Rest of the world (3) 397.7 527.6 656.8 676.2 801.9 883.9 915.9 1054.5 1079.6 933.7 1110.3 8

 9 Commercial banking 2.9 5.0 6.8 2.3 1.9 1.9 2.6 5.0 5.8 3.7 7.0 9

10 Savings institutions 10.4 14.3 17.8 17.9 21.2 22.6 23.3 26.5 26.9 24.0 24.5 10

11 Bank personal trusts and estates 167.3 224.9 248.9 267.0 328.3 377.4 401.0 462.6 482.3 432.7 537.6 11

12 Life insurance companies 246.1 315.4 410.2 428.8 486.8 543.6 560.5 639.0 669.6 606.8 746.1 12

13 Other insurance companies 112.1 134.2 148.6 151.3 166.6 174.0 186.0 199.9 202.6 180.2 204.0 13

14 Private pension funds 996.3 1238.4 1490.9 1497.4 1703.0 1861.9 1863.9 2116.7 2129.2 1840.1 2232.3 14

15 State and local govt. retirement funds 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1481.5 1511.8 1340.2 1592.8 15

16 Mutual funds 709.6 1024.9 1470.0 1513.4 1790.6 2015.8 2018.7 2341.9 2391.4 2050.3 2523.4 16

17 Closed-end funds 31.9 38.0 43.6 42.2 47.6 50.5 50.2 55.1 54.3 46.0 52.7 17

18 Brokers and dealers 20.1 34.2 37.9 39.3 44.2 50.7 51.9 62.8 63.4 54.8 51.2 18

 Memo:

19 Market value of domestic corporations (4) 5484.3 7421.0 8948.8 8936.1 10400.6 11373.3 11484.0 12937.8 13117.4 11542.1 13927.1 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 1

 2 Holdings at market value 1477.3 1852.8 2342.4 2410.6 2717.5 2973.6 2989.4 3340.2 3439.0 3151.9 3626.1 2

 3 Household sector 1052.1 1265.0 1582.1 1639.8 1853.2 2039.9 2048.5 2296.4 2369.1 2200.7 2485.6 3

 4 Nonfinancial corporate business 31.1 45.7 59.9 57.9 65.4 69.4 69.1 76.0 75.2 63.9 75.4 4

 5 State and local governments 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 46.4 47.3 48.3 5

 6 Commercial banking 2.0 2.3 2.6 7.1 8.3 7.9 8.1 9.2 9.1 8.9 11.3 6

 7 Credit unions 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.8 3.1 3.1 3.6 7

 8 Bank personal trusts and estates 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 381.4 334.8 406.5 8

 9 Life insurance companies 9.6 27.7 39.1 35.7 38.0 38.0 36.5 38.2 35.8 28.4 31.3 9

10 Private pension funds 150.4 220.7 321.4 334.2 386.4 427.1 438.0 496.9 518.8 464.8 564.1 10
Z.1, March 12, 1999 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3052.9 3087.3 3154.9 3220.9 3306.1 1

 - Loans elsewhere classified:

 2 Open market paper 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 1.1 0.9 1.1 2

 3 Mortgages 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1245.3 1271.0 1281.8 1295.8 1337.7 3

 4 Consumer credit 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.1 491.4 497.9 508.9 4

 5 Security credit 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 146.7 142.9 5

 6 = Banking sector total bank loans n.e.c. 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1169.8 1191.5 1240.9 1279.7 1315.5 6

 7 U.S.-chartered commercial banks 624.6 701.6 759.8 790.6 817.5 832.5 867.9 895.2 938.1 972.0 1012.2 7

 8 Foreign banking offices in U.S. 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.2 284.5 289.1 282.2 8

 9 Bank holding companies 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 2.3 2.3 4.1 9

10 Banks in U.S.-affiliated areas 11.3 13.1 14.6 14.7 15.1 15.4 15.5 15.4 16.0 16.2 17.0 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. 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1169.8 1191.5 1240.9 1279.7 1315.5 12

13 Total liabilities 834.9 949.6 1041.7 1078.6 1115.8 1123.1 1169.8 1191.5 1240.9 1279.7 1315.5 13

14 Nonfinancial sectors 786.0 895.9 968.0 1004.7 1042.3 1043.4 1082.8 1085.4 1139.9 1163.5 1202.6 14

15 Households 40.0 55.1 48.3 55.2 63.5 49.0 56.7 49.2 62.5 56.4 67.2 15

16 Corporate business 521.0 587.7 633.5 659.6 675.8 683.8 706.2 714.4 743.0 765.9 789.7 16

17 Nonfarm noncorporate business 160.2 178.7 202.1 208.2 214.0 218.5 223.8 226.3 232.7 237.8 241.8 17

18 Farm business 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.1 46.1 47.0 45.1 18

19 Rest of the world 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.4 55.5 56.4 58.9 19

20 Foreign official institutions 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 2.2 2.0 2.8 20

21 Foreign banks 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.1 14.8 13.8 13.1 21

22 Other foreign 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 38.6 40.6 43.0 22

23 Financial sectors 48.9 53.7 73.7 73.9 73.5 79.7 87.1 106.1 101.0 116.1 112.9 23

24 Savings institutions 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.3 23.4 27.9 29.7 24

25 Finance companies 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 22.3 24.9 25.0 25

26 Mortgage companies 18.7 19.1 31.5 31.4 28.3 31.2 26.8 39.1 27.1 27.6 28.1 26

27 REITs 6.0 4.7 6.5 7.1 9.7 10.5 16.7 22.7 28.2 35.7 30.1 27
92 Z.1, March 12, 1999

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 860.9 931.1 996.2 1002.3 1022.4 1044.9 1095.9 1128.7 1153.9 1186.1 1258.4 1

 2 U.S. government loans 131.5 144.5 144.3 146.9 149.0 150.9 153.7 157.9 161.4 165.2 168.1 2

 3 Liab.: Household sector 16.0 27.3 30.4 34.9 37.0 40.1 41.8 43.9 46.6 49.3 52.4 3

 4 Nonfinancial corporate business 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 8.4 8.3 8.3 4

 5 Nonfarm noncorporate business 38.2 39.4 39.1 39.1 39.3 39.3 40.9 42.1 43.1 44.8 44.8 5

 6 Farm business 8.2 7.0 5.9 5.8 5.7 5.6 5.5 5.4 5.3 5.2 5.1 6

 7 State and local governments 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 10.1 10.1 10.1 7

 8 Rest of the world 51.9 51.1 50.1 49.7 49.5 48.6 48.3 47.9 47.9 47.4 47.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 122.1 122.1 128.8 132.2 132.6 136.0 143.2 151.4 146.5 145.8 141.0 10

11 Liab.: Nonfinancial corporate business 122.1 122.1 128.8 132.2 132.6 136.0 143.2 151.4 146.5 145.8 141.0 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 14.2 14.1 11.3 12

13 Liab.: Nonfinancial corporate business 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 7.3 7.8 6.6 13

14 Rest of the world 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 6.9 6.3 4.7 14

15 Savings institution loans to business 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 20.2 22.1 24.2 15

16 Liab.: Nonfinancial corporate business 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 11.0 12.1 16

17 Nonfarm noncorporate business 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 10.1 11.0 12.1 17

18 Policy loans (Household liability) 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.8 105.8 106.3 105.3 18

19 Asset: Federal government 0.9 0.9 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.9 104.8 105.3 104.4 20

21 Government-sponsored enterprise loans 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 284.4 307.6 354.0 21

22 Liab.: Household sector (SLMA) 31.3 35.2 34.6 33.7 32.2 31.2 30.2 28.4 26.2 27.4 28.9 22

23 Noncorporate business (FCS) 13.9 16.4 15.1 15.1 16.0 16.5 15.1 16.3 16.0 17.5 18.0 23

24 Farm business (FCS) 12.4 13.8 16.5 16.6 16.5 16.2 16.5 16.4 16.5 16.5 17.5 24

25 Commercial banks (FHLB and SLMA) 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 78.6 87.1 105.0 25

26 Savings institutions (FHLB and SLMA) 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 144.6 156.1 181.0 26

27 Credit unions (FHLB) 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 1.0 1.1 27

28 Life insurance companies (FHLB) 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 1.6 2.0 2.5 28

29 Securitized loans held by ABS issuers 23.7 30.6 44.0 41.2 44.2 44.0 76.2 84.3 86.5 89.9 99.0 29

30 Liab.: Households (1) 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 19.0 18.4 18.4 30

31 Nonfinancial corporate business 23.7 29.6 37.7 33.2 34.2 31.9 62.1 67.7 67.5 71.5 80.6 31

32 Finance company loans to business 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 334.9 335.1 355.5 32

33 Liab.: Nonfinancial corporate business 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 301.4 301.6 319.9 33

34 Nonfarm noncorporate business 27.5 30.2 30.9 31.5 31.2 32.0 31.9 32.6 33.5 33.5 35.5 34

(1) Student loans.
Z.1, March 12, 1999 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 4397.6 4610.4 4928.4 4981.7 5061.5 5178.9 5257.4 5371.2 5487.5 5623.7 5782.0 1

 2 Home 3357.0 3533.0 3755.7 3800.3 3855.3 3951.5 3998.8 4083.0 4164.0 4268.1 4375.7 2

 3 Multifamily residential 275.7 286.9 309.3 310.7 316.7 320.9 329.7 338.4 347.4 353.5 362.1 3

 4 Commercial 682.0 705.9 776.2 783.1 800.8 816.9 838.6 858.6 883.5 908.2 949.2 4

 5 Farm 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 5

 6 Total liabilities 4397.6 4610.4 4928.4 4981.7 5061.5 5178.9 5257.4 5371.2 5487.5 5623.7 5782.0 6

 7 Household sector 3198.7 3367.7 3597.9 3642.6 3698.8 3796.6 3845.2 3931.3 4011.5 4116.8 4225.6 7

 8 Nonfinancial business 1180.2 1219.3 1302.2 1306.4 1326.1 1344.1 1367.7 1390.5 1422.9 1444.6 1479.1 8

 9 Corporate 220.3 253.4 311.0 312.8 322.0 329.5 339.4 348.6 364.1 373.0 388.5 9

10 Nonfarm noncorporate 876.9 881.4 904.0 906.0 915.4 925.0 938.0 950.7 966.2 977.8 995.6 10

11 Farm 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 18.7 23.3 28.3 32.7 36.6 38.2 44.5 49.4 53.2 62.2 77.3 13

14 Total assets 4397.6 4610.4 4928.4 4981.7 5061.5 5178.9 5257.4 5371.2 5487.5 5623.7 5782.0 14

15 Household sector 117.7 110.9 107.7 106.9 106.2 105.5 104.8 104.1 103.6 103.0 102.5 15

16 Nonfinancial corporate business 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 81.0 83.0 85.0 16

17 Nonfarm noncorporate business 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 30.8 31.1 31.5 17

18 State and local governments 110.5 113.8 117.6 118.3 119.4 120.3 121.3 122.3 123.3 124.4 125.4 18

19 Federal government 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 45.1 44.8 44.6 19

20 Commercial banking 1012.7 1090.2 1145.4 1160.1 1196.5 1227.1 1245.3 1271.0 1281.8 1295.8 1337.7 20

21 Savings institutions (1) 596.2 596.8 628.3 626.4 629.1 631.4 631.8 637.0 632.4 634.2 643.8 21

22 Credit unions 62.1 66.5 76.0 77.4 80.6 84.4 86.0 87.7 91.8 94.5 97.0 22

23 Bank personal trusts and estates 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 3.6 3.7 23

24 Life insurance companies 215.8 213.1 208.2 206.9 207.7 205.8 206.8 206.5 207.7 207.4 211.9 24

25 Other insurance companies 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.2 1.9 1.9 25

26 Private pension funds 18.0 19.4 21.2 21.7 22.3 22.9 23.6 24.2 25.3 25.8 27.2 26

27 State and local govt. retirement funds 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 18.1 18.3 18.6 27

28 Government-sponsored enterprises (1) 244.6 251.0 244.9 241.2 239.3 238.9 240.4 241.4 242.0 242.3 247.2 28

29 Federally related mortgage pools 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1908.7 1975.6 2018.4 29

30 ABS issuers 257.9 292.9 353.5 367.3 383.9 411.8 447.2 483.7 533.9 572.4 613.4 30

31 Finance companies 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 89.9 98.5 106.2 31

32 Mortgage companies 36.5 33.0 41.2 40.9 34.8 55.5 32.1 46.8 32.7 33.8 35.3 32

33 REITs 13.3 15.5 19.3 19.9 21.9 23.7 28.1 31.5 33.8 33.2 30.7 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 12, 1999

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3357.0 3533.0 3755.7 3800.3 3855.3 3951.5 3998.8 4083.0 4164.0 4268.1 4375.7 1

 2 Household sector 3097.2 3274.7 3498.1 3542.7 3597.2 3691.7 3737.2 3819.5 3898.5 4000.7 4106.1 2

 3 Nonfinancial corporate business 18.7 19.3 19.9 20.1 20.3 20.5 20.7 21.0 21.2 21.5 21.8 3

 4 Nonfarm noncorporate business 241.1 239.0 237.7 237.5 237.9 239.3 240.9 242.5 244.2 246.0 247.9 4

 5 Total assets 3357.0 3533.0 3755.7 3800.3 3855.3 3951.5 3998.8 4083.0 4164.0 4268.1 4375.7 5

 6 Household sector 98.7 90.3 86.9 86.1 85.2 84.5 83.6 82.8 82.0 81.3 80.6 6

 7 Nonfinancial corporate business 32.7 33.8 39.1 40.2 41.2 42.2 43.2 44.1 45.1 45.9 46.9 7

 8 Nonfarm noncorporate business 9.7 10.8 11.8 11.9 12.0 12.2 12.3 12.4 12.5 12.7 12.8 8

 9 State and local governments 57.3 60.5 62.8 63.4 64.1 65.0 65.8 66.6 67.4 68.2 69.1 9

10 Federal government 29.1 24.1 21.2 19.8 19.8 19.1 19.1 18.9 18.8 18.7 18.5 10

11 Commercial banking 615.9 669.4 698.5 708.8 733.7 752.3 762.5 779.9 785.0 785.0 810.7 11

12 Savings institutions 477.6 482.4 513.7 513.4 516.5 519.6 520.7 527.0 522.1 525.8 533.7 12

13 Credit unions 62.1 66.5 76.0 77.4 80.6 84.4 86.0 87.7 91.8 94.5 97.0 13

14 Bank personal trusts and estates 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 3.5 3.6 3.7 14

15 Life insurance companies 8.5 8.9 7.0 7.0 7.1 7.1 7.2 7.2 7.2 7.2 7.4 15

16 Private pension funds 4.0 4.3 4.7 4.8 4.9 5.0 5.2 5.3 5.6 5.7 6.0 16

17 State and local govt. retirement funds 3.9 4.4 5.0 5.1 5.3 5.5 5.6 5.8 6.0 6.1 6.3 17

18 Government-sponsored enterprises 199.3 205.2 198.5 195.1 193.4 192.9 194.3 195.5 195.8 195.2 198.6 18

19 Federally related mortgage pools 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 1868.3 1931.0 1970.2 19

20 ABS issuers 208.5 227.8 261.9 271.1 279.5 299.4 318.0 336.8 364.3 391.7 410.9 20

21 Finance companies 66.9 72.4 52.1 53.3 54.5 56.6 59.0 61.5 62.3 68.4 75.1 21

22 Mortgage companies 28.3 23.8 32.0 30.9 24.8 45.5 21.8 36.4 22.4 23.4 24.9 22

23 REITs 1.5 1.7 2.1 2.2 2.4 2.6 3.1 3.5 3.7 3.6 3.4 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 275.7 286.9 309.3 310.7 316.7 320.9 329.7 338.4 347.4 353.5 362.1 1

 2 Nonfinancial corporate business 20.5 21.1 21.7 21.9 22.1 22.3 22.5 22.8 23.0 23.3 23.5 2

 3 Nonfarm noncorporate business 249.0 258.1 278.3 278.0 282.6 286.0 292.5 299.4 306.9 309.7 313.0 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 6.2 7.7 9.3 10.8 12.1 12.6 14.7 16.3 17.5 20.5 25.5 5

 6 Total assets 275.7 286.9 309.3 310.7 316.7 320.9 329.7 338.4 347.4 353.5 362.1 6

 7 Household sector 1.3 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 7

 8 Nonfinancial corporate business 0.9 0.1 0.8 0.9 1.1 1.2 1.4 1.5 1.7 1.8 2.0 8

 9 Nonfarm noncorporate business 7.0 7.9 8.6 8.7 8.8 8.8 8.9 9.0 9.1 9.1 9.2 9

10 State and local governments 43.5 44.1 45.9 45.9 46.1 46.2 46.5 46.7 46.9 47.2 47.4 10

11 Federal government 22.0 17.3 14.8 14.1 13.9 14.0 13.9 13.9 13.8 13.7 13.7 11

12 Commercial banking 39.3 43.8 46.7 47.6 49.1 49.2 50.7 51.7 52.1 53.0 53.6 12

13 Savings institutions 64.3 62.0 61.6 60.6 60.1 60.3 59.5 59.1 58.9 56.7 56.8 13

14 Life insurance companies 27.8 28.7 30.8 30.1 30.7 31.0 30.4 31.2 31.8 31.7 32.4 14

15 Private pension funds 0.9 1.0 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 1.4 15

16 State and local govt. retirement funds 4.3 4.5 4.7 4.8 4.9 4.9 5.0 5.0 5.1 5.2 5.2 16

17 Government-sponsored enterprises 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 16.7 17.0 18.1 17

18 Federally related mortgage pools 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 40.4 44.6 48.3 18

19 ABS issuers 11.7 15.6 22.0 22.5 24.4 25.7 29.3 33.5 38.1 40.9 44.7 19

20 Finance companies 0.0 0.0 3.1 3.1 3.1 2.7 2.9 2.7 2.8 3.0 2.7 20

21 Mortgage companies 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 5.2 5.3 5.3 21

22 REITs 8.7 10.1 12.6 12.9 14.3 15.5 18.4 20.5 22.0 21.6 20.0 22
Z.1, March 12, 1999 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 682.0 705.9 776.2 783.1 800.8 816.9 838.6 858.6 883.5 908.2 949.2 1

 2 Household sector 101.5 93.1 99.9 100.0 101.6 104.9 108.1 111.7 112.9 116.2 119.6 2

 3 Nonfinancial corporate business 181.2 213.0 269.3 270.8 279.7 286.8 296.1 304.9 319.8 328.2 343.2 3

 4 Nonfarm noncorporate business 386.8 384.2 388.0 390.4 394.9 399.7 404.6 408.9 415.1 422.1 434.6 4

 5 REITs 12.5 15.6 18.9 21.9 24.5 25.6 29.8 33.1 35.6 41.7 51.8 5

 6 Total assets 682.0 705.9 776.2 783.1 800.8 816.9 838.6 858.6 883.5 908.2 949.2 6

 7 Household sector 3.1 3.7 3.6 3.6 3.5 3.5 3.5 3.4 3.4 3.4 3.4 7

 8 Nonfinancial corporate business 22.8 24.0 29.1 29.9 30.7 31.6 32.5 33.3 34.2 35.2 36.1 8

 9 Nonfarm noncorporate business 6.0 6.9 7.5 7.6 7.6 7.7 7.8 7.9 7.9 8.0 8.1 9

10 State and local governments 8.3 7.7 7.5 7.7 7.9 7.7 7.7 7.7 7.7 7.6 7.6 10

11 Federal government 13.2 10.2 8.5 8.5 8.4 8.2 7.9 7.9 7.9 7.9 8.0 11

12 Commercial banking 335.0 353.1 375.3 378.5 387.6 398.8 405.1 411.9 416.4 429.0 444.4 12

13 Savings institutions 53.9 52.1 52.7 52.0 52.1 51.2 51.3 50.5 51.0 51.3 52.9 13

14 Life insurance companies 169.8 165.9 160.3 159.7 159.6 157.4 158.8 157.7 158.1 158.0 161.5 14

15 Other insurance companies 3.8 2.8 2.4 2.5 2.4 2.4 2.2 2.2 2.2 1.9 1.9 15

16 Private pension funds 13.2 14.2 15.5 15.9 16.3 16.7 17.2 17.7 18.4 18.8 19.9 16

17 State and local govt. retirement funds 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 37.6 49.5 69.6 73.7 80.1 86.8 100.0 113.4 131.4 139.8 157.8 18

19 Finance companies 0.0 0.0 27.4 26.9 27.2 27.2 26.0 25.4 24.7 27.1 28.4 19

20 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 3.2 3.7 4.6 4.7 5.2 5.7 6.7 7.5 8.0 7.9 7.3 21

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 1

 2 Total assets 83.0 84.6 87.1 87.6 88.7 89.6 90.3 91.2 92.6 93.8 95.0 2

 3 Household sector 14.6 15.3 15.7 15.7 15.9 16.1 16.2 16.4 16.6 16.9 17.0 3

 4 Nonfarm noncorporate business 0.9 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.3 1.3 1.3 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 6.7 6.2 5.8 5.6 5.3 4.9 4.9 4.7 4.6 4.6 4.5 6

 7 Commercial banking 22.6 23.8 24.9 25.2 26.1 26.8 27.0 27.5 28.3 28.7 29.0 7

 8 Savings institutions 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 8

 9 Life insurance companies 9.6 9.7 10.1 10.2 10.3 10.3 10.5 10.5 10.5 10.5 10.7 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 29.5 30.1 30.6 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, March 12, 1999

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 1

 2 Total assets 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1236.0 1256.8 1287.4 1333.6 2

 3 Nonfinancial corporate business 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 65.3 65.5 74.9 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.1 491.4 497.9 508.9 5

 6 Savings institutions 38.5 40.1 44.7 45.9 46.5 48.5 47.2 47.1 48.3 50.3 51.6 6

 7 Credit unions 119.6 131.9 144.1 143.9 147.6 150.0 152.4 150.7 152.4 155.2 157.2 7

 8 ABS issuers 146.1 211.6 265.8 268.5 275.6 293.5 313.1 316.8 345.1 359.4 372.4 8

 9 Finance companies 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.5 154.3 159.1 168.5 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1140.6 1242.2 1319.0 1301.9 1319.8 1353.5 1418.2 1407.7 1414.6 1434.8 1481.3 1

 2 Household sector 94.0 103.3 109.3 107.9 109.6 112.0 117.1 116.1 118.2 119.5 121.0 2

 3 Nonfinancial corporate business 796.5 877.5 932.5 910.0 922.6 942.6 998.1 988.0 990.4 1003.1 1052.5 3

 4 Nonfarm noncorporate business 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 97.1 99.0 100.9 4

 5 Farm business 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 19.4 20.1 20.0 5

 6 State and local governments 29.0 31.0 33.2 34.2 34.2 34.6 35.0 34.9 35.0 35.5 35.7 6

 7 Federal government 85.7 81.0 83.1 83.3 84.4 83.6 82.1 81.6 82.4 83.4 81.3 7

 8 Rest of the world 39.5 45.3 43.6 44.9 45.0 46.8 53.8 54.2 51.2 52.3 50.9 8

 9 Brokers and dealers 9.1 10.3 14.3 17.7 16.4 23.6 19.9 19.6 20.9 21.8 18.9 9

10 Total trade receivables 1386.5 1499.7 1603.2 1641.4 1686.4 1719.7 1692.0 1731.5 1777.8 1818.5 1800.8 10

11 Nonfinancial corporate business 1107.0 1184.9 1247.4 1271.4 1310.2 1318.4 1276.9 1295.7 1330.6 1358.1 1335.6 11

12 Nonfarm noncorporate business 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.2 154.0 156.9 159.9 12

13 Federal government 24.7 23.1 24.0 24.8 25.4 21.9 20.5 22.3 22.1 24.3 23.0 13

14 Rest of the world 49.8 49.4 55.3 56.0 55.7 55.9 58.1 56.6 57.2 56.5 55.8 14

15 Other insurance companies 52.9 57.3 57.2 61.3 61.8 61.9 59.9 62.6 63.4 64.0 60.6 15

16 ABS issuers 35.2 55.7 80.7 86.9 89.8 115.7 128.1 143.2 150.6 158.7 165.9 16

17 Discrepancy -245.9 -257.6 -284.2 -339.5 -366.6 -366.2 -273.8 -323.8 -363.2 -383.7 -319.5 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 279.0 305.7 358.1 380.3 414.3 431.8 469.1 505.3 540.6 579.0 569.6 1

 2 Household sector 75.1 78.6 94.4 101.4 110.4 127.4 131.2 140.3 152.2 151.0 152.5 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 203.9 227.1 263.7 279.0 303.9 304.4 337.9 364.9 388.5 428.1 417.2 4

 5 Customer credit balances (HH) 109.0 127.6 162.9 172.0 188.7 192.8 215.5 233.4 248.8 281.4 274.2 5

 6 From U.S.-chartered commercial banks 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 72.2 72.6 76.3 6

 7 From foreign banking offices in U.S. 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 67.5 74.1 66.6 7

 8 Total assets 279.0 305.7 358.1 380.3 414.3 431.8 469.1 505.3 540.6 579.0 569.6 8

 9 Household sector 109.0 127.6 162.9 172.0 188.7 192.8 215.5 233.4 248.8 281.4 274.2 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 139.7 146.7 142.9 11

12 Brokers and dealers 75.1 78.6 94.4 101.4 110.4 127.4 131.2 140.3 152.2 151.0 152.5 12
Z.1, March 12, 1999 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 520.3 566.2 610.6 624.0 639.6 655.6 665.0 677.3 686.9 694.8 707.0 1

 2 Federal government 28.9 29.9 30.5 31.2 31.8 31.8 32.3 32.4 33.1 33.1 33.6 2

 3 Life insurance companies 491.5 536.3 580.1 592.8 607.9 623.9 632.7 644.8 653.8 661.7 673.5 3

 4 Total assets (Households) 520.3 566.2 610.6 624.0 639.6 655.6 665.0 677.3 686.9 694.8 707.0 4

 Pension fund reserves:

 5 Total liabilities 5057.5 5821.1 6567.8 6650.9 7169.4 7556.3 7680.9 8246.8 8349.4 7810.4 8770.1 5

 6 Federal government (1) 485.5 506.3 561.4 551.5 561.0 576.6 601.7 590.5 601.5 616.3 642.9 6

 7 Life insurance companies 884.5 1002.0 1094.8 1117.8 1176.8 1221.3 1233.5 1303.7 1324.6 1276.0 1401.1 7

 8 Private pension funds (2) 2377.5 2776.9 3176.9 3207.3 3474.2 3689.2 3728.1 4069.8 4128.2 3804.6 4354.7 8

 9 State and local govt. retirement funds 1309.9 1535.9 1734.7 1774.3 1957.3 2069.3 2117.6 2282.8 2295.1 2113.5 2371.4 9

10 Total assets (Households) 5057.5 5821.1 6567.8 6650.9 7169.4 7556.3 7680.9 8246.8 8349.4 7810.4 8770.1 10

(1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 101.4 107.6 123.8 137.3 133.9 143.1 138.3 149.5 141.4 151.7 147.2 1

 2 Nonfinancial corporate business 40.3 40.3 49.9 62.1 57.2 64.4 57.6 67.5 57.8 66.6 60.0 2

 3 Nonfarm noncorporate business 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 39.6 39.9 40.2 3

 4 U.S.-chartered commercial banks 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 6.2 6.6 7.1 4

 5 Savings institutions 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 1.8 1.9 2.0 5

 6 Life insurance companies 10.4 12.0 13.6 14.0 14.4 14.9 15.3 15.7 16.1 16.5 16.8 6

 7 Other insurance companies 7.9 9.0 10.2 10.6 10.9 11.2 11.5 11.8 12.1 12.4 12.7 7

 8 Finance companies 4.1 4.9 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 8

 9 Brokers and dealers 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 1.1 0.8 1.3 9

10 Total business taxes receivable 52.6 45.2 46.8 62.5 56.4 55.2 46.9 62.1 48.8 52.8 49.5 10

11 State and local governments 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 28.6 28.8 28.1 11

12 Federal government 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 20.2 24.0 21.4 12

13 Discrepancy 48.8 62.4 76.9 74.8 77.6 87.9 91.4 87.4 92.6 98.8 97.7 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 1

 2 Asset: Household sector 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1179.3 1207.2 1112.4 1291.0 2
98 Z.1, March 12, 1999

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 5326.6 5693.7 6012.0 6288.1 6258.4 6449.8 6461.5 6746.4 6784.3 7042.9 6848.0 1

 2 Household sector 16.8 17.5 18.3 18.4 18.5 18.6 18.6 18.6 18.9 18.4 18.4 2

 3 Nonfinancial corporate business 2103.9 2178.5 2254.0 2327.2 2301.5 2306.6 2268.1 2347.6 2315.0 2292.6 2262.7 3

 4 Nonfarm noncorporate business 114.9 128.3 139.7 141.7 143.4 145.2 146.5 146.1 146.8 147.2 147.3 4

 5 Federal government 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 6.7 6.7 5

 6 Rest of the world 867.6 994.6 1108.0 1223.7 1194.4 1272.5 1211.3 1246.1 1354.9 1506.9 1303.0 6

 7 Monetary authority 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 8.0 7.3 10.0 7

 8 Commercial banking 750.1 848.4 863.0 920.3 941.0 966.9 1023.7 1020.0 1025.3 1130.2 1127.0 8

 9 Savings institutions 106.7 106.1 103.5 96.4 100.7 97.4 101.4 105.5 103.5 105.6 98.6 9

10 Credit unions 6.4 4.5 4.6 4.7 5.0 4.8 4.6 5.0 5.5 5.7 6.2 10

11 Life insurance companies 386.6 403.2 425.5 429.7 449.0 461.2 476.4 500.5 515.5 519.5 547.3 11

12 Other insurance companies 471.9 501.6 509.0 512.2 514.4 522.5 527.1 532.2 534.5 539.2 537.8 12

13 Government-sponsored enterprises 61.1 66.9 67.2 74.1 67.6 72.4 75.1 90.2 87.7 89.4 70.0 13

14 Finance companies 180.6 202.4 205.6 212.9 197.3 216.7 216.7 221.2 211.5 207.5 225.9 14

15 Mortgage companies 17.7 13.9 9.7 9.5 6.4 24.3 5.3 7.7 5.6 6.2 7.2 15

16 REITs 5.3 5.0 4.1 4.8 5.7 7.0 8.2 10.6 12.1 13.2 14.4 16

17 Brokers and dealers 69.0 85.4 109.7 107.3 110.3 122.9 130.8 212.5 152.2 146.7 132.2 17

18 Funding corporations 155.3 123.4 175.8 192.1 188.5 199.3 232.2 268.1 280.7 300.5 333.3 18

19 Total assets 6373.1 7063.0 7735.8 7880.5 7945.4 8106.1 8571.5 8765.1 8792.1 9055.5 9152.1 19

20 Household sector 276.9 291.7 301.4 304.2 307.1 311.6 311.7 314.7 315.7 319.5 321.9 20

21 Nonfinancial corporate business 2782.6 3156.9 3496.8 3597.3 3701.2 3808.4 3926.2 4034.4 4046.6 4068.0 4120.3 21

22 Nonfarm noncorporate business 238.7 258.8 272.2 275.5 278.4 281.9 284.5 287.8 291.1 294.3 297.1 22

23 Farm business 42.6 44.5 44.4 44.6 44.8 45.3 44.8 45.3 45.5 45.9 45.6 23

24 State and local governments 19.0 53.9 29.0 31.6 32.2 25.4 32.9 36.4 19.5 21.3 18.5 24

25 Federal government 119.6 117.1 110.7 107.8 106.0 103.7 103.8 103.5 103.3 102.3 100.7 25

26 Rest of the world 687.6 775.5 964.9 949.6 797.4 795.1 1031.8 974.3 1049.0 1161.3 1179.8 26

27 Monetary authority 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 15.4 16.1 27

28 Commercial banking 738.1 797.8 823.7 841.4 869.2 901.5 934.0 944.7 979.9 1069.5 1068.6 28

29 Savings institutions 53.0 54.7 52.9 43.7 44.0 43.3 49.7 54.9 55.3 59.1 62.8 29

30 Credit unions 14.8 13.9 13.7 13.3 16.2 15.9 17.6 21.5 18.0 20.3 22.9 30

31 Bank personal trusts and estates 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 16.9 16.8 31

32 Life insurance companies 97.9 105.1 76.6 74.7 78.5 79.9 75.8 78.5 77.2 80.2 76.4 32

33 Other insurance companies 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.4 54.9 57.6 33

34 Private pension funds 407.2 438.9 439.6 438.2 434.5 435.3 441.9 450.8 440.1 420.2 435.6 34

35 State and local govt. retirement funds 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 116.7 91.3 74.9 35

36 Money market mutual funds 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 72.6 72.2 36

37 Mutual funds 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 4.4 19.8 13.7 37

38 Government-sponsored enterprises 31.5 39.2 85.5 78.5 84.7 88.0 104.9 110.5 118.4 130.2 159.3 38

39 Finance companies 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.6 194.7 166.3 173.6 39

40 REITs 8.7 10.0 10.5 13.5 16.4 21.6 24.2 35.0 35.0 32.8 29.0 40

41 Brokers and dealers 254.2 258.2 320.7 335.5 384.7 387.0 391.8 454.0 419.6 462.7 452.2 41

42 Funding corporations 141.0 165.5 230.7 259.8 256.4 278.1 284.0 311.5 311.8 330.8 336.5 42

43 Discrepancy -1046.5 -1369.3 -1723.8 -1592.3 -1687.0 -1656.3 -2110.0 -2018.7 -2007.8 -2012.6 -2304.1 43
Z.1, March 12, 1999 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 752.1 849.7 937.0 972.1 999.9 1028.3 1023.9 1061.1 1103.1 1127.1 1155.8 1

 2 Asset: Nonfinancial corporate business 651.2 742.8 816.3 845.7 869.9 895.1 886.0 919.6 955.7 976.6 999.0 2

 3 Commercial banking 35.6 37.9 44.6 45.7 46.9 47.7 44.9 46.0 46.6 45.3 45.7 3

 4 Life insurance companies 4.8 5.6 6.6 6.8 6.9 6.9 7.2 7.2 8.8 8.7 9.0 4

 5 Other insurance companies 32.2 37.8 41.8 43.8 44.5 45.7 51.7 52.6 53.4 54.9 57.6 5

 6 Finance companies 25.9 22.8 24.2 26.2 27.4 28.3 29.2 30.4 32.8 35.2 36.5 6

 7 Brokers and dealers 2.6 2.8 3.4 3.9 4.2 4.6 4.8 5.3 5.8 6.4 8.1 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 535.4 575.3 620.7 647.9 667.4 676.6 689.1 723.3 738.5 752.6 854.4 8

 9 Nonfarm noncorporate business 4.8 2.8 3.8 3.8 3.8 3.8 3.8 2.4 2.4 2.4 2.5 9

10 Commercial banking 26.3 32.7 31.2 32.2 35.4 36.4 36.4 36.7 35.2 40.6 42.6 10

11 Life insurance companies 10.9 13.8 17.1 17.9 19.6 20.3 18.2 18.1 19.2 19.9 20.3 11

12 Other insurance companies 27.9 36.8 37.7 38.4 39.3 41.9 50.9 52.1 53.3 54.6 56.5 12

13 Finance companies 20.0 24.8 30.2 32.5 32.5 30.8 35.1 36.8 39.1 37.3 40.6 13

14 Brokers and dealers 5.8 11.1 8.4 8.5 8.5 8.5 8.1 8.2 8.2 8.3 8.3 14

15 Funding corporations -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.7 -100.1 -98.8 -87.1 -77.1 15

16 Asset: Rest of the world 561.2 614.3 667.0 692.4 712.9 733.0 751.8 777.4 797.1 828.5 948.1 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 32.5 32.9 17

18 Asset: Federal government 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 32.1 32.5 32.9 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 5.9 6.0 19

20 Asset: Commercial banking 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 5.8 5.9 6.0 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 18.2 20.1 21.3 21.8 21.9 21.8 21.9 23.3 23.8 24.0 25.6 21

22 Asset: Nonfin. corporate business (FNMA) 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.5 0.4 -0.2 -0.2 22

23 Nonfarm noncorporate (BC) 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 1.8 1.7 1.7 23

24 Farm business (FICB and FLB) 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 1.7 1.8 1.8 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) 4.3 5.8 6.7 7.1 7.6 8.0 8.0 8.5 8.7 9.2 10.0 26

27 Savings institutions (FHLB) 8.6 9.1 9.5 9.7 9.7 9.3 9.9 10.7 10.8 11.1 11.8 27

28 Credit unions (FHLB) 0.1 0.2 0.2 0.2 0.2 0.4 0.2 0.2 0.3 0.3 0.3 28

29 Life insurance companies (FHLB) 0.1 0.1 0.2 0.2 0.2 0.4 0.2 0.2 0.2 0.2 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 445.9 459.2 469.0 30

31 Savings institutions 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 5.2 5.3 5.4 31

32 Finance companies 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 29.1 32.3 32

33 Mortgage companies 17.7 13.9 9.7 9.5 6.4 24.3 5.3 7.7 5.6 6.2 7.2 33

34 Brokers and dealers 13.4 20.7 20.4 28.1 34.1 21.1 47.3 54.1 76.1 81.3 86.9 34

35 Asset: Bank holding companies 360.6 408.9 437.8 459.9 474.6 491.2 503.5 529.5 562.8 581.1 600.9 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 29.1 32.3 36

37 Asset: Nonfinancial corporate business 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 30.0 29.1 32.3 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 79.3 89.5 90.6 38

39 Brokers and dealers 96.9 114.8 166.3 180.4 182.1 195.2 205.2 224.0 232.5 241.3 246.0 39

40 Asset: Funding corporations 141.0 165.5 230.7 259.8 256.4 278.1 284.0 311.5 311.8 330.8 336.5 40
100 Z.1, March 12, 1999

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 2.1 2.2 1

 2 Asset: Federal government 2.2 2.0 1.9 1.9 1.9 1.9 1.9 2.3 2.3 2.1 2.2 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 21.6 22.8 24.9 5

 6 Asset: Savings institutions 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 21.6 22.8 24.9 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.8 17.5 18.3 18.4 18.5 18.6 18.6 18.6 18.9 18.4 18.4 7

 8 Asset: Life insurance companies 16.8 17.5 18.3 18.4 18.5 18.6 18.6 18.6 18.9 18.4 18.4 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 90.9 96.9 103.9 105.6 108.0 110.2 112.2 113.5 114.1 116.4 120.2 9

10 Health 58.0 63.2 69.4 71.0 72.6 74.2 75.7 76.7 77.1 79.2 85.1 10

11 Policy dividend accumulation 32.9 33.7 34.5 34.6 35.4 36.1 36.4 36.8 36.9 37.2 35.1 11

12 Asset: Household sector 90.9 96.9 103.9 105.6 108.0 110.2 112.2 113.5 114.1 116.4 120.2 12

 Policy payables:

13 Liab.: Other insurance companies 444.0 464.8 471.4 473.8 475.1 480.6 476.2 480.1 481.3 484.7 481.3 13

14 Asset: Household sector 186.0 194.7 197.5 198.5 199.1 201.4 199.5 201.2 201.7 203.1 201.6 14

15 Nonfinancial corporate business 175.4 183.6 186.2 187.1 187.7 189.9 188.1 189.7 190.1 191.4 190.1 15

16 Nonfarm noncorporate business 42.2 44.2 44.8 45.0 45.1 45.7 45.2 45.6 45.7 46.0 45.7 16

17 Farm business 40.4 42.3 42.9 43.1 43.2 43.7 43.3 43.7 43.8 44.1 43.8 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 210.0 210.8 220.2 222.8 225.6 229.4 234.5 243.1 251.1 249.8 261.7 18

19 Asset: Private pension funds 210.0 210.8 220.2 222.8 225.6 229.4 234.5 243.1 251.1 249.8 261.7 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 22.0 25.7 29.5 30.4 31.4 32.3 33.3 34.2 35.2 36.1 37.1 20

21 Asset: Private pension funds 22.0 25.7 29.5 30.4 31.4 32.3 33.3 34.2 35.2 36.1 37.1 21

 Securities borrowed (net):

22 Liab.: Funding corporations 221.7 216.2 276.1 291.4 337.3 334.3 333.3 356.6 368.1 405.1 396.6 22

23 Asset: Brokers and dealers 221.7 216.2 276.1 291.4 337.3 334.3 333.3 356.6 368.1 405.1 396.6 23
Z.1, March 12, 1999 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2419.0 2524.8 2514.6 2657.2 2516.3 2607.7 2579.3 2703.3 2625.4 2748.4 2367.7 1

 2 Nonfinancial corporate business 1546.5 1577.5 1603.9 1648.9 1602.7 1597.8 1545.8 1590.1 1541.3 1503.8 1371.2 2

 3 Nonfarm noncorporate business 110.0 125.5 135.9 137.9 139.6 141.4 142.7 143.7 144.4 144.8 144.9 3

 4 Federal government 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 6.7 6.7 4

 5 Rest of the world 86.8 115.0 139.4 219.6 162.0 211.3 154.2 151.0 217.4 345.2 112.1 5

 6 Monetary authority 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 2.2 1.4 4.1 6

 7 Commercial banking 375.6 420.7 394.4 421.7 432.0 437.6 494.9 465.5 464.9 540.9 524.9 7

 8 U.S.-chartered commercial banks 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.8 171.0 213.0 206.3 8

 9 Foreign banking offices in U.S. 187.3 225.1 199.6 195.3 219.6 211.5 236.3 213.8 209.0 242.8 224.1 9

10 Bank holding companies 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.6 67.7 67.5 74.1 10

11 Banks in U.S.-affiliated areas 7.4 10.3 10.9 13.1 14.2 15.2 15.6 16.3 17.1 17.6 20.4 11

12 Savings institutions 102.3 101.6 98.8 91.7 95.9 92.5 96.4 100.4 98.3 100.3 93.2 12

13 Credit unions 6.4 4.5 4.6 4.7 5.0 4.8 4.6 5.0 5.5 5.7 6.2 13

14 Life insurance companies 74.7 81.6 84.3 83.4 95.8 101.2 111.6 125.8 131.3 133.4 145.1 14

15 Government-sponsored enterprises 26.8 27.6 28.0 37.0 32.7 35.3 35.1 44.5 42.3 42.7 19.6 15

16 Finance companies 118.8 126.5 115.1 119.5 104.8 124.3 117.0 119.8 112.4 111.9 120.6 16

17 REITs 5.3 5.0 4.1 4.8 5.7 7.0 8.2 10.6 12.1 13.2 14.4 17

18 Brokers and dealers -47.2 -61.2 -85.3 -109.8 -114.4 -101.9 -129.8 -73.7 -164.5 -184.2 -208.9 18

19 Funding corporations 3.7 -9.6 -18.2 -10.5 -55.2 -49.7 -11.3 11.6 11.3 -17.4 13.8 19

20 Total assets 3465.5 3894.1 4238.4 4249.6 4203.3 4264.0 4689.3 4722.0 4633.2 4761.0 4671.8 20

21 Nonfinancial corporate business 1933.3 2203.1 2462.6 2532.5 2612.7 2692.1 2819.3 2892.3 2870.4 2871.1 2899.2 21

22 Nonfarm noncorporate business 195.6 213.7 225.8 228.8 231.6 234.6 237.6 240.6 243.6 246.6 249.6 22

23 State and local governments 19.0 53.9 29.0 31.6 32.2 25.4 32.9 36.4 19.5 21.3 18.5 23

24 Federal government 91.1 87.2 79.1 75.7 73.5 70.8 70.6 69.5 68.9 67.6 65.6 24

25 Rest of the world 126.4 161.2 297.9 257.2 84.5 62.2 279.9 196.9 251.9 332.8 231.7 25

26 Monetary authority 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14.6 15.4 16.1 26

27 Commercial banking 333.9 341.2 330.0 324.0 335.0 349.4 372.1 355.3 356.0 428.0 406.1 27

28 U.S.-chartered commercial banks 82.8 78.9 76.9 88.1 81.1 79.8 86.8 85.1 95.6 115.2 111.3 28

29 Foreign banking offices in U.S. 213.5 218.5 197.2 190.1 204.0 219.3 234.3 215.1 202.3 256.3 230.0 29

30 Bank holding companies 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.5 51.1 48.8 56.5 30

31 Banks in U.S.-affiliated areas 2.4 4.0 4.8 4.9 5.3 5.3 6.6 6.7 7.0 7.6 8.3 31

32 Savings institutions 28.4 26.4 25.3 18.8 21.3 18.7 21.7 21.9 22.9 25.2 26.2 32

33 Credit unions 14.7 13.8 13.6 13.1 16.0 15.5 17.3 21.3 17.8 20.0 22.6 33

34 Bank personal trusts and estates 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16.9 16.9 16.8 34

35 Life insurance companies 76.2 81.9 51.6 49.3 52.9 54.1 49.9 52.5 49.4 52.9 48.8 35

36 Private pension funds 175.1 202.4 189.9 185.0 177.5 173.5 174.1 173.4 153.8 134.2 136.8 36

37 State and local govt. retirement funds 259.6 241.5 189.1 193.2 192.7 188.4 183.7 153.1 116.7 91.3 74.9 37

38 Mutual funds 5.9 6.3 4.7 5.4 7.0 8.0 11.8 7.8 4.4 19.8 13.7 38

39 Money market mutual funds 30.6 43.4 48.3 53.2 56.0 65.9 64.3 78.0 65.3 72.6 72.2 39

40 Government-sponsored enterprises 31.5 39.2 85.5 78.5 84.7 88.0 104.9 110.5 118.4 130.2 159.3 40

41 Finance companies 82.7 106.8 127.3 122.8 136.8 118.9 141.2 155.2 161.9 131.1 137.1 41

42 REITs 8.7 10.0 10.5 13.5 16.4 21.6 24.2 35.0 35.0 32.8 29.0 42

43 Brokers and dealers 30.0 39.2 41.1 40.2 43.2 48.1 53.7 92.1 45.7 51.3 47.6 43

44 Discrepancy -1046.5 -1369.3 -1723.8 -1592.3 -1687.0 -1656.3 -2110.0 -2018.7 -2007.8 -2012.6 -2304.1 44
102 Z.1, March 12, 1999

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21508.0 23585.3 24308.4 26055.9 27214.3 28574.1 29528.7 32539.8 35224.0 39110.6 43036.7 1

 2 Tangible assets 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12916.0 2

 3 Real estate 6712.6 7296.0 7405.1 7477.0 7664.2 7804.8 8017.7 8398.0 8832.9 9516.9 10202.2 3

 4 Households (2,3) 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.1 8031.2 8620.4 9215.8 4

 5 Nonprofit organizations 758.2 801.1 796.6 761.0 715.4 699.9 735.8 766.9 801.7 896.5 986.4 5

 Equipment owned by nonprofit

 6 organizations (4) 44.6 48.5 52.6 56.6 62.0 67.0 72.2 74.0 77.6 81.5 84.3 6

 7 Consumer durable goods (4) 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2317.0 2406.0 2492.3 2629.6 7

 8 Financial assets 13109.4 14477.3 14984.5 16587.3 17483.1 18594.4 19212.5 21751.0 23907.6 27019.9 30120.7 8

 9 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3537.5 3790.0 4089.1 9

10 Foreign deposits 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 41.8 37.8 10

11 Checkable deposits and currency 437.8 427.3 408.8 449.8 546.7 593.4 563.6 504.9 438.5 423.4 424.1 11

12 Time and savings deposits 2341.9 2428.6 2477.3 2423.5 2348.8 2235.8 2223.5 2388.0 2555.8 2724.8 2881.8 12

13 Money market fund shares 261.8 338.0 364.9 379.5 338.6 337.9 351.3 449.2 507.8 600.0 745.5 13

14 Credit market instruments 1232.2 1296.5 1512.8 1615.9 1678.8 1672.2 1979.2 1937.8 1968.9 1794.9 1737.7 14

15 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 52.0 59.0 63.2 15

16 U.S. government securities 394.0 402.6 530.3 516.4 629.6 612.8 940.0 859.2 911.2 749.3 650.3 16

17 Treasury 342.2 322.5 405.4 401.1 485.9 505.3 689.3 594.4 567.2 382.0 309.9 17

18 Savings bonds 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.6 18

19 Other Treasury 232.6 204.8 279.2 263.0 328.6 333.4 509.4 409.4 380.2 195.5 123.3 19

20 Agency 51.9 80.1 125.0 115.3 143.7 107.5 250.7 264.8 343.9 367.4 340.4 20

21 Municipal securities 523.8 547.2 574.5 614.1 585.5 552.6 502.2 459.0 434.8 421.3 447.1 21

22 Corporate and foreign bonds 121.2 155.3 200.7 304.5 296.9 332.7 372.5 460.6 463.3 460.5 474.6 22

23 Mortgages 125.9 134.5 144.2 147.6 136.8 128.5 117.7 110.9 107.7 104.8 102.5 23

24 Corporate equities (2) 1619.0 1942.5 1778.3 2554.4 2895.5 3190.8 2990.4 3994.8 4528.4 5333.2 6279.8 24

25 Mutual fund shares (5) 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1265.0 1582.1 2048.5 2485.6 25

26 Security credit 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 215.5 274.2 26

27 Life insurance reserves 335.7 365.3 391.7 418.6 447.7 484.8 520.3 566.2 610.6 665.0 707.0 27

28 Pension fund reserves 2750.3 3239.4 3497.4 4009.5 4367.2 4827.9 5057.5 5821.1 6567.8 7680.9 8770.1 28

29 Investment in bank personal trusts 470.3 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 1082.8 1291.0 29

30 Equity in noncorporate business (6) 3016.2 3158.0 3233.3 3174.6 3128.5 3187.3 3370.5 3578.3 3776.1 4097.4 4164.4 30

31 Miscellaneous assets 191.3 206.2 224.4 234.1 251.0 264.1 276.9 291.7 301.4 311.7 321.9 31

32 Liabilities 3124.9 3415.4 3706.1 3907.1 4077.4 4320.9 4639.8 5003.6 5357.3 5738.6 6250.1 32

33 Credit market instruments 3024.3 3298.9 3582.0 3758.6 3925.7 4138.7 4454.0 4804.3 5135.4 5471.7 5958.3 33

34 Home mortgages 2034.6 2238.7 2488.9 2654.8 2796.9 2923.3 3097.2 3274.7 3498.1 3737.2 4106.1 34

35 Consumer credit 732.0 793.3 805.1 794.5 798.3 859.0 983.9 1122.8 1211.6 1264.1 1333.6 35

36 Municipal securities (7) 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 36

37 Bank loans n.e.c. 30.0 20.4 17.9 13.1 17.6 27.4 40.0 55.1 48.3 56.7 67.2 37

38 Other loans and advances 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 205.0 38

39 Commercial mortgages (7) 59.0 72.8 82.5 95.5 100.9 108.5 101.5 93.1 99.9 108.1 119.6 39

40 Security credit 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 152.5 40

41 Trade payables (7) 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 109.3 117.1 121.0 41

 Deferred and unpaid

42 life insurance premiums 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 18.3 18.6 18.4 42

43 Net worth 18383.2 20169.9 20602.3 22148.8 23136.9 24253.2 24888.9 27536.2 29866.6 33372.0 36786.6 43

 Memo:

 Replacement-cost value of structures:

44 Residential 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6021.2 6365.2 6714.4 7092.9 44

45 Households 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.7 6061.1 6403.1 6776.5 45

46 Farm households 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.1 180.0 184.7 187.4 46

47 Nonprofit organizations 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.1 126.6 129.0 47

48 Nonresidential (nonprofits) 420.7 444.3 465.0 474.9 493.3 521.6 551.5 572.4 598.1 633.5 660.4 48

49 Disposable personal income 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5276.9 5534.8 5795.2 6027.3 49

 Household net worth as percentage of

50 disposable personal income 504.1 517.0 493.9 510.2 502.4 506.2 495.9 521.8 539.6 575.9 610.3 50

 Owners’ equity in household real

51 estate (8) 3919.9 4256.2 4119.6 4061.3 4151.9 4181.7 4184.7 4356.4 4533.2 4883.3 5109.7 51

 Owners’ equity as percentage of

52 household real estate (9) 65.8 65.5 62.3 60.5 59.8 58.9 57.5 57.1 56.4 56.6 55.4 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, March 12, 1999 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 9074.0 9620.8 9828.4 9807.5 9793.0 10146.6 10775.3 11581.3 12361.8 13455.2 14310.3 1

 2 Tangible assets 5788.3 6101.7 6194.0 6043.3 5861.3 5857.6 6208.0 6522.6 6802.2 7379.8 7876.1 2

 3 Real estate (1) 3288.5 3471.9 3440.5 3254.5 3011.8 2900.7 3074.0 3203.3 3350.0 3776.0 4184.1 3

 4 Equipment (2) 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2213.8 2316.7 2426.4 2486.0 4

 5 Inventories (2) 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1105.4 1135.4 1177.3 1206.0 5

 6 Financial assets 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 5058.8 5559.6 6075.4 6434.2 6

 7 Foreign deposits 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.4 20.0 20.0 7

 8 Checkable deposits and currency 134.9 151.1 166.8 182.5 189.4 203.1 221.6 252.9 302.7 311.2 347.5 8

 9 Time and savings deposits 98.8 89.7 73.4 66.8 51.8 74.1 67.5 42.9 44.7 51.1 80.1 9

10 Money market fund shares 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 86.9 110.7 150.0 10

11 Security RPs 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.8 4.4 3.0 11

12 Commercial paper 13.6 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.0 34.2 29.4 12

13 U.S. government securities 34.0 60.6 40.9 48.5 69.2 67.9 70.7 80.5 81.5 75.7 64.8 13

14 Municipal securities 16.8 32.4 24.7 44.8 45.8 54.7 56.7 36.8 31.7 40.0 48.2 14

15 Mortgages 68.1 54.4 52.8 59.0 60.0 52.3 56.4 57.9 69.0 77.0 85.0 15

16 Consumer credit 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 74.9 16

17 Trade receivables 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1247.4 1276.9 1335.6 17

18 Mutual fund shares (1) 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 59.9 69.1 75.4 18

19 Miscellaneous assets 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3156.9 3496.8 3926.2 4120.3 19

20 Liabilities 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6349.1 6690.2 7084.4 20

21 Credit market instruments 2201.2 2378.9 2487.7 2430.0 2474.8 2535.7 2686.6 2913.2 3112.6 3366.4 3709.3 21

22 Commercial paper 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 193.0 22

23 Municipal securities (3) 116.4 115.5 115.2 114.0 118.3 124.9 131.7 134.8 137.9 142.0 147.8 23

24 Corporate bonds (4) 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1489.5 1621.8 24

25 Bank loans n.e.c. 517.9 542.8 545.5 507.7 488.4 477.6 521.0 587.7 633.5 706.2 789.7 25

26 Other loans and advances 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 475.0 520.6 568.6 26

27 Mortgages 221.1 233.5 228.9 212.7 193.9 197.3 220.3 253.4 311.0 339.4 388.5 27

28 Trade payables 576.1 597.9 626.3 649.4 682.8 719.3 796.5 877.5 932.5 998.1 1052.5 28

29 Taxes payable 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 57.6 60.0 29

30 Miscellaneous liabilities 1370.0 1517.6 1577.1 1721.5 1916.8 2092.9 2103.9 2178.5 2254.0 2268.1 2262.7 30

31 Net worth (market value) 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.9 5571.8 6012.7 6764.9 7225.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.3 81.5 84.3 87.3 32

33 Nonresidential 2351.8 2468.4 2568.6 2598.6 2672.8 2812.5 2963.9 3093.5 3239.7 3414.6 3546.6 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2216.7 2673.1 2529.7 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 7793.8 10040.2 34

35 Debt/net worth (percent) (5) 45.1 46.8 48.8 48.8 52.8 53.3 52.2 52.3 51.8 49.8 51.3 35

36 Debt/equities (percent) (6) 99.3 89.0 98.3 69.5 64.7 61.5 64.9 53.2 48.9 43.2 36.9 36

37 Equities/net worth (percent) (7) 45.4 52.5 49.6 70.3 81.7 86.7 80.5 98.4 105.9 115.2 138.9 37

 With tangible assets stated at historical cost:

38 Assets (8) 6811.3 7219.6 7505.2 7751.7 8079.5 8627.2 9141.1 9882.1 10655.4 11481.4 12191.8 38

39 Tangible assets 3525.6 3700.5 3870.8 3987.5 4147.9 4338.2 4573.8 4823.3 5095.9 5406.0 5757.6 39

40 Real estate 1404.4 1478.7 1566.2 1634.5 1694.2 1763.8 1837.1 1920.9 2021.3 2126.1 2233.9 40

41 Equipment 1286.3 1357.9 1429.2 1486.3 1551.2 1633.8 1740.7 1871.0 2016.7 2177.0 2376.1 41

42 Inventories 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1057.9 1102.9 1147.6 42

43 Net worth (historical cost) (9) 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4306.4 4791.2 5107.4 43

 Memo:

 Historical-cost value of structures:

44 Residential 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.5 34.0 35.6 37.3 44

45 Nonresidential 1229.5 1290.5 1361.4 1424.9 1480.0 1543.2 1609.4 1693.4 1792.5 1892.9 1993.8 45

46 Debt/net worth (percent) (10) 84.0 88.5 89.6 83.2 83.3 78.3 76.5 75.2 72.3 70.3 72.6 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
104 Z.1, March 12, 1999

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Change in net worth (1) 1562.7 1786.7 432.4 1546.5 988.1 1116.3 635.7 2647.3 2330.4 3505.4 3414.6 1

 2 Net investment 542.0 411.1 592.0 392.5 537.6 464.8 517.2 427.8 380.2 379.9 370.2 2

 3 Net physical investment 265.8 251.1 218.6 156.9 198.0 253.4 294.8 301.9 346.3 366.7 427.5 3

 4 Capital expenditures 670.7 692.9 683.6 646.3 714.8 784.2 860.5 890.1 951.3 994.3 1084.0 4

 5 - Consumption of fixed capital 404.8 441.8 465.0 489.4 516.8 530.8 565.6 588.2 605.0 627.6 656.5 5

 6 Net financial investment 276.2 160.0 373.4 235.6 339.6 211.4 222.3 125.9 33.9 13.2 -57.3 6

 7 Net acquisition of financial assets 531.9 434.9 630.1 429.0 506.0 449.6 538.5 484.8 416.3 391.8 454.1 7

 8 - Net increase in liabilities 255.7 274.9 256.6 193.4 166.5 238.2 316.2 358.9 382.4 378.6 511.4 8

 Holding gains on assets stated

 9 at market value (2) 1024.7 1398.1 -124.4 1096.3 469.1 668.2 104.3 2314.3 1945.2 3266.4 3117.9 9

10 Real estate 414.3 465.8 12.9 -16.1 81.1 1.3 57.4 219.4 254.1 497.5 471.2 10

11 Corporate equities 371.2 407.7 -137.9 810.9 319.3 352.8 -40.7 1196.4 815.1 1318.7 1446.6 11

12 Mutual fund shares 9.9 36.5 -28.8 15.4 7.5 57.8 -6.1 118.2 140.9 211.5 181.8 12

13 Equity in noncorporate business 177.0 157.2 44.5 -80.2 -80.6 33.0 132.8 145.6 154.6 296.2 70.8 13

 Life insurance and

14 pension fund reserves 24.9 279.1 7.5 296.1 113.4 193.4 -29.4 535.2 503.1 806.3 795.0 14

 Investment in bank personal

15 trusts and estates 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 136.2 152.5 15

 Holding gains on assets stated

16 at current cost (2) 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -46.8 -66.3 -84.4 -62.8 16

17 Consumer durable goods 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -45.7 -66.4 -82.9 -58.7 17

18 Equipment 1.3 0.9 1.4 0.6 0.6 0.7 1.2 -1.1 0.1 -1.5 -4.1 18

19 Other factors (3) -17.6 -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.0 71.4 -56.5 -10.7 19

 Memo:

20 Net worth outstanding (4) 18383.2 20169.9 20602.3 22148.8 23136.9 24253.2 24888.9 27536.2 29866.6 33372.0 36786.6 20

21 Disposable personal income 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5276.9 5534.8 5795.2 6027.3 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, March 12, 1999 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 313.4 205.7 10.9 -121.2 -294.5 74.7 390.0 423.9 440.9 752.3 460.9 1

 2 Net investment flow -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 176.5 85.6 -34.1 2

 3 Net physical investment 115.9 115.9 94.4 47.8 64.4 115.3 171.2 210.1 211.4 244.5 260.1 3

 4 Capital expenditures 364.6 394.2 387.8 370.2 385.4 444.9 513.4 568.3 604.5 671.1 708.5 4

 5 - Consumption of fixed capital 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 432.4 5

 6 - Inventory valuation adjustment -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 13.6 6

 7 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 2.4 7

 8 Net financial investment -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 29.3 -44.5 -31.4 8

 9 Net acquisition of financial assets 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 297.7 336.6 9

10 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 369.0 342.3 368.0 10

11 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.4 -262.8 11

 Holding gains on assets stated

12 at market value (2) 155.4 143.4 -87.1 -218.7 -270.0 -146.5 135.1 94.6 97.1 381.0 357.6 12

13 Real estate 154.8 140.9 -86.1 -221.4 -271.3 -148.3 135.9 84.6 86.2 363.5 343.3 13

14 Mutual fund shares 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.3 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 58.3 39.1 100.5 12.3 -15.7 -11.3 23.0 40.3 7.3 -45.6 -131.6 15

16 Equipment 53.0 45.6 55.8 26.4 19.4 19.3 22.7 20.3 -19.0 -33.6 -121.7 16

17 Inventories (3) 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 3.0 5.5 -11.1 -8.5 17

18 Direct investment abroad 0.7 -12.4 25.9 -9.9 -33.6 -33.5 -20.7 3.4 2.0 -31.3 0 18

19 - Foreign direct investment in U.S. 2.7 -6.9 -5.9 -2.9 3.6 1.4 -6.2 -13.5 -18.7 -30.4 1.4 19

20 Other factors (4) 202.6 191.1 18.2 -2.8 -91.2 -28.1 63.9 94.5 160.0 331.4 269.0 20

 Memo:

21 Net worth outstanding (market value) 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.9 5571.8 6012.7 6764.9 7225.8 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 160.6 67.3 88.9 146.1 47.9 268.8 275.1 358.9 433.8 484.8 316.2 22

23 Net investment flow -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 176.5 85.6 -34.1 23

24 Net physical investment 115.9 115.9 94.4 47.8 64.4 115.3 171.2 210.1 211.4 244.5 260.1 24

25 Capital expenditures 364.6 394.2 387.8 370.2 385.4 444.9 513.4 568.3 604.5 671.1 708.5 25

26 - Consumption of fixed capital 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 432.4 26

27 - Inventory valuation adjustment -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 13.6 27

28 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 2.4 28

29 Net financial investment -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 29.3 -44.5 -31.4 29

30 Net acquisition of financial assets 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 297.7 336.6 30

31 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 369.0 342.3 368.0 31

32 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.4 -262.8 32

 Valuation adjustment on

33 reproducible assets (6) 1.4 -18.6 -7.1 -3.4 26.3 3.6 -8.6 -25.9 -2.3 3.0 23.2 33

34 Holding gains on mutual fund shares (2) 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.3 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) -2.0 -5.5 31.9 -6.9 -37.2 -34.9 -14.6 16.9 20.7 -0.9 -1.4 35

36 Direct investment abroad 0.7 -12.4 25.9 -9.9 -33.6 -33.5 -20.7 3.4 2.0 -31.3 0 36

37 - Foreign direct investment in U.S. 2.7 -6.9 -5.9 -2.9 3.6 1.4 -6.2 -13.5 -18.7 -30.4 1.4 37

38 Other factors (4) 263.5 256.8 85.9 65.7 -25.0 37.6 131.1 163.4 228.0 379.7 314.2 38

 Memo:

39 Net worth outstanding (historical cost) 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4306.4 4791.2 5107.4 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
106 Z.1, March 12, 1999

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 43.0 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 29.4 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 13.6 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 0.8 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 24.5 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 -22.5 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 -1.6 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 21

22 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 22

23 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 7.8 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -8.4 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 9.3 27

28 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 51.8 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, March 12, 1999 107

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 237.6 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 162.5 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 75.1 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 3.4 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 119.7 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 295.0 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 33.9 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 20

21 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 21

22 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 27.6 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 93.1 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 26

27 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 313.7 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.
108 Z.1, March 12, 1999

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Receipts, NIPA basis 2124.6 2246.1 2411.1 2589.2 2764.6 2616.0 2650.2 2703.7 2745.1 2779.7 2830.7 1

 2 Personal tax and nontax receipts 739.1 795.0 890.5 989.0 1098.1 999.0 1025.5 1066.9 1092.9 1108.4 1124.4 2

 3 Corporate profit tax accruals 186.6 211.0 226.1 246.1 243.9 254.2 249.3 239.9 241.6 243.2 250.6 3

 4 Indirect business tax and nontax accruals 568.4 581.2 606.5 627.2 655.1 632.0 634.5 641.9 647.7 656.5 675.1 4

 5 Contributions for social insurance 630.5 658.9 688.0 727.0 767.5 730.8 740.9 755.0 762.9 771.6 780.6 5

 6 Expenditures, NIPA basis 2214.6 2308.7 2398.8 2476.1 2537.8 2479.9 2506.6 2504.6 2529.4 2538.9 2579.3 6

 7 Consumption expenditures 1107.1 1138.1 1175.6 1219.2 1250.1 1222.3 1231.6 1227.6 1248.7 1252.5 1271.9 7

 8 Transfer payments (net) 947.3 1001.5 1057.7 1096.0 1133.8 1096.7 1114.5 1121.1 1126.7 1135.8 1151.5 8

 9 Net interest paid 144.9 156.6 157.1 153.8 142.9 153.7 152.3 148.1 146.1 142.0 136.2 9

10 - Dividends received by government 11.4 12.5 13.7 14.8 16.1 14.8 15.2 15.7 16.0 16.0 16.6 10

11 Subsidies - current surplus of govt. enterprises 26.6 25.1 22.0 21.9 27.0 22.0 23.4 23.5 23.9 24.6 36.3 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Surplus, NIPA basis -89.9 -62.6 12.3 113.0 226.8 136.1 143.6 199.1 215.7 240.8 251.4 13

14 + Consumption of fixed capital 138.8 143.8 147.7 151.6 154.7 151.7 152.9 153.4 153.8 155.0 156.6 14

15 - Insurance and pension fund reserves (2) 97.5 78.0 113.1 121.6 95.3 149.5 104.8 68.5 98.3 98.5 115.8 15

16 = Gross saving -48.7 3.3 47.0 143.1 286.3 138.3 191.7 284.0 271.2 297.3 292.2 16

17 Gross investment -66.6 55.7 42.6 137.8 260.0 69.0 130.6 276.2 356.5 282.6 124.4 17

18 Fixed investment 205.9 218.4 229.7 235.4 237.4 237.2 236.4 237.3 232.5 239.8 239.8 18

19 Access rights sales 0.0 -7.6 -3.5 -7.1 -2.4 -2.6 -0.2 -1.9 0.1 -7.0 -0.7 19

20 Net financial investment -272.5 -155.0 -183.7 -90.5 25.0 -165.6 -105.6 40.8 123.9 49.8 -114.7 20

21 Net acquisition of financial assets -40.4 44.0 43.5 50.0 90.9 -33.1 107.3 98.7 147.5 1.9 115.5 21

22 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.7 2.7 17.8 1.4 5.8 10.4 9.0 22

23 Checkable deposits and currency -18.5 2.8 8.2 1.0 -17.4 -12.0 10.6 -11.4 103.8 -126.6 -35.1 23

24 Time and savings deposits 6.2 9.8 9.7 7.2 14.0 11.5 3.9 17.7 14.8 10.7 13.1 24

25 Security RPs -15.1 -3.0 32.1 3.6 7.2 2.8 5.0 34.5 -24.0 16.0 2.2 25

26 Credit market instruments -4.8 -11.8 1.0 23.6 78.1 -22.8 34.5 5.1 109.2 106.3 91.9 26

27 Open market paper 4.4 17.1 20.3 11.3 9.0 16.7 7.1 17.1 2.3 12.6 4.0 27

28 U.S. government agency securities (3) 11.6 -35.1 -25.3 9.2 46.6 -45.4 20.8 -20.8 79.1 60.0 68.0 28

29 Municipal securities -0.9 -3.5 -0.5 0.2 -0.4 0.5 0.5 0.4 -0.4 -0.4 -1.1 29

30 Corporate and foreign bonds 5.4 7.1 10.7 -6.9 6.8 -2.1 -7.0 -6.1 11.1 16.0 6.0 30

31 Mortgages -11.8 -9.9 -3.7 -0.8 3.0 -0.9 1.8 3.0 2.8 2.9 3.4 31

32 Other loans and advances (4) -13.5 12.6 -0.6 10.7 13.2 8.3 11.3 11.5 14.3 15.2 11.6 32

33 Corporate equities 1.3 12.1 14.5 1.3 2.6 0.2 5.6 -4.2 6.7 1.3 6.5 33

34 Mutual fund shares 7.8 5.9 6.0 3.6 3.6 4.2 3.0 3.5 3.7 3.5 3.9 34

35 Trade receivables -3.8 -1.6 0.9 -3.4 2.5 -13.0 -6.3 5.1 1.1 9.8 -6.2 35

36 Taxes receivable -14.0 -14.9 -4.2 -2.6 -0.3 14.9 -12.8 2.9 -7.6 8.2 -4.9 36

37 Miscellaneous assets 3.2 38.2 -22.0 13.4 -6.1 -21.5 46.0 44.2 -65.9 -37.6 35.1 37

38 Net increase in liabilities 232.2 199.0 227.1 140.5 65.9 132.5 212.8 57.9 23.6 -47.9 230.1 38

39 SDR certificates 0.0 2.2 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 1.3 -1.9 0.3 0.2 1.7 -2.3 40

41 Credit market instruments 187.3 172.7 170.6 98.1 28.5 117.8 130.7 61.1 -32.6 -89.7 175.4 41

42 Savings bonds 8.0 5.1 2.0 -0.5 0.1 0.6 1.1 -2.7 -0.5 0.9 2.9 42

43 Other Treasury securities (5) 225.5 218.1 177.4 41.4 -52.7 45.2 35.5 -22.9 -109.8 -162.9 84.8 43

44 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -0.9 1.7 -2.4 -1.4 -0.4 12.2 44

45 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 73.0 92.4 89.1 79.1 72.7 75.5 45

46 Multifamily residential mortgages 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 Trade payables 1.4 -2.8 4.4 0.7 0.0 -2.8 2.4 -3.6 -0.7 4.9 -0.7 47

48 Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 49.1 52.1 23.8 42.3 47.0 57.0 48

49 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -32.8 29.4 -23.7 14.4 -11.8 0.7 49

50 Discrepancy 18.0 -52.5 4.4 5.3 26.3 69.3 61.1 7.8 -85.3 14.6 167.8 50

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency securities held by state and local government employee retirement funds.

(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(4) Excludes loans to state and local governments.

(5) Excludes Treasury securities owed to state and local governments.
Z.1, March 12, 1999 109

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1994 1995 1996 1997 1998 1997 1998

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1082.6 1132.1 1177.3 1226.8 1320.4 1216.7 1226.8 1262.9 1306.5 1303.3 1320.4 1

 2 Gold, SDRs, and official foreign exchange 41.4 53.8 44.9 42.0 50.9 38.6 42.0 41.7 42.8 46.3 50.9 2

 3 Checkable deposits and currency 59.4 56.6 70.0 74.8 55.7 81.1 74.8 67.4 114.4 75.9 55.7 3

 4 Time and savings deposits 53.6 63.3 73.1 80.2 94.3 78.7 80.2 86.6 87.9 90.2 94.3 4

 5 Security RPs 118.6 115.7 147.8 151.4 158.5 150.1 151.4 160.0 154.0 158.0 158.5 5

 6 Credit market instruments 554.0 542.2 543.2 566.8 644.9 558.2 566.8 568.1 595.3 621.9 644.9 6

 7 Open market paper 22.3 39.4 59.7 71.0 80.0 69.2 71.0 75.3 75.8 79.0 80.0 7

 8 Agency securities (1) 186.6 151.5 126.2 135.4 182.0 130.2 135.4 130.2 150.0 165.0 182.0 8

 9 Municipal securities 8.6 5.1 4.6 4.8 4.4 4.7 4.8 4.9 4.8 4.7 4.4 9

10 Corporate and foreign bonds 31.9 39.0 49.7 42.8 49.5 44.5 42.8 41.2 44.0 48.0 49.5 10

11 Mortgages 181.5 171.6 167.9 167.1 170.1 166.6 167.1 167.8 168.5 169.2 170.1 11

12 Other loans and advances (2) 123.1 135.7 135.1 145.8 158.9 143.0 145.8 148.6 152.2 156.0 158.9 12

13 Corporate equities 10.6 26.2 46.8 63.0 76.0 59.9 63.0 69.5 71.9 63.0 76.0 13

14 Mutual fund shares 29.1 35.0 41.0 44.6 48.3 43.9 44.6 45.5 46.4 47.3 48.3 14

15 Trade receivables 24.7 23.1 24.0 20.5 23.0 21.9 20.5 22.3 22.1 24.3 23.0 15

16 Taxes receivable 52.6 45.2 46.8 46.9 49.5 55.2 46.9 62.1 48.8 52.8 49.5 16

17 Miscellaneous assets 138.6 171.1 139.7 136.6 119.2 129.1 136.6 139.8 122.8 123.6 119.2 17

18 Total liabilities 4896.2 5090.6 5321.5 5461.2 5532.3 5378.8 5461.2 5501.9 5445.9 5437.4 5532.3 18

19 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 19

20 Treasury currency 17.6 18.2 18.3 18.3 18.3 18.7 18.3 18.4 18.4 18.8 18.3 20

21 Credit market instruments 4234.7 4407.4 4578.0 4676.1 4704.6 4620.0 4676.1 4728.3 4659.7 4634.4 4704.6 21

22 Savings bonds 179.9 185.0 187.0 186.5 186.6 186.2 186.5 186.2 186.0 185.9 186.6 22

23 Other Treasury securities (3) 2915.6 3133.7 3311.1 3352.5 3299.8 3321.2 3352.5 3382.0 3287.5 3254.4 3299.8 23

24 Budget agency securities 26.7 28.2 26.6 26.5 28.5 26.1 26.5 25.9 25.6 25.5 28.5 24

25 Municipal securities 1112.4 1060.4 1053.3 1110.6 1189.7 1086.6 1110.6 1134.1 1160.7 1168.7 1189.7 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 114.7 111.9 116.3 117.1 117.1 118.2 117.1 116.6 117.4 118.9 117.1 27

28 Insurance and pension reserves 514.4 536.2 591.9 634.0 676.5 608.4 634.0 622.9 634.6 649.4 676.5 28

29 Miscellaneous liabilities 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 6.6 6.7 6.7 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
110 Z.1, March 12, 1999

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 0.7 -0.0 -0.0 -0.0 2

 3 Time and savings deposits -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -0.2 -4.5 -5.4 5.5 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 5

 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 6

 7 Open market paper -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 7

 8 U.S. government securities 16.4 34.7 26.1 8.9 5.4 15.4 13.8 22.7 5.8 12.2 33.0 8

 9 Treasury 10.6 21.8 16.1 5.5 3.4 9.6 8.3 13.6 3.4 7.0 14.5 9

10 Agency 5.8 12.9 10.0 3.4 2.0 5.8 5.4 9.1 2.3 5.2 18.5 10

11 Municipal securities -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 11

12 Corporate and foreign bonds 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 1.5 10.6 15.5 29.8 12

13 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.6 0.5 0.8 1.7 13

14 Corporate equities -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -10.9 -16.3 -28.4 -58.2 14

15 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.1 6.7 6.3 5.9 15

16 Miscellaneous assets -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -13.8 -3.1 -6.5 -41.3 16

17 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -1.1 -0.7 -1.8 -2.8 17

18 Contributions receivable -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 3.0 2.4 2.4 2.4 18

19 Other 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -15.7 -4.8 -7.1 -40.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.8 102.7 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 -0.1 0.1 -0.0 -0.1 -0.1 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -7.0 -9.2 -9.7 -7.7 -5.4 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 5.0 10.7 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 1.4 0.3 2.1 0.2 0.2 -0.3 5

 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 1.2 0.3 2.7 1.2 0.5 1.7 7

 8 U.S. government securities 2.2 12.6 10.6 12.8 11.0 8.7 36.6 20.2 19.9 20.9 26.2 8

 9 Treasury 1.9 8.8 7.3 9.1 7.9 6.1 23.4 13.6 12.4 12.8 13.0 9

10 Agency 0.3 3.9 3.3 3.8 3.0 2.5 13.2 6.6 7.5 8.2 13.2 10

11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 11

12 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -5.9 4.1 10.5 12.3 15.6 12

13 Mortgages 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.7 1.4 1.6 1.9 13

14 Corporate equities 8.4 -6.5 5.7 16.3 33.8 20.1 9.6 16.7 6.8 12.3 5.5 14

15 Mutual fund shares -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.5 34.4 29.9 25.3 15

16 Miscellaneous assets 22.0 5.0 27.2 21.0 19.3 21.3 23.0 21.0 13.2 15.9 21.5 16

17 Unallocated insurance contracts (2) 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 0.4 -1.8 -2.5 1.5 17

18 Contributions receivable -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 0.6 1.4 1.4 1.4 18

19 Other 9.6 3.0 23.1 9.1 19.4 19.0 22.2 20.0 13.5 17.0 18.6 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, March 12, 1999 111

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Total financial assets 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.9 1.9 1.8 1.8 2

 3 Time and savings deposits 46.0 50.6 40.1 40.5 26.4 27.8 30.6 30.3 25.8 20.4 25.9 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.9 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 5

 6 Credit market instruments 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 6

 7 Open market paper 19.7 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 7

 8 U.S. government securities 155.6 190.2 216.3 225.3 230.7 246.1 259.8 282.5 288.3 300.4 333.5 8

 9 Treasury 108.9 130.7 146.8 152.3 155.7 165.3 173.6 187.2 190.6 197.6 212.1 9

10 Agency 46.7 59.6 69.6 72.9 75.0 80.7 86.2 95.3 97.6 102.8 121.4 10

11 Municipal securities 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.4 11

12 Corporate and foreign bonds 88.9 92.7 98.9 107.6 123.5 132.5 130.9 132.4 143.1 158.5 188.3 12

13 Mortgages 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.7 10.2 10.9 12.7 13

14 Corporate equities 298.1 346.4 318.9 426.1 442.0 503.1 499.5 625.8 761.7 947.8 1177.1 14

15 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 26.0 34.4 53.7 79.5 110.3 15

16 Miscellaneous assets 163.4 164.8 139.1 149.7 142.5 150.8 153.5 169.7 180.5 189.7 202.3 16

17 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 66.1 67.3 75.2 86.7 106.4 17

18 Contributions receivable 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.7 16.1 18.5 20.9 18

19 Other 76.9 76.8 59.8 63.6 63.6 69.8 76.8 88.7 89.2 84.6 75.1 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.3 1933.0 2198.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.0 2.1 2.1 2.0 1.9 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 34.3 25.1 15.4 7.6 2.3 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.7 58.4 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 13.1 13.4 15.5 15.7 15.9 15.5 5

 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.8 15.1 17.8 19.0 19.5 21.3 7

 8 U.S. government securities 49.5 62.1 72.7 85.5 96.5 105.2 141.7 161.9 181.9 202.8 229.0 8

 9 Treasury 35.4 44.1 51.4 60.5 68.4 74.6 98.0 111.5 124.0 136.7 149.7 9

10 Agency 14.1 18.0 21.3 25.1 28.1 30.6 43.8 50.4 57.9 66.1 79.2 10

11 Municipal securities 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.9 11

12 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 70.3 74.3 84.9 97.1 112.7 12

13 Mortgages 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.7 11.0 12.6 14.6 13

14 Corporate equities 215.9 282.9 276.1 364.8 412.8 489.3 496.8 612.6 729.2 916.1 1055.2 14

15 Mutual fund shares 15.6 19.9 22.5 38.7 59.3 93.6 124.4 186.3 267.7 358.5 453.8 15

16 Miscellaneous assets 203.1 207.8 206.8 235.5 237.8 241.5 253.6 269.2 259.1 252.2 233.3 16

17 Unallocated insurance contracts (2) 105.8 110.0 115.0 129.3 128.4 136.9 143.9 143.5 145.1 147.9 155.4 17

18 Contributions receivable 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.0 13.4 14.8 16.2 18

19 Other 88.8 89.8 83.9 97.7 99.9 94.0 98.4 113.7 100.7 89.6 61.7 19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, March 12, 1999 Flow of Funds Matrix for 1998

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U SU S USUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving -- 976.8 -- 777.1 -- 182.6 -- 103.7 -- 2040.2 -- 214.3 -- 156.6  2 Capital consumption -- 656.5 -- 514.5 -- 85.0 -- 69.8 -- 1325.7 -- -- -- 109.3  3 Net saving (1 less 2) -- 320.3 -- 262.6 -- 97.7 -- 33.9 -- 714.5 -- 214.3 -- 47.3  4 Gross investment (5 plus 11) 1026.7 -- 758.4 -- 183.6 -- 76.4 -- 2045.1 -- 237.1 -- 76.1 -- 2 5 Capital expenditures 1084.0 -- 844.1 -- 177.8 -- 57.2 -- 2163.1 -- -- -- 165.9 -- 2 6 Consumer durables 723.0 -- -- -- -- -- -- -- 723.0 -- -- -- -- --  7 Residential construction 313.6 -- 43.4 -- -- -- -- -- 357.0 -- -- -- 12.5 --  8 Plant and equipment 47.4 -- 738.1 -- 177.8 -- 59.6 -- 1022.9 -- -- -- 153.4 --  9 Inventory change -- -- 60.2 -- -- -- -- -- 60.2 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 2.4 -- -- -- -2.4 -- 0.0 -- -- -- -- -- 11 Net financial investment -57.3 -- -85.7 -- 5.8 -- 19.1 -- -118.0 -- 237.1 -- -89.7 -- 12 Financial uses 454.1 -- 380.4 -- 86.9 -- 3.1 -- 924.6 -- 511.4 -- 2645.6 -- 413 Financial sources -- 511.4 -- 466.1 -- 81.1 -- -16.0 -- 1042.6 -- 274.3 -- 2735.3 14 Gold and off. fgn. exchange -- -- -- -- -- -- 6.7 -- 6.7 -- -0.1 7.3 0.8 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 0.6 -- 17 Foreign deposits -4.0 -- -0.0 -- -- -- -- -- -4.0 -- -- 41.9 7.4 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -32.2 -- -8.4 -37.3 19 Checkable dep. and currency 0.7 -- 43.2 -- -0.7 -- -16.7 -- 26.5 -- 13.8 -- 8.9 48.6 20 Time and savings deposits 156.9 -- 37.2 -- 12.7 -- 1.3 -- 208.1 -- 12.4 -- 26.1 246.6 21 Money market fund shares 145.5 -- 40.2 -- -- -- -- -- 185.7 -- -- -- 99.8 285.5 22 Fed. funds and security RPs -- -- -1.4 -- 7.2 -- -- -- 5.8 -- -18.8 -- 60.6 55.3 23 Credit market instruments -57.2 486.6 -0.2 438.2 64.1 80.3 13.2 -52.6 19.8 952.5 249.1 21.9 1821.5 1116.0 224 Open market paper 4.2 -- -4.8 24.4 9.0 -- -- -- 8.4 24.4 35.6 7.8 149.2 161.0 25 Treasury securities -72.1 -- -24.8 -- -2.0 -- -- -54.6 -98.9 -54.6 38.1 -- 6.1 -- 26 Federal agency securities -27.0 -- 15.9 -- 46.6 -- 0.0 2.0 35.4 2.0 55.4 -- 408.2 497.0 27 Municipal securities 25.9 12.0 8.2 5.8 -0.4 79.1 -- -- 33.7 96.8 -- -- 63.2 -- 28 Corporate and fgn. bonds 14.1 -- -- 132.2 6.8 -- -- -- 20.8 132.2 122.3 13.4 310.8 308.2 29 Bank loans n.e.c. -- 10.4 -- 102.7 -- -- -- -- -- 113.1 -- 6.8 145.6 25.8 30 Other loans and advances -- 14.3 -- 61.9 -- 1.2 14.3 -- 14.3 77.4 -2.2 -6.0 150.4 91.2 31 Mortgages -2.3 380.4 9.3 111.4 4.1 -- -1.1 0.0 10.0 491.8 -- -- 514.6 32.8 32 Consumer credit -- 69.5 -4.0 -- -- -- -- -- -4.0 69.5 -- -- 73.5 -- 33 Corporate equities -500.0 -- -- -262.8 2.6 -- -- -- -497.4 -262.8 42.5 75.9 276.4 8.4 34 Mutual fund shares 255.2 -- -8.0 -- 3.6 -- -- -- 250.9 -- -- -- 24.7 275.6 35 Trade credit -- 3.9 70.1 63.2 -- 0.8 2.5 -0.8 72.5 67.0 -2.3 -2.9 38.6 -1.0 36 Security credit 58.8 21.3 -- -- -- -- -- -- 58.8 21.3 0.0 0.0 41.8 79.3 37 Life insurance reserves 42.1 -- -- -- -- -- -- 1.3 42.1 1.3 -- -- -- 40.8 38 Pension fund reserves 294.3 -- -- -- -- -- -- 41.2 294.3 41.2 -- -- -- 253.0 39 Taxes payable -- -- -- 3.6 0.5 -- -0.7 -- -0.3 3.6 -- -- -- 5.2 40 Inv. in bank personal trusts 55.7 -- -- -- -- -- -- -- 55.7 -- -- -- -- 55.7 41 Equity in noncorp. business -3.9 -- -- -9.5 -- -- -- -- -3.9 -9.5 -- -- -- 5.6 42 Miscellaneous 10.2 -0.3 199.5 233.4 -3.0 -- -3.1 -5.1 203.6 228.0 247.1 130.2 246.9 298.2 43 Sector discrepancies (1 less 4) -49.9 -- 18.7 -- -1.0 -- 27.3 -- -4.9 -- -22.8 -- 80.4 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, March 12, 1999 Flow of Funds Matrix for 1998

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 30120.7 -- 7220.9 -- 1130.3 -- 437.5 -- 38909.4 -- 5410.1 -- 31758.7  2 Total liabilities and equity -- 6250.1 -- 23100.4 -- 1235.5 -- 4544.2 -- 35130.2 -- 3862.5 --  3 Total liabilities -- 6250.1 -- 8903.5 -- 1235.5 -- 4544.2 -- 20933.3 -- 2666.8 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.6 -- 10.6 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 24.1 -- 24.1 -- -- 24.0 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.2 -- 16.2 -- -- 36.0 19.8  7 SDR certificates -- -- -- -- -- -- -- 9.2 -- 9.2 -- -- 9.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 26.2  9 Foreign deposits 37.8 -- 20.0 -- -- -- -- -- 57.8 -- -- 661.4 30.6 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 140.8 -- 70.2 11 Checkable dep. and currency 424.1 -- 478.1 -- 32.5 -- 23.2 -- 957.9 -- 257.4 -- 100.7 12 Time and savings deposits 2881.8 -- 173.4 -- 89.6 -- 4.7 -- 3149.4 -- 86.0 -- 198.6 13 Money market fund shares 745.5 -- 157.6 -- -- -- -- -- 903.1 -- -- -- 431.1 14 Fed. funds and security RPs -- -- 3.0 -- 158.5 -- -- -- 161.5 -- 72.0 -- 485.2 15 Credit market instruments 1737.7 5958.3 355.0 5219.8 678.7 1199.8 213.6 3752.2 2985.0 16130.1 2508.1 591.6 17797.5 16 Open market paper 63.2 -- 29.4 193.0 80.0 -- -- -- 172.6 193.0 113.3 72.9 886.6 17 Treasury securities 309.9 -- 52.7 -- 237.3 -- -- 3723.7 599.9 3723.7 1289.9 -- 1833.9 18 Federal agency securities 340.4 -- 33.3 -- 182.0 -- 0.0 28.5 555.7 28.5 301.6 -- 2489.2 19 Municipal securities 447.1 126.9 48.2 147.8 4.4 1189.7 -- -- 499.7 1464.3 -- -- 964.6 20 Corporate and fgn. bonds 474.6 -- -- 1621.8 49.5 -- -- -- 524.1 1621.8 662.2 407.8 2707.6 21 Bank loans n.e.c. -- 67.2 -- 1076.6 -- -- -- -- -- 1143.7 -- 58.9 1315.5 22 Other loans and advances -- 205.0 -- 701.7 -- 10.1 169.0 -- 169.0 916.8 141.0 52.0 948.4 23 Mortgages 102.5 4225.6 116.5 1479.1 125.4 -- 44.6 0.0 389.0 5704.7 -- -- 5393.0 24 Consumer credit -- 1333.6 74.9 -- -- -- -- -- 74.9 1333.6 -- -- 1258.7 25 Corporate equities 6279.8 -- -- 10040.2 76.0 -- -- -- 6355.8 10040.2 1110.3 1195.7 7971.6 26 Mutual fund shares 2485.6 -- 75.4 -- 48.3 -- -- -- 2609.2 -- -- -- 1016.9 27 Trade credit -- 121.0 1495.5 1173.5 -- 35.7 23.0 81.3 1518.5 1411.5 55.8 50.9 226.6 28 Security credit 274.2 152.5 -- -- -- -- -- -- 274.2 152.5 0.0 0.0 295.4 29 Life insurance reserves 707.0 -- -- -- -- -- -- 33.6 707.0 33.6 -- -- -- 30 Pension fund reserves 8770.1 -- -- -- -- -- -- 642.9 8770.1 642.9 -- -- -- 31 Taxes payable -- -- -- 100.2 28.1 -- 21.4 -- 49.5 100.2 -- -- -- 32 Inv. in bank personal trusts 1291.0 -- -- -- -- -- -- -- 1291.0 -- -- -- -- 33 Equity in noncorp. business 4164.4 -- -- 4156.7 -- -- -- -- 4164.4 4156.7 -- -- -- 34 Miscellaneous 321.9 18.4 4463.0 2410.0 18.5 -- 100.7 6.7 4904.0 2435.1 1179.8 1303.0 3068.2 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
114 Z.1, March 12, 1999

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21508.0 23585.3 24308.4 26055.9 27214.3 28574.1 29528.7 32539.8 35224.0 39110.6 43036.7 1

 2 Tangible assets 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12916.0 2

 3 Financial assets 13109.4 14477.3 14984.5 16587.3 17483.1 18594.4 19212.5 21751.0 23907.6 27019.9 30120.7 3

 4 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3537.5 3790.0 4089.1 4

 5 Credit market instruments 1232.2 1296.5 1512.8 1615.9 1678.8 1672.2 1979.2 1937.8 1968.9 1794.9 1737.7 5

 6 Equity shares at market value 2239.4 2733.4 2523.3 3541.2 4011.9 4577.8 4501.0 6021.9 7175.9 8941.0 10766.0 6

 7 Directly held 1619.0 1942.5 1778.3 2554.4 2895.5 3190.8 2990.4 3994.8 4528.4 5333.2 6279.8 7

 8 Indirectly held 620.4 791.0 745.0 986.7 1116.4 1387.0 1510.7 2027.1 2647.5 3607.8 4486.2 8

 9 Bank personal trusts and estates 189.1 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 632.0 820.5 9

10 Life insurance companies 59.1 68.4 66.8 99.1 116.6 156.7 185.2 246.5 324.2 434.2 565.0 10

11 Private pension funds 221.7 291.4 284.7 380.4 436.8 530.6 556.6 715.6 897.2 1158.2 1371.0 11

12 Mutual funds 150.4 199.3 179.4 235.5 294.3 437.6 505.3 699.8 992.9 1383.3 1729.7 12

13 Other 6585.6 7241.6 7683.8 8162.9 8542.8 9161.6 9575.0 10425.8 11225.2 12493.9 13527.9 13

14 Liabilities 3124.9 3415.4 3706.1 3907.1 4077.4 4320.9 4639.8 5003.6 5357.3 5738.6 6250.1 14

15 Net worth 18383.2 20169.9 20602.3 22148.8 23136.9 24253.2 24888.9 27536.2 29866.6 33372.0 36786.6 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 10.4 11.6 10.4 13.6 14.7 16.0 15.2 18.5 20.4 22.9 25.0 16

17 Financial assets (line 3) 17.1 18.9 16.8 21.3 22.9 24.6 23.4 27.7 30.0 33.1 35.7 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

 In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.